Official Cryptocurrency Thread: Skepticism to Speculation to FIGHT! FIGHT! FIGHT!

Discussion in 'The Mainboard' started by Nantucket, Jan 29, 2017.

  1. LeVar Burton

    LeVar Burton Knee deep in a dynasty, ROLL TIDE!
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    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
     
  2. Don't Hate Me Bro!

    Don't Hate Me Bro! Wigglin my toes on a mink rug...
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    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.
     
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  3. Houndster

    Houndster Well-Known Member
    Donor TMB OG

    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.
     
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  4. LeVar Burton

    LeVar Burton Knee deep in a dynasty, ROLL TIDE!
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    Thank you guys very much!
     
  5. theregionsitter

    theregionsitter Well-Known Member
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    Bought 100 NAV today because f it
     
  6. PhupaPhever

    PhupaPhever Well-Known Member
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    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.
     
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  7. PhupaPhever

    PhupaPhever Well-Known Member
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    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.
     
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  8. PhupaPhever

    PhupaPhever Well-Known Member
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    Or a good way to launder money
     
  9. Hub-City-Hero

    Hub-City-Hero Well-Known Member
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    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.
     
  10. Don't Hate Me Bro!

    Don't Hate Me Bro! Wigglin my toes on a mink rug...
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bgold-and-segwit2x-forks/
     
  11. colonel_forbin

    colonel_forbin Well-Known Member
    Donor

    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.
     
  12. Don't Hate Me Bro!

    Don't Hate Me Bro! Wigglin my toes on a mink rug...
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    No, take it off coinbase.
     
  13. kslim

    kslim Guest

    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
     
  14. BamaNug

    BamaNug Half is a lie, but the good part's true
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    Do you think coinbase will be alright once the dust settles after both splits?
     
  15. Odin

    Odin social distancing since 1990
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    anyone else own VTC?
     
  16. Don't Hate Me Bro!

    Don't Hate Me Bro! Wigglin my toes on a mink rug...
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    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.
     
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  17. Don't Hate Me Bro!

    Don't Hate Me Bro! Wigglin my toes on a mink rug...
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    BamaNug watch these
     
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  18. Odin

    Odin social distancing since 1990
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    Had some fun trading UNO over the last several hours
     
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  19. tmbrules

    tmbrules Make America Great Again!
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    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.
     
  20. Nantucket

    Nantucket Northeastern Elitism+Alabama Downhome Sensibility
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    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.
     
  21. Odin

    Odin social distancing since 1990
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    if someone had explained it to me like i was 5 in january i would have been doing it since january
     
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  22. tmbrules

    tmbrules Make America Great Again!
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    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.
     
  23. Houndster

    Houndster Well-Known Member
    Donor TMB OG

    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.
     
  24. Don't Hate Me Bro!

    Don't Hate Me Bro! Wigglin my toes on a mink rug...
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

     
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  25. Gallant Knight

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    Prob for people like you who might want to bet against it
     
  26. tmbrules

    tmbrules Make America Great Again!
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    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.
     
  27. Hub-City-Hero

    Hub-City-Hero Well-Known Member
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    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.
     
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  28. tmbrules

    tmbrules Make America Great Again!
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  29. Odin

    Odin social distancing since 1990
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    Btc is incredibly slow and not great to use as actual currency
     
  30. jrmy

    jrmy For bookings contact Morgan at 702-374-3735
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    Really hoping the bill to make transactions under $600 tax-free passes
     
  31. Cottonseed

    Cottonseed Member

    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.
     
  32. kslim

    kslim Guest

    this is what i have, how hard is it to transfer my money out and into a different app?
     
  33. LeVar Burton

    LeVar Burton Knee deep in a dynasty, ROLL TIDE!
    Kansas JayhawksAlabama Crimson Tide

    Transferred XRP and OMG from bitfinex to Bittrex this morning. Surprisingly easy.
     
    #984 LeVar Burton, Oct 20, 2017
    Last edited: Oct 20, 2017
  34. Don't Hate Me Bro!

    Don't Hate Me Bro! Wigglin my toes on a mink rug...
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    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.
     
  35. Don't Hate Me Bro!

    Don't Hate Me Bro! Wigglin my toes on a mink rug...
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    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.
     
  36. Don't Hate Me Bro!

    Don't Hate Me Bro! Wigglin my toes on a mink rug...
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    This is why Monero is my largest investment. The one coin to rule them all should be truly decentralized, unregulated, and anonymous.
     
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  37. kslim

    kslim Guest

     
  38. Don't Hate Me Bro!

    Don't Hate Me Bro! Wigglin my toes on a mink rug...
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    Which wallet?

    BTC isn’t shit, it’s at an ATH.
     
  39. Cottonseed

    Cottonseed Member

    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?
     
  40. Don't Hate Me Bro!

    Don't Hate Me Bro! Wigglin my toes on a mink rug...
    Indiana HoosiersNotre Dame Fighting IrishChicago CubsIndianapolis Colts

    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?
     
  41. Odin

    Odin social distancing since 1990
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    Lot of people like LTC as the currency of the future. So do I.
     
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  42. Cottonseed

    Cottonseed Member

    Like as in... who are good reliable resources to follow on twitter or blogs, etc... who's advice would you follow or discard?
     
  43. kslim

    kslim Guest

    see this is why i asked this...

    i dont really know what the hell im doing yet
     
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  44. Gallant Knight

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    I like the USD personally.
     
  45. Odin

    Odin social distancing since 1990
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    Oh shit, did we just hit 6k? Got a blockfolio alert.
     
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  46. Odin

    Odin social distancing since 1990
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    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.
     
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  47. Hub-City-Hero

    Hub-City-Hero Well-Known Member
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    HTC just hit
    Yep, shot up really quick this morning
     
  48. Odin

    Odin social distancing since 1990
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    What a time to be alive boys
     
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  49. BamaNug

    BamaNug Half is a lie, but the good part's true
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    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
     
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