[Finance] The cryptocurrency (Bitcoin etc) thread

CheeseRolls · Nov 11, 2021

monty uk said:
Many thanks to you and Sydney.

Very helpful.

Do you have any recommendations for staking BTC, ETH or SOL please? I don't think you can stake BTC, but it may be worthwhile for the others as they are medium - long term holdings.

There are always options. I think even with bitcoin you can earn a couple of % using savings on the binance chain. Of the three SOL looks relatively straightforward you need to get a soft wallet. ETH my advice just sit on it wait for it to go up and then get rid. Gas fees you have to pay on transactions are EXTORTIONATE. You can pay asked to pay £300+ to move the equivalent of £20. Be very careful the equivalent gas fees on other networks are often pennies. ETH2 might bring the gas fees down to sensible levels, if they haven't bled everyone dry by then.

My staking is across a number of networks. Anything on binance smart chain is quick and cheap.You can use the metamask wallet just like for ethereum, you just need to have a bit of knowledge on smart contract addresses. I also have a number of Atom based wallets and assets including a load of stuff on Luna, FETCH.AI and Oraichain.

I have tried Polkadot for me it was like the Hotel California. The process was confusing and getting your money out was a slog. Everything worked and they have some really exciting things happening right now, but not for me.

I haven't tried avalanche and polygon both of which I want to get a better understanding of.

beorhthelm · Nov 11, 2021

Polygon is as simple as using Ethereum, probably as its a Etheruem fork. Avalanche is ok once you have funds there, the briding is sub-optimal with multiple chains, i just withdraw direct from exchange to avoid that and fees.

the fees are a problem and nothing in ETH v2 is going to fix it. its unsolvable imo, a fundemental flaw in using the token to pay for compute without forward planning the scale. contracts use A gwei per operation, ETH cost B, fee will be A x B, if B gets high so will the fee. way round is sidechains (polygon) or rollups (optimism) away from the original chain except for those using at larger scale. too many commentators in the space dont see it a s problem, even a virtue, igoring its a huge block to adoption of the chain. they are unwittingly establishing a heirarchy, ETH is the old school gentry, the middle/merchant classes will adopt poly, fantom, avax, sol and other layer 2, and the plebs will use dog coins. not what Satoshi had in mind, but then BTC has the same problem.

Barnet Seagull · Nov 11, 2021

CheeseRolls said:
I have tried Polkadot for me it was like the Hotel California. The process was confusing and getting your money out was a slog. Everything worked and they have some really exciting things happening right now, but not for me.
.

I tried the same, then Kraken introduced staking. In comparison its easy to stake and unstake and avoids a lot of the pain - albeit with the risks associated with keeping assets on the exchange. Obviously there is is something in it for the exchange too but it's been valuable for me to stake DOT and KSM when the markets tanked.

giveusfalmerplease · Nov 11, 2021

CheeseRolls said:
There are always options. I think even with bitcoin you can earn a couple of % using savings on the binance chain. Of the three SOL looks relatively straightforward you need to get a soft wallet. ETH my advice just sit on it wait for it to go up and then get rid. Gas fees you have to pay on transactions are EXTORTIONATE. You can pay asked to pay £300+ to move the equivalent of £20. Be very careful the equivalent gas fees on other networks are often pennies. ETH2 might bring the gas fees down to sensible levels, if they haven't bled everyone dry by then.

My staking is across a number of networks. Anything on binance smart chain is quick and cheap.You can use the metamask wallet just like for ethereum, you just need to have a bit of knowledge on smart contract addresses. I also have a number of Atom based wallets and assets including a load of stuff on Luna, FETCH.AI and Oraichain.

I have tried Polkadot for me it was like the Hotel California. The process was confusing and getting your money out was a slog. Everything worked and they have some really exciting things happening right now, but not for me.

I haven't tried avalanche and polygon both of which I want to get a better understanding of.

Staking us hassle free on Kraken For SOL u get paid 6% but they pay each week and it's paid in SOL so as the price goes up u make more.
For ETH they won't let u unstake until ETH2 is launched
DOT was best rate, paid out every 3 days. I did unstake it in Monday due to the parachain auction making price drop and it was back in my spot account within 30 minutes

giveusfalmerplease · Nov 11, 2021

Also if it's your thing they have a lot if low cap you can stake..Kava, Kasuma, moon River etc

CheeseRolls · Nov 11, 2021

giveusfalmerplease said:
Staking us hassle free on Kraken For SOL u get paid 6% but they pay each week and it's paid in SOL so as the price goes up u make more.
For ETH they won't let u unstake until ETH2 is launched
DOT was best rate, paid out every 3 days. I did unstake it in Monday due to the parachain auction making price drop and it was back in my spot account within 30 minutes

Seems reasonable https://www.stakingrewards.com/earn/solana/ 5 day lock up 6.75% if you do it yourself. On Binance I have seen some quite big differentials.

banjo · Nov 16, 2021

And down she goes.

beorhthelm · Nov 16, 2021

BTC bounced and sitting on bottom of supply box since. bullish unless the US wake up and choose violence.

