What do you say when people ask you where the money is coming from?
Every now and then someone will try to get to the bottom of things and make me explain exactly what it is that I do. Instead of just lying, I usually say that I buy and sell bitcoin and try to convince them that it's really complicated and they need to be computer experts.
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None of their fucking business actually.
I just tell them I do cam work.
This is the only right answer.
Oh and the usually pump my alt shilling
I have a job too so people just assume it pays more than it actually does I suppose.
>tells the truth
>lies about the truth
>y-y-you just wouldn't understand, o-ok.
>telling anyone that you trade crypto
i tell random people i'm unemployed
i lie about having contract work to people close to me
There was one guy who I know at my company whose fiancee said he mines bitcoin once and that she didn't understand it, so months later I found him and said I'd heard he mined it but he said crypto isn't really profitable anymore so he decided to stop.
So I told him that by trading coins I made like 2x per week for a while and he said I must have that wrong cause that doesn't seem realistic, so I realized this guy actually has no clue about crypto apart from maybe mining it a few years ago and I dropped the conversation.
Other than that, when someone asked where my money is from, I actually showed them the price of ETH on my phone and say "See this stock? I bought it when it was under $10 a few months ago" "Oh wow you got really lucky user" "...Yeah." And that's it lol.
I don't want to deal with whining because they figured out how to trade crypto, lost 70% of their portfolio, and then blame me for it instead of holding. Normies consider something like 5% a crash lol. They actually panic when they lose even just 5% of their portfolio and panic sell. So there's no fucking way they'll hold for megacrashes and understand.
They usually respond with
>That's nice but I prefer to get to work with my hands. I own 3 real estate properties now but I make loads of money off them
Fucking retards, all of them.
i usually lie and say im an entrepeneur who has his hands in many different projects, like real estate and investments.
Just say you buy stocks, trying to explain cryptocurrency to normalfags it's impossible, it's like black magic to them.
I just tell people I'm a software developer, because if I ever have to work again then that's what I will go back to.
How do they know you have money?
It IS black meme magic.
People ask what I do and I tell them I'm a cryptographical analyst, 90% of normies just say wow cool it must pay well! When the other 10% ask what does that entail I tell them I watch crypto charts and analyze usage trends and formulate a win loss strategy for short and long term investments, they say lol I dunno what that means sounds complicated can you fix my laptop?
>try to buy 3ds on craigslist
>So where do you get your money, user?!
>Try to open bank
>SO HOW DO YOU GET YOUR MONEY, MHMH??!!!
how do you make that much trading? do you follow moving averages?
this but we all know it comes out of weak hands
it's called HODLing.
>how do you make that much trading?
Practice. Hold. Research. Buy dips. Sell news. All that shit.
Years of practice. Can't fucking stand the people who come on here and try to give a 3-post lecture about all they tips they've learned and how to trade when they've only been doing it for like 4 months or so.
Supply of experience is down??
How do we get the most new users in so we can steal their money?
I came into this back when mtgox was the biggest exchange. got reamed during all the dumps when the exchange wasn't working and left it. when btc hit 1500 I cashed out from when I bought in at 40.
I knew a few people who did this for a day job, but lost touch with them as they dont have their trollbox accounts anymore and I cant get into mine.
Do you have a bot to recc? I will buy advice from you and not share it if that's ok too.
and as you may know, mtgox left a huge fucking bitter taste in my mouth. often there would be a disasterous dump and no way to sell the coin. whoever did that shit deserves to rot
Iv been holding for a couple months now and have turned £4K into £26k which is obviously great! But I am thinking of putting in £2k more just to use for trading purposes, is there any more tips apart from what you mentioned you can give to a humble newfag?
>None of their fucking business actually.
>Do you have a bot to recc?
I really don't, I'm sorry.
I've looked through a lot of them but never got around to sticking with them. Was looking at the Polo trading bot Gunbot (bitcointalk.org
I don't want you to buy advice from me either... I'm not good enough to charge or anything.
For the guy who said he's new, I really hate people who give advice on trading here, I don't know. Some trades are just obvious, like selling the DGB right before the big news comes out, selling ETH just before Bancor ICO and buying the dip, and I'm waiting for some big MNE updates, also to unload my Bancor. And keep researching long-term holds.
I think swing trading is far more profitable than day trading because news dictates a huge sector of this market despite manipulation. Pumps without news are just as dangerous as big dumps without news. If nothing fundamental has changed about a coin or its devs or anything, I never panic anymore. ETH is extremely easy to day-trade though. A lot of people literally just stick a small amount of money in a bunch of alt-coins on Polo, set sell limits at 2x the current price, a little more at 3x, and the rest at 4x, and then just wait 3 months. I hear they do pretty well actually.
It's all psychological manipulation, but when you notice that it becomes easier to trade against it. Gdax has those sell and buy wall depth charts that update in real-time, quickly. Those are nice because you almost always want to bet against them. A whale puts up his big buy wall to keep the price up while he unloads but a big sell wall to buy more at a low price and
they do this sometimes every minute. It's pretty easy to spot.
I think you already knew that though.
I really don't know what to say..just practice and study and try to develop a sense for spotting the right trends and news and how the whales are manipulating it I guess.
