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.


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Comments

  • +2

    i think if youre new to crypto, you should only focus on new coins that start at few cents a coin, and hope in the future they grow 1000x.

    thus $1000 today will be a million whenever that coin achieves its 1000x value.

    investing $1000 on bitcoin now, even if hits $1m in the future, thats only around 12x. unless youre investing $70k now.

    • +1

      I think that's a terrible strategy, although you can point to many examples of this happening right now because its altcoin season.

      I personally wouldn't be following this strategy. Haven't said that, I've seen coins which I will never touch, go to the moon and beyond, so it appears I don't know what those people know.

      Its ok, you can't catch them all. That's what I tell myself to stop me from fomoing into a coin that's going to Mars.

      • how much was your initial outlay?

  • who actually decides price of this particular coin should be this much now? this is one thing i couldnt google somehow.

    • It’s simple demand and supply!

  • Thoughts on pi network? Is it just an mlm?

  • could you please give me your thoughts on this video i just watched?

    Satoshi Nakamoto and the Civil-War Within Bitcoin by ColdFusion on 3rd April 2021
    https://www.youtube.com/watch?v=iYn6EQDqTkU

    • All the details discussed in the video are not new. They have been going on for years.

      The Bitcoin community still largely supports the original version of Bitcoin. All the other Bitcoin versions are generally seen by the community as others trying to take advantage of something which is meant to be free from control. Communities are really important in the crypto space.

      In terms of who invented Bitcoin, it’s irrelevant because what’s more important to us is to make money! The inventor probably didn’t want to release his/her information because in the early days with Bitcoin, it was associated with some not so good activities. For eg. the guy who invented Silk Road is still in prison. Bitcoin has come a long way since then.

    • -1

      @techlead are you going to respond?

  • Buying shitcoins now is super deadly.

    • Aren’t all shitcoins always deadly mate lol

  • what happens then when there are millions of types of coins already?

    • +1

      Same like how there’s hundreds of currencies worldwide. If a country’s govt doesn’t manage their economy well, that country’s currency would be worthless.

      If the developers of a project doesn’t manage their project well, their coin would be worthless.

    • there are already 6000 alt coins already… whats your point…

  • +3

    What is the inherent reason why the value of bitcoin is increasing? It seems to be purely due to hype causing zero sum wealth transfer to established investors from new FOMO money. There is no real value being created. The supposed product that BTC is meant to embody is fast and free decentralised transactions, yet how many people are buying BTC to use it for that? currently the majority are buying in purely because they hope it will increase in value, not because they want an alternative to bank transfers or PayPal. And why do they think it will increase in value? because others are buying in and they have FOMO on the hype. This should really make you think how is this different to a ponzi scheme…

    The premise of Bitcoin is that it could replace standard fiat currency. Yet:

    • It has extreme volatility which makes it impractical as a replacement for fiat currency for conducting transaction, retail or to store wealth with stability

    • It's value can be drastically manipulated by a single individuals with no regulation or oversight e.g. A one word tweet from Elon musk can have a huge effect

    • It is inherently an entropy generating system consuming vast amounts of energy on Goldbergian computation. The energy efficiency of information storage seems to be heavily in favour of fiat currency with a trusted ledger authority

    Also, when your aunty is showing you how she made some money from crypto over Easter you know we are reliving the hype peaks of December 2017 again.. The crypto hype will change pretty drastically in a few months and a lot of newbs will lose money… Just like last time. The upper ranks of the Ponzi scheme will have made some nice coin though

    • Pyramid scheme ?

    • -2

      Nobody in this world has lost money investing in Bitcoin prior to March 2021 if they held it… if they lost money its because they sold it or they invested in alt coins.

      if you bought Bitcoin anytime in your life before last 30 days you are in a profit.. it has over 11 year history of that..

      what difference your few more months going to make… stop being a bitch and admit you dont know shit…

      even if it crashes in few months give enough time and this will look like an opportunity..

      • So to help me not "be a bitch" why don't you enlighten us as to what is the true first principles practical purpose of bitcoin other than the ponzi scheme i outlined. This was the point of my post which it seems you missed

        • The answer is simple, read the link below. The world is changing, and changing fast. With this, new opportunities arises. History has always shown time and time again, technology always wins.

          https://www.ozbargain.com.au/node/613895?page=7#comment-1029...

