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The Current Mindset

  • 05-02-2018 12:03pm
    #1
    Registered Users Posts: 13,972 ✭✭✭✭ SteelyDanJalapeno


    What are the motives for the majority of people investing in Crypto right now? Why the massive influx of people posting in this forum, chatting in the canteen at lunch or in the pub at the weekends about Crypto?

    It's usually 1 of 2 reasons :

    1. You see it as a means to make a profit.
    2. You believe in the future of the project you have invested in.


    Hopefully I'm not insulting anyone but I'd imagine 95% of people are in it for 1 of the above 2 reasons above, and whether you want to admit it or not, the majority will be option 1.

    So, you are essentially investing money into a project that wants to undermine FIAT and eventually dethrone it, yet you hope to withdraw to FIAT again in profit before the majority of people like you also want to withdraw to FIAT? This is bomb waiting to go off imo.

    If you're option 2, you still have the same amount of BTC, ETH or NANO that you had before XMAS nothing has changed for you.


Comments

  • Registered Users Posts: 5,672 ✭✭✭ seannash


    What are the motives for the majority of people investing in Crypto right now? Why the massive influx of people posting in this forum, chatting in the canteen at lunch or in the pub at the weekends about Crypto?

    It's usually 1 of 2 reasons :

    1. You see it as a means to make a profit.
    2. You believe in the future of the project you have invested in.


    Hopefully I'm not insulting anyone but I'd imagine 95% of people are in it for 1 of the above 2 reasons above, and whether you want to admit it or not, the majority will be option 1.

    So, you are essentially investing money into a project that wants to undermine FIAT and eventually dethrone it, yet you hope to withdraw to FIAT again in profit before the majority of people like you also want to withdraw to FIAT? This is bomb waiting to go off imo.

    If you're option 2, you still have the same amount of BTC, ETH or NANO that you had before XMAS nothing has changed for you.

    I believe its 100% number 1. We all believe in the technology and even people not invested in crypto can see what way the world is going but no one will willingly give away money to have that brought forward by a few years.


  • Registered Users Posts: 13,972 ✭✭✭✭ SteelyDanJalapeno


    seannash wrote: »
    I believe its 100% number 1. We all believe in the technology and even people not invested in crypto can see what way the world is going but no one will willingly give away money to have that brought forward by a few years.

    So how do you see the majority of people in it to make a profit, actually making profit? who gets left holding the bags?


  • Registered Users Posts: 5,672 ✭✭✭ seannash


    So how do you see the majority of people in it to make a profit, actually making profit? who gets left holding the bags?
    People who are greedy and dont cash out(I'm including myself in that as I watch my portfolio shrink). I do think that if you play the long game you'll come out on top but all depending on the coins.
    I find it weird that we never hear about the coins with so much potential from 2016 that didn't make it.
    But I still think everyone believes in the tech but nobody wants to be the one losing money because of it.


  • Registered Users Posts: 1,458 ✭✭✭ Tinder Surprise


    Honestly; got involved to make money with aspirations of becoming wealthy, and quick, but eyes really opened to the potential of Blockchain so eased off on trying to make a quick buck and now truly believe in a couple of projects/coins over the long term.


  • Registered Users Posts: 5,672 ✭✭✭ seannash


    Honestly; got involved to make money with aspirations of becoming wealthy, and quick, but eyes really opened to the potential of Blockchain so eased off on trying to make a quick buck and now truly believe in a couple of projects/coins over the long term.
    You'd still want your money back though :)


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  • Registered Users Posts: 13,972 ✭✭✭✭ SteelyDanJalapeno


    Honestly; got involved to make money with aspirations of becoming wealthy, and quick, but eyes really opened to the potential of Blockchain so eased off on trying to make a quick buck and now truly believe in a couple of projects/coins over the long term.

    So do you find the price now irrelevant or a good opportunity to pick more coins?

    How does one even put a price on such a coin? taking RaiBlocks for example, what changed in December to move from less than a dollar to over 30 dollars, considering it has been trade-able since June.


  • Registered Users Posts: 13,972 ✭✭✭✭ SteelyDanJalapeno


    seannash wrote: »
    You'd still want your money back though :)

    So this is what I'm trying to understand, we have people spouting that they believe in the tech and every negative comment is fud, but at the end of the day if offered 100x your investment to go back to FIAT (the currency that you are currently investing against hoping for its demise), everybody would take it.


