The amount of GPUs people were buying at my store was not as shocking as the follow up questions about what is the best coin to mine and how do you setup the mining software. People had no problem shelling out 20-30k on GPUs, motherboards, cpus, ram and power supplies yet still didn't get to the stage of knowing what they are mining and how to do it. On the flip side I know some who spent 100-200k and knew exactly what they were doing who ended up making out quite well.
Myself I went fairly moderate started playing around with an extra GTX 1060 back in June then started to invest in a few more cards here and there. Between a few small bitcoin and ethereum buys and mining some different alt coins I was at about 500% return when we had our low point in prices a few days ago. High point was about a 2000-2200% return beginning of January which I expect I should see again before to long.
I like to look at what the projects behind the coins are leading to as I view most my holdings as long term. Day trading crypto is pretty volatile, I tried for a bit did ok but found most my returns come from holding. It can seem like easy gains to trade coins but all it takes is one bad trade to wipe out several good ones.
There is money to be made on this but it won't all be easy money, takes some planning and research along with the ability to hold on through the ups and downs. Biggest thing though I would say is don't risk anything that would seriously affect other areas of your life.
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Just flipped over to this thread after reading about how Blackhawks fans have all turned on their stars since the team started to suck. Some similarities here... haha.
Nobody knows for sure where this is going, but it's hardly the first time that crypto values have experienced this. Agreed with Lou Cypher that holding tends to see the best results and it helps to understand the tech, but don't invest anything you can't afford to lose.
__________________
"If stupidity got us into this mess, then why can't it get us out?"
Just flipped over to this thread after reading about how Blackhawks fans have all turned on their stars since the team started to suck. Some similarities here... haha.
Nobody knows for sure where this is going, but it's hardly the first time that crypto values have experienced this. Agreed with Lou Cypher that holding tends to see the best results and it helps to understand the tech, but don't invest anything you can't afford to lose.
Umm have I been reading the same thread as you? There are no similarities, most tokens/coins will go no in the long run because like open source, the projects developers loose interest or spen spend all their time arguing on what is the slightly better approach. But like the big tech companies came out of the tech bubble their will be winners that come out of this.
As for the low price predictions, we are all trying to figure out where the bottom is.
Umm have I been reading the same thread as you? There are no similarities, most tokens/coins will go no in the long run because like open source, the projects developers loose interest or spen spend all their time arguing on what is the slightly better approach. But like the big tech companies came out of the tech bubble their will be winners that come out of this.
As for the low price predictions, we are all trying to figure out where the bottom is.
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Didn't really mean people specifically in this thread. Just the stories of people who are all on board with cryptos and dreaming of big pay days while things are rosy without knowing much about it and then jump ship thinking it's all b.s. as soon as things take a downturn. Same mentality as fans of sports teams. People believe success will never end and panic when things get bumpy. Grasshopper and the ant. The perilous stories of retail investors in high-risk markets...
Anyways, just saying Lou Cypher's advice seems pretty good.
__________________
"If stupidity got us into this mess, then why can't it get us out?"
Can any vets in the space tell me the path of least resistance to buy bitcoin? I'm finding it excruciatingly difficult to get my fiat into the exchanges at a fair exchange rate and without holding periods.
The two Canadian exchanges I signed up for (QCX and Coinsquare) no longer offer e-transfers as a payment method and wire transfers require a minimum which is more then I'm willing to invest.
At this point it's either Flexepin vouchers which works out to 7.5% but with daily limits or the ATMs which I heard is 10%
Cost averaging into crypto seems way too difficult in this country
Can any vets in the space tell me the path of least resistance to buy bitcoin? I'm finding it excruciatingly difficult to get my fiat into the exchanges at a fair exchange rate and without holding periods.
The two Canadian exchanges I signed up for (QCX and Coinsquare) no longer offer e-transfers as a payment method and wire transfers require a minimum which is more then I'm willing to invest.
At this point it's either Flexepin vouchers which works out to 7.5% but with daily limits or the ATMs which I heard is 10%
Cost averaging into crypto seems way too difficult in this country
Any suggestions would be much appreciated
TIA
I did an email transfer (or a few...) using Quadrigacx, do they really not allow it anymore, or do you just need to verify?
Who made money the last couple of weeks? Anybody who could take advantage of charging transaction fees for buying / selling cryptos? Utility company shareholders? Computer stores owners? nVidia shareholders?
Who made money the last couple of weeks? Anybody who could take advantage of charging transaction fees for buying / selling cryptos? Utility company shareholders? Computer stores owners? nVidia shareholders?
Didnt make any "money" in crypto but probably added ~20-25% to 3/4 of my coin stacks. Just have to be lucky, know some TA, and pick the quality coins with real world projects. Still remain bullish on POE/LINK/AMB...ADA not so much buts a real long hold. And BTC breaking through $9100 is bullish.
Who made money the last couple of weeks? Anybody who could take advantage of charging transaction fees for buying / selling cryptos? Utility company shareholders? Computer stores owners? nVidia shareholders?
I lost about a million buzzcoin by not updating my wallet to 3.11 in time. Hard lesson to learn. I should have kept up more on what was happening with them. Its still not worth much but someday it definitely could be.
Can any vets in the space tell me the path of least resistance to buy bitcoin? I'm finding it excruciatingly difficult to get my fiat into the exchanges at a fair exchange rate and without holding periods.
The two Canadian exchanges I signed up for (QCX and Coinsquare) no longer offer e-transfers as a payment method and wire transfers require a minimum which is more then I'm willing to invest.
At this point it's either Flexepin vouchers which works out to 7.5% but with daily limits or the ATMs which I heard is 10%
Cost averaging into crypto seems way too difficult in this country
Any suggestions would be much appreciated
TIA
You can also just buy regular blockchain stocks or bitcoin etf's. They pair the price action of bitcoin exactly. GBTC is about $20 usd per share and is no different than owning bitcoin. You can buy as much as you want. It's quite liquid.
You get a bit of alpha risk when buying a blockchain stock but there are similar risks buying a variety of coins too. I don't know if going through the process of buying actual coins is worth anything compared to the simplicity of stock buying.
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You can also just buy regular blockchain stocks or bitcoin etf's. They pair the price action of bitcoin exactly. GBTC is about $20 usd per share and is no different than owning bitcoin. You can buy as much as you want. It's quite liquid.
You get a bit of alpha risk when buying a blockchain stock but there are similar risks buying a variety of coins too. I don't know if going through the process of buying actual coins is worth anything compared to the simplicity of stock buying.
I didn't even know about these ETFs. I'll definitely look into!
