Official Cryptocurrency Trading Thread

[nzwasp]

so this Fine main purpose is that they are an NFT marketplace. And partnered with Binance according to their website. Anyway 1 hour ago binance said they are coming out with a NFT marketplace in June and didnt even mention this refineable platform. That has some speculating if its actually going to be partnered with binance or not.

[pheoxs]

I shifted all my coins into Eth a few days ago, seems like it keeps creeping up against BTC each wave and I'm hoping it overtakes BTC one day. In reality bitcoin is useless besides a ponzi investing scheme at this point. The mess of segwit/lightning network to compensate for their shit network transaction limit is just a mess to keep the price high. Eth actually keeps developing and growing, not to mention the growing NFT market straddling on it. Hoping it eventually takes over though unsure how Eth 2.0 will affect things when all the miners get shafted.

[tirebob]

Okay... If I wanted to learn how to do this stuff, open an account etc, and just start with say a grand or something, what is the play to get going? Talk to me like I am just learning to speak english please. Complete newbie!

[ercchry]

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Okay... If I wanted to learn how to do this stuff, open an account etc, and just start with say a grand or something, what is the play to get going? Talk to me like I am just learning to speak english please. Complete newbie!

Risk tolerance?

That’s important

There is basically two sides here; the nasdaq version, or the OTC, pink sheets

Safemoon; firmly in the OTC category, BTC, ETH, more nasdaq... but like, GME

Step one is getting your money into crypto. You basically NEED a Binance account, since emt is the only real way to buy if you’re not mining your coins.

Once you get that account going, you have access to more than you should need, but if you want to play on the DEXs ie. pancakeswap to purchase things like safemoon and other “shitcoins” you need to also open a wallet; trust wallet works well. You need to fund it with BNB for BEP20 tokens, but if you also want to hold ERC20 tokens, you also need to fund it with ETH, this is why Binance is helpful as you can swap between any coins they offer easily before swapping it to this wallet. As these protocols don’t play nice (can’t swap bnb to eth in trust wallet) you need to make sure you always have some of these coins in these wallets as you need to be able to pay transaction fees for everything you do on the DEXs.

If it was me... the conservative approach would be:

Open Binance account
P2P (emt) $1k in USDT
Move to spot account
Wait for a bloody sell off
Put it 50/50 between BNB and ETH, if you want to bump up risk, transfer USDT to USD-M futures account, turn leverage down to 2x, and do the above. Wait for a big up day, close trades, wait for a huge sell off... buy, repeat

Risky:

Fund trust wallet with BNB (smart chain address) open beefy finance from the in app browser (if Apple, you need to add this; Google it) fund the top 3 or 4 farms, readjust as returns drop off and new farms are on top

[nzwasp]

Firstly signup with either shakepay or newton. I only have a shakepay referral: Sign up with my link and we'll each get $10 to buy crypto:
https://shakepay.me/r/BRTDPYD

Then interac yourself some cash and buy either bitcoin or ethereum. You can transfer whatever amount. Once you have done that sign up for binance.
https://www.binance.com/en/register?ref=APEJQFA0

Then transfer the Eth or BTC to your Binance wallet.

For Binance Smart Chain stuff that we are using:

This video basically takes you from setting up metamask to depositing BNB to it to use on pancake swap.

