# Bitcoin #

Indo, start with following a few YouTube channels as they review ICO’s. There is a good podcast that regularly covers ICO’s too called Bad Crypto.

For Powers potential have a look at the market cap on coinmarketcap.com. Enough room to x2 or x3 again in the future if they can deliver as planned and the hype continues. Check out Grid+ too, should be on the exchanges soon. Similar concept to Power but at a wholesale level

Cheers will check them out.

But I'm stuck on crypto tips for now :D
https://www.youtube.com/channel/UCavTvSwEoRABvnPtLg0e6LQ

@udo @geek
I realise I’m asking the million dollar question here, a bit like asking John John how do you get so comfortable in the barrel. I guess the answer would be much the same, spend a lot of time getting to know and understand the game. I’m thinking a $500 buy in somewhere, power ledger sounds good to me except 2x or 3x isn’t going to reap a lot of reward escpecially after selling costs. So my question is, are there any similar characteristics on crypto / stock / shares that go 100x or 1000x
What would you look for for something in that realm...

@Geek you seem to have a bit more of an idea about this stuff.

What do you think of this idea?

I came across a few thousand bucks of easy money this week.(money if i lost it all, it wouldn't be the end of the world as i never expected to have it)

So I think I'm going to punt/invest about $2k

This is my strategy.

Buy $250 worth of Bit Coin (believe you can do this even though it doesn't buy anywhere near a whole coin, and possibly add money to it over time)

Buy 1 Ethereum coin.*(maybe more in the future)

Then spread the rest out on selected coins in $50 worth amounts from the coins below a $1 to those worth under $50 (and build the ones i already have up to a value of $50)

Obviously only the ones with potential (I'm still learning and understanding how to gauge this, but yeah got to start somewhere) so I'm basically going off what I see/.hear in recent vids and what i read, and starting to try to take into account the different factors as i learn.

I plan to do this using two different exchanges one for long term holding and one for trying to take more risk ideally buying in drops, and selling at peaks and reinvesting

For the buy and hold i plan on using 1k on Coin Spot as I'm already signed up and have $100+ of coins here, but i believe for buying and selling its not good fee wise and a bit of a novice kind of site (which i totally am)

Then i plan to use the other 1k in another exchange with lower buy and sell fees etc that is better for trading.

# Any recommendations on this one Geek? What exchange do you use?

The idea being if they are in two seperate exchanges i won't be tempted to punt and buy and sell with all my money and lose it, or with more money invested i have more of a security concern so if i get hacked or something i wont lose everything.

At the moment I'm only using the seperate wallets for each coin the Coin Spot site has.

Then the long term plan is to add $50 a week to buy more.

Good idea? or can you see any problems? (that a novice like me wouldn't see)

Cheers

Forget that above post Geek.

Ive been doing more research and getting involved in crypto currency groups etc and I've changed my strategy somewhat.

Putting most of my money in some of the bigger ones first BTC, ETH, LTC (at least half maybe two thirds) then just going to put about $50 worth on some of the lower ones like Ripple, Cardnano, Power ledger,Iota, NXT, Sia coin,Lisk, Stratis, Ark, Monaco...maybe a bit Neo (already have $20 worth on Ripple, lota, Sia, Stratis, so will just build up to $50)

Bitcoin ... damn fine if you got on the ride early. I dropped a good handful of $$$ years ago ... enough said.

Yeh Indo that sounds spot on and I will be doing the same. Bitcoin/Eth/Monero as long term savings and ride the waves of the more volatile coins. For exchanges I've found Poloniex, Binance and Bittrex cover most coins. Buy Eth/Bitcoin with AUD on BTCMarkets for lowest fees.

