[CleanSlate]

(05-09-2017 04:15 PM)Isaac Jordan Wrote:  

Cross-posted from the Bitcoin Thread:

(05-09-2017 04:13 PM)Isaac Jordan Wrote:  

For the guys trying to time the top of this bubble (and no doubt about it, we are absolutely in a bubble), I'd suggest checking out an exchange (I use Bitfinex) that provides stop loss options.

I'm in pretty major profit right now, so I moved both my bitcoin and ethereum to Bitfinex and set rather loose (~20% below market price) stop losses. This way, when the market tanks, I'll be sold relatively near the top and I can sleep at night without worrying about missing out on gains.

My plan is to simply move those stops up in accordance with price movements, and then tighten them up over the next two weeks. Looks like bitcoin might make a run for $2,000 and with all the good news ether is expecting this month (EEA announcement in particular) I wouldn't be surprised to see it retest $100 and maybe even move past it.

The only thing to watch out for here is, of course, the volatility. Set your stops too tight, and the price could flash crash, stop you out, and then move right back up. As I'm typing this I'm actually watching bitcoin go from $1800 down to $1700 and now back up to $1750, all within about ten minutes. That's why I keep a hefty distance for now, and will only start to tighten those when I think a crash is imminent.

Great tip, thanks man.

I'm making good profits out of the alts, despite their 20-30% fall yesterday. They're bouncing back, but I'm putting stop limits on my alts tonight.

Already put one on LTC at 0.0195 BTC. I bought LTC at 0.0175.

[Deepdiver]

Curious to see what impact this will have on values... Per Jim Rickards:

Next Monday, 28 Countries
Will Meet and Could Agree to Leave the U.S.
Dollar Behind
If You Have Any Money in Our Jim Rickards’ Strategic Intelligence Recommendations, You Need to Make One Crucial Move Immediately to Shield Yourself…

I’ve Created a FREE Action Plan That Could Not Only Protect Your Money… But Give You Three Separate Chances at Massive Gains

Dear Jim Rickards’ Strategic Intelligence Reader,
Hi, Jim here again. I appreciate you tuning into this morning’s briefing.
I truly believe the U.S. is still suffering from the “secret depression” I was just telling you about.
It’s not Donald Trump’s fault… but it’s the reality of the situation.
But as bad as our debt is... as slow as our growth is... and as incompetent as Congress is...
I actually don’t think America’s #1 threat is from within.
The biggest threat the U.S. faces is EXTERNAL.
And I don’t mean North Korea… Syria… or ISIS.
No…
Next Monday less than one week from today leaders from 28 countries will gather behind closed doors and may shake hands on a major global money deal.
One that will trigger a massive shift in markets…
And decide the fate of the U.S. dollar for decades to come.
Vladimir Putin will be at this meeting…
So will China’s President, Xi Jinping…
Leaders from the United Kingdom, Japan and Germany, too.
Even Italy’s Prime Minister, Paolo Gentiloni, will attend.
But do you know who was NOT invited?
Donald Trump.
Why?
Because these 28 countries may effectively agree to leave the U.S. dollar behind.

[CleanSlate]

^ if this is true, it really should have its own thread given how important it is. But why would they abandon the dollar if all other currencies also suck? In other words, they are leaving the dollar behind... towards what?

[ScrapperTL]

(05-10-2017 08:25 AM)Deepdiver Wrote:  

Curious to see what impact this will have on values... Per Jim Rickards:

Next Monday, 28 Countries
Will Meet and Could Agree to Leave the U.S.
Dollar Behind
If You Have Any Money in Our Jim Rickards’ Strategic Intelligence Recommendations, You Need to Make One Crucial Move Immediately to Shield Yourself…

I’ve Created a FREE Action Plan That Could Not Only Protect Your Money… But Give You Three Separate Chances at Massive Gains

