Bitcoin/cryptocurrency thread

[gaz5]

I think we are now in uncharted waters. Today changes a lot. 
You need to understand that before Microstrategy and now Tesla got involved, boardrooms all over the world thought the same as we all did before we got into the space (it's a scam! Criminal Activity! Tulips!)
Some boardrooms will maybe buy BTC over the next few weeks copying Tesla but most legacy boardrooms can't allocate resources to Bitcoin that quickly even if they want to. This means that today's news keeps the bull market going for a couple more months. Okay.... no big deal.. price will go up a little and maybe double.
But here is the interesting part........ When competitors to Tesla (Ford and General Motors) have all their money in USD and the US government keeps on printing more and more dollars to stimulate the Covid economy probably leading to weaker buying power what do they do? They look across the table and Teslas balance sheet is much more healthy than theirs due to this purchase of Bitcoin. Do they FOMO in? Buy at a much higher price? Alternatively they could push government for tougher regulations on crypto.
It also transforms the TSLA stock itself. Not only does owning Teslas Stock give you a slice of the Tesla car pie, a Tesla stock gives you exposure to Bitcoin, so if investors start to make this connection and the Bitcoin price does continue to rise, you will see the price of TSLA go higher than a Space X rocket. Obviously this can be negative if the Bitcoin price plummeted.

It's all rather interesting. Hope my bloody ISA transfer hurries the hell up as one of the funds in going into in the new one has Tesla in!

I've done pretty much nothing the last few days but read about Crypto (and thanks for all your help BTW). I'd saved £500 on a cancelled holiday, so put that all in for now with the intention of doing £100 out so a month regularly, as speculation, alongside putting regular amounts into my ISA.

I've gone for:

BTC: 50%
ETH: 30%
LINK: 15%
XRP: 5%

to start with.

I liked the look of Polkadot and Synthetix as well but need to figure the buying pairs before thinking about those, which I might do longer term.

I think the one I'm most interested in from that list is XRP. I know a fair bit about SWIFT through work and the application they are going for with XRP is interesting as a result. Some interesting names already on board and baked by at least one large hedge as well. I know it's not in the true ethos of crypto, but I like that it aims to solve a real world problem and has an application I know a bit about. If they get approved by the SEC it could push it on a bit. Relatively cheap as well, compared to the others. Worth a small investment, hopefully.

[Aufc]

I think we are now in uncharted waters. Today changes a lot. 
You need to understand that before Microstrategy and now Tesla got involved, boardrooms all over the world thought the same as we all did before we got into the space (it's a scam! Criminal Activity! Tulips!)
Some boardrooms will maybe buy BTC over the next few weeks copying Tesla but most legacy boardrooms can't allocate resources to Bitcoin that quickly even if they want to. This means that today's news keeps the bull market going for a couple more months. Okay.... no big deal.. price will go up a little and maybe double.
But here is the interesting part........ When competitors to Tesla (Ford and General Motors) have all their money in USD and the US government keeps on printing more and more dollars to stimulate the Covid economy probably leading to weaker buying power what do they do? They look across the table and Teslas balance sheet is much more healthy than theirs due to this purchase of Bitcoin. Do they FOMO in? Buy at a much higher price? Alternatively they could push government for tougher regulations on crypto.
It also transforms the TSLA stock itself. Not only does owning Teslas Stock give you a slice of the Tesla car pie, a Tesla stock gives you exposure to Bitcoin, so if investors start to make this connection and the Bitcoin price does continue to rise, you will see the price of TSLA go higher than a Space X rocket. Obviously this can be negative if the Bitcoin price plummeted.

Reading this just makes me wonder whether to chuck a sum into bitcoin.....

[jamamafegan]

Reading Iron mikes experience with crypto is amazing, very encouraging for the newbie. Enjoying your posts.

I have just embarked on my journey into the world of crypto. I find it all quite difficult to understand and I don't really know what I'm doing.

I have signed up on Binance. I buy crypto with my bank card, I have no idea how trading crypto works. So far I have bought tiddly wee stakes in:

BNB (approx £20 worth)

DOT (")

SNX (")

DOGE (£25 quid, for the banter)

My plan is to buy a very small stake (like above)  in multiple coins just to diversify the portfolio a bit. However I want to choose a couple of cryptos to invest more heavily in and this is what I'm trying to decide just now.

Having done a bit of light research tonight, looking at various articles titled "cryptocurrency to watch 2021" etc I have found that some of the most mentioned are LTE and XTR (that aren't priced at over 1k per coin.) I know you can buy fractions of coins but in my mind I'm thinking I want to go for something a little less mainstream and build up a number of coins on said currency. That said, Ethereum seems very popular amongst posters on this forum and is highly spoken of across internet articles, so that's also a consideration.

I'm under no illusions here, this is a risky investment and I'm not expecting to become a millionaire. I am lured by the potential reward of all this. I thought folk who were into bitcoin back in the day were weirdos but you see how far BTC has gone and it's wild. Now I genuinely believe there is possibly a future for crypto in what is already a very digital world. It could be a wise investment.

