Web 3.0 (Ethereum) is happening, and most people have no idea what it even is.

[Mosfet]

I'm not an expert on IOTA, but I've certainly looked into it and get the basic idea of what they're trying to achieve...

Here are few thoughts (please don't rely on this information as investing advice!):

- Because IOTA is attempting to replace some core parts of blockchain, there's a lot of inherent risk involved for the company. Will the technology be adopted more broadly? Or not? If so, they could be a big winner. If not, they could fade into oblivion.

- I kinda look at IOTA like I did Tevo when digital video recording technology for television came out. Great idea, lots of backing behind it, likely to revolutionize part/all of the industry, BUT...was it THE company that would succeed in the space, or would it just be innovating a technology that other companies would rip off and ultimately make the big money off of. Turns out Tevo was a pioneer, but the company wasn't what I'd call successful. IOTA could end up in the same situation, though it's also possible that they could be the winner in the space as well (if there is a winner in the space).

- IOTA's market cap right now is over $2B. I just checked and they are #6 in on the list of highest crypto market caps -- and #3 for non-BTC or ETH coins. That's a pretty high market cap, so much of the excitement of the company is likely already priced in. At this point, there probably isn't a lot of money to be made off irrational investors...any profits would be derived from the company actually creating great products and technology.

- I personally like the management team. They've been in the space for 6+ years, and have been working on IOTA for at least two years now. They are a non-profit and are getting support from the German government (these could be good or bad things), and are clearly vested in the success of the technology, not just getting rich.

- I personally like the technology, though it has some downsides. If it's successful, it probably wouldn't be difficult for a company like Apple or Microsoft to rip off. There is the fungibility issue that is inherent in several coins. There are potential security issues. Etc... Ultimately, the devil is in the details, and whether the team can fulfill all their promises will be a big determining factor in whether the technology is successful.

Anyway, those are my basic thoughts. I own some IOTA, but not a ton. More of a fear of missing out should it go to a $50B market cap one day, like BTC and ETH...

Your thoughts are much appreciated, sir.

Do you have a little something in EOS as well? It sounds like it could be something very similar, but I currently stay away because their t&c make me feel like I am better off playing bingo.

 

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[Castillo]

I have a question about all of this...

Why do people think they have the right to create their own currency? I am having a hard time comprehending how people can assume value on nothing? It's also confusing me in the sense that the banks have been doing the same thing and we have hundreds of trillions of dollars in debts and it is all non-tangible... It just makes no sense to me that banks can create this money now (like how the government can just print money and create it, at least there is a bill that has been created) it's just super messed up how banks and the government can just create money out of thin air but it's still worth the same? Does anyone have a better understanding of this that can explain that to me?

 

[Alxander]

I have a question about all of this...

Why do people think they have the right to create their own currency? I am having a hard time comprehending how people can assume value on nothing? It's also confusing me in the sense that the banks have been doing the same thing and we have hundreds of trillions of dollars in debts and it is all non-tangible... It just makes no sense to me that banks can create this money now (like how the government can just print money and create it, at least there is a bill that has been created) it's just super messed up how banks and the government can just create money out of thin air but it's still worth the same? Does anyone have a better understanding of this that can explain that to me?

It's more that people invest into a platform, where they buy coins, that can be used inside the platform.
Aren't some tech companies based on nothing much yet they still get investments
It's cool cause most cryptocoins have a hard limit, so the longer you hold, the more its worth, opposite to fiat.

 

[Castillo]

Why do you think people shouldn't have the right to create a currency? At least in the US, we have this thing called capitalism that allows people to create value and profit from it. There is value in many of the currencies that are being created... In fact, there is TREMENDOUS value in many of the currencies being created. Currencies are often created to drive a new market or network, and using a native currency to that market/network makes the market much more efficient and easy to build/use.

In fact, this very forum has it's own currency. People can earn Rep$ by participating, can transfer it between themselves, and in the future, it may be usable to buy good and services (for example, perhaps one day MJ will sell his books to users in return for their Rep$). This provides incentives for users to stay on the network and to participate.

