[Finance] The cryptocurrency (Bitcoin etc) thread

[Marshy]

So what are you sitting on if you don't mind me asking?

IM sitting on a few but would rather not say i dont like to influence others with there money if thats ok.

BUt generally HODL is the best way to make money.

 

[Marshy]

Exactly.

This is the beginning of the future of crypto in many ways.

The chain blocks that could be around for the next 10-20 years are still in their infancy at present.

Sit on some of these coins for 5-10 years and the returns could be very lucrative.

Some may disappear, but some will in the future the coins people new to crypto look back and wish they got on at $X amount.

I'm sitting on 80% of my portfolio and adding small amounts to those holds each time there is a down turn.

Pretty much exactly what i am doing. I am plannign on getting my initial investment out in the next feww months but the rest i will just HOLD on.
I see HUGE life changing gains on a few if you have the balls to hang on and not sell.

 

[Tyrone Biggums]

A bear market is a 20%+ drop from a recent high sustained for a number of weeks. A bull market is a 20% plus rise from recent lows sustained over a number of weeks.

Of course cryptocurrency investors know everything and would claim this is a price correction as Bitcoin marches on to $100,000 by September.

One million accounts got liquidated in that last big dip.

To me that seems a lot more like market manipulation to shake out a certain section of people from the market.

The market got way over extended and so they set about using that to their advantage.

 

[Marshy]

A bear market is a 20%+ drop from a recent high sustained for a number of weeks. A bull market is a 20% plus rise from recent lows sustained over a number of weeks.

Of course cryptocurrency investors know everything and would claim this is a price correction as Bitcoin marches on to $100,000 by September.

Have you been in Crypto long out of interest ?

You always get a huge correction on Bitcoin before the bull run hits... unless this bull run is different to the preivous 2. But as yet fundementals and utility still do not matter sadly so there is no reason for it to be different.

So i suspect all mid to large coins will all pop off hugely over the next few months at some point

And we are not talking 20% .... a 20% movement in Crypto is tiny.

They will go parabolic.

I do supsoect Bitcoin will hit 70k by end of year. I am not a bitcoin or Eth holder btw

 

[Tyrone Biggums]

Pretty much exactly what i am doing. I am plannign on getting my initial investment out in the next feww months but the rest i will just HOLD on.
I see HUGE life changing gains on a few if you have the balls to hang on and not sell.

I'm taking out profits but it's been going straight back into the coins when the dips have occurred.

I've turned 5 KSM coins into 15 simply by taking the profit and reinvesting back on the downturn.

Patience and not being too greedy is a big advantage.

Agree, there's plenty of opportunity to build a nice nest egg for later in life IF done sensibly.

 

[CheeseRolls]

IM sitting on a few but would rather not say i dont like to influence others with there money if thats ok.

BUt generally HODL is the best way to make money.

Of course, not a problem.

I decide to risk boring people with my diagrams. No one here needs to know if I have invested £50 or £50K.
From a few weeks back, you were suggesting that you were looking at long term and then borrowing against these assets.

This is in real contrast to some people here, who are approaching it like a night of greyhound racing.
- I'm am telling you Trap 5 is going to explode out of the traps, come on Trap 5 come on! Just watch him next time he will fly.
All good fun.

I think there are literally hundreds of alt coins, which you could make a good case for buying now. The list of targets for day trading is entirely different to the best long term prospects. Over time the hype will die down, there will be less get rich quick promises and a smaller number of long term winners emerging. It is going to be interesting seeing how we get there.

 

[CheeseRolls]

Pretty much exactly what i am doing. I am plannign on getting my initial investment out in the next feww months but the rest i will just HOLD on.
I see HUGE life changing gains on a few if you have the balls to hang on and not sell.

I was aiming to withdraw my initial captial by end of August and join Barnet Seagull and others who are effectively no longer risking their own money. After last week, I suspect it might take slightly longer to reach that position. We will see.

 

[CheeseRolls]

One million accounts got liquidated in that last big dip.

To me that seems a lot more like market manipulation to shake out a certain section of people from the market.

The market got way over extended and so they set about using that to their advantage.

The Like button seems to have disappeared - so LIKE!

 

[Marshy]

Of course, not a problem.

I decide to risk boring people with my diagrams. No one here needs to know if I have invested £50 or £50K.
From a few weeks back, you were suggesting that you were looking at long term and then borrowing against these assets.

This is in real contrast to some people here, who are approaching it like a night of greyhound racing.
- I'm am telling you Trap 5 is going to explode out of the traps, come on Trap 5 come on! Just watch him next time he will fly.
All good fun.

I think there are literally hundreds of alt coins, which you could make a good case for buying now. The list of targets for day trading is entirely different to the best long term prospects. Over time the hype will die down, there will be less get rich quick promises and a smaller number of long term winners emerging. It is going to be interesting seeing how we get there.

Regualtion is coming soon i hope. 95% of the current 9000 coins will fall away.
If your coin/token has no utility or is poor tech im not going to buy it simple as that.

