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OT- Bitcoin

GBRforLife1 said:
It's your money. Buy something useless at the top if you want.

I had it when it was $.003. Got out. Good luck.
Click to expand...
Did you buy a lot of it at .003?

The entire concept of crypto is, well, insane! But, hell, you can make money off it so that is cool!!!

To think that 30 years ago Toys R Us did this with "Jeffrey Bucks" and now...it is something you can make crazy cash on, it is nuts!
 
I think the crypto that don't do anything like dogecoin is insane...

but bitcoin seems about as sane as it gets, a secure blockchain to store value, with no bs...(other then idiots losing keys, or on shifty exchanges)

what seems insane to me is the government's willful destruction of the dollar with printing presses as fast as humanly possible.
 
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redwine65 said:
I think the crypto that don't do anything like dogecoin is insane...

but bitcoin seems about as sane as it gets, a secure blockchain to store value, with no bs...(other then idiots losing keys, or on shifty exchanges)

what seems insane to me is the government's willful destruction of the dollar with printing presses as fast as humanly possible.
Click to expand...

Does the government tell us (the common folk) how much money they print? I feel like they should, right? That would make sense.
 
redwine65 said:
I think the crypto that don't do anything like dogecoin is insane...

but bitcoin seems about as sane as it gets, a secure blockchain to store value, with no bs...(other then idiots losing keys, or on shifty exchanges)

what seems insane to me is the government's willful destruction of the dollar with printing presses as fast as humanly possible.
Click to expand...
I am seriously concerned about the dollar. Asian blocs are creating trade zones and the Europeans want to decouple from the dollar as the default currency within the world. I think they will succeed to a large extent

Companies and countries all over the world are rolling out digital currencies. We're just getting started here. This could be the wild West which eventually becomes civilized. It's not going away.
 
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drubendall said:
I am seriously concerned about the dollar. Asian blocs are creating trade zones and the Europeans want to decouple from the dollar as the default currency within the world. I think they will succeed to a large extent

Companies and countries all over the world are rolling out digital currencies. We're just getting started here. This could be the wild West which eventually becomes civilized. It's not going away.
Click to expand...

So it WILL be Jeffery Bucks...only...online and not just at Toys R Us.
 
JohnRossEwing said:
Did you buy a lot of it at .003?

The entire concept of crypto is, well, insane! But, hell, you can make money off it so that is cool!!!

To think that 30 years ago Toys R Us did this with "Jeffrey Bucks" and now...it is something you can make crazy cash on, it is nuts!
Click to expand...

I bought 10,000 doge. Aka $30 at the time. Lol.

If your only catalyst is hoping to goes up with others as the crypto market cap increases or that Elon Musk will meme it to get it to jump... That's kind of like buying GME for the long run.

Buying after it already is up 10x or 20x is not a great entry point.
 
GBRforLife1 said:
I bought 10,000 doge. Aka $30 at the time. Lol.

If your only catalyst is hoping to goes up with others as the crypto market cap increases or that Elon Musk will meme it to get it to jump... That's kind of like buying GME for the long run.

Buying after it already is up 10x or 20x is not a great entry point.
Click to expand...

Well, crypto is about as fake as my tinder profile, so I am okay with taking a chance on it. I do feel bad for the girls that swipe right though.
 
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JohnRossEwing said:
What did you get that at?

Doge is up 43% since I bought...I have to admit that watching crypto is more entertaining than watching stocks.
Click to expand...

$12 - would've been $9, but my bank ****ed me.

Nice job on Doge. I'd take profits if I were you.
 
JohnRossEwing said:
What did you get that at?

Doge is up 43% since I bought...I have to admit that watching crypto is more entertaining than watching stocks.
Click to expand...
I'm trying to buy doge but I limited at 1k with robinhood and it takes a week to get more money to clear. I've been waiting over a month for binance to verify my account, kraken has been waiting a week, and kucoin as well.
 
salsa red said:
I'm trying to buy doge but I limited at 1k with robinhood and it takes a week to get more money to clear. I've been waiting over a month for binance to verify my account, kraken has been waiting a week, and kucoin as well.
Click to expand...
Robinhood said it would take like 6 days to get money into my account from my bank but it only ended up taking like 30 minutes. But I have heard that complaint from a few other people, so who knows!
 
Doge is going bananas today!
Perhaps the Reddit Army is strong enough to really make it climb.
 
salsa red said:
I'm trying to buy doge but I limited at 1k with robinhood and it takes a week to get more money to clear. I've been waiting over a month for binance to verify my account, kraken has been waiting a week, and kucoin as well.
Click to expand...
Maybe it's you? Kucoin got me in right away. Buying ORN on there and staking for 20%

Get crypto.com
 
Tesla put $1.5 billion in BTC.