Do you think that MJ shouldn't have been allowed to create Rep$ for this forum? If I want to buy some of your Rep$ (or sell some of money) for fiat currency, shouldn't I be allowed to do that as well?



Again, let's use the example of Rep$ here on TFF. People here assume that the Rep$ have some value, even if not fiat value. If I said to you, I'll mow your lawn for $200 in TFF Rep$, would you give me $200 Rep$? If I could then turn around trade that $200 Rep$ to someone else here to wash my car, then that "made up" currency now has real value, doesn't it?

We've now assigned "real value on nothing," as you put it. That's what many of these cryptocurrencies are doing. But, instead of trading their coins for mowing lawns or washing cars, the network trades coins for other work that is being done -- for example, storing data on their computer, providing CPU time, providing data security, providing payment mechanisms, etc.



You know, you're welcome to not take advantage of the fiat currency system. Nobody is forcing you to earn $, accept $ for payment, etc. You're welcome to barter with physical goods and services if you prefer.

Some of us think that a fiat currency provides value -- it makes life easier and allows us to put a common value on goods and services.

As for the government spending more fiat currency than is in circulation, that's a completely separate issue. Personally, I think that's a problem, but it has nothing to do with the value the fiat itself brings to society.

This is a great response. I honestly just don't know enough about it nor do I know enough about capitalism to understand this stuff lol

I guess I've done the same thing with games, getting good, selling items for real cash or selling them for forum cash that I can convert into other items or real money.

It just is odd for me to see it on a billion/trillion dollar scale.

 

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[Hyrum]

I have a question about all of this...

Why do people think they have the right to create their own currency? I am having a hard time comprehending how people can assume value on nothing? It's also confusing me in the sense that the banks have been doing the same thing and we have hundreds of trillions of dollars in debts and it is all non-tangible... It just makes no sense to me that banks can create this money now (like how the government can just print money and create it, at least there is a bill that has been created) it's just super messed up how banks and the government can just create money out of thin air but it's still worth the same? Does anyone have a better understanding of this that can explain that to me?

There are several misconceptions here.
First, you assume that bitcoin is "legal tender for all debts, public and private". It is not. It is only a valid form of payment who choose to participate in the bitcoin (or other cryptocurrency) system.
Two, You allude to the fact that banks create fiat currency. They do not. It comes from the Federal Reserve Bank (US) or Bank of Canada (CA), or other whatever central bank is designated by that country's government. Privately/Publicly owned banks have nothing to do with the printing of a country's currency.
Three, people have been assuming value on "nothing" for millennia. What's an hour of your time worth? For a lot of people, time is worth very little. For me, I value my time at $200 an hour. For a top lawyer, an hour of their time is $2000. To spend an hour of time with Warren Buffet was $2.68 million.
Four, private companies have developed their own currencies for centuries. A famous example from the 1800's is company scrip. More modern examples are airline miles, hotel reward points, and merchant specific gift cards. Each of these has a tangible value, but are only valid in certain scenarios and with certain people. You can't pay your IRS bill with Panera Gift Cards.

Hopefully this helps clear things up for you.

 

[Castillo]

I guess to me what makes it different than any other intangible currency is the fact you can trade it on forex lol, you can't trade airmiles on forex

 

[MJ DeMarco]

So I just checked out CoinBase -- between their spreads and fees, buying there is a total rip off.

Once again, when the gold rush is in full bore, you want to be the one selling shovels...

 

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[coreydean]

I have a question about all of this...

Why do people think they have the right to create their own currency? I am having a hard time comprehending how people can assume value on nothing? It's also confusing me in the sense that the banks have been doing the same thing and we have hundreds of trillions of dollars in debts and it is all non-tangible... It just makes no sense to me that banks can create this money now (like how the government can just print money and create it, at least there is a bill that has been created) it's just super messed up how banks and the government can just create money out of thin air but it's still worth the same? Does anyone have a better understanding of this that can explain that to me?

