Cryptocurrency - Bitcoin Continues to Soar!

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JonnyDVM
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by JonnyDVM »

Cardano shooting up. The key for crypto investing is to see which one is popping up in crypto chatter as overhyped and actually a bad investment and then buy that one :happy
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watchnerd
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

JonnyDVM wrote: Sat May 15, 2021 11:46 am Cardano shooting up. The key for crypto investing is to see which one is popping up in crypto chatter as overhyped and actually a bad investment and then buy that one :happy
"The trend is your friend"

As some say.

My Cardano entry points were $1.67 - $1.74, 5 days ago.

So that's about 34% ROI in 5 days.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Aaand...it'sgone »

watchnerd wrote: Sat May 15, 2021 11:32 am
Aaand...it'sgone wrote: Sat May 15, 2021 11:05 am I'm sure this has been asked elsewhere, but there are just so many crypto threads to sift through:

What is the easiest way to make your own little crypto ETF? Is there an app somewhere that can help you design your own cap weighted fund? Say with the top 20 coins? Or do something ridiculous like design an equal weighted fund and try to get lucky on alt coin growth?

I'm probably otherthinking, considering my modest little crypto portfolio... But it's a fun distraction.
You can look at https://coinmarketcap.com/

Here's what I do:

1. Allocate to BTC and ETH completely by market weight in my Roth using GBTC and ETHE. There is also a "Grayscale discount", which may be permanent or may turn into a big bonus if the Trusts ever transition to being true ETFs.

2. Allocate the remaining funds to the alt coins I can get on my exchange, excluding stable coins, which happens to be Coinbase.

3. You can't easily make a Total Crypto Market fund so you have to decide how you're going to deal with the long tail of the alt space. You can set a minimum market cap or limit the number of alt coins you hold. I found that once I got to 16+ alt coins, the slices get really small if you're cap weighting, like 0.25% of the portfolio. So there are diminishing returns to moving down the long tail when it comes to how much each extra addition will improve tracking of the total market.

4. Figure out how you're going to deal with the fact that the mark-to-market weighting of the alt coins can change rapidly in a short amount of time. DOGE wasn't even in the running months ago and now it's in the Top 5. If you didn't previously hold it, it's a new big entrant that probably wasn't in your DIY index. But if you end up frequently selling to rebalance the index, the STCG taxes will crush your profits. So you need to figure out your point of view on tracking error and how to deal with it.
Thanks - this is helpful. I hadn't considered grayscale as a way to hold crypto in my Roth. I'm also using Coinbase, so that does limit which alts I have access to.

I might just do something like:

1. Limit to top 10 alt coins.
2. I made a little spreadsheet to calculate % of the total market cap for those alts. (just manually updating the market caps for now).
3. Use those percentages to determine how much of each coin to buy (I buy a little bit every month, as part of my 'fun money' allocation).
4. Probably just hold instead of rebalancing. Or, maybe set a rule for rebalancing (like, if something goes xxx%, consider taking profits).

Ultimately, my alt coin allocation is small compared to the rest of my portfolio - so it's probably not worth going nuts trying to rebalance it after every tweet. I know that it's pretty risky to keep buying and holding during what could well be the top of alt season. But, maybe this will help me be more prepared in case we get another alt season in 4 years.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by WVbaron »

watchnerd wrote: Sat May 15, 2021 12:04 pm
JonnyDVM wrote: Sat May 15, 2021 11:46 am Cardano shooting up. The key for crypto investing is to see which one is popping up in crypto chatter as overhyped and actually a bad investment and then buy that one :happy
"The trend is your friend"

As some say.

My Cardano entry points were $1.67 - $1.74, 5 days ago.

So that's about 34% ROI in 5 days.
I bought ADA Cardano back in Jan with some fun money and now +810%....will be interesting to see how this one goes :)
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by decapod10 »

Aaand...it'sgone wrote: Sat May 15, 2021 1:22 pm
watchnerd wrote: Sat May 15, 2021 11:32 am
Aaand...it'sgone wrote: Sat May 15, 2021 11:05 am I'm sure this has been asked elsewhere, but there are just so many crypto threads to sift through:

What is the easiest way to make your own little crypto ETF? Is there an app somewhere that can help you design your own cap weighted fund? Say with the top 20 coins? Or do something ridiculous like design an equal weighted fund and try to get lucky on alt coin growth?

