(Topic ID: 287467)

Cryptocurrency, Bitcoin, and Decentralized Finance (DeFi)

By Isochronic_Frost

1 year ago


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  • 213 Pinsiders participating
  • Latest reply 7 hours ago by Astropin
  • Topic is favorited by 130 Pinsiders

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#2201 1 year ago
Quoted from Astropin:

IMHO, the best thing you could do would have been adding more during this mini crash and lowering your cost basis. Other than that, just holding is your best strategy. My entire strategy has been, buy, hold, and buy the dips.
I originally bought in Sept. of 2017. Things took off in November, and by end of December I was way up. Then it all crashed...hard. I was down to less than 1/3rd of my original buy in.
I held...then I bought more when BTC was at 4k. Here's the thing... almost no one was buying at that time. Everyone was panicking. That's when you buy. These past few weeks is when you buy... I've been buying... and actually raising my cost basis this time.
Buy when everyone is fearful. Hold when you can't buy, or it is shooting up.
I'm not going to say I've always avoided the peaks...I bought a little BTC at $60,400. But I don't sell. The only sale I've made was ETH at 4100 to buy more BTC.

Quoted from sixtyfourbits:

As a few guys have mentioned, buying the dips, and then just holding and waiting should help. I know some guys who daytrade and have success with it. I feel that first thing I try that, I'll buy too high, sell to low, and just end up frustrated haha.
One of the biggest reasons I went with Ada (and I sound like a broken record about it by now haha) is the staking. It's easy to do, costs nothing but time, and I get free Ada every five days from doing it. I currently make about 1.75 free Ada a day. So even if I don't feel like buying, just by holding I'm adding to my bag. Now, staking only adds so much depending what you have. I get about 8-9 Ada every 5 days. I have a friend who is earning over 50 ada every 5 days. That's pretty sweet profit for free just by staking.

Thanks both, that’s given me something to think about. I’m not planning on selling anything, but as you say buying more in the dip would’ve probably been prudent.

#2202 1 year ago
Quoted from Durzel:

I’m not planning on selling anything, but as you say buying more in the dip would’ve probably been prudent.

Maybe, but then you'd have even more money riding on Bitcoin going up significantly, and only you know how much you're comfortable having invested in crypto. If you put more into Bitcoin now you should do it because you believe it's heading back up again and are comfortable with the risk/reward proposition, not because you're chasing past losses.

#2203 1 year ago
Quoted from Frax:

Is it actual pain, or just more rich white guy alligator tears? And if it is...why? They're rich. If they overextended themselves enough that a 2.6% cut in their income, which at the low end of the bracket is roughly 10,100 dollars ("top individual income tax rate would rise to 39.6 percent from 37 percent, reversing the Trump administration’s tax cuts for the highest income taxpayers.")

You're vastly overstating the extra taxes from this proposal... a $10k higher tax bill @ 2.6% requires $388k of income ABOVE $453k (single) or $509k (joint). We are talking about individual earners making $850k or joint earners making $900k.

The reality is spending has far outpaced tax revenue for decades, and one of the intrinsic values of Bitcoin is to be a hedge against a devaluing dollar (the world's financial standard), which is inevitable under high debt load, and that debt load just keeps rising. That's the long way of saying Bitcoin at these levels starts to look very attractive.

#2204 1 year ago
Quoted from Pdxmonkey:

I don’t know enough about it to fully recommend it but so far the returns blow staking out of the water.

Do tell. I’m listening!

#2205 1 year ago
Quoted from sixtyfourbits:

I have a friend who is earning over 50 ada every 5 days. That's pretty sweet profit for free just by staking.

Nice. Rough math and he has about 73,000 ADA.

#2206 1 year ago
Quoted from Spyderturbo007:

Nice. Rough math and he has about 73,000 ADA.

