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Showing 20 of 21 results by WiseFoxxy
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Re: Lots money invested on cryptocurrency, should I sell for liquidity?
by
WiseFoxxy
on 20/08/2018, 05:50:52 UTC
Quote from: ahmad21 on May 25, 2018, 05:10:11 PM
Well, it’s always advisable to never invest all your saving in any market. You some keep some of your money or at least invest them in some very liquid assets so that you can meet some emergency situations. That is why it is said to diversify your assets and this must also be done on  the basis of liquidity. Now you can do is sell your crypto is your investments are in profits but if you don’t want to lose future profits then you may take loan from you relatives, friends or banks

You should consider the potential loss of profit versus the cost of the loan. In some countries a loan could cost you up to 30%. If the paper loss is 10%, then cash out and take care of that emergency. But if the loan is only 4%, then it wouldn't be a bad choice.

This is why it's always better to diversify as you said. Something will be profitable so it can be cashed out at a time like this. It's like a product rotation: something goes in, another thing comes out. There's always something fresh on the table.
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Re: What Motivates you to Invest in Cryptocurrency?
by
WiseFoxxy
on 20/08/2018, 05:46:44 UTC
Quote from: Elmer1 on July 26, 2018, 11:32:46 PM
That volatility makes me curious and hope by investing in it I will get more profits in the next few years. When I first discovered bitcoin, it cost under $ 500. What if I invest in bitcoin at that time. Unfortunately, I am not! Now, I don't want to miss such good opportunity again. I know personally some people who became successful in cryptocurrency that is why it motivates me to invest. It also motivates me because I want to be rich from trading cryptocurrency because I see opportunities in this cryptocurrency is very good and can give very much result to achieving my dreams and also to help my family in their financial problems.

I did that too actually, thinking it was overvalued at the time. Oh well, we all make mistakes sometimes. Then I didn't get into bitcoin last winter because that trend was way too sharp. It was just too fast to try and get on.

Now that it's found a reasonable level, I'm in. After watching some friends invest at 18, 19k and losing money, I thought it would be a better idea to wait and see. Watch it drop until it stops dropping, and then invest. Now we just have to wait patiently for a return.
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Board Bitcoin Discussion
Re: Is Bitcoin Becoming the New Market Hedge?
by
WiseFoxxy
on 17/08/2018, 20:53:55 UTC
Quote from: Indamuck on August 02, 2018, 02:54:19 PM
What makes bitcoin a great investment to a lot of off shore investors is that it can easily be transferred quickly without a middleman.  Banks are able to freeze your assets but with bitcoin you are the sole owner and no one can freeze or seize your btc.

This past year people kept saying institutional money was coming but I think it will take a few years for mainstream investors to enter the crypto world.  It's a great hedge against real estate and fiat money which can implode at anytime.

Yeah and emerging markets are needing it more and more now that their currencies are becoming useless. It's hard for citizens of these countries to live with spiraling inflation, rapid devaluation, and stagnant growth, so they turn to bitcoin, gold, and dollar to protect themselves. Unfortunately, more people value the second two these days because they think bitcoin is "super risky"

Once institutional money finds its way in, we'll see more people dipping their toes in. But it might not be a good thing because they can also monkey-hammer it down with massive shorts whenever they want as well.
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Board Speculation
Re: Trade at the end of 2018 .
by
WiseFoxxy
on 12/08/2018, 16:13:36 UTC
Quote from: The Cryptologist on August 06, 2018, 06:19:10 AM
Quote from: Nafis1997 on August 01, 2018, 11:48:36 AM
I think every year is repeated. And at the end of 2018 with new volumes will jump even higher than in 2017.


What happened in 2017 did not happen in 2016 so every year is not repeated. But I also feel that new volumes will enter the market because the situation has become a crisis but the greatest factor that we' have is the attention around the world. We got a lot of financial institutions in our side and they are going to pour a lot of money really soon.

I'm really having a hard time understanding why people think this way. It's the same with the stock market "buy in May sell in September". The markets are not that simple! They don't just go up like the flowers and then lose their buds and die every year. A lot can happen in a calendar year, let alone a month.

