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Message Board > Malarkey > Bitcoin

July 5, 2011, 10:33
Dennis
どこかにいる
2018 posts

FarmVille?
FARMVILLE?! :groar:
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Kwakkel
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July 5, 2011, 22:29
PB
Defender of the faith
589 posts

Oh, thought it was MineCraft...
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July 6, 2011, 15:54
Dennis
どこかにいる
2018 posts

MineCraft has inflatatabel inflata infalalt opblaasbare sheep?
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Kwakkel
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July 6, 2011, 21:24
PB
Defender of the faith
589 posts

Yes, you can blow up the sheep with TNT...
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November 24, 2013, 11:45
PB
Defender of the faith
589 posts

Turns out the BitCoins did take off quite well, as seen on this chart: http://blockchain.info/charts/market-price

I didn't invest in this and I do think this is a bubble we're looking at. Problem is, I think, the media paid attention to this...

[Edited on November 24, 2013 by PB]
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December 2, 2013, 14:11
DTM
Earthling!
811 posts

I still love bitcoin :D

yeah, I'm sure the current spike is a bubble, most of the recent price increase is probably due to Chinese speculators getting interested, along with some prominent investors coming out in support of it (likely after buying up a lot themselves).

But in the long term: There's a lot of Bitcoin related infrastructure being slowly built, making it easier to use. And plenty of small businesses, run by everyday people who dislike bankers, are starting to accept it as payment. It's the real "cash" of the internet, and there's a certain niche of people who quite like that idea.

just need a couple more orders of magnitude so I can retire...

*hype hype hype*

if any soupers want to try it out, make a Bitcoin wallet somewhere and I'll send you 0.02 BTC to play with :aharr:
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:o
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December 19, 2017, 00:30
PB
Defender of the faith
589 posts

Sure I'll take 0.02 BTC (sorry for the late response by the way) :aharr: :eyeroll: O_O :cry:
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December 22, 2017, 18:33
PB
Defender of the faith
589 posts

I did now actually buy some bitcoin just when the crash started to happen, ended up loosing a few hundred on this, I knew this was a bad idea _
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September 10, 2018, 07:07
Dennis
どこかにいる
2018 posts

Quoting PB:
I did now actually buy some bitcoin just when the crash started to happen, ended up loosing a few hundred on this, I knew this was a bad idea _


I never expected someone still replying to this !

Does that mean the giant Peemle has finally attacked? :praise:

I had this discussion with my brother last weekend. And if the same situation would've happened, I still wouldn't have risked it. It's still too risky even though it spiked a bit more after DTM's post (who's living in the Bahamas now probably)
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Kwakkel
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November 22, 2018, 23:02
PB
Defender of the faith
589 posts

I agree, DTM probably bought the Bahama's by now.

So far still only lost money on this, but didn't lose much. :thumbs:

I've now tried to learn a little bit about trading, but didn't apply this knowledge, because I refuse to send dubious organizations my passport information over the internet.

I've noticed there is a lot of bogus information from self proclaimed experts. But a few things I've learned seem to make sense to me:

Stop losses
Even if the trade is placed at the correct time, many if not most of the time you may have placed the trade in the wrong direction.

By configuring stop losses you protect how much money you lose when you place a wrong trade. This way, if you're wrong 60% of the time, you can still make money, since the profit is bigger on the 40% than the loss is on the 60%.

If you buy, or go long, you expect the price to go up (you have a 'bullish' bias)
If you sell, or go short, you expect the price to go down (you have a 'bearish' bias)

Leverage trading (going short or long) is very risky, stop losses are even more important then. A stop loss basically is a buy or sell order to exit your trade at a certain price point. This is no warranty that your stop loss gets filled at the configured price point. This is why leverage trading is generally a bad idea, unless you have a lot of money. Especially on Bitcoin where the volatility can be too high to fill your stop loss.

Technical analysis
There are many tricks that help you figure out where you are on the chart. Often it will give you a wrong idea about the direction the chart will go, but it can help you find better moments to place a trade.

* Use a view with candles, it gives more information than a simple line. (for instance: tradingview.com is a popular site, if you click the 'full featured chart' button, you'll get many features)

* Look at different time scales (I usually look at: daily, weekly, 45 minutes and monthly). Patterns in the larger timescale are stronger and need to be respected. The smaller timescale can help to spot a change in trend more quickly.

* Don't only look at the price, also look at the volume (how much has been sold and bought at the price point). If a price point had high volume in the past, the price action will probably lose momentum when it reaches this price again. It may even bounce to the other direction.

* If the price action moves too fast in a certain direction, this will usually correct eventually. The relative strength index (RSI) indicator helps you identify this behavior. For instance, if the chart is oversold (the price dropped to quickly), the chart might go horizontal for a while. It may also bounce in the other direction before continuing the larger trend.

* Often the price action will respect trend lines (a line where the price action bounces to 3 or more times). This may form channels or triangles. It's usually a bad idea to bet against a trend, but you should also keep in mind that trends get broken all the time as well.



