Watch Wunderbit’s Evgeny Latyshev and Kirill Osaulenko talking about cryptocurrency trading on Dukascopy TV!
Trading As One Of The Ways Of Making Profit From Digital Currencies
Trading. So, imagine, you are mining cryptocurrencies, you’re getting some rewards, should you start trading? What do you reckon? In case you have no experience in that, should you touch this area?
No, you should trust someone who knows how to do that. That’s the key for sure. Because otherwise, it’s going to be very frustrating for you. You have a very, very steep learning curve so you need to spend quite a lot of time to understand what to do and how to do it, and this is a full-time job.
So, if you are working and cryptocurrency mining is your hobby, like your side investment, then there is an opportunity for you to accumulate more of the cryptocurrency that you mined and use it for cryptocurrency trading purpose. But if you don’t have the opportunity to do that, then you better trust somebody who knows how to do that. And this is what these social trading platforms are for.
So, there is a solution of how to stay in the crypto space using your mining as an initial investment and then to trade and accumulate more of the cryptocurrency without spending too much time.
Usually, when you trust a trader to manage your funds, you would have to transfer the funds. Thus, there is a risk that you would lose your crypto, is that correct?
Not with the social trading platforms, because they work in such a way that you don’t actually transfer the funds, you only provide the trader with the API access that allows him to buy and sell a cryptocurrency, but there is no way for him to withdraw the funds. And this is a very good way to see the transparency because you can see all the trades that the trader makes and at the same time, this is a very secure way to provide somebody with the funds and to accumulate more. Most of the copy trading platforms will ask for some kind of commission from a trader so you will have to pay the trader something because he is doing the job for you. But this varies from one platform to another.
All right. So, basically, you’re left with the risk that the trader will make unprofitable trades and that’s it?
Yes, pretty much. As soon as you choose the trader that you would like to copy-trade, the only risk is that he will be not very successful in terms of making profits.
Alright, let’s get back to mining. So, we’ve discussed briefly what are the main ways of crypto mining. Let’s just make a quick summary. What do you reckon, as a person who actually heard the whole story, would you like to start mining?
I think the most important thing here is to understand what are your goals. Is it a long-term investment for you? Is it actually something that you would like to have the short-term gains and to maximize your current profits? If we’re talking about the long-term investment, then yes, I think mining is a very good starting point and one of the tools that you can use for a long-term investment. So, start with the GPU mining rigs, select the cryptocurrency you would like to mine and then start accumulating it. But, as we mentioned, it should be combined with some other form of, at least, short-term trading or some strategy that you will have in mind in order to accumulate more and not to rely just on the price of the cryptocurrency at this particular moment. That’s my view. What about you?
Well, in my opinion, it really depends on several factors: 1) you have funds to create a significant investment, 2) you really understand where you would allocate this mining production, 3) what’s going to be the electricity cost.
If all the factors say that the breakeven point would be quite short, for example, three or four months, maybe six months with the existing prices of bitcoin, and you can afford to allow the bitcoin price to fall to as low as, let’s say, 3000 BTC/USD and you would be still happy to continue mining, then probably yes, why not.
Again, this business plan should be compared to any other business plan that you can imagine or you have in your mind. If that performs better, if that has better numbers, then absolutely.
Crypto Currencies Trading vs. Crypto Currencies Mining In 2020
Trading is actually a wide topic. As a trader, maybe you could comment what do you think about trading?
Well, there are two aspects. First of all, obviously you need some knowledge, skills and practice to trade profitably. That’s one thing for sure. And if you just start with mining, for example, and you have no clue of how to make a transaction on exchanges, then there is a solution for you as well, which is called social trading.
So, you can connect your wallet from the exchange to the social trading platform and then follow one of the traders. So, all the trades will be done by that particular trader. And then your account will copy every trade that this trader did in the certain proportions. And that’s one of the solutions for you.
Another one, if you are a long term investor, let’s call it this way, you can actually distribute your portfolio in certain portions so you can, even if you mine, just Ethereum, for example, you can then buy Bitcoin, Ethereum and some other altcoins in order to accumulate the USD price of it, for example, higher in one year. So, the idea is that you diversify your portfolio and then you sell it off in a year’s time, or you can use whatever the bitcoin maximalists call – a strategy is just HODLing it.
So, whatever you mine, you just transfer the operation costs, so you basically have to cover just those and then the rest will stay in the cryptocurrency that you mine. Or if you mine Ethereum and you would like to HODL bitcoin, you just transfer everything to Bitcoin. However, this, from my perspective, is not a very efficient way to actually hold your cryptocurrency because it’s such a volatile market, it’s very hard to make a projection of what is going to be in one year, in particular, so even though your, for example, electricity cost is more or less stable, you know how long your hardware is going to last for, but the huge problem is the price.
