Ethereum announced the Plasma framework: http://plasma.io/, which is partly a proposed framework for inter-connecting blockchains to realize significant performance improvements, but is also much more than that. OMG then followed that news up by announcing that they are the first Plasma project. I think that may have contributed a little.
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Cryptocurrency |OT| Nothing from Money
- Thread starter Brandson
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Ethereum announced the Plasma framework: http://plasma.io/, which is partly a proposed framework for inter-connecting blockchains to realize significant performance improvements, but is also much more than that. OMG then followed that news up by announcing that they are the first Plasma project. I think that may have contributed a little.
Congrats. It's how you cope with the other kind of days that will determine your success with crypto.
walking fiend
Member
Congratulations to NEO and OMG holders. Even if they correct, it indeed might be one of those cases where in a few weeks you'll look back and think: I got into it when it was cheap @ $30 or $5. It might be my overtly conservative side talking, but I'd still cash out at least cash my initial investment 
Anyway, I am just LOVING the crypto market! I could have visited a psychologist for ten years and I doubt I'd learn so much about my personality! The facts of the market hit your right in the face and you cannot deny them
There is a neat article which explains a variety of cognitive biases :
http://stockcharts.com/school/doku.php?id=chart_school:overview:cognitive_biases
I am afflicted by a few of them at least::
- Loss Aversion: My first consideration for entering a position is whether there is little risk involved or not, rather than asking what are the potential gains
- Endowment Effect: I hadn't been holding NEO, OMG or IOTA for long, so never really even assumed that they might take off; actually, never even looked carefully into their technicals or projects
- Confirmation Bias: Since I didn't get into OMG when it was under $1, I've been wanting it to fail, so have been recalling other coins which failed after a large price increase. However, the technicals and more importantly the OMG project and its team are much more solid than those alt-coins which failed.
To a large extent, I behave similarly in the real world too. I am realizing there is a lot I want to learn and improve about myself. I'm so happy
My situation is perhaps drastically different. Once I start my studies I will be without a steady income for a few years, and if I can't make enough in a year or so, I neither will have the time to look into the market nor a need for the gains after I am done with my studies and get a job again...
I see, thanks for the explanation about Kraken's verification procedure! So there is really nothing that I need to worry about [I thought maybe someone has hacked into my account and is doing the verifications on my behalf.]
Anyway, I am just LOVING the crypto market! I could have visited a psychologist for ten years and I doubt I'd learn so much about my personality! The facts of the market hit your right in the face and you cannot deny them
There is a neat article which explains a variety of cognitive biases :
http://stockcharts.com/school/doku.php?id=chart_school:overview:cognitive_biases
I am afflicted by a few of them at least::
- Loss Aversion: My first consideration for entering a position is whether there is little risk involved or not, rather than asking what are the potential gains
- Endowment Effect: I hadn't been holding NEO, OMG or IOTA for long, so never really even assumed that they might take off; actually, never even looked carefully into their technicals or projects
- Confirmation Bias: Since I didn't get into OMG when it was under $1, I've been wanting it to fail, so have been recalling other coins which failed after a large price increase. However, the technicals and more importantly the OMG project and its team are much more solid than those alt-coins which failed.
To a large extent, I behave similarly in the real world too. I am realizing there is a lot I want to learn and improve about myself. I'm so happy
I think I am beginning to understand your investment mindset. I hope my wording does not come off as too casual, but it seems investing in crypto market is somewhat like a hobby with potential gains to you
My situation is perhaps drastically different. Once I start my studies I will be without a steady income for a few years, and if I can't make enough in a year or so, I neither will have the time to look into the market nor a need for the gains after I am done with my studies and get a job again...I see, thanks for the explanation about Kraken's verification procedure! So there is really nothing that I need to worry about [I thought maybe someone has hacked into my account and is doing the verifications on my behalf.]
Let us know if you come across a potentially interesting new project! You can create a google document and add your thoughts about each one
I can deal with riding out the dips, I guess it's more trying to figure out when to hold on or when to cash out that I'm trying to figure out. So far I've been holding and it's been ok.
I think I am beginning to understand your investment mindset. I hope my wording does not come off as too casual, but it seems investing in crypto market is somewhat like a hobby with potential gains to you
Let us know if you come across a potentially interesting new project! You can create a google document and add your thoughts about each one
It's definitely a hobby for me. I find crypto both stimulating and entertaining, partly for the money-making aspect, partly for learning about such a complex developing technology. I've been kind of looking for a hobby for a while that I could do on the go, or in the downtime between activities with my kids. Pre-kids, that used to be gaming for me, but until my kids get older, there's not much gaming to be had in my household yet.
Blockchain tech is so complicated, I could barely describe it two years ago. I've learned a lot since then, but I'm nowhere near an expert in the underlying technology. It's partly that crypto is so difficult to understand that makes it a good investment, since the mainstream doesn't understand it, but also risky, if you blindly invest in something that is really nothing, because you didn't research it thoroughly.
