Cryptocurrency Experience

PSK · Feb 12, 2014

topherea said:
Thanks PSK. I ask because it seems to me that the money right now is possibly best made trading both sides as technically speaking, it appears to fall into some fairly predictable candlestick drawings- if that makes sense. The bias tho right now, is heavy to the downside.

So, my point is that somebody's selling and putting some heavy pressure on. And if "these" can't be shorted to a middleman, someone (unfortunate imo) has to be taking the buy-side. I guess what I'm trying to say is that something just doesn't feel right with the underlying mechanics behind the way these things move.

anywho.
.
.
thanks

The world of altcoins is fast moving and its not uncommon for a relatively known coin to become the hottest coin (and vice versa).

There is no sure way of determining whether a coin is going to be the next thing, however, you can try and get a better edge by researching coins (seeing if they are bringing something new to the market, see if any whales intend to acquire (e.g. Wolong), see how big the community is, etc).

If you are relying solely on 'charts' to try and predict the downturn/upswings, this isn't the best way on its own. You need to view everything, sometimes, there is a reason why there has been a drop in price (e.g. miners dumping, new better coin released, etc), or an upswing (e.g. difficulty for mining is harder).

It's not enough being able to read charts. Some popular coins quickly fall into obscurity.

I'd get a twitter account and start following others, see what they do and watch the markets.

Also, never be too greedy. Know when to get out, if you made 50% and are thinking of holding out for another 10%, think about it. 50% of something is better than 100% of nothing. Coins go up and down all the time, don't beat yourself up if you bought too high or not low enough.

PSK · Feb 12, 2014

Alty said:
Got into the PandaCoin IPO too.

Big risk v high reward.

Shame it is capped at 2BTC.

Ditto Alty, I'm in for the 2BTC as well.

If Wolong (hope he's the real one) can do and does everything he says then we should be in profitsssss.

PSK · Feb 12, 2014

rexxkai said:
oh noes!! i think IPO is sold out!!! i just wanted a bit of pandacoins

Think you can still get some, just tweet him (he's probably asleep now).

PSK · Feb 12, 2014

TTTDodder said:
So, there already is a Pandacoin; is this a different one?

Correct.

PSK · Feb 12, 2014

Apparantly some of the devs behind UNO are helping to create the new Pandacoin.

mememan · Feb 12, 2014

I'll just wait till Panda v2.0 hits an exchange.

There are way too many exchanges/coins/etc. out right now. I've noticed that on some of the newer coins, I've overpaid (like down 80%). I'm debating on if I should go back to waiting a week or so before adding a coin to my basket, but then there's the potential to miss out on stuff like VTC.

Really, I don't think I'll try to optimize too much. Like, I can see I messed up on XXL coin since I traded in the BTC market instead of the LTC one. However, if there is an underlying increase in BTC (which I'm hoping is the gameplan everyone is seeking), that alone can at least keep these overpayments in check.

Who knows

PSK · Feb 12, 2014

TTTDodder said:
I'll just wait till Panda v2.0 hits an exchange.

There are way too many exchanges/coins/etc. out right now. I've noticed that on some of the newer coins, I've overpaid (like down 80%). I'm debating on if I should go back to waiting a week or so before adding a coin to my basket, but then there's the potential to miss out on stuff like VTC.

Really, I don't think I'll try to optimize too much. Like, I can see I messed up on XXL coin since I traded in the BTC market instead of the LTC one. However, if there is an underlying increase in BTC (which I'm hoping is the gameplan everyone is seeking), that alone can at least keep these overpayments in check.

Who knows

Lol

We've all done it!

I overpaid for CORGI coin once and had to sell at a loss.

I once bought 1BTC worth of DOGE for 177 and had to sell at 144 (if only I'd known it would jumpt to 280!).

You just learn from experience.

PSK · Feb 12, 2014

PSK said:
Lol

We've all done it!

I overpaid for CORGI coin once and had to sell at a loss.

