MISC Crypto Crew (MCC) Vol 9: At first I was like lambooo and then I was like lamooo

[yuja]

OG thread: https://forum.bodybuilding.com/showt...hp?t=173249701

Vol. 1: https://forum.bodybuilding.com/showt...hp?t=174270261

Vol. 2: https://forum.bodybuilding.com/showt...hp?t=174590131

Vol. 3: https://forum.bodybuilding.com/showt...hp?t=174863441

Vol. 4: https://forum.bodybuilding.com/showt...hp?t=175032101

Vol. 5: https://forum.bodybuilding.com/showt...hp?t=175123511

Vol. 6: https://forum.bodybuilding.com/showt...hp?t=175167371

Vol. 7: https://forum.bodybuilding.com/showt...hp?t=175210891

Vol. 8: https://forum.bodybuilding.com/showt...hp?t=175247631





Introduction to Cryptocurrency

Bitcoin - Bitcoin Summary

Ethereum -
Ethereum for Everyone
Beginner's Guide to ETH


Where do I go if I want to get in on this???

The only ways to buy bitcoin/ethereum with your dollars are through these things called exchanges.

Examples of exchanges:

(Dollars -> BTC/ETH)

Coinbase - most newb friendly/high fees. You can buy Bitcoins and Ethereum here with your dollars.

~~~RECOMMENDED EXCHANGES (for US brahs)~~~

GDAX - owned by Coinbase. Lower fees. Cons - requires a SSN which not everyone is comfortable with

Gemini - low fees, nice interface. Cons - Takes time to get verified so you can make deposits

------------------------------------------------------------------------------

Canadian brahs use
QuadrigaCX

from these above exchanges, you can take your dollars and convert them to Ethereum or Bitcoins. Now..you could just hold these coins and be happy, or you could explore into the world of alt coins.

Australian brahs use these to put FIAT into crypto
www.coinspot.com.au (you pay a premium but you also sell at a premium on this exchange so it’s ok)

www.btcmarkets.net

Or you can use coinbase (you can buy here but you can’t sell)

(BTC -> alt coins)

Binance

KuCoin

Bittrex


Common Terminology Used

Glossary of terms

Useful links

Coin Market Cap - Basically an index of all coins with how much volume is being traded, price, %change, market cap, and also has a tab where you can see exactly which exchanges any particular coin is being traded on. HIGHLY RECOMMENDED

Bitcointalk - large gathering of coin talk

CryptoWatch - Price tracker for coins

Ethtrader subreddit - Home of all the ETH bag holders. Good discussions there

/r/CryptoCurrency - Random discussions about random cryptos here

http://www.coindesk.com - Overview of what's going on in the crypto world

http://cryptopanic.com - An aggregator of various crypto sites and news, filterable. I use the pro version to customize the feeds but the free version is good enough for most.

http://cryptomaps.org - Visualization of price across different segments, primarily hashing functions and ICO release dates

http://onchainfx.com - A better version of coin market cap, has all sort of columns and you can add flags. Only downside is it only has 61 cryptos, but its always adding news ones.

http://icotracker.net - I like this site for looking at what ICO are coming up

http://icobench.com - Another ICO tracker which does nice summaries, shows teams, milestones, financials and gives a rating for each ICO

http://solume.io - compares the number of Twitter mention increase decrease to price

http://eveningstar.io - this is basically like Morning Star except for cryptos

https://bitcoin.tax - for calculating taxes owed on your crypto gains


Great, I've got my coins now. HOW DO I KEEP MYSELF SECURE???

General security tips

Also consider getting a Nano Ledger/off-exchange wallet

[General investing tips]

1) Don't have more than 5-10% of your entire investment portfolio in crypto, and only invest what you can afford to have locked in for the long term.

2) Don't chase a pump

Never buy on rapid upswing on the candlestick chart if you're not sure why it happened and can't figure it out. The reason is likely that it is a Pnd. PnD is "Pump and dump" and it refers to a trading scam where people organize to coordinate the laddered purchase of an asset, then wait for others to come in at some delay and further increase the price before coordinating the unloading of their position once a specific price target is reached. This is illegal in the stock markets, but since cryptomarkets are unregulated such schemes are rampant. There are many PnD groups and today they are largely organized on Discord channels. They are now structured into tiers where the top tiers get a signal earlier than the bottom tiers and usually by the time the bottom tiers get the signal its too late, so unless you pay money to part of the top tier or have a connection with the admins its not even profitable. They are bad for the market as a whole and they prey on those who are looking for short term moons to latch onto. Don't look for things that you think will moon today, look for investments.

