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Bitcoin-Explain to me how to buy these things (9 Viewers)
- Thread starter Sheriff Bart
- Start date
Captain Cranks
Footballguy
I'm surprised you didn't get airdropped some other stuff.Got in. A whopping $10 of LTCI guess I transferred most everything over to ETH and out of Kucoin then quit using it. Just traded it for $10 worth of MOVR though. Lambos?
Captain Cranks
Footballguy
KGB
Footballguy
Agree. I think 1 of the many secret sauces is to do the "hard work" that gets easier, and get in before it becomes easy.
Buy a coin, then it gets listed on a big exchange and let it boom now that it's easy to buy
Sand
Footballguy
In the end I got it done. MOVR is now staked and earning 30% or so.If only somebody had mentioned that in their post.
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Nah, today wasn’t a real bad day, but I was making fun of your adventure. BTC has gone down 30% in a day multiple times in the past couple years.You mean today, right?
No NFTs here. Most are crayon drawings by third graders. DeFi, yes. Which is way, way easier, right? (just like the old poker days, the money is just waiting to be picked up off the ground. Just gotta figure out the system so it can be picked up.)
ETA: Vast majority of my stuff is either in GBTC/ETHE in Fidelity or stuffed into Celsius/Blockfi for 9% on USDC. The stocks/bonds of the crypto world. The small degen account is for the rest of this stuff.
Sand
Footballguy
Tell that to my IONQW. It's been regularly printing +-30%.
Today's adventure was a good lesson in navigation. It ended up being not too expensive a lesson and I definitely learned some stuff. And my Nano X just showed up, so overall maybe even a good day.
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Hah, NNOX. I made a nice chunk on that and felt bad leaving money on the table when it kept running to 90 something. I think it almost doubled my sell price but it’s now down almost 2/3 from my sell price. The SPACs and IPOs from 2020 had some unreal runs up to the early 2021 highs and for some the now lows.
Sand
Footballguy
I'm only holding a few post-SPAC items (MTTR, SOFI, IONQ) - 10 year holds. Hoping to find the same thing in this space, but for now it really looks like the best profit opportunities are in the DeFi space at present.
FreeBaGeL
Footballguy
Whomever it was in here that said once you get hooked on DeFi it's hard to stop was bang on.
100% gains in an hour? Don't mind if I do.
1 trillion % APY? Yeah why not.
I know this is going to end badly so I'm going to start pulling out some profits pretty soon and just let the rest ride for a while. Every time I buy one of these I basically operate under the assumption that it's going to be dead in a month (which makes the 3 day journey trying to figure out how to buy them feel all the more painful), but I'd like to leave some on because the returns are just crazy if they can just stay alive and breathing for several months.
100% gains in an hour? Don't mind if I do.
1 trillion % APY? Yeah why not.
I know this is going to end badly so I'm going to start pulling out some profits pretty soon and just let the rest ride for a while. Every time I buy one of these I basically operate under the assumption that it's going to be dead in a month (which makes the 3 day journey trying to figure out how to buy them feel all the more painful), but I'd like to leave some on because the returns are just crazy if they can just stay alive and breathing for several months.
KGB
Footballguy
KGB
Footballguy
https://thumbs.gfycat.com/AnguishedWavyAmericanbadger-mobile.mp4CRO and IMX looking to buck the trend a bit
KGB
Footballguy
KGB
Footballguy
SO,
It's the middle of the night and im on vacation.
(((This is how I was shown, May not be ideal, if im wrong, hopefully someone will chime in))))
When I speak to people about how to first get into Crypto....
KEEP IT SIMPLE
1) download coinbase onto your phone (via the app store or play store) and buy ETH. (Etherium)
BOOM, you have just invested in crypto.
There are 1000 different tokens you can buy here. ETH is the key though. You will need to save some for later...
If the coin/token is available on coinbase, buy it, you are done.
If your coin is not available, or if you want to get into the nitty gritty move onto step 2.
2) NOT SO SIMPLE
to be continued
It's the middle of the night and im on vacation.
