LeafOfFaith
Well-known member
Put another way, if it goes up another 25%, would you keep riding it or would you sell and wait for a drop? I’m talking you, not me.
Hey Nerds: Blockchain
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Preston
MBow30 alt account
If it was me and I bought something that I have little conviction in? I'd maybe sell half at break even and set a stop loss for the rest at that breakeven point. Ride the rest up for all it's worth. It becomes a free trade. Worst case it rolls over and you're out on all of it at b/e. Best case you get a multibagger.
But a lot depends on the newsflow, the technicals and the broad market strength at the time. Always a risk selling into crazy momentum that you're gonna keep watching the stock fly another 50% and hating yourself. But holding has its risks too obviously!
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LeafOfFaith
Well-known member
Let me rephrase again.
What are you going to do when it goes up the next 25% if it happens over a short period, like the next 10 days or so?
What are you going to do when it goes up the next 25% if it happens over a short period, like the next 10 days or so?
Preston
MBow30 alt account
I tend to hold a core and trade a core. If another 25% comes in just 10 days that's insane and the core that I'm holding will shrink significantly because that wouldn't feel sustainable to me in the short-term. But then I'd probably buy back on consolidation if the pullback looks healthy and exit entirely if the newsflow is ugly and the charts completely break down. Tbh it all depends on price action and things like newsflow and the health of the broader market. That's how I determine the core that I "hold."
I don't go into anything with a goal of "hey I'm going to sell everything when I'm up 50%, 100%, 200% whatever. I try to get as much as I can and ride the hype by playing very aggressively when it's here. That hype can come and go quickly. And I am very cautious, even taking time away from this stupid sector, when the sentiment is trash. And when it's really trash like it was a wee or two ago that's when I become really interested again and make most of my big buys. Rinse. Repeat.
LeafOfFaith
Well-known member
Fair enough. I'll hover over the sell button then because other than the first two weeks of buying this stuff, it's been super annoying to hold it.
If it fell hard again, I'd be kicking myself to ride it all the way down again.
If it fell hard again, I'd be kicking myself to ride it all the way down again.
CH1
The Artist Formerly Known as chiggins.
Let me rephrase. When are you gonna start hoarding cash? Those were good times.
LeafOfFaith
Well-known member
No way. That sounds like a prank.
Crypto.com Arena??
Crypto.com Arena??
LeafOfFaith
Well-known member
Also one suicide.
fergy57
Well-known member
Depends on what you want to do. Will prequalify that none of this is financial advice lol.
If you are just looking for basic buying and selling of Bitcoin and Eth, then Shakepay is probably the best way to go. Fast e-transfer to get funds over, can wire money as well if doing a larger sum (wire takes 3-5 business days). They have a referral program that once you refer someone, you are able to 'shake' your phone each day and earn free bitcoin. It's a little gimmicky, but it is free money. Each day you 'shake' consecutively, you earn more sats (1 satoshi=1/100,000,000 of a bitcoin). You max out at 1,000 sats/day (at around 200 consecutive days). I'm at ~90 days and getting around 700 sats/day. Breaking that streak sucks!
This is a good platform to get started on. You are able to quickly and (relatively) easily transfer any purchased btc/eth to other platforms or wallets. Shakepay recently just announced that they are now using coinbase custody for all of their stored coins, so there is some piece of mind there too.
They are also coming out with a prepaid visa card (in beta/early release right now), where you get 2% back in bitcoin. Not bad for a free card, just may need to wait a little to get it.
Shakepay - Buy/Sell Bitcoin in Canada
Shakepay allows Canadians to buy/sell bitcoin and pay their friends. We're on a mission to create open access to building wealth.
shakepay.com
There are a lot of 'full service' platforms that you can use that will cover a lot of your needs. These include Coinbase, Kraken, Binance and the one I'll cover (and kinda shill since I use and like them), crypto.com
Crypto.com is a great platform to use that will cover most of your needs. They have a full suite of products and apps, including their main app (Crypto.com on google play/apple whatever), which as a new user will probably cover 95% of what you are after. I'll briefly go over some of their stuff here:
Crypto.com app:
When I say this app will cover most of what you want to do, it really will. It allows you to buy and sell all of the cryptocurrencies that crypto.com offers to your area (some cryptocurrencies aren't offered in Canada etc).
You can fund your account either by credit card (initially no fee, but a fee after- I haven't used this method as I have found Canadian credit cards do not like to approve transactions easily to crypto.com. Additionally, you probably shouldn't be using a cc to buy crypto). You can set up e-transfer ($10k daily/$40k monthly deposit limit on etransfers if that matters). This normally processes in as quick as 5 minutes to a couple hours. I use this feature often as I use their Visa card as my daily. The longest a transfer has taken me is 1 day and that probably could have went quicker if I followed their troubleshooting steps better lol. You can also transfer funds from other platforms relatively easily (I started with Shakepay and trasnferred my btc/eth over to here initially).
They also have a 'staking' platform on the app called crypto earn. This gives you the option to earn interest on your cryptocurrencies while you are holding them. They have 3 terms (flexible, 1 month and 3 month), with varying apy depending on the coin/term. BTC is 1.5%, 3%, 4.5% (flex, 1 mo, 3mo), Eth is 3.5%, 4.5%, 5.5%, stable coins are 6%, 8%, 10% and matic/dot is the same. If you plan on hodling, these are great options. Other platforms have different options (I think Kraken has less lockup time with BTC to get 6.5%), so if this is something that you are looking at, do some research on it. One thing to remember here is that the interest is paid on coin quantity, not on dollar value. Food for thought- if you wanted to take $1,000 and put it into savings, what kind of apy would you get at a bank? getting 10% apy on a stable coin on a 3 month term is something no bank can touch. Also worth noting that these apy's can be increased if you stake/use certain tiers of their Visa card, which I will cover next. There are minimum amounts to contribute to crypto earn, depending on the coin/token.