[iron mike python]

9 hours ago, jamamafegan said:

Having done a bit of light research tonight, looking at various articles titled "cryptocurrency to watch 2021" etc I have found that some of the most mentioned are LTE and XTR (that aren't priced at over 1k per coin.) 

 

Hold your horses. I can't find anything about those coins on Coingecko (a reputable source). https://www.coingecko.com/en

I've never heard of them before, please be careful there are scams everywhere. 

The rest of the coins mentioned are actual projects (except Doge) but you seem to understand that already.

Edited February 9, 2021 by iron mike python

[jamamafegan]

39 minutes ago, iron mike python said:

Hold your horses. I can't find anything about those coins on Coingecko (a reputable source). https://www.coingecko.com/en

I've never heard of them before, please be careful there are scams everywhere. 

The rest of the coins mentioned are actual projects (except Doge) but you seem to understand that already.

I think I've just got the abbreviations wrong! I meant LiteCoin and Ripple. Sorry 

[Aufc]

I think I've just got the abbreviations wrong! I meant LiteCoin and Ripple. Sorry [emoji28]

Ripple is xrp! Ive got a few of them. Bought at mixed prices. Some at 49p and some at 29p.

Polkadot seems to be going well at the moment.

[KD1711]

Drop to the break out line an confirm it’s support or a 4H candle close higher than the last last high. Loaded another buy into VET this morning and will continue to accumulate over next few months.

[the jambo-rocker]

The Swissborg is frighteningly easy to use. I'd echo what's been said about it's potential, and now's not a bad time to be on it with it's price dropped. They do ask for a lot of your information, but I'd say it's worth looking into. Here's my link if you want a couple quid of potential bitcoin rewards (£50 deposit is the minimum).

https://join.swissborg.com/r/robbieDG7L

 

Edited February 9, 2021 by the jambo-rocker

[iron mike python]

11 minutes ago, the jambo-rocker said:

The Swissborg is frighteningly easy to use. I'd echo what's been said about it's potential, and now's not a bad time to be on it with it's price dropped. They do ask for a lot of your information, but I'd say it's worth looking into. Here's my link if you want a couple quid of potential bitcoin rewards (£50 deposit is the minimum).

https://join.swissborg.com/r/robbieDG7L

 

It looks like Swissborg is a centralised service offering the high rates from Decentralised Finance (Defi) currently based on Ethereum. You are giving them your data and personal information in return for the ease of access to Defi. A major selling point of Defi is not having to give any information over and actually having access to your own coins. "Not your keys/ Not your Coins" as they say.

This is the same sort of service that I foresee banks offering in 1 year. There is the same concern as you get with Exchanges, they could get hacked/someone could exit with your money but it looks like it is an easy way to get access to products like Curve where I am currently getting 40% APY on my stable coins.  

Hope you don't mind me giving a write up for the noobs and please correct me if I'm wrong.

[Aufc]

Sorry if mentioned before but whats a good offline for my crypto?

[iron mike python]

9 minutes ago, Aufc said:

Sorry if mentioned before but whats a good offline for my crypto?

First ask yourself : If it is such a small amount of money, do I need to move it?

Secondly ask yourself: are you going to trade soon? If you are then you may as well keep your crypto on an exchange if you plan to cash out. 

If you just want your crypto off the exchange you could use an internet wallet.

If you want even more security than that you would then think about spending over £100 on a hardware wallet.

https://trezor.io/ is joint favourite in the industry as hardware wallet along with Ledger Nano. But then the French company that owned Ledger got their customer data hacked and put on the dark web so now you can see the addresses of all Ledger customers from years ago....(so likely have early crypto $$$) So f**k ledger don't use them no matter how good their wallet tech is.

So use trezor if you decide you really need it..

[Aufc]

First ask yourself : If it is such a small amount of money, do I need to move it?
Secondly ask yourself: are you going to trade soon? If you are then you may as well keep your crypto on an exchange if you plan to cash out. 
If you just want your crypto off the exchange you could use an internet wallet.
If you want even more security than that you would then think about spending over £100 on a hardware wallet.
https://trezor.io/ is joint favourite in the industry as hardware wallet along with Ledger Nano. But then the French company that owned Ledger got their customer data hacked and put on the dark web so now you can see the addresses of all Ledger customers from years ago....(so likely have early crypto $$$) So f**k ledger don't use them no matter how good their wallet tech is.
So use trezor if you decide you really need it..

Well it is about £5k so not totally insignificant. Just keep reading that exchanges can be hacked. I have a crypto.com de-fi wallet so that would be the internet wallet? So essentially i just send my stuff to that and it stores it there and if i want to trade i then send it back to the exchange?

Sorry for the questions mate. Still trying to get my head round the whole security aide

[iron mike python]

38 minutes ago, Aufc said:

 

Well it is about £5k so not totally insignificant. Just keep reading that exchanges can be hacked. I have a crypto.com de-fi wallet so that would be the internet wallet? So essentially i just send my stuff to that and it stores it there and if i want to trade i then send it back to the exchange?