I'm slowly realizing that the only way to make real money in crypto is to get lucky by picking the right project and buying a lot very early. a $1k early investment would have got that 73k... but the way to get there after it was $0.01 starts to escalate very very quickly! If you throw $1k early on in all the thousands of failed projects you'd probably wind up at a net loss

#2207 1 year ago
Quoted from Spyderturbo007:

Do tell. I’m listening!

So bear with me here as I’m learning this new to me space.

I’ve been in for about 51 hours.
Went to uniswap and paired Matic to Eth and pooled them. When I added the pair the value of the match was about 1850. With equal parts from each pair. The value of both has increased so my pool has increased. But if one is lowered the value is lower. Nothing special so far.

Here’s the value.
The funding pair you are providing is then used to help transfer tokens between each other for the ecosystem. Based on what you’ve added to the liquidity pool is what you will earn.
Here’s a screenshot this is 51 hours of payout also note the amount is compounded. There are some risks I’ve heard but I’ve pick pretty big ones to lower the risks.

466BCB6E-B944-45E8-A1FE-CBF8A6DBAD8D (resized).jpeg
#2208 1 year ago
Quoted from davijc02:

A bunch of people at work are all excited about safemoon. I threw a few hundred at it just to see what happens.
This is my first adventure into crypto. Anyone else buy into this or have thoughts on in?

I posted my opinion on Safemoon here: https://pinside.com/pinball/forum/topic/cryptocurrency-and-decentralized-finance-defi/page/24#post-6239118

#2209 1 year ago

I am all in on safemoon for the long term. There is talks about them having a blockchain soon. We will see in time.

Another great hype coin that was created 12 days ago is CLU. DNP3 is a streamer on twitch with a large following. He has recruited a high level Dev team. This coin will be a good investment for a couple of years down the road in my opinion. This is his 5th start up company.
I was in on CLU from day one and have already 10x my initial investment. I have bought more as I learned more about DNP3 and his vision.

Both safemoon and CLU have a community behind them. Now all they have to do is create a solid utility and get the word out.

#2210 1 year ago

How do you buy safemoon I don’t see it on coinbase.

#2211 1 year ago
Quoted from Jecco74:

Another great hype coin that was created 12 days ago is CLU. DNP3 is a streamer on twitch with a large following.

What’s his real name and what are his credentials? Twitch is typically for gamers so I’m assuming this has some utility that will provide a service to the gaming community?

Quoted from Jecco74:

He has recruited a high level Dev team.

Who’s on the development team? How about the advisory board? Successful platforms have thousands of developers. I get scared when there are only 500 developers on a project depending on their repository activity.

Quoted from Jecco74:

Now all they have to do is create a solid utility and get the word out.

Wait? They don’t have anything? 1 Quadrillion coins and all they have to do is “come up with a utility”?

I’m sorry. I’m normally a really nice guy, but are you drunk? Seriously, if you don’t see scam painted all over the wall, you’re blind.

I think you’re in the wrong place. You want the Reddit thread down the street.

#2212 1 year ago
Quoted from Jecco74:I am all in on safemoon for the long term. There is talks about them having a blockchain soon. We will see in time.
Another great hype coin that was created 12 days ago is CLU. DNP3 is a streamer on twitch with a large following. He has recruited a high level Dev team. This coin will be a good investment for a couple of years down the road in my opinion. This is his 5th start up company.
I was in on CLU from day one and have already 10x my initial investment. I have bought more as I learned more about DNP3 and his vision.
Both safemoon and CLU have a community behind them. Now all they have to do is create a solid utility and get the word out.

Take your 10x and RUNNNNN!!!

#2213 1 year ago
Quoted from Spyderturbo007:

What’s his real name and what are his credentials? Twitch is typically for gamers so I’m assuming this has some utility that will provide a service to the gaming community?

Who’s on the development team? How about the advisory board? Successful platforms have thousands of developers. I get scared when there are only 500 developers on a project depending on their repository activity.

Wait? They don’t have anything? 1 Quadrillion coins and all they have to do is “come up with a utility”?
I’m sorry. I’m normally a really nice guy, but are you drunk? Seriously, if you don’t see scam painted all over the wall, you’re blind.
I think you’re in the wrong place. You want the Reddit thread down the street.

