Investing • Page 36

Does anyone do stuff like Bitcoin staking? I've been doing it for a year or so now and make ~.0002 BTC ($9-$10) and .0015 ETH every day because of it. I staked about $1,000 to start and got that back within a half a year or so. Idk a ton of the actual mechanics or anything behind it (a friend's brother showed me it, crypto/financial investment is how he makes a living, nuts!) but I'm happy to reap the rewards lol.

My understanding is that by playing the games on this site (there's a dice game that gives the best value/95% win probability) you earn that site's tokens, and those tokens pay a dividend every day based off of how many you have and how much money was spent on the site that day.

They also pay out an absolutely miniscule amount of BTC (5 satoshi lol) every 20 minutes if you want to go through the effort of claiming it.

Interested to see if anyone else has ways to passively gain crypto or other tips!

 

Idk why we’d still be trying to make Doge happen lol, get outta there

 

Also, my completely unprofessional advice would be to spread your money around a few different weed stocks and just don't look at them until after it's legalized. I started buying Tilray/Aurora/Canopy back in October and they've all given great returns so far, especially Tilray. Wish I got into Aphria and Sundial back then too, but I think they all have potential to keep growing as legalization becomes more of a reality. Again, not an expert at all, just my observations and what my strategy is!

EDIT: Also, if someone who knows more about all this thinks this is dumb and that I'll lose my money PLEASE let me know lol

 

So today was day 2 of my, "try to get 25% a day" experiment.

TL;DR: Day 2: success!

Running total: 2/2

Bought CGIX at $10.90 a share at 10:27 AM ET, set an auto-sell order for $13.63. Sell executed at 10:51 AM ET. Kept my cash for rest of day.

 

Can I set a price to sell at? I tried doing that on Robinhood but it said "Sell at ______ or higher" which made me nervous that it was gonna sell my shit immediately tomorrow when it opens.

So like if I wanna set my SNDL to sell at the price I bought it at, is it actually going to wait until it hits that price to execute the sell, or will it sell it right at opening tomorrow since it's gonna open higher than the sell price I set?

 

You should be able to set up a stop-loss order in which your shares will only be sold if the price falls to whatever amount you set.

 

Hmm...Okay. I was looking for that on Robinhood and didn't see it. I'll have to check again

 

Stop Order | Robinhood

 

So looks like I’m able to do with stocks but not crypto. Was able to put one in for sndl but not doge. Sucks because I wanted it for doge more honestly haha

 

Yeah can't with crypto. Which is why I changed my strategy up as mentioned above, and for stocks. There's always half a dozen to a dozen movers each day in the 60%+ range. Then it just comes down to timing.

 

Repeat after me: cryptocurrency is not a security

 

I don't know the answer, but my guess is it's because crypto takes a longer time to clear, whereas basic stocks clear really quickly. They probably just don't want to take the risk.

 

So do you just fold it in?

 

...would you add a stop loss order to convert your USD to Euros if the conversion rate changes below a certain amount?

That’s not really an answer to the question (and you can technically do stop loss orders in currency exchange markets... I think). I think you can do stop loss orders for crypto in some exchanges... but it may be a bad idea anyway: Why Setting a Stop-Loss For Your Bitcoin Position Could Lead to Disaster

A lot of crypto markets can be manipulated by whales and, even when they’re not, are pretty volatile.

 

This just all seems like crypto bubble 2.0

Has anything fundamental changed in the last couple years since the first Bitcoin buzz?

 

As it relates to bitcoin, the number of institutions (large corporations and institutions, not just Tesla) devoting portions of their balance sheets to crypto is growing. The first bubble was mostly driven by individuals. Nothing about the bitcoin "story" has changed, but because the available amount of bitcoin is finite, increased interest at large scale will push the price up.

I'm not saying it won't go back down - literally anything is possible. But you're seeing more "smart money" investors focusing on it, and when people see those people invest, it makes them want to invest too, and that creates a positive feedback loop. It's all signaling.

Edit: I'd also say the "money printing" approach to monetary policy since COVID hit as led to increased wariness around inflation and devaluation of the dollar. So Bitcoin looks more attractive as a hedge.

 

Doge is different thought; since doge has an infinite supply that can be mined, there is infinite deflation. This is why I decided to get out of it.

 

Yes, that’s why I said I was referring to Bitcoin. Dogecoin is meaningless.

 

i don’t think this is true. almost all stocks trades take 2 days to settle. i’m not familiar with crypto, but i always thought one of the main benefits was (near?) real time settlement.

wish i had an actual explanation, but i do know other platforms do support limit orders for crypto

 

I'm a complete dweeb who didn't know what BTC or GME meant a month ago, but from what I've picked up so far: RH doesn't allow you to buy crypto directly. You're essentially just betting on its price by purchasing shares of their reserve in X coin. There are multiple downsides to doing crypto on RH that make it feel sketchy and prone to problems, and almost all the crypto diehards seem adamantly against using it.

I opened a Coinbase Pro account the other day just to dabble. You directly purchase and trade the assets with other users, and they have all the limit/stop functionality you get with stocks at a real broker. Downside is fairly steep fees around 0.5% on every transaction. Also, they only trade the more reputable coins... anyone still interested in DOGE should prob just stick to RH for that.

 

I’d advise against buying or selling any crypto on RH outside of doge. And even then it’s eh.

It’s essentially a custodial wallet that does not allow you to send or remove the coin, only to sell it back. Pretty much an IOU system.

You’re wayyyyy better off using Coinbase or Binance.

 

SNDL breaking through the 420 wall

 

SNDL about to make me back all the money I lost from AMC lol

 

It was up over 4.50 at some point but it’s crashing back down now in the pre-open haha

 

Need TSNP to start streaking again. Last week was insane.