Bitcoin

[tsptalk]

That "fork" that Tsunami mentioned, which happens on Aug 1, is scaring some folks out, and maybe rightly so as there is a lot of profits to take.

But if you put things in perspective, I see Ethereum, currently $250, was under $100 when you first posted in this thread in early May, and bitcoin, currently $2450, was about $1500.

I actually bought a little more of each earlier today. Got Ethereum for $226 and bitcoin at $2389.... uke:

 

[tsptalk]

Bitcoin is tumbling - Business Insider.

It's a rough start to the week for bitcoin. The cryptocurrency trades down 10.11% on Monday, at $2,275 a coin, a one-week low.
The action seems to be a continuation of the selling that developed on Wednesday, when rival Ethereum flash-crashed from $296 to 10 cents before recovering its losses.

Like a bad penny, they keep coming back...

Bitcoin $2,556.22

Ethereum $315.36

 

[coolhand]

https://www.congress.gov/bill/115th-congress/senate-bill/1241/text

Be aware that crypto currencies are now being targeted (among other things) by certain Senators under the guise of combating money laundering, terrorist financing, and counterfeiting. In effect, this bill authorizes civil asset forfeiture (legal theft) by the Government of your assets, which could include crypto currencies if this bill passes. This bill was just introduced recently.


Civil Asset Forfeiture - Ruining Lives, While Failing To Stop Crime | Zero Hedge

 

[tsptalk]

OK, I did what I said I would not do, but I did some thinking. I'm owned a few bitcoin at an average price of $1157. I am watching this series of lower highs developing so today I sold all my "coins" near $2500. I understand the tax implications, but I am a trader at heart and I know the deal. So, I plan to do a little more trading with it.

If it can break the current downtrend I may bite the bullet and buy it at a higher price, but one thing I have noticed since I have owned it is that the folks who are in bitcoin tend to be unsophisticated market timers, and thus very predictable. I think that sets up some potential good trading opportunities - that and the wide swings it obviously has.

The biggest drawback is the large slippage I noticed (price you get vs. what you you see as a quote before you hit that button), plus the 1.49% fee that coinbase takes on the transaction. That makes it very difficult. If it was not for the 10% to 20% and higher swings, this would be a deal breaker.

 

[hotwings]

Grabbed some BTC Friday night under $2400 and used it to purchase some XRP. Picked up a few LTC last week for $36.23 and now it's over $46. Will pick up more if it ever gets back under $36. Dipped my toe in ETH too. Holding all three as small mid to long term investment. Who knows where this will go.... It's with money I can afford to lose and could stand to gain from as well :}

OK, I did what I said I would not do, but I did some thinking. I'm owned a few bitcoin at an average price of $1157. I am watching this series of lower highs developing so today I sold all my "coins" near $2500. I understand the tax implications, but I am a trader at heart and I know the deal. So, I plan to do a little more trading with it.

If it can break the current downtrend I may bite the bullet and buy it at a higher price, but one thing I have noticed since I have owned it is that the folks who are in bitcoin tend to be unsophisticated market timers, and thus very predictable. I think that sets up some potential good trading opportunities - that and the wide swings it obviously has.

The biggest drawback is the large slippage I noticed (price you get vs. what you you see as a quote before you hit that button), plus the 1.49% fee that coinbase takes on the transaction. That makes it very difficult. If it was not for the 10% to 20% and higher swings, this would be a deal breaker.

 

[tsptalk]

Grabbed some BTC Friday night under $2400 and used it to purchase some XRP. Picked up a few LTC last week for $36.23 and now it's over $46. Will pick up more if it ever gets back under $36. Dipped my toe in ETH too. Holding all three as small mid to long term investment. Who knows where this will go.... It's with money I can afford to lose and could stand to gain from as well :}

Yeah, that's the way to go. Throw something out there that you could expect to lose, with the moderate chance of a big payday down the road.

Despite that I like btc better, I did hold onto my ethereum, even though that one can be more volatile than BTC. It's just less money. I haven't added any litecoin yet but may if things pullback again (which means it won't ).

 

[clester]

I am just getting into blockchain and crypto currencies. I can see a big future for the blockchain tech. I want to invest is some companies via gofundme or other ico's they call them.anyone have any good ideas other than straight up buy currencies? I bought some etherium just to try and understand how it works. I know blockchain can be used in say transportation, medical, and many other industries

 

[tsptalk]

This thread has a few names for you. GBTC and GAHC are a couple.

