Bitcoin - a decentralised digital currency

2,256 posts in this topic

31 minutes ago, Weevil said:

You can tell the poster above doesn't actually own any bitcoin and is kicking himself that he didn't get in at the beginning. :lol:

It's an ecological and criminal disaster. And useless. Time to kill it.

I don't regret anything, I invested in Tesla instead of this shit. I made 2000% in some Tesla purchases.

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16 hours ago, MikeMelga said:

Finally came. China complete ban on Crypto's. Posession, trading and mining.

 

https://www.dw.com/en/china-central-bank-declares-all-cryptocurrency-transactions-illegal/a-59295079

I bet Europe will follow with a soft ban/curb within 2 years. Bitcoin will probably collapse before that.

 

 

China "finally" banned cryptos ... for the 7th time.  

 

China has "banend" cryptos in:

 

Dec 2013

Sep 2017

Feb 2018

Sep 2018

Nov 2019

May 2021

Sep 2021

 

This time is probably smokescreen because of Evergrande.

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Does someone mine crypto or has setup rigs to mine in at home? I am trying to explore in the area as I am pretty new and need some advice, if it is still worth to do looking at the rising electricity prices?

Also mining as a standalone user might not help and which pools are good to join.

 

 

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Hello all, can anyone recommend an account/exchange/wallet? I would want to trade, lend, stake crypto. Convert crypto<>euros and back. Access a wide array of cryptocurrencies. Cheap exchange fees. Would like an english interface. Needs to be allowed to be for German residence. Anything that will tick all these boxes? I have googled, but I either can't open an account from Germany, or else the reviews are poor? Anyone with a personal recommendation or experience?

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21 hours ago, ZA1234 said:

Hello all, can anyone recommend an account/exchange/wallet? I would want to trade, lend, stake crypto. Convert crypto<>euros and back. Access a wide array of cryptocurrencies. Cheap exchange fees. Would like an english interface. Needs to be allowed to be for German residence. Anything that will tick all these boxes? I have googled, but I either can't open an account from Germany, or else the reviews are poor? Anyone with a personal recommendation or experience?

 

Binance and Kraken are OK.  But since you included the part in bold I have the feeling you do not understand cryptos well enough to do all you plan (trade, lend, stake, etc).  Make sure you understand how gas works otherwise you are in for nasty surprises.

 

Short version: They all have "cheap exchange fees", maybe around 1 EUR for most things, but that not all the commision you will pay.  Gas is at the moment very expensive, and extremely expensive if you use any EHT based network.

 

If I am wrong I apologize.

 

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On 06/11/2021, 13:43:28, ZA1234 said:

Hello all, can anyone recommend an account/exchange/wallet? I would want to trade, lend, stake crypto. Convert crypto<>euros and back. Access a wide array of cryptocurrencies. Cheap exchange fees. Would like an english interface. Needs to be allowed to be for German residence. Anything that will tick all these boxes? I have googled, but I either can't open an account from Germany, or else the reviews are poor? Anyone with a personal recommendation or experience?

 

Coinbase is an option

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8 hours ago, Krieg said:

I have the feeling you do not understand cryptos well enough to do all you plan (trade, lend, stake, etc)

No, I know nothing about cryptos! So will gratefully accept all advice I can get. I need a good starting point!

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11 hours ago, ZA1234 said:

No, I know nothing about cryptos!

Yet that is the market in which you want to trade? What skill set will you be bringing that will make your investments succeed, rather than lining the pockets of more knowledgeable traders?

Rather than looking to open an account and trade yourself, I would suggest two better alternatives could be 1) learn about crypto currencies and/or 2) look for a crypto currency ETF managed by someone who already knows about them.

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1 hour ago, dstanners said:

What skill set will you be bringing that will make your investments succeed, rather than lining the pockets of more knowledgeable traders?


I know stocks. And understand risk management. So will start very small. My broker offers ETPs on a few cryptocurrencies but the management fees on those are 1.49-2.5%pa. Also, when I sell, I am stuck paying 25% Abgeltungssteuer, and my Freibetrag goes in the same pool as for my stocks. 

 

Sat on the crypto sideline (and still sitting), because my lithium miners are giving me good enough returns at the mo. BTC to 100K, getting in late as I will be, its less than 100% return. Maybe more upside potential with other tokens. I want to generate income in crypto, not just "buy crypto".

 

 So I do appreciate people's advice who have been in the game longer.

 

Thanks @dstanners, @Krieg and @RajeshG for taking the time!

