Wanted to start a separate thread to discuss only crypto.

I've just recently gotten into the game through Coinbase. Current holdings are 35% ETH, 25% BTC, and 40% scattered between MATIC, ADA, ALGO, SOL, and DOT.

Anybody else have any coins they are high on? I feel like now is a great time to invest in this space. Definitely may continue to drop in the short term but I think we will see BTC hit 100k and ETH hit 10k within the next 5 years.

Back in 2014 I did some engineering work on a bitcoin miner box. That client overpromised and underdelivered on their performance. They have since disappeared. In order to make Bitcoin mining work, folks were looking for the lowest cost energy provider. I haven't been involved in that end of the business in years. I would assume the mining rewards are minimal except for the fact that the current value of a Bitcoin is two orders of magnitude greater than it was when I paid attention.

It might stimulate discussion if you offered an acronym dictionary and your reasoning for investing in particular coins. Everything I've read indicates Bitcoin investing is an extremely speculative endeavor. Why do you believe now is a good time to invest?

PackFansXL said:

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Back in 2014 I did some engineering work on a bitcoin miner box. That client overpromised and underdelivered on their performance. They have since disappeared. In order to make Bitcoin mining work, folks were looking for the lowest cost energy provider. I haven't been involved in that end of the business in years. I would assume the mining rewards are minimal except for the fact that the current value of a Bitcoin is two orders of magnitude greater than it was when I paid attention.

It might stimulate discussion if you offered an acronym dictionary and your reasoning for investing in particular coins. Everything I've read indicates Bitcoin investing is an extremely speculative endeavor. Why do you believe now is a good time to invest?

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As far as the acronym dictionary, these are all cryptocurrency tickers and can just be googled if someone is curious as to the actual name.

To your second point, now is a great time to invest because prices have halved in the past 2 months. Similar to stocks, the idea is to buy low and sell high.

You are correct that it is speculative, but that hardly matters. Bitcoin has been around for 12 years or so now and has only gained popularity, usage, and value. Still so much room for growth. For me personally, I got tired of waiting on the sidelines and thinking "man, I wish I had gotten in when it was worth $xxxx".

That being said, do not invest more than you can afford to lose. Nothing is risk free, especially crypto. Do your own research and avoid scammers. I highly recommend NOT buying anything outside of the top 20 coins in market cap.

LOL

I was just hoping you would save me the research time since you are passionate about crypto. No worries.

What do you consider to be the merits of all these different coins? What did you base your investment decisions on for those you selected?

PackFansXL said:

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LOL

I was just hoping you would save me the research time since you are passionate about crypto. No worries.

What do you consider to be the merits of all these different coins? What did you base your investment decisions on for those you selected?

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BTC (Bitcoin) and ETH (Etherium) are the kings in the crypto space. I would recommend anyone getting into crypto to put at least 60% of your investments toward those 2.

Personally, I think ETH will eventually pass Bitcoin in market cap. They are continuing to make improvements to the blockchain which will help it be more efficient and secure.

Bitcoin is the OG and will always be one of the top dogs, even if passed by ETH.

ADA (Cardano), MATIC (Polygon), ALGO (Algorand), SOL (Solana), and DOT (Polkadot) are all smaller cap coins that have upside for various reasons such as privacy, speed of transactions, energy consumption, security, etc.

Always best to do your research before investing to avoid scams such as Doge or Shiba. Don't invest in meme coins unless you want to be rugpulled and get left holding the bag.

Man.... where do I start. I'm fairly new myself. Started in mid-May also on Coinbase. I still use it some but prefer not to buy there because of the high fees. However it is by far the easiest play to buy, sell, and swap crypto if you're a beginner. Easy UI as well. I have accounts with Coinbase, Coinbase Pro (same account), Binance US, Kraken, and Crypto.com app. I really don't keep a whole lot of money on these exchanges at once.

