TL:DR - If you believe in bitcoin, just buy and hodl, if you don't, don't. Leave buying and selling to the professional day traders. For the main point, jump to last two paragraphs. Edit: this post is less about the philosophy of what bitcoin is/should be, and more a slightly inebriated rant about addiction and how it can ruin your financial goals. Post 2x cancellation Edit: I deleted all my bitcoin checker apps, so I didn't see the news til literally 10 minutes ago. My heart is racing right now. Trying to get my mind back, but I'm having a hard time. Thinking about how I could have made a couple hundred dollars. "If only I had been watching the news" "If only I had sold at 7800" This is what a gambling addiction looks like my friends. I'm watching the price as we speak, I almost panic sold at 7000, 20 minutes ago. The price is now back up to 7300. Nope, 7350. I am confident in bitcoin's value. I am confident that after the speculators are done with their crap the price will re-stabilize. I am confident that the blocksize will be increased in the future by a majority consensus that we can all agree to. Yup and after I finished typing, it's back at 7400, where it was yesterday night. Unless there is a governmental crackdown, nothing about my view of bitcoin's future has changed. Could some of us have made a quick buck just now? Yes. Could even more of us lost a ton of bitcoin through poor timing? Absolutely. Most likely, someone did. Determine your investments based on the long term. 3rd edit: I know this thread is dead, but this is mostly for me. If I sold at gemini's high of 7950 and bought back in at the low of 7050, I still would have only made back a couple hundredths of a bitcoin (i know you should never say how much you have online, but that should only tell you how little i have :P). That couple hundredths of a bitcoin is still less than how much I've lost from trading. Original Post: I'm posting this because I just had a big hodl wake-up-call and hopefully this story will be useful to someone out there with an addictive personality. (I know the rest of you will just think I'm a big idiot and you'd be right) I first heard of bitcoin perhaps 4 years ago from a friend but had just graduated with no money, so I forgot about it until he brought it back up last Christmas, and again in June before the large jump. I had gone back to grad school 2 years ago, so I once again had very little saved up, but after the jump to 4000USD/bitcoin, i thought, enough is enough, and put in a small amount to buy a fraction of a bitcoin. I freaked out as the price started to drop back down, but I had read a lot, enough to convince me that Bitcoin's worth is not just in the dollar cost, but in it's usefulness as a future currency and store of value. I tried to hodl as best I could, but eventually when it dropped back to 4000USD I couldn't take it and sold my bitcoin. I kept looking at the price though and every time it jumped up, I would change my mind and buy back in. I eventually decided that I did believe that bitcoin's value would increase til 10,000, so I kept transferring more paychecks into my exchange and bought more bitcoin, but by this time I was obsessed with trying to beat the market, and was doing a lot of reading on investopedia.com and constantly buying and selling. During the recent drop from 7500 to 7000, I was sure I would be able to time my buys perfectly, and made a bunch of charts and looked at all the points of resistance and support. I messed up a couple times at the beginning, but by the end of the downtrend, I had increased my bitcoin by 2%, which I thought was pretty good. Then, even though I could tell that crazy market support was keeping bitcoin from dropping below 7000, I thought that even the slightest possibility that it would drop below support would cause a huge crash to 6800. I walked away for about 20 minutes to do some school stuff and then by the time I came back it had risen to 7200. I had lost all of the day's gains and then some. Bought back in. A lot of people have been telling me recently that I've been stuck on my phone and pc and that I was addicted to looking at bitcoin. That and my recent flub prompted me to actually evaluate how much bitcoin value I had. I had a pretty good feeling in the back of my mind that I had lost way more than I earned, but I had no idea how much because of the fact that I had deposited money into the exchange so often that I couldn't tell just by looking at the balance. I added up all the bank transfers I had made and the amount I had added to my exchange was....equal to the amount I currently had. Plus about 20 dollars or so. WHAT?!? I knew that although I started when Bitcoin was worth around 4000USD, I would only be up maybe 15% of the total USD I bought with, since I had been buying incrementally up til now. Therefore only the initial deposit should have increased by 80% and the rest would have gone up 60%, 40%, 20%, 10%, etc, depending on when I bought it. However, I didn't expect to only be up by 1% or so... So what happened? Thinking back, there were a lot of times when I was absentmindedly on cryptowatch.ch during class or while studying, or even during working out and gaming. I know there were a lot of times I did a panic trade during those moments, but I was cognizant of the fact that most impulse buys are wrong and one of the worst ways to trade, but I thought I had it mostly under control. Besides, I was sure I remembered more times when I made the correct decision than times when I didn't. After doing the math, it was clear that I was wrong more than I was right, but IT STILL DIDN'T add up. I wasn't wrong THAT often. The math told me that yes, I would have only been up 9% instead of 15%, but that's still more than...1%. Then I thought about the transaction fee. I really didn't think that could have been it, because I picked an exchange with 0.25% fee, way lower than coinbase or many of the other exchanges. And besides, no way I could have made that many trades right?? So I went through my transaction history...and found page...after page...after page...of completed trades. Most of them I couldn't even remember having done. 78 COMPLETED transactions in the last 3 months. I totaled up my trading volume and found that I bought and sold a volume that was 37 times the amount of bitcoin I had. THIRTY SEVEN TIMES. I traded a volume 3700% what I actually have. 0.25% of 3700% is 9.25%. THAT is where my money went. So, lessons learned: 1. I'm not a good day tradeyou can't trade absentmindedly if you're a scrub with no experience. 2. I lost more money just from the act of trading itself 3. I have an addictive personality. For me it was no difference than someone hitting the slots. 4. I could have done more/earned more money/lived my life with the time I wasted on trying to beat the market. Ironically, lesson 4 is EXACTLY word for word what I told my brother when he started becoming interested in Bitcoin a couple months back. If you're someone who a) isn't an idiot and can make good trade or b) isn't an idiot and can hodl, you can laugh, I deserve it. For the rest of you who are like me, I know you're out there. We're the reason the market moves the way it does, we're the idiots who keep freaking out and causing those huge dips. If you believe that long term Bitcoin is an amazing commodity, then buy and just hold or use it as a currency. If you don't believe in it, then don't buy it. Don't sell unless you firmly change your mind about Bitcoin's long term outcome.
