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Cryptorials: Learn How To Make Money Trading Altcoins

solarion

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#81
Is there any way for a newb to alt cryptos to learn about stuff like that? Or it just takes lots of googling and knowing what to look for to avoid ones like that? Any tips/tricks to help sort 'em out? With so many cryptos, one could spend weeks just reading up on all of 'em and you'd end up missing out on something while deciding what to buy. lol
...and then there's always the possibility of analysis paralysis setting in due to simply having too many choices. lol
Well, I personally don't get into all the new hyped up new coins. Sorting out the ones with genuine innovation can be a chore, but there are a couple basic rules that I live by. For instance I never ever invest in a coin with a significant pre-mine(significant = more than 1% or so). If the coin isn't introduced until days after its genesis block then that means the dev was mining on the chain alone and stacking them BEFORE notifying anyone. Pass. If a small pre-mine is veritably held for a specific condition then I may make an exception if all else seems above board.

Also if the dev team doesn't seem to have a clue or any long term vision that's a no-no for me. Some of these things are just cookie cutter, mass produced, pump and dumps. There are plenty of decent efforts out there, no need to outright gamble.

Beyond that, yeah you really just have to put some leg work into it. I mean poking around in the bitcoin talk pages has introduced me to lots of opportunities. Some have panned out and others haven't so much, but there's a ton of info there.

https://bitcointalk.org/index.php?board=67.0
 

Silver Art

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#82
I have been in alt cryptos since 2014 and I have learned the following main points:

1. Encrypt your wallet

2. Backup your wallet file (usually a .dat file) and make several backups of it

3. 1 satoshi = 0.00000001 BTC. For example: 531 satoshi = 0.00000531 BTC

Updated (6-24-2017):

4. If you invest money with alt-crpytos, then then pay attention to and keep up with any changes and any news about it and take whatever action is necessary to keep your investment from going poof. Bitcointalk.org (https://bitcointalk.org/) is a good place to start in terms of bitcoin and alt-coin related news and announcements. Crypto investments are not a "buy it and forget about it" type of investment.
 

Silver Art

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#83
Beyond that, yeah you really just have to put some leg work into it. I mean poking around in the bitcoin talk pages has introduced me to lots of opportunities. Some have panned out and others haven't so much, but there's a ton of info there.
Bitcointalk.org is how I heard about Bitshares and other alt-crytos I was interested in at that time in 2014.
 

solarion

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#84
There's a ton of info available over there, but the admin is an asshat.

Update on the ECC debacle: Looks like I finally managed to get a wallet to sync and seems to be confirming a transaction. If these show up at the market(coinex) and I can dump them at current bid(21 sats) then the grand total would be 43.17 btc from the sale of ECC that was previously orphaned and presumed lost.

Definitely keep those backups. lol
 

#48Fan

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#85
Is there any way for a newb to alt cryptos to learn about stuff like that? Or it just takes lots of googling and knowing what to look for to avoid ones like that? Any tips/tricks to help sort 'em out? With so many cryptos, one could spend weeks just reading up on all of 'em and you'd end up missing out on something while deciding what to buy. lol
...and then there's always the possibility of analysis paralysis setting in due to simply having too many choices. lol
You ain't a kiddin!
 

solarion

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#86
I really think you have to be a little bit nuts to not be in litecoin at the moment, but that's just me.

That there are only 51.7m coins and they're still 45 FRNs each screams opportunity to me. Particularly after you use both LTC and BTC. The comparison in speed is truly an embarrassment for bitcoin.

I really don't see it as much of a gamble and have a large chunk of my crypto assets denominated in LTC. Everytime it takes it on the chin the buyers swarm in.
 

OverOver

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#87
Not sure why but lately I've lost complete interest in crypto currencies. I
don't know, I listened to jsnip, Cliff High, and Bix Weir on some panel discussion
and when it was done I just...really out of the blue...said who gives a rat's rear. Now
whenever I think about cryptos those red, square Jell-O pieces pop into my mind...seriously.

I was going to buy a bolar for my first bitcoin purchase. I figured a degenerate speculator needed
to buy top of the line degenerate stuff. So, I need to either go ahead and buy it or change my avatar back.
Maybe eat lot's a red Jell-O squares.

Jell-O Coin, that's the bitket! So, my input into how to make money trading alt coins is if you get the 'who gives
a rat's ass' attitude maybe it would be a good idea to step away for awhile so you don't make any 'who gives a rat's ass'
trades.

Besides that, I'm pig headed. I'm not listening to anybody about how to trade anything.
 
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solarion

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#88
I guess...thanks for sharing?
 

solarion

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#89
Ethereum down 4% 6% while Ethereum Classic(the real Ethereum) is up 8.5%. Brings a smile to my face. :)
 
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Nomis Elpmis

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#90

solarion

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#91
Nobody knows when someone is going to "accidentally" dump $30m of ethereum in a fraction of a second via market order.

Someone "accidentally" did likewise with gold and silver this morning as well.

