Select Page
Poker Forum
Over 1,288,000 Posts!
Poker ForumFTR Community

Cryptocurrencies

Page 5 of 9 FirstFirst ... 34567 ... LastLast
Results 301 to 375 of 615
  1. #301
    Quote Originally Posted by OngBonga View Post
    I like winning and making money from home. Not sure how much poker I'd play if I were already wealthy, probably not much other than social games. I strongly suspect I'd still invest in crypto though. I'd see it as a better investment vehicle than other options.
    I'm not wealthy, just comfortable. I can afford the things I want, and I don't have any desire to live in a bigger house or own a yacht.
    I just think we should suspend judgment on Trump until we have all the facts through an inquiry
  2. #302
    Quote Originally Posted by OngBonga View Post
    Bots don't tend to collect 1000s of genuine followers. Not that many people are influenced by them. It's probably more hassle than it's worth, and possibly even counterproductive. I mean, for every person you might suck into a coin, you might scare two off. Managing an army of bots successfully is a skill in its own right.
    yeah you're probably right there. I would add the caveat that a bot doesn't have to necessarily influence anyone directly. There's a lot of idiots out there who believe everything they read and then pass it on to their mates as fact.
    I just think we should suspend judgment on Trump until we have all the facts through an inquiry
  3. #303
    Well, the term "wealthy" is subjective. To me you're wealthy if you own your own house, have a good income, and have savings. If on paper you're worth £250k+ with an income of £50k+ then I'd say that's wealthy. But other people consider "wealthy" to mean very comfortable, maybe £1m+, rather than merely stable and comfortable. And I'm sure there's millionaires out there who don't think they're wealthy because they strive to be billionaires. While to some people in the world, even I'm wealthy, because I have somewhere to live and don't have to worry about where my next meal is coming from. I can afford luxuries like weed and occasional holidays. It greatly depends on your point of view.

    When I used "wealthy" above, I meant in the context of financially secure for life, which would include expected income and pension, rather than just immediate capital.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  4. #304
    Quote Originally Posted by Poopadoop View Post
    One thing to keep in mind is if something starts with a value at or very near to 0 it has what statisticians would call a "floor", meaning if it's going to move in any significant fashion, it can only do so in an upwards direction, and this can give a false impression of "success".
    What a load of rubbish you spout, theres usually a reason why the value is at or near 0 ......its virtually worthless because it has no value and no chance of earning any value.

    You're the guy advising people to buy "dorothy perkins", "Arcadia" British steel , woolworths etc as they are going bust with this logic.


    IOW, since all of these coins start (afaik) with a very low value, well, even in a random-walk scenario, some are going to end up as "successes" and others are not going to go anywhere. And, interestingly, that scenario is fairly consistent with the performance of the family of coins as a whole.

    This is why if I were going to play this game, I would start by buying a broad range of coins at very low values and then try to come up with some algorithm to decide when to sell. By buying when things are close to the floor you protect yourself from losses. The risk in this case is basically eliminated.
    If its so easy and risk free , why dont you put your money where your mouth is and prove it ?

    You are making the biggest mistake that anyone can make of valuing the coin by its price in isolation and ignoring how many coins are in circulation and it there is any reason why the price of the coin is going to go up in the future because there is a use that will create demand for it .
  5. #305
    Quote Originally Posted by Keith View Post
    What a load of rubbish you spout, theres usually a reason why the value is at or near 0 ......its virtually worthless because it has no value and no chance of earning any value.
    How much was BTC worth when it first started selling?



    Quote Originally Posted by Keith View Post
    You're the guy advising people to buy "dorothy perkins", "Arcadia" British steel , woolworths etc as they are going bust with this logic.
    I've never told anyone to do that.

    Further, I think we all get the idea by now that you believe that anyone who doesn't mortgage their house, sell everything they own including that second kidney that's basically just deadweight anyways, and sink whatever they can scape together into coins immediately is an idiot and deserves your undying scorn. We also all get it by now that I don't actually care what you think, and I just find you amusing.



    Quote Originally Posted by Keith View Post
    If its so easy and risk free , why dont you put your money where your mouth is and prove it ?
    What do I have to prove exactly? That I trust my half-baked theory enough to risk my life savings for? So I can win an internet argument with some angry guy? Lol.