https://www.youtube.com/watch?v=8JZSUv40Tx0

After that you can find out about coins on reddit you need to do your own research or ask our opinions or whatever you want, dont blindly buy coins most are scams.

~~~~~~~~~~~~~~Not Financial Advice~~~~~~~~~~~~~

[LilDrunkenSmurf]

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Okay... If I wanted to learn how to do this stuff, open an account etc, and just start with say a grand or something, what is the play to get going? Talk to me like I am just learning to speak english please. Complete newbie!

It's worse than stocks, IMO.
If you want to just buy coins, and sit on them, you want to open an account with an exchange. I find that Coinbase is fairly newb-friendly, but they only support 50 coins at any given time (to avoid shit/altcoins). Binance/Kraken are much bigger exchanges where you can buy almost anything.

Ideally, you want to do your due diligence on what coins you should invest into, but I'd say a solid spread of ETH/BTC is a good investment start point. I picked around 10-15 coins, and spread my portfolio around that way (10% BTC, 10% ETH, 5% on the rest.) I've seen a 300% return on a few coins, but I've just been doing small investments, so nothing life changing. I'm sure smarter people than me can break it down better.

The other thing to note, is that any time you exchange coins (turn one coin into another) you're "realizing" the gain/loss, so you may want to get into a tracker early, to watch the capital gains. Something like cointracker.io or koinly.io. You can have it track stuff, and then based on the amount of transactions, purchase a subscription when you actually need to file taxes.

[nzwasp]

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I shifted all my coins into Eth a few days ago, seems like it keeps creeping up against BTC each wave and I'm hoping it overtakes BTC one day. In reality bitcoin is useless besides a ponzi investing scheme at this point. The mess of segwit/lightning network to compensate for their shit network transaction limit is just a mess to keep the price high. Eth actually keeps developing and growing, not to mention the growing NFT market straddling on it. Hoping it eventually takes over though unsure how Eth 2.0 will affect things when all the miners get shafted.

What about those GAS fees though?!
@ercchry How much approx are you making per day with this daily APY interest - I actually didnt know anything about this method but it looks intriguing to me.

[tirebob]

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Risk tolerance?

That’s important

There is basically two sides here; the nasdaq version, or the OTC, pink sheets

Safemoon; firmly in the OTC category, BTC, ETH, more nasdaq... but like, GME

Step one is getting your money into crypto. You basically NEED a Binance account, since emt is the only real way to buy if you’re not mining your coins.

Once you get that account going, you have access to more than you should need, but if you want to play on the DEXs ie. pancakeswap to purchase things like safemoon and other “shitcoins” you need to also open a wallet; trust wallet works well. You need to fund it with BNB for BEP20 tokens, but if you also want to hold ERC20 tokens, you also need to fund it with ETH, this is why Binance is helpful as you can swap between any coins they offer easily before swapping it to this wallet. As these protocols don’t play nice (can’t swap bnb to eth in trust wallet) you need to make sure you always have some of these coins in these wallets as you need to be able to pay transaction fees for everything you do on the DEXs.

If it was me... the conservative approach would be:

Open Binance account
P2P (emt) $1k in USDT
Move to spot account
Wait for a bloody sell off
Put it 50/50 between BNB and ETH, if you want to bump up risk, transfer USDT to USD-M futures account, turn leverage down to 2x, and do the above. Wait for a big up day, close trades, wait for a huge sell off... buy, repeat

Risky:

Fund trust wallet with BNB (smart chain address) open beefy finance from the in app browser (if Apple, you need to add this; Google it) fund the top 3 or 4 farms, readjust as returns drop off and new farms are on top

Well I fully am going into this expecting to lose but trying to win so I am not worried about the risk, but I don't want to treat it like "putting it all on red" the second I walk into a casino if that makes sense. I would like to dabble and learn a bit.

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It's worse than stocks, IMO.
If you want to just buy coins, and sit on them, you want to open an account with an exchange. I find that Coinbase is fairly newb-friendly, but they only support 50 coins at any given time (to avoid shit/altcoins). Binance/Kraken are much bigger exchanges where you can buy almost anything.

Ideally, you want to do your due diligence on what coins you should invest into, but I'd say a solid spread of ETH/BTC is a good investment start point. I picked around 10-15 coins, and spread my portfolio around that way (10% BTC, 10% ETH, 5% on the rest.) I've seen a 300% return on a few coins, but I've just been doing small investments, so nothing life changing. I'm sure smarter people than me can break it down better.

