Bitcoin/cryptocurrency thread

[SANTAN]

What's everyone's thoughts on the latest pumps.  

[Zetterlund]

Despite my interest in crypto generally, one thing I'll never understand is the NFT craze. Some people I follow keep sharing when these 'punks' are sold for ludicrous sums. I mean, literally, are there not better things people could spend this on? Mental.

 

Edited August 6, 2021 by Zetterlund

[Kapowzer]

My story is I was flying back from London in May 2017, I was on standby as was another guy, we both had staff travel but I was in uniform. I asked him where he worked and he said in the IT department but was really sheepish which told me he was on a friends ticket and was concerned he'd get bumped over me. Turns out there was a number of no shows and we ended up sitting on an over wing row together. I seen his phone had a graph on it and I asked if he dabble in the stock exchange as I did too. He said "no crypto, ever heard of it?". I was aware of Bitcoin just through osmosis but not much else. We got chatting and he advised he used Kraken for trades and CoinMarketCap for keeping his eye on what was moving. He discussed how bitcoin was $950 but he expected it to drop to $600-650 again.

I got home, set up an account and transferred in $10k I had saved. Within a few days it was $14k, in a week it was $34k. I then diversified into a few other coins and then the market went south and plateaued at $14k for a while. Still, up 40% beat my other dabbling. I stopped checking as regularly and forgot about it. That December I logged in and it was sitting at $82k, it went stratospheric over the next month and I was definitely on the FOMO bus. At the start of Jan my initial $10k was $406k. I got on a flight from America and landed it was down $70k. But how do you know what drives this, how can you tell if the dip is temporary or where it's headed? It hung about around $100k for a bit then $80k before going down to a low in the mid $30's. I'd added to it during this period so it wasn't as easy to quantify how I'd done and again I got caught up in other stuff and overlooked it.

In mid May it was looking pretty healthy, I started to invest more savings in early April after a chance discussion with a friend which made me look at the markets again. I got a Binance and KuCoin Accounts and got a wee bump only for it to be eradicated by June. I always seem to sell decent coins and buy into those that dip almost immediately and want to do it with a bit more research and homework.

Just wondering those in the know or more versed as my investing it down to luck more than anything else, if there are trusted sourced you use for market information/trends advice that are right more than they are wrong. I've read through this thread taking note at Gaz5 and Bairnardo's posts. Going back to the start in 2013 and seeing some of the crazy prices for Bitcoin and how some were willing to let them go because it was too much hassle at $8 each to bother with, at $60k different issue.

Any advice or direction much appreciated.

Edited August 10, 2021 by Kapowzer

[Fraser Fyvie]

Bought a Pudgy Penguin for 0.8 ETH yesterday.

[SANTAN]

4 hours ago, Fraser Fyvie said:

Bought a Pudgy Penguin for 0.8 ETH yesterday.

Ahah fs go on lad. I cba with the NFTs but recently went on my crypto Twitter account the other day and everyone had those wee penguins. One OG poster was getting them at 0.003 ETH the other day, you could be on to a winner! 

Edited August 10, 2021 by SANTAN

[gaz5]

