The Cryptocurrency Investing Discussion

[JAJT]

I was just going to buy some ETH to hold onto for a while and got this message on Coinbase:



Does this mean I can buy the coins from them but can't sell them?

Any other Canadians have some options or insight into this? I'd love to buy/hold some ETH but if I can't sell when I want to sell (whenever that comes) then that's a bit of a problem.

 

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[C-Jay]

I was just going to buy some ETH to hold onto for a while and got this message on Coinbase:

View attachment 16790

Does this mean I can buy the coins from them but can't sell them?

Any other Canadians have some options or insight into this? I'd love to buy/hold some ETH but if I can't sell when I want to sell (whenever that comes) then that's a bit of a problem.

That's correct, sort of. You can sell your coins and trade, but you can't withdraw CAD, so you must use another exchange to get real money out. Been this way forever. Coinbase is great if you just want to buy at a fair market price (some exchanges, especially smaller ones like Coinsquare in Canada, have inflated prices) and hold. You can also just use Coinbase to purchase and then transfer your coins to your hardware wallet, which you should be doing anyway.

The trickiest part is getting your fiat currency into an exchange. For Canadians, Coinbase and Coinsquare are the best options. (Kraken prices are always weird and Quadriga is a shitty platform).

You can then use Bitfinex (my preferred exchange) for any trading you want to do. You need almost no verification if funding via cryptocurrency. Buy and sell all you want, but you can't withdraw CAD. I have coinsquare for this. Simply send coins from Bitfinex (or binance or whatever exchange) to your wallet, then from your wallet to Coinsquare. They'll do a bank wire withdrawal for you for like 1-2% if I remember correctly.

Coinsquare is super easy to fund, but expensive (they accept interact e-transfer but take 5%, for example). I often do use it for convenience to make a quick purchase.

Alternatively, Coinbase is like 4% I believe, but you can use a major credit card and earn rewards on the purchase, which is huge if you have a lucrative card that can essentially turn that 4% into 2% (or whatever). Also great if you churn credit cards and need to make a sign-up bonus.

Feel free to ask if you have any questions for me. I'm a Canadian and have been doing this for a while.

 

[JAJT]

Thanks C-Jay, that helps.

I just bought my first "real" amount of Ethereum this morning. I'll get a bit more next week (my max on coinbase is quite low still) and "as able" going forward.

I'm not in this world enough to know anything about the dozens (hundreds?) of alt coins or what the hell is going on with Bitcoin but I like everything I've ever read about Ethereum and the mixed chatter from all corners of the web seem really, really positive about it. Obviously not risking anything I can't afford to lose so I'm not too worried about not knowing everything at this stage in the game.

 

[MarekvBeek]

How long is so long? It's been what, 3-4 months? Bitcoin had like 2 years of steady decline/stagnation between 2013-2015ish; and it just shattered 7k (!) even though it's a fundamentally useless platform. Crypto is known to move a mile-a-minute sometimes, and those periods create the stories, but in reality, 3-4 months is a drop in the bucket. Hodl or die friend.

Yes long is relative of course. The reason I asked is because bitcoin indeed shattered every record. And in the meantime ETH is going steady, while ICOs continue to go on (the main fuel for buying and selling Ether).

You say Hodl... but when do you really sell?

 

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[C-Jay]

You say Hodl... but when do you really sell?

When you can pay cash for the lambo, of course

 

[MakeMoreMoves]

Is there a reason that you guys are investing in some unknown altcoin instead of just sticking with BTC, ETH, or LTC? I currently only have BTC and ETH.

Anyone worried about the IRS? My apologies if anyone has already covered it. I have all my coins put into hardware wallets. So Coinbase won't know if these are transfers to my own wallet or a sale to someone else's wallet because it's all anonymous.

 

[MarekvBeek]

It looks like the bulls are getting tired and the uptrend on BTC is about to end.

I say this because the pattern looks familiar to the ones in 2013 and 2014 when BTC reached $259.34 and $1,163, and to when btc reached $2,980 on june the 12th this year.

It might go to $8,040 as that is the 161.80% fibonacci level. But after that I'm pretty sure we will see a correction.

Almost everybody is positive now on Bitcoin, usually a sign that a paradigm shift will happen and that the market will turn.

But of course I don't have a glass ball to predict the future. So I can never be 100% sure.

