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Cryptocurrency - Anyone trading in them

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  • Cryptocurrency - Anyone trading in them

    Over the weekend I was educated on Biance. I did open an account with Bitbuy to buy some Crypto. Now I was told to open an account with Biance to be able to trade them.

    Anyone into this or know more. Negatives? Positives?

    https://www.cnet.com/features/forget...rency-trading/

    To me, I just found myself a new gambling platform
    Last edited by trunckslammer1; Feb 8, 2021, 06:43 AM.

  • #2
    way too much volatility and risk for me.
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    • #3
      Originally posted by trunckslammer1 View Post
      Over the weekend I was educated on Biance. I did open an account with Bitbuy to buy some Crypto. Now I was told to open an account with Biance to be able to trade them.

      Anyone into this or know more. Negatives? Positives?

      https://www.cnet.com/features/forget...rency-trading/

      To me, I just found myself a new gambling platform
      It is Binance (like Finance) . . . Bitbuy is suppose to be safe. That is the thing I worry the most . . . all kind of story of people losing their bitcoins from being stolen, forgot their password, . . . 20% or $140B of bitcoins appears to be lost . . . that is a crazy amount. Tessla invested (???) $1.5B in bitcoin last week. They said they are diversifying their investment . . .

      One thing, It is open 24 hours / day and 24/7 . . . so always something to trade. There is more than bitcoins, Ethereum. I look at Ethereum in December at $750 (about) . . . this morning it is $1750 I still don't think I would had buy any . . .

      Ripple (XRP) is another one. There have been fighting for years with the SEC and in December said that the SEC would sue them . . . who knows. It seems to be on the move now . . . it was in the low $0.40 Friday and this morning around $0.47 . . . might be interesting . . . Good luck and have fun . . .
      Last edited by Chambokl; Feb 8, 2021, 11:40 AM.
      If you think it's hard to meet new people, try picking up the wrong golf ball.

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      • #4
        I don't trade, but I've been holding BTC and ETH since 2017. Sold a portion of BTC a couple of times and added to it once as it went up and down. I treat this as digital gold / schmuck insurance and keep at about 5-10% of my liquid net worth.

        FYI, I guess you are just looking to trade them, but if you plan to hold them for the long term, it's not safe to keep your cryptocurrencies at online exchanges. Learn about what happened to Mt. Gox and QuadrigaCX (Canadian). You should get hardware wallets.

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        • #5
          I held ETH for a while but I didn't put enough in to see any benefit. I bought at 1500 and cashed out at 1700 after getting impatient.
          It's not the wand. It's the wizard.

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          • #6
            Originally posted by mrcltuch31 View Post
            I don't trade, but I've been holding BTC and ETH since 2017. Sold a portion of BTC a couple of times and added to it once as it went up and down. I treat this as digital gold / schmuck insurance and keep at about 5-10% of my liquid net worth.

            FYI, I guess you are just looking to trade them, but if you plan to hold them for the long term, it's not safe to keep your cryptocurrencies at online exchanges. Learn about what happened to Mt. Gox and QuadrigaCX (Canadian). You should get hardware wallets.
            Yes, I had been doing some research on this as well as other latest news articles.

            I will probably put in some money and will take them out as soon as I reach a certain level. Ultimately, the amount in there will be "house money" so to speak. That is when I can start taking bigger risks.

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            • #7
              I just can’t wrap my head around “investing” in something as invisible and intangible as this. What exactly guarantees that your money will be available when you want to cash in?

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              • #8
                Originally posted by Marty Canuck View Post
                I just can’t wrap my head around “investing” in something as invisible and intangible as this. What exactly guarantees that your money will be available when you want to cash in?
                Well, it seems that Tesla had bought $1.3 billion worth of Bitcoins as have Manu Life. I could be wrong but these companies seems to feel that as a hedge against inflation, they are putting some of their cash reserves into Crypto Currency. Physical Gold cost a lot to store.

