Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
From memory I think it's a 4 day unstaking period on CB for SOL.
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Haus
I am Big Balls!
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Sheesh.. I swear it's a monthly recurring duty of my existence that some idiot somewhere on some timeline of mine will spout off "Quantum computing will destroy bitcoin by cracking it's encryption". Just had it happen again. I was about to start off with consensus, and how it's a ledger, and they'd have to literally hack a majority of the mining nodes to falsify a transaction, etc.. then I remembered.
"Look, IF quantum computing every gets where people think it could go ALL encryption we know today will be hopelessly insecure. You're going to have much bigger problems than BTC."
"Look, IF quantum computing every gets where people think it could go ALL encryption we know today will be hopelessly insecure. You're going to have much bigger problems than BTC."
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Blazin
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Homework on cold wallets done, pretty sure I understand them now and will be getting set up. I have brokerage set up so hopefully can become official bitcoin hodler this week. Appreciate the advice given, I'll check back in when I lose all my money.
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Jysin
Ahn'Qiraj Raider
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You're copy trading me now.
Literally just set up a Fidelity Crypto account this week. Not sure I want to dabble in my own cold storage / Coinbase as of yet.
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Blazin
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Well I'm kind of an authority on this now, if you don't hold the coins they aren't yours.
I'd love to stick with fidelity since I have a relationship with them but not being able to transfer out and size of fees was a killer for now. They will probably improve over time.
I'd love to stick with fidelity since I have a relationship with them but not being able to transfer out and size of fees was a killer for now. They will probably improve over time.
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Jysin
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Agree on both of your points. I am literally just dabbling for now. Would love to just DCA some really small portion of portfolio.
My fears are we are going to get inflation wave #2 that would basically mimic the 70s. JPowell finally realizing he is this century's Arthur Burns.
Trying to diversify and hedge vs inflation.
My fears are we are going to get inflation wave #2 that would basically mimic the 70s. JPowell finally realizing he is this century's Arthur Burns.
Trying to diversify and hedge vs inflation.
Blazin
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I'm not doing anything major either just DCA small amounts weekly. I would accelerate if bitcoin enters a correction. For how much I hate the dollar it's a natural fit. My biggest hurdle years ago was concern about how aggressive the govt would be in fighting adoption. They have been far more crypto friendly than I anticipated, so was wrong and now adjusting.
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Flobee
Vyemm Raider
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Pure speculation.
Trump announced 3pm EST EO signing session. If I was going to do the SBR I would do it over a weekend (when markets aren't trading) to get my position sorted before market can react. Politically this would also need to happen ASAP as it will cause turmoil and needs time to stabilize before midterms. Obviously doesn't have to happen today, but I would be watching for a Friday afternoon EO if I was looking for SBR becoming a thing.
At this point its essentially guaranteed that USD needs to weaken against Gold/Bitcoin and Yuan needs to strengthen against USD and oil for an outcome that isn't WW3. This outcome is ideal for China, Russia, and US. If you're not positioned for that I think you're making a big mistake.
Trump announced 3pm EST EO signing session. If I was going to do the SBR I would do it over a weekend (when markets aren't trading) to get my position sorted before market can react. Politically this would also need to happen ASAP as it will cause turmoil and needs time to stabilize before midterms. Obviously doesn't have to happen today, but I would be watching for a Friday afternoon EO if I was looking for SBR becoming a thing.
At this point its essentially guaranteed that USD needs to weaken against Gold/Bitcoin and Yuan needs to strengthen against USD and oil for an outcome that isn't WW3. This outcome is ideal for China, Russia, and US. If you're not positioned for that I think you're making a big mistake.
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Arden
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El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment
Understand the implications of Bitcoin's downfall in El Salvador. Learn about the failed economic bet and its impact on the country's financial stability.
ticotimes.net
Headline kind of oversells the news, but an interesting development nonetheless.
More indication BTC functions best as a reserve/store of value rather than a functional day-to-day currency.
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Flobee
Vyemm Raider
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This was a concession to get the IMF loan they used to stack more Bitcoin. I wouldn't put too much stock into this as a statement about Bitcoin. Forcing merchants to accept Bitcoin as money was never the right move anyway IMO, even though it was obviously pretty exciting when it happened. As I've said over and over again, Gresham's Law is playing out and nobody is going to spend their good money (BTC) until the bad money (fiat) is completely worthless. Bitcoin can and will be used as a medium of exchange when it is time. Big stuff happening with E-Cash, lightning, and fedimint in this space. Quietly being built in the background and nobody will care until it matters.El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment
Understand the implications of Bitcoin's downfall in El Salvador. Learn about the failed economic bet and its impact on the country's financial stability.
Headline kind of oversells the news, but an interesting development nonetheless.
More indication BTC functions best as a reserve/store of value rather than a functional day-to-day currency.
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Arden
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MachRed
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Blazin
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yes thank you, definitely. I was trying to figure out yesterday what the optimum size for transferring to my wallet would be. I understand more is better but is $1000 enough for example.
From reading on it, it doesn't matter what size I purchase incrementally when it's on the exchange but when I transfer to cold wallet (is that correct?) that's when it matters because in the future if I transfer it out I'll pay more in fees if it's all broken up.
I like the idea of maybe doing some wallet maintenance and sending to yourself when fees are low.
Flobee
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Yup, UTXO (unspent transactions) are created when you send to your wallet. so you could buy tiny fractions daily, but only send to cold storage once a month and that will all be consolidated into one UTXO. Regarding size I usually try to keep them above 500k sats (~$500 right now) but there is no consensus on that. Bigger is generally better. So long as you're not creating UTXOs so small that paying the fee to move them is not feasible (1000 sat UTXO when transaction fee ends up that high or bigger for example).
You can use something like Sparrow wallet to help you manage UTXOs, just label them all as they come in so you know date it was removed from Exchange, which exchange etc. A lot of UTXO management is about privacy, so not mixing UTXOs spent on different things in a way that makes it obvious they come from the same person. There is a lot to that but honestly where I think you are right now I wouldn't waste too much effort on that just yet.
Since you're likely just holding... make sure EVERY withdrawal is going to a DIFFERENT address on your wallet and don't worry about it too much outside of that. I can't stress this enough, don't reuse addresses. Any decent wallet software will make creating a new address trivial and its a very good idea. Remember that a "wallet" is really just a private/public key pair that accesses addresses generated by that pair. Its not a wallet in the sense of a single address. Given how Bitcoin was created they didn't really have UX experts involved when they named this stuff so it can be a little misleading until you understand it.
Flobee
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Yea a lot of the multi-coin wallets don't do it. Pretty much any half decent Bitcoin only wallet will have UTXO management features like this.
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