I'm probably otherthinking, considering my modest little crypto portfolio... But it's a fun distraction.
You can look at https://coinmarketcap.com/

Here's what I do:

1. Allocate to BTC and ETH completely by market weight in my Roth using GBTC and ETHE. There is also a "Grayscale discount", which may be permanent or may turn into a big bonus if the Trusts ever transition to being true ETFs.

2. Allocate the remaining funds to the alt coins I can get on my exchange, excluding stable coins, which happens to be Coinbase.

3. You can't easily make a Total Crypto Market fund so you have to decide how you're going to deal with the long tail of the alt space. You can set a minimum market cap or limit the number of alt coins you hold. I found that once I got to 16+ alt coins, the slices get really small if you're cap weighting, like 0.25% of the portfolio. So there are diminishing returns to moving down the long tail when it comes to how much each extra addition will improve tracking of the total market.

4. Figure out how you're going to deal with the fact that the mark-to-market weighting of the alt coins can change rapidly in a short amount of time. DOGE wasn't even in the running months ago and now it's in the Top 5. If you didn't previously hold it, it's a new big entrant that probably wasn't in your DIY index. But if you end up frequently selling to rebalance the index, the STCG taxes will crush your profits. So you need to figure out your point of view on tracking error and how to deal with it.
Thanks - this is helpful. I hadn't considered grayscale as a way to hold crypto in my Roth. I'm also using Coinbase, so that does limit which alts I have access to.

I might just do something like:

1. Limit to top 10 alt coins.
2. I made a little spreadsheet to calculate % of the total market cap for those alts. (just manually updating the market caps for now).
3. Use those percentages to determine how much of each coin to buy (I buy a little bit every month, as part of my 'fun money' allocation).
4. Probably just hold instead of rebalancing. Or, maybe set a rule for rebalancing (like, if something goes xxx%, consider taking profits).

Ultimately, my alt coin allocation is small compared to the rest of my portfolio - so it's probably not worth going nuts trying to rebalance it after every tweet. I know that it's pretty risky to keep buying and holding during what could well be the top of alt season. But, maybe this will help me be more prepared in case we get another alt season in 4 years.
I don't know the details of how this works ,but my understanding is that you can create a IRA LLC if you want to hold actual crypto in an IRA. No idea about the risks/benefits of this approach though.

I agree rebalancing is tricky due to the volatility. The taxes will be terrible unless you can do the IRA thing. I suppose you could do every 3 to 6 months, something like that. Or set really huge rebalancing bands like 200% or something.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

decapod10 wrote: Sat May 15, 2021 1:33 pm
I agree rebalancing is tricky due to the volatility. The taxes will be terrible unless you can do the IRA thing. I suppose you could do every 3 to 6 months, something like that. Or set really huge rebalancing bands like 200% or something.
I'm planning on 'no sale' quarterly rebalancing only via new quarterly contributions.

I'm not monthly or weekly DCAing into crypto.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

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WVbaron wrote: Sat May 15, 2021 1:27 pm
watchnerd wrote: Sat May 15, 2021 12:04 pm
JonnyDVM wrote: Sat May 15, 2021 11:46 am Cardano shooting up. The key for crypto investing is to see which one is popping up in crypto chatter as overhyped and actually a bad investment and then buy that one :happy
"The trend is your friend"

As some say.

My Cardano entry points were $1.67 - $1.74, 5 days ago.

So that's about 34% ROI in 5 days.
I bought ADA Cardano back in Jan with some fun money and now +810%....will be interesting to see how this one goes :)
It’s going to the moon and we’re going to be fabulously rich. That’s how it’s going to go. 🚀 🚀 🚀
I’d trade it all for a little more | -C Montgomery Burns
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by decapod10 »

JonnyDVM wrote: Sat May 15, 2021 2:08 pm
WVbaron wrote: Sat May 15, 2021 1:27 pm
watchnerd wrote: Sat May 15, 2021 12:04 pm
JonnyDVM wrote: Sat May 15, 2021 11:46 am Cardano shooting up. The key for crypto investing is to see which one is popping up in crypto chatter as overhyped and actually a bad investment and then buy that one :happy
"The trend is your friend"

As some say.

My Cardano entry points were $1.67 - $1.74, 5 days ago.

So that's about 34% ROI in 5 days.
I bought ADA Cardano back in Jan with some fun money and now +810%....will be interesting to see how this one goes :)
It’s going to the moon and we’re going to be fabulously rich. That’s how it’s going to go. 🚀 🚀 🚀
Good luck! Lol.