Dear Jim Rickards’ Strategic Intelligence Reader,
Hi, Jim here again. I appreciate you tuning into this morning’s briefing.
I truly believe the U.S. is still suffering from the “secret depression” I was just telling you about.
It’s not Donald Trump’s fault… but it’s the reality of the situation.
But as bad as our debt is... as slow as our growth is... and as incompetent as Congress is...
I actually don’t think America’s #1 threat is from within.
The biggest threat the U.S. faces is EXTERNAL.
And I don’t mean North Korea… Syria… or ISIS.
No…
Next Monday less than one week from today leaders from 28 countries will gather behind closed doors and may shake hands on a major global money deal.
One that will trigger a massive shift in markets…
And decide the fate of the U.S. dollar for decades to come.
Vladimir Putin will be at this meeting…
So will China’s President, Xi Jinping…
Leaders from the United Kingdom, Japan and Germany, too.
Even Italy’s Prime Minister, Paolo Gentiloni, will attend.
But do you know who was NOT invited?
Donald Trump.
Why?
Because these 28 countries may effectively agree to leave the U.S. dollar behind.

Interesting... any reason to believe this quote has any truth to it?
If true, BITCOIN would probably skyrocket into the stratosphere.

[SunW]

(05-10-2017 08:25 AM)Deepdiver Wrote:  

Curious to see what impact this will have on values... Per Jim Rickards:

Next Monday, 28 Countries
Will Meet and Could Agree to Leave the U.S.
Dollar Behind
If You Have Any Money in Our Jim Rickards’ Strategic Intelligence Recommendations, You Need to Make One Crucial Move Immediately to Shield Yourself…

I’ve Created a FREE Action Plan That Could Not Only Protect Your Money… But Give You Three Separate Chances at Massive Gains

Dear Jim Rickards’ Strategic Intelligence Reader,
Hi, Jim here again. I appreciate you tuning into this morning’s briefing.
I truly believe the U.S. is still suffering from the “secret depression” I was just telling you about.
It’s not Donald Trump’s fault… but it’s the reality of the situation.
But as bad as our debt is... as slow as our growth is... and as incompetent as Congress is...
I actually don’t think America’s #1 threat is from within.
The biggest threat the U.S. faces is EXTERNAL.
And I don’t mean North Korea… Syria… or ISIS.
No…
Next Monday less than one week from today leaders from 28 countries will gather behind closed doors and may shake hands on a major global money deal.
One that will trigger a massive shift in markets…
And decide the fate of the U.S. dollar for decades to come.
Vladimir Putin will be at this meeting…
So will China’s President, Xi Jinping…
Leaders from the United Kingdom, Japan and Germany, too.
Even Italy’s Prime Minister, Paolo Gentiloni, will attend.
But do you know who was NOT invited?
Donald Trump.
Why?
Because these 28 countries may effectively agree to leave the U.S. dollar behind.

This is hard to believe. Any links to back this up?

[Satoshi]

(05-10-2017 08:25 AM)Deepdiver Wrote:  

Curious to see what impact this will have on values... Per Jim Rickards:

Next Monday, 28 Countries
Will Meet and Could Agree to Leave the U.S.
Dollar Behind
If You Have Any Money in Our Jim Rickards’ Strategic Intelligence Recommendations, You Need to Make One Crucial Move Immediately to Shield Yourself…

I’ve Created a FREE Action Plan That Could Not Only Protect Your Money… But Give You Three Separate Chances at Massive Gains

Dear Jim Rickards’ Strategic Intelligence Reader,
Hi, Jim here again. I appreciate you tuning into this morning’s briefing.
I truly believe the U.S. is still suffering from the “secret depression” I was just telling you about.
It’s not Donald Trump’s fault… but it’s the reality of the situation.
But as bad as our debt is... as slow as our growth is... and as incompetent as Congress is...
I actually don’t think America’s #1 threat is from within.
The biggest threat the U.S. faces is EXTERNAL.
And I don’t mean North Korea… Syria… or ISIS.
No…
Next Monday less than one week from today leaders from 28 countries will gather behind closed doors and may shake hands on a major global money deal.
One that will trigger a massive shift in markets…
And decide the fate of the U.S. dollar for decades to come.
Vladimir Putin will be at this meeting…
So will China’s President, Xi Jinping…
Leaders from the United Kingdom, Japan and Germany, too.
Even Italy’s Prime Minister, Paolo Gentiloni, will attend.
But do you know who was NOT invited?
Donald Trump.
Why?
Because these 28 countries may effectively agree to leave the U.S. dollar behind.

looks legit

[Hyperflux]

What other alt coins are you guys invested in and what does your portfolio look like? I'm currently thinking of doing 10% BTC, 50% XMR and 40% ETH.

