The Bitcoin (BTC) thread

Graft said:
If BTC goes much lower, to $2000 and below, it will moon when there is appropriate infrastructure to lure guys with a few million to throw a few bucks at it. I doubt most of the alt coin investors were rich, probably guys throwing 4 to five figures at it. When a doctor with $5 mil in the bank can tell his advisor at JP Morgan to throw 100k "fuck it money" at it, or hedge fund millions, the price will definitely go crazy. There is too much money to be made to avoid it if it's 90% off and can hit a 10x on a major capital investment.

The BAKKT service can be a real winner, the founders have been very successful with the NYSE and major projects. Their service will provide major infrastructure for larger investors.
It's a possibility, yeah. Even if you're not in the market right now, you're being negligent if you don't at least keep an eye on it.
 
Clif high has been wrong too many times, his calls are as bad as any. France or other EU countries have the euro to fall back on. I don't think they'd turn to Bitcoin. 1215 for summer 2019 seems really low, Im guessing ETF was never approved and BAKKT was cash settled.
 

redbeard

Hummingbird
Moderator
Graft said:
The BAKKT service can be a real winner, the founders have been very successful with the NYSE and major projects. Their service will provide major infrastructure for larger investors.
As with anything, I'm cautious to be overly bullish on BAKKT. We don't know enough about it to confirm that it'll meet all our hopes and dreams, and it's still possible that it doesn't launch in the next year.

However - whoever can launch the a rigorous, insured, and tested custody solution will win. That's what it'll take to get "fuck it" investments like Graft suggests.

Right now there are a few options out there but nothing that meets mainstream standards.
 
You gotta wait and hold at least 5 years on this to be an interesting asset class.

I believe the melt up is real, and markets will soar. No one will have time for BTC during that. With the decline, then it will be huge and thought of when the non equity buying millenials move in.
 

JayJuanGee

Crow
Gold Member
Kid Twist said:
You gotta wait and hold at least 5 years on this to be an interesting asset class.

I believe the melt up is real, and markets will soar. No one will have time for BTC during that. With the decline, then it will be huge and thought of when the non equity buying millenials move in.
Are you talking about 5 years if you started buying BTC today? Or 5 years if you started buying at $19,666 (a year ago)?

I doubt that any guy who started to buy BTC earlier, whether one year ago or some other kind of time frame, just sits on his BTC investment, but instead, there are a few things that he might do 1) attempt to strategically buy more at various times (hopefully dips), 2) sell some hoping to buy lower 3) jump in and out and get distracted by various other coins that either claim to be better than bitcoin or to give higher short term returns than bitcoin or 4) some variation of the above.

My main point here is that I doubt that guys who look into bitcoin are just buying and waiting, and there is a likely a combination of strategies to the extent that they don't just bail and hope to wait for some other strategic time that may or may not come in their assessment of the situation.
 

ms224

Woodpecker
I don't know what price it will have but having seen enough complex machinery I think the bitcoin network is far better designed then most and I don't think it will die as easily as people think.

Whether or not it will make you lambo rich I don't know and I don't think whomever came up with it cares either. Maybe it was part of the plan?
 

HD668B

Kingfisher
Gold Member
SamuelBRoberts said:
Bots can't keep prices up
Yeah seems we have a misconception here about these magical bots. I am actually a bot coder and most of them are doing arbitrage right now. Because most crypto exchanges are still quite slow, and sometimes only accepting HTTP rest request instead of a non-stop tunnel connection like websocket (at bare minimum) , HFT or HighFrequencyTrading algos are hard to implement.

Oh and lets not forget the fees, on bitfinex for example with 0.2% twice for entering and exiting a trade, when BTC was at 6k I basically needed to be able to predict the next 30$ movement just to breakeven. Now that BTC is lower its actually better for me but still.
 

HD668B

Kingfisher
Gold Member
A few people wrote me PMs about trading, especially crypto trading (note my Forex trading thread 8 years ago, represent), so I thought I'll just answer here.


I wanted to see what you thought about trading signal services.
I’m brand new to crypto and have been preparing to enter the market for a few months. I have my ledger nano s and a Binance account and have been trying to learn about TA and which coins have decent projects going on. Overall, I realize I’m not able to dedicate enough time to become an expert on this so I want to listen to some advisors and go from there (while still using my judgement and not necessarily blind trade from others).
TA is better than nothing, just dont fall into these computed indicators like RSI,MACD and stuff, they just cant predict well. Stick to basic Support + Resistance levels, Trendlines, and Volume per Price, and you are good to go.

I was looking for services and ran across https://www.cryptoadvisorypro.com/faq/

For $175 a year essentially I get all the trades from the top services. Ethically seems a bit wrong they are just forwarding others trades but what are your thoughts on taking 10% of my cash to try out a service like this for a few months?
My opinion on signal services is usually the same, if these guys are actually correctly predicting price, why would they give away their edge? 175$ a year is quite cheap imo if you can make thousand $ each time you trade a coin...