In hindsight, I don't know why I didn't put some funny money into MATIC. I've actually personally used it, and it's a pretty common persepctive that L2 will be necessary for Ethereum to scale. It's up like 16x over the past 3 months, lol
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

JonnyDVM wrote: Sat May 15, 2021 2:08 pm

It’s going to the moon and we’re going to be fabulously rich. That’s how it’s going to go. 🚀 🚀 🚀
Just how many ADA shares are you buying?

100,000+?
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by JonnyDVM »

watchnerd wrote: Sat May 15, 2021 2:49 pm
JonnyDVM wrote: Sat May 15, 2021 2:08 pm

It’s going to the moon and we’re going to be fabulously rich. That’s how it’s going to go. 🚀 🚀 🚀
Just how many ADA shares are you buying?

100,000+?
Idk, couple thousand? That’s all it’ll take to get filthy rich when it moons. However, If you’re interested I propose the two of us buy up ALL of the float so we can inflate the price and then abruptly sell out. Which is totally acceptable practice in the crypto world.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by JonnyDVM »

decapod10 wrote: Sat May 15, 2021 2:37 pm
JonnyDVM wrote: Sat May 15, 2021 2:08 pm
WVbaron wrote: Sat May 15, 2021 1:27 pm
watchnerd wrote: Sat May 15, 2021 12:04 pm
JonnyDVM wrote: Sat May 15, 2021 11:46 am Cardano shooting up. The key for crypto investing is to see which one is popping up in crypto chatter as overhyped and actually a bad investment and then buy that one :happy
"The trend is your friend"

As some say.

My Cardano entry points were $1.67 - $1.74, 5 days ago.

So that's about 34% ROI in 5 days.
I bought ADA Cardano back in Jan with some fun money and now +810%....will be interesting to see how this one goes :)
It’s going to the moon and we’re going to be fabulously rich. That’s how it’s going to go. 🚀 🚀 🚀
Good luck! Lol.

In hindsight, I don't know why I didn't put some funny money into MATIC. I've actually personally used it, and it's a pretty common persepctive that L2 will be necessary for Ethereum to scale. It's up like 16x over the past 3 months, lol
Because your common sense told you to do the opposite. And when it comes to crypto you need to fade your common sense if you want to make money.
I’d trade it all for a little more | -C Montgomery Burns
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by decapod10 »

JonnyDVM wrote: Sat May 15, 2021 5:19 pm
decapod10 wrote: Sat May 15, 2021 2:37 pm
JonnyDVM wrote: Sat May 15, 2021 2:08 pm
WVbaron wrote: Sat May 15, 2021 1:27 pm
watchnerd wrote: Sat May 15, 2021 12:04 pm

"The trend is your friend"

As some say.

My Cardano entry points were $1.67 - $1.74, 5 days ago.

So that's about 34% ROI in 5 days.
I bought ADA Cardano back in Jan with some fun money and now +810%....will be interesting to see how this one goes :)
It’s going to the moon and we’re going to be fabulously rich. That’s how it’s going to go. 🚀 🚀 🚀
Good luck! Lol.

In hindsight, I don't know why I didn't put some funny money into MATIC. I've actually personally used it, and it's a pretty common persepctive that L2 will be necessary for Ethereum to scale. It's up like 16x over the past 3 months, lol
Because your common sense told you to do the opposite. And when it comes to crypto you need to fade your common sense if you want to make money.
It's like that episode of Seinfeld where George Costanza does exactly the opposite of what he thinks he should do, and everything turns out amazing
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

JonnyDVM wrote: Sat May 15, 2021 5:14 pm
watchnerd wrote: Sat May 15, 2021 2:49 pm
JonnyDVM wrote: Sat May 15, 2021 2:08 pm

It’s going to the moon and we’re going to be fabulously rich. That’s how it’s going to go. 🚀 🚀 🚀
Just how many ADA shares are you buying?

100,000+?
Idk, couple thousand? That’s all it’ll take to get filthy rich when it moons. However, If you’re interested I propose the two of us buy up ALL of the float so we can inflate the price and then abruptly sell out. Which is totally acceptable practice in the crypto world.
I mean, I already have about 3,000 shares.

If it moons to $20, that's not making me filthy rich.

