Tag Archives: Dash

The Most Expensive Cryptocurrency Trading Lesson I Ever Learned

I was just talking with a friend on twitter about DASH cryptocurrency. Before the rebranding to DASH, it was called DARKcoin. It was during this time that I made the most expensive mistake of not only my crypto trading career, but probably my life. Apparently my friend had made the exact same mistake. I’m going to share with you the most expensive lesson I ever learned.

When DARKcoin first came out, there was a lot of controversy about pre-mines, and who owned what as far as coin holders. This caused a lot of price volatility and created plenty of opportunities to pick up some really cheap DARKcoin at times. Even with all the FUD, most people involved in the cryptocurrency space immediately seen that this coin and it’s developers were onto something as they promoted the DARKcoin, and tried to tackle the problem of TRUE cryptocurrency anonymity.

The Dood bought a bunch of DARKcoin on one of the dips. A really low buy order got filled and I got some really cheap coin. It wasn’t a large amount, maybe about 1500 coins, I can’t remember what the transaction cost me, but I remember I got them cheap.

As usual I bought and sold them several times. I was fairly new to trading crypto then and I would sell the “TOP”, then buy back on another dip. Often, I would dump my entire position and buy back later at a much cheaper price. This is called “shorting your position”

When DARKcoin rebranded from DARK to DASH I learned the most expensive lesson of my trading career. Never dump your entire position unless you’re planning on completely exiting a market. Even then you may want to re-think dumping everything, because this is crypto trading, and anything is possible.

I learned this the hard way, and a year or so later I was watching a stock trading video on youtube and the guy said the same thing. NEVER DUMP YOUR ENTIRE POSITION on a short. The reason for this is very simple, if the price continues to rise, you will have to buy your position back at a loss. Now this also breaks my second rule of trading. NEVER CHASE AFTER COINS. If a coin gets away from you, let it go, the market always presents a re-entry point. Usually!

So DARKcoin rebrands to DASH and like so many coin rebrands it was met with rising coin prices, lots of hype, and the price rising considerably. This is where I made my biggest mistake. What I thought was certain to be a pump, and all the hype of the relaunched coin under a new name, I dumped my full position at what I thought was the “TOP” and it just kept climbing and climbing. Not willing to break my second rule, I never bought back in! What amounted to no more than a few dollars in trading profits would of traded today at well over $60,000 !

Dash cryptocurrency chart

Dash at current prices my coins would of been worth around $60,000!

DASH continued to rise and rise, and after it climbed to well over $10.00 I just stopped paying attention. A lot of people made this same mistake during the rebrand and you can imagine the emotions that arise when they realize the opportunity that they missed out on. For me it’s the one that got away, and for this reason I rarely sell more than 50% of any position I have in a coin. No matter what, I always hang on to at least 25% of any coins position just in case.

DASH cryptocurrency dump

When you remember how you dumped your DASH early.

Today, if I would of sold my 25% position of the original 1500 coins, I would of had about 375 coins worth about $42 each for a total of around $15,750 dollars. Live and learn!

Thanks for reading and happy trading everyone!

Originally posted on my Steemit. If you’re on Steemit, hope you decide to follow The Dood.

Interview With Luiz Antonio CEO & Founder Of Tuapoma.com

BD: Hello, and thank you for taking the time to do this interview. Could you tell the readers who you are and what your relationship is to Tuapoma?

LA: First of all I want to thank you for your generosity on sharing your website with my project. I am also grateful for all your attention and continued support throughout this week.

I do not like to talk about myself, I think better to talk about ideas instead of talking about people. That must be why I like the anonymity of Satoshi Nakamoto. However I would like to introduce myself briefly. My name is Luiz Antonio, I live in Brazil and I’m the CEO & Founder of tuapoma.com; my professional skill would be, experience of over ten years in software programming PHP, MySql, C++, and graphic design too. I also really like to study the philosophy of Aristotle and history of economic thought, especially authors of the Austrian School of economics, such as Ludwig von Mises and Friedrich Hayek.

BD: What is Tuapoma and how did you come up with the idea for this project?

LA: Tuapoma is an online classifieds system especially made for buyers and sellers deal directly. The name “tuapoma” was inspired by Roman culture: “Carpent tua poma nepotes” phrase by Virgil roughly 40 before Christ. It is a Latin expression meaning “your descendants will reap your fruit”, and suggests a “plan for the future”.

I started the tuapoma project in September 2011 working on my free time. A year later I had about 15 advertisers in 3 language versions: English, Spanish and Portuguese. The first advertisers were invited from a list of select friends.

The development work continued slow until May 2013 when I heard of Bitcoin for the first time, but I do not remember in what circumstances, maybe by visiting github or reddit. In December 2013 I was struck by the sudden rise of Bitcoin prices, but at that time there was no way to integrate my project to the Bitcoin system.

I was very excited about this new idea, the encrypted coin, so I decided to restart the tuapoma project and expand the languages for the six most widely spoken languages in Western civilization: English, Spanish, Portuguese, French, German and Italian.

In May 2014 I have managed to integrate Bitcoin to my project, but only in April 2016 I have managed to complete the six languages versions of tuapoma system. Of course, I still have a lot to do, because we still need to improve some details in French, German and Italian. However, the tuapoma system is fully functional in six languages.

BD:The site is available in 6 different languages and various countries. I’m sure the fact that cryptocurrency can be used globally was a huge factor in accepting cryptocurrency on your site. Am I right in assuming this, and were there any other reasons you chose to use cryptocurrency as a payment option on the site?

