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Bitcoin and Cryptocurrency Thread

LUClENLUClEN Absence makes the heart grow fonder of someone elseMembers Posts: 20,559 ✭✭✭✭✭
Last week @konceptjones asked me about trying to flip 30 dollars worth of bitcoin into a few hundred, so I thought it would be good to get more people into trading bitcoin. It's unconventional, and I had a lot of doubts about it, but since starting in January I have made good money.

This is what I started with. Now this is what I have today.

The second photo is the important one for this first post. You can see that my current portfolio is actually made up of virtual currencies that are not bitcoin, even though the value is given at the top in bitcoin and US dollars. The trick to really making this money is trading your bitcoin for the other currencies, then trading back when bitcoin experiences price drops. Right now it's at an all time high, and is primed to reach $2,000.00 USD. If it hits there it seems likely that there will be retrace in that time. Right now a good chunk of my portfolio is made up of something called GNT (Golem Network Token). It's technically not a currency, but actually a token that users can exchange in order to access the Golem Network. The golem network is a super computer, made up of a network of computers, that users can use to help them perform demanding tasks. For example, doing computer generated graphics requires a lot of computer power and can take a long time. To make it faster, someone could use their GNT to access the network and do the work in much less time. Currently, the tech is still in Alpha, but if you have some bitcoin to spare I would suggest grabbing some now since the price is still quite low.

That's it for my first post. I'll do a second post later to cover how to sell your bitcoins, and another one on when to sell to get the most money.

Good luck trading
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Comments

  • LUClENLUClEN Absence makes the heart grow fonder of someone else Members Posts: 20,559 ✭✭✭✭✭
    @konceptjones I hope you traded for that gnt fam. It's been popping all week. I made 200 bucks last night.

    18595261_639563989572158_8916474684876896271_o.jpg?efg=eyJpIjoidCJ9&oh=2c5e92d618639410d1644f3a77bf5a2b&oe=59B343E3
  • LUClENLUClEN Absence makes the heart grow fonder of someone else Members Posts: 20,559 ✭✭✭✭✭
    Right now is a good time to buy XRP
  • konceptjoneskonceptjones Old School Playa Guests, Members, Writer, Content Producer Posts: 13,139 ✭✭✭✭✭
    good 🤬 , I've been meaning to get back to you on this.
  • LUClENLUClEN Absence makes the heart grow fonder of someone else Members Posts: 20,559 ✭✭✭✭✭
    edited May 2017
    Bitcoin Ballin

    0w366y70nf58.png
  • LUClENLUClEN Absence makes the heart grow fonder of someone else Members Posts: 20,559 ✭✭✭✭✭
    Another coin, DCR, just started popping

    [img]https://scontent.🤬 .fbcdn.net/v/t31.0-8/18700672_640831309445426_1798761301542237662_o.jpg?oh=a962588466dc0743554eb592654d889c&oe=59E9F298[/img]
  • LUClENLUClEN Absence makes the heart grow fonder of someone else Members Posts: 20,559 ✭✭✭✭✭
    DCR just peaked and will retrace a bit, as it comes down it would be a good investment to exchange some Bitcoin
  • konceptjoneskonceptjones Old School Playa Guests, Members, Writer, Content Producer Posts: 13,139 ✭✭✭✭✭
    edited June 2017
    yo @LUClEN what's good to get started with? Like I said I have about $20 worth of btc.
  • LUClENLUClEN Absence makes the heart grow fonder of someone else Members Posts: 20,559 ✭✭✭✭✭
    I think for long term, DCR is a good bet. It's a bit late now, it just came up a lot this week. You would have almost 40 bucks already if you had bought around the time of my post. But there is room for more growth so if you hold long term you could see double in the upcoming months.
  • konceptjoneskonceptjones Old School Playa Guests, Members, Writer, Content Producer Posts: 13,139 ✭✭✭✭✭
    edited June 2017
    word @LUClEN, so are you doing margin trading? and what's good to get in with right now?
  • LUClENLUClEN Absence makes the heart grow fonder of someone else Members Posts: 20,559 ✭✭✭✭✭
    word @LUClEN, so are you doing margin trading? and what's good to get in with right now?

    I don't margin trade. The risk is bigger, especially when your account is small. I trade through the regular exchange. Buy coins with bitcoin and when the coin increases in value trade back to bitcoin.

    I think dcr is a good one long term. Ethereum will be good long term, too.