          • @ilovefullprice: Is it really simple? The core of your argument seems to be that currency decentralisation through block chain will reduce or eliminate: unfair wealth accumulation, manipulation by powerful individuals or entities, trading exchanges, and parasitic fees. Yet all these things are entrenched in cryptocurrency; whales own the majority of bitcoin, powerful individuals like Elon Musk can manipulate price in their favour with public statement, and it is traded on exchanges which charge parasitic fees .

            I don't think the reality is tending towards block chain utopia.

            Block chain is a promising technology but the future practical use of cryptocurency is unclear. Anyway, the point I was originally making which I stand by is that the main reason that the majority of people are buying bitcoin is due to hype.

            • @qvinto: No pun intended again here but the answer is simple:

              Bitcoin is not the only coin available out there!

              • @ilovefullprice: Which coins are devoid of the problems I outlined, don't swing wildly based on pump and dump manipulation or have a high risk of becoming dead sh*tcoins in a couple of years?

                • -1

                  @qvinto: Google mate! There are so many coins out there and in the crypto space, things changes super quick. What’s true today could be different in a few days time! One things for sure, the crypto space and community is surely but slowly addressing any and all issues thrown at it. Give it time, crypto + blockchain is still in its infancy.

                  • @ilovefullprice: Yes I know I can use Google. As far as I am aware the answer is there are no coins which are devoid of the issues I raised

                    • -1

                      @qvinto: as far as you are aware says it mate!

                      Also technology is not static, it constantly evolves and solves problems. Hence the pace in which the crypto space is changing is unbelievable.

    • Bitcoin can't be used as a currency anyway because the transaction fees are not free or even cheap.

      Will cost you US$20+ to transfer $4 for that coffee:)

      • lol, bad faith downvoters, make a point if you don't agree.

        • +1

          Ever heard of ETH2.0?

          I think ppl just downvoted because ur making an accusation without really doing ur research properly, so no point replying.

          • -1

            @ilovefullprice: What wasn't researched properly? It currently costs US$20 to make any Bitcoin transfer - has been over US$50 before too.

            So how can you use it as a currency when you are paying a US$20+ transaction fee for even the smallest purchase.

            ETH2.0 is an Ethereum thing, nothing to do with Bitcoin.

            • @trapper: Sorry my bad for not seeing Bitcoin in your comment. I was thinking crypto in general.

              Yes, Ethereum is used more for smart contracts. But it could also be used for transactions. See link below.

              https://www.financemagnates.com/cryptocurrency/news/visa-par...

              Also, check out other coins like Litecoin or Stellar which has lower transaction fees.

              The crypto space is ever evolving and it’s evolving super fast. History has always shown technology always wins and it solves problems. If transaction fees are high, new updates (like ETH2.0) or new coins/projects would appear to solve these problems. Crypto is still in it’s infancy and that’s what is exciting about it’s potential!

  • So what is the absolute end goal for hodlers? What will make you guys absolutely blow your loads?

    All fiat is replaced by crypto? How? Everyone just sends their dollars to the exchanges?

    Governments adopt bitcoin as "the standard"? What then? Is the system even ready for that? If not what needs to be put in place for it to work?

    It seems like a mass overhaul of the entire global economy is required but does an end goal and vision even exist? If yes whats it look like in laymans terms. If not who will lead the narrative? Satoshi?

    Does it have something to do with the great reset? What's the hodlers view on that?

    • -1

      My take on the great reset is that want it to be like another Bretton Woods.

      The governments know the fiat system is not working and is collapsing as more and more people are waking up to the fact that all fiat currencies go to zero. So they want to change the system to make it seem like they are changing, so hopefully some people would be duped.

  • also, what happens when you buy $1000 of coins at $1 each, then after a year, it became $0.000001, can we say its an outright loss?

    • Well, if you haven't sold, its not a loss, is it? No CGT event has been triggered, so you don't report anything to the ATO.

      If you sold it for $0.000001 each, you'd only get $$0.001 minus fees, so let's say you were able to sell it for that price. The nearest 2 decimal places would be $0.00, hence its a total loss. That's what you will report to the ATO IF you sold. If you haven't sold, you report nothing because you haven't crystalized the loss.

  • Hi op, how are you able to earn interest on bitcoin? is it the only coin that can earn interest?

    also, if you havent sold, how were you able to accumulate the funds from $800 initial investment? i thought converting crypto to another crypto is a cgt event anyway.

    • Celsius, BlockFi pay interest on crypto and others i think ?

      • Nexo is another major one.

      • Yep, correct, I spread my funds out amount those just to be safe.

        Crypto.com is another one which pays interest, but you need to lock it up for the best rates.

