How do you decide which crypto currency to buy?

Is anyone looking at Filecoin? It sounds like it has the potential to become very useful, given that its currency is based on actual tradeable units (physical secure hard drive storage space distributed across the Internet), but it doesn’t seem to be a particularly good thing to invest in unless you’re someone who owns a lot of spare storage space, in your server farm or whatever. But then, even that is better than something entirely arbitrary like Bitcoin… I am not an expert, as this post may show.

It’s all gone a bit crazy & will teach me for procrastinating.

I said I was going to set-up an account in Feb & if you look into the gains across a lot of the currencies since then, many have doubled…..Etherium has doubled, Dogecoin has gone up by a factor of 10, Litecoin almost doubled…..

I bought £100 of Bitcoin last Fri & £100 of Etherium. Yesterday while looking at the Etherium chart, I thought I saw a good dip in the market to get in & make a short-term gain so bought some more. But, that quickly went awry & rather than particularly losing money it has gone sideways since then.

My strategy is to buy regularly (perhaps £100 a month), try to buy into a few different coins to diversify & continue to research to understand the market more & why things are shifting around, as they are.
But, if it becomes clear that I am clearly not buying at the right time or making bad choices I will not keep throwing money in.

I realise that this is perhaps not going to give me the massive returns that some people have managed to achieve by getting in years ago. I applaud their ability to take on what i would have considered too much of a risk.
But, as mboy has said a few times in this thread – what if it becomes the next big thing? What if in 10 years time, the £1000 I will invest over the next year or so (and more going forwards if things work well) becomes £10,000 or £50,000 or…..?!
If it goes to £0, I’ll be a bit miffed but it is a risk I understand, can afford & am willing to take. I’d be more annoyed if I do nothing & then in 10 years look at the prices of cryptocurrency & think ‘ah, if only I’d have bought some we could have paid the mortgage off/paid for my daughter’s university fees/bought a motorhome……

I was going to invest in filecoin, figured long term it be a sound investment. It was £50 when I looked. Thought I’ll put a couple of ton on when I get paid. It was £160 when I got paid!! Too late 😝

@richardkennerley I thought along similar lines… it’s currently around £106. :/

If it goes to £0, I’ll be a bit miffed but it is a risk I understand, can afford & am willing to take. I’d be more annoyed if I do nothing & then in 10 years look at the prices of cryptocurrency & think ‘ah, if only I’d have bought some we could have paid the mortgage off/paid for my daughter’s university fees/bought a motorhome……

@stumpy01
Stop losses are your friend. Set stop losses and move them up when prices rise.

@flicker…good idea. I should probably look at setting some up.

ETC has gone berzerk!

I’d just like to correct this: it’s way past berserk now. What’s going on?!

Another question, assuming current trajectory, stripes or not for a Pista?

I’ve only just started playing around with small bits of crypto, so know very little.

I’ve yet to hear a convincing explanation of the positive contribution crypto makes or could make to the world.

What do you think to projects like Cardano?

https://www.coindesk.com/from-paper-to-cardano-blockchain-iohk-in-ethiopia

I got a chunk of filecoin in Jan. It went up to about 10x recently, but dropped to about 7x now. One of my better selections. 👍

I think I was lucky as I invested into Ethereum and within a few hours the price had tanked to around half my investment, instead of getting scared I did the opposite and doubled my investment around £100 and it soon paid off.

Now with money spread over 4 different ones inc Doge which is volatile but it’s a quick money earner or can be and when you’re playing with profit it makes it even easier…it does seem so much easier to just watch and invest… I sold profit from one recently for euro’s and then saw that gradually dwindle so ploughed it back into one.

I’d almost rather risk it making a bigger loss then a hefty gain than a gradual decline with it being in euro’s !!

Needless to say from an initial £50 outlay, after a few investments to £400 it’s currently close to £1000 so as I say I think I’m just lucky at the moment!

If you want to make a decent passive income from it, look into defi yield farming. You can get upto 25% APY returns on stable coins that are pegged to the dollar so not much volatility in price. Much better than money being sat in a savings account earning max 3.5%. You can then compound your interest by claiming your interest and re staking. You can currently get 87.5% APR on USDT-BUSD LP Staking on Wault Finance which is on the Binance Smart Chain again claim your rewards and restake to compound your interest.