Seriously... No one needs your FUD. Do your own research. I am not here to hold your hand.

#2214 1 year ago
Quoted from Concretehardt:

How do you buy safemoon I don’t see it on coinbase.

https://www.laptopmag.com/how-to/how-to-buy-safemoon

Its also on bitmart

#2215 1 year ago


#2216 1 year ago

What do you guys think about XRP? I bought some at 1.2 but wonder if I should dump it when it gets back to that level or keep longer term?

#2217 1 year ago
Quoted from pninja005:

What do you guys think about XRP? I bought some at 1.2 but wonder if I should dump it when it gets back to that level or keep longer term?

My gut is it's going to eventually be replaced by CBDC'S (Central Bank Digital Currencies).

#2218 1 year ago
Quoted from Jecco74:

Seriously... No one needs your FUD. Do your own research. I am not here to hold your hand.

Asking legitimate questions about the development team and it's actual utility is now FUD? WTF?

#2219 1 year ago

Is bitmart trusted? I was looking at it and a lot of what came up was people complaining about not being able to get money back out, customer support issues, etc..

#2220 1 year ago

Polkadot breaking out
Kusuma too

Still adding to both

#2221 1 year ago
Quoted from Jecco74:

I am all in on safemoon for the long term. There is talks about them having a blockchain soon. We will see in time.
Another great hype coin that was created 12 days ago is CLU. DNP3 is a streamer on twitch with a large following. He has recruited a high level Dev team. This coin will be a good investment for a couple of years down the road in my opinion. This is his 5th start up company.
I was in on CLU from day one and have already 10x my initial investment. I have bought more as I learned more about DNP3 and his vision.
Both safemoon and CLU have a community behind them. Now all they have to do is create a solid utility and get the word out.

I’m curious what % of your crypto is these moonshots?

I’m about 10% in the shit coin market.
25% alts, 5% options and 60% boating accidents.

#2222 1 year ago
Quoted from Astropin:

Look, I know some of you think I'm overly bullish on Bitcoin...and others, think I'm completely off my rocker. I get it. I often talk about BTC in a future tense.
When I say Bitcoin is a Store of Value, really that's the future, that's how I see it playing out. Right now BTC is a volatile asset.
Here's the thing, you don't want to invest for growth in a store of value. You want to invest when that future store of value is still a volatile asset! The volatility is a feature, not a bug.
You wanted to invest in Amazon in the early 2010's. You could say 1997 when it IPO'd at $18...but then it was more of a gamble. But, had you bought in 2012 at $200...now that was a smart trade! It was clearly showing signs of it's potential by then.
BTC right now is Amazon in 2012....just with a much higher ceiling.

Agree, I bought more at 31k and will add more again if it goes that low or lower in the future
Also, I don't pay much attention to it's value - check it only a few times a month - store it and forget about it

#2223 1 year ago

I bought more Ada. I really should've bought over the weekend instead of today, but I really like the way charts are shaping up so thought I'd gamble and buy a bit more.

#2224 1 year ago
Quoted from Pdxmonkey:

I’m curious what % of your crypto is these moonshots?
I’m about 10% in the shit coin market.
25% alts, 5% options and 60% boating accidents.

Roughly:

40% BTC
20% ADA
15% ETH
15% LINK
5% Safemoon
5% CluCoin

What works for my risk level may not work for you... In all cases Do your own research and only invest what you are willing to lose.

#2225 1 year ago
Quoted from sixtyfourbits:

I bought more Ada. I really should've bought over the weekend instead of today, but I really like the way charts are shaping up so thought I'd gamble and buy a bit more.

CardanoBull (resized).jpg

#2226 1 year ago

I don't know if any of you are holding crypto assets in a self directed IRA, but I'm in the process of transferring mine right now. In 2017 there were not a ton of options. I ended up with Kingdom Trust. They have been charging me upwards of $130 a month just to hold my assets. The amount varies based on the account balance.