I'm not so sure it'll keep dropping, but maybe that's my own bias. Bitcoin should be more valuable according to the news being generated around it and the potential it has to become more widely traded, but what do I know.
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Re: List of Offshore Forex Crypto Brokers ( US & Canada Clients Friendly; Non ESMA)
by
WiseFoxxy
on 11/08/2018, 09:42:46 UTC
Quote from: RobertCollins on August 08, 2018, 06:34:12 AM
Quote from: WiseFoxxy on July 31, 2018, 12:49:39 PM
Thanks for taking the time to put together this list. Another one that offers crypto is ICMarkets, and they've been reasonable in terms of pricing so far. They're also true ECN, which means they compile their prices from their liquidity providers to give the retailer the best one, instead of most brokers who are market makers and take on losing trades for their own gain.

Another consideration is ease of withdrawal. Some brokers make it near impossible for you to cash out once making a profit. That's hard to know for sure so its something you've gotta test in small amounts before committing.

Wise suggestion but I IC makets does not accept  trader from US and Canada… don’t know about their stance on ESMA at the moment will they will eventually hv to comply with that also.. the main focus of the list is to pen down brokers that are trustworthy and take us Canada and EU clients being offshore/unregulated. 

Ah really, I wasn't aware of that. I thought that they did accept Canadian clients but must have been mistaken. I don't know what they are regulated under in Australia, but I would assume it falls under similar parameters?

The problem I have with brokers that are regulated under US/Canadian standards is their huge margin requirements. IC has significantly lower requirements for crypto and forex (I can't remember how much), and standard requirements for other assets.

Has anyone had successful withdrawals from these brokers listed above that they would like to share?
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Board Bitcoin Discussion
Re: Bitcoin in Indonesia is not legal
by
WiseFoxxy
on 09/08/2018, 15:22:33 UTC
Quote from: Dr.Osh on August 08, 2018, 05:54:00 PM
I heard, and read some news that Indonesia did not support crpytocurrency as a currency, but not as an investment tool. well, I also heard that as long as it doesn't interfere with the activities of fiat transactions, that doesn't matter. only the risk is not borne entirely by the state.

That's the point exactly. As long as it doesn't interfere. So if you hold it for "investment purposes" then it is not wrong. It's technically still legal.

Investments can also be used to make transactions from time to time. We cash out of our fixed term deposits to buy houses, pay for education, buy cars, etc. So it really doesn't matter, just keep it and don't tell anyone. Besides, what are they going to do to find out, hack into your email? I doubt it.
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Board Speculation
Re: Current BTC price below 8K
by
WiseFoxxy
on 07/08/2018, 20:03:33 UTC
Quote from: wuvdoll on August 03, 2018, 03:56:23 PM
This is a critical place. I have been talking about how bitcoin needs to stay up so that altcoins can follow and if bitcoin stayed up long enough time than altcoins would follow and we would have a big rush of bull run. However it failed staying like that, I thought it stayed long enough but obviously I was wrong, now that its low it needs to get up and stay up a lot longer because people are afraid of the drops happening. Either bitcoin will go up to 8k or so levels once again and stay there for a while or we will see bitcoin dropping even further which will result us to get another rush of bear market and everyone panicking about the price and selling fast.

That's what I see too. It's a critical level but it doesn't have a strong reason to go below it, so we should stop posting nervous messages about ETF's and other assorted nonsense. A quick look at the speculation page will reveal how nervous everyone is about the price.

It's a tough time, yes. But it's not the end of the world. Bitcoin has a fundamental reason to be valuable and will continue to exist because of it's position. More tensions around the world will also make it more valuable as people want to avoid loss or devaluation.

8500 looks like the next major resistance. It'll probably stumble back up there shortly.
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Re: Are we evolving backwards?
by
WiseFoxxy
on 05/08/2018, 11:54:14 UTC
To paraphrase Ralph Waldo Emerson, we are neither improving nor getting worse. Every time we better ourselves at doing good, we also better ourselves at doing evil. The steady forces on both ends are kept constantly in balance.

So you can say that while we get better technologically, we lose part of ourselves in other ways. But it's not all doom and gloom. The things we get better at help us to recognize our failures, if we learn to listen. We just need to pay attention to these things.