        Swissborg is looking good, but not available in Australia yet. European friends will be able to enjoy it!

  • Hi, everyone, any recommended tool for track portfolios in multiple exchanges and wallets? Basically, I would like to know the dollar amount invested and the estimated value at the moment plus the YTD %. Thanks in advance

    • Have a look at phone apps: Blockfolio and Delta.

      I was using Blockfolio which seems to be the most known app, but it’s slow. Moved to Delta, I manually put transactions in but it can connect to big exchanges.
      Both free, Delta has a pro subscription for more features.

    • I prefer Delta because its alot quicker and snappier than Blockfolio when you have multiple coins.

      Plus I don't like how Blockfolio abbreviates the total portfolio value to mm instead of the full number when it goes over a million.

      • It took me a while to work out that Ξ meant eth haha. That’s used on both apps.

        Blockfolio has 1 coin I searched for that’s not in Delta, probably a sign I’m getting too into shitcoin territory.

        At one point their apps signals got hacked and the coins displayed changed to all racist things, that was the point I searched and found Delta.

        • +1

          Wow, that's very deep in the altcoin forest lol

  • +1

    ATH again. ETH and BTC. What a beautiful day.

    • Yep, very nice. Diamond hands. This is why I don't want to sell my Bitcoin.

      • Did you borrow against them at all? I'm thinking of doing that instead of selling some BTC when/if i need the money. Tax wise, seems more efficient to borrow from Celcius or Blockfi. Celcius is quoting 6.71% APY.

        • Not yet. Planning to do it later in the year. The interest rate depends on the LVR, it ranges from 25-65%. The higher the LVR the more risky it is, the higher the interest rate.

  • -2

    Soon $999,999. Than dump to $3k, because no real use case after mania speculation pump. Make sure to set sell price at $999,998 :-)

    • +3

      Not sure what alternate reality you are living in, but some variation of what you are saying has been said many times before.

      Soon $99.99, sell before it goes to zero
      Soon $999.99, sell before it goes to zero
      Soon $9999.99, sell before it goes to zero.

      Don't forget to sell your fiat currency which IS going to zero, guaranteed. No fiat currency has held up to the test of time.

    • Crypto is changing fast and no real use case is in the past:
      https://www.ozbargain.com.au/node/613895?page=7#comment-1029...

  • I missed the btc train. I was too young to know how to invest when it started, and never got into it due to being a teenager/young adult with other interests. Once you hear about it, it's too late ah such is my life, I am always two steps behind. What are your thoughts on gme?
    I have only about $80 worth of btc. It's in the green for me at the moment but I was talking to my trainer today and he's saying it'll crash in Nov. Went to work so I haven't been able to confirm this.

    • You having missed the train at all. It is still very early, you should do some more research and decide for yourself.

      • At the moment all my research is directed at gme but I want to be able to invest without dipping into savings so I might start looking at more cryptos. Just need to know where to research and the best places to find information.
        Edit: I'm using swyftx at the moment. Any suggestions on different places to use for investing? I wanted to use Binance but the payid screen never worked for me.. So I Couldn't find it

    • Your trainer must be a seer.

      • He invested in it when it was at 800. I think it was something he heard, not necessarily his own conclusion about whether it would crash or not.

        • Where the chart speaks for itself whether it will "crash" or not.

          I came to my own conclusions to decide whether to invest or not. Everyone else should as well.

  • Thanks for the info, it's been very informative for someone like myself who is starting to look into crypto.

    Regarding exchanges, you've recommended Coinspot, Indepdendent Reserve and BTCmarkets. They're obviously Australia based but is there any advantage to that? And it appears Binance has lower fees and SAFU so why isn't that your first choice?

    • +1

      Its out of habit. When I first started buying, there was no Binance Australia. So I had to buy Bitcoin or ETH then transfer to Binance.

      Now that Binance Australia has been set up and you can easily transfer fiat into it, it should be a very good alternative to the other exchanges.

  • +1

    Not too late. Projections are $400k USD for this cycle than dump to $50k and go sideways for 3 years and then aim for a new high around $1-$2 million around 2027. If you can ride the next bear market down and be patient, good returns still possible. But remember at some stage, price increase will be very low, like 2% a year or adjusted to inflation and then the prices might dump severely and go back into stocks and shares for better gains. So don't be in Crypto forever. Fiat is not dying in our lifetimes no matter what the shillers say. Max I would say is 10 years and then just get out and buy real assets like land banks, rental properties, shares, precious metals.

