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Who here is messing around with Crypto's?


jason1
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It is crazy, IMO its a Crazy market, that is super risky.

you can makes lots of money or lose lots of money.

 

I have afew small crypto coins but Im playing it safe, If i loose i lose.

 

Made a mistake selling a bitcoin cash I had which was $250 at the time, got worried when it dropped to $200 five minutes after buying it. so sold it at a loss,thought I was lucky because it dropped to its record low an hour later, lol but 2 months later it was $2200 Aus damn it

Oh well, that is what lack of experience gets you and freaking out on volatile markets

 

so what I spent on my wallet is, not the current value as its all over the place.

(Keep in mind this is a small test Ive been conducting over only the last two months or so).

 

Ripple coins,

bitcoin Gold which is essentially my most valuable coin

Ethereum Classic coin

Ethereum a fraction of a coin,

Bitcoin Cash, a fraction of a coin

IOTA coins

Some Bitcoin which is only a fraction of it,

plus $5 as a stupid why the hell not put a couple of dollars on some little known coin called "Safe Exchange" which equals about 350 coins for $5 lol

 

So ,as you can see im no big player, So I wont loose my arse if or when it all goes to shit lol.

But hey gotta be in it to win it,

and more importantly Its really just to get some experience.

 

I will say honestly who knows where this is all going, I have no clue, it works off hype i guess as long as the hype is going its going up, loses hype its going down fast and hard and lots of people loosing money.

I think you had to get in right at the start tobe have have been safe from a crash, but im no expert so who really knows

Its so volatile Ive Seen my small number of coins go up into pretty good profit and then fall into losses just as as quickly in the same day, then raise back up again. Its complete madness.

Im hesitant to call this an investment, I guess its a gamble and I dont usually gamble on any thing lol

 

So is there any big time players here? im clearly not but love to hear your advice or thoughts

Edited by jason1
Typo fixed. t missing in crypto
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Hi Jason,

 

I have been dabbling with cryptocurrencies for about a month. I'm pretty much even at the moment but I have learnt a lot.

 

What exchange do you use to buy with AUD? I started out with Coinspot but just switched to BTC markets. They seem to have better prices.

 

- - - Updated - - -

 

It is crazy, IMO its a Crazy market, that is super risky.

I'm hesitant to call this an investment, I guess its a gamble and I don't usually gamble on any thing.

 

I think I am in a similar position. I'm not much of a risk taker so I'm trying to decide if the stress is worth it.

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I think in your case @jason1 you've given an honest view of your actions so if panic set in at 20% drop on $250 after purchase then I'd say your viewing it as a gamble because you were concerned with losing an amount which was negligible and only a paper loss until you cashed in. I'm on the fence with crypto currency because there's no real structure on it's existence, any one can make up a currency and hopefully make some serious money. These work well at the start once the hype begins they will climb fast and devalue even faster then have a tendency for the bubble to burst. There is a podcast called "radiolab" and they explore crypto currency and create their own in a matter of hours and it climbs to $4k in a very short time. I prefer investing in shares, these will have falls and losses too but your buying a share into something real, getting dividends and can be tax effective with real growth. As with any investing there are losses as with gambling your already conditioned to lose your money.
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Hi Jason,

 

I have been dabbling with cryptocurrencies for about a month. I'm pretty much even at the moment but I have learnt a lot.

 

What exchange do you use to buy with AUD? I started out with Coinspot but just switched to BTC markets. They seem to have better prices.

 

- - - Updated - - -

 

 

 

I think I am in a similar position. I'm not much of a risk taker so I'm trying to decide if the stress is worth it.

 

I Do use coinspot.com.au , It took out all the wallet stuff that was hard to understand as far as keys, Usb drives and all that stuff which seemed way to confusing for a Newbie like me. so thats Why i use coinspot, their fees seem a little high but after spending 2 days originally to get the verification from them Ill stick with them. its a pain in the arse that side of it.

plus Im small time and I dont really expect to make money honestly lol, its a bit of fun and some learning, But also Just in case Crypo's become a real thing in the future.

