Bitcoin/cryptocurrency thread

[KD1711]

Swapped about 400 POLS coins to move into DODO today, it is being listed on Binance tomorrow and should see a nice pump then.

Edited February 18, 2021 by KD1711

[Theroadlesstravelled]

On 16/02/2021 at 12:24, Zetterlund said:

Yeah it's great, and lets many more people get involved without specialised equipment.

I had no knowledge of building computers but learned how to build a GPU mining rig before they changed to a CPU friendly algo. I sold my GPU rig on Ebay which more than paid for the new one which has been spinning away since November 2019. I'm impressed that these CPUs can keep going full pelt for so long without burning out.

Nice.

What’s your specs on that rig and what kinda average hash rate do you get, if you don’t mind telling me?

[Zetterlund]

5 minutes ago, Theroadlesstravelled said:

Nice.

What’s your specs on that rig and what kinda average hash rate do you get, if you don’t mind telling me?

AMD Ryzen 5 3600 CPU, Asus B450 motherboard, 2x 8GB XPG 3200MHz RAM (and a cheap GPU as Ryzen CPUs don't have onboard graphics). This does a little under 7kH/s at 120W power consumption.

If I was to do it again now I'd go for the Ryzen 9 3900 but it was a bit too pricey back in 2019.  Can pick one up now for under £400 and will do 12-13kH/s. The whole rig cost me about that when I bought it.

If you fancy looking into it I found this company the cheapest in the UK for hardware, and they assemble & test the components before sending it out pre-built.

https://www.awd-it.co.uk/amd-ryzen-9-3900-4.3ghz-twelve-core-msi-x470-gaming-pro-max-motherboard-cpu-bundle.html

[jamamafegan]

I’m interested in this pancake patter. I just attempted to read this “beginner” article and its like trying to translate a foreign language.

https://www.google.com/amp/s/academy.binance.com/en/articles/a-guide-to-pancakeswap.amp

I wish I could get my head round this stuff.

[gaz5]

I signed up for Binance just under 2 weeks ago. BNB was under £50. I nearly bought some on Sunday for £93 for staking, but decided against it.

£190 at the minute.

Well that was a mistake! [emoji1751]

[gaz5]

I’m interested in this pancake patter. I just attempted to read this “beginner” article and its like trying to translate a foreign language.

https://www.google.com/amp/s/academy.binance.com/en/articles/a-guide-to-pancakeswap.amp

I wish I could get my head round this stuff.

I've been trying to figure this out as well.

I *think* you need to:

- Install SmartWallet on your mobile and set up your wallet
- Send crypto to it from your binance wallet
- Use the pancake DApp in SmartWallet to add liquidity to a pool (which I think you need to do in pairs of crypto)
- That gets you LP tokens
- You stake those LP tokens in a farm to earn more coin

So far, I've shat out of actually doing it so no clue if that's actually right or not. [emoji1787]

You're right, it's a whole different world!

[Fraser Fyvie]

This should make it a bit clearer

 

[Zetterlund]

I've never looked into the whole DeFi staking/farming scene as my interest in crypto has always been more of a buy & hold approach. I watched that video above and I'm pretty sure it would be quicker and less complicated explaining how to fly the space shuttle. He's very good at explaining things simply tbf.

The thing that makes me hesitate getting involved in this stuff is that while the APY available looks like a no brainer, the returns are in tokens that have no fundamental value themselves. Eg, a yield of 25, 50 or 100% looks great but the token you earn could easily be worth 75% less in a few months time if it goes out of fashion.

It's probably better suited to guys like Iron Mike who have made gains elsewhere and want to put a portion of it to use earning some interest. I don't think I could sleep very soundly if I had thousands invested in 'Cake' and 'Syrup' 

[Zetterlund]

To add to the above - CAKE is down 33% since yesterday, after going up about 40x this year so far.  Would need nads of steel to invest any decent amount in this market.

[gaz5]

I've never looked into the whole DeFi staking/farming scene as my interest in crypto has always been more of a buy & hold approach. I watched that video above and I'm pretty sure it would be quicker and less complicated explaining how to fly the space shuttle. He's very good at explaining things simply tbf.
The thing that makes me hesitate getting involved in this stuff is that while the APY available looks like a no brainer, the returns are in tokens that have no fundamental value themselves. Eg, a yield of 25, 50 or 100% looks great but the token you earn could easily be worth 75% less in a few months time if it goes out of fashion.
It's probably better suited to guys like Iron Mike who have made gains elsewhere and want to put a portion of it to use earning some interest. I don't think I could sleep very soundly if I had thousands invested in 'Cake' and 'Syrup' [emoji38]

Haha, I'm the same. No way I'm putting any large sums in, but I wanted to try and figure it out.

