...ok and bcuz there are where is the potential for it to grow in value?
Official BGOL Crypto Currency Thread ★★★★★
- Thread starter Matt Beesy
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...ok and bcuz there are where is the potential for it to grow in value?
I ain't betting big on shit until everyone on here says it's go time.
I did try to test the waters late last night betting on PASC and NXC when it was too late, tho.
I only put 20 dolllars worth on both, just to get a feel of the quick cash-in coin game.
Basically, I missed a couple opportunities to cash out and get all my money back. They both teedered too much right below where I needed them to go all day so I just cashed out and ended up losing 3 dollars on NXC and 4 on PASC.
But doing that taught me not to hold on to the coins for too long or "holding the bag", I guess.
I did try to test the waters late last night betting on PASC and NXC when it was too late, tho.
I only put 20 dolllars worth on both, just to get a feel of the quick cash-in coin game.
Basically, I missed a couple opportunities to cash out and get all my money back. They both teedered too much right below where I needed them to go all day so I just cashed out and ended up losing 3 dollars on NXC and 4 on PASC.
But doing that taught me not to hold on to the coins for too long or "holding the bag", I guess.
Regarding CurtDawg's situation, I made the following assumptions, let me know if you think I'm in the right ballpark:
The Blue Oval is when I estimate CurtDawg traded his 4.5 BTC for 0.0008800. The Red Line is ~ 0.00088.
It had to be around here because there was significant volume and the candlesticks show a battle between buyers and sellers at right around the Red Line.
The problem for him is despite large volume of buyers around 23:30 and 1:00, PASC was trending down to .000700 area where I estimate there is some support.
A small buyer rally occurred around 01:30 but again there was resistance around the Red Line.
Then the "Bearish Engulfing" pattern in the Orange Oval occurred at 5:00.
A "Bearish Engulfing" pattern occurs after an advance and the size of the red candlestick completely engulfs the body of the prior green candlestick, including it's shadows.
Further bearish confirmation occurred with the immediate drop in volume and subsequent "hanging man" formation.
Bearish confirmation means that the buyer's market is ending and sellers will start trying to dump their positions.
As you can see the coin tanked until it hit the support level around .000632 where more people started buying.
In summary I think PASC will remain between .0006 - .0007 for the immediate future. However if there is an increase in volume then we have to watch.
way to break it down. I have my homework now!
I tld you guys about BBR earlier in this thread. I made a quick $200 off that one on my 2nd or 3rd day fucking with the BTC
its on the biggest gainer list today
Damn fam !!!
Thanks for all the work you put in
I appreciate it
But yea, I'm just going to hold on to it until Monday afternoon
I'm hoping Monday is when the day traders will start buying again
I just need it to go up enough, roughly around 88000-90000
Then I can dump it & break even & get off this rollercoaster
Or at the very least put in a stop limit so it will auto sell at around that price, to protect my original investment
Stupid me, lesson learned
as long as you learned it wasn't stupid. We all learned from this. Plus you are fortunate to have made money off NXC to mitigate your losses. I know it sucks to break even or lose when you should be way ahead.
The stop-limits are a must. Thats why I kept talking about them. Before I understood, I sold about 10k of my XRP trying to get on another coin. I had the info in the opposite boxes and my shares instantly sold for the below market. It didn't even cost me $10 loss since XRP is so cheap. But I don't like to throw money away.
I am going to research after my sons game. I looked into renting the server like another mbr suggested. However, on Google, everyone calls it a scam and said you can do much better if you build your own rigs correctly. I want to have 5-10 of them in a cheap little office ($200/month or less). Have them running and constanly mining so that i can just play with mined coins. I will def share what i learn with the board
One source said that you can buy a decent to good one already built for $400. I think I can do better if I build it myself
Not me, not yet. I feel like if it is already on the biggest gainer list, that i missed the boat for that time. It will come back around. I got a nice piece of BTC saved from the prior week and I dont want to lose it being greedy.
I still don't get the stop limit totally on polo. Can you break it down one final time. Thanks
Yea I was on my phone last time the instructions were given a few pages back. Anyone got a quick for dummies lesson on stop limits
As I said before I made money with Nexium Early Friday afternoon, but lost money with Pascal Late Friday night, Saturday morning
Here is what I did with Nexium
I was discussing this with another BGOL member so I will just copy & paste.....
