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The Bitcoin (BTC) thread - redbeard - 05-12-2019
@JJG your experience allows you to keep a calm head about price movements.
If you were a n00b who just found out about Bitcoin, what investment plan would you recommend?
I would bet there are many men reading this thread right now considering FOMO'ing in.
The Bitcoin (BTC) thread - redbeard - 05-12-2019
Quote: (05-12-2019 10:33 AM)Lampwick Wrote:
Quote: (05-12-2019 10:18 AM)redbeard Wrote:
No one is mentioning that Binance paused deposits and withdrawals this week, allowing them to p&d price as they please
(they just resumed them)
Where are you seeing that Binance resumed deposits and withdrawals? I'm seeing that they are still suspended on the exchange. No announcements or chatter about them being reopened either.
I don't have a Binance account but Twitter says Tuesday:
Quote:[url=https://twitter.com/cz_binance/status/1127609514818248709][/url]
The Bitcoin (BTC) thread - JayJuanGee - 05-12-2019
Quote: (05-12-2019 11:40 AM)redbeard Wrote:
@JJG your experience allows you to keep a calm head about price movements.
If you were a n00b who just found out about Bitcoin, what investment plan would you recommend?
I would bet there are many men reading this thread right now considering FOMO'ing in.
There is some truth in what you say, redbeard, especially when guys might not have any kind of position in bitcoin, at all, and they are just hearing about bitcoin. I also understand that perceptions vary based on if a guy has years of investment experience (and presumably has accumulated a lot of investments) and if a guy is in the earlier stages of accumulating investments.. which might cause him to focus more on crypto rather than diversifying with traditional investments.
I have been following similar kinds of investment strategies since I left home in my early days. Initially I did not go to college, and I learned about financial management from self-help type people, and the most solid principles were to organize yourself in such a way that you could live within your means, and put away a certain portion of your income towards investing... My incomes was not high in those days, and also several years later, when i went to college, I did use student loans for investing (of course in a very prudent way, too, since i knew that they were deferred interest).
As the years went by, I learned more of those kinds of prudential finanicial principles, including paying off higher interest loans/credit first, and being prudent with the extent that you use credit to invest in yourself and in possible appreciating rather than depreciating assets (such as consumption goods)...
Furthermore, quite early on, I practiced strategies to project my cashflow for 6-18 months in advance, depending on outstanding obligation projections... actually in the beginning, I just projected for a couple of months at a time, but I kind of learned how to use excel spreadsheets to efficiently project ahead for longer periods.
Of course in late 2013, when i got into bitcoin, bitcoin was recognizably at the top of a bubble, so throughout my initial investing and accumulating, I was continuing to buy BTC as the price went down (and that had its own scary components, with many people suggesting that I was dumb to continue to buy rather than sell), so by the time that I established my initial stake in late 2014, I had not really experienced runaway BTC prices, because bitcoin was then at the bottom of that (which I did not know at the time, either).
Anyhow, I had not been faced with what appears to be our current BTC price situation that seems to have a lot more optimism regarding UP, but I still think that guys should try to formulate financial (including BTC accumulation) plans for themselves that involve a period of time, such as 6 months, and projecting their own budgets, cashflow, other investments, view of bitcoin, risk tolerance, time available to them and skills and timeline that would cause them to create a personally suitable investment plan for their initial period of time, and of course they can reassess along the way too.
Of course, they could engage in some front loading of their investment, but they should still be attempting to exercise a decent amount of prudence to prepare for either price direction, including maintaining money to buy on dips of 30% or more that can happen at any time and of course, dollar cost averaging, too, until they reach their target allocation. My initial target allocation was to put 10% of my total quasi-liquid investment value into bitcoin. Of course, plans can vary and be subsequently tweaked in that regard too, but it is good at least to start with a personally tailored plan and tweak from there, rather than engaging in either blanket approach or risky gambling approaches - even if you feel inclined towards gambling (I know that many guys do, which is usually not a prudent approach).
The Bitcoin (BTC) thread - redbeard - 05-12-2019
Thanks JJG. I've been meaning to write a "so you want to buy Bitcoin" post for a while, and with the new price excitement, I think it's time.
