Cryptocurrencies - Your Key to Financial Freedom AMA

I've been tracking the crypto space since Bitcoin was invented and bought my first Bitcoin in 2013 and has been using every cent of my savings to buy cryptocurrencies ever since.

I can now comfortably retire. Which other investment allows you to do that in less than 10 years.

Ask me anything about the cryptocurrency space, there's no such thing as a "silly" question. I think this goes without being said, but I'm going to say it anyway. None of what I say here is financial advice, I do not hold an AFS license, you should seek advice from a licensed professional before making any investment decisions. If you are making investment decisions from some random guy on the internet without doing your own research and due diligence, you should stop immediately!

There's all these controversy about property prices "surging" or becoming unaffordable, not for me, if you invest in the right asset, property is actually getting cheaper and cheaper. Property prices in Bitcoin terms has been decreasing and will continue to as Bitcoin increases in price at a faster pace. So to me, property is progressively getting cheaper and cheaper.

Update:

For those who would like to find out more about cryptocurrencies and why I think Bitcoin is here to stay and will be more valuable in the future, head over to hope.com and watch some of the videos. This site was set up by the CEO of MicroStrategy, Michael Saylor who's company bought an aggregate of approximately 90,531 bitcoins, which were acquired at an aggregate purchase price of approximately $USD2.171 billion and an average purchase price of approximately $USD23,985 per bitcoin, inclusive of fees and expenses as of 24th Feb 2021.

To those who think that I "got lucky" and was "fortunate", that's very far from the truth. I saw this coming, I knew that with rampant money printing by central banks, fiat currency is going to zero and it has been doing so for centuries. All fiat currencies have gone to the zero, in history, there has not been any fiat currency that didn't go to zero. So Bitcoin's rise is inevitable to me, hence I bought it. I didn't go as far as that family who sold everything to buy Bitcoin, but I did use nearly all of my savings to buy cryptos.

Common criticisms of Bitcoin

  • Its just like Tulip mania
    Bitcoin is nothing like Tulips, Bitcoin is a decentalised and censorship resistant network which enables values to be transferred across the internet at very low cost. The value of Bitcoin is the strength of its network and the fact that it has never been breach or hacked, which means unless someone steals your private key, your coins are safe.
    Tulips has none of these qualities. The only thing which Bitcoin and Tulips have in common is the fact they both went up in value very quickly. Even then there are differences, Tulips went up and crashed all within 3 years. Bitcoin has gone through at least 3 cycles where it has smashed its previous all time highs and never dipped below the starting point of the cycle.
    Bitcoin has recorded a higher year on year low every single year since its existence except for 2015.

  • The Bitcoin network uses too much energy
    This is just market supply and demand. People mine Bitcoin because it is profitable to do so. The Bitcoin network do not require so many miners, in fact it started with just one miner. The network can continue with just one miner, it adjusts as more miners enter and leave, this is built into the network. The high energy used by Bitcoin is a sign that it is valuable and people are willing to make the effort in participating in the effort in securing the network and be rewarded for it.
    Due to the profit motive, the energy sources used by Bitcoin miner are increasingly from green energy sources reducing its impact on the environment.

  • It is used for criminal activity
    Fiat currencies are used on a much much larger scale by criminals. Banks launder money for criminal, there's been so many scandals, and those are just the ones which make it to the media, I'm sure a lot goes undetected.
    Bitcoin is actually very bad for criminal activity, this is why they quickly moved onto privacy coins like Monero and Zcash. The Bitcoin blockchain is public and all transactions remain there forever. If a drug deal is done with cash, unless there's a recording device there at the time of the transaction, that drug transaction is untraceable. If you do a drug transaction with Bitcoin, that transaction will always be on the blockchain, all it takes is for law enforcement to tie one address to a real person, and the entire web unravels, so its not very smart using Bitcoin for criminal activity.

