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Comment by xwdv | Hacker News Reader

If you hold any significant crypto assets, it is time to sell. The scheme is over.

Yes, selling at the bottom. Great plan. And then FOMO buy in again at the next peak.

Not saying I believe in cryptocurrencies, at all, but I've been active in the space for 9 years now and after every bubble it was the same again: it just went back up to new record highs for absolutely no rational reason at all.

You do not believe but are active for 9 years in it? How does this go hand in hand?

You can make money if everyone else believes?

At this point I'm just holding for speculative reasons. Not because of any fundamental believe in the technology (like I used to, in the first years).

You think this is the bottom?

BTC price still over 24,000. Far from the bottom.

$21k now, dropping 3k a day.

I disagree this is the bottom. It may hover at 20k a bit but I think it's going down to 10k or so.

The bottom is zero. There is no intrinsic value.

The only reason I'm upset is that I typically fatten my stacks within the first week of the month, when my budget resets. It feels like it takes a few days for shit to hit the fan.

I assume you are short on crypto given how sure you are?

Crypto has had multiple crashes, dropping even harder that now. Every time people claiming the bubble popped, it's over, etc.

It's silly claiming with such certainty the future of crypto.

I chuckle a little when I see things like that. Time to sell was about a year ago at their heights. At this point, you may as well hold and see what happens.

The only thing to see is your balance dwindle all the way to zero.

The game is over. Dump your crypto and buy real assets. Anything – stocks, real estate, lambos, is better than holding worthless digital coins.

Let's say I bought $1000 worth of Bitcoins before, thinking "it can go up, or it can go down, I can lose this money without an large impact on my day-to-day financials", why would I sell it now when it has gone down a bit?

It's not until you sell it, that you actually lose anything. Let it go down to $0, you shouldn't care, because you're only playing with money you know you could lose.

What do you stand to gain by others selling their cryptocurrencies by the way? Seems to be an odd position to hold.

Sunk cost fallacy. A better way to look at it is “given I have $700 cash would I buy $700 worth of Bitcoin today?”. If no, cut the losses on your $1000 and at least walk away with $700.

Yup treat it like a non expiring option.

They are worth what the market decides they are worth. Plenty of stocks are doing terribly this year Atlassian, Lucid, PayPal, Okta all down over 50%, Netflix down 69%, AMD, eBay, Cisco, Tesla, Zoom, NVidia are all down 30%-40% as a few examples.

Some are rubbish and will end up worthless, others won't be.

Indeed. Sell now, buy later, profits always.

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