Cryptocurrency mega-thread

[Pickitt]

hey you lot! how should I split my money in a teenage part time job, I was thinking 40-60? some savings some crypto?
Edit: I just realised I worded this horribly, I meant how much should I put into it, I'm currently doing 70:30 with saving-spending but theres not much I have to pay for right now (30%)

 

[faible]

hey you lot! how should I split my money in a teenage part time job, I was thinking 40-60? some savings some crypto?

Whilst it would be amusing to say yes, you should absolutely not do 40:60 Savings and Crypto.

 

[Pickitt]

Whilst it would be amusing to say yes, you should absolutely not do 40:60 Savings and Crypto.

I just realised I worded this horribly, I meant how much should I put into it, I'm currently doing 70:30 with saving-spending but theres not much I have to pay for right now (30%)

 

[FRUMPY]

I just realised I worded this horribly, I meant how much should I put into it, I'm currently doing 70:30 with saving-spending but theres not much I have to pay for right now (30%)

basically what you can afford to lose would be my answer.

 

[Pickitt]

basically what you can afford to lose would be my answer.

would you say penny stocks/crypto or small % of larger cryptos

 

[faible]

I just realised I worded this horribly, I meant how much should I put into it, I'm currently doing 70:30 with saving-spending but theres not much I have to pay for right now (30%)

would you say penny stocks/crypto or small % of larger cryptos

I highly recommend reading the Barefoot Investor if you're just getting started out in your financial journey.

If you're saving say 30% of your income, you want to initially build a cash buffer for life events that come up, and make sure you're not carrying any debts e.g. credit cards or afterpay etc...

Once you've got that in order, you want to have the bulk of your investments in more stable options IMO.

Something like VDHG on the ASX is a good one-stop-shop option for that. Avoid picking individual stocks, avoid penny stocks. Stick to ETF's until you have a lot of capital to play with and have a real understanding of the market, and even then, ETF's are still likely better.

You then take a percentage of your investment allotment and drop it in to the crypto space if you're looking for something more high-risk, high-reward.

Traditionally the big investment banks say 5% of your total portfolio in the Crypto at most, but if you're a teenager with low overheads you could probably play around with a higher number than that. Just be prepared to lose everything, and that if you need the money you won't necessarily have access to it.

If you put $1,000 in today you might have $2,000 in 12 months, you might have nothing. Thus why having an actual cash buffer is so important.

 

[Shupe]

 

[Pickitt]

I highly recommend reading the Barefoot Investor if you're just getting started out in your financial journey.

If you're saving say 30% of your income, you want to initially build a cash buffer for life events that come up, and make sure you're not carrying any debts e.g. credit cards or afterpay etc...

Once you've got that in order, you want to have the bulk of your investments in more stable options IMO.

Something like VDHG on the ASX is a good one-stop-shop option for that. Avoid picking individual stocks, avoid penny stocks. Stick to ETF's until you have a lot of capital to play with and have a real understanding of the market, and even then, ETF's are still likely better.

You then take a percentage of your investment allotment and drop it in to the crypto space if you're looking for something more high-risk, high-reward.

Traditionally the big investment banks say 5% of your total portfolio in the Crypto at most, but if you're a teenager with low overheads you could probably play around with a higher number than that. Just be prepared to lose everything, and that if you need the money you won't necessarily have access to it.

If you put $1,000 in today you might have $2,000 in 12 months, you might have nothing. Thus why having an actual cash buffer is so important.

Yeah okay I get that, what's the best thing to trade on? I was using stake because there's not much verification needed, but I struggle finding ones to use (legally).

 

[faible]

Yeah okay I get that, what's the best thing to trade on? I was using stake because there's not much verification needed, but I struggle finding ones to use (legally).

Selfwealth has an option for parents to create an account on behalf of a minor. All holdings are CHESS sponsored which is nice to have long-term as it means if the brokerage platform goes bankrupt you're at no risk of losing your share holdings.

Once the account is open, you can buy and trade whatever you like, it just means your parent(s) are liable for any tax implications.

Introducing SelfWealth Kids Share Trading Accounts | SelfWealth

There's other brokerage platforms around, so they're not the only option. CommSec Pocket is another very popular one.

Raiz is a good option for drip feeding money in to, and you can play around with the allocation over time if you like, including up to 5% invested in Bitcoin.

All of the above requires parental approval and sign-up though if you're under 18.

 

[Pickitt]

Selfwealth has an option for parents to create an account on behalf of a minor. All holdings are CHESS sponsored which is nice to have long-term as it means if the brokerage platform goes bankrupt you're at no risk of losing your share holdings.

Once the account is open, you can buy and trade whatever you like, it just means your parent(s) are liable for any tax implications.

Introducing SelfWealth Kids Share Trading Accounts | SelfWealth

There's other brokerage platforms around, so they're not the only option. CommSec Pocket is another very popular one.

Raiz is a good option for drip feeding money in to, and you can play around with the allocation over time if you like, including up to 5% invested in Bitcoin.

All of the above requires parental approval and sign-up though if you're under 18.

do those apps have us stock and australian stocks? Or is it just the 'main' ones

 

[faible]

do those apps have us stock and australian stocks? Or is it just the 'main' ones

SelfWealth has access to both Australian and US stocks. US stocks have additional paperwork requirements to be lodged for tax such as the W8BEN form. Otherwise anything on the ASX is doable, including ETF's that follow the major US stock exchanges, or the global share market.

