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Cryptocurrency Experience

Discussion in 'Investing/Trading/Cryptocurrency/Altcoins' started by CryptO, Nov 26, 2013.

  1. CryptO
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    CryptO Gold Contributor Read Millionaire Fastlane Speedway Pass

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    At the beginning of October I jumped into Bitcoin with an investment of $3000

    6 weeks later of ups and downs, wondering whether to sell or hold, staring at my phone every 2 minutes (on my construction site) to check latest prices my $3000 was now worth $15000.

    Then with natural progression and being a latecomer to Bitcoin, I started to get interested in other Alt currencies in hope of repeating success enjoyed by early adopters of Bitcoin (when it was cheap). After research and listening to people on Cryptsy.com and Btctalk.org I then took a calculated risk and dumped all my BTC (which was earning money every day) for uptrending and early cryptos;

    That's where you can make big profits right now. Not BTC.

    This is my current spread

    DigitalCoin x 10000 (price goes up 1 cent = portfolio increase of $100)
    MegaCoin x 40000 (price goes up 1 cent = portfolio increase of $400)
    GoldCoin x 600000 (price goes up 1 cent = portfolio increase of $6000)

    Some days there is greater movement than others but the trend is mostly positive.

    The idea is that when you get in from ground floor (before the coin demand goes up too high), this is where you can see explosive return on investment. You should not be looking at Bitcoin or Litecoin (soon your mother will be talking about them).

    Allot of Alts (alts are any other digital currency that is not Bitcoin) are providing a 50% return every single day!

    At current market cap and 2 months later my $3000 is now valued at $30000 and increasing every hour.

    www.coinmarketcap.com

    If anybody wants any advice about how to start investing in cryptos, I'll do my best to share what I've learned so far.

    A small amount now (just for fun and something that you can afford to lose) could go a very long way.

    In terms of regulation (which is had/has to happen) and legality; there were 2 congressional hearings about digital currencies at the US Senate on the 18th and 19th November 2013.

    Here is part 1 :

    [video=youtube;CSTo9XgOgtY]http://www.youtube.com/watch?v=CSTo9XgOgtY[/video]

    Here is part 2 :

    [video=youtube;JzpRsUYxuaU]http://www.youtube.com/watch?v=JzpRsUYxuaU[/video]
     
    mguerra, AlessioLC, Lauryn and 4 others like this.
  2. DeletedUser394
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    DeletedUser394 Bronze Contributor

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    Seems like a bunch of massive ponzi schemes that will eventually crash and burn. Tulip mania anyone?

    That said, how can I buy some of these without putting in any real effort? To buy equities I just press a button, and to buy PMs I just walk to the coin dealer.

    Not interested in downloading miners and software and whatever else I've read about.

    Merci
     
  3. benhebert
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    benhebert Silver Contributor Speedway Pass

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    You can get involved fairly quickly using Coinbase as long as you have a US Bank account.

    I'm going to begin mining litecoins pretty soon.
     
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  4. CryptO
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    CryptO Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Ponzi scheme = Money transfered to early adopters at the expense of latecomers then system crashes.

    Cyrptocurrency = Market, where other coin dealers decide the price. It's a bidding system, on a speculative price and store of value. The coins will also become useful for making transactions and transferring money.

    You don't have to download miners.

    You can play as a speculator/investor/trader.

    See cryptsy.com

    But do your homework beforehand.
     
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  5. DeletedUser394
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    DeletedUser394 Bronze Contributor

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    Sounds about right. It'll all eventually crash.

    Super useful for criminals/money launderers in the meantime though.

    Thanks for the info, will buy some and see what happens.
     
    DaRK9 likes this.
  6. exige
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    exige Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Is there anything now that makes it "easy" to secure your cryptocurrency wallet without forgetting where you put a printed wallet or getting hacked? I don't want to have to build a never-connected-to-the-net machine just to create a wallet, because after some time goes by I'll either forget the login info or it'll wind up buried in my storage room.
     
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  7. CryptO
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    CryptO Gold Contributor Read Millionaire Fastlane Speedway Pass

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    I know what you mean! :)

    The solution to this concern is called Trezor of www.bitcointrezor.com

    This is a quote from their website

     
  8. CryptO
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    CryptO Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Big corrections in the market today. Very volatile and many coins reflecting the descent of bitcoin and panic sellers.

    Things were looking way too good over the past 7 days.

    Some coins were witnessing 100% to 200% returns every single day last week.

    Between Thursday and Friday my portfolio increased from $40,000 to $100,000 in 24hrs! WTF! :)

    That's $60,000 in 24hrs.

