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Off-Topic discussion about Bitcoin and cryptocurrency.
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Of course! What was I thinking? 😂
yeah, of course .. on top exchanges like Binance, FTX and others you can do abything , all kinds of limit orders, margin trading on spot, futures, options... It's mature market now.
Oh and Binance is now adding also NFT market lol
)))) Anyway, they're basically best exchange on planet, also biggest so huge sea of liquidity.
so , if i have a 1,000 US$ to invest right now in crypto , what should i put it on?
No way. Do your own homework! You'd be an idiot to take advice from a some chump on a flippin' iOS music forum.
I'm laughing, but ... seriously.
I like the idea of BTC. I won't be buying it because of its volatility, but I'd like to see how it develops. I just wish they got rid of BTC mining, it's so harmful in many ways
I know that people behind Ethereum promise to kill the concept of mining in ETH 2.0. (Though they also said that the blockchain was immutable, yet they chose to reverse some transactions when a hacker has stolen $50mln from them) But even if it happens, those mf-ing miners will start mining other cryptos instead.
First ask yourself if you can afford to loose those money. If you don't, it would bebetter for you to buy new iPad or synth and enjoy it now ;-)
Like really. Even through i strongly believe in future of Bitcoin (not so much in future of any other altcoin, though), it's still early phase and some black swan event can happen which totally kills whole crypto, like endgame, all exchanges closed, all networks turned off, done. Highly unlikely in my opinion, but you can't rule it out.
Ask yourself if you re ready for short term price drawbacks (bitcoin can easily retrace 30% down multiple times during bull during one year, and even more during bear market which can be there for 2-3 years when it starts (it's expected 2022 - 2024 but it can easily start tomorrow)
Bitcoin has average 200% valuation yearly, but this doesn't mean every year ends in green numbers. There were red years. It's long term game.
I'm not financial advisor, i'm just guy who is in crypto since 2015 (made my first purchase in 2017!), so i can just say what i would do with $1000 which will be that kind of money "i don't need them at least for next 4-5 years". I can just say what I would do but that doesn't mean it's winning strategy.
I would put all in bitcoin. I would move that bitcoin to wallet (outside of exchange) and i would forget it for few years. Done. I would not check (for own sanity) prices at all. It's not easy. Long term holding is not about luck, it's actually very hard game of own psychic. You have to be mentally strong.
Often during drawbacks media are full of negative information about this is going bad, that is going bad. When drawbacks ends and bitcoin starts again rise, all those negative information like miracle turns to be partially hoaxes, or narrative is changed (like Turkey is going ban bitcoin 2 weeks ago turned now into Turkey central bank is going to work as security custodian for Exchanges to protect people money lol - epic twist)
I would not speculate with any other altcoin - in short term they often outperform bitcoin but in long term they ALL are falling down compared to bitcoin:
This game is not about being quickly rich, if you are expecting that, forget it. It's long term run, it's saving. Absolutely best strategy is DCA (dollar cost averaging) - simply every month (or other timeframe you choose), you use small part of your income (money which you can afford to loose, for example 5-10% of monthly income) and buy some bitcoin, send it to wallet and forget it for years. Main benefit of this is that even through you sometimes buy high and price then goes down, you also buy low and then price goes up (just statistically).
Prepare for dark phases when price will go down. As i said, it's long term run. We are talking about years. Bitcoin is there for 12 years and has average 200% valuation per year. But that's average - it can in short term drop pretty badly. In moment you will do purchase, be ready it drops 30% next day :-))
There are also services (like blockfi.com) where you can put your bitcoin and earn intereset. But i would for now avoid it, because they're "custodian" services - it means you put your bitcoin away, under control of other entity, and if something goes wrong with that entity, you loose everything. As this market will grow and mature, i expected few years from now banks will provide same service, or there will be decentralized services where you will be able to do same while still holding bitcoin in your wallet. This is also in my opinion best way how to benefit from bitcoin in future, not selling it. Selling it is in my opinion wrong choice, selling bitcoin now or in next few years is like selling some real estate on Manhattan in 1920 :-) You know what i mean.
If you want to speculate (high risk of loosing all money) and invest significant time into watching prices and what is happening on market (i highly not suggest this, it's big time eater
)
Study, learn. If you want invest in some altcoin:
Beware of any new coins which are promising 100x gains but they are available just on Uniswap, Pancakeswap or any other *swap and not on major exchanges like Binance or Coinbase. 99% of them are scams.
