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Ren's old crypto thread || we know how to buy this stuff now (1 Viewer)

ren hoek

Footballguy
2021 update: was a thread about ethereum, now just a crypto general.

Ethereum is comparable to bitcoin.  It's a similar makeup- a currency based on blockchain technology- but different in that applications built around it can facilitate smart contracts, tokens (subcurrencies that can denote ownership, stake, or membership), and a decentralized economy in general.  "Smart cities," healthcare information, facial recognition apps, and exchanges of many different kinds will revolve around it.  It's hard to explain really.  

One particular ethereum chain I'm fascinated by for example is the Basic Attention Token integrated into the Brave browser.

Anyway I've been trading it during the day and following it to the point of being obsessive.  Any eth traders around here?  What kind of tokens you holdin?  

https://ethereum.org/

here is our discord: https://discord.gg/u589KE6

 
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I'm looking at Lightcoin.  They're currently the 3rd most used cyber currency but still comparatively affordable.  I've heard they're getting apps ready for NFC and working with Amazon to get it allowed there and if that happens they should blow up.

 
Can multiple coins survive? VHS was technically inferior to Betamax.

What are the variables that will push the public perception? The aforementioned Amazon effect? Apple? Ease of use?

 
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I'm looking at Lightcoin.  They're currently the 3rd most used cyber currency but still comparatively affordable.  I've heard they're getting apps ready for NFC and working with Amazon to get it allowed there and if that happens they should blow up.
That would be huge.  I traded 34 of them for about 3 BCC.  Is there a link for that one?  

 
That would be huge.  I traded 34 of them for about 3 BCC.  Is there a link for that one?  
I'd have to find it.  I'm at work now and don't have the links readily available.  It was some degen ffa forum (probably 2+2), might take a bit of digging.  My real thought is Bitcoin is super stable and probably never going to go down from where it's currently at.  Once Bitcoin hits 10k I think it's going to get a huge amount of mainstream media attention (even more than it is now).  Someone is going to be #2 in the market and the barrier to entry is lower for lightcoin so I could see a lot of people moving into it.

My plan is to invest 2k or so into lightcoin and if I end up losing it in 5 years it'll suck but it's not a jump out of a window loss.  If it ends up solidifying as a stable currency, I don't see it ever going down and could end up jumping from $35/coin to some ludicrous number by the time I plan on retiring in 20 years.  Could end up being F U money.

 
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I'd have to find it.  I'm at work now and don't have the links readily available.  It was some degen ffa forum (probably 2+2), might take a bit of digging.  My real thought is Bitcoin is super stable and probably never going to go down from where it's currently at.  Once Bitcoin hits 10k I think it's going to get a huge amount of mainstream media attention (even more than it is now).  Someone is going to be #2 in the market and the barrier to entry is lower for lightcoin so I could see a lot of people moving into it.

My plan is to invest 2k or so into lightcoin and if I end up losing it in 5 years it'll suck but it's not a jump out of a window loss.  If it ends up solidifying as a stable currency, I don't see it ever going down and could end up jumping from $35/coin to some ludicrous number by the time I plan on retiring in 20 years.  Could end up being F U money.
Plus the name Ethereum is super cool. 

 
I'd have to find it.  I'm at work now and don't have the links readily available.  It was some degen ffa forum (probably 2+2), might take a bit of digging.  My real thought is Bitcoin is super stable and probably never going to go down from where it's currently at.  Once Bitcoin hits 10k I think it's going to get a huge amount of mainstream media attention (even more than it is now).  Someone is going to be #2 in the market and the barrier to entry is lower for lightcoin so I could see a lot of people moving into it.

My plan is to invest 2k or so into lightcoin and if I end up losing it in 5 years it'll suck but it's not a jump out of a window loss.  If it ends up solidifying as a stable currency, I don't see it ever going down and could end up jumping from $35/coin to some ludicrous number by the time I plan on retiring in 20 years.  Could end up being F U money.
This is basically where I am with this.  Wish I had jumped in on bitcoin, but now considering both Ethereum and Lightcoin.

but someone explain this to me.  If I buy one Ether (etherium) for $334, once these currencies are accepted by these apps or marketplaces, if the price goes up to $1,000 or whatever, then what?  I can buy $1,000 worth of goods?  Or is the play to expect to sell it?  And if so, why would someone buy it at that point?  Because they could buy it for a potential minor discount at that time?

 
Is there a good blog or forum that provides a "cryptocurrency for dummies"?

Where is the best place to get a wallet?

Do you guys conceal your identity (browser, emails, accounts used to fund, etc) for this stuff or is that only a concern if you are shopping on AlphaBay type sites?

