Let's talk about crypto, the market & the memes.

1 yr (edited)
LeoFinance
9 Min Read
1790 words

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The past few weeks have been green, so green it feels like cocaine. While I am in the process of scrutinizing InvictusCapital to see if there may be an opportunity behind their products to realize some hedging for the future bear, my mind wanders again. I don't have a real head for a comprehensive DD these days. Work, albeit completely remote, is grueling - the addictive updating of my trusted portfolio tracking app offers single bright spots in otherwise routinely boring days marked by single spikes of stress.

But for the most part, these weekends have one thing going for them; memes.

After going through dozens of memes and having some smirking kick off my Sunday, I'd like to use this post to not only offer some Sunday entertainment, but also to somewhat describe my thoughts and impressions of the past few months.
But first I have to say a bit about my background. I've been active in the crypto market for over 4 years now - don't have a professional investing background - and have always held cryptocurrencies over that entire time - sometimes more, sometimes less. Over 2017 I made terrific "profits", some of which I never realized because otherwise I would not have been able to meet holding periods of one year. However, I could not complain. Sure, could have been more - but all in all I got out of the bull 2017/2018 very well and always kept an eye on the market. Over 2019 and 2020, I've started accumulating various positions again, most of which I still hold and can thus sell (at least for the most part) without incurring taxes. I will probably drag a part through the bear again - knowing full well that this will lead to red numbers at least in the medium term.

But so be it. So much for me.

I notice it, you notice it - the days are euphoric. The candles are green, the memes are dreaming of Lambos. But the Fear&Greed Index maps in black and white what we're all feeling:

greedandfear.PNG
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Greed is big young Padavan. They are popping up again everywhere - all the shitposts about some NonSense Coins. Flooded social media feeds with price predictions and pump&dump armies still chasing the last Shitcoin.

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Let's be honest scouts, it does look that way with some ;) And the fact is that historically many of these badges have an expiration date. Some will meet again here - but no longer as newcomers, but possibly as veterans. Hand on heart, which "coin that was going to be the next big thing" does the meme remind you of?

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I learned my lesson there. Fortunately with small play money - but somewhere I still have the NEO Wallet where these DBC are bumming. Rest in Peace!

Well, I have to admit, one or the other lucky strike was also there - I Gambler did not let me take it.

The last years should have helped some to a little more humility. Certainly, one or the other has understood that you do not necessarily have to be a genius to make profits in a bull market of this caliber. With the realization of the profits and the long-term preservation, it may already look partly different. For this reason also a suggestion. Let's do a test.

Consider this meme:

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Be honest with yourself, are you the psyched cat who first sees gains in the triple digits within a short period of time and jumps in circles every day because of it? Let's get to the evaluation.

a) No: You've got this behind you. Congratulations! But remember, greed eats brains.
b) Yes: Then realize one thing. This is not an eternal climb to the sky. Markets still move down, too. If you have unrealized gains that have meaning to you, realize at least some of them. And don't overdiversify your portfolio. little bitcoin > 1000 different shitcoins. You're welcome.

Otherwise you might look more like that cat in the near future, and you don't want that:

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Here's a little insertion - if you're going to buy shitcoins, do your homework. Otherwise, you might be investing in a triplet formation.

[email protected]_Something

Just as a joke on the side.

At the same time, I'm not even saying that we're anywhere near the peak of this bull or anything like that. I can't at all and I don't think you should take too much advice from the people who claim to know. But well, what can I say. My strategy is not to explore the summit. I want to realize profits strategically and have prepared myself well in this respect by now. Accordingly, I can't give an outlook on how it looks like at the peak. I think I can, however, give an outlook on what it will look like after the peak.

For that, a quick look at this collection of headlines from r/CryptoCurrency from 3 years ago might be enough:

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Yes I know, some are also saying "this time everything will be different, this time the institutions are on board". And I'll say one thing here, people said that in 2018 too. There they said now the volatility is gone, it's not 2013 anymore. Small hint, was not the case - but the case was hard (let's see if the pun works in English...). For me that means one should not give too much on this talk. Be that as it may. At the same time, I definitely don't want to convey the message that it might be too late to get into cryptocurrencies or even explicitly bitcoin. In the long term (5-10+ years), I see gigantic potential and only the first tracks in the snow. If you look at the adaptation rates of new technologies, you can see that the incubation period is quite long, but the spread (the mainstreaming of a technology) is accelerating exponentially.
At this point, my answer to the question whether it is too late to buy Bitcoin: No. A Reddit user describes his experience, which I think hits the nail on the head:


