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  • Wed, May 31, 2017 - 01:43am

    Mohammed Mast

    Mohammed Mast

    Status Bronze Member (Offline)

    Joined: May 17 2017

    Posts: 112

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As I have stated before I got my first BTC when it was $10. I have sold enough so that my holdings now are virtually free. That being said I do not advise people to buy BTC today. There are significant problems with scaling and even more problems within the community in the debate about what to do about it.

I find that due to some problems with some of the exchanges there is a lot of arbitrage going on. This in itself is fine if you wish to make money by engaging. One could have bought BTC recently when it dropped back into the $1,800 range and caxhed in today when it hit $2,300. I personally do not use that approach. I am  buy and hold kinda guy at present. I traded a bit early on but it as Dave says difficult to time entry and exit points. I do look for dips to buy to hold for the long term.

We have recently come out of a long bear market. It was fine with me watching BTC hang around $270-$300. Bought some more and went heavy in to ETH shortly after the presale DAMN lol.

I do not find technical analysis very useful in predicting the cryptocurrency market. There are just too many variables. You can't predict MTGOX, Bitfinex, Fincen rulings, Cyprus banks stealing deposits, et. etc etc. And you certainly can't predict that killer app that will send ETH into orbit. What I have found most useful is reading everyday world events, economic news, and of course cryptocurrency news.

My advice which these days I give sparingly is as Jim has said put you marbles in to ETH. Also ETC. A few months ago it was languishing around .70 it is over $ 17 today. At that price it is worth a flyer to get a significant position.

I also tell people to only invest what you can afford to lose. It is a volatile market especially now. Volatility also means you can make a lot of money. 

As for gold, well I have very little anymore. Sold when it hit  a little over $1,600. Have watched it go sideways for years and lose money to inflation. So I get the safety of gold lol.

As for Dave's point about bubbles and most people's behavior, I was under the impression that the folks on this site were a cut above John q public and better informed with loads of data. I would be curious to know how many have ridden the stock market up from its lows in the 5,000s. How many are still holding their gold and silver for dear life?

I am glad to see that there is a rational discussion here as opposed to what it could be.