    Quote Originally Posted by Keith View Post
    You are making the biggest mistake that anyone can make of valuing the coin by its price in isolation and ignoring how many coins are in circulation and it there is any reason why the price of the coin is going to go up in the future because there is a use that will create demand for it .
    Good, but, and I'm sorry I have to keep repeating myself, I don't actually care about any of this. I'm just having a light conversation with to my friends here about a topic I find interesting. I guess that won't actually sink in with you until I start ignoring you.
    I just think we should suspend judgment on Trump until we have all the facts through an inquiry
  6. #306
    MadMojoMonkey's Avatar
    Join Date
    Apr 2012
    Posts
    9,659
    Location
    St Louis, MO
    Calm down, peeps. No need for the personal judgement.

    We're all idiots, here, after all. Maybe more informed than others here, but not world-class experts on any of this.
    You can find any pattern you want to any level of precision you want, if you're prepared to ignore enough data.
  7. #307
    Quote Originally Posted by Poopadoop View Post

    I've never told anyone to do that.

    Further, I think we all get the idea by now that you believe that anyone who doesn't mortgage their house, sell everything they own including that second kidney that's basically just deadweight anyways, and sink whatever they can scape together into coins immediately is an idiot and deserves your undying scorn. We also all get it by now that I don't actually care what you think, and I just find you amusing.
    Really ? yet another example of you spouting rubbish because you're too lazy to actually listen to anyone elses argument.

    remember this

    Quote Originally Posted by Keith View Post
    Who's telling you to?
    Crypto should only be money that you can afford to lose , just like your poker bankroll and as part of an overall investment strategy where you mix high risk medium risk and low risk investments and the crypto is part of the high risk investment part of your portfolio.

    To say there is nothing backing up crypto shows a complete lack of any understanding of where crypto is heading . It will eventually be the basis of the financial system along with many other features based on its decentralized security. It like telling people back in the 80s/90s that the internet will be at the heart of the economy in 20-30 years time. Without the internet now , much of the economy would have ground to a halt instead of people continuing to do their work from home.
    Completely the opposite of the misrepresentation that you are trying to present

    Unfortunately you are one of the sad individuals in life who takes pleasure out of others misfortune , creating arguments just for the sake of it and never has the guts to actually do anything to help others .


    What do I have to prove exactly? That I trust my half-baked theory enough to risk my life savings for? So I can win an internet argument with some angry guy? Lol.
    like i said before , trying to act the hard man but scared of the consequences.



    Good, but, and I'm sorry I have to keep repeating myself, I don't actually care about any of this. I'm just having a light conversation with to my friends here about a topic I find interesting. I guess that won't actually sink in with you until I start ignoring you.

    Awkward for you when someone actually challenges you , showing the flaws in your arguments isn't it and where you misrepresent what others have said for your own petty amusement.
  8. #308
    Anyways, where were we?
    I just think we should suspend judgment on Trump until we have all the facts through an inquiry
  9. #309
    Oh yeah, market manipulation. It's probably true you can't just fire up an army of bots on twitter and send a coin rocketing upwards. But, you could with a bit of capital, hire someone with a profile to big up your coin. Isn't Nigel Farage advertising financial advice now? I'm sure he'd shill your coin for a £1k or so.
    I just think we should suspend judgment on Trump until we have all the facts through an inquiry
  10. #310
    I don't think Farage is the man to approach, but for sure there are influencers who get involved in this kind of thing. They're supposed to be ethical and make it clear they have been paid to promote what they're shilling, but occasionally they don't. When they get found out, it's bad for the coin, because it brings into question the judgement of the developers. Again, potentially counterproductive.

    Being a con artist is as fraught with danger and being an investor. You can easily fuck it up.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  11. #311
    Quote Originally Posted by OngBonga View Post
    They're supposed to be ethical and make it clear they have been paid to promote what they're shilling, but occasionally they don't.
    Hard to say this with confidence - you can't really compare the number who do with the number who don't, since the latter is unknown.



    Quote Originally Posted by OngBonga View Post
    When they get found out
    That's what offshore banking is for.