LA: Yes, you’re right! But I can supplement with other reasons: privacy, independence and security. The fundamental purpose of the cryptocurrency technology has been to offer privacy and independence from the traditional financial services. In addition, payments by Bitcoin are irreversible; in this case there is no chargeback.

I must point out another factor: the ability to run micropayments is a very important feature of the cryptocurrencies. Thus I can charge small fees, e.g. US$ 0.25 with a very low cost.

BD: “The Dood’s” a huge fan of any business that accepts cryptocurrency. I try to support cryptocurrency accepting businesses over other businesses that don’t accept cryptocurrency. If two companies have the same product and the prices are close to the same, I’ll almost always pick the one that accepts cryptocurrency over the one that doesn’t. Do you feel accepting cryptocurrency has helped in your companies growth? If so how?

LA: I can say yes, the universe of people interested in cryptocurrency is very large, I have seen a significant increase in page views since when I started to integrate my website to the world of cryptocurrencies and share pages on cryptocurrencies and blockchain technology. However, a minority of users are using cryptocurrencies on tuapoma platform. I hope to change this situation soon.

BD: Your site offers over 21 different categories ranging from automobiles, to clothing, to gardening supplies. Are there any restrictions on what can or can’t be sold on Tuapoma?

LA: Yes, there are some restrictions, the tuapoma classified system does not allow pornography and drugs; and a few more things… the tuapoma rules are in accordance with Google Adsense terms, as example.

To post an ad with us the advertiser must agree to the following guidelines:
– do not violate third party rights;
– do not advertise stolen items;
– do not advertise counterfeit items;
– do not advertise lists of e-mails;
– do not advertise government documents;
– do not advertise pornographic items;
– do not advertise drugs;
– do not advertise controlled medicines;
– do not advertise tobacco and alcoholic beverages, except wines and sparkling wines;
– do not advertise memorabilia and literature for Nazi propaganda;
– do not advertise tickets to events;
– do not advertise human body parts as taxidermy items;
– do not advertise firearms and ammunitions for firearms; however our system allows ads for the hunting and shooting sport, as well as archery weapons and airsoft weapons.

BD: You currently accept paypal, and Bitcoin and Dash for payment through GoUrl. Are there any plans to add aditional cryptocurrencies?

LA: Yes, it’s perfectly possible to add more coins. I’m following the development of other cryptocurrencies, such as Peercoin, Monero, Lisk, Steem, Synereo, MaidSafeCoin and others… but so far I have a predilection for Bitcoin and DASH. Bitcoin has the largest number of users, and the DASH has some very interesting features, such as InstantX and Darksend.

BD:  I’m always interested in learning about other cryptocurrency companies people are using. Care to comment on your user experience with GoUrl?

LA: GoUrl is an excellent system, I recommend to everyone. In my opinion the GoUrl team was able to develop a perfect payment system for cryptocoins. From the developer’s point of view, the plugin is adaptable to multiple platforms; on the other hand, under the user’s point of view the payment system is easy to use.

BD:  Now sellers currently negotiate their own form of payment at sale and you take zero commision. Do you have any plans to incorporate a payment system for sellers and buyers using cryptocurrency? Maybe something like a crypto version of AliPay?

LA: I do not intend to do this, however I know that sellers are looking for financial independence, and buyers are looking for security in online shopping. In my opinion, a escrow service would be better operated by companies specializing in payment systems and cryptocurrency wallets, such as GoUrl, Spectrocoin, Exmo, Xapo, Coinbase, PayPal, and others… Perhaps in the near future these companies are able to develop a reliable escrow system.

BD:  Anything you want to tell the readers about your site that hasn’t been covered in the interview?

LA: The tuapoma system is a project still young and improving, as well as anything involving cryptocurrencies, and we have a lot to improve, so I want to invite all readers to collaborate with us and send us any questions, opinions, and even complaints to our support. We are here to listen our users and to improve always.

BD: OK, I ask everyone the same last question. Where do you see cryptocurrency going in the future? Any thoughts, visions, or predictions you might want to share about the future of cryptocurrency in general and where this is all heading?

LA: We are witnessing the birth of a new era in international finance. A few years ago there was a wall between the nations, this wall is called Society for Worldwide Interbank Financial Telecommunication (SWIFT) which is controlled by about 9000 financial institutions around the world, a kind of socialism for the rich; which is the only kind of socialism that exists. After all, the socialism does exist in world – but only for the rich. They have all the power; banks control our financial transactions, charge expensive fees, and often receive state aid on an giant scale. After the advent of the blockchain tecnology the world has changed. Today we have the power to choose, we have the blockchain technology on our hands.

Like all cryptocurrencies enthusiasts, I wish I had a crystal ball to predict the future. But I do not need a crystal ball to predict the future in this case; I can say with conviction, the natural tendency is that people always look for financial systems that offer privacy, independence and high speed in data processing. In my opinion, the blockchain technology has these features and has won a place in the financial world, with special emphasis on Bitcoin and DASH. So, in this scenario, the Swift network will have to charge very low fees or be completely replaced by blockchain tecnology. But this will not be the end of the banks, and will not be the end of history.

Thank you to Luiz Antonio CEO & Founder of tuapoma.com for taking the time for this interview. The Dood really appreciates your time and candor in answering these questions. You can check out tuapoma.com here, just select your language and check all the great listing found in the tuapoma directory.