It's 2011, BTC has recently hit $32.
I tell myself "Damn...I should have bought some when it was $0.50 a BTC. $32 is too expensive. Guess it's too late to get into crypto." BTC later falls to $2 and I don't buy any.
It's mid-2013. BTC has recently hit $220.
I tell myself "Damn...I should have bought some when it was $32 a BTC. $220 is too expensive. Guess it's too late to get into crypto." BTC later falls to $70 and I don't buy any.
It's late 2013. BTC has recently hit $1100.
I tell myself "Damn...I should have bought some when it was $220 a BTC. 1100 is too expensive. Guess it's too late to get into crypto." BTC later falls to $315 and I don't buy any.
It's 2017. BTC has recently hit 20k.
I tell myself "Damn...I should have bought some when it was $1100 a BTC. 20000 is too expensive. Guess it's too late to get into crypto." BTC later falls to $3700 and I don't buy any.
BTC has recently hit $40000.
I tell myself....

[email protected]_lifeisgood

How often have we heard in the past that Bitcoin is a scam, that Bitcoin is dead, that it has no future? The whole crypto market meaningless internet money with no real added value and no future. But I think we see that this is not the case. Everybody here got that Tesla invested in Bitcoin for 1.5 billion. Everyone has heard that Michael Saylor and his company MicroStrategy are absolutely behind Bitcoin. If you want more, I can only recommend this Medium article from MoneyBlocks:

Why Bitcoin And Crypto Have No Future

On the other hand, of course, not all that glitters is gold. A comparatively young market has to deal with teething problems, scammers are getting involved without being hindered by regulations and gold diggers are looking for their chance to improve their financial situation. Above we had mentioned DeepBrainChain. Another negative example of my crypto investmens is TenX. They had wanted to launch a credit card at the time and did (with a delay) - but it was worthless after a few weeks. Meanwhile ppl are talking about TenX being a Scam and my fortunately small investment vanished into thin air. Done with that.

Once again, back to the topic of being late. Sure, in retrospect you can always think woulda, woulda, coulda. But I tell you one thing, these are the thoughts of failure. The question is what is the future perspective. Is there potential for me as of today? My answer in terms of the crypto market, yes.

Maybe right now in this moment and in terms of your personal position, you are currently in the right place at the right time. Because in our retroperspective, we must never forget one thing: Who is to say that if you bought Bitcoin in the past, you still hold it today and can access it as well? Here's a quote from a redditor on this:

Sometimes I feel like I was very stupid not mining BTC when I first discovered it around 2011. I'd have made a lot of money!
However, the chance of getting REKT or wasting everything in the early days was very high:

  • Just losing your wallet on an old computer because it was not valuable at that time
  • Wasting it in non-valuable stuff (we all know the pizza guy)
  • Being scammed in multiple places (it was wild west at that time)
  • I would have probably lost everything in the MtGOX disaster
  • I would have probably lost most of it day-tradng

[email protected]

That's why I would like to close this - hopefully nice - meme-interface with this message:

Don't chase short-term profit, chase the long-term. If you understand the idea of Bitcoin and Crypto, it is clear that this is far from the end. Recent activity tells me that it is increasingly unlikely that Crypto will be completely stifled or suppressed. And if it is, you're still at the beginning and possibly in the right place at the right time.

Element 3@1x.png

If you did not hear about it yet - Join the #Cryptohunt and solve this riddle to find the lost PrivateKey - 2 Weeks left.

More posts on my blog:

Understanding blockchain? Let's play pack your bags
Michael Saylor's 15.000.000 USD BTC prediction
Global Cryptocurrency Adoption Index 2020: Look at Russia
What a bonsai tree has in common with financial success

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1 yr

Love the memes thats a nice collection.
I saw you didn't like my train me seymour meme, so I downvoted you too. Sorry for that as I see you are funny.

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1 yr

Haha, that was the most sympathetic reaction to a downvote I've seen so far.

a) Saw downvote, felt anger and hit back.
b) Exaggerate a bit, the frustration has to come out.
c) The insight creeps in that this might not be meant so badly.
d) Admits what the reason behind his action is and praises the degree of creation of the unreached by leaving a comment.

And a hint to the future:
e) Reads this comment and thinks at first the Fuck, but then has a smile on'm face.
f) Clicks on Follow, because he knows what is good.

So take my upvote & call me BabaWanga

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1
1 yr

I reverted my downvotes. But not because you said so but because I felt like it.