    Crazy stuff and my head was spinning all day.

    Last Friday I cashed out 300000 Goldcoins for $11000

    That recuperated my initial investment of 2500 euros plus a nice little profit (that will be eaten up by my construction company overheads).

    Now it's all play money. The markets can crash and bounce as much as they like, I got a big stash for the long term and looking to do some arbitrage between the Chinese and US markets for some extra spending money.

    Things are going to get very interesting next week as the markets (should) recover from todays correction.....
     
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  9. Oven
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    Oven Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    To be honest when I first saw your first posts about goldcoin and other cryptocurrencies, I thought it wasn't worth looking much into but it seems like you've had tons of success. I might need to look a bit more into it, thanks for posting this, hopefully cryptocurrencies will continue to thrive for a long time and we can all get a piece of the pie.
     
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  10. Jake
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    Jake Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    CryptO likes this.
  11. ddinnov
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    ddinnov Contributor Read Millionaire Fastlane

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  12. CryptO
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    CryptO Gold Contributor Read Millionaire Fastlane Speedway Pass

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  13. PopEmersen
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    PopEmersen Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    So I checked http://coinmarketcap.com/ and there are over 40 currencies that I have no idea about nor have I heard of. What makes one better or more volatile than the other? What makes their respective prices soar or bottom out?
     
  14. nzerinto
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    nzerinto Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Gee, Cryptocurrencies are "exploding" right now. I checked that site a few days ago and there were 35 currencies. Guess 80% of these will die away...
     
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  15. CryptO
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    CryptO Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Hey guys.

    The turbulence is settling down and my portfolio which plummeted a couple of days ago from $106K to $70K in 24 hrs is now back up to $116K.

    $116000 and I already have all my money OUT. I can loose nothing, except sleep because checking latest prices and news gets VERY addictive :).

    To me this has become my fastlane because my money is now working for me; in the form of investments in new digital currencies.

    If you're wondering how to choose a coin, this is all I can say.

    For me it's important that the coin brings something to the table that is better than the existing coins.

    It's up to you to do your own research and once you get started you'll never stop learning. It's a big industry (with headlines and television time on major platforms) and it's only going to get bigger.

    You need to keep up to date on the latest, cash out as soon as you can so you're risk free, and try to stay ahead of the crowd.

    BTW. Cryptsy.com is completely useless at the mo.

    Last night I transferred $30000 of coins for trading and my balance did not show up for about 4 hrs and many support tickets. Needless to say, another night of about 2 hours sleep. Then off to my construction business in the morning! GREAT. Packing that up in January to go full time at Crypto.

    Cryptsy.com are massively overloaded due to exponential growth and are introducing 5 new servers. Price is going to rocket on certain coins once they get sorted out. You can get them while they are still cheap, this is advice. (If that sounds like a ponzi scheme, so be it). But I don't think this is a ponzi scheme. Internet currency has real world uses and implications that can make banks and p.a.y.p.a.l look like something from the dinasour age!

    You make your own mind up, I already have :)
     
    Last edited: Dec 4, 2013
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  16. exige
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    exige Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    They are all ponzi's trying to cash in on the hype/catch some secondary waves off of Bitcoin. GoldCoin seems to be obviously setup for a pump-and-dump to enrich the founder, but I do think the guy's idea to conflate the phrase "gold coin" is crafty (but trying to TM it seems stupid/hokey to me). Can probably ride it a little but with your eyes open as to what it is. LiteCoin seems more interesting to me. I also looked into Ripple, which is so obviously a ponzi scheme, I mean the company pre-mined all of the coins and is sitting on them all, and they seem to be control freaks over the entire network. But I jumped on their giveaway for running BOINC, maybe I can get a few 10's of free XRP and just see what happens. The thing with Ripple is it's not a decentralized currency. They claim its a "payment network". It's a ponzi scheme wrapped in a creative story funded by VCs (and Google).

    These are all just casino gambling IMHO, but can scalp some profits if you can stomach the risk/volatility.

    What I find a little unsettling though after reading up on some of this last night is that the infrastructure still seems quite shaky for these alt coins. Ripple having delays or not paying out the XRP to people and when they do its much less than people expected. GoldCoin seems to have an unstable codebase and algorithm with forked blockchains and code coming out in real time, not very good QA. I thought about running a miner for GoldCoin but I'm afraid to do so if its going to be for nothing. A lot of the other alt coins have "stories" and issues of their own.

    ...waiting for the next flash crash of Bitcoin. It's coming.

