Anyone have any forums to suggest to learn more about crypto trading?
Any Forum suggestions to learn about Crypto trading?
- Thread starter nortac
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I thought the general strategy was to always HODL your crypto assets and never sell, or maybe that is more of a meme. As you probably know a few bitcoin ETFs were recently approved after years of being blocked. Some in the financial media speculate that this will drive a new leg up in price since it will be much easier to buy and trade. That bitcoin should rise in price due to ETF buying seems to logically follow, however I agree more with Charlie Munger than Cathie Wood on Bitcoin (she recently raised her price target $1.5 Million USD/BTC by year 2030). I don't understand how BTC can work effectively as a currency and don't see how alternate cryptos can ever take the place of government issued currency.
As for trading crypto it should be similar to trading most other stocks and commodities, looking for chart patterns and such. I don't understand trading or how to beat the algos.
As for trading crypto it should be similar to trading most other stocks and commodities, looking for chart patterns and such. I don't understand trading or how to beat the algos.
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- #4
Cryptos took a terrible beating in 2018 but seemed to be poised for a major comeback. The crypto gurus think that the new ETFs will dump trillions of dollars into the market. That should cause rapid price increases in the near future, a chance to make significant earnings if you get in early on the right cryptos. Geopolitical uncertainty, the USD losing it's value and being abandoned by many countries as the world's dominant currency, the impending CBDC, the rise of AI and blockchain technology becoming the new infrastructure for Web 3 may result in opportunities to build a new nest egg. Plus, traditional stock investing seems to be poised for a major shake up if all these near future events play out as expected. Of course, crypto investing is HIGHLY speculative and as with any investing, one shouldn't risk anything that you are not willing to lose. I really hate the idea of a digital dollar and the loss of privacy it will entail. I have more than a bit of trepidation of AI and of many of the foreseen changes to come. But we can't turn back the clock or forestall these changes for very long. So I'm beginning to reluctantly come to the conclusion that "If you can't beat them, join them". I have lost confidence in the traditional stock market, particularly with the current forecast. I took what little I had invested out of stocks, but I also realize that holding cash is a losing proposition as well. It's a subject that deserves much prayer and study. To quote the Templar knight from "Indiana Jones"..."Choose wisely"!
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- #5
While I have not found a forum that is not directly associated with a commercial product (though I'm sure they exist), you can still learn a lot about crypto online. For instance, while looking at the "Ledger" digital wallet, there was significant learning resources on that web sight.
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- #6
I would think that once more countries convert from fiat currency to digital currency, the door would be wide open for crypto to play a much larger role in day to day finance. The question is , which ones? Blockchain technology will be the way we do all kinds of transactions in the future, not just the basis for crypto.
One thing that really caught my eye was that my church's online donation page included the option of donating crypto!
Maybe but Bitcoin doesn't appear to scale very well for day-to-day transactions though it does have mindshare when compared to the altcoins. So which altcoin will gain traction for daily commerce and how would it fare against any future/potential Central Bank issued digital currency?? My concern is that if crypto usage got so widespread that it started to crowd out the (digital) USD, EUR, JPY, CNY, ... I think those respective central banks/governments will crack down and start prohibiting it. Exactly how is unclear but the administration in power could pass laws taxing those transactions, penalizing businesses who transact in them, outright prohibit, etc. The protocols are open by nature so it would not be hard for the miners and blockchain validators to be targeted by the same big gov that its most ardent supporters are trying to protect themselves against.
Crypto might be an easy way to make a large capital gain as more people buy in, but is it truly sustainable in the longer term? I am not predicting it will fail, but there are many unknowns. Advances in computing power have made encryption and ecommerce possible from a small mobile device. Will that march forward effectively break the blockchain's security someday? Highly parallel machines, quantum computing, discovering cracks in the security protocols; any of which could disrupt the current outlook.
My issue with BTC or precious metals is that they do not generate any income. Stocks and real estate if chosen with some care rise in value to offset inflation and generate income while doing so. I think they are a better long-term investment for most folks. Though as you note, putting a small percentage into crypto might be a good way to boost returns even more.