The other thing to note, is that any time you exchange coins (turn one coin into another) you're "realizing" the gain/loss, so you may want to get into a tracker early, to watch the capital gains. Something like cointracker.io or koinly.io. You can have it track stuff, and then based on the amount of transactions, purchase a subscription when you actually need to file taxes.

This is one of my thoughts actually, that I either want to dabble in this or fuck with some stocks. Really, this is all a bit more entertainment for me with the hope of making a little bit of change. I have never really been one to invest in anything I do not have some semblance of control with. I like gambling but I play poker rather than slots for example. I want to get my feet wet and enjoy myself but still take it a bit seriously and learn.

So late to the game either way, but whatever. I need a new challenge of sorts I guess.

[tirebob]

And all of you are still speaking a little technically for me hahaha! Okay maybe not that bad but still I am googling a lot of the acronyms lol

[pheoxs]

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What about those GAS fees though?!
@ercchry How much approx are you making per day with this daily APY interest - I actually didnt know anything about this method but it looks intriguing to me.

Eth keeps evolving though, they raised the GAS limit just recently from 12.5 million to 15 million. BTC will never move an inch to include more transactions or move away from 1mb blocks.

For easy investing: If you just want to invest in bitcoin, you can buy BTCC-U on your trading account. Its a bitcoin indexed ETF.

[ercchry]

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What about those GAS fees though?!
@ercchry How much approx are you making per day with this daily APY interest - I actually didnt know anything about this method but it looks intriguing to me.

I have less than 1 BNB in two farms here... mostly cause I’m holding safemoon anyways, cause like.. what if it hits binance?!??

This is from the last 12hr:

[ercchry]

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And all of you are still speaking a little technically for me hahaha! Okay maybe not that bad but still I am googling a lot of the acronyms lol

Another simple route is just buy BNB on Binance, and toss it in the vault, keep an eye out for their ICOs, your BNB holding dictate how much of an ICO you can buy at a discount, you’ll only get a fraction of what you commit to it, but usually good for a good instant return of like 30-50x on those coins... just sell as soon as they’re live for trading

Here is the last one... I only got 2% of what I allocated to this, but the ICO was for $0.10/coin...

[Proyecto2000]

is anyone here using NDAX to buy crypto? Its a Calgary exchange. I signed up after the failure that was trying to create and fund a new binance account during the DOGE craze. After wasting 2 days and missing the boat on the pump & dump I was able to create and fund a NDAX account within 30 minutes. Gave me enough time to make $0.10 on DOGE and switch to ADA for a quick buck

[CompletelyNumb]

These shitcoins are like virtual roulette. Kinda fun. Learned lots. Apparently they can prevent people from selling directly in the contract, you need to see who the major holders are to predict rug pull risk, look for similar contracts, etc. 99% are just pump and dumps. But a few hours of "day trading" them can be pretty ridiculous. Easy double ups on every single trade.

[nzwasp]

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These shitcoins are like virtual roulette. Kinda fun. Learned lots. Apparently they can prevent people from selling directly in the contract, you need to see who the major holders are to predict rug pull risk, look for similar contracts, etc. 99% are just pump and dumps. But a few hours of "day trading" them can be pretty ridiculous. Easy double ups on every single trade.

If you use tokensniffer.com it will tell you if there are restrictions like no withdrawal

I imagine at some point there might be some sort of regulation around decentralized exchanges. Unsure who would police it though.

[nzwasp]

@LilDrunkenSmurf

Heres another presale I found.

https://dxsale.app/app/pages/defipre...1694&chain=BSC

Telegram for that token is here: https://t.me/shillnauts_official
Discord https://discord.gg/QJHJE7Vnc8
I bought 0.5BNB we'll see how this one goes. Token name is Shill

[LilDrunkenSmurf]

Nice, but Telegram doesn't like to open the chat. Says the user does not exist.

[nzwasp]

yeah i noticed that too - discord works though. Found the correct telegram from the discord

I guess the thing with the presales is you need to be on that link as soon as they launch so you can claim at the lowest possible price

[LilDrunkenSmurf]

Min 0.1BNB. I don't have that much lying around right now, and by the time I manage to move it over to BSC, the presale will be over.

[nzwasp]

that presale is moving slowly. It still has a 1 day and 22 hours to go.