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Topic Starter Topic: Re: Bitcoin is tumbling

Unquantifiable Abstract
Unquantifiable Abstract
Joined: 31 Dec 1969
Posts: 52132
PostPosted: 02-11-2021 10:31 PM           Profile   Send private message  E-mail  Edit post Reply with quote


Bitcoin consumes 'more electricity than Argentina'

https://www.bbc.co.uk/news/technology-56012952




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Aneurysm
Aneurysm
Joined: 10 Dec 1999
Posts: 12260
PostPosted: 02-11-2021 10:41 PM           Profile   Send private message  E-mail  Edit post Reply with quote


Yeah that part sucks. I did read an article that said 74% was from renewable and most of the bigger mining firms get their power from hydro because its cheap.




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Etile
Etile
Joined: 19 Nov 2003
Posts: 34898
PostPosted: 02-12-2021 01:54 AM           Profile Send private message  E-mail  Edit post Reply with quote


Don Carlos wrote:
Bitcoin consumes 'more electricity than Argentina'

https://www.bbc.co.uk/news/technology-56012952


compared to the number of calories burned typing in numbers when 'quantitative easing' :smirk:




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Lead Pipe Mafia
Lead Pipe Mafia
Joined: 15 Oct 2007
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PostPosted: 02-12-2021 04:36 AM           Profile   Send private message  E-mail  Edit post Reply with quote


I hear rumors that some other big companies are going to start accepting bitcoin as payment. Uber being one of them.




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Lead Pipe Mafia
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PostPosted: 02-12-2021 06:02 AM           Profile   Send private message  E-mail  Edit post Reply with quote


shaft wrote:
shaft wrote:
Check out ADA.



80% increase since this post. :up:


I don't doubt it, it's been on my radar a while but I don't want to use the exchange you can buy it on.




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Lead Pipe Mafia
Lead Pipe Mafia
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PostPosted: 02-12-2021 09:11 AM           Profile   Send private message  E-mail  Edit post Reply with quote


lol just caught this little gem.



In case you're wondering how to read that.

The Green/Red box is my profit or loss I'm willing to take, the white line is where I bought and the top of the green box is where I sold. I bought at the very bottom and sold at the top of that massive green bar in that graph. Total profit roughly 50$ and the fun isn't over yet...

Also, total trade time, 5 minutes.




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Lead Pipe Mafia
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PostPosted: 02-12-2021 09:16 AM           Profile   Send private message  E-mail  Edit post Reply with quote





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Lead Pipe Mafia
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PostPosted: 02-12-2021 09:29 AM           Profile   Send private message  E-mail  Edit post Reply with quote





I fuckin did it again.




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Lead Pipe Mafia
Lead Pipe Mafia
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PostPosted: 02-12-2021 09:42 AM           Profile   Send private message  E-mail  Edit post Reply with quote


I'm calling it for today unless I see something super tempting.

Start at 849 and finished at 910. I was super tempted to sell at 930 but decided to gamble a little on how high it'd go and took less profit as a result.

910 is acceptable though. The road to 1k is ever closer.




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Kempston Joy
Kempston Joy
Joined: 11 Aug 2000
Posts: 48594
PostPosted: 02-13-2021 02:57 AM           Profile   Send private message  E-mail  Edit post Reply with quote


I need to understand trading and maybe have a separate fund to test.




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Lead Pipe Mafia
Lead Pipe Mafia
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PostPosted: 02-13-2021 04:08 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Just accept that it’s going to cost you money to learn. I swear my first two weeks I had some kind of gift in being able to choose ones that were about to plummet. Even now it’s easy to make good trades when it’s a bull market. I’m still assuming I’m going to lose it all at some point. Regardless of all that I will say, it’s not easy.




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Etile
Etile
Joined: 19 Nov 2003
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PostPosted: 02-14-2021 02:29 PM           Profile Send private message  E-mail  Edit post Reply with quote


sounds like stonks are the new Pokemon Go




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Lead Pipe Mafia
Lead Pipe Mafia
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PostPosted: 02-16-2021 08:55 AM           Profile   Send private message  E-mail  Edit post Reply with quote


So update, it's not been going well...

