Australian (ASX) Stock Market Forum

Bitcoin and cryptocurrency trading thread (3 Viewers)

greggles

I'll be back!
Joined
Jul 28, 2004
Posts
2,753
Reactions
1,806
In the last couple of days, people I know who have no real previous involvement with financial markets have told me they have either started or intend to start trading Bitcoin and other cryptocurrencies. Cryptocurrency mania is well and truly spreading like wildfire. Brokers will be all over this very quickly now. Expect them all to start offering Bitcoin and cryptocurrency trading very soon, if they aren't already offering it.

So who is trading cryptocurrencies? I'm seriously considering it. The volatility is insane. With so many inexperienced traders out there punting like crazy, it could be a whole new world of opportunity.

I'm starting this thread so ASFers can start discussing cryptocurrency trading generally and hopefully post some setups and/or technical analysis.
 

CanOz

Home runs feel good, but base hits pay bills!
Joined
Jul 11, 2006
Posts
11,534
Reactions
494
It’s not that easy to trade. Instruments like cfds where one can take both sides of the trade are cost prohibitive due to the spread. The futures are not liquid yet. The exchange only allow you to buy the “currencies “....long only. That’s not trading....
 

greggles

I'll be back!
Joined
Jul 28, 2004
Posts
2,753
Reactions
1,806
It’s not that easy to trade. Instruments like cfds where one can take both sides of the trade are cost prohibitive due to the spread. The futures are not liquid yet. The exchange only allow you to buy the “currencies “....long only. That’s not trading....
I am presuming this will change as the retail market demands more choice and flexibility. Brokers will do whatever they need to do to ensure that brokerage keeps rolling in. I imagine the market will meet consumer demand and different instruments will be made available as the cryptocurrency trading niche matures. Who knows, we might have cryptocurrency ETFs before too long.
 

CanOz

Home runs feel good, but base hits pay bills!
Joined
Jul 11, 2006
Posts
11,534
Reactions
494
It's not really up to the brokers...these aren't products that are traded on normal exchanges, for lack of a better word. Next week the second futures contract lists....give it time and the liquidity will come.
 

galumay

learner
Joined
Sep 17, 2011
Posts
2,451
Reactions
1,026
people I know who have no real previous involvement with financial markets have told me they have either started or intend to start trading Bitcoin and other cryptocurrencies.

Surely that informs you as to why its so dangerous to play in this speculative bubble market of a valueless concept? If you think its going up quick, watch the plunge when it bursts.
 

greggles

I'll be back!
Joined
Jul 28, 2004
Posts
2,753
Reactions
1,806
Surely that informs you as to why its so dangerous to play in this speculative bubble market of a valueless concept? If you think its going up quick, watch the plunge when it bursts.

As long as you're playing with money you're prepared to lose it's OK. I was thinking of just dipping my toes in and see how I go.
 

galumay

learner
Joined
Sep 17, 2011
Posts
2,451
Reactions
1,026
As long as you're playing with money you're prepared to lose it's OK.

As i said elsewhere, all the phrases you hear before catastrophic collapse occours!

Just give me the money if you are prepared to lose it!
 

greggles

I'll be back!
Joined
Jul 28, 2004
Posts
2,753
Reactions
1,806
As i said elsewhere, all the phrases you hear before catastrophic collapse occours!

Just give me the money if you are prepared to lose it!

Never underestimate the power of greed. Also, don't forget that John McAfee has promised to eat his dick if Bitcoin isn't US$1,000,000 by 2020. ;)

 

tech/a

No Ordinary Duck
Joined
Oct 14, 2004
Posts
19,585
Reactions
4,092
So let’s think about that

Would you put down $ 1000 for a pie in the sky return of $ 50000 in 2 years
Or
Sit back and watch

If you’ve ever bought a lottery ticket your chances are way less!

Would you short it with the same $1000

Could bankrupt you!

How many sat back and watched the property boom
The AU$ rise from 50c to $1.10
Gold from $250 to $1700
Oil from $140 to $40
DJI 9000 to 24000
Tech boom

Grab the pop corn
Champers will always be too expensive.

Personally think the Risk is worth it.
E commerce will change but it’s here to stay
Keep your eyes peeled for other whacko ideas
Trust me there is plenty in the pipeline.
 

pixel

DIY Trader
Joined
Feb 3, 2010
Posts
5,359
Reactions
329
As i said elsewhere, all the phrases you hear before catastrophic collapse occours!

Just give me the money if you are prepared to lose it!
... and if you're wrong: Are you prepared to pay me 100,000% interest by 2020?
I'll be generous and let you keep the principal. Just pay me the interest. :D
 
Joined
Oct 1, 2008
Posts
3,697
Reactions
315
Ripple up 40% over night !
Better than a lottery ticket

Yeah but your trading bitcoin.
A tats ticket costs $1 pays 4 million And a horse won a race somewhere at 100:1 yesterday. So what!?

Not to mention Bitcoin is 16,807 down from it's 17,152 highs
 

galumay

learner
Joined
Sep 17, 2011
Posts
2,451
Reactions
1,026
So let’s think about that...

I guess you should think some more, you have cherry picked with hindsight. If you keeep gambling we know what happens eventually - you end up with no money.

I really wonder why we have gambling threads on what is purportedly an investing forum!
 

greggles

I'll be back!
Joined
Jul 28, 2004
Posts
2,753
Reactions
1,806
I really wonder why we have gambling threads on what is purportedly an investing forum!

In a very real sense, all investing and trading is gambling. Even if you buy a blue chip for the long term, you are simply betting it will go up. You could be right, you could be wrong. Blue chips are simply the favourites while speccies are the long shots that pay out better. It's all still betting on an uncertain outcome. So, in the end it's just gambling. There are good gamblers and bad gamblers, just like there are good investors and bad investors.

Nothing wrong with having a punt. :D
 

Users who are viewing this thread

Top