Crypto Currency Thread

[Behemoth]

CryptoSuperDave said:

trading view only integrates with poloniex exchange at the moment - why pay for something that doesnt fully function?
its a quick view that's useful. that's all

thanks for the links though!

Because there are far more useful functions and enormous depth to trading view than just the APIs to exchanges. I don't even use the Polo one. I make a handful of trades a year on a very limited set of currencies, but I guess if you're day trading a wide range of tokens then you'd want the APIs. For me, the free tools are the ones that don't fully function.

[CryptoSuperDave]

Behemoth said:

Because there are far more useful functions and enormous depth to trading view than just the APIs to exchanges. I don't even use the Polo one. I make a handful of trades a year on a very limited set of currencies, but I guess if you're day trading a wide range of tokens then you'd want the APIs. For me, the free tools are the ones that don't fully function.

i use MetaTrader5 for Crypto trading, i have the previous link i shared which i only use as a quick goto on my laptop etc to see how its going - just linked it as i thought may be useful to others, its not my goto for charting!.. MT5 is powerful, but isnt the most user friendly so it helps having nice quick links - especially first thing in the morning

Sounds ideal making a few very profitable trades a year rather than spending time each day looking for the next short term setup... spending less time trading and no doubt more time enjoying life... it is where we all want to be.. lucky guy.

[dimots]

Haha that goes for life in general, work smarter not harder right? I sold a few £100k of bitcoin at $15k which I thought was a mistake but turned out to be quite astute. Ironic because I sold around 200btc for something like £60k a few years ago which definitely wasn’t wise with hindsight!

Anyway, I don’t think Behemoth should be criticising you CryptoDave...you are contributing in the spirit of the topic and I find it useful. The worst contributors are those who have no vision of what changes crypto can bring and focus on their own trades and experiences. That is like trying to extrapolate a tactic for beating the roulette wheel based on a few hundred spins. This is a fledgling technology that is potentially transformative for the world economy. Or potentially a dead end. Only time will tell, we simply don’t have the data or the experience yet, so enjoy the ride and keep an open mind!

[Behemoth]

dimots said:

I don’t think Behemoth should be criticising you CryptoDave...you are contributing in the spirit of the topic and I find it useful.

Certainly no criticism intended. Tools meet differing demands & just as Dave described, their relevance depends on what strategies you follow.

[dimots]

Ok fine I get it, I just thought the ‘if you can’t afford $10’ line sounded a bit dismissive of his advice, when it actually has some merit. I use many, many subscription tools for various purposes in my daily work (non crypto) and it’s always worth knowing how to get a little something for free even though you may end up buying the full service in the long run.

[Behemoth]

dimots said:

it’s always worth knowing how to get a little something for free even though you may end up buying the full service in the long run.

Yes, very true. Trading view has a free offering which is a pretty good sampler and very real-world usable. I forget the limitations for the free version. You certainly need to try before you buy.

[ReaperCushions]

Well the Bitcoin hype train is well underway once again. People are talking about it on my social media, in work, on the train etc..

'ETF is coming which will make it $100k per coin easily'

I've put some back it to ride the wave up to the 16th of August (ETF decision date).

Pretty much carbon copy of last time in terms of hype build up.

[anonymous-user]

'While the SEC has cited this as a reason not to approve an ETF, commenters of the proposal argue that manipulation is the reason why the SEC should approve.''

lol

They won't agree to it, the ecosystem is still corrupt not much has changed since last year. It is farcical how much credence is given to a BTC etf.

[James_B]

CryptoSuperDave said:

funny! though wasn't aware there was an ETF for PirateCoin?

Some good/useful resources linked below; money flow/news info etc I use regularly..
though not much use to anyone I guess in this piss take thread...
...Any traders here? - anyone use MT5?

Piss take because you disagree with what people are posting?

Anyway, yes, I am a trader, and have been for a couple of decades now. I’ve traded an awful lot of asset classes, FX and interest rates, equities, commodities, inflation, options and linear products, mutual funds and hedge funds.

I’ve read the research, I understand the technology, I read those ramping and disparaging cryptocurrencies, and I am firmly on the side of those who think it is 99% hype.

This view is common across the floor. Not ubiquitous, but nearly so.

Now, when a trade says this the normal response is to rubbish their opinion by suggesting that you know better than them as they are hjdebound, stuck in their ways and do not understand the new world. I do hope that this thread doesn’t go that way.

[James_B]

CryptoSuperDave said:

indeed and it was wrong of me to highlight the gains from icos as if it were std - although my last ico, which was after TRONs ico actually 50x'd to ATH not a paltry 20x - in hindsight it was a pump and dump (confirmed several days later) which was only lucky for me as i was already in, and i do feel sorry for those who lost out

I have to ask, as you are happy to share your successes, are you actually making good money doing this? If you have genuine insight into the future moves of such volatile instruments then the proof is in your returns. How much is your pot up over the last five years, and how much of an income can you draw?

Sadly many people who post about gains are suffering from selective amnesia, and actually need to keep adding money to their trading accounts, which is a bit strange is they are really making a profit.