Have a look at hardware wallets like the Nano Ledger S too, much safer than leaving coins on the exchanges plus it makes it harder to FOMO. I got one from Coinstop for $120 delivered

A story on bitcoin on the Project tonight suggested this could only be the beginning of the bitcoin value climb.
I think I need to stretch my outlay and have a decent punt for once in my life.

http://www.thebull.com.au/articles/a/70992-bitcoin,-an-'uber'-currency,-not-without-risk.html

http://www.smh.com.au/business/markets/what-the-worlds-central-banks-are...

Loving the way that governments/ central banks are saying that crypto' s are bad because they're used for tax evasion and crime .....unlike regular currencies.

if i understand correctly, bitcoin has no intrinsic value. unlike shares in a company that produces something (a product or a service) bitcoin is a currency for currency sake.

if this is true then surely it can drop to zero at any point in time. there is literally nothing (other than peoples speculation) backing it.

Tomorrow at Randwick Race 6 Horse 4 .... put the lot on the nose

Thanks Geek, i was just looking at hardware wallets last night, thinking if I'm going to drop some real money i need cold storage.

I think cryptocurrency are a bit of a gamble, i guess its true high risk high reward.

The biggest fear is government regulation or even the government producing their own cryptocurrency.

But also sometimes you just got to go and do these things.

Cryptocurrency market is on the boil today almost everything is up, started with i think it was $120 last week, my portfolio value is now at $178.57.

Mostly thanks to IOTA up 35% and Etherum classic up 32% today

Off course tomorrow things could be much different...but i have been in front the whole time.

BTW. Bitcoin now at $15K i believe a big reason why everything else is up.

Waiting for the mini collapse then will have a dable. Can't buy in at the top..

My little portfolio nearly bumped over $200 today...im sure it will drop though close to the original price if everything falls.

But I'm not sure the effect the bitcoin has on other cryptos when it drops heard different things.

If it all drops i will be ready to load up though.

I heard theories the big jump in bitcoin is because of thanksgiving in USA and everyone talking about the bitcoin once they get together with family and friends, then buying in.

Not sure if its true or real, but i wonder if Christmas will also have a similar effect.

there are enough conspiracy theorists on here ... who thinks there is some fat Arab or NY banker somewhere toying with the world and aiming to make enough from the gullible to buy several sovereign states with the small change?

What a pain in the ass to join a bitcoin website! Itried a few which needed passport id and Licence id photos, they werent readable at first few tries then it tells me in australia i can only buy online digitial services no product sales (such as chilli seeds). what a waste of time.
what websites are you using IndoDreaming im sure im using the wrong ones.

Im just using https://www.coinspot.com.au an Aussie site buy prices are a but higher than USA exchanges but sell rates are also high, believe their support is pretty good if have any technical problems etc.

Yeah it's not easy to sign up takes about two days to get confirmed, heaps of ID even have to take a pic of yourself holding some written statement, and heard they ring you, but i never got a phone call, but it's all to stop dodgy crap i guess.

Chilli seeds?

BTC Markets very good with one of the lowest fees but also very limited cryptocurriencies available. But if you only want to dabble in the big ones then it's very cheap to do so and prices are much lower than Coinspot. However it takes days to sign up as they send you a letter for verification. Yep they send it via Aussie post!!!

“Bitcoin is officially in a bear market, down over 20% peak to trough. And it took roughly 30 mins.”

Here it comes..

SMH had an article about Bitcoin yesterday mentioning that a large proportion of bitcoins produced so far lay within the hands of a few " whales" .

All it takes is for one of these to realise their profits to date with a sell down of their coins and the market would be temporarily flooded.

Whether they'd then buy back in on the resulting dip to continue their interest or just GTFO full stop is anyone's guess.

As I've learnt first hand recently , once sentiment on an investment turns then things can get ugly rapidly . This may occur with bitcoin or it may not.

If public interest and speculative gambling continues in this light then Bitcoin could wind up looking like the Sydney housing market.

At least you KNOW the housing market will recover sooner or later as it's based on tangible assets.

Would Bitcoin ?