My strategy is to buy regularly (perhaps £100 a month), try to buy into a few different coins to diversify & continue to research to understand the market more & why things are shifting around, as they are.

The problem is backing the right horse. According to Coinopsy there are over 2,000 Dead Coins which are cryptocurrencies that have either been abandoned or have turned out to be scams.

reading this makes me think of some quote from the 1920’s, “when i get stock advice from the shoe-shine boy, I know the market is massively over priced”

Is crypto the next big crash waiting to happen? its a bit of a mad panic!

What do you think to projects like Cardano?

https://www.coindesk.com/from-paper-to-cardano-blockchain-iohk-in-ethiopia

Looks like an unnecessarily complicated way to not solve a problem, But hey, blockchain, so got to be good obvs.

Is anyone looking at Filecoin?

So as well as graphics card prices going through the roof we’re now going to see disc storage prices take off. What’s not to like.

Is crypto the next big crash waiting to happen?

Yes and no, it’s ripe for a crash (entity with zero intrinsic value worth billions), but it’s not big enough to affect the markets in general / crash the economy, the ‘man in the street’ isn’t going to notice if they all vanished tomorrow.

continue to research to understand the market more & why things are shifting around, as they are.

I’m impressed you think you can actually ‘research’ that, or do you just mean watch a load of Youtube videos promoting various coins, all presented by people who own that coin and directly benefit by encourage as many people as possible to up the price…

footflaps

I’m impressed you think you can actually ‘research’ that, or do you just mean watch a load of Youtube videos promoting various coins, all presented by people who own that coin and directly benefit by encourage as many people as possible to up the price…

Probably a bit of both.

For example, this: https://www.sec.gov/news/press-release/2020-338

put me off putting any money against Ripple until I understand what ‘that’ all means.

It’s early days for me & I really have very little understanding of the market & the offerings as a whole. This is why I want to do more research. Yesterday evening I listened to a very interesting podcast that explained bitcoin, block-chain etc, how it all works & the ideas behind it while taping a wheel ready for sticking a new tubeless tyre on. I’ll probably listen to it again in a few days, as I missed certain bits while concentrating on getting the rim taped up smoothly.

I have basically stuck my foot in the door at the moment. If I look into it further & decide it’s not for me then I will just get rid of what I have & that will be that. it’s no big deal.

99% of the youtube vids are nonsense
one says it’s really easy… buy low sell high… yeah well duh!
another is a rabid Trump fan that believes the world is about to end because “the liberals” stole it.
others doing technical analysis on the shape of the curves either don’t know what they are talking about or just making it up, or spotting 1 wick on the candle chart as a position of support.

There’s only about 1 channel I’ve found where he actually talks about actual research, about the actual project behind a coin, and the actual conventional business/government uptake or contracts with certain cryptos/blockchains, etc. etc.

Ultimately that’s going to end up as BTC, ETH, Cardano/Polkadot/Chainlink etc. and a few lower cap ones. XRP maybe once it’s sorted the SEC hoo har.

If Visa International does business deal about processing transactions on Ethereum blockchain, that is a positive signal to me. A few candle wicks going through a 618 fibonacci level does not. Saying that, a friend flogged a load of Doge (bought for naff all) and paid off some loans. And then the price jumped again so still ended up with more paper $ than before selling a wodge.

What I find fascinating is that every time there is an article in the news about a bank / government looking at implementing blockchain in some way, the price of Bitcoin etc go up. When really they should go down as they are talking about implementing their own blockchain implementations which mean it is less and less likely that Bitcoin etc ever end up being used as a currency. I’m pretty sure we’ll have a lot of blockchain based currencies in the future, but I’m also pretty sure that not a single one of them will be one you can buy now as all the properties of the current speculative coins today pretty much guarantee they are totally unsuitable for the future. The fundamental property of a currency is stability and they normally devalue slightly over time. Anything which varies wildly in price is totally innapropriate.

It has again but in a different direction….
Anyone sell much ETH at the peak?
I sold some at 3k but only a tiny bit.

Whatch’all doing?
Dumpingvit all or buying in on the slide…

Can’t decide..