[Venezuela] The Bitcoin Standard as a reference for Exchange. Real adoption.
Due to hyperinflation and the collapse of the Venezuelan economy, Cryptocurrency specially Bitcoin has been a way out to leave the country economically without having to leave physically. We don't have official data of exchange by the government since they try to hide the Inflation and put make up on the numbers. Who do we trust to tell us how much is a USD worth in our useless Fiat currency? For a couple of years now we used to have websites like dolartoday, telling us daily "This is the price", they used to claim that the price depended on the market, yet they are a centralized entity there was no indicators that proved so. Today we see a new Value including in these websites. "Bitcoin Dollar" Is a reference now, while its value can be different than CASH usd in the market, it's an allusion to the Bitcoin Standard, the value of Exchange USD/Bolivares changes with Bitcoin drops and rises, as any market, when Bitcoin is rising people want to get rid of their Bolivares therefore they buy Bitcoin, people sell at high prices increasing the value of the USD and Bitcoin in Bolivares. The point is: Bitcoin is a reference of the value of our currency, as devaluated as it is, it is the only reliable source we can trust, that's how adoption begins, this is why Venezuela is so relevant to Cryptocurrencies, you can see them take action here day by day. Any question AMA. References
Bitcoin Venezuela's API is currently integrated into Bitcoin Checker (Android), btcReport (iOS), Electrum and Electrum-LTC (all platforms), Págame Con Bitcoin (Android, Windows, Windows Phone), OpenNode.co (web)...
So I normally used Bitcoin Checker app, however, the alarm only last like 4 sec, I am a deep sleeper, I need the loudest alarm that only turns off if I manually turn it off. Also that can turn off the vibration. As I dont like that eating up my battery What do you guys use? I tried blockfolio and its tiny pop ups and dings are sad. I want something loud and annoying that gets you out of bed :D
Appears Cryptowatch has removed BitMex from it's Platform
Last night MrJozza made me aware of the 404 error given here : https://cryptowat.ch/bitmex/xbt-perpetual-futures Originally I thought it just might be a data feed issue but it also appears that BitMex has been removed from the list of exchanges as well on Cryptowatch. Edit: BitMex feed has now been restored a little over 24 hours later but you can see the lapse in data on the chart I tweeted at Cryptowatch last night and have received no answer. My tentative hypothesis maybe that it has something to do with BitMex's recent daily digest that might have offended some people -- not saying it is THE reason but other's like Charlie Shrem have tweeted at Bitmex about the bad taste of posting the picture of the ISIS terrorist that cuts off american reporter's heads. The data feed to other apps like bitcoin checker and whalecalls has not been affected which are using BitMex API as well as having talked to those at Bitmex their API data hasn't changed at all so I am not sure what is causing the issue. I guess even though CW was bought by Kraken Artur has stated the platform will continue to support competitors and I cant fault a business for making a decision they feel is morally right -- however what is disturbing is the removal with out warning or explanation as of yet. Currently CW is the only platform that allows drag and drop price alerts for BitMex's products
Just bought £50 in Bitcoin, and have a few questions
For one, was that stupid? I don't think it was... the market had a crash last night, but as i woke up, bitcoin was up in 24hrs at double the rate it was down at 1am GMT last night. Change my view? I bought £50 because I was surprised I saved that much this month, considering Christmas and my low salary etc I've been looking at coinmarketcap for the exchange rates and value, and I have been observing it as BTCUSD, and making judgements from that. Because I'm using coinbase in the UK, I bought it in £. Does this significantly change how I assess the market? Can I keep looking at BTCUSD or do I need to start observing BTCGBP entirely? Any advice on this end? I have the Bitcoin Checker app btw. Also, now it's on my coinbase wallet, I'm thinking of moving it to my Electrum wallet that ive used once or twice in the past. Would this be a smart move? It seems that storing your money on an online wallet isnt meant to be clever. Should I move it over? Is it worth it? I'll be out of the house today - can I use my coinbase wallet and electrum wallet both on my phone? Sorry for the many questions, but of course, since ive bought some, and only now while its rather high, I'm getting nervous and Id like feedback :S Thanks!