Apparently Elon wasn't smart enough to come over to our board and learn from Suhreal and westcoasthusker that bitcoin is just like the Dutch Tulip bubble or the gamestop short squeeze.
 
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NYC-Husker said:
Tesla put $1.5 billion in BTC.

Apparently Elon wasn't smart enough to come over to our board and learn from Suhreal and westcoasthusker that bitcoin is just like the Dutch Tulip bubble or the gamestop short squeeze.
Click to expand...

Elon knows a good bubble when he sees one.

And are you still trying to tell me a database entry is gold?

As for the short squeeze stuff, you do realize they can squeeze shorts in Bitcoin as well? They trade Bitcoin futures on the CME...we'll be revisiting your post within two months, book it. Smokin
 
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GBRforLife1 said:
I was way wrong on egld. Now at $180. Might be $250 by Valentine's day.
Click to expand...

You seem to know your stuff. What would you recommend for someone who wants to get into crypto, but not sure where to start? What’s staking? Appreciate your help.
 
TampaBaySkers said:
You seem to know your stuff. What would you recommend for someone who wants to get into crypto, but not sure where to start? What’s staking? Appreciate your help.
Click to expand...

Coinbase or Binance. Binance is the more respected of the two in the crypto world. But Coinbase is common with newbies. Many people have multiple platforms. Do not use Robinhood. I don’t believe you can move your tokens from Robinhood. The common saying you’ll hear is ‘not your keys, not your coins.’ Meaning that if you can’t move them to a cold storage wallet you don’t really own them (google ‘ledger nano’). A wallet is basically a safe for your crypto that is offline.

Staking is lending your coins out and receiving and interest rate in return. You can only do this with certain tokens on certain platforms. On Binance you can stake your Bitcoin. On Coinbase you can stake your Tezos at 4.63% APY and your Algorand at 6% APY.

You are basically leaving your tokens on the platform (not in your wallet) and lending them out. Getting interest in return. Just like a savings account. But it’s tied to the underlying coin/token. So the value is still based on what the token is trading for. In theory you could own a token, stake it and lose money because the value of the token went down. You still received interest, but the underlying asset is devalued.

If I were starting out I would do some like research on a few of the big tokens and slowly invest. Bitcoin and Etherum are two to look at. If I were using Coinbase, you can watch little videos and they’ll give you some free coins for it. Like $6 worth a video. It’s free money and it opens you up to a few ‘alt coins.’ (Alt coins are non Bitcoin crytpo).
 
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TampaBaySkers said:
You seem to know your stuff. What would you recommend for someone who wants to get into crypto, but not sure where to start? What’s staking? Appreciate your help.
Click to expand...
Start small and watch the entry points.

Some networks are called "proof of stake" while some like bitcoin are "proof of work" staking is like loaning your tokens to the network to secure it. To incentivize you to do this they pay rewards. It's like earning interest on stocks, but way better. Rewards vary, but you are able to unstake and get your tokens back if you wish, but while staked you can't trade them.
 
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TampaBaySkers said:
You seem to know your stuff. What would you recommend for someone who wants to get into crypto, but not sure where to start? What’s staking? Appreciate your help.
Click to expand...

One more thing I just thought of, like with any currency, there are plenty of scams out there. Be cautious on what you do and what info you give out. Wallets and accounts can be hacked. Just like a bank account or credit card info. Keep your info safe, out of sight and secure.
 
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TampaBaySkers said:
You seem to know your stuff. What would you recommend for someone who wants to get into crypto, but not sure where to start? What’s staking? Appreciate your help.
Click to expand...
Just got into crypto a little more than a month ago. I have no idea what I'm doing and barely understand what I'm buying, so I'm breaking all of the rules of investing. However, I'm only investing money that I don't care if I lose all of it.

