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Cryptocurrency mega-thread

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Hai_Newman said:
Looking into it right now, just set up a Coinbase account...
Had my ID confirmed by them via my passport...

Question is would you lads add your credit card details, has anyone used this forum to trade cryto currency?

Or should I use another format?
Being cautious, this stuff makes me nervous as hell.
Click to expand...
I buy my coins through coinbase and transfer them to Binance. I was cautious like yourself but went ahead with it. Made 5 or 6 purchases and transfers so far without any hassle at all.
 

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Learnt a lot in the last 48 hours.

Was watching the markets too carefully and doing too much reading of potentials. Saw XRP took a massive nose dive (10c in 3 seconds) with lots of sell orders coming on BTC, panicked and cashed out my 600 coins @ 3.40. Now I look like a right goose.

So I've cut ties with XRP, purely because I got in at .30c and now it's a personal loss, seeing how much more I could have gotten out of it.

I've decided to put my money into Tron, Stellar, Substratum, Cardano and Cindicator with about 40% of my holdings. The rest is in ETH and thats fine, cos you need ETH to trade with, but my motives have now changed in this game.

I thought it was important to write this as not enough people speak of their losses, only their gains. Whilst this has been a humbling experience seeing the extra grand I could have made (and possibly more), I think its important to not hold onto something for the sake of it, and to think that I turned $200 or so into over $2k.

Onwards and upwards!
 
wadistance said:
Learnt a lot in the last 48 hours.

Was watching the markets too carefully and doing too much reading of potentials. Saw XRP took a massive nose dive (10c in 3 seconds) with lots of sell orders coming on BTC, panicked and cashed out my 600 coins @ 3.40. Now I look like a right goose.

So I've cut ties with XRP, purely because I got in at .30c and now it's a personal loss, seeing how much more I could have gotten out of it.

I've decided to put my money into Tron, Stellar, Substratum, Cardano and Cindicator with about 40% of my holdings. The rest is in ETH and thats fine, cos you need ETH to trade with, but my motives have now changed in this game.

I thought it was important to write this as not enough people speak of their losses, only their gains. Whilst this has been a humbling experience seeing the extra grand I could have made (and possibly more), I think its important to not hold onto something for the sake of it, and to think that I turned $200 or so into over $2k.

Onwards and upwards!
Click to expand...

Might share my learning moment too in this game.

I've been in crypto since 2014 but only traded in the last 8 months. No stock or investing experience before but I knew some general rules that I tried to apply one being don't buy at all time high.
Last week started following Enigma, around the 2.40-2.70usd mark I think? put money into BTC on Sunday night to buy the coins for a hold time of a year.

Watching price rise Tuesday I start to feel like im missing the run, nervous all day watching the price climb higher. Payment did not clear until 8pm Wednesday night and by that time it was touching $7 on binance.
Transferred my Eth over to binance and watched the price bouncing back each time it started to dip and keep rising. I had a buy order in that I was comfortable at first leaving over night to see if it hit, but no, at the last second before turning of PC all that pent up anger over having to wait for payment to clear and watching the price rise I fomo'd in and bought at the absolute peak of its rise.
Then like clockwork, to the actual second, as if its all it had been waiting for was for me to enter, boom dropped like a stone and has been hovering around 5 and 6 American with a poor Eth ratio.

Its a long term hold and the couple of dollars difference shouldn't matter in the long term but I broke my rule and traded on emotion and got punished for it.
On reflection its a nice wake up call, I havnt lost anything in Crypto in 3 years, everything I have took a chance on has paid off, but this was a reminder that if you are stupid you will get punished for it, even in a market where you could throw money at nearly any coin in the top 100 and make money in a year.

In this emotional state I also shuffled some coins around to try and chase some other stuff, ended up trading out of BAT, CND and FUN positions and look where they are now.
 
DangerSloane said:
I deposited AUD to btcmarkets, converted to eth and then transferred to binance and then bought all my other coins on binance
Click to expand...

Binance no longer taking new registrations for now. I have an exodus wallet and have sent some ETH to my BTC account, any idea how long it takes to arrive?

Edit: can answer my own question, about 5 mins.
 
wadistance said:
Learnt a lot in the last 48 hours.

Was watching the markets too carefully and doing too much reading of potentials. Saw XRP took a massive nose dive (10c in 3 seconds) with lots of sell orders coming on BTC, panicked and cashed out my 600 coins @ 3.40. Now I look like a right goose.

So I've cut ties with XRP, purely because I got in at .30c and now it's a personal loss, seeing how much more I could have gotten out of it.

I've decided to put my money into Tron, Stellar, Substratum, Cardano and Cindicator with about 40% of my holdings. The rest is in ETH and thats fine, cos you need ETH to trade with, but my motives have now changed in this game.

I thought it was important to write this as not enough people speak of their losses, only their gains. Whilst this has been a humbling experience seeing the extra grand I could have made (and possibly more), I think its important to not hold onto something for the sake of it, and to think that I turned $200 or so into over $2k.

