Blockchain (Bitcoin, Litecoin, Ether, Ripple etc)

jdevil

Distinguished Member
I jumped on the Dogecoin hype and lost out £100, will wait till it gets back up and invest it back on Bitcoin.
Bitcoin is clearly the US dollar of the market now and all the headlines seem to be on Bitcoin than other cryptocurrency.
 

Cezar

Standard Member
For those who are invested in Tesla would know Dave and those who are invested in ADA would know Charles. They had an interview which is very good. Recommend it.

 

douki

Well-known Member
I jumped on the Dogecoin hype and lost out £100, will wait till it gets back up and invest it back on Bitcoin.
Bitcoin is clearly the US dollar of the market now and all the headlines seem to be on Bitcoin than other cryptocurrency.
As fun as it might be, I would stay well clear of Doge. There's lot of pumping and dumping going on. Check reddit communities like SatoshiStreetBets and AltStreetBets. If the coin is popular on there, stay away. Just my opinion
 

jdevil

Distinguished Member
As fun as it might be, I would stay well clear of Doge. There's lot of pumping and dumping going on. Check reddit communities like SatoshiStreetBets and AltStreetBets. If the coin is popular on there, stay away. Just my opinion
Lesson learnt, I will avoid it going forward. I just fell for the hype as even Elon musk was encouraging folks to invest which turned out to be a ploy for him to invest into Bitcoin as the value dropped during the Dogecoin/Gamestop hype.
 

IronGiant

Moderator
My investment in 3 Bitcoin has just been approve :clap:

All I need do is click on the confirm my details link and the $50K will be mine...

Bit disappointed really, I thought they'd be worth more than that each. :rotfl:
 

Hillskill

Moderator/Games Reviewer
Lesson learnt, I will avoid it going forward. I just fell for the hype as even Elon musk was encouraging folks to invest which turned out to be a ploy for him to invest into Bitcoin as the value dropped during the Dogecoin/Gamestop hype.

Its no ploy. He has a keen sense of humour and loves sharing memes. Refreshingly human for the richest man in the world in my opinion. Dogecoin was always just a bit of fun in its inception. Does it have utility going forward? Perhaps. If you watch the Charles Hoskinson clip I posted you’ll hear him predict that someday not too far off we will pay For goods as services in whatever currency or token we choose, the vendor will be paid in whatever they choose. All the conversions and swaps will be handled by algorithms. For now you should really only be supporting projects you find compelling as otherwise it’s just gambling. Cardano want to bring banking and financiall services to the third world. whats Dogecoin’s mission?
 

imightbewrong

Distinguished Member
I expect there must be some analysis on the current Bitcoin all-time-high recently to previous - looking at a retraction? Onwards and upwards? I've been following the price the weekend - for the first time pretty much - watching it bounce around. Still don't know if we are looking at a new floor or some particular new high price is going to trigger a big exodus.
 

Hillskill

Moderator/Games Reviewer
Nothing feels like 2017 for Bitcoin. Completely different climate and major players getting involved. I wouldn’t rule out 64k by the end of the week and month.
 

douki

Well-known Member
Lesson learnt, I will avoid it going forward. I just fell for the hype as even Elon musk was encouraging folks to invest which turned out to be a ploy for him to invest into Bitcoin as the value dropped during the Dogecoin/Gamestop hype.
There is so much manipulation it's crazy.. trust no-one! Haha. The best thing to do is pick a coin that interests you and follow it's development etc. and then hopefully it will go up a bit in the mean time. This way you're enjoying being part of the action and learning as well, and then maybe taking some profit in a few months.

I think it's possible to make a lot of money right now on coins like doge as well as low caps coins that pump massively, but in order to time it right you need to invest every minute of the day into it. You need to be constantly monitoring message boards, telegram groups, news and social feeds etc. A lot of people making big sums at this aren't trading geniuses, they just have time and patience as well as a bit of basic discipline.
 
The word of caution to attach to cryptocurrencies, and to all unregulated trading, is that they're even more vulnerable to Pump & Dump scams than any other investment.

As ever with investments decide on the level of risk you want and have a clear view on how much you're prepared to lose. Stick to those rules and mostly things won't go too far wrong.
 

Billy Goodgun

Distinguished Member
There is so much manipulation it's crazy.. trust no-one! Haha. The best thing to do is pick a coin that interests you and follow it's development etc. and then hopefully it will go up a bit in the mean time. This way you're enjoying being part of the action and learning as well, and then maybe taking some profit in a few months.

I think it's possible to make a lot of money right now on coins like doge as well as low caps coins that pump massively, but in order to time it right you need to invest every minute of the day into it. You need to be constantly monitoring message boards, telegram groups, news and social feeds etc. A lot of people making big sums at this aren't trading geniuses, they just have time and patience as well as a bit of basic discipline.
Completely agree on all of this.

Just to add that if anyone's entering crypto to do day trading (rather than hold long term), they should use buy and sell limits. That way, you can track how you're doing, but you won't miss too much based on what your own margins are.
 

Cezar

Standard Member
Just to add that if anyone's entering crypto to do day trading (rather than hold long term), they should use buy and sell limits.