    Quote Originally Posted by OngBonga View Post
    Being a con artist is as fraught with danger and being an investor.
    Maybe, maybe not. Certainly the risks are higher since you can go to jail. But they have to catch you first. The best cons are the ones we never find out about.
    I just think we should suspend judgment on Trump until we have all the facts through an inquiry
  12. #312
    Quote Originally Posted by OngBonga View Post
    I don't think Farage is the man to approach
    Why not? He's already got a shtick going about how the corporate elite are screwing everyone and he's got the "inside scoop" on investing. All you'd need to do is "persuade" him that your coin is the next wave of lolezymoney.
    I just think we should suspend judgment on Trump until we have all the facts through an inquiry
  13. #313
    Hard to say this with confidence - you can't really compare the number who do with the number who don't, since the latter is unknown.
    I doubt there's any figures out there from reliable studies, but you can usually tell if someone is promoting a coin because they're invested in it (and therefore believe in it) or if they've simply been paid to promote it. The latter isn't completely unknown. My safemoon coin that I'm in, I'm aware of one scandal relating to a paid influencer who didn't disclose his interest and got busted. I don't think what he did was illegal, but it certainly lost trust, and it has an overall negative impact on the coin because people can find this info by researching the coin. And even I do some research on coins before investing.

    That's what offshore banking is for.
    Fun side point... crypto will likely replace offshore banking over time. It's even more private and secure.

    Maybe, maybe not. Certainly the risks are higher since you can go to jail. But they have to catch you first. The best cons are the ones we never find out about.
    I'd argue the best con artists are the ones who find legal ways to con people.

    Why not?
    Who's your target market if you're selling crypto? Flagshaggers?
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  14. #314
    Quote Originally Posted by OngBonga View Post
    And even I do some research on coins before investing.
    Well yeah, I hope so.



    Quote Originally Posted by OngBonga View Post
    Fun side point... crypto will likely replace offshore banking over time. It's even more private and secure.
    Pay 'em in crypto then. Problem solved.



    Quote Originally Posted by OngBonga View Post
    Who's your target market if you're selling crypto? Flagshaggers?
    I guess. The same people he's targeting now with his youtube ads. You know, the cooked hams.

    Maybe not Farage then. How about David Cameron? lol.
    I just think we should suspend judgment on Trump until we have all the facts through an inquiry
  15. #315
    Quote Originally Posted by Poopadoop View Post
    Anyways, where were we?
    Clearly demonstrating how shallow you are without the guts to defend your lies.
  16. #316
    Quote Originally Posted by OngBonga View Post


    Fun side point... crypto will likely replace offshore banking over time. It's even more private and secure.
    Not necessarily .... most cryptos are public blockchains so all transactions can be tracked . When you can link a wallet to a fiat transfer and then access the records from the bank of who controls the account that was involved then all of that wallets transactions can be tracked.

    I.e the fact that its on a public blockchain enabled this guy to track down the insider dealing and pumping and dumping thats occured with Dent.
    https://www.reddit.com/r/dentcoin/co...oyee_has_been/


    Some blockchains use cases are that they are privacy coins attempting to hide the actions of the wallet holders but these projects are likely to face severe regulatory problems unless governments are allowed a back door in .
  17. #317
    You've already addressed what I pretty much learned today. I was looking at $monero as a potential investment, after making that post funnily enough because I figured it would be the ideal coin for the purpose of hiding money from the taxman, which makes it a very appealing investment. But I also noted it took a serious price hit when one small exchange delisted it after pressure from authorities. That made me worried about the effect if a large exchange delisted it.

    I'm unsure about privacy coins at the moment. I think this will be the black market of crypto, which would be a massive market, but it seems risky.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  18. #318
    I think my plan with $dent is maybe to jump out when it reaches its all time high. It hit $0.10+ in 2018, if it got there in the past of course it can do so again. So I might sell up at $0.10 if it does get there again, and put that money into another coin, perhaps bitcoin, but maybe a privacy coin like monero, or an exchange token like FTT. Long way to go before dent gets to $0.10 though, and if it gets there on the back of them getting a big contract, then I might hold for longer. Not sure. I'm not selling at current price though.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  19. #319
    Quote Originally Posted by OngBonga View Post
    I was looking at $monero as a potential investment, after making that post funnily enough because I figured it would be the ideal coin for the purpose of hiding money from the taxman, which makes it a very appealing investment.
    Be careful with that thinking , the exchanges usually report the transactions to tax authorites in the clients countries (most of the larger exchanges require KYC checks before you get to trade ) otherwise they find that it becomes very hard for them to operate as banks get pressure to cut all ties preventing new funds to be deposited into the exchange and profits to be withdrawn .