Here's the three things I think you should do in order to plan your Bitcoin investment out. You might not think these suggestions are sexy, but guess what, too bad. Boring works. Keep it simple, stupid.
1. Understand Bitcoin
The problem with most "crypto investors" is they dive right in, buy every coin in sight, and have no idea what's the difference between PoW and PoS.
Instead, I suggest everyone start by investing their time (not money!) into Bitcoin. When I heard about Bitcoin, it took me about a year to understand it enough to make my first purchase. Because I waited, I was more confident in my investment and didn't panic sell.
The fastest way to understand Bitcoin is to read Saifedean Ammous' "The Bitcoin Standard." It's the perfect blend of history, economics, and technicals to get beginners up to date quickly.
You can buy it on Amazon or download it here for free.
Another great resource is Jameson Lopp's Bitcoin Resources page.
Spend 30 minutes every day catching up and researching the crypto space, and you'll be an expert in no time. The result is that you won't lose money at the shitcoin casino, and will instead make long term moves that will pay off.
2. Fix Your Finances
Like JJG mentions, the key to successful Bitcoin investing is...to learn successful investing.
Many people dive into Bitcoin without any investment experience, and end up making terrible decisions because they don't know what the heck a portfolio is.
There's a lot of personal finance advice out there, but in my opinion, the best resource is Ramit Sethi's "I Will Teach You To Be Rich." Dave Ramsey is nice, but most of his advice is geared towards boomers looking to retire. Ramit's book is focused more towards 20-30 year olds who want to start building a financial foundation without giving up their social lives.
3. Dollar Cost Average
OK, at this point, you should have a financial system set up. The numbers will vary based on your personal financial situation, but it'll look something like this:
Quote:[url=https://twitter.com/pierre_rochard/status/1127165613619777537][/url]
I personally think the easiest way is to determine how much you want your "other investments" bucket you want to allocate to Bitcoin, then set up automatic buys. Let's pretend you have $200 every month left over for investing, and want 10% BTC, that's a $20 buy. Do this every month and you'll have a ton of Bitcoin in no time.
Timing the market is difficult and not worth the time investment. You're much better off spending your hours leveling up at work, getting a fat promotion, and dumping it into Bitcoin...vs gambling on altcoins.
The Bitcoin (BTC) thread - JayJuanGee - 05-12-2019
Quote: (05-12-2019 02:27 PM)redbeard Wrote:
[edited out]
I agree with everything that you say, redbeard, except, I know that it both takes a while to set up various bitcoin accounts (ways to buy bitcoin) and to learn various bitcoin basics.. and also to learn not to get distracted by the various shitcoin bullshit.
Accordingly, I would suggest that any guy, who is able to do a quick study of his personal/financial situation, can start to invest in bitcoin as soon as within a few days of setting matters up. In that way, the dollar cost averaging can start almost right away, as a guy continues to study the matter.
If a guy is really new and does not know hardly anything about bitcoin, except that he wants to learn and to get involved in bitcoin, then Dollar cost averaging can be set at really minimal amounts, even $5 per week... just to get used to the idea.. and practice does help to make a person learn a bit better and while more actively engaging with the topic.
Let's say, for example, a guy knows that he has $100 extra every month that he can invest into bitcoin. He could start right away by investing about 1/3 of that $33... and then just dollar cost averaging with a similar or smaller amount to spread his buys throughout the month. Actually, I recommend getting a weekly amount together and investing that amount once a week, but I do understand that if the weakly amount ends up being really small (like less than $20 per week), then it might make more sense to make such purchases on a monthly basis, rather than weekly.... but if a guy is learning, then it might still make sense to actively invest, even small amounts, such as $5 per week, just to facilitate the learning process.
Anyhow, my point is that some guys can study as they go, and getting various BTC accounts set up does take some time, and it is better not to be rushing those kinds of things, especially if the price starts to move rapidly and then guys are having difficulties getting accurate information or even getting through the long lines that tend to evolve during the crazy times.