(((This is how I was shown, May not be ideal, if im wrong, hopefully someone will chime in))))
When I speak to people about how to first get into Crypto....
KEEP IT SIMPLE
1) download coinbase onto your phone (via the app store or play store) and buy ETH. (Etherium)
BOOM, you have just invested in crypto.
There are 1000 different tokens you can buy here. ETH is the key though. You will need to save some for later...
If the coin/token is available on coinbase, buy it, you are done.
If your coin is not available, or if you want to get into the nitty gritty move onto step 2.
2) NOT SO SIMPLE
to be continued
KGB
Footballguy
2) NOT SO SIMPLE
Boy, this is hard to do, especially when not actually doing it.... ill update when my funds are transferrable.
- get google authenticator from the app store on phone
- (on computer) use chrome browser and go to https://metamask.io/ I recommend only getting metamask on computer and not phone.
- Sign up for meta mask
- in middle top portion of metamask, click to COPY address (under account 1)
- sign into coinbase on computer. click ETH, click wallet
- on right side under "to" paste your metamask address
- in coinbase on computer click (send all) then adjust dollar amount you actually want to send to metamask to buy other stuff.
- Keep in mind, there will be a fee taken out of your ETH
- CLick continue
Boy, this is hard to do, especially when not actually doing it.... ill update when my funds are transferrable.
beer 30
Footballguy
ConstruxBoy
Kate's Daddy
Why do you have insult third graders like that?Sand said:You mean today, right?
No NFTs here. Most are crayon drawings by third graders. DeFi, yes. Which is way, way easier, right? (just like the old poker days, the money is just waiting to be picked up off the ground. Just gotta figure out the system so it can be picked up.)
ETA: Vast majority of my stuff is either in GBTC/ETHE in Fidelity or stuffed into Celsius/Blockfi for 9% on USDC. The stocks/bonds of the crypto world. The small degen account is for the rest of this stuff.
Nathan R. Jessep
Footballguy
I need to do Coinbase Pro...I think I asked this before but couldn't find it in here.
1) is it a separate wallet? Like I'd need to transfer assets from my regular Coinbase to Coinbase Pro?
2) can you do recurring purchases on Pro like you can on regular?
TIA
1) is it a separate wallet? Like I'd need to transfer assets from my regular Coinbase to Coinbase Pro?
2) can you do recurring purchases on Pro like you can on regular?
TIA
Sand
Footballguy
Most NFTs right now remind me of the days when CD ROMs just came out and there were a ton of people putting literally anything on CDs to sell. Shovelware - that's about as good a definition of what's going on now than anything else.
Sand
Footballguy
Orange&Blue
Footballguy
Orange&Blue
Footballguy
Also, it seems eth has been dropping of late. Is that because of ETH2 coming out? And what's the difference?
Pretend I write in crayons.
Pretend I write in crayons.
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Captain Cranks
Footballguy
Let me preface this by saying I've been watching a lot of Michael Saylor lately so take this for what it's worth, but the first cryptocurrency someone should buy is Bitcoin. Learn about BTC, invest in BTC, and then branch out to the other stuff. It's the oldest, most stable, and least susceptible to regulatory risk. We're still at a moment in time when the US government could send defi and de facto security tokens to the cellar with harsh regulations.
Captain Cranks
Footballguy
A lot of the value in crypto right now is driven by money flows from speculation. Capital flows from sector to sector and after one group of coins run up, people take profits and move into something else. Right now a lot of speculative money is pouring into the gaming and metaverse sector so coins like ETH have been taking a pause after hitting all time highs a couple weeks back.
Captain Cranks
Footballguy
You're right in that the vast majority of NFT projects are copycat money grabs that will end up worthless. OTOH, there are some awesome revolutionary things going on that will forever change how the financial and digital worlds operate.
Chaos Commish
Footballguy
Agree 100%. I still think the 50-25-25 allocation is the smartest approach. That's 50% btc, 25% big cap alts, 25% midcaps and degen homerun swings. I'm at about 40% and probably moving my Cake and Ada to btc. I would like to be closer to 6-65%.
