The Crypto Rollercoaster

[LemonSwan]

Hi all,

I have decided to take the plunge and start investing in Crypto.

Pretty hairy experience and thought I would make a thread to see if we can get other MN crypto investors all together for moral support while we ride the rollercoaster.

Any one out there?

Coinbase, I put £30 in Ethereum last month and it's currently at around £60. I'm trying it for fun but would love to figure out how to do trades and read candlesticks, I'm currently sat watching ETH climb and I don't wanna buy in cus I have a bad habit of buying right before a dip haha

@NekoShiro

Coinbase, I put £30 in Ethereum last month and it's currently at around £60. I'm trying it for fun but would love to figure out how to do trades and read candlesticks, I'm currently sat watching ETH climb and I don't wanna buy in cus I have a bad habit of buying right before a dip haha

If you wanted to just withdraw your £30 profit to go to Sainsburys, for example, is it easy to do that on Coinbase? I want to invest but I want to take out profits easily...

Now there are many platforms where you can buy cryptocurrency, but in order for the profit to be very large from such a transaction, you need to study currency exchanges. For example, study the trx to btc course. This information allows me to make my investments smart and continually improve my investment.

I haven't actually tried yet which is why I'm advising to do a lot of research before buying. I know some places will refuse to let you cash out as 'there isn't enough liquidity' to process the cash out, I'm still just dipping my toes, I'll check out that course listed above.

I opened an account with coin base in march, realised I couldn’t buy certain cryptos on there so opened a binance one instead. Have invested abit into vechain as i like the use case and the fact they’ve already got some big businesses on board. So far made X2.
I follow Jimmy two times on twitter and crypto mobster on UT.

This altseason has been marred abit by bidens comment about capital gains last month, crashed the whole market and has taken some weeks to recover and also sht coins like dodge have taken a large share of the alts market, i feel bad for people who invested as its now crashing, but another shibhu inu has popped up so people are jumping on that now. It’s not great for other altcoins and a lot of people investing in shtcoins will end up rekkt.

I plan to hold till around aug/beg sept, i do think the bear season will be end sept/Oct so plan to take out what i have by then.

[quote Mia85]**@Cailleachian* can I ask what you meant when you said Its not actually crypto that you are trading there, you are trading crypto derivatives (legal grey area) so you cant actually withdraw the crypto, you always have to withdraw in fiat.* I

I am just trying to understand this all better and was looking at etoro. They seem to say that you do own them. Is this not what you meant?
www.etoro.com/customer-service/help/1421408492/do-i-own-my-cryptoassets/[/quote]
No you dont own them

If you read that page carefully when you "buy" crypto on eToro, eToro buys that crypto (they own it), when you "sell", they sell the equivalent crypto.

They give you a promissory note to pay what the crypto is worth, but you cant actually transfer the crypto to a wallet that you own the private key for.,,,and if you dont own the private key, you dont really own the crypto.

Thanks v much for the reply. Is that specific to e toro for the major platforms do you know?

@Mia85

Thanks v much for the reply. Is that specific to e toro for the major platforms do you know?

Not sure about everything but E-toro, Robinhood and paypall, you dont actually own the crypto and cant transfer it off the platform, you need to convert it to sterling first.

Coinbase, binance, kracken, gemini are custodial wallets (ie they keep the crypto for you) but you can transfer it off the platform as crypto withou converting it back to Sterling

Self-custody is available using things like Ledger, Trezor, Metamask, Exodus, Mycelium.

I bought small amounts of crypto between 2015 and 2018. I'd love to think that one day it'll be a proper investment but at the moment, it's still the Wild West out there - there are no protections for consumers. Wallets are the safest option but I've recently spent a great deal of time retrieving some of mine from wallets that stopped being supported through software updates - somewhat nerve-wracking for a while (though eventually successful) since I'm not very techy.

Today it seems that a lot of crypto's value came from Elon's approval which he's withdrawn for now

Absolute bloodbath in the mining stocks recently... MARA massively down last night after Elon’s tweet; I wish he’d just stop talking.

A lot of my stocks are red right now; got my fingers crossed for reversal but everything seems to have shat out since the us admin change.

(My portfolio is a mix of Space, Crypto (BTC & ETH coins (Coinbase) & miners), EV, semiconductors and infrastructure)

Am long on all right now but starting to get a bit nerve-wracking 😂

I think the crypto bubble will burst. Its built on hot air. With no backing whatsoever and no regulation. Its all backed by tether which is just printed and printed with no cash backing.

@Viviennemary

I think the crypto bubble will burst. Its built on hot air. With no backing whatsoever and no regulation. Its all backed by tether which is just printed and printed with no cash backing.

Its not backed by tether, its backed by maths.

Bitcoin was around for 5 years before tether came on the scene.

But yeah, tether is a binfire, I use DAI for a crypto-native stablecoin, but there are a few other good alternatives. USDC seems popular but I'm not a big fan of coinbase

Lol! Bloodbath today. Less than a month in this game and been through two rollercoaster dips.

The power of the man. Has slashed my profits in half in less than 24 hrs. Still green on most though and many alt coins holding firm which gives hope. From what I gather in a true crypto winter its the alts which crash quicker than the big ones.

Ada getting a real push today from people retreating to 'safety' in the event Elon the White Walker has instigated the winter.

I too did a bit of a reshuffle and increased ADA by reducing alt coin weighting in the portfolio from 50% to 35%.

Just read somebody has just lost their £9k deposit in a crypto coin scam. Its full of crooks.

@ClarasZoo

Does anyone use Revolut and can I buy crypto on that? I want to buy a small amount. Also, how quickly can you withdraw it if you want? Thank you!

Yes I use this and only started a couple of days ago. Early days yet so I haven't sold any. Nit sure what percent Revolut will take when I do. It's an easy app to use and I started off investing £5 at a time to see how it works.

If it sounds too good to be true. It usually is. Sigh.

But he's right, and I am so pleased he's making the point. Does the impact of those staggering carbon emissions not bother you? I had this conversation with my otherwise green and environmentally switched-on neighbour on the allotment a couple of months ago. She'd just started playing around with cryptos, despite our homes being on land widely predicted to be under water way before the end of the century on account of rising sea levels.

Sorry, Elon's right, obviously, not james023.

A local shopkeeper I know decided to plunge his life savings and remortgaged his house to make money with Bitcoin last year, got pulled in by something like the above poster who quite clearly is a scam. Never go through a third party, learn what you are doing before you drop any money in, have your own wallets and keep your pssswords safe.

Not long read a story about a guy who has got one more attempt left to unlock his millions of Bitcoin before it goes poof as he has forgotten the password. Can you imagine?