 

Im also currently sitting Ahead, had periods of loss and gains obviously

 

 

I think in your case @jason1 you've given an honest view of your actions so if panic set in at 20% drop on $250 after purchase then I'd say your viewing it as a gamble because you were concerned with losing an amount which was negligible and only a paper loss until you cashed in.

 

It was lack of experience and me treating it like a regular trade lol, Man did i learn from that mistake, as this is nothing like that,

 

 

I think I am in a similar position. I'm not much of a risk taker so I'm trying to decide if the stress is worth it.

 

yer my tactic now is sit back and see what happens, Already made the mistake of worrying to much which caused me to sell when I shouldnt have,

So to avoid to much stress I just got an amount im comfortable enough that I could loose but also enough that in 10 years time I wont regret not actually trying the cryto thing if it actually does become a really big deal, and I forever think I wish I at least gave it a try lol

 

So I wouldnt put my house or my life savings on this shit, I would struggle sleeping if i did that lol.

 

Im hoping Ripple will take off, Its a few cents each currently and people seem tobe trading in it lately.

IOTA might have a chance seeing Microsoft and a few other big guys are investing in IOTA and planing on using it as a payment system.

But again who the hell really knows where this will all end up?, could end up in the ditch or I get lucky and make a dollar

Edited by jason1
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Bitcoin caught my attention in 2014 when the price jumped up to $1k and I built a few GPU mining rigs. I earned about 3.5BTC in a few months but the electricity bills were crazy so I sold all of my gear and held the BTC until this year when the price jumped again.

 

The last few months I've been trading my BTC around and have gained a little bit, and also bought a few more back when the price was AUD$3800-5900 which turned out to be a good move. I'm still yet to sell any though, just holding and waiting.

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well its been a good day on some Of my crypto's

some of those altcoins are doing rather well.

As of today Ive pretty much doubled my original amount I spent buying these Alt coins. some coins performed better than others but all of them are up.

pretty happy about that,

 

and Ill be making my first physical transaction on Bitcoin today where some one is buying some secondhand stuff off me with bitcoin, see how that goes.

 

PS im not expecting toget rich, Im just curious by all this and trying to learn over a period of a couple of months. Im not pushing Cryto coins, its very risky

Ive missed the boat on Bitcoin so only have a small fraction of bitcoin.

So going with the Altcoins like Ripple, Bitcoin gold, Ethereum Classic, IOTA and so on which are doing really well so far

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I pretty much sold what I had a couple of days ago. It was mostly BTC. I may get back in again now that BTC seems to be rising again.

 

If you do go back, Check out MIOTA aka IOTA, its doing well, and because its partnered with Microsoft and 20 other big companies that could be a really good thing. I have a few and its doing very well. I bought a few at $1 a coin its now at $2 a coin and rising steadily each day, http://oracletimes.com/why-iota-miota-could-see-a-major-boost-in-2018/

 

https://www.forbes.com/sites/jonathanponciano/2017/11/28/iota-foundation-launches-data-marketplace-for-internet-of-things-research/#7afc280cf52b

 

thats my tip for all its worth lol

Edited by jason1
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this kind of thing has interested me for some time but I've never taken the plunge. If I was to buy some MIOTA for arguments sake (or other currency) where is the best/safest place to buy and what sort of numbers of coins should you buy to make it worthwhile??
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this kind of thing has interested me for some time but I've never taken the plunge. If I was to buy some MIOTA for arguments sake (or other currency) where is the best/safest place to buy and what sort of numbers of coins should you buy to make it worthwhile??

 

This is the question I had struggled with for a few years as the whole Wallet thing seemed really confusing so I would walk away and put it in the too hard basket lol.

The easiest Exchange IMO is Coinspot.com.au, there are ones with slightly less transaction fees but for some one new who wants to figure this out coinspot is a good start, and you can always transfer your coins to a new place if you wish.

 

 

Just a quick thing to begin with .

You used to have to download these files called digital wallets, you keep them on your computer or USB stick for more safety, and buy via an Exchange and store in a wallet. and most people do it that way.

