Crypto
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Average Joe
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I agree. Knew upfront about the risk, going to stick it out long as I can. Wish I knew more about the advanced exchanges which allow you to set the buy and sell features on your comfort level. The market is so volatile, and not being able to watch it 24 hours a day is killing me.
Right now is rough for the vast majority who entered in the past 6-9mo. I was over 2x in total and am now barely in the black. One of my biggest wins was over 5x and is now only 2x but that was a smaller speculative buy.
I got my wife in on a few coins during the first part of the dip and that’s panned out quite well for her, mainly because of Polygon.
I happened to be watching BTC yesterday morning, saw it running up to $41.8k rapidly and was about to sell my BTC and ETH knowing it was going to dip but I was about 30sec too late. As I began putting my sell order in, it dropped to $38k and I wasn’t sure how much farther it’d go.
I got my wife in on a few coins during the first part of the dip and that’s panned out quite well for her, mainly because of Polygon.
I happened to be watching BTC yesterday morning, saw it running up to $41.8k rapidly and was about to sell my BTC and ETH knowing it was going to dip but I was about 30sec too late. As I began putting my sell order in, it dropped to $38k and I wasn’t sure how much farther it’d go.
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Average Joe
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Which exchanges are y’all using? Currently I’m on coinbase. I have coinbase pro, but not comfortable using it yet.
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I use Coinbase, Coinbase Pro, Voyager, Exodus, Binance, and sometimes Uniswap. I use so many because of the different coin selections. As a crypto newb, CB is my favorite for ease of use. However, I hate that CB doesn’t allow for limit orders. CB Pro and Voyager do, so I’m using those more lately.
Happy to send a referral link for Voyager if anyone wants one 😉, $25 BTC bonus for each of us.
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Average Joe
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Sending a PM with email address. As they say on the street. 25.00 is 25.00 lol.
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Jeppo
Bold inspired solutions for America 😂
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ASScoin?
markets.businessinsider.com
How an unemployed day-trader burned by both GameStop and dogecoin ended up owning 20 billion units of a cryptocurrency known as ASS coin
Day-trader Eric Hackney is a "thrill-seeking amateur, goaded on by social media," Bloomberg reported.
That is a terrible article. They keep using the phrase “20 billion units”, but not once do they say how much those units are worth. They say he put in $500, but seem to be gently insinuating that this guy has struck it rich.ASScoin?
How an unemployed day-trader burned by both GameStop and dogecoin ended up owning 20 billion units of a cryptocurrency known as ASS coin
Day-trader Eric Hackney is a "thrill-seeking amateur, goaded on by social media," Bloomberg reported.
ASS is worth $0.00000001. That’s right, one-hundred-millionth of a cent. A penny buys 100 million “units”. It spiked at 0.00000005 then the market tanked so it’s back 0.00000001. This guy bought in at 0.00000025, so he was up 2x on his $500 investment at the peak and is now -$300 (-60%). How is that news worthy?? 😂
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Average Joe
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What’s your thoughts on the crypto market now that the hacker group Anonymous has threatened Elon Musk? According to their video they state he has manipulated the crypto market and ruined many working class lives.
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I agree with what Anonymous is saying. Elon is absolutely using his tweets to manipulate the market. Thankfully his tweets are having less of an impact lately but that could also be because the price is already in the gutter.
I’m still optimistic of the market having a strong recovery and surpassing the previous highs. This is partly based on the evidence of market manipulation by the “whales”.
I’m still optimistic of the market having a strong recovery and surpassing the previous highs. This is partly based on the evidence of market manipulation by the “whales”.
I think that Musk has taught a lot of people a valuable lesson, that these values are based on virtually nothing by hype and hope in a market where there is little regulation or oversight. Sure nobody likes financial pain, but that’s what makes people remember it. No pain, no gain.
Well firstly I'd buy a hardware wallet like a Trezor to keep my crypto safe. I'd get it directly from Trezor, not some eBay seller or Amazon so I don't end up with a fake that will just steal my funds. That's more money than I could stomach losing so I'd be very sure I knew how to keep it safe from hacking.
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I get what your saying. And it was the lack of regulations that peaked my interest in crypto. I won’t bail out because of the current low. I am a optimist and believe it will make a strong come back. I just hope people learned that crypto doesn’t need just one or two people mega rich people for success. I believe its success lies in the spirit of true capitalism, and that many people not just in America, long to control their finances without government involvement. (Yeah, yeah, yeah I know I work for the government. What can I say, other than I see everyday how irresponsible governments are with the people’s money.)
Depends what $50k is to you, but right now I would be hesitant to drop any significant amount of money into the market. We’re at a point right now where prices are attractive but based on the charts we’re poised to either have a huge run up or dive into a bear market.
One strategy I really like right now, and I’ve mentioned it a few times recently, is earning high interest rates on stable coins. Voyager is paying 9% on USDC (stable coin pegged to the US dollar, so minimal risk of losing value).
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That sounds attractive, but one has to wonder where and how they're making money to enable them to do that. In other words, it sounds like you put money in the account and buy the crypto that is then held in your Voyager account. They in turn are using that money to make money (somehow) and paying you interest. 9% is a pretty hefty return, so one has to wonder where they're investing or speculating to get better returns.
Yup, I believe it’s a combo of defi lending, helping them attract investors and grow, and I wouldn’t be surprised if they’re also investing. If any one of these income streams change for them, they have the ability to adjust the interest rate monthly. If the rate drops too much, you have the freedom to move your money to something else or somewhere else. Voyager isn’t the only game in town, just the best one I know of.
I also forgot to mention that they offer a 1% point bonus if you hold 2500 VGX, their token. That’s only about $6.5k right now. so you can get up to 10% on USDC.