My Crypto mistakes and other pitfalls

I want to go over some of the ways I lost money in crypto over the years so maybe you can learn from my mistake

  • Scam websites
    In 2014, there was a website called Bitcoin savings bank, which promises 9%pa interest if I transferred my Bitcoin there. Very similar to what Crypto.com, Blockfi etc offer today, except they are scammers. Unfortunately, I didn't do my research and I believed them. I transferred 2BTC to their "savings account". Never saw it again.
    Nowadays, these sites are very obvious, they promise hourly returns, like 10% every 2 hours. This is impossible to consistently do, they are all scams, don't fall for them.

  • Double your coins scam
    This is quite famous, there are many variants, but essential it just entails you sending your coins and double or some very good return percentage will return. Its a scam, you will get nothing. Fortunately, I have never fallen for these.

  • Pump and dump groups
    These are almost always scams, there are more losers than winners. Yes you may win one time, take it and walk away, but most likely you will lose. I lost more than 1BTC in this. I'm still part of the groups to monitor, but I never participate anymore. Neither should you. They also have these VIP or "inner circle" groups, where they promise you early notification of the coin to pump for a fee. Don't fall for this. They might also have an inner inner circle group or VIP+, where they promise to take your Bitcoin and buy the coins for you, to maximize your returns. These are definitely scams, they will take your Bitcoin and then block you on telegram.

  • Fake wallet apps
    These apps emulate popular wallet apps and asks you for your seed phrases and private keys so they can steal your crypto. Treat your seed phrases and private keys as private. NO ONE should know, not even staff members of the hardware wallet company. Its like your online banking password, no bank employee should ask for that. If any app do, delete it IMMEDIATELY.

  • Leveraged trading
    I lost around 1 BTC (worth around $5-6k USD at the time). I tried to pick the bottom during the 2018 bear market, the Bitcoin price was quite stable and stagnant around the $5500-$6000k mark, so around Nov 2018, I thought that was the bottom and went in with a leverage long. The market went off a cliff dropping down to $3500. I got liquidated, lost the 1 BTC I deposited. I never touched leverage trading again. Its very hard to pick tops and bottoms, so now I just dollar cost average and periodically buy and hold. You don't need to worry about being liquidated if you do this, it will help you sleep better at night haha.


Mod Note: The user is not associated with TechLead YouTube channel.

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Comments

          • +1

            @cloudy: I don't understand your comment.

            There is zero loss or gain when using the Bitcoin network. The Strike app connects to Twitter via an API to sends money over the Lightning network using the Bitcoin network as a base layer.

            The Tx happens in real-time with no fluctuation between the money sent and the money received. Send $10, receive $10. Send $1000, receive $1000.

            This means Lightning fast payments with zero fees to anyone in the world.

  • Bitcoin at all time highs again. :D
    This is just the beginning.

    • +1

      $100k this year?

      • That's pretty much confirmed, the question now is, how high beyond $100k.

        • +2

          That was a pretty reckless prediction

          There's nothing wrong with believing in Bitcoin, but promoting it in times of euphoria never ends well. The greed factor was simply too high. You could claim other unforeseen factors, but I think it was all about excess.

          I still think Bitcoin is a worthy long term investment, now might be a good time to buy (low 40K USD) I might just add to my portfolio, but I really don't care what happens to it in the next 5 years.

          • +1

            @TEER3X: Price predictions are like a-holes. Everybody has one.

            Noobs that that went leverage long because they followed one thinking they would get rich overnight got what they deserve.

            200,000 noobs going back to zero.
            https://ibb.co/ynCXB95

    • Pity Alts haven't gone the same way - i've noticed from limited understanding that the market seems to react to any drop in bitcoin across the board but not necessarily the other way around…

      • This is just the beginning. The total market cap hasn't broken out yet. Once it does, alts will fly.

    • We GMI

  • To me it seems like there are too many crypto coins out there that will never move and likely only made money for the people who created them. Therefore new people are likely to loss money on what is essentially a crapshoot.

    Secondly, friends of mine who have made modest gains on crypto spend nearly every waking hour following their portfolio at all hours of the day and night (even at their regular employment), and its all they talk about. You have to invest far too much of your life and time into a gamble.

