Crypto currency

Discussion in 'Business, Investing & Finance' started by Gator By Marriage, Mar 16, 2019.

  1. Taco Gratis

    Taco Gratis Well-Known Member

    Joined:
    Jun 2, 2016
    Messages:
    4,912
    Ratings:
    +4,484 / -255
    Hey, where in MO are you? I'm in KC.
     
  2. Nalt

    Nalt Well-Known Member
    Supporting Member

    Joined:
    Jul 23, 2020
    Messages:
    2,986
    Oxbucks:
    $4,183
    Ratings:
    +8,421 / -337
    I have a coworker who lives and works in Colorado springs, CO. I found out last week that he has a few machines that he does crypto mining with. Not sure how profitable that is...
     
  3. Taco Gratis

    Taco Gratis Well-Known Member

    Joined:
    Jun 2, 2016
    Messages:
    4,912
    Ratings:
    +4,484 / -255
  4. UFHealthGator

    UFHealthGator Well-Known Member
    Lifetime Member

    Joined:
    Nov 12, 2017
    Messages:
    1,419
    Oxbucks:
    $3,121
    Ratings:
    +3,331 / -136
    When something goes from under a $1 to over $60000 in 11 years, a linear scale is just a straight line up.
     
    • Swamp Donkey

      Swamp Donkey 1-5 in the last 6 P5 games
      Lifetime Member

      Joined:
      Jun 9, 2014
      Messages:
      74,829
      Oxbucks:
      $68,635
      Ratings:
      +104,860 / -7,324
      it's profitable if someone else is paying the electric (ie college students living in a dorm or in mom's basement.)
       
      • Concrete Helmet

        Concrete Helmet Hook, Line, and Sinker
        Lifetime Member

        Joined:
        Jul 29, 2014
        Messages:
        15,989
        Oxbucks:
        $9,804
        Ratings:
        +15,985 / -1,155
        Alright BTC is ripping and now the ETF is out but is it a good buy for someone like me that didn't get into crypto early but would like to add another 3% or so of investment funds? I own some Grayscale BTC Trust which is actually based on physical(if there is such thing) Bitcoin whereas the new ETF is actually based on futures contracts which is what f vcks over the precious metals markets...Would you..

        A. Wait until BTC pulls back and buy the real thing
        B. Hold Grayscale and add on pullbacks
        C. Do neither and go balls deep into Ether and some other coins
        D. Try to buy a little of all
         
      • UFHealthGator

        UFHealthGator Well-Known Member
        Lifetime Member

        Joined:
        Nov 12, 2017
        Messages:
        1,419
        Oxbucks:
        $3,121
        Ratings:
        +3,331 / -136
        Really depends on your goal. Are you looking for a very long term investment or a quick ride the pump and sell?

        It is fomo times and hard to predict. I've loaded up early winter and all summer when it was trading between 29k and 35k. I am just sitting back and :popcorn:.

        I have a very long timeline (10+ years at least) and really current prices I don't really care about how high it goes. I only look for major crashes to load up some more (look for weekly closes below the 20 week sma).

        If you have a tough time stomaching an 80% drop tomorrow in what you invested then it is probably too much.

        Altcoins are worse. They may return much higher but they also crash a lot harder.
         
        • BMF

          BMF Bad Mother....
          Lifetime Member

          Joined:
          Sep 8, 2014
          Messages:
          19,355
          Oxbucks:
          $24,631
          Ratings:
          +34,984 / -538
          I've only been buying BTC, ETH, LINK, & LTC this year, so I'm not very experienced w/ it. I'm up pretty big (percentage wise) as of today! If it were me, I'd go w/ A) wait until BTC pulls back. I imagine it will pull back soon after the ETF hoopla wears off.
           
          • Concrete Helmet

            Concrete Helmet Hook, Line, and Sinker
            Lifetime Member

            Joined:
            Jul 29, 2014
            Messages:
            15,989
            Oxbucks:
            $9,804
            Ratings:
            +15,985 / -1,155
            What do you think of the ETF being based on futures contracts? Seems like a way people to manipulate the pricing like in metals to me. For that reason alone I think I'm going to stick with what I have and maybe add some ETH as I've heard some chatter that it may be looking at $20k after the BTC run?
            I plan on holding long term but as always will take some profits if things go ballistic along the way.
             
