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JesusMachine

Cryptocurrency

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I'd probably invest in gold, and especially silver as part of my savings if it weren't for the further return on investment I'm anticipating on cryptocurrencies over the next couple of years. Once you go down the rabbit hole of investing, you start to see things in different ways. Noticed when I was in a fiat only frame of mind, I didn't really have a strong urge to save money. Once I got some crypto gains my entire thought process changed both consciously, and subconsciously.

 

The entire time I was in the fiat frame of mind, I'd see very poor returns on my savings accounts. This got worse after 911, then diminished even further after the financial collapse of 2008. Since then, money has been practically given away for free. You can almost take out a loan with low enough interest to invest in something safe like bonds and make money. At the same time, you subconsciously understand that because of inflation, your saved dollar will buy less next year than it would this year. There's basically very little incentive to save, especially for people in middle, lower income brackets. It's smart, but it feels like trying to walk up a down escalator.

 

I think this is the main reason why Americans have become so poor economically. Why store your fiat currency when basically anything you buy is worth more than the dollars you have. How many of you know people that actually saved their own downpayment for a house, without contributions from family? It's becoming almost unheard of. My zip code requires about $100,000 in savings just to make the bare minimum of a 20% down payment (on a small 1 bedroom apartment mind you). It's a tough sell to a young person who's trying to actually enjoy life.

 

I see our economy as being built on this inflation, and debt. People spending every penny they make, as fast as they make them. Why hold that fiat, it's going to be worth less the longer you hold it, even cheap Chinese made plastic goods are worth more than that dollar you were considering stashing away. Oddly enough, I see the good side of this. By spending money on shit we don't need, we've inadvertently made China a 1st world nation, and somehow also kept our own economic system growing (for the rich that is). We work harder because we wanted that new iPhone, and that car we borrowed money to buy, and if we don't make the payments we'll lose it. This is what drives our economy. The downsides of this is so many people not being able to figure out why they're miserable, while missing out on life by chasing that next toy. At the same time it's slowly improving the world and providing economic opportunities for others.

 

Now, Circling back to Cryptocurrencies. They are essentially deflationary since some is inevitably lost to people losing their keys/passwords all the time. I think by nature, they will always be deflationary and go up in value. Thus, people like me that HODL choose not to spend money on cheap Chinese shit, and save knowing next year I'll be able to buy a lambo if I pass on the range rover today (I def don't HODL that much BTW, just using it as an example). I don't think our economy could function in a cryptocentric currency system. Inflation, IMHO isn't such a bad thing looking at the big picture, and probably essential for modern economies to continue to grow. They'll have to figure this inflation/deflation problem out before Crypto is ever successful as a mainstream currency. Not good news for the next generation of HODLers. Why would anyone actually spend a dime on something that wasn't absolutely essential, when it's guaranteed that dime will be worth a quarter in the near future.

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Definitely agree with all your saying. I'd go on to say its engineered as such. We live in a debt based economy. That's not a figure of speech or cliche, but is actually the model our economy is built on. Crazy part is that its engineered to be impossible to ever pay off and is only healthy when more debt is accumulated. Saving money is actually a negative since one of the key benchmarks in the overall health is a stable high market velocity, which means everybody needs to keep spending money or the system falls in danger of collapse. This is part of why interest rates have been held low fo so long. Its to discourage savings and help keep market velocity high (a fancy word for spending money as fast as you can get your hands on it). The Fed lends banks money for virtually no interest and in some case borrows it back via a third party at a slightly higher interest rate and then all that gets dumped into the economy so we can keep shifting it all over the place accumulating additional debt along the way.

 

And no doubt that most people are miserable. Seems almost like a drug addiction chasing that next high that becomes increasingly elusive and never lasts quite as long. Recall taking note on the subway and streets when taking my kids to work, just how miserable everyone looked. Profound difference from the general disposition of the people where I now live.

 

In regards to your last paragraph, the interesting thing to me are the early adopters that managed to stack up enough crypto that they can live a good (if not awesome) life selling back small increments while the bulk of their crypto wealth appreciates at a rate faster than the value of what they're cashing in. That's a hell of a nice spot to be in and I do believe there is still opportunity to pull this off.

 

Kudos to you @Mercer for having your shit together.

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Currently, very happy the portfolio is ETH heavy. Ether was 51% of my portfolio last week, haven't moved anything and it's at 61% today.

 

Found this article today, stroked my brains own confirmation biases pretty well.

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Wild ride these last few days. Assume everyone is HODLing like a motherfucker.

 

Wish I had like $50k to be dropping right freakin now.