Crypto.com metal Visa cards:
A lot of the platforms are now coming out with Visa cards. Mastercard just announced a while back that they would be offering cryptocurrency cards as well, so if they are your preference you could wait and see what platform offers a Mastercard. Crypto.com was (I believe), the first platform to offer a Visa card that allows you to earn a % back in cryptocurrency (their native CRO token, which can be used for buying many other coins/tokens on their platform). They offer different tiers of cards that come with different 'perks.' Included a graphic below that shows some of them. When you stake with them, you commit that $ for 6 months. You are buying their native token, CRO, so the value of your money can go up or down (there is risk there). When I first staked for my card in May, I promptly watched the value tank by 50%. That wasn't super fun. That said, by the time my term was up, I was up 5x on my initial stake. You need to maintain your stake to keep your card perks. In my case, I took out the profit, re-staked the intial amount and laughed all the way to the bank. Ok, not the bank, I bought more crypto.
All of this info is available on their website as well. You can convert to $Cad to see what the dollar values require for each card stake are (They just change the 4 to a 5). On the ruby you do not earn a % on your stake. On jade, you earn 10% apy on the $5,000 stake. On Icy white/Obsidian you earn 12%. Having a jade card or higher also adds 2% apy to most of your crypto earn offerings on 1 or 3 month terms (ie Btc jumps to 6.5% apy on a 3 month term, stable coins and matic/dot jump to 12% apy). The icy/obsidian cards also add an additional 2% apy to all 1 and 3 month earn terms, but paid out in CRO instead of the coin being staked.
How the rebates for Spotify, Netflix and Amazon work are that you link your card to that account and pay for those services monthly via the card. When they are billed out, you receive the same dollar value of CRO back (up to $12.99 US). Anything over the amount gets the corresponding cash back % applied to it.
Not everything you spend on your card will get you cash back. They have a list of merchant codes for what is/isn't accepted for cash back. Some automated bills get it, others don't.
The other thing is that this is a prepaid card. It is in effect, a debit card with Visa priveleges. This, imo, is wonderful. You want to spend some $? Load up the card. You are effectively having a cc without generating debt to make a purchase. Very freeing.
Getting a little long winded here, so I will briefly touch on the other 3 or 4 things from crypto.com I wanted to cover.
Crypto.com exchange:
This is a separate app that Functions like most other exchanges out there. If you plan to do a lot of buying and selling, this is better than the default app. The default app uses a spread when you buy/sell, which typically runs you the equivalent of a 2-5% fee each time you buy or sell, depending on the coin/token. You can set limit orders on here and do some amount of leverage trading (not recommended). There is no fee and it is almost instant to send your crypto between the exchange and default app.
Crypto.cm defi wallet:
The saying 'not your keys, not your crypto' has been around for a while. While your coins are on a platform/exchange, that platform/exchange holds your keys to your crypto. So if they go belly up, you are sol in most cases. This app allows you to store your crypto/keys and be in control of them. It also has access to some earn features, as well as defi (vvs finance links directly to it- but that's another rabbit hole). I believe they also offer NFT storage on here, but I don't know very much about NFT's other than I hate them.
Tax.crypto.com:
Crypto.com has a service they provide for their (as well as some other), exchanges. It's free and apparently fairly easy to use. I have not tried it yet, but just thought it was worth the mention as this is the only platform I have seen that offers a service like this.
Crypto.com | Securely Buy, Sell & Trade Bitcoin, Ethereum and 350+ Altcoins
Over 100 million users buy, sell, and trade Bitcoin, Ethereum, NFTs and more on Crypto.com. Join the World's leading crypto trading platform.
crypto.com
Hope that helps, I probably have more I can add, but I'm typed out at the moment lol.
fergy57
Well-known member
Yeah that was an expensive start to the weekend. Recovering fairly well, hoping the Sunday pump comes.
Something like almost $3 billion in longs got rekt. It's almost like a cascade effect when longs start getting wiped.
Hoping that the stonks market starts monday strong. A bad day in the stonks and we could go even lower in the cryptos.
Preston
MBow30 alt account
Eventually the market will humble the bulls in a big way. I'm staying out of this turmoil. Between the rate hike threat and omicron threatening to do more damage than we've ever seen throughout this entire pandemic (just wait till the vaccine neutralizing data is released.. it'll cause panic, though the scarier part is that we may be headed for a total system collapse for hospitals in the absence of harsh restrictions due to the sheer transmissibility of this beast) I'm not gonna play around with this. Last two years have been amazing and I'm not about to give anything back!
I hope things settle and we return to parabolic bull move life to be clear. Not rooting for turmoil in any way because that would be bad for everyone. But we all have to understand that the free money era won't last forever. Plenty of folks who thought they were incredible traders these last two years (including myself) will find out eventually that it's not quite that easy.
I hope things settle and we return to parabolic bull move life to be clear. Not rooting for turmoil in any way because that would be bad for everyone. But we all have to understand that the free money era won't last forever. Plenty of folks who thought they were incredible traders these last two years (including myself) will find out eventually that it's not quite that easy.