Newfag advice thread

[Anonymous No.25786065]

I posted this last night and some thought it was helpful, so I’m posting it here again. Unlike /g/, /biz/ has more of a “fuck you, figure it out yourself” culture so others won’t take well to this, but here’s my advice after 5 months of being on here. Ask questions ITT too. Hopefully other anons will be kind enough to help out.


• Trust no one here, even in this thread
• Many get their start on Coinbase. While it’s super easy, that can be to one’s detriment. It’s good for getting things started, but between the fees, ridiculous wait times when sending funds back to your bank account, and the fact that you don’t even get to see your own keys, the service is dangerous even if it is what everyone around you might be using. As they say, if you don’t have the keys, it ain’t your crypto. Would you hand me your money while I promise to make you rich, only to have “connectivity issues” whenever I have the chance to make a quick buck off you?
• Every week there’s a new coin you’ve never heard of on here getting shilled. This week it’s BAO. These are always scams designed to get poor uninformed saps like you to look up UNISWAP and throw their money away on something that’s gonna “moon”. Every time you feel compelled to buy some unknown coin, watch this board for a few weeks. After a bit, you’ll see the same ride over and over again. Just don’t do it.
• Don’t even look up UNISWAP and for the love of god don’t use it.
• If you’re able to pick up new skills, start with Kraken. It’s been working great for me. Binance is also a decent option I hear if you’re not in the US.
• Don’t diversify too much. Keep it to 1-3 coins until you know what you’re doing.
• Buy after the next big crash. Do not buy BTC right now, or anything else that’s doing well. The name of this game is to always buy red, sell green, regardless of what the degenerate gamblers of this board tell you.
• Keep track of what you buy and at what prices. Don’t gamble. Be smart, and shoot for small gains.
• have fun

[Anonymous No.25786138]

Op is one gigantic faggit who probably only started browsing here 2 months ago

[Anonymous No.25786185]

>>25786065
>regardless of what the degenerate gamblers of this board tell you
This is so true. /biz/ is more like a casino lobby full of faggots that just lost their life savings

[Anonymous No.25786265]

>>25786185
>/biz/ is more like a casino lobby full of faggots that just lost their life savings
That's finance in general anon.

[Anonymous No.25786325]

just here to say i put $500 on bitcoin and $500 on ethereum after never investing before and i have been on this board for less than a week but it's so much fun. thanks retards

t./fit/ and /v/ oldfag

[Anonymous No.25786659]

Other advice on the “don’t gamble” point:

• Many users on this board have serious issues with gambling and have a casino mentality to the crypto world. You’ll sometimes see people post their Blockfolio balances (aggregate of crypto balance synced across all hot wallets hooked up to markets i.e. co*nbase, kraken, binance, etc), and you’ll see that they have something crazy like a $10,000, $100,000, or even a $1,000,000 balance. Flexgamblers like this gain satisfaction in the idea that you too fall for a rather basic fallacy. They want you to believe that this figure is the amount of money they’ve made off crypto. This is simply not true. Figures such as pic related merely calculate the sum of holdings one has in cryptocurrencies. This means a really degenerate gambler who only had $500 in their blockfolio who saw other posters having $20,000 in theirs can buy in with $30,000 and post their blockfolio having a $30,500 balance. Really, what happened here was the person put their whole life savings into flexing, only to lose it all during the next crash. Don’t fall for the fallacy.
• Don’t get into the mindset of telling yourself “you made money” every time a coin you’re holding is doing well. You are at a 100% loss until you sell, period. Do not let degenerate gamblers fool you otherwise. You’ve only made money once you’ve sold, that money gets transferred back into your bank account, and you are able to confirm that you have retrieved more money than you put out. A good way to do this is to have a book or a notepad recording the date, amount, and price at which you bought each crypto, and the same for how much you made off of something after putting the money back into your bank account. Keep a realistic depiction of how much you made each time to prevent your psychology working against you, and becoming a degenerate gambler.
• Don’t turn into a degenerate gambler. These guys on this board aren’t your friends.