    Thirdly, many people who are new to crypto don't realise that gains are made on trading crypto, not just buy and hold, and therefore need to know something about stockmarket 'technical analysis' otherwise they will lose their shirt. I also feel that the experienced crypto traders/whales rely on new/beginner 'traders' to enter the game to increase liquidity to their advantage.

    Lastly, it seems that the people who have made significant money on crypto (who now have a very big vested interest in making sure crypto gains legitimacy and doesn't get closed down or regulated to death), and who did not get in at the very start when it was just a plaything for nerds, have done so via very large leverage. This is inherently risky and the ease in which newbies can access this credit is a recipe for personal financial disaster.

    • +5

      Thirdly, many people who are new to crypto don't realise that gains are made on trading crypto, not just buy and hold,

      This is wrong.

      The wealthiest people in this industry are miners > hodlers > buidlers > yield farmers > traders > degens > apes.

      • Nicely put, I can't stand the stress of being a trader. Also, it is the exchanges who get rich from traders.

    • +4

      To me it seems like there are too many crypto coins out there that will never move and likely only made money for the people who created them. Therefore new people are likely to loss money on what is essentially a crapshoot.

      I agree with you to some extent on this. Meme coins such as Doge, baby doge, mommy doge, wife doge, whatever doge and all those shib coins are probably a gamble, I will never touch them. Throw safemoon in that pile as well.
      However, a DCA and hodl strategy for established major coins like Bitcoin, Ethereum, Cardano etc has more winners than losers. With Bitcoin nearly its all time high, it is by definition that nearly all those who bought Bitcoin are now in the green.

      Secondly, friends of mine who have made modest gains on crypto spend nearly every waking hour following their portfolio at all hours of the day and night (even at their regular employment), and its all they talk about. You have to invest far too much of your life and time into a gamble.

      That's their obsessive behavior, nothing to do with crypto. You don't need to check it every waking hour, they have a choice. Can't see how this is crypto's fault. What about the people who do the same for the share market? Are you going to blame the share market and say it is not a good investment because you have "to invest far too much of your life and time into a gamble"?

      Thirdly, many people who are new to crypto don't realise that gains are made on trading crypto, not just buy and hold, and therefore need to know something about stockmarket 'technical analysis' otherwise they will lose their shirt. I also feel that the experienced crypto traders/whales rely on new/beginner 'traders' to enter the game to increase liquidity to their advantage.

      That's not correct. I'm in the buy and hold camp, the only time I trade is to go into an altcoin. In the long run, traders are not more profitable, it is the DCA and hodlers who capture most of the gains. Also, I think you are confusing leveraged trading with spot trading. The only way for me to "lost my shirt" with Bitcoin is for it go to $0. I just periodically buy and hold, it has worked very well so far. You are right in part regarding new adoption. For Crypto or any industry or new technology for that matter, there needs to be adoption and new users are coming in spades into the crypto space, they just need to be educated.

      Lastly, it seems that the people who have made significant money on crypto (who now have a very big vested interest in making sure crypto gains legitimacy and doesn't get closed down or regulated to death), and who did not get in at the very start when it was just a plaything for nerds, have done so via very large leverage. This is inherently risky and the ease in which newbies can access this credit is a recipe for personal financial disaster.

      Very true, the risk of multiple governments collectively banning Bitcoin and other cryptos is a real risk, but that has pretty much been eliminated this year. There is pretty much zero chance that Bitcoin will be banned. There are physically backed ETFs of Bitcoin in Canada and the US just approved a futures backed ETF. With all these regulated products, there is no chance Bitcoin will be outright banned like in China. I love how you put "nerds" into your response, this is exactly what people said about the internet in the 1990s, they said the internet will never caught on because it is the "realm of the nerds", those people has been proven wrong, it is the same with Bitcoin and other cryptos. Not sure where credit comes in, responsible investors should invest with money they can afford to lose. If they use credit, there's always a risk, its the same with buying property with credit, buying shares with credit etc, this risk is not restricted to crypto. How many people experienced financial disaster due to buying property? This risk exists in all asset classes

    • In the words of a wise friend "trading will get you rekt"

  • Which exchange is the best to stake BTC?

