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Cryptocurrencies 101 -- what I've learned so far


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Cryptocurrencies 101 -- what I've learned so far

  #11 (permalink)
 mongoose 
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Meant to add a picture to the last post but it wouldn't let me add via the edit function.

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  #12 (permalink)
 
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 SMCJB 
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Maybe this was obvious.. maybe not... but you know there is SushiSwap but no WaffleSwap that I know of!

Anyway onto todays news....

Whoops: Crypto Exchange Accidentally Sells Bitcoin at 88% Discount
https://wordpress.futurism.com/whoops-crypto-exchange-accidentally-sells-bitcoin-at-88-discount

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  #13 (permalink)
 mongoose 
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So a technical error let's them sell bitcoin at a huge discount then they try and back out of it by saying it couldn't be sold in the first place because the exchange didn't have it? Is this a perk of running a DeFi exchange? Would they be locking accounts and giving money back if they charged to much?

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mongoose View Post
Meant to add a picture to the last post but it wouldn't let me add via the edit function.

LOL CAKE is up 38% today

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  #15 (permalink)
 mongoose 
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LOL CAKE is up 38% today



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  #16 (permalink)
Ozquant
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What ive learned so far , this thread is just one huge pisstake , too bad if you got something decent to share .. Who'd bother

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Ozquant View Post
What ive learned so far , this thread is just one huge pisstake , too bad if you got something decent to share .. Who'd bother

I'm sure in time this thread will develop into a great deposit of crypto information. It's only been about 40 days since @Big Mike started it.

Here's my contribution: DO NOT FORGET YOUR CRYPTO WALLETS PASSWORD!....lol

Ron

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  #19 (permalink)
 mscholder 
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Ozquant View Post
What ive learned so far , this thread is just one huge pisstake , too bad if you got something decent to share .. Who'd bother

I want to really thank Mike for starting this thread plus all the humor contributors.

My hope is to see some serious comments soon and invite Ozquant and others to follow-up.

The fact that MassMutual, a mutual life insurance company, bought BTC and Goldman Sachs is now apparently advising its clients to dabble in crypto suggests strongly that blockchain technology might possibly be similar to the launch of the internet than a repeat of the 1636-7 Dutch tulip bulb market bubble.

I would really like to see some credible feedback based on real experience from some serious traders/investors on day, swing or long term trading with cryptos.

Here's my limited experience and 101 input.

1. Accept that it could be a bubble and use only a very small percent of your portfolio (1, 2 or 3%) and prepare to lose most or all of it.

With all of life's distraction and my nomad life style, my first purchase was just in March 2021 with 0.1 BTC coins at a market price of $53,833 along with .25 ETH near $2,000 plus small amounts of a few other coins like BCH and LTC. I have capped my purchases at 1% of my portfolio and have added some portions, so I now own 1 whole ETC and 1 whole BCH plus .2 BTC and some other cryptos.

2. Be ready for less information than you typically get for your stock brokers.

I was shocked that Kraken only shows my crypto holdings and the market prices but not my basis in each crypto. I have to track that in a spreadsheet to know when I may making or losing money on each crypto trade. Supposedly they can display my cost basis if I open a margin account, “Quickly and easily leverage Kraken funds to go long or short on a currency pair by up to 5x”.... No F***ing thank you!!!

From minute to minute, market prices usually are not the same on each exchange. I use The Crypto App to follow market prices when not at my computer and Kraken prices are often different than The Crypto App, which I think are from Coinbase. Fortunately, from what I have seen usually there are only small variances, a few dollars on BTC and ETH or a few pennies on less expensive cryptos.

3. Expect funding delays

It took Kraken several days (about a week) to credit my wire transfer to my account apparently since Kraken uses small financial institutions to process wire transfers.

4. Plan for Two-factor authentication issues delaying short and long term activities.

I avoided the crash in BTC at the end of 2017 due to some opaque error in Authenticator on my cell phone preventing two-factor authentication required to setup a crypto account. Sadly, I also missed an entry in BTC at around $20,000 last year and only recently managed to “Homer Simpson” the Authenticator app into working to open and fund my Kraken account.

5. Anticipate less, slow, or non-existent customer service

I originally contacted Coinbase to explore crypto trading in 2017 while on a vacation in Vancouver, B.C. Recently, I tried to finalize and fund a Coinbase account but could not since they think I am Canadian and I cannot correct their bad assumption without first showing them my Canadian passport or documentation of my change in citizenship???? Scans of my US passport with my birthplace displayed and my Nevada driver's license are just not good enough for them to accept my US citizenship.

My personal market observation is that there may be some rotation under way as the recent leaders, BTC and ETH, slip from record highs while BCH and LTC climbed vigorously in the past week.

I have some modest profits and need to decide whether I am a swing trader, an investor, a lucky fool soon to lose it all, etc.

I would really appreciate feedback regarding any reasonably successful fundamental, technical, profit target based or even clairvoyant approaches to timing trade entries and exits for cryptos.

Also, it would be great to get feedback on more credible sources of crypto information/opinion to review. I have been viewing some Real Vision crypto webcasts but would like to hear some less bullish one also.

Happy trading,

Michael

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 Sandpaddict 
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I too hope there might be some decent discussion surrounding crypto.

I understand HOW it works but curious about the quirks compared to stock/futures/forex trading.

I'm Canadian and understand that might add some complexity? Maybe not?

Also Canada had some regulations for crypto exhanges that go into effect today. April 19th.

I was going to fund (for the first time to trade) on Binace through Newton or Paytrie but was curious how Canada and Binance work out.

Any suggestions would be great.

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