My advice would be to definitely accumulate Bitcoin, Ethereum, and Cardano and also dollar cost average. There are other great projects too. I might be overextended b/c I've tried to buy so many coins. But those 3 are far and away the top 3. Cardano is going to be huge. Prices are down right now... good time to buy. I think we're going to have another run up to the end of the year. There's a dreaded 4 year cycle in crypto where you have these long bear markets between these bull runs. There are also many bear corrections in the middle of bull runs which is what appears to be happening right now. Of course a lot of it is speculation.

I'm staking my cardano on exodus wallet. Great wallet for beginners. Getting 4.91% apy currently. Cardano has a strong following and over 72% of the tokens on the market are staked. Staking means you're supporting the project and getting rewards. It's a good way to get passive income or accumulation. I'm also staking Solano which as good rates but I do not own a whole lot of Solano. There's a whole world of DEFI (decentralized finance) out there on top of all this with yield farming, token swapping, etc. but I do not go down all those rabbit holes currently.

Another thing I do with my coins is use lending apps like Blockfi and Celsius. I prefer Celsius but have used both. You might want to do your research... there's certainly some risk but these are legitimate companies with large pools of liquidity. Basically you hold your crypto there and it can be lent to borrowers. They pay you interest for holding your crypto on their site. I'm getting 6.2% interest on Bitcoin on Celsius. Eth is 5.35%. I prefer doing this with my Eth versus staking it since it locks you up until Eth 2.0 is out which could be a year still. Blockfi's rates are lower at 4% for those coins. However you can trade in Blockfi. Can't trade or swap in Celsius. I'm also holding some Polygon and Polkadot on Celsius. Polygon paying 10.5% interest and Dot paying 8.8% on that site. One more thing on the lending sites is you can also hold stablecoins on them and get around 8%.

Some other coins I like are:

Chainlink - LINK
Litecoin - LTC
Monero - XMR
Stellar Lumens - XLM
XRP - XRP
Aave - AAVE

WolfPacker54 said:

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PackFansXL said:

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LOL

I was just hoping you would save me the research time since you are passionate about crypto. No worries.

What do you consider to be the merits of all these different coins? What did you base your investment decisions on for those you selected?

---

BTC (Bitcoin) and ETH (Etherium) are the kings in the crypto space. I would recommend anyone getting into crypto to put at least 60% of your investments toward those 2.

Personally, I think ETH will eventually pass Bitcoin in market cap. They are continuing to make improvements to the blockchain which will help it be more efficient and secure.

Bitcoin is the OG and will always be one of the top dogs, even if passed by ETH.

ADA (Cardano), MATIC (Polygon), ALGO (Algorand), SOL (Solana), and DOT (Polkadot) are all smaller cap coins that have upside for various reasons such as privacy, speed of transactions, energy consumption, security, etc.

Always best to do your research before investing to avoid scams such as Doge or Shiba. Don't invest in meme coins unless you want to be rugpulled and get left holding the bag.

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I agree with most of this but I would not call any of those coins you mentioned small caps by any means. Most of those coins are in the top 20 and have multi billion dollar market caps. They are certainly small compared to ETH and BTC.

Doge and shiba are largely trash. But they also have huge market caps and big followings. Rug pull highly unlikely at this point although I don't know the % of tokens that the developers own. Regardless neither will gain the type of value people wish there is way too high of a supply of those tokens. There's also no use case. I would not invest in them.

ncsualum05 said:

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WolfPacker54 said:

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PackFansXL said:

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LOL

I was just hoping you would save me the research time since you are passionate about crypto. No worries.

What do you consider to be the merits of all these different coins? What did you base your investment decisions on for those you selected?

---

BTC (Bitcoin) and ETH (Etherium) are the kings in the crypto space. I would recommend anyone getting into crypto to put at least 60% of your investments toward those 2.

Personally, I think ETH will eventually pass Bitcoin in market cap. They are continuing to make improvements to the blockchain which will help it be more efficient and secure.

Bitcoin is the OG and will always be one of the top dogs, even if passed by ETH.

ADA (Cardano), MATIC (Polygon), ALGO (Algorand), SOL (Solana), and DOT (Polkadot) are all smaller cap coins that have upside for various reasons such as privacy, speed of transactions, energy consumption, security, etc.