    Tax evasion is a crime that authorites crack down on hard "personal use " in tax evaion doesnt apply lol .

    I'm unsure about privacy coins at the moment. I think this will be the black market of crypto, which would be a massive market, but it seems risky.
    Thats a slippery slope though. the "privacy" of a privacy blockchain is one thing , but when its attracting the scum of the world conducting all of their dodgy dealings , don't be surprised if your money/crypto suddenly disappears and once you lose track of your crypto on a "Privacy" blockchain you have no hope of ever finding out what happened to it , let alone trying to get it back.
  20. #320
    I'm not trying to dodge the taxman myself. I'm just thinking that a coin that allow people to dodge the taxman will be in high demand. I don't care about the "scum of the earth" using the coin. I'm not in crypto to judge other people. I'm in it to make money. I'm not sure it's easy for people to just steal your coins, monero is supposed to be secure. I'd be more worried about leaving the coins on an exchange though.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  21. #321
    Found this today and will help other UK guys with capital gains tax

    https://www.gov.uk/hmrc-internal-man...al/crypto22100

    and another useful link

    http://www.cgtcalculator.com/instruc...#liveportfolio
    Last edited by Keith; 05-04-2021 at 07:19 AM.
  22. #322
    I hope there comes a day where I have to worry about CGT.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  23. #323
    Also using this to get the prices to value portfolio.

    Go to nomics.com and register for the free api key

    will tell you how to set up a spreadsheet in google sheets to import the prices and set up your portfolio valuation using those imported prices
  24. #324
    Wierdness from reading the manual is that UK mined coins are treated as income ......but you can offset your electric and equipments costs (i.e graphics cards) against it to reduce your income tax due. and the value when you receive the mined coins is taken as the buying price for capital gains tax purposes.
  25. #325
    Huh? I took from that manual the complete opposite - that electric and equipment were non-deductable (ie you can't offset them).

    I've found a very low market cap, low volume coin where I can make good returns from differential trading. I had just over 500k coins an hour or two ago, now I have 1.37m, just by selling at the highest possible price that puts me at the front of the queue, then buying back at the lowest possible price that puts me at the front of the queue, then repeating. The difference between them is enough for me to even beat the 10% "rake" that goes into the coin's liquidity pool and reward programme, at times 30%+ differential. The down side is that you have to wait due to low liquidity, and there are others doing the same so you get into an incremental price war.

    What's crazy is that people just buy or sell at whatever price they can immediately trade at instead of waiting maybe five minutes to get a much better price.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  26. #326
    https://www.gov.uk/hmrc-internal-man...al/crypto21150
    https://www.gov.uk/hmrc-internal-man...al/crypto22150

    you can offset the electricity and equipment for mining against the income tax but not against any capital gains tax.


    what you're describing you'll need to look up the rules on same day trades and bed and breakfast trades . And seems as dodgy as hell .......be careful you aren't the sucker left holding a pile of crap and noone is buying anymore and the price has collapsed to nothing .


    kind of like the safemoon price collapse

    you can do a similar thing trading ADA at much lower risk trading the 1.28 - 1.36 range and taking 6% a time
    Last edited by Keith; 05-04-2021 at 08:59 PM.
  27. #327
    kind of like the safemoon price collapse
    I sold some safemoon to buy this other shitcoin and what I have left of my safemoon is still x5 what I paid for it. I only stuck ten bucks in safemoon, I've got similar amounts invested in a few other shitcoins. If they end up worthless, that's fine. I appreciate this is gambling. But it's more fun than betting on football. I have more faith in my dent.

