Investing

The RFD - Cryptocurrency Mega Thread

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Apr 28, 2012
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Supperfly wrote: We can always agree to disagree though :)
100% correct. It's our own opinion, doesn't mean it's applicable to everyone nor does everyone have to agree with it. Smiling Face With Open Mouth


@CheapScotch please take notes,
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Apr 28, 2012
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CheapScotch wrote: I second that motion. Smiling Face With Open Mouth Buying a very speculative investment like Crypto to finance your retirement? Why not flip a coin? If its heads, you are spending your golden years in a luxury beachside condo in Florida. If its tails, you are eating dogfood out of a can in Scarborough.
It's either you love being a troll or you don't read the statements. Or both
I say go for it, at worst it could be educational
At worst it could be educational. If you read something (I am pretty sure you haven't read everything the whole world) and you disagree with it, you have learned that you disagree with that statement. Therefore, back to my original statement, "at worst it could be educational.
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@rodbarc What's your take on BTC now? I am still bullish as long as we are still over $9000, however, if we go under that we can see $6500 range.
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SilverKit wrote: @rodbarc What's your take on BTC now? I am still bullish as long as we are still over $9000, however, if we go under that we can see $6500 range.
My bot has a mid-term setup (12-hrs candle trading 6-months futures), and that is switching to a sell in a few hours, after it went long at $9,400. Next immediate targets once sell is in place are around $9,600, $9,350 and $9,100.

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On the short-term setup (4-hrs candle trading perpetual contracts), and that has been short since $10,150. It sets a trailing-stop loss to -3% once it's at 3% profit to lock break-even or a profitable trade. After the dip at this morning, it's set to close at $9,931 if it doesn't dip lower (no targets with this setup). Both trades leveraged 5x.

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I'm bullish overall because of halving and increasing hashing stats, but the bot will switch between long and short, so I don't interfere. Therefore, my expectation is that dips are temporary and off to new highs - time will confirm it.


Rod
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Update: Potential short (12-hrs candle) invalidated. Decisions are only made after candle closes, and so far, bot will continue long if the candle closes at these levels.

Image


Rod
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Jan 14, 2012
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Oshawa
rodbarc wrote: DeFi is propelling a lot of it. It just reached $1B. That's a major milestone (BTC reached $1B in 2013, ETH reached $1B in 2016). Also, ETH 2.0 is on the corner.

There is a lot of debates about ETH being the base for currency. There was a AMA on reddit recently, I will grab some of the interesting view points on why ETH is or isn't money and will post here. It includes some rebuttal from Vitalik on why it's money.


Rod
You are a good guy and probably mean well. You are well versed in finance, trading, algorithms, etc.

Computer science, Game theory, Turing completeness, Triple-entry accounting, and Cryptography probably arent your forte.

Some arent mine either. Bitcoin is so complicated one is always learning. To help you in your understaning that all alts are competing for the exact same thing I would suggest you take some time and read the link I posted below.

We shouldnt lure new people into scams dressed up as ketchup, mayo etc. Ie other altcoins. Would be irresponsible of us to give hope about ETH, Defi, etc etc. For sure one can make money off those, but its irresponsible to make others think there is a future in them.

"Every other fiat currency, commodity money or cryptocurrency is competing for the exact same use case as bitcoin whether it is understood or not, and monetary systems tend to a single medium because their utility is liquidity rather than consumption or production. When evaluating monetary networks, it would be irrational to store value in a smaller, less liquid and less secure network if a larger, more liquid and more secure network existed as an attainable option. Bitcoin is valuable, not because of a particular feature, but instead, because it achieved finite, digital scarcity. This is the backbone of why bitcoin is secure as a monetary network and it is a property that is dependent on many other emergent properties"

https://unchained-capital.com/blog/bitc ... lockchain/
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Supperfly wrote: You are a good guy and probably mean well. You are well versed in finance, trading, algorithms, etc.

Computer science, Game theory, Turing completeness, Triple-entry accounting, and Cryptography probably arent your forte.

Some arent mine either. Bitcoin is so complicated one is always learning. To help you in your understaning that all alts are competing for the exact same thing I would suggest you take some time and read the link I posted below.