I've managed to get some cake staked in a syrup pool now, just took the "easier" option of buying cake directly on Binance (though I've lost a bit on that at an average purchase of £12 [emoji1751])

Bought £15 of BnB as well, annoyingly at the current high price, to pay the gas fees on Binance smart chain (which I hadn't realised was needed).

Transferred the CAKE and BNB to my trustwallet, which was easy enough, connected to pancake swap and staked in the cake pool.

Cost about 59p in gas fees to put it in. 143% return annually, apparently, we'll see.

Doing it this way avoided having to figure out liquidity pools and transferring different coins to stake in them. I think that may be beyond my ability levels..[emoji846]

[Tartan Dave]

Cardano passed a dollar overnight last night and hasn’t dropped yet. Happy days

[jamamafegan]

I’ve trying and failing miserably to buy crypto on Binance. I have no f*****g idea what I’m doing. Basically trying to buy a crypto that you can’t buy with GBP - so I need to trade with Bitcoin instead. At first I tried converting currencies but it says I need a minimum of 0.001 Bitcoin which is like 50 quid - don’t want to spend as much as that. Then there’s this other section where it converts Bitcoin into USDT (don’t even know what that is) but again it seems like there is a minimum spend. I don’t get it. I’m lost and seething.

[gaz5]

I’ve trying and failing miserably to buy crypto on Binance. I have no f*****g idea what I’m doing. Basically trying to buy a crypto that you can’t buy with GBP - so I need to trade with Bitcoin instead. At first I tried converting currencies but it says I need a minimum of 0.001 Bitcoin which is like 50 quid - don’t want to spend as much as that. Then there’s this other section where it converts Bitcoin into USDT (don’t even know what that is) but again it seems like there is a minimum spend. I don’t get it. I’m lost and seething.

Having recently had to figure my way around the same problem......

Pick one of the stable coins (I went for USDT, but that was before I found out about DAI or BUSD, any of them will do. These are coins that are pegged to a currency, usually the $, so don't change much in value, hence "stable").

Buy the stable coin first with GBP through the buy coins Wizard, then use the stable coin to buy whatever it is you want through the full buy interface with the charts etc.

(Worth saying that there are a fair few coins available on the simple buy interface so the one you want may be there for you to buy in £'s. Just be aware of will be higher priced than the current price, but only marginally)

I've not found anything yet that I want that doesn't have a USDT pair and in Binance earn you get 6% interest on any spare USDT you want to have hanging around (it's also a common one for liquidity pools etc if that's your bag).

There may well be a better way to do it and paying 2 sets of fees (fir the USDT purchase in GBP, then the crypto purchase in USDT) is a pain in the tits, but doing it that way it's working for me just now. [emoji106]

ETA: if you're using the mobile app, not the website or desktop app, you can get to the simple "buy crypto" interface by clicking the profile icon top left, then switching to lite mode. Then the middle button and "buy" at the top. It's a market purchase, so you just get whatever they offer at the time, but there's a wizard you get to see the final price and 60s to confirm before finalising.

Then just switch back to full mode the same way to get the markets interface.

I think the minimum purchase across the board is £15.

[SANTAN]

On 19/02/2021 at 11:10, gaz5 said:

I signed up for Binance just under 2 weeks ago. BNB was under £50. I nearly bought some on Sunday for £93 for staking, but decided against it.

£190 at the minute.

Well that was a mistake!

BNB is a good example how people (stupid people like me) always sell before the top. I got into that at under £5 and spent about £100 was convinced it would go big, it went to about £20 per token and I was over the moon and sold it all, if I had held til prices it is now I'd have made a tidy sum but the idea that I wouldnt have sold at £50 or something is fanciful. 

[gaz5]

BNB is a good example how people (stupid people like me) always sell before the top. I got into that at under £5 and spent about £100 was convinced it would go big, it went to about £20 per token and I was over the moon and sold it all, if I had held til prices it is now I'd have made a tidy sum but the idea that I wouldnt have sold at £50 or something is fanciful. 

Yeah, defo. But I think that's a normal thing and most, if not everyone, will be the same. Had I bought at £50 when I first joined binance I'd have defo sold at £80-£100.

I laugh when I read people talking about "imagine all those folk who bought BTC at under a dollar now", like anyone (who hadn't forgot they had it or had lost it) didn't sell at under $1k (probably well under).

