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Cryptocurrency Traders Club - Page 9

Poll Results: How do you feel about crypto currencies in general (not any specific coin)?

 
  • 31% (20)
    This is the future of financial transactions and will replace current systems in 5-10 years!
  • 35% (23)
    It's an evolutionary step, but without regulation and standardization will likely be replaced eventually.
  • 20% (13)
    It's likely to go strong for a few years, but long-term will simply be viewed as a fad.
  • 12% (8)
    It's a ridiculous ponzi-scheme, and it could all collapse entirely any second now!
64 Total Votes  
post #81 of 319
So in Karmacoin, would it be right to say we have a whale here?

https://www.mintpal.com/market/KARM/BTC

Sell wall at 1 Satoshi. If the price goes up to even 4 satoshi I can make some BTC quite nicely right here. My question is, how long do whales take to leave? Is there any way to make them move? 10 satoshi would make me estatic. In the mean time, with value so low, not a lot of people are mining, which makes Karmacoin an easy coin to mine. I'm making quite a lot.
post #82 of 319
My opinion doesn't match any of your poll options.

I think cryptocurrency is here to stay, and do not necessarily need crypto specific regulations. However, I do not see them completely replacing current systems, and I think it will probably take more than 5-10 years (probably 15-25), before any cryptocurrency is as broadly accepted as cash or plastic.
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post #83 of 319
Nice...I will be following this topic. Have just started buying into doge at 158....hopefully there is a pump again to 300 levels...
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post #84 of 319
Thread Starter 
Quote:
Originally Posted by incog View Post

So in Karmacoin, would it be right to say we have a whale here?

https://www.mintpal.com/market/KARM/BTC

Sell wall at 1 Satoshi. If the price goes up to even 4 satoshi I can make some BTC quite nicely right here. My question is, how long do whales take to leave? Is there any way to make them move? 10 satoshi would make me estatic. In the mean time, with value so low, not a lot of people are mining, which makes Karmacoin an easy coin to mine. I'm making quite a lot.

IMO the order book on KARM doesn't really reflect whales but simply indicates that almost no one wants to buy the coin (but there are plenty willing to take some at 1 satoshi if someone else is willing to dump them for that). Despite the fact that the BTC values are significant on the sell side - that's nearly meaningless as there's nothing on the buy side other than the 1 Sat level... this indicates that nearly everyone feels the coin is worthless. On the other hand, there is a decent amount of buyers at that 1 Sat level... so as long as it doesn't disappear it will be worth at least 1 Sat for the forseeable future - or at least until someone who mined a crapload of it (currently just under 2 billion) just wants to clear their wallet and dump them.
Quote:
Originally Posted by Blameless View Post

My opinion doesn't match any of your poll options.

I think cryptocurrency is here to stay, and do not necessarily need crypto specific regulations. However, I do not see them completely replacing current systems, and I think it will probably take more than 5-10 years (probably 15-25), before any cryptocurrency is as broadly accepted as cash or plastic.

Fair enough... but I'd say that still probably puts you in the second option camp... although perhaps a 1.5 if there was such a thing. Really, at this point in the crypto game I think the only way to have a pool that adequately reflects current opinions would require 40+ options. wink.gif

I agree that crypto-specific regulations aren't really necessary, but there needs to be better and more even application of either regulation or at least oversight on exchanges. I think if there was an exchange backed by a major insurer or brokerage house - we'd have about all we would need.

The problem is with exchanges being used as a barometer for the health of the currencies themselves - just look at how many people are still claiming that Mt. Gox somehow invalidates Bitcoin itself! In reality, Mt. Gox represents much less of a threat to BTC in general than the CDS crisis represented a threat to the USD and Euro!
Quote:
Originally Posted by mav2000 View Post

Nice...I will be following this topic. Have just started buying into doge at 158....hopefully there is a pump again to 300 levels...

I'm hoping that's the case, but I think it is likely to remain fairly static and even quite possible lose another 20-50 satoshi in value until there is some significant news (like a major online store accepting DOGE or something similar). Despite the fact that I personally find BTER to be a slightly better exchange than BTC-e (and loads better than Cryptsy), I could see them finally capitulating to user demands for DOGE to be listed there as a great sign. If that were to happen, expect the price to jump 50-90 sats just on that initial listing. (Then probably fall back in a week to current levels +/- 10.
Edited by DiGiCiDAL - 3/7/14 at 1:05am
post #85 of 319
Thread Starter 
OK... did this in a separate thread for simplicity sake... it's pretty dead so this might be a double post. Sorry for that. smile.gif

As someone who doesn't have a ton of free time, and is often sleeping when the market is most active - I do a lot of my trading while asleep. This is one technique I use - but it's only good for stable, but volatile markets (like BC is currently). A couple of caveats - to be done right you should have enough capital on each side of the trade-pair to run 3 leading/trailing trades of cascading values... which I didn't have because I'm not allocating that much to an unproven coin (which BC definitely is right now). It's also only viable if you are fine with getting 'stuck' on one side if the market moves dramatically in a single direction - but, on the other hand, will automatically mitigate some of the risks found in timed trades at market prices.

The idea is basically to trade on both sides of the market. So if the price is currently 100, you would (optimally) want to place a buy for 1000 at 75, another 1500 at 60, and another 2000 at 45. You would then also place sell orders at similar points for similar amounts - so sell 1000 at 125, 1500 at 140, and 2000 at 155. If the ticker is volatile enough you should hit several of these points... if the market moves in a single direction - obviously your profits will be unrealized, but you will have 'caught a falling knife' as accumulating a falling property is often called (and why you should only trade like this if you actually believe the thing you're buying has at least some value). Or if the market takes off upward, you'll have locked in profits on the way up, and be in a better position to buy back in on a later drop. In a perfect world you'll see this when you wake up the next day:



(Note that I was playing with almost no coins on either side of the trades - for reasons stated above. Also important to note that I deliberately reduced my sell orders so that I would wind up with BC left over - at a cheaper price - as I wanted to accumulate BC more for long term holding).

