Need advice: π
I own some altcoins that are down 30 to 50%. π©
The more i dig into crypto, the more i come to the conclusion that only Bitcoin is the real deal. π§‘
I always planned to buy more btc with the altcoin gains but then came bear market π
I ask myself now: β
Should i sell with a loss and convert to btc now or should i wait until back in positive? π€
Maybe someone has experienced a similar situation?
Yeah... convert those bags to BTC and don't look back.
Fuck those crypto markets, it's all to wreck your wallet and provide gain to others.
Thats the conclusion i also come to π
Itβs realy fucked up for new comers to this space. Especially on twitter and youtube. You get shilled every shitcoin
#1 Denominated your charts in Bitcoin.
#2 sell those shitcoins ASAP
#3 take self custody of that Bitcoin
#4 it might be the last time we're ever in this price range for an extended period of time
Thanks mate, much appreciated π
Have you experienced this too?
I shitcoined around in 2020. Orangepilled myself with podcasts and books. January 2021 i got on Bitcoin Twitter, it was the first place I had ever heard of ppl going all in on Bitcoin. I proceeded to sell my shitcoins at their individual peaks. I made it out with more sats, but ik ppl that lost a bunch bc they held. Stopped paying attention to "the space" and kept studying Austrian economics and money. I'm price agnostic, stack at all prices.
If we can sell cuckbucks for sats, we're still early.
The barrier of entry to maximalism is an open mind, contrary to what crying shitcoiners say.
Hi!
It depends on your portfolio and your goals.
Only #Bitcoin is the real deal. As they say, there is no second best.
If you have huge shitcoins bags, I think you can be selling with no rush, back to btc, little by little (so you donβt crash a little market cap alt yourself).
If you have little shitcoins bags, you could sell it now and focus on bitcoin (I think this is the best choice) or gamble that money hoping one day some of your shitcoins pump for whatever reason.
It depends, I think, also of your BTC bag, all satoshis counts, if you have little btc you may wanna sell to stack some more. If you have βa lotβ you can always gamble some money in shitcoins.
The only bad side of having altcoins, even if you know you are gambling, is that you can loose a lot of focus in your stacking and in your research.
Keep stacking my friend!
Thanks mate, really great advice ππ
Yes, that is exactly what i am expecting. Having to watch 10 charts is extremely stressful.
The altcoins are aboit 15% of my portfolio. 85% is btc.
There is a good portion ETH in that 15% of which i think i will almost certainly be able to ride back to positive but the remainder is spread thin along mid and small caps.
Itβs just this bad feeling of selling at a loss that holds me back atm π
If you sell, it goes up.
If you buy, it goes down.
Thatβs why you buy and HODL BTC and nothing else. The rest are either scams or people with good heart that didnβt understand Bitcoin.
Sooner or later you will have to sell all but BTC. Is just about how you are comfortable doing it. And I think only you know that haha π
True.
I think i have to start somewhere. Maybe first the ones that or not as deep down yet π
Just understand that most of the alt coins will never recover to their highs. Many are pump and dump hype coins. Not sure where you live but if you sell at a loss you might be able to claim those losses on your taxes as well. I sleep better not having to watch the price of Alts and figure out when to sell them for BTC. All up to you though
I wouldnβt mix, ever, taxes and crypto.
I donβt understand π
You mean all your crypto is non kyc and you donβt have to worry bout taxes?
Yes.
I buy p2p in what we call βcavesβ (Cuevas) and go through multiples non-kyc wallets.
Argentina π¦π·
I do not pay taxes for my little holdings (if Iβd declare it I wouldnβt pay neither, I do not reach the minimum taxable).
I take security pretty serious but Iβm not a pro in hiding. If some day I have to pay taxes, Iβll fly out of here. Iβm a Bitcoiner more than I am an Argentinian
π well said bro
Thanks mate π
And followed btw π€
Yeah, it could realize some losses for tax but as i donβt plan to realize gains with btc, there would be nothing to face it against π
Been there my dude. Be thankful you learned the bitcoin only lesson. As far as when to cash in your shitcoin chips thatβs tough to say depending on your financial situation. But I firmly believe that if the question is, βwhen should I buy bitcoinβ the answer is always βnow!β Cash it in on the shitcoins and donβt look back.