[Anonymous No.25786826]

>>25786325
weltome fren

[Anonymous No.25786883]

>>25786826
hey, thanks man. i hope we all make it big and reach our goals. we're all gonna make it bro

[Anonymous No.25786892]

>>25786065
>>25786659
disgusting. you haven't even been here long enough. and you think you can write a "guide"?
tell me, mr. newfag. what's your stance on Chainlink? let's see if you're as smart as you say you are

[Anonymous No.25786907]

>>25786065
>Don’t even look up UNISWAP and for the love of god don’t use it

Terrible advise. I unironically only use uniswap and metamask. Began at the same time as you and turned 1k into 50k

[Anonymous No.25786920]

>>25786892
>Chainlink

Bagholder coin

[Anonymous No.25786955]

>>25786325
Now are horrible times to do either because once they crash, it will likely be a few years before they reach a good enough price for you to sell those investments without a loss.

If this insane market has any more juice in it, I highly recommend you sell everything you just bought around $45,000 for BTC and $1,500 for ETH. You made a really bad investment just due to bad timing but you can get out of it as long as this bubble keeps expanding for a little longer. After you’ve sold the coins and made your $40, wait for the prices to crash. They could go as low as $5000 for BTC and $200 for ETH. You could then put in those EXACT SAME AMOUNTS of money into the EXACT SAME TWO COINS and get 800% the BTC and 600% the ETH respectively. Now, the situation is very different in those few years where the price returns. Instead of having made nearly 0% after waiting 2-3 years, you’ll have made 800% and 600% of your initial investments. In other words, you could make ($7,000-$1000=) $6,000 in a few years instead of $0.

Even if you don’t take my advice, whatever you do: do not sell when these things crash. Do not sell at a loss. Just hold. Don’t ever sell below a 0% profit unless you got scammed with BAO or YAM or some shit. But heed my advice, anon. Bad timing, but a good time to learn some good lessons and pick up some good investment skills.

[Anonymous No.25786957]

>>25786065
Basssseeeeddd
Keyyyeeeedd
I learned some of this the hard way, op is cool

[Anonymous No.25786980]

>>25786065
How can we get this faggot banned

[Anonymous No.25786984]

>>25786065
>>25786659
• kys

[Anonymous No.25787027]

>>25786980
>>25786984
Literal dopamine heads can't face the reality that they are degenerate gamblers

[Anonymous No.25787046]

>>25786065
don't listen to this faggot, trade based on your emotions and which token has the best memes
>/biz/ 101

[Anonymous No.25787052]

>>25786065
>>25786659
Lurking new /biz/ here, thanks anon this is helpful

[Anonymous No.25787144]

>>25787027
unironically this

[Anonymous No.25787176]

>>25786955
plan on holding, thanks for the advice. im gonna see how things go from here but i have only put 2% of my capital into crypto so im hopping on now basically due to fomo and to get experience and knowledge for the future

[Anonymous No.25787193]

>>25787046
based!

[Anonymous No.25787250]

>>25787052
Glad to hear it, anon. I myself am very new to the crypto world. Hopefully a generous, non-degenerate gambler veteran will be willing to share some advice as well, especially one who’s been investing since before the 2017–crash since we’re on the advent of a new one. I still have much to learn and look forward to hearing their advice alongside you.

[Anonymous No.25787276]

>>25787250
you haven't answered me yet >>25786892

[Anonymous No.25787343]

>>25787176
It’s always good to start, since a lot can still be gained from the crypto world. Try your best to make this your last emotional investment decision by selling to make back exactly your $500 and putting the money back in the market when no one is feeling fomo anymore and your normie friends believe crypto is dead. The name of this game is to do the opposite of what everyone else is feeling, which can be hard since it goes against out community based, literal animal psychology.

[Anonymous No.25787396]

>>25787343
How soon is a crypto crash expected. What are they key indicators?

[Anonymous No.25787491]

>>25787396
15th Jan it might dump pretty hard with the tether stuff.