I once bought 1BTC worth of DOGE for 177 and had to sell at 144 (if only I'd known it would jumpt to 280!).

You just learn from experience.

WDC was my biggest loss.

mememan · Feb 12, 2014

I've been indiscriminately buying coins on the smaller exchanges. For example, back when BTC was @ $1k a coin, I was thinking of just dropping 0.1BTC into everything on Cryptsy. With Cryptsy especially, it makes sense to wait a little once coins are added since, historically, there have been pump and dumps. However, that doesn't seem to be the case any more.

Now, once a coin is added to one of the lesser exchanges, there is the chance for it to sort of move up the ranks and be added to Coinedup and Cryptsy later (or multiple exchanges). I have no basis for valuation. Sure, I can see that Vodka, Beer, and others were just Coingen.io coins, but even then, they are still trading. They're sitting at a 100% loss at the moment, but it's 1/250 or 1/300 of the portfolio, so why does it matter?

I'm still hoping for a BTC drop of some sort and I'll go through and double down all positions

biggeemac · Feb 12, 2014

We need to come up with a name for this btc malleability bug.....anyway, coinmarket.io is now suffering because of it.

rexxkai · Feb 12, 2014

PSK said:
Think you can still get some, just tweet him (he's probably asleep now).

Checked threads, and op said IPO is sold out. But I tweeted him just in case.

ttoke · Feb 13, 2014

Check UNO! Bought in a few days ago, I knew something like this is going to happen. Do You think it will last longer?

PSK · Feb 13, 2014

ttoke said:
Check UNO! Bought in a few days ago, I knew something like this is going to happen. Do You think it will last longer?

I bought loads the other night for 152. Liquidated 2BTC's (@160) worth to buy into Pandacoin.

Had around 90 left, so I set seperate sell orders last naight @168 and @178.

Had I left all the coins, coulda sold them for 220 (25-30% profit).

Wolong's words suggest that UNO will hit higher heights.

The fascinating game of Cryptos! Hope Pandacoin is worth it.

mememan · Feb 13, 2014

How many Pandacoins did you get for 2 BTC?

PSK · Feb 13, 2014

TTTDodder said:
How many Pandacoins did you get for 2 BTC?

Works out to 8m. Average 25 Satoshis per coin.

biggeemac · Feb 13, 2014

I bought a few UNO's this morning.....hopefully i dont get stung.

CryptO · Feb 13, 2014

PSK said:
Works out to 8m. Average 25 Satoshis per coin.

Was really hoping to get these for 10 sats each.

But anyway, it'll be a good investment nonetheless.

rexxkai · Feb 13, 2014

Want to buy a tiny bit of panda. Who's kind enough to spare some ? XD

PSK · Feb 13, 2014

rexxkai said:
Want to buy a tiny bit of panda. Who's kind enough to spare some ? XD

Ok. 50 sats. Absolute bargain!

ttoke · Feb 13, 2014

Maxcoin is eventually going up. Glad I didn't sell.

CryptO · Feb 13, 2014

PSK said:
Ok. 50 sats. Absolute bargain!

That's a very good deal for everyone, esp the buyer.

Doge up 10 times in 1 month
UTC up 10 times after initial IPO

Panda, massive support, chinese loving it......... mmmmmmmmmmmm? Where is it going?

CryptO · Feb 13, 2014

ttoke said:
Maxcoin is eventually going up. Glad I didn't sell.

Yeah despite the fact I consider it massively overvalued I kept all mine too.

Got about 200 and have just started mining it again.