          • UFHealthGator

            UFHealthGator Well-Known Member
            Lifetime Member

            Joined:
            Nov 12, 2017
            Messages:
            1,419
            Oxbucks:
            $3,121
            Ratings:
            +3,331 / -136
            Bitcoin markets are probably even more manipulated than metal markets, both when it goes up and when it goes down because it has a significantly smaller market cap. I don't think an etf of futures contracts will have much impact on the long term trend in bitcoin price action because it is a much purer form of a free market than metals. At the end of the day it is much easier for retail trader to buy, and hold actual Bitcoin. You can hold millions of dollars worth of bitcoin on something no bigger than a thumbdrive, or a few dollars worth. Which is why despite the manupulation price keeps overall "crashing upwards"

            I do recognize that whales can crash the market almost at will though, so I try to follow their lead and buy when they do. I don't try to beat the market, just ride it.
             
            • Egor's Assistant

              Egor's Assistant Currently Transitioning
              Lifetime Member

              Joined:
              Nov 3, 2017
              Messages:
              1,746
              Oxbucks:
              $2,994
              Ratings:
              +2,719 / -313
              In the St. Louis area helping to take care of my MIL who has dementia.
               
              • Concrete Helmet

                Concrete Helmet Hook, Line, and Sinker
                Lifetime Member

                Joined:
                Jul 29, 2014
                Messages:
                15,989
                Oxbucks:
                $9,804
                Ratings:
                +15,985 / -1,155
                How about I ship you mine too? She's obviously had one too many leaded paint chips and what could be better than having 2 fruitcakes to look after instead of one....:lol:
                 
              • Egor's Assistant

                Egor's Assistant Currently Transitioning
                Lifetime Member

                Joined:
                Nov 3, 2017
                Messages:
                1,746
                Oxbucks:
                $2,994
                Ratings:
                +2,719 / -313
                She would probably love that. Does she play Skipbo? They can share gibberish and make no sense together. Plus, repeat stuff endlessly. Do you have any outside help that looks in on her? We're in the early stages and still figuring out what to do. Scary painful life experience. There's just no easy way off this rock.
                 
              • LoyalGatorFan

                LoyalGatorFan Well-Known Member
                Supporting Member

                Joined:
                Jul 10, 2019
                Messages:
                2,759
                Oxbucks:
                $3,740
                Ratings:
                +4,206 / -450
                Can someone give an investment novice like me some advice on how to get into crypto? I have talked with my financial advisor but they aren’t doing any portfolios yet because they still believe it’s too volatile and not mainstream enough….

                So what’s the difference between BTC? Doge? Ether? Etc…is one better than the other?

                How bout gold and silver?

                How do I even go about getting started? Can you download an app or do you have to go through an investment firm?
                 
              • Taco Gratis

                Taco Gratis Well-Known Member

                Joined:
                Jun 2, 2016
                Messages:
                4,912
                Ratings:
                +4,484 / -255
                Oh wow. We did that for mine in Wyo. for several years. Hard thing, but also some nice moments between my wife and her mom.
                 
                • no1g8r

                  no1g8r Bringing Reason to the Masses
                  Lifetime Member

                  Joined:
                  Oct 23, 2017
                  Messages:
                  2,178
                  Oxbucks:
                  $4,133
                  Ratings:
                  +4,854 / -138
                  Earlier in this thread @UFHealthGator made a few posts that would get you started. He seems to be the most experienced at this than anyone here.
                   
                  • UFHealthGator

                    UFHealthGator Well-Known Member
                    Lifetime Member

                    Joined:
                    Nov 12, 2017
                    Messages:
                    1,419
                    Oxbucks:
                    $3,121
                    Ratings:
                    +3,331 / -136
                    This is not financial advice, just my opinion. I am by no means an expert. Just been investing in Crypto for about 2 years. That out of the way, buying crypto is extremely easy these days. It is as simple as signing up to one of the many reputable exchanges (Coinbase, Gemini, BinanceUS), going through their KYC requirements (know your customer). They will ask for a copy of your ID, SS etc to supply the IRS with information for tax purposes before they allow you to buy and trade.