So if you are looking at poloniex
Column on the left is where you buy
Column on the right is where you sell
Column in the middle is for doing stop limits
Sooooo take a look at Nexium (for example)
It is trading at .00007000 right now
Sooooo if you look at the stop limit colmn, there are 4 empty fields....
What I did was, bought Nexium really early in the morning before work, when it was around like .0004000
Then I watched it off & on, for like a couple hours
I noticed the price started going up & up
Right before my lunch time I noticed the price was around like .0010000
Then is when I setup my stop limit
I wanted to lock in my profit, just in case it started to free fall
So I setup a stop limit, that when the price starts to freefall & dips down to .0009520 then automatically sell all Nexium coins at .0009500
So right after my lunch was over, I wasworking in an area where I had very poor cell phone reception and also wasn't nearany wifi Hotspot
So I wasn't able to check poloniex all day until after I finished working around 6:00pm or so
When I finally checked poloniex (graphchart), I noticed that Nexium looked like it had topped out at around .0012000 mid day, when they were showing that video gamedemo, then fell all the way back down to like .0007000 later in the evening
But luckily since I setup that stop limit on my lunch break, I didn't lose too much money when it dipped
So basically I more than doubled my original investment
That was my first time ever setting up stop limits
So there might also be other ways, different ways, better ways of setting it up too
Hope that helps
As I said before I made money with Nexium Early Friday afternoon, but lost money with Pascal Late Friday night, Saturday morning
Here is what I did with Nexium
I was discussing this with another BGOL member so I will just copy & paste.....
So if you are looking at poloniex
Column on the left is where you buy
Column on the right is where you sell
Column in the middle is for doing stop limits
Sooooo take a look at Nexium (for example)
It is trading at .00007000 right now
Sooooo if you look at the stop limit colmn, there are 4 empty fields....
What I did was, bought Nexium really early in the morning before work, when it was around like .0004000
Then I watched it off & on, for like a couple hours
I noticed the price started going up & up
Right before my lunch time I noticed the price was around like .0010000
Then is when I setup my stop limit
I wanted to lock in my profit, just in case it started to free fall
So I setup a stop limit, that when the price starts to freefall & dips down to .0009520 then automatically sell all Nexium coins at .0009500
So right after my lunch was over, I wasworking in an area where I had very poor cell phone reception and also wasn't nearany wifi Hotspot
So I wasn't able to check poloniex all day until after I finished working around 6:00pm or so
When I finally checked poloniex (graphchart), I noticed that Nexium looked like it had topped out at around .0012000 mid day, when they were showing that video gamedemo, then fell all the way back down to like .0007000 later in the evening
But luckily since I setup that stop limit on my lunch break, I didn't lose too much money when it dipped
So basically I more than doubled my original investment
That was my first time ever setting up stop limits
So there might also be other ways, different ways, better ways of setting it up too
Hope that helps
So in that example you put .0009520 in the stop and put .0009500 in the limit part??
Another side note: I tried the same stop limit strategy with Pascal, later that night, but it didn't work out the way I thought it would
As soon as I clicked my mouse to buy Pascal, that bitch started dropping
Price dropped literally as soon as I refreshed the webpage
So I didn't get a chance to issue my stop limit
In the future you'll probably want to do 2 separate stop limits
The first one, as soon as you buy, to protect your losses
Then once you make a profit, maybe cancel that one & setup another for a higher price, to protect your profits ???
But again, it's probably different ways & strategies of doing it
As soon as I clicked my mouse to buy Pascal, that bitch started dropping
Price dropped literally as soon as I refreshed the webpage
So I didn't get a chance to issue my stop limit
In the future you'll probably want to do 2 separate stop limits
The first one, as soon as you buy, to protect your losses
Then once you make a profit, maybe cancel that one & setup another for a higher price, to protect your profits ???
But again, it's probably different ways & strategies of doing it
Right now I'm just riding a slow growth of the few coins I'm still in on. just up and down gains of a dollar or so. Aside from that I got about 18 computers mining Monero and FantomCoin at about 2.687 kH/s. Hoping to make back the gains I lost eventually. This thing is pretty much a second job, paying attention to trends, pulling money out of one coin to throw into another, etc...
