I'm thinking of investing €1000 -- any advice?

FutureTeashock

I'm looking to punt 1k on crypto but have no idea where to start.

Which top 20 crypto is a good option for a complete novice?

A coin with a debit card would be cool.

Thoughts on IOTA?

Thank you very much for any information.

FT

Grumpypants

Bitcoin is the only game in town. Maybe Etherium. Buy €700 in bitcoin and 300 in ETH on coinbase.

FutureTeashock

Grumpypants wrote: »

Bitcoin is the only game in town. Maybe Etherium. Buy €700 in bitcoin and 300 in ETH on coinbase.

Thanks a lot for the info Grumpypants. Is there a reason you recommend coinbase as opposed to kraken? The latter has much lower fees.

Grumpypants

FutureTeashock wrote: »

Thanks a lot for the info Grumpypants. Is there a reason you recommend coinbase as opposed to kraken? The latter has much lower fees.

Krakan has been a pain when things get busy it goes down. If you need to sell or buy at a time when things are going up/down and it is offline you could lose a nice chunk.

You can do a SEPA transfer to Coinbase then move the money to Coinbase pro to trade. The fees are much better there than buying via the coinbase App/website (which are very high).

FutureTeashock

GwaneTIme wrote: »

If I had 1000$, I would invest them in other currencies

Do you mean like the Swiss Franc or US dollar? I wouldn't really know where to hold the currencies to be honest.

Lex Luthor

I currently have a spread across a few different coins
ICON(ICX), Ether, BAT & Litecoin
Icon is one I think in 5-7yrs could really take off

JohnnyFlash

Lex Luthor wrote: »

I currently have a spread across a few different coins
ICON(ICX), Ether, BAT & Litecoin
Icon is one I think in 5-7yrs could really take off

Ya, it’s only down 98.97% from ATH. Should take off any day now.

Lex Luthor

JohnnyFlash wrote: »

Ya, it’s only down 98.97% from ATH. Should take off any day now.

long term

FutureTeashock

Wow, just as I was about to invest things are going tits up.


I think I'll wait a few days before pulling the trigger. Hopefully BTC drops to 6k so I can catch a nice dip.

dashoonage

Orange is a lovely colour on a lambo.

FutureTeashock

dashoonage wrote: »

Orange is a lovely colour on a lambo.

I'll settle for a used Toyota Corolla in reasonable condition.

dashoonage

FutureTeashock wrote: »

I'll settle for a used Toyota Corolla in reasonable condition.

Jesus thats way too safe.....crypto isnt for you my friend.

Lex Luthor

FutureTeashock wrote: »

Wow, just as I was about to invest things are going tits up.


I think I'll wait a few days before pulling the trigger. Hopefully BTC drops to 6k so I can catch a nice dip.

It ain’t going up anytime soon

Best to hold off and if you can set a limit if it drops more to buy on the way up you should do ok

JJJJNR

Divide the 1k between the top ten, just take it it all could go to zero.

Lex Luthor

When bitcoin moves the rest follows

JohnnyFlash

Sifan Hassan running in the women’s 10000m race in Doha. 5/4 with William Hill. Fill your boots.

JJJJNR

Lex Luthor wrote: »

When bitcoin moves the rest follows

Not necessarily, 2017 alt coin pump happened when bitcoin was dropping due to excessive fees and laggy transactions.

Lex Luthor

ICX ICON had a really good 24hr

FutureTeashock

Lex Luthor wrote: »

ICX ICON had a really good 24hr

JohnnyFlash

JohnnyFlash wrote: »

Sifan Hassan running in the women’s 10000m race in Doha. 5/4 with William Hill. Fill your boots.

You’d have doubled your money tonight, lad.

q85dw7osi4lebg

No right or wrong answers but anything other than Bitcoin and I think its FIAT down the drain (long term).

Lex Luthor

FutureTeashock wrote: »

Stop limits.

