Cryptocurrencies

Discussion in 'Yellow Pages' started by Cassetti's Beard, Jun 2, 2016.

  1. wfcmoog

    wfcmoog Tinpot

    Sold all my bitcoin for BCH on Sunday Morning, bought it all back, plus 20% on Sunday evening.

    Most of my portfolio is in other alternative coins, which have taken a hammering recently but recovering now.

    This was a targeted attack on Bitcoin by big players supporting BCH. Bitcoin was due a correction after ridiculous growth in October, but this was a manipulated play. What it does show is that the Crypto market is still small enough to be vulnerable to such things. It also shows that Bitcoin recovers from such things, as it has done countless times.

    In terms of that ETH lockdown story - that was the fault of one wallet. It's basically like saying GBP are bad because one business lost £300m of GBP. It's nothing to do with ETH or crypto's inherent problems. It's because some bozo screwed up with peoples' money, or Ether in this case.
     
    hornmeister likes this.
  2. wfcmoog

    wfcmoog Tinpot

    For what it's worth, people have been saying that bitcoin has peaked for about 4 years now. It just reached a new all time high about 2 weeks ago. After a correction, it looks set to go back to those levels again. Corrections are normal. Anyone who bought Bitcoin for £4000 and sees it go to £6000 is likely to sell, causing the price to go down, but it pulls back.
     
    hornmeister likes this.
  3. reids

    reids First Team

    I've had an absolute mare recently. Swapped all my eth (30ish) for 1.2 BTC (BTC price: $7143) on the 8th November in anticipation of the fork (thought BTC would rise substantially before the fork). All was good and I made about £200 in an hour, and then BTC crashed hard, fork called off and I was stuck with 1.2 BTC. Queue this weekend, BTC falling hard. Decide to sell all and buy back a bit lower, thinking at least I'll increase my stack a bit so when it rises again i'll still profit. Literally 5 minutes after selling the price starts recovering and I buy my BTC back and £130 more than what I sold it at. Meanwhile eth has risen almost 7% in the same amount of time meaning I need BTC to rise substantially (at least by another $1000) to get the same amount of eth back. Smart decisions, terrible timing and execution! Such is crypto life.
     
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  4. wfcmoog

    wfcmoog Tinpot

    I was lucky. Saw the hard fork cancellation rumours as they broke and immediately moved everything into LTC and USDT. Then bought back the next morning.
     
  5. wfcmoog

    wfcmoog Tinpot

    For what it's worth - ETH is doing nothing right now and I believe BTC will recover back to the all time high levels.

    I didn't buy into the hard fork hype. I think that these constant forks are bad for the whole crypto economy and are serving minority interests.
     
  6. reids

    reids First Team

    Yeah, I still think BTC will be around the $10k mark by xmas, so will simply hold my BTC until then. Just a waiting game now really, eth seems to be being manipulated to the $300 mark, everytime it reaches that mark someone dumps a load and the price comes back down, so hoping BTC will reach a decent point whilst that's still happening and I can swap back for a nice profit (although will probably diversify my portfolio to 40% BTC, 40% Eth and 20% Monero)
     
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  7. wfcmoog

    wfcmoog Tinpot

    I just looked back over the thread and saw that my portfolio was 1.8 bitcoin or something just a couple of months ago.

    Since then I've made some hair raising trades to gain some good ground on a lot of coins, but my portfolio now is avout 1.2 bitcoin. Basically I've been trading frantically to not lose too much ground on Bitcoin.

    If I'd just held bitcoin and left it in a wallet I'd be richer. The trades I've made have been fine, but I've made them in coins which have diminished against bitcoin.

    Bitcoin is king
     
  8. reids

    reids First Team

    Yeah, every now and again I make some good trades - the day before I swapped all my eth for BTC I was expecting the eth price to fall, so sold all my eth at about €226 each and set a buy order at €211 - was fulfilled overnight netting me 1.8 eth profit or something, but the last 6 days or so has been horrid!
     
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  9. hornmeister

    hornmeister Tired

    There in lies the issues with trading very volatile and risky commodities. Timing is luck rather than judgement. constantly trading will start to eat up your profit in fees. Unless you pay a lot for a trading platform you'll be at least 15mins behind the curve.

    I'm in it for the long term. I can't actually benefit from it till I'm 55 anyway. If I see say 100% gains I'll take my original stake back out to the wrapper and go for something else. I'll be up as government subsidy will cover charges and any profit on the remainder going forward is a free punt.
     
  10. reids

    reids First Team

    Luckily the amount of Eth I had meant when trading I only needed the price to drop by £2-3 and I'd make a decent amount of profit (£60 providing it dropped £2) I sold it all, did that for a while just using the volatility to make me money, worked pretty well but is damn risky.
     
    Last edited: Nov 13, 2017
  11. wfcmoog

    wfcmoog Tinpot

    I think you miss my point. It isn't fees or volatility which is killing me, but my inexperience. By chasing the next big thing, I missed the existing big thing, which is Bitcoin. I'd have doubled my cash in 4 months if I'd just bought some and held. That's pretty simple.
     
    hornmeister likes this.
  12. wfcmoog

    wfcmoog Tinpot

    I don't claim to be an expert, but those who I know who are experts are not keen on Electroneum. I think it is the MLM type set up which makes it look like a Ponzi.
     
