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Dren posted:by safe you of course mean that you have withdrawn the $500 from an exchange into a real bank account yes Kazinsal posted:jesus h gently caress say "good luck idiot"
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Feb 2, 2018 19:31
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Kazinsal posted:jesus h gently caress If he's not lying, and actually has withdrawn his initial $500 back into a Real Bank, he's actually being pretty damned responsible about all this compared to most. As long as he doesn't feel compelled to mortgage his house to double-down on his Proven Strategy or whatever, at this point it's not a whole lot different than trying to invest in penny stocks and hoping that more of them go up than disappear into bankruptcy.
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Feb 2, 2018 19:40
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I promise internet cryptocurrency thread, I am not lying lol. I posted it to half brag, but half to explain how I did it as its been going on a few weeks. You can mitigate your risk by not reinvesting your earnings but taking them out. For me, I picked 50% of my initial investment as my cutoff because I assumed the market wasnt going to crash 50%. Even as flat or down as buttcoins are, you can watch the "Book" section and guess when its going to go up 1-2% most of the time. If there are a huge "wall" of buy orders (on Gdax, these are the green lines) with no matching wall of sell orders you can be pretty sure its about to go up a bit as all the buys are filled. Now it might crash within a minute, but I/you will have already made a modest sell order to sell off your coins on its way back down. If it never goes down, you can just move that limit up and ultimately make more money. I'm sure im just explaining very simple concepts in a roundabout way but prior to this I had zero experience with trading anything. What will get me is when I see a huge amount of buy orders and expect it to go up, but then suddenly a bunch of people add sell orders that weren't there before to overcome. Once it dips a few percent, ill cut my losses and adjust my sell order price limit to put it back into USD. This has so far happened about 1/4 of the time. Since I still managed to make money even in this huge downward trend I think its worth sharing. The key is to watch the orders on the books, really. I found also if I keep it to a single buy and sell a day I come out on top and it wastes less of my time. I get some kind of tunnel vision that works against me if I keep trying for an hour or more. edit: Its really key that there are no fees to make buy or sell orders. I encourage anybody to sell their buttcoins they get from mining or wherever for this reason alone, on top the of the fact you get a better spot price (ie actual) 1gnoirents fucked around with this message at 20:07 on Feb 2, 2018 |
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Feb 2, 2018 20:02
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Woo sold my 1080ti for $950 (paid $700), okay Bitcoin you can crash now gently caress You Got Mine
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Feb 2, 2018 20:05
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1gnoirents posted:I promise internet cryptocurrency thread, I am not lying lol. I posted it to half brag, but half to explain how I did it as its been going on a few weeks. You can mitigate your risk by not reinvesting your earnings but taking them out. For me, I picked 50% of my initial investment as my cutoff because I assumed the market wasnt going to crash 50%. Even as flat or down as buttcoins are, you can watch the "Book" section and guess when its going to go up 1-2% most of the time. If there are a huge "wall" of buy orders (on Gdax, these are the green lines) with no matching wall of sell orders you can be pretty sure its about to go up a bit as all the buys are filled. Now it might crash within a minute, but I/you will have already made a modest sell order to sell off your coins on its way back down. If it never goes down, you can just move that limit up and ultimately make more money. I'm sure im just explaining very simple concepts in a roundabout way but prior to this I had zero experience with trading anything. What will get me is when I see a huge amount of buy orders and expect it to go up, but then suddenly a bunch of people add sell orders that weren't there before to overcome. Once it dips a few percent, ill cut my losses and adjust my sell order price limit to put it back into USD. This has so far happened about 1/4 of the time. This seems like a shitload of work with high risk and small rewards.
