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 No.268938[View All]

A thread to discuss anything related to cryptocurrency.

193 posts and 34 image replies omitted. Click reply to view.



See the comments. It's ridiculous the lengths banks are going to in order to suppress crypto.


That was a very long time ago. It is mainstream now. People are cashing out huge amounts every day. if you're in Switzerland or something you have no problem at all

There is some truth to this but it is largely exaggerated. It depends on the country. If you're not doing anything illegal then it doesnt matter in the end. I don't think you realise how many plebs are now trading dogcoins. You can even buy crypto directly inside Paypal now. Things are changing fast


I hope crypto will be destroyed.


Hell yeah wizza me too


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ergo mining profits from 5x vega 56, 1x 1660 super, 1x 3060


well shit…. this must be galactic karma or something. the one time i show off or boast about my crypto income, the very next day ergo does a hard fork and i lose massive hash rates on the vegas due to some alghorithm change


Is that the Niko Avocado guy? God, he got FAT


Mukbang is a dangerous thing…


If I become a crypto billionaire during my lifetime I'll personally fund the robo-waifu revolution.


I second this anon >>276434. You're better off just throwing your money in a broad market ETF with low fees.
Worth reading: https://www.bogleheads.org/wiki/Getting_started



Just fund my farm on Wizard grounds so I can supply you all with food and cannabis


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Someone on /feels/ told me to buy some LRC a while back and I did and made some bux. feels always has good advice


>prices fall after I buy
>prices spike after I sell
I don't get it. This isn't easy money at all.


Few things actually are, and the ones that really are easy money tends to either have a catch or be inconsistent.


just buy a small amount every x days instead of trying to time it


It's a matter of picking your ranges. If you are looking to buy and sell with more frequency than year-long cycles, you can't enter into positions without setting yourself specific strike prices. If, for example you said, "No matter the conditions, I will buy [whatever crypto] when Bitcoin is at $40,000 and sell when Bitcoin is at $60,000 you would have enjoyed one cycle's worth of profit. If you aren't sure how to pick a range then you are simply gambling without reason. This will not do, wizzie!

Moreover, the point of playing with money you can afford to lose is the fundamental backbone to investing. If you buy in at $40,000 and the price drops for 3 months down to $20,000 you have to be prepared for this. While you may have bought in too high, you wait however long it is until you hit that strike price. Maybe conditions in this (false) market change such that you lower your strike price to $50,000. Or maybe you just want out asap to free up funds for something else. Whatever you do, do NOT sell what you bought for less money than you bought it! If you are unsure of a position then don't put in the whole amount. If the price goes down you can buy in at a second price much lower and now your break even point is even lower than it was before. e.g.

>$100 bux invested at $40,000 price point

Price tanks to $20,000
>$100 bux invested at $20,000
Price rises to $30,000
You just reaped the rewards of an extreme volatility curve, as is so commonly seen in the crypto farce. A bad choice and a second investment earned you $25.

This is similar to Dollar Cost Averaging, but instead of unconscious, fixed time-based investments you actually have some decision making to do.

And one caveat, you CAN lose money in this seemingly guaranteed system, because who knows if the price ever will go up to n again? That's the decision you can't avoid making.


I'm also obliged to add that I warn anyone and everyone against how alluring this may seem at times - to make money with long positions in a losing market. It is MUCH safer than short positions obviously, but it is incredibly easy to fall into the trap of doubling down to 'force out a profit'. This is how people lose serious mouney, because they just cannot control themselves. If you feel the urge to do this then you are playing with too much money to start out with. Scale it down and enjoy it.

Secondly, crypto has a number of paths to death. Oversaturation from endlessly newer tokens being created (think doge -> shiba -> etc. etc. ad infinitum), governments mass banning it all, exchanges shutting down or getting hacked. The amount of risk to you losing it all isn't just based on (((natural))) price movements. For this reason, you should have decided on some method of reaping your profits periodically and getting it into something sound and secure, or spend it. When you find your bank balance growing for seemingly no reason, it's very rewarding… if a little soulless and empty. And this never happens if you don't realise those profits by withdrawing - by getting out, getting safe. And, of course, don't do this without reporting your gains to the relative tax authority. We can't have any wizzie getting in trouble.


China banned crypto as currency. So government overreach is a thing.


This is what I'm doing. Buying in small amounts over a period of time is key. Most pros do this and for a good reason.


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can someone here give a rundown on these phunks? I see some people are making money here but I wonder what the timing window is. Where and how do you buy?


Bump to again request an NFT explainer.


"Banning" it is irrelevant because you can't ban a decentralized network which exists on millions of computers across the world.

They can ban local crypto *exchanges* from trading those currencies into yuans.
Banning the currency itself is impossible. No matter if you are Emperor of Earth himself.


