Cryptocurrency thread - started by JustOne

[PhilTheFragger]

Rookie mistake 1: Buying one day before a massive crash

Rookie mistake 2: Selling out a position completely for 25% gain in one day.... and now it would be a 70% gain

Hindsight is a wonderful thing,
Rule 1, profit is profit, be satisfied you made one.

The market is so volatile that it’s not a place for the faint hearted or those having a punt hoping for a quick turnaround

Enjoy the ride ?

 

[JustOne]

Yeh it was a rookie mistake Phil

You shouldn't fully cash out of a stock unless you are done with it and want out. If you take out 50 - 75% then you still have 25 - 50% that can remain working for you if the stock goes up and some money in your hand to double down if it takes a dive. I don't know what I was thinking

Been kicking myself all day.

(please note this is my opinion and not financial advice)

 

[PhilTheFragger]

I had a punt with £500 and after 3 weeks came out with a profit of £350, so happy days on the face of it, but it was down to pure luck, it was expensive to sell and buy, much cheaper to transfer into another currency, but when the one you are selling has just leapt 30% you don’t have time to research the best transfer option.

It’s not for me, the amount of time you spend takes over your life . I can see the attraction and there is certainly money to be made, but equally you could lose it overnight if Musk throws a wobbly

 

[Fade and Die]

Yeh it was a rookie mistake Phil

You shouldn't fully cash out of a stock unless you are done with it and want out. If you take out 50 - 75% then you still have 25 - 50% that can remain working for you if the stock goes up and some money in your hand to double down if it takes a dive. I don't know what I was thinking

Been kicking myself all day.

(please note this is my opinion and not financial advice)

Ahh mate you are making all the wrong moves! What drives your decisions? Do you follow someone on Twitter or You Tube?

I did the blockchainbacker course, only about £35. Best money I could have spent. It really prepares you mentally for the ups and downs, shows you how to set reasonable targets and gives good advice on what to do if prices crash. (And you learn all about Fibonacci retracements!?)

 

[JustOne]

Ahh mate you are making all the wrong moves! What drives your decisions? Do you follow someone on Twitter or You Tube?

I did the blockchainbacker course, only about £35. Best money I could have spent. It really prepares you mentally for the ups and downs, shows you how to set reasonable targets and gives good advice on what to do if prices crash. (And you learn all about Fibonacci retracements!?)

I'm trying to make my decisions based purely on MONEY. Using my head, I take my heart out of it, making money is maths.
I was reading about fibonacci retractments yesterday!! LOL

I did have stock back in 2001 and it was going quite nicely until 2 planes hit the WTC. It was hard back in those days using a stockbroker and not having fast figures to hand and yet I managed to get myself to a position I was comfortable with.
Today was purely a rookie mistake today, I wasn't paying attention to the numbers as my other stock was up 20% too.
As soon as I did the trade I considered buying back 50% and just taking the commision hit - alas I didn't.
Fingers crossed it'll drop like a stone tomorrow

When I was on the stock market it was HARD, you picked a company and just hoped they didn't balls it up. With crypto you just hope Elon Musk keeps his gob shut.
The entire crypto market seems to react as a singularity any news seems to affect the entire market, not one coin/token seems to do anything wrong as a 'company' yet all the prices go down.
As crypto is still emerging I can only see that it is going to get bigger and bigger with more applications and as a result will go up in value,

If a knob like me can start buying it.....

(please note this is my opinion and not financial advice, I will probably lose everything I have)

 

[TheDiablo]

Just checked the history and on May 6th the value of Bitcoin was 56,405.4. Today it's 38,411.1.

On 6th May I would have been able to buy 0.26593 of a Bitcoin (if that's how it works) for my £15k.

Today that would be worth a fraction over £10.2k. Almost £5k would have been gone in 20 days.

Thought I'd put the figures here so that come May next year I can see what would have happened in a parallel universe where I knew enough and was brave enough to have invested.

On the flip side, if you'd invested £5k into BTC, ETH and XRP (top 3) one year ago you'd have somewhere around £80-90k right now

 

[ColchesterFC]

Just checked the history and on May 6th the value of Bitcoin was 56,405.4. Today it's 38,411.1.

On 6th May I would have been able to buy 0.26593 of a Bitcoin (if that's how it works) for my £15k.

Today that would be worth a fraction over £10.2k. Almost £5k would have been gone in 20 days.

Thought I'd put the figures here so that come May next year I can see what would have happened in a parallel universe where I knew enough and was brave enough to have invested.

A month on and the value of Bitcoin is 25090.99. My 15K would now be worth £6672.45. I'd certainly be sweating right now if I had invested.

 

[JustOne]

..... and breathe......

