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Bitcoin Talk

Douglas.Curtis

Autistic Diplomat in Training
Good question. I guess it would come down to finding the right combination of videos or posts to educate yourself. Which crappy app are you talking about?(I've seen a few) There are many coins, each with their own wallet. There are tokens, which are held in various networks (blockchains) and so on.
 
Many smaller alt coins and cryptos will suffer since many are priced against Bitcoin.


actuallyyyy these days when bitcoin price drops, alts swell, as we have seen by the last two days of price action. it used to be that bad news for btc meant bad news for the whole cryptosphere, but not anymore. when btc pumps, everyone sells their alts to ride the wave, and vice versa. it will be VERY interesting to see the results of the inevitable correction to the long term trendline, now that this inverse relationship has developed.
 

yesum

Well-known member
ICMag Donor
Veteran
Are there any good low priced coins, like under a dollar and no more coins in circulation than 15 million? I want to get in low and ride a 100x or more wave.

Could only get in with $2000 at most because of the risk.

Plenty of coins with prices under a dollar but they have many millions of coins so dilution will affect things to keep prices lower.
 

SwampyTHC

Member
Good question. I guess it would come down to finding the right combination of videos or posts to educate yourself. Which crappy app are you talking about?(I've seen a few) There are many coins, each with their own wallet. There are tokens, which are held in various networks (blockchains) and so on.


I had downloaded a couple of those bitcoin mining apps I have a wealthify account and a couple of other trading apps but I've never really understood the trading and stocks game just seems like a made up digital minefield
 

Bmac1

Well-known member
Veteran
I dipped my toe in the pool today. Threw a couple hundred into a coinbase account. 100 on bitcoin, 50 on etherium and 50 on litecoin. Is it safe to just leave the account as is or do i need to be moving this stuff to an offline wallet/ thumbdrive type of thing?
 

Chappi

Active member
To be brutally honest there is no “investing” at these levels. We are at bubble territory. If you want to make some quick cash and then dump then yes you can probably still make money. No one knows where the top is. But don’t think for a minute that you’re investing at these levels. Be willing to lose ALL not just some of your “investment” it is a gamble by any standards. The fundamentals of BTC have changed very little from bitcoin at 500 vs 19000. All the people claiming 200,000 and what not have no real fundamental information on which they base these assumptions, it’s pure speculation and market euphoria.
 

Chappi

Active member
I dipped my toe in the pool today. Threw a couple hundred into a coinbase account. 100 on bitcoin, 50 on etherium and 50 on litecoin. Is it safe to just leave the account as is or do i need to be moving this stuff to an offline wallet/ thumbdrive type of thing?

Don’t leave it in that account for long. Get a safe wallet asap.
 

GDSBurns

Member
Don’t leave it in that account for long. Get a safe wallet asap.

whats a safe wallet? im trying to take in alot of info at one time and its starting to become a blur. WHen i understand one thing someone throws in a few other things i need to start learning about. I just got a coinbase account. So is that not safe?
 
a hardware wallet, like on a thumb drive, or a paper wallet(just dont lose it) or a wallet on a computer thats not attatched to the internet all the time
 

Bmac1

Well-known member
Veteran
What is the recommended safe wallet?

I have no illusions of getting rich off of a couple hundred bucks. Just playing is all and i can learn some new stuff and make a couple bucks, bonus.
 

Kalbhairav

~~ ॐ नमः शिवाय ~~
Veteran
actuallyyyy these days when bitcoin price drops, alts swell, as we have seen by the last two days of price action. it used to be that bad news for btc meant bad news for the whole cryptosphere, but not anymore. when btc pumps, everyone sells their alts to ride the wave, and vice versa. it will be VERY interesting to see the results of the inevitable correction to the long term trendline, now that this inverse relationship has developed.

When was the last time you saw a major correction to Bitcoin? That relationship has no historical basis for you to conclude that it works. Everytime there's been a major correction of bitcoin everything suffers.

What do the exchanges use as the major trading pair? And what value do they assign it? Here's a clue, it's not the dollar..

If you think that during a major correction all alt coins are going to survive then you're going to loose money. We haven't seen a major correction to Bitcoin in a long time and I bet you your entire portfolio that only a handful of alt coins will hold their own against a big fall to BTC.

Remember it's a market that is dependent. Value isn't measured against the success of a single coin. It is measured against the success of Bitcoin. That's how the market works. That's why the exchanges use bitcoin as the major trading pair. The only way you know an alt is doing well is against BTC. So the relationship you have noticed is transitory because BTC has never corrected hard enough for you to see what happens during a crash.

Look at historical market crashes, crypto is built the same way. Plus, many alt coins are over valued, not peer reviewed and have little confidence except hype. Not all blockchain tech is good. Only the major players will survive a big correction.

Might not happen for another year, who knows.. But when it does.. ;)
 

Douglas.Curtis

Autistic Diplomat in Training
What is the recommended safe wallet?