  • Registered Users Posts: 2,903 ✭✭✭ Blacktie.


    I believe in the projects I'm investing in. While saying that I also believe that being an early investor will make me some profits.


  • Registered Users Posts: 13,972 ✭✭✭✭ SteelyDanJalapeno


    Blacktie. wrote: »
    I believe in the projects I'm investing in. While saying that I also believe that being an early investor will make me some profits.

    Profits to cash back to FIAT? I'm assuming to spend short term because any long term savings is kinda like backing 2 horse in a 2 horse race?

    Genuinely curious, not trying to bate


  • Registered Users Posts: 5,672 ✭✭✭ seannash


    So this is what I'm trying to understand, we have people spouting that they believe in the tech and every negative comment is fud, but at the end of the day if offered 100x your investment to go back to FIAT (the currency that you are currently investing against hoping for its demise), everybody would take it.
    Absolutely, for me their is a sense of inevitability with the tech. It will happen. If ICO's disappear tomorrow these companies would just seek funding via traditional methods and probably would have to have a working product or uses cases before this. As it stands they don't need that (For better or for worse)


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  • Registered Users Posts: 7,605 ✭✭✭ CQD


    This whole "I believe in the tech" line is funny..
    As is this idea of buying more for a lower average price per coin..

    Did you ever think it would get to the stage where you were supporting actual nazis?..



  • Registered Users Posts: 13,972 ✭✭✭✭ SteelyDanJalapeno


    CQD wrote: »
    This whole "I believe in the tech" line is funny..
    As is this idea of buying more for a lower average price per coin..

    There's actually nothing wrong with bringing down the average price of your investment, it allows you to get out at a lower price down the road


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    How does one even put a price on such a coin? taking RaiBlocks for example, what changed in December to move from less than a dollar to over 30 dollars, considering it has been trade-able since June.
    What changed? Influx of people, money and marketing.
    Whether XRB deserves it's valuation is up to the market - if it works well and people want to use it the market will maintain it's value or ensure it continues to grow.


  • Registered Users Posts: 2,903 ✭✭✭ Blacktie.


    Profits to cash back to FIAT? I'm assuming to spend short term because any long term savings is kinda like backing 2 horse in a 2 horse race?

    Genuinely curious, not trying to bate

    Most likely back to FIAT for a short term purchase alright. Have a goal in mind. If crypto takes off a lot quicker than I think it will then hopefully I won't have to cash out to FIAT at all and can use the crypto as the method of exchange.


  • Registered Users Posts: 27,467 ✭✭✭✭ drunkmonkey


    I don't get the I believe in the tech line, massive companies and governments can have there own tokens on their own private blockchain, They will not be using bitcoins to trade within the organisation,
    If you believe in the tech your buying shares in IBM shares etc not alt coins.
    We'll have virtual euros on the blockchain, there more useful than bitcoins right now as a currency and a lot more stable.


  • Moderators, Society & Culture Moderators Posts: 15,417 Mod ✭✭✭✭ smacl


    So, you are essentially investing money into a project that wants to undermine FIAT and eventually dethrone it, yet you hope to withdraw to FIAT again in profit before the majority of people like you also want to withdraw to FIAT? This is bomb waiting to go off imo.

    I think you're making a mistake in asserting that any individual in this conversation believes that they have any significant influence in what is going on here. Lets assume none of us here have any influence on how this pans out, and many of us (like myself) are very new to crypto. Now lets look at your question again, specifically will crypto undermine FIAT? Three possible outcomes as I see it; 1) Crypto will fail entirely and those holding coins will lose their investment. 2) Crypto will displace FIAT, those choosing to ignore crypto will see their FIAT based investments lose value. 3) Cryto and FIAT will both continue to work side by side, servicing different requirements.

    Now say you have someone such as myself, with a given arbitrary net worth, what attention do you think I should give to crypto and how much of my net worth should I invest? You could shout 'ponzi' and say that I run a mile, but if you think about it, that's not the least risk option. My approach has been to take a small amount of money (currently about 0.2% of my net worth) and a slightly larger amount of my time, make the investment to try to understand what this crypto lark is all about. As things stand, investing mid December, I'm about 27% down financially on my investment and am slowly starting to come to terms with the mechanics of trading, the surrounding hype, and touching on the workings of the underlying technology. That's based on about 4 hours a week of my time. In another couple of months I could well be 75% down and have quite a good understanding of crypto, at which point I'll decide whether or not to invest further. I reckon I will be re-investing.

