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LaaMok

My crypto journey so far

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LaaMok

These are my observations, I am no expert. (written in December - so my opinion has changed alot)

4 years ago I brought 2 mining rigs for 300,000 baht but the cost of electric went up to a silly amount which would have been worth it long term,  but at the time I couldn't really afford the 30k a month in electric. Then I had heart problems and gave up with it all.  I was advised one coin will do very well and I cached in all my coins into a single coin, which disappeared at some point.

Recently I have been looking into it again and I have explored various avenues, I have set up a small local group which includes some Pattaya friends that do not live here. But it seems everyone is confused as each other, everyone has the same questions, everyone is looking for a golden ticket.  Many guys have asked me what I think about it all and how they can make money.  Here is a little of what I have found so far. (i am not an expert)

Day trading/short term trading

This is very stressful, high risk and very confusing,  the alt coins shoot up and down, at the same time bitcoin is moving,  you really need to try and ignore the usd value and increase your bit coins, one of my friends lost 40 of his bit coins day trading, I am also thinking its quite addictive and pretty much a gambling problem if you are not careful.  I dont have the time to day trade, you can plan the trade, but i would still be sat there watching it,  then you need more to go right than wrong. You need to plan it, so when you double up on the bitcoin amount that you used to buy it with, you then sell half and get your btc back, then keep repeating. This reduces the risk,  also you need to figure out your betting bank and split the percentages and manage your risk, such as 100,000 baht is your betting balance,  30k in fiat, 30k in btc and 30k in alt coins, keep them balanced, as you make more put some over to fiat. Then use 5% of your alt coin balance for each alt coin, for example,  you could even split that half your alt coin balance into long term trade and and half into day trading.  Then you can set them to sell out if they reach a 20% loss, (to reduce risk)  but also sell half at a double amount. (to get your money back first) I think you have the picture and enough to go by.  One of my friends has been kind enough to show me his system and i was very excited at it until it got to complicating and with the btc changing so fast it was kind of flawed.  His btc balance was going down but the usd amount was going up because of the btc price increase. (that's a false sense of security unless you are cashing out)  Day trading is also limited unless you hit some bigger coins due to low volumes and you crashing the price.I see people getting very stressed by day trading,  it might ruin your life. I have a friend trying to exit a huge amount from an alt coin and he can only do 1% occasionally or he crashes the price.

Long term trading

This is something all the experts recommend,  buy them cheap and sit on them for a long time, forget about them or set up a trade.  This is something I will do later when the btc price has settled. I would put a punt on the top 5 coins and a few others and forget about it for a few years.

ICO

Initial coin offerings,  there was 40 new coins launched per month, and its going to triple next month,  they now require 10 btc to get in some of the exchanges, because its getting crazy.  Many people are offering the coins for sale before they are even in the exchanges, the website could disappear, the coins might not do well, they might not get in the exchanges, there are alot of factors involved, but there is the potential to 5000x your money and i heard someone 175,000x their money. I have a friend who has a subscription to help pick the best coins.  i like the idea of this one, just buy some here and there and wait, a bit like spread betting.

One of my good friends is writing a course on how to make your own coin because he did it himself and made alot of cash, but its high risk and could be fun. But you need to promote the shit out of it and have a good idea. I think he will sell the course around 2000 usd and offer private one on one for 10-20k usd.

Bots

I have another friend who has got a trading bot made,  they have been fiddling with it, testing and came across a few problems to resolve, such as moving somewhere with no/less fees for millions of transactions. The problem with this is that you need to trust your money with a bot,  i am unsure what i think about this until i see it running and profiting.

Mining

I still think mining is a very good method as its less risky and more relaxing,  but I don't want the heat or the noise in my room, it means leaving my aircon on, if i was in a cold country and i needed heat anyway, I would consider it again. You can buy hash power, but make sure its not a pyramid scheme, I am still unsure about that concept, its a gamble. (again)

What do I think?

A lot of guys say they make money but are not, a lot of guys think they make money but are not (until you cash out) a lot of guys think their methods are best, a lot of guys want to sell you training, subscriptions, hash power, pyramid schemes, sell you dodgy coins.  Its a mine field out there, I think you need to find one idea and stick to it.  I also think the long term strategy is best. (i mean 6 month to years) Also, people steal, hack your coins, exchanges disappear, its alot to worry about.

What am I going to do?