Switching to iTrustCapital - $29.95 flat fee regardless of your balance, and they get very good reviews. There is a 1% fee for crypto trading.

#2227 1 year ago

How odd that RH decides to run maintenance in the middle of the day on a weekend.....and it's only on crypto.....

Quoted from Baiter:

You're vastly overstating the extra taxes from this proposal... a $10k higher tax bill @ 2.6% requires $388k of income ABOVE $453k (single) or $509k (joint). We are talking about individual earners making $850k or joint earners making $900k.
The reality is spending has far outpaced tax revenue for decades, and one of the intrinsic values of Bitcoin is to be a hedge against a devaluing dollar (the world's financial standard), which is inevitable under high debt load, and that debt load just keeps rising. That's the long way of saying Bitcoin at these levels starts to look very attractive.

Oh schiesse. You're right, I did not math that correctly at all. But that just makes my point even more, yes? : |

Quoted from Spyderturbo007:

Nice. Rough math and he has about 73,000 ADA.

Sure must be nice to have ~120k to just play around with...yeesus.

#2228 1 year ago

Doge has been moving up in anticipation of it finally trading on coinbase tomorrow.

#2229 1 year ago

I've been looking into this more and more, and is there really a reason to own bitcoin over Ethereum at this point? Bitcoin has been depreciating vs Ethereum for a while now, and the use cases for Ethereum are a lot more. I get the 'store of value' thing but if its goal is to store value vs Ethereum and other cryptos then it seems like owning 'the market' is more diversified and appreciating more. Bitcoin also has the energy use headwind which I think limits it.

#2230 1 year ago
Quoted from taylor34:

I've been looking into this more and more, and is there really a reason to own bitcoin over Ethereum at this point? Bitcoin has been depreciating vs Ethereum for a while now, and the use cases for Ethereum are a lot more. I get the 'store of value' thing but if its goal is to store value vs Ethereum and other cryptos then it seems like owning 'the market' is more diversified and appreciating more. Bitcoin also has the energy use headwind which I think limits it.

I own both but still prefer Bitcoin simply for the greater security and being fully decentralized. Ether has good network effects going for it but it also has more competition in it's "smart contracts" space. It will likely outperform BTC during middle/late bull markets....which are still driven by BTC for now.

#2231 1 year ago

It looks like ethereum has been outperforming since September of 2019, when it was still in the bear market. So does that mean you expect that to continue should the market take off again here?

#2232 1 year ago
Quoted from taylor34:

It looks like ethereum has been outperforming since September of 2019, when it was still in the bear market. So does that mean you expect that to continue should the market take off again here?

Honestly they are both being driven by Metcalf's law at this point. One could outperform the other for a period and then vise versa. Price is irrelevant (meaning ETH being cheaper doesn't matter).

ETH having stiffer competition could become a factor long term.

#2233 1 year ago
Quoted from sixtyfourbits:

I bought more Ada. I really should've bought over the weekend instead of today, but I really like the way charts are shaping up so thought I'd gamble and buy a bit more.

Bought some more ADA as well very early this morning.
Hoping smart contracts rollout puts them in good competition with Eth (along with supporting ERC20 token converter).

I’m late to the game for ADA.. but to me this is a good long term investment.

#2234 1 year ago
Quoted from zermeno68:

Bought some more ADA as well very early this morning.
Hoping smart contracts rollout puts them in good competition with Eth (along with supporting ERC20 token converter).
I’m late to the game for ADA.. but to me this is a good long term investment.

I started buying in the .50-.60 range, and I almost didn’t because I thought I missed the boat on it too. I really wish I had started when it was .04-.10, but at the end of the day I’m just glad I eventually jumped in. And who knows, maybe in 5 years others will look back to this point (1.70ish) and wish they got in early at this point.
I’m pretty bullish on the rest of this year with smart contracts and the erc20 converter coming. Should be a fun ride.

