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    Cryptocurrency Daily Discussion - August 22, 2020 (GMT+0)

    August 22, 2020

    Cryptocurrency Daily Discussion - August 22, 2020 (GMT+0)

    Daily Discussion - August 22, 2020 (GMT+0)

    Posted: 21 Aug 2020 05:10 PM PDT

    Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.

    Disclaimer:

    Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.

    Rules:

    • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
    • Discussion topics must be related to cryptocurrency.
    • Comments will be sorted by newest first.

    To see prior Skeptics Discussions, click here.

    submitted by /u/AutoModerator
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    Welcome to crypto Portnoy

    Posted: 21 Aug 2020 10:01 PM PDT

    Don't try this at home

    Posted: 21 Aug 2020 06:18 AM PDT

    Crypto Investing for Dummies (quite literally)

    Posted: 21 Aug 2020 11:18 PM PDT

    I'm not exactly a veteran, but after 3 years in this game I wanted to offer some advice for any newbies here:

    1. Don't do your own research. Just ask someone on reddit what to invest in. They will be happy to help and it will save you a lot of time and hard work.

    2. Always invest more than you can afford to lose. If you don't have enough money, try to take out a loan.

    3. When your hairdresser/ mechanic/ aunt Wilma tells you they've just bought Bitcoin, you know it's time to max out those credit cards (if for some inexplicable reason you haven't already) and go all in!

    4. Want to double your holdings? Go on twitter and you will find plenty of celebrities who are willing to give you back double whatever you send them. I shit you not.

    5. Don't take profits (in the unlikely event that you have any profits after following the above advice). Instead, hodl your coins all the way from the top of the bull down to the bottom of the bear. When you're approximately 95% in the red and everyone is saying 'Bitcoin is dead' it's finally time to give up and sell. But fear not- your sacrifice will signal the beginning of the next great bullrun.

    6. And finally, (as you will no longer have money left for a car or a haircut) make sure you wait for your aunt Wilma to give you the buy signal before you re-enter the market, telling yourself you've learned from all your previous mistakes and will definitely not be making those same mistakes again.

    Have I forgotten anything? Feel free to share your words of wisdom in the comments below.

    submitted by /u/crypto_grandma
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    "I’m out on crypto because coins don’t always go up" - Dave Portnoy

    Posted: 22 Aug 2020 12:09 AM PDT

    Fiat to Bitcoin, back to Fiat

    Posted: 21 Aug 2020 08:43 AM PDT

    He sold? Time to start the pump to $100k+

    Posted: 21 Aug 2020 10:46 AM PDT

    Barstool Sports Founder Unprepared for Bitcoin, Exits After $25k Loss

    Posted: 21 Aug 2020 01:38 PM PDT

    Lark's latest "ESSENTIAL PICKS" video like

    Posted: 22 Aug 2020 12:22 AM PDT

    Its impossible to understand the passion behind the fights and arguments that happened in 2016-2017 by the two( or more?) sides of the "block size" debate. But this tweet perhaps gives an insight into the emotions involved.

    Posted: 21 Aug 2020 12:29 PM PDT

    Yam 2? Are you kidding me? How is this even legal?

    Posted: 21 Aug 2020 05:26 PM PDT

    I just found on CMC that there is Yam 2 now listed. And the website is the exact same one that asks people to burn their old tokens for the V2 tokens! I thought the creator abandoned this project? What is going on with this DeFi craze. Reminds me of the 2017 ICO craze, just worse!

    submitted by /u/cryptotapas
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    Even AI losing it

    Posted: 21 Aug 2020 10:07 PM PDT

    Are there any platforms that give out stable returns for investing crypto ?

    Posted: 21 Aug 2020 03:57 PM PDT

    Was hoping to park some of my long term crypto holding to get a interest from them while holding passively. Any good platform suggestions for stable returns for this purpose ?

    Also are there any sites that lists them and compares their monthly/annual returns?

    Thanks for looking.

    submitted by /u/ajaxmoor
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    Quick Noob Guide on the basics of Investing, and the common mistakes

    Posted: 21 Aug 2020 11:57 AM PDT

    These are things people should know, but they never teach you in school.