  13. Beekayess

    Beekayess Reservist

    This is a fascinating thread. And I don't understand a word of it. o_O
     
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  14. Diamond

    Diamond First Team

    Yeah it's simple after the event, but how were you to know for sure? I hope you all keep posting gains and losses because from the first few pages of this thread it was made to look pretty d*mn easy.
     
  15. wfcmoog

    wfcmoog Tinpot

    Well, I recouped any losses I made and that's as someone with just 3 months' experience.

    I was flying blind, just having fun to be honest but still managed to be ahead.
     
  16. wfcmoog

    wfcmoog Tinpot

    And obviously I wouldn't know "For sure," but if you're after a sure Thing, there's 1% to be had with your bank.
     
  17. jw-

    jw- Reservist

    I'm not sure this is an entirely correct analogy. Surely the strength and weakness of cryptocurrencies is that you can't retroactively undo mistakes like this (unless you fork). Until people have the tools to write formally correct smart contracts there is always a risk that bugs could be fatal.
     
  18. wfcmoog

    wfcmoog Tinpot

    But the fault was not with the code of Eth, just with the code of the wallet. Maybe a better analogy is a pension fund which loses your money.

    In any case, the fault was not with Eth.
     
  19. hornmeister

    hornmeister Tired

    Hedged my bets and bought a unit of the bitcoin tracker as well this morning as there was a bit of a downturn.
     
  20. Diamond

    Diamond First Team

    Yeah I get that and enjoy reading how you guys are getting on, so please keep the updates coming, it's very interesting.
     
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  21. wfcmoog

    wfcmoog Tinpot

    It's actually really good fun, as long as you keep your head. I've learned a great deal in just a short time. I'm no pro trader, but I'm able to register 100 quid profits in a day here and there if I have the time to do it.

    I would never say the trading is easy, because you are more likely to lose a load than gain unless you know what you're doing, but if people buy and hold a few coins and watch them they can see the markets grow.

    Some of the coins launched this year will be obsolete in 2 years, but some of them will go from under a $ to over $100 over the next 5 years.

    I've learned I'm not patient enough to just buy and hold a small portfolio and see if I picked some winners, so I make risky trades to fill up my bitcoin pot. That is not the best tactic though. Probably.
     
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  22. reids

    reids First Team

    It's addictive wanting more. I had to sell off some of my ethereum over the last few months and it saddened me, I try to do whatever I can to increase my stack (it's why I love being invested in Etheroll and mining as well!)
     
  23. hornmeister

    hornmeister Tired

    Update as of today.
    Bitcoin. Costs recovered and £12 (paper) profit.
    Ethereum £6 of costs recovered so still showing a £6 (paper) loss.

    It's all big money finance at Meister towers.
     
    nornironhorn, Diamond and reids like this.
  24. jw-

    jw- Reservist

    If the language design makes it hard to write correct code then it very much is a problem for Etherium.
     
  25. wfcmoog

    wfcmoog Tinpot

    I don't know that that was the problem
     
  26. jw-

    jw- Reservist

    It's not correct to say that it's the only reason for the problem, but the nature of crypto means making a mistake can be fatal, like forgetting a password to an encrypted drive. Solidity is not a great language to write programs that must absolutely not contain bugs in, which is why this wont be the last time this kind of thing happens.
     
  27. hornmeister

    hornmeister Tired

    As of the weekend including costs:

    Bitcoin up 10.8% £29.05 profit
    Ethereun down 1.15% £3.25 loss
     
  28. hornmeister

    hornmeister Tired

    Both up over 12% now.
    I had an extra Cheeky punt on the Etherium tracker which pulled the percentage down.
     
  29. reids

    reids First Team

    Diversified my portfolio slightly with the addition of some NEO (only 4), LISK and ARK.
     
  30. hornmeister

    hornmeister Tired

    Both up 30% so far[​IMG]
     
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  32. wfcmoog

    wfcmoog Tinpot

    Probably good timing. Lisk took a hammering recently because of some missed deadlines regarding rebranding, so I think the price dived, but will recover and will soar when they eventually sort out the rebrand.

    Have you looked at Rise? Came from the same fork as Ark and Lisk, but a fraction of the price. If they get their arses together it could be a good gainer, plus it's a DPOS coin, so if you stake it, you get passive income anyways.
     
    reids likes this.
  33. Bonkingbob

    Bonkingbob First Year Pro

    I can see on a very high level that a flag may be raised by referral bonuses but these are hardly huge.

    Maybe I’m being naive but for me a coin that wants the app on millions of phones needs the user base to help. A small referral bonus is no different to what the likes of TopCashback do.

    I’m certainly no expert but the fact that hard cap was honoured, team is named and in the uk (with an office you could visit tomorrow), and at no point has any projected gain been given by the team would steer me away from it being a ponzi.

    I’d be interested to see what red flags people with more experience can see. Anyway in for a penny and all that so i’ll find out soon enough :)
     
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  34. wfcmoog

    wfcmoog Tinpot

    I've not researched it, but you obviously have.

    I was basing my post purely on the consistent negative sentiment on all the crypto groups I'm on.
     
  35. wfcSinatra

    wfcSinatra Predictor Choker 14/15

    My cousin has convinced me to start investing small amounts after his 4k turnt into 6k in like two weeks.

    What do I need to know as right now I know very little.

    I've got Coinbase and that's it.

    What affects the market?
     

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