[Finance] The cryptocurrency (Bitcoin etc) thread

[giveusfalmerplease]

what a difference a day makes!. yesterday i was trying to get some info on best exchange etc and reading loads of reviews whilst i watched XRP go from 1.49 to 1.63 (10% up in 24 hours) and figured i might miss the boat. Came back on here now ive finished work to try again and see XRP crashed to 1.20!!

Think i'll wait a while now at least until most of the reds have dissappeared.

 

[sydney]

Furry Muff and for the record...... youre one of my fave Albion contributors.

it is like the dotcom bubble but also very different. Its not just transactional payment systems but so much cutting edge technology that will power the internet of things world of tommorow. The projects vary massively.

Like dotcom many of the offerings are utter garbage (sh1tcoins), most WILL fail but some will be the Apples, Microsofts, Facebooks or Amazons of tomorrow and so many do solve real world problems and increase efficiencies.

It may well be that bitcoin isn't dominant in years to come just as myspace or friends reunited were before Facebook came along. But there are huge gains possible. Ethereum is what so much else is built upon (microsoft or apple of blockchain) its going nowhere but up long term imho.

ofc there is a lot of rubbish that will make you poor just like there would be in penny stocks, and a lot of people with a casino like get rich quick mentality gambling on meme coins or high leverage trades as speculative punts........ but theres also many gems and some truly great projects making simple people millionaires who just hold them.

When you want a hand with your first wallet let me know!

i am genuinely interested in the whole crypto phenomena but as an incurable sceptic i have held off from investing any cold hard cash , i understand that this rather alarming drop in price offers people such as myself a good opportunity to get in but really don't know where to start.

 

[Tyrone Biggums]

i am genuinely interested in the whole crypto phenomena but as an incurable sceptic i have held off from investing any cold hard cash , i understand that this rather alarming drop in price offers people such as myself a good opportunity to get in but really don't know where to start.

Swyftx is the best exchange for Australia.

Easy to use and over 250+ coins listed.

All depends on how much you want to spend and what time frame you're prepared to adhere to to make your money.

 

[Justice]

Anybody that does/did that is a total idiot and deserves to lose their money. Exactly the same as it would be investing in the stock market which is going to get the biggest shock since the 30s soon.

Depends what side of the trade your on

 

[Justice]

i am genuinely interested in the whole crypto phenomena but as an incurable sceptic i have held off from investing any cold hard cash , i understand that this rather alarming drop in price offers people such as myself a good opportunity to get in but really don't know where to start.

I wouldn’t bother far to volitile if all It take is Elon Musk saying a few words to send it spiralling. Professional traders leave it alone on the main.

 

[FatSuperman]

I wouldn’t bother far to volitile if all It take is Elon Musk saying a few words to send it spiralling. Professional traders leave it alone on the main.

The whole thing feels weirdly co-ordinated. The big players do this regularly on stocks, so why wouldn’t they do it on unregulated markets like coins? It’s always the same, retail investors can make money, but the general pattern is they get rinsed.

On BTC, it does mean there will be an accumulation period again, but god knows when it will start.

 

[KeegansHairPiece]

Yesterday’s mini bounce back feels like the inexperienced lurkers like myself all getting involved in a bit of knife catching. Is there going to be another slide as others see it as a big enough bounce to get out?

 

[pb21]

I wouldn’t bother far to volitile if all It take is Elon Musk saying a few words to send it spiralling. Professional traders leave it alone on the main.

Definitely volatile, but it was a lot more than Musk's few words.

Yesterday’s mini bounce back feels like the inexperienced lurkers like myself all getting involved in a bit of knife catching. Is there going to be another slide as others see it as a big enough bounce to get out?

Maybe, maybe not. My personal opinion is that the price of BTC (and others) will probably be quite a bit higher in 5/10 years than today (and what it was a couple of weeks ago). On that basis I'm not selling what I currently have (a very modest amount) and will continue to buy small amounts I can afford to lose.

Having said that it may go to £0 in 5/10 years

 

[peterward]

I wouldn’t bother far to volitile if all It take is Elon Musk saying a few words to send it spiralling. Professional traders leave it alone on the main.

professional traders hunt for volatility and love it because of that.

For retail its time frame, go back over any 3 year period and look at overall gains/losses of that period, not a day/week/month but longer and it beats any regular investment vehicle.

Its is wild and panic buying/selling or trading will burn most speculative retail punters. Buy something decent and just hold it.

 

[peterward]

Yesterday’s mini bounce back feels like the inexperienced lurkers like myself all getting involved in a bit of knife catching. Is there going to be another slide as others see it as a big enough bounce to get out?

Nobody knows for sure what will happen int he coming days few weeks, id guess a bit of sideways chop is likely?

