cryptocurrency

[fandtm666]

in this evolving digital world you constantly hear about bitcoin and alike
and now it looks as if BIG banks are following the lead by creating their
own blockchain.



so who here dabbles in it and what good exchanges are there one could look at.

[Skepticist]

A lot of people lost their shirts on cryptocurrency over the last year or so and many more are just hanging on hoping for a miracle like 2017 to happen again. It has no backing and it's value is determined only by the demand for it - riskiest investment around

[fandtm666]

A lot of people lost their shirts on cryptocurrency over the last year or so and many more are just hanging on hoping for a miracle like 2017 to happen again. It has no backing and it's value is determined only by the demand for it - riskiest investment around

yep i realise that and watched the rise and fall of bitcoin and ether but it is more
out of curiosity than anything i started the thread.

I struggle to invest in 2 five cent pieces so wont be buying any crypto thats for sure

[Skepticist]

I was seriously tempted to dabble in Ripple back when it was about 20c and watched it go up to over $2 in a relatively short time - came back down even faster though. That sort of volatility is too much for my peace of mind.

As for the exchanges, it makes me think of an old saying: 'The surest way to make money in the goldfields is to be the one selling the shovels'

[Uncle Fester]

Banks like the blockchain.
Banks and Governments hate Bitcoin and other unregulated Crypto coins.

I see JPM fighting back against the whole idea of Crypto which was about being independent from Governments and the RBA money printing process.
One might argue that mining Crypto is no different to the FEDs doing a few mouse clicks to magically conjure FIAT but mining Bitcoin requires an enormous effort these days and even the carbon footprint has now raised questions.
You must understand that you need the miners to confirm the transactions and that only happens when the miners find new blocks(which is getting very hard) so you can't just suddenly shut them down.
So you can just create new Cryptocurrencies that are easy to mine and we have now many thousands of them.
The whole point of trading is not against FIAT (surefire way of losing money) but finding the right Crypto trading pairs and identifying the patterns.
Here was one of my more simple strategies:
Basically a new emitted coin will come out way overpriced and then get dumped more or less slowly to almost worthless. They sometimes sit for 6-12 months and until somebody decides to pump them.
You need a lot of awareness on the crypto forums like bitcointalk.org to pick this up and look for sudden increase of volume without the price going up much. Then suddenly the price shoots up, the suckers buy and a few days later the pumper sells all the coins he got for cheap. So you just ride with the dumper but nowadays there are too many pump/dump traps and way too many coins to keep track of these things.
This all required continual evolvement of strategies even getting involved with exchanges to list coins and making them popular yourself.
I am not trading anymore(started 5 years ago) since the peak and just keep my crypto in cold storage. I don't sell for FIAT and never purchased a single coin for FIAT either.
It has become all too much and too obscure to find good strategies these days. Mining has become financially inefficient. Hell 5 years ago you could just start with free coins from faucets and if you were clever enough could multiply the exponentially. I even got coins playing games. All ended growing on a trading platform. Was a totally different ball game back then.

Another thing is that many trading platforms suddenly shut down and run away with your coins or the platform gets hacked and coins stolen.
Happened to me 3 times.

So I hoped I talked you out of considering Crypto trading these days.

[StrYkaR]

good points -- nomeat