I concur with your thoughts @StillShaving …..I have only (1) pair of brown dress shoes in my clothing portfolio for diversification purposes, (occasions), however I doubt Kroger or Tom Thumb will accept them as payment in the checkout line for groceries.
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- #9
While I am still learning about crypto, apparently some crypto can be "staked" and can earn the digital equivalent of dividends, paid in additional crypto, as an incentive to stay invested in that particular crypto.
"You better think twice, that's my only advice . . . ."
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- #11
It would certainly be a good idea to do your due diligence, as with any investing. Even those who are bullish on crypto caution that you shouldn't risk any more than you can afford to lose and to spread out your risk with small investments over several different crypto choices.
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- #12
So, since my original post I have dabbled a little bit in the crypto market. Small stakes in a half dozen or so altcoins and bitcoin. Not enough to hurt me if it all goes south, but enough to feel a bit anxious watching the volatility. So far I'm ahead slightly. Not likely to become the next cryto millionaire, but who knows. My email inbox gets flooded daily with offers and solicitations for services. Must resist FOMO!
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- #13
Any one else dabbling in crypto?
Stay away.
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- #15
Do you care to expand upon this, perhaps some useful input? I'm not just looking for pro-crypto comments, but your reasons for negativity might be instructive. Just trying to learn from others' experiences.
Never invest in something you don’t fully understand. Only a tiny minority of investors fully understand crypto. Everyone else should stay away.
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- #17
Fair enough, thanks for the useful input. So the intent of this thread is to learn and understand more. This is obviously something that is not for everyone, I'm not promoting investing in crypto. I admittedly don't fully understand crypto, but I'm not betting the farm on it either.
I have been tempted to write more previously, but have refrained. Refraining is probably the more judicious approach, while I have the right to remain silent, I do not seem to have the ability to. Given the information out there, I do not think that I have the ability to understand crypto, or more specifically to analysis the risks and benefits. I am not sure anyone really does, but if they do they probably have some sort of inside track or something similar anyway. Given that I doubt that investing in crypto I would be playing on a level playing field. I like my markets to be transparent.
I think to invest in crypto one sort of has to think that there are players in the market whose interests are aligned with mine, so even if I do not have control or knowledge, I can ride their coattails. I have no idea who these people might be or what their interests are aligned with mine.
Also, I think part of crypto is allow criminals and others to transfer funds in a non-traceable manner. To me that renders the whole enterprise suspect. Moreover, if you lie down with dogs, you get up with fleas.
I think to invest in crypto one sort of has to think that there are players in the market whose interests are aligned with mine, so even if I do not have control or knowledge, I can ride their coattails. I have no idea who these people might be or what their interests are aligned with mine.
Also, I think part of crypto is allow criminals and others to transfer funds in a non-traceable manner. To me that renders the whole enterprise suspect. Moreover, if you lie down with dogs, you get up with fleas.
I'm 100% sure that only those who 'invented' crypto trading fully understand it. For the rest of us, it's just disguised gambling. A more advanced slot machine. You think you understand it, until you don't. Bye bye 'investment'.
Furthermore, asking this on a shaving forum signals to me there's little to none objectiv and usable information available on the internet regarding this subject. Even if thera was some kind of forum, the members of it would all be in it for the win. In other words, the participants would likely try to outsmart eachother. It something very different from a shaving forum where we try to help eachother trying to get a good daily shave. There's no competition in that.
Just don't do crypto trading.
Furthermore, asking this on a shaving forum signals to me there's little to none objectiv and usable information available on the internet regarding this subject. Even if thera was some kind of forum, the members of it would all be in it for the win. In other words, the participants would likely try to outsmart eachother. It something very different from a shaving forum where we try to help eachother trying to get a good daily shave. There's no competition in that.
Just don't do crypto trading.
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- #20
Gentlemen, thanks for your input! I will admit that I haven't done a deep dive online for some of the reasons mentioned. I don't want the opinions of crypto geeks who are all in. To me, the fact that members of a shaving forum who are not all in and may or may not represent an unbiased viewpoint, is of benefit.
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