Bitcoin discussion

PSA I am not a financial adviser. My opinions are only that, opinions. :smiley:

Well, I have day traded off and on for 12 years. I got into crypto about 3 1/2 years ago. There is a lot of money to be made in crypto. Don’t let anyone tell you different. Long term, “investment”, I’m not sure. Day trading crypto is awesome. 24/7 365 market, and no settlement waiting period. But it sick that being in the USA, we can’t short or trade in crypto. (I had a VPN so I didn’t live in the USA ;))
The most stable and trustworthy exchange I have found for US traders is Coinbase. When I started on there they only had four pairings.
But don’t be fooled by the recent spike. It had been three years coming. It’s been a bear market, and I suspect it will correct again after the first of the year. Altcoins are my thing. They tend to follow BTC.

I would say educate yourself as much as possible! I am mostly a fibonacci/Elliott wave trader.

I could go on all day about this. I would say find a successful crypto trader and start learning. Look at different traders, different strategies, all that.

Learn learn learn.
Then, learn some more. I’m still learning.
Many experts say gold and silver and yada yada are bad investments. People get into gold in case of the collapse of FIAT. Thats all bologna. We aren’t going to use precious metal as currency again. If there was a collapse, I believe crypto will be the safety net. Blockchain is robust, secure, and anonymous. You can already use it as legal tender at many places across the country, (stores and whatnot), and they have been rolling out ATM machines for a few years where you can withdraw real money out based on current exchange rate.
Now, in my opinion, it does fluctuate too much currently to be a viable, spendable currency for sure.
I would encourage you to explore it.

Ok, I’ve rambled long enough. Lol

Sounds like you made your mind up.
Go DEEP!
and good luck.

Stuff is VooDoo to me, can’t see it, smell it, etc.
Ya I know, so is faith in whatever brand of spirit/idol/book you do/do not subscribe to.
So it goes.

Oh and one more thing.
Open a free TradingView account and I think you can paper trade on there on the computer, but not the app.

I wish. I’d buy on the dips.

@DSTdrummer, thanks for the ramblings, I wish I had learned more about it in the past. I just never had any interest in it until now.

@Muto, I did! I bought $100 just before opening this thread. lol. I opened the thread in hopes of learning more and considering buying more.

In terms of places you can spend it, Bitrefill has a pretty good reputation for exchanging it to gift cards - and they give 1% back, which is better than nothing.
And FastTech accepts Bitcoin as a payment method! So you can actually go straight from Bitcoin into flashlights, haha.

[quote=Joshk]
@DSTdrummer, thanks for the ramblings, I wish I had learned more about it in the past. I just never had any interest in it until now.

Yeah, I have to be careful cuz I’ll yammer on and on about it. Lol

Good luck to ya!

It will be only be true if there is a real collapse and you can’t use the internet. Most people are just mad that so many early investors became millionaires for a ridiculously low amount of money,

@DSTdrummer, so you are day trading alt coin? What are the returns on that? Does it pay the bills? I don’t know anything about it myself, and I’m interested if you want to share :slight_smile:

I’m not trading at the moment, but I did for a while. Me and the wife are focusing on starting a brick and mortar business.
And yes, it can pay the bills. Notice I said CAN not WILL. You can lose a loooot of money. Day trading skill is something that takes time to hone. I was just talking to a buddy of mine the other day, actually the guy that got me into it. He said he looks back and realizes how little he knew when he got started.

There are a ton of, “rules”, to learn. But the most important I can say are-
-Learn analysis.
-When you actually get in to trading. Set up your trade. Do it on paper if you have to. Know when you think you want in, and set when you’ll get out. Don’t deviate. If the price goes higher than you thought, it is what it is. Don’t chase it!
-Which leads me to, don’t get caught up in FOMO. (Fear Of Missing Out).

There is way, WAY too much to get into here. If you don’t know anything about trading, like I said before. Check YouTube. Lots of good traders teaching analysis on there. But look at many different traders. They will all have different ways of going about things, and use different indicators and so on. But you can test them on paper and see what works for you.
I followed a very successful trader that goes by Philakone. Hes in Canada so he can short and all that, but he’s really, REALLY good at it and become a multimillionaire in like a couple of years. He has had issues and was a hot mess for a while and might still be, lol. He was doing drugstore and calling folks out and all kinds of drama. But that was a different kind of fun to watch. Lol

Anyhoo, if you don’t know anything at all about trading, take the time to soak up knowledge. If you do know about trading, take more time to soak up knowledge about crypto.
Again, I can’t even scratch the surface here.
I wish you good luck, and I would encourage anyone to at least give it a shot.