10
#2235 1 year ago
Quoted from Jecco74:

Seriously... No one needs your FUD. Do your own research. I am not here to hold your hand.

So now any legitimate questions surrounding a coin are FUD? You can't possibly be serious? Based on your smart ass response, I decided to look into CLU. Since any discussion is FUD, lets stick to the facts of what little is known about the coin.

1. It was started by someone that hasn't made their real identity known
2. It was released on 5/20/21 after a pre-sale on 5/2/21
3. There are 1 quadrillion coins (1,000,000,000,000,000)
4. The top wallet, which is NOT locked, holds 47.4% of the total supply or 474,000,000,000,000 coins.
5. The top 3 wallets hold 67.4% of the total supply or 674,000,000,000,000 coins
6. There appear to be 2 developers with no github activity other than the creation of the smart contract.
7. According to the whitepaper, team building isn't scheduled until Q3/Q4 of this year.
7. There is no advisory board
8. It has no discernible utility
9. It is not listed on any exchange
10. The whitepaper offers no technical details about the logistics of the coin
11. According to the whitepaper, the rest of this year is the social media promotion, giveaways and accumulation of NFTs.
12. The roadmap for 2022 is "Update Roadmap"

If this was really a "Community, Love, Utility" project designed to feed money into charity organizations, then why do the top 3 wallets hold 67.4% of the supply? That's a setup for a rug pull if you ask me.

#2236 1 year ago

Shhhh...don't spook the pump

#2237 1 year ago

New to pinside a couple months ago after purchasing a Led Zep, and and Hot Wheels. Great site, and came across this crypto thread.
I have stocks, and have done very well overall and have really had a great year in general.

I have never tip-toed into cryto's although I watch due to not having a physical asset. So here's a little Doge story that has evolved in just the last couple months of my Doge Crypto involvement.

My youngest son (22) and his fiance came to visit mid-April and I walked in with him chattering to my wife about Doge. Him and his fiance had dove in their entire savings for a house into Doge when is was less than a nickel. This visit was 4/14, Doge was at .127, still I was like "WTH are you doing??!!??" . Curiousty killing the cat, told the wife WTH buy $2k.

I do have a rule of the that in short time if an investment triples be very aware, maybe peel back or sell, and @5x it's time to peel back or sell, in which I disclosed to the kids. Wife and kids alerted me when it hit my 5x, so we all sold most all @.644

The kids have put theirs back into savings for their home, set aside the tax, and going to wait till after they get married to buy their home with a really nice down payment.

The wife and I pulled out our orginal 2k plus a couple hundred, bought back in for free the rest @.293 leaving us 23,800 coins/shares. Happy for the kids, and the wife and I are going to let it ride. Current value $9,282.00 so we will see where it goes.

Anyway, not sure where I'm at with crypto but that's my long-short time story

#2238 1 year ago
Quoted from Spyderturbo007:

So now any legitimate questions surrounding a coin are FUD?

That has always been the case....

#2239 1 year ago

Car guy’s at it again

9A74D520-974A-439B-B591-ABBA5F510BDD (resized).png
#2240 1 year ago
Quoted from Pdxmonkey:

Car guy’s at it again
[quoted image]

I don’t get it

#2241 1 year ago
Quoted from nicoy3k:

I don’t get it

E99DA4E2-DFFD-4C42-BA45-5DCB2EB7AD02.png
10
#2242 1 year ago

Elon and his hidden agenda’s playing all sides is a future James Bond villain in the making …

Maybe there’s room enough on Mars for him and his ego

#2243 1 year ago

Investing in the main cryptos is now severely hampered by Mush. He'll keep swatting them down because he's thin-skinned and basically a big unfunny child with tantrums. So best to stick to the real altcoins for now, i.e. the ones not on Robinhood.

#2244 1 year ago
Quoted from Txcoastal1:

Great site, and came across this crypto thread.

Welcome to the club.