    • I use Crypto.com, Celsius and Blockfi. There are many others, but do your research and don't get scammed.

      • Are these as safe as Binance for staking BTC?

        • +1

          There is always a risk when leaving coins on CEX in exchange for yield.

          Is the yield enough to justify giving up the private keys? Only the user can answer this question.

      • I also use FTX (was Blockfolio) as you get 8% yield on AUD or any crypto in your account and no need to stake.

        The other one is DeFi Wallet that has a few coins over 10% yield. Not sure if it’s locked in when you stake as the percentages change often.

        • You mean FTX pro, the exchange or they've changed the FTX app? It was just a tracking app last time I checked.

          • +1

            @techlead: If you search on App Store/Google Play it's called FTX (formerly Blockfolio)

            • @lilkid28: Yea, that's the app I use to track. FTX pro is the exchange app.

              • @techlead: Yes well it appears FTX (formerly Blockfolio) pays 8% on all holdings. I have tried tried other coins, but when transferring AUD Fiat, it did accrue 7-8%

        • 8% on BTC balance as well? That's more than Binance and other CEX.

          • @arctan: Yep it sure does, it also tells you how much you’ve earned to date in BTC.

          • +2

            @arctan: Bitcoin's inflation rate is currently at 1.76% 1Y.

            Users should be wary of lenders that give more yield than the official inflation rate.

      • Just wondering which one will give you interests in BTC not the altcoins?

        • +2

          All the platforms I mentioned gives you in kind interest, which means, if you deposit BTC, you get BTC as interest.

  • This is bad.

    Crypto senate inquiry recommends laws to set Australia up as digital innovation hub
    https://www.abc.net.au/news/2021-10-20/australia-crypto-sena…

    There are better and more friendly places in the world for businesses to set up shop. Miami, Texas, Wyoming, Dubai, Singapore, Portugal, Hong Kong Belarus, etc, are both crypto and health friendly.

    Australia has shown it's true colors during this crisis which is something CT won't easily forget.

    • Why is it bad? They are just trying to attract blockchain projects. I agree there are better locations, but its fine, let them try.

  • -2

    its too late now for small players to make heaps from btc. your $10k will not go anywhere compared to someone who bought $10k of btc in 2013.

    • You're right.

      People should wait for it to crash to $10,000 before buying.
      https://bitcoinity.org/

      • hahahah

    • -1

      You serious? I'm willing to bet you that Bitcoin returns (without leverage) will outpace property returns (with leverage) in the next decade.

      Even if you buy Bitcoin at $66k USD today, your return will far outstrip any investment property returns. This has been the case for the last decade, it will also hold true for the next decade.

      Of course, as Bitcoin matures as an asset, the gains you will get will be less but when compared to traditional investments, Bitcoin will still far outpace them, it wouldn't even be a close contest at all.

      • I'm willing to bet you that Bitcoin returns (without leverage) will outpace property returns

        Nice crystal ball you have there buddy!

        The truth is that you have no idea what will happen. BTC could go to a million, it could crash to $10.

        • Why don't you just bet like $50 with him just to see who wins?

        • -1

          It won't be crashing to $10 because I'll be buying all of them at $11.

          People that keep saying that Bitcoin will crash to $10 or zero have NFI. It's mathematically impossible for it to crash to those prices.

          • @rektrading: Can you explain how it's mathematically impossible that it crashes? I'm genuinely curious.

            People that keep saying that Bitcoin will crash to $10 or zero have NFI.

            I didn't say it will. I said you can't predict that it will or won't crash. $1m, $100, I don't know. you don't know. Look at the GFC, or even the last BTC crash.

            • @coffeeinmyveins:

              Can you explain how it's mathematically impossible that it crashes

              I never said that Bitcoin can't crash. What I said was "It's mathematically impossible for it to crash to those prices."