    • Depends on what you mean by "dying".

      Since the USD went off the gold standard, it has lost 90% of its purchasing power. This has already happened and its not rebounding back with the rate of money printing.

      If by "dying" you mean it would go away, then yes, fiat is not dying. Its never going away.

      Crypto assets ARE real assets. People are starting realize this, this is why its going up so much. Gold is gone, its too cumbersome and clunky, Bitcoin is way better than gold.

      • +1

        if USD lost its purchasing power, how come globally exchange rate vs UD has not change significantly? shouldnt we be seeing AUD being more valuable than USD already?

        • That's not how you measure purchasing power lol. You don't measure that by looking at the strength of USD against other fiat currencies which are also losing value. You measure again goods, assets such as gold, silver, real estate and now Bitcoin and other crypto assets.

  • Gee, wish I got some Dogecoin, lol, 50%+ overnight sigh

    • +2

      My biggest miss this bull season. Doge and BNB (got to the party at $350).

      • I keep on contemplating. It's moving higher than I can think. Need to do more YOLO and think later.

        • there is no point contemplating, you need knowledge on how to trade, if you want to learn you can just watch this guys videos he is like the shitcoin master:

          https://www.youtube.com/channel/UCDipd6eMJL_q4dPjnMIqSbQ

          he basically traded doge up and down and ended up with a huge free position over the last few years.

      • I hold a big bag of BNB which I sold at $620USD. Never touched Doge, its insane that it has been pumped so high.

        • you mentioned you dont sell your cryptos? or is that conversion to another coin? which is also a cgt event?

          • @Farrba: I don't sell my Bitcoin. I do sell my alts, which is a CGT event.

            Most alts, I might even say all alts will lose a lot of its value during the bear market. So its advisable to just sell and pay the CGT.

            • @techlead: When you sell your alts are they for fiat currency, a stablecoin (eg. USDT, AUDT) or something else?
              What is your feeling about selling/buying in/out of a stablecoin?

              • @TanyaDD: I will sell some to a stablecoin, so I can earn some decent interest, up to 13.3% at Celsius.

                Unfortunately, when I do, this will be a CGT event, so I will need to convert some into fiat trash, AUD to pay the ATO.

        • If I wanted to dip my toes into the crypto game with a smaller crypto, how do I start? Is there an Aussie dollar way to buy crypto? Is there such thing as an Aussie based wallet? Are they all phone based apps?

          • +2

            @tunzafun001: You mean a smaller market cap crypto? These are usually more risky, think penny stocks v bluechip stocks. Why do you want to start with a smaller crypto. People usually buy Bitcoin to "dip their toes in" then branch out.

            If you use an Australian exchange, you can use AUD to buy crypto, such as Binance Australia, BTCmarkets, Coinjar, Coinspot and Independent reserve

            Not sure what you mean by Aussie based wallet. You can use an Australian based exchange. It depends on how much you want to buy. If its a few thousand, then you can keep it on the exchange, or you can transfer it to an interest paying platform, like Blockfi, Celsius etc, there's lots out there, but be careful, some are scams. I personally use Blockfi and Celsius.

            Phone based apps are a type of wallet. So you can use Atomic wallet and Trust wallet (owned by Binance). These are custodian wallets, which means you control your own private keys, make sure you keep your seed phrases safe so you can restore it if your phone breaks, gets stolen or you otherwise lose access to your phone. Exchanges are non-custody wallet, which means you don't control the private key, you are handing over your coins to them for safe keeping, like your money in the bank.

            The safest wallet are hardware wallets, Trezor or Ledger and some other smaller manufacturers. They cost from $100 upwards, so not worth it if you only have a few thousand of crypto. Also, check that your coin is supported by the wallet.

            • @techlead: Cheers for this, it clarifies a lot. Has anyone ever hacked Binance? Ie. Is it safe?

              As for bluechip, I don't think you can use that analogy outside bitcoin. It seems the modern human wants instant access and return using social influence as the fundamental basis. Doge being a perfect example. I won't be buying into that (though I would like to know how to mine it)? With unlimited supply, are you still competing in the same way as BTC?

              • @tunzafun001: Binance has been hacked before, but they have a fund to reimburse investors. The last time Binance got hacked was in 2019, the hackers stole $40 million USD, but no investor lost money because they got reimbursed by the SAFU fund. Exchanges getting hacked is inevitable, name me a major bank that hasn't been hacked?