We shouldnt lure new people into scams dressed up as ketchup, mayo etc. Ie other altcoins. Would be irresponsible of us to give hope about ETH, Defi, etc etc. For sure one can make money off those, but its irresponsible to make others think there is a future in them.

"Every other fiat currency, commodity money or cryptocurrency is competing for the exact same use case as bitcoin whether it is understood or not, and monetary systems tend to a single medium because their utility is liquidity rather than consumption or production. When evaluating monetary networks, it would be irrational to store value in a smaller, less liquid and less secure network if a larger, more liquid and more secure network existed as an attainable option. Bitcoin is valuable, not because of a particular feature, but instead, because it achieved finite, digital scarcity. This is the backbone of why bitcoin is secure as a monetary network and it is a property that is dependent on many other emergent properties"

https://unchained-capital.com/blog/bitc ... lockchain/
I agre. I enjoyed their technical debate and my point earlier on Defi / Maker DAO was simply to show momentum building up and short term opportunities - but they carry more risks than BTC as we have yet to see alts to deliver robustness and scale - DAO got hacked before and ETH couldn't scale when markets were ATH. There has been improvements, but nothing has been tested as extensively as BTC, nor has lived as long successfully as BTC, so I agree with what you said. Look at IOTA shutdown for 3 days now after being hacked. There's a reason why the interest rate on DAI is so high to attract investments. It might not be there 5 years from now. But I am sure that BTC will - and it will be worth more than it's today.


Rod
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Jan 14, 2012
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Oshawa
rodbarc wrote: I agre. I enjoyed their technical debate and my point earlier on Defi / Maker DAO was simply to show momentum building up and short term opportunities - but they carry more risks than BTC as we have yet to see alts to deliver robustness and scale - DAO got hacked before and ETH couldn't scale when markets were ATH. There has been improvements, but nothing has been tested as extensively as BTC, nor has lived as long successfully as BTC, so I agree with what you said. Look at IOTA shutdown for 3 days now after being hacked. There's a reason why the interest rate on DAI is so high to attract investments. It might not be there 5 years from now. But I am sure that BTC will - and it will be worth more than it's today.


Rod
Cheers!
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Apr 28, 2012
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I think most of us can agree that when push comes to shovel, BTC will be the only one standing. @rodbarc please continue to post your charts, they are very informative.
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SilverKit wrote: It's either you love being a troll or you don't read the statements. Or both
Lets keep this discussion civil and refrain from making personal insults.
SilverKit wrote: At worst it could be educational. If you read something (I am pretty sure you haven't read everything the whole world) and you disagree with it, you have learned that you disagree with that statement. Therefore, back to my original statement, "at worst it could be educational.
I don't understand the point you are trying to make here. You are interested to find out how Crypto can be held inside an RRSP, and so am I. I am not sure if you would consider actually doing this, but I hope it is clear to you that I strongly believe this to be a very bad idea. A person should not be risking their retirement on any kind of speculative investment. That being said, I am genuinely curious to hear what he has to say on the topic. Crypto is not a qualified investment, so can't be held directly in a registered account:

https://www.canada.ca/en/revenue-agency ... .html#toc4
Digital currencies, such as bitcoins, are not considered to be money issued by a government of a country and are not qualified investments.
So I assume it would require some kind of clever financial engineering to get around this rule. However, it might fall afoul of the "Advantage" rule for registered accounts:

https://www.canada.ca/en/revenue-agency ... tfsas.html

Even if a person were to consider holding Crypto in an RRSP for other reasons, the legal uncertainty should be enough reason not to do so. But, I am sure someone out there will try it someday. If the CRA disallowed it, and they appealed, it would make for an interesting court case.
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SilverKit wrote: I think most of us can agree that when push comes to shovel, BTC will be the only one standing. @rodbarc please continue to post your charts, they are very informative.
Will try, but it's always late, not sure if anyone can make a decision based on those. It ended up short when the 7pm candle closed yesterday, and remains short since (for BTC). But ETH it continues long (entered at $132 on Jan 3).

Will post the chart later once I'm at my computer, hard to post it with my phone.