And I think $20 would be bat crap crazy, as that would give it a market cap 80% of BTC.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by JonnyDVM »

watchnerd wrote: Sat May 15, 2021 5:22 pm
JonnyDVM wrote: Sat May 15, 2021 5:14 pm
watchnerd wrote: Sat May 15, 2021 2:49 pm
JonnyDVM wrote: Sat May 15, 2021 2:08 pm

It’s going to the moon and we’re going to be fabulously rich. That’s how it’s going to go. 🚀 🚀 🚀
Just how many ADA shares are you buying?

100,000+?
Idk, couple thousand? That’s all it’ll take to get filthy rich when it moons. However, If you’re interested I propose the two of us buy up ALL of the float so we can inflate the price and then abruptly sell out. Which is totally acceptable practice in the crypto world.
I mean, I already have about 3,000 shares.

If it moons to $20, that's not making me filthy rich.

And I think $20 would be bat crap crazy, as that would give it a market cap 80% of BTC.
That’s what people said about Shiba Coin and yet, millionaires were made. So add a couple zeros onto your predictions.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

JonnyDVM wrote: Sat May 15, 2021 5:41 pm

That’s what people said about Shiba Coin and yet, millionaires were made. So add a couple zeros onto your predictions.
$200 Cardano?

That would be a $7T market cap.

You're high, LOL.

If you want to be a Cardano millionaire, you better be buying 50,000+ shares.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by JonnyDVM »

watchnerd wrote: Sat May 15, 2021 5:48 pm
JonnyDVM wrote: Sat May 15, 2021 5:41 pm

That’s what people said about Shiba Coin and yet, millionaires were made. So add a couple zeros onto your predictions.
$200 Cardano?

That would be a $7T market cap.

You're high, LOL.

If you want to be a Cardano millionaire, you better be buying 50,000+ shares.
Imagine a world where every financial transaction involves Cardano. Now imagine a world where a lot of other people can imagine that world driving it to irrational valuations. That’s the world our million is coming from.
I’d trade it all for a little more | -C Montgomery Burns
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Gadget »

I gambled on Harmony One at 10 cents after Elon tweeted about energy efficiency. It did nothing while Cardano was mooning. Now it's doing pretty well though.

I still think ETH and BTC are better buys long term. But Harmony One at least has working sharding and smart contracts. Super energy efficient. It's got transaction costs less than a penny and 2 second transaction times. And DeFi platforms. Granted, it has approximately 0 users. And the Harmony One founder doesn't have much of a presence when speaking, and can't even afford a decent mic in videos.

But I'm also biased because I don't like Cardano's founder. And I sold all my Cardano at around $1.30...
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Re: Cryptocurrency - Bitcoin Continues to Soar!

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JonnyDVM wrote: Sat May 15, 2021 6:15 pm

Imagine a world where every financial transaction involves Cardano. Now imagine a world where a lot of other people can imagine that world driving it to irrational valuations. That’s the world our million is coming from.
That will never happen.

There will be multiple players.
Last edited by watchnerd on Sat May 15, 2021 6:18 pm, edited 1 time in total.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

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JonnyDVM wrote: Sat May 15, 2021 5:14 pm Idk, couple thousand? That’s all it’ll take to get filthy rich when it moons. However, If you’re interested I propose the two of us buy up ALL of the float so we can inflate the price and then abruptly sell out. Which is totally acceptable practice in the crypto world.
Weren't you completely against crypto not long ago? And would never buy it compared to stocks? Have we turned you, or do you just like to gamble?
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Re: Cryptocurrency - Bitcoin Continues to Soar!

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Gadget wrote: Sat May 15, 2021 6:16 pm But I'm also biased because I don't like Cardano's founder. And I sold all my Cardano at around $1.30...
I've heard he's a prickly bastard, but I've never seen him interviewed.

In any case, sold my MATIC after a nice little pop from purchase price, ADA is now at a hair over 4500 shares.

If it hits $5-6 by May, 2022, I'm good.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

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Gadget wrote: Sat May 15, 2021 6:18 pm
JonnyDVM wrote: Sat May 15, 2021 5:14 pm Idk, couple thousand? That’s all it’ll take to get filthy rich when it moons. However, If you’re interested I propose the two of us buy up ALL of the float so we can inflate the price and then abruptly sell out. Which is totally acceptable practice in the crypto world.
Weren't you completely against crypto not long ago? And would never buy it compared to stocks? Have we turned you, or do you just like to gamble?
Realistically, I just like to gamble. I’ll let you know when you turn me. It won’t be hard. I’ll have dead eyes and be chanting “one of us, one of us”

I’m trying to hit a moonshot. This space feels like a better place to do that than the equity universe.
Last edited by JonnyDVM on Sat May 15, 2021 6:26 pm, edited 1 time in total.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by JonnyDVM »

watchnerd wrote: Sat May 15, 2021 6:17 pm
JonnyDVM wrote: Sat May 15, 2021 6:15 pm

Imagine a world where every financial transaction involves Cardano. Now imagine a world where a lot of other people can imagine that world driving it to irrational valuations. That’s the world our million is coming from.
That will never happen.

