Bitcoins/Litecoins/Virtual Currencies

Rajaah

Rajaah

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TJT said:
Selling crypto at a loss.

This is the call sign of Rajaah Rajaah
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Another thing is that you only really hear about the losses, cause I'm a pessimist who laments losses/failures way more than I celebrate victories.
 
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Threelions

Threelions

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Rajaah said:
Another thing is that you only really hear about the losses, cause I'm a pessimist who laments losses/failures way more than I celebrate victories.
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This is exactly what gambling feels like. The losses are always way worse than the highs from the wins. Hope I can take a early retirement with the ETH hodl tho this time around!
 
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Haus

Haus

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Arden said:
Totally second the idea of starting small if you invest in crypto. Even if you can (and plan to) invest a substantial amount, force yourself to start slow. You could be the smartest dude in the world, but your idea about what constitutes a good investment is going to change over time as you learn more about the crypto space and actually experience the buying process.

Also, starting slow is going to be way harder than it sounds. We are in the middle of a huge crypto bull run. It takes a special kind of "talent" to lose money in crypto right now (no offense Rajaah Rajaah ). The challenge right now with crypto isn't figuring out how to make money, it's figuring out how to maximize your profit and then having the willpower to actually stick to it.
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I will also chime in with the "start small and build up as you learn your lessons". Same way I learned poker with friends playing nickle/dime ante long before I decided to sit down at a table in a casino and drop "serious paper money" on it.

I started around 90 days ago (you can go WAY back in this thread if you want to read about how I found an accidental BTC purchase and that got me started) My progression right now has been :

- Start out with a tiny BTC holding, look and see everybody talking about BTC and ETH , so purchase a little ETH. Still very confused about "altcoin" and especially "altcoin gem!", haven't even looked at that "drink me" sign on the bottle labeled DeFi yet. Only really dealing with things I can easily find/buy/sell on Coinbase. (not even Coinbase Pro). Go down rabbit hole of 3-5 hours a day watching Odysee/Youtube Crypto channels.
-About 2-3 weeks later - I've moved over some of my "fun money". Still firmly in "don't invest anything you can't laugh off if you lose cause you're definitely a fumbling idiot" level. But I've now discovered Metamask and actually transferred some of my ETH over to hold it there instead of coinbase. Have discovered a few coins on Coinbase that pay you interest to hold them.... Planting small ($100-$200) "Moonbag seeds" on some alts (Matic, ADA, Link, ALgo, Cosmos, etc..) and buying more BTC/ETH in balanced amounts.. Moonbag seeds were mostly aping after what the Odysee/Youtube people I have started understanding are preaching/shilling.
- About a month later - Now taking the portions of my monthly commission check which aren't going into my normal retirement and putting them into Crypto. I've discovered the Matic L2 chain, and got MetaMask working with both chains. Discover Uniswap and do my first swaps on there.. looking at this concept of "liquidity pools". Have my first correction and mild panic. Sell out half way through the correction, buy back in around bottom. Probably saved myself around 10% of my stack that way. Feel ALMOST vaguely competant...
- End of April/beginning of May. Thanks to a very nice March, the end of April commission check is juicy. Increase my total crypto holdings by around 35% by buying in more ETH. Just in time for a nice surge. Still watching so much in youtube/Odysee and twitter that my wife is noticing I'm missing the last of the NHL seasons (which doesn't matter once the Stars were eliminated from playoff contention).

Current status - Not a life changing amount of money in yet, but I'm comfortable with how I plan on investing further until the bear comes to town. Currently around 65% profits off my investments in under 90 days. But still understanding that making money in a bull market is like learning to ride a bike coasting downhill, anybody can go pretty fast at it. heh
 
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Flobee

Flobee

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Lanx said:
whats a good podcast?
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Good Bitcoin resource to start with:
www.lopp.net

Jameson Lopp's Bitcoin Resources

A comprehensive guide to educational Bitcoin information and resources. Hundreds of links that help answer the question: What is Bitcoin?
www.lopp.net www.lopp.net

Some podcasts that I really enjoyed:
Flobee said:
I own BTC because I think it has a real shot at becoming the settlement layer for international trade. I genuinely can see a future where many purchases are priced in SATs and not USD. I think that is conceivable enough to want to own some BTC anyway. I believe that PoW is the superior consensus protocol as well, but thats only part of why I think BTC is important.