The stock market is up though...so it's all good. lol
 

solarion

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#92
LTC & BTC bouncing smartly vs fiat. The ratio between the two got down to .0143. I managed to swap some BTC for LTC just north of there.

Ratio is back up to 0.01674840 for a tidy gain of 17% in a few hours. Easy money.

http://coinmarketcap.com/currencies/litecoin/

Edit: Crypto rally running on fumes so I'm unloading positions here. LTC will likely re-test 36ish and BTC 2370ish...both are BTCe pricetags.
 
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solarion

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#93
Days like today are an active trader's dream. With all the red on the tape vs fiat, a lot of wet behind the ear younglings will fill some crazy bid/ask orders trying to stack some btc so they can easily swap that for what they really treasure...fiat.

As soon as I see this kind of a bloodbath day coming in the cryptos, I'll post up top bid/ask in obscure pairings on lots of exchanges and then monitor those order books for changes with a browser extension(check for change or refresh monkey). It's amazing how much you can make just providing liquidity for panic buyers/sellers.
 

solarion

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#95

solarion

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#97

goldielox1

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#98
LOL. so your complaint is the ownership certification is electronic? I'm sure you'll miss the irony here.
 

solarion

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#99

solarion

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Has this been the best investment around for the past few months? Litecoin is on another rampage:



This could be had for as low as 4.3 FRNs as recently as March 30. It's 56.03 right at this moment. That's +1200% vs fiat in 3 months and a few days. I believe Litecoin is right now making a bid to replace bitcoin ahead of the bip148 soft fork. This could go much much higher.
 

Nomis Elpmis

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I really think you have to be a little bit nuts to not be in litecoin at the moment, but that's just me.

That there are only 51.7m coins and they're still 45 FRNs each screams opportunity to me. Particularly after you use both LTC and BTC. The comparison in speed is truly an embarrassment for bitcoin.

I really don't see it as much of a gamble and have a large chunk of my crypto assets denominated in LTC. Everytime it takes it on the chin the buyers swarm in.
You know, the other day you said Litecoin was still a bargin so, I bought 2k worth back at @$46. So, I'm up 15% on that. Thanks Solarion! I also bought back at $26, so LTC is going good for me. I have dry powder, so I may have to use you as a bullish indicator again..:-) Your reasons for it's rise could correlate.

Edit: Correction, actually bought back @ $43, so even better.
 
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Nomis Elpmis

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Has this been the best investment around for the past few months? Litecoin is on another rampage:





This could be had for as low as 4.3 FRNs as recently as March 30. It's 56.03 right at this moment. That's +1200% vs fiat in 3 months and a few days. I believe Litecoin is right now making a bid to replace bitcoin ahead of the bip148 soft fork. This could go much much higher.

Chart looks like its going to repeat that May pattern again. So, if I buy again I'll wait till around $40ish to buy. Unless LTC is becoming a Bitcoin substitute as the fork approaches.
 

Uglytruth

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Are these currencies catching on & actually being used for goods and services?
Is it accepted in other countries more than the US? Where it it used the most?
Why would I want to use my bit coins if they are not stable and going up and down in value?
I thought the entire premise of gold, FRN's or any currency was stability to allow exchange of goods or services?
Seems like if someone bought when there were fractions of a cent & put down a $100 bet it's a lot like $3 silver.
Is this a big city thing because in fly over country I have seen and heard nothing even from young kids I ask.
To me it seems like trading paper metals.
Are big box stores like Wally World ever going to use them?
Someone like Amazon who is all online & digital anyhow?
I thought this was to bypass the government FRN's but to an outsider it looks like a new version of Tulip mania.
What don't I understand?
 

#48Fan

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Well Uglytruth, I can tell you that Provident Metals and JM Bullion accept bitcoin as payment. Does that help you any?
 

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I was thinking about X-coins recently. I wonder if TPTB are encouraging people to put their money/trust in them and making them seem like they are what those archaic metals used to be. I mean what does the gov care if you make a bundle in X-coin? They don't care if you make a bundle in stocks. Sure its harder to tax the income but most likely you'll spend more and they'll still make more $ on the sales tax.

So here's the deal, we know they hate metals because they're a limited fixed amount and they expose the gov for what it is...a fraud. Now what if they can get 50% of the people that would normally buy metals to buy X-coin instead? Now it is that much easier to suppress metals and keep the ponzi dollar scheme going.

So allow the X-coin narrative that it is the anti-gov currency and is a hedge against inflation. Allow multiple different X-coins to pop up and presto, controlling metals because that much easier.
 

Joe King

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I was thinking about X-coins recently. I wonder if TPTB are encouraging people to put their money/trust in them and making them seem like they are what those archaic metals used to be. I mean what does the gov care if you make a bundle in X-coin? They don't care if you make a bundle in stocks. Sure its harder to tax the income but most likely you'll spend more and they'll still make more $ on the sales tax.

So here's the deal, we know they hate metals because they're a limited fixed amount and they expose the gov for what it is...a fraud. Now what if they can get 50% of the people that would normally buy metals to buy X-coin instead? Now it is that much easier to suppress metals and keep the ponzi dollar scheme going.