The Haven

I would Dollar Cost Average in.

FutureTeashock

The Haven wrote: »

I would Dollar Cost Average in.

This is a great idea, thanks. Would weekly installments of 50 quid be a good strategy?

Lex Luthor

Cardano

makeorbrake

@OP:. You should spend some time (a shed load of time) researching the projects that peak your interest. Be mindful of confirmation bias. Be mindful that people backing various cryptos have skin in the game - so you can't possibly assume anything.

You expressed an interest in IOTA. Run a search - there's a thread on it here. Each crypto has a Reddit group (albeit with very partisan participants).

Bob24

Grumpypants wrote: »

Bitcoin is the only game in town. Maybe Etherium. Buy €700 in bitcoin and 300 in ETH on coinbase.

+1

Once you have a full bitcoin and start to have an understanding of this space, you might consider other stuff.

But until then stick to Bitcoin and maybe some Etherium if you need to have something else.

Lex Luthor

Bitcoin appears to be in a bit of a grey area at the moment and could go either way
I'm keeping an eye on it and waiting to see where it goes

q85dw7osi4lebg

Lex Luthor wrote: »

Bitcoin appears to be in a bit of a grey area at the moment and could go either way
I'm keeping an eye on it and waiting to see where it goes

Are you dollar cost averaging or waiting ?

Bought some more today, Friday is my SAT day.

Lex Luthor

Azalea Prickly Fortune-teller wrote: »

Are you dollar cost averaging or waiting ?

Bought some more today, Friday is my SAT day.

just sitting tight at the moment and waiting to see what happens

I think if it starts to make a downward trend below $7700 then its highly likely it will go to 5.5k as there seems to be a lot of support for it in that price range

Cardano is another one that's on my watchlist

Took a bit of a hit on most of what I held recently, as did everyone, BAT seems to be making a recovery last 24hrs but who knows

grindle

joombo wrote: »

...crypto...

Mmhmm, go onnnn...

joombo wrote: »

...specialists...

...hmmm...

Bob24

grindle wrote: »

Mmhmm, go onnnn...

...hmmm...

As a crypto specialist I declare there is no such thing as a crypto specialist :-)

The One Doctor

Interesting the way cryptos take a dive around Xmas as people take money out to buy presents/pay debts. It's kind of handy.

Donalh

All crypto is high risk. However, if i were you I would look at each crypto on the basis of - what is its use case / what problem does it solve?
For that reason I take only one crypto seriously, XRP. It gets a lot of hate due to people not understanding it. Look into it and you will see that the problem it solves is huge... global liquidity. Its fundamentals are really excellent.

Lex Luthor

It’s nearly like that every week
Big sell off as the week ends and picks up on Monday

Arrival

FutureTeashock wrote: »

This is a great idea, thanks. Would weekly installments of 50 quid be a good strategy?

That is the best approach, yes. Although I'd increase the amount to €100 weekly since we may be going into another nice dip over the next few weeks, so you'd increase the amount you're getting. If you wouldn't miss that €50/100 each week I'd also continue past the €1,000 mark until at least close to the halvening next May - you're not throwing away that money each week, you're simply (temporarily if you're not in this long-term) exchanging it for an asset which you can sell to get back cash again at any time you wish. You will only lose money if you actually sell before the value is at least back at the price point you've averaged in at.

FutureTeashock

Holy ****, it's tanking fast, down 10% in one day!:eek:


I think I'll wait a little while longer before investing my precious euros.

q85dw7osi4lebg

FutureTeashock wrote: »

Holy ****, it's tanking fast, down 10% in one day!:eek:


I think I'll wait a little while longer before investing my precious euros.

I don't think Crypto is for you. With that attitude you'll be fomo'ing in at 20k

FutureTeashock

Azalea Prickly Fortune-teller wrote: »

I don't think Crypto is for you. With that attitude you'll be fomo'ing in at 20k

Timing is everything surely? I want to get my cherished cash in at the right moment. You think that's now?

q85dw7osi4lebg

FutureTeashock wrote: »

Timing is everything surely? I want to get my cherished cash in at the right moment. You think that's now?

