Bitcoin Thread

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Olorin said:
Do any of you guys subscribe to the Crypto Banter channel on YT?


This guy was saying Bitcoin would dump yesterday and we should all be prepared for it. What happened? The opposite. What good is this technical analysis?

It just sounds like this guy is talking out of his ass. Anyone else agree?
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TA from what I see works decently ok with FX gold etc NOT Crypto DEF not cryypto
 
Just asking. Isn't that like betting? I've just noticed a number of crypto youtubers mentioning making big money by using leveraging. Sounds dicey to me.
 
Olorin said:
Just asking. Isn't that like betting? I've just noticed a number of crypto youtubers mentioning making big money by using leveraging. Sounds dicey to me.
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My framework is that this industry is 1% innovation, and 99% speculation and gambling
and if you define risk, you can try to mitigate it.

when you buy a token, you are accepting some risks
your coins may go down 90% but one day bounce up. worst case scenario you wait 5 years.

in leverage trading you are <<time-constrained>>
you pay a funding-fee every hour you hold that position. sometimes this fee goes crazy and you pay 1% daily
so if you are wrong, you CANT wait 5 years for the market to bounce, you are paying a fee everyday
also when you are wrong your balance goes negetaive.
if you buy 10 tokens 1 dollar each
and it goes down to 5cent each you still have 10 tokens.
if you open a 5X leverage position on the same 1 dollar coin and it goes to 80 cents you lose everything, because of funding fee and transacion fees you probably will lose it all at 85 cents
 
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CryptoserA said:
My framework is that this industry is 1% innovation, and 99% speculation and gambling
and if you define risk, you can try to mitigate it.

when you buy a token, you are accepting some risks
your coins may go down 90% but one day bounce up. worst case scenario you wait 5 years.

in leverage trading you are <<time-constrained>>
you pay a funding-fee every hour you hold that position. sometimes this fee goes crazy and you pay 1% daily
so if you are wrong, you CANT wait 5 years for the market to bounce, you are paying a fee everyday
also when you are wrong your balance goes negetaive.
if you buy 10 tokens 1 dollar each
and it goes down to 5cent each you still have 10 tokens.
if you open a 5X leverage position on the same 1 dollar coin and it goes to 80 cents you lose everything, because of funding fee and transacion fees you probably will lose it all at 85 cents
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There’s no certainty that the market will bounce in 5 years though.
 
Wary GOM said:
I agree that nothing is certain, but nothing in crypto is ever guaranteed except in the scammers' an pumpers' narratives.
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Its not guarnateed nothing in life is but I would bet a large amount it will. People love speculation in stocks, crypto and as we all know fools love to part with their money.
 
Made a stupid trade.... lost R2400. I put all my money in (R174K) thinking I'm going to ride the wave to the upside even just short term.... and once again, just so it happens, as soon as I put my money in bitcoin drops and drops.... and then just stuck around and didn't move and then I panic sold.

I know it was a stupid trade. My hope was that I could make a quick R1000-2000. Trying to be greedy. Feel pretty **** atm, but it goes with the territory..

However I hoping that bitcoin dumps to below $40K and then I'll DCA all the way to minimize risk. Whatever money I lost here should be nothing compared to what I should gain by end of the year or next year.
 
Olorin said:
Made a stupid trade.... lost R2400. I put all my money in (R174K) thinking I'm going to ride the wave to the upside even just short term.... and once again, just so it happens, as soon as I put my money in bitcoin drops and drops.... and then just stuck around and didn't move and then I panic sold.

I know it was a stupid trade. My hope was that I could make a quick R1000-2000. Trying to be greedy. Feel pretty **** atm, but it goes with the territory..

However I hoping that bitcoin dumps to below $40K and then I'll DCA all the way to minimize risk. Whatever money I lost here should be nothing compared to what I should gain by end of the year or next year.
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nah when I was messing with some serious leveraged trading opened a 2-3 lot position and lost 8k in less than 5sec. I didnt realise the position opened till I was like wtf thats a live trade!!!!!
 
Snyper564 said:
nah when I was messing with some serious leveraged trading opened a 2-3 lot position and lost 8k in less than 5sec. I didnt realise the position opened till I was like wtf thats a live trade!!!!!
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The worst part of it all is that had I waited a few hours I would have broken even but... my heart wasn't willing to be put through the turmoil.

Regarding leverage that scares me, seriously. I see people making big money with leverage in a few minutes and also losing potentially everything just as quickly.
 
Olorin said:
The worst part of it all is that had I waited a few hours I would have broken even but... my heart wasn't willing to be put through the turmoil.

Regarding leverage that scares me, seriously. I see people making big money with leverage in a few minutes and also losing potentially everything just as quickly.
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Yeah I dont mess with it anymore not worth it :P
 
Leverage has never sat well with me, but after a run of good trades I decided to take a risk to make 1k or so "quickly". So ETH dropped like a stone until my margin was being rapidly approached, so I panic sold and lost 1k. Within a couple of minutes ETH turned and went up further than it dropped. No more leveraged positions for me - ever!
 
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