1. Cryptocurrency Warning:
    The risks of trading cryptocurrencies are mainly related to its volatility. They are high-risk and speculative and it is important that you understand the risks before you start trading. They are volatile: unexpected changes in market sentiment can lead to sharp and sudden moves in price.
    Please be aware that any information provided here can be the opinion of the author. Trade at your own risk.
    Dismiss Notice
  1. Scott_pilgrim

    Scott_pilgrim Unfunny
    Member

    Joined:
    Sep 2, 2020
    Messages:
    2,149
    Country:
    United States
    Fuck it, we should make our own bitcoin, tempcoin
     
    Memoir, Xzi, Seliph and 1 other person like this.
  2. UltraDolphinRevolution

    UltraDolphinRevolution GBAtemp Maniac
    Member

    Joined:
    Jul 30, 2016
    Messages:
    1,102
    Country:
    China
    I cashed out to Bitcoin btw, not EUR or USD. Bitcoin will survive the USD.
     
  3. Costello

    Costello Headmaster
    Administrator

    Joined:
    Oct 24, 2002
    Messages:
    13,811
    I'd like to know what site lets you buy these new coins. Do you know a good site for that?
    The ones I use only have like the basic coins BTC, ETH, etc.
     
  4. UltraDolphinRevolution

    UltraDolphinRevolution GBAtemp Maniac
    Member

    Joined:
    Jul 30, 2016
    Messages:
    1,102
    Country:
    China
    Bittrex features more than 250 coins. But if I remember correctly, Kraken already had Doge Coins when it was pretty low (a few cents maybe).
    If you want very new coins it becomes more complicated (see above: PolyDoge) but maybe somebody else can give you more info.
     
  5. Gamemaster1379

    Gamemaster1379 GBAtemp Advanced Fan
    Member

    Joined:
    May 5, 2008
    Messages:
    681
    Country:
    United States
    In my honest opinion, by the time you USE those sites, you're already late in the game past the highest points of insane gains. (not to say they won't still go up a lot, but they're already somewhat established and had an insane rally to get to that point)

    The real speculation comes within weeks of the project starting. There's no holders, and not a lot of volume yet. Those coins could absolutely be rugpulls by the developers to make a quick buck. But if they're not, you get in when they're thousandths of a penny and so you can eventually get out when they're full cents (or full dollars if you're a believer), and reap your 80,000+% returns.

    To buy them before they're on full exchanges, you want to use decentralized finance (or defi) platforms. For those, you need a decentralized wallets which can talk to website exchanges.

    For more research into this, look at things like Metamask. Metamask is a decentralized wallet platform that lets you store, buy and cell cryptos. From there, you can go to defi exchange websites to facilitate Metamask making the transactions (this will be websites like uniswap.exchange ).

    The upside to this are
    - You can get in as early as possible. if the coin EXISTS at all on the blockchain, you can buy and sell it.
    - You don't have to "sign up" or give information. It's all decentralized to prevent things like government overreach (also slightly more anonymous)
    - Once these are listed on more standard exchanges, you can always send crypto from metamask to them

    There are downsides though
    - You aren't facilitating transactions through a centralized company like coinbase who can subsidize your costs and trade "in network". You're paying the gas fees for the transaction now, which can be brutal. (Right now any transaction is no less than $40). Meaning, you have to be willing to make bigger investments to cover your gas fee.

    To buy $10 in crypto will cost you $50 ($40 transaction + $10 for the currency), for that reason, I do minimum ~$140 transactions ($40 fee + $100 in currency)


    Happy to answer any followup questions on these. But start with researching Metamask and exchange platforms like Uniswap.
     
    Last edited by Gamemaster1379, May 6, 2021
  6. Louse

    Louse go play rez
    Member

    Joined:
    Dec 8, 2020
    Messages:
    197
    Country:
    United States
    actually EMPs your money away like a boss
     
  7. Lilith Valentine

    Lilith Valentine GBATemp's Official Cubi: *pout* :f
    Member

    Joined:
    Sep 13, 2009
    Messages:
    23,743
    Country:
    Antarctica
    It seemed today was the say for it to start going down. Which makes me happy I withdrew when I made more than double my investment
     
    Xzi likes this.
  8. vinstage

    vinstage sweg
    Member

    Joined:
    Jan 24, 2017
    Messages:
    739
    Country:
    Korea, North
    very interesting read ty temp.
    on a real note, i wonder if non fiat is the future considering the rates of progression and acceptance of non fiat currencies
     
    Last edited by vinstage, May 6, 2021
  9. UltraDolphinRevolution

    UltraDolphinRevolution GBAtemp Maniac
    Member

    Joined:
    Jul 30, 2016
    Messages:
    1,102
    Country:
    China
    Nigerians already use Bitcoin as a currency despite the government trying everything to stop it. It is a huge danger to governments around the world.
     
  10. FAST6191

    FAST6191 Techromancer
    Reporter

    Joined:
    Nov 21, 2005
    Messages:
    33,284
    Country:
    United Kingdom
    A government that accepts such things for fines and taxes will generally be considered a pretty weak one, and thus none of the world players are likely to do anything here to help it. Outside chance they set their own rates/buy prices rather than having it free floated against it like they might take a house if put up as collateral for bail or when kicking it really old school and could pay taxes in crops. Weak states (though weak does not mean unpleasant to live in) and failed states is a different matter.
    Similarly the quasi anonymous nature of things would/will remove some controls they have in place and power they have taken, and I am assuming we all know how likely such entities are to willingly give up power. The only unknown for that one is whether they drive the fear or fairness angles for the propaganda against it (terrorist pedophiles are going where we can't trace them, or tax cheats and people not paying alimony are stopping us from funding healthcare for the wave of morbidly obese old people that will hit most such places in about 15 years and did not have enough kids for the gravy train to continue). It is also hard to ban the undesirables like you can now deny people a bank account.