 

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[Tom.V]

Seems obvious that the BTC run is related to the upcoming split. Segwit2 futures were at $1000 a coin a couple days ago. Bitcoin gold only hit $100 per coin and look what BTC did back then. Pretty clear that a $1000 free coin should push BTC up pretty high. And almost as clear that there will be pull-back after.

I don't think the current run-up has any relationship to the run-ups in 2013-2014...

Just my $.02...

As for SegWit2x futures: SegWit2x [Futures] (B2X) price, charts, market cap, and other metrics | CoinMarketCap

Kind of running along with the thought here given the fact whoever holds BTC will get an equal amount of SegWit2x, I figured I'd share a thought I've been playing around with (though a bit of a time crunch, but still doable since the fork isn't until the 16th). What I was thinking, and yes I completely understand the associated risks associated with this, is utilizing some of my credit lines pre-fork by depositing funds ahead of time to Coinbase into the USD wallet, and waiting until just before the buy cutoff before the fork to make a sizable BTC purchase (hit my buy limit basically), then selling off post-fork once SegWit2x coins are acquired and returning funds to proper accounts. Again, very risky I'm aware as the value of BTC could wildly fluctuate within this short time frame due to the extreme volatility. However, with the futures value currently at $1,640, that could be a sizable chunk of change for a little in and out.

Again, super risky, not recommended. The only real potential risk I see here is on the Coinbase end since they will be suspending buys, sells, withdraws, and deposits 24 hours pre-fork until up to 24 hours after fork (this window can obviously change). Timeline and Support — Bitcoin Segwit2x and Bitcoin Gold

More information regarding Coinbase and the upcoming fork along with some additional comments relating to this can be found here: Update on the Bitcoin SegWit2x hard fork – The Coinbase Blog • r/Bitcoin

 

[Coalission]

Segwit2x futures price is irrelevant because it's on HitBTC, which is known for running this scam. Google "HitBTC IOU". They basically list tokens ahead of time at some arbitrary inflated price that they decide, pump it themselves and unload these IOUs on people. They do it with nearly every ICO, listing it at 5x-10x the price it ends up launching at.

It's only listed on HitBTC and Exrates, some other unknown exchange which probably saw HitBTC is making a killing at it and decided to do it themselves, but even there it's $500 less than HitBTC's price.

SegWit2x [Futures] (B2X) price, charts, market cap, and other metrics | CoinMarketCap

 

[lucasmello]

Now is probably one of the last chances to buy alts dirt cheap.

BTC is already -6% today. After Segwit2x, major dip as investors take profits and move to alts.

Then, institutional investors get in (google CME bitcoin) and save the day. BOOM. BTC ends the year at 10k.

 

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[MarekvBeek]

Seems obvious that the BTC run is related to the upcoming split. Segwit2 futures were at $1000 a coin a couple days ago. Bitcoin gold only hit $100 per coin and look what BTC did back then. Pretty clear that a $1000 free coin should push BTC up pretty high. And almost as clear that there will be pull-back after.

I don't think the current run-up has any relationship to the run-ups in 2013-2014...

Just my $.02...

Thank you for your $.02... almost missed the SegWit2x .

There is no relationship to the run-ups in 2013-2014. I only noticed the same pattern in the charts when it reached the top back then. I'm more of the technical analysis person.

Goldman Sachs made another analysis, and I noticed that most of the times they were right. (Maybe because of big investors that follow their advice?)

 

[HackVenture]

Thank you for your $.02... almost missed the SegWit2x .

There is no relationship to the run-ups in 2013-2014. I only noticed the same pattern in the charts when it reached the top back then. I'm more of the technical analysis person.

Goldman Sachs made another analysis, and I noticed that most of the times they were right. (Maybe because of big investors that follow their advice?)

I'm more of a FA guy but have been trying to learn more TA the past couple weeks.

General sentiment is that BTC is going to drop for sure right after the fork and I'll be attempting to time it just right though we all know how hard it is lol. Here's a simple timer that shows when the fork will happen: SegWit2X Simple Countdown Timer

I'm almost 100% BTC now and the plan is to get to 100% alts within 30 seconds of the fork but it might not be as smooth as I hope so I might buy in to some alts before the fork happens if they reach ATL levels.

 

[HackVenture]

Are you sure you want to wait until after the fork?

My main concern is I won't have the fastest fingers but I'm prepared to set a buy order slightly above last price.

