[Finance] The cryptocurrency (Bitcoin etc) thread

[peterward]

Has anyone got any experience - good or bad - or using trading bots like Shrimpy, Cryptohopper or Three Commas?

No but I use the free trading bot on Kucoin exchange and its excellent

 

[CheeseRolls]

Into stable coins - some quick and dirty graphs on market cap over three months on stable coins show some interesting spikes mid December.
Into FIAT - End of the tax year notably US.

It isn't hard to understand the logic, but the impact is something else. Maybe the question should be, where is all the new money going to come from to fund the massive growth in the market?
Maybe money returning to the market is driving this week's recovery?

Thinking about it, you can add, propping up negative trading positions and even speculative punts on NFTs (shudder).

 

[beorhthelm]

i can assure you that this time last year the 60% of my dashboard that is now gone, existed.

the number went down, all that existed was a market price and valuation, numbers. there wasnt any tangible until you sell, when you have cash or direct equivilent. remember the saying its not a loss until you sell? there is not $150m of cash sitting in allocated account, blockchain or banking, to match against each KAI token today. and thats before considering full dilution, which gets overlooked for alot of projects.

 

[dsr-burnley]

it is worth noting that most smaller crypto is down well over 50 % .....where exactly has this money gone ...??

The money hasn't gone anywhere. The value of crypto coins, like the value of pretty much everything, is dependant on who wants it. A shop full of dryrobes may have stock with value of thousands of pounds, but if suddenly dryrobes are out of fashion and they can't sell them at half the price, their stock value drops even though no money has changed hands.

The historic increase in value of cryptocurrency is almost entirely based on the fact that more people wanted it than was available at the price, so the price went up. Right this minute, there are fewer people wanting it than there are sellers, so the sellers have to drop their price to get rid. That's all it is. If there comes a time when no-one wants them at all, as happened with the South Sea Bubble and to a lesser extent with the Tulip Bubble, then the price will drop to zero or near enough. (You won't even have the intrinsic value of a dryrobe that will keep you warm. There is, in most cases, no asset worth anything behind the speculative value.)

 

[CheeseRolls]

The money hasn't gone anywhere. The value of crypto coins, like the value of pretty much everything, is dependant on who wants it. A shop full of dryrobes may have stock with value of thousands of pounds, but if suddenly dryrobes are out of fashion and they can't sell them at half the price, their stock value drops even though no money has changed hands.

The historic increase in value of cryptocurrency is almost entirely based on the fact that more people wanted it than was available at the price, so the price went up. Right this minute, there are fewer people wanting it than there are sellers, so the sellers have to drop their price to get rid. That's all it is. If there comes a time when no-one wants them at all, as happened with the South Sea Bubble and to a lesser extent with the Tulip Bubble, then the price will drop to zero or near enough. (You won't even have the intrinsic value of a dryrobe that will keep you warm. There is, in most cases, no asset worth anything behind the speculative value.)

Back to work everyone - Thread Closed !

 

[sydney]

The money hasn't gone anywhere. The value of crypto coins, like the value of pretty much everything, is dependant on who wants it. A shop full of dryrobes may have stock with value of thousands of pounds, but if suddenly dryrobes are out of fashion and they can't sell them at half the price, their stock value drops even though no money has changed hands.

The historic increase in value of cryptocurrency is almost entirely based on the fact that more people wanted it than was available at the price, so the price went up. Right this minute, there are fewer people wanting it than there are sellers, so the sellers have to drop their price to get rid. That's all it is. If there comes a time when no-one wants them at all, as happened with the South Sea Bubble and to a lesser extent with the Tulip Bubble, then the price will drop to zero or near enough. (You won't even have the intrinsic value of a dryrobe that will keep you warm. There is, in most cases, no asset worth anything behind the speculative value.)

so in dummy speak , people who were furiously buying crypto this time last year are no longer buying and are more likely selling which has collapsed the price just like trading in any other commodity...??

 

[CheeseRolls]

so in dummy speak , people who were furiously buying crypto this time last year are no longer buying and are more likely selling which has collapsed the price just like trading in any other commodity...??

Sentiment plays a big part and this is no different to any other form of speculative trading. You have current performance and what this implies for future performance.

In the middle of last year there was a real buzz around what Polkadot was doing and how it might provide some answers to some of the shortcomings of Ethereum. Kusama was and is viewed as a "canary" network for Polkadot. The idea was that Polkadot would be the steady ship and crazy new ideas would be tried and tested on Kusama. This more nimble business model (they share much of the same software code, but are autonomous), led many to speculate that Kusama itself might be the next big thing. Polkadots big idea for parachains, which would address the scaleability and cost of Ethereum transactions, without reducing the security has been delivered and the market has largely been unimpressed.

Currently I would say there is very little speculative hype around either Polkadot or Kusama. This doesn't mean they are dead and sentiment can swing. Polkadot has some interesting parachain projects and some of the alternatives which are currently more fashionable may soon start to disappoint the impatient investors. What this means for Kusama? it is difficult to say.

 

[B-right-on]

I've got an account with Binance and got some ETH in there whcih I dont trade, just sitting there as a punt incase it really does take off.

I've had a few emails from them saying that I need to fill in a form and if I dont fit certain catergories, which I dont, then i need to sell my position and close my account by may this year.

What other exchanges do others use which are decent?

 

[Berty23]

I've got an account with Binance and got some ETH in there whcih I dont trade, just sitting there as a punt incase it really does take off.

I've had a few emails from them saying that I need to fill in a form and if I dont fit certain catergories, which I dont, then i need to sell my position and close my account by may this year.

What other exchanges do others use which are decent?

