New to crypto

schuits

schuits

Expert Member
Joined
Mar 7, 2013
Messages
2,327
Reaction score
1,023
Location
East Rand
So I'm dipping my toes into the crypto thing. Mainly interested in staking, with money I can afford to lose.

So I bought some ETH and used this to buy some crypto that hasn't launched yet. Iota20 and something else. Also BTC20 which I will stake and then left some as ETH. Just going to leave it there and see what happens. Diversify more if funds become available.

Ideally I'd like to have it on a local wallet, but not sure you can do this with staked crypto without some form of annoying verification?

Am I doing this right?
 
schuits said:
So I'm dipping my toes into the crypto thing. Mainly interested in staking, with money I can afford to lose.

So I bought some ETH and used this to buy some crypto that hasn't launched yet. Iota20 and something else. Also BTC20 which I will stake and then left some as ETH. Just going to leave it there and see what happens. Diversify more if funds become available.

Ideally I'd like to have it on a local wallet, but not sure you can do this with staked crypto without some form of annoying verification?

Am I doing this right?
Click to expand...
If you're staking it, you don't have custody of it.

IOTA20 and BTC20? You're buying utter rubbish.

Don't worry. Making money and then losing all of it is just a normal 'welcome to crypto' learning experience.
 
schuits said:
So I'm dipping my toes into the crypto thing. Mainly interested in staking, with money I can afford to lose.

So I bought some ETH and used this to buy some crypto that hasn't launched yet. Iota20 and something else. Also BTC20 which I will stake and then left some as ETH. Just going to leave it there and see what happens. Diversify more if funds become available.

Ideally I'd like to have it on a local wallet, but not sure you can do this with staked crypto without some form of annoying verification?

Am I doing this right?
Click to expand...
Just buy some btc and eth and forget about it for a few years. as @Sensorei you may as well draw money and burn it the way you want to :)
 
Stay away from shitcoins unless you know what you are doing ie know how to snipe launces, identify decoy contracts, rugs( of the highest quality), be carefull of tg groups.
Pow coins or soon to be popular Pouw coins are the ones you should buy and hodl. I'll leave it at that. Anything launched on BSC is shootcoin imo. BTC,EtH,XMR buy those. Also use btc atms to buy and sell to stay off the SARS radar.
 
Btc and eth only until you learn what you're doing, which given your current portfolio allocation, you don't.
 
eepr0m said:
Stay away from shitcoins unless you know what you are doing ie know how to snipe launces, identify decoy contracts, rugs( of the highest quality), be carefull of tg groups.
Pow coins or soon to be popular Pouw coins are the ones you should buy and hodl. I'll leave it at that. Anything launched on BSC is shootcoin imo. BTC,EtH,XMR buy those. Also use btc atms to buy and sell to stay off the SARS radar.
Click to expand...
Meh I differ on the sars view pay your tax on profits and let sars fund your trade expenses.
 
Snyper564 said:
Meh I differ on the sars view pay your tax on profits and let sars fund your trade expenses.
Click to expand...
All my crypto earnings are declared to SARS.My Suggestion are tailored towards small time traders. 50k and less.
 
Don't hold indefinitely technically everything is a shitcoin including btc /eth

The big 2 just have a better cult following so more likely to withstand the test of time

Cause as we know most cult members stay cult members until they drink the koolaid

Any other sell it as soon as you hit your target profit % or you may very likely hit your loss % or lose 90% or all of it

Something that has lost 90% isn't a good buy cause all it can do is go up now as some think

It can lose another 90%

Staking is actually just bullshit
Except maybe eth as staking x amount means something different there , though you would have to stake in a pool to be able to hit the amount needed to gain the right to mine blocks

No cloud mining/miner rentals ideas aren't scams

If they aren't initially they soon become one, it is just the way it is you have a growing kitty of someone elses machines/money that don't really know who/where you are , the rug becomes more and more enticing

If you do wander into cloud mining forrest, nicehash can be used to mine shitcoins

Mining can be used to obtain coins truly anonymously

Any anonymity gets diluted as you use exchanges/3rd party wallets if they share info with sars/irs/etc we simply have no idea what info gets shared or will be shared in future

With self custody your coins aren't technically in any country

With custodial wallets your coins are technically where that company resides (though their wallets technically also nowhere, but subject to legal pressure hence regarded as Company location imo)
 
All good comments above. Buy only BTC and ETH (I also own a few other coins Sol, Matic, Avax, Gala but only small quantities)

Stacking comes with additional risks as the exchange has to take risk to provide you with the stacked retrun which is so small it doesn't make sense anyway (https://www.news24.com/news24/tech-...f-portion-of-customers-crypto-assets-20230630)


Just buy BTC and ETH on Luno, Valr, Binance and leave it there or trsnsfer to a hardware wallet
 
eepr0m said:
All my crypto earnings are declared to SARS.My Suggestion are tailored towards small time traders. 50k and less.
Click to expand...