    I'm also waiting for Amazon to release their own coin. It seems like an obvious/logical step for them to me. Facebook to bitcoin's Myspace?
     
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  17. CryptO
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    CryptO Gold Contributor Read Millionaire Fastlane Speedway Pass

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    coinchoose.com can help you decide profitability for mining

    Goldcoin is far from the top now

    I'm looking at getting out of GLD and into QRK.
     
  18. stefan
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    stefan Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Awesome thread, thanks for posting your story. "The only risk is the risk not taken." No one knows the exact future for these currencies but it only seems logical that a few of them are going to become popular for somewhat wide-use in the future. This is an exciting time.

    I'm new to cryptocurrencies but the game seems to be about doing as much research as possible to invest in the right founder's and their visions. I ask myself if the founder's of the specific altcoin that I'm looking into are involved to get rich themselves, or to create the best, most popular decentralized currency? Or both? I'm going to look more closely into QRK as it looks promising from the onset. I'll do some more research.

    BTW Alty...If I followed this thread correctly - you went from investing 2500 euros in October which resulted in $116,000 in play money TODAY? Insane...
     
    Last edited: Dec 5, 2013
  19. CryptO
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    CryptO Gold Contributor Read Millionaire Fastlane Speedway Pass

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    QRK is interesting atm for 2 big reasons.

    1. It has 30 second confirmation times (compared to Bitcoins 10 minutes). This makes it even more useful for everyday use
    2. Bill Still, a widely followed and well respected economist started talking about the merits of QRK. He is rumoured to be going on the Max Keiser show in about 2 weeks. Beleive me, if this is true and QRK gets a mention; the same thing that happened to Litecoin (Max Keiser talked about Litecoin on his show and price rocketed from approx $9 to over $30) this will happen to Quark.
    Good time to buy Quark?
     
    Last edited: Dec 5, 2013
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  20. Jake
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    Jake Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Seems like a pump and dump to me. Best of luck.

    I don't see any value in alt coins. Crypto-currencies are really just a efficient, decentralized, cloud based ledger. Multiple ledgers aren't needed. They have value because of the network and infrastructure behind them. Alt coins don't provide a large enough value proposition.

    Faster is not always better. Faster may introduce security risks.

    I'm sticking with Bitcoin.
     
  21. CryptO
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    CryptO Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Quark has six layers of added security built into the protocol, six more than Bitcoin.

    This makes it much more future proof to unknown elements of attack such as quantum computing.
     
  22. PopEmersen
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    The only issue I have is I have to buy Bitcoin in order to buy these other coins, there is no way to use a bank account/credit card to buy QRK with out the Bitcoin middleman....

    NEED
     
  23. exige
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    exige Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    They are pumping QRK. Something like 245 million quarks were pre-mined/insta-mined. SecureCoin is similar to QRK but without the gigantic pre-mine/insta-mine. I'm cpu mining SRC now...because there is no way to buy any of these in USD without doing as PopEmerson says and buy bitcoin first and I don't want to link a bank account to any of these places. So I'll mine a few. I might switch to GPU mining StableCoin for awhile.

    The question in my mind is will the ruling by the Chinese government today cause values to come back down, or to go even higher / cause Chinese speculators to hoard more.
     
  24. CryptO
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    CryptO Gold Contributor Read Millionaire Fastlane Speedway Pass

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    If you look at the charts on Cryptsy you will see that most of those QRK coins have already been sold/distributed and so they are not in the hands of a few individuals.

    EDIT: They are in the process of auditing the QRK Blockchain, to see how many wallets most of the QRK is. It will be interesting to see the final outcome of this!

    About what happened earlier today.

    At the moment I would say the price will now go much much higher. There is now Chinese government clarification.

    They have given the go ahead for Bitcoin exchanges to continue operations but they are going to really push them into tighter regulation which includes knowing their customers better (exacty the same thing that happened in the US). This is good news. However the missleading headlines in the media today triggered an initial mass panic and massive dump in China (which sent prices into free fall again). They have slowly been recovering.

    So to clarify: The Chinese government have not banned people from using/trading Bitcoin, they just don't want Banks to use Bitcoin because it is not classified as a currency and they see it as having high risk.

    Or that could be translated as high returns to be made.
     
    Last edited: Dec 9, 2013
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  25. santa
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    santa Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Wow, just seen this thread. Great stuff Alty, I definitely want to put a bit of $ into this (as you said, something I know I can lose).

    I'd be interested in this too. And also being in the UK, what non-US residents do...
     
    Last edited: Dec 5, 2013
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