Great! Nice little mining setup you have there  Wait! Solo mining? Is that like buying lotto tickets what you are doing there?  |
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....So, during the bear market, employ your time opening accounts in as many exchanges as you can, verify as needed, learn their UI, etc... During a bull market things happen very fast, and chances are that you won't be able to use that exchange you need to trade some fork/altcoin or use for fiat withdrawal if you have not done your homework well in advance.....
This is great advice. The bear market will be long and tough to endure, and this is just the sort of work that will be making progress, instead of anxiously watching falling or stagnant prices. Verification can often be a long process. It is also useful to be familiar with the rules of the exchanges and businesses you deal with. Yup, and during a bull run is way longer if they are not simply collapsed. Also, for withdrawals, it is also useful THEY know you. And the best for that is having made some deposit to them in the past (and what better moment to do that than in a bear market?). Exchanges do not like people coming out of nowhere and pretending to withdraw huge amounts of money. Yea, that is good advice for someone starting out. Bear markets are good for getting your infrastructure set up with exchanges etc. I sold some btc back in the first quarter and I had to go through a whole process explaining where it came from. Everything worked out fine , but definitely take advantage of this time to get set up. I would appreciate advice on what sort of proofs/documents did they request you to "explain where it came from". It might get handy to get them all ready in advance. |
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I came here for the Bitcoins, but stayed for the barrel plugs. This thread is hilarious, I love it I would ask for instructions to build a homemade pipe bender.... but you guys wouldn't get the joke lol Talking about that... where is Rosecactus? I am starting to be worried. Hey! I'm trying to replace the lost Bitcoin hashing power so we have walls to Observe  I am not quite sure what you need. If you have not already solved it, a picture would be worth a thousand words |
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....So, during the bear market, employ your time opening accounts in as many exchanges as you can, verify as needed, learn their UI, etc... During a bull market things happen very fast, and chances are that you won't be able to use that exchange you need to trade some fork/altcoin or use for fiat withdrawal if you have not done your homework well in advance.....
This is great advice. The bear market will be long and tough to endure, and this is just the sort of work that will be making progress, instead of anxiously watching falling or stagnant prices. Verification can often be a long process. It is also useful to be familiar with the rules of the exchanges and businesses you deal with. Yup, and during a bull run is way longer if they are not simply collapsed. Also, for withdrawals, it is also useful THEY know you. And the best for that is having made some deposit to them in the past (and what better moment to do that than in a bear market?). Exchanges do not like people coming out of nowhere and pretending to withdraw huge amounts of money. |
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MY MISTAKES (Continuation)
Another thing I did wrong during the bull trend was being LAZY.
When you see your net worth quickly increasing thousands of dollars in a much shorter timeframe than you are used to (ie: Weekly, daily, hourly....) just "Watching the Walls" or doing some trades here and there, it is easy to procrastinate on other stuff you deem comparatively less important at that moment. I am not talking about personal life here, but crypto wise.
There was lots of money to be made with the multiple forks, airdrops, etc yet I didn't take enough advantage of them.
Many seemed to "not be worth the effort" but that was only comparatively at that time. Also some required some research, creating accounts on some other exchanges, ... In other words: WORK.
And why would you want to work for "pennies" when you are already earning thousands just for watching your bitcoins grow in price (coz, you know, you need to look after them all the time, right?)?!
WRONG!
We prepare during years of bear market, accumulating, trading and more importantly WAITING for the moment that rally comes and every part of the puzzle fall in place and all the opportunities are handed to us. And we need to take them. All of them.
I left on the table, and still have, most of Bitcoin Gold, and *ALL* of the other less valuable forks (Bitcoin Diamond, SBTC, ). Also many of the airdrops like Bitcore.
With some I fooled myself thinking "Well, there's no hurry, I will be able to cash it out later and maybe at a better price too"... But that was not true, I was just being lazy.
Had I not been and really think it may be better to wait, I would have anyways cashed/traded 50% then and hodl the other 50% for a better moment. But no, I did absolutely nothing. Out of pure laziness.
The advice here is: Don't be lazy, try to participate in airdrops, extract all the damn forks asap and get them ready, ... ACT.
Additional advice come from another mistake I made: Not having ready all the exchanges I would later need.
So, during the bear market, employ your time opening accounts in as many exchanges as you can, verify as needed, learn their UI, etc... During a bull market things happen very fast, and chances are that you won't be able to use that exchange you need to trade some fork/altcoin or use for fiat withdrawal if you have not done your homework well in advance.
This last advice is particularly important in regards to withdrawals. It is preferable to have established some previous history with the exchange, make some deposit/s to join the bank account, etc. And it is also better to have a few different ones too when the moment comes to pull the trigger. As many as you can. Minimise third party risk, split the withdrawals over them, don't do it all at once, etc....
^This is something I am doing right now. It will be a long process. You should do it too if you haven't already. Don't procrastinate. ^
(Will continue)
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Ok, from the poll it seems that most people thinks we have not yet reached the bottom. So... maybe we have?
I would say all the weak hands are already gone. I would be more worried about weak whales now.
Talking about whales... it has been some time since Bitcoin doesn't have any new whale, has it?
