Noob question. Is it worth getting into trading cryptocurrency?

Lots of money to be made and lost, I've done well but I've seen lots of people bitching about how they've done nothing but lost money so it really depends on just how risk adverse you are and how weak your hands are.

>>2068469
Well let's just say i'll be graduating college next year, and I'd like to try my hand at making some big money. I have about $1000 I could invest, or should I lurk forums/educate myself first?

>>2068469
To continue on his reply, in order to start trading crypto you gotta have a pretty good flow of cash. Otherwise you are always going to be a weak holder, always buy and hold regardless of what happens to the price until your numbers go positive.

To put it into perspective so you don't think i'm throwins bs: I bought 450 LTC when they were 31 dollars. Right now it's at a loss, but I'm sure in a couple of months it will go back up over my initial investment. I also have 500 ETH that are doing much better than LTC, I bought them when they were only 19.

Never forget crypto it's in its baby state, almost no normie knows about crypto and you should take advantage of this era of unregulated altcoins.

>>2068490
Interesting. I really appreciate your insight. What's the best site to set up a crypto wallet? Coinbase?

>>2068461
The best thing about crypto trading is the lack of regulation,you can make money by trading memes

>>2068513
Could you elaborate on the lack of regulation? Don't mean to sound rude, I'm just highly interested and very new to this. I appreciate it!

Yes - it is early. Lots of money still to enter. If you just spread some money over a few top 20 coins and just fuggetaboutit they'll probably be up by many 100%s. I did this with Factom, Bitshares, LTC - bought them a year or two ago and just let them sit. They went up many multiples - too bad I didn't put in more money at the start.
So:
put money and leave it for a year
but use some money to day trade if you want

>>2068539
Thank you! How much money do you think I should invest? - I have around $1000, but could build up a little more

>>2068564
Go 50% bitbeans and 50% POSW.

Thank me later.

OP here, what's the recommended site to make a crypto wallet? Cheers for the replies, guys. A lot of value here

>>2068590
>>2068506
Forgot to reply. I use coinbase, but poloniex has been thoroughly recommended in /biz/

Coinbase however, insures all of your coins and money in case they steal them. Also, here's a good piece of advise. If you hear rumors of a coin going on coinbase, immediately buy it outside of coinbase. It's always a 50% increase almost immediately after it appears on coinbase.

>>2068539
Do you store all your crypto in exchanges or wallets?

I'd like to do the same, just buy and hold for years. Not sure where to place all these odd coins I didnt put as much into.

Thanks

>>2068627
Thanks! Although, isn't coinbase limited with it's currency?

>>2068461
No, do the sensible thing an invest in an index fund.

>>2068715
That's correct, they are trying to become a full fleshed exchange but they are taking their sweet time. So far they have BTC, ETH, and LTC only.

the real money is made by bitcoin exchanges that charge small fees

all the players are just pawns while the exchanges make out with millions

>>2068725
That's a shame. I'm in the UK you see, so I'm not quite sure how many options there are out there

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No. The effort, time and expertise it will take to turn a profit is not worth it at all. You are much better off just working a job with those resources.

You are competing against supercomputers built by MIT PhDs.

>>2068715

coinbase seems to be having a lot of issues for numerous users... but they seem to be the only decent exchange if you can even get verified with them

they wouldn't verify me because I have moved around a lot in the past 3 years and i don't receive bills via slow mail (only online) which they don't accept as proof.

>>2068461
not trading, unless you practice a lot and are moderately intelligent.

buying and holding is very much worth it.

>>2068741
>You are competing against supercomputers built by MIT PhDs.

Yeah I've heard goldman and sachs are powering up their machine-learning supercomputers to swipe the profits from your $500k market-cap shitcoins.

>>2068469
I don't understand people with weak hands, what is their rational motivation? With the better coins value almost always goes up in the long term.
t. bagholder

>>2068739
>UK
make a kraken account
>>2068741
>literally just put money in non-shitcoins and wait
????

>>2068903
I personally know a stats PhD who has a trading rig for low-cap cryptos. He predicts price changes using the price changes in bigger ones like BTC/ETH

But yeah I am sure following your retarded impulses will make you rich

>>2068936
>>2068741
What does that have to do with anything? There are people doing the same thing with the stock market, and that's still worth putting money into as well.

>>2068936
>I personally know a stats PhD who has a trading rig for low-cap cryptos. He predicts price changes using the price changes in bigger ones like BTC/ETH

You literally just contradicted yourself within the same fucking sentence

>>2068932
is kraken better than poloniex?

>>2068936
Ok, one or two guys with PHDs making trading bots doesn't stop the shitcoin markets from being wildly impulsive, inefficient and easy to capitalize on.

>>2069042
If anything it makes it easier. MSci Statistics here. On a lark I decided to write a python script to run against Poloniex. Started the day with 2000 Satoshi just to run the algorithm. Presently at about 880k ($15).

The volatility of these markets is a fucking joke to exploit.

>>2069179
You went from 2000 to 880,000 sats in one day?

What the hell does the bot do?!

I went to a bitcoin atm in my area thinking about buying bitcoins...

BTC price: $ 2044

WTF? Why is it so high?

Coinbase price: $1711
BTC-E price: $1677

>>2069200
Pretty straightforward EMA crossover algorithm, really. Put it on a coin like Stellar and you're doing the old in-out in-out. Watch the slowfags in the Trollbox try to read their crystal balls while I smoke a cigarette and let Kolmogorov (all my algorithms are named for mathematicians because I'm a pretentious douche) work.

I'm going to let him run overnight and see what he does to the sideways vaginas in Asia.

>>2069242
There are shitloads of bots that use EMA crossover signals, but I'm sure most of them don't return 50000% per day.

I'm just holding. But you do get tempted to trade. With ETH or LTC it's been going up and down so predictably, it seems so easy.

>>2069242

If that was true why wouldn't you put more in it?

Oh wait it's false