This path was really easy for me to buy my first bitcoin:
  1. Sign up with Coinbase.com and go through the steps to authenticate your account (set up 2 Factor Authentication)
  2. I created a new checking account that I will use only for Crypto stuff (with my existing online bank so it took 3 minutes). I have no idea who these crypto companies are, so I didn't want to give access to my daily checking account to anyone. Unless I'm going to make an immediate deposit, that account has $0 in it.
  3. On Coinbase.com, go to Payment Methods and hook up your new checking account. This allows you to transfer dollars into Coinbase.
  4. Once your Coinbase.com account has dollar funds, you can buy the crypto that you want. This process was just like buying a stock or ETF on Fidelity. As mentioned earlier, I have no idea what a fair market value is in any of this stuff. I just bought Bitcoin.
  5. I don't actively trade anything, and I made one purchase on Dec 26. That $3000 purchase is worth $5200 this morning. I also understand it may be worth $52 next week and won't lose sleep over that.
@GBRforLife1 is making a killing buying egld, which is not available on Coinbase. It is available on binance.us (remember the ".us"). I signed up with a binance.us account and that experience is more frustrating, as I can't seem to get my identity verified after 7-10 days with no response from them. The theory is that once I am set up on binance.us, I can transfer some of my bitcoin from Coinbase to binance.us and use those funds to buy EGLD, but to be honest, I have no idea if that is how that works (buying one crypto with another). I'd appreciate confirmation from anyone with knowledge of that process.

For anyone familiar with binance.us, as mentioned above, I'm trying to transfer some of my bitcoin from Coinbase to binance.us so I can buy egld with it. I'm getting stuck on the Cash Account Verification. Can I transfer my bitcoin to binance.us without the Cash Account Verification? I've been hesitant to do so without having everyone ready to go. If there's a better way for an idiot that doesn't know what he's doing to buy EGLD, please let me know.
 
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mkbrkloster said:
Just got into crypto a little more than a month ago. I have no idea what I'm doing and barely understand what I'm buying, so I'm breaking all of the rules of investing. However, I'm only investing money that I don't care if I lose all of it.

This path was really easy for me to buy my first bitcoin:
  1. Sign up with Coinbase.com and go through the steps to authenticate your account (set up 2 Factor Authentication)
  2. I created a new checking account that I will use only for Crypto stuff (with my existing online bank so it took 3 minutes). I have no idea who these crypto companies are, so I didn't want to give access to my daily checking account to anyone. Unless I'm going to make an immediate deposit, that account has $0 in it.
  3. On Coinbase.com, go to Payment Methods and hook up your new checking account. This allows you to transfer dollars into Coinbase.
  4. Once your Coinbase.com account has dollar funds, you can buy the crypto that you want. This process was just like buying a stock or ETF on Fidelity. As mentioned earlier, I have no idea what a fair market value is in any of this stuff. I just bought Bitcoin.
  5. I don't actively trade anything, and I made one purchase on Dec 26. That $3000 purchase is worth $5200 this morning. I also understand it may be worth $52 next week and won't lose sleep over that.
@GBRforLife1 is making a killing buying egld, which is not available on Coinbase. It is available on binance.us (remember the ".us"). I signed up with a binance.us account and that experience is more frustrating, as I can't seem to get my identity verified after 7-10 days with no response from them. The theory is that once I am set up on binance.us, I can transfer some of my bitcoin from Coinbase to binance.us and use those funds to buy EGLD, but to be honest, I have no idea if that is how that works (buying one crypto with another). I'd appreciate confirmation from anyone with knowledge of that process.

For anyone familiar with binance.us, as mentioned above, I'm trying to transfer some of my bitcoin from Coinbase to binance.us so I can buy egld with it. I'm getting stuck on the Cash Account Verification. Can I transfer my bitcoin to binance.us without the Cash Account Verification? I've been hesitant to do so without having everyone ready to go. If there's a better way for an idiot that doesn't know what he's doing to buy EGLD, please let me know.
Click to expand...

I believe that is how it works. My suggestion, is whenever I transfer I send a very small amount first to make sure it gets sent correctly. Then I make my larger transfer.
 
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mkbrkloster said:
Just got into crypto a little more than a month ago. I have no idea what I'm doing and barely understand what I'm buying, so I'm breaking all of the rules of investing. However, I'm only investing money that I don't care if I lose all of it.