    Some form of government backed crypto, or maybe something heavily regulated like I imagine that facebook effort would have been/will be could emerge, though benefits to that are dubious at best compared to methods seen now. Alternatively if they manage to make using crypto like having lots of cash is today (see all the limits, and fun with civil asset forfeiture) then possible too.


    This is not to say it will die off -- theoretically able to be anonymous near instant international transactions and contracts with basically no fees... hard to argue with that one.
     
    vinstage likes this.
  11. FAST6191

    FAST6191 Techromancer
    Reporter

    Joined:
    Nov 21, 2005
    Messages:
    33,284
    Country:
    United Kingdom
    Joining "the" blockchain seems a bit limiting in many ways, I get why they might want to join in on things but at the same time making ties seems almost antithetical to a lot of the ideas underpinning things. Mind you spinning up something and having it be dark or left to be discovered by other means is a bit "tree falls in a forest", even if I could see a few perks.

    That said if it is going to be that high returns for some of the possibilities I am now curious to see how many such cryptos are spun up, and if they have any particular "will fail" characteristics you could narrow down on.
    If the creation rate of new ones is low enough and you have a fund big enough you could almost be your own venture capital firm* to have the losses offset by the bigger gains if the percentages are that high. This also says nothing of mining such things (assuming it is a matter of some flavour of computing power and now a human solvable problem).

    *for others not familiar. Venture capital firms, which fund quite a few tech startups, don't want to invest 1 million to make 2 or even 10 million; they want 100 million. This is why so many useless and doomed to fail companies get funded just in case they are the next billion dollar one. Alternatively and fitting more in the gambling paradigm that a lot of crypto operates under maybe see the various things with lotteries that have been going on for a while
    https://www.nytimes.com/1992/02/25/us/group-invests-5-million-to-hedge-bets-in-lottery.html
    If the jackpot is big enough and the smaller prizes enough then statistically you can make money in some lotteries. Same with this -- who cares if you spunk 400 lots of $100 if one or two those does go up several dozen times and can offset the others?
     
  12. Paloh

    Paloh Newbie
    Newcomer

    Joined:
    May 2, 2021
    Messages:
    5
    Country:
    Austria
    Where you buy this Dogecoin, I want to invest in this crypto business.
     
  13. crea

    crea GBAtemp Regular
    Member

    Joined:
    Mar 20, 2013
    Messages:
    148
    Country:
    Lesotho
    With this example you have exactly the multiples of one successful investment of 100$ you could go bankrupt on others :)

    Taken into consideration it is not as easy to find the right moment to cash out and you have to constantly monitor all investments, because of major fluctuation on a hourly basis, this is definitely a dayjob.
     
  14. Keylogger

    Keylogger GBAtemp Addict
    Member

    Joined:
    May 3, 2006
    Messages:
    2,417
    Country:
    France
    Elon Musk alone has total control, whenever he wants DOGE to pump, he just has to tweet
     
    AtsuNii likes this.
  15. AtsuNii

    AtsuNii AtsuNii's New Beginnings
    Member

    Joined:
    Sep 20, 2018
    Messages:
    192
    Country:
    Antarctica
    I don't like DOGE, it is build purely on hype and Elon Musk, I got nothing against that but it withholds me from investing in it. So as Flame also said, DOGE, who knows how high it goes, but my feeling tells me as it only has hype and Elon to go on, unless it manages to take root for some purpose like ETH, XRP or ADA. Untill then, I will likely remain a skeptic on DOGE.

    On topic tho, Hype and Elon can go a long way and to be fair I'm suprised it is going steady at about 59/60 cents after the recent pump. I'll just wait and see I guess, and who knows, it might pass the 1 dollar per token.
     
    Last edited by AtsuNii, May 6, 2021
    Flame likes this.
  16. Purple_Shyguy

    Purple_Shyguy GBAtemp Maniac
    Member

    Joined:
    Nov 8, 2008
    Messages:
    1,443
    Country:
    To the moon, baby!
     
  17. shorty_bobert

    shorty_bobert Member
    Newcomer

    Joined:
    Feb 25, 2009
    Messages:
    39
    Country:
    United States
    Everyone hopped on the "don't sell til it hits a dollar" bandwagon, so yeah I do think there will be a mass selloff
     
    AtsuNii and weatMod like this.
  18. weatMod

    weatMod GBAtemp Psycho!
    Member

    Joined:
    Aug 24, 2013
    Messages:
    3,143
    Country:
    United States
    I bet uncle Elon will still shovel money into it and make it go up

    I thought DOGE gains were good i hadn't even looked at eth classic
    damn I wish I bought that a t $4-5 when I was thinking about it
    only downside are high gas fees

    I bought $20 at 100
    then it went to 175
    every time I buy a crypto I say WTF was i thinking why didn't I buy more

    I'm sure ill be hating my self again if it does hit $1 for not throwing in 1k even at 58
     
  19. Scott_pilgrim

    Scott_pilgrim Unfunny
    Member

    Joined:
    Sep 2, 2020
    Messages:
    2,149
    Country:
    United States
    Always remember
    FA5C2AA8-9C00-46A3-AEEF-620AB79E7F09.jpeg
     
    Last edited by Scott_pilgrim, May 7, 2021
    Xzi and weatMod like this.
  20. Xzi

    Xzi GBAtemp's Resident Plok Expert
    Member

    Joined:
    Dec 26, 2013
    Messages:
    12,276
    Country:
    United States
    500 kerjillion yen.
     
Draft saved Draft deleted
Loading...

Hide similar threads Similar threads with keywords - Dogecoin, crashes, before