3) Holding will give you more returns over a year than day trading.

You will find that most people who made six figures or more in crypto did it by holding over the long term, very few get rich by day trading. That said you should definitely learn a few indicators to see if you're getting in at a reasonable entry point. I find that the MACD (moving average convergence divergence), RSI (relative strength index), market depth and support-resistance lines are the most useful indicators for crypto. MACD is useful for looking at where the long term price should be in divergence to the short term movement, RSI gives you an 0-1 rating of how overbought/oversold it is and support-resistance lines gives you a floor and ceiling for how high it will move in your buying period. If you do short term trading, do it when you have high certainty that a specific news will lead to an increase. Some of these specific events are: upcoming roadmap item releases, fork airdrops, exchange additions and partnerships. Short term buys like this are smart moves based on some underlying value assumption being changed, trading purely on volume and patterns is generally akin to gambling on markets that are as inefficient as most cryptoassets.

4) Take your time and research what you are putting your money into.

I cannot stress this enough, you are buying an asset with your hard earned money, and it should have some utility. Start by reading the whitepaper that is on the main site for the coin. You can avoid a lot of scams by simply critically evaluating the question: "Why does this coin exist?" Is it simply trying to apply a blockchain to something that doesn't need it or is there a transactional inefficiency/problem that the unique properties of the blockchain can solve? Ask yourself what value the actual token would have in the ecosystem its part of. Does it pay out some kind of dividend like some coins, or is its value in that its used as part of transaction fees and is thus being burned? You can make a simple checklist for every crypto and just answer these questions to yourself for each coin you look at:

What is the problem or transactional inefficiency the coin is trying to solve?

What is the Dev Team like? What is their track record? How are they funded, organized?

Who is their competition and how big is the market they're targeting? What is the roadmap they created?

How will they attract their target market, how is their marketing?

How does the coin derive its value? Is there some sort of dividend structure, profit sharing plan, or is it a store of value within a digital economy? What is the float schedule like going forward (ie. how many coins will be released or burned)?

5) Learn to recognize FOMO when it arises within you

If you ever feel this itch to get in on an rapid upswing because you don't want to miss out on some new development that is causing it, stop yourself from knee jerk reacting to this feeling. This is called FOMO: "Fear of missing out" and its what drives the market now. It happens to everyone and it leads to emotional investing and knee jerk buying/selling.

6) Recognize that lots of people actually are also losing money.

Right now there is a confirmation bias happening where people who get quick gains go out and brag to all their friends all over social media, leading to this illusion that making money trading crypto is a surefire way to make money. That dopamine fix you get from seeing the position double will make you feel like a genius and its human nature to want to advertise it. What you forget is that those who lose money keep quiet about it and don't advertise their failure.

7) Accept that you will miss out on a lot of moon missions, and that's perfectly okay