I believe that crptocurrencies have a valid future . Whether or not it'll be Bitcoin or any of the existing crypto's remains to be seen.

as a rich (sorry guy smiley you tosser) moderately succesful investor who has seen and prospered through a few boom/busts, i will give some advice, courtesy of nelson rockefeller (the first). just before the great wall street crash of 1929, nelsons shoeshine boy started giving him stock tips. nelson got back to the office and thought, when the shoeshine boy is in on the boom, its time to get the fuck out. he sold the lot and made a fortune. every boom/bust is the same, there will be a neighbour/cousin, friend who can be your personal shoeshine boy, when he is getting in, get out! with all due respect to swellnutters (i love you guys except for gs who seems like a cunt) i reckon bitcoin being discussed on the swellnet forum has a real shoeshine boy aroma... imo if you have any bitcoins, sell now

as a rich (sorry guy smiley you tosser) moderately succesful investor who has seen and prospered through a few boom/busts, i will give some advice, courtesy of nelson rockefeller (the first). just before the great wall street crash of 1929, nelsons shoeshine boy started giving him stock tips. nelson got back to the office and thought, when the shoeshine boy is in on the boom, its time to get the fuck out. he sold the lot and made a fortune. every boom/bust is the same, there will be a neighbour/cousin, friend who can be your personal shoeshine boy, when he is getting in, get out! with all due respect to swellnutters (i love you guys except for gs who seems like a cunt) i reckon bitcoin being discussed on the swellnet forum has a real shoeshine boy aroma... imo if you have any bitcoins, sell now

pyramid scheme? if you have it, sell it. quickly.

https://blog.lawnmower.io/the-bitcoin-wealth-distribution-69a92cc4efcc

@LL, I love it when someone boasts about their investment successes, yeah it happens but like those comparisons where the monkey outperforms the "experts" its lots of things but mostly never science or maths. I'll say it more concisely, here's my advice, leave some for the market, get out early, go in late(r) so I agree sell the Bitcoin like yesterday.

I know serious students of the market, sweating over charts daily for hours, and they get it wrong so how do the punter class fare?

Boom/bust .... anyone for Poseidon NL?

One for sure whatever happens..right now is really interesting times, the skeptics could be correct and in a week a month six months a year the wheels could fall off and this thing will all come crashing down.

Or this could be the start of something big, new and exciting.

I don't just mean Bitcoin i mean this whole new cryptocurrency market.

Either way I'm now all in (still only what i can afford to lose though)

Going to be interesting revisiting this thread this time next year.

Good luck Indo.

Hope you make some fat stacks.

"Boom/bust .... anyone for Poseidon NL? "

why yes..my dad. i don't know the full story....actually, i know hardly anything. the adults would only talk about it when drunk, after christmas lunch. but i gather my father did so well out of the whole thing that he was investigated.
the parrallels weren't lost on me...i didn't wanted to mention posiedon and jinx the whole thing.

good luck indo . you have to speculate to accumulate.. dont be afraid to take a profit (no more advice)

chook, likewise some family members were into poseidon, some made some others were badly burnt but i think its a good example to use here because at its heady heights I understand punters were buying in on single shares or maybe just a handful.

interesting quiksilver is making a bid on billabong, another interesting case study on how things can go right / wrong depending on your timing.

"The start of something new...", btc went from about 1000$ to about 10,000$ in the last twelve months, it's had two similar booms in the last 6 years. If your getting in now at 10,000 ummmm......

Lots of guys actually trade Bitcoin and other cryptocurrency just like shares, buy low sell high, but obviously you need to know when to get in and out but there is signs from graphs that you can read and and buy orders.

Then over time some cash in the money they have put in and then just trade with profit, which means you can never lose.

It sounds crazy to think one coin in the future could be worth 20K or 50K or 100K but i think it can and most likely will as there is only a certain amount of coins and demand will keep on increasing.

I think one aspect people might not understand about Bitcoin is that you don't have to buy one, you can buy any amount you like you could buy only a 1$ worth or just a few hundred or few thousand or a whole coin or a million dollars worth.