 

Anyhow, how's everyone looking? Thought I was slick when I dropped $500 at $9.9k. Saw my portfolio balance out later that day and then more FUD sent shit way back down to new lows.

 

Honestly seeing this as an opportunity to make up for lost time. Anyone else going in?

 

Thoughts?

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I'm suffering through only tripling last year's investment now. Someone pass me a kleenex.

 

On a serious note, outside of the bitcoin I bought in November 2016, I got in on the first major ETH pump up to $380 ish in June last year. Dropped about 8 grand (my entire savings) starting in May as it rose from $180, then $250, then $300. I watched it rise to almost $400 in June then boom, flash crash. It literally dropped to less than $10 in seconds. It bounced back up to like 300 right after but I was shook. I held as it slowly worked it's way down following the flash crash, then, my dumbass panic sold at around $150 before it bounced fafter dipping to $130. I took a loss of close to $4000 on ETH. From what I understand now, my story isn't too uncommon. You're more likely to get into this shit during a major run up, it just takes balls of steel to not panic sell.

 

As any good gambling addict will tell you, the only way to make your losses back it to keep rolling the dice, so I put back what I had left back in in July, and dropped another $5 grand or so leading up until the August boom. Till this day that panic sell was one of the dumbest decisions I've ever made, my girl was pissed until it started pumping back up and I admitted I put a bunch more back in again, lol. I'm only sharing this painful, and embarrassing story because I'm sure there's someone on here with a panic sell gnawing away at the back of their head. If I wouldn't have panic sold I'd be around $15,000 ahead of where I'm at right now. That's like a fully loaded Hyundai Santa Fe with 10,000 miles on it.

 

Moral of the story, don't buy high, then sell low. If anything take profits after a major pump to cover your initial investment, then these dips are easy to shrug off and feel like losing monopoly money.

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I bought low and am still nowhere near in the red anyway

 

Just greedy

 

When did you get down, if you don't mind my asking?

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I'm suffering through only tripling last year's investment now. Someone pass me a kleenex.

 

On a serious note, outside of the bitcoin I bought in November 2016, I got in on the first major ETH pump up to $380 ish in June last year. Dropped about 8 grand (my entire savings) starting in May as it rose from $180, then $250, then $300. I watched it rise to almost $400 in June then boom, flash crash. It literally dropped to less than $10 in seconds. It bounced back up to like 300 right after but I was shook. I held as it slowly worked it's way down following the flash crash, then, my dumbass panic sold at around $150 before it bounced fafter dipping to $130. I took a loss of close to $4000 on ETH. From what I understand now, my story isn't too uncommon. You're more likely to get into this shit during a major run up, it just takes balls of steel to not panic sell.

 

As any good gambling addict will tell you, the only way to make your losses back it to keep rolling the dice, so I put back what I had left back in in July, and dropped another $5 grand or so leading up until the August boom. Till this day that panic sell was one of the dumbest decisions I've ever made, my girl was pissed until it started pumping back up and I admitted I put a bunch more back in again, lol. I'm only sharing this painful, and embarrassing story because I'm sure there's someone on here with a panic sell gnawing away at the back of their head. If I wouldn't have panic sold I'd be around $15,000 ahead of where I'm at right now. That's like a fully loaded Hyundai Santa Fe with 10,000 miles on it.

 

Moral of the story, don't buy high, then sell low. If anything take profits after a major pump to cover your initial investment, then these dips are easy to shrug off and feel like losing monopoly money.

 

I'm really seeing this as an opportunity to make up for lost time. I'm now pretty well into the red, but not concerned. Honestly wish I had $50k to drop right now.

 

Where do you think the floor is? Honestly thought it was at about $10k. Now wondering if we'll see it kiss $3.5 - $5k which seems to represent where it was before the crazy run up.

 

Any shit coins you looking at right now? Really want to start putting $100 towards a handful of sub $0.01 altcoins just to see if anything runs up.

 

Also, do you keep your crypto in action? In other words do you keep open sell orders and adjust according to what you see happening daily?

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Where do you think the floor is? Honestly thought it was at about $10k. Now wondering if we'll see it kiss $3.5 - $5k which seems to represent where it was before the crazy run up.

 

Pretty sure we've hit the floor, I think this entire month is going to be shitty though. From what I've noticed you can tell it's hit the floor in major corrections like this when it's between half, and a quarter of the all time high price, and trading volume starts picking back up.

 

Any shit coins you looking at right now? Really want to start putting $100 towards a handful of sub $0.01 altcoins just to see if anything runs up.

