Cryptocurrency Thread

[MojoJojo]

Well, I've pulled out. £108.55 - was hoping to get it up to £110 but with the trading fees didn't quite make it.

Realistically, 8% return in a little under a week is amazing. But it was more stressful than I'd like, and I was lucky that the exchanges I did to try and avoid the drops worked out overall. I'm going to leave it a couple of weeks and hope it's all calmed down a bit, then get some etherium and a spread of shitcoins and then just leave it until there is another big peak. I'll probably switch to binance too.

[Ferris]

If you're apprehensive about it, just invest the 8 quid profit back in. That's free money, you haven't touched your actual savings and then you're playing with house money.

[QDRPHNC]

Thanks Bence, I'm going to take a look at those twitter accounts you mentioned.

Four of the six numbers on my screen have gone green instead of red = good.

XRP seems to be back onto it's death spiral. I'd sell it, but I've only got $18 worth at this point - may as well keep it in just in case Elon Musk takes a liking to it.

Some positive news for Cardano over the weekend too: IOG reveals world's largest blockchain deployment in Africa.

[Shoulders?-Stomach!]

Ok, so several cryptos have just shot up.

[Better Midlands]

Ok, so several cryptos have just shot up.

16 minutes ago


https://www.bloomberg.com/news/articles/2021-02-08/tesla-invests-1-5-billion-in-bitcoin-plans-to-accept-cryptocurrency

[kngen]

Woke up to find AAVE had jumped this morning[nb]crytpo seems to really adhere to office hours. Very sluggish at weekends and OOH[/nb], and converted mine all back to Bitcoin as I was so sick of seeing it trundle along the ground, making my (hem hem) portfolio look like shite.

So, unless BTC takes a nosedive (and, from what I've read, a lot of folk are expecting it to rise another 50% before it peaks), I'm on track with my goal of magicking $200 into $500 (and then buying a PS5 when they become available again). Currently standing at $290, which isn't bad after a week and a half of thumping my chest like Matthew McConaughey in Wolf of Wall St, but not really knowing what any of this means.

[QDRPHNC]

16 minutes ago


https://www.bloomberg.com/news/articles/2021-02-08/tesla-invests-1-5-billion-in-bitcoin-plans-to-accept-cryptocurrency

Typically, I used about two thirds of my Bitcoin to get some Cardano and Neo over the weekend. Still, up is always good. And there's a bit of a rising tide type relationship between BTC and ETH (up 5% to BTC's 10%).

[Shoulders?-Stomach!]

a half of thumping my chest like Matthew McConaughey in Wolf of Wall St, but not really knowing what any of this means.

Coronary heart disease?

[kngen]

Coronary heart disease?

Well, I'm from Glasgow, after all. It would seem rude not to.

[Sebastian Cobb]

Would it be unreasonable to say that most, if not all crypto is a 'solution looking for a problem' and any present value is currently just people betting on the fact the problem will be found at some point?

Outside small utilities like paying for illegal stuff, obvs.

[QDRPHNC]

Mate, you look at the numbers and they go up. End of.

[peanutbutter]

Would it be unreasonable to say that most, if not all crypto is a 'solution looking for a problem' and any present value is currently just people betting on the fact the problem will be found at some point?

Outside small utilities like paying for illegal stuff, obvs.

I notice monero, the one with an actual use (heavy usage on the dark web) has remained pretty stable.


Tesla doing that big mad purchase has pushed me over into expecting a huge crash, it'll probably be a while away and it'll happen directly alongside Tesla imploding.

[ZoyzaSorris]

Flipping hell. Up $20 on my crypto overnight. Nice.

[ZoyzaSorris]

When to cash out, that's the question? What's a good stable coin wise, unlikely to tank if BTC takes a big dip? Or just convert back to fiat?

[Mortimer]

Typically, I used about two thirds of my Bitcoin to get some Cardano and Neo over the weekend. Still, up is always good. And there's a bit of a rising tide type relationship between BTC and ETH (up 5% to BTC's 10%).

