[Finance] The cryptocurrency (Bitcoin etc) thread

[dazzer6666]

with you a million %...i got made redundant but that was less stressful than owning crypto.. ive spent days and nights staring a graphs trying to find an entry to recover some losses but absolutely hammered in september and november in the flash crashes (eth dropped like a grand in 10 minutes liquidated my eth position and i was leveraged in ADA too . i has holding like 14k in cash value of crpto but had 40k of open positions which autoliquidated once eth dropped, the nof course the price shot massively back up and there was i just sitting with cash in my account. promised myself i would not use leverage again and ironically i didnt do it as the market started going back up again. finally bit the bullet and started leverage trading again 2 days before the next flash crash!.

The irony was, if i hadnt lost all that initial money, i would still be tons down but i would be prepared to hodl but essentially now im gambling by trying to chase losses.
The below sums it all up...after the crash yesterday eth jumped up over $100 so i bought back in (green circle). it literally went up like THREE DOLLARS and then started a sell off. i set my SL as 2540 (red circle) it hit and the bottom was 2538 before it went up again..u cant make it up
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If it’s that stressful you’ve probably got too much of your investable assets in it……..

 

[giveusfalmerplease]

SOME ADVICE PLEASE....i'm struggling to work out how to buy in early to some coins..Ive installed Trust Wallet and Metamask but how to get FIAT to buy coins and pay fees? For metamask the suggested route is via Wyre but they have a ridiculous spread of like 7% plus a deposit fee. I do that and then i have to convert to ETH (another fee) and then i can use the ETH to swap for something else - another fee. I calculated that for a $500 deposit i would lose around $200 of that in fees - insane...

Can anyone share a cheaper way. eg Say i want Fanthom .

 

[Bold Seagull]

SOME ADVICE PLEASE....i'm struggling to work out how to buy in early to some coins..Ive installed Trust Wallet and Metamask but how to get FIAT to buy coins and pay fees? For metamask the suggested route is via Wyre but they have a ridiculous spread of like 7% plus a deposit fee. I do that and then i have to convert to ETH (another fee) and then i can use the ETH to swap for something else - another fee. I calculated that for a $500 deposit i would lose around $200 of that in fees - insane...

Can anyone share a cheaper way. eg Say i want Fanthom .

I would honestly advise leave well alone. You sound like you’re far too emotional and that’s no way to be chasing losses.

 

[Lower West Stander]

SOME ADVICE PLEASE....i'm struggling to work out how to buy in early to some coins..Ive installed Trust Wallet and Metamask but how to get FIAT to buy coins and pay fees? For metamask the suggested route is via Wyre but they have a ridiculous spread of like 7% plus a deposit fee. I do that and then i have to convert to ETH (another fee) and then i can use the ETH to swap for something else - another fee. I calculated that for a $500 deposit i would lose around $200 of that in fees - insane...

Can anyone share a cheaper way. eg Say i want Fanthom .

Equities, bonds, commodities?


Sent from my iPad using Tapatalk

 

[Solid at the back]

SOME ADVICE PLEASE....i'm struggling to work out how to buy in early to some coins..Ive installed Trust Wallet and Metamask but how to get FIAT to buy coins and pay fees? For metamask the suggested route is via Wyre but they have a ridiculous spread of like 7% plus a deposit fee. I do that and then i have to convert to ETH (another fee) and then i can use the ETH to swap for something else - another fee. I calculated that for a $500 deposit i would lose around $200 of that in fees - insane...

Can anyone share a cheaper way. eg Say i want Fanthom .

You'll lose everything if your not careful. What even is leverage trading?

I'm a noob, but just hodl and barely even check it. Admittedly I've only invested 3k and am holding HBAR, XRP and Polkadot

 

[giveusfalmerplease]

Whales have started buying. prices across the board back up 5% been through the charts and all exactly the same - coordinated purchases at 20.05 today in SOL, BTC, ETH, MATIC, MANA and a host of others........

 

[CheeseRolls]

With you I’m surprised to find I’m comfortably up still up although nothing like it was a month back.
Can see a bumpy few months ahead but on the flip I have put I. A bit more today on ADA and ETH which I believe long term will bounce back up

The difference here is that I have a heavy bias towards small caps in my portfolio. The downside is much bigger, so potentially is the upside. Good to know not everyone is taking a beating.
I am back in profit for the time being, but one more dip below where we are right now, can't be ruled out.