    Right now I'm not sure what will be good short term.
  • konceptjoneskonceptjones Old School Playa Guests, Members, Writer, Content Producer Posts: 13,139 ✭✭✭✭✭
    Ok, I transferred a lil bit of btc to my Polinex account to test the waters out. The one cool thing about this over something like penny stocks or any other markets is that it's open and trading 7 days a week 24hrs a day as opposed to stock, currency, or commodities markets.
  • konceptjoneskonceptjones Old School Playa Guests, Members, Writer, Content Producer Posts: 13,139 ✭✭✭✭✭
    edited June 2017
    what do you think about Siacoin? Been reading on it and if I make it over to my storage unit I may pull my desktop out to start mining it.

    I just picked up Siacoin, Golem, and Dogecoin to see what I can make happen.
  • LUClENLUClEN Absence makes the heart grow fonder of someone else Members Posts: 20,559 ✭✭✭✭✭
    If you can mine I strongly suggest doing it. Find a coin that trades at a decent value and will have a decent return on your mining time-investment. You will make so much more money.

    I think it's a bad time to buy Doge. It recently experienced big spikes in price following some new developments in the technology.

    Siacoin has seen good growth, I think you're good long term, as long as Bitcoin doesn't 🤬 the bed again like it did last week (went from 2800 to 1800).
  • konceptjoneskonceptjones Old School Playa Guests, Members, Writer, Content Producer Posts: 13,139 ✭✭✭✭✭
    edited June 2017
    Doge looks like dropped off a few points over the last week or so. I figured catch some now then see if it goes back up. If it doesn't short term then I'll just let it ride out until it gets better then unload it.
  • FosheezyFosheezy AKA Flying Wonders the Diamond Mind Members Posts: 3,204 ✭✭✭✭✭
    edited June 2017
    I think I'm up for learning and playing a bit with this. Have no idea where to start though as I only heard bits about Bitcoin. Never imagined there was any earning potential worthy of the effort.

    @LUClEN , how much USD does it take to start using this? How much USD you started with?
  • mc317mc317 Chief Of Goddamn Station Dark Side of The MoonMembers Posts: 5,548 ✭✭✭✭✭
    I 🤬 with coinbase.com
  • LUClENLUClEN Absence makes the heart grow fonder of someone else Members Posts: 20,559 ✭✭✭✭✭
    Fosheezy wrote: »
    I think I'm up for learning and playing a bit with this. Have no idea where to start though as I only heard bits about Bitcoin. Never imagined there was any earning potential worthy of the effort.

    @LUClEN , how much USD does it take to start using this? How much USD you started with?

    I started with thirty dollars
  • konceptjoneskonceptjones Old School Playa Guests, Members, Writer, Content Producer Posts: 13,139 ✭✭✭✭✭
    whooo...

    I 🤬 around and forgot about my 🤬 for a few days and looked today.

    I'm taking a real beating on Siacoin. I got in at 400 for .00000606 and it's sittin at .00000489 right now. I saw it hit 624 the day after I bought it and shoulda sold it off then.

    Dogecoin I copped 1000 at .00000129, it's at .00000116 as I type this. About an hour after I bought it it was at 135, I prolly shoulda sold it off then.

    DigiByte dropped as well, but since I only have 3 of 'em I can sit tight until it recovers.

    I ain't sellin 🤬 until I can at least break even.
  • Qiv_OwanQiv_Owan Members Posts: 4,125 ✭✭✭✭✭
    So how much do u need to buy one bitcoin?
  • konceptjoneskonceptjones Old School Playa Guests, Members, Writer, Content Producer Posts: 13,139 ✭✭✭✭✭
    Qiv_Owan wrote: »
    So how much do u need to buy one bitcoin?

    as of right now $2618.51
  • LUClENLUClEN Absence makes the heart grow fonder of someone else Members Posts: 20,559 ✭✭✭✭✭
    edited June 2017
    When Bitcoin prices drop the other coins drop as well. I haf 4400 yesterday and have 3800 today. I used to panic a lot at times like this but I learned that things work out if you're patient
  • illedoutilledout Members Posts: 8,194 ✭✭✭✭✭
  • konceptjoneskonceptjones Old School Playa Guests, Members, Writer, Content Producer Posts: 13,139 ✭✭✭✭✭
    LUClEN wrote: »
    When Bitcoin prices drop the other coins drop as well. I haf 4400 yesterday and have 3800 today. I used to panic a lot at times like this but I learned that things work out if you're patient

    so lemme guess, cats are basically trading coins like daytraders do stock where even the slightest movement up they're selling?
  • Qiv_OwanQiv_Owan Members Posts: 4,125 ✭✭✭✭✭
    Qiv_Owan wrote: »
    So how much do u need to buy one bitcoin?

    as of right now $2618.51

    More proof I need to get my life together
  • silverfoxxsilverfoxx Sion Guests, Members, Writer, Content Producer Posts: 11,704 ✭✭✭✭✭
    When I get a job I'll come back to this thread and start one. Too broke right now to even start up and maintain
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