My story is I was flying back from London in May 2017, I was on standby as was another guy, we both had staff travel but I was in uniform. I asked him where he worked and he said in the IT department but was really sheepish which told me he was on a friends ticket and was concerned he'd get bumped over me. Turns out there was a number of no shows and we ended up sitting on an over wing row together. I seen his phone had a graph on it and I asked if he dabble in the stock exchange as I did too. He said "no crypto, ever heard of it?". I was aware of Bitcoin just through osmosis but not much else. We got chatting and he advised he used Kraken for trades and CoinMarketCap for keeping his eye on what was moving. He discussed how bitcoin was $950 but he expected it to drop to $600-650 again.
I got home, set up an account and transferred in $10k I had saved. Within a few days it was $14k, in a week it was $34k. I then diversified into a few other coins and then the market went south and plateaued at $14k for a while. Still, up 40% beat my other dabbling. I stopped checking as regularly and forgot about it. That December I logged in and it was sitting at $82k, it went stratospheric over the next month and I was definitely on the FOMO bus. At the start of Jan my initial $10k was $406k. I got on a flight from America and landed it was down $70k. But how do you know what drives this, how can you tell if the dip is temporary or where it's headed? It hung about around $100k for a bit then $80k before going down to a low in the mid $30's. I'd added to it during this period so it wasn't as easy to quantify how I'd done and again I got caught up in other stuff and overlooked it.
In mid May it was looking pretty healthy, I started to invest more savings in early April after a chance discussion with a friend which made me look at the markets again. I got a Binance and KuCoin Accounts and got a wee bump only for it to be eradicated by June. I always seem to sell decent coins and buy into those that dip almost immediately and want to do it with a bit more research and homework.
Just wondering those in the know or more versed as my investing it down to luck more than anything else, if there are trusted sourced you use for market information/trends advice that are right more than they are wrong. I've read through this thread taking note at Gaz5 and Bairnardo's posts. Going back to the start in 2013 and seeing some of the crazy prices for Bitcoin and how some were willing to let them go because it was too much hassle at $8 each to bother with, at $60k different issue.
Any advice or direction much appreciated.

I have two main streams:

1. DCA into mid-large cap projects with real world use case/utility as long term investments. My intention with these is to DCA in, sell 70% at as close to the top of this bullrun as I can, then use that 70% to DCA in again from the bottom of the bear, compounding the gains I've made already into the next bullrun. My ultimate target is the next run, not this one, this is just prep.

2. Run a small, active trading account in order to build consistent profits. For this I have my trade setups documented (ones I've adapted from ForEx) that are my bread and butter. Check through the charts each day, see if any look like they'll meet the required conditions and if so plan the trade, set the orders and wait for the market to pick them up.

Im a stickler for managing the risk while trading, so I have a maximum risk in each trade of 3% account size and a max market risk of 15% (so max 5 concurrent trades) at any given time. I position size appropriately based on 3% account loss and the best technical location of the stop.

Trading is a bit of fun for me, I don't expect to outperform the DCA part of my portfolio, but it keeps me on top of the market as well, especially BTC and I enjoy it.

The best approach really depends on what you enjoy and what your outlook is. It would be easy to say get into charts, TA and all the data, but if you don't enjoy that kinda thing is not going to help.

If you've a long enough outlook and can stomach the volatility (which it seems you can) then the best thing would be to pick some projects you like, that have utility, and DCA them every month.

Only thing I would say is that the drawdowns in crypto bear markets are massive. ~80% BTC and 90-95% on Alts. So even if you're not trading actively on the way up, you're still going to want to be watching for signs of the top to get out. The compounding potential from cycle to cycle is insane and as is well written for all asset classes, millionaires are made in bear markets, not bull markets.

[gaz5]

Ahah fs go on lad. I cba with the NFTs but recently went on my crypto Twitter account the other day and everyone had those wee penguins. One OG poster was getting them at 0.003 ETH the other day, you could be on to a winner! 

I genuinely couldn't get into NFT's but my daughter (7) has got right into Veve (OMI) s since I showed her.

As a way to get kids interested in investing and trading, it's a pretty cool idea tbh. There's a good chance she's going to have a higher PNL than me with her pocket money. [emoji1751]

[SANTAN]

22 minutes ago, gaz5 said:

I genuinely couldn't get into NFT's but my daughter (7) has got right into Veve (OMI) s since I showed her.

As a way to get kids interested in investing and trading, it's a pretty cool idea tbh. There's a good chance she's going to have a higher PNL than me with her pocket money.

It's got that Pokemon Cards/Crack Cocaine vibe about it. 

[Fraser Fyvie]

You don't need to be trading to make money, and unless you have a proven edge you shouldn't be trading imo. I've seen lots of people  let bull runs pass them by because they're trying to time tops/bottoms when they'd be much better off just buying into projects they believe in. Also by following narratives like DeFi/BSC/NFTs etc you'll do better than most "traders".