I am lucky enough to have a few friends that sold me btc recently, probably at the wrong time I should be buying,  the 2 coins I paid 850k baht for (at least I owed them that)  I couldn't sleep good, couldn't relax, what if those 2 coins go back down to 1000 usd again,  I would owe all that money and be angry with myself for many months while I paid it off.  Yesterday I decided to cash the coins out into Thai baht and made 248k baht, which was ok for 3-8 days of running around worried,  but I like to keep things simple, I like to know what I am doing.  So for now I will focus on my online business, but i will observe my friends and i will try to find one method to make money and keep it simple.  I will still meet crypto guys and still learn.

Here is my current idea,  I have left 10,000 baht cash in my bx.in.th Thai account,  I will buy btc low and sell out when its higher. (sounds brain dead simple but its better that way) I won't put any more it, and I won't do anything else for now. I have this https://bx.in.th/tradeview/ on my screen and i will find a pattern one day over the next few weeks,  if i don't, I don't care, if i lose 10k Thai baht, i dont care.    Its not going to be easy, but i am a strong believer in keeping it simple, having it against the thai baht is more stable, I just need to find an indicator to when it is rising.  I can't be dealing with all the complexities of alts up and down, btc up and down.

My million dollar question, is when do you cash out your bitcoins?  many guys are waiting for silly amounts,  its hard to know when.  I know many millionaires right now if they cash out, but they are waiting for more,  maybe they are right, maybe they are wrong, but there are millions of opinions out there. I now have 0 bit coins.

Bitcoin whales and manipulation groups

There are plenty of guys out there with tons of coins from back in the day when they were dirt cheap, these guys can do pump and dumps.  Its very easy to manipulate for them and these groups scare me, they are probably the ones making the real money.

Here are some useful websites

Thailands largest coin exchange, easy to cash out to Thai baht

My choice of wallet https://blockchain.info/  plus phone app

Bit coin ticker https://bitcointicker.co/

Trading platform with alerts https://www.coinigy.com/

The best trading view website out there for all the crypto/bitcoin stuff, the tools on there are insane https://www.tradingview.com/

One of the largest exchanges https://bittrex.com/

Get the google auth andriod app for 2 factor authentication 

Bitcoin hardware wallet https://shop.trezor.io/ Only order from the site.

Thailands best bitcoin exchange https://bx.in.th/ref/PzA641/

bx1_en.gif

 

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LaaMok
5 minutes ago, whitespider said:

Interesting info.

how does a coin "disappear"?

I have no idea. But it went lol

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whitespider
Just now, LaaMok said:

I have no idea. But it went lol

Couldnt resist the smiley to your last post but I guess its actually far from funny.

Was that one coin "mined"?

 

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LaaMok
2 minutes ago, whitespider said:

Couldnt resist the smiley to your last post but I guess its actually far from funny.

Was that one coin "mined"?

 

When you do mining, you use a tool that chooses the most profitable one at that minute, so you can switch between or focus on one coin. I got many many coins that way, but traded it for that particular coin, its unlikely that i mined any.

 

I forgot to add, I think you are more likely to make money if you aim for 20% or something,  you may not make as much but your risk will be lower.

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LaaMok

This is my current view. I am looking for trends

 

BTC_THB_555,100.00_▶_0.00%_-_2017-12-12_12.04.03.png

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Young Coxy

The whole thing from top to bottom is a crock, though some of the ideas and technology surrounding it are reasonable.

 

Some of these things may get integrated into the mainstream in the future, though the banks with their more than considerable resources will fight tooth and nail all the way to prevent that.

 

As LaaMok rightly points out, manipulation is absolutely rife, and especially in the alt currencies often by the very people who created the coin in the first place.

 

Pump and dump indeed.

 

Money can be made through arbitrage, but it means sitting in front of a computer all day, with absolute zero room for error, and competing with an endless array of bots.

 

My advice to all, and especially to the new, is to not get involved.

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LaaMok
4 minutes ago, Young Coxy said:

 

 

My advice to all, and especially to the new, is to not get involved.

correct,  or paper trade or use throw away money. 

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DaveLock

Naive comment here but wouldn't it be a strategy to look for world events that are likely to drive demand for bitcoin up and invest before them, then sell when the crisis has peaked the rate? A good example of what I'm referring to was the Greek and Cypress troubles.

There are some possible unstable world events still to unfold. If Brexit tanks the UK economy too much you might see some wealthy Brits divesting into bitcoin. If NK tensions heat up there might be some wealthy South Koreans looking to do the same. And so on.

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Young Coxy

correct,  or paper trade or use throw away money. 

