Cryptocurrencies
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@nepia said in Cryptocurrencies:
Planet Money had a podcast with a guy trying to find his Bitcoins, I wonder how many other people have just lot theirs to the ether because they lost their wallets/hard drives etc.
There is a story about a guy who inadvertently threw away a hard drive with 7500 bitcoins. At their height, that would have been worth ~$150 million.
Great article, the 'other' uses of blockchain are interesting.
I'm really interested in the benefits it can provide which is fundamentally an incorruptible distributed database holding records of anything considered valuable. I'm pushing to have the digital transformation agency adopt and mandate its use for government services. having built the portal that DHS and ATO use, blockchain is an infinitely more scalable and neater solution. Add to the frequent outages the ATO has had, cabinets full of top secret documents being sold to second hand furniture stores etc. this should be a no-brainer.
Nice work cashing in when you did!
More luck than anything. I actually thought it would keep going up for another month or two but lost my nerve.
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@antipodean said in Cryptocurrencies:
More luck than anything. I actually thought it would keep going up for another month or two but lost my nerve.
Guy at work bought 200 NEO after a recommendation from a friend - sold 150 of them for 5x in January. Made about $20k
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I think there is money to be made in daytrading small amounts of your holdings. If you learn up some trading indicators and use 3-4 of non -interelated one's (as far as that is possible) then selling high and buying low in a day is possible. Takes balls (and PATIENCE) though.
80% of my holdings are in a cold wallet that I never touch.
The hour by hour swings are unbelievable compared to anything else I invest in.
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@damo said in Cryptocurrencies:
Takes balls (and PATIENCE) though.
Yep - and time. I've done stupid shit in haste, rather than holding my nerve and selling at what I think is a good price.
FOMO and FUD. They're real, and they're deadly.
Now I've just got an app with alerts for particular prices set up on it.
I'm still toying with putting another $1K in though - could pick up a stack more of the coin I've got, to help cover those losses once they start to come good.
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@nta said in Cryptocurrencies:
@damo said in Cryptocurrencies:
Takes balls (and PATIENCE) though.
Yep - and time. I've done stupid shit in haste, rather than holding my nerve and selling at what I think is a good price.
FOMO and FUD. They're real, and they're deadly.
Now I've just got an app with alerts for particular prices set up on it.
I'm still toying with putting another $1K in though - could pick up a stack more of the coin I've got, to help cover those losses once they start to come good.
Yes you gotta hold your nerve and remember that most surges are not breakouts and very few falls are crashes.
I would stick to some of the more reputable coins now. Some of these newer alt coins look like they might fold/be out and out scams.
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Heard good things about Gencoin, although whispers it is used by Russian Maria fir illegal shit....
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@taniwharugby there are a few of those around - promising privacy attracts criminal elements
BTC now below $8500
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@nta said in Cryptocurrencies:
BTC now below $8500
Supposedly on the back of Lloyds banning the buying of cryptos on their credit cards - presumably an important market segment!
Jesus! Those who maxxed out their credit cards to buy Bitcoin at $20K will be looking forward to getting this month's bill.
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@nta Yeah - I remember people doing the same thing back in 1987 when the share market was romping along.
We had a guy from a/the fledgling NZ futures exchange come to university and make a presentation on buying share futures. He was emphasizing how great the opportunity was, because you could "control" a shitload of share value, without actually having much cash yourself - which sounded quite appealing to a poor student. Luckily exams came up and I never got around to doing anything about buying in prior to the market crashing.
Buying futures on my credit card..... I'd still be paying it off!
I got a very cheap lesson in caution!
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Youtube has a number of people (in cars for some reason) lamenting their investment strategy:
I don't share investment tips for one obvious primary reason: It's not my area of expertise. Actually make that two: I don't want people blaming me.
What I will say is try to work out what value a coin provides, i.e. what solution does it present? That or trade on the ignorance of others.
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@antipodean said in Cryptocurrencies:
What I will say is try to work out what value a coin provides, i.e. what solution does it present?
Hence Power Ledger & Ripple being in my portfolio. Maybe they'll come off, maybe they won't.
But the base tech seems good, with a use case, and a future.
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@Tim I agree - they're talking about triangulation and peak forecasting and "5th-wave" bullshit, and it works maybe once or twice and suddenly everyone is honking down on that pipe and putting their belief in it.
Try to buy low-ish.
Try to sell high-ish.That's no different to anything else. Was talking to a mate about it on the weekend, who is a pretty smart financial cookie - he said that besides the lack of regulation in the classic sense, the fact that this is built mostly on human confidence, and the belief that a company's value is in what the share market says, crypto only differs from shares in that its fucking stupidly quick to move anywhere.
Companies are frequently over-valued on the share market. There is only so much actual money to go around - that's why stock market crashes = suicides.
Look at Tesla for a company whose market cap far exceeds their assets. Made a profit in ONE quarter BUT that doesn't scare people off.
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A fool and their money are easily parted
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@antipodean Hey! I resemble that remark
In any case, I'm still tempted to throw in another $1k while its cheap as shit, BUT that is currently stymied by fucking school fees, fucking guitar lessons, fucking dance school, chances of wife catching on ...
All Ords here down 3% this morning
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@nta said in Cryptocurrencies:
@Tim I agree - they're talking about triangulation and peak forecasting and "5th-wave" bullshit, and it works maybe once or twice and suddenly everyone is honking down on that pipe and putting their belief in it.
Try to buy low-ish.
Try to sell high-ish.That's no different to anything else. Was talking to a mate about it on the weekend, who is a pretty smart financial cookie - he said that besides the lack of regulation in the classic sense, the fact that this is built mostly on human confidence, and the belief that a company's value is in what the share market says, crypto only differs from shares in that its fucking stupidly quick to move anywhere.
Companies are frequently over-valued on the share market. There is only so much actual money to go around - that's why stock market crashes = suicides.
Look at Tesla for a company whose market cap far exceeds their assets. Made a profit in ONE quarter BUT that doesn't scare people off.
The valuation of listed companies at any point may be wildly out of line with the value of the underlying cash flows expected from holding the investment.
But unlike crypto, shares in real companies represent a proportional ownership in some underlying asset(s), which generally has/have a resale value. This provides a floor, because if a share reaches prices well below the underlying DCF of the cash flows they will generate, someone big and ugly will come and take over the company.
