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Coins worth looking into? DOGE / SHIB / SAFEMOON / SAFERMOON/ SAFEMARS
I put 40 bucks for fun into DOGECOIN when it was .06 cents. Kicking myself for not putting more. But lately looking at putting a bit more into SAFEMOON and SHIB since they both are doing really well and have a lower cost of entry.
I wonder how much hedge funds are pumping up DOGECOIN as a way to cover their short positions and taking retail investors along for the ride before leaving them holding the bag. I read that the supply of DOGE is potentially unlimited and can be diluted.
Also read a story about someone who put $1000 into safemoon and turned into a millionaire over the course of a month.
What are some ALT coins or other crypto’s you are looking at?
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Thanks Mani,
I knew about Safemoon but not SHIB (7d 1924.0% = ????). I’ve avoided DOGE because I didn’t see a use case for it beyond price volatility; however, it continues to pump beyond logic. Wishing I bought some six months ago.
I tend projects that I understand and where I can see a practical use case beyond currency. At the moment, I like EWT/MIST/LPL/FORTH/XTK; mostly long positions.
The biggest issue for me at the moment is the gas fees. I’m not trading with big bucks, so it makes it hard to pull the trigger on smaller gambles.
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I’ll take a look at those you listed thanks. As far as the white papers go and DD, anyone can write anything in a white paper and promise the moon, maybe spreading the risk among all the ALT coins with little bites and waiting for the next spike is a good strategy.
Dogecoin was under a penny at one point like some of the new ALT coins, so there is potential for another coin to do this. Possibly SHIB if it hasn’t already made it’s large moves. Just play with money your willing to lose or just don’t sell for a loss and be prepared to hold for 4 or 5 years.
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Hi guys,
I am very new to crypto discussion but would like to explore. Could anyone direct me to easy to understand resources. Also which is the best broker/website for this?
Cheers!
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Binance is a good, there’s also coinbase which is popular. I’m a newbie myself which is why I’m looking to learn more.
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Thanks Mani!
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Also, any review/opinion on Bittrex for crypto trading? I realized I opened Bittrex account back in 2018 but never traded (should kick my self for that).
If anybody knows if Bittrex is equally good, I could just reactivate this than opening another with other broker.
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Just set up my Binance account! Time to roll some dice!
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Nice flash crash yesterday that last an hour, was a great time to buy and get the bounce up.
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Between Chinese ban on crypto, Tether legitimacy, and a lot of bandwagon investors Crypto volatility is at an all-time high. The lack of security against fraud of financial crime is also on the minds of serious investors. What are your thoughts on the near-term future oand long-term future for crypto? (10 years)
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Full disclosure I don’t understand cryptocurrency. We regret not listening to friends who recommended mining it or investing early on just because of how much it’s skyrocketed, but at the same time it’s hard to invest in or legitimize something you don’t understand and wouldn’t know how to use. I still don’t get the inherent value behind it – like is it backed by something else that has value? Someone tried explaining it to me and what I could understand (and someone please correct my understanding if it’s wrong) is that computers create the cryptocurrency, and as more cryptocurrency is created it takes a longer time or more powerful computers to make more cryptocurrency, the cryptocurrency is stored on your device or on somebody else’s servers (which are very heavily guarded), or you can own pieces of it (I imagine like owning pieces of stocks in a market index maybe?). But I don’t understand who ultimately controls cryptocurrency and gets to say what it takes to make more cryptocurrency. Whoever that is seems to have a lot of power over its value and what comes to mind is a Casino that gets to control the algorithms on gambling payouts. The people who store the cryptocurrency also seem to have a lot of power over its value – they seem like banks but are they regulated and insured like banks? And if it takes powerful computers to create more cryptocurrency does that mean that those who can create those more powerful computers will increase their wealth unfairly – that almost feels like counterfeiting money. So much uncertainty. And I can’t help but think of the past when wondering about the long term future of cryptocurrency. What’s happening right now reminds me of exhibits we saw at the Chicago Fed’s Money Museum. In the early days, states, banks, stores, and even wartime currency was created. Regulation evolved over time as financial crises occurred, counterfeiting was rampant, and there was lots of instability. It seems like there eventually has to be a regulatory body over cryptocurrency to ensure stability. And if it’s not a country, then would countries or their citizens band together to regulate and stabilize cryptocurrency? Who would oversee these banded together countries/citizens?
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Adding to this because I decided to DYOR (after looking up what the heck that meant, lol). If this is all strange to you but you want to learn more, here are some interesting things to google besides terms in the other posts on this discussion: fiat money, Bretton Woods system, and Satoshi Nakamoto.
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Buy BTC and hodl. Amazing time to buy; ‘the fetus is kicking hard in the final trimester’. I’m still bearish on ADA, DOT and ETH, as I imagine they will evolve into competing ecosystems (think PC/Apple/Unix). Also, lots of great coins out there that have amazing long term prospects (LINK/LPL, EWT, UBT, NFY). Lots of investors say they are investing long, but they are reacting short. I have to constantly remind myself to stay away from meme coins, DYOR, scalp at my own risk, and don’t invest if I don’t understand the use case.
Having said that, I believe market manipulation is happening. Worth to check out this video on Wyckoff distribution:
https://www.youtube.com/watch?v=Lhf_2gJJS1I
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From what I’ve read online hedge funds are liquidating to cover the short positions which is why we’re seeing this dip now, the short contracts are coming due soon. I’m going to load the boat if doge coin goes under .10 again.