On SwissBorg you can just sit on it and get a yield. It is only 3.38% but it is better than nothing. I Can’t remember if you need certain amount of any of the cryptos to get a yield. Can also buy and sell very easily within the ap. I have been selling bits as I go and it is literally seconds from hitting sell to money being in my bank account.

 

[Bold Seagull]

I've got an account with Binance and got some ETH in there whcih I dont trade, just sitting there as a punt incase it really does take off.

I've had a few emails from them saying that I need to fill in a form and if I dont fit certain catergories, which I dont, then i need to sell my position and close my account by may this year.

What other exchanges do others use which are decent?

I think I have probably got the same email, but I think you are reading more into it. This is about Binances features such as trading futures, leveraged tokens, options and dual investments. In order to comply with certain UK regulations, they are restricting these trading options to accounts where the persons can demonstrate competency by confirming you are either a high net worth entity, investment professional or previous overseas customer.

If you don't fall into a category you don't need to sell your position, you need to 'close any positions' that involve the aforementioned futures / options / leverages etc. You don't lose your account, all that happens is you won't have access to those trading functions - which sounds like similar to me you don't use.

That's how I've read it anyway.

 

[B-right-on]

I think I have probably got the same email, but I think you are reading more into it. This is about Binances features such as trading futures, leveraged tokens, options and dual investments. In order to comply with certain UK regulations, they are restricting these trading options to accounts where the persons can demonstrate competency by confirming you are either a high net worth entity, investment professional or previous overseas customer.

If you don't fall into a category you don't need to sell your position, you need to 'close any positions' that involve the aforementioned futures / options / leverages etc. You don't lose your account, all that happens is you won't have access to those trading functions - which sounds like similar to me you don't use.

That's how I've read it anyway.

Really? OK I'll reread it tomorrow, maybe I'm doing that as I did trade BTC a bit in the early days on IG Index but that was stopped, probably bcs it's leveraged as you said and I just assumed it was the same thing. Not a HNW or Pro.

 

[beorhthelm]

Binance seem to be taking regulation really strict all of a sudden. its weird as i have margin products available with T212, etoro, IG etc, but Binance think (or have been told) leveraged crypto is verboten.

it shouldnt affect spot holdings. i wonder if they are getting into line so they can do a marketing push in UK.

 

[giveusfalmerplease]

Binance seem to be taking regulation really strict all of a sudden. its weird as i have margin products available with T212, etoro, IG etc, but Binance think (or have been told) leveraged crypto is verboten.

it shouldnt affect spot holdings. i wonder if they are getting into line so they can do a marketing push in UK.

Personally i think the sooner all exchanges ban leverage the better. i lost 60% of my balance due to leverage during the crashes in September and November and i have now banned myself from using again.

With no leverage allowed the currencies will become a lot more stable and be driven only by market sentiment and fundamentals

 

[giveusfalmerplease]

ok for the second time in a week i sold everything .fears of war etc i cant risk another 50% pullback. This is just too stressful and im spending days on end staring at the damn charts, not good for my health.

Im sure many of you younger chaps are in this for the long play but im almost 60 now and got made redundant and not likely to return to work due to caring for my father and my own illnesses. Hence im not in a position to pay money in monthly to DCA. regardless of the direction the prices take.

just hoping that we can get through these uncertain times..i would be happy for those of you hodling to see it go up 20% and i wont lose any sleep over that and as soon as i see signs of bull market returning, will re-enter the market.

Good luck all....

 

[CheeseRolls]

Time for a bounce I think

Crypto too big to ignore. Citadel CEO changes his mind.
https://www.cnbc.com/2022/03/03/citadel-ceo-ken-griffin-changed-his-mind-about-cryptocurrencies.html?utm_content=makeit&utm_medium=Social&utm_source=Twitter#Echobox=1646335854

Not quite apples for apples, but my crypto portfolio is up 38% invested from March to December and my professionally managed pension is down 3.75% from August.

The latter includes 6 hefty monthly contributions, which seem to have disappeared into propping up the global economy.

 

[Bold Seagull]

Time for a bounce I think

Crypto too big to ignore. Citadel CEO changes his mind.
https://www.cnbc.com/2022/03/03/citadel-ceo-ken-griffin-changed-his-mind-about-cryptocurrencies.html?utm_content=makeit&utm_medium=Social&utm_source=Twitter#Echobox=1646335854

Not quite apples for apples, but my crypto portfolio is up 38% invested from March to December and my professionally managed pension is down 3.75% from August.

The latter includes 6 hefty monthly contributions, which seem to have disappeared into propping up the global economy.

I did note the other day, after various processes of Binance getting you to verify your financial status / expertise, that bank transfers from British banks is now bank on the table.

 

[CheeseRolls]

I did note the other day, after various processes of Binance getting you to verify your financial status / expertise, that bank transfers from British banks is now bank on the table.

I find myself using Kucoin more these days. I have been moving a few bits out of the Luna ecosystem, which has been on fire of late. Just balancing my portfolio, rather than investing anything new for now.

 

[CheeseRolls]

Seems like bitcoin might be coming out of hibernation?

I have a short watchlist of alt-coins I don't own yet, but am interested in. I have been moving things around of late, but haven't invested any more money yet this year.

Octopus Network
Aleph Zero
Kilt Protocol


Note there are a couple of polkadot parachains there, even though I said recently there wasn't much hype around polkadot.
Anyone else getting interested?

 

[bhafc99]

Note there are a couple of polkadot parachains there

Funny looking things, aren't they. I remember seeing them in the wild once, when backpacking in Ecuador.

 

[beorhthelm]

im certainly looking at redploying from stables, much market looks like a solid double bottom formed. there's hype about Stargate, with big names in industry investing. think this is kinda spuring a general positive mood. think cross-chain and some metaverse remain the move for the medium term. a lot of detritus out there that might look like going up but underperform.