[gaz5]

You don't need to be trading to make money, and unless you have a proven edge you shouldn't be trading imo. I've seen lots of people  let bull runs pass them by because they're trying to time tops/bottoms when they'd be much better off just buying into projects they believe in. Also by following narratives like DeFi/BSC/NFTs etc you'll do better than most "traders".

I trade because I enjoy it. I'm a numbers and data guy so it appeals to me. It's filled a 30 hour a week hole since I stopped doing data analysis for football and is definitely more rewarding than football was. [emoji1787]

I have my "edge", so to speak, in the sense I've spent months developing 11 backtested, rules based strategies and a solid Risk Management plan. I'm consistent in how/what I do as a result.

My trading account is way smaller than my long term DCA account, sure, and I expect that to make more in the long run, but still I've made 17% (on the account) so far this month (August) through trading, without leverage of any kind. That's more than my ISA returned in the last 2 years. [emoji846]

For me, as I say, trading is a bit of fun. Something extra I do on the side (not just in crypto). I spend a lot of time on it because I enjoy it and I don't treat it like a get rich quick scheme or YOLO in 20x. Leverage IMO isn't required and 99% of retail traders use it wrong and get rekt.

For me, 3% max account loss per trade, 3% minimum account target per trade, generally don't enter anything with a R:R less than 1.8 though and those are easy to find.

[Kapowzer]

On 10/08/2021 at 19:06, gaz5 said:

I have two main streams:

1. DCA into mid-large cap projects with real world use case/utility as long term investments. My intention with these is to DCA in, sell 70% at as close to the top of this bullrun as I can, then use that 70% to DCA in again from the bottom of the bear, compounding the gains I've made already into the next bullrun. My ultimate target is the next run, not this one, this is just prep.

2. Run a small, active trading account in order to build consistent profits. For this I have my trade setups documented (ones I've adapted from ForEx) that are my bread and butter. Check through the charts each day, see if any look like they'll meet the required conditions and if so plan the trade, set the orders and wait for the market to pick them up.

Im a stickler for managing the risk while trading, so I have a maximum risk in each trade of 3% account size and a max market risk of 15% (so max 5 concurrent trades) at any given time. I position size appropriately based on 3% account loss and the best technical location of the stop.

Trading is a bit of fun for me, I don't expect to outperform the DCA part of my portfolio, but it keeps me on top of the market as well, especially BTC and I enjoy it.

The best approach really depends on what you enjoy and what your outlook is. It would be easy to say get into charts, TA and all the data, but if you don't enjoy that kinda thing is not going to help.

If you've a long enough outlook and can stomach the volatility (which it seems you can) then the best thing would be to pick some projects you like, that have utility, and DCA them every month.

Only thing I would say is that the drawdowns in crypto bear markets are massive. ~80% BTC and 90-95% on Alts. So even if you're not trading actively on the way up, you're still going to want to be watching for signs of the top to get out. The compounding potential from cycle to cycle is insane and as is well written for all asset classes, millionaires are made in bear markets, not bull markets.

Thanks Gaz, not gonna deny I have no clue what you are talking about. I know how to fly Boeing's and am handy with aviation acronyms but I'm completely bamboozled with that chat. 

[SANTAN]

On 10/08/2021 at 13:56, Fraser Fyvie said:

Bought a Pudgy Penguin for 0.8 ETH yesterday.

https://stockhead.com.au/cryptocurrency/portly-penguins-someone-made-600k-flipping-a-penguin-nft-because-it-faced-the-other-way/

They have gone clear. You got any plans to sell? Not too sure how that even works with these NFTs!

[iron mike python]

On 10/08/2021 at 19:33, Fraser Fyvie said:

You don't need to be trading to make money, and unless you have a proven edge you shouldn't be trading imo. I've seen lots of people  let bull runs pass them by because they're trying to time tops/bottoms when they'd be much better off just buying into projects they believe in. Also by following narratives like DeFi/BSC/NFTs etc you'll do better than most "traders".