I was up to 960ish at one point and took a spot on DASH... It then promptly tanked me down to 710, I stayed in way longer than I should have on the assumption it was going to climb back but after a half a day I caved and sold, it promptly went up past my initial entry point. gutted, I saw it go down again and tried again with DASH and it promptly caved again bringing me all the way down to sub 500$. I stubbornly refused to sell until I was at profit, 2 days later I was back up 700$ and sold. Since then I've decided to buy some XLM long term and put 100$ into that... However now I have a lot of catching up to do.




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Lead Pipe Mafia
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PostPosted: 02-18-2021 10:02 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Ooof, some people were in the hot seat today. Live as of me posting this.




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Kempston Joy
Kempston Joy
Joined: 11 Aug 2000
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PostPosted: 02-25-2021 12:04 AM           Profile   Send private message  E-mail  Edit post Reply with quote


If you’re thinking of buying a little BTC or ETH today would be a good time.




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Lead Pipe Mafia
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PostPosted: 02-25-2021 04:56 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Yeah I've been buying over the last 2 days.




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Lead Pipe Mafia
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PostPosted: 02-25-2021 05:01 AM           Profile   Send private message  E-mail  Edit post Reply with quote


So I've actually been trying leveraged trading. I moved my money from coinbase to bybit which allows up to 100x (don't do that... trust me) I played around with high leverage and it was an epic fail. I'm working with 10x however right now and things are actually going well now that I have a pretty strict strategy. Did a trade yesterday, my only trade, that netted me 25% return, I was pretty pleased.

edit: I should add that I'm only playing with 50$ CAD with leveraged trading. After converting the USD and fee's with transfering money to bybit I was left with roughly 35$ USD cost was about 4$ USD in fee's.

First trade netted me just over 7$.




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Lead Pipe Mafia
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PostPosted: 02-25-2021 09:40 AM           Profile   Send private message  E-mail  Edit post Reply with quote


To put that further into context... I was trading roughly 35$ at 10x which is 350$. I was shorting BTC which went down 2.2% at which point I closed my position. 2.2% of 350 is a little over 7$ on a 35$ initial investment.

If that 35$ was 1000$ that would b e220$ profit. Not bad on a measly 1k. I want to test this strategy more though to see how many wins I get vs losses before I commit more money.

Also, the maximum I could lose on this trade was 1$




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Kempston Joy
Kempston Joy
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PostPosted: 03-06-2021 09:39 AM           Profile   Send private message  E-mail  Edit post Reply with quote





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Lead Pipe Mafia
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PostPosted: 03-07-2021 08:30 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Cheaper to use ethereum is going to be a great thing overall. People have ETH mining rigs earning them cash and they of course don't want to see easy money slow down but if there's more transactions cause it's cheaper that means more money overall. The reduction of fee's is the key thing in all of this, most of crypto is about doing what the banking sector already does but cheaper with less hoops to jump through, ETH helps a lot in doing that through the way it helps create new currencies, cheaper means better imho. This is also what I was referring to a while back when I said an upgrade for ETH is coming.




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Lead Pipe Mafia
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PostPosted: 03-12-2021 09:10 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Speaking of fees someone just moved almost 500,000,000$ dollars worth of bitcoin and paid just over 50$ in fees to do it. Pretty fucking epic.

https://dailyhodl.com/2021/03/12/bitcoi ... -is-going/




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Elite
Elite
Joined: 25 Mar 2000
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PostPosted: 03-13-2021 01:09 PM           Profile Send private message  E-mail  Edit post Reply with quote


I thought BTC was supposed to have no transaction fees? I guess you can pay miners to encode your transaction to the blockstream ledger sooner rather than later, is that it?




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Kempston Joy
Kempston Joy
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PostPosted: 03-13-2021 02:24 PM           Profile   Send private message  E-mail  Edit post Reply with quote


There’s a few to buy the actual coin from cards, is that what you mean? No fee to convert coin to coin cuz there’s no fucking banker to pay!




