Bitcoin is tumbling

[Κracus]

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$.

[Κracus]

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$

[Doombrain]

https://decrypt.co/60395/upgrade-reduce ... e-eip-1559

What you saying, Rob?

[Κracus]

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.

[Κracus]

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/

[mrd]

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?

[Doombrain]

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!

[Κracus]

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.

[Don Carlos]

Popped past 60k now ain't it?

[Κracus]

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

[Κracus]

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.

[Κracus]

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

[Don Carlos]

Tanking

[Doombrain]

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.

[Transient]

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.

[seremtan]

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.

[xer0s]

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...

[Transient]

[seremtan]

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

[Κracus]

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.

I actually don’t think this is his doing entirely. I think a lot of wall street groups are liquidating their crypto holdings to cover shorts they’re losing massively on.

[Bacon]

[xer0s]

lol

[Κracus]

Yeah that's pretty hilarious... Bitcoin could tank to 0$ and I'll still be up literally hundreds of thousands of dollars.

[lvlshot]https://i.imgflip.com/wcza6.jpg[/lvlshot]

[Ryoki]

Ha, I totally got into crypto the last few months!

It's my favourite lockdown hobby, i put about 4000 in and currently i have roughly the same amount :olo: But seeing as BTC just had the biggest correction ever it's not bad.

Anyway, hodling is fun and all but scalping is really cool once you know what you're doing a bit. Seeing as i've made (tiny to small) profits from scalps all week i am now feeling pretty confident. And the daily drawing of support and resistances is quite zen, it really helps me put the charts in perspective.

Did you buy the dip Kracus? I fucking did, jesus it was the only way i could cope after seeing my portfolio more than halved, lol. Seems to have been the right move, everything i got on sale is (small batches, 1-2% of portfolio per coin) up by 50% I could and should have been more prepared for the crash, but i didn't do too shabby

[Κracus]

Yeah definitely buy the dip. If you want to talk trading strategies I'm all ears. My experience with it so far is that trading is fucking hard. I've made some great moves at times but wind up slowly dwindling down and can't catch a break. Recently I've been trading against moving averages making trades when the 5, 8 and 20 day averages reverse. If it's a bear market I short only but if it's a bull market I buy only so I don't do anything on a reversal if it's against the trend. I'd like something better though but I find fee's kill me when doing very short scalps even though I'm only paying 0.05% or less in fee's.