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Feb 2, 2018 20:12
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Peachfart posted:This seems like a shitload of work with high risk and small rewards. yeah for the amounts he's playing with he might as well go play craps so he can get comped some drinks and not have to deal with a crazy tax return
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Feb 2, 2018 20:16
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1gnoirents posted:If there are a huge "wall" of buy orders (on Gdax, these are the green lines) with no matching wall of sell orders you can be pretty sure its about to go up a bit as all the buys are filled. Now it might crash within a minute, but I/you will have already made a modest sell order to sell off your coins on its way back down. If it never goes down, you can just move that limit up and ultimately make more money. I'm sure im just explaining very simple concepts in a roundabout way but prior to this I had zero experience with trading anything. yep. But in crypto, you have to watch out for the spoofers, who are rampant - they put up huge walls they have no intention of delivering on, specifically to influence traders like you. No wall matters except the immediately next one in each direction. I've been watching GDAX live the past couple of days - it's like an action thriller for really boring people - and you'll see the spoofing bots putting up and removing walls. Sometimes they don't remove them in time and a bit gets eaten before they withdraw it and put it up again $100 lower/higher. Peachfart posted:This seems like a shitload of work with high risk and small rewards. that too, of course
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Feb 2, 2018 20:20
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Yeah I guess its not much in reality, although its only not much because of how "safe" im playing it. Low risk, low reward. But it is doubling what id get with mining, which is already pretty substantial for me. Granted income is relative, and im fairly low income, so a $1000 a month is a big deal for me and im willing to do these tiny trades every day to keep that up as long as I can. Also I suppose it helps it doesnt bore me... if it was a chore id be way less ethusiastic lol.
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Feb 2, 2018 20:20
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your tax return must be a goddamn nightmare
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Feb 2, 2018 20:53
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I haven't done it yet. I dont want to think about it. They provide details reports at least but... ill see how it goes. I'll wait until the last minute lol
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Feb 2, 2018 20:58
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Depending on your income structure whatever you end up paying an accountant could be less than the extra you pay from not knowing every tax law. Pay 1,000 dollars to save 5.000 dollars. Of course if you're working a normal job with normal wages that doesn't apply and just do it yourself, but this is the thread where you probably have dozens of projects with money going in and out.
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Feb 2, 2018 21:10
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Diva Cupcake posted:your tax return must be a goddamn nightmare This. If you actively trade you are going to have hundreds of transactions to process.
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Feb 2, 2018 21:26
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1gnoirents posted:Thats fine, thats the risk for getting money out of nowhere. Plus Ive already withdrawn my initial investment at this point (I dont get why this isnt common tbh) so "I cant lose"*. To start I put $500 real monies in at the first major dip to ~$11k, kept trading at 1-5% profits then cutting that profit out until I had $250 in the bank, then started leaving the profit in for more money and moved the remaining $250 out once I hit $1000, and now im back up to ~$900 for a total of $1400, though only the initial $500 is truly safe. I took 1-2% losses about a quarter of the time to adjust to the market crashing, and usually id just move from BTC -> ETH or back. And for my own sake to judge how well I'm really doing, I've kept all mining money separate so nothing touches and clouds me. My friend let me tell you about Blackjack (also if you want to discuss buying/selling cryptocurrencies this thread is basically for that: https://forums.somethingawful.com/showthread.php?threadid=3814718&userid=0&perpage=40&pagenumber=1)
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Feb 3, 2018 01:56
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i havent lost yet, ergo i cannot lose. Double down
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Feb 3, 2018 01:58
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QuarkJets posted:My friend let me tell you about Blackjack Oh no I feel like if I go there I lose a part of my soul though divabot posted:yep. But in crypto, you have to watch out for the spoofers, who are rampant - they put up huge walls they have no intention of delivering on, specifically to influence traders like you. This is so true, took me a bit to figure it out. By walls, I mean walls that are literally on the penny mid market. When somebody drops 500 BTC 5 dollars away it has no bearing on anything im doing. I probably learned that the hard way.
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Feb 3, 2018 02:00
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1gnoirents posted:Oh no I feel like if I go there I lose a part of my soul though yeah but we dont want it here and you keep bringing it
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Feb 3, 2018 02:20
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1gnoirents posted:Oh no I feel like if I go there I lose a part of my soul though You're already lost. Dead and gone. Go reclaim your soul from the tether so that you can enter Bithalla.
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Feb 3, 2018 02:44
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So has anyone here mined for a while? What were returns looking like in say, March 2017? And October 2017? Are returns still high relative to what they were back then?
