Crypto dip, time to buy or.....?

[boneil]

With bitcoin and others siting here about 50% off highs I'm wondering if I should get back in. I remember when bitcoin made it's original run from 10K to 20K, it was all the talk. I asked then what are the use cases, and never really felt like I got a satisfactory answer. I just couldn't understand it.

With bitcoin being main stream for several years now, what are the examples of uses cases. ETH, was suppose to be smart contracts, I think. Are there examples of smart contracts being used? After a 50% haircut, I don't think we can say its a store of value, I thought that was it's best case. After years of being mainstream, the volatility still prevents crypto from being a useful currency, except for ransomware. But it sounds like even bitcoin is even losing the ransomware use case. Clearly not a hedge against inflation.

So what are examples of Bitcoin, Ethereum and the other thousands of cryptos, actually being used?

[NitroZ7]

The practical use I think is that it can be transferred cross border without incurring hefty foreign exchange fees. El Salvador adopted it as legal tender because it has a huge foreign workforce and it enables these workers to send money back to their own country without paying currency exchange fees.

[OHellnofishin]

I dont think weve seen bottom yet honestly. I cleared mine ALL out and am waiting. If I take an L on it, it wont be a huge loss. I see ETH in the 12-1400 range first. I sold at 3700 and 2900

[apenland01]

I've never invested in any crypto before, but if any of the big currencies decide to swim in the gutter, I will throw some money in the ring that I can afford to keep invested until it returns if it dives deeper...

[Ship]

I put some more in yesterday. Just fun money I would have spend somewhere else. Not staking any retirement funds on it.

[Edziu23]

I have never understood a practical use for bitcoin. From the beginning I have leaned toward the XRP and Stellar because of the practical components for banks and how much faster transactions are.

After my initial investment prior to the major dip a few years ago, I have refrained from investing more, I cant really put a finger on why other than I feel like I have already taken the gamble and at this point am I investing good money after bad. Also I have not followed and I am really not sure of the tax implications and how they have or will shake out so I am hesitant.

[mikeSF]

I have never understood a practical use for bitcoin. From the beginning I have leaned toward the XRP and Stellar because of the practical components for banks and how much faster transactions are.

After my initial investment prior to the major dip a few years ago, I have refrained from investing more, I cant really put a finger on why other than I feel like I have already taken the gamble and at this point am I investing good money after bad. Also I have not followed and I am really not sure of the tax implications and how they have or will shake out so I am hesitant.

I'm in the exact situation. I'm letting past purchases ride it out. If it goes down the tubes then no big loss. I will admit i have an itch to buy some more but am waiting to see how it shakes out over the next several months.

[motomania]

Good documentary that's free on Amazon Prime now is 'Cryptopia: Bitcoin, Blockchains and the future of the Internet'
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Its kinda dry in spots; but uses a lot of good visuals to help explain things and is pretty interesting overall. It came out last year, so pretty current.
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I had a chunk of change in crypto in 2018 and was looking at short-term gains; the volatility ultimately spooked me out of it. Kicking myself now for bailing on it and looking at it long term now. It's only a single digit percent of my portfolio, so if it craps the bed; it's barely a blip on the radar.............but, if it takes off, it'll be worth it.
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I cant speak for great use cases though; but younger generations are crazy about it and the 'store of value' thing interests me.
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Kinda like a block of gold in your hand; younger folks would be like, "cool?"..............older folks would be drooling. But, talking to younger folks about crypto; their eyes light up like a modern day gold rush.
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And, the fact that talking heads on the TV's financial scene report on it more and more..............and with larger companies and brokerage firms coming around to it; I figure I'll try and get in front of the wave............whether the wave takes me on a nice ride or levels me............it'll be a ride. :-)

[mossie3]

I added new positions in Coinbase and GBTC within my IRAs. I'd like to have Bitcoin itself in my IRA, but Fidelity doesn't allow it yet.

[DewRonInc]

I have etherium and bitcoin. Still up from purchase letting it ride and see

[OHellnofishin]

Crypto theres 2 ways to make/lose money the latter only happens when ya sell..

7$ a day into your top 3 or so one purchase each day paid for all my electronics on my offshore boat. Total invested was peanuts and I still have more. Its easier if you just ignore the crap buy low and wait till its news agan.

Method 2 swing trade the hell out of it for small profits like day trader.