Bitcoin/cryptocurrency thread

[Chinatoon Bairn]

Portfolio hit -50% earlier on. That was some laugh.

That was with me buying at the supposed dip last week.

[ATLIS]

6 hours ago, Fraser Fyvie said:

Wow. Hope everyone survived that. 

f**k it, I'm back in with more in that dip  

This was me this morning though 

[Bigmouth Strikes Again]

16 hours ago, Chinatoon Bairn said:

Portfolio hit -50% earlier on. That was some laugh.

That was with me buying at the supposed dip last week.

Same here, in it for the long haul though.

[DukDukGoose]

Guys, total noob here looking to dip my toes in to the market here.

Having a brief look through the thread and can see most people are recommending having a look on youtube for advice. Is there any accounts in particular?

I've set up a binance account. Will see if I actually get involved or not.

[Chinatoon Bairn]

31 minutes ago, Merkland Red said:

Guys, total noob here looking to dip my toes in to the market here.

Having a brief look through the thread and can see most people are recommending having a look on youtube for advice. Is there any accounts in particular?

I've set up a binance account. Will see if I actually get involved or not.

Coin Bureau explained the basics pretty well for me, videos are easy enough to follow as well.

[DukDukGoose]

5 minutes ago, Chinatoon Bairn said:

Coin Bureau explained the basics pretty well for me, videos are easy enough to follow as well.

Much appreciated.

[iron mike python]

5 hours ago, Merkland Red said:

Guys, total noob here looking to dip my toes in to the market here.

Having a brief look through the thread and can see most people are recommending having a look on youtube for advice. Is there any accounts in particular?

I've set up a binance account. Will see if I actually get involved or not.

Buy some Bitcoin and buy some Ethereum. Hold for 3/4 years and you will definitely be in profit. (Noone who has held these assets for this length of time has ever been in the red)

If it goes down in between that period then buy more periodically.

If there is a point during your journey that the market acts like ETH and BTC are going to zero dollars, then push all in.

PROTIP: This stuff isn't going to zero.

In the mean time read up on "DEFI" , "DEX's" , "NFTs" and "Smart Contracts" if you want to see that there is a little bit more substance than only "number go up!". If you research these terms then you will find other interesting coins/projects.

[iron mike python]

On 19/05/2021 at 14:42, Fraser Fyvie said:

Wow. Hope everyone survived that. 

I've still got my amazon tab open in the "strong rope" section.

[DukDukGoose]

6 minutes ago, iron mike python said:

Buy some Bitcoin and buy some Ethereum. Hold for 3/4 years and you will definitely be in profit. (Noone who has held these assets for this length of time has ever been in the red)

If it goes down in between that period then buy more periodically.

If there is a point during your journey that the market acts like ETH and BTC are going to zero dollars, then push all in.

PROTIP: This stuff isn't going to zero.

In the mean time read up on "DEFI" , "DEX's" , "NFTs" and "Smart Contracts" if you want to see that there is a little bit more substance than only "number go up!". If you research these terms then you will find other interesting coins/projects.

Those were the two my friend mentioned.

Awaiting help from support. Apparently my photo doesn't match my i.d. a start that fills me with confidence

[SANTAN]

36 minutes ago, iron mike python said:

Buy some Bitcoin and buy some Ethereum. Hold for 3/4 years and you will definitely be in profit. (Noone who has held these assets for this length of time has ever been in the red)

If it goes down in between that period then buy more periodically.

If there is a point during your journey that the market acts like ETH and BTC are going to zero dollars, then push all in.

PROTIP: This stuff isn't going to zero.

In the mean time read up on "DEFI" , "DEX's" , "NFTs" and "Smart Contracts" if you want to see that there is a little bit more substance than only "number go up!". If you research these terms then you will find other interesting coins/projects.

Without getting too technical how important do you see the defi stuff being?

As a casual that's been around a while I'm content with accumulating $ETH $BTC and a few alt bags but so much of the conversation lately has been aimed at all the new defi projects and I feel like I may be missing the boat by being stuck in my ways and ignoring them. Is it likely to be a footnote or a complete game changer in your eyes? 

[Zetterlund]

1 hour ago, Stormzy said:

Without getting too technical how important do you see the defi stuff being?

As a casual that's been around a while I'm content with accumulating $ETH $BTC and a few alt bags but so much of the conversation lately has been aimed at all the new defi projects and I feel like I may be missing the boat by being stuck in my ways and ignoring them. Is it likely to be a footnote or a complete game changer in your eyes? 

DeFi, or decentralised finance to give it its Sunday name for any newbies, will be absolutely huge. As Mike says above it's a proper use case for crypto technology and another world from all the pump & dump memecoins. 

Basically defi offers all the financial services that traditional banking does, without the inconvenience of the banks rigging the game for themselves and their mates. The real kicker is you can offer these services yourself to others, ie 'be your own bank'. You can earn interest by lending your holdings out or contributing to liquidity pools, borrow funds using your holdings as collateral etc. And because there's no central bank or entity taking all the profits it can be relatively lucrative for all participants.

Not gonna lie though it's a total mindf**k to get your head around at first  I'm still in that process, but learning all about ThorChain which I plan to get into when they add my biggest bag XHV.

[Theroadlesstravelled]

It’s shite that crypto is labeled as environmentally unfriendly on the basis that China is using fossil fuels to mine.

The problem isn’t blockchain. It’s China’s practices.

[Fraser Fyvie]

DeFi is probably the best place to get 10x gains at this point. Whole market cap is about 25% of Ethereums alone. But most of it is built on ethereum and $ETH is going to $100k anyway so who cares.