The Bitcoin (BTC) thread - MrLemon - 05-12-2019
delete
The Bitcoin (BTC) thread - JayJuanGee - 05-13-2019
It is starting to seem like our little friend is inclined towards resuming traveling upwards? bouncing around $7,200 as I type.
The Bitcoin (BTC) thread - JayJuanGee - 05-13-2019
An interesting development from a few hours ago is that Bitfinex is claiming to have pretty much met their target and to have raised $1 billion to "fight the good fight" and to offset their stolen or confiscated funds.
https://twitter.com/paoloardoino/status/...1218254851
The Bitcoin (BTC) thread - [email protected] - 05-13-2019
It's most likely that it double tops at around 7500 but if it doesn't it's going to 9k. If that happens I think I lot of wild valuations can happen for the price before next year's halvening.
As I write this the AUD has just sunk below 70¢ USD (0.6971 USD). Fiat is the true shitcoin.
The Bitcoin (BTC) thread - JayJuanGee - 05-13-2019
Quote: (05-13-2019 09:41 AM)[email protected] Wrote:
It's most likely that it double tops at around 7500 but if it doesn't it's going to 9k. If that happens I think I lot of wild valuations can happen for the price before next year's halvening.
As I write this the AUD has just sunk below 70¢ USD (0.6971 USD). Fiat is the true shitcoin.
I am getting the sense that the upwards price pressure continues to remain too strong for a $7,500 double top, and like you said the next resistance is around $9k-ish.. or at least I would frame the next possible turning around point as being in the $8k to $10k arena...
i would be damned shocked as fuck, if BTC does not get at least a 30% price correction before going beyond $10k - but with bitcoin, who the fuck knows? There is an ongoing past practice that shows numerous instances in which bitcoin shoots way beyond expectations (in either price direction), and this could be one of those cases in which there is a kind of front-loading of the anticipated upwards BTC pressures that comes from both the halvening and the increased expected financialization of bitcoin.
In other words, in spite of some guys trying to naysay bitcoin, fundamentals do remain strong as fuck in terms of sound money and ongoing censorship resistance that comes through both hash power and prudent development that is coupled by increasing advancements on the lightning network, too. The implementation of segwit has really been kicking the ass of a lot of the competition, even though the competition (to the extent that there arguably is any?) does not hesitate to bash on segwit.. while their clocks are being cleaned by bitcoin in terms of actual substance behind any ability to deliver something of concrete value to society.
The Bitcoin (BTC) thread - JayJuanGee - 05-13-2019
Whoaza!!!!!
If this is not BTC punishment mode, then what is?
I get the sense that there have been too many margin short positions that have been expressing a kind of desperation to bet against bitcoin, and they must be punished and they are fueling the outrageousness of this continuing upwards price movement..
In other words, within a few minutes, the BTC price has just shot past $7,585 and to $7,870. Surely, it remains unclear whether this kind of price is sustainable in the short term, but I am quit confident that such a quick upwards price move did take a decent toll on r3cking quite a few more margin shorts (largely on bitfinex and bitmex, even though there could be some other exchanges, as well).
The Bitcoin (BTC) thread - Giacomo Casanova - 05-13-2019
This is madness! Crazy volatility now...
As for the adoption side, great news:
http://fortune.com/2019/05/13/bitcoin-co...-currency/
I am curious to see how high the fees are and how custodial the solution is gonna be, but this might be a game changer.
The Bitcoin (BTC) thread - Pinocchio - 05-13-2019
User acceptance testing for bitcoin futures custody and trading planned for July by Bakkt.
https://medium.com/bakkt-blog/bitcoin-fu...aiUuGGb3hA
The Bitcoin (BTC) thread - Jaydublin - 05-13-2019
Anybody buying here?
I'm thinking about throwing in 5k. Feels like FOMO and it is but bitcoin is not like other assets. This thing could run to unimaginable numbers or it could crash, or both. I started DCA at 3500 BTC but it was just a few hundred and I bought more and more through 4k, 5k, 6k, 7k but it was always just a couple hundred and some of it went to alts.