Got to go where the Bitcoin is.

mememan · Feb 13, 2014

These no/low volume coins on CryptoRush are annoying me. I get in, boom, down 80%+. I also wait for at least a couple larger (0.01BTC and more) orders to go through too. I don't think they're pump and dumps (who would fool with that to only make a 0.05BTC profit or so). I'll probably go through and double up my positions on the non-Cryptsy coins in March.

biggeemac · Feb 13, 2014

Alty said:
UTC up 10 times after initial IPO

UTC is my first alt, and its turning out to be a turd for me :mad:

CryptO · Feb 13, 2014

biggeemac said:
UTC is my first alt, and its turning out to be a turd for me

Tell me about it. Bought 5 BTCs of UTC at 9200 and now it is 4800

It'll recover there is no doubt in my mine. But question is, how long?

mememan · Feb 13, 2014

biggeemac said:
UTC is my first alt, and its turning out to be a turd for me

I got in UTC on FreshMarket, which was hacked, but I was able to transfer to coinmarket.io and right now it's up 20% for me. At one point it was up 100%-200%, but I didn't sell since I'm doing this strategy long-term (1+ year).

I really don't think I'd play the single coin game with cryptos. I don't have the patience or interest to really follow these guys 24/7, and it looks like a little bit of marketing (good logo, site, etc) is all that really drives prices.

That being said, if you want a more concentrated basket, I would look at single satoshi coins (<=10). Build a basket of 5-10 around that and maybe trade a little with it, or let it run. You only need 1 to do well to break even and/or generate returns. I'm going to be employing my "Simple Satoshi" strategy soon after getting some more data on these coins and my BTC from Coinbase.

ttoke · Feb 13, 2014

HOLY ****! Did you see what MAX did? It went from 0.002 to 0.0065 in 10 minutes, not about 0.005..

biggeemac · Feb 13, 2014

TTTDodder said:
I'm going to be employing my "Simple Satoshi" strategy soon after getting some more data on these coins and my BTC from Coinbase.

I would love to compare notes on this with you. I'm hitting the twitter feeds and BTC talk channels pretty hard. I really need to stop.

biggeemac · Feb 13, 2014

Woah.....was just about to cuss Max out and the bottom dropped out !

mememan · Feb 13, 2014

biggeemac said:
I would love to compare notes on this with you. I'm hitting the twitter feeds and BTC talk channels pretty hard. I really need to stop.

I look at those every now and then; they're fun, but they're completely worthless for figuring out what's going to happen long term. I was really curious what strategy everyone else was pursuing on BTC Talk, and all I got was a bunch of spam responses saying XYZ was going to the MOOOOOON!

My main strategy has been buying equal amounts in all the alts. I've probably gotten a little sloppy lately and have been putting my whole cap in (0.05BTC) rather than parceling it out (say 0.01BTC each week into the coin). I don't think this matters though, since what does a fluctuation of 50%+ going in matter (I've even seen such wide spreads on the 24 hour high/low in Cryptsy coins), when I'm just trying to make sure I'm in the coin that does 10,000%-100,000%.

Like if you look at articles in the popular press, they'll talk about how $100 in LTC a year ago would be $30k now. Well, 0.05BTC isn't $100, but let's say it's around $30-$50. I wouldn't have a problem if a position turned into a $15k one. Of course, the past may not play out again. However, if you look at charts of all the alts in the last 180 days, they are all up massively, even Junkcoin. Of course, you can't really get into these coins anymore at the sub $10k market cap level (except maybe by mining), so that will shave off some of the explosive return.

I've looked at the order book and try to position myself near 0.01BTC orders and greater. I really don't think pump & dumps are going on with some of these no volume coins. I know I've bought some real crap (like COLA, BEER, VDC, XXL, etc.) that I overpaid for. I really don't know what to do with these. I could wait a while to get in, but then again, I just need 1 to do okay to break even. I'm really amazed that some of these have ANY volume, and since I was trying to fill a massive amount relative to the market (0.05BTC) at the time, then of course sellers would want more BTC from me I guess.

With this "Simple Satoshi" strategy, all I'll be doing is trying to buy larger positions (beyond the 0.05BTC in them I already have) of coins that have yet to spin the 2nd satoshi digit. Of course, these can crash to nothing if they move to the litoshi or other market denomination. However, just think of what happens from 1-2 satoshi: 100% return. Getting in a good coin at this stage is where the big short-term returns may be.

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