Yes if people are absolutely desperate to get involved than paper trade or beer money is the way to go.

They will soon learn if they have an appetite and/or skill for it.

Sent from my CPH1701 using Tapatalk

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Young Coxy
Naive comment here but wouldn't it be a strategy to look for world events that are likely to drive demand for bitcoin up and invest before them, then sell when the crisis has peaked the rate? A good example of what I'm referring to was the Greek and Cypress troubles.
There are some possible unstable world events still to unfold. If Brexit tanks the UK economy too much you might see some wealthy Brits divesting into bitcoin. If NK tensions heat up there might be some wealthy South Koreans looking to do the same. And so on.
That is one strategy. Many people already do similar on the currency and stock markets in relation to world events.

Sent from my CPH1701 using Tapatalk

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CyberPro
2 hours ago, LaaMok said:

My million dollar question, is when do you cash out your bitcoins? 

With the wisdom of hindsight and borrowing from futures trading strategies, one could continually sell as prices rise so you don't lose everything in case the market crashes. 

2 hours ago, Young Coxy said:

The whole thing from top to bottom is a crock, though some of the ideas and technology surrounding it are reasonable.

That's kinda what I thought, way back when getting into this was very affordable. Anyone remember the virtual world Second Life where players were paying REAL MONEY to buy virtual real estate in this "game" as I would call it? 

Bit coins seemed like just another scam. They have value as long as the market believes they do, if that belief changes then the perceived value drops. 

Huge influxes of money resulting from luck aren't necessarily a blessing...in fact the reverse is often true. Still, a modest gain from this now-popular fad (?) might be nice. :rolleyes:

Edited by CyberPro

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Betheone

I don't know much about this but I am an engineer and understand the power requirements .  Its absolutely crazy and I don't mean people at home but the big mining centers. BitCoin mining already uses more power than than the country of Denmark and by 2020 yes 2020 will surpass that of the US. I do not see how this power consumption can continue.  Just my 2 Baht.

Ronbo

 

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RAZZELL

Very late to the party - but here is my take.

I know a lot of bright guys some of whom are in the markets but who personally won't Touch this with a barge pole.

Even a computer boff I know who has his own software company doesn't touch them.

But I think there is a vast difference between trying to be a crypto currency day trader and just "having a punt' to try and get lucky.

Personally, as there are nearly 1500 crypto currencies - you might as well have a look at say 20 or 50 - and have a small punt on each and buy 100 coins - then put them in a wallet and forget about them for 5 years. You never know you might get lucky?

For some reason South Koreans are obsessed by crypto currencies...maybe something to do with playing online games? Or maybe the speed of their internet? Dunno...

Personally, something like Monero which is used a lot by crooks on the dark web appeals to me...always a big market! :wink:

Ripple also seems to be blowing up big-time.

RAZZ

Edited by RAZZELL

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localguy
On 12/12/2017 at 00:25, Ronbo said:

I don't know much about this but I am an engineer and understand the power requirements .  Its absolutely crazy and I don't mean people at home but the big mining centers. BitCoin mining already uses more power than than the country of Denmark and by 2020 yes 2020 will surpass that of the US. I do not see how this power consumption can continue.  Just my 2 Baht.

Ronbo

 

That assumes BTC mining will continue to grow at recent rates. And if by 2020 BTC mining requires as much power as the entire US power grid infrastructure, it would require worldwide electricity production capacity to grow by that amount in 3 short years. That won't happen, unless perhaps the country of Mongolia gets converted into one giant solar panel. More and more, cryptocurrency mining will be constrained by physical real world limits. 

 

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LaaMok

I think technology will advance to cut down the electric it takes, but thats just a wild guess.

 

I have put all my chips into POT coin while its at the bottom.

 

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60minuteman

I'm holding Bitcoins, Litecoin and Ethereum, not interested in daytrading them there are better options for that. It's very much a buy and hold, maybe 5-10 years.

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Kim Jong Il

I'm a regular reader of Zerohedge.

http://www.zerohedge.com/

All sorts of articles about all sorts of things, mostly financial and political.

Some interesting articles get posted there about Bitcoin, along with many other things. Also one or two clued up sounding guys making comments there.....as well a some bull of course. Worth looking in every few days if you're into that stuff.

Is it a good thing, is it a bad thing. The discussions could go forever. Time is the only thing that will tell.

Will it last? The only thing which has stood the test of time till now are precious metals. Fiat has a 100% failure rate.

Make your own decisions based on your research and only put in what you can afford to lose.