[Satoshi]

(05-10-2017 05:08 PM)Hyperflux Wrote:  

What other alt coins are you guys invested in and what does your portfolio look like? I'm currently thinking of doing 10% BTC, 50% XMR and 40% ETH.

maidsafecoin

[DamienCasanova]

I'm mostly in BTC right now with this huge run it's on, and it seems to me like many people are using the alt-coins to pump BTC's price. They invest in an alt coin, take profits when they get a margin to sell, and put it all back into BTC. I've also been dabbling in ETH, and pumped and dumped LTC, not sure what the long term play on those are yet. I like Ripple (XRP) also, doubled my money on that in a few days. Been watching Monero (XMR) closely also, and thinking about getting a little of that.

[booshala]

(05-11-2017 11:06 AM)DamienCasanova Wrote:  

I'm mostly in BTC right now with this huge run it's on, and it seems to me like many people are using the alt-coins to pump BTC's price. They invest in an alt coin, take profits when they get a margin to sell, and put it all back into BTC. I've also been dabbling in ETH, and pumped and dumped LTC, not sure what the long term play on those are yet. I like Ripple (XRP) also, doubled my money on that in a few days. Been watching Monero (XMR) closely also, and thinking about getting a little of that.

This is one of the main reasons that I haven't really taken any profits from my MAID or ETC stash yet. My crypto bank is already 90% BTC, if I sell these alts, it's just gonna be a slightly higher nominal amount of bitcoin that I bought in with.

ETH/USD is an option, hence why I'm down to my last 10%.

[slowpoke]

Just bought 1 ETH for £68

So now I just sit back and wait for the chicks and my private jet to arrive?

[Oz.]

Would now be a good time to buy? First time I see prices drop like this all week

[Isaac Jordan]

(05-12-2017 05:19 PM)Oz. Wrote:  

Would now be a good time to buy? First time I see prices drop like this all week

Yes, always better to buy a dip like this than when the price is rocketing upwards (I picked up a couple more ETH myself about an hour ago.). BUT I would only buy if you can keep a close eye on it over the next month or two.

Week after next there's a big crypto conference in NYC called Consensus 2017. The Enterprise Ethereum Alliance will be making a series of presentations the afternoon of Monday May 22nd (see the agenda for the day here). I imagine this will serve as a binary event for the price.

There's been a lot of speculation going around that the EEA may be adding more big names to its roster. If they announce a Google/Tesla/Amazon/etc., the price should skyrocket.

However, the hype has been big enough to where if there are no new additions announced, or if the announcements are even slightly underwhelming, I imagine we'll have a buy-the-rumor, sell-the-news type of scenario. I will be keeping a very close stop loss on my holdings, and I'll be quick to sell if the market takes a downturn.

If you're looking to simply buy and hold for the long term, I would wait until after crypto as a whole cools off. We've been in a monster bull market since late 2015 and I would expect a bear market after this next big correction. Similar to what happened to bitcoin in late 2013, where it went from about $100 to over $1,000 but then fell back to the $200s before recovering and going back up again.

[Oz.]

(05-12-2017 05:34 PM)Isaac Jordan Wrote:  

Yes, always better to buy a dip like this than when the price is rocketing upwards (I picked up a couple more ETH myself about an hour ago.). BUT I would only buy if you can keep a close eye on it over the next month or two.

Alright making some progress, bought my first ETH and I'm actually thinking about buying some LTC. I don't plan on holding it long term

[Isaac Jordan]

Looks like GDAX has reimplemented the stop loss feature they took away a while back. I may move half my stack there from Bitfinex, to hedge my exchange risk (and because Bitfinex is still having trouble processing USD withdrawals).

[Armogan]

I think guys should be careful with the stop-loss feature. It's becoming more and more commonplace that price flash crashes occur.

