/biz/ - Business & Finance

dollar go down

i did what you did. came to biz and started lurking. i legit thought biz was a business board where people were sharing ideas about startups and side hustles, nope. basically digital pokemon. anyways i started small buying xrp and some other shitcoins but did my homework on link and dumped in 15k back in 17 pre sibos and been sitting on the majority of that stack since. i had a cooperate job at the time but 15k was a lot to invest for me and probably more than i shouldve but i was also 27 and felt like the risk was worth it.

tldr, lurk more, do your homework and sack up. everyone want a hero arc without doing hero shit but youll prob wreck yourself in the process too. just keep learning and keep going, dont be a bitch

>>56924560
yeah dont b a bitch

>>56924560
Thanks bro. It kinda sucks wading through all the threads without any context trying to find good gems of knowledge.

Would you recommend coin base as a good/safe platform to get started using?

>>56924597
of course man. ya coinbase or gemini are safe and good places to start. find coins that make sense to you.

desu link is the best thing going in the space. do your homework and invest what you can.

>>56924424
wait till tuesday to invest, big weekend for btc

>>56924636
Okay never heard of gemini but I'll compare that to the former and see which one looks better to me. Thanks!

>>56924694
Got it. Not looking to rush into anything just yet so worrying till the next week isn't a bit deal.

Is Tuesday when you predict a decent sized dip to occur?

>>56924424
it's a clown market
just turn your brain off
the best performed assets where literal dog and funny internet meme coins
this is hell

>>56924424
i started by opening a brokerage account and buying random shit
hot tip: coal mines are literal money printers

I watched the wolf of wall street

>>56924737
btc is quite extended atm and some may want to derisk before inflation data tuesday and FOMC wednesday, so it's quite risky

>>56924424
dollar cost average non retarded coins as the basis of your portfolio (LINK ETH BTC), do not use leverage only buy spot

>>56924424
No mentorship needed. I started small by putting like $50 into stocks when I was in college. It gave me an understanding of basic investment concepts. I applied that knowledge to much larger investments after I graduated and started making money. The same basic concepts apply to crypto. I've figured out what works for me and it's generated a lot of value over the past 8 years.

>>56924424
ok my newfag i'll do a quick one for you, save it.

1. you need a fiat (your local currency) on/off ramp. Kraken is a centralized exchange (also called CEX) where you can do that, and also buy coins (like coinbase). If you're in europe you can try mtpelerin where you can buy/sell less for around 1200$ per day without the whole kyc process, but there is a 1.3% fees (vs 0.26% with kraken). they'll ask you for ID, bill, etc. to prove who you are, and depending on where you from, proof of fund (where is the money you're wiring them coming from).

2. cryptos are usually ranked by market cap (number of tokens * price). You can check them on coingecko.com. btc, eth, avax, dot, etc. are all different blockchains, with their own ecosystem (called L1, or layer 1 blockchain, in opposition to L2 that aim to scale ethereum). anybody can launch a token on those blockchains. you have plenty of scams, pump and dumps, and serious projects.

3. eth is used as gas to make transactions in the ethereum ecosystem. dot it used as gas to make transactions in the polkadot ecosystem, avax in the avalanche ecosystem, etc. so if you want to make an ethereum transaction, you need eth in your wallet.

4. stablecoins. stablecoins are coins that are pegged to a currency, the most famous ones are usdc and usdt, that are pegged to the usd. so 1 usdc = 1 usd. cryptos are very volatile, meaning, their price goes up and down all the time and it's really annoying, so stablecoins fix that. those stablecoins are deployed on all those major blockchains. So for example, let's say you have a coin on avax, or the token avax itself that you want to sell, you can directly sell it for usdc, on a decentralized exchange.

cont...

>>56924424
Being poor as fuck. And not wanting to remain so.

5. defi. the whole point of cryptos is censorship resistance and really owning your assets. when your coins are on kraken or coinbase, you're not in control of the private key, they can basically block or freeze your funds, prevent you to trade. decentralized exchanges (also called DEX) are like kraken or coinbase but decentralized. with a dex, nobody can prevent you from trading or lending/borrowing money. the most famous dex is uniswap: app.uniswap.org

6. wallet. once you bought some cryptos on kraken, you need to withdraw your funds into a wallet where you control the private key. some wallets let you interact with defi. for example rabby is the best EVM wallet (but only supports EVM coins, dyor to understand what it means), it's a chrome extension. but you can't trade on the solana ecosystem with that wallet, you'll need a solana one. if you want a general purpose wallet to store different coins from different ecosystems, you can use exodus wallet. always make a physical back up of your seed words.

I think that's it for now. you'll need to dyor the rest. pro tip: dont use the ethereum blockchain since gas fees are too expensive on it.

>>56924424
Start w/ 350+ Troy ounces of silver as a backstop before you do anything else.

>>56924424
greed

>>56924424
>>56925103
Or gold. No wrong answer between the two.

>>56924781
>>56924889
>>56924917
Thanks for the tidbits here.
>>56924973
>>56925080
Really appreciate the time you took here to give me a good rundown. I'll remember you if I ever get lucky with this.
>>56925103
Already bought a few Oz of silver back in '19 but haven't thought much of it after the shiny metal appeal in me calmed down.

>>56925231
also when it comes to traditional investing, check this (just dont fall for his trading212 marketing):
good quick beginner guide:
https://www.youtube.com/watch?v=lNdOtlpmH5U
you also need to understand risk (you can quickly lose all your money, especially in crypto.
https://www.youtube.com/watch?v=YnKRpjqbmkM

>>56925231
>Already bought a few Oz of silver back in '19
Ok at least you're not hopeless. Consider a few oz a month.

>>56925371
and where do i put them dumbass? in my anus when im traveling?

Trading/investing isn't something suited for mentorship. I learned all my best lessons by FAFO (fucking around and finding out). Lost a lot, gained a lot, learned a lot. Ease in slowly until you get a feel for it and always note lessons from failures.

>>56924424
I started out bag holding, then I tought myself options, then I tought myself futures, then I taught myself futures options. I mostly event trade. The days I have made the most money are sessions where we have clear and absolute market direction

>>56924424
I started coming to /biz/ after I learned from /pol/ how fake and gay our nations are and the consequences of fiat currency in all countries that tried it. Came to /biz/ in September of 2017, saw everyone talking about crypto, jumped in on Litecoin, Doge and about 10 other retarded coins like Funfair, Onyx, Bounty, XVG Verge, things that don't even exist anymore. Long story short, I lived through the pump and felt invincible, then came the dump in which I managed to buy 1 Bitcoin for $3800. Still hold to this day. Been accumulating Litecoin for a while, also invest in Gold/Silver as a savings account outside a bank. Also love buying National Socialist daggers, great collectibles that gain value.
We all ended up here somehow, just take the good crumbs that get dropped here every now and then, look at good top crypto projects as blue chip investments similar to FAGMAN in tradfi equities markets. Put your fiat to work somewhere. /smg/ is a fun thread if you wanna see boomers talk about their stock folios.
Once you start seeing a bunch of dog coins being posted all over the board, take that as a sign that euphoria might be coming and the dump is near.
FUCK THE ANTICHRIST