    I ended up with 1.66m coins, a 200% gain on that coin just by trading the differentials. I'm basically at $25 on that coin, so it's not like it's worth banking the profits just yet. But I'll take 200% a day, I'll have $55k in a week at that rate.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  28. #328
    you can do a similar thing trading ADA at much lower risk trading the 1.28 - 1.36 range and taking 6% a time
    There's way more volume on ada. I appreciate it's stable and fluctuates around a value, so there's gains, but it's a high market cap coin with high volume, it can all move a bit too fast for me. This coin I'm playing with is ridiculously low volume.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  29. #329
    Current prices... buy $0.00001599
    ....................... sell $0.00001352
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  30. #330
    So I'll put an order in to sell at 1598, then when it sells put an order in to buy at 1353, and I'm printing shitcoins.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  31. #331
    Oh I'm probably wrong on the CGT. I scanned through it and I'm not inclined to read it again. It's not something I'll worry about until I need to, and by then I'll be happy about it.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  32. #332
    Quote Originally Posted by OngBonga View Post
    Current prices... buy $0.00001599
    ....................... sell $0.00001352
    This is actually a bit tight. I'm not making much here. I was selling at 1800+ and buying at around 1200 at one point, that was where the bulk of my gains came.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  33. #333


    this is one i'm trading Kusama put limit buys in at 415,410and 405 and got 2/3 selling at 438 and 1/3 running on up to 480 if it gets back to past prices


    Put this ETH buy in friday night when it was at 2800 , 2750 order got filled but the 2700 had to be cancelled as it only went down to 2730 ish . topped out at 30% but still at 20% gain
  34. #334
    sold 2/3 of my exchange ada at 1.399 rest has sell orders in at 1.42 and 1.48

    buy orders placed at 800 @1.368 500@1.34 560 at 1.285
    Last edited by Keith; 05-05-2021 at 12:26 PM.
  35. #335
    What are your thoughts behind the ADA trades? Is it just swing trading, or are you short on ADA in the long run?
  36. #336
    have a load as a long term hold on crypto wallet . this is just trading funds for short term profits .

    1.42 sale just filled . put a limit buy in at 1.53 for xrp with the ADA proceeds from this trade
  37. #337
    I've just bought some mooncunt.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  38. #338
    limit sold 28 dot @39.75, buy order for 34 dot at 34.75 placed

    EDIT: last of the ADA sell orders was reached at @1.48 peaked at 1.49 set a buy order at 1.42 with the proceeds

    EDIT : flash crash and bought at 1.42 and 1.44 sell order placed @ 1.49

    edit : and sold at 1.49

    bought ADA at 1.44 1/3 buy order at 141.5 and last 1/3 of proceeds buy order at 137.5


    Bought 40 waves @34.2 sell order put in for $37
    Last edited by Keith; 05-05-2021 at 10:16 PM.
  39. #339
    Tonight I worked my shitcoin to 2.3m, as soon as my last cheap buy order filled the coin pumped.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  40. #340
    ADA just broke through all time high and pumping
  41. #341
    I helped wreck someone last night. The coin I've been playing with is safesun, another shitcoin with a stupid name. I was selling at 2200 and buying at 1800, give or take incremental price wars with other traders. My last trade was a buy at 1811, then before I could put in a sell order the coin started pumping, quickly hitting 3000+ and peaking overnight at 10000 before settling around 6500. Imagine being that seller.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  42. #342
    trouble with those sorts of coins is would you really want to put any large amounts into them ?

    sold the waves i bought at 34 last night for 37 this morning . buy order put in for 34 again


    2/3 of the kusama i bought for average of 410 was sold this morning for 430. buy orders in at 425 and 415 with the proceeds.


    the ADA 1.44 buy order filled and was sold at 1.50 overnight . bought 600 at 1.639 after it peaked and dropped , price drop just fell short of the 1.60 buy order


    bought 2 KSM @425 sell set at 450 (looks like bitboy is going to pump it today)


    edit: move buy price up to 1.6075 from 1.6 for ADA 4 times the dip fell just short
    Last edited by Keith; 05-06-2021 at 01:43 PM.
  43. #343
    trouble with those sorts of coins is would you really want to put any large amounts into them ?
    Not really, so there hopefully comes a point where I have more in these coins than I'm comfortable with, at which point I get into another coin. But find me another coin where I can turn $8 into $200 in two nights. Gonna ride it out for a bit longer but $200 into another coin is already tempting, though right now I'm kinda not bothered if safesun goes up or down, if it goes up then I make more money and if it goes down the volume will decrease and I'm back able to trade the differentials.

