Gambling on Crypto

[zekepa]

I've decided to do put some money into cryptocurrency. Will be starting with a coinbase account, supposedly they have some tutorial and helpful info.

Any links or other info that would help my learning curve would be appreciated.

I labeled it as Gambling on Crypto as that is how I'm looking at it. Only using money that I can afford to lose. It's money I didn't have a week ago, what I did have was a quad that wasn't running that I hadn't used it 2 years. A couple hours of work and some carb cleaner and I now have some cash to play with.

[Mike Daleo]

One feature that will help you is that when you look at an individual Crypto currency, on coinbase you can go back and look at 1week, 1month, 6months, 1year ago and see where it was and how it has grown or fallen. right now we are in a dip, soon we will be back to where they had settled before and hopefully higher. I would buy with those histories in mind and watch it grow knowing it will settle somewhere near where it was a 2 weeks to one month ago.

[jab0106]

know what it is and why u are buying it before u put a cent into it

people use 'only money i can afford to lose' all the time until it goes up 10x they pile in more and it dips and they lose their minds about losing all their money.

[mikeSF]

This guy has several videos on crypto. He explains it in detail that this old brain can almost understand.

[chopshop07]

They're known for being beginner-friendly, offering clear tutorials that should help you get up to speed quickly. If you're looking for more detailed info, CoinDesk and CryptoCompare are great for deeper dives into market trends and crypto fundamentals.


I really like your approach to treating this investment like gambling with only surplus money; it's smart to only risk what you're okay with possibly losing. It’s similar to how I approach other forms of betting for fun. For example, when I play on platforms like 789bet, I set aside a small budget that I’m comfortable with just to enjoy the thrill without the stress.

[caddyjoe77]

First thing, don’t have an itchy trigger finger to sell. Crypto is extremely volatile. Unless you 10x your money or something wild.
taxes are just as bad as they are on stocks

second, good tutorials out there.

[motomania]

I'm sure folks on this board are tired of hearing me beat this drum; but 99.999% of cryptos are bad news. they're basically IPO's for software companies, w/o regulatory scrutiny. if they have a CEO, marketing team, development team, etc...........they're ripe for a rug pull. look at the top 10 cryptos over the past 10 years and you'll see the latest and greatest have all slipped down the rankings and are fading away.

now Bitcoin.........that's a different animal. decentralized with only miners running the code. no one at the top of a food chain the take the money and run. Fidelity, Blockchain, Morgan Stanley and others offer products into Bitcoin.

i HIGHLY recommend reading these books first:

Bitcoin Books (in order of headache)
———————
-Magic Internet Money: a book about Bitcoin
-Bitcoin and Blockchain for Baby Boomers
-Unapologetic Freedom
-Broken Money by Lyn Alden
-Layered Money: From Gold and Dollars to Bitcoin and CBDC’s
-The Bitcoin Standard
-The Fiat Standard (follow up to Bitcoin Standard)
-The Internet of Money (Volume 1,2 & 3)
-Softwar (Air Force Major Jason Lowerys MIT Doctoral Thesis - pulled from circulation, but it can be found)


dont wast your time watching videos with evangelical 'crypto bros' touting the latest and greatest; theyre just pump and dump schemes..................and most follow Bitcoins rise/fall anywho

[Finlander]

Crypto is basically a new money. Gambling would be letting someone else hold it for you. Best advice I can give is to move your investment off the exchange and into your own wallet and then to cold storage. Buy one of the utility based cryptos that may eventually support international banking and remittances then sit on it till global adoption. Just like investing in any stock portfolio, research your bets then wait for them to mature. Crypto endures radical swings making it lucrative for day trading but t takes commitment to be good. Since all crypto has been gradually gaining favor I believe it will continue to do so making it a a good long term investment.

[g2072]

I mess with Shib Inu and Doge. I'm a buy and hold guy in the stock market but will take a profit and trade a little in my crypto account. I started with 70 dollars. That's about the price of a decent meal so if I lose it so be it. Right now I have my crypto account up to around 200 dollars. I have several million Shib and about 500 Doge coins. If they go up I'll take a profit and wait until they fall to rebuy.