Crypto $$$

[BA-XT]

Originally Posted by zilo

Anyone lost money today?

(Don't be shy)

looks like Bitcoin has taken a 20% hit in one day?..today..

Yep!!

I currently have 2 coins. Ethereum and Solana.

I was up to $278 after investing $262.

Then went down to $230. At $235 as we speak.

[ford71V8]

Bought in a few years ago. Today all gains are practically gone...still up but not by much.

[prktkljokr]

Watched my chump change go from $1200 to $900, all good it does this all the time, I started with $110, just riding the wave

[Citroënbender]

Bottom pickers, are we there yet?

[Beastie]

Originally Posted by Citroënbender

Bottom pickers, are we there yet?

I don't think so, particularly when we see reports like this.

https://www.news.com.au/finance/mone...211180d6471ff6

[shaness8]

Originally Posted by zilo

Anyone lost money today?

(Don't be shy)

looks like Bitcoin has taken a 20% hit in one day?..today..

Yeah i have not worried at all, they say buy on the dips so bought some Sandbox on the weekend, all my crypto's are long term hold's.

[data_mine]

never heard of that one exchange - thankfully I guess.

[wodahs]

didn't the market pick up a little over night ?
bitcoin looks like it jumped up bout2.5k over night
tho at this rate I'm probably only going to get a $95 payment this week (if I take the cash) so a drop from the previous weeks but not much , and in my concert it's still free monies

[wodahs]

Originally Posted by data_mine

never heard of that one exchange - thankfully I guess.

sandbox is a relatively new crypto

[data_mine]

huh, was referencing the Aus based exchanged going bust. not YASC.

yet another **** coin.

[Citroënbender]

Cold wallets; how necessary at the beginning of a foray - or is it easier to start with one, than shift everything later? Is a cold wallet that requires Bluetooth comms and an app installed, actually any more secure than a phone (eg, Apple) wallet or similar?

[data_mine]

you can move stuff to a cold/hardware wallet at any stage, it's just another transaction (so keep in mind the fees involved).


do you need one now or not? well that's a risk calculation for yourself.

my Ledger NanoX was like $100 (I forget exactly), but it's protecting a lot more than that. I don't day trade, so I'm not moving on/off of it frequently, so the lack of convenience is not a problem. I got burned several BTC when mtGox exchange was 'hacked' (aka owner ran off with the money), so have low levels of trust for keeping anything on an exchange for longer than needed.

if you do buy a hardware wallet, buy ONLY from a authorised seller, there's been unscrupulous sellers buying devices, pre-loading them - copying the keys, then selling them to noobs who then get cleaned out because the seller already had the keys.

as for phones. there's been no proven successful hack against say a Ledger or Trezor (there's others but I didn't research them), yet law enforcement get into phones all the time - so you can bet bad guys can too.

[Citroënbender]

It looks like the agenda-riddled ABC has yet another barrow to push - presumably a contact of someone there has been stung in a recent financial/crypto scam.

Executive summary: Cold calls and dodgy web adverts are likely to end in tears. Crypto just happens to be the lingua franca.

https://www.abc.net.au/news/2021-12-...ians/100682182
https://www.abc.net.au/news/2021-12-...sses/100685500
https://www.abc.net.au/news/2021-12-...ions/100678848

And apparently the nanny state again wants to save us from ourselves:
https://www.abc.net.au/news/2021-12-...tion/100682714

Just

[wodahs]

Originally Posted by Citroënbender

And apparently the nanny state again wants to save us from ourselves:
https://www.abc.net.au/news/2021-12-...tion/100682714
Just

they more likely be looking in to reglating to assure they are loosing tax garbage in this sector and if they can grab more

[aussiblue]

https://www.msn.com/en-au/money/othe...out&li=AAgfYrC

The Bank of England has said that bitcoin could be “worthless” and people investing in the digital currency should be prepared to lose everything.

[nearlythere]

I was sitting on 9k, sold a few, all profit.
A newish crypto is SAFEMOON. ( being new it's a bit tricky to buy but obviously you can )

Look into it.
Best exchange is coinspot aus.

[data_mine]

safemoon is a ponzi scam.

only way it makes profits is by taking 10% of transactions and giving 5% to the creators (as another currenvy BNB - that should be all the red flag you need - the creators don't want to be left holding worthless tokens), and 5% to other holders.

But then there's no reason to transact with it, it does nothing, has no other source of value. it copped some social media hype (worth exactly nothing in real terms).