    My mindset is one where we learn from our mistakes and lose by burying our heads in the sand rather than to risk making mistakes. YMMV.


  • Registered Users Posts: 651 ✭✭✭ Nika Bolokov


    What are the motives for the majority of people investing in Crypto right now? Why the massive influx of people posting in this forum, chatting in the canteen at lunch or in the pub at the weekends about Crypto?

    It's usually 1 of 2 reasons :

    1. You see it as a means to make a profit.
    2. You believe in the future of the project you have invested in.


    Hopefully I'm not insulting anyone but I'd imagine 95% of people are in it for 1 of the above 2 reasons above, and whether you want to admit it or not, the majority will be option 1.

    So, you are essentially investing money into a project that wants to undermine FIAT and eventually dethrone it, yet you hope to withdraw to FIAT again in profit before the majority of people like you also want to withdraw to FIAT? This is bomb waiting to go off imo.

    If you're option 2, you still have the same amount of BTC, ETH or NANO that you had before XMAS nothing has changed for you.

    FIAT is the government approved currency which is managed through monetary policy in order to preserve the stability of the economy. No government will allow some kid sitting in a basement to invent a token in his form and hand monetary policy over to him. Why people think this stuff will take over as a form of currency I don't know. It's often clunky to use and very unstable.

    Most cryptos offer no unique technology and are just dressed up versions of an original three or four and launched with some sort of nonsense use case to take money off gullible people.


  • Moderators, Society & Culture Moderators Posts: 15,417 Mod ✭✭✭✭ smacl


    FIAT is the government approved currency which is managed through monetary policy in order to preserve the stability of the economy. No government will allow some kid sitting in a basement to invent a token in his form and hand monetary policy over to him. Why people think this stuff will take over as a form of currency I don't know. It's often clunky to use and very unstable.

    You have much more confidence in the collective competence of our government than I do. My experience has been if they can make a total balls of something, more often than not they do. Many of today's large multinationals were once a kid in a basement two to three decades ago.


  • Posts: 0 ✭✭✭ Anna Obedient Volleyball


    I won't lie - I got into crypto just before Christmas after watching my friend's DASH erupt over 2017.

    By that stage, I had been listening to my friend for at least 3 years as he told me about the 'future' as we shared a long car journey a few days per week commuting to work. He himself got into crypto for the 'pure' reasons, he greatly believes in the blockchain and basically wants to see banks replaced eventually. When DASH hit its last ATH of over $1000, I asked him what was he going to do? He said "nothing", that he was never changing that DASH back into fiat. Hopefully he's going to be able to use the DASH itself as a common currency someday.

    Having listened to my friend talk about cryptos for a few years but never taking up the cause myself, his talk suddenly clicked with me when I saw his DASH turn into over 80x gains.

    This was at a good time for me personally. December is one of my busiest months of the year work-wise and I usually buy myself/the OH something when things calm down in January, my quietest month of the year. For this year though, I decided to 'save' December's bit that I usually spend in January.

    I would try a new (to me), riskier way of 'saving' money - Fúck it into the crypto market. The banks are giving me nothing for my money, it's literally costing me money to keep it in the bank. This was 'disposable' money anyway, I was just going to spend it on another guitar or holiday, or a fúcking drone or something, why not put it into the game and see if I can increase it over 2018?

    I originally thought that I would just follow my friend into DASH, but then I sat down and did my own research. By the time I put my money in a few days later, I was deep down in the crypto rabbit-hole with my own ideas, actually wrecking my knowledgeable friend's head - "Hey, you do know that some regard DASH as a shítcoin? It's not private, has centralization questions related to the amount locked up in masternodes, yada yada" He has face-palmed multiple times at this stage :pac:

    So I originally got into this for profits, but have since become very interested in some of the tech. To the point that I have read books about the market and the blockchain technology. Nope, I'm not an expert or anywhere near it, and won't ever be. I'm just quite familiar and informed with where I'm putting my money now, where as 6 weeks ago when I first came in, I thought I was just going to throw the money on any random 'horse' in a race I knew nothing about.