Essentially A wallet is a software based secure place to keep your cryto currency. there are bad wallets out there that steal your coins. So if you want your own wallet on your own computer then keep that in mind.

so if you dont know about crypto's the whole wallet thing seems really confusing. Essentially why I gave up on the number of times I went researching years ago was because I didnt understand the whole wallet thing or know which one I should have then how to transfer bought coins from Exchanges into it.

 

But now Exchanges like Coinspot have wallets on their systems you can keep your coins in.

 

Ok So why I use Coinspot?

1. it is Australian,

2. it has a good reputation,

3. they also trade Allot of different Altcoins, (anything other type of coin other than Bitcoin are called Altcoins, Its just a term used for Alternative coins).Some Exchanges dont sell all altcoins, the Coinspot exchange does.

4. being An Australian site is it has to meet our standards for trading,

5. It also does trades in AUD.

6. easy to understand

 

Cons,

The transaction fee is about average but there are cheaper exchanges

The verification process is painfull. but the upside is, little chance of account theft

Some alt coins you cant transfer into your Coinspot wallet from an outside source but you can transfer all altcoins out into an external wallet, so its not a big deal but would have been handy tobe able to able to transfer in as well, Like they allow with Bitcoin.

 

Now the whole Wallet thing with Coinspot, it has wallets on their system for each coin, you can keep your coins there for trading or send them to another place you hold your coin like offline wallet, you could also send them to friends.

So the good thing is you can buy and sell very quickly on Coinspot and store your coin there and it is safe.

 

Advanced Warning.

Starting a coinspot account is a pain at first, they have extremely high demands for security, and they also have too meet the Australian Gov regulations for trading to avoid money Laundering, so you will require allot of ID during the verification process.

So their identification process is Vigorous to say the least. I guess that keeps you safe, but it just means it takes a bit of time to get your account verified and up and running.

 

Another thing there is nothing stopping you moving onto a different exchange or having your own offline wallet if you wanted to in the future, by simply moving the coins there.

It is free to have an account, they just charge you a small percentage on your purchase of a coin.

here is a video that may give you an idea

 

https://www.youtube.com/watch?v=qbyI62yEuME

 

Please dont Drop your Life savings into it lol, I dont want to be responsible for that lol

If you do decide to try it

I would suggest you start off with some small trades on some alt coins to learn how todo it, Also its a good way to calm your nerves with small trades, big purchases seem really scary especially how fast they can go into profit and then into loss constantly and vice versa, so start small on a few dollars and see how you go, you can see 20% drops in one hour them 50% rise the next. its very volatile, so be patient dont freak out on quick drops, I made that mistake at the start. they go up and down like a yoyo, one minute you think your taking a big loss, next minute your making a good profit. Put $5 on couple of trades, research the coin also, look at their graphs and trends, give them a few days see how they go before jumping in the deep end.

I have one friend who has just dropped $5 on a bunch of random Alt coins and walked away and forgotten Hoping that one day he checks back and they are worth more lol. so there is always that option lol

just take it easy and practice on some small goes, Im no gambler so I play it pretty safe.

Edited by jason1
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Well, yesterday during the day it was pretty average not much happened Untill last night, what a night bitcoin broke new records, while I dont own much of a fraction of bitcoin it went up, most of my Altcoins were up by about 15%

Im pretty happy with the IOTA coins after the news of microsoft adopting it, it went from $1 when i bought to almost $3.

Its been rather fun this experiment, im not rich because im way to cautious and dont play with big money, but Ive made a few bucks so thats good enough

 

iota.thumb.jpg.4da62a9e6dd7b7d424f25b17beb2293f.jpg

 

 

UPDATE------------------

well since posting above an hours ago, IOTA up past $3 Woohoo, Lets hope it stays there lol

 

Miota1.thumb.png.74b5f25e51f129dc3764ff896c22801e.png

Edited by jason1
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Coinspot's fees look pretty high at 2%-3%. I use BTCMarkets.net for AUD stuff which is at most 0.85%.

 

Can you buy IOTA on BTCMarkets.net or is it just coinspot? I had a quick look but couldn’t see them on there.

