Crypto Currency (advice please!)

[Richard S.]

General question:

Any advice on getting into Crypto currencies?

Where to start?

Trusted/Safe sites?

Ledgers, where to hold them?

TIA!

[Moemers]

if you want self-custody get a cold storage wallet. I recommend Trezor for beginners and then you can go from there. Really, honestly, self custody is the way to go.

Coinbase is easy to use and I trust it although the bulk of my crypto is in cold storage because ultimately I want to be my own bank.

Start with the basics - btc and eth. Do some research on the other alt-coints - Coinbase offers like 12% interest on some coins so I hold some of those just for the free money that comes with something that high of interest.

Don't do any stupid trading right away. Unneccesary until you really start spending time in this domain.

There are a hundred thousand resources for crypto from articles and podcasts to books and yt videos. Flit in and out of these and try and follow what people are saying.

I will also say that I was involved with a little group a few years ago and we were tracking crypto (specifically bitcoin) with astrology and we were finding, quite to our surprise, that bitcoin seems to dip on full moons and spike on new moons. Just for fun, track and see if we're right. If nothing else it will give you some time watching the market, which can be valuable.

We gotta keep the government out of this, so do everything in your power to duck giving all this away to them. Good luck. Post in here if have questions.

[Vangelo]

You are going to hear a lot of recommendations and contrarian points of view. Bitcoin (BTC) and Solana (SOL) are the only crypto's I would recommend. Coinbase is reputable but I don't think you have access to it in Canada (I don't know what else is available in CA ... maybe Binance which is OK). Getting an account will take time and will frustrate you a bit.

The reason why people recommend hardware wallets is because a few exchanges have defaulted or done illegal things and people have lost everything. So the solution is to get your crypto off the exchange and under your control via a hardware wallet you hold.

Trezor is a very good hardware wallet. Only ever buy a hardware wallet directly from the manufacturer. The Trezor Safe 5 is their newest and most expensive but its the easiest to use for a novice. You will want the "Universal hardware wallet" that manage 1000s of coins & tokens, not the BTC only version.

People typically buy on the exchange then move the crypto to their hardware wallet. I suggest a small transaction first where you get the experience of buying and sending and receiving. Keep detailed records because you will be required to report your transactions to the CA tax agency.

Then after you are comfortable doing that, purchase more. You need to watch good videos on the concept of self-custody and security. Theses videos may overwhelm and scare you a bit, but you should spend the time learning so that you don't get scammed or lose your crypto. You can and should watch other videos first to get a feel but don't do anything until you at least watch this one from Invest answers "Ledger Wallet SAFETY, RED FLAGS & ALTERNATIVES" (see the playlist I linked above).

If you really want to jump down the rabbits hole, Invest Answers is the best analyst out there. He is honest and transparent. The problem is that you have to get a patreon membership to see all of his material.

Good Luck:-)

[mountain_jim]

I just sold my first BTC recently, too soon as it turns out but still collected on the huge Trump-bump, also taking advantage of the tax advantages in US for long term capital gains as I had held it for over 4 years.

I kept half in Coinbase and moved half to cold storage using a Ledger Nano I researched a couple of years back, don't know what to recommend today. (There were issues with this wallet made public later but I had already gone down that path).

For BTC historical patterns and the Stock-to-Flow model originator, I follow PlanB

https://x.com/100trillionUSD

https://x.com/100trillionUSD/status/1858830649852826019

and also for BTC historical and various analyses,

https://x.com/therationalroot

https://x.com/therationalroot/status...80272169681375

If the current BTC cycle holds to past cycles (using the every 4 year Halvings as a key data point), it should keep going up through middle or later 2025, then go through next down period.


https://x.com/therationalroot/status...38072566522349

https://x.com/therationalroot/status...17109898809553

[arjunaloka_official]

Posted by Richard S. (here)

Any advice on getting into Crypto currencies?

why do you think it is a good idea to hold so-called crypto currencies?

[onawah]

The Problem of the Bitcoin Billionaires
The Solari Report
42.7K subscribers
Nov 24, 2024

(Fitts outlines how bitcoin is dependent on the electric grid being dependable.)

Solari Report Money & Markets: November 21, 2024 with Catherine Austin Fitts & John Titus

Full Report: https://home.solari.com/money-market...ember-21-2024/

Source: https://youtube.com/watch?v=yEBUwlJJTOA

***********************
The Professor Banned From Speaking Out: "We Need To Start Preparing Before It's Too Late!” - Dr Bret
The Diary Of A CEO
8.24M subscribers
Aug 15, 2024

( The talk goes on for nearly 3 hours, but the first hour is relevant to the question posed on post #1. Weinstein points out how the electric grid is in peril.)