[DukDukGoose]

Ended up using coinbase. That's me purchased some bitcoin.

Watched a few videos and reading this thread I still have no clue what's going in but hoping to pick it up as I go.

[iron mike python]

22 hours ago, Stormzy said:

Without getting too technical how important do you see the defi stuff being?

As a casual that's been around a while I'm content with accumulating $ETH $BTC and a few alt bags but so much of the conversation lately has been aimed at all the new defi projects and I feel like I may be missing the boat by being stuck in my ways and ignoring them. Is it likely to be a footnote or a complete game changer in your eyes? 

In your personal example you have ETH and BTC. You own these because you think that they will go up in value against USD or GBP. (That is a great start and hopefully you hold them securely in your own wallet.)

But what if someone said to you that "if you aren't going to sell any time soon and have a Web3 wallet like Metamask, then you could earn 6.4% APY on your ETH at Lido Finance?" 

Sounds risky right? Yes It is. It is the wild west. Protocols (Like Lido in this example) are just open source code running on blockchains (Like Ethereum). There have been many hacks/backdoors/rugpools by founders and users are left with nothing. 

But there are now a few protocols which have been around for a few years (AAVE, COMPOUND, UNISWAP, YEARN and Curve), being stress tested/ audited and fixed and have a LINDY effect. (The Lindy Effect is the idea that the older something is, the longer it's likely to be around in the future.) The longer these protocols exist, the more secure people feel about using them, and you get a graph like the one below. From less than $1 billion a year ago to $64 billion (currently).

So the questions people are asking are

"Do I trust people/banks with my Money or do I trust code?"

"Do I like the yield I get in my bank account (<1% APY) or do I like the yield I get in DEFI (6%-25% APY)?"

In my mind there is a clear winner.

 

[SANTAN]

45 minutes ago, iron mike python said:

In your personal example you have ETH and BTC. You own these because you think that they will go up in value against USD or GBP. (That is a great start and hopefully you hold them securely in your own wallet.)

But what if someone said to you that "if you aren't going to sell any time soon and have a Web3 wallet like Metamask, then you could earn 6.4% APY on your ETH at Lido Finance?" 

Sounds risky right? Yes It is. It is the wild west. Protocols (Like Lido in this example) are just open source code running on blockchains (Like Ethereum). There have been many hacks/backdoors/rugpools by founders and users are left with nothing. 

But there are now a few protocols which have been around for a few years (AAVE, COMPOUND, UNISWAP, YEARN and Curve), being stress tested/ audited and fixed and have a LINDY effect. (The Lindy Effect is the idea that the older something is, the longer it's likely to be around in the future.) The longer these protocols exist, the more secure people feel about using them, and you get a graph like the one below. From less than $1 billion a year ago to $64 billion (currently).

So the questions people are asking are

"Do I trust people/banks with my Money or do I trust code?"

"Do I like the yield I get in my bank account (<1% APY) or do I like the yield I get in DEFI (6%-25% APY)?"

In my mind there is a clear winner.

 

Thanks for the informative reply. I understand the principle and it sounds good to me but I'm generally quite prone to converting, swapping accounts and withdrawing my profit pretty quickly, is it something that you need to lock into or can you easily withdraw and potentially reap benefits? 

[iron mike python]

6 minutes ago, Stormzy said:

Thanks for the informative reply. I understand the principle and it sounds good to me but I'm generally quite prone to converting, swapping accounts and withdrawing my profit pretty quickly, is it something that you need to lock into or can you easily withdraw and potentially reap benefits? 

The problem with all the examples I mentioned above is they are on the Ethereum mainnet because Ethereum offers great security guarantees. The problem with that is the you pay a high price for every transaction (gas price). It is also slow. In the future Ethereum hopes to resolve this but just now it is very expensive.

The work around just now is to use less secure chains just now for faster and cheaper transactions BSC  and Matic are cheap and fast but have much less security guarantees.

Alternatively what a few guys  have done in this thread are use middle men to trust them to earn you the defi yield. Swissborg, Binance, Nexo and Celcius are all examples of these services. They are basically a new generation of banks. But what you will see next are banks from the traditional world getting involved in crypto. e.g. Bank of Scotland investing your money into DEFI taking a 2% cut from the 8% yield that defi is offering.

[SANTAN]

32 minutes ago, iron mike python said:

The problem with all the examples I mentioned above is they are on the Ethereum mainnet because Ethereum offers great security guarantees. The problem with that is the you pay a high price for every transaction (gas price). It is also slow. In the future Ethereum hopes to resolve this but just now it is very expensive.

The work around just now is to use less secure chains just now for faster and cheaper transactions BSC  and Matic are cheap and fast but have much less security guarantees.

Alternatively what a few guys  have done in this thread are use middle men to trust them to earn you the defi yield. Swissborg, Binance, Nexo and Celcius are all examples of these services. They are basically a new generation of banks. But what you will see next are banks from the traditional world getting involved in crypto. e.g. Bank of Scotland investing your money into DEFI taking a 2% cut from the 8% yield that defi is offering.

Exciting stuff indeed. I still get flashbacks from $matic... I never knew anything about it on a technical level but remember when it first went on the main sites and at one point I had over 100,000 tokens.  Probably under £100 worth at the time. I had forgot about it til recently I saw it was about £1 per token. 

I'm going to have a good luck into the defi projects sometime soon. As always I appreciate the advice. You're deffo the PnB crypto OG

[Aufc]

I find the trick is just to avoid looking at your crypto accounts to avoid the pain

[Melanius Mullarkey]

Nae luck moonbois (whatever they are).