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Can you buy IOTA on BTCMarkets.net or is it just coinspot? I had a quick look but couldn’t see them on there.

 

I wish I could help you with that question But I dont know what coins they sell, not all exchanges have all the Altcoins,

@kane ??

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Can you buy IOTA on BTCMarkets.net or is it just coinspot? I had a quick look but couldn’t see them on there.

 

No, BTCMarkets only deal with a few of the main coins. You can buy BTC with AUD$ and then move the BTC to an exchange that supports the coins you're after. You can look at CoinMarketCap.com to see which exchanges each coin is traded on in the coin's 'Markets' section. Looks like IOTA is not supported by many.

 

Poloniex and Bittrex for example only have a trading fee of around 0.15% - 0.25% so you can save a bit on fees this way.

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No, BTCMarkets only deal with a few of the main coins. You can buy BTC with AUD$ and then move the BTC to an exchange that supports the coins you're after. You can look at CoinMarketCap.com to see which exchanges each coin is traded on in the coin's 'Markets' section. Looks like IOTA is not supported by many..

 

Bit annoying how many exchanges do that, especially when Miota (Iota) is the fifth largest coin In market cap.

 

This is just silly Shit, Over $4.50 and was only just over $1 dollar 4 days ago. This is my best performing coin by a mile

 

Miota3.thumb.jpg.c2ca001d7f23c67abb036a0a987202a2.jpg

Edited by jason1
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Ooh, famous last words?:

 

One can never know untill it happens, Im still damn cautious about it all.

but Its interesting when you see places like amazon will be excepting bitcoin and other crypto's.

Some of the biggest companies are getting on board also, But who the hell knows really where this will end up, I think skeptics may have a good basis tobe skeptic its uncharted territory and it is moving very fast.

 

I have some Ethereum, its ok, it is very steady and seems stable, its not a fast mover but seems safe. Much like Ripple, same thing stays around about the same most of the time, its a long term game on those ones.

 

I dont have any ARK I have been keeping an eye on it, Ive considered it a few times but it moves around allot. It is up abit tonight. I dont want to spread the butter too thin by having to many different coins.

 

@dezbaz If this is your first time? a word of warning Your going to see many of your coins go up and down like nothing else you have ever seen lol, best not to freak out, because Ive had 20% drops in one hour then 50% gain the next on the same coin, its crazy. You end up noticing a pattern after though. I wish some one had told me that before I first started, So I knew that was normal. lol

Edited by jason1
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So happy with this

now the fourth biggest coin, keep going you good thing lol Im up $4 per coin in a week

 

IOTA5.thumb.jpg.84e07d99d68a767e30e198705f7d565f.jpg

 

 

UPDATE oh shit This is going nuts, I dont know if a dump is on the way, but ive been waiting for a dip for two days now to buy and hasnt happened. But it surely cant keep going like this,

 

Iota6.thumb.jpg.865d168464a7e2ae48919989b7105a1c.jpg

Edited by jason1
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Ok, the dip hasnt happened on this coin yet, Just broke $7 Aus. this beyond silly, I was hoping a for big dip to buy some more.

 

iota7.thumb.jpg.3fb7636eae38a679db5faf9bdf45f8e7.jpg

 

UPDATE, finally a good sized dip, back down to $6 so now pickup a few more. should slow down a bit now

 

On the down side My bitcoin cash is doing shithouse ATM

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I have some Ethereum, its ok, it is very steady and seems stable, its not a fast mover but seems safe.

 

I just joined CoinSpot and may get some ARK or Ethereum :blink:

 

About half of my holdings are Ethereum, it has been increasing in value a lot, but the last few months it has decreased in value compared to Bitcoin by around %50 or so. If Bitcoin continues this way, it's probably best to just buy some of them unless you can pick a gem like IOTA ;)

 

I don't know what's going on with the Australian exchanges recently, but they seem to be trading at a decent premium to most other exchanges. Around AUD$18k versus AUD$16.3 equivalent at the moment. Might be a bit of a feeding frenzy going on in Aus at the moment...

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