So about withdrawing from bitfinex, I don’t think I have enough in my altcoins to transfer to bitcoin in order to transfer to another wallet. Do I need to send more in Bitfinex in order to transfer to binance or is it just copy the new binance alt coin wallet to the current alt Bitfinex wallet? Step by step instructions would be helpful
You should be able to do alt to alt transfers so long as Binance/Bittrex carries that specific alt. Each alt has its own “wallet” address for deposits/withdrawals under your account. How a lot of arbing is done.
I just transferred some LTC and OMG from Bitfinex to Binance last night. It took like 5 minutes; you go to make a deposit in Binance, copy the wallet address, then withdraw your coins on Bitfinex and paste the address you copied from Binance.
One fantasy league I'm in, we deposit bitcoin to the commissioners wallet up front because at the end we won't know the fluctuation will be. Kind of weird, but two years in now the losers want to kill themselves, including myself.
That's not a bad idea to build a centralized bitcoin (preferably) fantasy football league. Not week to week matches but the whole season. It would be hard startup with security of the funds in escrow or whatever, but people understanding how to buy would be difficult. The BTC fluctuations each week makes fantasy even better.
Alright, so I'm pretty new to all of this and initially only planned on purchasing BTC as a way to manage the bankroll for my online sportsbook, but then after watching it's growth over the past couple of months I just decided to say "fuck it, might as well invest some money into it" (nothing major, but would REALLY like to avoid losing it if at all possible). But now as I'm trying to do some research and learn more of the intricacies of cryptocurrency I'm seeing stuff about the upcoming forks that's honestly just going over my head and has me paranoid about losing out on my investment if I don't make the right moves by next week. Right now I'm just on Coinbase but was hoping to get some advice from anyone here who knows what they're doing about what would be a good way to set up a new wallet so I can keep my BTC secure until all this settles down. Just explain it to me like an idiot since I pretty much feel like one for throwing down some money without really knowing how it all works. Thanks in advance.
Coinbase has a BTC vault. I think it has a tutorial somewhere. Or just google "coinbase BTC wallet to BTC vault." Just put your BTC in that and start reading.
so i just opened a wallet to put my gambling winning in it, can anyone explain this to me like I'm 5? I've read a little bit about mining and whatnot but thats as far as i have made it
From what I understand coinbase will suspend trading/transactions for a couple days after the fork until they determine both chains are safe — they will support both chains, so you’ll get your new coin/“dividend”, but the risk lies in one or both of the coins plummeting in value immediately after the fork as people with access/control of their coins may sell off the new coin (causing its price to crash) to buy more original BTC which they value more... or people may even sell off both coins, selling the new coin at its high if they expect it to flop and taking profits off original BTC, sending both prices down. In which case you’ll still have all of your coins but missed the opportunity to sell at the high(est) prices. You’ll potentially be missing out on taking profits from one or both coins. Both coins could also go up in which case it won’t matter, you’ll realize those gains, but many think the new coin will plummet pretty quickly. I posted a video on the previous page or two that explains it pretty well.
Nothing against you personally, but this is why a lot of us think btc is a bubble. So many people buying it on pure speculation. It’s really an interesting phenomenon.
Comparing page 1 (January) to page 20 (October) is pretty interesting. TMB went from "sounds complicated, hard pass" to high-frequency traders in obscure altcoins in the span of 10 months.
The CBOE is launching a bitcoin futures contract later this year. They have some contract with the Gemini exchange that was started by the winklevoss twins. This will make trading btc much more accessible and liquid. Not sure what that means for the price of btc though.
Looking back at my BTC activity in Coinbase is painful. I think if I didn’t gamble with my Bitcoin and just held everything I bought, I’d be up like $10k.
Yeah I think you can argue both sides. It will make it much more accessible so could push up demand. On the other side, it might open it up to large hedge funds who might want to short it. Probably not much net effect. But I can’t wait to trade that shit.
Yeah, I can't really argue that one. Admittedly life would be much simpler had I not gotten involved in this, but figured there wasn't too much harm in taking some amounts that I could afford to lose and try to get some nice returns.
I'm so confused - So do you trade/invest (not sure what to call it) in alt-coins or in the block chain technology behind it? I understand that might not makes sense - please correct me if I'm wrong. This is all new but I'm trying to learn about it before I dive in.
Blockchain is a technology. Bitcoin and Alts are currencies and/or businesses built upon that technology. Think of blockchain like the Internet, a networking infrastructure/technology. Alts (most of them) are like the World Wide Web, a protocol built upon the Internet that we use for business/communication. Bitcoin is just a currency. First to market and widely adopted, not necessarily the best, but it doesn’t have to be. It’s the standard/most recognized decentralized crypto currency. Alts (namely Ethereum) is more like the www, a platform using blockchain technology that focuses on distributed computing/smart contracts, and most/many alt coins (businesses) are built upon. In this analogy alts are creating businesses on this new thing called the World Wide Web - which is like the consumer version of this new tech called the Internet. So (most*) alts are businesses (or more accurately, just business ideas at this stage) providing services built upon this tech. *Some alts are just “improved” alternative crypto currencies, not businesses/services. Monero for instance is a truly anonymous currency, whereas Bitcoin is not. You can trade/invest in any of them. Just like you can trade fiat currencies against each other or invest in businesses. Though most of these businesses are more akin to the dot com era (speculative valuations on unproven ideas/functionality + minimal/no revenue). It comes down to two things. 1) Alternative currencies (Bitcoin): do you believe they are necessary, have a market/demand, have staying power? And if so (yes to the previous questions), do you think those reasons justify its current price? 2) Is blockchain technology the future? Is it a business disruptor/revolution akin to the Internet/World Wide Web in the late 90’s/early 00’s? If so/“yes”, how long will it take to adopt, scale, refine, create sustainable businesses/revenue/profits? It took a few years-decade before we really figured out the Internet/www as it applies to business, and even then we continue to evolve and evolution is selective compared to the roaring 90’s where any idea was a business with a billion dollar valuation.
Elaborate. What do you mean app? Where do you want your bitcoin to go? Are you asking how hard is it to turn into $USD and send to your bank account? Not hard. How hard is it to put on/in a crypto wallet? Not hard. How hard is it to put on an exchange where you can use it to buy/sell alt coins? Not hard.
This is why Monero is my largest investment. The one coin to rule them all should be truly decentralized, unregulated, and anonymous.
Thanks, that's a very good breakdown. It's just so speculative - in history things that don't have intrinsic value and become "can't misses" or "superstars" always get overdone (Howard Marks words not mine). I'm going to invest something in these just because I like to gamble but who the heck knows who the winners and losers are going to be in all this. I don't even know where to begin. I'm just imaging in five years from now bitcoin is AOL and some new player is the Google.... Do you use a particular source for your buys?
I don’t think anyone here qualifies anything as “can’t miss”, everyone acknowledges the inherent risks. But yeah, I’m inclined to agree with the Netscape > AOL > Telecom/Cable ISP evolutionary analogy. I don’t totally buy into the first to market thinking with BTC, and I’m betting (XMR) that eventually a “better” alt currency will supplant it. And beyond alternative currencies, I’m more intrigued with the business applications/opportunities of blockchain technology, that’s why I invest in alts. Source as in?
Like as in... who are good reliable resources to follow on twitter or blogs, etc... who's advice would you follow or discard?
I follow Crypto News and Crypto Hedge on youtube/twitter. Theyve made me a lot in the short time ive been trading. Also anything Clif High says is generally gold.
I'm intending of taking my money off Coinbase until after the forks, but glad I didn't do it last night. Made a nice little chunk of change with this recent bump