Sorry for the questions mate. Still trying to get my head round the whole security aide

 

Having looked, yes the crypto.com defi wallet gives you a bit more security than keeping it on an exchange.

I would say it will do you just now, but maybe in a few months if your coins x10 then you may think about spending a bit more on a hardware wallet.

Please ask away any questions. There is a lot to learn and I am not a full expert, I'm pretty limited to defi and Ethereum for the most part.

[Aufc]

Having looked, yes the crypto.com defi wallet gives you a bit more security than keeping it on an exchange.
I would say it will do you just now, but maybe in a few months if your coins x10 then you may think about spending a bit more on a hardware wallet.
Please ask away any questions. There is a lot to learn and I am not a full expert, I'm pretty limited to defi and Ethereum for the most part.

Cheers mate. Haha if they go x 10 then probably be in my pocket!

I have actually put my ethereum coin into crypto earn. Only 4.30% per annum but better than nothing. Cant touch it for 3 months but that was one coin i wasnt planning on trading

[KD1711]

2 hours ago, iron mike python said:

It looks like Swissborg is a centralised service offering the high rates from Decentralised Finance (Defi) currently based on Ethereum. You are giving them your data and personal information in return for the ease of access to Defi. A major selling point of Defi is not having to give any information over and actually having access to your own coins. "Not your keys/ Not your Coins" as they say.

This is the same sort of service that I foresee banks offering in 1 year. There is the same concern as you get with Exchanges, they could get hacked/someone could exit with your money but it looks like it is an easy way to get access to products like Curve where I am currently getting 40% APY on my stable coins.  

Hope you don't mind me giving a write up for the noobs and please correct me if I'm wrong.

The thing is too, I got in early enough to go premium at a fairly decent price, around 10c a coin. I have since accumulated over 20k coins between 50 and 80c. Say the price of Swissborg hits $5 in a years time, I could cash out the $5 per coin and move the 100k into the USDC yield, which generates 24% a year interest, and compound it. This means I can remain premium in Swissborg and also gain a wage for nothing essentially, and leaving my coins locked if a certain number of users do this creates less selling pressure. I think that it is still a great buy and with BTC and ETH yield yet to go live, coupled with no listings yet on Coinbase and Binance, things are looking bullish for Swiss.

[KD1711]

When the smart yield got announced for USDC coin, the price went from 13c to 27c. On the release of the Swissborg yield, it mooned to 99c and is now consolidating at around low 80c region. When the BTC, BNB and ETH yield goes live, it could potentially moon.

[Al B]

On 16/02/2014 at 14:16, Al B said:

Ignore Bitcoin other than as a way in. Since my first post on this thread i've made 5 figures trading the various alt-coins which in essence are pretty much worthless in the grand scheme of things, but if you research the charts and learn how to read them, you can day-trade the pump & dumps and read when they are about to happen for each coin.

Sexcoin for example (I know...I know...) rose in value by 1700% in one day, Quark had a similar push over a couple of days in early December and many other coins have had the same. It's getting ridiculous with the amount of new coins being created...but I have no problem with making money from something ridiculous.

I'm currently invested in Dogecoin (based on the meme), and Quark. Will probably be holding these investments for the best part of this year as during my holding they have become the 4th and 7th biggest crypto-currencies in existence with a total current market-cap of $75m and $18m respectively.

Given I bought these for $0.0001 back then, this has been a very, erm.....interesting week!

[gaz5]

Given I bought these for $0.0001 back then, this has been a very, erm.....interesting week!

[emoji1787]

~$70k for every $100 spent (if it's doge your talking about).

Aye, that's not a bad return. [emoji1787]

Out of interest, what's your day trading strategy on the alt coins and are you doing anything for it to be tax efficient if you're talking those kind of numbers?

[Al B]

11 minutes ago, gaz5 said:

~$70k for every $100 spent (if it's doge your talking about).

Aye, that's not a bad return.

Out of interest, what's your day trading strategy on the alt coins and are you doing anything for it to be tax efficient if you're talking those kind of numbers?

Without checking back the topic I'd imagine the old post I quoted was my last one in it. Crypto ended up being a bit of a flash in the pan for me. Got in on Bitcoin late 2013, made a bit in the boom at the start of 2014 and withdrew, they were then too expensive to buy back in so I picked up Dogecoin and Quark, which didn't do anything for years, I lost interest and they have just been sitting in a wallet since 2014.

I probably couldn't even name you 5 coins these days!

[KD1711]

23 minutes ago, gaz5 said:

~$70k for every $100 spent (if it's doge your talking about).

Aye, that's not a bad return.

Out of interest, what's your day trading strategy on the alt coins and are you doing anything for it to be tax efficient if you're talking those kind of numbers?

you only pay tax on coins when you lift out to the bank too, so you can swap your portfolio into other coins. Other ways around it could be buying items that accept crypto as payment etc.