The banks could create a trillion dollars and 99% of the population wouldnt even know that extra trillion was in existence. With cryptocurrency everything is on a ledger(blockchain), and is accessible 24/7. If a single coin goes from one person to another it will be updated in the ledger and accounted for. With paper money if someone gives you a dollar only you and that person know that transaction took place. Theres also a market cap thats in place, although that could increase it still is all accounted for on a ledger(blockchain)

Someone could invent a currency made out of space rock and if that's of value to me then I could trade my goods or services. The whole premise of business is set on what your value is to someone else. Money is no different.

 

[Castillo]

I believe you can also buy and sell corn futures on Forex...

That is also something tangible

 

[ZeroTo100]

Yup, Coinbase is very high fees (similar to buying physical gold and silver from a broker, in my experience). Coinbase has the advantage that it's a regulated bank in the US, so your money/coin is insured, but the fees make it unusable for serious investors.

There are other exchanges where you can wire money and purchase/sell coins for a much more reasonable fee. And there are plenty of unregulated "exchanges" popping up all the time that are cheaper, but obviously more risky.

It's most certainly still the wild, wild west out there.

As an example, last night, a very high profile and well-regarded company in the space that's run by MIT grads was hacked, and the hacker tricked potential investors to send him over $500K in coin. The hack happened because the CEO of the company was part of the Ashley Madison hack last year, his password was exposed during that hack, and he was still using the same password for company accounts. The hacker found his password in a public database, hacked his accounts and sent out a message to potential investors under his name.

In a more regulated environment, this wouldn't have gone down this way. But again, the profit potential at this point is largely driven by the inefficiencies and irrationality of this market, so you have to take the good with the bad. Much like other places on the Internet, always assume someone is trying to rip you off...

Wait...Your coins are insured? Where did you read that?

I may be mistaken, but from what I'm aware of, there have been situations where coinbase had been hacked and people have lost their money and coinbase was nowhere to be found. This stuff happens all the time and I don't believe any of these companies to cover you. Good luck trying to get in touch with them. I believe it's the evolution of money but at the point right now, it's worse than the wild Wild West.

The scam your talking about on enigma happened because the guys who went to MIT that started it, were compromised for a stupid reason like not using two-step authentication and stole 500k of investors money (people looking to get in on an ICO).

If I were going to buy any coins, I'd probably use Kraken and a hard wallet.

I hold no position in any crypto for a number of reasons. I know that some investors on this board feel externally bullish about eth and cryptos and I do think there is opportunity to "sell shovels." I like the idea of the technology but being a cash investor in trading eth for usd is beyond risky.

 

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[Caramel]

@JScott what do you think about Ripple? Seems they're trying to cater to banks and are gaining a little bit of traction.

 

[Alxander]

@JScott what do you think about Ripple? Seems they're trying to cater to banks and are gaining a little bit of traction.

Don't buy Ripple (the coin), from what I know it's just used for bookkeeping. Though you can make money off of it so don't listen to me

I'm currently in NEO and Syscoin, was looking at Lisk but should've bought that instead of Syscoin. Lisk isn't really put to use yet so it has potential to grow, it's for decentralized apps based on Javascript.

Joining a chat room or reddit about cryptotrading is best to do, I just listened to them and bought NEO (though always do your own research, but crypto goes so fast that you sometimes need to do it afterwards lol)

 

[Caramel]

@JScott Thanks for the input!

Reading it like that, it seems like a huge disadvantage that Ripple can be used without using the actual coin. There barely any reason for Ripple to grow

@Alxander Lisk seems interesting. However, since you mention it is not being put to use yet - is there any evidence to show it "will" be put to use at some point? I guess I shouldn't really be asking that and do my own research regarding lisk and anyone who's involved. It does seem like a stable coin to invest in.

 

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[Alxander]

@JScott Thanks for the input!