If I lost everything I invested, it would be upsetting, but wouldn't affect my life very much.
As for projects worth investing in, OMG is sounding more and more interesting by the day. The Ethereum connections are also a plus. If I was going to invest in another coin at this point, in addition to ETH, it would be OMG. I don't hold any OMG though. I'm also still interested to see how Tezos launches. They could still do some great things, but with their ICO windfall, the Tezos market cap is going to be quite overinflated to start. Whether the market cares or not remains to be seen. They still need to show that they are capable of doing what they say. I'm optimistic, but will wait to see some actual results first.
walking fiend
Member
OMG indeed looks promising. I wish I hadn't dismissed it like every other alt-coin after it launched on bitfinex; just a short search on google would have shown that they do indeed have a solid project. I'm not buying until I see a major correction; though it might recover so fast that I'll miss my entry point.
For now I am holding only Ripple, Ether, EOS and Santiment. All based on the technicals of their BTC based charts.
OMG is up 60% in the last 24 hours. I'm pretty sure you'll get a chance at an entry point if you want one. I'm considering converting $5k of my ETH into OMG after it corrects from today's pump, but haven't decided yet. I'm trying to determine whether it's justifiable for OMG to go to $100 if ETH goes to $1000.
There's nothing wrong with letting a brand new crypto asset find its footing a bit before investing. You could miss out on some gains, but I think it's better to view it as a cost of not losing all your money.
walking fiend
Member
I am not sure where it would correct to though; it might as well be just about $5, but I won't be buying at that price either unless it consolidates :/
True! Going on with my today's obsession with cognitive biases, not buying after losing some profit is called 'The Sunk Cost Fallacy', or in my case more aptly 'The Lost Profit Fallacy' haha
I am probably going to the library today to read Daniel Kahneman's 'Thinking fast, Thinking slow!'
Looking at it rationally, when has any crypto gone up 60% and never retraced at least once?
I like that Bittrex has an OMG/ETH pair. That is a step in the right direction. More coins need to get uncoupled from Bitcoin.
It's fluctuating between 0.0195 and 0.02 ETH as I'm writing this. I think 0.015 to 0.016 would be a fairly realistic entry point. 0.013 might also happen. If that doesn't happen, and it goes up a bit more only to correct back to 0.02, then you'll know 0.02 is the right price for now anyway. Not much lost. I don't see OMG hitting 0.1 ETH tomorrow, so watching how it corrects from a big pump would be the rational thing to do.
With the amount of volume NEO has on Bittrex and OMG increasing in the same way, it will be interesting to see if NEO has a significant dip or will the price just keep increasing until it reaches much higher ATH such as $50 and then corrects to $25-30. I see OMG going the same way as it has strong fundamentals like NEO.
I converted all my ETH to OMG last night at 0.0114.
I converted all my ETH to OMG last night at 0.0114.
Borboleta Amarela
Member
My porfolio cleared 5 digits thanks to these last couple of days. I started with 3k less than 2 months ago and had a very rough start with buying ETH and BTC at ATH and getting scared, selling for a loss and finally investing only in alts. It's been quite a ride but I think I learned a lot too with those mistakes. Started to research before investing blindly and I think I made a nice portfolio.
I'm very happy today!
I'm very happy today!
Congrats dude. This is only the beginning! Cryptocurrency isn't even mainstream yet.
Borboleta Amarela
Member
Thanks! I really think so too. I've been hearing about bitcoin since 2011 but never bothered to get into it due to inertia. I think I got in at a pretty good time although I'm 6 years late to the game though.
What's funny is everyone around me (friends and family) basically putting me down for "wasting my money" and saying "everything will come crashing down before you know it and then you'll be sorry for not having those 3k". I don't really care about what they say but watching people have such a negative reaction because you're investing your money in a non-conventional way is...curious.
walking fiend
Member
I guess there will be first for everything? The way I see it is that it can go up to say $10, then retrace to only $6. You can never really say
(edit: which is essentially just what you said lol)This is my post from a few days ago:
Of course, it never dropped to $1.8. For cases like this, I believe the best strategy is to invest little by little and take partial profits at each price increase
I guess there will be first for everything? The way I see it is that it can go up to say $10, then retrace to only $6. You can never really say
This is my post from a few days ago:
Of course, it never dropped to $1.8. For cases like this, I believe the best strategy is to invest little by little and take partial profits at each price increase
There's a 60k OMG buy order at 0.02111 on the OMGETH books on Bitfinex. Impressive. I still feel like a dip is coming soon. If you think OMG will be $50-$100 in a year, then any of these prices would still be amazing though.
Edit: while writing the above, that buy order has been getting chewed through big time. Dip incoming?
So I'd like to try my hand at alt coins after making a bit with Eth on coinbase/gdax. In transferring to bittrex I have a couple questions:
-How long should a transfer take?
-Is the process simply plugging the hex address provided by Bittrex into the address box provided by coinbase?