    I'm not touching the dent. I've sold some to fund shitcoin speculation, but I have 150k dent that I'm not touching until it's at its ATH, around $0.10. Then I'll consider putting it into something else. So my "play" money is what I can make from these shitcoins. I think if they get to a combined $1k, I'll put it into something less risky.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  44. #344
    these 5% swing trades im doing may not sound sexy making $50 a trade but do a 100 and you've locked in 5k of gains. as you keep making money you can then add coins that you're trading or trade larger amounts each trade for a bigger profit .its a bit like stealing the blinds from guys that fold too much .
    Last edited by Keith; 05-06-2021 at 03:04 PM.
  45. #345
    flash drop an hour ago gave the opportunity to fill most of my buys

    xrp @ 162.5 and 1.554 sell put in at 1.71.5
    waves @34.1 sell put at 40.5
    chainlink @ 47.2 sell at 49.75
    2.1 KSM @416 sell ing at 439.99
    500ada@1.6075 monitoring the price action before putting in a sell
    Last edited by Keith; 05-06-2021 at 07:01 PM.
  46. #346
    KSM sale was filled and placed new buy order @420
  47. #347
    s KSM also sold @450 , buy order placed for 1.5 KSM at 380

    switching the rest into KAVA with 65@6.15 and 67 @5.6 orders placed .sells will probably be 6.55 and 6.75 if they fill

    edit
    65KAVA filled overnight ...sold this morning @6.7 buy order placed @6.05
    Last edited by Keith; 05-07-2021 at 06:32 AM.
  48. #348
    CoccoBill's Avatar
    Join Date
    May 2007
    Posts
    2,256
    Location
    Finding my game
    I'm assuming the UK has a fairly high tax free limit for capital gains tax?
    Our brains have just one scale, and we resize our experiences to fit.

  49. #349
    £12.5k, then CGT depends on how much income tax you pay. You could pay as little as 10%, or as much as 20%.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  50. #350
    hmmmm Ong is looking into capital gain tax .

    But yeah ....Tax treatment on capital gains isnt quite as favourable as for Poker winnings

    and meh .....1 month into the tax year and i'm approaching the CGT free limit
  51. #351
    CoccoBill's Avatar
    Join Date
    May 2007
    Posts
    2,256
    Location
    Finding my game
    1000€ here.
    Our brains have just one scale, and we resize our experiences to fit.

  52. #352
    I can't even remember where you live. Finland?
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  53. #353
    CoccoBill's Avatar
    Join Date
    May 2007
    Posts
    2,256
    Location
    Finding my game
    Yeah. We like taxing the fun out of life here. I don't know what those happiest country competitions are about.
  54. #354
    I think it's propaganda. They first convince you you're the happiest folk in the world with the best standard of living, and then you assume it's because you're properly taxed for the better of society. Scammed.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  55. #355
    Keith, what exchange do you use? Ong? It seems like Coinbase or the like would evaporate any short term trade gains via fees.

    Also, buying at X and selling at X*1.05 sounds great, but I've a skeptical disposition, and I have an inkling that something so simple can't really be profitable. What am I missing?
  56. #356
    I use binance and bitmart. Fees are like rake, if you're playing good poker you beat the rake. Binance fees are 0.1% (discounted if you hold $BNB), bitmart I think is 0.25%, while there's also sometimes a fee associated with the coin itself, in the case of the coin I'm playing with it's 10%. So I'm having to make around 15% profit in a sell/buy transaction pair to beat the rake. I've turned a 500k stack into 4.4m doing this, so yes you can beat the rake.

    It's profitable for the same reason arbitrage is profitable. Most people just buy the most fast and convenient way without realising they are paying a premium for that convenience. They don't seek out better prices, they don't try to understand how exchanges work.