Beyond the regulatory safety, Taproot is going to unlock smart contract capability on BTC very soon. Combined with Lightening overcoming speed and throughput problems, the scarcity, the name recognition, etc. the future is bright, and safe, and simple. No alt compares. I may end up something like 75-25. No big cap alts. Just btc and the homerun swings.
KGB
Footballguy
Captain Cranks
Footballguy
Yep. You probably don't have to go back too far to see me saying I am completely out of BTC and moving into alts. Now I'm slowly doing a 180. Like you, I still want some exposure to alts, especially in the gaming space, but if a person is able to build holdings of 5-10 BTC, I think they and their kids will not need to worry about money in about 5 years.
Orange&Blue
Footballguy
Sand
Footballguy
urbanhack
Fight The Power!
Captain Cranks
Footballguy
ILV, SAND, EFI!!!! 
Pretty much any crypto gaming/meta tokens.
Pretty much any crypto gaming/meta tokens.
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If I had more MANA, I’d be really excited. I will say that with the $100 Voyager credit, my original $100 deposit is now $320.ILV, SAND, EFI!!!!
Pretty much any crypto gaming/meta tokens.
How long do you think this lasts? By lasts I mean how long do you think all these coins will have to show some utility or be a winner? Also, what do you think the percentage of new buyers in these coins have any clue what they are buying. More like SPACs or deep meme stocks (press releases but no real financials) than say buying Apple stock.
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Captain Cranks
Footballguy
Longer term some of the premier projects can still have legs. However, we're getting into parabolic FOMO territory in the short term so the risk is starting to outweigh the reward. Ultimately, it depends on what your goals are. If you're trading, you better have an exit strategy for when the big dogs start taking profits and move money into something else.
amnesiac
beer is good
jb1020
Footballguy
Lets talk exit strategy. I've been in this over a year now and have made some real substantial gains. Not talking Lambos, but some pretty good money. I'm beyond the point of needing to nail down a real exit strategy.
I had honestly not thought about an exit plan until the last month or two. How will you know when this parabolic move happens? Are you waiting for that move to sell off BTC and ETH? Or do you have a number in mind for each? Those are my big holdings.
When you do sell what are you doing with it? Sitting on your hands until the crash happens? Rolling everything into the alts?
So many options here. I really don't know what I want to do. Roughly thinking...BTC hits $115K and ETH hits $10-12k I get get out.
Roll maybe 20% of that and play the alt game?
I was less thinking of trading and more wondering how long all the projects had to prove their worth so to speak. I mean you just have to look at many SPACs and AMC stock to realize that retail investing doesn’t have qualms about adding billions of market cap to something without worry of fundamentals. SPACs lasted about a year before the luster wore off big time and people went to the other meme stocks. GME and AMC are still a couple months shy of a year and still have their backers.
Captain Cranks
Footballguy
I'll tell you my exit strategy but qualify it with a statement that it works for me, but might not be for everyone.
With Bitcoin, I'm holding regardless of what happens. If it crashes 50% from here. Great. I'll just buy more.
With the Layer 1s like ETH, SOL, ADA, etc. I'm trying to use a discipline approach where I sell 14% of my original position at a 50% gain, another 16% at a 100% gain, 20% at a 200% gain, and 25% at a 300% gain. That leaves 25% to hold regardless. What happens if it crashes before it hits those targets? Tough question. That's where I'll likely use technical analysis to determine if the longer term trend has shifted. Bitcoin breaking $50K again would be a pretty damning sign for the bullish structure, imo.
With lower cap gaming coins, my targets are 100% for the first 14% sale, 200% for another 16%, 300% for 20%, and 500% for 25%.
Regardless of what you come up with for your personal portfolio, I can tell you it's mentally liberating to have a plan and execute it. Even when I take profits early, my mental fallback is that I was disciplined and executed as I planned. No more beating myself up that I left profits on the table or worrying if now is the right time to sell.