 

I don't fuck with anything I don't think is useful, or has serious potential outside of price. I'm not the best person to ask about this. IMHO the days of putting in a few cents and getting returns in the tens of thousands of percentile within months are pretty much over for non-accredited investors. One of the low cost coins I think has serious potential for 2018 is ADA, I also see Ethereum as severely undervalued at this point. EOS is also good a good hedge against Ethereum much like ADA is. EOS requires balls, and a little bit of technical know how to properly register the ERC20 tokens on my ether wallet via smart contract which is scary for most people, but a serious advantage to anyone willing to go through the learning process. Although I do hold bitcoin cash I don't recommend it as an investment unless it's potential is being measured against BTC, I just support their cause. TBH I don't think there's any "exchange of value" focused cryptocurrencies outside of Monero that have potential this year, including BTC. The market seems to be shifting away from cryptocurrencies, and into cryptoassets like Ether and other smart contract platforms. I only like Monero because of it's anti surveillance properties.

 

Also, do you keep your crypto in action? In other words do you keep open sell orders and adjust according to what you see happening daily?

 

Absolutely not, I know people who've lost a lot, either by trying to outsmart the market, or by having their funds sitting on an exchange that gets pwnt. During the aforementioned ETH flash crash people had market sell orders if the price drops below "X" well, if it drops below "X" and keeps going down because everyone else was thinking the same thing, by the time your order is filled you might be one of the people that sold at $10. I don't even like holding anything on exchanges, even the super reputable ones. I will make fiat deposits into them, and hold the fiat with buy orders for when the price dips but that's it. Looking back at my moves, the best ones hands down were buy and hold. I did get some trader luck on a shitcoin investment (IOTA). Truth be told I honestly had faith in the project back when it took a certain degree of technical prowess to even HODL, and later lost faith when I looked into it more. Luckily when I lost faith, the price was hitting gains in the thousands of percentile. I'm not saying day trading is bad, I'm sure there are people who consistently make gains, I've just never met one myself and more often find people that lose out in the long run.

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Lost $45 on fee's and overdraft charges, but ETH, LTC, and BTC went up and gained $450 which is nice.

 

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Lost $45 on fee's and overdraft charges, but ETH, LTC, and BTC went up and gained $450 which is nice.

 

Bummer glad the coins are going back up

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Didn't really get over-drafted, just thought it was a funny situation during the market upswing, deserving of a meme reference.

 

I actually had to cash out a pretty large amount recently for a move, and was hoping for a mistaken double deposit into my bank. Too bad the market was down when I'm moving into a new place, $4200 security deposit is killing me. Wish the new landlord would allow for an Ethereum smart contract security deposit, that would be nice to cash out in a few years when I move.

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Don't have to understand BTC to know that this is a dumb move. Unless there were other motives at play that are not disclosed:

 

 

'This is horses--t': Bitcoin investors blaming a Tokyo 'whale' for recent price slide

  • Oscar Williams-Grut

http://www.canberratimes.com.au/business/markets/this-is-horses-t-bitcoin-investors-blaming-a-tokyo-whale-for-recent-price-slide-20180308-p4z3jd.html

 

Angry bitcoin traders are railing against bitcoin sales by the trustees of funds from collapsed Japanese crypto exchange Mt Gox.

 

Mt Gox was launched in 2010 and was one of the earliest cryptocurrency exchanges. It grew to become the world’s biggest exchange but filed for bankruptcy in 2014 after being hit by a $US450 million ($578 million) hack. Its remaining funds have been placed into a trust to help pay back creditors.

 

Bloomberg reported on Wednesday that Nobuaki Kobayashi, the Tokyo attorney and bankruptcy trustee for Mt Gox’s funds, disclosed in a creditor’s meeting this week that he has sold $US400 million of Mt Gox’s bitcoin since last September. Kobayashi is in charge of liquidating Mt Gox’s funds to pay back creditors of the business and controlled a pool of more than 166,000 bitcoins as of March 5.

 

Matt Odell, another bitcoin investor on Twitter, wrote:“They panicked and sold the bottom. Market absorbed it well.”

 

 

But other bitcoin traders and investors have expressed anger at the fact that such a large amount of bitcoin was sold into the market at a time when prices were already under pressure. After hitting a high above $US20,000 in December, bitcoin crashed below $US10,000 in mid-January. The cryptocurrency, or the wider market, hasn’t recovered since and is trading at just under $US10,000 as of the morning of March 8.

 

The most popular thread on the Bitcoin sub-Reddit on Thursday links to an article accusing Mt Gox’s trustees of trying “to crash bitcoin” and the highest rated comment says: “Just give the people their money in BTC and let them decide what to do with it. This is horse—t.”