I think ETH is much riskier overall. It was what got me interested in the crypto space originally however so I owned some before I understood the space properly. I don't think its a bad investment or anything, I just see BTC as more of a sure thing and ETH has significantly more complexity and thus risk. I'm not convinced that it has more upside to compensate, although it may.

If you haven't done a deep dive on Bitcoin and you're in this space I would strongly recommend you take the time to truly understand the BTC value proposition. 99% of altcoins exist purely to take your Bitcoin. The more I learn about the space the more true that appears to be. This space takes a lot of work to grok because there is so much incentive to lie or even just exaggerate the capabilities of a project just to pump the price.

I would argue understanding Bitcoin's value proposition is a 40+ hour focused pursuit at least. It requires replacing a number of our core assumptions about what money is and that isn't easy. What problem exactly is Bitcoin solving? You go into it chasing the gains, you come out understanding why our system is so fucked up and how our monetary system is the root cause of many of societies issues. The inability to store value is a serious problem caused by the fiat monetary system.

I'll throw some resources here that I've found helpful. None of this is going to be a quick fix. Its all pretty in depth and time consuming. Thats the price.

The Saylor series from Robert Breedlove is probably the most comprehensive (and long winded) overview of BTC value. Starts in the stone age. 12+ hours total

I really like this analogy for the BTC / Fiat system and what is happening. Fairly concise if you're willing to entertain a 40 minute analogy

Raoul is kind of turning into a shitcoin moonboy but he is eloquent and understands Macro economic pressures and Pompliano strikes me as an intellectually honest guy. His podcast generally is pretty useful

I'll end with What Bitcoin Did podcast. I don't love the host, but this episode has Jeff Booth, Preston Pysh, and Plan B which are all three solid resources to explore for learning more

If you have the patience to learn about what the fuck is actually going on and invest according, IMO, you're likely to come out of all of this sitting pretty. I'm just some tard on a gaming forum though. Maybe I'm getting fooled in the same way I suspect many other folks in the space are. We'll see. Good luck.
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New stuff coming out all the time. Once you plug in to the right people its not too bad getting the gist of whats going on. You're gunna end up listening to some dummies though too, so good luck! It's a lot of learning to avoid getting scammed. James James gave good advice above. Buy BTC and ETH to start, stick to those. I may not like ETH a ton, but by owning some you can interect with Ethereum and understand it for yourself.

Crypto Twitter is very useful as well if you use the platform
 
T

TXjohnny

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Jackie Treehorn said:
I just marked up my AAVE page for the benefit of discussion.

There's two strategies here. One is borrowing MATIC, let's go over that first.

You deposit your MATIC in AAVE. Simply having it sitting there pays out, as of this screenshot, 1.94 percent MATIC and 5.16 percent wMATIC (wrapped MATIC.) Just doing this alone, you're making money.

But, there's no reason JUST to leave it like this. So what you can do is, actually take a loan OF MATIC with your own MATIC as collateral...which doesn't make sense, why would taking a loan net you money? Well, it does, because they're giving a bonus to borrowing to get people using the site and providing liquidity.

So as you see, BORROWING MATIC costs you 6.14 APR. BUT...look right under that...you actually get 13.09 percent BONUS wMATIC for borrowing...which makes you borrowing money get paid more than what you pay to borrow it.

This wMATIC bonus accrues every 10 seconds. Then you collect it, and it goes into your wallet, and you can convert it to regular MATIC on QuickSwap for no real cost because MATIC is cheap as fuck to deal with.

