Bitcoin/cryptocurrency thread

[iron mike python]

48 minutes ago, gaz5 said:

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

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

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.

Gaz, see when you feel that gut punch. That is the time that you should be pressing the buy button.

When your coin is high, Bitcoin is high and you feel great= Good time to consider selling.

 

[gaz5]

Gaz, see when you feel that gut punch. That is the time that you should be pressing the buy button.
When your coin is high, Bitcoin is high and you feel great= Good time to consider selling.
 

I managed to do some of that. Didn't manage to grab the bottom of the dip and they haven't recovered to that level yet, but hopefully long term I'll see the benefit.

Averaged down my purchase price on REEF, VET and LIT. I got a little extra DOT as well, but I managed to get into that at an average buy of £18, so today's purchase has taken the average up a bit, same with ADA which I got onto at 63p and added more today at 70p, hoping it rises again.

I think my main problem at the moment, which I'm sure a lot of newbies suffer from, is I've collected small amounts of lots of tokens and I don't have the capital to build enough.

I hadn't really thought it through and bought a lot of coins. I had looked into them all in terms of the projects, but not necessarily the "tokenomics" (new to me!) of them or where they would fit into a portfolio to manage risk.

That's a lesson learned though, every day is very much a school day at the moment. I'm enjoying finding out about the tech and discovering what is really a different world I had no idea existed.

I've decided going forward I'll have 4 bags with the following split:

Bitcoin: 10% overall, as it's always good to have a % here

Large Cap: 50% overall. Lower growth potential, but hopefully less risk as well (as much as you can lower the risk!)

Mid Cap: 25% overall. More potential for gains, but pick and choose based on the project, stop collecting like Pokemon's

Small Cap: 15% overall. Highest risk, probably new projects, be selective based on research.

I'm hoping having a bit more control like that makes me be more selective of what I choose from each category. I'm not looking to make a fast buck (as much as it would be nice), more dollar cost averaging every payday like I do with my ISA.

Will still need to pick the right exits, but I think "trading" and getting it right day to day is probably not in my skillset at the moment. Maybe with more time, learning and practice.

[SANTAN]

4 hours ago, gaz5 said:

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

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

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.

Can we not mention that app please. 

[gaz5]

Can we not mention that app please. 

Haha, that sounds like there's a story there. [emoji846]

[SANTAN]

5 minutes ago, gaz5 said:

Haha, that sounds like there's a story there.

Ahah I certainly wasnt fishing like an old wifey there, I've posted a few times thought you might have seen it. 

Basically I started following crypto properly a couple of years ago, stuck a grand in, market moved sideways for 2 years, withdrew all holdings midway through last year then boom Bull season and everything rockets, I still have my blockfolio account with a balance of 10k of what could have been (that's a lot for me) I can't bring myself to delete the app, curiosity has the best of me. It's a good lesson about holding! 

[gaz5]

This Crypto games a laugh ain't it. [emoji1787][emoji1787][emoji1787]

[iron mike python]

1 hour ago, gaz5 said:

This Crypto games a laugh ain't it.

Yep all good fun .  Very good news here though 

https://www.coindesk.com/ny-ags-850m-probe-of-bitfinex-tether-ends-in-an-18-5m-settlement

This news is a sentiment changer. A bit of history is that critics say that USDT is not backed 1:1 by US $. This shows there is still no evidence of USDT not being fully backed.

Edited February 23, 2021 by iron mike python

[gaz5]

Yep all good fun [emoji51].  Very good news here though 
https://www.coindesk.com/ny-ags-850m-probe-of-bitfinex-tether-ends-in-an-18-5m-settlement
This news is a sentiment changer. A bit of history is that critics say that USDT is not backed 1:1 by US $. This shows there is still no evidence of USDT not being fully backed.

Yeah, I saw that. Defo good news, I've been buying USDT to do all of my purchases that I can't directly in GBP.

I managed to buy this morning and add to my bag for the ones I have "top" of my list.

I listened to the pretrial call yesterday between Ripple and the SEC. Obviously I'm not a lawyer, but it sounded to a layman like the case was paper thin at best, so hopefully more good news on that from between now and August (at it could have repurcussions for the whole crypto market).

[Theroadlesstravelled]

Me rn 

 

[SANTAN]

I'm happy tbf, $BTC on sale right now. 

[Zetterlund]

6 hours ago, iron mike python said:

Yep all good fun .  Very good news here though 

https://www.coindesk.com/ny-ags-850m-probe-of-bitfinex-tether-ends-in-an-18-5m-settlement

This news is a sentiment changer. A bit of history is that critics say that USDT is not backed 1:1 by US $. This shows there is still no evidence of USDT not being fully backed.