I would say - best moment to invest into altcoin is bear market (phase when bitcoin is very much down, which will be most probably 2022-2024). If you choose coin with good fundament (some serious projevt, with high developement activity, serious roadmap, serious supporters) during bear market when prices are low - you can get significant gains. But nothing is for sure.
Definitely to avoid: Dogecoin (or any coin with dog in name
), Safemoon (or any currency with moon in name), Tron, Ripple(XRP), Bitcoin Cash (basically everything with Bitcoin with name which is not original bitcoin), Neo, Eos, Ethereum Classic, EVERYTHING which is lower than TOP 25 here https://coinmarketcap.com/, low cap (coins with very small market capitalisation), most of coins which are there since 2016-2017 (or longer) but their price is constantly falling down through years and they just peaked up in recent month or two (because currently is peaking every nonsense coin without use case, at this moment market is in completely irrational phase)
You can learn a HUGE amount of valuable information here, i highly suggest to go through ALL videos that guy made. He is one of very few youtubers which gives valuable information, objective insight, doesn't shill any shitcoin just to pump own bags. His content is gold (or i should say his content is bitcoin
)
https://www.youtube.com/channel/UCqK_GSMbpiV8spgD3ZGloSw
Or this guy, absolute gem, probably best source to learn about bitcoin, he is educating people for years.
https://youtube.com/c/aantonop
If you're on twitter, i would recommend you to follow @woonomic (top class chain analytic, one of best if not best), @100trillionUSD (author of famous stock2flow model which predicted next price in 2019 and were still exactly how he predicted), @DocumentingBTC, @adam3us, @coinbureau, @aantonop, @MartyBent, @KoroushAK, @danheld
@dendy wow. this is all incredible info. thank you for such a well put together post. going to read up some more on this.
You're welcome .. there is HUGE amount of stuff you can learn.. It has been (and still is) amazing learning journey for me. For me lot more valuable than some gains is huge knowledge i obtained during years. That is something what you can't pay with money.
Btw. beware of side effect - more you understand (i mean really understand) about crypto and especially Bitcoin, less you trust traditional finance system :-)) I mean banks, fiat, governments... Just think about this - president of European Central Bank is convicted criminal, she was convicted of 400m EUR fraud, and there was never explained why she didn't end in jail !! Horrible. Wondering how anybody can trust this institution.
It's like - i started back then, classic normie (like some people even here in this thread
) - with huge trust in government, state, euro, banks.
I'm now in phase where i feel very uncomfortable about all my money which are still in fiat :-D
Oh and i forgot this, amazing source of information too: https://www.lookintobitcoin.com/ , for start this section https://www.lookintobitcoin.com/learning/
Great stuff @dendy thanks for taking the time to share your thoughts 👍
Anyone thinking of investing in crypto should definitely read this first:
https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3
I agree with @wim. You need to do your own research. But one place you could start might be www.coinmarketcap.com.
And people have different opinions about which exchange to use, but (and I’m not giving advice here) I use both Gemini.com and Coinbase.com. Because of something bad that happened to someone I know who also holds crypto, I avoid Kraken.com.
As a counterpoint to your point, I suggest people listen to this podcast: https://overcast.fm/+pk_G6qSXQ (Interview with Canadian high-yield credit trader Greg Foss talking about his come-to-Bitcoin moment)
Another vote for Gemini, they seem to have the best privacy standards.
It was proven multiple times that article is bullshit, but people keep referencing it as main "proof" of thether FUD. I even tried to explain why it is absilute misunderatanding how tether ia used, bit it's wasting of time. Even through Tether is now available on Coinase Pro, highly regulated US exchange, publicly traded on stock, so very much deeply monitored by SEC - this FUD will be there for infinity..
To clarify, @dendy was referring to the article @richardyot cited, not the podcast link…
Yeah.. Also Gemini serves as custodian for BlockFi.com (crypto lending and loans platform) which gives me pretty big confidence for BlockFi.
This is one of my possible future "getting gains from crypto" method - take USDC loan from DeFi and use my bitcoin as collateral. Big advantage - you can profit from your crypto and you don't need to sell it ... another advantage - taking load is not capital gains, which means no taxable event :-))))
btw. funny fact: Gemini founders are Winklevoss bros, those from who Zuckerberk stole Facebook idea :-))
It’s funny, as my main interest in crypto is purely from the non-finance point of view, for eg NFTs, how blockchains do their stuff, and what they can be used for (other than money). Hence, I’ve usually got lots of NFT-related youtube videos being watched, being recommended, etc. Of course, youtube being utterly brain dead, this means I also often have a bunch of crypto videos featuring vivid thumbnails of a person shouting at a dramatic-looking graph, and the name of some shitcoin or other.