Imagine you have unrealized gains of $200 and the price is $100. You want to look in some prices and set a stop-loss at $75.

The price crashes from some malicious trade to $55, your stop-loss gets triggered at $75, but the prices immediately jumps back up to $95. You've essentially been robbed.

I really don't think people should be leaving coins on exchanges either. Invest in a hardware wallet or paper wallets. Just my thoughts though.

[Genghis Khan]

(05-09-2017 05:57 PM)Oz. Wrote:  

To be honest I'm more confused now than when I started.

Can you guys link me some good reads to expand my knowledge?

Oz, read this book:

https://www.amazon.com/Blockchain-Revolu...101980133/

It explains blochchain technology in detail that a layman can easily understand and the authors go into tons of case uses showing where blockchain technologies can bring a real advantage. That should get you started.

[Genghis Khan]

(05-13-2017 07:52 PM)Armogan Wrote:  

I think guys should be careful with the stop-loss feature. It's becoming more and more commonplace that price flash crashes occur.

Imagine you have unrealized gains of $200 and the price is $100. You want to look in some prices and set a stop-loss at $75.

The price crashes from some malicious trade to $55, your stop-loss gets triggered at $75, but the prices immediately jumps back up to $95. You've essentially been robbed.

I really don't think people should be leaving coins on exchanges either. Invest in a hardware wallet or paper wallets. Just my thoughts though.

+1 on hardware wallet. I use the Nano Ledger S - https://www.ledgerwallet.com/

Here's what I would recommend to noobs:

1. Get a Coinbase account. Buy some bitcoin and Ether (some small amounts). Get a feel for cryptocurrencies. Learn the basics - what an address is, how to send coins, how to receive coins. - This may sound trivial, but if you're not used to the cryptocurrency/blockchain space, it can be really overwhelming. I imagine most people don't realize transactions are permanent - i.e you cannot call up your bank and have them cancel a fraudulent transaction.

2. Read some books. My favorite so far has been BlockChain Revolution by Don and Alex Tapscott. It gives a good overview of the potential of blockchain technology.

3. I have a Shift debit card (allows me to pay for stuff with my Bitcoin from Coinbase). This helped me get used to the idea of using these currencies as real money.

4. Get an account on myetherwallet.com. Learn to use this. Send some ether (ETH) to this account from your Coinbase account if you've never done any transactions with cryptocurrencies before. It's actually really neat as you can see all transactions on the public ledger (etherscan.io) and you can see in real-time if your transaction has been confirmed by the blockchain. Again, this is simply to get used to how cryptocurrencies work.

5. There is a LOT happening in this space right now and it really can be tremendously overwhelming. Once you're comfortable with using Coinbase, myetherwallet, understand how transactions work and all, go take a look at coinmarketcap.com. It is a listing of all cryptocurrencies. If you're a newbie, I would start with learning about the top 10 coins (in market value) one by one. Absolute musts are Bitcoin and Ethereum (ETH). Learn a bit about the history as well.

Then, and only then, consider buying a boatload of cryptocurrencies.

Please don't invest in something you don't know much about. That said, I will say I have a significant amount of money in Ethereum (ETH) and only Ethereum. I'm not a very risk-taking kind and I feel extremely nervous about many coins getting pumped to outrageous market values. ETH, on the other hand, I find to have tremendous value. The developers behind it (specifically Vitalik Buterin) are absolute geniuses and I have high hopes for it. I cannot say the same for any other coins, mostly because I haven't looked through all of them, but also because I feel far more comfortable in Ethereum as a platform than I do in individual application-based tokens such as Golem, BAT or Augur REP.

I hate to rush people, but if you're new - I would advice you to learn as much as you can in the next month or two. I'd be surprised if the total cryptocurrency market doesn't grow enormously this year.

[Genghis Khan]

(05-12-2017 05:34 PM)Isaac Jordan Wrote:  

(05-12-2017 05:19 PM)Oz. Wrote:  

Would now be a good time to buy? First time I see prices drop like this all week

Yes, always better to buy a dip like this than when the price is rocketing upwards (I picked up a couple more ETH myself about an hour ago.). BUT I would only buy if you can keep a close eye on it over the next month or two.

