[Daily Discussion] Saturday, August 11, 2018 Bitcoin Markets |
- [Daily Discussion] Saturday, August 11, 2018
- [Altcoin Discussion] Saturday, August 11, 2018
- 'mistakes'
- Feeling sad, defeated and depressed after looses on crypto CFDs :-(
- ITT: We discuss which Cryptocurrency Exchange is the best in these countries, and why (they can be upcoming)
- What are the implications of off-chain BTC substitutes?
| [Daily Discussion] Saturday, August 11, 2018 Posted: 10 Aug 2018 09:06 PM PDT Thread topics include, but are not limited to:
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| [Altcoin Discussion] Saturday, August 11, 2018 Posted: 10 Aug 2018 09:06 PM PDT Thread topics include, but are not limited to:
Thread guidelines:
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| Posted: 10 Aug 2018 07:03 PM PDT at this moment, with the entire crypto market shedding billions, some of you are in writhing in pain. This market still has surprises for all of us. We could see $175B. or even $100B. Bitcoin could go to $5000. or $2000. Seriously. Don't fool yourself that you KNOW. I say this because of how many times I thought I knew - I felt it with such deep certainty - but I didn't. And also for all the times when I thought I knew (and I really DID know), but I didn't act on it. Bitcoin has the power to knock the snot out of you. And do it again. and again. And while it's not guaranteed to ever get to $50k or $100k or even to $10k again we were all drawn here by the power of Satoshi's amazing creation. It's a true force in our world. and (outside of myself and my children) I'm more confident in a long term bet on bitcoin than on anything else in the world. With that as a preface. I want to write something about my own misses, my own pain. and how it all played out. maybe it will be of help to a few of you. 2013: Two days after Christmas, my wife left me. She'd been sick for a few years. I worked a job I despised and I spent six figures of my inheritance (and all of our money) trying to take make things work, to take care of her - of our family. She started feeling better. Then she left me. Then she asked for thousands of dollars a month in support. (There are a lot of details, like how she used to make more than me, how I took the highest paying job I could - money over principles and happiness..., how I started working a second job right before she left, how I literally spent every penny trying to keep us afloat. And still, it was determined by some formula that I owed her (what felt like) a ton of money every month. BUT, in March 2013 I went to my first bitcoin meet up. I had heard of it in late 2010, but didn't invest any time in learning more about it. And it popped on my radar a couple of other times in between 2010 and 2013. But I never dove in. Not paying attention earlier could be counted as my first major crypto error. I was primed to be a bitcoin believer. I studied crypto in college. Was briefly obsessed with the work of Chaum, Brands, Back. I hung out in the cypherpunk forums since the early 90's. But... I missed the early, early boat. I tried to make up for lost time by diving ALL the way in. I was obsessed. I was lucky to hear Andreas Antonopolous speak a few times (if you haven't heard him, stop reading this now and find a youtube video :) I read everything I could. I went to meetups. I began writing a newsletter for friends (these folks had no interest in crypto - I just started spamming them with my musings on the space). And I started buying when it was under $100 in the summer of 2013. But, crypto mistake #2, I sold it all between $300-400 in the end of year run-up. My interest in bitcoin and everything crypto kept building though. I started applying to crypto jobs. Entry level, even though I have a graduate degree. I wanted to work in crypto no matter what. On the 3rd day of 2014 I started working at a bitcoin startup (now one of the few bitcoin unicorns). It was an avalanche of learning. The more I learned, the more bullish I become. Crypto mistake #3: I started telling everyone to buy. And I started buying using every resource at my disposal. And of course, the price went from $800 to $600 to $400 to ... $150. Friends were like... thx brah :( But, I still believed. The people I was meeting in the industry were some of the smartest people I'd ever been around (and I consider myself lucky to have been around a lot of smart people). And they weren't just smart, they were passionate. They had a vision. And they intended to build it into reality. After less than 6 months at crypto start up #1, I jumped ship, for another crypto startup. Probably the biggest in the space measured by users. And the learning curve continued. And my love affair with crypto deepened. I went to major financial conferences and it's hardly a stretch to say no one wanted anything to do with us. We'd sit down at a table and people would literally roll their eyes. So much shunning. So much ignorance. And around then I made a HUGE crypto mistake: not buying more ETH. I'd been hyping ETH in my own head for months. But when the crowd sale rolled around I bought sooo much less than I had promised myself I would :( It immediately felt like a mistake. But later on (Crypto Mistake #5), I bought thousands more ETH. Only to sell it ALL at $11. Lol. When it passed $1,000 I just... ugh. And there were other major ICOs that I had been a huge believer in - privacy coins, Augur, etc... (Mistakes 6-12), I either bought too little or none. BUT, all the while I was buying BTC. At every moment I bought everything I could. I sold my car and bought BTC. I cashed out my 401k and bought BTC. I even sold my bicycle to buy BTC. And I took out loans to buy BTC. As many loans as banks would give me. As many loans as