[Crazy Dazz]

Like anything, as long as you go into it with your eyes open, and understand what it is and isn't.

1. Like any form of speculation, crypto is a Pyramid Scheme. Capital Growth is dependent on more buyers entering the market and pushing up the price.
2. People seem to fall into the trap of thinking that just because something is online, that means it isn't subject to the law. (Just like people thought Uber shouldn't be subject to the same rules as Taxis.) In reality many things promoted on the Internet are illegal in Australia and other jurisdictions. Again, just because something is difficult for Australian Authorities to shut down, doesn't mean it's legal, and doesn't mean they aren't trying.
3. People bleat every time an Australian Bank charges them a fee, but are then happy to use internet services where they have ZERO regulation or protection.
4. These markets runs on confidence, and you will never be able to "get your money out in time." You need to anticipate any market collapse, not react to it.
5. Keep in mind that one of the biggest drivers in Crypto, and one of the biggest concerns for government, has been criminals moving and stashing money. The USA even claims it is being used to "fund terrorism". So they are going to keep pushing for ways to control and monitor Crypto. And when that happens (or even looks like it might happen) then the big money will rapidly bail out of one, and into the next.
6. Individuals can make money speculating on just about anything, and if Crypto is your thang, then have fun. (I know plenty of people who swear that they always make money at the Casino) But always remember that in aggregate, the only winner is the House.

[data_mine]

those are some outdated and short sighted half-truths.

1. there certainly is a lot of scams in the crypto market - not denying that. when every tom/dick and doge can create their own super internet coin with a search/replace of someone elses code it's easy to set up fleece people and run. but there's plenty of legit options too. the old 'too good to be true and it is' rule always applies, do your research.

2. it's early in the market, yes it's unregulated. that doesn't mean it's bad, just means you have to be careful.

3. meh, banks aren't the strong hold bastion of perfectly legal behaviour either.

4. just like the stock markets, it's all investor confidence at the end of the day.

5. over inflated. yep for sure there's criminal enterprises using crypto to avoid the cops/taxman. but the bulk of money involved these days is from institutional invesments.

6. Agree except the last point, there's a heap of cryptos with a 'house' / casino boss at the top - avoid those ones, they're the easy to spot/avoid (as with safemoon I mentioned above). there's more than 10,000 crypto coins/tokens/defi's etc. etc. I only care about and invest in maybe 10 of them, the rest I see either zero real value or long term life in, or (the majority) are just outright scams.


the days of fast money 1000%+ growth is gone. you can't expect the throw in $10 for a laugh and be a millionaire later (and if any coin/token is making that kind of promise it's a scam). to make real money you got to play with real money.

[Yellow_Festiva]

I randomly look at my balance.

Last week it was at around $2.5k

Was shocked to see it at around $3.5k today.

It's funny when I think to myself that I have 52 million of anything lol.

Bit like when you see your bank balance when in Vietnam

Won't be adding to it, won't take any way.

See where it is in 5 or 10 years lol

And if it's not there I really don't care

[CyberWasp]

Hopefully there is not going to be anymore negative news for a month or two to let these coins run for a bit.

[Crazy Dazz]

1. It's not a question of being a scam, it's simple economic reality. It's the same as speculating in any currency market, and many others. The only way you make money is if the price goes up, and that only happens if you have more buyers than sellers. That necessitates new buyers constantly entering the market.
2. It's not just unregulated, in many cases it's illegal within some jurisdictions.
3. Which is my point. We have royal commissions into banks, and all sorts of complaints, and that's WITH a highly structured regulatory framework.
4. It's definitely very similar to buying highly speculative Shares, and moreso derivatives. Difference is we're less likely to wake up tomorrow and find the ASX has closed and every cent we invested has vanished without trace.
5. Got to remember that the USA passes it's laws to protect Mega-Business, then coerces the rest of us to follow suit. So the crackdowns are coming.
6. at the end of the day, it's a zero sum game (like any such speculative market) with "The House" taking it's share as transaction fees

[thefargo]

Originally Posted by Yellow_Festiva

I randomly look at my balance.

Last week it was at around $2.5k

Was shocked to see it at around $3.5k today.

It's funny when I think to myself that I have 52 million of anything lol.

Bit like when you see your bank balance when in Vietnam

Won't be adding to it, won't take any way.

See where it is in 5 or 10 years lol

And if it's not there I really don't care

Exactly!
that is how we are 'playing' the crypto.