My strategy would be to actually setup a certain cutoff point. So, if the price of Ethereum, for example, goes below 200 dollars, I will sell everything straight to dollars and then cover my costs and keep everything in dollars, as soon as it starts reaching above it, I will convert everything back to Ethereum and everything that a mine will stay in Ethereum.
Okay, I’ve got a question for you. So, for example, at this point, you’re mining, imagine you are a cryptocurrency miner, and the cost of Ethereum is not very high, it’s actually below 200 dollars right now, and the cost of electricity is sort of high for you. At this point you’re negative. What would you do? Would you stop mining or would you accumulate Ethereum until the price would reach a breakeven point? Or will you follow it further?
That’s a good question. I think it totally depends on the price of that particular cryptocurrency at the moment. If we talk about Ethereum, I think that right now it is not very profitable to mine and it’s quite hard if you’re not, for example, short-selling, using this as a trading strategy. It’s quite hard to have a breakeven point if you’re just buying the cryptocurrency, buying low, selling high. The typical trading strategy. For now, I would think that mining, in particular at this moment in time, is not very profitable.
So, you better shut it down for some time, as soon as the price is going to reach at least 200, you can switch it back on, and we’re talking about Europe right now, so the cost of electricity is quite high.
SafeEarth Donates $100,000 to TheOceanCleanUp Kicking Off Blockchain Eco Project
Bitcoin Press Release: Blockchain eco project SafeEarth has donated over $100,000 to TheOceanCleanUp charity with more donations planned for other global charities.
16th April, 2021, London, UK — SafeEarth, a blockchain eco project, has donated over $100,000 to community selected charity TheOceanCleanUp. The donated funds will help towards the removal of plastic waste from the planet. This generous donation represents the first act of SafeEarth’s continuing initiative to help charities across the globe.
The money was raised from SAFEEARTH token transaction fees. From each token transaction a portion of the fees will continue to be used for further donations to charities that focus on green initiatives as SafeEarth looks to effect a lasting and positive change on the planet.
The Ocean Cleanup Head of IT Steven Bink offered his thanks to Safe Earth on Twitter, stating:
“Dear SafeEarth community. On behalf of the entire crew at The Ocean Cleanup, I would like to thank you for this very generous donation. We are also honored that you chose The Ocean Cleanup to be the first charity to receive this gift from @SafeEarthETH”
Safe Earth & Earth Fund
Deforestation, pollution, global warming and many other factors have had an adverse effect on the environment for decades. As the world shifts more towards renewables and eco-friendly alternatives, initiatives like that of Safe Earth represent a changing mentality in industry
SafeEarth’s sole focus is to generate capital and build a community which is able to repair the ecological damage done to the planet. Safe Earth also collaborates with another green charity called The Earth Fund, which has raised around 50 ETH ($125,000 at the time of writing) to be used for similar causes.
As a part of their plan to raise awareness for ecological causes SafeEarth have also started a #PlasticChallenge on twitter, which urges people to get rid of plastic waste. The challenge (which launched on 27th of March) rewards users from a prize pool of $3,600 in SAFEEARTH tokens.
In the short time since the challenge began the SAFEEARTH token has been listed on the number one DEX Uniswap, recorded $3 million in trading volume and locked away more than $1.5 million in liquidity.
SAFEEARTH Token Burn & Benefits
The SAFEEARTH token is a deflationary asset that uses an autonomous yield and liquidity generation protocol. Each transaction charges a total of 4% in fees, which is then broken up evenly with 1% going to charities, 1% refunded to holders, 1% for advertising and 1% token lock-ups to increase liquidity. By burning at least 50% of the total supply after launch, (which will go to a black hole address) SafeEarth ensures increased token scarcity and liquidity.
$SAFEMARS is the sister token to SafeEarth and available on PancakeSwap exchange. The token uses very similar tokenomics to SAFEEARTH and over 50% of the tokens have already been burned. As none of the transaction fees from SafeMars go towards charity the company has chosen to give more back to users, with a total of 2% going instantly back to the holders wallets and the other 2% is auto-locked to increase scarcity and liquidity. Right now the number of $SAFEMARS holders is growing steadily with 93,699 holders at the time of writing.
Save Earth Through Safe Earth
Harnessing blockchain technology through it’s unique protocol in the interest of both charitable giving and community incentives is helping SafeEarth to stand out from its competition. This $100,000 donation is just the beginning of the company’s mission to effect a lasting and positive change to the planet.