This whole world of people watching graphs go up and down is not just insane, it’s distinctly unhealthy. Over time I’ve seen, from the titles and thumbnails (no need to actually click on this crap) claim this or that is going to the moon, this or that is heading for disaster, this or that is what will make you rich, this or that is undiscovered now but is going to be big. Of course, I ignore all that, but seriously, it always makes it seem as though now is the time. At any given time, now is the time. Something unbelievable is happening now, and you’d better get in on it. Every fucking day. For years. It’s just unhealthy. I can’t ignore it, or I won’t get to see the serious crypto stuff I’m also interested in, so I just let it wash over me, and it’s hilarious now.
Agree. They’re well-funded and abide by all regulatory and State requirements in the US. I don’t like how they do their new crypto listing process, as it favors their larger customers first, but I still use them. Globally, I don’t know which exchange would be the best to use.
I'm very satisfied with Binance. They have great iOS app
. Good liquidity plus they're still inovating (NFT store recently 
))
Plus i like the fact it is not US company and CZ (founder of Binance) is (ex)cryptopunk who, at some degree, doesn't give a fuck about authorities :-))
I’m currently using my crypto on Coinbase to earn via DeFi lending. Making 5% APY on my Cosmos (ATOM) and 4.63% APY on my Tezos (XTZ). This is why savings accounts and “money market accounts” make no sense these days.
And (again I’m not giving advice here) I’m going to buy Polygon (MATIC), Injective Protocol (INJ) and Barnbridge (BOND) as soon as they start trading on Gemini (today I think).
This statement was from the NY AG when they fined Tether $18 million dollars in February:
Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines. Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system.
Tether have to report back to the AG on the 24th May with evidence of their reserves, and if it is shown they have lied at any point the conditions of their settlement no longer stand. Seeing as they have lied every step of the way I would say things don't look good for them. Believe what you want, this is all on the record. 🤷♀️
Yes that was one time example, it hapoened, they paid for it. Case closed. No other case was proven.
What descibes guy in that article is nonsense and absolute misunderstanding how thether is used on crypto exchanges. That image which illustrates "huge" amount of thether part crypto volume is absolute epic bullshit. Sorry, i already explained it in other tread. High volume is caused by derivative market, not purchases on spot. HUGE difference.
We once agreed this is closed chapter here but cause you reopened iy i'm reacting on it. It's nonsense.
And if anyone is still concerned that crypto (and specifically, Bitcoin) is too strange or risky… https://www.theblockcrypto.com/linked/103048/visa-ceo-crypto-earnings-call-comments
Visa is a huge deal.
You're clearly not following the case, Tether have to report back to the AG next month with proof of their reserves. The case is not closed, if Tether have lied the terms of their settlement are void.
What's more the AG found that Tether and Bitfinex comingled funds, and didn't separate customer funds from their own. It's a total shitshow. And they supposedly have $50 billion in reserves, but they bank in the Cayman Islands whose entire banking system is worth less than that.
Not just that. Also banks are slowly entering the boat. And banks are most regulated subject at all, they do not enter any business until they aren't 110% sure it is covered by law.
Recently JP Morgan, well known for shitting on bitcoin for years :-)))
https://www.coindesk.com/jpmorgan-to-let-clients-invest-in-bitcoin-fund-for-first-time-sources
and this is hillarious, it is probably two weeks ago when Turkey nareative was "we will ban bitcoin". Fast forward 2 weeks and here we are - complete u-turn :-))
https://www.coindesk.com/turkish-government-plans-central-custodian-bank-to-manage-crypto-risk-report
Here is the full statement from the New York Attorney General, it's pretty damming, and there's every chance that next month will uncover worse misdeeds:
https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal
If anyone thinks this is FUD they seriously need their heads examining, and I would definitely not take financial advice from them 🙃
I don’t use Bitfinex.
Maybe not, but the majority of trading on non-US exchanges is carried out with Tether, so if it turns out not to be backed 1-to-1 with the dollar, what happens to the market? What happens to liquidity? What happens to people who are holding Tether?
Tether still exists. It has a $50 billion market cap. If an exchange fails, Tether still exists. I think your complaint is with the exchange, not the crypto. Am I wrong?
https://coinmarketcap.com/currencies/tether/
The complaint is with Tether
Read the AG statement:
https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal
And the other article I posted:
https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3
There are many Bitcoin and crypto advocates who are worried about Tether.