Cryptocurrency Thread

[imitationleather]

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To answer this question I'm going to assume anyone reading this is starting from scratch so I'll try and explain a few things first. There is no regulation at all on the Binance Smart Chain (BSC). Anybody can release a coin, and any coin can be a scam. There are many types of scam but the two main ones are rugpulls and honeypots. For any coin to be tradable on BSC it requires a liquidity pair to give it a monetary value. On BSC the liquidity pair is 99% of the time BNB, but sometimes people use BUSD for various reasons. Depending on the "tokenomics" (very very basically, the way the coin works) a certain percentage of people's buys will be taxed and go towards liquidity. A rugpull is when the developer pulls liquidity from the coin after people have bought, leaving anyone who invested holding a token with literally no monetary value. There are some ways this is prevented, liquidity can be locked for a customisable amount of time by the developer using a third party, meaning they can get it back once the time runs out. It can also be burnt which means it gets sent to a wallet that nobody has access to and can never be recovered. A honeypot is when a developer makes it so that anyone can buy but nobody can sell.

To answer your question: There are a couple of different types of group, so it depends on which you're in. When a new coin is released, which happens hundreds of times a day on BSC, the developer who made it usually create a telegram group for people to post in. The idea with the majority of these groups is that a mini community is built up for the coin, the developer can answer any questions or complaints people have (people have A LOT of complaints) and members can co-ordinate "shill raids" where they go into other groups and paste a message about the coin. Which leads me to the next type of telegram group. These are groups with thousands of people, designed for the purpose of other coins being promoted in them. Here's an example of one of these groups: https://t.me/satoshistreetgroup

More recently a new type of group has become popular, these are called "call groups" and are usually run by one person or a small team who has made a name for themselves either developing or promoting good (or safe, e.g you know they won't rugpull or honeypot) coins. The best type of these groups will post a list every day of upcoming launches, with a quick summary of how good they expect the coin to be. As with everything on the BSC these groups can be a double edged sword, they can still promote scams maliciously or accidentally. They can also very easily be pyramid/ponzi schemes, with whoever's making the calls basically insider trading with the knowledge that they have a following who they can use to make profit on whatever they buy.

You don't necessarily have to talk to anyone in any of these groups if you don't want to, but you have to read them to have an idea about what's happening. Having said that, it can be useful to make connections with the right people. I'm in a few private groups where we try and find coins early (this is called "sniping" and is generally frowned upon by developers and people who don't know how to snipe) and have made most of my money from that. For example, recently I was tipped off about a coin and bought it at launch for .1 BNB ($38 at the time). I sold 25 minutes later for 5 BNB ($1,690). If I had held until now, just over two weeks later, that $38 would be worth 132 BNB ($61,500).

If I gave you, say, a tenner (which may or may not be all the money I have) could you please invest it for me like you do with yours and make me rich enough to not have to worry about stuff for a bit?

It's for a project.

[Ferris]

You paper hands

🚀🚀🚀

[imitationleather]

Who am I kidding? I love worrying about stuff!

[peanutbutter]

Looking through those telegram groups I'm just seeing:
- filter out the (absolutely massive) amounts of obvious bullshit
- buy the other things that have been mentioned with some consistency with bullshit about the tech that's at least semi-comprehensible
- wait until they start gaining traction on twitter and sell
- repeat

Getting in on a release that looks like it'd follow that trajectory would presumably where the massive rewards are, but I assume that's like buying tickets for Glastonbury levels of stress, except you're on a shitty windows xp desktop on dialup and half the other people have pumped tens of thousands into the optimal network system.

It's absolutely insanely massive amounts of bullshit to wade through though.

[Johnny Textface]

Looking through those telegram groups I'm just seeing:
- filter out the (absolutely massive) amounts of obvious bullshit
- buy the other things that have been mentioned with some consistency with bullshit about the tech that's at least semi-comprehensible
- wait until they start gaining traction on twitter and sell
- repeat

Getting in on a release that looks like it'd follow that trajectory would presumably where the massive rewards are, but I assume that's like buying tickets for Glastonbury levels of stress, except you're on a shitty windows xp desktop on dialup and half the other people have pumped tens of thousands into the optimal network system.

It's absolutely insanely massive amounts of bullshit to wade through though.

Yeah you have to spend a lot of time, a bit of carefree coin and maybe even get lucky. But, without risk etc..

[chveik]

cheers c_larence for the explanation

[Petey Pate]

An acquaintance ('friend' feels too strong a word) recently gave me, and others present, around $600 worth of Ethereum each. Besides buying a raspberry pi with it, I have absolutely no idea what to do with it other than occasionally look at the wallet app and see how much it's increased/decreased in value.

[Johnny Textface]

Mint some NFTs, you can use the ETH as gas.