    First off, when it comes to investing there isn't a one size fits all formula. That's because everyone has different goals. So everyone is gonna need different strategies. There's gonna be people trading for income, some investing mid to long term, others with specific retirement goals, or even more specific goals of buying a house or putting their kids through college.

    And that will also change how much risk you should take with your portfolio. How much crypto you want to invest. How deep you want to go into unproven alt-coins.

    HODLing: There is a grey area between day trading and HODLing forever. It doesn't have to be an absolute one or the other. And yea trading is definitely not for everybody, especially in crypto. There's also a few misconception I need to address about HODLing. Holding long term isn't an automatic guarantee. Nobody knows what the price will be when you have to sell when you lose your job and all you have is crypto. You're also holding on to wealth that isn't generating money, dividend, or interest, until you sell it. Time is money. This is something we tell gold investors, but it applies to crypto investors. But the hope is that you make up for it in big returns when you sell it, and there's big upside potential in the long run, so there are definitely some good reasons to HODL as part of a balanced and reasonable strategy.

    Buying and selling is not an all or nothing: It seems that a lot of people forget that. "Should I sell all my LINK now, or is it gonna go back up?". You can cash in some gains now, and keep a portion invested. Just like you don't have to time a dip. You can buy a little bit at a time. That's what people usually mean when they mention DCA. Same when you sell. You didn't have to sell all your LINK when it hit $9. You could have sold a small percentage, then sold some more every time it goes up by say 30%.

    You're gonna lose money at some point. And you'll probably be taking big risks since you're putting your money into crypto. You can't make money without risking money or spending money. But keep in mind you haven't really gained anything or lost anything, until you realize those gains/losses by selling that crypto for something else. But the crypto market is wild. So chances are you're gonna see one of your coin dip at some point.

    Don't make emotional decisions. Your decisions should only be made based on a pre-determined plan. For example, "if the price of Bitcoin were to dip to such or such level, this is what I would do". Don't make decisions on panic or FOMO. Leave emotions out. Just like you don't buy coins based on a glowing review on here by u/NanoForeverFastestcrypto, you do your own research from multiple unbiased sources.

    When it comes to investing, you are dealing with a future that nobody knows. Nobody has a crystal ball. And it's definitely a lot harder to predict all the small short term trends, and dealing with smaller windows of time, than dealing with long term general trends with much bigger windows and bigger room for error. But either way, don't presume you're sure what's gonna happen. The world of investing is filled with surprises. Part of it is because trading is done by people. And people can't help but trade with their emotions.

    The second you think you have the market figured out, that's when you're most likely to get burned. Instead, have an escape plan in case you're wrong. And use strategies where you don't have to rely so much on being exactly right.

    submitted by /u/fan_of_hakiksexydays
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    Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan

    Posted: 21 Aug 2020 11:42 AM PDT

    Adoption is possible via the ease of use without additional knowledge. Intuitive design and quick solutions to everyday tasks are what make instant currency converters a promising technology.

    Posted: 22 Aug 2020 12:04 AM PDT

    ETH 2.0 Validator Says Medalla Testnet Incident Was a “Learning Experience”- it was also doing what it was made for. Testing.

    Posted: 21 Aug 2020 07:29 AM PDT

    ‘Historic’ EU regulation coming - Anyone have any more insight into this? Any chance of any restrictions on bitcoin?

    Posted: 21 Aug 2020 09:49 PM PDT

    Barstool's Dave Portnoy Is Bad at Trading Cryptocurrency

    Posted: 21 Aug 2020 11:59 AM PDT

    Start from within

    Posted: 21 Aug 2020 07:09 AM PDT

    Barstool sports founder Dave Portnoy struggles after foray into crypto trading

    Posted: 22 Aug 2020 04:39 AM PDT

    Gold almost 2k an Ounce...

    Posted: 22 Aug 2020 03:54 AM PDT

    Q&A: What Are Tokenized Portfolios, and How Do They Work?

    Posted: 22 Aug 2020 03:31 AM PDT

    Noobs panic sell

    Posted: 22 Aug 2020 03:26 AM PDT

    Bitcoin Prepares For A Colossal Options Expiry

    Posted: 21 Aug 2020 02:34 PM PDT
    Read more
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