Sorry I can't be of more help.
Thanks for the reply you've been really helpful.
Btw iv got 320 MNE You surely aren't thinking of dumping this anytime soon?
I think MNE is unique and undervalued and I want to see what happens to it. I'm not thinking of dumping any time soon with it but I really need to see if the dev follows through. It's interesting though.
what exchange should i use?
Unloading Bancor huh? Me too. Day 1 dump you think? I expect a good pump but I'm not sure how long it will last...
Yeh agreed I don't think you can go wrong with a coin with such low volume. Patience is key with this one
Gunbot is great. I used the BB for buys and sells. Set up 20 pairs and was making 5-10% per day. Been increasing trade amount per pair so I'm at 1btc per pair. Highly recommend it
In general?
I would register for everything if I were you. Unless you're sincerely worried about the government tracking you or something, I would register for all of them because you just want to be ready. That's what I've done at least. And get verified in all of them so you can freely move and trade wherever you want.
The most important ones personally I would say are:
Poloniex:
Always keep your Bollinger bands on.
Every coin here was added because it has strong potential and active development. The Poloniex team is very thorough in screening coins. Almost everything on Poloniex is up from where it was a month ago. A lot of these coins will fail in the long run, but in general every coin on Poloniex is worth researching in detail because for whatever reason the Polo team felt it had very strong potential. If you're into lending and want to use poloniexlendingbot.com, here' s a small tip. You don't have to pay it, ever. You can shut off the bot by setting a ridiculously high minimum value to accept as a lending rate, or set the minimum value back to 0 to turn it back on, without ever paying the bot. It's always "on" but you can effectively shut it off by doing that.
Gdax:
The live depth charts for ETH are unbeatable for day-trading. Follow the whale movements on here and day-trade with it. Obviously just use this for BTC and ETH day-trading/long term holding, and LTC if you want.
More in the next post
Bittrex:
The interface is nice here and you can actually set conditional buy limits to trigger if a price falls below a certain value or sell limits to trigger it goes above a certain value, which you can't do on most other exchanges. Bittrex coins are a little more risky than Poloniex, I think, but it's a good place for trading and their TA tools are very useful.
Kraken:
I don't use this much, but it's worth registering for in case you need to make a high-value purchase out of fiat. I hear their charts are excellent and they're developing new tools for TA.
Gemini:
I've found this to be the best for making fiat deposits and the prices seem relatively low on their exchange here.
Livecoin:
This is where I buy MNE and any very small, unknown coins that are just starting out that happen to be on this exchange. Beyond that, I have nothing particularly positive to say about it. It's not really different from the others or special. The ones above are far more important, but if you want to be ready to access upcoming coins before anyone else, get on the small exchanges. But only if you know what you are doing. You're playing with fire if you try to day-trade some of these extremely low-volume coins on these exchanges. They are far riskier than the above.
Yobit too.
I'm personally registered for:
Poloniex
Gdax
Bittrex
Localbitcoins
Campbx
Paxful
Kraken
Coinmama
Yobit
Tether
Cex.io
Lakebtc
Novaexchange
Liqui
Bitstamp
Bitbay
Livecoin
1Broker
Poswallet
Gemini
Hitbtc
Coinone
Bitmex
Also, be aware that Poloniex lags a lot if you didn't already know.
cheers
interesting. why havent you used btc-e?
>writer under a pen name
>already have money flowing in monthly from royalties that nobody can explain
Most people just assume that I'm the friendliest criminal in town.
Thanks.
Also:
I do arbitrage with my wife's family out of Korea. I buy on a site like Gemini and sell on a Korean site like Coinone when the price difference is big enough. The arbitrage is real and profitable but only up to about 10% and you have to use relatively small quantities (under 10k or so) to avoid flags for money laundering.
The problem is that while that 10% for a small amount is relatively risk-free, it can take a few days to get the money back into the system to rebuy, so the process is slow.
I don't believe I can use BTC-E while I'm in the United States. If I can, I've never had a need to.
very helpful. I wish i could do this instead of medical school. being your own boss is the best accomplishment imo.
Lately, the potential arbitrage difference for ETH is low, but it increases quickly when ETH's value increases. For some reason, ETH's value seems to increase faster in Korea but it's actually usually better just to hold ETH for the time it takes to do the whole arbitrage thing because ETH sometimes increases more than you sold for before you can buy back in. If you do ever fully and completely cash out for some reason though, I see no reason not to arbitrage the price through a foreign country, assuming you can, for a final 5-10% or whatever the margin you find is.
You could also pretty easily evade taxes if you do this but I'm not going to advise one way or the other on that..
yea i can't take advantage of arbitrage due to not having any foreign bank. i had a uk bank but closed the account and moved to the US
I'm new to this shit and want to drop $1k on it, can you tell me what to buy Mr. Whale, or should I wait and see if it dips further?
It's really not a big deal then. Maybe you have a friend or two that can help but if not I wouldn't sweat it.
I'm really sorry but no, I can't recommend anything right now. I wouldn't even call myself a whale. Just start practicing.
yeah well you sounds more knowledgeable than 95% of the ppl here so I would like to know what you recommend
As a newcoiner, thanks you
Your advices worth gold.