Monero is one of those coins I just did not like to begin with. I do not like the fact that is an anonymous payment system where neither the buyer nor the seller can be traced or is recorded. The black market coin for sure. I also felt that as time moved on regulators would look to ban a coin like this but I guess how can you ban what you cannot control. The only real way would be through the exchanges, so with that in mind I still feel it's a risky investment.
But regardless of what my feelings are about the coin, as I drink my hot chocolate and eat my donut this morning, it's what the market thinks. The market is bullish on this coin and I as an investor must separate my feelings from my cash, or my cash will be separated from my wallet!
Monero's website is as anonymous as the coin. Nothing like having a team member called "fluffypony" or "smooth" "tacotime" and "noodledoodle"! I mean it sounds like the street dealers in candyland! But they do have a working product, and though I have been told by one of the gurus I look to regarding blockchain codes, that Monero is in his words "clunky", the market does not care, and I only care about what the market cares about. In addition, they are in the top 10 market cap coins with a low circulating supply of around 15.5 million. Though the team is to say the least not as professional as I like, they do have a working product, are in a true niche area, and have market penetration. Imagine you’re a mom and pop or a small business. One way to avoid claiming income is to take Monero and then spend it on what you want. It's private, so the government cannot trace it like other coins that hold the signatures in their databases. So as much as I dislike the space it has a very large market niche. Especially if merchants start taking it!
The chart looks very clean for a 5th wave run. Now keep in mind that with some of the newer coins going from 10 cents to $160 in a year or so counts are not so clear, so this is where I am starting and if it follows the path of DASH which is probably it's closest relative, I feel we have a lot of room to run. The 3.618 fibb extension from wave 2 was $136 and it pretty much consolidated before pulling back. But we are at a new high and consolidating nicely. I like stocks that make new highs as they generally go higher and so I opened a position in the $160 area. I will add to this position either upon breaking out or a pullback to $135.
Please keep in mind this is an add to the longer term portfolio but on a breakout I may add a trade as well. If you are new to trading I highly recommend using a very small amount to start. I get over and over I lost money following you. I'm not sure how this has happens but I believe it's because new traders try to jump on a train that already left the station or are in and out in and out and do not have the patience required to allow the market to take it's course. Many also do not monitor trades and hold to long relying on someone else to tell them when to get in and out. This is not being a trader, it's gambling. Trading takes patience and due diligence. It takes time to learn. If you can not profit with 2 losing trades and 1 winning trade, you are not trading correctly. Traders only need to be right 1 out of 3 or 4 trades to make money. You must exit as soon as a trade goes bad, but have the patience and knowledge to understand the difference in a throwback pullback and a bad trade. Just because I am looking for a pullback does NOT mean I am going short. In the end it's your money and you must take responsibility for your own trades. I simply provide my insight as trading and investing is a passion for me. If I'm in at $300 and trading a coin that is up 400% I am in a different position trading then someone coming in fresh at $1600. You MUST understand this and adjust YOUR trades accordingly.
I like to keep quiet and learn but I think I'll chip in on this one:
Monero might be the backup to Bitcoin. It's the most accomplished projects in terms of tech, community and adoption. Despite all the insane speculation, the crypto space is still developing and they're the project that comes closest to real money after Bitcoin.
1. Monero devs have a motto - everything they work on is treated as if someone's life will depend on it someday. They don't market. They just work and are totally community funded. Money is not a business. It's life-critical infrastructure. I'm considering writing some free code for them next year.
2. You want the money that criminals trust. The government might call you a criminal one day.
It's a really long read so save it for when you have time. I promise it's worth it.
cheretic
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@quriousqitty, thankyou i've just spent the day reading this and I didn't really understand the value propasition of Bitcoin before. Now I understand and I will be moving some of my assets to XMR ;)
goldbug1
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@quriousqitty, Thank you very much for sharing it's great to get alternate views and from others like yourself that have a lot more knowledge in the space then I do!
sdberscheid
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@goldbug1, Has anyone been looking at Zcoin? It's had a crazy run out of the gates, but it's caught my eye in the same arena as Zcash and Monero. It's so hard to keep up with all the newer coins these days, but i'd like to put 10% of my portfolio into a hope and a prayer. haha
ralea1313
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"I get over and over I lost money following you.", well get this also: I made money following you!
Thanks for the info @goldbug1 I really appreciate your efforts to always give background information on your charts, and that taught me to do the same. Before I buy a token, even it's recommended by top traders, I check out the project, and only invest if I like it and believe it can have a good future. I'm mostly buying and selling after several weeks because I don't think I'm quite ready for faster paced trades. But this rhythm also has its payouts.
Keep giving us your great info! Have a great day!
@goldbug1, Thanks, mr. goldbug. To some of us total newbies in trading, your charts and ideas are just pure gold and helped me learn more in a month than I could by myself in 2 years. Let me add a XMR use-case, not obvious to non-techies: XMR via Tor or I2P requires nothing more than a console service/daemon on a tightly secured machine that does its job, running on a remote system where no snoopy public is aware of it. Think JPMorgans & co. laundry machine, botnets, darknet services, leakers, whistleblowers, revolutionaries etc. No friendly user interface required here, just close-to-100%-reliability. Nobody really cares about block size or price of XMR, but about providing multisig and trustless transactions. Hope this is helpful. Regards & thnaks.
goldbug1
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@b_f_, Thank you for the compliment and I'm glad I have been helpful! I agree with your JP Morgan and though I like Jamie Dimon I have never owned a bank stock other than for a trade. I just do NOT trust banks!
Monero might be the backup to Bitcoin. It's the most accomplished projects in terms of tech, community and adoption. Despite all the insane speculation, the crypto space is still developing and they're the project that comes closest to real money after Bitcoin.
1. Monero devs have a motto - everything they work on is treated as if someone's life will depend on it someday. They don't market. They just work and are totally community funded. Money is not a business. It's life-critical infrastructure. I'm considering writing some free code for them next year.
2. You want the money that criminals trust. The government might call you a criminal one day.
If you like the crypto space in general and want to understand Monero vs Bitcoin more, feel free to read this:
cryptoizzy.blogspot.com/2017/11/the-bitcoin-flaw-monero-rising.html
There are also reddit threads where Bitcoin and Monero community members debate the topic of fungibility.
BTW, I love hanging out here with you guys in @goldbug1 's community. Thanks for making the comment section so interesting.