Guys have been asking me for crypto advice, these are my Crypto coins observations, I am no expert.
4 years ago I brought 2 mining rigs for 300,000 baht but the cost of electric went up to a silly amount which would have been worth it long term, but at the time I couldn’t really afford the 30k a month in electric. Then I had heart problems and gave up with it all. I was advised one coin will do very well and I cached in all my coins into a single coin, which disappeared at some point.
Recently I have been looking into it again and I have explored various avenues, I have set up a small local group which includes some Pattaya friends that do not live here. But it seems everyone is confused as each other, everyone has the same questions, everyone is looking for a golden ticket. Many guys have asked me what I think about it all and how they can make money. Here is a little of what I have found so far. (i am not an expert)
Day trading/short term trading
This is very stressful, high risk and very confusing, the alt coins shoot up and down, at the same time bitcoin is moving, you really need to try and ignore the usd value and increase your bit coins, one of my friends lost 40 of his bit coins day trading, I am also thinking its quite addictive and pretty much a gambling problem if you are not careful. I dont have the time to day trade, you can plan the trade, but i would still be sat there watching it, then you need more to go right than wrong. You need to plan it, so when you double up on the bitcoin amount that you used to buy it with, you then sell half and get your btc back, then keep repeating. This reduces the risk, also you need to figure out your betting bank and split the percentages and manage your risk, such as 100,000 baht is your betting balance, 30k in fiat, 30k in btc and 30k in alt coins, keep them balanced, as you make more put some over to fiat. Then use 5% of your alt coin balance for each alt coin, for example, you could even split that half your alt coin balance into long term trade and and half into day trading. Then you can set them to sell out if they reach a 20% loss, (to reduce risk) but also sell half at a double amount. (to get your money back first) I think you have the picture and enough to go by. One of my friends has been kind enough to show me his system and i was very excited at it until it got to complicating and with the btc changing so fast it was kind of flawed. His btc balance was going down but the usd amount was going up because of the btc price increase. (that’s a false sense of security unless you are cashing out) Day trading is also limited unless you hit some bigger coins due to low volumes and you crashing the price.I see people getting very stressed by day trading, it might ruin your life. I have a friend trying to exit a huge amount from an alt coin and he can only do 1% occasionally or he crashes the price.
Long term trading
This is something all the experts recommend, buy them cheap and sit on them for a long time, forget about them or set up a trade. This is something I will do later when the btc price has settled. I would put a punt on the top 5 coins and a few others and forget about it for a few years.
Initial coin offerings, there was 40 new coins launched per month, and its going to triple next month, they now require 10 btc to get in some of the exchanges, because its getting crazy. Many people are offering the coins for sale before they are even in the exchanges, the website could disappear, the coins might not do well, they might not get in the exchanges, there are alot of factors involved, but there is the potential to 5000x your money and i heard someone 175,000x their money. I have a friend who has a subscription to help pick the best coins. i like the idea of this one, just buy some here and there and wait, a bit like spread betting.
One of my good friends is writing a course on how to make your own coin because he did it himself and made alot of cash, but its high risk and could be fun. But you need to promote the shit out of it and have a good idea. I think he will sell the course around 2000 usd and offer private one on one for 10-20k usd.
I have another friend who has got a trading bot made, they have been fiddling with it, testing and came across a few problems to resolve, such as moving somewhere with no/less fees for millions of transactions. The problem with this is that you need to trust your money with a bot, i am unsure what i think about this until i see it running and profiting.
I still think mining is a very good method as its less risky and more relaxing, but I don’t want the heat or the noise in my room, it means leaving my aircon on, if i was in a cold country and i needed heat anyway, I would consider it again. You can buy hash power, but make sure its not a pyramid scheme, I am still unsure about that concept, its a gamble. (again)
What do I think?
A lot of guys say they make money but are not, a lot of guys think they make money but are not (until you cash out) a lot of guys think their methods are best, a lot of guys want to sell you training, subscriptions, hash power, pyramid schemes, sell you dodgy coins. Its a mine field out there, I think you need to find one idea and stick to it. I also think the long term strategy is best. (i mean 6 month to years) Also, people steal, hack your coins, exchanges disappear, its alot to worry about.
What am I going to do?
I am lucky enough to have a few friends that sold me btc recently, probably at the wrong time I should be buying, the 2 coins I paid 850k baht for (at least I owed them that) I couldn’t sleep good, couldn’t relax, what if those 2 coins go back down to 1000 usd again, I would owe all that money and be angry with myself for many months while I paid it off. Yesterday I decided to cash the coins out into Thai baht and made 248k baht, which was ok for 3-8 days of running around worried, but I like to keep things simple, I like to know what I am doing. So for now I will focus on my online business, but i will observe my friends and i will try to find one method to make money and keep it simple. I will still meet crypto guys and still learn.
Here is my current idea, I have left 10,000 baht cash in my bx.in.th Thai account, I will buy btc low and sell out when its higher. (sounds brain dead simple but its better that way) I won’t put any more it, and I won’t do anything else for now. I have this https://bx.in.th/tradeview/ on my screen and i will find a pattern one day over the next few weeks, if i don’t, I don’t care, if i lose 10k Thai baht, i dont care. Its not going to be easy, but i am a strong believer in keeping it simple, having it against the thai baht is more stable, I just need to find an indicator to when it is rising. I can’t be dealing with all the complexities of alts up and down, btc up and down.
My million dollar question, is when do you cash out your bitcoins? many guys are waiting for silly amounts, its hard to know when. I know many millionaires right now if they cash out, but they are waiting for more, maybe they are right, maybe they are wrong, but there are millions of opinions out there. I now have 0 bit coins.
Bitcoin whales and manipulation groups
There are plenty of guys out there with tons of coins from back in the day when they were dirt cheap, these guys can do pump and dumps. Its very easy to manipulate for them and these groups scare me, they are probably the ones making the real money.
Here are some useful websites
Thailand coin exchange, easy to cash out to Thai baht https://bx.in.th/
My choice of wallet https://blockchain.info/ plus phone app
Bit coin ticker https://bitcointicker.co/
Trading platform with alerts https://www.coinigy.com/
The best trading view website out there for all the crypto/bitcoin stuff, the tools on there are insane https://www.tradingview.com/
One of the largest exchanges https://bittrex.com/
Get the google auth andriod app for 2 factor authentication
Bitcoin hardware wallet https://shop.trezor.io/ Only order from the site.
Good luck out there and happy trading 🙂
This is my current view. I am looking for trends