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Feb 3, 2018 04:58
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Alpha Mayo posted:So has anyone here mined for a while? What were returns looking like in say, March 2017? And October 2017? Are returns still high relative to what they were back then? They are roughly the same as July through September at least. There was a huge boon in December and maybe half of January. Its not the lowest its been but its getting close. A major difference though is back then we got paid a lot more BTC because the value was much lower. That payouts now have started going up (BTC wise) but nowhere near enough to counteract the value drop of bitcoin
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Feb 3, 2018 05:12
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Ethereum dollar-wise June was great, July less, August less, Sept was great, Oct less, Nov less until BF, then BOOOOM dolla dolla  and now we are trading sideways value-wise while the rest of currencies plummet into an abyss so all their hashing power actively drives down eth numbersWe need a rebound across the board otherwise we will be crushed by difficulty spikes
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Feb 3, 2018 05:28
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I'm thinking of switching to ethereum because maybe it has a better algorithm for nvidia cards. Nicehash is still paying out but I'd have to wait about 10 days or more for a payout.
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Feb 3, 2018 06:53
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Junior Jr. posted:I'm thinking of switching to ethereum because maybe it has a better algorithm for nvidia cards. Nicehash is still paying out but I'd have to wait about 10 days or more for a payout. Solution: buy more GPUs
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Feb 3, 2018 08:19
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I've got a better idea: Why don't you just buy the dip? You can thank me later 
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Feb 3, 2018 08:58
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Posted in the AMD thread by mistake: My sister has a coworker who apparently took out a $12k loan to buy butts this christmas. 
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Feb 3, 2018 11:29
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That reminds me, we're coming up on 4000 posts in this thread. What hath God wrought?
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Feb 3, 2018 12:11
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Kazinsal posted:What hath God wrought? A mix of shame and wailing and gnashing of teeth.
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Feb 3, 2018 13:13
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hmm
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Feb 3, 2018 13:48
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soo wait until next crypto spike and then it crashes again and we laugh at it more? Got it the last couple of spikes last year, but way ahead of ya.
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Feb 3, 2018 14:40
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Paul MaudDib posted:Posted in the AMD thread by mistake: My sister has a coworker who apparently took out a $12k loan to buy butts this christmas. Hopefully it was a high interest loan.
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Feb 3, 2018 14:49
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I just wanna buy a 1070Ti for $449.95 
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Feb 3, 2018 15:34
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Is tether even going to take off after buttcoin's biggest crash ever (probably)? One minute I hear it might have potential, the next it's more or less just another shitcoin. Maybe I'll trade for a couple of them from crypto leftovers and that's it.
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Feb 3, 2018 17:01
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I thought tether was pegged to USD backed by their $2+ billion dollars in assets that they totally have, for real. Why would you want to hold it? At best it is going to be worth $1 usd, more likely the whole house of cards will come down soon and they will be worth $0.
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Feb 3, 2018 17:30
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Junior Jr. posted:Is tether even going to take off after buttcoin's biggest crash ever (probably)? One minute I hear it might have potential, the next it's more or less just another shitcoin. Tether is a scam hth
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Feb 3, 2018 17:31
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PROJECTION: Tether Coin will hit $1.35 in 2018 https://uslifed.com/predictions/tether-price-prediction-usdt-coin-price-today
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Feb 3, 2018 17:34
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Davor under $3 lol. .10% a day interest
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Feb 3, 2018 17:48
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Junior Jr. posted:Is tether even going to take off after buttcoin's biggest crash ever (probably)? One minute I hear it might have potential, the next it's more or less just another shitcoin.
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Feb 3, 2018 17:49
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You would never invest in tether even if it was legit. It should always peg at $1 if it was done correctly. They would have sell orders at $1.01 and buy orders at $0.99 IF it was legit
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Feb 3, 2018 17:51
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Is tether the thing where people took out 30k loans and lost everything
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Feb 3, 2018 20:11
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1gnoirents posted:Is tether the thing where people took out 30k loans and lost everything No, that was bitconnect and soon davor.io Tether is supposed to be a crypto traded in place of USD on an exchange. The claim is it will always be worth $1 for 1 tether. They accomplish this by (according to them) keeping a reserve of $1 for every 1 tether "printed" and they keep the value by buying tether when it drops below $1 and selling when it goes above $1
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Feb 3, 2018 20:14
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also, importantly, whenever bitcoin drops in price a whole shitload of tether shows up out of nowhere and btc stabilizes. there's decent evidence that bitfinex is a major factor in artificially propping up the price of bitcoin by waving tether around. it's also facing a shitload of pressure from the CFTC who are presumably drooling at the chance to prosecute their very own Liberty Reserve case.
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Feb 3, 2018 20:33
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