So allow the X-coin narrative that it is the anti-gov currency and is a hedge against inflation. Allow multiple different X-coins to pop up and presto, controlling metals because that much easier.
Nice hypothesis, but I'd question if bitcoinbugs and goldbugs are one and the same. There is some overlap to be sure, but I doubt it's to the degree required to divert enough capital from PM markets to lower their price. Relative to other markets, cryptos are still a very small market with lots of naysayers.
 

Uglytruth

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What about the "1 tap" app?
 

Silver Art

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I am glad that I sold half of my Bitshares(BTS) investment for a profit when it was in the 11,000 satoshi range. BTS is down and is currently at 7,370 satoshi per 1 BTS.
 

Silver Art

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goldielox1

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Nice hypothesis, but I'd question if bitcoinbugs and goldbugs are one and the same. There is some overlap to be sure, but I doubt it's to the degree required to divert enough capital from PM markets to lower their price. Relative to other markets, cryptos are still a very small market with lots of naysayers.
All I know is that I subscribe to most of the metals gurus and pretty much all of them have heavily discussed investing in X-coins with many of them personally in them. Guys like Mike Maloney for instance. Sites such as this metals site discusses them ad infinitum. I think there is a huge overlap.

Also I think we can agree that Millennials and the younger crowd are heavy into X-coins. I think we would have to agree that if X-coins didn't exist, large segments of this crowd that is heavily into researching using technology and the internet and not trusting the media and gov, would naturally migrate towards metals. I don't think they are wise enough to realize the idea of "you don't hold it you don't own it" and thus see X-coin as a substitute for what most of us see metal as: insurance against the man and freedom from prying eyes.
 

Joe King

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All I know is that I subscribe to most of the metals gurus and pretty much all of them have heavily discussed investing in X-coins with many of them personally in them. Guys like Mike Maloney for instance. Sites such as this metals site discusses them ad infinitum. I think there is a huge overlap.
Granted, there certainly is some overlap. However, I know several Millennial's and none of them give two craps about btc or Ag/Au.

Per this infographic, btc is an incredibly small market with other crypto's far smaller. Warren Buffet alone could buy and sell all of them several times over.
http://money.visualcapitalist.com/all-of-the-worlds-money-and-markets-in-one-visualization/


I'm sure there is some money flowing into crypto's that would otherwise flow into PM's, but not the kind of money that would influence price to a large degree. IMHO, most people interested in btc are the type that would buy at a LCS as opposed to being on COMEX.
....and small time buying at a LCS does not affect price.
 

#48Fan

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I must concur with Joe King here. The Millennials I know could give 2 mondo dukes about btc and alt coins if they even know they exist, lol.
 

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We must run in difference circles. Not too long ago, I overheard an acquaintance (who has no interest in metals) asking about "trading bitcoins" out of the blue, no segway from investing, or anything and when no one had brought up the topic.
 

Joe King

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We must run in difference circles. Not too long ago, I overheard an acquaintance (who has no interest in metals) asking about "trading bitcoins" out of the blue, no segway from investing, or anything and when no one had brought up the topic.
It takes all types, I suppose.
 

Silver Art

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I am glad that I sold half of my Bitshares(BTS) investment for a profit when it was in the 11,000 satoshi range. BTS is down and is currently at 7,370 satoshi per 1 BTS.
Bitshares (BTS) is now down to 5144 satoshi per 1 BTS according to coinmarketcap.com. It is sinking but the cryto market as a whole has been bleeding red for a while.
 

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Wow! Have not been on here in a while - nice to see cryptos being discussed.

I'm currently mining Siacoin. The company http://sia.tech/ has a potentially great technology in the decentralized cloud storage space. We'll see if the devs can stay focused and deliver a good product.

Anyway, I've only ever mined and held (hodl'd) cryptos. Never done the trading thing but reading through this thread has me curious.
 

Silver Art

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I wrote the following post on the "Who had a gut feeling on bitcoin" thread but I also wanted to repeat it here as well:

On August 1, 2017, the bitcoin blockchain went through a hard fork. As of now, you have the original Bitcoin blockchain (BTC) and you will now have a Bitcoin Cash (BCC). Bitcoin Cash supposedly will have faster transaction times and increased capacity. IMO it is still too soon how Bitcoin Cash will turn out. It will depend on the number of people (miners and exchanges) who will support it. I also read elsewhere online that Bitstamp and Coinbase will not support Bitcoin Cash. This is a very interesting turn of events for bitcoin.

I will also add that Bitcoin Cash will be worth a fraction of what the original Bitcoin is currently worth. BTC is at $2883 so BCC is around $288 according to coinmarketcap.com. THe dust has not yet settled on BTC and BCC. We will have to see what happens from this point on in relation to Bitcoin and Bitcoin Cash.
 

goldielox1

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Wasn't one of the big selling points supposed to be that there was a finite # of btc that could be produced? These splits basically increase that # exponentially each time. Not to mention that there are new x-coins every day thus even if btc were fixed, there is an infinite # of x-coin that can be printed. This reminds me of another currency that is printed out of thin air.