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Throbbing Member
How many fellow ETS-ers are messing around in the Crypto Currency market? Are you mining (bit/lite/peer/feather, and all that jazz)? or are you on an exchange buying them? I've been following bitcoin for a few years, and really wish I jumped on it then, as everyone wishes they did. But I decided to take the plunge, created an account on Vault of Satoshi, and have starting buying some coins. What's everyone else's strategy?
Captain Rustleboots
Bitcoin scares the crap out of me, I have a feeling that bubble is going to pop HARD and people are going to lose insane amounts of money.
FATUM NOS IUNGET
Yeah it's way too scary for me as well, though I have a friend who tossed in a few hundred bucks.
Stuff like this freaks me out to read...
Captain Rustleboots
Originally Posted by october_midnight
That was one of the most amazing things I have ever read.
Throbbing Member
bitcoin kind of freak me out too, so I'm primarily trying out Litecoin...there's been some chatter that this may be the next big digital currency. I had a bit of play money set aside, so I figured I would give it a shot, and hold onto some for a few months to see how it goes.
Throbbing Member
haha! wow! that's awesome! Will be interesting to see how this pans out.
Stubby Member
This was the only crypto-related thread I could find on here. Is there a different thread I'm missing? The landscape has changed _so_ much since 2013! Callahan, did you end up hanging onto your stash from back then?
I recently got into this scene earlier this year, and it's certainly been an interesting ride so far. Learning about the underlying technology amidst all of the economic ongoings (inflation, relations with China, green energy) is fascinating and it seems like certain areas with crypto, DeFi, Web 3.0, etc are still very good long-term investments.
Throbbing Member
Oh man, really dug up an old thread here!
I'm still into the Crypto space...but I've learned things the hard way, and have made many mistakes along the way! I WISH I had my stash from 2013, would be sitting pretty comfortable now if I had. Some hard lessons I learned over the years, short story versions (this should all be common sense stuff by now, at least for crypto veterans):
- Don't keep a hot wallet on your PC.
- This was way back in 2013. I was mining, and had the BTC sent to the wallet I had stored on my PC. I used to use TeamViewer at this time, so I was able to remote into my PC when I was at work (this was before Two/Multi factor authentication was a common thing). There was a vulnerability in the TeamViewer software, which resulted in someone getting onto my PC and sucked my wallet dry. Lost everything at this time. So screw TeamViewer! haven't used it since, ha!
- Don't keep crypto on an exchange! use some sort of hardware or cold wallet
- In Canada, QuadrigaCX was the biggest exchange available for us to use, super easy for most people to figure out. Figured most exchanges would have learned their lesson from the MtGox days, and would be more legit. But turns out the owner was super sketchy, was laundering money in the exchange, trading with peoples funds, then died. Apparently he was the only one that had access to the keys at the time, all users were screwed over. There's a huge lawsuit over this one that's still going on, some funds have been recovered which is being held with the legal team, but not nearly enough to cover the total loss that everyone had. Who knows what'll come of this. Lost a chunk here too.
- Ignore shitcoins
- LOTS of lost bitcoin in thinking I could actually trade in the altcoin space. Sure, there's tons of money to be made here! but from my perspective, this is just straight up gambling. Lots of people still getting sucked into random altcoin hype too, I just straight up ignore all these now. It's way too much noise to keep up with, and rarely anything worthwhile looking into. Good space to learn to trade, but advice I've given people going into the alt space was to just consider it gambling money. Toss a $20 into a slot machine, see what happens. Use it as learning and having fun, but not a legit investment vehicle.
I took a few year gap in there after being frustrated from losing so much, but i've totally changed my strategy to my Crypto approach. I just simply dollar cost average a small portion of money on a regular basis in BTC, and call it a day. Not nearly as aggressive as I used to be in it, and don't have as much disposable income available. So for me, it's just a slow and steady DCA approach. I still read up on the latest news, ignore the price for the most part, and just plan on holding for 10+ years to see what happens. If I had simply done this from the start, I would be in retirement territory!
Blockchain is pretty damn impressive! but we're still SUPER early in this space. It's going to take a while to see other real world examples where blockchain takes over whatever traditional markets it's trying to penetrate (eg; supply chain, health records, financial, etc). I still consider this the equivalent to the early Internet days, like the mid/late 90's or something. But like the young me back in those days, I'll tag along and enjoy the ride!
Resident Asshole
This didn't age so well
Captain Rustleboots
Aaahaha follow me for more great financial advice
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