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Old 01-06-2022, 07:39 PM
  #11  
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Originally Posted by FlippingCups
This is what i'll say about cypto and i know others will see this, so ill just talk to everyone. The advice I like to give with crypto and people just getting in is to use Decentralized exchanges like UniSwap, PancakeSwap, SushiSwap. Create a MetaMask wallet, connect your wallet to those exchanges and make your trades that way. Then disconnect the wallet from the exchange after you made your purchase and then hold all your coins in the MetaMask wallet. That is where you find the small market cap projects BEFORE they get listed on Coinbase,Binance. Once those exchanges make just an announcement of listing they pump like crazy for 48hrs. Of course these small cap coins are more risky, but have the most rewards. I only use Coinbase to buy my ETH with dollars then transfer it to my MetaMask wallet to make my trades and then use Coinbase to off ramp my crypto into dollars. Thats the only time I ever use coinbase.

If you want to play it more safe and less risk stick with the "Bluechip" coins such as ETH, ADA, DOT, MATIC and others at the top and buy and hold for 1-2 years. You will most likely double your money or 3-4x , but nothing like the 50-100x you see with the small cap coins. There is a nice dip happening now and im just watching it hoping to find good entry points. Patience is key and think longterm... too many lose by buying and thinking 10 days later it will be on the moon and then panic sell when it went down a little and as always dont invest what you dont mind losing.

Also, a good way to learn the basics such as setting up my MetaMask wallet, learning how to use UniSwap, how to secure your passwords, make transfers from wallet to wallet properly, I used Youtube back in 2017 when I began. Youtube is great to learn how to do all that stuff and getting setup, but DO NOT, I repeat DO NOT listen to Youtubers trying to tell you what coins to buy and what investment is good. 99% of those Youtubers prey on the newbies to try to promote their own coins that they already own so they can pump the price up on their viewers behalf. I learned the hard way back in 2017 and listened to those guys as they pretend to know what coins will pump next or what is a "good buy". I lost alot at the beginning doing that. I just take time to research on my own and find "real world" use projects and buy when they are in the $100M Market cap range and before they hit the big exchanges. Also look into staking.. i like that also for passive income. Goodluck!
That's pretty solid advice esp for looking into small cap stuff. It is a goal of mine to get more into yields/bridges/farming this year. Dapps should be interesting to watch. I missed out on the only NFT I wanted to buy, but hopefully the next edition will come out this year.

This dip is cool - Q1 is going to be interesting. I will always like ETH and hopefully 2.0 comes. I'm starting to like AVAX more since it's a competitor in ways.

Still early.
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Old 01-06-2022, 08:34 PM
  #12  
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I love crypto but recognize that it is purely speculation which = gambling. It's commodities trading, not an investment.

Yes it's possible to get lucky, but that's all it is, luck.

Don't buy any with money you can't afford to lose.
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Old 01-06-2022, 08:37 PM
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Originally Posted by SonicFlyer
I love crypto but recognize that it is purely speculation which = gambling. It's commodities trading, not an investment.

Yes it's possible to get lucky, but that's all it is, luck.

Don't buy any with money you can't afford to lose.
Commodities actually have physical things backing it up. Oil, Copper, Sugar, etc.
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Old 01-07-2022, 08:38 AM
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Originally Posted by SonicFlyer
I love crypto but recognize that it is purely speculation which = gambling. It's commodities trading, not an investment.

Yes it's possible to get lucky, but that's all it is, luck.

Don't buy any with money you can't afford to lose.
Thats great advice. I will add one thing. Stablecoin interest rates are great and far less risky than the wild rides of other coins. Making 8%+ APR on money that was going to be in cash anyway isn’t a bad deal. They’re not FDIC insured, but established enough that the risk of them evaporating is pretty low.
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Old 01-07-2022, 08:45 AM
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Originally Posted by TransWorld
Commodities actually have physical things backing it up. Oil, Copper, Sugar, etc.
So do many stocks
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Old 01-07-2022, 09:54 AM
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Originally Posted by SonicFlyer
So do many stocks
I agree. Does cryptocurrency have anything physical, tangible to back it up? That was my point.
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Old 01-07-2022, 02:09 PM
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Originally Posted by TransWorld
I agree. Does cryptocurrency have anything physical, tangible to back it up? That was my point.
Nope, but neither does cash.
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Old 01-07-2022, 08:24 PM
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Originally Posted by SonicFlyer
Nope, but neither does cash.
You mean faith that $1 = $1 isn't good enough?

To the original question: it's "backed" by your keys, one is purchasing someone else's proof of work/stake. The question you are really asking is how and why is it valued? And that doesn't necessarily mean is UST terms either. 1 coin is 1 coin. How that pairs against various currencies is another matter.

The tech is here to stay and will be adopted in mass. And it's still early.
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Old 01-08-2022, 05:26 AM
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Originally Posted by SonicFlyer
Nope, but neither does cash.
Cash (in the US) is backed up by the full faith and credit of the US government. Crypto is not.

As much as we badmouth the US government, it still backs up the cash.
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Old 01-08-2022, 06:51 AM
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Originally Posted by TransWorld
Cash (in the US) is backed up by the full faith and credit of the US government.
LOL…I actually snorted coffee out my nose I laughed so hard at that one!!! The “full faith and credit of the US government also includes a completely secret Federal Reserve system that outsiders are not allowed to know about. Do some research on this and it will completely scare the crap out of you, and you will never again use that phrase.
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