Crypto Currencies - What should I be reading?

[Deactivated] on 23/01/2018 - 19:04
Last edited 23/01/2018 - 22:35

I see the people of OzB are no strangers to the crypto currency world, so who better to ask for directions to the good stuff.

What forums, blogs, sites or papers should I be reading to get a better understanding of crypto & alt currencies? I have just invested a small amount to get my toes wet, but I would like to learn more about the market from people who are using the different services available. Google gives me reams of sites, most of them full of ads with little info or real people.

PS: People that think crypto is made up money that comes from thin air, please find another post to troll.

Update: I am looking more into mining than trading, I just want to have some coin straight up so I take more interest in the market trends. I have rented a couple of TH/s from Hashflare, with a view to reinvest it and buy a few more each week until I have enough to build my own dedicated mining rig (If it turns out to be viable for me that is). I also have about 10 faucets running, because FREE! I like the idea of someone else dealing with the elec bill and heat, 2 beast gaming rigs already makes this house hotter than hades most days. (I refuse to risk our beasties gpus or cpus on mining, don't risk what you are not prepared to lose, right?)

Financial Cryptocurrency

Comments

    • [Deactivated] on 23/01/2018 - 19:22

      Thankyou!

      • Kangal on 23/01/2018 - 21:04
        +4

        Here's some tips:

        1) Never assume people are telling you the truth, or are not exaggerating information
        2) Research, Critical Thinking, and Constant Monitoring are vital to stay profitable
        3) Always remember to gamble only what you are willing to lose, you are responsible
        4) Past performance is not indicative of future success (but that doesn't mean it is useless either!!)
        5) It's a constantly fluctuating market (we're talking +/- 100% gains periodically over the course of 36 hours)
        6) Remember that you CAN exit at the peak, and re-enter at the trough, to benefit these daily waves HOWEVER the transactions are NOT instant, so those delays can cause you to sell slightly after the peak and buy slightly after the trough which negates your profit, unless you are extremely lucky with the transaction lag/timings
        7) There are many AltCoins which you cannot buy or sell directly, and effectively are forced to use BitCoin to do so, which adds another layer of complexity to this gambling game
        8) Never underestimate the transaction fees, some are big enough to negate your profits
        9) Work out a long-term goal (5 years), a medium-term goal (9 months), and a short-term goal (7 days)
        10) Here's an example of a structured goal system:
        If you believe CryptoCurrencies will succeed the Dollar, then you must workout how much Currency there is.
        Globally there's around $8-$40 Trillion money, but a better estimate would be to look at only one currency such as USD which sits around $3T in worth (money only not including its ties to other industries like the Stock Market or Futures). Now, BitCoin is so far ahead of the crowd and it is battle-tested over time not crashing, not able to be cracked or deciphered, so it stands poised to be the first to inherit any currency status. There are 26 Million BitCoins. $3 Tril / 26 Mil = ~$120,000. So if we assume BitCoin is successful then can say (hypothetically) its value will rise to $100-$150k in 5 years/longterm. So buying it this year between $6k - $18k is still a great deal. However, since we have no horse in this race and our motive is only to make more money/value, we also need to consider the medium term. Now we look at projects that seem to be genuine competitors to BitCoin as a future cryptocurrency and see how they have behaved in the past and their roadmaps in the future. For that we can see Byteball as having the best forecast as it provides a much quicker, cheaper transaction that is verifiable on the main chain and won't struggle with power-costs and latency as much as the older Blockchain cryptography technologies. And so we can see that the hype in 2017 is going to translate into a lot of investment into cryptocurrencies by businesses and people, so we're likely to see a similar boom like in December 2017. However, it will probably happen much sooner, probably in Mid-July. So we can expect a general depression around Early-March. So the plan will be to enter the market now with a small amount (couple hundred $), setup the account and practice trading, reading stats, and researching the different crypto-groups and finding out how to hear the rumours/gossips/market inclinations. So when the market does show the signs and approaches Late-Feb, we would be in a good position to put our main investment (several thousand $) into our portfolio (Bitcoin, Byteball, Ethereum, various other AltCoins). We basically want to maximise the profit, so we will be putting in our big investment for 28 days. So in the short-term we can look into several AltCoins to ski off. And currently this week, its relatively quite, but there's most noise about WaltonChain. So we will enter that for a couple days, and hopefully, turn a profit on our $250, from $23 to $37 value, to increase it to around $350. And we can keep experimenting like this until Late-Feb where hopefully we've grown our initial experimental value to around $1,500. Then we would've learned a thing or two, and can enter the market with a bigger investment and more confidence. So if you have $20k sitting in your bank, we can possibly increase it to $21k, and then possibly increase it by x3.2 folds during the boom, which would balloon our savings into around $68k. Not too shabby.
        11) Now that you have read what I wrote, Refer back to point 1.