    Loosely speaking, here are my goals - If I can not lose my money, that would be nice, but not essential. If I could increase it a bit more (I had a decent first half of January, gaining up to x1.8, and cashed out some profits before the first crash) that would be even nicer. If I can get a head-start in wrapping my head around some technologies which might become commonplace in the medium to long term future, that would be a bonus. It's also important that I have a bit of fun, and so far it definitely has been that. Even watching my holdings bleed over the last week, it's definitely not boring!

    If the arse falls completely out of the market long-term, if my holdings go to a total of $1 for an indefinite period of time, then so be it. I've already taken out a fair portion of my initial investment, as profits, and still have a satisfactory amount of alts in my wallet. If the arse falls out of the market though, I will be more disappointed for the tech and implications for society than for my money. A total and prolonged market collapse would mean that the tech didn't catch on, and all of this progress and promising innovation was for nothing.

    TL:DR - Came for the profits, staying for the tech and the bit of craic.

    DISCLAIMER: I hate lambos. I live in rural Ireland, I can barely drive my regular non-lambo car on some of these roads. I have no interest in going to the moon, but hope that NASA restart their own lunar endeavors soon.


  • Registered Users Posts: 5,364 ✭✭✭ .G.


    I invested a very small sum of my own money a few months back and have been using it to trade alt's ever since. I've a number of alts I like and will hold and others i was concentrating on just to make FIAT profit. I've long since withdrawn my original investment so I'm playing with other peoples money now so what the market does isn't really an issue for me. I've a few long term holds and some I continue to trade, obviously hoping that they massively increase in value and i Get wealthy in FIAT. If I don't who cares. I've not lost anything.


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  • Registered Users Posts: 1,720 ✭✭✭ ForestFire


    superg wrote: »
    I invested a very small sum of my own money a few months back and have been using it to trade alt's ever since. I've a number of alts I like and will hold and others i was concentrating on just to make FIAT profit. I've long since withdrawn my original investment so I'm playing with other peoples money now so what the market does isn't really an issue for me. I've a few long term holds and some I continue to trade, obviously hoping that they massively increase in value and i Get wealthy in FIAT. If I don't who cares. I've not lost anything.

    The bit in bold sums it up for me. I hope this is the case for most on here, but somebody somewhere (Our lots of people) are losing money on this.

    I was hoping to get in late last year, but did not get the chance to get accounts etc. set-up and study exactly my best options.

    I had decided on some IOTA before it took off.

    The question now is do I buy in now while its down (Or at least I hope its down).

    But I am fully aware that I will not make any money unless a lot of other people are willing to buy into this at a later date (I wonder what that sounds like:rolleyes:)

    I don't think it sustainable long term with the current fluctuations, even if it a steady rise the rate of rise was always unsustainable.

    If I do get i, will keep you updated.


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    ForestFire wrote: »
    The bit in bold sums it up for me. I hope this is the case for most on here, but somebody somewhere (Our lots of people) are losing money on this.

    People who bought near the top and sell now, or the people who bought shilled shítcoins, they're screwed - if you bought a good coin it will go up again if the utility is there and it's being utilised. Ethereum started with a 4-5 year roadmap which means 2020-ish before Vitalik estimated it to be fully production ready.

    Everybody locked in at whatever they thought the price could be in years to come and then those benchmarks get swallowed within a month or two if enough people agree that it will reach that future value. The market was well and truly mental since September.


  • Registered Users Posts: 822 ✭✭✭ SkySter


    grindle wrote: »
    People who bought near the top and sell now, or the people who bought shilled shítcoins, they're screwed - if you bought a good coin it will go up again if the utility is there and it's being utilised. Ethereum started with a 4-5 year roadmap which means 2020-ish before Vitalik estimated it to be fully production ready.

    Everybody locked in at whatever they thought the price could be in years to come and then those benchmarks get swallowed within a month or two if enough people agree that it will reach that future value. The market was well and truly mental since September.

    I agree. I got into the market last August thinking only bitcoin and rode that wave. In the last quarter I've reinvested profits into Alts that are now my long term holds. This has become a 4-5 year project for me. It is the difference between gambling and investing and I have to admit it took me some time to realise the difference.


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