Anyone here day trade Cryptocurrency?

BlockInlay

BlockInlay

Octavate.band
I've been reading up on this in my limited spare time this week. Seems like if you have some knowledge, time to monitor prices, and 3-4 figures you can play with, you stand to make modest but frequent gains over time. Oh and a site where fees are minimal.

I know at least one of you out there must be doing this, right?
 
I have a friend that constantly tries to sell me on dogecoin. He bought 200 bucks worth one day and frequently comes and tells me how much gain he has. He once gained over 250 in an hour. He bought at 1/8th of a cent and sold out at 40¢. He invested in other coins with that cash and hopes to see them go up. He hates that Elon Musk in one tweet can influence the market so much. He plays guitar and I'm trying to get him to join the group now. Maybe he'll come along and expound.
 
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i bought some doge today. figured if i lost it all i wouldn't be that pissed but if it gets huge and i'm saying woulda coulda shoulda i would be much more pissed.

i used e toro.
 
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I'm still learning the ropes of this. I actually have some free time tomorrow to sit down and try to avoid losing my very tiny initial investment. So far I'm up a few bucks. This may take more time than it's currently worth however, unless I wanted to invest a lot more money to gamble with. We shall see.
 
The whole thing reminds me of the people who invested millions of dollars into Second Life real estate. After a couple years everybody realized that it was worthless and the buyers lost everything.
 
jp_nyc said:
The whole thing reminds me of the people who invested millions of dollars into Second Life real estate. After a couple years everybody realized that it was worthless and the buyers lost everything.
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Cryptocurrency has a bit more of a tangible use than buying pixels in a computer game.
 
Kinda felt the same way for while now but the longer it sticks around the more I think it will last. Like I said I have resigned to losing it all but just dont wanna be on the sidelines in a few years wishing I wasnt. Some pretty smart people are now on the train but then on the other side some very smart people also think its crap so it's hard to tell.
 
Crypto is here to stay. You know how you can tell? Because rich people and governments are on board. For the longest time the rich people poo-pooed it but now many of them have it (and they are hoarding it!).

I bought 0.52 Bitcoin in summer 2019 and sold it March 1, 2021. I reinvested it in Ethereum the same day (March 1). I have definitely learned a lot about it in the time that I have been involved in it but I am still no expert - not even close.

Right now there are maybe less than 4% of the people in the world who are involved with it so just imagine what it will be like when 40% of the people in the world are involved in it.

Blockchain is the underlying technology that cryptocurrencies are based upon and it will soon be what everything runs on (probably including the internet). If people don't get some crypto holdings into their portfolios (sounds fancy) now or soon, they will look back years from now and be very sorry.

I am not a day trader. I am a buy and hold sort...well, hold until I sell and buy something else.

DOGE is amusing and amazing at the same time. A $1000 investment just months ago could have set you up for retirement...however, a purchase of something that was essentially started as a joke wouldn't really be an investment, it would be called a gamble. The fact that DOGE was used to tip people on Reddit and so on adds to the unique history of the coin and its widespread sales have given it a boost. Some people just bought it because there is a dog meme as the symbol. It has had so many people buy it now that its market capitalization has overtaken real companies which do real things (not just crypto companies but also FORD and Twitter) and whacko Elon mentioned it a few months back which added to the notoriety and exposure. It's really just so unique.

It was really just a copy of Bitcoin only it is not limited in number of coins (Bitcoin is limited to 21 million) and it is riding momentum like crazy right now. With whacko Elon Musk hosting SNL this weekend, there could be a big pump to the price of it as well. I don't own any because I didn't like the idea of investing in a joke but I would love to go back a year or two and throw a couple of thousand into it.
 
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sleewell said:
Kinda felt the same way for while now but the longer it sticks around the more I think it will last. Like I said I have resigned to losing it all but just dont wanna be on the sidelines in a few years wishing I wasnt. Some pretty smart people are now on the train but then on the other side some very smart people also think its crap so it's hard to tell.
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I added a bit more to the original post regarding DOGE. I thought that you might be interested.
 
