Hacker News Reader

Comment by sidlls | Hacker News Reader

Yes, and I've cashed out handsomely as a result of being lucky enough to predict exactly this.

For clarification: I bought some $1000s worth of LTC when it was under $100 shortly after the Futures news hit. It was pure gamble on my part and I could have easily lost instead of the other way around.

I also bought a few ETH coins when it was around $400 but haven't cashed those out yet. I'm predicting my LTC gains will be wiped by ETH losses.

View on HN

Eth is at $630 right now, so unless I'm misunderstanding something, you'll have made money.

Can't sell it because not all my coins are in my account yet, and no guarantee there won't be a rush to sell due to instability.

christ you must have made ridiculous money with this

Well, ridiculous in the sense that the whole phenomenon is absurd or relatively to what some people earn in a year, sure.

But I only made about 2.5x my wager, which wasn't much (less than $10000, more than $1000).

Also, as noted, much of a LTC gains could easily be eaten up by ETH losses. BTC is too expensive for my gambling taste.

I locked in gains with LTC a few weeks ago like a rube thinking there was going to be a correction :( Locked in some good gains but missed on 70 thou plus USD....sigh...gotta keep trying though right?

That isn't the way to look at it. Suppose LTC breaks $1000, or even $500. I'll have "missed out" on a lot. But I locked in gains, so I'm net ahead. Timing gambling like this is a fool's errand, in my view.

100 pc agree, it's hard not to fall into the FOMO trap.

To me, this kind of comment drives home the insanity of the crypto craze right now.

Complaints of "only" making a 2.5x return.

Or proposed strategies elsewhere in this thread of buying a coin, selling half "when" it doubles, not "if".

I wasn't complaining. The "only" was in response to suggesting I made "huge" amounts of profit. I didn't gamble that much, and so I didn't make that much even with the return. My profit was less than my paycheck. 2.5x is better than anything I've ever made in equities (in fairness 90% of my strategy there is selling covered calls on dividend paying stocks) and far and away my best gamble on a percentage return basis. I doubt I'll ever be as lucky as that again.

But I agree it does highlight how insane the crypto craze is.

Reply on news.ycombinator.com