Call Me a Fool but I am Taking 50% of My Crypto Currency Profits and Exchanging for Dollars.
This May Seem Like an Odd Post for Those of You That are New.
The world of Crypto Currency and Bitcoin has been on a tear since this time last year. The space has accelerated to the point of euphoria in my opinion. I have to say that I am actually feeling a little unsettled at the moment. So with little hesitation I have decided to sell 50% of my Crypto Currencies and put them into USD.
For those that would call me a fool, please remember I have been around since 2014. The world of crypto currency has changed our life and I look forward to big things ahead. At this moment I just feel we are nearing the top. When I start seeing Facebook posts like the one below I get PTSD flashbacks of the real estate crash of 2007-2008 when everyone was buying real estate with zero money down and selling it a month later for 30% profits.
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Is it Different This Time?
Sure, this could be the result of a shift in the world and a global awakening. I love that thought but history tells us that every market repeats itself. If you did not watch this video about Elliot Waves, please take the time and watch it.
We could very well be heading to $5000 or more for Bitcoin before this market cools down but for my household we are going to take profits off the table before the mad dash to the exit.
I am not telling you to do the same. I am just letting my peers know that I think we are getting a little over heated. Don't be the last person hodling the bag and then blaming Crypto Currency for your losses.
Bitcoin and Crypto Currency are resilient and the cycle will continue. Just remember that every market goes through cycles and the mania phase is kicking in for the 3rd or 4th time.
Why Not Sell Everything?
I am 100% playing with house money now. All of my original investments were taken out of the market over a year ago. If this continues to go up it is mana from heaven. If not, so be it. I will be on the other side of the peak waiting to buy Bitcoin and quality Crypto Currencies when they go on sale just like the folks who were in cash bought homes for pennies on the dollar when the real estate market crashed.
If I am wrong I win. If I am right I win. This is a great position to be in. Happy trading!
Wise guy.
Honestly, cashing in some right now,
and investing in silver might be the best move ever!
Just my opinion tho..
That is a great idea @crawfish37! I am a silver bug.
I second this!! ag is so undervalued!!
What do you think of Coinapult's locking feature? It's an easy way to switch between Bitcoin, Dash, major fiat currencies and gold & silver.
I love Coinapult, they are my favorite hot exchange.
That's exactly what I plan to do, too @crawfish37. At this moment in time, it would seem prudent to hold something "physical", that still has value... at least "divvy it up" anyway.
Indeed... and in crypto back by gold
you can never go wrong with taking profits, especially when you are already on house money!!
What an amazing ride it has been. In ten years I shutter just thinking about what my BTC wallet might look like. We are so early.
I'm converting to USDt little by little and hates it when seeing the coins soaring.
nice move...
I share your opinion with the dollar may be little or almost nothing, but we must recognize that it is a solid investment, not for nothing operates in almost all the countries of the world, in Argentina our official money is the peso, however the whole economy Is governed around the dollar, all Argentines who have saving power invest in dollars, here the dollar is quoted $ 16.20 many thanks for sharing your experiencai dear friend @hilarski
Steem Dollars work as well ; ). I think there will be a mad dash to them if there is a market correction.
The esteem dollar in Bittrex today is quoting u $ s 2, I think it can reach 5u $ s in the short term
You win either way in different perspectives. As you said, you're in a good position. Congrats
This is not advice but here is my uneducated opinion. It seems like btc segwit adoption might be the catalyst that hits the alts . Sounds like that is September. If is like other markets I expect breadth to deteriorate with only the top currencies doing well just before the fall and bitcoin the last man standing. Many of these alt traders will go back into bitcoin causing a blow off top that takes years to regain. Now is that at 2500 5000 10000 it's hard to guess. But if market stays the same and bitcoin dominance goes to 67 percent that's $3450 and if the market grow say 20 per net more that's $4150. So that's seems like a decent range. If is a real giant bubble maybe we get 50 percent more in which gets us around $5,000.
That is reasonable to me. The see saw battle between alts and BTC will continue.
Good to know I'm not alone... I set a "ceiling" on how much I wanted to have in the market (in USD) and started pulling out anything above that since about May 10th.
I think we still have many miles to go, and as the mainstream gets more and more aware of this "asset class" there will be more inflows for quite a while. The somewhat sobering sense of perspective I got the other day is that if we took the total market cap of all cryptos that still isn't large enough to make the top-100 list of the largest companies in the world... this remains a virtual flyspeck in a greater investing context...
You are totally right, we are far from a real world bubble. We are just getting frothy in Crypto.
Exactly. I'm slowly beginning to sell off BTC and I don't even care anymore if it keeps rising. I'm making good profits as it is. Greed is good. But only to a point ;)
Perfect time
I would consider doing the same but recently am in loss side. i made wrong move with XRP
Wish you the best @hilarski
XRP? Sorry to hear that I warned everyone about that the day before it crashed as well.
Its OK it will rise again. the best lesson i toke from crypto space is to wait :)
Cheers my friend you make a mature wise call at the right time