 

[martin tyler]

Whales have started buying. prices across the board back up 5% been through the charts and all exactly the same - coordinated purchases at 20.05 today in SOL, BTC, ETH, MATIC, MANA and a host of others........

Just be careful chasing loses. You shouldn’t throw money in if your not prepared to lose it. The market is extremely volatile right now, and unless you know what your doing defiantly do not use leverage. Unless your head is clear and you think about the consequences then step away for a while u til you do. There will be other opportunities to make or lose money in crypto

 

[giveusfalmerplease]

You'll lose everything if your not careful. What even is leverage trading?

I'm a noob, but just hodl and barely even check it. Admittedly I've only invested 3k and am holding HBAR, XRP and Polkadot

love it - u say i'l lose everything and then say you dont know what is leverage trading!..

Basically, say you own 1 ETH, currently worth around 2400. You can use that as colateral to make additional purchases on leverage (or margin) with a multiplier usually between 2x and 5x (on kraken at least). They allow a margin for closing your position automatically so say for your ETH you can borrow 11000 to (2200 x5) to make further purchases (not all currencies ) but you could say buy another 3 ETH on margin. What this of course means that as the price changes up or down you gain or lose 3 times the money. For me its been bad a LOT more than good but on one of my first deals i bought loads of ADA on a day the price rose from 150 - 180 (or whatever) so instead of making $300 profit that day i made $900 - ADA leverage capped at times 3. Its designed for short term usage because you pay 1% interest every 40 hours - which of course is nothing if your coins are going up.

Of course i was "unfortunate" enough to get luck y the first few times and was 1500 up from 5k within a week and then it all went so so wrong!...

 

[Marshy]

You'll lose everything if your not careful. What even is leverage trading?

I'm a noob, but just hodl and barely even check it. Admittedly I've only invested 3k and am holding HBAR, XRP and Polkadot

You sir are going to do very well

3 cracking projects and the perfect policy

 

[warmleyseagull]

Article in Times today setting out that many of the companies involved with crypto are little more than brass plate operations, all taking a cut in spread and fees and of course all unlicensed as crypto is unregulated.

Crypto has no intrinsic value, so anyone getting involved is hoping to win in what is effectively a zero sum game: I make money at the expense of dumb asses who don't. There will be a few winners who get timing right but as always the smart guys are the operators who skim small percentages of $billions traded, they win whatever the price.

I invest large amounts but not a cent in crypto. It is Dutch tulips; I really have no sympathy for anyone who loses out.

 

[Berty23]

I have been in crypto for ages and made sure to take a profit at very regular ocassions.

It is not to to say they are all worthless. Quite a few have actual real world purpose. I will be amazed if not mainstream in ten years.

 

[giveusfalmerplease]

In case youve never heard of them there is a fantastic article today at CryptoBanter.com , pasted below..The seem convinced the worst is over .. Below is the article which i use with permission. Give them a visit if u enjoy this - no fee - u only need a twitter account if you want to chat.

Biggest reason for the crypto market dip!
The charts are not looking good and Ran decided to bring Rudo, Vinny, Jose, and Bill on the show today to speak about the market conditions and what we will likely see in the coming days.

What are the charts saying?
What’s the update on institutional adoption?
How are Fantom and Astroport doing?
What are the charts saying?

The charts are currently not looking good, but Rudo says he’s bullish even though people are still conflicted and nobody is sure if we’re going into the bull run or not. Rudo said the reason why he’s bullish is because there’s a big imbalance state and the whales are going to want to cheat us out of our Bitcoin. He talked about USDT dominance and he feels like we’re getting to a point where people are tired of holding their dollars and they want to start making money again. He has actually been focusing on the 36.5 dominance for a while and he has two indicators to prove this: Fibonacci levels and his seismogram meter.

Ran brings Vinny on, he thinks this is market correlation with the Nasdaq, and other markets. The (US Federal Reserve (Fed) is threatening to raise rates and the mere threat of raising rates is having a massive impact on the market. He thinks there is no reason for the market to react like this, other than for the Fed’s gum-flapping, and it spills over from the traditional markets to crypto.

The Fed knows that the markets are overheated and therefore we have inflation. Logically, they have three courses of action. One is to start buying money out of the economy or stop putting money into the economy. The second is to increase the interest rates, which will have some serious implications. And the third is to send signals to the market to cool it down and make people spend less. Of course they decided to go with the third option and indeed this is exactly what’s happening – an overall market slowdown.