Super Steve Earle · Nov 16, 2021

Only loosely connected and I don't want to deflect the thread, but anyone tried creating and selling NFT's? Interested in the pitfalls and challenges.

beorhthelm · Nov 16, 2021

Super Steve Earle said:
Only loosely connected and I don't want to deflect the thread, but anyone tried creating and selling NFT's? Interested in the pitfalls and challenges.

yes. creating basic NFT is easy, upload image and offer for sale. thats it. the series you'll see are more complicated from multiple uploads, to creating scripts to generate them and write the smart contracts to mint the initial images. you'd need a lot of marketing to get anywhere with this too, there's thousands of projects and only a few are making any success.

buying is as easy as walking into an art gallery and choosing the next Damien Hirst, same pitfalls and challenges there. other major issue is the gas fees on Etherum currently couple hundred $ on Opensea. far cheaper on other chains but the popular work isnt there.

Super Steve Earle · Nov 16, 2021

beorhthelm said:
yes. creating basic NFT is easy, upload image and offer for sale. thats it. the series you'll see are more complicated from multiple uploads, to creating scripts to generate them and write the smart contracts to mint the initial images. you'd need a lot of marketing to get anywhere with this too, there's thousands of projects and only a few are making any success.

buying is as easy as walking into an art gallery and choosing the next Damien Hirst, same pitfalls and challenges there. other major issue is the gas fees on Etherum currently couple hundred $ on Opensea. far cheaper on other chains but the popular work isnt there.

I have a serious interest. You sound like they're in your life. I don't suppose you have any helpful links?

beorhthelm · Nov 16, 2021

Super Steve Earle said:
I have a serious interest. You sound like they're in your life. I don't suppose you have any helpful links?

only as part of the crypto ride, generally swerved due to the fees. except play around with Opensea and Artion, some others in case there's a token drop. i looked at creating something, not noted any links just searched for NFT contract and similar terms.

Super Steve Earle · Nov 16, 2021

beorhthelm said:
only as part of the crypto ride, generally swerved due to the fees. except play around with Opensea and Artion, some others in case there's a token drop. i looked at creating something, not noted any links just searched for NFT contract and similar terms.

Okie dokie. Thanks. Google will remain my friend :thumbsup:

CheeseRolls · Nov 18, 2021

CheeseRolls said:
It is just risk versus reward though isn't it? Get in early with an amount you can afford to lose and the potential rewards are higher.

I have had a particularly good week with MLT gaining 93% and QRDO 82%

QRDO hasn't really stopped and looks like it might overtake Quant to become my biggest holding. I think a rapid 10x from here is a possibility and this is not a pump and dump, but a long term game changer. Read on if this has peaked your interest, or you would just like to leave a sarcastic comment about mumbo jumbo jargon don't understand etc.

Qredo (QRDO) is another UK rising crypto star. It has been in stealth development for a couple of years, but peaked my interest when I found out the Nicaraguan government were using it as part of their official adoption of bitcoin as a currency.

QRDO is a custodial network with Enterprise Security. It creates two new approaches, which add up to something quite special.

It implements the corporate fundamental principle of four eyes. Your tokens are stored on the network, via a web wallet, they keys to your web wallet are stored on a mobile app on your phone. Effectively you can set up a hierarchy of wallets and permissions, which means that one individual can not act on their own without one or more others collaborating to approve a transaction. There are also read only permissions, which make the solution audit friendly.

When you acquire QRDO tokens (Kucoin is the main exchange currently, but expect this to change fairly rapidly) You acquire an ERC20 token. From your QRDO network account you generate an ERC20 wallet address to send your tokens to. Once there you automatically receive currently a 10% staking fee paid monthly. However QRDO is not the only token supported on the network. They are looking to support the top 100 crypto currencies. Once you have them on the QRDO network swaps are frictionless (no fees).