^^ Also, the VGX earns 7% outright.
Done so a few times on Coinbase Pro and it was easy. Funds showed up in my bank account a few days later. Only issue was when I was filing taxes. It was very difficult to reconcile all the trades. So now I just buy and hold.
I could see that being an issue, especially if you're talking about dealing in a commodity that is fungible. Yeah, I want to sell these ones that I bought long ago, not the ones I bought last week.
My recollection is that IRS used to require cost averaging unless you could distinguish, no idea if they still do.
I think this sounds like a great way to start. Do you manage this investment through coinbase or something else?
Voyager is the name of the exchange: https://www.investvoyager.com/
This tab shows the interest they are offering on holding various currencies and the minimum amount required to earn interest on the holding. A quick browse through shows that they require you to provider (in my opinion too much) information to "verify your identity" because they're classified as a US financial institution. It also requires a link to a bank account.
This does bring up the subject of using a non US exchange and the risks and benefits.
Thanks!
I have a couple isolated bank accounts that I setup for international travel, should be easy and low risk to use one of them.
Have a look at these: https://bitshills.com/best-non-kyc-crypto-exchanges/ The industry term seems to be "KYC - Know Your Customer"
Edit to add: Here's another one with some better descriptions of the exchanges:
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@B00ger would know for sure, but I believe that ”know your customer” is a polite way that US financial institutions collect lots of information about each customer as required by laws passed in response to the 911 attacks. The term may even be in the law since it seems that everyone uses it.
Off topic but this reminds me of something that happened a few years back. Before we bought what is now our primary (and as of yesterday only) house we were looking at getting my wife a new car. Part of the process I was using to investigate the maximum price I should pay, I enlisted her on True Car and it got sent to a couple of local dealers. I used an email account specifically for this purpose, gave a fake phone number, but made the mistake of listing her real name which was the only piece of real information. She started getting phone calls on her real number from one dealer that was very pushy. I was having a (ham radio) conversation with a friend that works at Pinnacle Bank and he said that it is likely that the dealer used their "identity verification system" since they can originate loans and are a "financial institution" with her name to get her real number. He said while shady and dishonest it isn't "illegal". Needless to say their behavior would have disqualified them on principle.
Edit: next time I am using a fake name, email, and burner number. All I want is the price. If True Car is the best deal, then I will apply for real.
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I was talking to someone today about something very similar and we decided that she’d investigate Google Number (I think that’s the name of their phone service, maybe Google Voice) because it allows frequent changes to your number.
Doge coin is down to .17 cents right now. Wow!
The market as a whole is getting absolutely destroyed! Hard to be optimistic at this point but I’m holding.
I was thinking about getting in right now.
If you do, I would do so lightly. Maybe 30% of the total you want to invest. Most indicators say that it’s likely we’ll continue to go lower. Some believe a $19-20k Bitcoin is possible.
Decided to pull the trigger and get a voyager account. Of course you have to jump through all the happy crap for the "know your customer" rigamarole and then your account goes into a pending status where the page says it can stay for up to 12 weeks (3 months) and if you try to contact them it will take even longer.
Average Joe
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Been trying to figure out a different strategy myself. I’ve gotten my butt handed to me.
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Buy low and sell high? Or perhaps buy high and sell higher? 😁
I know it's a terrible time to buy a car and I realize the word is that it should stabilize sometime by 2023 but my commute car has over 334K miles on it. I have funds left over from the sale of a house which I have earmarked for a major renovation. I also consider that I could use part of it to buy a car at some point but given that interest rates are low I question whether it's better to use someone else's money. A third option would be to put the money for the car in something like the USDC coin which you can get 9% interest on, which is far higher than the interest rate I would pay on the car and basically, make more money than I am paying in interest.
The flip side of that is, how safe is your money, really. Here's an article on the subject and it discusses why Coinbase is offering below market interest (but still more than I would have on the loan) on USDC: https://cryptonews.page/2021/07/coinbase-rate-on-usdc-reveals-focus-on-crypto-credit-risk/
I need to red that article. The only reason I haven’t gone in is that I don’t understand how they maintain their value relative to the USD in the face of declining demand. If I can get comfortable with the security of the principal I’ll take their 9% all day.
Yeah they’re a KYC exchange so, like Coinbase and Binance, they require all of your info. My account was approved in under 24hr. A friend who did his about 6wk ago had his approved in 2 days. Not sure how long they’re taking right now but I would imagine it’s quick since the market is in the toilet. Not everyone is chomping at the bit to get in right now.Decided to pull the trigger and get a voyager account. Of course you have to jump through all the happy crap for the "know your customer" rigamarole and then your account goes into a pending status where the page says it can stay for up to 12 weeks (3 months) and if you try to contact them it will take even longer.
I read something about all the coins have been generated and it’s backed by an equivalent amount of USD that are held in a special bank account. Other than that, I don’t know how it’s pegged. The charts show very minor fluctuation, like up to 6 cents briefly.
I saw something about how the average person holds them for 9 days. I can imagine if you’ve caught the speculators bug earning 4% or even 9% per year as that includes the compounding effect (APY) isn‘t going to be attractive. Me, I thought I would give it a try with a little money. Obviously if the coins are all allocated somebody must be selling for me to buy.
The risk I read has something to do with the fact that they somehow use it as a loan instrument and there is a risk of default. That had something to do with coin base offering below market rates, trying to downplay the risk.
Admittedly, I haven’t looked into crypto lending too much but most of what I have seen seems to be backed by crypto, basically secured loans. I’m sure there are more conventional unsecured loans but I’m not sure how that works given the anonymous and decentralized nature of crypto.