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New to crypto

Started by MGB1229, December 25, 2017, 11:06:44 am

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MGB1229

So I'm new to all of this and value the opinions of the ones hat have been doing this for a while.

I recently got in on a few and plan to get a few others but the ones I currently hold are TRX, XVG, IOTA, XRP, BTC, BCH, LTC and ETH.

Any advice on what you might get more or less of and why would be appreciated.  I know it's a crapshoot but I feel like not putting all my eggs in one basket is a good way to do it.




Vantage 8 dude

December 25, 2017, 12:05:00 pm #1 Last Edit: December 25, 2017, 12:27:42 pm by Vantage 8 dude
If you haven't already you might want to check out another thread on here discussing crypto curriences heading into next year. Hopefully gives you some things to think about and consider. BTW while I obviously don't know anything about your personal financial situation, I would be VERY VERY cautious/leery about getting too involved from the standpoint of over concentrating your portfolio in one asset sector. And that goes for ANY/ALL such coins. You need to recognize that just by virtue of your buying several different such currencies does NOT necessarily lessen your overall risk.

I can promise you this: there will be FAR more volatility and craziness ahead. You had better have both the wallet AND the constitution to handle the ride ahead. Also keep in mind that as everyone seems to be hopping on the crypto currency train, they can just as easily "get the heck out of Dodge" at the first sign of trouble (and many doubtless will). That is IF the exchanges function efficiently and don't seize up/shut down like it did late last week. How would you like to be one of those who wanted/needed to sell one or more of your holdings but can't do so because the market happens to be illiquid or buyers/sellers can't be matched up?

One last thing: as of last trade(s) the value of BitCoin is now approximately TEN times the price of an ounce of gold. Obviously I can't say where either/both is headed, however, is it realistic to believe that this level of inequality won't adjust at some point? And while other forms of currency have various valuation levels, do you honestly believe at some point there won't be a "day of reckoning" for most/all of these as well? If so, are you smart/fortunate enough to detect that before hand and move accordingly?

 

MGB1229

Thanks.  Good Advice.  Yeah I am basically going into it thinking more long term and not selling anytime soon to make a quick profit.  I also realize the risk and have not put more in than I am afraid to lose at this point.


Vantage 8 dude

Quote from: MGB1229 on December 25, 2017, 12:21:16 pm
Thanks.  Good Advice.  Yeah I am basically going into it thinking more long term and not selling anytime soon to make a quick profit.  I also realize the risk and have not put more in than I am afraid to lose at this point.
One other (possibly) relevant issue. Not sure whether or not you're doing this in taxable or tax deferred (i.e. IRA/401K) account(s). However, just in case you aren't already aware any selling for a gain in a TAXABLE account is considered an immediate taxable event; it apparently doesn't matter whether or not you reinvest the sale proceeds into another such currency. I suspect a lot of folks are being lulled into a sense of false security that somehow such taxable gains don't apply to them. As a result I can foresee down the road there are likely going to be some ugly IRS confrontations   as a result. So obviously know ALL the rules/regulations before you look and leap.

HawgWild

FWIW, I still have the silver bullion bars and Carson City silver dollars I bought back in the early 1980's when the Hunt brothers were trying to capture the silver market. At least my 1,000 gram bar could be used to weight down the decorative piece of driftwood I had in my aquarium back in the day.

V8 is right though, you're not diversified against risk with all those different crypto currencies.

MGB1229

Quote from: HawgWild on December 25, 2017, 12:39:18 pm
FWIW, I still have the silver bullion bars and Carson City silver dollars I bought back in the early 1980's when the Hunt brothers were trying to capture the silver market. At least my 1,000 gram bar could be used to weight down the decorative piece of driftwood I had in my aquarium back in the day.

V8 is right though, you're not diversified against risk with all those different crypto currencies.

You are right about that.  The main reason I want to diversify is for the potential for one to hit. I'm not putting a whole lot into some of the long shots, but enough to turn a good profit if one takes off. 




HawgWild

There's always the lottery! ;D

MGB1229

Just can't get out of the lottery!

NuttinItUp

I've got most of mine concentrated into IOTA, Cardano (ADA), and NEO, with most of it in IOTA.

I also own several others, but just in small amounts. I got rid of most of my Bitcoin except just a small amount I keep to make purchases online. I feel like I am just playing with house money at this point since I made so much on Bitcoin, so I am not too worried about losing it.

I am digging NEO more now that I understand the whole GAS thing which is essentially them paying you dividends to hold the currency. I made around $40 in GAS just for holding the NEO for around a week. In addition to the gains on the market, this is a nice bit of icing on the cake. (If it ends up paying that much every week, I will be extremely happy.)

NuttinItUp

Quote from: Vantage 8 dude on December 25, 2017, 12:05:00 pm
One last thing: as of last trade(s) the value of BitCoin is now approximately TEN times the price of an ounce of gold. Obviously I can't say where either/both is headed, however, is it realistic to believe that this level of inequality won't adjust at some point?

You are looking at the value wrong to compare a bitcoin to an ounce of gold. You have to compare the value of all of it in circulation because the units are different.

The value of all gold in the world is around $7.84 trillion.
The value of all bitcoin in the world (at the moment of me writing this) is around $258 billion. (or less than $0.26 billion)

Bitcoin has a number of advantages that gold does not have, including the ability to send it without sending a physical item. (i.e. Sending someone $100,000 in bitcoin would be much easier than sending someone $100,000 in gold.)

Also, it is my opinion that bitcoin is not the best cryptocurrency in the world and others will rise in value in comparison to bitcoin. Also, cryptocurrencies are trying to take the place of traditional currencies, so a more apt comparison might be the value of all currency (electronic and physical) in circulation. (USD + Euros + Yen + ...etc...)

