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Cavalier Crypto 101 (1 Viewer)

Megaton said:
The big difference is on a sports bet, the odds do not favor you winning. Assuming crypto is in a bull market that may rise 400% this year from these levels, there will be tons of opportunities to win at a higher than average rate. 

Meanwhile, my NEO play which started at $102 is now at $111.
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Out of curiousity, what exchange network do you use?  I have a coinbase acct but obviously that doesn't provide access to coin like ripple for instance.  What kind of fees do you pay?  Seems like day trading this stuff would be cos prohibitive when you factor in fees every time..

 
McGarnicle said:
I've been working this can't-miss sports betting system where I double my wager with every loss so it's impossible to lose money in the long run. Ran into a bit of a hiccup waiting for this home equity loan to close, but so far so good.
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To be fair, you can't withdraw from a sports bet when your man gets clobbered for a fumble on 4th & goal.  If Mega's able to keep a close eye on it and play the percentages godly enough who knows?  

I agree that the fees and volatility will make it insanely hard to time the market.  But I'm definitely interested in seeing where this goes.  

 
unckeyherb said:
Out of curiousity, what exchange network do you use?  I have a coinbase acct but obviously that doesn't provide access to coin like ripple for instance.  What kind of fees do you pay?  Seems like day trading this stuff would be cos prohibitive when you factor in fees every time..
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I trade on Binance.  Fees are 00.1% per transaction unless you use their BNB which is 0.05% per transaction.  Very reasonable.  Even more reasonable for the rest of the month they are giving a 70% discount on fees because they had two days where they were down due to a server issue.  Fees are not a major concern.  If fees were 1% it would be very difficult.  

Robin Hood is coming out with a crypto trading platform which will have zero fees.  It will be limited release available in certain states.  That may be the way to go once it is available.  

 
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WhatDoIKnow said:
Are you trading into and out of USD?  Just wondering how you account for fluctuations is you are trading into and out of another currency.
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Tether.  You trade into USDT whose value is tied to the US dollar.  Supposedly each coin is backed by a dollar, but I doubt if really is.  But as long as it is traded for a dollar, all is good.  

 
Megaton said:
Wonderful.  Really enjoying my time off.

Need to learn how to play these peaks better.  Should have scalped some at the top instead of getting scalped.  The current price had gotten too far away from the 5 min Moving Average  (7) which was also too far away from the Moving Average (25), should have seen a major pull back coming and sold out half of my position.  Instead the market fell from $111 to $107 in a matter of a minute and over third of my gain was out the window.  If I sold I would have banked that gain and been able to buy back at the lower price.  Still bullish on NEO for the day, but missed a nice opportunity.  May call it a day as it looks like it is head down towards MA (99) which may take several hours.  
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Awesome. Love it! :lmao:

 
Down nearly $95 on the day.  Getting close to the 2 percent loss level.  May stop unless market picks up.   Will have to dig into the excess pool if I do.  

 
Can we get a pulse on the level of confidence from the OP?  If he could go back in time, would he start this thread? Still feeling good?  Any buyer's remorse?

Anything to chew on really would be great.

 
fantasycurse42 said:
Until I can walk into the Panera downstairs and pay with Bitcoin, it isn't worth anything to me. I fully understand the technology and all about it, so I'm not shooting from the hip and dismissing. I'm just of the opinion that it is currency mainly used by those doing illegal activities as of now. 

It is unregulated and backed by nothing. Right now it is all hype, and there will be a monster crash. Maybe it runs to $8k or $10k, but at some point, you'll see a tech bubble crash in the thing, just my take. 
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fantasycurse42 said:
Tssssshssstssssshshshhssssssssss - You hear that? That's just the air starting to come out. A 30% drop over the course of a year in the dollar would have worldwide implications, this drops 30% in 2 weeks - lot of pain ahead when the real burst happens, this is just the air starting to leak.

If there was a safe and secure way to bet this was on it's way down A LOT more, I would... Unfortunately there isn't though. 

Highly recommend running - this is going to implode. Some people might look and say "well it already fell from $5k to $3,500, how much worse can it get?" - the answer is MUCH MUCH MUCH worse. 

It has zero value outside of speculation, when the speculators flee, lookout below.
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fantasycurse42 said:
Unlike fiat currencies, bitcoins are:

  • Predictable and limited in supply
I had to stop right there as that seemed to me like an immediate loss of credibility - I understand the limit in supply, but even the most staunch supporter has to admit that Bitcoins are far from predictable.

I wish I invested, who wouldn't with what these things have done recently? I'm a fairly aggressive investor, but Bitcoin is too risky for my blood. It could be a grand slam, but the possibility of a complete zero is also out there, & that is a chance that will keep many like me on the sidelines.
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Appreciate the effort going back 5 years to who knows where to find a quote :thumbup:

Not sure what your point is, but I don’t think you do either, so we’re on the same page :hifive:

 
ETH Daily chart is bearish.  I'd expect more down for the foreseeable future.  It's a tough read on the cryptos.  I'm guessing $300 or lower ish.

 
John Oliver on crypto almost had me crying from laughing the other night. Sat there and thought about this dumb ### thread while I watched. 

 
I just can’t stop thinking about those morons who took out second mortgages for this fraud. What a disaster. This 300 bucks was totally worth the laughs though. 

 
We had a nice run.  The memories were worth the losses.

I'm still up on my personal stash but it's getting close to underwater.

RIP crypto.  Never forget.

 
I got in early enough, made a handful of money, took that out, and took a chance with the rest.  I am 100% happy with the outcome, especially because of the comedy.

And I could still get rich!!

 
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