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the market: stocks, bonds, options, whatever

Xorkoth

🎨 ARTministrator 🎨
Staff member
Joined
Feb 8, 2006
Messages
54,366
Location
In the mountains
My shitcoin game has been great the past week. I've turned $500 into about $3k since last weekend. Bonfire has been the best performing, that thing is absurd. I've taken my initial investment back out plus more profits besides. I'm in 9 different ones right now. 2 of them are ultra low mkt cap, may or may not go anywhere. One of them I bought at $500 mkt cap, but the name suggests they will be shilling it to get in on the meme coins wave (DogeKishu). I own 10% of all tokens on that one so if it does, it's gonna be huge for me. A guy in my crypto group I got invited to made 650x on a shitcoin recently doing this very thing, I learned the technique from him.

My rules are, I stick no more than $50 into any given one, and pick low mkt cap coins. Take initial investment back out once it goes 3x, then watch it climb, and take profits regularly. It's crazy how well it works. I only do BSC network coins, since the fees are negligible, unlike Ethereum network coins, where the fees are astronomical right now. I use Pancakeswap.

I was sitting in Tether in the exchanges for a while now, because the market was sending unclear signals, but just bought LTC (Alan Masters just called for it to reach up to $5k which seems absurd to me, but it's shooting up like crazy since he made that call. I bought some TRIAS, it's only rank ~600, pretty low mkt cap for a mainstream coin, people are saying it's th Chinese Ethereum. A friend in my crypto telegram group called it a few days ago and it has done 3x since then, wish I'd moved on it then but oh well, my guess it is keeps going up. I also bought some TRX, it's sitting at .14 right now and its previous ATH from earlier this bull run was .23. Still have about 40% in Tether. I'm mostly focusing on the shitcoins because you wouldn't believe the money flying around in there, and most of the stuff isn't even tracked on coinmarketcap. It's crazy. Mostly stuff in the millions in market cap but if you've heard of Safemoon, that is a BSC network shitcoin that hit about $7 billion. Bonfire looks to be headed that way too and I got in at about $100M mkt cap, if it hits Safemoon levels, it's going to be a 70x for me. Of course not really because I'll be taking profits along the way. Also with Bonfire there is a 10% tax on each transaction (buy and sell), and 5% goes to the liquidity pool, and 5% goes to holders, so your balance grows just by holding it.

Crazy world out there guys...
 

Mr. Krinkle

Bluelighter
Joined
Apr 2, 2005
Messages
1,008
yea dude - i went to use uniswap to grab a little shiba inu (SHIB) and some Hoge financial (HOGE) and the mining fees were through the roof....i was meaning to check out pancake swap - i'll go do that for sure now - thanks for the tips
 

Mr. Krinkle

Bluelighter
Joined
Apr 2, 2005
Messages
1,008
 

MsDiz

Moderator: DS, EADD
Staff member
Joined
Mar 31, 2020
Messages
6,092
Location
Ireland
I want someone to break this down for an idiot and explain it to me.

@Xorkoth if I wanted to start buying cryptocurrency what app would I download?

I am literally an idiot when it comes to this stuff. I’d there’s an idiots guide please lead me.
 

electronDegenerate

Bluelighter
Joined
Dec 10, 2020
Messages
392
Location
Wildling Country
In order to use money in your bank account to buy crypto you will need to find an SEC approved source. Typically these were Coinbase, Kraken I think, Gemeni perhaps, Binance for sure, shit I think paypal and Robin Hood are letting people hold cryptos now. In order to sign up for them you need to give them your identity though because KYC (Know Your Customer) is mandatory. But once you are signed up its easy to just click on the coin you are interested and buy it right out of your bank account. A little too easy for me sometimes...
Other than that you can buy in at a few exchanges like Binance and Kucoin with a card, but the fees for that are pretty steep so I have never done that myself.
 

MsDiz

Moderator: DS, EADD
Staff member
Joined
Mar 31, 2020
Messages
6,092
Location
Ireland
In order to use money in your bank account to buy crypto you will need to find an SEC approved source. Typically these were Coinbase, Kraken I think, Gemeni perhaps, Binance for sure, shit I think paypal and Robin Hood are letting people hold cryptos now. In order to sign up for them you need to give them your identity though because KYC (Know Your Customer) is mandatory. But once you are signed up its easy to just click on the coin you are interested and buy it right out of your bank account. A little too easy for me sometimes...
Other than that you can buy in at a few exchanges like Binance and Kucoin with a card, but the fees for that are pretty steep so I have never done that myself.
Thanks!
 

electronDegenerate

Bluelighter
Joined
Dec 10, 2020
Messages
392
Location
Wildling Country
I want someone to break this down for an idiot and explain it to me.