ETA - I've said it before but it's a lesson worth repeating: Buy when everyone is selling and sell when everyone is buying. Don't FOMO into stuff that everyone else is piling into. You make gains by building positions when prices are low. Did we miss the boat on some of the gaming stuff that's pumping right now? Of course. But now is not the time to jump in. Instead, look for the stuff that isn't in vogue right now. Those meme coins that everyone was jumping into a month ago? They've now been discounted 50% or more. If you like the play, now is the time to start building a position in them.
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Captain Cranks
Footballguy
Totally. Stuff like ILV and SAND haven't even gone live yet. It's all hope and hype. Could it be huge and draw the kind of participation of an Axie Infinity? Of course, but it's not a foregone conclusion.
jb1020
Footballguy
I like the bolded. I've gotten most of my trading portfolio on the "set it and forget it" but not dialed in like that.
One lesson I've learned over the past year is to avoid the Fomo. I do subscribe to a trader on twitter (and I do know how stupid that sounds), but he's been pretty good so far. Definitely been worth my money. He has a trading and a hold portfolio. When this parabolic move happens he's dumping his entire hold portfolio and sitting on his hands until the crash is complete. Then buying back once the dust settles. That makes sense to me and I think thats the route I'm taking.
If you can sell 1 BTC at $125k, then it crashes 70-80% (and it will) you get to buy back 3 or 4 BTC at $35k each. It obviously riskier than holding, I just hate to sit and watch it crash. Play the rest on alts cause when the the BTC crash happens the Alts go absolutely nuts.
Captain Cranks
Footballguy
jb1020
Footballguy
Sand
Footballguy
Captain Cranks
Footballguy
A couple of examples in my purview:
1. NFTs now allow players to attain ownership of in-game assets. If you have teens/pre-teens, you've probably heard of the Fortnite. My son would spend a lot of money on new skins and weapons that, while he was able to use in the game, he never actually owned. He wasn't able to sell them or trade them. If Epic decided to shut down the game, 'his' assets would disappear. He's stopped playing the game so the $100s he's spent are now worthless to him.
That all changes with NFTs. Players can now earn skins/weapons/items through their play and then have the ability to sell to others. Thus the Play-to-Earn gaming model is born.
2. You've probably seen the Madden tournaments on ESPN 27 where gamers compete against each other for prizes. Imagine, instead of tournaments being shown on ESPN, they're on some website that you watch realtime. What if you could place bets on who wins. Or even be one of the players on a team of 11 who's playing for prize money. Now imagine what you would see if there was a sizable audience watching with you: Advertisements. So far I haven't mentioned anything revolutionary.
Now imagine if you were the person receiving a cut of the earnings for those bets and advertisements. That's exactly what the Neo Tokyo NFT community is building. NFT holders are working to build compelling games within multiple venues with the hopes of drawing an audience that will want to watch, compete, bet, advertise. And it's all decentralized. No capital raises. No formal organizational structure. The community calls the shots and to be part of the community all you need to do is buy the NFT.
I think the biggest issue around this is the actual games. Call of Duty and Madden and Fortnite aren’t the games being created here. It wouldn’t be very hard IMHO for those games and companies to incorporate NFTs or resale in their games if they wanted, but there’s the game itself. Are there any games coming out that are anywhere on the level or is it all sheep and wolf breeding.
urbanhack
Fight The Power!
Stoner Cats is another interesting play where owners of NFTs get to contribute to the writing of the show, cameo appearances with voice-overs, etc.
Captain Cranks
Footballguy
At this moment? Not really. Axie was the first compelling PtE game and it's not anything special. However, it's awoken the industry, especially those in crypto.
While it "wouldn't be very hard" for games to incorporate NFTs doesn't mean it's going to be easy or that it can happen quickly. You're asking a centralized company who makes a lot of money selling in game assets (that was Fortnite's whole model) to give up control and its revenue stream. Some will be quicker to act than others, but we're already seeing some dragging of feet by companies such as Valve.