I've had a change in strategy this week (in that I have actually written one down!). Trying to have a profit target for everything I buy and hodl'ing till I get there, or hit my stop loss.

I need to try and put a bit more discipline into what I'm doing as in my first week or so I was collecting coins like Pokémon. [emoji1787]

I dare say that will put me in the same position, either as coins rise after I sell for the profit I'm targeting, or worse still, sell at a stop loss before it goes back up, but I'm trying to make sure I don't do anything too stupid and get rekt in double quick time.

I've not sold anything yet, but a couple of the small holdings I have I think I will if they get to a level I'm out of the red.

It's been strange watching things happen. Sometimes things go up and down for seemingly no reason. Sometimes they react positively to BTC, sometimes negatively. Some of the swings in value are wild. Coins that dont seen to have any utility at all have huge swings to the upside and those that seem to have have really good use cases and clear numbers on coinmarketcap are sitting worth pennies, despite being in active (and meaningful) use.

I'm sure you guys with a lot of experience can see the patterns, but for newbies it defo feels a bit random at times. [emoji1787]

[SANTAN]

20 minutes ago, gaz5 said:

Yeah, defo. But I think that's a normal thing and most, if not everyone, will be the same. Had I bought at £50 when I first joined binance I'd have defo sold at £80-£100.

I laugh when I read people talking about "imagine all those folk who bought BTC at under a dollar now", like anyone (who hadn't forgot they had it or had lost it) didn't sell at under $1k (probably well under).

I've had a change in strategy this week (in that I have actually written one down!). Trying to have a profit target for everything I buy and hodl'ing till I get there, or hit my stop loss.

I need to try and put a bit more discipline into what I'm doing as in my first week or so I was collecting coins like Pokémon.

I dare say that will put me in the same position, either as coins rise after I sell for the profit I'm targeting, or worse still, sell at a stop loss before it goes back up, but I'm trying to make sure I don't do anything too stupid and get rekt in double quick time.

I've not sold anything yet, but a couple of the small holdings I have I think I will if they get to a level I'm out of the red.

It's been strange watching things happen. Sometimes things go up and down for seemingly no reason. Sometimes they react positively to BTC, sometimes negatively. Some of the swings in value are wild. Coins that dont seen to have any utility at all have huge swings to the upside and those that seem to have have really good use cases and clear numbers on coinmarketcap are sitting worth pennies, despite being in active (and meaningful) use.

I'm sure you guys with a lot of experience can see the patterns, but for newbies it defo feels a bit random at times.

Oh I'm very much a casual, I do not have experience worth anything. I actually do disgustingly low research and effectively just try and analyse trends and get coins when I think they'll rise!

I agree with pretty much all of what you've said to, setting actual targets is a great idea, I started out saying I was going to do so but the price changes were too volatile for a small time hodler like me, was pretty much pointless. I bought a massive white board - never used it

Regarding the different coins I kinda understand ones that increase when BTC does but strangely it baffles me how some coins seem to always do poorly when everything else seems to be rising, as I've said multiple times though I'm an amateur that doesn't even have much of an intrigue technically speaking with crypto just use it as a casual gamble. 

[Aufc]

Yeah i think the posts above sum up my (and a lot of people) views. Although i actually made a pretty decent trade the other day. I bought 56 polkadot coins at £15. They got to £30 at the weekend so sold £800 worth which covered my initial investment. I then bought back some this morning at £26 as seems to be a correction on all the coins. Then also bought some vechain.

I mainly use crypto.com. I need to set up a coinbase so i transfer my profits that i take off my crypto.com account and into my bank. I have just been reinvesting them

[Aufc]

Not looking as smart now that the price dropped as low as £22. Back uo to £24 but a fair old correction it seems

[gaz5]

Not looking as smart now that the price dropped as low as £22. Back uo to £24 but a fair old correction it seems

Aye, I've lost just under £500 from my account value in 2 hours.

I bought Dot yesterday at £27 thinking it had settled. [emoji1751]

I'm trying to console myself in the knowledge that I had no plans to sell any of my main positions, I'm in those for the long term, so a correction (going that's all it is) shouldn't matter.

Still makes you shit yourself when you open Blockfolio though. [emoji1787][emoji1787]

[iron mike python]

ETH went as low as $700 on Kraken Exchange.

DOT went to $12.5 on Kraken

It is really dodgy and meant that a lot of people got liquidated on Nexo (must be using just one price feed) whereas Celcius uses Chainlink and its secure decentralised feeds. I wish i had put some stink bids in to get some super cheap tokens.