Crypto Bitcoin @ 10k...

Discussion in 'Other Asset Classes' started by hammer, 3rd Nov, 2017.

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  1. Westie

    Westie Well-Known Member

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    Forget bitcoin, a litecoin is now at $445 apiece. Just look at the sparkline below:

    ltc.jpg

    Lucky I bought a bunch late Nov, might short.
     
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  2. Luca

    Luca Well-Known Member

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    Crypto now looks like Melbourne 3 years ago...whatever you buy you make money :) Not saying Litecoin is bad, more all the altcoins. My recommendation with crypto is invest money that you can potentially lose without affecting you (similar when you go to Casino), set your targets very high and work towards them. Speculation: yes. Will we ever see these times again: no. People looking to the past and saying: if I bought bitcoin 3 years ago I would have been a Millionaire and whilw procrastinating they lost to big run we had in the last 6 months. Mass adoption coming is what makes me feel bullish on crypto. My forecast: bitcoin $100k by the end of next year.
     
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  3. Westie

    Westie Well-Known Member

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    Jan 17 is the big day when BTC settlement occurs on the CBE. Will be interesting to see which way the value heads leading to, on and after this day. You're very right about ensuring the loss can be sustained if a significant hit happens. I for one, won't be injecting any more $$ into crypto, I have multiple builds starting in mid Jan too.
     
  4. Guest

    Guest Guest

    We are not seeing mass adoption, just mass speculation. You expect that to change? A number of companies have actually stopped accepting Bitcoin as a result of the volatility & risks.
     
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  5. chylld

    chylld Well-Known Member

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    My crypto portfolio just flew past 3x. If I sold ~30% of it now, I'd have all of my initial capital back and still be largely in the game.

    2 months of speculating crypto has fast-forwarded my main investment/property plans by almost 2 years. I have no words... :confused:
     
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  6. NeedMoreTime

    NeedMoreTime Well-Known Member

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    I'm having a fomo momoment. If I have $500 today and want to be a billionaire in 10 years while my property portfolio slowly grows what would you recommed?

    1. Open up a Coinspot account? Is there better options its not getting great reviews at the memoment.
    2. What coins should I buy, a bit of btc, ltc, eth or all of one type?
    3. Whats the recommend free way to store the coins for safe keeping?
     
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  7. S1mon

    S1mon Well-Known Member

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    yeah ive got FOMO too, so have opened a coinspot account (yeh i know high fees etc, im late to the party etc). even if i buy and it drops ill feel better still i think rather than not buying at all. :confused: the force is strong
     
  8. chylld

    chylld Well-Known Member

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    1. I use CoinSpot for the vast majority of my purchases as it gives easy access to a wide variety of coins, and a super simple instant buy/sell/swap mechanism. BTC markets is cheaper in terms of fees etc but there was too much to get my head around at first so I didn't feel like wrestling with market depth etc. Independent Reserve is another good option.
    2. I prefer to spread most of my budget evenly across the top coins (like an index fund) and then scatter the rest of my budget across a few up'n'coming coins.
    3. Best free way is probably either an app wallet or a paper wallet. Best non-free way is a secure physical electronic wallet like a Ledger (I use a Nano S) or a Trezor.
    $500 is not a lot (if this was my first liquid investment I'd put it towards managed funds and index funds tbh) but here's a good guide to follow:

     
  9. Westie

    Westie Well-Known Member

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    1. Open a coinspot/coinbase account. Both have about the same verification process. I have a coinspot account, there are no problems once you are set. The unfavourable reviews you've been hearing are to do with the slow verification. It's become significantly slower because every Tom, Joe, their granny and dog (maybe cat too) are signing up. Don't miss that phone call you will get for the verification, the process itself takes 30 seconds once you've answered it.

    2. A bit of a few is what I have done to spread the risk somewhat. IMO, LTC will do well in the long run, it'll reach where BTC is now in 2 or so years if something drastic doesn't happen.

    3. Nano Ledger S is a hardware wallet and usually a recommended choice to transfer your coins to. Some people I know of have a cloud based machine to which they've transferred accounts to a software wallet running something like Exodus. Either of these options are safe IMO.