Always best to do your research before investing to avoid scams such as Doge or Shiba. Don't invest in meme coins unless you want to be rugpulled and get left holding the bag.

---

I agree with most of this but I would not call any of those coins you mentioned small caps by any means. Most of those coins are in the top 20 and have multi billion dollar market caps. They are certainly small compared to ETH and BTC.

Doge and shiba are largely trash. But they also have huge market caps and big followings. Rug pull highly unlikely at this point although I don't know the % of tokens that the developers own. Regardless neither will gain the type of value people wish there is way too high of a supply of those tokens. There's also no use case. I would not invest in them.

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Correct, small cap as in "not ETH or BTC" haha. I personally would put money into anything with a market cap under $1 Bil as it could easily be a scam.

I think you're wrong regarding rugpull potential on Doge and Shiba. I think both have owners with > 30% of total cap. Shiba I believe the creator had over 50%. Doesn't matter how many people are in on it or how large the market cap is when you have whales holding that much coin.

I would buy the dip for sure, especially on these larger coins. Announcements are coming seemingly every week about bigger and bigger companies either accepting or looking into ways to incorporate crypto. I've also had good return on stocks that are involved in this space, RIOT for instance.

I haven't given serious thought to investing in crypto currencies, but I might need to...because inflation is getting out of control and seems will only get worse with the astronomical amounts of government spending on this covid hoax. How many trillions have been added to the national debt in just the last year and a half?...about 5 trillion...from ~23 to now at 28 trillion dollars. That's 5 trillion dollars "created" out of thin air that will devalue the rest of currency already in circulation. If you just divide 28/23 (1.22) that will probably give you a good estimate of the real inflation out there...22% inflation in just the last 1.5 years. That correlates to what we are actually seeing...with gasoline up about 40-50% over the last year and housing prices up around 15-20%. The dollar is collapsing.

GuerrillaPack said:

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I haven't given serious thought to investing in crypto currencies, but I might need to...because inflation is getting out of control and seems will only get worse with the astronomical amounts of government spending on this covid hoax. How many trillions have been added to the national debt in just the last year and a half?...about 5 trillion...from ~23 to now at 28 trillion dollars. That's 5 trillion dollars "created" out of thin air that will devalue the rest of currency already in circulation. If you just divide 28/23 (1.22) that will probably give you a good estimate of the real inflation out there...22% inflation in just the last 1.5 years. That correlates to what we are actually seeing...with gasoline up about 40-50% over the last year and housing prices up around 15-20%. The dollar is collapsing.

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That's the role I'd use it for, as an anti-inflation shield. Not the least bit interested in it as an investment, though I could see it useful for international travel. But I haven't gotten in because it's just one more damn thing I legally have to disclose to the government, and I just can't bring myself to tell the IRS that I dabble in it. No telling where disclosing that down the road will lead.

Oldsouljer said:

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GuerrillaPack said:

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I haven't given serious thought to investing in crypto currencies, but I might need to...because inflation is getting out of control and seems will only get worse with the astronomical amounts of government spending on this covid hoax. How many trillions have been added to the national debt in just the last year and a half?...about 5 trillion...from ~23 to now at 28 trillion dollars. That's 5 trillion dollars "created" out of thin air that will devalue the rest of currency already in circulation. If you just divide 28/23 (1.22) that will probably give you a good estimate of the real inflation out there...22% inflation in just the last 1.5 years. That correlates to what we are actually seeing...with gasoline up about 40-50% over the last year and housing prices up around 15-20%. The dollar is collapsing.

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That's the role I'd use it for, as an anti-inflation shield. Not the least bit interested in it as an investment, though I could see it useful for international travel. But I haven't gotten in because it's just one more damn thing I legally have to disclose to the government, and I just can't bring myself to tell the IRS that I dabble in it. No telling where disclosing that down the road will lead.

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My understanding is you only have to disclose capital gains for tax purposes. So you would only report profit gained from the selling of crypto, not your actual holdings.