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1
1 yr

I am fine with this! ;)

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1

Wow, quite full of yourself I see. Tell you what, Downvote away my man. I guess in the end, the one with the most support wins. Unlike others, I will not be petty and downvote you as well. I will simply move on with my life realizing that are still very small people in the world. PS. It only really matters if you have the weight behind your vote, and while yeah sure, you have a tiny little wallet, you are simply not enough for me to get myself up and about over it anymore. I will go back to writing quality content that is not ahem noisy and full of clutter, while you keep on doing....whatever it is you think you are doing...Good day and good luck on HIVE!

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0
1 yr

Well, that's good, although at the same time I'm surprised that you leave a comment at all. For further enquiries on this topic, please use the support point that has been set up.

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Well, let me first say, thank you, it is great you at least gave me a response. Now, to help avoid further issues in the future, let me address a couple of things, I will use "alphabet points" as you appear to like to do. So, shall we start? Great!

A. You said in your response to my comment, "...at the same time I'm surprised that you leave a comment at all." It may be interesting for you to know, I am not now, nor have I ever been, one to sit silent when someone does something I do not agree with, so, glad to meet you...

B. In your "catch-all" post you make the comment "Your post doesn't fit thematically in the community you posted it to, from my point of view. Since I write mainly on Leofinance." Well here is the thing with that, your link to "explain" says specifically, "You can write about anything that is related to crypto & finance on LeoFinance."

Now, since my post was specifically about the HIVE blockchain, and how to make cryptocurrency by playing one of the games on HIVE, it very clearly meets the requirements for posting to LEO Finance.

Now that we have that little fact out of the way, allow me to say this, you also say in your "catch-all" post about your downvoting games, "This post also serves as a catch-all for complaints related to my downvotes. So please spam this and not my regular blog articles." I can assure you that I will, in fact, comment on whatever post I see from you first if this continues to be an issue with me. Personally, I see what you are doing as a trolling activity. You actually say in your "catch-all," "Now that I've cleared up all the question marks regarding the downvote you received, you should follow me. Good support should always be appreciated."

Really?

I will tell you as someone that has been on this platform for many years, back before HIVE even existed and was only Steemit, that the way you are going about trying to get support is not only not very effective, it is also in general, bad for the community as a whole. I can see if someone really does something that is out of line, but as evidenced by the many comments I see you getting for the very same activity, you do this often.

Now that we have those out of the way. I do in fact follow you and will continue to do so. Personally, I do not downvote too much of anything, unless, as I said, it is way out of line, and as a friendly piece of advice, you might want to revisit the way you are currently using it, you may find yourself with more support, and less anger from people, especially if you learn to leave a comment telling people WHY you left them a downvote. It would have saved me all the time I have now wasted showing you that your own rules were not followed here, and if they were, we would not be having this discussion.

Have a great day, and hopefully in the future if we should talk, it will be about something a little more beneficial to everyone. Thank you for your time.

For anyone wanting to read what this is about, here is a link to the original and, as you can see, it was not even a blog post, it was simply a Buzz trying to generate, well, Buzz. Now since I can hear people already, let me say too that this comment is in reality, more about good etiquette on HIVE than it is about some perceived slight. I honestly do not care about the downvote, the reason behind it, on the other hand, to me is very important. Like Forrest Gump would say, I guess that is all I got to say about that...

0
1 yr

For further enquiries on this topic, please use the support point that has been set up.

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How about this one, for further inquiries on this topic, stop downvoting posts for no reason in some juvenile attempt to prove that you are somehow worthy of something, again, to in some way gain followers in some strange convoluted way. The one guilty of "violating" any kind of rule here, frankly, is you. My post was a legit blockchain finance post, and from what I have seen, you do this to a lot of people. Again, I do not care, but that does not mean it is right, or that others do not care. I am sure they very much do. I will be following you politely to remind you of your transgressions when I see you do this to others. I will not downvote you myself, again, unless you are "out of line," but I will comment and support others that you try to bully with this very odd tactic you are using. I hope this clarifies how I plan to handle this issue moving forward. Hopefully, you will take this conversation into consideration before you downvote someone else with no reason other than to engage them in some strange way. Again, this entire thing could easily be avoided with a simple comment saying "Hey, you did not do....whatever...." before you downvote someone for no reason. People here may be brand new and possibly have no idea what they are doing, and you are basically bullying people to get followers. You do realize that downvoting posts for no reason could actually drive people away from here right? That really helps us out now doesn't it? I am asking you to please stop downvoting people as a way to engage them and get them to follow you. It is just weird, and wrong. There really is nothing more to say on this here.

