Please only gamble/invest only what you are willing to lose.
I gave btcoracle.com a spin today. I like its ease of use, but I actually thought I lost – I checked my address at a block explorer – something like www.blockchain.info works and I saw that I was indeed paid. After a quick re-sync of my wallet software I see the earned balance.
Now, take a step back and realize that while Technical & Fundamental analysis ‘charts’ could supplement your decision making, investing for all intents and purposes is a complex form of gambling with positions designed to mitigate risk. I choose the tried and true (buy and hold) long for bitcoin strategy. I decided to do this based on losing some trades back in mid 2013 trying to day-trade on Mt. Gox. I then moved over towards Cryptsy where I did great for about two weeks (not me doing well, but moreso the market doing well) and then I was pummelled on my combination of bad decisions (squandering 1800 LTC on alts that are now close to worthless). November also came around with huge returns on my portfolio but rather than cashing out and leaving with a tidy profit, I felt compelled to hold and as a result my portfolio value on Cryptsy (and btc to fiat for that matter as well) has shrunk considerably since january. The lesson I took from this was to now focus on moving little bits of money gradually into and out of positions to take advantage of small gains on longs as well as shorts.
What was the point of bringing up above:
Rather than going through determining volumes, and calculating between various alt-pairs, I prefer to analyze btc/usd pair on btc wisdom for bitstamp.net and to play my gamble/investing on the 15 minute interval for price going ‘downward’ (currently anyway as there seems to be fickle buying support) – Binary options simply allow you to choose a OR b. Like a roulette wheel (with double zero equalling no change in price over period) – binary options allow potential speculators/gamblers to simply pick ‘higher’ or ‘lower’. Using BTC Oracle different durations can be selected with their correlated payouts also referenced. I’m currently used it twice and won the 1st time (I’m confirming it’s a legitimate website and service so far) and lost the 2nd go-round, risking small money in the process. I thought I had a sure thing choosing down a 2nd time on the fatal presumption of negative sentiment I’ve detected over the past few days. I may choose to throw a few bitcent towards ‘upward’ on Tuesday afternoon.
Please only gamble/invest only what you are willing to lose.
Till next time,
Frankenmint