WolfPacker54 said:

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Oldsouljer said:

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GuerrillaPack said:

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I haven't given serious thought to investing in crypto currencies, but I might need to...because inflation is getting out of control and seems will only get worse with the astronomical amounts of government spending on this covid hoax. How many trillions have been added to the national debt in just the last year and a half?...about 5 trillion...from ~23 to now at 28 trillion dollars. That's 5 trillion dollars "created" out of thin air that will devalue the rest of currency already in circulation. If you just divide 28/23 (1.22) that will probably give you a good estimate of the real inflation out there...22% inflation in just the last 1.5 years. That correlates to what we are actually seeing...with gasoline up about 40-50% over the last year and housing prices up around 15-20%. The dollar is collapsing.

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That's the role I'd use it for, as an anti-inflation shield. Not the least bit interested in it as an investment, though I could see it useful for international travel. But I haven't gotten in because it's just one more damn thing I legally have to disclose to the government, and I just can't bring myself to tell the IRS that I dabble in it. No telling where disclosing that down the road will lead.

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My understanding is you only have to disclose capital gains for tax purposes. So you would only report profit gained from the selling of crypto, not your actual holdings.

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True. TODAY. But the original promise of absolute privacy and anonymity in using this medium doesn't appear to hold, and without that, not at all sure I want to enter yet another Fed dbase as someone known to be associated with their use, as again, who knows what or how future government policy changes will occur towards cryptos. Not saying I won't change my mind, but right now, I'm feeling very cautious towards getting into that sector for reasons that have little to do with its investment worthiness.

Oldsouljer said:

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WolfPacker54 said:

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Oldsouljer said:

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GuerrillaPack said:

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I haven't given serious thought to investing in crypto currencies, but I might need to...because inflation is getting out of control and seems will only get worse with the astronomical amounts of government spending on this covid hoax. How many trillions have been added to the national debt in just the last year and a half?...about 5 trillion...from ~23 to now at 28 trillion dollars. That's 5 trillion dollars "created" out of thin air that will devalue the rest of currency already in circulation. If you just divide 28/23 (1.22) that will probably give you a good estimate of the real inflation out there...22% inflation in just the last 1.5 years. That correlates to what we are actually seeing...with gasoline up about 40-50% over the last year and housing prices up around 15-20%. The dollar is collapsing.

---

That's the role I'd use it for, as an anti-inflation shield. Not the least bit interested in it as an investment, though I could see it useful for international travel. But I haven't gotten in because it's just one more damn thing I legally have to disclose to the government, and I just can't bring myself to tell the IRS that I dabble in it. No telling where disclosing that down the road will lead.

---

My understanding is you only have to disclose capital gains for tax purposes. So you would only report profit gained from the selling of crypto, not your actual holdings.

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True. TODAY. But the original promise of absolute privacy and anonymity in using this medium doesn't appear to hold, and without that, not at all sure I want to enter yet another Fed dbase as someone known to be associated with their use, as again, who knows what or how future government policy changes will occur towards cryptos. Not saying I won't change my mind, but right now, I'm feeling very cautious towards getting into that sector for reasons that have little to do with its investment worthiness.

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Literally millions of people own crypto. The feds aren't gonna come knocking down your door because you own .1 Bitcoins.

Maybe so. Guess that blunt question on my 2020 1040 spooked me.

VET
VGX

https://www.cnbc.com/2021/07/14/dogecoin-co-creator-jackson-palmer-criticizes-the-crypto-industry.html

Quote:

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Palmer also criticized how crypto is shared and marketed. In another tweet, he alleged that "the cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like 'get rich quick' funnel designed to extract new money from the financially desperate and naive."

Palmer admits this type of "financial exploitation" existed before cryptocurrency, but says he still believes that the crypto industry hurts the "average" people who join it. He also believes it is susceptible to fraud, similar to other cryptocurrency critics.

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PackFansXL said:

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https://www.cnbc.com/2021/07/14/dogecoin-co-creator-jackson-palmer-criticizes-the-crypto-industry.html

Quote:

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Palmer also criticized how crypto is shared and marketed. In another tweet, he alleged that "the cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like 'get rich quick' funnel designed to extract new money from the financially desperate and naive."

Palmer admits this type of "financial exploitation" existed before cryptocurrency, but says he still believes that the crypto industry hurts the "average" people who join it. He also believes it is susceptible to fraud, similar to other cryptocurrency critics.

