Best Posts in Thread: Crypto currency

I don't get it. I am bullish on crypto currency but why put all your eggs in one basket, especially when you are a high paid individual?

At some point your goal should switch from looking for moon shots to wealth preservation. Stocks, bonds , real estate, side hustles and crypto.

I think people just forgot what crypto bear market looks like. It is brutal. Makes the dot com bubble look like a minor correction.

 

[Assume Sarcasm] - Also wanted to pass along this great way to never forget your bitcoin-wallet. Be sure to use an extra strong magnet.

 

Follow Max Wright for great Crypto analysis. I put $10K over the last 4 months in Bitcoin (BTC), Etherium (ETH) and 5 other alt coins that is now worth $29K. Max has been saying that it will hit $100K by end of May. He says April will be a great month with 5 Fridays but will dip on the last one.

Two crypto coins on fire that are completely private (not supported by external wallets yet) are Monero (XMR) and Pirate Chain (ARRR).

I started in late Jan with $ 3K Monero at $150, it's now $340. Pirate Chain is even harder to obtain as not supported by Coinbase. I had to open a Tradeogre account. It was $0.13 in January, now at $2.05. Unfortunatley I just got in with $1K on April 7 at $1.07, but still see this going 10X.

Other alt coins on the rise are Uniswap (UNI) and Decentraland (MANA)

 

Costanza!

 

Although my career was in the markets, this is one area I will not delve into as an investment, tho I admit to shorting bitcoin as a trade a few times. I don;t truly understand exactly how these things work, but as an investment I will not put one penny into it for this reason. Having read where people's currencies disappear or get stolen, who do you call to try and retrieve? Or if some hacker takes your currency, who do you call, ghostbusters? As an owner of CD's, etc. in financial institutions that went away, I did not have to bat an eye b/c the money showed up with interest thanx to the FDIC. Trade? Yes. invest? No

 

That is such a Biden move.

it’s like Tesla creating a gas powered electric car. The point of crypto is to not have government backing.

 

Support is just a 20 week moving average that changes with time. It broke down below support on 5/18 which lead to massive crash. Support flipped to resistance for 3 months between 5/18 and 7/20, until it finally broke above it. Just because it is called "support" does not gurentee that it will hold. Its just an easy way to classify a bearish over all sentiment and a bullish sentiment. When bitcoin is below its 20 week moving average, crypto goes into bearish stance where everything else just bleeds.

 

BTC made a nice 10% comeback from earlier this morning, back over $32k this afternoon:

 

Absolutely true. Everyone has different goals and different appetites for risk. I have hopefully a couple of decades of peak productivity to go and a high paying job with good job security and a good disability policy and life insurance, so my appetite for risk is very different than yours.

My only advice to anyone considering to enter this market is that Bitcoin is not everything in crypto. Branch out a little and understand the technology. It really is revolutionary when you delve into it. Makes holding these assets a little easier when they drop 50% in value. Lots of $hit coins out there, but the top projects have amazing things going for them.

 

30k should be strong, but the more it gets tested, the more likely it will get breached. After that 20k should be strong, because it was the last bull market ath and was huge resistance.

I have no idea where it will go, but I started buying small daily amounts again since it dropped below 40k. I will 2x my daily buys below 30k and 3-4x my daily buys below 20k.

Fun experiment. Its money I am totally willing to lose so not stressed out about it. I gotta say it is good training wheels for major stock market crashes. 20% drops feel like a tuesday afternoon in crypto. Wall street hedge funds would be jumping from empire state building windows if that happened to the dow.

 

The simplest way I can explain layer 2 is like Visa or Mastercard payments on top of our banking system. Imagine you had to wire money from one bank to another every time you buy a cup of coffee or buy something from the grocery store. It could cost you $30-$40 in fees and could take hours to settle. Instead Visa and Mastercard can support millions of purchases every minute through these systems, which makes them efficient systems, but they are not actually transferring money from one bank to another the moment the transaction is completed. Instead this second layer bunches up all these transactions, and then Visa and Mastercard become responsible to actually finalize all those transactions with the banks on a much larger scale, lowering transaction fees and speeding up transactions.

Thats not necessarily how layer 2 solutions work in crypto, but that is an example of a layer 2.

 

237848, member: 1608"]I just don't like cash.[/QUOTE]

 

I have a Ledger Nano X. Great device. It supports a ton of cryptos. When dealing with cold wallets you need to really know what you are doing, and verify your addresses. If your keys are lost and the ledger is wiped, there is not coming back. You are your own bank, and no one to call if things get lost. I would always recommend doing a small test transfer to make sure you get the hang of things before transferring the bulk of your crypto.

As far as staking, the only thing I have staked is Cardano ADA. I can do it straight from my ledger and it earns about 5.5%APY of ADA. The best part about that is it never leaves my hardware wallet. That is basically like stuffing your mattress with cash, and it still earns interest.

Cardano Staking – DAN Teaches Crypto

 

They do this every bull market. I put China and India news on ignore. Now I think we can also put Musk tweets on ignore.

 

Post in this section again and I will report it.....This is a Jacka$$ free zone.

 

About to dump a lot of money on BTC, ETH and ADA, probably when BTC hits the 20 week SMA.

 

iTrustCapital: Low Cost 24/7 Bitcoin, Crypto & Gold IRA Self-Trading Platform

I hear good things about them. That being said do your own research. I plan to move my roth IRA there eventually, but I have not tried them yet.

 

Well there is A value to it. How much value is up to the free market. There is no revenue, balnce sheet, dividends, but there are some fundamentals that you can look at and point to increasing value. For starters, the bitcoin network is enormous and complex. There is no single entity that leads it, and it is only governed by the algorithm. The hashrate in the bitcoin network is at its highest peak. The higher the hash rate, the more secure the network. The bitcoin network has been up 24/7 since the day of its inception more than 10 years ago. The same can't be said about the Federal reserve system. Our banks like to take holidays on weekends. Settlement of funds can take days on banks, when it takes no more than an hour on Bitcoin network. Your bitcoin can never be debased by infinite printing, apart from what is set in the algorithm to a maximum of 21 million, same cannot be said about fiat. Bitcoin has also survived 10 years + and keeps on going higher, that adds faith into the system.

Bitcoin does something much better than being "put in a mattress". More importantly, the fact that you can't touch it makes it the most unique store of value. One mind blowing idea is that you can technically store Bitcoin in your own brain, and no entity on the planet will ever be able to touch it. What I mean is that if you memorize all 24 smart phrase keys, and then wipe out any hardware wallets or paper records of those smart keys, no one on the planet can access that value stored on your bitcoin wallet except you, and you can do that with billions of dollars worth of bitcoin. I am not aware of any single asset out there that can do that.

Of course, it probably is not advisable for you to tie so much value to your memory, because if you forget the order of the smart phrases, that bitcoin is gone forever.

Again I look at it as another hedge/ asset that you can diversify anywhere between 1-10% of your portfolio depending on your appetite for risk. I am bullish on its future, but it is easy to go down that rabbit hole and hold the bags for years in a bear market.