MGB1229

Quote from: NuttinItUp on December 27, 2017, 01:00:22 pm
I've got most of mine concentrated into IOTA, Cardano (ADA), and NEO, with most of it in IOTA.

I also own several others, but just in small amounts. I got rid of most of my Bitcoin except just a small amount I keep to make purchases online. I feel like I am just playing with house money at this point since I made so much on Bitcoin, so I am not too worried about losing it.

I am digging NEO more now that I understand the whole GAS thing which is essentially them paying you dividends to hold the currency. I made around $40 in GAS just for holding the NEO for around a week. In addition to the gains on the market, this is a nice bit of icing on the cake. (If it ends up paying that much every week, I will be extremely happy.)

Thanks for chiming in man.  Appreciate the info!

HawgWild

FWIW: Buffett today on Bitcoin & cryptocurrencies in general:

"When you buy non-productive assets, all you're counting on is that the next person is going to pay you more, because they're even more excited about another next person coming along," Buffett said. "The asset itself is creating nothing."

Vantage 8 dude

May 07, 2018, 03:53:51 pm #12 Last Edit: May 07, 2018, 05:09:14 pm by Vantage 8 dude
Quote from: HawgWild on May 07, 2018, 01:42:11 pm
FWIW: Buffett today on Bitcoin & cryptocurrencies in general:

"When you buy non-productive assets, all you're counting on is that the next person is going to pay you more, because they're even more excited about another next person coming along," Buffett said. "The asset itself is creating nothing."
Also normally called the "Greater Fool Theory". Not saying that over time some cryptocurrencies won't endure or even flourish, however, there are still a lot of "playing loose and fast" with exactly WHAT (if anything) backs the various currencies and what (if anything) is their true value. Much of what's going on reminds me of the "Wild West" where rules (i.e. law and order) was what was accepted at the time. Over time when actual rules/laws began to actually be enforced what had sometimes been accepted as the norm went out the window. BTW anyone remember around the "Great Tech Bubble" crash of 2000? The reason I even mention it is because back then virtually anything/everything with a ".com" in its name was snapped up like it would become the next Amazon or Google. Sadly the truth was that there still had to be an actual company that MADE MONEY and had something very tangible to sell. Those that didn't quickly bit the dust. I suspect that in a similar fashion SOME cryptocurrency won't last-just like the dot. com debacle just because it has such a description in the name doesn't necessarily it's worth a damn. Obviously the trick to success is doing your homework, CAREFULLY investing in only the solid ones and not to get too greedy or caught up in the hype along the way.

And I would remind everyone there are still all those IRS rules that require gains/losses to be reported the year they're taken. And while some might think the "black hole" (i.e. untraceable) nature of the transactions make it impossible for Big Brother to accurately track the trading in the various cryptos, the same Blockchain technology that permits a complete history of such monies to be legitimate, can also be used to trace every time a currency has changed hands and by/with whom.

 

je100

Quote from: HawgWild on May 07, 2018, 01:42:11 pm
FWIW: Buffett today on Bitcoin & cryptocurrencies in general:

"When you buy non-productive assets, all you're counting on is that the next person is going to pay you more, because they're even more excited about another next person coming along," Buffett said. "The asset itself is creating nothing."


Not saying that cryptos are a great investment - or even an investment for that matter.  But Buffett's logic may also be applied to land, gold, and various collectibles - none of which create anything at all, and all of which rely on the next fool.

Cryptos may be an awful asset for a variety of better reasons, in my opinion.  Having said that, I do own a small holding in Stellar Lumens.

BENTON PIGGEE

Bitcoin closed below $5k for the first time since October 2017. How are the other ones doing?

https://www.coindesk.com/price/bitcoin
Avatar courtesy of root66

BENTON PIGGEE

Avatar courtesy of root66

woodrow hog call

Quote from: BENTON PIGGEE on December 12, 2018, 10:21:32 pm
Bitcoin now at $3370.


So I guess if I bought a bunch more now, I would lower my average price per coin😢
Seeing as I bought at twice that plus some.
"I hate rude behavior in a man, I won't tolerate it"

BENTON PIGGEE

Quote from: woodrow hog call on December 13, 2018, 08:30:28 am

So I guess if I bought a bunch more now, I would lower my average price per coin😢
Seeing as I bought at twice that plus some.
You may want to wait for it to bottom out. At $3400 today. May go down to $1200, see chart:

https://www.coindesk.com/price/bitcoin
Avatar courtesy of root66

Karma

Over $10,000 now. Volatile.

woodrow hog call

Quote from: Karma on June 23, 2019, 09:18:25 pm
Over $10,000 now. Volatile.

I haven't read up on it in a long time, I wonder if the talk of FB coming out with their coin is driving some interests back to BTC.
"I hate rude behavior in a man, I won't tolerate it"

GoHogsGo321

I am new to crypto and I was curious who all here actually pays attention to Dogecoin? Yes I have heard that it started out as a Joke coin, but some how stuck and has become a somewhat legit altcoin.  I am curious of the chances it going up anywhere near even a dime was? 

Rudy Baylor

August 14, 2019, 01:56:25 pm #21 Last Edit: August 14, 2019, 02:07:05 pm by Rudy Baylor
Walmart jumping in

https://bgr.com/2018/04/22/walmart-blockchain-cryptocurrency/



it seems that Walmart might have learned something from the CurrentC flop. Rather than designing its own cryptocurrency for use in its stores — which is exactly the kind of dumb thing that crypto speculators are doing right now — the company seems to be using the only good part of the crypto technology, the blockchain, and leaving the rest to die.