Indo , I realise you're fully aware that you can lose money .

But the reality can be harsh.

I'm down for the day . Not Bitcoin .

Real money gone !

It's a hollow feeling .

Hi guys first post on swellnet but long time user of site.

I first purchased a small amount of bitcoin and litecoin in 2015 wish I brought more but was not really sure what it was back then just that I should have a small stake as could be huge or scam.

Basically wrote it off as a bet and forgot about for 2 years until bitcoin hit around $1000.

The technology and bitcoin is legit people are sick of central banks, sovereign debt issues and politicians inflating away money and bailing out corporates etc

When Greece and cypress had money issues bitcoin popped and will do so again in next time there is financial instability.

It is the first time money has become decentralised and impossible for governments to shut down.

Bankers talk it down as it is a threat.

Example if I travel overseas at the moment I need to stuff around with currency conversion or travel cards with bitcoin I roll out with the bitcoin wallet on my phone and can easily pay anywhere that accepts bitcoin scan a qr code and pay.

Bitcoin merchants will grow over time just like adoption of internet and email initially many experts wrote this off as well.

I would much rather trust a mathematical code and currency with no inflation than sitting my money in USD or similar fait currency and watch the value be inflated away over the next 10 to 20 years.

In two years I fully expect bitcoin will be $100,000 or more once people realise it is a true alternative to getting scammed by bankers and fait currency.

Have said that there will continue to be big price swings and like any investment it could drop to $5000 or nothing tomorrow you never really know.

Only ever put in what can afford to lose and be prepared you might lose 100%.

For those interested in doing research google

Willy Woo
http://woobull.com/the-10-000-year-view-of-cryptocurrency/

David Hay you tube

Those two sources helped me the most to understand crypto currency.

Cheers

Jimmy

heard of gold? this can be replicated gold can not...look in to banking and gold how much is really in the world mind boggling stuff...carry on

Eventually technology will crash!
Then what!
Do you have a donkey to get to the surf?
Do you have money?
Do you live off the land?

Culture is the convenience of culture, Not you!
The Natures dynamic will carry us to the completion and enlightenment that we seek.....

Bitcoin drug money!

Actually bitcoin is like gold there is also only so much bitcoin and it has to be mined, they can't actually create more Bitcoin.

Interesting stuff that mining bitcoin indo. I should clarify hold physical gold not the invented 'paper' gold, like bitcoin can keep being replicated. Read up on where gold actually comes from, (not the stuff in the ground - it's origin) if they made the bitcoin in the first place electronically it can be done again. In fact I read bitcoin are making a new crypto currency.

Interesting stuff that mining bitcoin indo. I should clarify hold physical gold not the invented 'paper' gold, like bitcoin can keep being replicated. Read up on where gold actually comes from, (not the stuff in the ground - it's origin) if they made the bitcoin in the first place electronically it can be done again. In fact I read bitcoin are making a new crypto currency.

Im not exactly sure how it works..so someone correct me if I'm wrong, but i recal reading something along the lines.

That they can not create more bitcoin because not one person or organisation controls it, now it's in control by all the miners who mine (create block chains) so to change the protocol or coding or whatever to add more Coins they all have to agree to doing so, which is virtually impossible and it doesn't benefit them to do so, a limited supply benefits them.

Although they can go off and create something similar but different, I'm not 100% sure how this works but its called a fork (soft or hard) this is how other Coins are created like Bitcoin Gold and Bitcoin Cash.

But these Coins aren't the same and currently don't have anywhere near the same value

# Again this is only my current understanding, I'm still in kook stage of all this, but I'm in the water stage catching whitewater and getting to my feet :P

Be careful with your hard earned money people.

Indo you say in one breath that you’re not quite sure how it works but in another are convinced the sky’s the limit for crypto currency value.
Look at that objectively and not with rose $$ coloured glasses

Fuck it , just go for it Indo.