This is a huge corporate play and potentially very disruptive, which would maybe raise a few eyebrows if it wasn't for early investment support from Coinbase and Ledger see
https://www.qredo.com/blog/crypto-infrastructure-token-sale-success

oh and a partnership with metamask see
https://www.qredo.com/metamask-institutional

giveusfalmerplease · Nov 18, 2021

nobody talking about yesterdays 10% drop (15% in 2 days) and now a slow bleed below 60k on BTC and below 4150 on ETH? several TA vids on YouTube indicate that this is a very crucial period. If BTC drops below 58k and holds it could CRASH down to 52k. If ETH drops below 4k it could drop to 3300! FFS.

How the fekk can i get this timing so wrong. After getting hung drawn and quartered on leveraged trading back in September i just left my crypto alone and seen stead growth to recover 25% of my losses. I essentially missed out on at least another 25% by not leveraging!) THEN just last Friday thought it time to do some leverage trading again. and the BHAM..everything drops, i buy the dip, it drops again i buy the dip and ffs it keeps dropping. Now holding more in leveraged positions than my portfolio (still less than 2x and broker allows up to 5x) but my oldest open position is down more than my cash balance. on top of that my leverage fees are like $50 a day..

When you start praying for a reversal you know you have overcommitted..

Wow this is so sick.

Barnet Seagull · Nov 18, 2021

giveusfalmerplease said:
nobody talking about yesterdays 10% drop (15% in 2 days) and now a slow bleed below 60k on BTC and below 4150 on ETH? several TA vids on YouTube indicate that this is a very crucial period. If BTC drops below 58k and holds it could CRASH down to 52k. If ETH drops below 4k it could drop to 3300! FFS.

How the fekk can i get this timing so wrong. After getting hung drawn and quartered on leveraged trading back in September i just left my crypto alone and seen stead growth to recover 25% of my losses. I essentially missed out on at least another 25% by not leveraging!) THEN just last Friday thought it time to do some leverage trading again. and the BHAM..everything drops, i buy the dip, it drops again i buy the dip and ffs it keeps dropping. Now holding more in leveraged positions than my portfolio (still less than 2x and broker allows up to 5x) but my oldest open position is down more than my cash balance. on top of that my leverage fees are like $50 a day..

When you start praying for a reversal you know you have overcommitted..

Wow this is so sick.

Sounds like you're in a bit of a mess. I guess nobody is talking because a month or two ago ETH and BTC were significantly lower. This is nothing unusual at the moment, volatility is expected hence why leverage is in general not a great idea unless you are at rock bottom. Hence why I steer clear.

beorhthelm · Nov 18, 2021

giveusfalmerplease said:
nobody talking about yesterdays 10% drop (15% in 2 days) and now a slow bleed below 60k on BTC and below 4150 on ETH? several TA vids on YouTube indicate that this is a very crucial period. If BTC drops below 58k and holds it could CRASH down to 52k. If ETH drops below 4k it could drop to 3300! FFS.

How the fekk can i get this timing so wrong. After getting hung drawn and quartered on leveraged trading back in September i just left my crypto alone and seen stead growth to recover 25% of my losses. I essentially missed out on at least another 25% by not leveraging!) THEN just last Friday thought it time to do some leverage trading again. and the BHAM..everything drops, i buy the dip, it drops again i buy the dip and ffs it keeps dropping. Now holding more in leveraged positions than my portfolio (still less than 2x and broker allows up to 5x) but my oldest open position is down more than my cash balance. on top of that my leverage fees are like $50 a day..

When you start praying for a reversal you know you have overcommitted..

Wow this is so sick.

first time? not much talking about it, except youtubers generating views, because its business as usual. i'd be a bit worried if it went and stayed below ~57.5k for the daily close. 52k doesnt even break structure, its way above the 200 day MA and 20 week MA, the lows of September.

KeegansHairPiece · Nov 18, 2021

Barnet Seagull said:
Sounds like you're in a bit of a mess. I guess nobody is talking because a month or two ago ETH and BTC were significantly lower. This is nothing unusual at the moment, volatility is expected hence why leverage is in general not a great idea unless you are at rock bottom. Hence why I steer clear.

Blimey, I mean I just bought a load in August, it went down quite a bit, more than doubled, and now is about 80% in profit. Just held and staked. Not going to be life changing, but blimey, not sure I could deal with the stress as above!

beorhthelm · Nov 18, 2021

well thats not gone well since last post. :dunce:

MJsGhost · Nov 25, 2021

Decentraland has gone nuts!

24p back in Feb and now around £4, driven by this kind of news https://gadgets.ndtv.com/cryptocurr...lity-plot-sell-record-usd-2-4-million-2622621

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