What this basically resulted in was buys of 17,500BC for an average price of 504. And sales of 10,000BC at an average price of 727.

This move netted me 7500BC at a cost of only 205 satoshi... a price more than 50% lower than the lowest price of the day - and I believe lower than the price has ever fallen. At current prices (~660 satoshi.. so just over .05BTC worth) it represents a 200% gain on the profits - although unrealized as I'm holding for the near term. biggrin.gif

No system is perfect, and I definitely wouldn't want to have 20-30BTC worth of trades set up this way while I was sleeping and unaware of recent news or shifts in market sentiment... but for a small amount like this it's quite decent. There are holes, of course, but if the market moves dramatically... you won't miss out completely. On the other hand if the market stalls, you won't have wasted your time trying to cover commissions on trades with no movement. But if the swings are big enough... you wake up to free money on both sides! thumb.gif
Edited by DiGiCiDAL - 3/6/14 at 5:42am
post #86 of 319
Ty Digicidal, for the last post and the post above that.

Do you think I should dump the Karmacoin at 1 sat or just wait and see if it ever goes to 2 or 3 sats?
post #87 of 319
Thread Starter 
Quote:
Originally Posted by incog View Post

Ty Digicidal, for the last post and the post above that.

Do you think I should dump the Karmacoin at 1 sat or just wait and see if it ever goes to 2 or 3 sats?

I can't really give you investment advice on that... too many factors apply. Do you need the BTC for anything? If you do then probably just write off the commission (not like it's much anyway) and sell it off. On the other hand if you're fine waiting for days or even months - and possibly missing out on the opportunity to get anything at all for them - you do have the opportunity to get 100-200% gains on the investment.

The other thing to keep in mind is other opportunities... if you see something that you feel is going to pull similar or greater returns in the next few hours or days.... then by all means it makes sense to get back out and apply that BTC to another coin, make the gains there, and come back for a reinvestment (preferably with the profits alone... that way you can simply leave it until it makes it's move). Trading in these coins isn't like anything else in the investing world... because, with the exception of BTC and arguably to a lesser extent LTC and DOGE - there are no fundamentals to work with. It's not like stocks where you can analyze the management style and market potential and go based on that... even a coin with a great dev team, a fantastic release, and a huge fanbase - it's still basically worthless without investor monies keeping it afloat.

On the other hand, and for the same reasons, it's unlikely to expect BTC/LTC/DOGE to move more than 5-10% in either direction unless something big happens (beyond corrections which have mostly already happened)... and predicting when those things will happen is impossible. redface.gif
post #88 of 319
Good points, thanks.

I think it's probably simplest (though perhaps not best) to mine and dump, mine and dump.

might play around with catching the falling knife though i don't have too much monies right now to do it.
post #89 of 319
Thread Starter 
Quote:
Originally Posted by incog View Post

Good points, thanks.

I think it's probably simplest (though perhaps not best) to mine and dump, mine and dump.

might play around with catching the falling knife though i don't have too much monies right now to do it.

Yeah, for the most part it seems that the alt-coin craze is dying off somewhat - so unless it's a coin that you really believe in long-term it's probably best to be in BTC/LTC and to a lesser extent DOGE... unless you really don't need the money at all for quite awhile... and even then probably those three are the ones that will still be here in a year. The others are a very long shot IMO. My BC is still worth plenty more than the current price - but even that would have been better off sold completely and bought back later as the market has been consistently down and soon might get as low as my actual cost in that trade wound up. redface.gif

I do think at some point in time we'll see DOGE back over 200 satoshis and possibly see BC back in the 2000 satoshi range as well... but that could take quite awhile and in the meantime will only lose value. BTC/LTC has been more stable but we're still seeing swings of nearly 20% and closing prices below openers... so the downturn looks like it will continue unabated for at least the next week or so... maybe much longer. I even liquidated some of my long-term DOGE holdings just because I'm sure we're going to at least 135-140 before things head back up and it might even break 100 satoshis before then. mad.gif
post #90 of 319
Quote:
Originally Posted by DiGiCiDAL View Post

Yeah, for the most part it seems that the alt-coin craze is dying off somewhat - so unless it's a coin that you really believe in long-term it's probably best to be in BTC/LTC and to a lesser extent DOGE... unless you really don't need the money at all for quite awhile... and even then probably those three are the ones that will still be here in a year. The others are a very long shot IMO. My BC is still worth plenty more than the current price - but even that would have been better off sold completely and bought back later as the market has been consistently down and soon might get as low as my actual cost in that trade wound up. redface.gif

I do think at some point in time we'll see DOGE back over 200 satoshis and possibly see BC back in the 2000 satoshi range as well... but that could take quite awhile and in the meantime will only lose value. BTC/LTC has been more stable but we're still seeing swings of nearly 20% and closing prices below openers... so the downturn looks like it will continue unabated for at least the next week or so... maybe much longer. I even liquidated some of my long-term DOGE holdings just because I'm sure we're going to at least 135-140 before things head back up and it might even break 100 satoshis before then. mad.gif

I agree, I've taken most of my value out of the market and put it into Bitcoin for the moment. It's hard to make money when the general trend is downward for the whole market. I did catch a pump earlier, but then I found your falling knife. LOL MazaCoin on MintPal. I think my best bet for now is to continue mining a coin that I believe I can do profitably, but either holding it if it's a coin I believe in long term or just dumping and holding it in Bitcoin.
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