Reading it like that, it seems like a huge disadvantage that Ripple can be used without using the actual coin. There barely any reason for Ripple to grow

@Alxander Lisk seems interesting. However, since you mention it is not being put to use yet - is there any evidence to show it "will" be put to use at some point? I guess I shouldn't really be asking that and do my own research regarding lisk and anyone who's involved. It does seem like a stable coin to invest in.

I don't know much about LISK, I will start my research soon, I can give you a link to a discord cryptotrading chat if you want.
NEO is quite cheap now and IMHO it will go to 3 digits EOY, the team is solid, tech is growing solid (but has to be decentralized).

There are so much other coins with potential, BNB is getting pumped due to it being used as payment for the Binance transaction costs what later on becomes a decentralized crypto currency exchange.

 

[Caramel]

I don't know much about LISK, I will start my research soon, I can give you a link to a discord cryptotrading chat if you want.
NEO is quite cheap now and IMHO it will go to 3 digits EOY, the team is solid, tech is growing solid (but has to be decentralized).

There are so much other coins with potential, BNB is getting pumped due to it being used as payment for the Binance transaction costs what later on becomes a decentralized crypto currency exchange.

I'd gladly join a Discord like that!

I'll have to invest more time on NEO to get a grip on what it's capable of. Unfortunately it doesn't seem to be available on the exchange(s) I use, but I can probably get around that.

 

[ZeroTo100]

Do you know of any threads or can you create a thread that actually demonstrates how you go about buying, storing, and trading eth?

I'm not talking about how you read your charts but more so on what exchanges you recommend, what is the wallet you use and how you execute your dollars for coins? Tip you can provide on how to buy and store the safe way. Just an overall opinion on how the average person can trade dollars for eth.

Ex: I take my dollar to Canada and exchange my money in 3 seconds. How can I do that safely if I wanted some eth.

Where does the average person start?

Might help a lot of people just looking to convert some cash into coins

 

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[steelandchrome]

I just got in on BTC and ETH and am purely speculating at this point but I do see the value of the blockchain technology and digital transactions. A LOT of drama going on right now between bitcoin and bitcoin cash which is making it a hard time for other crypto currencies and could be a good buying opportunity as they shake things out. This was crazy confusing to me for a few days but after a week of research it made a lot of sense. @JScott I'd be interested in where you saw all the buzz on the ICO to sign up for it? I follow the majors on reddit and facebook but they all seem to hype the same stuff over and over and gets a bit old... Just adding my 2 cents

 

[steelandchrome]

Right on their website...

How is Coinbase insured?

In the US, they are FDIC insured, no different than any registered bank. Your funds are secured by the US government up to $250K.

I may be partially mistaken but it is true that your money is 100% insured for anything in your USD wallet on coinbase and any coins that are stored online. If you read the link you quoted they say your own individual account is not insured if it was hacked and that they only cover coins that they have online but then state they only store 2% of coins online at any given time. The other 98% are stored in "cold wallets" which while should be very safe being offline are technically not insured. Best thing I've read is to create a coinbase account as well as a GDAX account and fund the USD wallet in coinbase and then transfer the money to GDAX (owned by coinbase) where if you place limit orders you pay zero fees as opposed to the ridiculous fees MJ commented on earlier. Then transfer whatever coins to your own wallet vs leaving on the coinbase exchange.

 

[steelandchrome]

So I just checked out CoinBase -- between their spreads and fees, buying there is a total rip off.

Once again, when the gold rush is in full bore, you want to be the one selling shovels...

I just posted this in a different comment but just FYI if anyone was looking to invest in any coins it does appear coinbase is the safest and best way to fund your account but they have a "consumer" side of "coinbase" with consumer level (high) fees to go along with market only orders and a "pro" side at gdax.com that you can transfer funds from coinbase over to and as long as you place limit orders (exactly like stocks) then you pay zero fees. It is kinda shady that they wouldn't integrate the two together without having to do the extra research and find this out on your own but if people are willing to pay the fees then they are definitely going to be willing to take them from you

 

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[Caramel]

If you like the functionality of Lisk, you should check out Rootstock as well. Not exactly the same, but targeting similar developers (RS is more smart contract focused, while LSK is more generic sidechains).