Week after next there's a big crypto conference in NYC called Consensus 2017. The Enterprise Ethereum Alliance will be making a series of presentations the afternoon of Monday May 22nd (see the agenda for the day here). I imagine this will serve as a binary event for the price.

There's been a lot of speculation going around that the EEA may be adding more big names to its roster. If they announce a Google/Tesla/Amazon/etc., the price should skyrocket.

However, the hype has been big enough to where if there are no new additions announced, or if the announcements are even slightly underwhelming, I imagine we'll have a buy-the-rumor, sell-the-news type of scenario. I will be keeping a very close stop loss on my holdings, and I'll be quick to sell if the market takes a downturn.

If you're looking to simply buy and hold for the long term, I would wait until after crypto as a whole cools off. We've been in a monster bull market since late 2015 and I would expect a bear market after this next big correction. Similar to what happened to bitcoin in late 2013, where it went from about $100 to over $1,000 but then fell back to the $200s before recovering and going back up again.

I don't know if making comparisons to the Bitcoin trend is valid - after all, Bitcoin was uncharted territory. Bitcoin also got hit by scandals (silkroad, mt. gox) and didn't really have any purpose besides being a digital currency. I will admit I am bullish and I expect the price of ETH to rise quite a bit in the next few years. The technological progress and effort in the Ethereum has been exhilarating.

[booshala]

(05-13-2017 07:52 PM)Armogan Wrote:  

I think guys should be careful with the stop-loss feature. It's becoming more and more commonplace that price flash crashes occur.

Imagine you have unrealized gains of $200 and the price is $100. You want to look in some prices and set a stop-loss at $75.

The price crashes from some malicious trade to $55, your stop-loss gets triggered at $75, but the prices immediately jumps back up to $95. You've essentially been robbed.

I really don't think people should be leaving coins on exchanges either. Invest in a hardware wallet or paper wallets. Just my thoughts though.

I second Armogan's statement on the dangers of stop losses, even loose ones. Read about the 2010 Flash Crash here: https://en.wikipedia.org/wiki/2010_Flash_Crash Crypto markets are still like the wild west - market manipulation is rampant and unless you're big balling or very savvy, your pipsqueak stop-loss is likely to be way back in the queue of sell orders when the flash crash happens.

Someone correct me if I'm wrong, but if the exchanges are like online brokers, the systems are designed to give users the "best available price" when their nominal stop loss points are hit. When the book is completely swarmed by sell orders and the price is tanking, your stop loss of $75 might only be filled when the only sales price available hits $50, $40, maybe even $30. Afterwards, you're locked out when it goes back up, sometimes within minutes.

[CleanSlate]

Few days ago I put in a stop loss for LTC. Not even 24 hours later, I got stopped out.

I once read somewhere, maybe in a book by a prominent trader:

"Show me a stock portfolio with stop losses 10% below purchase prices, and I'll show you a portfolio that loses 10% of its value."

Would especially be true for cryptos.

[Isaac Jordan]

(05-13-2017 07:52 PM)Armogan Wrote:  

I think guys should be careful with the stop-loss feature. It's becoming more and more commonplace that price flash crashes occur.

Imagine you have unrealized gains of $200 and the price is $100. You want to look in some prices and set a stop-loss at $75.

The price crashes from some malicious trade to $55, your stop-loss gets triggered at $75, but the prices immediately jumps back up to $95. You've essentially been robbed.

Yeah the flash crashes in crypto are intense. They're the main reason I decided not to fuck around with margin; it's simply too easy for whales to manipulate a lot of these markets.

But for those of us who are trading (not just holding long-term), stop losses can be very useful, particularly given that these turbulent markets trade 24/7.

Just the other night, for example, I happened to be awake when my Bitcoin price alert when off and I watched the price zoom from $1750 to $1900. So I set a stop loss for $1875 and went to bed.

Sure enough, the next day I woke up to find myself stopped out, but then the price fell all day and I bought back in at $1720.

So like many tools, stop losses can work both for and against you depending on how you use them. If you work from home or have the time to monitor crypto prices all day, maybe you won't need them so much. And if you're working on an exchange or with a crypto pairing with very low liquidity, perhaps it's better to stay away all together.