Right now the crypto market is like a giant dumb money party filled with coked up headless chickens running around throwing money at every ****coin with a low nominal price hoping it goes to $10,000 like Bitcoin. Everyone is a genius in a bull market, and this creates a feedback loop of more money come in. You will miss out on these gains, but don't let that get to you. By taking your time to make your decisions you end up focusing on the fundamentals rather than short term movements.

8) Think of not only individual position, but how they fit in your portfolio and your diversification

Its good to diversify across different opportunities, but too much diversification is just saying you don't feel confident about your positions and are just casting a wide net hoping to hook something. Generally 6-12 positions is the ideal diversification spread in my opinion. It gives you a good spread across sectors, doesn't spread you too thin and any more than that is too much to keep track of.

Your risk tolerance should dictate how much you allocate between your Core holdings (which are generally considered more "safe" since Bitcoin and Ethereum will be around for a long time) and the various segments. I personally am okay with a 30% core holdings, 70% across various other segments. However 60/40 splits between core and other segments is probably a good starting point for most newbies. You can make visualizations in excel with pie charts and keep tabs on your segment allocation.

9) Try to not check your portfolio more than once a day.

[ironicinori]

Massive buy wicks and thick solid tight green 15 min candles on at least half of the coins on binance. I think the whale selloff is over and they are back spending the weak handed folks' money on alts.

We'll see tonight though.

Spot for sale. My portfolio price OBO.

AKA bout $3.50

[KhumatMibra]

IN


dat thread name

[m1n2v5]

lamo

[KoCorl]

in lamo

[Workout4ever]

in for 50k btc by eoy

[CorgiBrah]

selling spot for 2 eth

[GabrielNovar]

revnn my mars lambo. Already got my land plot staked out

[OldGamesBetter]

Spot for sale

Edit: Spot sold to NEO

[Bullneckbruh]

Riding Pumps and Buyin Dumps here we go

[TruKnight]

in.

edit: spot for sale, 350 btc obo

[RaphaelDeLaGhetto]

In on first page

Spot sold to Vladimir Putin

[iifymbro]

Massive buy wicks and thick solid tight green 15 min candles on at least half of the coins on binance. I think the whale selloff is over and they are back spending the weak handed folks' money on alts.

We'll see tonight though.

Figures, the moment I finally bail out into fiat my alts and btc rise from the ashes.

[FatalTragedy12]

lol doesn't matter what you are/race we are battling the sellers now


hope a ton get fukkkkked in the futures.

brb owing 500K lmaooooo

The futures brahs are helping us fix the market. BTC was ridiculously overvalued for what it was they're just bringing it down to a more realistic level so other sh*t can grow and thrive without the need for BTC.

[OSUBBall23]

First page!!!

God pls bless me with yuge gains this year.

Thx,

Osubball23

[jinda628]

Last page...

[AmIGoodNuff]

Is the war over?

[Oranix]

in. ready for the moon. hoping not another bulltrap like yesterday. got fked buying eth and bought OMG.

[fordyoz]

in4 lambo with salvage title

[Bigbuster1]

sold to bitconnect and cryptonick

[gixxer0.6g]

Subbd,

edit- stole my video like a whale steals a noobs cheap BTC.

[Drewdog428]

Solid thick tight, etc

[CorgiBrah]

das it brahs NEO revives from the flames, could it be the prince that was promised?

[W1LLW]

in on 1nd page of disaster recovery thread.

[Berts]

Asian's going to cuck us again tonight?

[TurkBrah]

IDK. I have no idea wtf I am doing but I see a start of an uptrend, closing second high low, entered the next retractment zone with a strong green dildo right up the middle of the zone.
This hour will finalize our handoff to the chinaman.

If we hit 11k expect a pull back, probably down to 10400ish.. Based on momentum plan to acquire more!

[fordyoz]

anyone make 30% on XLM today? .32 to .42

[Drewzer92]

1st page




THE SHOW GOES ON!

Spot sold to: Warren Buffet

[gixxer0.6g]

das it brahs NEO revives from the flames, could it be the prince that was promised?

I'm telling ya, this day will be green. You hear me China? THIS DAY WILL BE GREEN!


ps- NEO has obviously broken out of a fallen wedge and heading for the moon.

[TurkBrah]

anyone make 30% on XLM today? .32 to .42

I miscalculated my buy orders for XLM. FML. Did great with XRB and NEO tho.