Now that we're bringing up all these different coins I have to start wondering whether there's a place for most of them.

It seems a lot of coin have the same functionality (or a lack of proper functionality). You've mentioned knowing INSIDERS and pouring plenty of research into the development team behind the coin/system, but is this enough to be confident about the coin you're going to invest in?

 

[Caramel]

@JScott Thanks again for your informative reply!

I've bookmarked your article and will read it once I am home!

 

[Samuriscimi]

Do you know of any threads or can you create a thread that actually demonstrates how you go about buying, storing, and trading eth?

I'm not talking about how you read your charts but more so on what exchanges you recommend, what is the wallet you use and how you execute your dollars for coins? Tip you can provide on how to buy and store the safe way. Just an overall opinion on how the average person can trade dollars for eth.

Ex: I take my dollar to Canada and exchange my money in 3 seconds. How can I do that safely if I wanted some eth.

Where does the average person start?

Might help a lot of people just looking to convert some cash into coins

Quick rundown based on what I've done personally. (I'll speculate on things, but when I do, I'll let you know).
For some background, a buddy of mine and I consult wealth management groups on how to invest with Bitcoin, buy offshore assets through the blockchain, and generally use large amounts of money profitably on the ledger.

1. Buy your first coins
The safe, secure, and cheap ways to buy coins all involve making transactions on the ledger- which means sending coins from one wallet to another. But you can't do that without some coins in the first place.
So, go to a place like Coinbase. Yes, they have very high fees. They aren't as bad as traditional brokers, but they are really high. Buy some BTC or ETH on Coinbase and now you're into the market.
DO NOT LEAVE YOUR COINS IN COINBASE! Those guys talking about getting hacked? It's companies like coinbase, or other exchanges that can get hacked or collapse. Also- hackers can target you personally on these platforms. It's much safer to keep coins in your wallet.

2. Download a wallet.
Pick your favorite, there are a ton.
I've used numerous wallets, but my favorite for use is the Coinomi wallet app. It chills on your phone and lets you send and receive very efficiently.
It is much more safe to use a hardware wallet (or paper wallet)- which is what I use for long term storage of coins. You can find a bunch, check out: 11 Best Bitcoin Wallet Hardware & App Reviews 2017. Basically, keep your coins in a flash drive.

3. Pick a few exchanges
This is where things get tricky, and the government gets involved. Most exchanges these days are taking 1099s for movement of any nominal amount of money. Try to avoid this, but often you can't. Go to an exchange like Poloniex (one of my favorite because it's more anonymous), or Bittrex (no longer lets you withdraw without registering and giving tax information).
Here, you can buy all those other alt-coins you were talking about. Swap your coins out with whatever you want!
Please: do your due diligence on which coins you buy. Many are large pump-and-dump ICO scams.

4. Cash in (or out) on the ICO bubble
To invest in an upcoming ICO, the company you wish to invest in will give you a wallet on their website. Simply transfer the coins to them. Then pray that the CEO actually builds the business and doesn't run off with your cash.




Guys, Crypto is the new world of finance. There are tons of options out there, and a huge profit potential for any kind of business.
But you have to be super careful. People are getting locked up for running legitimate business on the blockchain. The government DOES NOT like it when they can't control the flow of finances.
So please educate yourself long before you start to throw around money.

 

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[Samuriscimi]

@JScott

Crypto allows you to earn and spend without using the taxable US dollar.
If you transfer your coins into cash, it opens up many options for which you should hire a solid attorney and accountant. But the nature of the coin as an asset rather than cash opens up all sorts of options- including the location you bill/earn to/from. Just as real estate (especially off-shore real estate) can be used as a tax haven, so can crypto.