                This makes what Bitcoin has achieved even more stunning, in more than 10 years, it has never been hacked (bar one incident with an exploit where billions of Bitcoin were minted, but it was rolled back within 5 hours). I'm sure many are trying.

                I actually considered mining Doge, but didn't think it would blow up to 40 cents USD.

                Doge is definitely not competing in the same way as BTC. I will never see Doge as a store of value, think of Doge as fiat. At least the printing with Doge is predictable, 10k Doge every block.

  • Are you holding doge coin?

    • No, I've never touched it. I think its just insane, people don't do their research. Dogecoin is nothing like Bitcoin.

      • Because of Elon?

        • +1

          In addition to Elon's tweets, on Social media. On tik tok and twitter, everyone's saying buy doge, pump it to $1. Its really bad, people should do some research.

          • +1

            @techlead: Unit bias. Most people have no financial education and just think $0.50 cheap!

            • +2

              @mr_asstight: Exactly, they don't understand that Doge has no limit and inflation is crazy. 10k Doge per block with no halvening, that's insane. Doge miners are profiting heaps from this insanity.

  • +3

    any tips to buy after the last 24hr bloodbath?

    • +1

      Buy the dip. You think 10% down is a bloodbath hahahaha. Think of it as an Ozbargain sitewide discount code. I was able get some Bitcoin at $51k USD and Ethereum at $1990 USD, great bargains. Both are very much in profit at the moment.

      I'm used to 30-40% dips, now that's a bloodbath.

      I was furiously buying on Sunday, it was amazing. Binance needs to get its act together, during the most crucial part of the dip, it locked up and all trading ceased. Not a good look!

  • whats your opiniob on safemoon? frog etc? cant even see them in binance.

    also am thinking about celsius and blockfi, what do you do with interest earned? cash them and declare to ato? any risks giving ur keys to them?

    • Don't touch these meme coins, safemoon, doge etc. I don't have any of them and don't ever to ever hold them.

      I like Blockfi and Celsius, I have been using them. Interest earned need to be declared to the ATO, it doesn't matter if you haven't sold it. If you got it as interest, its income.

      There are risks with them, if they go under, you will lose all your crypto. That's why you need to do some research and avoid the shady operators, there are many which are offering "Interest".

      • Dogecoin I think i understand. Investing in a currency with the possibility of creating 5bn more coins every year seems to go against basic capitalism. But what is the issue with Safemoon? Accessability/ adoption? I couldn't work out how to actually buy it yesterday, which turned out to be a good thing as I would now be down $5k in 24hrs.

  • What do you think of Bitcoin faucets and can free money be made from them? (albeit very slowly) Do you have any recommendations?

    • I don't use Bitcoin faucets, I don't think its worth my time.

      Although, in saying that, there were faucets in the past which gave multiple Bitcoins at once.

    • +1

      Another one that you can try which gives out free crypto is using a crypto related internet browser called Brave browser. Brave rewards users with BAT coins for using their browser through ads advertised by companies in the browser.

      Brave has been touted to be a future competitor to Google because Brave is based on decentralised blockchain which means any profits from ads etc. goes directly from the companies to the users, rather than Google keeping the profits. Also, Google is privileged to any data collected on their users, whereas with Brave, users data is not exclusive to Brave but is available on the blockchain.

      A few weeks ago, on the same day Brave announced they were purchasing the search engine Duckduckgo, Google announced they will stop collecting user’s cookies data on their Google Chrome browser. Perhaps Google felt a little threatened looking at how fast crypto/blockchain technology is growing.

  • -2

    I bought $10k of Doge coin at 40 cents, Hopefully it goes to $10 soon. I want to buy the new Tesla truck.

    • I'm not touching Doge.

  • Am I allowed to be really angry?

    While I was honing my skills getting really great at tightassery on Ozbargain, probably saving $10k a year in discretionary spending, you were off getting orders of magnitude more in speculative trading?

    I finally entered bitcoin in late Feb. As of today, my gains are -4% :(

    https://imgur.com/a/rCxpBXs

    • -1

      Thanks for this post btw - I'm a bit annoyed that ozbargain didnt get me into crypto at some point mid to late last year, as I find ozbargainers tend to have a good balance of hype vs pragmatism. Will follow your views closely.

      I live in hope that one of my other likeminded techies / ozbargainers will send me 1BTC one day just because they lucked into getting a few hundred a few years back. Otherwise I feel that I've missed the train but we'll see

      • You haven't missed the train at all. Getting into Bitcoin now is still very early.

        • Anyone who entered the market from Mar to May is struggling to see the light atm I'd bet

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