1. Of course I love them free coins
2. My guess is that the price of BTC one second before the fork would be an ATH and 10 seconds later I expect it to be significantly lower.

Would love to hear why you seem to think it isn't such a good idea? I really respect your opinion so I would love to hear what you think!

 

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[MarekvBeek]

Y'all recieved the e-mail from Hero Token Sale?

New date is announced for 20 November at 8 PM GMT +8

 

[JAJT]

Is there any indication that Ethereum might jump as a result of a bitcoin sell off?

Seems like if everyone wants to do a dump on bitcoin, ethereum is the next largest logical spot to sit unless you gamble in the startup coins.

I was going to take a slow and steady approach into getting into ETH but if it has the potential to jump a good deal I might be a bit more aggressive with it pre-fork.

 

[bigbaby]

The Bitcoin hard fork was just called off. The BTC price is now surging past previous highs.

https://lists.linuxfoundation.org/pipermail/bitcoin-segwit2x/2017-November/000685.html

 

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[bigbaby]

Also ETH took a small hit yesterday but has since recovered. The reason was due to a bug that was accidentally exploited. This exploit has frozen up a significant amount of funds in multi-signature wallets. Definitely worth being aware of if you're in ETH.

Parity Multi-sig wallets funds frozen (explained) – SpringRole

 

[steelandchrome]

Looks like everyone is bullish right now, everything is taking a nice tick up on the news.

Sent from my SM-G935V using Tapatalk

 

[lucasmello]

Portfolio up 46% in the last 24 hours.

A depression is the time when you put more money to average dollar cost your whole investment.

 

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[Tom.V]

BTC dumped a bit in the past two hours. ETH jumped a bit in that time. Too early to say what the longer-term implications are going to be here...

That said, the spike in BTC price is likely to bring more investors into crypto, in general, which should be good for everyone. If Segwit2x is really dead (sounds like it, but I haven't seen the body), I think this will be good for both ETH and Alts, as many may start to flow out of BTC without the hopes of free coins next week.

I've been in a holding pattern lately (with the exception of buying a bunch of LTC, which seemed to be lucky timing on my part). Other than LTC, I haven't made any trades in a couple weeks. Going to continue that lack of action until I have a better idea of the dynamics in the market...

Pretty much same here. Got a sizeable position in LTC around $46 a while back, and loaded up on more BTC around $5500. Almost too much news erupting currently, really hard to get a direction on anything at this time. Holding through the storm.

 

[1step]

I am just recently starting to research different crypto and really dive deeper into this. Thus far I have looked into TenX the most based on the recommendation of @JScott

TenX is creating a debit card to allow you to use your crypto in stores.
.5% of every purchase using a TenX card will be distributed to token holders
There are 200 million total coins

So how much transaction volume can TenX get in the next few years?

Visa payment volume 8.2 trillion USD a year
Mastercard payment volume 4.8 trillion USD a year
Paypal payment volume 0.354 trillion USD a year

Using the above transaction volumes but assuming purchase with a TenX card, each of the 200Mil coins would get .5% or...
Visa - (8.2 Trillion * .005) / 200,000,0000 = $205 /yr
MC - $120/yr
Paypal - $8.85/year

What do you think about these numbers and possible adoption of the tech over the next few years? How do you go about estimating the future price and return of each coin?

 

[MarekvBeek]

End of bull run on BTC comfirmed?
https://bankinnovation.net/2017/11/...bitcoin-a-bubble-as-currency-dips-below-7000/
Goldman Sachs CEO is the Latest to Call Bitcoin a Bubble as Currency Dips Below $7,000

'2x' Boost? Bitcoin Cash Closes on Record High

 

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[Bearcorp]

Thank you for your $.02... almost missed the SegWit2x .

There is no relationship to the run-ups in 2013-2014. I only noticed the same pattern in the charts when it reached the top back then. I'm more of the technical analysis person.

Goldman Sachs made another analysis, and I noticed that most of the times they were right. (Maybe because of big investors that follow their advice?)

Apologies if this has been mentioned, but what programs/apps/software do you use for TA charting? I got as far as a play money account years ago when I was learning trading, I think back then I used Metastock? Talking 10 plus years though.
I've just opened a coinbase account for my website so starting to learn the crypto ropes!