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You can't really compare stocks with cryptos, it is another world.  For example, right now we are again in an all times high situation, so it is not the best time to buy, but if you want to start you have to start anyway.  So do not cry if things go down in one, two or three months and you lose 30% of 40% of your investment.   Newbies do most times the opposite you have to do because they can't handle the stress, they buy when things are up because of FOMO (Fear Of Missing Out) when they see everyone profiting like no ones business.  And then when things collapse they sell because they are scared of losing everything.

 

I suggest you buy some "low risk" cryptos, like BTC, ETH, LTC, etc, but choose only two.  And maybe another one with higher chances of profits but higher risk, for example, some ADA and stake it.

 

Then hold everything (called HODL).   And invest lots of time understanding how the commissions work, watch some YouTube videos about "gas" until you really understand it.   Then do some test transactions and confirm you understood what you were doing.  Key point:  the $1 Exchange's commission is not everything you will pay, most of the costs is the gas which goes to the network itself, to pay the miners or stakers for doing your transaction.

 

If you plan to trade a lot you really need to understand the costs, otherwise you will be losing money in commissions and not making any profit.   Been a crypto day trader is much more complicated than day trading stocks.

 

The basic rule of crypto investing is NEVER invest money you can't afford to lose.   Keep the money you need to live in a low risk investment, like stocks and TEFs.

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On 11/6/2021, 1:43:28, ZA1234 said:

Hello all, can anyone recommend an account/exchange/wallet? I would want to trade, lend, stake crypto. Convert crypto<>euros and back. Access a wide array of cryptocurrencies. Cheap exchange fees. Would like an english interface. Needs to be allowed to be for German residence. Anything that will tick all these boxes? I have googled, but I either can't open an account from Germany, or else the reviews are poor? Anyone with a personal recommendation or experience?

Bitstamp is decent for EUR trading of BTC. No idea about others.

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On 8/11/2021, 11:45:19, Krieg said:

The basic rule of crypto investing is NEVER invest money you can't afford to lose.

 

Hmm, also the first rule of gambling 🤔 

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13 hours ago, arsenal21 said:

 

Hmm, also the first rule of gambling 🤔 

 

Almost all crypto *is* gambling.

 

Only Bitcoin is not.

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Had a talk today with a person who is "investing" in a Play-to-Earn game based on a crypto & NFTs. She expects to make lots of money.

 

I tried to understand the logic behind it, but it just seems like a pyramid scheme, where new players put in money to have the opportunity to make more later...

Anybody knows how these things work?

This person is quite naive, doesn't have much money and I suspect she can lose a lot.

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NTF is a technology to allow proof and transfer of ownership of non tangibles / non fungibles by using the blockchain.    For example I take my Selfie and sell it to you, using the blockchain technology now you are the owner of my Selfie and you could later on sell it to someone else.   There is nothing strange with the concept or the implementation, it is actually a very good thing because it allows digital artists to sell their art, among plenty of other things.   The problem is because people are weird they of course used it to speculate and buy an sell fungibles for prices that are really crazy and makes no sense.

 

Now about the use of NFT in gaming, there have been tons of real money moved in plenty of different types of games.  For example, in CSGO there are collectables that go for crazy prices, you have to sell them on Steam if you want to be super safe or you could use third party websites to pay less commission but there is risk involved.   There are other games in which you grind and grind (imagine grind is like working doing something) and because of that you get something that you can sell for real money.   NFTs open the door to have a more secure and cheaper way to do all those transactions.   Of course, with the boom of NFTs there are plenty of people speculating there as well, because at the end their in game economies work like the normal (real) economy.

 

Mike always has a problem because he thinks e-work, e-art, e-services, etc has no value and he sees no real tangible thing been produced.   But at the end is it just the same as the normal economy trading real tangible items.   It is strange people still think like this.   But I can understand the discomfort and little trust when most things you see about NFTs is the crazy stuff repeated by the media (i.e. Kid sells his selfies for two million dollars, guy buys an animated GIF for one million dollars, etc).

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It is also not normal economy to me. I have read a lot about it and Bitcoin, etc. but just can't wrap my frail brain around it. 

 

I have lived without these things for many years and will continue to do so. My regular investments are a big enough gamble for me and they have paid off. Don't want to push my luck nor do I have extra money lying about with which to gamble.

 

:D

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You mean the gaming economy that existed for years is not a real economy?  Of course it is, it buys and sells e-commodities and e-servives for in-game and/or real money.  NFTs only bring a technology to facilitate the transactions.  It is basically eliminating the middle man, that's all.

 

It is so real that in-game economies are being studied by economists to understand or to test things that you can't test in the "real" economy.

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