This path was really easy for me to buy my first bitcoin:
  1. Sign up with Coinbase.com and go through the steps to authenticate your account (set up 2 Factor Authentication)
  2. I created a new checking account that I will use only for Crypto stuff (with my existing online bank so it took 3 minutes). I have no idea who these crypto companies are, so I didn't want to give access to my daily checking account to anyone. Unless I'm going to make an immediate deposit, that account has $0 in it.
  3. On Coinbase.com, go to Payment Methods and hook up your new checking account. This allows you to transfer dollars into Coinbase.
  4. Once your Coinbase.com account has dollar funds, you can buy the crypto that you want. This process was just like buying a stock or ETF on Fidelity. As mentioned earlier, I have no idea what a fair market value is in any of this stuff. I just bought Bitcoin.
  5. I don't actively trade anything, and I made one purchase on Dec 26. That $3000 purchase is worth $5200 this morning. I also understand it may be worth $52 next week and won't lose sleep over that.
@GBRforLife1 is making a killing buying egld, which is not available on Coinbase. It is available on binance.us (remember the ".us"). I signed up with a binance.us account and that experience is more frustrating, as I can't seem to get my identity verified after 7-10 days with no response from them. The theory is that once I am set up on binance.us, I can transfer some of my bitcoin from Coinbase to binance.us and use those funds to buy EGLD, but to be honest, I have no idea if that is how that works (buying one crypto with another). I'd appreciate confirmation from anyone with knowledge of that process.

For anyone familiar with binance.us, as mentioned above, I'm trying to transfer some of my bitcoin from Coinbase to binance.us so I can buy egld with it. I'm getting stuck on the Cash Account Verification. Can I transfer my bitcoin to binance.us without the Cash Account Verification? I've been hesitant to do so without having everyone ready to go. If there's a better way for an idiot that doesn't know what he's doing to buy EGLD, please let me know.
Click to expand...

Appreciate the newby perspective. Do you transfer to cold storage ?
 
GretnaShawn said:
I believe that is how it works. My suggestion, is whenever I transfer I send a very small amount first to make sure it gets sent correctly. Then I make my larger transfer.
Click to expand...
This is really good advice. That way if something is wrong your entire balance isn't lost.

So on binance go to deposit, then it asks you what you want to deposit and you go down and select bitcoin then it gives you specific address.

Buying one crypto with another is called "trading pairs." You can only use those pairs to buy what you want. Soto buy egld on binance you'd have to first switch your bitcoin to usd or usdt.
Screenshot_20210209-100334_BinanceUS.jpg


My binance acct is verified so I'm not sure abt the limitations on unverified accts. Probably a question for their support team. They weren't the fastest a couple months ago.
 
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mkbrkloster said:
Just got into crypto a little more than a month ago. I have no idea what I'm doing and barely understand what I'm buying, so I'm breaking all of the rules of investing. However, I'm only investing money that I don't care if I lose all of it.

This path was really easy for me to buy my first bitcoin:
  1. Sign up with Coinbase.com and go through the steps to authenticate your account (set up 2 Factor Authentication)
  2. I created a new checking account that I will use only for Crypto stuff (with my existing online bank so it took 3 minutes). I have no idea who these crypto companies are, so I didn't want to give access to my daily checking account to anyone. Unless I'm going to make an immediate deposit, that account has $0 in it.
  3. On Coinbase.com, go to Payment Methods and hook up your new checking account. This allows you to transfer dollars into Coinbase.
  4. Once your Coinbase.com account has dollar funds, you can buy the crypto that you want. This process was just like buying a stock or ETF on Fidelity. As mentioned earlier, I have no idea what a fair market value is in any of this stuff. I just bought Bitcoin.
  5. I don't actively trade anything, and I made one purchase on Dec 26. That $3000 purchase is worth $5200 this morning. I also understand it may be worth $52 next week and won't lose sleep over that.
@GBRforLife1 is making a killing buying egld, which is not available on Coinbase. It is available on binance.us (remember the ".us"). I signed up with a binance.us account and that experience is more frustrating, as I can't seem to get my identity verified after 7-10 days with no response from them. The theory is that once I am set up on binance.us, I can transfer some of my bitcoin from Coinbase to binance.us and use those funds to buy EGLD, but to be honest, I have no idea if that is how that works (buying one crypto with another). I'd appreciate confirmation from anyone with knowledge of that process.

For anyone familiar with binance.us, as mentioned above, I'm trying to transfer some of my bitcoin from Coinbase to binance.us so I can buy egld with it. I'm getting stuck on the Cash Account Verification. Can I transfer my bitcoin to binance.us without the Cash Account Verification? I've been hesitant to do so without having everyone ready to go. If there's a better way for an idiot that doesn't know what he's doing to buy EGLD, please let me know.
Click to expand...
I've been waiting for binance verification since January 11th, so don't hold your breath. And I lost some money on in 2017/2018 in crypto. This run up feels different bc of the institutional investments that will likely won't sell. Don't throw money into something you don't know about. If you're a newbie I would keep it in the top coins and try not to speculate too much or try to outsmart the market, that is how you lose money in a bull market. You'll make more money just holding rather than moving around. I would also start a coinbase pro account bc coinbase fees are much higher.
 
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