Vinny thinks finger-wagging is the culprit for the current market conditions. So, what we’re going to see is that when the Federal Open Market Committee (FOMC) comes up with this current market situation, the Fed will probably want to hold out for a while because they can’t afford to destroy the markets. And this is because basically all of the politician’s money sits in their 401ks and the stock market. The Fed has also been buying up corporate bonds since the crisis. We’ve got a situation where their assets can turn very toxic if they crush the markets. Therefore, if they raise rates and destroy the value of the underlying assets on the balance sheet, they can’t wind up the balance sheet at the same time. Vinny thinks they’re going to realize that it’s a difficult game they’re playing and they can’t afford to raise rates in this environment. Vinny said he simply doesn’t see three rate hikes this year, as the Fed announced earlier this month.

Moving on to Bill, he thinks it’s a “sell the rumour, buy the news” scenario and all the yapping is beginning to cause some sort corporate level recession, and we’re going to have this dynamic where short-term inflation will come down but long-term inflation will sky-rocket or remain at a high rate. Ultimately, we are going to have a dip in inflation, which is going to be caused by the lack of corporate spending going on, and it will quickly have a trickle-down effect. As the bond market absorbs this idea that rates are going to have to come down again, there’s going to be a massive buy-the-news rally.

In addition to this, China has launched a new round of increasingly aggressive easing to avoid property collapse. And China is now in a pickle because they cannot contract and have to start doing a fresh round of easing. The Fed is talking about tightening and at the same time, the European Central Bank is increasing spending in their economies. But the two can’t diverge for long.

Vinny spoke about how this is a good time for the US economy because we need a period of “growth-flation.” Considering that Europe is dependent on the United States if Europe keeps printing money and devaluing the currency, they’re going to have a lot more of competitive advantage to export to the US because it makes the products in Europe cheaper. This means the US can’t raise rates when the rest of the world is dropping rates becauseit offsets the trade balance.

Ran brings up the Grayscale Bitcoin Trust (GBTC), we know it holds more BTC than anybody else in the world today. It is a pseudo ETF, and it holds only BTCin the trust. And today, you can buy Bitcoin in the trust at a 27% discount to net asset value.The trust has a management fee of 2% annually. Why is this not the best trade on the market today?

Bill thinks this isn’t the best trade out there because the premium can go lower. If we happen to get a spot ETF announcement, that premium will go to zero overnight and anybody holding Grayscale will look like a genius. But even with Bitcoin rebounding, Bill said he can still see Ethereum going up and the premium going down. So, there is kind of a waning interest right now in anything but a true spot ETF.

Vinny also said he won’t be buying GBTC. He thinks the reason for the discount on GBTC is because the stock market is down and people are searching for other places to put their money. So, the money that goes into GBTC is stock market money. If you think the stock market can crash a lot more, then don’t buy GBTC, but if you think the stock market is going to rebound, you can buy GBTC because it’ll probably spill over into GBTC and crypto. And right now, the Fed can’t destroy the stock market, because all their retirement money is sitting there. In fact, the political strategy of the US has been to make sure the stock market never crashes.

What’s the update on institutional adoption?

With the market collapsing, institutions are hunting for yields and they might come looking for these yields in Decentralized Finance (DeFi). And this is already happening. Vinny thinks DeFi is the underlying infrastructure for centralized firms to build upon and offer better yield products to their clients. It doesn’t look like a lot of institutions will be going directly into the DeFi ecosystem and putting money into smart contracts because, they don’t know how to qualify, plus there are still some compliance issues. Because of this, it looks like DeFi will become an underlying rail for the Centralized Finance (CeFi) services that these institutions offer.

Since we know the institutions are coming, and to an extent already here, there’s going to be a floodgate of money coming into the crypto space in 2022. Crypto is a liquidity blackhole that sucks people in and it’s probably going to be the same with these institutions. They’ll start by buying up BTC and ETH, and then they’ll try to understand DeFi blue chips. In addition, we already have a lot of these institutions asking about play-to-earn, LUNA and various other hot projects. Despite what’s going on now, LUNA is holding pretty well. This is due to a combination of their DeFi play and the growing network effect of their ecosystem.

How are Fantom and Astroport doing?

Speaking about Andre Cronje’s approach to the airdrop, we know there’s been a massive increase in FTM’s Total Value Locked (TVL), which has even surpassed Solana’s. Right now, there’s a risk of a big sell-off of Fantom and a drop in TVL after the wallet snapshots have been taken. In other news, Astroport had a successful launch, with a huge TVL. The team has a long way to go in developing their product and they currently have big plans on use cases for the token. Right now, staking is not live but will be very soon.