              The code has been written to ensure that the cost of making Bitcoin will always go up over time.

              This means the miners will never sell below their cost price unless they want to go out of business.

          • @rektrading: Crucial part ….never get hacked.

  • +1

    BTC just reached an ATH of $67K.

    I now have enough to pay out the entire mortgage and still have some left over if I ever decided to sell. Earning BTC in kind weekly on Celsius on BTC1@ 6.2%, rest sits safe in cold storage.

    Never too late to start your BTC journey. I only started this year. It's still early.

    • what was your initial outlay? started around march put $3k into btc and its barely moved.

      • +1

        You bought at previous ATH. You had to DCA to May/June to be in positive now. You definitely need extra funds in Shares or Crypto to DCA.

      • Its best to ladder in, don't buy everything in one go.

        If you did that starting March, you'd be on a nice profit now.

        If you hodl though, you will still get a nice profit, Bitcoin has now smashed through all time highs to $66k USD, so you should be in the green.

    • That’s great news. How much BTC did you buy?

  • +5

    Is everyone enjoying the new all time high for Bitcoin?

    If you read back to some of the comments during June/July to my post, I got blasted for "buying the top" haha and how I'm leading people to lose money.

    This is just the beginning, strap in, the alts haven't run yet, its about to start.

    One of the biggest risk to Bitcoin has now been eliminated, with the approval of the futures based ETF in the US as well as other physically backed EFTs in Canada and Brazil, the chance of Bitcoin being banned by Western governments is virtually zero, infinitely close to zero. China banning Bitcoin and cryptocurrencies is not going to affect its future, its their loss, we don't need China in this space.

  • whats the best approach now? got some usds now in the exchange as ive gotten rid a lot of my alts when they got breakeven.

    obviously not btc as its too high atm.

    • +2

      Sometimes the best trade is no trade.

      BTC just had a nice pump and need time to settle. It would be wise to grab a chair, sit on one's hands and watch it form a pattern.

      Read, watch YT, write down a list of IFTTT and wait for it to happen.

    • Not financial advice.

      Why did you get rid of your alts before alt season? This is how the market cycle usually goes, if you understand these flows, you will make alot more money.

      Money usually flow into market like this:

      Bitcoin ==> Ethereum ==> Big cap alts ==> Small cap alts

      Bitcoin is usually first to go up, breaking new all time highs and leading the market. Then people take profits as Bitcoin stagnate and start buying into the alts. This is why in the last cycle, Bitcoin peaked in Dec 2017 but alot of the alts did not peak until Feb/March 2018.

      • didnt you say not to touch the alts? the alts were not even top 20…ive noticed the alts are following btc movements…

        i just wanted to focus on btc eth and other top coins..

        • +1

          I never said don't touch alts, I said don't touch the garbage alts, like safemoon, doge, shib, baby shib, whatever shib. Although having said that, I could have been a billionaire if I aped into Shib, but I'm sticking to my principles.

          You should definitely be buying good quality alts and holding them right now, like DOT, ADA, FTM, SOL etc.

          As we progress further into this bull cycle, you will notice that the alts will run harder than Bitcoin. Look at the 24 hours gains so far, Bitcoin +1.84% while ETH is +8.04%, SOL +16.6%, DOT +6.36, FTM +2.8%, ADA +5.85%, see the pattern here?

          • @techlead: so in other words its time to get some of those alts now? and just hodl?

            just checked that ftm, its near its ath, its prolly not worth getting them now.

            • @Farrba: FTM is going to be at least $5 soon. They have a conference next week. Now its the perfect time to get it. I bought some under $2.30 yesterday.

              Now is the perfect time to get these alts before they run. Like DOT, they will have auctions starting in Nov, its not even past its previous ATH yet. SOL is getting very close to its ATH. In the coming months these alts are going to explode.

              Not financial advice. DYOR

              • @techlead: just got some ftms and down 5% already :(

                oh well.