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1 yr

I do not care

Oh, don't lie to yourself. Otherwise the two comments above wouldn't exist.

I downvote low quality posts (like yours) because they flood Leofinance and I can't find any good articles except those that get catapulted into the news. I will continue with that, of course. Curious that people get so upset about a downvote. Ever done it on Reddit?

Another thing; you shouldn't put ### in front of every comment, that's what they use for headlines. #Boomercringe

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So you are also a judgemental assuming little person huh? I was born in '74 there, little person. That makes me Gen X, which also means I have seen and dealt with more tech than you likely ever will. As to your #Boomercringe hashtag, congratulations, you just made yourself out to a bigot as well! You are sure batting one thousand percent there buddy. As to your lame attempt to make me look tech ignorant, the number of Hashtags (Technically pound signs there, kiddo) denotes the level of the headline font size, and therefore according to markup rules, one pound sign is for a level one "headline" the rest are just font sizes to use in markup, you know, for aesthetic reasons, look it up, because again my BAS probably makes me ignorant, or something. Now, regarding your opinion (alas, for that is all it is...) to my writing skills, I guess maybe you should look at the performance of my posts ahem over the years, compared to again, ahem yours in the time you have last time, ahem been here.... Now, frankly, I am done engaging you regarding these issues. Should you choose to comment again, it will be only for some need you have, as I have made my position clear at this point. My posts will continue regardless of your opinion, and should you choose to chime in again on my, or anyone's post in your belligerent disrespectful manner like I have witnessed so far, as I said previously, I will then choose to make myself heard. Now, maybe just stop and think for a minute about all of this before you decide to "Clap Back," ok? Because really, you will be screaming into the void on this end, there, sonny.

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1 yr

Dude, I downvote posts that I think are bad. That's what the downvote and upvote system is for. I told you why I downvoted your post. So I don't see the need for further discussion here. I can only hope that if this continues with this junk - others will also help to bring order here. But partly this is already the case. All the best Boomer.

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I truly was going to not respond again. And yes, IF YOU CONTINUE, I will tag more than one person and they can peruse your disrespectful and bigoted tone. I told you once, I was born in 1974. Perhaps you are truly that dense, or, you are simply just the rude and arrogant person you seem to be. If I was born in 1974, that makes me Gen X, say it with me...You with your "Jokes" calling me "Boomer," is, listen carefully, AGE DISCRIMINATION BIGOTRY. Are you capable of understanding what I am saying? This is not Twitter, nor Facebook, and I promise you, some of the "Whales" you drool after, and wish would pay attention to you. I have known since the beginning days of this platform, and hey, guess what? Some of them are gasp older than me. Now, for the last time, you are a bully, I do not care about your little downvote that did not even impact my post, you used faulty reasoning when you first claimed the reason for the downvote, have continued to be antagonistic, and continue to call me back to comment again. Now, for those that have trouble with comprehension skills, I am not a "Boomer," in literally any sense of the word, and here is where I lead by example and stop myself from calling you anything at all degrading or even insulting. Develop a sense of community, or take your tactics for trolling somewhere where it is welcome. Now, again, I am going to try to be done here. If you call me a name that is anything other than my Screen name, or my real name, I will tag someone and give you your wish. I hope we are done now.

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1 yr

Because really, you will be screaming into the void on this end, there, sonny.

The void is loud.

Now, frankly, I am done engaging you regarding these issues.

How is anyone supposed to take that seriously?

I hope we are done now.

Well, that's up to you. I donate my time here to make you understand that you will have to accept that I was and am of the opinion that the post I downvoted deserved its downvote. It is not so difficult.

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1 yr

[@quekery] Hi, why are you downvoting us? We are a magazine on Hive for the german-speaking community. Probably your flag is because we used the leo-tag. The post was a teaser for the coming issue of the HiQ Magazine. One of our main stories will be leo and other dApps. So I see no problem in using the leo-tag.

Additionally we noticed that quality content seems to be important for you. Our main issues on @hiq are 100% selfmade from text to graphics. We are putting a lot of effort (days of work) in each issue.

We are not interested in having some kind of wars like "first shooting and talking afterwards".

So let's talk about it.

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1 yr

Hello, I have created a support point for such matters.

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Just curious why you downvoted my post? Perhaps a comment as to why you are displeased would be helpful, just an idea to help others. I don't know what I may have said to earn your disproval, but believe me, I am open to input. Thank you.

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