[Anonymous No.25787545]

>>25787343
Yeah, I work a job and do freelance translation on the side and over the past 2ish weeks made about $1.3k just from my freelance so decided to put some into crypto. I know it's not the ideal time but I'm definitely not selling anytime soon, and the amount I've invested is fairly trivial for me so if everything crashes to 0 forever and I don't make anything back I won't be hurting. I'm hoping for a big crash in the future so I can buy up a ton, though.

[Anonymous No.25787578]

posted in the last thread but wasn't able to reply to the two answers I recieved, anyway I asked whether I should use acorns or M1Finance to get a savings built up. pic related defintely interests me. I don't have hundreds of dollars to throw into crypto or anything

[Anonymous No.25787635]

>>25786065
Obviously there are loads of shills on /biz/, I get that. Where should I go to get an actual understanding of how Crytpo works? It seems that whatever coin I check out has uses the same buzz words
>inb4 brainlet

[Anonymous No.25787663]

>>25787396
It’s impossible to tell exactly when it will happen, but it’s imminent. Bitcoin still makes up more than 70% of the crypto world’s total market cap, and it has ballooned way beyond what it did during the 2017 crash. See pic related? That little hump was the unbelievable prices BTC mooned to, tanking the whole financial sector in the following year. We just blew past double that. Everyone (minus the degenerate gamblers) knows that this bubble is going to pop soon, it’s just a matter of when the market decides today is the day. It could end tomorrow, or this could drag on for a few more weeks. It’s true that capital holders and investment bankers are beginning to lose faith in the strength of the dollar, as they fear the Federal Reserve is going to have to start printing money even faster by the end of 2021. But who knows. The point is, everyone who bought above $20,000 is going to quickly meet that same price in a downward descent before the end of the winter season. If that person is you, sell at 10% higher what you bought and wait until the crash to put that money back in. You’ll thank yourself later.

[Anonymous No.25787692]

>>25786065
aight let's put the memes aside for now, what op said is true, and I wholefully agree with it. But most of us here are just memers, we actually don't take any advice here seriously, or at least no one here is retarded enough to. keep educating yourselves guys. Make this your life, work, and habit because once you achieve your dream guess what? you're gonna have an existential crisis. Keep working with a healthy and positive attitude. (P.S. Don't confuse with optimism) The journey and hard work is what really actually counts!

[Anonymous No.25787818]

>>25787545
Pull those investments back out once you’re up 10%. Even if it’s a trivial amount, making $5,000-$7000 in a few years is not trivial. And a crash is imminent. If you’re feeling impatient, you won’t have to wait long. Plus, if you’re trying to learn crypto, learning to successfully pull money back into your bank account is an invaluable skill to have. None of this counts if you can’t turn your coins back into a currency you can use. And if you’re in the US, that comes with social security verification and learning how to set up wiring services like Synapse. It’s not super hard, but something you need to have on tap if you’re not just here to throw your money away. Pull that money back out once you would have made enough to cover fees, buy again in the next few weeks/months, and turn back on that holding mentality for the next couple years, until you can sell those coins at those insane prices to someone who’s willing to give you the profit you need from them.

[Anonymous No.25787875]

>>25787663
What's the quickest way to sell crypto and realize gains? I bought BTC around $22000 a couple months ago, but don't have access to KYC exchanges yet, and Bisq requires a minimum amount of BTC to buy and sell. Do I hold, or buy more just to be able to sell?

[Anonymous No.25787948]

>>25787635
There is no “how to get into crypto” guide. This is a world of money, and as such it’s inherently a dog-eats-dog world. The smart dominate the brainlets. The rich dominate the poor. Nothing is easy and you have to scrape things together with tact and as little emotion as possible. That’s a small part of why /biz/ has the culture of “fuck you, figure it out”, because that’s how the crypto world is and the only people who have some small success with it are the people smart enough to do it and unemotional enough to resist transforming into a degenerate gambler.

Some of the best advice I’ve gotten regarding this though is to look what reputable crypto hedgefunds do and copy their behavior. These are people who know all the insider secrets and do this stuff for banks. Their whole livings are based on this stuff. Even if you don’t know why they’re doing something, monkey see monkey do can eek out some decent pocket change in the long term.