But take the longer view (where will this be in 2025) and DCA. split investment into bits and buy one bit per week/month etc you will hedge better against risk. Its really not for short term unless in prolonged bull run, youre a pro trader or have a bit of experience in it. fwiw buying is the easy bit, the real art (and its much harder) is knowing when and how much to sell.

 

[KeegansHairPiece]

professional traders hunt for volatility and love it because of that.

For retail its time frame, go back over any 3 year period and look at overall gains/losses of that period, not a day/week/month but longer and it beats any regular investment vehicle.

Its is wild and panic buying/selling or trading will burn most speculative retail punters. Buy something decent and just hold it.

View attachment 136925

I guess it’s how flexible you can be on where that finish line is. 3 years might need to be 5...

 

[peterward]

I guess it’s how flexible you can be on where that finish line is. 3 years might need to be 5...

Yes of course and you dont want to invest what you cannot afford ever as you'll be too tempted or forced to cash out at less than favourable times.
Things like ETH, BNB are going to go up - they wont make you a millionaire now as they have already grown many 100's of X but they are stable sure fire bets longer term imho. I'd add SOL and MATIC as the other 2 stable sure fire top 20 bets (that are also both DEFI ecosystems on which much other stuff operates) as both having a lot more growth in them over the longer term. They'll beat any bank account over years but they could be down 15% in one day as that's how this sector is.

Are you on Telegram? most crypto groups are on tg........ if you get it, I can DM a couple of very good groups/channels that may well help you in the right direction broaden your knowledge.

 

[Springal]

Casual observation but saw quite a few people fuming at Binance that were basically not allowing people to sell or cash out for long periods over the last few days. One of the reasons I could never seriously invest large sums in Crypto. And yes I know the same has happened with traded stocks etc

 

[KeegansHairPiece]

Casual observation but saw quite a few people fuming at Binance that were basically not allowing people to sell or cash out for long periods over the last few days. One of the reasons I could never seriously invest large sums in Crypto. And yes I know the same has happened with traded stocks etc

Any managed fund can potentially put the brakes on people withdrawing if their liquidity is under threat – isn't that exactly what Micheal Burry had to do with Scion Capital when he shorted the securities market with it still rising a good amount. How gutted must those investors be who got their money out before Burry made a profit of 489% when it closed in June 2008. Ouch.

 

[Justice]

professional traders hunt for volatility and love it because of that.

For retail its time frame, go back over any 3 year period and look at overall gains/losses of that period, not a day/week/month but longer and it beats any regular investment vehicle.

Its is wild and panic buying/selling or trading will burn most speculative retail punters. Buy something decent and just hold it.

View attachment 136925

Really? We aren’t allowed to trade Crypto and have to close all trades ahead of potential volatile financial news releases. I like volume not fan of all that volatile whipping around oil can be a bitch for that.

 

[sydney]

Swyftx is the best exchange for Australia.

Easy to use and over 250+ coins listed.

All depends on how much you want to spend and what time frame you're prepared to adhere to to make your money.

so do you buy(own) the coins or trade them(against each other) on that provider..??

 

[Tyrone Biggums]

so do you buy(own) the coins or trade them(against each other) on that provider..??

You purchase the coins on there and they can either sit on there in your swyft wallet or if you have more of a substantial portfolio you keep them on a hardware wallet which is like a super safe super charged usb stick.

Other than that it's just like the stock market, you like a share (coin/token) you then can just purchase it. The fees are generally lower too for transactions on there.

 

[sydney]

You purchase the coins on there and they can either sit on there in your swyft wallet or if you have more of a substantial portfolio you keep them on a hardware wallet which is like a super safe super charged usb stick.

Other than that it's just like the stock market, you like a share (coin/token) you then can just purchase it. The fees are generally lower too for transactions on there.

so i would just google it and follow the prompts ...?? sorry to start with so again..

i like the sound of etherium and xrp ...... bitcoin is apparently not environmentally sound which is not what the whole crypto ethos is all about ... kai and cardano also have my attention currently but not dived in yet.

 

[highflyer]

so i would just google it and follow the prompts ...?? sorry to start with so again..

i like the sound of etherium and xrp ...... bitcoin is apparently not environmentally sound which is not what the whole crypto ethos is all about ... kai and cardano also have my attention currently but not dived in yet.

Genuine question, can anyone tell me what the 'crypto ethos' actually IS all about?

Apart from trying to make more money without working of course. Which seems to be the main driver.

 

[beorhthelm]

i like the sound of etherium and xrp ...... bitcoin is apparently not environmentally sound which is not what the whole crypto ethos is all about ... kai and cardano also have my attention currently but not dived in yet.

the ethos of bitcoin is about taking personal control of banking and payments. it doesnt give a fig about environmental concerns, the processes to secure Bitcoin are inherently inefficient. that said, despite the headlines the system is less burdensome on energy than the banking sector.