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this is a great time to wait for a trend reversal or average down
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AMC is suppose to gamma squeeze sometime soon. Should be an interesting event like gamestop short squeeze a few months past.
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Looks like coin purchasing options on Binance and Coinbase are limited. Neither site sells SHIB, SIA, THETA, TRON, XRP, etc… – Does Bittrex?
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binance sells shib. everything’s going down the drain lately. feel like a inverse spy etf might be a good play Tuesday or Wednesday, feel’s like a market crash in coming. Found an amazing penny stock play DPLS. Darkpulse. it some kind of sensor tech that’s been ripping for months. Might be late to get in now, would wait for crash and buy in, everything seems topped out
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I recommend looking into Algorand. Other in my radar are Celo, Near, Chainlink, Avalanche and Polygon.
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Hi there,
What trading platform do you use? Coinbase, Binance, Open Sea? Also, what is the best platform to set up a wallet. I’m a complete newbie at this, so would appreciate some advice on the things you have found successful. Also wondered what the recommendations are for coin purchases Etherium or Solana? There is a lot to understand in this space.
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Hello Cathy and thank you for your question. I don’t recommend Coinbase, the platform has a nice user experience but fees and their Wallet are overly expensive (there’s a thing called “gas fees” which is a variable cost of minting certain coins which is as expensive as 20% of what you buy or sell). I personally use three platforms: eToro (don’t recommend), Crypto.com (I do recommend) and Revolut (I love it although you don’t own your crypto like with Crypto.com, Paxos owns them and they keep it for you kind of). Pluses of Crypto.com: low fees, good user experience, over 400 coins to pick from. Pros of Revolut: awesome user experience, you can use it as your bank account, crypto account, stocks account and even create an account for your children! On top of all this I recommend in the case of Algorand (the coin I mentioned) using their wallet. The Algorand protocol is created by Silvio Micciali, the father of modern cryptography and the team is made out of MIT alumni mostly. He happens to have been a working colleague and friend of Gary Gensler, who’s now the SEC person in charge of regulating crypto. The Wallet enables you to store your Algorand and receive more Algorand for keeping it there and also enables you to participate in Algorand Governance which works as follows: you lock a percentage of your stake for a period of 3 months and get a retribution of 10% of what you got plus what you previously put. You have the power to vote and make decisions with the community on the fate of the coin and this is part of a growing decentralization of the protocol. Moreover, unlike other coins such as Solana, which has seen a 1000%+ return this year, Algorand has “only” seen a 300% raise in its price and may be headed to higher highs and higher lows. This is in no case financial advice and I recommend you doing your own research. Good places to look for information are Wikipedia, LinkedIn, the websites of the coins (look for their Whitepapers, where they explain the principles behind their coin and what differentiates them), and information sources such as CoinMarketCap which has a great library of content to learn everything about crypto called Alexandria. Other information sources about financial technical stuff can be Investopedia, great great content and hundreds of useful definitions and practical examples. Hope this helps. We live in exciting times for cryptocurrencies. Good luck and hit me up with anything if needed.
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Hi Mani,
Thank you for your great answer. I have spent the day working through your suggestions. I am struggling with the crypto wallet options. I will initially be using Australian Dollars to transfer to the wallet. A lot of the Wallets seem to have conversion rates to USD before additional rates are added. MataMask seems to have expensive third-party fees and Revolut – not sure if it needs a wallet?
I guess I am looking for a wallet option with low fees. I am finding this info hard to access. The Algorand wallet seems to be interesting – but I am not sure where to access the fees that might be involved. If you have some wallety suggestions I would love them. I do like what I have read about the Algorand so far. Lots of research to do in this area to get things into perspective.
Thanks for your assistance.
ciao
Cathy
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You’re most welcome. So you have two types of wallets: cold wallets and hot wallets. Ones store your crypto in a hardware device (like a kind of pen drive with your crypto in it) and the other is on behalf of a third party. As far as I know. In that second category stand the ones where you hold the real crypto (like MetaMask) and the ones who hold the crypto for you (like Revolut). The fees of Crypto.com and Revolut tend to be around 1-2% of what you sell. For opening a Revolut account you have to download the app (not sure if it’s available yet in Australia). The good thing about Revolut, leaving aside the UX which is very important but irrelevant in the pure monetary aspect, is that you can directly sell AUD for whichever crypto you want from their portfolio and viceversa. I have used MetaMask and Coinbase Wallet very little and it was quite a mistake I learnt from (because the gas fees you have to pay for both buying other coins from Ethereum and selling and moving your crypto from their wallet to other wallets is insane (around 5-10%) as gas fees are subject to high volatility so you may end up with huge surprises). For the Algorand wallet, in case you’re interested to have it, you can transfer your Algorand directly from any other wallet (example: buy Algorand on Crypto.com and sending it, which is what I personally do). On the other hand, that is not possible with Revolut since Paxos holds the Algorand for you and not oneself directly, so you don’t get the rewards and it’s not possible to yield through Governance or participate in the advancements of the voting periods. Hope that helps!
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Thanks for the info Alvaro.
Not sure why this comes up as Mani? It has been helpful to get some advice on this. I will check it out and do the research.
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You’re much welcome Cathy. Sorry for the delay in my reply. I have no idea what you mean by “Mani” though ahahah. Wishing you a prosperous weekend
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Take a look at $Magic which I’ve been accumulating.
https://medium.com/@TreasureNFT/introducing-magic-the-native-token-of-the-legions-game-1960929026f5
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