 

[clester]

This thread has a few names for you. GBTC and GAHC are a couple.

I appreciate that. However, I'm not really interested in penny stocks (GAHC) or bitcoin tracking stocks. I would love to find some opportunities in new companies starting up in blockchain tech. for example, I saw one recently that was going to be involved in the legal marijuana business. Don't know how to invest in it though.

 

[clester]

I appreciate that. However, I'm not really interested in penny stocks (GAHC) or bitcoin tracking stocks. I would love to find some opportunities in new companies starting up in blockchain tech. for example, I saw one recently that was going to be involved in the legal marijuana business. Don't know how to invest in it though.

Eth is dropping like a rock!
But it went up like a rocket sooo....


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[tsptalk]

I'm getting ready to start rebuying some btc again. The timing of transactions at coinbase.com can be frustrating since I don't keep assets on the site (coins or cash) for security purposes, and you have to wait 3 - 5 business days for deposits to clear.

 

[Tsunami]

I'm getting ready to start rebuying some btc again. The timing of transactions at coinbase.com can be frustrating since I don't keep assets on the site (coins or cash) for security purposes, and you have to wait 3 - 5 business days for deposits to clear.

When I saw Ethereum down into the 180's last night I grabbed 5.0000 of them at $188. I also dislike that it takes almost a week for them to show up in your Coinbase account, but I don't plan to day trade them, more like swing trading. Ethereum has had a pattern of quadrupling, then falling ~50%, then quadrupling again, then falling ~50%... If nothing else it's fun to watch.

 

[tsptalk]

Anyone else using GDAX? It's Coinbase's exchange.

Much better than Coinbase as far as placing orders and getting good fills.

https://www.gdax.com/trade/BTC-USD

Bought back 2 btc in last couple days (had sold them all a while back), and several Ethereum. I am also going to put my btc onto a paper wallet before that Fork on Aug 1.

https://blockgeeks.com/guides/paper-wallet-guide/

 

[clester]

Anyone else using GDAX? It's Coinbase's exchange.

Much better than Coinbase as far as placing orders and getting good fills.

https://www.gdax.com/trade/BTC-USD

Bought back 2 btc in last couple days (had sold them all a while back), and several Ethereum. I am also going to put my btc onto a paper wallet before that Fork on Aug 1.

https://blockgeeks.com/guides/paper-wallet-guide/

Does it cost the same as coinbase? Or is it per trade?


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[tsptalk]

It's much better than using coinbase. Better prices, narrow spreads, and from what I can tell the fee is very low. I paid a $2.30 fee for 1 bitcoin. I'll have to look deeper because today's was my first purchase using it.

 

[tsptalk]

Bitcoin is tumbling today if anyone was waiting for a pullback. It's back under $2200. The June low was near $2050 so that looks like the next level of support.

 

[tsptalk]

Free falling.... went under $2000 briefly today.

 

[tsptalk]

After a low near $1735 on Sunday, bitcoin is back up to $2132. Insane movement.

 

[tsptalk]

I dumped everything (ETH and BTC) yesterday during the rebound, except for 1 BTC that is still in the waiting period (one more day), which is probably good since it kept going up after I sold, as did ETH and most cryptos. Unfortunately I got out near $2200 yesterday and you can see it's over $2300 again.

The moving averages have been holding as resistance of late so I wanted to "sell high" just in case it decides to rollover again. I assume this bounce is all the folks who panic sold over the weekend scurrying to get back in. Now we'll see how these handle the resistance. A move and a hold above the MA's and I'll have to bite the bullet and buy higher. Otherwise, I'm looking to buy any failure here if there's another leg down or a test of the lows.

 

[gegor1957]

I dumped everything (ETH and BTC) yesterday during the rebound, except for 1 BTC that is still in the waiting period (one more day), which is probably good since it kept going up after I sold, as did ETH and most cryptos. Unfortunately I got out near $2200 yesterday and you can see it's over $2300 again.

The moving averages have been holding as resistance of late so I wanted to "sell high" just in case it decides to rollover again. I assume this bounce is all the folks who panic sold over the weekend scurrying to get back in. Now we'll see how these handle the resistance. A move and a hold above the MA's and I'll have to bite the bullet and buy higher. Otherwise, I'm looking to buy any failure here if there's another leg down or a test of the lows.

Do you anticipate a continued downtrend going into the August 1st possible "fork" with re-buying after the issue is settled? Just curious on your opinion.