Crypto currencies

[Goose12]

I wanted to put this out there and let people know there seems to be a lot of opportunity to make money in crypto currencies. I just recently got into it and have already had some success.

I feel like hackstasis is a community about bettering our selves in all areas of our lives and letting others know about financial opportunities is one of them.

 

[Jaxx]

Lets me share my experience in corporate finance. You’ll have a 50% chance of winning money here and 50% of losing. These currency are extremely risky; there is no free lunch unless you know more than the market does.

 

[barbaar]

It's definitely high risk, high reward. Don't put any money in it you can't afford to lose. It's fun though.

 

[TubZy]

I wanted to put this out there and let people know there seems to be a lot of opportunity to make money in crypto currencies. I just recently got into it and have already had some success.

I feel like hackstasis is a community about bettering our selves in all areas of our lives and letting others know about financial opportunities is one of them.

Yes exactly. The concept of this forum is to better yourself in all areas of your life.

I can make other non health related sections here too (like technology, gaming, movies/films, finance etc as Im interested in all those too) if enough people are interested.

For bitcoin/crypto, I haven't bought into yet although I had a coinbase account for a little over a year now, but glad you are having success with it so far.

Funny enough @gbolduev owns a hedge fund..would be interesting to hear his opinion too

 

[Goose12]

Yes exactly. The concept of this forum is to better yourself in all areas of your life.

I can make other non health related sections here too (like technology, gaming, movies/films, finance etc as Im interested in all those too) if enough people are interested.

For bitcoin/crypto, I haven't bought into yet although I had a coinbase account for a little over a year now, but glad you are having success with it so far.

Funny enough @gbolduev owns a hedge fund..would be interesting to hear his opinion too

I didn't know @gbolduev had a hedge fund! Any input you had would be appreciated. I purchased tron at $0.05 on December 28 and it's at $0.18 now. It's set to go up more. That one crypto helped double my entire investment. It is such a bull market right now it's easy to make money, just have to be patient sometimes and not worry when things dip.
I sent my crypto from coin base to binance and I use that exchange to trade. The only problem is everything is so popular right now most exchanges can't handle new accounts at the moment.
I am currently invested in tron, poet, appcoin, ost, and enjin.
Any added knowledge would be appreciated.

 

[Goose12]

Lets me share my experience in corporate finance. You’ll have a 50% chance of winning money here and 50% of losing. These currency are extremely risky; there is no free lunch unless you know more than the market does.

This is a little different than the stock market. I use to play around with it years ago, it was similar to playing at a casino. The house always came out ahead in the end. The whole thing is definitely rigged. It's setup for big corporations.

 

[talkingant]

I've made good money in crypto, been in the scene since 2011. But the market is pretty crazy right now, reminiscent of the early 2000s dotcom bubble. If you want to get involved with investing/trading crypto, be very careful, and don't invest more than you can afford to lose. Don't see it as an easy get-rich-quick scheme. It takes some combination of skill, patience, and luck to make money trading. Most people in crypto who have made money did so due to luck and patience, but not skill. These people would not have made money trading stocks, for example.

At some point in the next few years, there will likely be a major crash that will wipe many people out. Only cryptocurrencies with strong economic and technical fundamentals will survive. One of the issues with dotcom bubble investors was the lack of using valuation methods. In other words, very few investors actually performed any sort of fundamental analysis like discounted cash flow on the stocks they purchased. The same is happening in the cryptocurrency space today.

In the short term, there is too much chaos and speculation to make accurate predictions, unless you have some kind of market advantage (insider trading, sophisticated bots, etc). You might be able to make money trading on hype/speculation, but that is a risky game of hot potato.

I focus on long term bets, based on various fundamental factors like technical design, solving a real problem, high quality developers, high quality code, and economic mechanisms. I recommend becoming familiar with quantity theory of money and discounted cash flow analysis methods. Those will suggest the vast majority of cryptocurrencies have little to no fundamental value. I'd bet that 99% of existing coins will fade to zero eventually (but I wont short the market because it's too easy to get margin called with this mania). However there will be a few Google's and Amazon's out there that will grow to massive valuations as they capture marketshare.

For any cryptocurrency, you need to ask: what is it used for, and why would people want/need to buy it. If the coin is purely used for payment, most analysis would place that at a relatively low market cap. If it's used as a store of value, it could see significant growth, assuming you're in early. If it's more like a stock that pays dividends, I.E. provides a cash flow from some market, you can value it based on DCF and make a bet based on how likely it is to see real use.