There will be multiple players.
STOP BEING LOGICAL. Market cap doesn’t matter. Practical use doesn’t matter. Valuations don’t matter. What is so hard about this?
I’d trade it all for a little more | -C Montgomery Burns
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Re: Cryptocurrency - Bitcoin Continues to Soar!

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JonnyDVM wrote: Sat May 15, 2021 6:22 pm

STOP BEING LOGICAL. Market cap doesn’t matter. Practical use doesn’t matter. Valuations don’t matter. What is so hard about this?
:P

Really, you should just go all in on DOGE.

That's the LOLZ nothing matters play -- and might outperform anything logical.

:sharebeer
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

Phew ETH is having a bad day! I can’t even tell why. But timing wise this is working out to be a great buying opportunity for me! Unless I’m catching a falling knife :)
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Pinotage »

Kookaburra wrote: Wed May 12, 2021 6:49 pm
HomerJ wrote: Wed May 12, 2021 3:29 pm
TheBeanCounter wrote: Wed May 12, 2021 3:27 pm
HomerJ wrote: Wed May 12, 2021 2:10 pm
txhill wrote: Wed May 12, 2021 11:40 am

That's true... wild times.
You guys know WHY those laws were passed in 1933/1934, right?

Because wild west and investing lead to Great Depression, and mass bankruptcy, and 25% unemployment, and food lines.

Maybe we should get some regulations in BEFORE there are any global crashes, eh?
The stock market crash, itself, did not lead to 25% unemployment. The Smoot Hawley Tariff would like to have a word with you.
True enough. And it's fun to say! "The Smoot-Hawley Tariff!"
“Did it work? Anyone, anyone? It did not work, and the United States sank further into the Great Depression.”
Outstanding reference. Well done.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

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txhill wrote: Sat May 15, 2021 6:32 pm Phew ETH is having a bad day! I can’t even tell why. But timing wise this is working out to be a great buying opportunity for me! Unless I’m catching a falling knife :)
Probably just BTC pulling the market down; wonder when it will end. I hate to admit I was buying above 60k and can't seem to buy any under 50k!
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

txhill wrote: Sat May 15, 2021 6:32 pm I can’t even tell why.
Not green enough anymore.

Or at least not until PoS finally happens.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

blueberrypi wrote: Sat May 15, 2021 6:49 pm
txhill wrote: Sat May 15, 2021 6:32 pm Phew ETH is having a bad day! I can’t even tell why. But timing wise this is working out to be a great buying opportunity for me! Unless I’m catching a falling knife :)
Probably just BTC pulling the market down; wonder when it will end. I hate to admit I was buying above 60k and can't seem to buy any under 50k!
Maybe! Could be just alt season in full swing, signaling an imminent end to the bull market. Or not :)
watchnerd wrote: Sat May 15, 2021 6:56 pm
Not green enough anymore.

Or at least not until PoS finally happens.
Possible that was a trigger for end of the bull market although hard to say. Kind of a delayed reaction to the tweet though if that was the cause.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

txhill wrote: Sat May 15, 2021 7:06 pm

Possible that was a trigger for end of the bull market although hard to say. Kind of a delayed reaction to the tweet though if that was the cause.
Seems like just usual volatility to me, but maybe I'm wrong.

I expect the bull market to end when everything goes "risk off" and the Fed tapers / raises rates.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

watchnerd wrote: Sat May 15, 2021 7:10 pm
txhill wrote: Sat May 15, 2021 7:06 pm

Possible that was a trigger for end of the bull market although hard to say. Kind of a delayed reaction to the tweet though if that was the cause.
Seems like just usual volatility to me, but maybe I'm wrong.