Thanks mate. Helps a lot ππ
I guess i have to overcome that loss and move on β¦
in general hold on to your altcoins and convert when you are in a positive territory.
most altcoins will disappear but many will survive.
if bitcoin will turn a new high again, good altcoins which provide value, will also turn a new high. then it will be time to convert.
bitcoin follows the stockmarket. it is traded like a tech stock. altcoins follow bitcoin.
Yeah that were my thoughts too, but seeing that some altcoins are really on the edge of falling to neverland, i really begin to think twice.
Like for example with eth or link i think i will be able to sell in profit some day.
But i donβt know about coins like cro =/
cro is the reward coin of crypto.com. you probably got a payment card and you get cro as a reward for spending and for depositing.
here are the variables you need to analyze to come to a conclusion:
1. will crypto.com survive the storm? it is hard to evaluate a crypto company because they do not release any financial information
2. will payment cards be important payment systems in the coming years?
3. is the crypto.com award system attractive
if you can answer all three questions with a strong yes, you should hold on to your reward coins.
Well trodden path mate. Look at previous cycles some will never come back so on that 1 in the hand is two in the bush. Itβs a bitter pill to swallow or you can just say itβs price of admission.
If you do keep I feel less is more
I seeβ¦ very helpful thought mate, thank you ππ
Are you saving or gambling?
Mainly saving. There are 2-3 alts with small investment that i would consider gambling
Thatβs a difficult situation and your decision is 100% up to you. No financial advice!
First thing you can do is to go to Coinmarketcap and look at the Altcoin charts compared to BTC. That way you will know when thereβs a good time to swap your coins to BTC. If you want to swap all your coins to BTC: Forget about their price in Fiat. If BTC goes up more than your Altcoins, you will get less Bitcoin for your Altcoins.
Chances are that the price in BTC will go further down, so you might want to swap right away.
The decision is up to you
Thats great advice, thank you ππ
And followed btw π€
So you mean if btc drops again, altcoins may go even lower and i would get more btc for my alts now?
To be honest: I donβt know. I donβt even know what you are holding. Altcoins are gambling to me. You might hold something that will drastically increase in valueβ¦
Bit in the long run, Bitcoin outperforms any aaset.
Like the majority Iβve also had my altcoin period. Thought like everybody that I could gain more with altcoins.
The more you learn about Bitcoin, money, macroeconomics and security laws. The more you understand why only Bitcoin matters.
If you want to gamble some money on some unregistered securities? No problem with that. But just never compare it to Bitcoin.
Bitcoin is money, crypto is just centralized unregulated gambling.
So now what do you do with your altcoins?
You can either hold them and hope they get back to break even(?), sell them and buy Bitcoin. But itβs still a gamble if they will come up. Plus(!!) if they go back up, bitcoin will also be higher in price. Thus you probably wonβt have more sats, just more monopoly money value.
So if you ask for my opinion. Sell them, never look back or worry again about them and convert it into bitcoin. Put it on cold storage and close that chapter of your life. Everybody has to make those mistakes and you learned a life lesson about what matters and the low time preference you should have.
π«
Some aren't gonna like this...
Or you could do the right moral thing and burn those tokens, erase all trace of those keys so you don't pass the buck onto other new potential shitcoiners.
That would be super tricky, but moral and ethical.
But wouldnβt this just increase the value of the remaining tokens and therefore push them? π€
Interesting take, yes I agree. Now I am confused π.
losing the keys might not affect the price
π followed btw π€
Iβm reminded of a story about a guy at the beach selling sea turtles.
Everyday, this elderly lady, would buy a sea turtle & proceed to the beach front & release the turtle. She rejoiced in the fact that she was making a difference for good in the world
The turtle salesman however noticed that sales were up 35% that month and decided he needed to catch more turtles!
π unfortunately thatβs how it often works