So tell me, what price are you waiting to buy in at, since you clearly know where the bottom is.

FutureTeashock

Azalea Prickly Fortune-teller wrote: »

So tell me, what price are you waiting to buy in at, since you clearly know where the bottom is.

I'm thinking April 2020 is the time to begin my Crypto Journey.

grindle

Holy moly, 10% drop in a day.

10%+ drops per hour are barely shockworthy, 10% in either direction in a day are standard/sideways/boring my tits off.

q85dw7osi4lebg

FutureTeashock wrote: »

I'm thinking April 2020 is the time to begin my Crypto Journey.

Sure we'll chat then, advice might be a bit more tailored then.

Arrival

FutureTeashock wrote: »

I'm thinking April 2020 is the time to begin my Crypto Journey.

Can you explain your logic here? Just curious.

FutureTeashock

Arrival wrote: »

Can you explain your logic here? Just curious.

I think BC trends down as the year ends, probably so people can fund Christmas/new year celebrations, and picks up after the first quarter.



I could be wrong but I think it's logical.

Arrival

FutureTeashock wrote: »

I think BC trends down as the year ends, probably so people can fund Christmas/new year celebrations, and picks up after the first quarter.



I could be wrong but I think it's logical.

Okay, but the most logical approach if you're hoping for long-term gains is to buy in when the price is down/heading down instead of waiting for the second quarter when it begins picking up again. This was why I was saying earlier to increase how much you put in per week now, to obtain more while it's down, and continue buying through to next year or so until it picks back up. That way when it goes up nicely again you'll be sitting happy watching the increases instead of sitting there rattled with regret that you waited to buy in from FOMO.

The One Doctor

Arrival wrote: »

Okay, but the most logical approach if you're hoping for long-term gains is to buy in when the price is down/heading down instead of waiting for the second quarter when it begins picking up again. This was why I was saying earlier to increase how much you put in per week now, to obtain more while it's down, and continue buying through to next year or so until it picks back up. That way when it goes up nicely again you'll be sitting happy watching the increases instead of sitting there rattled with regret that you waited to buy in from FOMO.

Yep, will wait until the price gets to €4000 or so before starting to buy 1 or 2k worth then. Got burned last time, caution pays. If it doesn't hit 4000 I won't buy.

It's probably going to tumble from here until Jan.

Bob24

The One Doctor wrote: »

Yep, will wait until the price gets to €4000 or so before starting to buy 1 or 2k worth then. Got burned last time, caution pays. If it doesn't hit 4000 I won't buy.

It's probably going to tumble from here until Jan.

Anything is possible, but IMO 4000 is a pretty low target. Just based on my gut feeling, but I’d say probability that it never gets there before the end of the year is clearly over 50%.

q85dw7osi4lebg

That's why I DCA with a bias on the dips, averaging down and averaging up are the only ways to reduce risk with such volatile new asset classes.

4k, I'm buying.

14k, I'm buying.

Once my Sat stack is getting bigger I'm happy.


Fed printing 120b overnight repos now, I feel safer losing FIAT on BTC than I do keeping FIAT in long term savings accounts or equities.

Hector Savage

I was told next year they are gonna make the algorithm to create bitcoin more complex so the price will shoot up again, hence now being a good time to buy ?

Bob24

Hector Savage wrote: »

I was told next year they are gonna make the algorithm to create bitcoin more complex so the price will shoot up again, hence now being a good time to buy ?

What you are talking about is probably halving. Ie miners reward will be cut in half which will increase the stock to flow ratio. This is bullish for prices *assuming there is enough demand* (if no one wants to buy and/or all existing owners want to sell, reducing new supply doesn’t increase prices).