"Dr Bret Weinstein is an evolutionary biologist and former professor at Evergreen State College. He is the co-host of the podcast, ‘DarkHorse’, and the author of the book, ‘A Hunter-Gatherer's Guide to the 21st Century: Evolution and the Challenges of Modern Life’. "

00:00 Intro
02:27 Why Humanity Will Be Extinguished
04:39 Bret's Top Existential Concern for Our Planet
08:04 Solar Flares and Their Potential Impact
11:36 Understanding EMP Effects & The Catastrophic Effects
13:48 The Earth's Magnetic Poles Are Switching!
17:01 The Inversion of Earth's Poles: Is Humanity Prepared?
18:57 What Does Anthropogenic Mean?
21:16 The Two Major Disaster Scenarios
28:11 How to Prepare for Global Catastrophes
35:57 Should You Become a ‘Prepper’?
42:31 Is Society on the Brink of Collapse?

Source: https://youtube.com/watch?v=_cFu-b5lTMU

[Richard S.]

Posted by arjunaloka_official (here)

Posted by Richard S. (here)

Any advice on getting into Crypto currencies?

why do you think it is a good idea to hold so-called crypto currencies?

Many reasons. The first one I can think of is diversity.
Also, the market for these is always moving up.

[Richard S.]

Thank you for your time! What a can of worms I have just opened up for myself, lol...

I understand that a hard wallet is essential. I looked at Trezor, although I am having a dilemma choosing which one, Trezor 5 has a lot of features, but wouldn't the Trezor 3 do the job decently?
I was also recommended the D'Cent one, which I am looking into.

Coinbase is still viable in Canada, I am listening to some people around me for advice on this also.

Your comment on moon phases is particularly interesting.

Posted by Moemers (here)
if you want self-custody get a cold storage wallet. I recommend Trezor for beginners and then you can go from there. Really, honestly, self custody is the way to go.

Coinbase is easy to use and I trust it although the bulk of my crypto is in cold storage because ultimately I want to be my own bank.

Start with the basics - btc and eth. Do some research on the other alt-coints - Coinbase offers like 12% interest on some coins so I hold some of those just for the free money that comes with something that high of interest.

Don't do any stupid trading right away. Unneccesary until you really start spending time in this domain.

There are a hundred thousand resources for crypto from articles and podcasts to books and yt videos. Flit in and out of these and try and follow what people are saying.

I will also say that I was involved with a little group a few years ago and we were tracking crypto (specifically bitcoin) with astrology and we were finding, quite to our surprise, that bitcoin seems to dip on full moons and spike on new moons. Just for fun, track and see if we're right. If nothing else it will give you some time watching the market, which can be valuable.

We gotta keep the government out of this, so do everything in your power to duck giving all this away to them. Good luck. Post in here if have questions.

[Richard S.]

Thank you for your time!

Thanks for the list of videos, and I will heed your words.

Posted by Vangelo (here)
You are going to hear a lot of recommendations and contrarian points of view. Bitcoin (BTC) and Solana (SOL) are the only crypto's I would recommend. Coinbase is reputable but I don't think you have access to it in Canada (I don't know what else is available in CA ... maybe Binance which is OK). Getting an account will take time and will frustrate you a bit.

The reason why people recommend hardware wallets is because a few exchanges have defaulted or done illegal things and people have lost everything. So the solution is to get your crypto off the exchange and under your control via a hardware wallet you hold.

Trezor is a very good hardware wallet. Only ever buy a hardware wallet directly from the manufacturer. The Trezor Safe 5 is their newest and most expensive but its the easiest to use for a novice. You will want the "Universal hardware wallet" that manage 1000s of coins & tokens, not the BTC only version.

People typically buy on the exchange then move the crypto to their hardware wallet. I suggest a small transaction first where you get the experience of buying and sending and receiving. Keep detailed records because you will be required to report your transactions to the CA tax agency.

Then after you are comfortable doing that, purchase more. You need to watch good videos on the concept of self-custody and security. Theses videos may overwhelm and scare you a bit, but you should spend the time learning so that you don't get scammed or lose your crypto. You can and should watch other videos first to get a feel but don't do anything until you at least watch this one from Invest answers "Ledger Wallet SAFETY, RED FLAGS & ALTERNATIVES" (see the playlist I linked above).