                • @Farrba: There's a dip in the market just now. Bad timing, ETH hit an all time high and some whale dumped. On the exchange FTX, the ETH/USD price went below $3600.

                  Nothing only goes up, don't judge an investment after just 30 minutes lmao, its all just noise. Let's see what FTM is at during and after the conference next week.

                  I just picked up some more ETH, ADA and FTM after this dip.

                  • @techlead: say it gets to $5 then sell?

                    am trying to get strategy how to go for the next 12 mos for my other altcoins.

                    i hodld for the last 8 months and achieved nothing.

                • @Farrba: How's FTM doing now? :P

                  New all time high today.

                  • @techlead: should we put more? i guess what we should learn here are the coins that are in cents to start with, then hopefully can reach 100 to 200x in less than a year.

                    • @Farrba: That is up to you, I don't give financial advice.

                      I've already bought all the FTM I want below $2.30 USD. I'm now strapped in to enjoy the ride.

                      • @techlead: wish we bought some in sep when it was lower. what i bought will not go that far but if youve put lots into this then good on you mate.

      • This is correct. Listen to this guy. Bitcoin is in the limelight now, but alt-season will be next.

        • Don't listen to me, do your own research lol.

          Not financial advice.

    • obviously not btc as its too high atm

      You don't need to buy a full bitcoin. You can buy a fraction of one.

      I don't bother with alt coins, when the bear market comes, alts will bleed the worst and people rush to swap back to BTC. Some never fully recover. Have a look at the top 10 coins by market cap in 2017 to now.

      I'm biased though, as I am all in on BTC. It is the "safe" option within a highly volatile space. People will be wishing they got in at this price point this time next year.

      • yes thats what i did in march, but was only able to get .04 of a btc…

        whereas if i bought it in 2013, thats 6 btcs.

        i find that with crypto, you have to be in really early.

        • Or have an informational advantage, and good access to liquidity

        • Tesla stonks were $3.80 on its opening day. It's now $856 after a 5:1 split.
          https://files.ozbargain.com.au/upload/393946/91845/screensho…

          Apple stonks were $0.16 and are now $149 after splitting 17 times.
          https://files.ozbargain.com.au/upload/393946/91059/screensho…

          Getting in early is reserved for OG and people that aren't scared that other people are laughing at them.

          • +4

            @rektrading: I remember people laughing at me in 2013. They said I should have bought property and Bitcoin will go to zero. Now those people are still heavily in debt from their property investments while I can buy multiple properties outright with no debt required haha.

            Who's laughing now? :D

      • Its true Bitcoin holds its value more in a bear market. The issue is, we ain't in a bear market at the moment.

        Holding Shib would have been a better investment return-wise than Bitcoin. During a bull market, you should be heavily in the alts as they will run up faster. Just make sure to shift back into Bitcoin or a stablecoin before the bear market.

      • Wouldn't USDT or similar be the safe haven option in a Crypto bear market?

        • Sure, but you would need to time the market at the right time before the bull market ends

          • @Lucille Bluth: Timing markets doesn't work.

            DCA in and DCA out is the most stress-free way to invest in digital assets.

            • +1

              @rektrading: This is basically true, but I'm trying to unravel some contradictions. If DCA and Hodling Bitcoin are the dominant strategies, then there should be no alt season/s?

              Also, no one is making money without someone else loosing it, or at least buying in. So the system basically needs constant DCA investing to grow. Especially if there is no deflationary element, then it needs a ponzi backbone to grow?

  • +3

    I just found this post.
    I'm newish to crypto coins.
    Been slowly building upp my portfolio of BTC, CRO, ETH, and ADA atm, so seeing your words here made sense to me and was very reassuring.

    I'm hoping to achieve a similar situation as you and being able to borrow against my coins by renting them out….one day…

    I'm in my 50s and thus started late.
    My main goal for buying crypto is to:
    A) be able to retire earlier than expected.
    B) out aside enough money for my wife an child should I pass before them.

    So again.
    Thank you for this post.