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60minuteman
56 minutes ago, Kim Jong Il said:

I'm a regular reader of Zerohedge.

http://www.zerohedge.com/

All sorts of articles about all sorts of things, mostly financial and political.

Some interesting articles get posted there about Bitcoin, along with many other things. Also one or two clued up sounding guys making comments there.....as well a some bull of course. Worth looking in every few days if you're into that stuff.

Is it a good thing, is it a bad thing. The discussions could go forever. Time is the only thing that will tell.

Will it last? The only thing which has stood the test of time till now are precious metals. Fiat has a 100% failure rate.

Make your own decisions based on your research and only put in what you can afford to lose.

You're right, there are no experts... best make your own mind up and don't risk what you can't afford to lose!

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Som Tam

I honestly think it’s like a switch went off, probably the opening of CBOE and futures trading of bitcoin such that anti-fiat currency types even like goldbugs- who used to buy gold, silver, & platinum will now buy the cryptos.  

Im looking to buy Etherium & Litecoin within the next few days. Just need to set up the coinbase account and transfer some dollars. 

I am already invested in GBTC an ETM of bitcoins.  Bought through regular stock broker account. No different than investing in gold or oil through ETMs/ETFs and there are stocks I’m in like RIOT blockchain, MARA & MGTI which are bitcoin miners.   Like investing in gold miner stocks. 

But anyway, so far so good- ALL UP!

you can invest in the cryptos many ways without even buying the coins. 

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Som Tam

GBTC hits All Time High today $2648.99 USD per share.  Basically one share of GBTC is 1/10th of a bitcoin.  

2 weeks ago it was $700-$800.  Last week it was $1700-$1800. 

Moving on up. 

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LaaMok

I have put all my chips into POT coin.  Its a punt but its a long term punt.  Its not money anyway.

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me and you
On 12/12/2017 at 12:45, LaaMok said:

These are my observations, I am no expert.

4 years ago I brought 2 mining rigs for 300,000 baht but the cost of electric went up to a silly amount which would have been worth it long term,  but at the time I couldn't really afford the 30k a month in electric. Then I had heart problems and gave up with it all.  I was advised one coin will do very well and I cached in all my coins into a single coin, which disappeared at some point.

Recently I have been looking into it again and I have explored various avenues, I have set up a small local group which includes some Pattaya friends that do not live here. But it seems everyone is confused as each other, everyone has the same questions, everyone is looking for a golden ticket.  Many guys have asked me what I think about it all and how they can make money.  Here is a little of what I have found so far. (i am not an expert)

Day trading/short term trading

This is very stressful, high risk and very confusing,  the alt coins shoot up and down, at the same time bitcoin is moving,  you really need to try and ignore the usd value and increase your bit coins, one of my friends lost 40 of his bit coins day trading, I am also thinking its quite addictive and pretty much a gambling problem if you are not careful.  I dont have the time to day trade, you can plan the trade, but i would still be sat there watching it,  then you need more to go right than wrong. You need to plan it, so when you double up on the bitcoin amount that you used to buy it with, you then sell half and get your btc back, then keep repeating. This reduces the risk,  also you need to figure out your betting bank and split the percentages and manage your risk, such as 100,000 baht is your betting balance,  30k in fiat, 30k in btc and 30k in alt coins, keep them balanced, as you make more put some over to fiat. Then use 5% of your alt coin balance for each alt coin, for example,  you could even split that half your alt coin balance into long term trade and and half into day trading.  Then you can set them to sell out if they reach a 20% loss, (to reduce risk)  but also sell half at a double amount. (to get your money back first) I think you have the picture and enough to go by.  One of my friends has been kind enough to show me his system and i was very excited at it until it got to complicating and with the btc changing so fast it was kind of flawed.  His btc balance was going down but the usd amount was going up because of the btc price increase. (that's a false sense of security unless you are cashing out)  Day trading is also limited unless you hit some bigger coins due to low volumes and you crashing the price.I see people getting very stressed by day trading,  it might ruin your life. I have a friend trying to exit a huge amount from an alt coin and he can only do 1% occasionally or he crashes the price.

Long term trading

This is something all the experts recommend,  buy them cheap and sit on them for a long time, forget about them or set up a trade.  This is something I will do later when the btc price has settled. I would put a punt on the top 5 coins and a few others and forget about it for a few years.