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                • #9
                  Originally posted by trunckslammer1 View Post

                  Well, it seems that Tesla had bought $1.3 billion worth of Bitcoins as have Manu Life. I could be wrong but these companies seems to feel that as a hedge against inflation, they are putting some of their cash reserves into Crypto Currency. Physical Gold cost a lot to store.
                  But an exceptional solar flare doesn’t have the potential to wipe out a gold store. Having virtual money that lives on a computer or server somewhere? So what happens if that server is compromised in any way. Are the records destroyed?

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                  • #10
                    Originally posted by Marty Canuck View Post

                    But an exceptional solar flare doesn’t have the potential to wipe out a gold store. Having virtual money that lives on a computer or server somewhere? So what happens if that server is compromised in any way. Are the records destroyed?
                    What you call the "server" is a blockchain, which is distributed across a number of machines over the Internet. It can be compromised if we have a universal blackout, at which point I'd worry about our existence as well. At that point, good luck selling gold to someone else for food.

                    I'm being a bit cheeky with the above comment, but any form of "store of value" whether it's tangible or not, depends on our society as a whole to uphold its value. Gold is a store of value primarily because of our history of treating it as a store of value. Sure, there are many intrinsic physical properties that are nice about gold, but many other things in the world have nice intrinsic physical properties but are not considered as a store of value.

                    Whether BTC will become another form of store of value is big speculation, but if it does, the hypothesis is that the value of BTC will reflect the value of gold.

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                    • #11
                      Originally posted by Marty Canuck View Post

                      But an exceptional solar flare doesn’t have the potential to wipe out a gold store. Having virtual money that lives on a computer or server somewhere? So what happens if that server is compromised in any way. Are the records destroyed?
                      Marty, research this: Learn about what happened to Mt. Gox and QuadrigaCX (Canadian) . . . from MrClutch . . . you will learn more than you probably want . . .
                      If you think it's hard to meet new people, try picking up the wrong golf ball.

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                      • #12
                        Originally posted by Marty Canuck View Post

                        But an exceptional solar flare doesn’t have the potential to wipe out a gold store. Having virtual money that lives on a computer or server somewhere? So what happens if that server is compromised in any way. Are the records destroyed?
                        Nothing.

                        You actually write down your wallet ID or keep it in a PDF file somewhere (or have your currency in a hardware wallet) -- your money is your money. Deff don't store your coins in an exchange wallet for a longer period of time

                        I had a bunch of Litecoin at one point but got impatient and cashed out at a small gain. Of course, being someone who has been online in some form or another since the 80s, I obviously re-invested in a "joke" coin.

                        Now that "joke" coin is going through the roof this week. lol
                        Last edited by eastendduffer; Feb 8, 2021, 03:57 PM. Reason: typossss

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                        • #13
                          Originally posted by eastendduffer View Post

                          I had a bunch of Litecoin at one point but got impatient and cashed out at a small gain. Of course, being someone who has been online in some form or another since the 80s, I obviously re-invested in a "joke" coin.

                          Now that "joke" coin is going through the roof this week. lol
                          Just my kind of "investing" Not much difference then betting on the Super Bowl, or going to the Casino and punt a G-note on black on the roulette wheel.

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                          • #14
                            Originally posted by trunckslammer1 View Post

                            Just my kind of "investing" Not much difference then betting on the Super Bowl, or going to the Casino and punt a G-note on black on the roulette wheel.
                            ok cool -- I just returned 2500% this week.

                            Dont "invest" in these coins -- I'm just interested in them -- been interested for a while.

                            If you're thinking of investing, this is deff not the space. But lots to learn -- if you make money along the way, bonus time.
                            Last edited by eastendduffer; Feb 8, 2021, 04:52 PM.

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                            • #15
                              Originally posted by eastendduffer View Post

                              ok cool -- I just returned 2500% this week.

                              Dont "invest" in these coins -- I'm just interested in them -- been interested for a while.

                              If you're thinking of investing, this is deff not the space. But lots to learn -- if you make money along the way, bonus time.
                              My comment was not a joke or scoffing at you or anyone. I love this type of "investing"

                              I don't do fundamentals, read charts etc. JUST DO IT. That's me.

                              I bought some dogcoins a couple of weeks ago - like you said "as a joke". As the OP of this thread I just wanted some opinions because I am seriously think of putting some serious money into trading Crypto.

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