[JaDanketies]

I reckon Monero is the nearest to a dead-cert, because criminals use it. Maybe if some other better privacy coin pops up then that would be even more of a dead-cert, but afaik Monero's privacy hasn't been breached by the feds, and it's been going for years, and it's generally used as an actual currency rather than held on to by speculators. The way things are going, privacy is going to become more and more important. Especially when everyone needs to flee from a rapidly-crumbling fiat currency without the state noticing and seizing your assets - surely gonna happen by 2023.

ETH also seems good because it has a unique utility for these pictures people buy, but that might be faddy.

[Better Midlands]

Bitcoin $66k - new all time high.

[thelittlemango]

Glad I didn't sell now, although I'm waiting for the inevitable crash now that #ATH is trending on twitter.

[Better Midlands]

Glad I didn't sell now, although I'm waiting for the inevitable crash now that #ATH is trending on twitter.

For sure

[nugget]

It's tempting to 'take profits' right now, but that would mean digging my Ledger out and remembering how to use it, and I can't be arsed. Even if there's a pull back soon, it's likely to end up going much higher in the mid to long term.

[Ferris]

It's tempting to 'take profits' right now, but that would mean digging my Ledger out and remembering how to use it, and I can't be arsed. Even if there's a pull back soon, it's likely to end up going much higher in the mid to long term.

Yeah I could sell up now and be quids in, but then I'd have to remember to monitor for the crash and also remember to buy back in, and by the time I did that the price would likely be higher and I'd end up further behind.

It's much easier for me to leave it because I don't have the time or energy to monitor the markets.

[nugget]

Yeah I could sell up now and be quids in, but then I'd have to remember to monitor for the crash and also remember to buy back in, and by the time I did that the price would likely be higher and I'd end up further behind.

It's much easier for me to leave it because I don't have the time or energy to monitor the markets.

It's probably for the best. You could sell now and the price could keep rising to >100k, and you'll be kicking yourself for losing out on an even better return. BTC being at ~66K now is not as big of a deal as it was in the spring, since the long-term trend is upwards, so I think it's reasonable to believe it can still go higher, and when it does pull back, it may not drop as low as before. But what the fuck do I know, it'll probably crash as soon as I hit 'post'.

[buttgammon]

ETH is currently at its all-time high! I'm tempted to sell but also want to see if it can higher.

[Bence Fekete]

There is a consistency to this bull market (the crash was still a bull really). Some of the TA guys have called the whole thing.

Euphoria brings in retail investors, whales crash the market and anyone over-extended panics. Like clockwork. Then the whales stock up on cheap coins and repeat the process one more time before the bitcoin halving resets the cycle. Trick being to get out just before the top, widely predicted (ahem) to happen some time around December/Jan.

That's basically my plan. I really wouldn't sell now if you can hang on. I have a modest price target and once reached I know I'll be happy whatever happens, then I'm selling the lot. I'll keep some fiat spare to dive back in a year or so from now when we'll most likely be in peak bear.

Solana my play for now. Don't think ADA's ready just yet. Much hype nary dapps.

[Rizla]

Mana went up to £3 last night, seemingly due to this Zuckerberg bollocks. Settled back to around £2 now but they're saying it could go much higher, whoever they are. I've still got the 300 I bought at 18p back in feb. This is it lads, gonna be farting through silk before you know it.

[buttgammon]

I sold some Filecoin at a relatively high point earlier and moved it into ETH, which has dipped a little over the last day.

[Dex Sawash]

Burger King is giving out dogecoin to americunts who use the BK app and spend $5
I may be one of those cryptocrap billionaires any day now.

[Poobum]

My shit coin investments are up about 2 grand. If the ridiculous in name and concept Dogelon Mars does a Shiba I'll do quite well. If either do a Dogecoin I'll be so rich that I might have to become evil.

[Mrs Wogans lemon drizzle]

ridiculous in name and concept Dogelon Mars

lol, name checks out.  What's the concept?

[Poobum]

To be the first interplanetary currency. Don't get the impression that this is a serious goal :/

[Bence Fekete]

Not financial advice

[Sebastian Cobb]

Good site here:
https://web3isgoinggreat.com

[Bence Fekete]

https://forkast.news/headlines/solana-transaction-less-energy-two-google/

I support the gradual flippening of Bitcoin. It's horrendously unnecessary at this scale. But like any emerging ecosystem, you can invest ethically and reward projects that minimize their footprint. In fact if nobody did that Bitcoin would just grow increasingly more and more wasteful.

But if your issue is with the technology itself, that's a different issue.

[JaDanketies]

Speculation that sanctions against Russia by SWIFT and financial services providers could potentially lead to a spike in demand for crypto, increasing prices. I hold no liability for any financial decisions anyone makes based on my posts.

[PlanktonSideburns]

About time

My dogge been EATING SHIT Last few month

[JaDanketies]

You can be all like "this is a Ponzi scheme for dumbasses, stop burning the planet for fake money," but then Russia invades Ukraine and proves you wrong

[Ferris]

Sold all mine, made my profit and bought some silly trinkets I wouldn't have normally but I think I'm alright now. Bye crypto mate.