Just got a new phone, lg v20, and downloading all my crypto apps. So far i have blockfolio, jaxx, bitcoin checker (notification bar updates don't work on this phone,lame). Was wondering if there are any good apps for widget charts? Or possibly anything else that is beneficial to cryptos?
I have set up this thread to record all the UK organisations that are taking Bitcoin. This first post will be regularly edited to keep the list up to date. I find it frustrating that I cannot spend my BTC in more places in the UK! So I have personally been targeting local organisations to tell them about Bitcoin and provide them with support to start accepting it; many of the names listed here are a direct result of my efforts mainly in Brighton and London. I hope this list will encourage other organisations in the UK to start accepting Bitcoin as a form of payment. So if you take Bitcoin and are not listed here please post and I will add you. We want to hear your story.
CoinMap.org shows organisations on OpenStreetMap who accept Bitcoin. Its a wiki map so if you're organisation is not shown hear you can add yourself for free. A list of wallet and payment methods can be found here if you want to set up your organisation to start taking Bitcoin. Selection Criteria: MetaLair have also created some leaflets to help promote Bitcoin to organisations. These are currently available for global%2026.03.14.pdf), UK%2026.03.14.pdf) and Brighton%2026.03.14.pdf) organisations. They are provided as free to use; so please print these and start canvassing organisations near you!
Organisation must have presence in the UK, Isle of Man, Bailiwick of Guernsey, Bailiwick of Jersey or Shetland Islands or target goods and services specifically at those regions.
Organisation must state clearly that they accept cryptocurrency as payment; e.g. on their website or at their physical shop counter.
It must be clear (in the opinion of the OP) what goods or services an organisation is providing.
Goods or services must be available, i.e. not a kickstarter project or pre-order.
This is list is maintained concurrently with its original on BitcoinTalk.org. Please be aware some websites may contain malware that could steal your cryptocurrency. No assertion is given for the authenticity of the organisations listed here or quality of the goods and services they provide. Myself and reddit.com cannot be held responsible for the contents of other websites. If you like what I'm doing or have benefited from my efforts please consider donating to MetaLair, they need your support.
Hi guys, after literally hour of staring at price charts I've decided to download an app that would notify me/ start an alarm when BTC price goes to certain value. So I've downloaded: -Bitcoin Checker- great app, but it's notification is one simple sound, which isn't enough to wake me up :/ -Blockfolio - alarm didn't work for me , so I uninstalled it. -Boilr -One of the most stupid things I've ever done :/. I was tired and pissed off and when I saw that this app is designed 4 alarms, I just downloaded it. And here goes my question: 1.Do you know any GOOD app that could wake me up when price of BTC reaches certain lvl? 2.What about this Boilr? I am actually scared that it's some kind of malwere or another shitty app that can get my passwords :/ After I've uninstalled it and search it on google it still shows that "App is installed". What do I do now? :(
First of all, I am not a native English speaker so I don't know if "choke" is the right word in this context, but I hope you will understand what I mean after reading the text. Everytime I attempt to trade Bitcoins with a small percentage of my Bitcoin reserve, I am full of emotions. I watch the price every day, either on the smartphone with the Bitcoin Checker app (great app btw!) or on the computer and I often tend to panic sell/buy when I see major short term price movements, just to see the price rising/dropping shortly after selling/buying. I often tell myself things like "this is just a pump and dump", "it's just market manipulation or insider trading" or "the price rises/falls without any relevant news, so don't panic buy/sell", but then I think "well, maybe we are done with the long term downward trend" or "the price HAS to fall a bit lower, I will enter again when it's low enough". So I often buy back or sell coins for a loss. Although I have learned a lot in the last few months, I am still a total noob in trading Bitcoins. Especially because I'm too emotional I think. So to move on and learn more and better about Bitcoin trading, I think the first thing I have to lose is that emotional part. So my questions to you guys is: how do you choke your emotions when you are trading? Are you just checking the chart and price less often, or are there any strategies that you use? Although emotion is a normal feeling, especially when it's your money and you don't want to lose much of it or miss a good opportunity to get more of it, there has to be a way to reduce them significantly in my opinion because good traders seem to not show any emotion when there are small price up/down movements. I plan to spend at least 50% (maybe more) of my coins, hold 30% for the long term and with 20% (maybe less) I want to trade short term price movements. So it's not that I'm just here to use Bitcoin as a trading vehicle, but a part of me wants it and I think it's okay to trade with a small percentage of your coins IF YOU KNOW HOW TO DO IT RIGHT. Thanks in advance! EDIT: Guys, tons of thanks for taking the time to write down so many tips and tricks - I'm sure they will help me a lot! What a great community! Thanks to all of you. EDIT 2: Tomorrow I will try to figure out how changetip works - your kindness should get rewarded! EDIT 3: Sorry for the delay - I figured out how changetip works and I donated to the contributions that I liked the best. Thank you guys for helping me out! Hopefully, I can give more in the future if your great tips and tricks work out ;-)
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