And lifespans are getting shorter? How so? Modern medicine has made lifespans much longer
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Re: Trade at the end of 2018 .
by
WiseFoxxy
on 04/08/2018, 16:49:05 UTC
Quote from: peter0425 on August 04, 2018, 03:34:22 PM
Quote from: Nafis1997 on August 01, 2018, 11:48:36 AM
I think every year is repeated. And at the end of 2018 with new volumes will jump even higher than in 2017.
Your mindset is wrong from the beginning. Every year is different, but why do you have to wait till the end of 2018? Why not trade at this very moment and take advantage of the situation? What if we ended the year on a bad note? The market is unpredictable and we can't control the price, but we can control and make good trades. There are no signs that we are out of the woods yet and the bullish market that we all have been waiting might not happen this year.

Yeah there's no definite pattern that you can say bitcoin always follows. A lot of traders like historical narratives because it gives them a comfortable reason for price changes, but that's just confirmation bias coupled with associative bias. It's a narrative that you want to be true.

Quote from: JeBro on August 04, 2018, 04:37:18 PM
It looks like the end of 2018 will be dictated by bears, which will further lower the price of bitcoin. I would not be surprised if the BTC price   will collapse to $ 3000 or even lower this autumn. Last year, the Bitcoin and the crypto-currency market growth was due to a huge influx of new investors. This year, everyone hoped for the arrival of institutional investors. However, polls showed that large business doesn't intend to invest in crypto-currencies.

This is not a valid estimate because there is always new interest in bitcoin. Just because some polls, probably conducted by an institution that wants to paint a negative appearance for bitcoin and therefore with a limited sample, says that businesses are not planning to get into it doesn't mean it's going to collapse. It doesn't need continual buyers to stop going down. It just needs people to stop selling.
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Board Bitcoin Discussion
Re: Why the bitcoin won't crash.
by
WiseFoxxy
on 03/08/2018, 12:06:02 UTC
Quote from: Edward Wilkins on August 03, 2018, 11:00:20 AM
The whole point of cryptocurrencies is that it's the new wild west. There are no rules. Nor should they be. It's a free market, one of the few left, thanks to the internet, which has been mostly a free market as well.

Let it work. It will work. There are growing pains. but cryptos are going to win in the long run.

And that's exactly what makes it work. It's a good thing for the principle, but a bad thing for those who don't think about the consequences of not protecting themselves. The Wild West wasn't easy to survive in, especially if you wanted more. You can't exactly be running around naked and hoping to collect assets.

When people adapt to the climate and understand better how to protect themselves we'll have a more stable trading environment. Part of this is realizing the responsibility they have for their security, and the unique features crypto has that fiat doesn't in terms of transactions and usage.
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Board Bitcoin Discussion
Re: Bitcoin in Indonesia is not legal
by
WiseFoxxy
on 02/08/2018, 14:07:15 UTC
Quote from: Hudadahuda2018 on August 02, 2018, 01:40:33 PM
Quote from: taquine on August 02, 2018, 11:09:50 AM
Bitcoin in Indonesia is not legal yet, all buying and selling activities must use rupiah. In the past many sellers offered payment with bitcoin, now they can't. the government has given regulations so that all trading activities must use the rupiah. will this be a negative or a positive impact?
Very good thinking and I like the way you think because thinking like you is a bit draining my mind to understand very well about bitcoin in the country of Indonesia.
In my opinion, it is still unclear how the state of bitcoin in the Indonesian country is illegal because that is not true because there are no official rules that say Bitcoin is illegal. In Indonesia the government is still waiting and they only give a call that digital currency is a risky thing. for me Indonesia is one country that has a very large number of Bitcoin users, Indonesia has a number of people who are very interested in technological progress even with the development of bitcoin more and more people believe it.

Well that doesn't say that retailers can't still accept bitcoin for unofficial payments, does it? Just because the government says all transactions must be done in rupiah doesn't necessarily mean that it is impossible to use bitcoin. India is experiencing a similar situation right now where their banks are prohibited from dealing with bitcoin, but their people aren't, at least yet.

So the large network of users in Indonesia can still transact between each other. Peer to peer, not necessarily business to client. That's technically not illegal, right?
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Board Trading Discussion
Re: 5 errors when buying crypto currency
by
WiseFoxxy
on 01/08/2018, 13:27:41 UTC
Rules #1 and #1 sound like common sense but you'll be surprised to find yourself making those mistakes without thinking about it. It's part of a human instinct to want to join into the trend, even if there are clear signals that it's not the best time. We'll come late for the party with a bottle of vodka when everyone else is putting on their shoes and it won't faze us.