But you never know. Why not pay 1 month and see how their calls turn out? But yeah overall im not a big fan. The same was true in forex, if you were basically a good trader but could only breakeven or win 51% of the time, it was way more profitable to become an pro signal expert.

I’m leaning towards not doing the BitMEX margin trading and instead only exchange trading service.
Bitmex has a few advantages and disadvantages. I like that you only need a BTC adress, so you wont get stuck into some KYC/AML if you make 1 million $ profit lol
Also they have market maker negative fees, which is very very nice. Basically when you want to enter (and exit) a trade, always use limits order. That means you order is not executed instantly and goes into the orderbook, so you are basically providing liquidity. Instead of paying a trading fee now bitmex will actually pay you.

I’ve been watching a number of coins but I’m just gambling to say that I know when to enter a position or when to exit and for me that’s the stressful part. I feel like this might be a decent option.

Do you think now is a decent time to consider an entry into the market as well as I’m not very interested in going short yet?
Shorting crypto is quite dangerous indeed. Actually any kind of margin position is dangerous because of extreme volatility. Thats why I would stick to top 10 coins for margin, something like BTC on bitmex could be ok (especially because of their anti-spike protection which is the XBTUSD contract)

Do you think BitMEX is worth trading an insignificant amount to learn and use trade signals or is that suicide long terms as I’ll likely want to go bigger?
An insignificant amount of REAL MONEY is actually a great way to start. There is that psychological switch when you are trading real money. Emotions come into play, everything is different. Try to make enough to buy yourself a beer. Im telling you that beer will be delicious.
 

redbeard

Hummingbird
Moderator
If you want to trade Bitcoin I think it's worthwhile to take your time before you get to margin trading on BitMEX. It's trading on steroids, and is built to eat up beginners.

There's a few different "rungs" you can trade on before getting to 'MEX. Start with paper trading, then graduate to spot (long-only) trading. Once you have more confidence in your trading, start with a small amount on BitMEX to get used to the platform/going short.

Before trading ANY futures, options, or derivatives, make sure you read through all of the contract documentation so you understand exactly what's going on with the product you're trading.

And as always please use risk management and never risk more than 3% of your trading account on one trade. If you aren't calculating risk amount you shouldn't be trading.

Might be worthwhile to make a BTC Trading/Price thread, and keep this one focused on fundamentals. It's important for people to grasp the long-term proposition of Bitcoin before becoming traders imo.
 

HD668B

Kingfisher
Gold Member
Pinocchio said:
Was going to ask if anyone has managed to set APIs for Tradingview and Binance?
All my APIs connector are in Python. Maybe you are using nodejs? Also I believe tradingview is only a chart system...
 
Embezzling or not prosecutors are convinced he fudged the GOX data to make everything look kosher. Japanese prosecutors never go after you unless they are absolutely convinced they can nail you to a cross.

According to Google:

In Japan, the criminal justice system has a conviction rate that exceeds 99%, including guilty plea cases. This has been attributed to low prosecutorial budgets impelling understaffed prosecutors to bring only the most obviously guilty defendants to trial.


Japanese jails can't be that bad.

 

Pinocchio

Woodpecker
HD668B said:
Pinocchio said:
Was going to ask if anyone has managed to set APIs for Tradingview and Binance?
All my APIs connector are in Python. Maybe you are using nodejs? Also I believe tradingview is only a chart system...
Cheers.

I wanted to place orders directly through Tradingview but after a bit of research today I don't think it's available for Binance.
 
Hi guys, I am going to buy some coins when the market cap of crypto is around 90billion. I think we are approaching the bottom and am thinking about buying some Ethereum, Monero, Dash, Ripples, and Bitcoin. Investing around 1000$ in each, what are the strengths and weaknesses of each ? Any other crypto worth investing in? Thanks!
 

redbeard

Hummingbird
Moderator
PhDstudent said:
Hi guys, I am going to buy some coins when the market cap of crypto is around 90billion. I think we are approaching the bottom and am thinking about buying some Ethereum, Monero, Dash, Ripples, and Bitcoin. Investing around 1000$ in each, what are the strengths and weaknesses of each ? Any other crypto worth investing in? Thanks!
If you don't have the time to do your research, you should only be buying Bitcoin.

Cryptocurrency as a whole is a high risk market, and buying altcoins (without doing proper due diligence) multiplies that risk.
 

Road_Less_Taken

Woodpecker
PhDstudent said:
Hi guys, I am going to buy some coins when the market cap of crypto is around 90billion. I think we are approaching the bottom and am thinking about buying some Ethereum, Monero, Dash, Ripples, and Bitcoin. Investing around 1000$ in each, what are the strengths and weaknesses of each ? Any other crypto worth investing in? Thanks!
The weaknesses is that you will likely loose all your money, in all of them. (Maybe the exception would be bitcoin). Why don't you just put it in the stock market instead?

If you are looking for a high risk play you could invest all of that say $5000 in a leveraged etf like SPXL (three times the S&P 500) which has a higher probability of generating you returns with less risk.
 
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