One thing “traditional” traders in banks and funds are very good at is overcoming the cognitive biases that lead them to think that they are gaining when they are losing. Sadly a great many amateurs never get there.

[CryptoSuperDave]

James_B said:

I have to ask, as you are happy to share your successes, are you actually making good money doing this? If you have genuine insight into the future moves of such volatile instruments then the proof is in your returns. How much is your pot up over the last five years, and how much of an income can you draw?

Sadly many people who post about gains are suffering from selective amnesia, and actually need to keep adding money to their trading accounts, which is a bit strange is they are really making a profit.

One thing “traditional” traders in banks and funds are very good at is overcoming the cognitive biases that lead them to think that they are gaining when they are losing. Sadly a great many amateurs never get there.

Sorry if I appear to have got your back up, but i have no insight into the future.

5 years ago? - i was contracting in London with a 2hr commute each way, trading wasnt part of my life.. Ive always dabbled in trading inbetween contracts and on quieter periods, but always struggled with the psycology with it - when it was play money i did well .. when i was inbetween contracts and wanted to have a proper stab at doing it and 'needed' to make 400/day (else i was better of looking for another contract) that's when i struggled - looking too hard for setups that wernt there because i needed to make money to justify to myself not looking for another conract for 6months!.. i made money but it wasnt consistent and not enough to save me from returning to work when the right contract came along

id heard of crypto years before but really didnt investigate further (hearing stories of people losing keys etc.. did not bode well with me as i have a hard enough time keeping track of my leather wallet!).. was not until around Sept of last year that i was prepped to step in - before buying any Crypto the first thing i did was buy a Trezor hardware wallet - and then went and bought a Nano S - my trezor is in an offsite safe and is only bag holding an ERC20 token, and my Nano S has my small holding bags of LTC, ETH, and some BTC that I am not trading with - my nano holds crypto im more likely to use/interact with in the future as the nano s fits nicely on my keychain (can also plug into phone to access your wallet) - not much use from it at the moment but the time will come.

in terms of trading now.. im making ok play money in small amounts,currently its all a game and im enjoying learning the game but i have no intention of taking profit - im not selling anything for fiat until EOY '19 minimum, due to the roadmap of a utility token im a high percentage in on.
im trying to build my position size with that token by trading a percentage of my stack that remains in BTC - im trading btc for profit to buy more of this token.. that's my game it's equivalent fiat value is of little interest to me right now.. not until the token has a direct fiat pairing.

pretty much just scalping for small profits - i have no bitmex account (to short and or leverage) and I have no intension of doing so at this stage for fear of making one silly mistake and liquidating! - its difficult in this bear market when im only ever going long.. but im still on a high % of wins [80%+] (but then im only looking for small profit and pretty much am following a short term trend) .. doesnt take much of a move to make gains when commision costs are 0.075% .. i look for small profit and will trade any ALT against BTC, especially if the spread looks favourable which it often is with many alts (0.3%+) .. which means you can guarantee a profit as soon as someone market buys, and the losses i can certainly tell you about - no selective memory here and i hopefully wont be making the mistakes again.

im able to trade and am learning more and more now as i now work from home (and in general my job can have slow days) so have a couple of my screens dedicated to watching the charts, which makes me feel more comfortable especially with the volatility. trading more and more even for small profits I feel is helping me learn well, maybe one day I'll have a lot more than 0.35 BTC in my play account , but for now its a sum i'm happy to play about with while bag holding the majority of my Crypto value long term.

Regarding asking if there were any traders it was for a specific reason.. but it doesnt matter.

how do you find trading in Crypto ? The volatility must make a nice change from FX?

.. im not really using TA to great extent other than checking ichimoku cloud [on 10/30/60] for trend, then look for channels/support lines and then if it looks a bit favourable then i'll just go with the flow for a short period and that's it.. im not claiming anywhere to have insight or to be a god like trader, and clearly there is more experience in this room than i'll ever aquire, but it doesnt mean i cant be having fun and making money at the same time.. I am just enjoying being a part of Crypto and yes, one day I hope the projects ive gone in on will retire me so I can enjoy spending more time with my family, for now its all about accruing more tokens for me, if I had more fiat I would invest, but I have no intention of putting in more money I may need in the shortterm - ive no idea about the best way to withdraw.. ive heard coinbase are a pain/slow to withdraw from so putting in money I may need itsnt an option, its purely for play now with long term targets..

ETF will be an interesting one - will be keeping an eye on it, maybe 3rd time wont be a charm, but one day approval will come
link: https://youtu.be/Dh_JskUngik

eta - nice bags/profit taking Dimots! very nice indeed.

Edited by CryptoSuperDave on Tuesday 24th July 11:22

[x5x3]

Joey Deacon said:

Crypto having another bad day today?

Crypto seems to be going the way of Beanie Bears, 7 months ago people were going crazy for it, now few people seem to care.

my new investment strategy - wait for Joey to start moaning and then invest

BTC Price 10th July : $6.7K
BTC Price today : $8K

[dimots]

CryptoSuperDave said:

eta - nice bags/profit taking Dimots! very nice indeed.

