What do people think about alt coins? V.1 [discussion]

Yeah @saitou I would've lost 99% buying and holding Luna at 3. Imagine buying it at 10 cents then seeing it dilute like an Argentinian dollar.

Time to Ape into banana republic Monopoly money. Where 100 bucks nets you a thousand tokens a risk of heavy dilutions. At previous ath, that makes me a millionaire!

Sound advice I've seen is for risk takers is to hold off alts until Bitcoin dominance is king, let it consolidate, then bargain hunt if you want to frontload a bet.

I spent a few hours at the expense of sleeping just catching up to a few days of Twitter feeds.

That thread you posted was cray since it pretty much spelled out how any hedgie to exploit a purely legal atm run, which some people thought explained the weird moments where luna trending opposite to the rest of alt coins over the last few months.

Add that with news that Blackrock/Fidelity (they deny direct involvement to Luna's crash) is more or less taking the reins to underwrite USDC and you got a lot of messy **** going on with big firms taking over crypto.

https://www.forbes.com/sites/ninaba...es-the-way-for-digital-assets-on-wall-street/

SBF taking cred for indirectly calling out Luna as a Ponzi when they're minting tether doesn't make him one of the Good Guys either.

This plus the 24/7 nature of crypto sounds like retail poison to me. You either need ai or a graveyard shift for your degen habits.

The other thing trending on my feed...

 

Well, you're right if you're a hobbyist/amateur. But big intuition habits and control still affect the market in big ways. 'Buy in May and go away', which is the old adage in the stock market holds true. As well as EOY taking profit affecting the market in December.

On the flip side, algorithms/bots and intelligently designed and staffed businesses can be built (wink) to watch these cycles 24/7 and alert primaries in case of craziness. You don't really need to be locked into YouTube 2x speed videos, Twitter and private subscription Telegram/Discord feeds 24/7 personally, because that's the path to madness (I've seen it).

 

Like the Earth?

 

Of course, 5,000 years ago.

 

Is throwing $1800 on Jasmy at .0087 the same as flushing it?

 

I'm def more on the hobbyist side who plays into seasonality and slow moving into trends (Solana/bayc wut?) but would be open to those intelligently designed shops.

Luna likely bit half of the influencers and even some bigger clients out there with the "safe" ~20% yield

That's been going on for almost a year. Those who played it as musical chairs with trigger happy stop losses on 4-5% depeg probably got away with a wrist slap, but I don't want to be that guy who spreads the crypto gospel only to wake up with a 50% loss. I guess that's luckier than 80%+ on the next day.

You can't be lazy with this stuff.

I still have small moon bags that I kept because I didn't want to deal with fees and taxes. It's not as painful because I don't consider them as losses, but it's that kind of resistance you have to overcome when the ground starts shaking.

 

I'm almost interested again in crypto. lol. I hope most of these scam influencers on YouTube get b****slapped by their followers. (seriously)
That being said, I'm not sure most of these cryptos have crashed enough yet to be "investments" again.

@Invisible Fan 20% yield? Pssh.... I remember the good ol' days of ... January or something... when Wonderland Time was returning 80-90,000% before that fell apart and was exposed as being at least partly-run by a fraudster. But LUNA evangelists were touting how its crash didn't crack the UST/USD peg back then, so LUNA and UST had proven themselves based upon that stress test : https://cryptosrus.com/why-did-the-wonderland-time-disaster-hurt-terra/

 

I'm not saying now or even next month, but matic is something to look into

 

Yeah, hindsight.

 

Matic's tokenomics don't lend themselves well to a Luna type blow up imo. Fixed max supply and gradual inflation rate vs Luna's instant infinite minting mechanic and use of other volatile assets (btc) to defend a fixed USD peg.

If you find something more like Luna and a way to short it let us know lol.

Edit: nvm realise you talking about going long; my mind was still stuck in finding things to short

 

Snider says Eurodollar is a **** coin



@Invisible Fan

 

The arrogance of most crypto people is also their downfall - they believe so much in their ideas that they refuse to see the possibilities of failure. It applies to every crypto, but here is Terra Luna's founder a few months ago. Titan/Iron Finance went through basically this exact same meltdown with a partially-collateralized stablecoin just last year.



He's also just generally a jackass:

 

Lol he's like a Madoff who gets to keep his money and legal freedom...for now.
https://www.aicoin.com/amp/mobile/news/detail?id=300775

Also, most of the fallout is happening in Asia, where weakness in Japan and China hasn't been felt here yet. Contagion is still a pandemic exclusive term.

 

Except that high-profile crypto owners are huge targets for organized crime. This guy might end up 'disappeared' on a 'vacation' to Thailand.

 

Whale life aint ez

 

Maybe I'll buy a box and save it as a collector's item.

 

i accidentally clicked on the first few pages of this thread....lol!

 

Brad Mills and Junseth step through how alt-coin ponzi schemes like Luna/Celsius eventually fail (starts around 16:00)