 

[Dannyc]

Keep calm lads don’t cash out let it ride we all know it will go back up some big exciting news coming soon it I’m not exactly sure who it is but some big company’s will be announcing investments over the next few months

 

[Dannyc]

A month on and the value of Bitcoin is 25090.99. My 15K would now be worth £6672.45. I'd certainly be sweating right now if I had invested.

That would of been horrific timing mate ?
Now is a great time to invest a small amount
This is still the beginning don’t forget these crypto company’s still ain’t completed what there trying to achieve

 

[TheDiablo]

A month on and the value of Bitcoin is 25090.99. My 15K would now be worth £6672.45. I'd certainly be sweating right now if I had invested.

The pullback has been brutal but you're getting your fiat currencies confused, it hasn't dropped 60% off from early May, certainly not at the time of posting.

Also, still 3x in 8 months if you zoom out

 

[Foxholer]

...
I was reading about fibonacci retractments yesterday!! LOL
...

Ah! Takes me back 55 years - to memories of a fantastic film...Donald in MathMagic Land!

I'm inclined to believe that as knowledge and use of them (and, of course extensions) is widespread, it's likely to become a self-fulfilling prediction, with 'departures from the rule' being written off as variation(s) of where the levels were set!

 

[Fade and Die]

Ah! Takes me back 55 years - to memories of a fantastic film...Donald in MathMagic Land!

I'm inclined to believe that as knowledge and use of them (and, of course extensions) is widespread, it's likely to become a self-fulfilling prediction, with 'departures from the rule' being written off as variation(s) of where the levels were set!

We are all just waiting for the full 4.236 ???

 

[ColchesterFC]

The pullback has been brutal but you're getting your fiat currencies confused, it hasn't dropped 60% off from early May, certainly not at the time of posting.

Also, still 3x in 8 months if you zoom out

As I know almost nothing about cryptocurrency I simply googled "Bitcoin price in GBP" and used the graph provided on the first page of results to get the price. Are those prices wrong?

 

[TheDiablo]

As I know almost nothing about cryptocurrency I simply googled "Bitcoin price in GBP" and used the graph provided on the first page of results to get the price. Are those prices wrong?

View attachment 36995

View attachment 36996

Those prices are correct.

But you didn't use the GBP amount of £40k originally, you used the USD amount of $56k

£15k on May 6th would be worth around £9500 right now. As I said, still brutal for anyone who bought near the top!

 

[JustOne]

After I purchased my main stock fell by 30% but I wheeled and dealed a bit and scrapped back to 15% down

5 days ago I was actually in PROFIT when my main stock rallied briefly.

Now (after Trump opens his gob) it's dropped to 42% down since I purchased

With all the back/forth trades I've made I'm standing at 25% down..... which at least I'm glad isn't 42%

I am currently holding 3 stocks on my coinbase account, 1 of which I've bought and sold twice today already - hard work this market crash stuff

 

[chrisd]

Quite a write up in the Daily Mail today, not much positive about investing!

 

[JustOne]

Online? got a link?

I did read this today: A third of people - and 75% of thirty-somethings - said regulation like a financial safety net would make them consider buying into cryptocurrencies like bitcoin

 

[chrisd]

Online? got a link?

I did read this today: A third of people - and 75% of thirty-somethings - said regulation like a financial safety net would make them consider buying into cryptocurrencies like bitcoin

The newspaper itself James

 

[JustOne]

I wanted to try to make some money, that's why I bought crypto, bottom line.
Right now on the back of a double downward shift it's not going great - but I'm a fighter so kinda enjoying the buzz of playing with my own money, rather like the heady days I used to sit at the casino roulette table chain smoking

That said I am genuinely interested in crypto, not as a currency (I have no plans to buy a pizza with bitcoin) but in it's use of the blockchain technology, which I personally believe will simply grow and grow... and grow.
Blockchain is a bit like the new cloud, it's a place to securely store stuff and to move it around, adapt it, interact with it and put ownership on it, whether it's money, a painting or a piece of software.

If you take something like Amazon the resources it uses are mahoooosive, Facebook is another giant. If these companies can move to blockchain then the future of the internet and the way we do business will be revolutionised.

There are so many engineers out there trying to BUILD into blockchain that it can only grow. How these companies then disassociate themselves from cryptoCURRENCY is still to be established, I couldn't give a stuff about Dogecoin and crap like that ... however back to my first point - here to try and make money right now.

I have bought crypto in this company https://dfinity.org/ as I read thru their website, looked at the team of people involved and read about what developers are currently doing within the company I simply had to buy some of their 'shares'.

I'm not suggesting ANYONE copy my example, just think there is more to crypto than bitcoin. shame the entire market is painted with such a dirty brush IMO.