Your second point: Are you being serious or sarcastic? Depends on what you mean by "legitimate".
Ulbricht is the first I'd point out. Shrem as well.
Other US arrests: Federal Agents Raid Home of Arizona Bitcoin Trader - CoinDesk

Bolivia goes after people simply for promoting using coins: Bolivian Authorities Arrest 60 ‘Cryptocurrency Promoters’ — Bitcoin Magazine
Russia attacks exchanges: Russian Arrested for Allegedly Operating $4 Billion Bitcoin Crime Website | Finance Magnates
Country's are working to stop the transaction from local currencies into coin: 5 Crazy Laws Passed to Fight Cryptocurrency
Also this: Legality of bitcoin by country or territory - Wikipedia


If you are operating a business in a free market, governments are going to try and tax you. There's nothing controversial or debatable about it. The government wants to get this stuff under control and they are making an example of many of the early adopters.

 

[AG356]

These guys were running a black market that facilitated illegal transactions. Had they been doing the exact same thing, but using cash instead of crypto, they would have faced the exact same legal consequences. It wasn't the crypto that put them behind bars, it was their facilitating drug trafficking and other illegal transactions.
Unless I'm missing something...

I recognized that too.

My strategy for crypto is NOT value investing right now. It's speculation. But, speculation doesn't mean "lots of risk" in this case. It's relatively easy to make money off of speculation right now if you put in a tiny bit of work. I'm simply making money off of market inefficiencies and the irrationality of other investors. For the most part, I'm buying coins that are tremendously undervalued (from either market inefficiencies or forced scarcity), waiting for them to jump in value, selling off enough to recoup my investment and a little bit of profit, and then holding the rest risk-free.

This is really good advice and anyone starting out with crypto should read it twice. The value of any coin is currently under control of those who can start up the biggest hype on any bi9gger platform out there. For research purposes I took 3 days off my usual routine and spent it on all on reading through forums and chats, tweets from CEOs of crypto companies and so called "youtube crypto gurus". The price of any coin would strictly follow shallow hypes which would ensure from tiny hints like a sticker of a crypto company logo² on the back of Vitaliks³ laptop.

Events like this would get hyped up on those platforms and instantly kick off predictable market movements over a short period of time. Reading a tweet of an official team member of any remarkable crypto company within the first few minutes of it getting published can give you the edge over everybody else and make you a good amount of money.

For me I split my money into value investing and speculative investing. The later has been more profitable by now, however I think that the market as we know it know will be put in his place when the first ICOs scams or failed projects burn a load of people so badly that the word spreads through the previously mentioned platforms and keeps new investors more cautious where they put their money in. In the current cryptomarket the "get rich quick" mentality is in full force. Or as J correctly mentioned: "the irrationality of investors"


Edit: Just finished, great article @JScott

 

[steelandchrome]

That Kyber Network ICO is going to be huge, they closed accepting new clients to the ICO due to overwhelming demand before its even available. That one would have been great to get in early on for the ICO.

Sent from my SM-G935V using Tapatalk

 

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[masterneme]

Are Bitcoin, Ripple or Ethereum Ponzi Schemes? – Erik Engheim – Medium

 

[AG356]

Two other things that have a big impact on the ability to generate short-term gains:

1. Many of these companies offer "bonuses" for those who invest early. For example, if you get in on the first day of the ICO, you may get an extra 20-30% of the coins for the same amount of money. Personally, I've invested in several pre-sales (purchase before the ICO), and am getting 50%+ in bonuses. So, even if the price of the coin is exactly the same as the ICO price when it starts to trade, there's already a built in 20-70% profit just from the bonuses.

2. Because not all coins are traded on all exchanges, there are whole countries that don't have access to certain coins until certain times. There have been a number of coins that have shot up in value once they are released on exchanges in China and Korea, because those citizens previously didn't have access to those coins.

Both of these are examples of inefficiencies in the current crypto markets...

Agree 100%. I was wondering for a while if I am missing something because the exact thought pattern went through my mind before I started investing in ICOs, or what I prefer now, pre-ICOs for your mentioned extra bonuses. After I came to the conclusion that this has to be some kind of "glitch" (or as you called it "market inefficiencies" I started to invest in pre-ICO's with bonuses up to 70% comparing to those who will contribute at the end of the ICO.