Of course my thoughts on this are not investment advice because I am in no way qualified to give investment advice but DOGE is a very notable case. It has become so big that, even though it was started as a joke, it may actually become something. I am not a fan of Mark Cuban but for the purposes of this topic, he was a crypto denouncer not that long ago and now, I have been told that you can buy merchandise in his arena using DOGE. That is just one example.

Visa has been running tests on Ethereum's network, the ridiculous NFT auctions that you hear about are mostly, if not all, Ethereum based. This week eBay announced that they will be exploring allowing buyers to use crypto. Because its widespread adoption is only just beginning, I have a sneaking suspicion that DOGE may become a widely accepted cryptocurrency one day mostly based on its proliferation in the market in such a short time.

Will Elon pump it on SNL? Will it climb afterward or plummet? I don't know.

Whatever happens, I hope that you can make some m00LAH sleewell. I'm in your corner man!

335clone said:
Shell game IMHO. Which cup is YOUR money under?
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Now this is an interesting perspective - and probably quite common. However, the one thing that is making crypto such a viable thing is the way that governments are spending and printing money. Money will inevitably lose value because they just print it left, right and center. Remember it USED TO BE backed by gold? Not any more. Spend and print.

Many cryptocurrencies are limited (like Bitcoin's 21 million) or they have a limited issuance. How about USD and CAD? No limits...print, print, print and let the littlest guys pay the debt.
 
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haha i wish.

but if it goes over 100k or higher like many are speculating it will be a nice profit.

i think @smorgdonkey made a lot of good points. specifically if only 4% are using it now can you imagine when it ramps up to 40%?? also the fact that they capped how many there are is important to consider. our govt right now is just printing money like nothing i have ever seen, inflation is already ramping up.

i'm more buy and hold but if you are more trying to day trade e toro offers options to copy certain investors and you can track their history. might be something to look into.
 
sleewell said:
haha i wish.

but if it goes over 100k or higher like many are speculating it will be a nice profit.

i think @smorgdonkey made a lot of good points. specifically if only 4% are using it now can you imagine when it ramps up to 40%?? also the fact that they capped how many there are is important to consider. our govt right now is just printing money like nothing i have ever seen, inflation is already ramping up.

i'm more buy and hold but if you are more trying to day trade e toro offers options to copy certain investors and you can track their history. might be something to look into.
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What are the fees for limit orders on e toro? The platform I'm using has really low fees, which helps a lot with my small scale experiment. The copy feature looked interesting, at least for educational purposes.

Agreed about bitcoin having a cap, I think some really weird things will start happening with bitcoin's price as the limit approaches. I don't like cryptos like DOGE that do not have a cap... but if you're in the know I guess you can make a chunk with DOGE if you time things correctly. Etherium is doing really well right now and there are a shit ton more cryptos out there too. If you sign up for Coinbase and spend some money, you actually get opportunities to watch simple videos and they give you free crypto for it. Small amounts but free is free.
 
e toro is commission free but they do charge one spread that varies for each cryptocurrency, first charged when you buy the asset and adjusted when you sell it. no withdraw fee.

i also setup a coinbase acct but they dont have doge. maybe ill buy some over there too, it seemed like a good site.
 
I just signed up on e toro to see what it's about. Looks really comprehensive but I don't understand a damn thing I'm reading. Gonna have to research before I buy anything.
I love the virtual trading on there. $100k to play with and see how things go is pretty cool.
 
BlockInlay said:
What are the fees for limit orders on e toro? The platform I'm using has really low fees, which helps a lot with my small scale experiment. The copy feature looked interesting, at least for educational purposes.
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What platform is that?
 
jbj said:
What platform is that?
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Binance.us

You're in the UK right? I think you'd use binance.com

Apparently the US doesn't love Binance and if you're from certain states you can't use it. Not really sure why. Their trading data is very deep and customizable which I've found useful.
 
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