When people talk about banning something, they aren't suggesting no people will ever use it. They're saying only criminals will, thus crypto will lose a huge percentage of its users, effectively wiping out most tokens.


Let me ask you, what is the point of a currency that almost no one will accept as payment?


It can remain a most scarce asset, with a price dependent on supply and demand, regardless of the negligible usage as a form of payment


So digital beany babies.


Like everything that human society values, yes beany babies obey the same economic rules. However there is nothing else that has ever been created that has strict mathematical scarcity. If demand goes up, then people can make more beany babies, mine more gold, print more paper money, etc. And it can still be transferred to other people over the internet. It is obviously an interesting new object; the price oscillates so much because it is such a strange new thing that doesnt fit into any category, and it is uncertain how it will fit into society


Bitcoin at $80k each? Time to cash out.


Right now it's basically operating under scam logic and they have no underlying utility or value compared to anything else.
They are just a speculation/gambling/scam vehicle to 95% of the current market. Nothing more and nothing less.
If there was a government crack down that prevented normies from cashing out the price relative to the USD would crash so hard and so fast it would make history books.
The market for crypto for anything other then a speculation vehicle is microscopic in comparison. Crypo is just a means to a end. Something people think they can get rich quick off of while the getting is good. Not a asset that they value intrinsically on any level. For without this speculative function they are valueless to nearly everyone but a very small niche who could just as easily use something else for their transactions.


how is that any different from gold?
>The market for crypto for anything other then a speculation vehicle is microscopic in comparison.
It is the same for many things in society, even housing is subject to bubbles and entirely dependent on investment tax structures etc.
The economic system of society is full of this bullshit. It is not invalid to see the absurdity of crypto valuation, but you must also acknowledge that other assets are also manifestations of the same absurd human psychology. Governments and central banks manage, control and take advantage of these systems. Most monetary value in the economy is vapor


>how is that any different from gold?
There is high demand for gold to be used for things and it isn't used as a speculation vehicle. People don't buy gold to try and get rich quick through gambling/scamming. Those would be the most basic. Of course there are many other things aswell.
>It is the same for many things in society
>first example he gives is housing
Now I think you are just trolling.
Stopped reading there. I am done. You are ether just trolling or you are a idiot. Ether way I am done wasting my time.


I am not trolling and my view is shared by many professional investors. Try learning about past financial crises. I specifically chose housing as my example because it has such a vital real use


Pretty sure "many professional investors" know that houses are primarily bought due to their function, as in living in them.
Don't try to use a fake appeal to authority to cover for your own foolishness.


You think gold isnt used as a speculation vehicle? lmao


>houses are primarily bought due to their function, as in living in them.
Renting exists. But people choose to take on huge debt to own the home. Why? Because the value goes up. If the value went down, they would rent.


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I can't even with these people.


I don't think you know a thing about what speculation means in context what gold is used for in finance and investment.


My understanding is that it is used primarily as a store of value, with investors speculating that it will remain a low volatility hedge. A quick search seems to corroborate this


And now you are using Equivocation with the word speculation to just be dishonest. See how it's defined in the post above. Now see how you are using the word.
No, you most certainly are a troll and you are doing it on purpose.


>Of all the precious metals, gold is the most popular as an investment.[1] Investors generally buy gold as a way of diversifying risk, especially through the use of futures contracts and derivatives. The gold market is subject to speculation and volatility as are other markets.
>The view of what distinguishes investment from speculation and speculation from excessive speculation varies widely among pundits, legislators and academics.

Stop picking random shitty articles by no/name people that suit your weirdly specific ideas of what speculation means.


Pedantic autism derails yet another wizchan thread


>random shitty articles by no/name people
>post wikpedia instead
100% a troll.


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I make over $2,600 a month from 20% interest on UST on Anchor Protocol.

Combine the money I'm making from interest and the money I make from my job, I'm currently getting around ~$5,000 a month after taxes.

My crypto stack is going straight back into crypto once this bull market concludes and we go back to a bear market for 4 years.

I wouldn't touch cryto right now, as everything is inflated and is ready crash. This clown market can't keep up much longer.

I hope this clown market collapses soon.


those dumb video card prices are mainly from the chip shortage no? i feel like until that shortage is gone we will stay in this crazy world

im curious to see what coins miners flock to once eth goes pos though, how will things play out. god i cant wait to see what happens


And the bottom fell out of NFTs and now the IRS is fully involved.


It isn't/wasn't a shortage in the traditional sense. Chip production has consistently only increased.
It was a dramatic increase in demand. It takes 2 years to build more factories, meanwhile there are more people buying consumer electronics then ever before, and the chips are used in damn near everything.
So capacity for production just can't keep up at the speed of demand increases, at least for now.


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These are the people you're selling your bags to


makes me feel better about pissing NEETbux away on drugs and fast food delivered.


My views on crypto-currency

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