Quote:

I really don't think people should be leaving coins on exchanges either. Invest in a hardware wallet or paper wallets. Just my thoughts though.

This is excellent advice for anyone who's not trading. I'll second the Ledger Nano S recommendation, I've been using it for months and I love it. Great that I can store multiple cryptos on it as well.

(05-13-2017 08:26 PM)Genghis Khan Wrote:  

I don't know if making comparisons to the Bitcoin trend is valid - after all, Bitcoin was uncharted territory. Bitcoin also got hit by scandals (silkroad, mt. gox) and didn't really have any purpose besides being a digital currency. I will admit I am bullish and I expect the price of ETH to rise quite a bit in the next few years. The technological progress and effort in the Ethereum has been exhilarating.

As a previous Bitcoin maximalist who has moved the vast majority of his funds to Ethereum, I mostly agree with you (and would love to be proven wrong!). Any crypto that serves as an open platform where anyone can develop an app or create new innovation will surely flourish beyond those that merely serve a singular purpose, like a currency (especially the "feature coins" which are mostly just various flavors of Bitcoin).

But at this point Ethereum is still almost entirely a speculative asset, subject to the whims of a flighty and emotional marketplace. I wouldn't be surprised to see it hit $500 before the end of the year...but there are also so many things that could swing the price in the other direction.

Ethereum will undoubtedly experience scaling problems, network bugs, scandals, exchange hacks, MSM criticism, etc. A cursory knowledge of Ethereum's early history (the DAO hack, subsequent hard fork, etc.) shows how easily things can go from bright and sunny to dark and stormy. Don't mistake smooth sailing for good sailors.

Anyone buying in right now, especially after a 10x increase the last three months, should at the very least be wary of potential corrections. While I'd certainly suggest long-term holders pick up some Ethereum asap (this may be your last chance at double-digit ETH!) I'd also caution against buying in entirely right now. It may be prudent to wait a while or dollar cost average over a longer period of time, in case Ethereum (like much of crypto right now) is indeed in something of a bubble.

[Isaac Jordan]

(05-14-2017 03:01 AM)booshala Wrote:  

Someone correct me if I'm wrong, but if the exchanges are like online brokers, the systems are designed to give users the "best available price" when their nominal stop loss points are hit. When the book is completely swarmed by sell orders and the price is tanking, your stop loss of $75 might only be filled when the only sales price available hits $50, $40, maybe even $30.

This is an important point that bears repeating.

Most stop losses when triggered submit to the order book a market order, meaning your asset will be sold at the best available market price.

To use the example above, $75 is simply the stop price (the price at which the market order is created), NOT the price at which your asset will be sold.

A stop-limit, on the other hand, requires two price inputs.

The first is the stop price, which once reached creates a limit order. Unlike a market order, a limit order will only purchase an asset at a specific price, which you select when filling out the stop-limit.

So you're probably thinking, why bother with a normal stop loss if you have access to stop-limits?

Well to use the initial example, if the market is crashing and you set a regular stop loss, you'll probably sell a good bit lower than $75...but you'll definitely sell.

If the price is crashing and your $75 stop-limit turns into a limit order at $74, you know what price you're getting...but there's a chance that by the time the order is created the market has already fallen past your limit order price, in which case none of your sell orders will be filled.

[Oz.]

What is the difference between buying/selling on coinbase as opposed to gdax?

[JayJuanGee]

(05-15-2017 07:03 PM)Oz. Wrote:  

What is the difference between buying/selling on coinbase as opposed to gdax?

The main differences relate to the difference of a bank and an exchange.

Therefore, fees and timing of buy/sell options are different.

You can look at the fees on each to see how much it costs to buy /sell - and coinbase tends to have higher fees (something like 1.5%). Coinbase uses GDAX prices for its basis, but it also tends to have a spread between buying and selling that cushion Coinbase.

GDAX allows you to set orders to fill at set prices, and currently, maker fees are free, and the taker fees are .25%. You can save a lot on fees by using the exchange, but you have to be a bit more comfortable with setting orders rather than just buying/selling at whatever is the market price.