@Xorkoth if I wanted to start buying cryptocurrency what app would I download?

I am literally an idiot when it comes to this stuff. I’d there’s an idiots guide please lead me.
Wait wait wait
The SEC thing is only for US customers. If you are not in the US you will need to find one that fits whatever laws in your country, but that should be pretty easy to search for.


And I see now you are in Ireland.

Apparently you can use Coinbase in Ireland. Also Bitpanda, eToro, Coinmama and some others.

Good job on being number 6 in the World Economic Freedom Index. The US is not in the top 6....
 
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Xorkoth

🎨 ARTministrator 🎨
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Feb 8, 2006
Messages
54,366
Location
In the mountains
So much to learn for crypto. You'll want to use an actual exchange, don't use something like Robinhood, some people buy coins on there but you don't even own those coins, and can't transfer them out. The exchanges at least give you your own wallet and you can transfer them out for long term storage so you actually own the coins. Basically you need to find an on ramp for fiat currency, and buy something, usually Bitcoin, with that. Then you can transfer to an exchange, or if you use Coinbase, it has its own exchange built in. If you're just trying to buy to hold it, you can just transfer to a private personal wallet, there are many options for this. Though if you're planning to long term hold, you will probably want to keep it on an exchange for now, because the price is going to go up for a while, and then crash out eventually, and you'll want to sell into Tether (always worth $1), or back to fiat currency, and then buy again when the price is bottomed out, rather than just hold it. I mean if you do just hold it, you'll still end up making money long term, for sure. But you can make a lot more if you buy and sell at the right times.

There is really a lot to learn if you want to get the most for your efforts. But if you're not concerned about daily fluctuations, and eventually having it lose probably half its value for a good solid year or more before going up even higher, then you could buy and hold. It's a pretty good time to buy Bitcoin right now, it's relatively low, but is almost certainly about to go higher.

Bitcoin is the safest long-term, but getting into some of the altcoins gives you the potential for a lot higher gains. But it also requires a lot more research and time investment to properly understand the market.
 

Bare_head

Bluelighter
Joined
Jun 7, 2005
Messages
2,773
Location
UK
Over the past 6 months i have sat back with my btc and had very little exposure to alts other than getting a small position in DOT at $5 when it released on most exchanges

Ive watched several projects like pancake swap go from
$0.50 cents to trading at $40 a coin.

The sheer madness of this all is getting crazy. Shib is now at 18 billion dollar marketcap. and that was made because of doge coins rise! 18 billion. So much money in this space its unreal..

Everyone is still early too this is the funny thing.

Not finacial advice.

Its definitely building up for a blowoff top bear market but when this happens who knows. Just gotta make sure your not exposed to too much risk like me

Read into dollar cost averaging if your serious about investing into these things.
 

Cheshire_Kat

Administrator
Staff member
Joined
Jul 8, 2017
Messages
5,211
Location
Edge City
I mine ETH, but I get paid in BTC. I've held BTC since 2015 (when it was still profitable to mine it on GPUs) or so and been mining ETH since 2017 This week has been spectacular. I've earned .005 BTC in one week using .5 KW of electricity (aprox $5.00 per week) so that is $300 USD of BTC for a $5.00 USD cost.

Not a bad week at all, considering I don't have to do anything except make sure the mine is running to earn it. The mine paid off the RTX 3090 by the end of February (even at the ridiculously high prices they are going for), so at this point it is very profitable.
 
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Bare_head

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Jun 7, 2005
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Location
UK
Oh thats interesting. So when mining eth how does it get paid in btc chesire. Curious how that works. I thought it was essentially gas fees that go to the miners eg: eth gas is paid to miners.. is that not the case exactly?
 
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Cheshire_Kat

Administrator
Staff member
Joined
Jul 8, 2017
Messages
5,211
Location
Edge City
I belong to a public mining node that allows shares to be paid out directly to one's crypto wallet. The default method of payment is BTC.
Am I allowed to share it? You'd think I'd know this being an admin, but I'm a newb at that, plus it's a pretty grey area.
I will say that you can google it very easily. ;) It's a high profile service that I've used since 2017.

:)

edited to add:
The effective business model is that the public node pays me for hash solutions. Essentially a contract ETH farm working for a CO-OP. I could opt to get paid in ETH if that's what my plan was.
 
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