[Anonymous No.25787958]

>>25786065
Literally the worst advice I've read, OP is massive faggot and newfag

[Anonymous No.25788047]

>time in the market > timing the market

[Anonymous No.25788111]

This post gay , buy high sell low . Best meme wins

[Anonymous No.25788163]

>>25787663
Open a short then faggot.

[Anonymous No.25788167]

>>25787875
Sell. That’s a quick 2x. This market is going to pop soon. You can send that money to Kraken unless you bought a trivial amount that can’t be sold.

It’s also not the end of the world if you don’t sell. You’re not the newfag or the degenerate gambler who bought BTC at $35,000. When the crash happens, you might only have to wait a year to make back your 0%. But a year with 0% vs a day with 200%? Sign me up for the free money. Try kraken, fren.

[Anonymous No.25788615]

hi, I'm a /b/tard stuck here since 2006

>december 22nd I open up /biz/ for the lulz
>read about ETH ATH and x2 gainz
>put $600 into ETH
>cash out $1400 two weeks later

thanks /biz/ you know how to bring back good old memories. see you guys in 2023

[Anonymous No.25788732]

>>25788167
Newfag here. Opinion on TRX and XRP? General consensus on here is to stay away from them.

[Anonymous No.25788754]

>>25788615
Sell if this market goes a little further, re-invest same amount after crash, then see us in 2023 with a free $5000 in hand

[Anonymous No.25788900]

>>25788754
I liquidated some of my planet fitness stock to have cash ready for the dip

[Anonymous No.25788907]

>>25788732
I fomo’d into XRP when I started in August and sold too early (which is never bad as long as you’re not at a loss). I am not very familiar with either of them. Degenerate gamblers are into XRP because their brains have been rotted by dopamine to the point that they go
>XRP at under one dollar
>BTC at under one dollar in past
>XRP go MOON MOON after XRP under dollar
>I invest XRP because it go MOON MOON some day
>I go 10,000x or 100,000x some day
>I go MAKE IT
It’s fucking retarded. Even the degenerate gamblers who haven’t had their brains fully rot yet can recognize that it’s not the type of coin meant to leap in the same amounts. It’s like saying 1 yen is equal to 1 dollar. Disgusting

[Anonymous No.25788996]

I spent $250 on BTC and ETH on binance with BANXA and it is taking +2 hours and still in process. They already got my money via interac.
Is this common or should I start shitting my pants?

[Anonymous No.25789095]

>>25788996
Not familiar with this service but I myself am not a veteran. Coinbase did this to me, which is why I left even though it’s the #1 normie platform. Whatever that thing is, get off it once you get your funds. Send those coins to a cold wallet and switch to kraken or something else reasonable.

[Anonymous No.25789121]

What are some good books to read about investing in general? I’ve heard of rich dad poor dad or something, any others that opened your eyes?

[Anonymous No.25789200]

>>25788907
Ah, okay. Thank you for sharing your expierences. As a newfag, penny coins are very attractive to me because of the mentality you explained. I'll take your advice and sell my TRX and XRP. I made a small return thanks to the sudden pumps this week.

[Anonymous No.25789218]

>>25788732
My impression of XRP is it was never designed to actually moon. Market cap is valued at $14B and it's priced at .$.3-.34; that's a lot of coins issued compared to the other coins. Dunno, maybe I'm not seeing what the schizos are seeing. Check out their generals to see what they have to say in defense of their investment.
I know the company who made XRP is in trouble right now and Coinbase is removing XRP from it's exchange so I can't see how that's a good thing long term. I haven't looked into why they're in trouble.

[Anonymous No.25789267]

>>25789121
I would like to know this too. Only 5 months in. Crypto has been my first investment ever and I’ve merely gotten lucky by investing right before the bubble.

[Anonymous No.25789284]

>>25788167
Same issue with kraken, damn KYC verification keeps cucking me. Are there any good non KYC exchanges that don't have transaction minimums?