That's the 1 easy, lazy thing you can do...and since you're borrowing MATIC *with* MATIC, you don't have to be worried about being liquidated because it obviously goes up and down with itself. The even cooler thing is, you can redeposit the MATIC you borrow and borrow more MATIC against it, just enhancing your gains of bonuses.
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Any idea on how long AAVE is going to offer this "we pay you to borrow" bonus?
 
Furry

Furry

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TXjohnny said:
Any idea on how long AAVE is going to offer this "we pay you to borrow" bonus?
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Pyramid schemes typically depend on how successful they are. Poorly done ones will go belly up in a few years, but a particularly successful one with a nice growth curve can last a few decades.
 
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Jackie Treehorn

Jackie Treehorn

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Furry said:
Pyramid schemes typically depend on how successful they are. Poorly done ones will go belly up in a few years, but a particularly successful one with a nice growth curve can last a few decades.
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AAVE isn’t a pyramid scheme.

The bonus is ending in July from what I’ve read.
 
Jackie Treehorn

Jackie Treehorn

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I cashed out my MATIC to USDT this morning. Sitting on $85k waiting to buy back in. I waited too long, could have squeezed $95k out, but considering I started with $35k like 2 weeks ago I can hardly complain.

Now to see how low MATIC or ETH goes.
 
Haus

Haus

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Yeah, what AAVE is doing isn't a pyramid scheme. They're simply offering an up front bonus for using the services because it will get more liquidity into their system which is the long term thing they need. I haven't been playing with it yet though, and probably won't personally.

RIght now I'm just trying to decide if I want to play "Trader" and exit positions to stablecoins, or play "Investor" and just ride this correction out as I do still believe we have another bull run leg to go.
 
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Jackie Treehorn

Jackie Treehorn

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Haus said:
Yeah, what AAVE is doing isn't a pyramid scheme. They're simply offering an up front bonus for using the services because it will get more liquidity into their system which is the long term thing they need. I haven't been playing with it yet though, and probably won't personally.

RIght now I'm just trying to decide if I want to play "Trader" and exit positions to stablecoins, or play "Investor" and just ride this correction out as I do still believe we have another bull run leg to go.
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I just double paper-handed myself (used left hand to feel different) and just rebought MATIC. Ended up gaining 2000 more coins by selling out this morning and rebuying at 1.57. Might have been the play, might not have...ETH / BTC showing support at the moment, but who knows what this week will bring.

I'm back into fully deposited MATIC / fully borrowed in AAVE.
 
Jackie Treehorn

Jackie Treehorn

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For people who were asking about good YouTube crypto channels, I like this Lark Davis guy a lot, he does about one video a day. He doesn't give douche vibes like BitBoy does. Gives realistic / conservative outlook on things even when it might not be the popular opinion.

They all have annoying video thumbnails, but waddayagonnado.

 
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Haus

Haus

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Jackie Treehorn said:
For people who were asking about good YouTube crypto channels, I like this Lark Davis guy a lot, he does about one video a day. He doesn't give douche vibes like BitBoy does. Gives realistic / conservative outlook on things even when it might not be the popular opinion.

They all have annoying video thumbnails, but waddayagonnado.

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I like Lark, but also I file him as an overly optimistic analyst. I balance him with people like Krowne (who is hard TA and literally spend this morning taking about "not good things on the horizon" for BTC)


He's also obviously on the spectrum and prone to occasional profanity laden rants... so entertaining!
 
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Jackie Treehorn

Jackie Treehorn

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Haus said:
I like Lark, but also I file him as an overly optimistic analyst. I balance him with people like Krowne (who is hard TA and literally spend this morning taking about "not good things on the horizon" for BTC)


He's also obviously on the spectrum and prone to occasional profanity laden rants... so entertaining!
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Cool, I'll check that out. I like balanced opinions for sure. People also mention Benjamin Cowen a lot, but I've never checked him out.
 
Furry

Furry

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Trying to time this dip, but rajaah saying he wont sell has me worried. Let me know when paper hands kicks in.
 
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