An interesting accumulation / scalping strategy that continues to work every time is the one documented by quickfingerluc. It happens fairly often on ETH. It triggered and closed successfully yesterday. It just set a new base today, so I expect ETH to dip again. It basically accumulates in layers (my setup is to open the first position 3% below the base and keep adding 10% of the account each time that it dips another 3%. Do it up to 6 times (it keeps lowering your average price), and set a take-profit order for 5% profit. I typically leverage 2x on this, so that's 10% return on each trade. I already use my swing trade for ETH perpetuals, so this is done on a separate Bitmex account just for that. Just another idea to consistently trade on price movement, through a setup that requires no manual execution. Collateral is on BTC, so it grows that stack overtime. Current ETH base is at $247.1, so next order will be at $239.69 and 3% lower from last order, for each order. At every order filled, calculate 5% profit from your base cost and set a take-profit order to that amount (which will change every time a new order opens lower). No stop-loss, hence the low leverage.



Rod
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The other side of the coin on DeFi.... Along the lines of what @Supperfly was saying, where DeFi is not truly descentralized (and trusted by code), while BTC is. The risks of Unknown DeFi Admin Key Opsec.




Rod
Build a comprehensive portfolio based on Investing and Trading strategies. Check out these threads and join the discussion:

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CheapScotch wrote: Lets keep this discussion civil and refrain from making personal insults.



I don't understand the point you are trying to make here. You are interested to find out how Crypto can be held inside an RRSP, and so am I. I am not sure if you would consider actually doing this, but I hope it is clear to you that I strongly believe this to be a very bad idea. A person should not be risking their retirement on any kind of speculative investment. That being said, I am genuinely curious to hear what he has to say on the topic. Crypto is not a qualified investment, so can't be held directly in a registered account:

https://www.canada.ca/en/revenue-agency ... .html#toc4



So I assume it would require some kind of clever financial engineering to get around this rule. However, it might fall afoul of the "Advantage" rule for registered accounts:

https://www.canada.ca/en/revenue-agency ... tfsas.html

Even if a person were to consider holding Crypto in an RRSP for other reasons, the legal uncertainty should be enough reason not to do so. But, I am sure someone out there will try it someday. If the CRA disallowed it, and they appealed, it would make for an interesting court case.
Again, you didn't read my post..... " at worst it could be educational" ......whether you agree or disagree with the statement, you have learned something. Again, you can learn something if you disagree. Those quick google search copy & paste links, you researched against the original comment......therefore you have learned something....whether is it something you disagree with.

Also, there is no augment about crypto in my statement, as to if I agree or disagree, which makes your argument irrelevant. This is why I call you a troll. This is the second time you misread my comment.

An example of our conversations.

Me- "it's hot today"

Your reply - "I disagree with you and here is why, there is no such things as global warming. Read this link www.some-link-that-has-nothing-to-do-with-what-i-said. com"

Me- "I never said anything about global warming, all I said was, it's hot today. Did you even read my comment?"

Your reply- "Yes I did and it makes no sense. How can you say today's temperature was due to global warming? Read this link www.a-google-search-link-that-you-probably-didnt-read. com. Also read this, www.another-link-that-has-nothing-to- do-with-my-original-comment. com. If you want to ignore the facts, that's up to you. However, today's temperature was by chance and not due to global warming. That is a fact!!"

Me- Image
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Dec 12, 2009
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SilverKit wrote: I say go for it, at worst it could be educational
I've actually learned this from a reddit thread in /r/bitcoinCA off of/u/Bastiat Full credit goes to him.

I couldn't find the post at first but had to do some digging.

https://www.reddit.com/r/BitcoinCA/comm ... eum_in_an/


This has pretty much only thing you need.

the only part I have to add is that the market in Sweden close at 11:25 am, so you'll have to get your trade in before then. Also this company added Litecoin as well so you can hold some of that as well.

I've added some of these to my portfolio for the next halving simply because I need exposure, and I have no liquid cash to buy this outside of RRSP.
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SilverKit wrote: there is no augment about crypto in my statement, as to if I agree or disagree, which makes your argument irrelevant.
It should have been obvious from the context of my post that I was not arguing with you because there was, well, no argument in your statement Smiling Face With Open Mouth.

You invited @xuemike to explain how Crypto can be held in an RRSP; I quoted your post to indicate that I too was interested in reading how to do it. The rest of my post was meant to make it clear that my interest was strictly academic and that under no circumstances would I put Crpyto into my own RRSP, nor would I advise anyone else to do so. It was directed at all the readers in the thread.

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