No one knows what the chart will do. Some are better in deducting the likely next move. I'm inexperienced, but my plan is to wait if Bitcoin will drop to just above 3000, if so, then I'll probably buy some of it, to see if I can win back my losses :what:
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April 3, 2019, 15:46
Dennis
どこかにいる
2018 posts

Quoting PB:
I agree, DTM probably bought the Bahama's by now.

So far still only lost money on this, but didn't lose much. :thumbs:

I've now tried to learn a little bit about trading, but didn't apply this knowledge, because I refuse to send dubious organizations my passport information over the internet.

I've noticed there is a lot of bogus information from self proclaimed experts. But a few things I've learned seem to make sense to me:

Stop losses
Even if the trade is placed at the correct time, many if not most of the time you may have placed the trade in the wrong direction.

By configuring stop losses you protect how much money you lose when you place a wrong trade. This way, if you're wrong 60% of the time, you can still make money, since the profit is bigger on the 40% than the loss is on the 60%.

If you buy, or go long, you expect the price to go up (you have a 'bullish' bias)
If you sell, or go short, you expect the price to go down (you have a 'bearish' bias)

Leverage trading (going short or long) is very risky, stop losses are even more important then. A stop loss basically is a buy or sell order to exit your trade at a certain price point. This is no warranty that your stop loss gets filled at the configured price point. This is why leverage trading is generally a bad idea, unless you have a lot of money. Especially on Bitcoin where the volatility can be too high to fill your stop loss.

Technical analysis
There are many tricks that help you figure out where you are on the chart. Often it will give you a wrong idea about the direction the chart will go, but it can help you find better moments to place a trade.

* Use a view with candles, it gives more information than a simple line. (for instance: tradingview.com is a popular site, if you click the 'full featured chart' button, you'll get many features)

* Look at different time scales (I usually look at: daily, weekly, 45 minutes and monthly). Patterns in the larger timescale are stronger and need to be respected. The smaller timescale can help to spot a change in trend more quickly.

* Don't only look at the price, also look at the volume (how much has been sold and bought at the price point). If a price point had high volume in the past, the price action will probably lose momentum when it reaches this price again. It may even bounce to the other direction.

* If the price action moves too fast in a certain direction, this will usually correct eventually. The relative strength index (RSI) indicator helps you identify this behavior. For instance, if the chart is oversold (the price dropped to quickly), the chart might go horizontal for a while. It may also bounce in the other direction before continuing the larger trend.

* Often the price action will respect trend lines (a line where the price action bounces to 3 or more times). This may form channels or triangles. It's usually a bad idea to bet against a trend, but you should also keep in mind that trends get broken all the time as well.



No one knows what the chart will do. Some are better in deducting the likely next move. I'm inexperienced, but my plan is to wait if Bitcoin will drop to just above 3000, if so, then I'll probably buy some of it, to see if I can win back my losses :what:



I wish all other people came back to this forum too !

I think if it is for experimenting bitcoin is nice, but I recommend assuming that all money you put in cryptocurrency has a high probability to be lost. I would not invest in it trying to make profit from it. Only to have fun.

If you want to make profit investing I'd recommend investing in something more stable like gold or bonds, to have a more stable share in profit they might pay out to their shareholders.
i.e. Coca Cola?
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Kwakkel
#
July 4, 2019, 01:56
DTM
Earthling!
811 posts

Actually in the Philippines :PPP
Although that's more thanks to working online rather than bitcoins. It works out cheaper to live here even despite flight costs.

Whether it's still worth buying Bitcoin... I honestly don't know. I originally hoped it would be used to pay for things in stores etc but that seems to be happening only very slowly so I'm not as excited about it as I used to be.

And I only ever lost money trying to play at day trading... :what:
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:o
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July 17, 2019, 15:35
Mezzmer
Square-theorist
779 posts

I don't have money to lose at trading.
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December 12, 2019, 22:24
PB
Defender of the faith
589 posts

I wouldn't be surprised if 'hodling' isn't that rewarding anymore, since the 2017 hype was quite big.

The 'Supply is limited' argument only works to an extent. There are also 'bearish' arguments for the long term:
- Quantum computing might require updates to Bitcoin (and the decentralized community might not agree on that)
- The many scams in the crypto space, give it a bad name
- Not everybody is technically minded, and you need to be aware of a lot of technical stuff to be secure with crypto.
- A lot of use cases appear to be criminal (money laundering, not being able to block a payment [after a scam], anonymous alt-coins for shady business)
- Regulation is becomming stricter on what can be advertised in the crypto space (a lot of the growth came from influencers, media and advertisement)


However, a lot of money is already in the space, and there is a lot of sentiment amongst the investers (unproffesional traders, influenced by youtube video's). So even if the prices might not get much higher than they have been (they may or may not), I expect the market to remain volatile for quite a while longer.

I've sold what I've bought below 3K (should have bought more, but I still wasn't confident enough), and I might buy a little again, when I feel like prices have dropped enough (I'm currently patiently waiting to see if we'll reach 5.000 and how we'll reach it). Only to sell it that again with profit on the way up (probably selling too early, but as long as I make profit, that seems fine).
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