 

A follow up comment from the same user said: “It’s definitely having the effect of causing the price to drop with each sell period.” Another member said: “Why didn’t he sell the BTC at auction like other assets often get sold during bankruptcy? If he sold on the spot market only an idiot would think you wouldn’t suffer slippage.”

 

A separate thread on the Bitcoin sub-Reddit makes the same point, saying: “Is there a way to ask this Mtgox trustee guy to use an OTC desk next time (or do an auction like the FBI did with Silk Road’s 144,336 BTC)? And to NOT do market dumps?”

 

A comment on that thread reads: “For the sake of Bitcoin survival somebody gets a hold of the trustee asap to use a better mechanism to distribute those coins!”

 

All the comments suggest traders are concerned that such large sales of bitcoin from the Mt Gox trustees are negatively affecting the price of the asset. Kobayashi still has $US1.9 billion of bitcoin to offload, suggesting this theory could see further scrutiny.

 

Any proceeds left after Mt Gox’s creditors are paid will go to Mark Karpeles, the founder of Mt Gox. This quirk of Japanese bankruptcy law has angered many in the bitcoin community who think that Karpeles, currently on bail from prison in Japan where he faces embezzlement charges, shouldn’t reap any benefit from the collapse of Mt Gox.

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Any of you crypto nerds know where a guy might be able to trade some of these sealed blue labels for coin? I know they’re like sticker gold, so I thought I’d pop in to see.

 

[ATTACH=full]241020[/ATTACH]

I thought those stickers are completely free

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These swings have been pretty wild. Hoping to close on something I've been working on for a couple months. If so, I'm planning on putting a fair sum into BTC, and spread a decent amount across a few shit coins. Also, planning to start messing with Buy / Sell orders instead of just HODLing.

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IMHO the days of putting in a few cents and getting returns in the tens of thousands of percentile within months are pretty much over for non-accredited investors.

 

Why do you feel this way? One thing I've learned is that crypto is still way in its infancy. I'd read that about 2% of the nation is turned onto it, but I suspect that the true number is far lower. Perhaps 2% have figured out how to join coinbase and buy, but the number of people that even have a basic understanding of blockchain, let alone the potential ramifications of that tech, seems to be very few and far between. Seeing as how well many people I know did with NEO, I still think there's plenty of potential for come ups on shit coins.

 

Absolutely not, I know people who've lost a lot, either by trying to outsmart the market, or by having their funds sitting on an exchange that gets pwnt. During the aforementioned ETH flash crash people had market sell orders if the price drops below "X" well, if it drops below "X" and keeps going down because everyone else was thinking the same thing, by the time your order is filled you might be one of the people that sold at $10. I don't even like holding anything on exchanges, even the super reputable ones. I will make fiat deposits into them, and hold the fiat with buy orders for when the price dips but that's it. Looking back at my moves, the best ones hands down were buy and hold. I did get some trader luck on a shitcoin investment (IOTA). Truth be told I honestly had faith in the project back when it took a certain degree of technical prowess to even HODL, and later lost faith when I looked into it more. Luckily when I lost faith, the price was hitting gains in the thousands of percentile. I'm not saying day trading is bad, I'm sure there are people who consistently make gains, I've just never met one myself and more often find people that lose out in the long run.

 

I hear you, but also know a number of people that are almost at the point of making a living with day trading like approach. I'm not super familiar with charts and the methodology used for tracking trends through them, but does seem to me that there's more to it than happy accidents. I can understand your weariness with leaving funds on an exchange, but still don't think its been a regular enough occurrence that I'm super concerned personally. Maybe I'll feel different when I have significant money in play, but we'll see. Hopefully I can pull off what I'm trying to do and get some real money in play. I'll keep you guys posted once I get to that point.

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https://limacharlienews.com/business/fine-art-meets-bitcoin-blockchain-cryptocurrency/

 

When fine art meets Bitcoin, blockchain and cryptocurrency the real fun begins

Published on April 28, 2018 by Lima Charlie Tech

 

Blockchain and cryptocurrencies are set to disrupt nearly every industry, and have already become a changing force within the global fine art market. While news often focuses on the price of Bitcoin, there is a much larger story to be told about the technology and its gamechanging uses in the art world.

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I use an iPhone app called crypto pro on my phone. I basically enter in my trades/buys/sells and it shows me what my portfolio looks like in real time without holding any keys/personal info on the phone. I use Exodus's "Eden" wallet, and whatever single use wallets are needed by other coins I hold like Monero, ect.

