Posted on 12/06/2022 4:13:39 AM PST by EBH
"I'm nearly bankrupt," says Jad Fawaz, a crypto trader in Abu Dhabi. "I'm laughing because there's no point in exerting more depression and more frustration about it."
The 45-year-old, who quit his real-estate job a year ago to focus on trading, has seen his holdings evaporate in recent months. He hasn't slept in a week because of the stress.
"I had about 40 coins and then I came down to 20 coins then I came down to 10 coins, came down to five coins and now I'm down to the last two coins, and it's bitcoin and ripple XRP," he says.
"So these are the last two coins and I will die before selling them."
For many retail traders and investors, enough is enough.
Bitcoin balances on crypto exchanges - where retail investors typically transact - have fallen to around 2.3 million from its 2020 all-time high of 3.1 million, exchange Bitfinex said. Self-custody wallet balances have not grown at the same pace, indicating more selling than storage, it added.
"There are signs that a significant number of retail investors have been discouraged to the point of exiting crypto entirely," Bitfinex analysts said.
Indeed, Fawaz is not alone.
It's been a brutal year for investors. Bitcoin's price has dropped 63%, while the overall cryptocurrency market capitalization has lost $1.63 trillion in value.
The collapse of Sam Bankman-Fried's FTX exchange hammered a long nail into the market.
November saw a 7-day realized loss of $10.16 billion in bitcoin investments as investors were forced to exit long-term positions, the fourth-largest loss on record by this measure, according to Glassnode data.
"This is not the winter season anymore, this is a bloodbath, because the FTX crisis was like a domino that toppled so many companies," said Linda Obi, a crypto investor in the
(Excerpt) Read more at finance.yahoo.com ...
Oh wow. Told a friend to stay away from that a long time ago. No one ever listens. Never mind...
BTC reverts to its intrinsic value ...
Hot tip: go long on tulip bulbs.
South Sea Trading Company Bonds are also set to take off.
Larry David was right.
What nonsense. People can lose money trading anything. Bitcoin is a risky asset to trade, but so is everything else.
I bought and sold in just a few weeks a few years ago. My rule has always been if it doubles sell. Lol
"Its a ponzi scheme!",/p>
"Tulip bulbs!"
This is the end!
Its a scam!
Bernie Madoff!
They're not all the same. Its early days in this asset class and as such the market is extremely volatile. There are certainly plenty of scams and various tokens with nothing but hype behind them. There are other projects that do useful things and which will prove to be great investments over time....kind of like the tech sector in the 90s. There will be more ups and downs in the market. We're in the midst of a down cycle right now so the doom mongers can crow. When it turns up again, they'll be shaking their heads and saying it doesn't make sense. C'est la vie.
Just checked this morning’s BTC price: $16,979.81
This is approximately $16,979.81 higher than it should be, and I dare say $16,979.81 higher than it will soon be.
The amorphous ‘Satoshi Nakamoto’ is the CIA, created BTC for nefarious purposes, like trafficking. To hide in plain sight, a veneer of good honest people got on board like Jad Fawaz, will lose what they put in.
Bitcoin fanatics are similar to electric vehicle fanboys and to some extent, flat-Earth believers. They all just go round and round with propaganda talking points that they read and study. They always think they have the perfect retort to any arguments against what they believe in. Even in the face of failure, and direct evidence proving them wrong, they easily just explain it away because reasons and experts.
A fool and his money go separate ways.
Who ever thought that “air money” would be a great investment? Read in a book once “sow to the wind, reap the whirlwind”. Or something like that.
If bitcoin is better and safer than cash, why is its valuation always translated to a cash amount?
Ponzi’s never run out of suckers.
"I had about 40 coins and then I came down to 20 coins then I came down to 10 coins, came down to five coins and now I'm down to the last two coins, and it's bitcoin and ripple XRP," he says.
Is he selling them off or are his crypto "coins" disapearing somehow? I don't think a mere decline in value vs. the dollar would reduce the number of cryto coins he had.
Why would he be losing his coins? The value has gone down, but the same amount of BTC is still there.
KobraKai said:
“Bitcoin fanatics are similar to electric vehicle fanboys and to some extent, flat-Earth believers. They all just go round and round with propaganda talking points that they read and study. They always think they have the perfect retort to any arguments against what they believe in. Even in the face of failure, and direct evidence proving them wrong, they easily just explain it away because reasons and experts.”
You have to believe in the hustle for the hustle to work.
Crap-toe currency is like Las Vegas: You can win big. But look around at all the expensive entertainment, glitz, glamor, free drinks, and free food. The losers are paying for that, and there are a whole lot more of them than winners.
In Vegas you will spend $1000 to win $50 - if you’re lucky.
That’s pretty much how crap-toe works. You put a lot of energy into selling shares and suckers buy them. About 99% of those suckers are saying goodbye to their $$. Ka-ching!
For the last couple of years I do a minuscule amount of $100 twice a month as a fun dollar cost averaging experiment. I realized that BTC would be a simple way to show the power of DCA. If it goes to zero, then obviously the experiment fails. However, I think zero is unlikely. I have a 10 year goal for this experiment.
BTTT
“I had about 40 coins and then I came down to 20 coins then I came down to 10 coins, came down to five coins and now I’m down to the last two coins, and it’s bitcoin and ripple XRP,” he says.
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At least with tulip bulbs, you could plant a nice garden.
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