Re:Ask HN: Anyone lost a lot of money with NFTs/Cryptos? Wha...
by kylebenzle on Tuesday October 24, 2023 @11:24AM
(#38000458)
1. Until USD inevitably collapses under the weight of its own indebtedness and fraud.
2. Yes, you made a mistake. Use the "Rake Method" many of us have preached for a decade. No guessing needed, profit taking can even be automated. It's all very simple.
3. Yes, a great buying opportunity.
4. Yes, I bought a lot around $150's. Using the rake method you can't go wrong. If it's more cash than I need I buy gold. Easy. Angin, the research is already done, and we have a solution to your issues, the rake method.
Re:Ask HN: Anyone lost a lot of money with NFTs/Cryptos? Wha...
by vlod on Tuesday October 24, 2023 @12:33PM
(#38001581)
>No guessing needed, profit taking can even be automated. It's all very simple.
I assume you have a net worth > $100M right? as it's so easy.
Re:Ask HN: Anyone lost a lot of money with NFTs/Cryptos? Wha...
by alfonmga on Wednesday October 25, 2023 @08:54AM
(#38012258)
I didn't know about the "Rake Method". It seems a reasonable strategy.
I implemented it in Go code: https://gist.github.com/alfonmga/50864730c3ebce7491542d146ed....
Cheers, mate.
How do you know how long to hold?
I bought a bunch of bitcoin for under $100 each and sold them for ~$1000 each at one point.
Should I have held them longer? Sure, but how could anyone really know that? How do you resist the urge to realize the >10x gain in a short term?
After it went up to ~1200 it crashed down to 200-300 for years before it recovered and skyrocketed to new heights.
If you had bought bitcoin for something low like say $100, are you telling me you would really have resisted selling it when it hit $1000? or $2000? How about when it hit $10,000 or $25,000 or even $50,000? Knowing that it could come crashing down at any second as well.
The peak was nearly 70K, and now it's only about half that.
So simply holding isn't a complete strategy.