I expect the bull market to end when everything goes "risk off" and the Fed tapers / raises rates.
Yeah probably just usual volatility. Or I hope so! Picking up ETH today at sub 3700 feels pretty good.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

txhill wrote: Sat May 15, 2021 7:06 pm

Maybe! Could be just alt season in full swing, signaling an imminent end to the bull market. Or not :)
The whole "Bitcoin Dominance" / Alt Season phenomenon makes sense if all you have is a market that is permanently dominated by a narrative driven by BTC.

I'm not sure we're in that world anymore.

DOGE could creep up to $1 and double its market cap from new entrants coming in via Coinbase or more Robinhooders without stealing wallet share from BTC.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

watchnerd wrote: Sat May 15, 2021 7:15 pm
txhill wrote: Sat May 15, 2021 7:06 pm

Maybe! Could be just alt season in full swing, signaling an imminent end to the bull market. Or not :)
The whole "Bitcoin Dominance" / Alt Season phenomenon makes sense if all you have is a market that is permanently dominated by a narrative driven by BTC.

I'm not sure we're in that world anymore.

DOGE could creep up to $1 and double its market cap from new entrants coming in via Coinbase or more Robinhooders without stealing wallet share from BTC.
Yeah I can’t tell if we are done with BTC driven cycles. But I suspect not quite — even just judging from comments here I think most folks still equate every crypto with BTC.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

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I decided to rebalance and buy some BTC on this dip. I bought some ETH last year around $400 along with a larger amount of BTC, and the ETH has long since outgrown the Bitcoin. Still feels like gambling. In a few years it could all be worthless, or it could buy my vacation home. Let it ride. Still won’t touch Doge though :P
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by decapod10 »

gonefishing01 wrote: Sat May 15, 2021 7:37 pm I decided to rebalance and buy some BTC on this dip. I bought some ETH last year around $400 along with a larger amount of BTC, and the ETH has long since outgrown the Bitcoin. Still feels like gambling. In a few years it could all be worthless, or it could buy my vacation home. Let it ride. Still won’t touch Doge though :P
Yeah, I'm in the same boat. I've got some ETH and some NFTs, going to let them ride until I can retire off of them or until they go to zero, lol

Seems like this is just normal fluctations though, anything change less than 20% or so doesn't even draw my interest anymore
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Re: Cryptocurrency - Bitcoin Continues to Soar!

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gonefishing01 wrote: Sat May 15, 2021 7:37 pm Still won’t touch Doge though :P
My IPS says I have to buy Doge when it comes to Coinbase.

I'm going to hate myself for it, though.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by JonnyDVM »

watchnerd wrote: Sat May 15, 2021 8:14 pm
gonefishing01 wrote: Sat May 15, 2021 7:37 pm Still won’t touch Doge though :P
My IPS says I have to buy Doge when it comes to Coinbase.

I'm going to hate myself for it, though.
Doge is what caused me to go crypto insane. I actually looked into buying it when it was a fraction of a cent and said to myself “wow, this is *%#%$&$ stupid. People are actually investing in this???” and then it mooned. And now I am officially a crazy person with crypto investments. Sure, whatever, I’ll buy it. Doesn’t matter how dumb.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by decapod10 »

"Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down."

-- Elon Musk

Wow, Elon just fixed crypto. Why didn't crypto devs consider dropping fees 100x before?

(A reminder that Elon doesn't know anything about crypto so take everything he says with a generous helping of salt)
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by runninginvestor »

decapod10 wrote: Sat May 15, 2021 8:46 pm "Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down."

-- Elon Musk

Wow, Elon just fixed crypto. Why didn't crypto devs consider dropping fees 100x before?

(A reminder that Elon doesn't know anything about crypto so take everything he says with a generous helping of salt)
Teslacoin must be coming (or an Elon/Tesla backed coin).
1. Give some legitimacy to the space (add to Tesla balance sheet, sell a bunch to show that you can transact large amounts)
2. Then, after you've stepped into the space and people look at you for your self-made legitimacy, "neg" the current offerings; their carbon footprint, high fees, slow speeds
3. Introduce a superior product that, as a self legitimized authority, handles these issues.* Tesla is a leader in solar and energy storage so they have actual footing to market from that front, can run off other successful ideas as collateral that you can improve the other bits.

* Elon is a good hype man, the product may or may not actually be far superior, but he operates in a space that often over promises and delivers just enough to keep going
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

decapod10 wrote: Sat May 15, 2021 8:46 pm "Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down."

-- Elon Musk

Wow, Elon just fixed crypto. Why didn't crypto devs consider dropping fees 100x before?