-How long should a transfer take?
-Is the process simply plugging the hex address provided by Bittrex into the address box provided by coinbase?
CaptainZombie
Member
It was due to Bittrex had maintenance on the Eth wallet this morning, mine took forever when I sent Eth over from Gemini.
walking fiend
Member
I shorted a small amount @ $5.85. The funny thing is that in a market that is crashing, with margin trading you can increase your profit even more quickly than a rising market
So let's see how it goes(I feel compelled to add that OMG has proven me wrong 2 out of the 3 times that I have shorted it, so the chances are I'll lose a little money this time around too
)walking fiend
Member
Every time I haven't cashed out before sleeping I regretted it later
If your exchange allows it, put a stop order at least
DonMigs85
Member
I wonder, does this also render ARK at least partially redundant?
Also I believe Tezos is likely to be listed on exchanges sometime in Q4 this year right? As long as the people behind it don't abscond with the cash it could be a good thing for people who missed out on the early days of ANS/NEO, although it does apparently have over 700 million Tezzies.
DonMigs85
Member
Only Bittrex has it for now
Earthbound64
Banned
And my initial $200 blows past the $300 mark to $310.69, meaning I've now made a 55% profit.
Nice.
Nice.
Borboleta Amarela
Member
Happy to hear so! Good luck with your future endeavors.
Earthbound64
Banned
I probably should pull out now, but the day-to-day entertainment of watching it / fiddling with it is worth it.
Borboleta Amarela
Member
My god. NEO is strapped on a fucking rocket ship to andromeda!!!
I hope the correction doesn't send everyone running for the hills. It's too good to be true...I'm think about selling high and buying low but knowing my luck, if I sold it would go all the way to 50$ in a hour ahah.
I hope the correction doesn't send everyone running for the hills. It's too good to be true...I'm think about selling high and buying low but knowing my luck, if I sold it would go all the way to 50$ in a hour ahah.
DonMigs85
Member
If/when it makes it to other exchanges, it could very well surpass ETH for all we know.
Jzero
Member
fuck and i'm only bought 4
Borboleta Amarela
Member
Yeah, that's why I'm holding my dick and balls right now. This is amazing. I'll have a small fortune on my hands if this train reaches ETH highs.
CaptainZombie
Member
And I'm riding that fucking rocket ship to the second moon....... LOL!
This is nuts. I bought some more this afternoon at $33, I'm driving home and see it drop to $31 and like WTF this always happens to me. We sit down to eat dinner and then go downstairs to do a few things on the computer for my side biz, then I see this damn thing just blowing past to almost $40. This is crazy how much I've made off of NEO. I am waiting for a decent dip to really buy a good chunk.
Borboleta Amarela
Member
I maxed out my fiat investment this month so the only way for me to get more NEO is to sell high/buy low but that's too risky. I'll just ride it out. I can't be too greedy.
CaptainZombie
Member
I almost did that a few times in the last 2 weeks thinking I can sell high and rebuy low, but the way this is going you have to be action jackson with making those kind of moves.
Borboleta Amarela
Member
everybody talking about neo and i cant buy it (probably missed the train already, though) because its not on kraken
Well, you might've missed beyond stupid gains but even at this price, it's a great investment. Don't skip it because you think it's too late. We still have a long way to go. Just don't be hoping to make 20x gains in a week.
Borboleta Amarela
Member
Yeah, definitely. Doing that is risky business. Timing the market, specially this one with the volatility of a knife wielding chinese dwarf, is a recipe for disaster. Just hold strong. We'll be handsomely rewarded.
Don't really have a ton of "fun" money to throw at crypto thus far. Convinced myself to only use $150 for now, but only put $75 thus far in ETH. I waited for that $75 to become about ~$90 and transitioned $10 into Ripple. Since then, my $85 has become about $100 something. Not bad thus far, however I want to continue diversifying and possibly plugging more USD in. I was looking at Monero, Siacoin, and OMG last week but never pulled the trigger. Kicking myself on OMG, but hoping it'll correct a bit before I switch some ETH over.
Any advice for someone new to trading in general and crypto?
EDIT- I also looked at NEO but am terrified of investing during climbs...only to see it climb more.
Any advice for someone new to trading in general and crypto?
EDIT- I also looked at NEO but am terrified of investing during climbs...only to see it climb more.
Borboleta Amarela
Member
Based on the volume, I would say it'll consolidate around this price only to keep on rising. As for a time frame, I stopped trying to make estimations since a week ago I was saying that it would reach 15/20$ by end of August lol.
Same here with NEO and OMG.
CaptainZombie
Member
It is something else, I thought we were going to consolidate in the upper $20 range earlier since the pattern was looking like that. I think after this YouTube presentation, we are either going up even higher to the $50 range or we will get that dip that everyone is wanting so they can by more and new people can hop on this rocket.
If new exchanges come on board here soon, which at this point since IOTA was knocked off to #8 on Coinmarketcap, this will go higher.