                    Once that is out of the way you link your checking account and you are good to go.

                    The much harder part is actually understanding what your are buying into, and having a plan. Look at the price history of Bitcoin. At many points in its history it crashed by 80%. Most recently in May 2021 it crashed by about 53%. Just to put that into perspective. If you had $100k invested on 5/17, it would have went down to less than $47k within a few days. There is no guarantee it will ever recover, even though historically it always did. Sometimes it took 3 years to get out of that bear market, sometimes it took just 5-6 months like it did this year.

                    Can you stomach that kind of volatility? If you do, that is step number 1. You have to put money that you are willing to not care about if you lose, or at least not need for 4-5 years, if not longer.

                    For a novice, I would also stick to big big caps, like bitcoin and ethereum. Bitcoin is gold like. Ethereum is far more sophisticated, and is essentially the base layer for multiple financial applications, also known as "Smart contracts".

                    The easiest way to invest into crypto is to stick to dollar cost averaging strategy. I personally allocate about 5-10% of my monthly investable income to investing into Crypto, and have a predetermined allocation of crypto I like, then buy a small amount of that every week on saturday or sunday regardless of price, whether it is crashing or at all time high. That is called dollar cost averaging. Another approach is waiting for significant pull backs and buying during those times, that is called value cost averaging. Issue with the latter is there is no way to know when those pullbacks happen, and when they do by how much.

                    If you really don't want to get into the whole "buying crypto directly" approach, you can still get exposure to bitcoin through Bitcoin proxies on stock brokers like Vanguard or Fidelity. The best known bitcoin proxy is GBTC (Greyscale bitcoin trust). It does not track bitcoin price 1:1, but it is backed by actual bitcoin. It does charge a high expense ratio of 2% a year, which is the price you pay for convenience.

                    There is a ton of content out there. Hard to go into all the details on a forum, because I could go on for hours. A good source to start is this guy. He offers a basic course on crypto completely free. I have not watched his course myself, but I do watch him on youtube occasionally and he has a good head on him. Sometimes he shills some ****coins, but for the most part he is on point. You can sign up and start reading and watching here:

                    SIGN UP SQUEEZE AGAIN – DAN Teaches Crypto

                    This guy is also an EXCELLENT source. His research is extremely indepth into any crypto, and he does not typically shill anything:



                    This guy is also very good:



                    Let me know if you have specific questions.
                     
                    • Bernardo de la Paz

                      Bernardo de la Paz If you aren't a gator you are gator bait
                      Lifetime Member

                      Joined:
                      Jun 12, 2014
                      Messages:
                      3,562
                      Oxbucks:
                      $1,923
                      Ratings:
                      +4,579 / -206
                      It's not just stomaching the volatility. You need to be willing to accept the possibility that it could go to zero and never recover.
                       
                      • UFHealthGator

                        UFHealthGator Well-Known Member
                        Lifetime Member

                        Joined:
                        Nov 12, 2017
                        Messages:
                        1,419
                        Oxbucks:
                        $3,121
                        Ratings:
                        +3,331 / -136
                        That is correct.
                         
                      • LoyalGatorFan

                        LoyalGatorFan Well-Known Member
                        Supporting Member

                        Joined:
                        Jul 10, 2019
                        Messages:
                        2,759
                        Oxbucks:
                        $3,740
                        Ratings:
                        +4,206 / -450
                        Awesome stuff UFHealth! Thank you so much! I will watch these vids later tonight and start delving more into it.....how bout gold/silver/precious metals? What's your thoughts on that?
                         

                        Share This Page

                        The Box

                        Help

                        You don't have the necessary permissions to use the chat.

                          1. There are currently no users chatting.
                            • About Us

                              Our community sprung up when the Gatorsports message board was shut down in the summer of 2014. We pride ourselves on offering Gator-biased, yet critical discussion among people of all different backgrounds. We are working every day to make sure our community is the best Gator message board you will find.
                            • Like us on Facebook

                            • Buy us a Zima!

                              The management works very hard to make sure the community is running the best software, best designs, and all the other bells and whistles. Care to buy us a non-alcoholic Zima? We'd really appreciate it! Just click the "Donate" tab at the top of the page.