Honestly, I've been watching and bashing bitcoin since late 2012. 2013 I was a little interested then it ran up too fast and I just assumed it was a bubble. Then summer 2015 I was on the lazy side and didn't put the energy into googling how to buy it though I had made plans to. After that it went up and I once again assumed I missed the boat. I played around in 2017 and made a couple thousand but nothing big. I don't plan to trade around this time, at all.
I want exposure to this and that was my goal when I started buying back in February. Since I started paying attention in early 2008 I have believed that governments are screwing us with monetary policy and that Gold/Silver would be big beneficiaries, and maybe they will. Seems bitcoin is doing gaining trust by the day and could really explode over the next decade.
It is hard allow myself FOMO into things. I learned this lesson so many times with other assets over the last decade. I will be upset if it drops immediately, not because I am afraid of losing a few hundred/thousand dollars but because I have already learned not to FOMO into assets.
I guess this turned into a big ramble. Just some thoughts. So, anyone buying here?
The Bitcoin (BTC) thread - Sidney Crosby - 05-13-2019
Binance withdrawals and deposits should be re-opened again tomorrow, should be interesting.
The Bitcoin (BTC) thread - JayJuanGee - 05-13-2019
Quote: (05-13-2019 08:44 PM)Jaydublin Wrote:
Anybody buying here?
I'm thinking about throwing in 5k. Feels like FOMO and it is but bitcoin is not like other assets. This thing could run to unimaginable numbers or it could crash, or both. I started DCA at 3500 BTC but it was just a few hundred and I bought more and more through 4k, 5k, 6k, 7k but it was always just a couple hundred and some of it went to alts.
Honestly, I've been watching and bashing bitcoin since late 2012. 2013 I was a little interested then it ran up too fast and I just assumed it was a bubble. Then summer 2015 I was on the lazy side and didn't put the energy into googling how to buy it though I had made plans to. After that it went up and I once again assumed I missed the boat. I played around in 2017 and made a couple thousand but nothing big. I don't plan to trade around this time, at all.
I want exposure to this and that was my goal when I started buying back in February. Since I started paying attention in early 2008 I have believed that governments are screwing us with monetary policy and that Gold/Silver would be big beneficiaries, and maybe they will. Seems bitcoin is doing gaining trust by the day and could really explode over the next decade.
It is hard allow myself FOMO into things. I learned this lesson so many times with other assets over the last decade. I will be upset if it drops immediately, not because I am afraid of losing a few hundred/thousand dollars but because I have already learned not to FOMO into assets.
I guess this turned into a big ramble. Just some thoughts. So, anyone buying here?
Of course, guys have to figure out their own path.. and comfort level. Surely, you seem to recognize the problematic nature of your current approach, and the fact that currently, you do not feel that you have dollar cost averaged in a sufficient enough way over the past year or so.
Personally, I think that you can develop a dollar cost averaging plan with your $5k.. or whatever other cashflow that you have. You gotta figure out your situation. If you remain nervous, then just put about 1/3 of that $5k into bitcoin in around the current price which would be - about $1,600 as an immediate buy, dollar cost average with the second 1/3 for the next few months and use the final 1/3 to attempt to buy on dips (if any).
In the end, you have to figure out your own cashflow, but if you are dollar cost averaging, you should be able to set various accumulation goals, and by the time you reach those accumulation goals then maybe you become less aggressive because you have already established your accumulation stake..... whether that is 1% of your total investment portfolio or 10% or some other allocation that is comfortable for you.
I don't know what you can do about your FOMO tendencies except to attempt to create a reasonable plan that makes you sufficiently comfortable with attempting to follow the plan no matter BTC's short term price direction.. so for example, part of your funds you buy once a week no matter what, the other part, you take an initial decent stake and the other part you try to buy on dips.. and then just attempt to keep with your plan or some variation of what I mentioned for a couple of years.. or however, long it takes you to establish your stake and your comfort... which you can tweak along the way, too.
Personally, it took me about a year throughout 2014 to establish my initial stake in BTC, and mostly, I did not screw around with altcoins... except for a couple of initial divergences.. , so with the passage of time, I because less and less nervous about having a sufficient amount of bitcoin, and thereafter I have continued to dollar cost average with smaller amounts (and less nervousness about having enough BTC)..