BTW @Goose12, TRON has many scam/pump red flags for me, I wouldn't touch it with a 1000 ft pole. IMO you should sell your profits immediately for better assets.

 

[MNK99]

-Wait for it BTC dip further before getting in?
-Will there be bitcoin futures to invest in, through Canadian banks at all? (in the future).
-What's a good entry point? $8500 USD?
-It was 8000 recently right?
-My bro has been hounding me to research and get in, but he told me a lot of stuff when I was super sick.
-Definitely a bubble as a lot of finance people would describe it.
-I made some money on Bear Sterns from 5.81-10.83 right before it fell to near zero, way back in 2008 or so.
-And some biotech companies (Indevus and other pharma startups).
-Some hair tech companies I look forward to investing in, in the future... the ones that aren't complete bs.
-Remember, the same thing was said about paper currency, when leaving the Gold standard. It's fiat currency: only worth something by decree.
-Money's a medium of exchange, a store of value, and a unit of account. Or it was...
-As long as there's countries with no stable economies and gov'ts, where there's tons of black money I think it will still exist (not all coins obviously).
-People remortgaging their house to "get in" are not acting rationally of course.

 

[tanedout]

Had some from April '17 (around the time it hit parity with gold, which got my attention) and sold end of Dec '17. Looks like that was around the time the bubble burst - it's been on a downward trend since. Probably won't see such good gains on any investment again, but I wouldn't buy in now, although I think buying the dips can be worthwhile if you don;t mind risking the money. 99% of the alt-coins are just pure scams and sooner or later one of the big exchanges will go under during a dip I reckon.

 

[MNK99]

A lot of the alt-coins look worse than venture exchange stocks, like random oil companies in Canada that claim "high hydrocarbon content found." and have no real data at all... and eventually fall to 0.00001 dollars. I know some people that did well on Ripple (coin).

I wish I got in the market, in 2013 or 2014. I easily could have, stupid school. Stupid TFSA's. Damn @tanedout, that's an awesome entry point. It was like $1grand then.

 

[vicecaz]

Oh I haven't seen this thread before
I got into cryptocurrency around the same time as tanedout, and it changed my life
I have cashed out a bit, just enough to pay all of those supps and sustain a diet with high quality products and still try to grow my folio but the gains we've had all 2017long were insane, especially for a student like me. However I'm down a few % by the recent crash

For now I'm into Jibrel network, and the rest is into promising ICOs
I keep btc to margin trade with leverage

I agree that a vast majority of altcoin are a scam, or doesn't bring anything of value . The same goes with plenty of ICOs that are just looking to raise funds
; that's a shame and jeopardize the crypto market

I don't know if 8000$ is a good entry point as there is a lot of uncertainty/FUD recently but that's definitely better than buying in at 20k two months ago

I probably would never had gotten into crypto had I not been hit by this PAS stuff. That's researching my condition in English ( being French ) that I stumbled upon /biz/ and other crypto currency-related place

 

[Flynn]

Buy bitcoin (70-80%) and ethereum (30-20%). Buy the protocols. Avoid ICO's and most altcoins.

Recognise that the vast majority of altcoins and ICO's are just a whitepaper with no working product and no real world use. Additionally lots of coins have been used and applied to problems which don't require a blockchain or a cryptocurrency. Note that much of ethereums value is based upon its recent use for launching dapps. Given that most of these dapps are scams or will likely fail, indicates that ethereum may be overpriced in the short term. We also don't know how many ethereum there are or will be, which is a problem when it comes to giving it a correct valuation.

The basic value statement of bitcoin still stands, it's still early days and if you believe it to be a future store of value and possible currency for daily transactions. It's value will likely continue to increase by several fold over the coming years. I believe $8000 is still a good entry long term.

The most important thing, if you ever end up making a lot of easy money from cryptocurrencies. Make sure you invest some of it back into fighting PFS, PAS and PSSD. If there is one thing we need more than anything else as a community. Its money and funding.

It blows my mind to think what someone could do, if they threw a few million dollars at these problems. If we could fund brain scan, neurosteroid and genetic studies. I think we'd have a pretty good idea of what was going on.

 

[JasonSky]

Lets me share my experience in corporate finance. You’ll have a 50% chance of winning money here and 50% of losing. These currency are extremely risky; there is no free lunch unless you know more than the market does.