At the start of the year I'd closed one chapter of my life and was ready for the next. Only I wasn't sure what that chapter would be.

I had a bit of coin in my pocket and had toyed with the idea of buying a few shares as I wasn't into sticking it into the bank to watch it gather dust and feed the bankers as their pathetic interest rate did nothing for me.

I'd developed an interest in the share market mid way through last year and had started reading all I could about what was involved and how to go about it . But everything I read just revealed exactly how little I knew and it was real money I was intending to spend.

I was fucking kidding myself.

Still , with a bit of time on my hands after the day's obligations were sorted I started to get the faintest idea of how shit worked and I made it a mission to learn as much as I could .

I treated it in the same manner as learning a new language. Don't overwhelm yourself with too much information. Just apply disciple and routine. Three new things every day . Concentrate on just those three till you've got them then repeat the process the next day.

I started reading the business sections of the paper . Something that I couldn't have been dragged kicking and screaming to do previously. I started to see the connections between day to day life , political and social issues and the business world.

I then started flogging the internet to find leads on companies that I could invest in and I started to learn how to assess them for potential.

Still all fun and games without a cent invested for months. Slowly I started to track the fortunes of companies that I thought were worthwhile to judge how well my suspicions on their futures played out and I found that I was actually capable of making semi educated decisions .

This went on till my life changed tack. Then one day I mentioned to my lady that I was ready to actually throw some money at this little pipe dream. She'd worked at one of Australia's largest stockbrokers for over a decade and was blunt about the risks . She was also blunt about the potential returns and she said that it was all on me and to get stuck in if that's the direction I wanted to take.

So one day I came back to my hotel feeling buoyant from a mornings surfing and registered with an online broker and put some money down.

I only chose one company to invest in initially. In my naive enthusiasm I wanted to go all in but then caution won and i tempered my stake.

The next few days were uneventful. I'd seen massive jumps in share prices along with massive losses during my observational stage but mostly it was steady , steady as she goes .

Then I started to see small, consistent gains. The company I'd chosen to invest in was newly formed and not only was it of a speculative nature , but so was the industry that it operated in. It was a volatile share to own .

Like you're experiencing now , I was getting little joy hits checking it regularly and watching it's progress.

Not unlike planting a seed and being stoked to see it even germinate , let alone grow with any real vigour.

Not too long after I returned to Australia landing on the West coast . We loaded up and hit the road , planning to surf our way across to the East coast.

As we started to head into the more remote parts of the WA south coast the company I'd invested in started to find some recognition in the trading world. The share price started to move upwards. As we started gunning across the vast expanses between areas with internet reception it went crazy.

We'd be driving for a few hours having a ball and watching the country unfold through the windscreen , toking scoobs and singing along with the stereo then as we'd approach a roadhouse we'd get internet and find that we'd made money. Decent money. Next fuel stop , more money. And on it went.

I was dumbfounded to be honest. As someone that's had to work for every cent it was strange to see the numbers on my account leaping upwards like that.

Whilst I was crossing the country having lunch beers and counter meals my money was making me money. Bizarre , But very nice.

Still the frenzy went on and it was South Oz before I started to get a bit concerned and pulled out. By this time we were ecstatic. Celebrations were in order .

After I'd sold up the share kept growing .....and growing.

Strange how the money I made paled in comparison to the money that I was missing out on ! FOMO was taking hold . So I reinvested some back into the same company. Just a slice of what I'd made , but still a decent whack of coin.

And it stopped going up.

And started going down.

FAST.

Even though I was in front I was gutted. How could this be happening ?

I stopped checking my account as it was bringing me down . Then I had an issue that forced us to bolt the rest of the way East and the trip was over.

So I learnt some lessons and had some fun and ill never forget that trip and the feeling of money magically appearing in my account. Nor the feeling when it was magically leaving my account.

It's a ride , that's for sure.

So Indo , good luck mate . I hope you have fun and make some money.

Easy come . Easy go.