What I wanted you to ask from your previous posts, why do you always cash out 50% after the first pumps when a token hit the exchange? I would fully understand cashing out the exact amount you put in to break even so you have your so called "lottery tickets" left, but you mentioned it a few times that you always take out 50%. Why is that? So you gain at least a small amount for your time in case it goes down to zero?


For Kyber, the FOMO of the US citizen is astonishing. I do also believe that this will heavily pump the price once it hits the US exchanges. I've even read posts written by a guy who was trying to set up an account on the Philippines with his daughters data to participate in the Kyber ICO or get whitelisted. Dunno about him, but I reckon a VPN would have been the easier choice.

 

[AG356]

As you delve more into it, you'll realize that a lot of these companies are actually doing ICOs, pre-sales and pre-pre-sales. The ICOs are generally focused on the retail buyers; the pre-sales are focused on larger buyers who are willing to commit serious $$$; and the pre-pre-sales are focused on buyers who have a relationship with the company.

I've found that unless you're willing to invest at least $10-50K of your own money, or you can put together a syndicate of people willing to invest, the pre-sales are starting to get increasingly difficult. I'm part of a syndicate that just raised over $500K for an upcoming pre-sale, but even with that investment, we were passed over.

That said, the pre-pre-sales can be the most lucrative (obviously), and they aren't that difficult to get involved with. If you're active in the crypto space, try reaching out to folks at the companies that have upcoming ICOs. A lot of time they will be receptive to a chat or email conversation -- especially if the ICO hasn't already become highly publicized. I know many ICOs that are still a month or two out, and the team would be happy to hear from "fans" who want to ask questions -- it's often not tough to build this relationship to the point where you can get in on a pre-pre-sale and get some big bonuses.

Thats great advice!
I recognized that if you research upcoming ICOs and join their slack group early on, with <50-100 people, the admins and the CEO are more than willing to chat with you and explain a thing or two. One of those ICOs used referral codes, where I managed to gain some extra % just by asking the CEO directly and since I was such an early "fan" he would grant me the highest referral code out there. The extra tokens will probably accumulate an additional worth of 300-500$, which is quite nice for asking a simple question and being interested in the project. It's not in the dimensions you're talking about however it follows the same principle for early adopters.

Are you sure I said 50%? If so, I misspoke. Perhaps I was talking about one specific investment?

I typically sell enough to cover my investment, plus a small profit. Depending on how much of a run-up it has and my longer-term outlook for the coin, I might sell very little or I may sell a big percentage.

I just re-read your posts and you pointed it out on the "0x" trade. I wrongly assumed, parred with your story of internet stocks trading, that you would follow this pattern everytime. The later quote states the process I use on "risky" investments as well but my wrong assumption got me thinking why you would choose the 50% mark on such trades. I interpreted that wrong, sorry.

For example, yesterday, I purchased a whole bunch of a token from a company called "0x". In 24 hours, it jumped 600%. I sold half of it, and will keep half as a long-term investment. If you bought the maximum lot size they allowed (about $8K), you made $50K overnight. I did the same thing with two others over the past couple months (CVC and PAY). And will keep doing it.

I did the same thing back in the late 90s when Internet stocks were hot. I bought the "hot" stocks when they went public, held for a day or two, and then cashed in. My mistake back then was cashing in 100% instead of 50%, and not holding 50% long-term.

I bought about 100,000 coins at $.05 at the ICO. By the next day, they were trading at $.20, as there was a lot of demand from those who weren't able to buy at the ICO. I sold enough to cover my initial purchase costs, and still had about 70,000 coins left. No risk anymore. By Friday, the value had jumped to $.30, and I sold a bunch more as profit. By this morning, the coin is trading at about $.50. It could crash from here, or it could go higher. I have a bunch of coins I'm going to hold long-term in the case that this is one of the "winning" technologies in the space in the future.