Unless you have a solid background in finance, I'd avoid investing in cryptos. The price volatility on these investments are just insane. Like jax said, it really is like flipping a coin. But if you do invest I guess it won't hurt if you just put a bit into Ethereum or something of that nature.

Imo stick to blue-chip tech stock that seem like they have a promising future and just hold on for a long-run then cash out. Or can just roll with index funds, but the market is so high atm so idk.

 

[MNK99]

When are ETF's coming out? What kind of prices would they be? A little presumptuous I know...
How many monitors are optimal?

 

[MNK99]

How do I get access to as many cryptocurrencies as possible, with the least number of steps?
-I need to get on Binance, some other places too?
-Set up a physical bitcoin medium, a usb-drive? Digital wallet.
-Can I buy whatever I want on various exchanges? The main ICO's and bitcoin ---
-how many things do I need to sign up for?
-I find this hard to transition from equities, bc I had that set up years ago.
-It seems like I have to sign up for like 5 different things or more.
-*what are waiting times after setting up accounts? To actually use them.

I have instructions and videos and notes from a friend, but I'm kind of all over the place, and can't piece together useful information from them.
May have lost some emails.

Any books that are actually good?
-I read candlestick charting, 'All About Stocks', Benjamin Graham, Philip A. Fisher, Mark douglas, Buzzy Schwarz, and James Cramer a long long time ago.

-Fk I need my standing desk/office condo back again... Can't think straight in this house.

---EDIT: I got it now. Thanks to someone.

 

[vicecaz]

It depends on what your goal regarding cryptos are, if you just want to hold some altcoins/btc then kraken, binance or bittrex is enough
However if you want to maximize profit, you'll have to make many accounts, in many shady exchange such as etherdelta, cryptopia, kucoin, gate.io and asian exchange , Huobi, okex etc . That's where the best deal are, new coins usually get listed there before big occidental one ( binance, bittrex ) and the sooner you buy them the cheaper they are, that's a risk to take but it paid off really well, at least until recently; we're in a bear market for two months now, it might be different

Regarding wallets it is best to store them in exchange if you plan to daytrade, but there's always the risk the exchange get hacked and your savings with it
If you plan to hold, there's a lot of cold wallet for alts and bitcoin. Some also use a Ledger nano S and swear by it

You can register to an exchange and use your account right away. There's sometimes withdrawal/deposit limits than you can improve by sending IDs, etc .

But again, the more the exchange you have access to, the faster you can react and the broader your choice of coin will be. that's the price to maximize your potential profit

There's a lot of resource online to learn about pattern, TA
There's a big and funny cryptocurrency community on twitter, YT accounts, r/cryptocurrency, /biz/, steemit..

 

[MNK99]

SO to diversify and get underpriced coins, it's best to have many accounts.
This is like an ADHDer's fantasy and nightmare rolled into one.

True, I read some stuff on Reddit and elsewhere. Videos too.

I've heard of Ledger nano S. The info I was told before is slowly being pieced back together by talking to some of you guys. Thanks @vicecaz. And everyone else I've talked to about this.

It's not so bad to have say binance, bittrex, kraken, and one or two of the shady exchanges (so 3-5) to start is it?
I'll start slow. I have to split my capital between coins and equities. I wish I could just access every single exchange and asset on one platform.

Note to Canadians: Coinbase will not allow sale back to a Canadian bank account. It only allows purchases of coins.
I hope that is a rare exception. It must have something to do with (anti-capitalist) Canadian laws.

 

[MNK99]

I was going to mention this...
"there's always the risk the exchange can get hacked and your savings with it
If you plan to hold."

@vicecaz, how often does that occur in practice?
Is capital guaranteed by exchanges like equities are to a certain value?

 

[vicecaz]

@MNK99 Sure you can start with only one exchange and add new ones when you feel like it
coinmarketcap lists all of the coins, you can just click " markets " and it will show you where the coin is listed .

It happened in 2014 with Mt gox, the biggest platform back then with kraken . It triggered a massive krash and it took three years to recover to its previous price
People got their fund back recently, in $ value, not in BTC.
There was a hack recently , Coinex, but again they covered the losses and customers got their fund back. In practice it is very rare and it seems worst case scenario you get your money back, providing the exchange was legit in the first place

 

[MNK99]

A friend told me, that when our phones are hot (Android and Iphone), it's bc people are mining coin.
Obviously, that can't always be true... maybe it is now?

Also inability to send pictures from a camera-phone --- on gmail... from file and thru attachments,
can that be redirecting a phone's resources toward mining?