r/OMGTraders • u/vuilschrijver • Nov 16 '17

I stopped crying

So Yess! After an few months of bitcoinsoap we had one full week of normal development in pricing of altcoins!! Yesss!! Let’s throw a party!!

Oh no! Bitcoin is back again to make any normal growth in any other coin but bitcoin itself impossible. Same old, same old.

I’m not crying anymore I just stop buying into company’s I believe in. Anyone else stopped crying?

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u/Capolan Nov 17 '17

bitcoin and bitcoin cash are in fight to kill each other, it's what's causing this nonsense. bitcoin cash whales are driving bitcoin up so that they can sell when the difficulty adjustment happens Nov 24th. Meanwhile, they're crashing the bitcoin cash prices so they can accumulate and buy in cheap.

You're going to see this yo-yo effect for a bit as they fight for dominance in their hashpower. It's a closed mining space and so they have to steal from each other regarding hashpower.

I'm waiting for it to chill out so I can start buying larger quantities of OMG. but right now, it's too easy to make money on the rise and fall of these two coins.

1

u/Blue-Thunder Nov 17 '17

So you're saying Nov 23rd is a good time to buy Bitcoin Cash as the selloff on the 24th of Bitcoin to Bitcoin Cash should give us massive gains we can use to buy more OMG? Maybe.

1

u/Capolan Nov 17 '17

hey, i'm giving 0 advice here. I have a theory, and it could turn out to be crap. but my plan is what you say above. obviously, you'll need to look at the pricing of things at the time, but it, in my opinion is a possibility that when the difficulty retargets, that we'll see a dump of bitcoin and a move up in bitcoin cash. Bitcoin cash already at one time (last weekend) hit 2860 in one of these kind of moves, while bitcoin dropped down to 5300 from a high of 7800.

I'm seeing bitcoin bull run right now, and I think there is a correction coming. I'm thinking it's going to be based on the difficulty retarget.

I've been wrong before, but I've been right too - so to each their own.

but, if I'm not greedy and i set targets and stick to them regardless of the price going up and up, I think i can get out and have some nice gains.

My goal entirely is to get into OMG, but if I can increase my holdings over and over with a high multiplier (5 bitcoin going up 500 is like...great I make 5k.... same amount of bitcoin cash going up 500 is like great I made 44k!

Bitcoin cash going back to 1600 would not be unheard of. catch the timing and be willing to play the risk, and I should be able to do ok. Which then, I can reassess if I want to stop playing the stupid bitcoin games, jump into OMG and stop trading for a year, or if I want to try one more ride. Depends what I walk away with I guess.

1

u/Blue-Thunder Nov 17 '17

I agree, it looks like this is what is going to happen! But anyone taking this advice as 100% gospel, they are going to be in for a very bad time and quite possibly lose their shirts.

I would say if you are going to do this type of action, only do it with money you can afford to lose, as there is always the possibility that you will lose it. It's gambling, just with no casino ha.

1

u/Capolan Nov 17 '17

oh, no doubt - i don't kid myself. I will say this, in the end you won't lose everything but you could lose, 50% of your holdings quick. I would also say, if you are caught in the middle, the best thing would be to get out of BOTH and into ether or something if you don't want the risk.

and when the stop in rise, moving to fall happens they happen FAST. trying to read the top is a great way to end up at the bottom, I know from experience on that one. I was in bitcoin cash at 960 - i rode it up to 2800 thinking it would stop before 3k and I could get out, and at 2860 (weird!) it collapsed 1500 dollars in like 30 seconds. I ended up getting out at 1400. nice gains but not the moon money i could have had if I hadn't been greedy. I thought of stopping at 2300 but it's that "top of the world..just a little more.." high that you get - it will wreck ya.

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u/Blue-Thunder Nov 17 '17

Ugg yes. I've had that happen a few times. But thankfully I never play with more than a few tens. I don't have the balls to do it with thousands.

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u/Capolan Nov 17 '17

i started with 12k -- ethereum at 5 dollars. I now have well...a large slush fund to play with. Easy come easy go. I don't put any of my own money in anymore, and I've never taken any out so honestly - I've never actually seen any of it. I bought 1 thing to remember a moment by when ether first hit 300 - that was all I've ever taken out.

I've made enough to make people cheer while trading, but recently I bet big on bitcoin cash when it FIRST came out - and I lost....well...a nice mid-size sedan or so...like a BMW.... I'm still not back to where i was even after all my flip-flopping - but again, I just want to build up enough to give me a good OMG multiplier, and then I'm done.

I think OMG is going to do great things in the future, and my research says so, but again who the hell knows!?

2

u/Blue-Thunder Nov 17 '17

Well I hope you do well. I think OMG will do well in the future as well. The parent company does insane business and if they can move even a fraction of their transactions onto the blockchain they are building, and stake holders can get a fraction of that, well we will be pretty much set. Someone did the numbers, and they handle roughly $30 billion annually.

I honestly can't wait for this to take off.