(A reminder that Elon doesn't know anything about crypto so take everything he says with a generous helping of salt)
He also said he's "working with Doge developers".

Of course, there really aren't any...
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by langlands »

watchnerd wrote: Sat May 15, 2021 8:14 pm
gonefishing01 wrote: Sat May 15, 2021 7:37 pm Still won’t touch Doge though :P
My IPS says I have to buy Doge when it comes to Coinbase.

I'm going to hate myself for it, though.
Serious question, why do even experienced investors on this forum seem to follow an IPS as if you can't violate it? I understand the idea of promoting an IPS for newish investors to instill good habits and to help prevent them from making behavioral mistakes (like selling everything in a downturn or hesitating to rebalance in a bull market). But presumably you already know all these things and can count on yourself to make good investment decisions. So why buy Doge when you know it's probably a bad investment decision?
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

langlands wrote: Sat May 15, 2021 9:27 pm
Serious question, why do even experienced investors on this forum seem to follow an IPS as if you can't violate it? I understand the idea of promoting an IPS for newish investors to instill good habits and to help prevent them from making behavioral mistakes (like selling everything in a downturn or hesitating to rebalance in a bull market). But presumably you already know all these things and can count on yourself to make good investment decisions. So why buy Doge when you know it's probably a bad investment decision?
Well, I was halfway joking.

But seriously:

1. I invest by market cap. It has a sizeable market cap.

2. I don't actually know it's a bad investment decision. Musk has a history of being able to sell and promote stuff that defies common sense. His fan base seems to buy anything he makes, regardless of cost. For all the 22 year olds that can't buy a Tesla yet, this gives them something to throw money at.

The fact that there was so little blowback from his fans after he called Doge a hustle tells me has a bunch of brainwashed idiot fans who will buy anything he throws at them.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by OohLaLa »

watchnerd wrote: Sat May 15, 2021 9:01 pm
decapod10 wrote: Sat May 15, 2021 8:46 pm "Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down."

-- Elon Musk

Wow, Elon just fixed crypto. Why didn't crypto devs consider dropping fees 100x before?

(A reminder that Elon doesn't know anything about crypto so take everything he says with a generous helping of salt)
He also said he's "working with Doge developers".

Of course, there really aren't any...
Nobody knows what he's talking about, exactly, but it's not true that there is no developers. Since DOGE came back from relative obscurity, there has been renewed activity:
https://github.com/dogecoin/dogecoin/releases

They are pretty active on Twitter:
https://twitter.com/dogecoin_devs?ref_s ... r%5Eauthor
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

OohLaLa wrote: Sat May 15, 2021 9:42 pm
watchnerd wrote: Sat May 15, 2021 9:01 pm
decapod10 wrote: Sat May 15, 2021 8:46 pm "Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down."

-- Elon Musk

Wow, Elon just fixed crypto. Why didn't crypto devs consider dropping fees 100x before?

(A reminder that Elon doesn't know anything about crypto so take everything he says with a generous helping of salt)
He also said he's "working with Doge developers".

Of course, there really aren't any...
Nobody knows what he's talking about, exactly, but it's not true that there is no developers. Since DOGE came back from relative obscurity, there has been renewed activity:
https://github.com/dogecoin/dogecoin/releases

They are pretty active on Twitter:
https://twitter.com/dogecoin_devs?ref_s ... r%5Eauthor
Well, I guess I better go on some exchange other than Coinbase and beat the rush, then.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

OohLaLa wrote: Sat May 15, 2021 9:42 pm
watchnerd wrote: Sat May 15, 2021 9:01 pm
decapod10 wrote: Sat May 15, 2021 8:46 pm "Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down."

-- Elon Musk

Wow, Elon just fixed crypto. Why didn't crypto devs consider dropping fees 100x before?

(A reminder that Elon doesn't know anything about crypto so take everything he says with a generous helping of salt)
He also said he's "working with Doge developers".

Of course, there really aren't any...
Nobody knows what he's talking about, exactly, but it's not true that there is no developers. Since DOGE came back from relative obscurity, there has been renewed activity:
https://github.com/dogecoin/dogecoin/releases

They are pretty active on Twitter:
https://twitter.com/dogecoin_devs?ref_s ... r%5Eauthor
This story, if true, is just another example of why one should never bet against Elon, even if he is manipulative and despicable in many ways. Apparently he had been in touch with Doge devs since 2019. Even if they haven’t had much to show for it so far, with Elon’s backing anything is possible. https://decrypt.co/70945/exclusive-dog ... since-2019
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

watchnerd wrote: Sat May 15, 2021 9:48 pm
OohLaLa wrote: Sat May 15, 2021 9:42 pm
watchnerd wrote: Sat May 15, 2021 9:01 pm
decapod10 wrote: Sat May 15, 2021 8:46 pm "Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down."