[Anonymous No.25789342]

>>25789200
Cheers, anon. Just a heads up, XRP is made in such a way where it’s impossible to move below a certain amount between addresses. As a result, it’s likely impossible to sell all of it, just 99.9% of what you have. Not sure why this is the case, but it’s a brilliant strategy on their part and a thorn in my side

[Anonymous No.25789357]

>>25786185
>/biz/ is more like a casino lobby full of faggots that just lost their life savings
Wouldn't have it any other way desu

[Anonymous No.25789361]

I have 500 EUR worth of Ethereum and 237 EUR worth of Bitcoin. Should I really research more on shitcoins?

[Anonymous No.25789387]

>>25789095
fug I dont think I can cancel my payment since my money already went through Interac. i hope this is just a delay.

[Anonymous No.25789399]

AHAHHAAH fuck op, never seen bigger retard

[Anonymous No.25789404]

>>25789218
>schizos
This. They all suffer from DGDOXRPS. Degenerate Gambler Dopamine Overload XRP Syndrome.

[Anonymous No.25789478]

Buy the standard. Thats all

[Anonymous No.25789514]

>>25789284
>KYC
I used to know this, but forgot. Sorry anon, hopefully another anon can post some insights. What I know off the top of my head is that Bitcoin ATMs are more common than you might think. You can load and withdraw from them if you move from exchanges to a cold wallet. That might be the move if you’re living in the US and are having identity trouble.

[Anonymous No.25789553]

>>25789361
When (what prices) did you buy?

[Anonymous No.25789608]

>>25789387
Hopefully. If you got scammed, it’s an expensive lesson, but a lesson learned. Always put in only what you have the means to lose. If you haven’t crossed the point of no return and entered degenerate gambler territory, you’ll be alright in a few months.

[Anonymous No.25789685]

>>25786065
>dont even look at uniswap and for the love of god dont use it
ohhh i see what op is doing
top kek

[Anonymous No.25789719]

>>25786065
I don't trust you

[Anonymous No.25789778]

>>25786065
>>25786659

>BeGiNnEr GuIde for 0ur NeW FriEndZ in t3h ComMuniteeeehhh

NGMI go back to plebbit

[Anonymous No.25789794]

also log scale

[Anonymous No.25790434]

>>25787663
>but it’s imminent.
>• Trust no one here, even in this thread
???

[Anonymous No.25790478]

>>25789361
yes but not degen pnd coins
check out projects that have already proven themselves and have solid fundamentals like zilliqa for example.
don’t send any coins to people you don’t know and do not fucking ever put your wallet seed phrases anywhere. write it down on a piece of paper and keep it somewhere safe.

I see people get scammed for 1000’s every day - don’t be one of those retards

[Anonymous No.25790491]

>>25786065
Overdiversification is a meme. Rigorous backtesting has shown that the most profitable strat long term is going extremely wide across the board

[Anonymous No.25790521]

>>25787958
holy shit, virtex.
t. bitfloor fag

[Anonymous No.25790708]

>>25786065
>>25786659
>>25786955
>>25787144
>>25787193
>>25787250
>>25787343
>>25787663
>>25787818
>>25787948
>>25788167
>>25788754
>>25788907
>>25789095
>>25789267
>>25789342
>>25789404
>>25789514
>>25789553
>>25789608
Imagine this is how you spend your weekend. Kek go outside loser

[Anonymous No.25790710]

>>25789342
Yes, you always keep 20 XRP. Stained for a lifetime.

[Anonymous No.25790898]

>>25789608

And what makes you so sure its going to crash?? Institutions pumped BTC to these levels, not retail. And also your retarded statement about all portfolio threads just being larps is stupid. There are a lot of people on this board who have been in crypto for years and have 6-7 figure folios. Its not fake, its just you telling yourself they are fake so you can think better of yourself.

[Anonymous No.25790996]

ok, so everything posted by yx/bq1pv is a mixed bag of "bitcoin package" tier bullshit and sensible advice.
before you try to sort between the two, ask yourself this: what your risk profile? if you're under 30 you should be taking big risks.
lurk more. there are diamonds in the rough shilled on here. and uniswap is an important education if you want to learn defi.
most importantly, have fun, faggots.
>>25790898
8 figs here my friend. it's true: here for life.

