Crypto

octatonic

WiresDreamDisasters said:

You need to do some research. It's not simply "gambling" - that's total BS. There's fundamental analysis, technical analysis, and good ol' due diligence.

Avoid DOGE. It's fundamentals are poor. It has unlimited supply and no market cap. It's a troll coin that is funny at first and I did make a bit of money on it, but it's a pump and dump coin.

Look for projects you believe in. I like AUDIUS, UTRUST, REEF, MATIC, ETH, and UNISWAP.

Crypto is the future of currency, end of story.

I'm currently up about £500. Two weeks ago I lost it all. I just hodl'd through the dips and add to my positions.

Word on the street is that BTC will hit $100K this year. ETH will hit $3000 very soon. Then they will retrace and retest and then re-enter price discovery. The trick is to time it right; sell at a high, buy the dip. Dollar cost average your entries and your exits, and don't ignore profits. Take some back and store it in a tethered stable-coin like USDT or USDC.

I'm not a financial advisor.

I think you're right about Doge being pump and dump, but it is actually working right now, just hit $0.32.
The mistake people make is thinking it will maintain the current trajectory.

I certainly wouldn't risk anything I couldn't afford to lose.
With riskier options I take my original stake back as soon as I can, and move it to other things.
I am mostly in BTC and ETH.

WiresDreamDisasters

Best thing to do is take a longer view of things. Don't chase daily green candles. It's a mugs game.

axisus

octatonic

WiresDreamDisasters said:

Best thing to do is take a longer view of things. Don't chase daily green candles. It's a mugs game.

Certainly as a primary strategy it is.
Jumping on a sudden rise early, extracting your original stake and seeing what happens with the profit isn't necessarily a bad idea though.

RaymondLin

octatonic said:

RaymondLin said:

Just to illustrate how volatile the crypto space is, Doge shoots up every time Elon Musk says something about it.  It’s a meme coin, it’s the poster child on the value of crypto. Where some crypto have things like NFT going for it, Doge doesn’t pretend to be anything else but a meme yet it’s shooting up because Musk made a tweet.  No one else making tweets on it seems to make any difference but Musk, it’s weird.

Doge has hit $0.30 now.

0.37 now, I had some at 0.044....sold it at 0.055.

but my experience is that the vast majority of the time any coin that makes the 24hr  top gains list is a boat sailed.  

octatonic

I now have more in Doge than I have in BTC and my original stake was tiny in comparison to what I put into BTC.
I am going to bail on it soon.

This is pure luck, not skill.

wibble

To the moon!

octatonic

Well that was fun- got out before it cratered.
Onto other things.

MikeC

It's all made up! Been trading a little in cryto for fun for a few years now. Always sell too early and buy too late. Put money into Ripple (which I think is a better blockchain application than bitcoin) and then they said it might be suspended, sold and then the price went x5. WTF. I use Etoro, which is pretty straight forward. But cryptos are not for the faint-hearted - no regulation, random speculation. 

ToneControl

wibble said:

Out of interest, what are people using for tax calculations?  Cointracker/koinly or other online options? 

You have to be careful because every trade, even one crypto to another, is a tax event.

not if you do it on spreadbetting, there is no tax payable on gains on spreadbetting

octatonic

LOL.

https://twitter.com/stoolpresidente/status/1383055663027339265

octatonic

and...

https://twitter.com/stoolpresidente/status/1383057797286391809

Emp_Fab

Sounds way too complicated to be remotely fun.  Just chuck it all on red and spin the wheel!

ThePrettyDamned

What do you get when investing? Are you buying currency? If so, how do you use it? 

DefaultM

I've got Binance. I've made about 3 or 4x since January, just by picking some stuff I thought sounded interesting and then leaving it. 
My friend made a right mess trying to buy and sell, he had ETH at $400 and sold it at $450 because "its not done anything in a while", BTC at $25k which he sold at $30k because he convinced himself it was gonna crash. He's still waiting for it to go back down to $30k to buy back in.

octatonic

ThePrettyDamned said:

What do you get when investing? Are you buying currency? If so, how do you use it? 

Some crypto can be used to buy things- you can buy a Tesla with Bitcoin.

But probably more like stock- you can't buy your fish and chips with Apple stock, you can just trade your Apple stock for currency and vice versa.
The difference between crypto and stock is when you own stock you own a piece of a company.
With crypto you own 'coins' that have no physical form- so kinda 'nothing', in a way.
Yet not.

WiresDreamDisasters

BTC isn't a very good form of spendable cash; the GAS fees are too high. Likewise with Ethereum, although there are projects in the works to reduce the GAS fees on Ethereum, and when that all starts kicking off, ETH will moon tae f00k.

Nah. BTC and ETH are stores of value. We still need fiat for the time being.

There are some companies who offer Visa cards which you can link to your crypto deposits, and earn rewards that way, but I've not looked into it too much yet.

WiresDreamDisasters

DefaultM said:

I've got Binance. I've made about 3 or 4x since January, just by picking some stuff I thought sounded interesting and then leaving it. 
My friend made a right mess trying to buy and sell, he had ETH at $400 and sold it at $450 because "its not done anything in a while", BTC at $25k which he sold at $30k because he convinced himself it was gonna crash. He's still waiting for it to go back down to $30k to buy back in.

Poor sod!

I don't see BTC coming back down to 30K any time soon. There may be a 2017 style crash, but with all of the institutional interest and investment and outright 180 flips going on right now, BTC is set to rocket this year.

About 5 years ago my brother in law showed me his crypto portfolio. It was impressive even then. It must be extremely so now.

Emp_Fab

So what you're saying is that I should spend everything I have on buying bitcoin?  I'm wary...  I remember the big crash of '29 when they were all jumping out of windows on Wall Street.

WiresDreamDisasters

@octatonic ;
I reckon GoChain is a good bet for the future:
https://gochain.io/

Not financial advice, but I like the project.