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That's rich coming from the dude who created the largest ****coin in existence.

Was talking with a buddy about investing and crypto over some beers tonight and thought of this thread. Has anyone's opinions/strategies changed in the past 6 months?

910wolf said:

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Was talking with a buddy about investing and crypto over some beers tonight and thought of this thread. Has anyone's opinions/strategies changed in the past 6 months?

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No, I've just been holding. About to buy some more this weekend though with the price dip.

Been a long time since I've seen this thread. Last year I admit I haven't made a lot of money in crypto. I've been learning and trying new things. Unless you just want to buy a few coins on coinbase and hold you actually have to really do some research and look deeper. When I got in last summer I immediately lost money b/c crypto was in a big bear trend correction. Then in the fall it went up a lot and my biggest mistake as a newer investor was I was afraid to take any profits. I got swept up in the 4 year cycle theory that everyone was pumping. Well that didn't happen and we've now been in yet another massive bear trend correction. So most of my gains are gone. I've shifted my strategy a lot now and am trying to position myself better for the next up trend. A few things I'm doing that are more recent b/c I didn't understand or was a little scared to do a few months back.

1. Getting more into DEFI and yield farming. I'm using several blockchains like Solana, Terra, and I got a little into Avalanche as well. I've made some gains on those coins but I'm using their ecosystems now to accumulate and get yields. Even though my overall position goes down in dollar value my quantity goes up and I feel it will benefit me on the next up trend. I also have noticed that in my farming LPs even when prices are going down I don't lose as much as when I'm just holding the token. That works both ways but you just have to manage your positions and monitor the market. I'm not touching Ethereum ecosystem right now b/c I can't afford $100+ dollar transaction fees and 30 minute confirmations.

2. I opened a Kucoin account and have been looking at more mid and low cap alt coins. I am focusing primarily on some gaming and metaverse but I'm looking at infrastructure coins versus just single games. I'm getting into things like Ultra, Gala, Sand, and others like that. I also have some position in the DOT eco with a balance b/t Dot, Ksm, Movr, and Rmrk. Again my portfolio is way down right now.... I've tried to accumulate some in this market but it keeps going down. I'll hold and wait for up trend.

3. The riskiest thing I recently did in DEFI was invest a little into a couple of DAO's. I won't get into that unless someone asks me.

All of this stuff is pretty high risk. But this is stuff I have learned and researched over the past few months and I'm willing to take the risk.

WolfPacker54 said:

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PackFansXL said:

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LOL

I was just hoping you would save me the research time since you are passionate about crypto. No worries.

What do you consider to be the merits of all these different coins? What did you base your investment decisions on for those you selected?

---

BTC (Bitcoin) and ETH (Etherium) are the kings in the crypto space. I would recommend anyone getting into crypto to put at least 60% of your investments toward those 2.

Personally, I think ETH will eventually pass Bitcoin in market cap. They are continuing to make improvements to the blockchain which will help it be more efficient and secure.

Bitcoin is the OG and will always be one of the top dogs, even if passed by ETH.

ADA (Cardano), MATIC (Polygon), ALGO (Algorand), SOL (Solana), and DOT (Polkadot) are all smaller cap coins that have upside for various reasons such as privacy, speed of transactions, energy consumption, security, etc.

Always best to do your research before investing to avoid scams such as Doge or Shiba. Don't invest in meme coins unless you want to be rugpulled and get left holding the bag.

---

I've been a crypto skeptic but am trying to keep an open mind because altfin is certainly the way the future looks whether by state-issued digital currency (evil for multiple reasons) or crypto. I find it interesting that the world financial authorities are pressuring El Salvador for their decision to embrace Bitcoin, and I'll bet there are intense maneuvers underway to convince other nations not to follow suit. As for me, I'm of a mind to protect my assets by getting a cold wallet and buying some "El Salvadorean currency" with my rapidly deteriorating U.S. dollars. How rapidly? Gold has been surging all week and today approaches a $100 gain in just a week…..

https://www.kitco.com/