Banter wisdom

With the current situation of the crypto market being what it is, if you haven’t already, you should buy into quality. Bag a lot of strong coins and wait for their comebacks.

Also, If the institutions are coming into the DeFi space, you should be buying into the front running protocols. It’s all about positioning.

Finally, the market will definitely recover. So, unless you want to buy the dip, step away from your computer, switch off your phone, and chill. This bearish trend will pass and if you’re holding onto good projects, just relax.

 

[giveusfalmerplease]

Just be careful chasing loses. You shouldn’t throw money in if your not prepared to lose it. The market is extremely volatile right now, and unless you know what your doing defiantly do not use leverage. Unless your head is clear and you think about the consequences then step away for a while u til you do. There will be other opportunities to make or lose money in crypto

Thanks yeah. No more leverage

So i decided this might be my only opportunity to buy this low again. i could pretty much guarantee if i just left all my money in my crypto account (which is 50% down!) sods law i would wake up one morning and find the market is up 20% as the whales have bought up all the coins. I'll never forget in September when there was a mad sell off ETH dropped down about $800 in 4 hours, forced me out of my position and literally about $30 after I sold there was a gigantic series of green candles and pretty much 90% of the loss was wiped out. This wasnt a flash crash - it was a continual series of big buys that pushed the prices up and up..

So for fear of missing the chance to get some of my losses back ii bought back in and now HODL. it means i can stop panicking and spending days watching the bloody screens for opportunities. Worst case it takes me 2-3 years to get my money back. As someone else suggested buy quality products.

Im in SO (staked at 6%)L, DOT (Staked at 12%) , ETH, BTC, KAVA (staked at a very nice 23%)and have a little left for some Matic and ADA but both of these have big sell walls less than 5% above market so will wait for that hurdle to be cleared.

 

[giveusfalmerplease]

deleted - my error

 

[beorhthelm]

SOME ADVICE PLEASE....i'm struggling to work out how to buy in early to some coins..Ive installed Trust Wallet and Metamask but how to get FIAT to buy coins and pay fees? For metamask the suggested route is via Wyre but they have a ridiculous spread of like 7% plus a deposit fee. I do that and then i have to convert to ETH (another fee) and then i can use the ETH to swap for something else - another fee. I calculated that for a $500 deposit i would lose around $200 of that in fees - insane...

Can anyone share a cheaper way. eg Say i want Fanthom .

first off, advice is to avoid early coins right now. they will fall harder than the large ones in the bear market. and FIAT is a car manufacturer.
for purpose of education, the best way to get funds on chain is to move tokens from fiat onramps into Binance or Kucoin then move to the native chain from there. also use of bridges, Multiswap, hopr are good, to move between chains low fee. avoid Ethereum, its dead for all but whales right now.

 

[sydney]

Mornington Crescent

its been a while and im no good as i don't have a map of the metro on my wall.

 

[deletebeepbeepbeep]

Article in Times today setting out that many of the companies involved with crypto are little more than brass plate operations, all taking a cut in spread and fees and of course all unlicensed as crypto is unregulated.

Crypto has no intrinsic value, so anyone getting involved is hoping to win in what is effectively a zero sum game: I make money at the expense of dumb asses who don't. There will be a few winners who get timing right but as always the smart guys are the operators who skim small percentages of $billions traded, they win whatever the price.

I invest large amounts but not a cent in crypto. It is Dutch tulips; I really have no sympathy for anyone who loses out.

It's worse than a zero sum game it's a waste of energy resources. The longer it takes governments to ban them the more normal people will get hurt.

 

[Dick Swiveller]

its been a while and im no good as i don't have a map of the metro on my wall.

I thought you were already playing. OK, I'll give it a a go.

I've leveraged my NFTs using the MinMax method from ArchieBald on Meta. He stretched his functions in Ether but offset with a dabble in Sparks leading to a 3.2% increase on the index using the parabolic curve. Switched into string theory by shorting BitCoin and increasing Flux.

So I'll go Warwick Avenue.

 

[Tom Hark Preston Park]

I thought you were already playing. OK, I'll give it a a go.

I've leveraged my NFTs using the MinMax method from ArchieBald on Meta. He stretched his functions in Ether but offset with a dabble in Sparks leading to a 3.2% increase on the index using the parabolic curve. Switched into string theory by shorting BitCoin and increasing Flux.

So I'll go Warwick Avenue.