If you really want to jump down the rabbits hole, Invest Answers is the best analyst out there. He is honest and transparent. The problem is that you have to get a patreon membership to see all of his material.

Good Luck:-)

[Vangelo]

Posted by Richard S. (here)
...
Trezor 5 has a lot of features, but wouldn't the Trezor 3 do the job decently?
...

Yes, Trezor 3 will do the job its just not quite as easy to use as 5. It is important that you get the hardware wallet from a reputable manufacturer. Tezor has been around for about 10 years now.

[arjunaloka_official]

I would suggest you do some classical research on your own before spending any money:
- identify the best arguments pro bitcoin
- identify the best arguments against bitcoin

then decide on your own. you say you want to diversify, so you won´t bet the whole farm - this is very wise.
ask yourself if your are late to the party.
the devil takes the hindmost 80%, they say.
if it is a scam, it will be 99%.

-
the above is no investment advice.

[Carlitos]

I hold some bitcoin, use it as a savings account - I do not do any real trading, I don't have time for that but I buy the dips, ie: put in little bits of spare cash when the price is low.
I use an exchange to go to and fro between my regular bank account, and then form the exchange I transfer to a wallet, for long term holding (and rainy days)... I have been in for about 7 years, and passively, more than quadruped my savings. Will gladly share any details of how I do it, if needed...

[mountain_jim]

The "late to the party" concern is valid for BTC, I suggest, at least for short term. That is in spite of the links I posted above with their historical patterns touted.

That's because of how much BTC has risen very recently.

The portion I sold since the Trump-bump paid for all I still hold, but I am not buying any more at this time. (Having since retired, I don't have the investment income available I did 4 years ago).

I do think it's conceivable that Ethereum and XRP have more room to go up - short and long-term (XRP up 170% in last month, ETH up 37%)

(Not investment advice - do your own research)

[palehorse]

If you want to get into it for the sake of investment, you may still have a window to reap some rewards, but I would not risk giving any advice about investments, I myself do not invest in anything but myself. The Bitcoin tech was compromised back in 2017, most of the large miners are big corpo, blackrock and vanguard heavily involved. Small miners can't survive anymore, it became a game for large sharks only. Get into it on your own risk, nobody out there is qualified enough to give you a recipe for success, why would they do that?

I have some Monero (XMR), I am in and out crypto since it started, made good profit back then, lost some good money too.. nowadays I hold some XMR for the sake of support the tech and participate in Agora markets, if you check historical data for XMR you will see it is not really the best type of investment, it is quite stable. If Monero resist and break through this dark period we are living, there is a huge chance of it become an alternative money (which already is in some sense for some group of people), but I would not hold my breath on that, specially with the lately silly marketing they are doing to get everyone onboard.

Take the above with skepticism and not literally. Good luck whatever your decision may be.


This video in this thread is a good start to understand where Bitcoin is ATM --->
https://projectavalon.net/forum4/sho...85#post1638685

[Moemers]

Trezor is having a 50% off black friday sale if anyone's interested...

[kudzy]

Has anyone used Electrum? I think it's an open source wallet. Please correct me if I'm wrong. I started to set it up years ago but never funded it with actual Bitcoin.

[Richard S.]

Posted by Carlitos (here)
I hold some bitcoin, use it as a savings account - I do not do any real trading, I don't have time for that but I buy the dips, ie: put in little bits of spare cash when the price is low.
I use an exchange to go to and fro between my regular bank account, and then form the exchange I transfer to a wallet, for long term holding (and rainy days)... I have been in for about 7 years, and passively, more than quadruped my savings. Will gladly share any details of how I do it, if needed...

Saving that thought for a later date (maybe), I am just learning the ropes for now. Thanks for the offer!

[Richard S.]

Posted by mountain_jim (here)
The "late to the party" concern is valid for BTC, I suggest, at least for short term. That is in spite of the links I posted above with their historical patterns touted.

That's because of how much BTC has risen very recently.

The portion I sold since the Trump-bump paid for all I still hold, but I am not buying any more at this time. (Having since retired, I don't have the investment income available I did 4 years ago).

I do think it's conceivable that Ethereum and XRP have more room to go up - short and long-term (XRP up 170% in last month, ETH up 37%)

(Not investment advice - do your own research)

Exactly what I am leaning towards. I think BTC will still rise, but others have more potential in the shorter term, IMO.

[Moemers]

don't get crazy with this. start with small amounts, but start

[meat suit]

A friend recommended to start with Lobstr. https://lobstr.co/

Do any of you have experience with it?
Thnx