[Finance] The cryptocurrency (Bitcoin etc) thread

[beorhthelm]

Where are people spending their highly speculative, medium risk and where's the Smart Money going?

speculation is on anything small, smart money is on large smart contract blockchains projects (ETH, SOL, FTM, ATOM, AVAX, ONE, even maybe ADA). when top coins are pumping no point fishing around half dead projects.

 

[matt]

So, let's assume I've always been sceptical about crypto, and I'm happy and comfortable with all other investments, pensions etc. Let's say I wanted to completely speculate on £2,500 ..... and am in a position whereby it's not going to impact me to lose it, what do I do? I'm not in a position to watch this hour-by-hour and can't be arsed to.

Open an account with an exchange (Coinbase for example), deposit money into it from your UK bank, buy BTC.

You'll need to jump through a few hoops to open your exchange account, and you may find that your bank are d*cks about transferring money to it, but once you are set up it is easy AS.

 

[Berty23]

So, let's assume I've always been sceptical about crypto, and I'm happy and comfortable with all other investments, pensions etc. Let's say I wanted to completely speculate on £2,500 ..... and am in a position whereby it's not going to impact me to lose it, what do I do? I'm not in a position to watch this hour-by-hour and can't be arsed to.

I use SwissBorg ap as well as Coinbase. SwissBorg pay a yield on them so you can pretend to yourself it is like normal savings!

 

[beorhthelm]

The other thing I am interested in knowing more about is NFTs. It sounds like premier league will be flogging these next season. Basically it is digital art. I.e. you own original of something but others have prints.

NFTs is part of the future, but right now a complete mess of super-inflated "in" collections and utter, utter garbage. im sure there's groups who privately share which ones to pump or leave because some looking like a 5 yo drawing get attention, others faded. i dont see how you're suppose to know which is which untill they are selling for over an ETH and its too late. also super illiquid, when the inevitable collapse comes most will be stranded.

 

[monty uk]

So, my Son is hugely into crypto stuff and convinced me to buy some ETH? He's also banging the drum about SHIBA INU where £100 buys you about 9,000,000 coins, what is that all about?

Be very, very careful with Shibu. For details watch the videos on Youtube by InvestAnswers. Bloke called James who seems to be extremely knowledgeable.

Basically it appears that big players have bought massive amounts cheaply just to raise the price. They will then sell to retail investors (like us) as the price drops. They take the gain, everyone else takes the loss.

InvestAnswers explains it better. But it's your choice what you do.

He, along with others (RaulP, PlanB), predicts BTC will double in 100 days and then go to $150K or higher, maybe $200K+. ETH to $8900+, SOL to $700. Over mid-term which is Q1/Q2 2022.

Not financial advice - just some comments on what I've seen. So don't shoot me down.

 

[BHAboi]

Bought some Argo Blockchain today hopefully will blow up

 

[GrizzlingGammon]

I have bought Tron (trx) and had a little on Alchemy Pay.

 

[Gazwag]

I use SwissBorg ap as well as Coinbase. SwissBorg pay a yield on them so you can pretend to yourself it is like normal savings!

Hopefully you mean Coinbase pro as that has far far cheaper charges than standard Coinbase

 

[Neville's Breakfast]

Some are saying volatility in these markets will be reduced by approval of the ETF. The big question is will it start to behave like an equity or a commodity and which one ?

 

[giveusfalmerplease]

ive transferred 50% of my altcoin balances -SOL. ADA (75%), MATIC, XRP, DOT (100%), MOONRIVER (100%) back to BTC and ETH as the later 2 have gone up - BTC by 55% and ETH by 33% SINCE OCT 1 !! whilst the others have lost ground. ADA has killed me ! i bought loads in September when it was 2.75 before crashing below 2. even now its been hovering around 2.15-2.20, barely a nudge this month.
Most frustrating thing for me is i have now become so risk averse after 40% losses in September that ive barely benefited from the recent price increases - i was using leverage a lot before Sept drop which cost me BIG when all hell let loose and ive barely made back 2k.

Hopefully if the price predictions are correct about ETH and BTC then i might get back to even!.

Beware though that i guess once the price hits 100k there will be a LOT of people selling. Expect to see it drop back down to 60/70k again before RIPPING higher

 

[Tyrone Biggums]

I bought in early at a good price on Arweave.

I still think it has a fair bit to go and actually has a very good use case going forward, data storage.

 

[acrossthepond]

It is a bull market at the moment, and most things are shooting up. It'll last maybe a couple of months or so, and then we'll run into a bear market. Before we get there, you need to ask yourself what the price of the things you've invested in is being driven by.

This is why most things i own have deflationary tokenomics. Put it another way, the tokens will become rarer over time, which will support the price. This is mainly through the projects having a mechanism to burn tokens.

Ees complicated to stay across thousands of different projects, so this is how i triage.

 

[Tyrone Biggums]

So, my Son is hugely into crypto stuff and convinced me to buy some ETH? He's also banging the drum about SHIBA INU where £100 buys you about 9,000,000 coins, what is that all about?

Avoid at all costs, there's far safer options to take than SHIB.

 

[Tim Over Whelmed]

OK, bit too late on the SHIBU, but only got £90 worth, majored on ETH and had a punt on Polkadot. Going to get a little SOL also. I'm using Coinbase

Thank you all for your tips, advice and guidance

 

[Tyrone Biggums]

OK, bit too late on the SHIBU, but only got £90 worth, majored on ETH and had a punt on Polkadot. Going to get a little SOL also. I'm using Coinbase

Thank you all for your tips, advice and guidance

DOT isn't really a punt. It's a top 10 MC and one of the safer bets in this bullish market. With its parachain auctions coming up and still not reaching it's previous ATH it's still got growth left in it.

 

[monty uk]

OK, bit too late on the SHIBU, but only got £90 worth, majored on ETH and had a punt on Polkadot. Going to get a little SOL also. I'm using Coinbase

Thank you all for your tips, advice and guidance

Somebody already suggested Coinbase Pro. It's cheaper to buy and you can simply move between.

 

[giveusfalmerplease]

Been on Kraken which has good support for £ deposits. If u trade regularly trading fees are 0.16% for taker and 0.06% for maker trades.

 

[giveusfalmerplease]

WOW WOW WOW did anyone witness that massive selloff in BTC and ETH at 12.34? BTC price dropped from 66k to 55k !!!!! in under a minute. i had a leveraged buy of 0.1btc at 63k and was briefly down 800 bucks! before it recovered again back to 64k. it happened so quick that some of my take profit got executed at a loss!! i.e. by the time (literally few seconds) kraken executed my take profit at 64k the price was down to 61k!

I recon that was a warning from some big players to scare off retail and trigger a FOMO sell off like we saw in May..

 

[beorhthelm]

WOW WOW WOW did anyone witness that massive selloff in BTC and ETH at 12.34?

no, at least not on major spot markets. Binance US had a massive flash crash to $8200 though, sounds like Kraken uses that as part of their futures feed?

 

[giveusfalmerplease]

no, at least not on major spot markets. Binance US had a massive flash crash to $8200 though, sounds like Kraken uses that as part of their futures feed?

its showing on Trading View, Kraken and a few others in actual price not future price.. It was a real event. i just got an email from Kraken saying they cancelled my take profit(!) because at one point the price dropped over 10% in literally a few seconds and 2 of my take profits became losses by the time they were executed! ( after massive losses in september i limit my take profit/stop loss to 1% in either direction yet when my TP hit at 43k by the time it was executed 1 second later the price was down to 61.5k!.
Same happenned to ETH which dropped from 4390 to 4022 at the exact same time.