Sanrith Descartes
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Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
Daezuel
Potato del Grande
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The posterity part will be when BTC is $500k.
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Sanrith Descartes
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LachiusTZ
Rogue Deathwalker Box
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Posterity #2
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Lambourne
Ahn'Qiraj Raider
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I still consider myself a beginner trader (I've only really been daytrading for a month or so) and I haven't really looked into using moving averages. I'm still trying to figure out what parts of TA are useful and what parts are chart astrology. What are you looking for here specifically?
BTC seems to be moving up again now, it dropped just $200 below my stop so maybe I had it set too close (I used 5% from entry price). I'm still in ETH which has now gone up enough that I can start moving the stop up to where I'm at least not going to not lose money, hopefully it will rise more.
I still think Crypto is currently in a bubble purely because of the amount of hype it is getting again, but who knows where the top is. I thought we had hit the top in January so what do I know. I already sold the BTC I bought in 2019 for 300% profit so I'm just playing with house money. Maybe learn enough to make some money once the market turns bearish.
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You guys are pontificating about trading which is happening over a weekend AND over the end of a month. I'm definitely still a completely noob at this, but everything I've been reading since Friday has been saying it's not smart to do any trading this weekend, and most of them are expecting when the "traditional markets" open on Monday we'll probably see BTC snap back to around it's Friday close. Which it's actually in the neighborhood of right now. ($45407 at 5pm on Friday and $45269 when I looked a few minutes ago)
Question I suppose should be asked. Are all of you swing trading BTC or considering BTC the long game? My approach so far is looking more at buying BTC with a exit strategy reaching out months, maybe years. Then placing my short term (this week, today, etc) goals around being a degenerate and only slightly informed gambler in the altcoin space shooting for those unicorns (and yes, I have a small stake in UNI, but that's a coincidence here.)
Question I suppose should be asked. Are all of you swing trading BTC or considering BTC the long game? My approach so far is looking more at buying BTC with a exit strategy reaching out months, maybe years. Then placing my short term (this week, today, etc) goals around being a degenerate and only slightly informed gambler in the altcoin space shooting for those unicorns (and yes, I have a small stake in UNI, but that's a coincidence here.)
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Tmac
Adventurer
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I don’t have time to effectively trade daily.
I watch longer term trends which is why 20, 50, 100, and 200 DMA’s work well for me.
Which means at the very most I’ll be trading like once a month. I made a $4k investment that I sold for $8k in January.
Now I’m just HODLing monthly and looking to see if it drops to get back in.
Ravishing
Uninspiring Title
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The fact BTC trades internationally and 24/7 makes it a little trickier in my eye. Some of the highest spikes in the past have happened at odd times/ days for USA.
Monday could just mean further sell off too once US traders start work.
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What I am not understanding right now is that all the tracking news seems to be indicating a near term influx of institutional money wanting to buy into bitcoin, yet seeing the price correction continue is odd. Although some are speculating that a lot of institutional buying isn't happening on the exchanges, but rather through private agreements. The F2 pool recently apparently moved a LOT of BTC, but they didn't get put on any exchange. Which makes me think things like that are short circuiting the pricing mechanisms of the exchanges.
Ravishing
Uninspiring Title
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Also, BTC has typically followed the markets, and they ended Feb on a couple big down days. If we anticipate the slide continuing then BTC will likely be down as well
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That's another part that is somewhat perplexing to me, probably indicating I don't understand enough of it yet. In a traditional market downturn you would see a "flight to safety". That's usually the bond market. But sometimes if the downturn is inflationary it goes to commodities. We are seeing spikes in many commodities (Lumber for instance is getting stupid) and in my head I see BTC as something of a commodity as it's a resource with a fixed amount every available. Yet it doesn't seem to behave as a commodity.
Of course I think true inflationary pressure isn't here yet, maybe when it really arrives we'll see different behavior.
Lambourne
Ahn'Qiraj Raider
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I don't think Bitcoin is a commodity because it doesn't get turned into anything. There's a demand for lumber, oil, grain etc because they get turned into products to make money off. I think it's a type of financial asset, like stocks, gold or fiat currency. It has value because it can be traded at a later time for other things. If the expected value of one particular asset in the future is believed to be greater than it is today, holding and accumulating it makes sense and the price relative to other financial assets goes up. Once the tide turns, everyone wants to get out.
The recent price explosion is probably just another symptom of the "Everything Bubble" that economists have been warning about for years, the whole economy turning into one giant speculative bubble that is the result of years of high money creation and extremely low interest rates. Stocks, cryptocurrencies, housing, classic cars, there are smaller bubbles everywhere. They've been saying it for years and years though, I went down that rabbit hole a decade ago when people were saying that the massive money creation in response to the 2007 crash had made hyperinflation unavoidable. It hasn't happened (yet).
I'd love to see the history books in a century. The Roaring 20s ended with a bang too.
Flobee
Vyemm Raider
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Citibank is bullish
BTC's attributes "could spur it to become the currency of choice for international trade.... Bitcoin is at a tipping point and we could be at the start of a massive transformation of cryptocurrency into the mainstream."
BTC's attributes "could spur it to become the currency of choice for international trade.... Bitcoin is at a tipping point and we could be at the start of a massive transformation of cryptocurrency into the mainstream."
LachiusTZ
Rogue Deathwalker Box
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Caliane
Avatar of War Slayer
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Also, someone explain NFT to me like I'm 5.
had someone ask me about them, as an artist. And, I definitely don't get it. Best I can come up with, is the vids/art is on the blockchain, thus basically copyright protected. Like real art, you have the original, 1 of a kind. with digital art, the file can be copied forever. The NFT idea is the art is tokenized and their will only ever be one of it.
I then don't really know how you get your art into that NFT form.
had someone ask me about them, as an artist. And, I definitely don't get it. Best I can come up with, is the vids/art is on the blockchain, thus basically copyright protected. Like real art, you have the original, 1 of a kind. with digital art, the file can be copied forever. The NFT idea is the art is tokenized and their will only ever be one of it.
I then don't really know how you get your art into that NFT form.
Fogel
Mr. Poopybutthole
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Looks like Goldman Sachs is jumping back into the crypto market
www.reuters.com
Exclusive: Goldman Sachs restarts cryptocurrency desk amid bitcoin boom
Goldman Sachs Group Inc has restarted its cryptocurrency trading desk and will begin dealing bitcoin futures and non-deliverable forwards for clients from next week, a person familiar with the matter said.
Arden
Blackwing Lair Raider
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Any of you guys ever check into NFT stuff? Cybermiles, etc? After reading up on them, I could envision NFTs being used as digital tracking/identification/verification for virtually everything, not only digital assets, but real world items too. Seems like a cool concept.
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Flobee
Vyemm Raider
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NFTs could be used for a lot of stuff. Hell, your pre-nerf fungi staff could be an NFT. So could your house deed, business contracts or anything unique. They'll probably be pretty big but I don't see a way to speculate on it right now in a way that makes much sense except maybe investing in infrastructure. I haven't dug into it much though.
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Arden
Blackwing Lair Raider
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I've been digging around a little. Any particular infrastructure stuff you like? I couldn't find much. I looked up Cybermiles and they have a coin, CMT, but that's not exactly infrastructure.