    There are of course risks. You could sell a coin, and not be able to get back in cheaper than you sold for, so you face a choice... buy back in at a loss, or walk and potentially miss out on a pump. The reverse can happen too... you can buy a coin and then the price crashes. So you're not quite printing money.
    Last edited by OngBonga; 05-08-2021 at 12:24 PM.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  57. #357
    I'm up to 5.3m, and I cashed out around $40 to buy into another coin so I've got a bonus investment too. It's ridiculous how easy this is.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  58. #358
    I made a pretty big mistake too, filling in the sell box instead of buy box, thus selling my coins a lot cheaper than I would have considered. Such a stupid mistake, it cost me nearly 1m coins. Despite that I'm nearly 1m up on the night and I have $40 in another coin. Like I say, ridiculous. $8 to $300 without the coin even pumping that much. It's pumped a bit since I bought in but that isn't where the bulk of my profits are coming from.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  59. #359
    What is your insight into exchanges that allows you to profit? Are you arbitraging across exchanges? Or is it as simple as buy order at X and sell order at x*>1, rinse and repeat? How do you forecast what the >1 variable will be? If it's back looking, isn't that pretty unreliable?

    Do you even care if you miss a pump? Isn't your game just locking in a volume of small gains due to fluctuations so that you don't need to predict a pump?
  60. #360
    Or is it as simple as buy order at X and sell order at x*>1, rinse and repeat?
    This.

    Do you even care if you miss a pump?
    Kind of, yeah. Depends how big a pump, there are opportunities to get some cash out of a coin that is really just a scam to make developers and early investors rich. I've got around $300 in this coin right now, a pump might take that to $500 and I can cash out $300.

    Isn't your game just locking in a volume of small gains due to fluctuations so that you don't need to predict a pump?
    The game is increasing my stack. I mean, ideally I'd like the coin to remain precisely this stagnant forever, because it's at that sweet spot where there's just enough volume to have several trades a minute, but not too much volume to squeeze the prices margins. But it's not going to stay like this forever, so I'd like to see a pump so I can take out some cash to invest elsewhere. It's preferable to a crash that results in volume drying up to the point there's only a couple of trades every five minutes or whatever. That's the worst case scenario, assuming I'm holding coins.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  61. #361
    Trading at the moment is at 7% swings, not enough to profit. So I can't trade on this market right now.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  62. #362
    What is your insight into exchanges that allows you to profit? Are you arbitraging across exchanges?
    I can't imagine this is easy to do, even though it's probably possible. If you had a bot doing the work, then for sure this could bring in a profit, but it would be way too stressful as a human.

    The exchange doesn't care, they get their fee.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  63. #363
    Quote Originally Posted by boost View Post
    Keith, what exchange do you use? Ong? It seems like Coinbase or the like would evaporate any short term trade gains via fees.
    currently on Kraken and fees are around .14%.

    had a hell of a job getting money onto binance so kind of gave up on them , firstly they wouldnt accept verification docs that allother pokersites/exchanges had accepted so far . then deposits didnt go through from card . may try again though

    downside of kraken is that it can have sell off wicks but great if you have some buys set to take advantage of those wicks which the trading strategy i'm using is relying on , by buying at the bottom of the daily trading range you are also minimising loses when market dips.

    looking at moving to kucoin or binance in the future though simply for the smaller fees but also to get access to some extra coins like VET



    Also, buying at X and selling at X*1.05 sounds great, but I've a skeptical disposition, and I have an inkling that something so simple can't really be profitable. What am I missing?
    Dopn't forget that prices can dump fast . the way i'm looking at it though is i'm buying at the bottom of the trading range anyway which minimises the loss, if it drops its either filling some buys i've set lower down or i 'll make a decision whether it was just a bad trade and eat the loss .