Did you keep track of all your transcations or know software that can do it ? Difficult if you have multiple accounts on multiple exchanges
 
schuits said:
Ideally I'd like to have it on a local wallet, but not sure you can do this with staked crypto without some form of annoying verification?
Click to expand...
It's only annoying if you are doing something dodgy...otherwise it's simply protecting you and everyone else.

It's also pretty damn painless.

Instead of buying the **** you are buying I'd say stick to the well vetted coins as offered by Luno and you can still do staking via their platform too.
 
eepr0m said:
Stay away from shitcoins unless you know what you are doing ie know how to snipe launces, identify decoy contracts, rugs( of the highest quality), be carefull of tg groups.
Pow coins or soon to be popular Pouw coins are the ones you should buy and hodl. I'll leave it at that. Anything launched on BSC is shootcoin imo. BTC,EtH,XMR buy those. Also use btc atms to buy and sell to stay off the SARS radar.
Click to expand...
giphy.gif
 
L-Dog said:
Did you keep track of all your transcations or know software that can do it ? Difficult if you have multiple accounts on multiple exchanges
Click to expand...
I keep track on a spreadsheet that is detailed and have always submitted that for years never an issue all linked trade expenses allowed etc. I am talking about 5-7 years plus
 
L-Dog said:
Did you keep track of all your transcations or know software that can do it ? Difficult if you have multiple accounts on multiple exchanges
Click to expand...
Yes and No. When trading poo coins I dont keep track. There's a process to make tax less complicated but I wont post that here. My accountant keeps track of my trades. I believe he uses something called koinly. not sure
 
I bought Zephyr few weeks back. Runs on the same algorithm as XMR (Randomx) it's immune to Asics and gpu's.I believe it has potential. Ps. Not financial advice but anyone that wants to risk it should buy it.
Also currently mining a few zeph per day on my cpu mining farm
 
TY for the feedback. I guess there is a lot of noise about people who got rich on some random alt coins, and I fell into the trap of thinking I could gamble and maybe get lucky.

What I hear you guys say, diversify in the known ones (ETH, BTC and a few others) and wait.
 
schuits said:
TY for the feedback. I guess there is a lot of noise about people who got rich on some random alt coins, and I fell into the trap of thinking I could gamble and maybe get lucky.

What I hear you guys say, diversify in the known ones (ETH, BTC and a few others) and wait.
Click to expand...
Thats the key phrase I could gamble and get lucky.

I have been doing this for years.

There is loads of money to be made, but if you are new MASSIVE MASSIVE risk more now than ever.

If you wanna safe bet 50/50 head to your nearest casino select odd/even black/red 50/50 chance to double your money :)
 
schuits said:
TY for the feedback. I guess there is a lot of noise about people who got rich on some random alt coins, and I fell into the trap of thinking I could gamble and maybe get lucky.

What I hear you guys say, diversify in the known ones (ETH, BTC and a few others) and wait.
Click to expand...

Agreed you always hear about teh winners not the losers. The PEPE crazy earlier this year and Bald earlier this week people turned $1000 in 500k-1 000k but that was probably only like 10-20 people while 1000s lost big time, lots of the coins also rug so your 1000$ goes to 0. Stick with BTC and Eth and maybe gamble on small amounts as that is the only way you will really learn. In the words of Orscar WIlde - But it is well to remember from time to time that nothing that is worth knowing can be taught.
 
Last edited:
Every week theres a new poo coin trend. 2 years ago there was a elon trend, then Lith made a coin called @ss which took off... some nip sliip coins followed soon promoted by adult stars, My personal favourite of all the failures "biggest project of the year" big failure. If you use bsc scan tool uo will see a new poopcoin pop up every second on BSC. the most money I made in one go form poo coins came from a coin called Thanos. Sniped the contract and turned 10 usd into 23k usd.there were all star coins , soccer coins, loki, floki hoki poki all sorts of funny named coins. Mind blowing really.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X