 

 

So with Litecoin:

 

When Litecoin first came out, it kind of made sense. BTC blocks took 10 minutes, Litecoins took 2.5 minutes. Charlie Lee also multiplied the supply by 4 times, and switched the hashing algorithm so the ASIC's used to mine bitcoin wouldn't work for Litecoin, all good. Cheap Chiness knockoff at best, back then fees were almost non-existant. No red flags, like a pre mine or unfair distribution, the coins were fairly distributed and no one held a superwhale majority, or enough coins to singlehandedly crash the market.

 

Strike 1

 

Flash forward to when Charlie Lee is working for coinbase as an engineer. He somehow got Coinbase to list LTC, keep in mind there was almost zero demand for it, while other more useful/reputable coins weren't listed. Charlie Lee tweeted something like "Hey Brian, why don't we add Litecoin to coinbase?", and Brian Armstrong (CEO of Coinbase) tweeted back something like "Sure @charlielee, why not". Pretending to make this decision on twitter was cute. There were credible rumors of insider trading (scooping up as much LTC as possible just before announcing LTC would be listed on Coinbase) then once the data was analysed, it pretty much proved there was, in fact, insider trading. Not a big deal, niggas gotta eat, but insider trading is a shady move when a cryptocurrency's point man is tainted by it.

 

Strike 2

 

That brings me to the "Litecoin is the Silver to Bitcoin's Gold" mantra. Sure, transactions are cheaper now, and take 25% less time to confirm, but there are other coins out there like Ethereum (15 second blocks) and Dash that make Litecoin look like a joke. So how much merchant adoption do you think Litecoin has achieved? Obviously they're not attempting alchemy here to be a "digital gold" store of value like Bitcoin right? Zero adoption, or efforts made to do so, not a single merchant was partnered with to create a use for Litecoin. Charlie Lee never intended to make good on the promises of digital silver. As it stands right now, the only use for Litecoin is moving crypto out of Coinbase, and onto Binance so you can trade for altcoins with an actual future (BTC fee's are to high). I personally prefer ETH for that.

 

Strike 3

 

Charle Lee is an outspoken Crypto Superstar, I follow his twitter and it's quite entertaining. He's positioned himself as a "Bitcoin Maximalist" Meaning he trash talks other coins by saying Bitcoin is king, blah blah, blah. Dude made a fucking altcoin himself though. Half the shade he's tried to throw at other coins is unsubstantiated bullshit he parrots from Bitcoin Maximalists. When the scaling debate heated up he positioned himself on the side of bitcoin core, offering to use Litecoin as a live testnet for Segregated Witness, and Lightning. If Segwit x Lightning lives up to the lofty claims by it's supporters, it would basically make Litecoin obsolete. Bitcoin transactions would be instant, fees would be almost non existent.

 

So on the other side of the scaling debate are people who support the BCH hardfork (whom Charlie likes to mock). In my opinion they've solved the scaling debate, and have been catching up to BTC's market cap since forking. "Coincidentally", right before they're listed on Coinbase Dec. 20th, there are signs of insider trading again, someone is scooping up massive amounts of BCH. Also, at the EXACT same time, this motherfucker announces he's cashed out of all his Litecoin holdings. While it's at an all time high. Brazen as fuck. His excuse "I wanted to be able to argue on the internet without people thinking I'm shilling for Litecoin" Yea right.

 

For me, a coin needs more than a catchphrase, it needs at least the potential for a use case.

 

It seems that you know things about cryptocurrency) Lol. What do you think about cloud mining? And, do you know this website? http://hashflarecode.com/ . Thank you.

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Was trying my best to close a big deal before mid April so I could by a grip of BTC for almost half price. Missed that opportunity and was a no brainer it would bounce right after everyone filed taxes. It'll still climb throughout the year culminating in another peak likely around the holidays but damn if you couldn't nearly double you money in those last few weeks. Anyone manage to buy in when it was still in the sub 7k range?

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Was just thinking what a bummer it is that BTC / crypto wasn’t more of a thing back in the peak days. We literally have almost 200,000 members on here. Imagine the damage we could have done with nearly zero dollar transaction fees...

 

Remember we had that thread going on tropical islands for sale in south east Asia? We could have all transferred into a 12oz fund, bought an island and lived out some Lord of the Flies fantasy shit for a couple years at least. 

 

Or what about that decommissioned battle ship that was only like $300k. Would have been easy with the crew on here and only a couple bucks each. 

 

And what about that Oil platform we found off the coast of Iceland? We could all still be out there squatting and pirating. 

 

Maybe we need to start a “the dumb shit I’d buy if I were a BTC billionaire” thread?

 

That in itself is enough to demonstrate the merits of crypto currency. 

 

Whose HODLing like a mother fucker through these lows? Anyone, dropping big right now to catch that near guaranteed 400% come up come next December?

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