For example, I recently bought a bunch of TenX (PAY), and it had about 7x run-up within a few days. I haven't sold any of it, because I think it has a great future and I don't want to dilute my position. On the other hand, I recently purchased a bunch of Civic (CVC) and after a quick run-up, I decided to sell off about 90% of it -- I thought that at $200M, it's market cap was a little high. I was happy to take the profit (to use for other purchases) and have a few thousand tokens left in case it later does well.

Yes, I've read your post about TenX a few days ago when I tried to catch up to the thread and recognized that you called it about 7 days prior to the sharp price raise.

So, I don't have any "rules" by which I sell or keep things. It's basically tied to my outlook on the coin, the gains I've made and the current market cap.

I'm fully with you. Right now, I do limit myself to only invest in coins I think will truly impact the future even when I am investing short term. Riding out the hype waves on tokens which have literally zero value can be profitable however you have to invest way more time monitoring the trend to get out before the inevitable dump happens. But as you previously mentioned at the end of the day most of it is speculations which will reward those who invest not only money, but time, persistence and a little bit of patience.

Unfortunately, VPN for Kyber isn't an option. They are using KYC ("Know Your Customer") for verification, which requires a government-issued ID for verification. The best bet there is to find someone you trust in another country and have them purchase some for you...

Well, this explains why some people on various platforms mentioned uploading their IDs while the other people had no idea what they were talking about. Sorry about my misinformation. I don't quite grasp how they can locate you and realize that you're based in the US. I got into it (I reckon) without uploading any kind of ID except I didn't make the cut but I signed up for it a few days before they prematurely ended the sign up process so I'm quite sure I'm in. If I recall correctly they didn't send out a confirmation email.

 

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[steelandchrome]

So officially in on ETH and PAY today. Ready to start some research on other upcoming ICOs and be prepared for them. I signed up for a few wait lists but unfortunately two of them sent back not available to US buyers.

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[steelandchrome]

As you delve more into it, you'll realize that a lot of these companies are actually doing ICOs, pre-sales and pre-pre-sales. The ICOs are generally focused on the retail buyers; the pre-sales are focused on larger buyers who are willing to commit serious $$$; and the pre-pre-sales are focused on buyers who have a relationship with the company.

I've found that unless you're willing to invest at least $10-50K of your own money, or you can put together a syndicate of people willing to invest, the pre-sales are starting to get increasingly difficult. I'm part of a syndicate that just raised over $500K for an upcoming pre-sale, but even with that investment, we were passed over.

That said, the pre-pre-sales can be the most lucrative (obviously), and they aren't that difficult to get involved with. If you're active in the crypto space, try reaching out to folks at the companies that have upcoming ICOs. A lot of time they will be receptive to a chat or email conversation -- especially if the ICO hasn't already become highly publicized. I know many ICOs that are still a month or two out, and the team would be happy to hear from "fans" who want to ask questions -- it's often not tough to build this relationship to the point where you can get in on a pre-pre-sale and get some big bonuses.



Are you sure I said 50%? If so, I misspoke. Perhaps I was talking about one specific investment?

I typically sell enough to cover my investment, plus a small profit. Depending on how much of a run-up it has and my longer-term outlook for the coin, I might sell very little or I may sell a big percentage. For example, I recently bought a bunch of TenX (PAY), and it had about 7x run-up within a few days. I haven't sold any of it, because I think it has a great future and I don't want to dilute my position. On the other hand, I recently purchased a bunch of Civic (CVC) and after a quick run-up, I decided to sell off about 90% of it -- I thought that at $200M, it's market cap was a little high. I was happy to take the profit (to use for other purchases) and have a few thousand tokens left in case it later does well.

So, I don't have any "rules" by which I sell or keep things. It's basically tied to my outlook on the coin, the gains I've made and the current market cap.



Unfortunately, VPN for Kyber isn't an option. They are using KYC ("Know Your Customer") for verification, which requires a government-issued ID for verification. The best bet there is to find someone you trust in another country and have them purchase some for you...

So is this how you get around KYC for non available to US citizens? I was looking at kick ico but it ia another not available to US. Do they actually check where you are from? Just curious...

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