It's a bit of a confusing one really. The NYAG literally said Tether lied about the coins being fully backed, then Tether's lawyers said there was no finding that they weren't fully backed.

The general takeaway from it seems to be they haven't been open & honest but got away with a slap on the wrist. I expected the markets to shrug it off but they've been spooked.

[gaz5]

I'm happy tbf, $BTC on sale right now. 

I've an alert set for if it gets to 31,500. I think I'm being too greedy. [emoji1787]

[wee_bairn]

I’ve got funds available to invest more in either Btc or ETH during this dip and I can’t decide where the best value is. 

[SANTAN]

10 minutes ago, wee_bairn said:

I’ve got funds available to invest more in either Btc or ETH during this dip and I can’t decide where the best value is. 

$LTC...

I honestly don't think the difference would he too substantial, you'd be safe splitting between the two I'd imagine. 

[SANTAN]

15 minutes ago, gaz5 said:

I've an alert set for if it gets to 31,500. I think I'm being too greedy.

 

On 22/02/2021 at 15:37, iron mike python said:

Gaz, see when you feel that gut punch. That is the time that you should be pressing the buy button.

When your coin is high, Bitcoin is high and you feel great= Good time to consider selling.

 

What made you put that as your buy level out of curiosity?

I think at this point if you're a casual then $btc at any price between 0-60k is relativley safe. If you're doing big money on small timeframes then of course a different ball game. 

Hesitation to buy is a good stage though you've clearly easily surpassed the "desire to sell at every dip" stage which is a big newcomers barrier. The amount of people that want to buy high and sell low still astounds me on a regular basis. 

[gaz5]

$LTC...
I honestly don't think the difference would he too substantial, you'd be safe splitting between the two I'd imagine. 

I'd agree (though acknowledge my complete inexperience).

Looking at the numbers, BTC is down 19% from its peak and ETH down 22%.

If they both got back to where they were, then ETH would represent slightly better value by that measure.

With that said, Im not really into ETH personally and until ETH 2 is ready there seems to be fair issues with the fees.

I'm waiting to see if BTC goes back below 33k, if it does I have £100 to go in there myself.

[gaz5]

What made you put that as your buy level out of curiosity?
I think at this point if you're a casual then $btc at any price between 0-60k is relativley safe. If you're doing big money on small timeframes then of course a different ball game. 
Hesitation to buy is a good stage though you've clearly easily surpassed the "desire to sell at every dip" stage which is a big newcomers barrier. The amount of people that want to buy high and sell low still astounds me on a regular basis. 

It was one of the support levels I thought I'd pulled out of the charts. One at 33k and one at 31.5.

The 31.5 one would keep me around my average purchase price so far.

But I am very, very, very, very (you get the point [emoji846]) new to TA and I've not been particularly successful with it so far. That's definitely something that I imagine takes years to get even half decent at.

I'm not day trading, I'm building a bag to HODL for, most likely, years. In that regard, I think you're spot on with the 0-60 shout. I'm more using these pumps and dips to try and learn the skills to read the charts as well as build the portfolio.

I'm making mistakes, no doubt, but at this stage is all a learning experience.

[SANTAN]

1 minute ago, gaz5 said:

It was one of the support levels I thought I'd pulled out of the charts. One at 33k and one at 31.5.

The 31.5 one would keep me around my average purchase price so far.

But I am very, very, very, very (you get the point ) new to TA and I've not been particularly successful with it so far. That's definitely something that I imagine takes years to get even half decent at.

I'm not day trading, I'm building a bag to HODL for, most likely, years. In that regard, I think you're spot on with the 0-60 shout. I'm more using these pumps and dips to try and learn the skills to read the charts as well as build the portfolio.

I'm making mistakes, no doubt, but at this stage is all a learning experience.

Yeah you've surpassed me tbh I'll be asking for advice in a few weeks time.

It's funny when I first started I tried to do the same and onramped myself with DOGE because it was worthless, just tried to get the hang of pumps and dips etc.. now it's doing so well relativley speaking it's crazy how many people will be now starting on DOGE but not as a tester. 

[wee_bairn]

Is anyone invested in XRP? By all accounts the pre-trial went very well on the 22nd.

[Aufc]

Is anyone invested in XRP? By all accounts the pre-trial went very well on the 22nd.

I have abour £500 worth.

The whole correction on Monday was a bit of an eye opener. I sat and made a spreadsheet of all my coins and did some calculations and worked out a selling price for each of them them that would see my sell 10% of my total coins but recoup between 20-35% of my purchase price. I would then try recoup more of my purchase price if it continues to increase. I could then try withdraw the cash or store it incase any further corrections happen.