I will admit that when I was first attempting to accumulate, in those earlier stages, I would get FOMO feelings about whether I had enough BTC, but after I had continued to accumulate BTC for a decent amount of time, I become more and more used to the long term nature of my investment, then FOMO feelings became less and less.
Currently I don't tend to get FOMO feelings in either price direction because I feel that I have a sufficient and adequate stake that is tailored to my own financial situation, my views of bitcoin, my risk tolerance and my timeline.
Of course, currently there are possibilities of violent BTC price performance in either direction, so I am not sure about what to say about that except that you should attempt to plan and prepare for either price direction, especially in the shorter term.
The Bitcoin (BTC) thread - rpg - 05-13-2019
Quote: (05-13-2019 08:44 PM)Jaydublin Wrote:
Anybody buying here?
I'm thinking about throwing in 5k. Feels like FOMO and it is but bitcoin is not like other assets. This thing could run to unimaginable numbers or it could crash, or both. I started DCA at 3500 BTC but it was just a few hundred and I bought more and more through 4k, 5k, 6k, 7k but it was always just a couple hundred and some of it went to alts.
Honestly, I've been watching and bashing bitcoin since late 2012. 2013 I was a little interested then it ran up too fast and I just assumed it was a bubble. Then summer 2015 I was on the lazy side and didn't put the energy into googling how to buy it though I had made plans to. After that it went up and I once again assumed I missed the boat. I played around in 2017 and made a couple thousand but nothing big. I don't plan to trade around this time, at all.
I want exposure to this and that was my goal when I started buying back in February. Since I started paying attention in early 2008 I have believed that governments are screwing us with monetary policy and that Gold/Silver would be big beneficiaries, and maybe they will. Seems bitcoin is doing gaining trust by the day and could really explode over the next decade.
It is hard allow myself FOMO into things. I learned this lesson so many times with other assets over the last decade. I will be upset if it drops immediately, not because I am afraid of losing a few hundred/thousand dollars but because I have already learned not to FOMO into assets.
I guess this turned into a big ramble. Just some thoughts. So, anyone buying here?
Im buying. I am throwing loose cash at it every week.
I came to similar conclusions. Our governments are fucking us. I need to have a cash supply independent of the US. Everybody needs a passport and bugout money in case this country shits itself and it very likely will in a couple of years or less.
The Bitcoin (BTC) thread - Trumpian - 05-14-2019
What's the general feedback on binance? I know they were hacked recently, but the exchange seems to have a pretty good rep otherwise.
Over $8,000 now. I imagine this feels a bit like riding a 50ft wave for the first time, exhilarating but scared shirtless you're about to get wiped out any moment. Steady!!!!!!!!!!
![[Image: biggrin.gif]](https://rooshvforum.network/images/smilies/biggrin.gif)
The Bitcoin (BTC) thread - [email protected] - 05-14-2019
Quote: (05-14-2019 01:38 AM)Trumpian Wrote:
What's the general feedback on binance? I know they were hacked recently, but the exchange seems to have a pretty good rep otherwise.
Over $8,000 now. I imagine this feels a bit like riding a 50ft wave for the first time, exhilarating but scared shirtless you're about to get wiped out any moment. Steady!!!!!!!!!!
Binance is the most legit exchange out there outside Coinbase rep-wise, also one of the biggest.
I want to buy some too but don't want to buy the top, price should correct before going up. Then again, BTC is recently not following the rules of TA. 6200 was supposed to a massive resistance but it broke through easily.
The Bitcoin (BTC) thread - Obermarschall - 05-14-2019
Too bad I didn't have some spare cash few weeks ago. Now, just now I have some spare money, but buying BTC right now idk man.
I also got rekkt on all my Altcoin positions. My stomach is turning and turning but hey, I can still pay my bills, still save some cash, everyday I become closer and closer to become location independent, so I guess it could be worse.
Do you think that most Altcoins will pump afterwards?