SafeEarth blockchain eco project is already gearing up for another large donation with another 35 ETH (roughly $87,600) reserved for 5 charities that focus on humanitarian causes, such as access to clean water and wildlife preservation. The charities will be chosen by the SafeEarth community and will be announced on Earth Day, April 22nd, 2021.
Media Contact Details
Contact Name: Bitcoin PR Buzz Press Team
Contact Email: email@example.com
Learn more about SafeEarth — https://safeearthcrypto.com/
Buy SafeEarth Coin on Uniswap — https://app.uniswap.org/#/swap
Take off with SafeMars — https://www.safemarscrypto.com/index.html
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SafeEarth is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
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Did Elon Musk’s ‘jet fuel’ set GameStop (and Bitcoin) ablaze?
Depending on where you stand on the GameStop saga, which saw organized retail traders extract $6 billion from Wall Street overnight, you may think someone should either take the matches away from Elon Musk, or give him more.
The CEO and “Technoking” of Tesla was accused of pouring “jet fuel” on the GameStop short-squeeze at a critical moment by hedge fund manager David Einhorn, founder of Greenlight Capital, in a letter to investors published Thursday.
Einhorn said Elon Musk and venture capitalist Chamath Palihapitiya were the real instigators behind the short-squeeze, claiming both had supplied “the real jet fuel” for the pump with their tweets and TV appearances.
“We note that the real jet fuel on the GME squeeze came from Chamath Palihapitiya and Elon Musk, whose appearances on TV and Twitter, respectively, at a critical moment further destabilized the situation,” wrote Einhorn, according to Markets Insider.
Amid the orchestrated short-squeeze on GameStop by redditors on r/WallStreetBets, Elon Musk tweeted what some interpreted as his support for the endeavor. On Jan. 26, shortly after GME stock was pumped 91% in a single day, Musk tweeted the phrase “Gamestonk!!” accompanied by a link to the WallStreetBets sub-reddit.
Over the course of the next 24 hours, GME stock soared 134%, climbing from a unit price of $147 to $347. The following 24 hours brought even more fireworks, and by Jan. 28, the value of GameStop shares had hit an all time high of $483 — an 18,693% increase on the stock’s value just nine months earlier.
Chamath Palihapitiya appeared to voice his support for the short-squeeze on Jan. 27, when he told interviewers on CNBC that the GameStop saga was an example of the man on the street pushing back against the man on Wall Street.
Einhorn said that “quasi-anarchy” now reigns, based on what he sees as toothless regulation of the stock market. Einhorn compared the situation, where “the laws don’t apply to [Elon Musk]” to the defunding of the police force.
“Many who would never support defunding the police have supported — and for all intents and purposes have succeeded — in almost completely defanging, if not defunding, the regulators,” said Einhorn.
Previously Elon Musk was suggested to have unduly influenced the cryptocurrency market with his vocal support of Bitcoin (BTC) and Dogecoin (DOGE) via Twitter. Legal professionals suggested in February that Musk’s tweets may have acted as a catalyst for the coins’ gains at the time, and warned that such tweets could attract SEC attention.
Musk laughed off the suggestion at the time, claiming that he would welcome any SEC investigation into his tweets, and that he simply liked “dogs and memes.”
Turkey to ban cryptocurrency payments
A new ban in Turkey will prohibit crypto holders from using their digital assets for payments, in addition to preventing payment providers from adding funds to their digital wallets at crypto exchanges.
According to a Friday announcement by the Central Bank of the Republic of Turkey, the ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal.
The bank stated, “any direct or indirect usage of crypto assets in payment services and electronic money issuance” will be forbidden.
While banks are excluded from the regulation, which means users can still deposit Turkish lira on crypto exchanges using wire transfers from their bank accounts, payment providers will be unable to provide deposit or withdrawal services for crypto exchanges.
Payment providers and digital wallets are widely used in Turkey to transfer fiat funds to crypto exchanges and vice versa. Major global exchange Binance partnered with local payment provider Papara when they first entered the Turkish market to provide a lira onramp for several different cryptocurrencies.
This new regulation means that users have two weeks to clear their balances if they exclusively use payment providers as fiat-to-crypto gateways.
Historically, the Turkish government has always had a tight grip on the payment ecosystem. In 2016, Turkey banned major global payment provider PayPal in the country.
Crypto regulation is a hot topic for Turkey in recent months. Last month, the Turkish Ministry of Treasury and Finance announced that they are monitoring the crypto ecosystem and working with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board to regulate crypto.
Additional reporting by Cointelegraph Turkey’s Emre Günen.
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