        Best of luck : )

        • [Deactivated] on 23/01/2018 - 22:29

          Thanks for being so expansive :D

        • pais on 24/01/2018 - 19:49

          BitCoin is so far ahead of the crowd..

          The problem being that buying a cup of coffee using Bitcoin at the moment is going to cost you closer to thirty bucks, than five.

  • [Deactivated] on 23/01/2018 - 20:01
    -3

    put all your money on ripple

    • kahn on 23/01/2018 - 20:09
      +2

      Put all your money on Santa's Little Helper.

      • [Deactivated] on 23/01/2018 - 20:43
        -2

        the easter bunny too

  • raytriplej on 23/01/2018 - 20:12
    +2

    https://aussietechcrypto.com/

    New podcast, Episode one was last week, Ep2 this week.

    May not be your cup of tea but they explain a few things.

    • [Deactivated] on 23/01/2018 - 20:20

      Every bit helps me understand more, thanks.

  • rgr on 23/01/2018 - 20:27
    +3

    anything by anton antonopoulos to form a basic foundation of cryptocurrency.

    • [Deactivated] on 23/01/2018 - 20:38

      Thanks

  • mskeggs on 23/01/2018 - 21:19
    +2

    https://en.m.wikipedia.org/wiki/Extraordinary_Popular_Delusi…
    https://en.m.wikipedia.org/wiki/The_Great_Crash,_1929

    PS: People that think crypto is made up money that comes from thin air, please find another post to troll.

    All fiat money is made up. But that has little to do with whether it is a good investment.

  • wordplay on 23/01/2018 - 22:10
    +2

    Keep most of your coins in an offline wallet (lesson learned the hard way), but also have a printed copy of keys etc (also learned that lesson the hard way), do not fall for get rich quick schemes like bitconnect (also got bitten there) or the many other ponzi type scemes. If they offer more than about 3% interest per day they are probably too good to be true (so avoid, or only put in a small amount and expect to never see it again).

    also only invest into crypto what you can safely afford to lose (its just a more stressful and aggravating form of gambling to me - its sad when people basically steal your money or exchanges get 'hacked' and you lose thousands of dollar, but it is the best feeling in the world when you think you could be a millionaire because of knowing the right time to buy a coin).

    also avoid tether and i would say once you buy a coin never sell it, this is the way of the future and selling coins is stepping back into the past.

    good luck and may the light of satoshi shine on all of your coins.

    for info on bitcoin maybe check out https://www.reddit.com/r/Buttcoin/

    • [Deactivated] on 23/01/2018 - 22:28

      Great advice thanks. I started a book for tracking sites and logins but I forgot about wallet keys.

  • owli on 23/01/2018 - 22:39

    Crypto Twitter - mostly for the shitposts.

    • [Deactivated] on 23/01/2018 - 22:40

      I'm so n00b I would barely appreciate the humour.

  • RockyRaccoon on 24/01/2018 - 10:05

    Read something like this

    https://www.investopedia.com/features/crashes/crashes3.asp

    and dont invest more than you can afford to lose.

    Which by the way is the basics of all investing. Anything else is gambling (BTW that applies to all stocks)

  • pais on 24/01/2018 - 19:50
    -1

    With the amount of Tether being printed at the moment, I'd say the entire Crypto market is primed for another crash.

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