Check yourself every time you make a trade. Ask "is this rational?"
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Re: List of Offshore Forex Crypto Brokers ( US & Canada Clients Friendly; Non ESMA)
by
WiseFoxxy
on 31/07/2018, 12:49:39 UTC
Thanks for taking the time to put together this list. Another one that offers crypto is ICMarkets, and they've been reasonable in terms of pricing so far. They're also true ECN, which means they compile their prices from their liquidity providers to give the retailer the best one, instead of most brokers who are market makers and take on losing trades for their own gain.

Another consideration is ease of withdrawal. Some brokers make it near impossible for you to cash out once making a profit. That's hard to know for sure so its something you've gotta test in small amounts before committing.
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Board Bitcoin Discussion
Re: Is Bitcoin Becoming the New Market Hedge?
by
WiseFoxxy
on 30/07/2018, 16:12:20 UTC
Quote from: bstewart on July 30, 2018, 04:08:45 PM
Quote from: FXTradingPro on July 30, 2018, 03:42:37 PM
With the recent up move in price, there are some analysts that feel that BTC could become the new asset of choice for hedging. BTC holds all of the right characteristics of a hedging asset. If BTC could become the choice of hedgers the valuation potential is staggering.

https://forexmarketslive.com/is-bitcoin-becoming-the-new-market-hedge/



It is definitely a good hedge against the dollar. But one problem with that is how volitile bitcoin is. Often people want something more stable as a hedge.

Yeah that's the only thing holding it back from being a full-out hedge. But it's certainly taking away some of the attention from gold. With all this heat about a trade war, you'd think that gold would be soaring. But it's been dragging it's heels down bit by bit. Meanwhile, bitcoin is breaking out of its yearlong downtrend and starting to look like it wants to make its way back up.

I think in becoming a hedge, it's also serving to provide individuals with currency devaluation protection. Most Asian countries are devaluing their currency in response to threats of trade war, and normal people like you and I want to protect ourselves. Naturally, we use bitcoin to do so.
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Re: Can you Buy Gold or Silver with Bitcoin
by
WiseFoxxy
on 29/07/2018, 11:46:44 UTC
I think the most secure way to do that (depending on where you are) is to take out the bitcoin in cash first. Go to localbitcoins.com and find a reliable seller who isn't charging too much. Then meet him, exchange and take the cash to your local bullion dealer. Almost every city has a few exchange offices that sell gold as well. They trade physical gold, 24 caret, for most cash.

But some countries have restrictions on bitcoin transactions and / or gold transactions. In India, gold is at least 10% above midmarket price. In the middle east it's about 1%. It all depends on where you are and how hard it is to get your hands on it.
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Re: What are the reasons you prefer investment in Bitcoin over other Cryptos?
by
WiseFoxxy
on 28/07/2018, 16:05:27 UTC
Quote from: Pikachu12 on July 27, 2018, 04:20:43 AM
Quote from: Tactical Genius on July 26, 2018, 05:06:18 PM
My main reason for investing in bitcoin is the high liquidity of Bitcoin and thus the ease with which I can trade it if I need money for something whilst holding it.
Another reason is the fact that it is very popular and also can sometimes be accepted by some merchants as payment for goods.
No one uses Bitcoin to pay for the goods because every bitcoin transaction takes a lot of time to verify. Most Bitcoin is no longer as anonymous and people are tending to use XMR for commercial purposes as it is unregulated or can use XRP to pay for because the technology of ripple is being made by many banks apply

It can be used if it's a P2P transaction similar to the barter model. Sure, it's not that practical, but it still functions quite well if someone is making larger payments once in a while, such as for services rendered.

It may not be perfectly anonymous, but it's not easily traceable either. If you did something illegal with it, I'm sure they would go through the effort to find you without hesitation. But if there's no active reason to target you, they can't exactly go around trying to dig up who is behind every transaction. There's way to much data to swim through. That's why some people can use it to send money for small-medium transactions abroad and avoid having to claim it.
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Re: BitcoinNews: #1 In Blockchain News
by
WiseFoxxy
on 27/07/2018, 21:46:39 UTC
Quote from: BitcoinMoschiach on July 27, 2018, 08:46:11 PM
India Plays with Straight Bat as Law Commission Makes Bitcoin Valid Payment

India’s law reform committee has added virtual currency as a legally accepted payment for settling online transactions.
Law reform decisions are not final but there in an advisory capacity to inform the government. A request was made by the Indian government through the apex court in July 2016 to rule on online gambling.