Personally, I would advise against buy and sell limits, for both stocks and crypto, long term or short term. Know what you hold is very important. Why? As you agreed to the statement where market is manipulated, through that manipulation market makers stop you out and scoop your coins or shares for cheap !

A good video which applies to crypto can be found below:

 

Billy Goodgun

Distinguished Member
I mean, I'm hodling long term anyway :) What I've got, I'm hoping to hold for at least another 4-5 years anyway. At least.
 

imightbewrong

Distinguished Member
How do people handle the 24/7 nature of the market? Knowing that you can be tucked up in bed while your investment is heading far south? I guess some decently far-away stop-loss can prevent this.

With more traditional markets they operate with specific hours which let you 'clock in and clock out'.
 

Hixs

Distinguished Member
Thinking of crypto as an investment is probably not the greatest idea tbh it's a pure gamble.

Go into crypto willing to lose it all, else don't bother.
 

douki

Well-known Member
How do people handle the 24/7 nature of the market? Knowing that you can be tucked up in bed while your investment is heading far south? I guess some decently far-away stop-loss can prevent this.

With more traditional markets they operate with specific hours which let you 'clock in and clock out'.
Short term. I think day traders convert to a stablecoin like tether before they go to sleep, then start again in the morning.

Medium term. Depends on what gains you're currently sitting on. It's worse when you've just entered and have no gains to absorb the shock. If you're up 300% then you take the big drops comfortably and you're sleeping easy. For me, going to sleep is fine unless it's still plummeting like a stone. I think a 50% drop is when my alarm bells will start ringing and I'll look to take out my original stake.

Long term. Crypto has become your religion and all that matters is holding it. You will never actually sell or take profit so the price is irrelevant. When you wake up and it's down massively you just shrug it off because if you never sell you never lose.
 

Billy Goodgun

Distinguished Member
How do people handle the 24/7 nature of the market? Knowing that you can be tucked up in bed while your investment is heading far south? I guess some decently far-away stop-loss can prevent this.

With more traditional markets they operate with specific hours which let you 'clock in and clock out'.
"Time in the market beats timing the market," and all that. As above, assume it's all lost money - never gamble what you can't afford to lose.

Use the DCA (dollar cost average) principle - the spikes will smooth out over time, even if crypto goes up.

I also think it depends on your view. Do you believe that long term crypto will see more investment and market caps /coin prices will therefore go up? I do. In which case, just do your research and invest in coins with solid fundamentals and see what happens.

I think trying to day trade and flip coins is near enough impossible to get right. You'll never buy at the absolute low or sell at the absolute high. People do manage it, but I don't have the time or energy for that. I already have a job.

It's possible crypto will crash completely and none of it will be worth anything, but personally I don't think that's very likely. But it will run in bull / bear cycles.

Buy when you can and don't worry about the rest. It all comes back around eventually, if you've done your due diligence.
 

imightbewrong

Distinguished Member
Nothing feels like 2017 for Bitcoin. Completely different climate and major players getting involved. I wouldn’t rule out 64k by the end of the week and month.

Pretty heavy sell-off going on now - 20% off the peak - I guess inevitable following the rapid rise.

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Hillskill

Moderator/Games Reviewer
Yeah I've seen this rapid price pumps and subsequent sell offs plenty of times now. Right now I am reshuffling what I can so I can add more. Seeing the dumps as buying opportunities is bloody liberating!

I actually feel pretty smug as I took the opportunity to load up on Cardano this morning. I wanted to get a few K into BTC but that takes a little time to free up. Buying 100s of ADA at 0.82 is steal in my opinion and already up 11%

Given its Tuesday I still see a lot happening to the price of BTC this week.
 

Billy Goodgun

Distinguished Member
I think the other thing to remember is: don't invest on FOMO.

There's always - ALWAYS - another decent investment coming around the corner.
 

Hillskill

Moderator/Games Reviewer
Totally agree. Will be a ton of people that are hurting after buying on the weekend. Longterm, their BTC is going to be a massive win if they can hold their nerve.
 

douki

Well-known Member
This is only a 4 day correction, so could be worse. My 'holding portfolio' on my hardware wallet has lost 1k gains in a day but I'm still up by alot. My Binance 'speculation portfolio'... all gains have been wiped out

Edit. Probably more like a 2 week correction
 
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Hillskill

Moderator/Games Reviewer
My gains over the weekend and then subsequent losses run 5 figures. I started this journey a couple of years ago and I have no doubts that crypto is the foundation for a whole new financial future. I've got a good 25 years of hard graft left in me so I have time to keep building my businesses and be diverse. You'd be mad to ignore this space and foolish to dismiss it outright. Everyone who visits this thread is already ahead of the crowd.
 

jdevil

Distinguished Member
I'm down by a few hundred but my plan is now to play the long game and as hard it is, I've promised myself not to sell off my BTC no matter how high the return is.

In march I purchased bitcoin when it was at £7.4k, it slumped to £5k then went back up to £7.4k and I cashed now. I've always been to cautious and cashed out on small returns/losses but the reward is in playing the game.
 

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