    [QUOTE=boost;2312216]What is your insight into exchanges that allows you to profit? Are you arbitraging across exchanges? Or is it as simple as buy order at X and sell order at x*>1, rinse and repeat? How do you forecast what the >1 variable will be? If it's back looking, isn't that pretty unreliable?[ /quote]

    basing it on the trading range and volatility over the previous couple of days

    Do you even care if you miss a pump? Isn't your game just locking in a volume of small gains due to fluctuations so that you don't need to predict a pump?
    I mitigate that risk by having two portfolios one is long term hold on a off exchange walle and the rest is trading funds . if it pumps past you can set multiple sell prices but you risk missing trades and just because a coin pumps doesnt mean you cant trade the new ranege or another coin altogether

    Quote Originally Posted by OngBonga View Post
    I can't imagine this is easy to do, even though it's probably possible. If you had a bot doing the work, then for sure this could bring in a profit, but it would be way too stressful as a human.

    The exchange doesn't care, they get their fee.

    The problem with having a bot doing the trading is that you are risking you account contents as you don't necessarily know if the bot creators won't code in a bleed to themselves or just straight out transfer your coins to their account wallets
    Last edited by Keith; 05-09-2021 at 02:10 PM.
  64. #364
    I wouldn't use a bot for that very reason, but if I knew what I was doing, I could create my own bot.

    I didn't have such problems with binance. I was simply limited to £300, which I've used up. But I can easily put more funds into crypto via coinbase, just buy bitcoin or bnb then ship it to binance. If I want to increase my limit, I need to do photo id on a smartphone, but I have a heap of shit phone so I can't do that.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  65. #365
    sold my trading BTC yesterday at 58950 split buys at 56800,55400, and 54000. 56800 has filled and sell order put in for 59100

    Kava buy order filled at 6.05 sell order put in @ 6.6
  66. #366
    Ong, how much have you made so far, and how long have you been at it, since about the start of the year?
    I just think we should suspend judgment on Trump until we have all the facts through an inquiry
  67. #367
    as an aside ...are any of you guys interested in a private discord channel .

    kinda feel nervous about posting publically how much i have in crypto .

    its also a lot easier to post screen shots as well
  68. #368
    Quote Originally Posted by Poopadoop View Post
    Ong, how much have you made so far, and how long have you been at it, since about the start of the year?
    I've put around £300 of IRL funds into crypto, including some from my poker bankroll, and I'm currently worth around $2k, so that's something like £1600. I'm north of a grand up. That's since beginning of Feb.

    $1500 of that money is in dent, which I'm holding until around 10c (its previous all time high). That's x10 from where it currently is. So hopefully that's worth $15k

    I have around $300 in safesun, which was a few days ago $8. I'm cashing out at least $200 when it next hits the ...8 range (about +50% from current price), which I'll invest in a better coin.

    I've got $50 in safemoon, that can get to about $200 maybe, idk

    Around $50 in mooncunt, no idea if this will go up or not, it's a tiny market cap so it's worth a gamble, if it goes viral this could be a huge investment but probably it's worthless.

    $50 in sky, I expect x10

    and around $20 in each of dash, safemars, safestar, and moonshot, hoping for around x10 off all these too.

    Looking forward to cashing out some safemoon so I can invest elsewhere.

    Quote Originally Posted by keith
    kinda feel nervous about posting publically how much i have in crypto .
    Delete your posts then, at least the ones with financial info that have been read. I'll probably delete some of my posts in this thread sometime in the future, like this one. And if anyone quotes me, I have the power to edit out my quoted comment, as do you.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  69. #369
    My safesun stack is up to 6.15m. I started with 500k. This is purely selling and then buying back cheaper, beating a 10% rake in the process.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  70. #370
    Quote Originally Posted by OngBonga View Post
    I've put around £300 of IRL funds into crypto, including some from my poker bankroll, and I'm currently worth around $2k, so that's something like £1600. I'm north of a grand up. That's since beginning of Feb.
    That's good money. Drinks are on Ong everyone!
    I just think we should suspend judgment on Trump until we have all the facts through an inquiry
  71. #371
    If you can find me a pub that accepts safesun as payment, then let's go!
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  72. #372
    And if you find me one that accepts Waitrose coupons as payment I'll buy the second round!
    I just think we should suspend judgment on Trump until we have all the facts through an inquiry
  73. #373
    used my tax free cgt limit with todays ada /eth pump
  74. #374
    That's impressive, seeing as we're barely a month into the new tax year.
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  75. #375
    crop1.png

    thats just the long term portfolio today

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •