I was lucky enough to stumble into cryptocurrency back in early 2017. I had inherited a small amount of money and I was shopping around for a place to store and grow it. The plans the banks offered were a joke and I did not yet know about precious metals but by some stroke of luck I stumbled onto Bitcoin and Ethereum.
I watched so many YouTube videos about Ethereum and its creator and finally made the decision to sink my small amount of investment cash into cryptocurrency.
I got myself a Coinbase account and transferd the money over. At the time (April/May 2017) Ethereum was under $200 per coin and Bitcoin was breaking $2000. At the time I still didn't realize one could buy a fraction of a coin so I decided to jump in with Ethereum because I could get more coins. 😂
Anyhow, I was around for the bull run and, as I learned from almost every video I watched, I diversified. Now I did do some due diligence on the coins I bought but some I just bought on a whim and whatever, I mean, it was house money at that point.
Well, as you might imagine I ended up holding some real bags of shit💩💩
Here is an example of some of the garbage I am still carrying around.
I'm sure there may be one or two that are still decent but most of these (and others I hold) have lost 90+% of their value since I bought them.
The Question(s)
So I am wondering what to do with these coins now as it seems the market is flipping from bear to bull.
Should I hold them and hope they get the altcoin bump that seems to lag a bit behind BTC or should I just cut my loses and trade most of the garbage for Bitcoin before it starts to run up big time?
Right now I am leaning towards liquidating these coins just to be rid of them however, as soon as I say that I think of how much I would lose and then I want to hold them in hopes they gain some value. I'm just not sure.
Also if you are looking for some top of the line Dentacoin I have a ton that I bought right at the top of the pump, so they are PRIMO QUALITY DCN(though, the value has gone down just a tad since I acquired them...)
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Unless you need the money, I would hold. If things turn around, great. If not, it's already gone money, so you won't lose very much more. The likelihood that all of them would go to zero seems small to me.
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Yeah, I know that is the sensible thing to do but man, I hate looking at these bags of poo in my portfolio.
Thanks @methus!
Posted via Steemleo
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Usually, when we invest in stock, a prudent investor would place trailing stops and limit orders on our purchases. As most people put their crypto into private keys and self-storage. This option is not possible. Some try to double-down, buy more shares at the bottom, this lowers your cost basis. But is this case, it is usually better to sell your loses, take the tax loss, and on your taxes, this will balance against the gains which you might have by selling BTC and other winners. Case by case basis if you think that crypto still has a use case in the market, otherwise, sell it for the tax loss. IMHO
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Yep, I know those terms but I was green back then and caught up in the fun 🎉🎉🎉 no time to set stops.
But you are right, I did not keep the majority on an exchange so the only stop I could use was to stop looking at my wallet. :/
Thanks for the tips @rollingthunder.
Posted via Steemleo
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🤣😂🤣😂🤣
🤗
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Um, thanks?
Posted via Steemleo
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Is That the FINGER from @dfinney ??
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Yeah but it’s just jokes. 😉
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Hold.
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All my life I traded on stocks, but crypto is really different. Stocks, at least, have something behind them, like industries, shops, etc and crypto has nothing behind them. So, it is impossible to me to advise you. The only crypto I have is steem...
!trdo
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A former stock broker, cool. When I was a kid in Chicago my friend's dad was a stock broker on the floor of an exchange I believe. Anyhow, this guys dad was high strung to say the least and it sure seemed to come from his job.
As for my bags of dung I will hold them until the market starts to rise and see if they can regain some of their monumental losses. :(
Posted via Steemleo
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Can't help much so I say... sell half, keep the other half.
Later you can say, "I was half right" or conversely "I was half wrong."
I collected a whole bunch of Bitcoin, Litecoin, and Dogecoin back in 2016 when there were lots of faucets. And actually spent a bunch on the shiny stuff. Got a decent portfolio but to this day I still haven't spent a red cent on Cryptos.
Posted via Steemleo
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Fantastic advice Kerris! Haaahahaha, I love it.
Posted via Steemleo
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I have some garbage coins too. Just figured I would hold them as they aren't worth much now and a the big drop could just as easily be followed by a big pump.
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Yeah, that's what I'm hoping for man, that's why I still have them. I'm so excited for people to finally get interested in Verge again. 😂😂😭
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