Cryptocurrency experiences

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Eric in Japan
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Cryptocurrency experiences

Post by Eric in Japan » Sat Dec 09, 2017 12:13 am

So two months ago, I got an unexpected windfall of 10K yen. I have been interested in bitcoin and cryptocurrency for some time, but scared of the volatility. Then it occurred to me. I could invest in it with a sum I could lose without missing, and if it did crash... well, I still have everything I had before it. My unexpected windfall met that criteria, and I registered an account with BitFlyer. I don't know if it is the safest or best service. It had decent reviews from numerous tech bloggers.
So I plugged in my 10K and bought some bitcoin@ 593,000 (only .0025) and sold it for a profit the next day at 619,000. Then I bought Monacoin from 277-514. It kept going up, so I kept buying until 766.... then it started back down. For some reason (stubborn I guess) I bought another coin at 600, and two more at 400, and then spent a month looking at a severely depleted balance. Then a week ago, it rose enough to let me free in the black, and I dumped my mona at just over break-even, and bought enough to make .01 bitcoin at the one million yen mark.... So this morning I checked, and I had doubled my investment.
I took the safe road and sold enough to recover my original investment, and I am letting the rest ride this bubble.
I have the usual investor's remorse- why did I sell the first time when it was only 600K, and why did I sell my Monacoin at 800 when it is at 2000ish recently. And why didn't I let it ride at .01BTC?
But then I look back and think- all my sales were for at least some profit, so there is nothing to regret.

If I tried this with some larger amounts of money, or as an "investment" I would have had a heart attack by now.
Only gamble what you can comfortably lose.

(This is not an endorsement of bitFlyer or encouragement of crypto-trading. Just a fun little project that succeeded.)

Does anyone else have crypto-currency stories? Favorite exchanges or tips on how or where to use it? I've been thinking of making some of my woodworking plans available online for bitcoin or ether. Is it a good idea or not... not sure yet...
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Re: Cryptocurrency experiences

Post by paradoxbox » Sat Dec 09, 2017 11:00 pm

using bitcoin as a currency is a fine idea. the conversion is done on the spot so it does not matter how much bitcoin you receive, but you need to convert the bitcoin to your home currency ASAP if you want to avoid the massive swings in value. i think some exchanges allow you to do this on the fly, not sure about bitflyer though (I do use bitflyer for JP bitcoin stuff though)

be very careful about keeping large sums of money in bitcoin. it is a gamble, not a safe investment.

i have a little bit of bitcoin now and am holding it for a few years. at the moment it seems to have peaked and may be deflating but i suspect there's going to be a second peak once the air has been let out of the first one, ala nasdaq in the runup to the dotcom bubble. we'll see how it goes.

i do think it's worth risking a little money on. your odds are certainly better than winning the lottery. if bitcoin manages to hit $100,000 which seems possible, you could end up with large amounts of cash for rather low risk. it'd only need to increase by 8x which it's shown it obviously can do.

just don't put your eggs in one basket.. it is purely speculation - profitable maybe but always risky.

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Re: Cryptocurrency experiences

Post by Zasso Nouka » Tue Dec 12, 2017 6:13 am

Having avoided cryptocurrencies because of their volatility and potential pitfalls (MTGox, Ethereum Parity wallet freeze and various hacks resulting on thefts) I've been looking into them after reading what you guys said but still a lot isn't clear, perhaps you could give me some pointers or tips.

Is bitcoin and Bitcoin Cash the same thing, is is separate but interchangeable ? Or are they totally different from each other but just confusingly share a name. I understand one is a fork of the other but that's about it.

Do you really think the Bitcoin bubble will burst and if it did might that be the time to get into it as the value might then have normalised or is it worth risking a small (very) investment now that might pay off big time if this isn't a bubble ?

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Eric in Japan
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Re: Cryptocurrency experiences

Post by Eric in Japan » Tue Dec 12, 2017 9:01 am

Bitcoin Cash is like an alternate timeline of Bitcoin. They are not interchangeable, and will never come back together.
There are a ton of altcoins out there, most are garbage, but occasionally one will flare up and go from 1 yen to 50 and then crash again. If you can catch that you can make a profit. The problem is buying them. bitFlyer has Bitcoin and 5 altcoins. If you do buy with them, use the "bitcoin exchange" instead of their "buy/sell bitcoin" button, because they take a huge chunk when you buy from them.
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Their altcoin store is the same-
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I have no idea how high it will go before it crashes, but if banks are starting to trade it now, I think it will go very high indeed. Or it will crash tomorrow. The crash will come eventually though.
Never risk more than you can lose without missing it, and if it grows, carefully take profits and reinvest in dips. That takes a lot of time and attention though. Easier to just take back your original stake, and then ride it to the moon! Or to the core of the Earth.
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Re: Cryptocurrency experiences

Post by paradoxbox » Tue Dec 12, 2017 10:10 am

It's definitely a bubble, but the supply is finite and it is gaining traction as a normal currency in more and more places.

I would also recommend other coins, Litecoin is a good one but it is also bubbling right now - triple value in the space of about 3 days. Very risky stuff. When the bottom falls out from bitcoin it will likely do the same in all the others.

When they do crash, that will be the time to buy again as the value will inevitably go back up.

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Re: Cryptocurrency experiences

Post by Zasso Nouka » Thu Dec 14, 2017 6:35 am

Some great advice, thank you both.

Bitflyer looks like a reasonable company rather than some shady fly by night operation running out of someone's basement. Do you use their wallet services or maintain your own wallets ?

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Eric in Japan
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Re: Cryptocurrency experiences

Post by Eric in Japan » Thu Dec 14, 2017 9:44 am

They have a wallet included in the account. Since I am just dabbling I use that.
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Re: Cryptocurrency experiences

Post by paradoxbox » Fri Dec 15, 2017 11:22 pm

Just remember that online wallets are typically the weak point of an exchange - if the website gets hacked the hackers usually take the wallets and your money.

offline wallet is the safest bet.

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Re: Cryptocurrency experiences

Post by Zasso Nouka » Mon Dec 18, 2017 7:01 am

Have created an account with Bitflyer and will have to wait to verify details with them but once that is done how do you buy alternate crypto currency like Litecoins and Ethereum ? I see you can do it through the 'Buy/Sell Altcoins' button but like Eric mentioned there seems to be a fairly steep difference between the buy/sell prices can you buy and sell altcoins through their Bitcoin exchange ?

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Re: Cryptocurrency experiences

Post by Eric in Japan » Tue Dec 19, 2017 11:06 am

With Bitflyer you will get gouged on altcoins. But if it triples in value like Litecoin, you still make a good profit. I am still really new to this too. Paradoxbox may know a better way to buy altcoins.
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