Pudgy Penguins Degen Dashboard (dune.xyz) - A nice dashboard for you to map the price to infinity.

 

For anyone that followed my advice earlier in the year and tried out these platforms; the first of the below airdrops is now available. Hope I made someone some money? I didn't follow my own dy/dx advice!        Airdop LINK:     dYdX

 

On 08/02/2021 at 16:11, iron mike python said:

Upcoming Airdrops

...........

What Are The Products which are yet to Launch a Token?

METAMASK - Metamask is a wallet User interface for Ethereum, Binance Smart Chain and Avalanche (along with plenty others) They have recently allowed token transactions to take place via the app itself, taking a small percentage in fees. There is a strong rumour that Metamask will support further developments of the wallet/app by creating their own token. I have also seen lead developer Dan Finlay on Twitter . I would guess that people will see worth in the token if it allows them access to some percentage of the fees. I predict this Token will be a gigantic event in the community if the Tokenomics are fair.

DY/DX - DY/DX is an exchange which has seen an upsurge in activity recently (maybe because insiders know there will be an airdrop?). I have personally never used it but I plan to when gas fees are lower. There are lots of strong rumours that they are being pressured by their Virgin Capital investors to release a token and give the early investors a good distribution. Maybe you could use their lending tool to get a good rate whilst waiting for the token to be issued in the future.

Zapper.fi - Zapper.fi is an interface that you can connect your Ethereum wallet to and you can clearly see where all your coins are allocated on the blockchain. It also lets you analyse any address on the Blockchain (as you can see in the link, it isn't my wallet! it belongs to one of the biggest whales in the ecosystem). They have recently allowed you to do token exchanges through their product much like I described earlier in the Metamask section.  Another route to getting a token would be by providing liquidity through their "pool" section.

Zerion - Zerion is Zapper.fi's competitor. It works in almost the same way with a different interface. Having listened to their CEO on a podcast recently he talked about releasing a coin later this year (without definitely confirming it.) This is the one I am most certain of having an airdrop. Do a few token swaps and you should have a good chance of getting an airdrop.

TLDR: Wait for low gas fees, do transactions on above apps, wait for the airdrops, don't sell at the market bottom.

 

[Fraser Fyvie]

1 hour ago, SANTAN said:

https://stockhead.com.au/cryptocurrency/portly-penguins-someone-made-600k-flipping-a-penguin-nft-because-it-faced-the-other-way/

They have gone clear. You got any plans to sell? Not too sure how that even works with these NFTs!

Nah. Floor price is only 3.5 ETH, still seems quite early compared to BAYC and Punk prices and given the volume its doing. Will maybe get out after a parabolic move. Or I'll just ride it to 0.

[Fraser Fyvie]

$SOL is fucking chadding

Edited August 16, 2021 by Fraser Fyvie

[Zetterlund]

Is this real life? World's gone mad.

 

[Bigmouth Strikes Again]

5 minutes ago, Zetterlund said:

Is this real life? World's gone mad.

 

Absolute nonsense, big three doing ok though.

[SANTAN]

31 minutes ago, Zetterlund said:

Is this real life? World's gone mad.

 

I know I'm totally missing out on potential profit but I just cba. Can we move on plzzz. 

@Fraser Fyvie how is your NFT doing atm?

[Fraser Fyvie]

1 hour ago, SANTAN said:

I know I'm totally missing out on potential profit but I just cba. Can we move on plzzz. 

@Fraser Fyvie how is your NFT doing atm?

Worth about 2.7 ETH atm.

NFTs going crazy. This fidenza sold for $3.3m today.

[SANTAN]

5 minutes ago, Fraser Fyvie said:

Worth about 2.7 ETH atm.

NFTs going crazy. This fidenza sold for $3.3m today.

Jheeze go on lad. Love to see it!

I swear I saw that picture a week ago or so going for a large amount? 

I'm getting frighteningly tempted to get one..