Keeping in, but not putting any more on the table – I’m at maximum ‘happy to lose’ amount! (Which is still over 50% up on a month ago, which shows how mad this all is)

Edit: And why am I now a free member?!

Nope – I’m keeping Etherium and just adding to it. That’s my ‘banker’ long term currency.

It needs to drop a bit more before I buy more though.

And I see Mr Musk has killed Bitcoin today! 🙂

He also seems to have killed coinbase…
Anyone else unable to open the app?

And I see Mr Musk has killed Bitcoin today! 🙂

Time to get buying then

I’ve only got a few hundred invested at the moment and don’t intend to take anything out for the moment.
I do seem to have a knack of missing potential profits by procrastinating over whether to buy or sell….I was gonna buy a hundred quid of aave the other day but ummmed and aaaahed. My finger was on the buy button, but I decided to leave it until tomorrow.
The next day it went up by 30%…

My whole approach to this has been little and often.

Every time there’s a significant dip I’ll buy some more, but not spending massive amounts, just looking to keep building it up. I certainly don’t imagine getting rich off of it, more of a little pot of money for fun stuff.

Or he’s just made it cheaper for himself.

Isnt it time Musk was sanctioned for manipulating the market?

And I see Mr Musk has killed Bitcoin today!

For a supposed genius, he took a long time to realise what everyone else had been saying for years. Still, right result in the end, the faster BC is killed off the better for everyone.

Wish the big dips would wait for payday lol….
(yes I know I shouldn’t be investing if I need to wait for payday).

Oh fuckity **** **** ****

I’ve always had a benign dislike of the Coinbase Pro UI. It really is a piece of shit.
However that benign dislike has now turned into a deep loathing having just bought a [thankfully small] chunk of ETH at a price of £25,000 🥵😝😩😫😈😈😜🌃🤣

I don’t actually know exactly how much I spent as the interface is so shit, but someone picked up an absolute bargain.

Was it any of you lot?

I’m out as of today.

Punk tells his millions of fanboys to invest in BTC knowing most in US are following blindly, can’t afford it or are doing so on credit > Then trashes it knowing he has influence to disrupt the market.

1: don’t quite get the difference between him and Jordan B outside of regulation not being up to date. Pump & dump over multiple crypto currencies over the last year. 1st couple of times you can give the guy the benefit of doubt, three times though…

2: If one punks tweet can crash BTC value by years of inflation on fiat in a single day then pfff to any claims of store of value or protection against inflation. What’s going to happen when a viable threat hits it?

Eth gas fees are a joke. Eth market also open to manipulation beyond a reserve currency right now. Compare to faster payments.

Hardly pump and dump when he also states “Tesla, he added, will not be selling any of the Bitcoin it owns, with the fair market value of its holdings as of March 31 was 2.48 billion dollars (£1.76 billion), according to securities filings.”

They have publicly announced selling 10% of their holding. No idea what has happened to the rest or how long they have to report trades if they have made / make them. Fair, maybe not straight pump and dump but there is an agenda being played here and what looks to me like a market being manipulated. I am not sophisticated enough to have any idea if I’m on the right side of whatever is going on.

Right now I’d be more upset if STW wasn’t here tomorrow than I would BTC.

Have you only just noticed it’s volatile? 😂 If I’d ‘invested’ in it, Elon’s funny business would be the least of my concerns. I can’t see why everyone’s getting annoyed with him. Haven’t they made enough free money already?

What is the best tool to buy this through. Been meaning to have a play for a while and now is as good a time as any to play with a bit of spare money?

coinbase is easy and will get you started. buy in the dips and hodl is what I hear never chase the rise and remain vigilant against FOMO. transfer your fortune to a crypto wallet on a non networked locked down computer. write down the seed for it on a fire and water proof medium. discover how much transfer/exchange/gas fees are. install metamask and never use it. then maybe forget about it all for a year and hope you bought the good ones. hth!

I find it crazy that each time Musk has a smoke and decides to tweet, millions either make or lose millions.

The guy is a danger unto the world.

What does he get out of it?

