NEO is one of the newer, fringe currencies, at early stages. Backed in China heavily, so tipped by many to go big in the future, but I really only know tiny amounts about all this stuff, mainly from Bros on FB giving their definitive opinions about the market
Good luck making money guys. The volatility on these is far too high for me and would keep me awake at night, but interesting following your stories.
The volatility is so volatile that it seems safe to me. Even if it plunges overnight, and you buy, then it plunges again, you can buy more, then, sure as day follows night, it rises again and you sell. Sometimes it takes a little longer. Ethereum seems to be ultra sluggish at the moment
I remember hearing about ETH in December while I was out of the country and thinking I'd buy some when I got home. Obviously Christmas was a bit of a whirlwind and I couldn't figure out how the best way to buy was, did I have to take the hit on currency exchange to euros first etc. By the time I had decided on Kraken and been approved, it had risen in price, I think from around 50p to £1.50 I left it, and watched for a lower price point. I think I next looked a few days later and the price was £6.50! Obviously now I get sick thinking about it, I was seriously impressed by the technology and was ready to buy around £5k worth. Unfortunately I was put off by the fees on a GBP-EUR-BTC-ETH trade. Anyway, sob story aside, I do still want to move some cash into crypto. How do people here minimise those initial costs of getting rid of their sterling?
You can buy eth with eur and GBP on kraken I think. It has shot up again this weekend. If I'd seen your post on Friday and you'd moved, you'd have made 10% gains. Can it go higher? Not sure. Bitcoin is also soaring.
I have just read this whole thread for the first time. Quite interesting that computers are now mining? Are they Unionised?
Very interesting. Two questions if anyone can help? 1) Can I ask what are the fundamentals of this Crypto currency going up or down? 2) On what basis do you decide it's the right time to buy or sell? 3) Who or what is the actual organisation behind it?
I can really only give a vague answer to no.2 I decide based on history if the coin is about the lowest of its historic range and has a reasonable chance of going back up. Ignorant, brash bulshitters on social media also give me a steer. After watching a few coins for a few weeks, I have seen them cycle up and down. At this precise moment, everything seems to be flying a bit high, following the Bitcoin hard fork. I will wait for things to settle or drop a bit, or investigate some of the lesser known coins to see if one is ripe for a pump.
Thanks. Do you mind me asking what you normally make on the average successful trade you make? Say above or below 1K?
I don't have enough experience to give you a sample of any significance Sent from my SM-G925F using Tapatalk
To be a bit more helpful, I'm trying to target 6% per short term trade. But keeping a bulk of coins for long term hold Sent from my SM-G925F using Tapatalk
I don't. I think once Eth hit 300 there was a global rush for the computer components to mine and it reduced the roi for doing so. Sent from my SM-G925F using Tapatalk
I mine. Not really worth it now tbh me and my friends split the cost of a mining PC (£918) between 6 of us. Since the 11th May we've made a total of just under 2 eth. I pay my friends out every 2 weeks and there's a steep decline in how much eth we're earning (due to everyone else jumping on as well) Fortnight 1: 0.64558231 eth Fortnight 2: 0.48334098 Fortnight 3: 0.34297819 Fortnight 4: 0.27626463 Fortnight 5: 0.20271176 Fortnight 6: 0.18042796
Just got my first dividend! The casino made 1419 Ethereum between 17th May to the 4th August which gives me a total of just over 0.3 ETH for my 1500 tokens (that I spent 9 eth on). Pretty happy with that, particularly since each token is now worth around £5 meaning my stack is worth over £7.5k!
Your surely never really going to be able to compete with the big guns when it comes down to mining correct? Im pretty sure I read that there are huge rooms of computers set up to do this kind of thing? Surely 1 PC cannot make much of an impact.
Of course that's true, but there's still money to be made. This time last year I looked at building a mining rig for Eth but didn't do it as I was short on money and instead invested half of the value of the PC I was going to build into Eth (£500 or so). If I'd spent that £1000 on the PC I'd now have over 50 eth (compared to the 35 or so I have now). People had huge mining operations then as well but I still would've done pretty well out of it had I done it! Now though there's a lot of small time miners such as myself that are causing huge shortages of graphics cards that have impacted on the difficulty massively. 1) Register on coinbase.com and bittrex.com 2) Work out how much you want to invest in neo (in £) 3) Buy that amount of £ in Bitcoin on coinbase.com 4) Send your bitcoin to bittrex.com 5) When your BTC has deposited to bittrex on this page: https://bittrex.com/Market/Index?MarketName=BTC-NEO under the "buy neo" bit on units click "max" (this will buy the maximum amount of neo for your bitcoin), then click price and click "last" (this will place the buy order for the last market price) 6) Someone should then take your order within a couple of seconds most likely. If the above is still too complicated let me know and i'll write a simpler version
Just a further piece of advice, don't feel you have to buy all at once. Say for example you intend to buy a grand's worth, maybe buy a 100 quid first and then see how it goes. NEO is high at the moment. Some people think it will soar to triple figures ($) by end of year, others think it might soften. Bitcoin and Eth are also both flying high now. Again, there are people who think they'll go up and up and others who think they're peaking. My biggest flaw is lack of patience. If you have it, then sit and watch a basket of currencies for a few days or even weeks. Make a note of where you might've bought and see how much it could have made or cost you. Or use the stop loss orders on Bittrex. I set mine last night speculatively for some NEO at .0046 Bitcoin, when it was flying at .0065 but woke up this morning pleasantly surprised to see price dipped momentarily overnight and my order was filled. Today it ended at about .0056 btc. That is a 20% gain in a day.