[Anonymous No.25791154]

>>25786955
I don't care, I'd likely never touch that money for few years anyways.

[Anonymous No.25791204]

OP is correct on pretty much everything, here's my 2 cents:

Most people coming into crypto have a dream of getting rich. The truth is, unless you are REALLY lucky with picking a shitcoin that does 1000x in the next decade, that time is over. Your chances of turning your couple of thousand bucks into a fortune are better at a casino.
See crypto as gambling or if you play it more safe a risky investment.

Also crypto is full of scams even at the highest level. There are no real Banks investing in this shit, even if anons try to tell you otherwise

[Anonymous No.25791320]

>>25790708
Lockdown in my country, go inhale corona nomasker faggot

[Anonymous No.25791353]

>>25789608
>>25790898
>>25790996
Been a lurker for years but made /biz/ my permanent home last year in July. I only started trading shitcoins in may and I am already at .5M.
I used to think 6fig accounts were fake too but now I am one too so I know they are not. I usually help the newfags if they seem cool but if they are salt like this fag >>25789608 they can go fuck my dick sucking boi.

[Anonymous No.25791476]

Im thinking about mining Monero/Altcoins to HODL and maybe cover the costs of electricity and some of the hardware. Am I gonna make it?

[Anonymous No.25791592]

Kelly criterion might be of interest to you. But don't take my word for it

[Anonymous No.25791599]

>>25786138
His advice is legit, the only massive faggot is you.

[Anonymous No.25791689]

>>25786325
>t./fit/ and /v/ oldfag
should have lurked more, anon. Should have waited until the 15th. Look up tether scandal. Many people are saying tether fud is fud, but don't listen to those retards. Watch them exit on the 14th. Look to buy after 15th.

[Anonymous No.25791708]

>>25786065
OP is correct, do with this information what you will newfags.

[Anonymous No.25791887]

>>25786065
You are stupid, here is the real advice:
-buy kneepads
-suck dicks
-charge for it (I know many of you do it for free)
- invest your first 10k into the market
- loose it all
- stop being retarded or repeat the two steps before
- go all in LINK and wait
- become a millionaire and have depressions

[Anonymous No.25791900]

OP is a fucking faggot. He sounds like someone who just got into the crypto market 3 months ago and takes it upon himself to “educate” the individuals here. Lmao, fuck off to Fagddit. You don’t come to /biz/ for advice you dumb fucks. You come here to talk shit to people who fomo, fud, and sat on the sidelines.

[Anonymous No.25791945]

I unironically got 400 UNI for flipping a couple of bucks on uniswap

[Anonymous No.25792049]

>>25786065
NEVER take financial advice from /biz/. 50% is from poorfag retards and the other 50% is from Pajeet shills and shitposters.

[Anonymous No.25792108]

>>25786955
>around $45,000 for BTC
Top kek. He doesn't know.

[Anonymous No.25792181]

>>25791320
>nomasker

[Anonymous No.25792332]

>>25786065
>Bullet points
What the fuck you disgusting newfag
Go back to /g/ and thence to reddit
You all were to stupid to accept bitcoin in 2014 so this board was made
Now it's 7 years later and Bitcoin is over $30k and start browsing here thinking you have anything to add?
Lurk fucking moar

[Anonymous No.25792432]

>>25791204
brainlet take on the banks - if they can make money and regulations allow (or they can find a way around them, which they can), they will.
for example, that stupid recent HSBC article - why do you think they're "banning deposits from crypto exchanges"? ask yourself: why this FUD, and why now? if any advice is shared earnestly, repeatedly and with increasing urgency by an institutional body, seemingly "for the good of the world" and you believe it, you're really fucking naive. it has always been a war of beliefs. that is the root of all power. check your coherence. if you don't know why you believe what you believe from direct experience, someone has been rawdogging your mind with a wart-ridden hog.
oh, and i started with 4 figures. timing, research and luck all come into it - same applies to most things in life. risky, yes, but if you have faith, that surely doesn't matter. enjoy the ride, it never ends.