Bitcoins/Litecoins/Virtual Currencies

Ravishing · Jun 21, 2019

if you plan to hold for a while then coinbase is fine.
If you plan to be a daytrader you need to look at other options, or coinbase Pro (previously known as GDAX): Fees

Cad · Jun 21, 2019

jeffvader said:
what are you guys using right now for buy/sell/wallet? anything secure and low fee?

I've been using Exodus.

Cad · Jun 21, 2019

Ravishing said:
if you plan to hold for a while then coinbase is fine.
If you plan to be a daytrader you need to look at other options, or coinbase Pro (previously known as GDAX): Fees

If you plan to hold it for a while I'd get it out of the exchanges. My $.02

Ravishing · Jun 21, 2019

Cad said:
If you plan to hold it for a while I'd get it out of the exchanges. My $.02

Agreed, I said as much a couple posts up.... kinda. If you don't own much (like me), I'll just keep it in the exchange, at least then I don't need to worry about losing it, and cashing out my pittance is easier whenever the time comes.

Btw, bitcoin is back over 10k

Torrid · Jun 21, 2019

I keep a small amount at Coinbase and most in wallets on a mini PC that's rarely turned on and has nothing installed on it except wallets. 'not your keys, not your coins' is a phrase you'll hear a lot in this space. It means that any money you have at an exchnage isn't really yours because the crypto keys they use aren't in your control. I've had an exchange steal my money (Bittrex) because they decided (with zero warning) that I could no longer withdrawal it anymore. Fortunately I got most of it out before then, but they still ripped me off of enough BTC to really piss me off. That said, Coinbase is probably the safest exchange to keep money at.

Arative · Jun 21, 2019

When I was mining, I'd send the rewards to coinbase because it was easier to consolidate it that way. I'd then withdraw whole coins to hold in my own wallet. More secure that way.

Ravishing · Jun 22, 2019

Over 11k now.

Brad · Jun 22, 2019

I keep mine on Trezor.

If BTC keeps this up, it can hit 16K by October

Gotta remember supply and demand, there is almost 18 million BTC, not even enough for just one for each Englishman and there is not even that much as a few million BTC has been lost in forgotten wallets, such as the case of the man that has been looking in the garbage dump over in England for his hard drive. Large institutions jumping in will really drive the price up very hard.

Tuco · Jun 22, 2019

Break · Jun 23, 2019

Seems BTC is finally starting its next wave. It's been on a steady incline now for months, anyone think they know why it's been accelerating lately?

wormie · Jun 23, 2019

The smart money took their positions and are now running up the easily confused plebs. Two weeks until “omg I mortgaged my kids future to buy bitcoin at 20k and now I am broke” posts start popping up on reddit.

Nester · Jun 23, 2019

Break said:
Seems BTC is finally starting its next wave. It's been on a steady incline now for months, anyone think they know why it's been accelerating lately?

People trying to get rich quick on a hope and a prayer.

Arative · Jun 23, 2019

I'm sure a lot of people have the fomo with Bitcoin and a lot will buy at the top and lose their money. The best part is seeing all the fud articles come out since Bitcoin started this rally. It's like clockwork, Bitcoin goes up, articles about why Bitcoin is doomed to fail come out.

I have 4 btc currently, I'm content to watch the price rise for now, since these are the last of the coins I have from mining.

Ravishing · Jun 23, 2019

Nester said:
People trying to get rich quick on a hope and a prayer.

It's the big guns that dictate the price. With $20 billion+ daily volume (2 million+ btc), the individual pleb isn't affecting the price.

Facebook's entrance into crypto has given crypto more credibility, also more people wanting diversified portfolios. And some people looking at the future ( the halvening, scarcity of the asset, and BTC being the driver of all other crypto)

BTC will be in the 20k + after the halvening. BTC is still strongly tied to energy costs to mine.

Nester · Jun 23, 2019

Dictate = manipulate?

Break · Jun 23, 2019

Libra could give BTC a huge boost. My prediction, hope and prayer is that Libra will fail, but the upshot is that it would expose a lot more people to crypto currencies.

And once Lightning network works and people can buy everyday things, even one third of the time, we should see a massive boost from that too. Something that BTC (and LTC ) seem to do in cycles is have massive run ups, then crashes. Buying dips seems like the way to go.

Gravel · Jun 23, 2019

Nester said:
People trying to get rich quick on a hope and a prayer.

This.

People still won't admit that you can't have it both ways with a "currency."

If you're using it to "go to the moon" and buy your lambos, it's absolutely fucking worthless as a means of trade. That's entirely too volatile for transactions. And that means all the crap people try to sell you on for why it's worthwhile go out the window.

Blockchain as a concept still has it's uses, but speculation on a currency is laughable.

Ravishing · Jun 23, 2019

Gravel said:
This.

People still won't admit that you can't have it both ways with a "currency."

If you're using it to "go to the moon" and buy your lambos, it's absolutely fucking worthless as a means of trade. That's entirely too volatile for transactions. And that means all the crap people try to sell you on for why it's worthwhile go out the window.

Blockchain as a concept still has it's uses, but speculation on a currency is laughable.

This is just short sightedness.
There has been speculation on currency since the advent of currency.
Bitcoin is volatile because it's still in its infancy.
It's already much less volatile than 2 years ago. Still very volatile, but less so.
For volatility to reduce, the price will need to get much much higher.
It's less useful as a currency in the USA and other developed nations.
It is better used as a currency where countries have a failing or depressed currency.
Remember BTC is global.
So you're going to see more speculators from the USA, and you'll have the assumption all anyone is doing is speculating.

Nester · Jun 23, 2019

Gravel said:
This.

People still won't admit that you can't have it both ways with a "currency."

If you're using it to "go to the moon" and buy your lambos, it's absolutely fucking worthless as a means of trade. That's entirely too volatile for transactions. And that means all the crap people try to sell you on for why it's worthwhile go out the window.

Blockchain as a concept still has it's uses, but speculation on a currency is laughable.

An oldie but a goodie

A boy asked his bitcoin-investing dad for 1 bitcoin for his birthday.
Dad: What? $15,554??? $14,354 is a lot of money! What do you need $16,782 for anyway?

Torrid · Jun 23, 2019

Bitcoin is digital gold, not digital cash. If you wanna buy shit, you got VISA or Paypal whatever.

The unique desired feature of bitcoin is that it is a permissionless (no middle man) store of value that is not centrally controlled and is extremely robust. Nothing can stop you from using it short of North Korea levels of oppression. Even the miners couldn't strong-arm their will for larger blocks when the larger community vetoed them.

Bitcoins/Litecoins/Virtual Currencies

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