Can I ask what got you into Neo? I've heard of it but never looked into it.

[Shoulders?-Stomach!]

When to cash out, that's the question? What's a good stable coin wise, unlikely to tank if BTC takes a big dip? Or just convert back to fiat?

Work out how much you'd be happy losing keeping the stock and then schedule to sell it if/when that point hits. And keep smiling in the meantime.

[QDRPHNC]

Can I ask what got you into Neo? I've heard of it but never looked into it.

Honestly, just a gut feeling. The project is on track, they're releasing some kind of upgrade soon (Neo 3.0), and it seems to be generally well-regarded, although an underdog.

I should add that I only have quite a small amount of it. Currently at 62% ETH, 14% BTC, 12% ADA and 9% NEO.

[Ferris]

Up about $60 here lads. Thank you daddy Elon, take us all to Mars.

🚀🚀🚀

[Mortimer]

New ATH for Bitcoin today at over $44k, albeit that it has slipped a little as I write this. Ethereum and the other alties are rising but not keeping pace with BTC, but often there is a surge in the altcoins shortly after BTC starts to decline from its latest peak.

I'm looking on here with a mixture of enjoyment at the recent rises, squeaky bum at the prospect of the massive drop that often follows, and fascination generally. I have more than a couple of quid at stake here, and with my initial "investment" (gamble?) being in the spring of 2018 I found myself 70% down by December. I've put more in since, including a fair old chunk in brief Covid related dip last March, so from being way down I'm now up by several multiples. I'll keep hodling, I guess, the ride is too much fun to jump off now.

My fascination is in the history. Have any of you heard of the BTC enthusiasts' celebration of "Pizza Day"? With BTC still in its infancy in 2010 a guy demonstrated the functionality of it as a currency for perhaps the first time by finding a pizza shop willing to accept payment by BTC, and he transferred 10,000 of the fuckers for a couple of pizzas then made a "look at this" post on the bitcointalk forum. So, 10,000 BTC then for a a couple of pizzas - say 30 quid. Today - £300,000,000. Do you reckon he regrets it? At around the same time the forum had early miners offering 10k blocks for $50 (so, what - about £35?) with no takers. Oh, to have been in and understood it around then, or indeed to have been in between 2010 and 2016.

If you are interested and want a bit of a giggle have a look at Cryptocompare dot com and the forum comments for the various coins/tokens. Each coin has its fanboys and detractors and the various opinions (and abuse) can be amusing. Don't use it for advice - the reality is that nobody knows where this crypto stuff or any of the various tokens are going - but the conflicts in the utter conviction of some, and the quite opposite views of others, sometimes reaches hysterical levels.

[Bence Fekete]

Would it be unreasonable to say that most, if not all crypto is a 'solution looking for a problem' and any present value is currently just people betting on the fact the problem will be found at some point?

On the contrary really, bitcoin was devised directly as a response to the 2008 crash, when governments bailed out the gambling banks and Satoshi (or whoever, likely a collective) sought to create a digital asset that was genuinely free of corporate/state control.

Looked at from an investor's POV: interest rates are abysmal right now. As I understand it that's to do with things like quantitative easing and all round shitty practices like market manipulation. All of a sudden something like bitcoin, guaranteed (In theory) to be free of these influences, peer to peer, decentralised, impossible to kill and designed to increase in value, starting to look like a safer bet than the dollar or traditional means.

I'm not sold on the great custard-coloured crypto super dream either. At this moment it mostly looks like a transfer of wealth from ultra rich people to slightly less rich but more tech savy people and no game changer for the 99%. But it does suggest the balance of power might be shifting, or at least can be fucked with, in the open, wearing a big silly hat with a grinning dog on it, and that is hopeful.

[Noodle Lizard]

I feel very stupid for panic-selling my DOGE now. I would've been up 80% + if I'd not panicked like a big baby. The GME burn is still fresh in my nerves.

[daimoniac]

On the contrary really, bitcoin was devised directly as a response to the 2008 crash, when governments bailed out the gambling banks and Satoshi (or whoever, likely a collective) sought to create a digital asset that was genuinely free of corporate/state control.