Donnie

Yea the fact you used to day-trade, learned a lot, and now don’t, is probably a good warning to me. It seems though that using stocks you expect to do good long-term should provide a safety net. If you fail to make a profit during the day, you just keep holding the stock until you recover your loss. I imagine that’s part of the trick, no?

I’m not out forever. I still don’t work a real job. Lol

Like I said. It’s really hard to get into all the intricacies in this format. But in day trading, you don’t hold too much. You might have swing trades going at the same time you are day trading.

Bitcoin is tricky because you have billionaires that can convert it into cash in an instance but the rest of us they make us jump through hoops.

Savings accounts suck too with the ridiculous interest rates, but in the long run it's going to go negative no matter what anyone says. If

you search for an IMF document, you will see the plan outlined in detail about CBDC's and how they plan to screw anyone with a

savings account. Best way is to diversify safely and also have hard assets for safety such as different types of real estate.

I’m not sure what you mean. I always got in to trades and sold instantly. Actually, depending on the coin and the market cap, the more you hold the harder it becomes to sell.
As for converting to cash. You find you account with $9000, you buy 1 BTC at $9000, then you sell 1 BTC at $10,000. Then you can initiate a deposit to your bank account just like say, PayPal. You transfer 10,000 USD to your bank. It will take whatever time it normally takes to transfer.I mean, it is what it is. It’s just an electronic transfer of funds.

Again, I don’t understand. In day trading, you always end the day in your domestic currency. My exchange accounts are always settled at days end, and when I am done trading for the day, my account holds money in USD. And when I sell the aforementioned 1 BTC, it is instantaneous.

Unless you are talking about buying and hodling, (not a typo). Then I revert back to my previous statement. That I’m not sure crypto is I great long term investment. I could be wrong about that, but I’m a day trader at heart. Only time will tell.

I’ve been contemplating the Forex market.
Not much movement, so it’s a lot of margin trading. But it’s very lucrative if you have the nerve to use higher leverage. :open_mouth:

By savings account I mean just parking your own money in a regular bank savings account and were this is headed, nothing to do at all with bitcoin at all because some here were talking about diversifying investments etc.

Still don't trust bitcoin at all because there is no safety net if you try and sell it if and the exchange gets hacked in the process or the exchange goes under. And why does it become harder to sell bitcoin the more you have of it when the whales can offload their money without any hassle? Something doesn't add up, but I will say that it would be fun to jump in an out with smaller amounts and keep playing it that way.

I’m a strong believer in not putting more on the line than you are willing to totally lose. That brick and mortar business you mentioned you and your wife are starting sounds like a better place to focus efforts.In my opinion of course. I don’t know your situation. What type business are you two starting?

My advice: stay away from it! It’s way too late now to profit from bitcoin.
Also, stay away from Ripple. That’s the most scammy crypto coin, because the company that owns it continuously does pump-and-dump schemes while announcing partnerships and all kind of BS. Even now as we speak, after Ripple has increased naturally due to this paypal-bitcoin thing (like every other coin), the company is dumping their stash again.

Of all the coins, only bitcoin will hold some value regardless of what happens, because it is the only coin actually used for buying/selling stuff, mostly internet services, like vpn for example. All the other coins have their value backed-up solely by speculations/trading.
So if you have money to loose and want to buy crypto, stick with bitcoin because you have good chances to not loose all of your money.

Brick and mortar is at a turning point in history. It would have to be really unique and even then their are no guarantees against copycats.

Well, like I said before. You set up a trade, set a stoploss, and follow the plan. Let your trade play out. If you lose, you lose. But at a three to one R/R, if you win 50% of your trades, you make money. One thing people do in day trading that is a HORRIBLE idea, and that most don’t understand is, you take calculated risks. It’s not gambling. And don’t go all in either. Lol

We are going to open a sandwich shop here in Daytona. We have gotten an overwhelmingly positive response in our market tests.