We'll all end up retiring early, or losing our ass if Uncle Sam pulls out their ban hammer. Either way, it's going to be a hell of a ride.

Quoted from Txcoastal1:

The wife and I pulled out our orginal 2k plus a couple hundred, bought back in for free the rest @.293 leaving us 23,800 coins/shares. Happy for the kids, and the wife and I are going to let it ride. Current value $9,282.00 so we will see where it goes.
Anyway, not sure where I'm at with crypto but that's my long-short time story

That's a good score and a nice hit and run. We've discussed DOGE here before and a good bit of us aren't drinking the Kool-Aid. But, if you can get in on the pump and not be left holding the bag, you're in good shape. I feel it's a worthless coin, but that doesn't mean you can't make money on it.

I'm still waiting to sell the 119 I have so I can get my free case of Stella. I grabbed it at $0.38 and am trying to get out with enough profit to pay the taxes and buy a case of beer. Already got a car with some profits from a couple other coins, might as well try for a case of beer too.

#2245 1 year ago

Let’s be honest, if you were a billionaire and could buy anything you wanted, wouldn’t you get your rocks off by doing things like this?

To be honest crypto is probably best served by his continual outbursts, because it’s a trick you can only play so many times before your flip-flopping is either priced in, or your influence just wanes. I feel more confident the number of times he posts stuff like this, not less, because the market will treat it with less and less significance. Boy Who Cried Wolf et al.

As for people losing their shirt based on his tweets, that’s on them. I’ve got very little sympathy for people who doing zero due diligence and are spending money they don’t have or can’t afford to lose on “get rich quick” schemes (from their perspective), whether that be DOGE pumps, GME/AMC or even just regular cryptos.

Also if your confidence is shook by him tweeting, maybe you shouldn’t be playing. He’ll say what he wants, as he has every right to. It’s up to the market to place weight (or not) on those statements. The fact the markets are so wobbled by him is an inditement of the fragility of them, if anything. That fragility needs to be smoothed out.

#2246 1 year ago
Quoted from Durzel:

Let’s be honest, if you were a billionaire and could buy anything you wanted, wouldn’t you get your rocks off by doing things like this?

I've been telling a few of my friends this ever since he started his tweeting. I'm convinced that billionaires like Musk, Cuban, etc. get their kicks by messing with the masses on a larger scale like this. Anything monetary based they can simply buy no problem. So this provides them with a new fun challenge. It's annoying, but as long as so many people continue to hang off of every word/tweet they send out, they're not going to stop/change.

#2247 1 year ago

Indeed. I feel like at the level where you're a billionaire and you can just buy anything (or anyone) you want, then it is as you say - a new fun challenge. The fact that it's unregulated means they can say what they want and then watch the carnage afterwards, without any meaningful reprisals.

It is a shame that people are losing money as a result, but that has to be considered in the wider context of people not essentially gambling with money they can't afford to lose. No one should be investing anything that they would be ruined by if the tide changed or some Black Swan event occurs. To be honest, at this point, people should assume that Musk is going to tweet negatively and positively about cryptos, particularly BTC, at any given point, on a whim, and make their investment decisions accordingly.

#2248 1 year ago
Quoted from Durzel:

Let’s be honest, if you were a billionaire and could buy anything you wanted, wouldn’t you get your rocks off by doing things like this?

In all honesty...no, I wouldn't. Of course I would do my best to not be an "in the spotlight" billionaire. I don't need or want that much attention. This, of course, is just one more reason I'll never be a billionaire...not enough narcissism on board.

The rest of your post, I agree with completely.

#2249 1 year ago

I think you're giving him too much credit. I think the price was going down today even if he didn't tweet.

#2250 1 year ago
Quoted from Durzel:

To be honest, at this point, people should assume that Musk is going to tweet negatively and positively about cryptos, particularly BTC, at any given point, on a whim, and make their investment decisions accordingly.

Like you said earlier... Soon his antics will have no impact...he will just get ignored. Especially after Tesla stock crashes.

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