Crypto Currency. Where is it going?

[philipkntz]

Nothing beats the euphoria of riding a pump.... ;-)

Heh, tbh if you're only a week into gambl^H^H^H^H^Htrading you have _got_ to remember to set stops. Choose an entry and an exit. Dont margin trade unless you're willing to get liquidated, and learning to use a trailing stop - assuming your exchange supports it - will help ensure you take some profits on a good entry. For the love of Dog dont buy into the diamond hands bullshit. Going in now is riding the euphoria wave of the cycle, which is similar to when folks got badly rekt in Jan 2018. Like badly. Final piece of unsolicited advice, Irish tax considers each trade an exchange of assets so it is liable for CGT. Its easier to get used to paying it because if you do make enough, it suddenly becomes a bit more noticeable. Oh yeh, record your trades since some of the bigger exchanges only keep ~3 months worth of history. Play safe

Many thanks for the above advice in particular. Especially the trailing stops.
I don't seem to have that option but I did put in some stop orders yesterday. Woke up this morning and it was like someone let the cat in with the pigeons, but the stops did their job, I lost a bit of my profit but I'm still in the black.

On the taxation issue, where many go wrong is they spend the taxmans cut, but I think that the way that I've been trading, in and out and from one crypto to another goes down as Income Tax, but if I hold the same coin for more than a year, then its Capital Gains Tax. I'll probably end up doing a bit of both, but I do have a friend in the revenu that can look into that.

I've been trying to set up on Binance. Smaller commissions would make for smaller risks, Revoluts rate @ 2,5% to buy in, and again to buy out, leaves me looking for at least 15% for myself, had a good ride on Ripple and Ether bounced nicely off €2000 a few times.

But Binance verification is a nightmare, their customer care must rely on Eir. I'm waiting hours for a reply.

I do see other trading options but I'd appreciate recommendations.

[Rivien]

Many thanks for the above advice in particular. Especially the trailing stops.
I don't seem to have that option but I did put in some stop orders yesterday. Woke up this morning and it was like someone let the cat in with the pigeons, but the stops did their job, I lost a bit of my profit but I'm still in the black.

On the taxation issue, where many go wrong is they spend the taxmans cut, but I think that the way that I've been trading, in and out and from one crypto to another goes down as Income Tax, but if I hold the same coin for more than a year, then its Capital Gains Tax. I'll probably end up doing a bit of both, but I do have a friend in the revenu that can look into that.

I've been trying to set up on Binance. Smaller commissions would make for smaller risks, Revoluts rate @ 2,5% to buy in, and again to buy out, leaves me looking for at least 15% for myself, had a good ride on Ripple and Ether bounced nicely off €2000 a few times.

But Binance verification is a nightmare, their customer care must rely on Eir. I'm waiting hours for a reply.

I do see other trading options but I'd appreciate recommendations.

No problem at all, glad it helped. I hope this morning's dump hasnt hurt too much!

Ah damn, thats right. Binance does actually supports trailing stop, but only on futures. Though seems like you're solid with your stops, and if you hold BNB your fees are less.

Yeh, the binance kyc process is a bit laborious but it does eventually work. Though tbh you only really need to full blown kyc if you're doing larger amounts.

Bittrex has been around for years and is US HQ'd. Bitstamp is based in the EU (Lux), and FTX is a new exchange that is seen as a direct competitor to Binance - also US based. That said, they're untested when it comes to scale, and they've not yet had any kind of security related issues. Im very interested to see how they handle them when they do happen. They also strike me as a bit more gungho, so Im not convinced yet. Coinbase Pro is also not terrible Ive heard, but Im diametrically opposed to CB. They're now also beholden to public shareholders, so.... shrug

Trade safe!

Not financial advice etc etc

[philipkntz]

There certainly was a bit of a shitstorm last night.
Seems that a few data centres in China have had their power cut. Won't be back to normal for a few weeks. So interesting times. They say that it's due to coal mining accidents, but they probably just forgot to pay the bill, cheque is in the post😜.

[philipkntz]

And thankfully I got out with my shirt still on me back.
Interesting times. I actually made a few euro this morning hitting some of the bumps on the way down.

[philipkntz]

One month later and I've doubled my money, plus I've enjoyed some time with a lovely lady with the loose change.
Now even though I hate the guy, I'm placing half my fund in the hands of the Dogefather. If he makes me rich I might even change the car.

[Brooksey86]

Couldn’t agree with you more

I know it’s a push to 1 but take your profit now and run don’t be greedy. Some insane wins but you ain’t got sh** until you sell.

[clarelad]

Brains and beauty

[WeeJimmy]

and filthy Rich too Daisy
only for bitcoin he would have become the richest man on Earth recently

that reminds me, gotta buy a new tablet on Amazon today

[WeeJimmy]

I got up at 4.30 this morning too to see a different type of genius at work, Canelo Álvarez
Grimes is an odd doll but Elon is not taken yet and who knows Daisy, if you play your cards right, you could be the lucky lady and get a Honeymoon on Mars

[philipkntz]

Shame on barry silbert and others like him. I nearly lost a good friend this morning. I'll guess that others weren't quite so lucky. They should be made pay for messing with people's lives like that.
Luckily we were in a group chat this morning and when things went south, and help was quickly organised. My fear though is that for many, their investment is a solitary hobby. They'll be finding bodies for weeks.