iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,873 Blog Posts

CRYPTOS COLLAPSE AGAIN, DIAMOND HANDED INVESTORS ENDURE SEVERE DRAWDOWNS

Just a few days ago ETH-heads were popping champagne corks into each other’s faces. Today they’re all crying in their showers, wondering when it all went wrong. The truth is, the magnificent decline of 30% in cryptos these past few days is more or less part and parcel of investing in an asset class that has gone ape-shit to the upside. The parabolic nature works both ways and I suspect it will not bounce back right away.

This is good news for people who missed out the first and second time and always wanted back in. The blockchain and cryptos aren’t going way, so view this misery as nothing more than a pause en route to greatness. There are few asset classes that I have complete and total conviction in — ETH is one of them. This dive lower, although disheartening, has done nothing to disturb me because my expectation is for substantially higher prices over the long term. The money I am investing into it is not needed by me and I am fixed on investing in ETH on a monthly basis.

This malovolent move lower is having a deleterious effect on stocks too, as risk on behavior morphs into fear. This does not feel like the end, sadly. I do believe we’ll be placing in a bottom soon, off and away again to Neverland cavorting with unicorns and gay giraffes.

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7 comments

  1. itsgold

    I don’t see the suicide hotline posted yet. Probably more to go.

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  2. mad marsupial

    Fly, are you playing ETHE or buying actual coins? Thx.

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  3. edge

    We’ve hit a flat spot in the news. Mucho cash is on the way.
    I’ve been buying the ethereum ETF. Not doing too bad today, of course it wasn’t doing shit on the big run up either.
    Getting the biggest ass kicking I’ve had in a while in general but there isn’t much I’d care to sell. UVXY is helping a little.
    I want to see CAN fill the gap, and would like to see crypto get cheaper. I also think people are going to be burning a lot of gasoline and soon.

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  4. edge

    I can see that I’ve fucked up. ETH and ETHE aren’t the same thing…ETHE is OTC.
    I’m not understanding the difference in price swings. Anybody know the answer?

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    • heckler

      I think there are premiums and other oddities related to ETHE (lockup period, etc). Should do well long term if ETH crypto does well

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      • edge

        TY. I knew that but I’m much more stupid than I thought…ETH is the ticker for Ethan Allen Interiors.
        LOL. Fucked up and still made money…I’m a match for the Fly.
        My powers are truly awesome.

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