Read the full article at https://bitcoinnews.com/india-plays-with-straight-bat-as-law-commission-makes-bitcoin-valid-payment/

Video https://www.youtube.com/watch?v=agc7hzFzTFQ


So the Indian government is essentially backtracking on its attempt to outlaw crypto by legalizing it as a gambling tool? I'm not too sure this makes sense to me. Either it's too far out there or I just didn't find the logical relation between the two actions.

Just a few weeks ago they were trying to ban it from all banks because it wasn't a legal tender. Maybe one influential individual decided that the only way to transact in India was through bitcoin, so they needed another way to cover their story and decided to cover it this way? Or they just want to find another way to collect tax? Anything is possible in India, isn't it?
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Re: What are the reasons you prefer investment in Bitcoin over other Cryptos?
by
WiseFoxxy
on 26/07/2018, 08:29:23 UTC
Quote from: okorocrypto on July 26, 2018, 07:42:12 AM
There are numerous reasons why invesment in Bitcoin is better than some other cryptos.
1. Most cryptos are shit coins created by greedy individuals
2. Bitcoin have volume and liquidity which is not the case with may other cryptos
3. There is low chances of pump and dump in Bitcoin as is common with with other coins
4. Bitcoin already have an established structure and vision, some other coins are still using trial by error method.

Exactly! I agree with this. There is no real intrinsic backing for a lot of these coins, just a bunch of bros in their basements with computers who think they can get rich quick. Bitcoin is not so vulnerable to manipulation so it cannot be pumped and dumped so easily. The large volume makes it more robust inevitably so it can stand on its own without swinging violently from top to bottom.

Hopefully we'll see some more coins with structure and vision to come. There are some honest investors out there who want to use the concept for doing good.
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Re: What Motivates you to Invest in Cryptocurrency?
by
WiseFoxxy
on 25/07/2018, 14:58:39 UTC
Quote from: imadmirer on July 02, 2018, 06:33:28 PM
Honestly, many people seek cryptocurrency more because of its volatility. Whether they do it consciously or not, they wish to make large money quickly. This can happen only with a volatile market. Further, we find a lot of newbies even in this forum feeling bad that they lost money or they could not make money as value of BTC has not risen much especially with the expectations being high after the 2017 last quarter. Seeking such profits is not bad but before investing I feel there is a need to prioritize the needs that could be fulfilled with such an investment as BTC especially if you are looking to make money soon rather than keep BTC as a long term investment.

This very motivation and idea behind the investment will speak volumes on the reaction of the investors once the market is down. Strangely, many people do not sell when the market price is high and even when their purpose of investment will get fulfilled. They wait for the price to soar even higher. And if the value starts trickling down, they still hodl and wait for the price to move beyond the point where it had last peaked high. But again, when the market is in a steep downfall, instead of buying, many people will start panic selling and end up in loses. Many a time we find this even in the new threads and discussions even within our forum.

So what it is that makes you invest in crypto? Is it because it caught your fancy? Is it the volatility? Is it because there is a need to fulfil in your life? IS it because you are a day-trader? Or is it fun?

That type of behavior is quite common for new investors as they struggle to get a handle on their emotions while watching money grow out of thin air... and then disappear back into it. I think that this pattern you described can be seen everywhere, stocks, forex, commodities, etc. It's just much more obvious in crypto for two reasons:

1. It's new and exciting
2. It's trendy

I approached crypto rather cautiously myself, valuing the idea behind it but being a bit wary about the integrity. Now I can say that after having used it in several transactions, I trust it and believe it has a real future.
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Re: Insurance or cryptocurrency investment?
by
WiseFoxxy
on 24/07/2018, 18:58:59 UTC
Yeah most low-risk assets will pay out slightly lower than the inflation rate, but they're guaranteed. The only way one can actually beat inflation is to take risks.

But like has been said, the risks can't be just blindly taken with huge amount of capital. Keep most of it (like 90% or so) in low risk, like GIC's, fixed terms, bonds, etc. and then put the rest in high risk that has great potential. Then if you lose it, you won't break yourself. But the gains have great potential for returns that could even beat out the rest of your portfolio.