    And I get the negative posts here.. Christopher Columbus went through similar…

    You obviously didn't post this to
    A) boast
    B) sell something

    You gave back to others.
    Very selfless and appreciated.

    Cheers :)

    • +1

      Thanks very much for your kind words. The main purpose of this is thread to educate and hopefully encourage others to seek more information about this new space. Not financial advice.

      Given you age and time horizon, your portfolio mix is pretty good to me, I think stick to the major alts such as what you have listed. Don't be tempted by these astronomical gains from other alt coins. I have to admit, in hindsight Shib looks very good, but I never touched it out of principle and I don't regret it.

      Not sure where you are storing the coins, but using platforms like Blockfi and Celsius will help you get some yield from them. You can get yield from ADA using a non-custody wallet (you control the private keys) such as Atomic wallet. This is more secure, but make sure you keep your seed phrases safe.

      • And it was very educational.
        Much appreciated by all I'm sure.

        Yes. The stable coins are a good way to go longer term.
        I just missed out on tge bitcoin dip overnight that went down to $80000, as I want to buy more to get enough in the portfolio.

        Coin storing.
        Now that's an interesting question.
        So far mainly keeping them on crypto.com itself.
        Aware that the still own the keys..
        Only leaving them in there for the staking and supercharger bonuses.

        Still trying to work out the defi app I have as I can stake there too, and I believe I'll get better returns top.

        I'd love to know more about how to yield in regards to ADA (Mind you I have less than 200 ADA atm) and non-custodial wallets.
        Especially now my portfolio is starting to get a bit more sizeable and more valuable.

        And the seeded phrases.
        Yes… That is tragic if lost.

        I have considered a cold wallet in the near future.
        Donyou use a cold wallet and have any advice if you do.

        Would just love to pick your brain about all this stuff as you sound like you have all your ducks lined up in regards to crypto.

        Cheers.

        • +1

          You mean Bitcoin going down to $8200USD? That wasn't really a dip, that only occurred on Binance US, none of the other exchanges I use, like Binance Australia, Kucoin and FTX ever went down that much. Bitcoin did fall abit, but I bought the alts. I think alt season is coming, now is the time to buy alts.

          Leaving coins on crypto.com is fine, I have some.

          The yields on ADA on the Atomic wallet work by you delegating your coins to their pools, this helps secure the ADA network, they are a proof of stake networking not proof of work like Ethereum or Bitcoin. With your ADA balance, just keep it on crypto.com.

          From your portfolio size, I don't think a cold wallet is needed. A hardware wallet start at around $100 each, doesn't make sense if you have less than $10k of crypto, but of course its up to you. DYOR.

          Would just love to pick your brain about all this stuff as you sound like you have all your ducks lined up in regards to crypto.

          I love to discuss crypto. I have a strategy at the moment, but I'm constantly learning and changing that. This space is changing very rapidly, so I'm always open minded and ready to try new things. I'm still dipping my toes in defi, I don't want to be burnt like Mark Cuban.

          • @techlead: Wow. Thank you.

            Good to know I'm not doing too many wrong things atm.

            I love your idea of investing in the alt coins atm.
            Especially whole bitcoin is still rising in value.

            I still wish I had more burn money to have bought more of bitcoin. Also ETH and ADA.

            My budget has slightly increased this month, so I might delve a bit more in some alt coins.

            Any tips on best ways/places to research you found.

            Iand even though I'm hearing great thjngs about coins like argo, I want my bug choices based of research and not hearsay.

            Even though your comments here at least show you know what you're talking about.

            • +1

              @FredAstair: I research by reading the whitepaper for the projects as well as reading forums. You need to be skeptical about people shilling coins on social media, take it with a pinch of salt.

              Most projects have telegram groups, join those for discussions as well as ask any questions you may have about the project.

              • @techlead: Ok, Thank you :)

                Also.l if I trade a coin for another coin will I still néed to pay tax on that?

                • @FredAstair: Yes, according to the ATO, this is an event which attracts CGT. You need to work out whether its a profit or loss at the time of the transaction.

