I am currently 4k in debt, I take online classes, and now work 2 jobs. I am pulling myself out of this debt gutter...

I am currently 4k in debt, I take online classes, and now work 2 jobs. I am pulling myself out of this debt gutter, what cryptocurrency should I invest in right now

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bizbeginner.com/2017/07/08/crypto-craze/
reddit.com/r/financialindependence/wiki/faq
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looooooooooool

none. unless of course you want to be in more debt.

ANS

...

So, the crypto market is too uncertain to invest in right now? Im making enough from my two jobs to make atleast the minimum + interest on my payments.

Nah, I'm trading.

You just don't have a guarantee of success.

So keep paying off your loan and don't bet all on crypto.

You could gain big, you could lose big. Up to you whether you can stomach it.

Are you familiar with pump & dumps?

nice just bought 100k eth

Find a coin where there's a decent spread between the bid and the ask, and it's not all just sells and not all just buys.

Start with what you can afford. Hop in and out until that coins spread gets too close together, and then find another.

I'm playing SIB today.

Also read the TOS on Bittrex. They do not report to the IRS- that is your "responsibility". Buy in through coinbase, send it to Bittrex, and when you cash into Fiat make sure you set aside (I put into a CD) the money for when the tax man commeth. This way you do not have to calculate tax on all the trades you make and you can make money very quickly.

I am not, care to give me the basic gestalt?

bizbeginner.com/2017/07/08/crypto-craze/

Scroll down to "Get Rich Quick & Pump and Dump schemes"

Basically, pump&dumps have been around for penny stocks & pink sheets and now they moved onto the altcoin market. They try to trap new money by hyping up a coin and then when everyone is buying in they sell their own holdings at a profit.

Because off the massive sell-off, the coin drops in value.

You can make money riding a pump and dump if you sell before the pumpers' sell-off, but it's difficult to detect what's going on. Is this really a rocketing coin or is it a scam? Only in hindsight you're certain.

A different method some people do: buy a little bit of lots of coins and don't touch any of it for 1+ year.

take a wild stab in the dark with NMR.

>never invest what you cant afford to lose

For clarity, I don't recommend you riding pump&dumps. Very difficult to do. I'm rather saying - be careful when there's a big hype, it might not work out long-term.

Before you start trading, figure out what type of trader you are.

Set and forget?
Day trading?
Shorting?

For example, I follow only ETH and ATVI and I short or long based on the movement of the previous day. Didn't work out so far, down 10%.
I also go long on some investments, where I buy and don't sell for at least 6 months. I'm up >300% there.

Bitcoin

do not do this

thanks for the help user, ill read up.

same goes for everyone, thanks for the advice

\dont do it dude

:)

Best of luck to you, user.

One more note, this might feel far-fetched based on your current situation, but I recommend reading this: reddit.com/r/financialindependence/wiki/faq

Yup, I know it's >le reddit, but it's a decent FAQ. I'm a big fan of Bogleheads style investing and I view crypto/day trading more as play money similar to scratch-off tickets.

Basically, saving money and investing Bogleheads-style is guaranteed to get you ahead.
Crypto/trading gives you a chance of big gains, a chance of big losses.

The biggest problem will be emotions. Holding onto a losing trade or selling your stocks during a bear market.

I'm a poorfag making less than $1000 a month but yet I managed to hold onto $70k in stocks/bonds.

Worrying about money dumbs you down. So take it easy, make a game plan and then stick to it.

Dont do what? invest in general?

Pay off your debts first dingus. Otherwise invest in some low tier shitcoin with $100 so you understand the market.

Pay off your debts first.
If you put anything aside for savings after debt and taxes then start dollar cost averaging into bitcoin ethereum or lightcoin.

>You can make money riding a pump and dump if you sell before the pumpers' sell-off, but it's difficult to detect what's going on. Is this really a rocketing coin or is it a scam? Only in hindsight you're certain.

It's very easy to spot a pump-n-dump scam. The pump lasts briefly. There's just one long green candlestick with little or no build-up as opposed to a gradual build-up followed by long green candlesticks. Some scammers realized that people are starting to recognize this so they switched to a different method. They make low-volume trades with sock puppet accounts to try to push up the price. However, even this type of scam is easy to spot. The order book barely moves and the buyer buys at way above the ask price at small volumes. This results in short candlesticks.

True. However, you're already familiar with normal charts and can spot inconsistencies. I don't think someone new to trading can pull it off. + the difficulty of getting the timing right (this can be safeguarded with stop losses though).

pay off debt first do not take any risk

If there's anyone in here looking for advice that's not OP, I'd suggest Lumens.

They're on kraken, and are at half the price they were a month ago.


Plus, they have the lowest cost per percentage of market cap. (basically, how much it costs you to buy 1% of all of the coins.)
I like this metric for holding, since it means 0.00218% of them are mine.

^^^