I mean, people like Tim Draper during the past bear market, etc....
Any new one this year?
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Tiens, is that not a bit bizarro? I thought so as well. BLah.... Centralised premined shitcoin = Scam. |
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... where is Rosecactus? I am starting to be worried.
the krokadil takes it's toll Hope he didn't spend all his funds on that and remains a nocoiner forever In hindsight he didn't do that bad selling (if he did)... unless he miss the train on the bounce. |
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I came here for the Bitcoins, but stayed for the barrel plugs. This thread is hilarious, I love it I would ask for instructions to build a homemade pipe bender.... but you guys wouldn't get the joke lol Talking about that... where is Rosecactus? I am starting to be worried. |
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Yup, that's a great advice. Only reinvest what you plan to reinvest and keep out what you plan to keep out. In "practical sense" only what you take out for good should be counted as profit taken. Other than that is just "trading".
If I've any other advice, it's read about rekt lottery winners. In the same way that reading the stories of rekt traders teaches us how to trade, reading their stories teaches us how to manage wealth. It's stupid how many of them blew their winnings and ended up in the same dead-end jobs. How ironic would it be to withdraw a million plus dollars from bitcoin and to then still end up as a wage slave? Yup. I personally know one that cases. Some start a spending spree like there were no tomorrow until they discover they are bankrupt, but there are also some others that don't and still, them not being used to MANAGE MONEY because neither their family nor them were ever wealthy, end up trusting some crook "financial manager" with the same result. It's sad. As I said, personally knowing about this, I came to the conclusion that the entities giving the big prize should also provide some guidance and consultancy for them (optional of course). They don't. That being said, I would tend to think that the next Bitcoin millionaires are at least miles more prepared to manage their wealth than the average lotto winner. P.S.: On second though, between the new crypto millionaires there are also a lot of reckless huge margin traders that just got lucky in a couple calls or riding the trend at 100x. Those will probably keep doing that until they get rekt. |
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I am thinking during and after the next rally people will start to use Bitcoin again as a form of payment for the following reasons:
1- It's not like it is going to do a 100x anymore, so the price will tend to stabilise (less extreme volatility) more than in the past.
2- Bitcoin will be better prepared for increased transaction volume, both onchain and, more importantly, offchain.
3- Also with the constant increase of Bitcoin ATMs worldwide it also makes sense to use them on the destination country instead of having to exchange bills beforehand. The fees in both cases can be similar. While that isn't the same as paying with Bitcoins directly it is still using it as a vehicle for payments.
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No. It's me as well. I'll stick with my existing shit. I was wondering why no volume is a virtue.
It isn't, but irony is. Sometimes. |
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I was talking about that coin. I'm not interested in bottoms. I've got one of them myself somewhere. I guess you need to talk to toknormal then. I do some shitcoins... but I wouldn't touch that one with 10 foot pole. Maybe it's just me. |
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Happy birthday ATH!
I am very sorry to hear you won't be able to be with us this Xmas. We will all miss you. Hope you are doing well wherever you are and you will come back home some day in the near future! You know we all love you!
Cheers!
Meanwhile, UNO continues its relentless march towards becoming permanently established as one of Bitcoin's best performing hedges and general long term stores of value. Looks like it will be one of the survivors of the "crypto dotcom bubble" who's cap will eventually be catapulted into the top rankings. Trying to get one's hands on any significant amount of it though is a distinct matter. And what exactly makes uno the exception to the crypto winter during the downtrend? I don't even know algorithm uno is or what makes it special. One special thing about UNO is that the daily volume is around $6000.... There are very few shitcoins that haven't been unlisted with such low volume. It's definitely a rarity. https://coinmarketcap.com/currencies/unobtanium/I saw people talking about this the other day, sure it is just the 'flavor of the month'? I don't know who would be talking about it except bagholders...... Must be a very bitter flavor.... but what do I know... |
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Happy birthday ATH!
I am very sorry to hear you won't be able to be with us this Xmas. We will all miss you. Hope you are doing well wherever you are and you will come back home some day in the near future! You know we all love you!
Cheers!
Meanwhile, UNO continues its relentless march towards becoming permanently established as one of Bitcoin's best performing hedges and general long term stores of value. Looks like it will be one of the survivors of the "crypto dotcom bubble" who's cap will eventually be catapulted into the top rankings. Trying to get one's hands on any significant amount of it though is a distinct matter. And what exactly makes uno the exception to the crypto winter during the downtrend? I don't even know algorithm uno is or what makes it special. One special thing about UNO is that the daily volume is around $6000.... There are very few shitcoins that haven't been unlisted with such low volume. It's definitely a rarity. https://coinmarketcap.com/currencies/unobtanium/ |
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By the way, we're having a terrific NY party, and we offer nice welcome perks: open bar for ATH's!
Just in case you're considering...
He is definitely not coming. Couldn't make it. He has sent us some Xmas gifts though: https://i.imgur.com/nhlvtqW.png <- Warning: NSFW[mod note: removed embed of NSFW image] |
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Happy birthday ATH!
I am very sorry to hear you won't be able to be with us this Xmas. We will all miss you. Hope you are doing well wherever you are and you will come back home some day in the near future! You know we all love you!
Cheers!
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