-- Elon Musk

Wow, Elon just fixed crypto. Why didn't crypto devs consider dropping fees 100x before?

(A reminder that Elon doesn't know anything about crypto so take everything he says with a generous helping of salt)
He also said he's "working with Doge developers".

Of course, there really aren't any...
Nobody knows what he's talking about, exactly, but it's not true that there is no developers. Since DOGE came back from relative obscurity, there has been renewed activity:
https://github.com/dogecoin/dogecoin/releases

They are pretty active on Twitter:
https://twitter.com/dogecoin_devs?ref_s ... r%5Eauthor
Well, I guess I better go on some exchange other than Coinbase and beat the rush, then.
I definitely still don’t recommend doge but it is available on Gemini Active Trader, which is a very nice interface. Kind of annoyingly low ACH limits though. Gemini Earn is also a reasonable place to park your crypto too.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

txhill wrote: Sat May 15, 2021 9:53 pm
I definitely still don’t recommend doge but it is available on Gemini Active Trader, which is a very nice interface. Kind of annoyingly low ACH limits though. Gemini Earn is also a reasonable place to park your crypto too.
Like how low?
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

watchnerd wrote: Sat May 15, 2021 9:56 pm
txhill wrote: Sat May 15, 2021 9:53 pm
I definitely still don’t recommend doge but it is available on Gemini Active Trader, which is a very nice interface. Kind of annoyingly low ACH limits though. Gemini Earn is also a reasonable place to park your crypto too.
Like how low?
$5k per day. Not terrible but sort of forces a DCA approach. You can wire funds over though if you’re really feeling the Doge mania :) I will say though that I would rather buy Doge than ADA— there is sort of a purity to Doge in a way…
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

txhill wrote: Sat May 15, 2021 9:58 pm

$5k per day. Not terrible but sort of forces a DCA approach. You can wire funds over though if you’re really feeling the Doge mania :) I will say though that I would rather buy Doge than ADA— there is sort of a purity to Doge in a way…
I think there is some logic in this framing:

DOGE = BTC hedge
ADA = ETH hedge

That is, if you think BTC still has any pretense to be 'money'.

If it's just "digital gold" to use as reserve asset and not use a medium of exchange, then maybe DOGE and BTC don't compete at all.

Although DOGE could probably kill off Litecoin.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

watchnerd wrote: Sat May 15, 2021 10:03 pm
txhill wrote: Sat May 15, 2021 9:58 pm

$5k per day. Not terrible but sort of forces a DCA approach. You can wire funds over though if you’re really feeling the Doge mania :) I will say though that I would rather buy Doge than ADA— there is sort of a purity to Doge in a way…
I think there is some logic in this framing:

DOGE = BTC hedge
ADA = ETH hedge

That is, if you think BTC still has any pretense to be 'money'.

If it's just "digital gold" to use as reserve asset and not use a medium of exchange, then maybe DOGE and BTC don't compete at all.

Although DOGE could probably kill off Litecoin.
Two weeks ago I felt pretty confident that I understood the narrative for each coin and would have agreed with your take. Now I feel like I have no clue at all! I think your index based approach is a smart way to play it. I wonder if an equal weight approach (maybe equal amounts of each of the top 15 coins or so) would be even better than market cap weighted given the volatility in the space. For me I just really see how ETH fills the space so I am just buying ETH for the time being, even if it can’t possibly grow as much as smaller cap coins.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

txhill wrote: Sat May 15, 2021 10:09 pm

Two weeks ago I felt pretty confident that I understood the narrative for each coin and would have agreed with your take. Now I feel like I have no clue at all! I think your index based approach is a smart way to play it. I wonder if an equal weight approach (maybe equal amounts of each of the top 15 coins or so) would be even better than market cap weighted given the volatility in the space. For me I just really see how ETH fills the space so I am just buying ETH for the time being, even if it can’t possibly grow as much as smaller cap coins.
24/7 trading does crazy things to alt coins.

AAVE has dropped all the way down to #27.
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