ICO

Initial coin offerings,  there was 40 new coins launched per month, and its going to triple next month,  they now require 10 btc to get in some of the exchanges, because its getting crazy.  Many people are offering the coins for sale before they are even in the exchanges, the website could disappear, the coins might not do well, they might not get in the exchanges, there are alot of factors involved, but there is the potential to 5000x your money and i heard someone 175,000x their money. I have a friend who has a subscription to help pick the best coins.  i like the idea of this one, just buy some here and there and wait, a bit like spread betting.

One of my good friends is writing a course on how to make your own coin because he did it himself and made alot of cash, but its high risk and could be fun. But you need to promote the shit out of it and have a good idea. I think he will sell the course around 2000 usd and offer private one on one for 10-20k usd.

Bots

I have another friend who has got a trading bot made,  they have been fiddling with it, testing and came across a few problems to resolve, such as moving somewhere with no/less fees for millions of transactions. The problem with this is that you need to trust your money with a bot,  i am unsure what i think about this until i see it running and profiting.

Mining

I still think mining is a very good method as its less risky and more relaxing,  but I don't want the heat or the noise in my room, it means leaving my aircon on, if i was in a cold country and i needed heat anyway, I would consider it again. You can buy hash power, but make sure its not a pyramid scheme, I am still unsure about that concept, its a gamble. (again)

What do I think?

A lot of guys say they make money but are not, a lot of guys think they make money but are not (until you cash out) a lot of guys think their methods are best, a lot of guys want to sell you training, subscriptions, hash power, pyramid schemes, sell you dodgy coins.  Its a mine field out there, I think you need to find one idea and stick to it.  I also think the long term strategy is best. (i mean 6 month to years) Also, people steal, hack your coins, exchanges disappear, its alot to worry about.

What am I going to do?

I am lucky enough to have a few friends that sold me btc recently, probably at the wrong time I should be buying,  the 2 coins I paid 850k baht for (at least I owed them that)  I couldn't sleep good, couldn't relax, what if those 2 coins go back down to 1000 usd again,  I would owe all that money and be angry with myself for many months while I paid it off.  Yesterday I decided to cash the coins out into Thai baht and made 248k baht, which was ok for 3-8 days of running around worried,  but I like to keep things simple, I like to know what I am doing.  So for now I will focus on my online business, but i will observe my friends and i will try to find one method to make money and keep it simple.  I will still meet crypto guys and still learn.

Here is my current idea,  I have left 10,000 baht cash in my bx.in.th Thai account,  I will buy btc low and sell out when its higher. (sounds brain dead simple but its better that way) I won't put any more it, and I won't do anything else for now. I have this https://bx.in.th/tradeview/ on my screen and i will find a pattern one day over the next few weeks,  if i don't, I don't care, if i lose 10k Thai baht, i dont care.    Its not going to be easy, but i am a strong believer in keeping it simple, having it against the thai baht is more stable, I just need to find an indicator to when it is rising.  I can't be dealing with all the complexities of alts up and down, btc up and down.

My million dollar question, is when do you cash out your bitcoins?  many guys are waiting for silly amounts,  its hard to know when.  I know many millionaires right now if they cash out, but they are waiting for more,  maybe they are right, maybe they are wrong, but there are millions of opinions out there. I now have 0 bit coins.

Bitcoin whales and manipulation groups

There are plenty of guys out there with tons of coins from back in the day when they were dirt cheap, these guys can do pump and dumps.  Its very easy to manipulate for them and these groups scare me, they are probably the ones making the real money.

Here are some useful websites

Thailands largest coin exchange, easy to cash out to Thai baht

My choice of wallet https://blockchain.info/  plus phone app

Bit coin ticker https://bitcointicker.co/

Trading platform with alerts https://www.coinigy.com/

The best trading view website out there for all the crypto/bitcoin stuff, the tools on there are insane https://www.tradingview.com/

One of the largest exchanges https://bittrex.com/

Get the google auth andriod app for 2 factor authentication 

Bitcoin hardware wallet https://shop.trezor.io/ Only order from the site.

Thailands best bitcoin exchange https://bx.in.th/ref/PzA641/

bx1_en.gif

 

Yes i brought  1,500 Bitcoin  for $2.00 AUD and now they are trading at  $22,500 AUD so i have done very well out of bitcoin and i can only seeing them keep rising in price as there are only 24 million bitcoin made  

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socrates
13 minutes ago, me and you said:

Yes i brought  1,500 Bitcoin  for $2.00 AUD and now they are trading at  $22,500 AUD so i have done very well out of bitcoin and i can only seeing them keep rising in price as there are only 24 million bitcoin made  

And you joined just to tell us that ...

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