 

[Tom.V]

Wild day today, and I'm not usually one to make big moves, but it only made sense. Had a selloff of my BTC this morning after seeing some news regarding BCH (Bitcoin Classic to Cease Code Support In Wake of 2x Suspension - CoinDesk ). FUD laden hot garbage, but, a huge opportunity sparked in my mind. The misinterpretation of this article to assume Bitcoin Classic meant BTC (which it does NOT) would probably herd the masses to buy up BCH thus driving up the price and sell off BTC reducing the price. This has been accurate for most of today, with the highs hitting around $1050. I just exited this trade a few minutes ago with a 20% gain today which has helped offset some of the losses incurred by BTC dropping off a cliff this morning.

The goal at this point is to seek out a good reentry point on BTC. Watching closely, but aiming for a $6000-$6200 entry.

While this was not the cleanest trade in the world due to delays in the transfer (cost me $250) and the novice mistake of not just transferring my BTC to Poloniex instead of selling it and having to repurchase BTC to use for the trade ($200~ fees), active management of my positions worked out. It could have been a bloody day but I somehow managed to turn it around. Lessons learned and onto the next ones.

 

[MarekvBeek]

Apologies if this has been mentioned, but what programs/apps/software do you use for TA charting? I got as far as a play money account years ago when I was learning trading, I think back then I used Metastock? Talking 10 plus years though.
I've just opened a coinbase account for my website so starting to learn the crypto ropes!

I use cryptowat.ch to check the BTC and ALTs charts. Sometimes I look at tradeview.com what other people think or see in charts. But mostly I look at cryptowat.ch and see for myself how the cryptocurrencies behave.

Check my thread on how I trade and what strategy I use.

 

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[Tom.V]

I use cryptowat.ch to check the BTC and ALTs charts. Sometimes I look at tradeview.com what other people think or see in charts. But mostly I look at cryptowat.ch and see for myself how the cryptocurrencies behave.

Check my thread on how I trade and what strategy I use.

Just to kind of go along with this, I personally use Blockfolio for Android. I've been patiently waiting for them to release a desktop version or web app to keep track of everything but nothing yet. On the go, it works great though for documenting trades and keeping track of your positions.

 

[Bearcorp]

I use cryptowat.ch to check the BTC and ALTs charts. Sometimes I look at tradeview.com what other people think or see in charts. But mostly I look at cryptowat.ch and see for myself how the cryptocurrencies behave.

Check my thread on how I trade and what strategy I use.

Awesome thanks for that, will be having a good read of your thread over the weekend!

 

[MarekvBeek]

Awesome thanks for that, will be having a good read of your thread over the weekend!

You're welcome. Thanks for the rep++!!!

I've you have any questions, feel free to ask.

 

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[TKDTyler]

@JScott Have you looked into Particl/have any perspective on it?

I was reading a writeup earlier and was interested if anybody else has looked into the space?

Monthly /r/ETHInsider Alt-Coin Discussion - XRP, ZEC, BTC, Dash... - October • r/ETHInsider

 

[HackVenture]

I am just recently starting to research different crypto and really dive deeper into this. Thus far I have looked into TenX the most based on the recommendation of @JScott

TenX is creating a debit card to allow you to use your crypto in stores.
.5% of every purchase using a TenX card will be distributed to token holders
There are 200 million total coins

So how much transaction volume can TenX get in the next few years?

Visa payment volume 8.2 trillion USD a year
Mastercard payment volume 4.8 trillion USD a year
Paypal payment volume 0.354 trillion USD a year

Using the above transaction volumes but assuming purchase with a TenX card, each of the 200Mil coins would get .5% or...
Visa - (8.2 Trillion * .005) / 200,000,0000 = $205 /yr
MC - $120/yr
Paypal - $8.85/year

What do you think about these numbers and possible adoption of the tech over the next few years? How do you go about estimating the future price and return of each coin?

You need to take into account that there are many other companies trying to do similar stuff like Monaco, Wirex, Centra etc. TenX does look like one of the strongest players but in this industry barrier to entry is not that high, that's one thing you need to keep in mind.

Apologies if this has been mentioned, but what programs/apps/software do you use for TA charting? I got as far as a play money account years ago when I was learning trading, I think back then I used Metastock? Talking 10 plus years though.
I've just opened a coinbase account for my website so starting to learn the crypto ropes!

tradingview.com is free and good, I use coinigy.com which IMO is better but not free; it comes with 30 days free trial though and is inexpensive.