I have no illusions of getting rich off of a couple hundred bucks. Just playing is all and i can learn some new stuff and make a couple bucks, bonus.
Planning to buy and hold? Electrum is quick and proven, bitcoin.org is slower but also proven. Bitcoin.com is newer and works like Electrum, though I'm not completely sold on their software yet.
 

Douglas.Curtis

Autistic Diplomat in Training
Are there any good low priced coins, like under a dollar and no more coins in circulation than 15 million? I want to get in low and ride a 100x or more wave.

Could only get in with $2000 at most because of the risk.

Plenty of coins with prices under a dollar but they have many millions of coins so dilution will affect things to keep prices lower.
EOS is about $4 right now and is technically superior to Ethereum. There are a ton of coins under $1 on exchanges, some you can pick up for thousands to the dollar. Some have potential, a lot are just projects which haven't died yet. I look for ones which pay a dividend and have a decent wallet software. Buy a few dollars worth, transfer to your wallet, backup the wallet and wait.

As an example, I picked up 5,000 Dentacoin for less than $0.40USD. Should they accomplish what they're shooting for, they'll be worth a few hundred each. In about 10 years. It doesn't pay a dividend, but it's a hell of a profit should it go anywhere at all. ;) The ones with the most obvious potential are all over $1.
 

Chappi

Active member
I’m eyeing EOS and IOTA BIG TIME. Anyone else? I think IOTA tech is better than blockchain and that’s saying a lot. EOD is riding on etherium. 90% of cryptos are garbage. Don’t put all your eggs in one basket. Don’t play “the bigger fool” game either.
 

OgCOBudz

New member
Don’t leave it in that account for long. Get a safe wallet asap.

A couple hundred bucks in coinbase probably isn't getting hacked anytime soon.

I would say 2 factor authentication is good until you cross over $1,000 in total value.

To be safe, don't use gmail with your personal cell phone number attached to it for your coinbase account.
 

MJPassion

Observer
ICMag Donor
Veteran
Would anybody care to attempt an explination of what/how btc futures trading will work? (Starts on the 18th).

I've an idea but unsure if it's correct.
 

DocTim420

The Doctor is OUT and has moved on...
When I buy a share of stock, it only becomes worthless when the company's market value is worthless. When I buy a sack of coins, it only becomes worthless when the value of the precious metal drop to zero. When I buy a corporate bond (except when Obama took over Chrysler), the bond becomes worthless AFTER the stock goes south (bondholders are ahead of stockholders on claims when a company goes bankrupt). When I buy real estate, it only becomes worthless if the land is worthless. There is a concept called "intrinsic value"--a valuation based on something's "true value".

So what is the intrinsic value a "bitcoin"? Zero...right?

LOL, years ago I recall a company that tried to sell "idle internet bandwidth"...and where is Enron today? And what happened to their accountants, Arthur Anderson? No mas.
 
When I buy a share of stock, it only becomes worthless when the company's market value is worthless. When I buy a sack of coins, it only becomes worthless when the value of the precious metal drop to zero. When I buy a corporate bond (except when Obama took over Chrysler), the bond becomes worthless AFTER the stock goes south (bondholders are ahead of stockholders on claims when a company goes bankrupt). When I buy real estate, it only becomes worthless if the land is worthless. There is a concept called "intrinsic value"--a valuation based on something's "true value".

So what is the intrinsic value a "bitcoin"? Zero...right?

LOL, years ago I recall a company that tried to sell "idle internet bandwidth"...and where is Enron today? And what happened to their accountants, Arthur Anderson? No mas.

the intrinsic value is the technology, a decentralized distributed database system that cant be hacked, because it exists in many places and to change it requires unanimous approval, and resists corruption via soft threats like human nature by putting the confirmations in the hands of people who have no stake in it, besides a desire for the reward for solving the block. its the underlying technology that is important.
 

Douglas.Curtis

Autistic Diplomat in Training
When I buy a share of stock, it only becomes worthless when the company's market value is worthless. When I buy a sack of coins, it only becomes worthless when the value of the precious metal drop to zero. When I buy a corporate bond (except when Obama took over Chrysler), the bond becomes worthless AFTER the stock goes south (bondholders are ahead of stockholders on claims when a company goes bankrupt). When I buy real estate, it only becomes worthless if the land is worthless. There is a concept called "intrinsic value"--a valuation based on something's "true value".

So what is the intrinsic value a "bitcoin"? Zero...right?

LOL, years ago I recall a company that tried to sell "idle internet bandwidth"...and where is Enron today? And what happened to their accountants, Arthur Anderson? No mas.
And yet you use USD all day and are happy to be paid in them... :tiphat: lol

YouTube vid shows you how to mine crypto with your Windows pc. Free software!

https://youtu.be/UEjO6le2pUY
If you're willing to click links like the ones posted to this video, I highly recommend you not get in to bitcoin. Any one of those video links could be malicious and steal all your crypto currency. Browser based mining is very dangerous as well. Just say no.

The internet is not a safe place, tread carefully.
 
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