I have been given some good 'tips', so I do a bit of homework, if you can trust what you read on the internet.
buy a little bit and try to forget, just sit on it for a number of years.

generally speaking it is all going up, except ripple...who can tell with that?
probably the best buy was Eth, at $300, has gone to about $4000.

Of course I am saying 'should have bought more'. We have about 15 - 20 different ones that we have put money into. By doing my homework, I try to see what they are actually doing, to determine if I think it is a good idea.

Ask me in about 5 - 10 years.

[wodahs]

Originally Posted by thefargo

Exactly!
that is how we are 'playing' the crypto.

I have been given some good 'tips', so I do a bit of homework, if you can trust what you read on the internet.
buy a little bit and try to forget, just sit on it for a number of years.

generally speaking it is all going up, except ripple...who can tell with that?
probably the best buy was Eth, at $300, has gone to about $4000.

Of course I am saying 'should have bought more'. We have about 15 - 20 different ones that we have put money into. By doing my homework, I try to see what they are actually doing, to determine if I think it is a good idea.

Ask me in about 5 - 10 years.

see this i disagree with
as much as i see it as another platform to make money from and im making a little each week from it
its just another currency , and acts similar to stocks on the market
nothing is always going to go up and at some point there has to be a top limit
hence you buy low sell high and repeat to make money
whether its changing from other currencies when they are low to get more then exchanging back when they are high to get more of the original
the only thing i tend to sit on is blue chip shares as they basically tend to pay a share hence a profit and if its a pre tax paid share all the better

https://en.wikipedia.org/wiki/Cryptocurrency
and to me even our money (ie say aus $ and all others) is a crypto currency now
as it does not exist in physical form (like paper money) unless you get some physical coin/notes , how many these days have it digitally put in to their accounts and digitally taken out with no hard cash changing hands
to me the only basic difference here is its typically not issued by a central authority

i do tend to agree with data_mine's post

Originally Posted by data_mine

those are some outdated and short sighted half-truths.

1. there certainly is a lot of scams in the crypto market - not denying that. when every tom/dick and doge can create their own super internet coin with a search/replace of someone elses code it's easy to set up fleece people and run. but there's plenty of legit options too. the old 'too good to be true and it is' rule always applies, do your research.

2. it's early in the market, yes it's unregulated. that doesn't mean it's bad, just means you have to be careful.

3. meh, banks aren't the strong hold bastion of perfectly legal behaviour either.

4. just like the stock markets, it's all investor confidence at the end of the day.

5. over inflated. yep for sure there's criminal enterprises using crypto to avoid the cops/taxman. but the bulk of money involved these days is from institutional invesments.

6. Agree except the last point, there's a heap of cryptos with a 'house' / casino boss at the top - avoid those ones, they're the easy to spot/avoid (as with safemoon I mentioned above). there's more than 10,000 crypto coins/tokens/defi's etc. etc. I only care about and invest in maybe 10 of them, the rest I see either zero real value or long term life in, or (the majority) are just outright scams.


the days of fast money 1000%+ growth is gone. you can't expect the throw in $10 for a laugh and be a millionaire later (and if any coin/token is making that kind of promise it's a scam). to make real money you got to play with real money.

tho as much as playing with money (apart from manually earning it and spending it) every thing else is always going to be a gamble , some safer than others , and you should never play with any your not prepared to loose no matter how you dabble in your investments

[CyberWasp]

I think some cryptocurrencies are more legit than our own money system.
It gets scary if you look at how our money is created and where it comes from.
I can understand why some people hate Crypto, but please have a look at how our system was created and how it runs 1st, then compare it to how say Bitcoin works.

[zilo]

Originally Posted by CyberWasp

It gets scary if you look at how our money is created and where it comes from.
I can understand why some people hate Crypto, but please have a look at how our system was created and how it runs 1st, then compare it to how say Bitcoin works.

That's why I switched to gold, not certificates, the heavy yellow stuff.
Absolute joy to hold, or do workouts with...

[Citroënbender]

I’m trying to understand why cryptocurrencies should be negatively impacted by the latest Russian efforts against Ukraine.

[wodahs]

russia is big in to farming crypto currency , they prob selling it off atm

[CyberWasp]

Where is the bottom of this nightmare. I just keeps falling....
Some damn good opportunities coming up for those that dare.

[data_mine]

remember it's only a loss if you cash it out.

it'll be back.


and if you've got cash to spare and an appetite for high risk/reward accumulate more.