                  The ATO view the coins as property, not currency, so therefore when you swap one for another, it is a CGT event.

                  You should consultant a professional to confirm though.

                  • @techlead: Ok. Cheers for that.

                    Any thoughts about investing in OUSD¿

                    • +1

                      @FredAstair: OUSD? Sorry, I've not heard of that. Is that another stable USD coin?

    • Why CRO just curious?

      • +1

        It just suited me tbh.
        I liked their white pages.
        They were clear and open about their plans.
        The app made it super easy to buy and sell most crypto coins.

        I love the visa cards that give you a start tier here in Australia of 2% Back in whatever you spend on the card. Free spotify. And the high term deposit rates from 6-14%. So I can make money on the coins I'm HODLing.

        My original goal was to get the higher tier card that would give me 10% Back on the amount I staked for it and 8% Back on visa purchases.

        I currently have a HSBC a point and don't use it much now, as it only gives me 2% Back.

        I'm sure there's others out there but the benefits with this one floated my boat.

  • I've dip my toes into the world of Defi. Just a small allocation of $500k.

    Pray for me. :D

    • Wow. Kudos..
      Impressive
      Good luck..

    • is defi different to a crypto exchange?

      how one can start on this?

      • +2

        Defi stands for Decentralised Finance. It is completely different to a crypto exchange which is centralised.

        There are risks as well as benefits of being decentralised. On one hand, you have freedom but if something goes wrong, you have limited people to turn to for help. If there is a bug in the smart contract and someone exploits it, your assets are gone. At least with a crypto exchange, the exchange may be able to reimburse you, for example Binance has a fund, SAFU which which they can reimburse investors in case of a hack.

        Have a look at this, https://defipulse.com/, this is an overview of the different defi protocols, its not an exhaustive list, but it has all the major ones. I'd suggest you start with the major ones, they are relatively safer and has been audited. Read up on each protocol would be a good way to start.

        This is also a good site to discover defi projects on other chains, https://defillama.com/home. ETH transaction costs are quite expensive at the moment, so alot of people has been moving to other chains like Avax and Solana. Be careful though, ETH still has the most amount of developers and the major defi projects are still only on ETH.

        Read up on impermanent loss, this is a major issue in staking in liquidity pools, this is one of the reason why I have been hesitant in the past. I'm still trying to avoid liquidity pools to avoid impermanent loss.

  • +1

    ftm withdrawall fee is 10 ftm, a bit exy.

    • I think your gains can pay for that. :P

    • I hope you pick some more up this morning during the dip as well.

      I had $300k in one of the exchanges (didn't realise I had it lol), so I bought FTM with it below $3.08 USD. What a bargain. Don't want to be the guy who sold it to me hahah.

      Its pumping now, over $3.20 USD.

      • wish i have that to make similar gains. got a few which i used at around $2.50.

        • Once you survive one bull and bear cycle, you are pretty much set.

          If you can time it right to sell before the bear market and then pick the nice gems during the bear market, you can retire within 4 years after the next cycle.

          ADA is now over 100x from its absolute lows in the bear market. Not even Bitcoin has 100x'd since its low of $3300, obviously, as it would have to be at $330k for that.

          Life changing money is made when you buy during the bear market and sell during the bull market. I was laughed at for buying crypto in 2018/2019 and early 2020. I bought when everyone has written it off, that's the best time to buy.

          • @techlead: thanks, i guess knowing when is bear market is the key. i think that was few mos ago as i was able to get some btc when it wa 30k. wish i bought more of the alts that time, eg shib it was .000007 i remember. but because most of my alts were in red, i couldnt put more savings knto it. so the aim was when the alts became green, dispose immediately which somehow was able to use at the moment. i still have heaps of alts in red.

            i had ada at a dollar but it never went beyond 2.8 from memory. i got rid of it the moment it went positive.

            i guess learning when to dispose and rebuy is really the key.

  • ugh ftm below $3 again :(

    • BTFD

      • Buy the f***in dip?

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