Cryptocurrency

[owbc]

Sell it all. Cut your losses and get out now while you still can. The whole ship is going down. 

[greeg35]

1 hour ago, owbc said:

Sell it all. Cut your losses and get out now while you still can. The whole ship is going down. 

Pushing for a deeper dip to buy on...Nice try!?

[PlayerHader]

I've traded in and out (out for nearly a year now) using Coinbase Pro. I'm looking to DCA into BTC going forward. It may be due to me being a damn fool, but it doesn't appear that can be automated on CB Pro. What apps/exchanges do you all use that allows one to easily do this?

My next question will be the simplest way to setup a safe/reliable wallet. I've watched videos and read things online, but I'd prefer to have someone with some credibility (BF.net cred works) walk me through that. But that's not a primary objective right now.

THANKS!

[GAME05]

Metamask is the top online wallet; Trezor or Ledger are the best hardware wallets. And then there's various types of fire-proof keys you can get to store your passwords. Good to get two and have someone store a copy at their house.

---

Unsure of what to make of the market right now. I have some nervousness that a further banking/housing crash in China will send everything to a true bottom. I'm more tempted to sit on the sidelines for a couple months yet.

[Fear The Chorizo]

Haven't seen too many commercials lately pimping crypto exchanges...figured it was due to election season ad buys but it sure seems like it's alot more than that in light of FTX crashing and burning.

[GAME05]

SBF should be in jail and there needs to be an investigation into everyone involved. But of course neither of those things will happen. Boy with Bitcoin invented to be a workaround to bank fraud and government fraud, all its actors sure seem to be doing the same thing.

Sure wish there were some kind of fiat on-ramp to using a dex, though. 

I'm still all in cash. I don't think you can look at the crypto market without also looking at the real market. Now that the elections are over I wonder if Powell will tackle inflation a lot more. I tend to think there's one more big roadbump ahead, although BTC at 16.5 sure is attractive, too.

[Fear The Chorizo]

SBF should be in jail and there needs to be an investigation into everyone involved. But of course neither of those things will happen. 

Particularly with all his friend$ in Wa$hington.  

Crypto is just so uncertain because it hasn't been around long enough through true global economic downturns.  Forecasting what happens with it, whether the whole works craters or seeing certain cryptocurrencies skyrocket in value is all speculation at this point.

[owbc]

It was interesting to hear that Michael Lewis has been shadowing SBF for the past 6 months. That's going to be a fun book/movie...

[LouisEly]

8 hours ago, Fear The Chorizo said:

Haven't seen too many commercials lately pimping crypto exchanges...figured it was due to election season ad buys but it sure seems like it's alot more than that in light of FTX crashing and burning.

Umpires are going to need a new sponsor...

Of course, turns our they were the perfect sponsor for Angel Hernandez.

[GAME05]

So have we hit the bottom yet or is there more to go?

My thinking has usually been that the regular market has another fall in it and that Bitcoin will hit around 12k, but that we'll probably have a short little bump-up before that. The trap for all for folks who may have took long positions when it hit 15k.

But I'd also hate to sit here and see Bitcoin hit 40k and I'm still out of the market.

Largely I base it on what Jerome Powell will do. There's speculation that he'll pull back on the rate hikes going forward, which certainly would push a lot of growth.

[nate82]

23 minutes ago, GAME05 said:

So have we hit the bottom yet or is there more to go?

My thinking has usually been that the regular market has another fall in it and that Bitcoin will hit around 12k, but that we'll probably have a short little bump-up before that. The trap for all for folks who may have took long positions when it hit 15k.

But I'd also hate to sit here and see Bitcoin hit 40k and I'm still out of the market.

Largely I base it on what Jerome Powell will do. There's speculation that he'll pull back on the rate hikes going forward, which certainly would push a lot of growth.

Doubtful on the rate hikes being pulled back.  Maybe they won’t do a 50BP as they have planned and may just go with a 25BP.  But another 75BP is also rumored to be likely.

I think Crypto has another drop in it yet just like the market.  Probably won’t see a jump up until end of December or mid January.  May see a rally for both the market and Crypto for a few days and then see another dip or two before recovering around Christmas and New Years.

[GAME05]

For a good while now I've been tempted to just jump in a day at a time and play these dips. Oftentimes they're predictable enough you can see a bump coming, things go up maybe 8% over a couple days, and then fall again. But ultimately I remind myself that things are never that simple and I should probably just avoid that stuff altogether.

In February of March of this year I remember reading a few articles from long-term, successful crypto guys who said that most often a crypto investor totally misplays his first big bull market, but by that second big bull run they've learned those necessary lessons and it's all much more successful for them. I certainly played my hand poorly that last run-up, but it does make me pretty optimistic for the next one.

[GAME05]

Bob Loukas is a great crypto youtuber. Bit long of a video but he talks about long-term investing using the four-year cycle. He got in again a couple weeks ago so of course hit the recent bump. Though I do think it's a mistake to ignore other other factors like the stock market and unemployment, etc. in any crypto evaluation, because the crypto market very much doesn't act independently of the regular market. Crypto is a speculative asset, and so the mass of people will only invest when they've got some money to actually spend. 

 

[GAME05]

Cripes. Just logged into my Coinbase account and all my money had been transferred out and it wasn't me who'd done it. Thought I'd been hacked. But I guess Coinbase is scrapping its Coinbase Pro to something else and apparently that's where my money went.

[stoutdude04]

On 12/6/2022 at 12:03 PM, GAME05 said:

For a good while now I've been tempted to just jump in a day at a time and play these dips. Oftentimes they're predictable enough you can see a bump coming, things go up maybe 8% over a couple days, and then fall again. But ultimately I remind myself that things are never that simple and I should probably just avoid that stuff altogether.

In February of March of this year I remember reading a few articles from long-term, successful crypto guys who said that most often a crypto investor totally misplays his first big bull market, but by that second big bull run they've learned those necessary lessons and it's all much more successful for them. I certainly played my hand poorly that last run-up, but it does make me pretty optimistic for the next one.

This is my buddy.  He had/has a lot invested. 

[owbc]

2 hours ago, stoutdude04 said:

This is my buddy.  He had/has a lot invested. 

My dad is retired and works a seasonal job as a tax preparer. He said it's unbelievable how many people were day trading in crypto with pages and pages worth of transactions on their taxes. All for relatively little profit. And this was the 2021 tax year which was about as good as it got for crypto. 

[GAME05]

That one may have been me. My accountant was pretty impressed at my account when she saw the total value of the transactions until she saw it all balanced out to very little. It's been just the opposite last year as I haven't touched anything since about February.