Raiz is only Australian domiciled funds, but is much better suited if you want to invest smaller amounts regularly e.g. $50 a pay type thing.

 

[Shupe]

Just an FYI for those maybe contemplating taking profits on LUNA - the fun times haven't even begun yet. Col-5 is still a few weeks away (increased staking rewards, LUNA burns, new projects). Not to mention the thriving UST which also burns LUNA to mint. This can only get better if regulation has it's way with other stablecoins.

The Terra ecosystem is a game changer. I will wait for the next couple of weeks before I set any profit taking targets. I fully expect three figures eventually.

 

[LongBombFromOutside50]

Just an FYI for those maybe contemplating taking profits on LUNA - the fun times haven't even begun yet. Col-5 is still a few weeks away (increased staking rewards, LUNA burns, new projects). Not to mention the thriving UST which also burns LUNA to mint. This can only get better if regulation has it's way with other stablecoins.

The Terra ecosystem is a game changer. I will wait for the next couple of weeks before I set any profit taking targets. I fully expect three figures eventually.

Quite a few Luna holders on here it seems. I like Luna, I bought a small bag recently but to be honest it's nowhere near the size of my Solana bag.

Compared to all the other big L1s excluding Eth (looking at you Ada, Dot, ICP), the developments taking place on Sol and Luna are really lightyears ahead.

Am I really the only Solana holder on here?

 

[Bostonian]

Compared to all the other big L1s excluding Eth (looking at you Ada, Dot, ICP), the developments taking place on Sol and Luna are really lightyears ahead.

Am I really the only Solana holder on here?

ICP isn't a L1.

Shits been around for 5 minutes and hasn't done a thing other than have it's rugged pulled on it by its own people.

 

[Bostonian]

I hold SOL.

It will do well because of SBF involvement.

He's the one guy who is tapped into the US investment circles.

SOL will be a dominant force in US Defi space imo.

 

[Bostonian]

DOT has been slightly disappointing though. Steady increase rather than anything exciting.

 

[LongBombFromOutside50]

I hold SOL.

It will do well because of SBF involvement.

He's the one guy who is tapped into the US investment circles.

SOL will be a dominant force in US Defi space imo.

True. His name is Bankman after all... Jus' saying

 

[LennyHayes77]

Can everyone stop talking about LUNA after I sold all mine

 

[Chris25]

Just an FYI for those maybe contemplating taking profits on LUNA - the fun times haven't even begun yet.

I have too much tied up in other things at the moment, so just threw $300 on Luna a week ago for fun. Already doubled. Shame the rest of my money is in crap at the moment.

 

[Bostonian]

True. His name is Bankman after all... Jus' saying

I think it's more he seems always on the front foot talking with government and working with them on regulations etc which will add to their popularity with institutions.

I'm in big on FTX. Think it's got a massive future.

 

[BACCS]

Just an FYI for those maybe contemplating taking profits on LUNA - the fun times haven't even begun yet. Col-5 is still a few weeks away (increased staking rewards, LUNA burns, new projects). Not to mention the thriving UST which also burns LUNA to mint. This can only get better if regulation has it's way with other stablecoins.

The Terra ecosystem is a game changer. I will wait for the next couple of weeks before I set any profit taking targets. I fully expect three figures eventually.

I am keen to get in at some stage, but waiting for a correction like yesterday to pounce.

 

[Ghost Patrol]

I am keen to get in at some stage, but waiting for a correction like yesterday to pounce.

What if going up is the correction?

I grabbed more yesterday, it bought my average price up to $7.50 usd lol

 

[BACCS]

For anyone interested, a support/resistance trend for BTC and ETH (moreso with ETH) I'm noticing with a key Fib level (1.618) since the May 19 crash. I have drawn a Fib extension on the chart for the daily timeframe since the last bottom on July 20 (built in indicator on TradingView).

I have done the example for ETH, but BTC is almost identical in its pattern (42.2k is the 1.618 Fib level price). However, BTC only touched this Fib level on the first bounce after the crash; after this, it got close but didn't touch it like ETH has (as we know it took a long time for 40k to finally be breached). BTC only finally breached this Fib level on August 6.

This Fib level acted as a strong resistance price for ETH until it smashed through it on August 6. However, since breaching this level, it's acted as support for the last 2 weeks (similar for BTC). A few of the bigger analysts on CT seem be of similar mindset that a retest of 42k for BTC and the 2800 region for ETH is healthy for the rest of this bull cycle, which would appear to be a good reflection of the last few months. I will only start to worry if both don't hold this level as support, because as we have seen before, this could take a few months to recover from.

 

[BACCS]

What if going up is the correction?

I grabbed more yesterday, it bought my average price up to $7.50 usd lol

Then I have missed out and will wait for the next cycle

 

[Jimi]

Hey all, have been looking in to a "hot tip" from a person I trust - great businessman but not so sure about his crypto-dentials. It's called Sportemongo (SGO) and will be a sports NFT trading platform (I think but website isn't clear). It's headed up by an ex-AFL player (never a good sign) and his son (?) and it just seems really scammy and weird.


Whitepaper

Some of the elite and current sports stars who have signed up...


Outside of BTC+ETH I don't really spend much time on crypto, especially speculative shitcoins so throwing it over to the wiser heads here for comment. I'm generally pretty good at sniffing out bullshit and this just stinks but I don't want to miss out on becoming a polygamous crypto millionaire.