family would give me. At some moments this felt like a HUGE mistake. My life was heavily leveraged (not leveraged on-exchange, but I had borrowed to buy. and then did it again. and again). I was stressed. And I still had to pay my ex-wife. And rent. and everything else. I worked two jobs for 3+ years. I would look at everything in the world - a coffee. a new shirt. and calculate 10x the price. If it still felt worth buying at 10x, I would buy it. I lived like this for almost FOUR years. At a certain point I realized that I didn't care about the money anymore. That I was so far down the rabbit hole that some kind of alchemical change had occurred. I no longer cared when I got paid my salary in BTC and it dropped 15% within 24hrs. I was as chill on the roller coaster as standing still. And I continued to rack up what would turn out to be "million $$$ mistakes." I skipped the Stellar airdrops. I missed selling Bitcoin Cash at crazy high prices (I was thrilled to sell the free money at $300/ea. And i missed selling the other bitcoin shards altogether - doesn't feel worth it now. And then I missed shorting another obvious bubble. But... I held on to enough bitcoin for long enough to (1) quit my job, (2) focus on what I want to really work on, (3) take care of my family at a time when they truly need it (the timing is a bit spooky), (4) stay focused on what really matters - the long term vision that Satoshi and other pioneers set out for us: A new kind of digital freedom within our grasp should we choose to accept it. It has been a truly wild ride. And there were many times where I could not tell the difference between catastrophe and an essential life lesson. Something would feel - in the moment - apocalyptic. but in time evolved into a critical personal experience, something I wouldn't give up for anything. So... my advice is this: don't be so sure you know what's happening to yourself. to your life. It may feel like you're truly at the end of your rope. But given the perspective of a few more years this current moment will prove to be a graduate course in personal fortitude. Give yourself credit for taking a risk on a technology (and a political movement) that could truly be revolutionary. Then, step back and evaluate what you're truly after in this life. What is your mission? Get a clear answer to that. and then GO FOR IT! Much love to all my bitcoin brothers and sisters! [link] [comments]  |
| Feeling sad, defeated and depressed after looses on crypto CFDs :-( Posted: 10 Aug 2018 09:15 AM PDT I'll be honest - as I have nobody to cheer me up and I'm spending a lot of time on Reddit (especially Bitcoin Markets subreddit), I thought that maybe you can share with me a few warm words. Want to name me an idiot, feel free - I feel like one anyway! My girlfriend is not supporting me at all and maybe she's right. However, still need somebody to cheer me up. I'm currently down 5000 pounds and that's a lot money for me. I have many contracts opened in Plus 500 and they will be valid for another 15-25 days. I'm close to margin and if crypto take another leg down, I will be above 6000 pounds down. That hurts. I'm not on credit, still have like 7000-8000 savings but making back this 5000 pounds from my full-time job might take me a while. I basically lost 12 months of savings. I'm both with crypto and trading (Plus 500) since September 2017. It didn't take me long to take some serious financial hit when Bitcoin was going down from 4500 to 3000. Fortunately, my margin wasn't too big and I was patient enough to wait for rebound and finally lost only 400 pounds (close too 3000 I was down over 2500 pounds). Making long story short - I was losing more and more, meanwhile got excited why was in 1000 pounds profit, invested badly with too high margin (I only go long, almost never shorting) and here I am/ I was reading a lot, learning even more, days and weeks with TradingView. But still - I'm just a trading noob. :( Ah, I also have some crypto on Coinbase, Binance and Revolut. I think about 0.6 BTC if I sum everything up. Not selling it anyway. This part of losses is not depressing me so much. It might go up someday, who knows... Cheer me up, advice or kick. Just want to share my feeling with people who know what I feel right know. Thanks. [link] [comments]  |
| Posted: 10 Aug 2018 11:55 PM PDT America : idk Europe : Bitstamp (cus 2011 establishment) Asia : Binance/Remitano? (Cus funds are safu) Africa : Luno (Versatile platform) Though I feel Europe is singled out with less transactions. What's popular over there? I might plan on moving there early next year. Will regulation be favorable? [link] [comments]  |
| What are the implications of off-chain BTC substitutes? Posted: 10 Aug 2018 12:41 PM PDT Guys i'm trying to figure out the implications of this podcast brought up in the daily sub https://unconfirmed.libsyn.com/why-the-icebakkt-news-makes-some-crypto-investors-nervous-ep032 Basically the VanEyck ETF proposal is based on cash-settled futures (as of their July 20 letter to the SEC) https://www.sec.gov/divisions/investment/van-eck-associates-innovation-cryptocurrency.pdf HOWEVER the Bakkt will be physically-settled in BTC So you could think this is good news, EXCEPT Wall Street is about to print off-blockchain 'paper' BTC in unlimited quantities (exchanged freely between institutions in the spirit of the MBS and synthetic CDOs) that removes the scarcity of the 21 million physical BTC " creating Bottom line the physically-owned BTC will become worthless? " Fractional-reserve Unless the CFTC places strict position limits on Bakkt (which will be self-regulated by ICE so what are the odds...) by November 2018? What's your take? [link] [comments]  |
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