    Trawl reddit for information on what's happening in the crypto market around the world. Follow the usual people on Twitter, like Charlie Lee (he created LTC). When he makes significant announcements, the price per coin jumps quickly. When the Japs did their thing to their Exchange, the price of BTC and others went up. When the CBE/CBOE futures trading news came through, the price of BTC dropped from a high of $27k down to like $15k pretty rapidly. It's since recovered though as people that missed out earlier jumped in and the price zoomed back up. Buying and selling is driving prices, essentially.

    Don't try daytrading, it doesnt give you the rewards you'd expect/want. You have to watch prices like a hawk, buying at lows, selling at highs. But you don't know at what point the price won't go any higher of any lower. I hope you get my drift, Put some money in, start with $500 or even lower, and only put in as much as you're willing to lose. There is extreme volatility in this market. For instance, the price of an LTC almost nudged $500 about 2 hours ago, now it's back down to $400 or so. Yesterday it was under $200.

    I dabble in the crypto market for fun and to experience that rush. I've doubled/tripled my initial capital in a month. I won't ever take out any of the initial outlay. Why? I reckon, my opinion only, and don't take my word for it, 1 BTC > $100k by the end of 2018. 1 LTC > $3000 by the end of 2018. Ethereum should also be about $10k. The other bitcoin derivatives I'm not sure of though I've put some $$ into them too.

    Oh and before you throw any money in, make sure you read what the coin's use case is as there are plenty of dodgy ones too. Two types of people have made money in this game:

    1. People that have read what the coin/crypto's use case and are excited by its potential. They've read that the crypto's backed by big companies, big names etc

    2. People that have become lucky.
     
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  10. Luca

    Luca Well-Known Member

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    Call it speculation, you can sit and watch or get in aware of the risk and make money
     
    Last edited by a moderator: 10th Oct, 2021
  11. Harveys

    Harveys Well-Known Member

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    Jumped on Ripple at .38 couple of days ago, its currently sitting in the low 70s. Coinspot is f**king around with my verification. They verified my mobile by way of me entering a verification code they txt me, they then rejected my account verification stating I did not have a valid Aus phone number FFS. Where are others trading IOTA?
     
  12. chylld

    chylld Well-Known Member

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    CoinSpot and Binance atm. Apparently coming soon to Bittrex too
     
  13. Guest

    Guest Guest

    Does this advice come with a 5 year money back guarantee? :D
     
  14. Luca

    Luca Well-Known Member

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    Unfortunately not ;-) Let`s say 50/50 win/loose
     
    Last edited by a moderator: 10th Oct, 2021
  15. chylld

    chylld Well-Known Member

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    At this rate you'll have your money back in 5 weeks... or less...
     
    Last edited by a moderator: 10th Oct, 2021
  16. mikey7

    mikey7 Well-Known Member

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    Curious to hear which ones you think are dodgy.. see if I have some of them :p

    I'm finally verified in coinspot. Pain in the ass, but once you're in its quick and easy to use. Needs a lot more functionality though.

    I plan on investing in 5 different coins at $500 each ($2500 total) and leaving it and seeing where it goes.
     
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  17. Westie

    Westie Well-Known Member

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    The dodgy ones usually just fall off the charts on coinmarketcap. My point was not to just plonk your $$ into whatever crypto catches your eye. Do your DD!

    Good point about spreading the risk around. As enticing as it is, don't throw in more you can afford to lose. My Litecoin has grown 3 fold in under a month, told my wife about it, she goes let's throw in a few grand more, to which I said what if it falls dramatically, she went silent. Moral - don't go overboard.
     
  18. paulF

    paulF Well-Known Member

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    How so if i may ask? Can you cash out your profits in US/AUD dollars for example?
     
  19. rjw180

    rjw180 Well-Known Member

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    You can trade on coinspot without being fully verified but you need to transfer bitcoin or one of the bigger coins from elsewhere rather than starting with AUD.
     
  20. Danieljk101

    Danieljk101 Well-Known Member

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    This is my spread of coins I own. I use CoinSpot, indepedent reserve, binance, bittrex and Gate.io.

    Combination of long term stable / possible moon shot.

    86C184F8-3479-40BF-BCF8-8AA91E4FAB2F.png