Yes borrowing against assets, Defi will be as big if not bigger than crypto going forward in my opinion, im hoping to always keep some of my portfolio for this and live of that.

Its a long way off ... maybe.... but it would be the ultimate goal

 

[beorhthelm]

A bear market is a 20%+ drop from a recent high sustained for a number of weeks. A bull market is a 20% plus rise from recent lows sustained over a number of weeks.

Of course cryptocurrency investors know everything and would claim this is a price correction as Bitcoin marches on to $100,000 by September.

thats fair definition for conventional markets (though you'll find disagreement there too if it does suit a narrative). in crypto 20% swings are a bad/good weekend. this year we've seen three >20% pull backs lasting weeks, before this recent fall, so that definition doesnt really work.

though it would be fairer to say we're in a short bear tread, as yet to be seen if the market is full bear or continuing bull. it needs to recover some key areas or this maybe a long summer of expectation. it is already different to previous cycles we just dont know how much.

 

[Tyrone Biggums]

Of course, not a problem.

I decide to risk boring people with my diagrams. No one here needs to know if I have invested £50 or £50K.
From a few weeks back, you were suggesting that you were looking at long term and then borrowing against these assets.

This is in real contrast to some people here, who are approaching it like a night of greyhound racing.
- I'm am telling you Trap 5 is going to explode out of the traps, come on Trap 5 come on! Just watch him next time he will fly.
All good fun.

I think there are literally hundreds of alt coins, which you could make a good case for buying now. The list of targets for day trading is entirely different to the best long term prospects. Over time the hype will die down, there will be less get rich quick promises and a smaller number of long term winners emerging. It is going to be interesting seeing how we get there.

If you haven't seem him before Coin Bureau on YouTube is the best for breaking down a coins background information from use through to tokenomics etc.

As an example...

 

[Tyrone Biggums]

Regualtion is coming soon i hope. 95% of the current 9000 coins will fall away.
If your coin/token has no utility or is poor tech im not going to buy it simple as that.

Yes borrowing against assets, Defi will be as big if not bigger than crypto going forward in my opinion, im hoping to always keep some of my portfolio for this and live of that.

Its a long way off ... maybe.... but it would be the ultimate goal

Regulation is bad in a decentralised world imo.

Regulation won't be needed, the whales will do the work for the market in crushing these meme coins that inflate the market.

 

[Tyrone Biggums]

One project to avoid is ICP.

One project I truly hope fails.

 

[schmunk]

One project to avoid is ICP.

One project I truly hope fails.

What have they ever done to you?? Poor lambs.

 

[giveusfalmerplease]

One way for people to get good at crypto is to specialise in a specific sector of the crypto market.

It makes it much easier to stay on top of things is you only look for news and releases in one or two sectors.

If you're into gaming for example concentrate on that sector with a crossover of NFTs in the mix.

You'll end up having an edge in that market.

nice in theory but evidence ive seen watching for the last 6 months before now taking the plunge is that BTC and ETH moves drive the whole market. i have yet to see any SIGNIFICANT player go high when BTC/ETH are falling.

 

[Lower West Stander]

Regulation is bad in a decentralised world imo.

Regulation won't be needed, the whales will do the work for the market in crushing these meme coins that inflate the market.

Regulation is always needed in a market where products are traded....

 

[giveusfalmerplease]

Re regulation - a LOT may hinge on the XRP case. If they lose, not only will the XRP price plummet but it could impact a lot of US traded coins?? BTW if XRP do lose will the asset be classified as "illegal" and therefore removed from "the system" and wiping out its whole market cap??

 

[beorhthelm]

Re regulation - a LOT may hinge on the XRP case. If they lose, not only will the XRP price plummet but it could impact a lot of US traded coins?? BTW if XRP do lose will the asset be classified as "illegal" and therefore removed from "the system" and wiping out its whole market cap??

worse case scenario for XRP case is it is considered a security. thats not a terrible outcome in itself, becomes regulated like stocks, bonds etc. but in crypto world it would be shunned because people dont like regulation ideologically and most the exchanges dont want the hassle of dealing with regulated securities.

there would be a reaction dump, but unlikely to widely impact market because tokens usually dont have the same centralised, corporate control Ripple has over XRP. it may set a precedence that some tokens do fall under.

 

[Smirko]

Anyone use Coinbase to trade on?

 

[Tyrone Biggums]

nice in theory but evidence ive seen watching for the last 6 months before now taking the plunge is that BTC and ETH moves drive the whole market. i have yet to see any SIGNIFICANT player go high when BTC/ETH are falling.

That is a separate matter to actually making money from knowing a sector.

I'm talking about knowing a sector and getting in early on projects when they are worth a few cents. That's where your 1000s to 100's x coins will come from.

This is a more realistic starting point for someone starting out on a limited budget to make large gains to reinvest into the likes of BTC And ETH at a later point.

Know your sector, know when new coin releases are coming out.