Edited by CryptoSuperDave on Tuesday 24th July 11:22

Hehe well yeah but then also not really...just double checked on my old Multibit Classic wallet history and it was actually 300btc I sold for £60k. Oof.

Had to do it though, because my strategy was always to end up with a tax paid cost neutral holding. I just sold when I doubled up and my accountant helped with the rest.

I have taken plenty of profit since 2013. I have also been getting a few client payments in btc so in addition to my main holding I have a little stash that keeps growing. I have been paid at various exchange rates from $4k-$9k so not sure if I am up or down overall on this but I don't need the money so I just treat it as a gamble.

I am a strong believer in the usefulness of bitcoin as a standard upon which greater minds will build limitless applications in the future; so I prefer btc over anything else. I did open a Bitfinex account to buy 'weird stuff' for fun, and having just logged in for the first time in months I notice a balance of just over $7500 which at one point was well over $24000. What I have learned is that I don't understand much of this side of the crypto space and buying FUN coin was not a good investment haha ;D

James B comments on this thread a lot and has an overwhelmingly negative perception of the whole space - probably because as a trader he understands the ICO scam tactics and can see pump and dump and other sucker manipulation going on...I can see that too! However, he does not have any interest in the wider technology implications. That's fine, but in applying his stock market thinking to crypto he's kind of tying himself in knots, probably should just start reading something else, and certainly isn't contributing anything of value to the thread.

[dimots]

x5x3 said:

my new investment strategy - wait for Joey to start moaning and then invest

BTC Price 10th July : $6.7K
BTC Price today : $8K

Haha!

[Iamnotkloot]

Pressure building. I’m in both XRP and BTC. Cautious but optimistic .
Edited to add: been in XRP for over 4 years now, it’s been very good to me

Edited by Iamnotkloot on Tuesday 24th July 16:44

[James_B]

CryptoSuperDave said:

Sorry if I appear to have got your back up, but i have no insight into the future...

...how do you find trading in Crypto ? The volatility must make a nice change from FX?

Don’t worry, you’ve not got my back up, it’s just that, as I said, I am very much on the sceptical end of the spectrum on this subject, and it can be a little exasperating, as someone who trades for a career, when bitcoin supporters proselytise without really understanding the wider subject of trading for profit.

[NRS]

dimots said:

James B comments on this thread a lot and has an overwhelmingly negative perception of the whole space - probably because as a trader he understands the ICO scam tactics and can see pump and dump and other sucker manipulation going on...I can see that too! However, he does not have any interest in the wider technology implications. That's fine, but in applying his stock market thinking to crypto he's kind of tying himself in knots, probably should just start reading something else, and certainly isn't contributing anything of value to the thread.

It's of value to say you don't believe in something, as much as it is to be a believer. As an investor he is probably more looking at it as a way to get returns with a reasonable risk. If there is future then it's likely to be for a very limited number of coins that exist now. The chance of finding these is very small. So most people for capital preservation won't do much with crypto until it is established properly. Of course you lose out on the huge gains at the start, but you also reduce the chance of being wiped out in all the manipulation going on, or choosing a loser coin(s).

[Behemoth]

NRS said:

If there is future then it's likely to be for a very limited number of coins that exist now. The chance of finding these is very small.

If anyone cares to take the time to learn the deeper fundamentals of the crypto space rather than focusing on price action to obtain short term sterling profit & it actually becomes pretty easy to identify what is most likely to stay the course.

[NRS]

Behemoth said:

NRS said:

If there is future then it's likely to be for a very limited number of coins that exist now. The chance of finding these is very small.

If anyone cares to take the time to learn the deeper fundamentals of the crypto space rather than focusing on price action to obtain short term sterling profit & it actually becomes pretty easy to identify what is most likely to stay the course.

That's not true though. Unless you happen to be right. I know you know a lot more about Crypto than me, but it is also clear you have a specific view on what the future is there. Whereas other knowledgeable people have a different view. For example privacy - are coins that focus on this going to be the future or not. Lots of varying views. Not to mention just dumb luck on timing for long term survival. Lots of great ideas have been stopped if they get timing wrong etc. (You can obviously remove investing in a lot of the very obvious "fake" coins to reduce the chance of losing all your money there.)

[Behemoth]

NRS said:

For example privacy - are coins that focus on this going to be the future or not. Lots of varying views.

No doubt about that. There is a profound future in coin privacy. Read about Grin, MimbleWimble and let's wait to see what David Chaum cooks up (he's the guy that put the crypto into cryptocurrency in the early 80s, many years before Bitcoin appeared).

The key issue, though, is about protocols. A protocol carrying monetary value is obviously going to sit at the base and it will be thin (ie few on features). Would a central bank issue a different coin for every sector of the economy? Do we have different internets to serve the different sectors of the economy?

All features and fireworks will stack on top of this thin, hugely secure layer. There is only going to be one winner at the protocol level. The commercial battles will happen on upper layers. There will be plenty of them, privacy features included.