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Lead Pipe Mafia
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PostPosted: 03-14-2021 06:30 AM           Profile   Send private message  E-mail  Edit post Reply with quote


There is, the miners actually calculate your transaction when you transfer bitcoin. This is kinda what makes bitcoin secure since all the ledgers need to agree with each other. I believe they get a small amount based on the size in bytes and how you received the coins/the age of your transaction. For example, if I acquired a million dollars worth of bitcoin from a single transaction and then transfered that million to you the fee's would be less than if I had acquired that million from thousands of smaller transactions. I'm not sure the exact differences but judging from that 500,000,000 million dollar transaction the fee's seem more than reasonable. Although those same fee's tend to be more when dealing with smaller ammounts. I transfered 20$ of bitcoin once and paid nearly 5$ to do so but that also included a fee from the exchange so.. it varies, it's definitely "worth it" more when dealing with larger values.




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Unquantifiable Abstract
Unquantifiable Abstract
Joined: 31 Dec 1969
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PostPosted: 03-14-2021 07:48 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Popped past 60k now ain't it?




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Lead Pipe Mafia
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PostPosted: 03-14-2021 08:07 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Yup, Briefly a few times now. Wouldn't be surprised to see 100k by 2022




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Lead Pipe Mafia
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PostPosted: 03-16-2021 07:50 AM           Profile   Send private message  E-mail  Edit post Reply with quote


You know... if you were a drug dealer on silk road back in the day and got busted and sentenced to a decade or so in jail and just got out now as long as you still have the key's to your wallet you might find yourself incredibly rich.




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Lead Pipe Mafia
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PostPosted: 05-18-2021 08:16 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Like the title says... Where will it stop? Not sure but I'll be collecting all the way down.




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Unquantifiable Abstract
Unquantifiable Abstract
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PostPosted: 05-19-2021 01:06 PM           Profile   Send private message  E-mail  Edit post Reply with quote


Tanking




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Kempston Joy
Kempston Joy
Joined: 11 Aug 2000
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PostPosted: 05-20-2021 09:50 AM           Profile   Send private message  E-mail  Edit post Reply with quote


It’s normal. This is thanks to Elon uturn on taking BTC as payment on his cars after buying billions. He’s cashed out on a high, be denied it. He’ll buy back in again soon and restart his cycle.

Massive cunt.




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Arrr?
Arrr?
Joined: 09 Feb 2001
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PostPosted: 05-20-2021 10:26 AM           Profile Send private message  E-mail  Edit post Reply with quote


All the BTC held by Tesla is not being sold, but I bet Elon cashed out his personal BTC. A lot of the media is saying that China's reminder that crypto is banned in the country was made on the same day and had an effect, but I'm sure it's mostly Elon.




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Etile
Etile
Joined: 19 Nov 2003
Posts: 34898
PostPosted: 05-21-2021 12:47 PM           Profile Send private message  E-mail  Edit post Reply with quote


Doombrain wrote:
It’s normal. This is thanks to Elon uturn on taking BTC as payment on his cars after buying billions. He’s cashed out on a high, be denied it. He’ll buy back in again soon and restart his cycle.

Massive cunt.


pretty sure he'd be investigated by the SEC if he'd indulged a little pump 'n dump

that said, BTC is just magic woowoo internet money practically designed for speculative bubbles imho.




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Digital Nausea
Digital Nausea
Joined: 10 Feb 2001
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PostPosted: 05-21-2021 03:21 PM           Profile   Send private message  E-mail  Edit post Reply with quote


Pretty sure Elon is so rich he doesn’t give two shits about Crypto. It’s just fun for him. He’s the worlds richest troll. It’s probably a power trip seeing the markets bounce around just from his fingers tapping his phone a few times. He probably laughs his ass off. I would...




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Arrr?
Arrr?
Joined: 09 Feb 2001
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PostPosted: 05-21-2021 03:26 PM           Profile Send private message  E-mail  Edit post Reply with quote


:up:




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Etile
Etile
Joined: 19 Nov 2003
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PostPosted: 05-21-2021 11:25 PM           Profile Send private message  E-mail  Edit post Reply with quote


"b-b-but crypto is serious business!!111one"




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