The Bitcoin (BTC) thread - JayJuanGee - 05-14-2019
Quote: (05-14-2019 04:42 AM)RomSh5 Wrote:
I think BTC will go down to about US$2.5k to US$3k and stay there for quite a while. Currently I've been heavily into Cryptocurrency and Bitcoin Tracking, just try to keep myself informed. To survive in the crypto world, it's important to research long and hard.
Between February and November 2018, bitcoin made a large number of attempts to meaningfully break below $6k, and it was unsuccessful, so by the time that it decisively broke below $6k in mid-November 2018 and could NOT really get movement back up, that caused a lot of folks to conclude that clearly bitcoin had transitioned from a bull market to a bear market (at least in the short term - even though some folks were prematurely and erroneously asserting that bitcoin was in a bear market prior to its breaking below $6k support in mid-November 2018).
So, yeah, we spent a good 4 months dabbling in $3k prices, and so during that time between December 2018 and March 2019, we were likely in a bear market, which largely means that the odds for the BTC price to go down were greater than the odds for it to go up... and therefore the current local bottom of $3,122 was not secure or certain as being the bottom.. and also, therefore, predictions of further down were not only reasonable but had decently high (at least greater than not) of playing out.
Price movements after April 1 have largely established that not only are we likely to b out of the bear market, but that the bottom is in.
Accordingly, any BTC price predictions of going below $3,122 are in the minority, and accordingly, it is going to be quite difficult to get down to $3,122 or lower absent some real significant negative event, or some successful and convincing FUD spreading.. which also seems a stretch under current market conditions.
Since you are new here, and you did not really back up your comments with any kind of meaningful facts or logic, I have some difficulties taking you seriously, yet I don't find it problematic to address those kinds of bitcoin bearish scenarios from time to time.
Many of us realize that in any market, including bitcoin, of course, the trend is your friend, and even though trends are a product of both degrees of price movement and time, our current bitcoin price trend seems to have reverted to UP. Your conclusory assertion seems to be relying upon some phoniness in this transition, which might have some amount of truth, and/or that our current upwards price movement does not have enough buy support backing it.
Surely, I have both asserted and conceded that 30% plus BTC price corrections are normal and nearly inevitable, even in what appears to be a bull run (or a bull market), and surely such a large BTC price corrections can come at times that are somewhat unexpected in the short term, and even could bring BTC prices that correct down to 50% or more (especially short term), but from our current BTC price top of $8,335, a 50% price correction still does not break us into $3k prices - furthermore, this upwards BTC price movement might not be over, yet, which means that prices could get to $10k or even to $12k and beyond before a decent and meaningful price correction takes place.
Long and short of it, is that you seem to be in a fantasy land of wishful thinking when you are suggesting $3k and below prices under current BTC price dynamics... I am not saying that your projected prices are not possible, but surely the odds of such prices are below 40%, and perhaps more reasonably below 30%, so your expression of them as a kind of certainty comes off as a bit "out there."
The Bitcoin (BTC) thread - bgbusiness - 05-14-2019
I made the mistake of getting out at low 5ks
I re-entered my positions in low 7ks...
That is like 20%+ of gain. Opportunity cost of thousands of dollars..
From now on, I am buying MORE when the market dips and just not going to sell anything next few years..
The Bitcoin (BTC) thread - Obermarschall - 05-15-2019
Quote: (05-14-2019 09:14 PM)bgbusiness Wrote:
I made the mistake of getting out at low 5ks
I re-entered my positions in low 7ks...
That is like 20%+ of gain. Opportunity cost of thousands of dollars..
From now on, I am buying MORE when the market dips and just not going to sell anything next few years..
Did you sell everything at low 5ks? Or just a smaller portion?
The Bitcoin (BTC) thread - Giacomo Casanova - 05-15-2019
Cryptos are not stuff to short or to sell to make a quick buck...
The Bitcoin (BTC) thread - [email protected] - 05-15-2019
Everyone has made their fair share of bad trades. Will you care about all the potential gains you missed out on after you cash out retirement money
![[Image: huh.gif]](https://rooshvforum.network/images/smilies/huh.gif)