Yes correct
The Stop field is the trigger point, or when you want to initiate the sell request
The limit field is the actual price you want to sell it at
The amount, of course is how much Nexium you want to sell off
I think Poloniex has it setup like this because imagine if you have a coin like Pascal that is free falling fast as hell
You need a buffer of time, for people to buy it at that 9500 price, when it drops to 9520
I believe that's how it works
thanks for info. You just got to make sure the value currently is more than the stop and limit. ok im ready now....
Doesn't Paypal allow you to use your cc as a payment
Also on a side note, I saw somewhere that Ethereum is switching from something called proof of work, to something called proof of stake
Thats supposed to happen the middle of this year
From what I read, its going to be harder to mine ethereum & make a profit....I think
But just something y'all might want to keep an eye on
Proof of work has the nice property that you can use Bayes' Theorem and the laws of Thermodynamics to prove that a given block has indeed required a certain amount of work to be mined. That way, users can simply pick the longest valid chain with the highest amount of work as the correct chain.
But this implies that Proof of Work is extremely inefficient in term of energy, and therefore also very expensive; which incentivize miners to centralize the hashing power -- obviously not desirable for a network whose goal is to minimize the need to trust third parties.
Proof of Stake isn't about mining, it's about validating. In effect blocks still need to be created by someone, and who gets to create the next block depends on the specific Proof of Stake algorithm, but the selection process must have some kind of randomness or at least distribute voting shares properly (otherwise we revert to a centralized system).
In Proof of Stake, each validator owns some stake in the network, ether coins in the case of Ethereum, that they bond. Bonding stake means you deposit some money into the network, and in some sense use it as a collateral to vouch for a block. In PoW you know a chain is valid because lots of work is behind it, while in PoS you trust the chain with the highest collateral.
Yes i believe so; u know the fees associated with PayPal?
not necessarily...their primary push is the system not the coin...if both succeed then they're def swimming in it...if only the system succeeds they're still swimming in it...after reading what dude posted it's pretty clear the system can succeed w/o the currency...which was genius on their part...so banks or whoever don't feel forced to use it...doesn't mean it won't be used but they @ least have the option...basically the ripple system does not need the ripple currency to be a success but the currency does need the system...and as I type that I think I fully understand now the difference between this and coins like ethereum/bitcoin which cats have pointed out before but I wasn't sure of @ the time
as to how they're getting paid...right now private funding is enough and they're also getting paid for implementing the service which they've done w/ a few banks already...re: the coins they might be tryna get paid via the coin as well or as someone suggested earlier and I kind of ignored...they could be holding on to the other 62+ billion coins which perhaps could be used to keep the price down...long story short tho the system is far more valuable to them than the coin...the next thing I'm thinking now is whether or not keeping the price of the ripple currency low essential to the success of the system?
Interesting thoughts for sure; but why would the price of the currency being low make the system more successful?? if in fact the system doesnt need the currency to be successful?? remember earlier you said the system doesnt need the currency; and if the system doesnt need the currency, why create the currency in the first place?? they have to be interconnected somehow otherwise theres no need for the currency right??
I mentioned two possibilities why
Yo BGOL, you guys really need to check out what Mixd just posted !!!
Check out that guy on youtube, Crypto Picasso
I just finished watching all his youtube vids (7 vids)
Shit just blew my mind at how precise he gets on the exact price to buy & sell these coins
Yo fellas.....we have a lot more homework to do about this crypto market
Right but then you also mentioned the fact that the system needs the currency to be low for it to be successful; it cant be both; you cant say the system doesnt need the currency then say the system needs the currency; I dont have all the answers, far from it; but it doesnt seem really smart for them to create a currency for it not to be somehow needed, in some capacity; and from all the articles im reading, these guys seems to know what they are doing...
I will check that out shortly...Yo BGOL, you guys really need to check out what Mixd just posted !!!
Check out that guy on youtube, Crypto Picasso
I just finished watching all his youtube vids (7 vids)
Shit just blew my mind at how precise he gets on the exact price to buy & sell these coins
Yo fellas.....we have a lot more homework to do about this crypto market
I never said that
Props
also this question is answered in the same post mixd included re: how it works...one of the uses of the ripple currency is almost a last ditch effort for transactions that may not go thru smoothly w/o its use...it's not a necessity but an added benefit as far as the system goes
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