T Nation

Cryptocurrencies


#161

Zoinks! Looking at 80something% (at this point) gain today on a derivative play with Crown Baus Capital, and a sneeze away from 3x gain since about last week.

edit: fluctuating between 100+ and 200% on the day. We’ll see where it closes at 4:00.


#162

For folks in the U.S.- What are some reliable places to buy and hold several coins?

Or do you guys use multiple places?


#163

I would strongly recommend not holding coins on any exchange unless you are trading, in which you would probably want to only leave a portion of your funds there. There are various options such as using an external hard drive, Ledger wallet, online wallets like Exodus etc.


#164

H&S confirmed with potential falling wedge forming on XRP. Wait for break if trading.


#165

Days like today I’m really glad I’m playing around with tiny amounts. If I was one of those wackadoodles that cashed out his 401k to dump into cryptos I’d be crying like a bitch.


#166

It really depends on the mindset.

Right now I excited since I am looking for buying opportunities to add to my positions.

If I am wrong about the market as a whole, I will lose money. If I am right, I will make money. Either way, I have made a commitment based on a proper decision making process and sticking with it.

I will admit I am lucky to have got in early so I will still have made quite a substantial amount of profit even if the entire market crashes but my thought process as mentioned above has been same since 2016.

Think about this. None of this is new to me. People were screaming “BUBBLE!” when bitcoin was at $800. Warren Buffet was calling “bubble” since $1,000.

The level of potential anxiety is similar now to when bitcoin was at $1,000. It was the same at $300. At $1,000, I was already playing with a shitload of money lol. If I had not stuck to my guns, I wouldn’t be up so much in profit which now enables me to be more bold when making decisions.


#167

General advice.

  1. Don’t approach this with a gambling mindset if you are playing with a lot of money. You are either trading, in which you will need experience and be good at technical analysis, or you are investing. The latter will require due diligence so you believe and are firm in your position. Don’t throw in all your funds at the same time. Don’t get rattled by corrections. It’s times like these where you start accumulating.

  2. If you are really gambling as in “throwing money you are prepared to lose in several coins and wait a year”, then be firm in that decision too. Turn off and avoid all media pertaining to crypto and don’t let it affect your life.


#168

From what I’ve been reading today it seems the fear is less “bubble” and moreso tanked activity if/when SK and China start rolling out massive bans, but still a good point


#169

This essentially how alt coins respond to BTC. When BTC drops 5%, they usually fall 10-15%.

Agreed, I hold cash waiting for huge declines to buy more. Then when it rises, I pull out some monety to sit for the next pull back. Crypto is a 50% up, 40% down, etc. type of game.

I personally still think it’s early. I don’t think the adoption rate has come close to peak.

There is no upside, without risk. I don’t think the risk is as great long term, as most do. They see the swings and see volatility and see a lack of immediate stability due to a small user base. The stability will increase as more users use the technology.

If Kim Kardashian were to be in a commercial showing the new Samsung phone, it wouldn’t have a drastic impact on the price of stock. However, if Elon Musk or John Fuckign McAfee post about a crypto it creates a 40% move.

This pull back, for god’s sake, is due to speculation about countries banning it. Lil rocket-man shoots of rockets and the market goes up. It’ll bounce… and some of us won’t be chasing.


#170

To be fair, if China or SK implement a MASSIVE crypto ban, the effect will almost certainly ripple out to at least some other countries, which will have a massive end effect on the implementation of cryptos in general.

I think it’s early, but also China probably recognizes it has the power to shoot the entire crypto industry in the knee if it wants to.


#171

Good, less swing while I’m sleeping. ha

Banning things usually has the opposite affect that is desired.


#172

What is the transaction speed and time for fund clearance on these crypto exchanges?

For example, it takes 3 days for a typical cash transaction to clear from bank to broker, and the same for funds to become useable for trades on certain securities (under $3.00/share).

So how long does it take to execute a sell->buy, or for funds to become available?


#173

1-3 seconds.

EDIT: Providing you are selling/buying at bid/ask, obviously.


#174

Well, for those feeling the anxiety for the first time, if you make some good profit out of this, next time someone makes disparaging remarks about your new found finances as if you got lucky or you didn’t physically earn it or something, please tell them to go fuck themselves lol.


#175

Bought BTC at $10,400. Already up 10%


#176

Took everyone’s advice and read a white paper for a crypto. Ponzicoin symbol PONZI. The white paper is really funny. Dude says he’s ripping people off and their welcome to donate to his “blockchain performance art.”

It’s up 250% today.


#177

I googled ponzicoin and only found this:

Can you imagine making a police report and telling them you were cheated buying something called PONZICOIN?

“I thought they were being ironic!”


#178

This belongs in the stupid thread.


#179

Has anyone made much of a profit/ do you predict you will? Cryptocurrency interests me.


#180

No, it’s slim returns. Not much more than buying bonds.