Onwards and upwards!
Click to expand...
There's been many times since I started where I've thought about selling because I thought the price was going to take a big dip. Sometimes it has but it almost always recovers the entire amount within the next couple days. And a lot of other times a small dip is followed by a lot more growth. So if I had sold with the plan to buy back at a lower price I would've missed out on that growth altogether.

If you read about psychology of the human mind in relation to this stuff (and money/trading in general) you'll often see this idea about how the euphoric feelings that we feel when we're making money are only half as powerful as those feelings of dread we get when we're faced with losing money - we are risk adverse creatures who can be controlled by our fears, if we let them. Realising that you can adjust your behaviour to account for this.

I've made a plan about what I want to achieve and what I'll do in various situations should they occur. For example, 90% of my original stake are in long term holds. They sit on a hardware wallet locked away in a hard to reach place - this keeps them safe from the outside and also from any impulsive moves I might try and make. I want to get the 50% CGT discount by not trading them for 12 months. Maybe I could make more money than I'll save here by trying to trade before dips and buying back after them, but I could easily **** that up in an instant. The other 10% of my stake is to satisfy the part of me that wants to keep a finger on the daily pulse and trade recklessly based on rumours and hype.

People probably have better plans than me. My point isn't that my plan is good, only that some plan is probably better than no plan. Because without one we're just going to end up trading on emotion.
 

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cryptor said:
Not a tax deduction. Offsetting a capital loss against a capital gain.

If you were to invest in a crypto and sell it at a loss and that’s all you did then that would be too bad so sad. A loss you’d have to wear and you wouldn’t be able to deduct that from say your income tax like you might an expense made for a work item.

But say you make a $1000 profit on one crypto (ie. It’s a realised profit because you’ve sold it off for another crypto or fiat) but then you don’t do so well on another crypto and actually make a $300 loss. You would be able to deduct that from the $1000 profit earlier in that same FY and only have to pay tax on $700 profit.

But again, don’t take my word for it. Seek your own professional tax advice.
Click to expand...

I'm hoping crypto banks will put an end to this sh
Mercurial89 said:
Might share my learning moment too in this game.

I've been in crypto since 2014 but only traded in the last 8 months. No stock or investing experience before but I knew some general rules that I tried to apply one being don't buy at all time high.
Last week started following Enigma, around the 2.40-2.70usd mark I think? put money into BTC on Sunday night to buy the coins for a hold time of a year.

Watching price rise Tuesday I start to feel like im missing the run, nervous all day watching the price climb higher. Payment did not clear until 8pm Wednesday night and by that time it was touching $7 on binance.
Transferred my Eth over to binance and watched the price bouncing back each time it started to dip and keep rising. I had a buy order in that I was comfortable at first leaving over night to see if it hit, but no, at the last second before turning of PC all that pent up anger over having to wait for payment to clear and watching the price rise I fomo'd in and bought at the absolute peak of its rise.
Then like clockwork, to the actual second, as if its all it had been waiting for was for me to enter, boom dropped like a stone and has been hovering around 5 and 6 American with a poor Eth ratio.

Its a long term hold and the couple of dollars difference shouldn't matter in the long term but I broke my rule and traded on emotion and got punished for it.
On reflection its a nice wake up call, I havnt lost anything in Crypto in 3 years, everything I have took a chance on has paid off, but this was a reminder that if you are stupid you will get punished for it, even in a market where you could throw money at nearly any coin in the top 100 and make money in a year.

In this emotional state I also shuffled some coins around to try and chase some other stuff, ended up trading out of BAT, CND and FUN positions and look where they are now.
Click to expand...

What's interesting is that you're the first person to mention enigma in this thread. Everyone else in here seems to be focused on "the coin of the week" and making quick cash from pump and dumps, while the really important projects with huge long-term potential like enigma, LSK and ethos are largely ignored ITT.
 
Duritz said:
Guys have bought ripple now through BTC. Any recommended offline but on computer wallet for holding it in? I might look at nano but I only have 2K aud Of ripple
Click to expand...

Im using toast wallet.

Free to use BUT needs to have a minimum of 20 coins left in at all times so keep in mind that whatever you transfer out, you will be 20 coins down when getting back into the market.

Hopefully that limit is reduced in the future.
 
L_W_P said:
Im using toast wallet.

Free to use BUT needs to have a minimum of 20 coins left in at all times so keep in mind that whatever you transfer out, you will be 20 coins down when getting back into the market.

Hopefully that limit is reduced in the future.
Click to expand...

Why do they have that limit? That’s $80 currently AUD, better off buying nano
 

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woota said:
What's interesting is that you're the first person to mention enigma in this thread. Everyone else in here seems to be focused on "the coin of the week" and making quick cash from pump and dumps, while the really important projects with huge long-term potential like enigma, LSK and ethos are largely ignored ITT.
Click to expand...

Outside of current holdings and for coins currently available on exchange, I'm very interested in KMD, BAT, CIVIC and 0X.
 

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