As per Reid's post, if my post is too complicated am happy to explain further. I'm an absolute beginner, but am beginning to claw back early losses j made from blindly buying soaring currencies, before they dipped. It was great to learn from though and am chalking up little wins now.
I've read some really bad reviews about coinbase and it is just putting me off a little bit at the moment. Seems like withdrawals are a massive pain!
Depends. They rejected my withdrawal as the name on my Coinbase account doesn't match the name on the SEPA withdrawal (according to them the name on the SEPA withdrawal is the name of my bank, so no wonder...). I now use Kraken instead for withdrawals, but still use Coinbase to buy
I tried really hard to set it up this morning and was having real issues with Coinbase verifying my ID. This combined with a lot of negative reviews put me off. I did look at Kraken. So you buy bitcoin on coinbase, then move it to bittrex, buy neo. Store Neo in your own wallet. Then sell neo for bitcoin on bittrex, before transferring this back to kraken to sell? Is this how it would work?
Nailed it! Bit annoying you can't cash out on more sites yet tbh but imagine that will change as crypto grows.
So can I ask about Wallets? How do they work? I'm a little bit worried about getting robbed. Thanks for all the help Reids.
Ideally, you don't want to keep your crypto on 3rd party websites (hacks happen all the time). I use Jaxx (www.jaxx.io) for keeping my eth + bitcoin (with the key backed up so in case of a hard drive failure I can get my money back!). I'm not invested in Neo so can't recommend a wallet, but going by their official reddit page (https://www.reddit.com/r/NEO) there's a bunch of different recommended wallets, this looks like the one i'd probably go for though (being local and not online) https://github.com/neo-project/neo-gui/releases/download/v2.0.1/neo-gui-windows.zip
There's an official Neo wallet on the NEO webpage. Also, if you store your NEO in wallet rather than in the exchange (bittrex) you acquire GAS which are side tokens which all have a value too. Think about them like interest on savings or a dividend on shares. You can bypass coinbase and do everything through Kraken, but you have to go through their verification process first. I also think their fees are lower than CB but don't quote me. Most of the bad stuff I read about coinbase is frustration but it's not like they actually scammed anyone. I think the issue is these sites are experiencing exponential growth in users and so are struggling to cope during times of peak demand. I credited 1700 eur to my kraken a few days ago and was told it exceeded my allowed transaction value. I had to get verified at the next level, which I did, but still waiting for them to release the funds. Meanwhile I'd have made 500 eur of I'd been able to trade that over the past few booming days! Frustrating but there will be other bulls and bears so just need to bide my time.
Thanks for your responses. I've been trading Euribor for 10+ years (my first job was a yellow jacket at LIFFE). It's probably an age thing but I personally don't like the unsubstantiated volatility of virtual/digital currencies, but like all these markets you can be certain there are big guns manipulating buy/sell orders at the top. With Crypto there seems to be little redress/authority if it goes wrong or the market gets wiped out overnight. I take my hat off to you, all doing well at it & making money, so good luck to you.
Hey @Optimistichornet how did you get on? Did you buy some NEO in the end? The market seems split at the moment, with some thinking it's peaking for now and others thinking it is set to hit $100 in the next month. Crypto has now taken over my life and I am invested in 6 coins and monitoring 6 more closely. I still have loads to learn but I'm following a load of news streams and sources and setting orders every day to move. Also I've set up blockfolio, an app on my phone to alert me when any one of a dozen currencies dips below a certain point so that I can look closely at them. Since an initial disaster, at the beginning of August, when I was completely blind and lost half of my 5k portfolio in one day, I've made it all back and now sit 500 quid in the black, based on the latest figures at time of posting. At the start I was simply gambling, rather than investing in coins where the technology had widespread support and was backed by new development announcements. This is what has seen NEO rocket to more than double the price I paid for it just a couple of weeks ago. I'm hooked now and beginning to immerse myself in learning stuff I completely didn't understand 2 weeks ago. The thing is, people will sneer at this as an investment asset class, but that is its strength. Whilst people turn their noses up and stick to the tried and tested mantras, there is a revolution going on. People who get on board now will be like the people who bought shares in the big tech firms in the late 90s when it all looked like a fad. Sure, like the dotcom bubble, a lot of coins will end up worthless, but I have no doubt that a new global financial regime will emerge within the next decade and that block chain technology is where the next Bill Gates will come from. The big gains are still to be made and the big losses can be mitigated against. It's an exciting world and I'm getting more involved.
It is horribly addictive haha. I end up checking Blockfolio at least 5 times a day and have a widget on my phone that tells me the Eth price on my phone homepage!