Looked at from an investor's POV: interest rates are abysmal right now. As I understand it that's to do with things like quantitative easing and all round shitty practices like market manipulation. All of a sudden something like bitcoin, guaranteed (In theory) to be free of these influences, peer to peer, decentralised, impossible to kill and designed to increase in value, starting to look like a safer bet than the dollar or traditional means.

I'm not sold on the great custard-coloured crypto super dream either. At this moment it mostly looks like a transfer of wealth from ultra rich people to slightly less rich but more tech savy people and no game changer for the 99%. But it does suggest the balance of power might be shifting, or at least can be fucked with, in the open, wearing a big silly hat with a grinning dog on it, and that is hopeful.

the marshall islands are worth keeping an eye on in this respect - they're looking at their own crypto to reduce reliance on the US dollar i await the "SOV" properly taking off, and the subsequent "liberation" of the marshall islands

[Shoulders?-Stomach!]

Hmm, don't know what to do here. If the prices drop overnight after these nice GAINZ it will be annoying.

Tempted to get my cash out of bitcoin in anticipation.

[Mortimer]

Hmm, don't know what to do here. If the prices drop overnight after these nice GAINZ it will be annoying.

Tempted to get my cash out of bitcoin in anticipation.

Yes, today has been a bit silly, big gains across the whole crypto sphere. It will drop, the only question is when. Overnight, or next month after another few weeks of double digit gains and new all time highs?

[Chedney Honks]

I'm about 30% up on DOGE but converted it all to BTC because I think it's going to be a more steady earner. If I leave it for a couple of years, there might be a holiday in it.

[the hum]

Hmm, don't know what to do here. If the prices drop overnight after these nice GAINZ it will be annoying.

Tempted to get my cash out of bitcoin in anticipation.

Log out of your portfolio for six months/a year, come back to it then and go "ooh", "hmm", "wow", "shit" (delete as a appropriate), and then leave it all in regardless.

Butseriously, unless you're a day trader with money to burn, and with the litany of shitcoins excepted, is there any point at looking at this as anything other than as a long term thing?

[Ferris]

Hmm, don't know what to do here. If the prices drop overnight after these nice GAINZ it will be annoying.

Tempted to get my cash out of bitcoin in anticipation.

Took my profit of ~$60 and cashed it out so I'm back to my initial "stake". Once it crashes, I'll buy back in I think.

I like having some of it in cash so it's not all at the mercy of Bitcoin nerds.

[Shoulders?-Stomach!]

Didn't cash out. Up.

Gordon fucking Gekko here taming the stallion

[ZoyzaSorris]

Another fucking $10 up whilst I slept, sweet as. This is never coming down, the only way is up, baby. Almost made up for my GME punt now. Would be sweet to pass zero profits overall in my ten days buggering about. If if I had sold my GME last Monday like I'd originally asked EToro to do on market open (but then it didn't so I saw drops and then stupidly bought back in) I'd be about $100 up. And if I'd jumped out of XRP when my gut told me to I'd be about $140 up. Basically what I'm trying to say is that you only count my profits and not losses I'd have a lot more money. :)

Any other Binance users here? What's the best way to cash out if you think it's peaked? Not saying I'm there yet, though. I'll keep my money in the exchange for now either way and buy back in when appropriate.

Agree with your take shoulders but when we are talking small sums of cash I'm sort of loathe to cash out and feels like it's worth the risk to ride the tiger on this - but then if I took that approach every month it would all add up.... hmm

[Bence Fekete]

Way I cash out on Binance is convert to BTC, then use the BTC->GBP trading pair to convert to fiat then withdraw that from wallet. Some coins will have direct GBP pairs so you can skip the BTC step and save fees, but not many.

Not really sure if this is the 'best' or correct way. It is easy when you know what you're doing. I was impressed at the efficiency of it compared to ye olden days when you used to have to meet some total random in a cafe and hope for the best.