I had around £1k worth of bitcoin back in 2016 or so. Was tight for money, it had gone from around $4000 to $10000 and was coming back down so I thought i’d get out while I was still up, got around £1400 back after all exchanges were done. Vouched I wouldn’t touch it again as I didn’t understand it and it wasn’t really safe to hold back then.
Alas, came to Jan/Feb this year and I couldn’t ignore it anymore. Bought some ETH and BTC, then sold it for a little profit, then bought back some more. I had some money sitting waiting for a new bike that will probably never be in stock so fired some at altcoins/shitcoins and been trying to sell at all time highs and buy back in lower. As of today 3x’ed the account value. Totally aware that it’s worth nothing until I cash out though. Every bit as likely to end up back at 0 and life will go on. I think the potential reward was/is worth the risk. Less so now maybe. Prices are flattening off. Considering pulling most of it out, but prob don’t have the balls. Advice welcome.
Managed to sell all of my ETH at around £3k after the Twitter consensus making me decide it was time to sell. Got pretty lucky ngl.
Elon’s announcement (supposed genius hadn’t considered the energy cost as footflaps says.. 🤔 even though he tweeted in agreement that it’s promoting green energy creation only a few weeks ago..) hurt bitcoin, but I had Nano rocketed today so I sold all of it at around £11 🙂 Imagine it will come back to £7 or so, and if it doesn’t, I had my fun, made some good profit.
Small cap coins I think are (or were…) worth looking at are Nano, Bancor, Graph, Dia, Bitcoin, Ontology, Origin Protocol, Avalanche, Elrond eGold, Cardano. But yes the altcoin graveyard is large, tread with caution.
Twitter people I follow: @the_coinmaster, @100trillionUSD (have we talked about S2FX yet?), @crypto_stevie .Not sure who called the ETH getting out of hand but will have another look. Take everything with many many pinches of salt and use them to inform your own research/opinions rather than blindly following ofc.
Using crypto.com but trying to find something better. The hidden fees are pretty significant.

What does he get out of it?

Aside from rich…? SERIOUSLY ****ing rich!?!?

It’s a power thing for him… He knows that his voice is far more important than anyone else’s when it comes to cryptocurrency. He’s tested that theory a few times now, with increasing strength every time. Elon Musk knows that right now, he is the single most important person in the world, in the technology that is set to take over the world of money as we know it (crypto full stop rather than BTC specifically)… It’s all just a game to him, an ego boost. Ironically the money he has made by shilling DOGE, then shorting BTC is almost inconsequential compared to the knowledge that if he farts, 20% of the crypto owning world want to know immediately what he had for breakfast and why!

Thing is, he might live in a world where money is everything, but he’ll lose the lot and spend some time inside if he carries on the way he’s going, manipulating the market as he is is straight up securities fraud! The market cap of BTC is over $1Trillion now, it’s not something that’s easy to ignore any more (despite what the Fed and the BoE would like you to believe)…

Besides the fact that the man that has built his entire company on mining of a finite resource that has a HUGE impact on the planet, his hypocrisy really is quite incredible… Nobody seems intereste in pointing out that these BTC mining facilities in China are being built right next to HEP dams on purpose these days, and that they’ve been phasing out coal for a while now… Lithium mining will always be a filthy process, and the Electric cars he peddles will only ever be as clean as the dirtiest process in the energy production chain!

Should have kept his gob shut before playing big boy games with things he doesn’t understand… If he doesn’t serve time in a federal prison sooner than later, I will be amazed!

EDIT: FWIW I had £10k invested across a few crypto’s, but more than 50% BTC over the last few months… That wasn’t all invested as a lump sum, and some had done better than others. But in the end, decided to cash out my initial investment and left the profit in… Sooooooooooo glad I did that a week ago now! Sold BTC @ £42k, ETH @ approx £2700… I had approx £2k “profit” which I’m just going to let ride, but that’s gone down almost 15% now which is at least only about £300, but I could be sat here £1800 worse off right now than I was a week ago, which would have been my entire profit wiped out just because of the DOGEfather playing his sillybuggers games with the market that he doesn’t understand!

Anyway… The future is still very bright for crypto, but it needs to mature significantly still, but then when it matures, there won’t be significant amounts of money to be made from it I guess. Either way, i’ll continue to carefully speculate whilst the market is in growth, and be looking to realise any potential profits when the market turns… Something far too many people forget to do!

I agree, being able to tweet one thing and that having a huge effect on the market isn’t far from fraud, especially when he’s heavily invested now in crypto himself…