:blackdot:

 
I'm holding roughly 5 ether, and 5 lite coins through coinbase.  That makes up about 40% of my investment with the remaining 60% in NEO which has been dubbed the " Ethereum of China" .   

From everything I read NEO is far more ready to roll internationally, as opposed to Ethereum.   ETH also require knowledge of specialized programming language (solodity) to develop apps while NEO can utilize C #/++, java, .net.  holding neo in my wallet also earns me GAS coin which is currently trading at $20

https://futurism.com/a-new-blockchain-platform-is-taking-on-ethereum/

https://seekingalpha.com/article/4100787-next-crypto-giant

 
Tempted to drop 10k or 20k in each of these bitcoin alternatives and see what happens. I'm guessing over time one pans out and I collect 100x. 

 
Tempted to drop 10k or 20k in each of these bitcoin alternatives and see what happens. I'm guessing over time one pans out and I collect 100x. 
I'm thinking the same thing which may or may not be sound practice but one I'll chalk up to being a noob if my idea fails. 

If one of these hits Bitcoin 2017 levels in 3 -5 years I'm in business.  

 
I'd have to find it.  I'm at work now and don't have the links readily available.  It was some degen ffa forum (probably 2+2), might take a bit of digging.  My real thought is Bitcoin is super stable and probably never going to go down from where it's currently at.  Once Bitcoin hits 10k I think it's going to get a huge amount of mainstream media attention (even more than it is now).  Someone is going to be #2 in the market and the barrier to entry is lower for lightcoin so I could see a lot of people moving into it.

My plan is to invest 2k or so into lightcoin and if I end up losing it in 5 years it'll suck but it's not a jump out of a window loss.  If it ends up solidifying as a stable currency, I don't see it ever going down and could end up jumping from $35/coin to some ludicrous number by the time I plan on retiring in 20 years.  Could end up being F U money.
You could say Bitcoin had huge barriers to entry at 2700, yet it still went up to 4k.  A ~50% increase is the same whether it happens on Bitcoin or some other random ####coin.  I actually think Bitcoin Cash is incredibly undervalued right now, even with the recent moon.  My understanding is BCC is more profitable for miners now and in the foreseeable future.  Regardless of what Bitcoin does going forward it seems pretty clear BCH is going to scale with it and eat into its margins.  

I can see where Bitcoin would reign supreme going forward on account of it being the original, if only on faith alone.  There is no sensible reason in terms of scalability, transaction time or tx cost for it to remain this dominant over the BCH fork.  That isn't to say we won't be seeing 10k bitcoins anytime soon, but you'll probably see 2k BCH in the meantime.  

Ethereum has a lot of utility as a platform and there are big players writing applications around it already.  Microsoft, JP Morgan, Intel, Credit Suisse, BP and many others are already building design for it.  Reason I bring that up is because I understand why Bitcoin is a good store of value going forward.  And I can see why Ethereum will scale well into the future, both as a currency and foundation for decentralized economy.  What I don't see is what Litecoin really has to offer other than being a faster and more commutable currency that was fairly early to the game, of which there are already thousands.  

 
Not only that.  Litecoin has been around ~5 years longer than Ethereum and has less than a tenth of its marketcap.  Really makes you think 

 
Just starting to wrap my head around this blockchain ####. It looks like I'm too late to the Bitcoin party, but at about $350....I can still make some moves on Ethereum. 

Just some questions that are in my head regarding blockchain and eth. Want to make sure I understand it before I invest into it. Everyone spouts how revolutionary blockchain is, but the negative are not discussed.

1) The blockchain info is stored on "miners" computers. My understanding is that btc has reached a point where it the not as profitable to mine and people are jumping elsewhere. So what's to stop this on ETH? Also, down the line is it possible that the cost to mine a coin will be less than the value of the coin? Or is it likely that only large mining operations can continue mining profitably and thus leading to a few "centralized networks" that would pretry much neuter the decentralized advantage of blockchain? I have no idea what type of hardware is needed to mine, but I'm just guessing that the stupid US internet monopolies provide a bottle neck to mining here and that some place like Korea with crazy internet speeds has a huge advantage in mining.

2) Anyone can make a blockchain, but it's whatever gets adopted most that sticks around. Is there another blockchain competing with Ethereum? I see Mark Cuban has even jumped on the ETH with his new venture. My understanding is that BTC will have a hard time becoming as flexible as ETH is.

3) Who decides when things fork? What are the implications when a blockchain forks? I'm just thinking down the line what's stopping from several forks splitting and diluting a blockchain?

4) Hackers. If people don't feel their digital currency is safe....that can be a real problem as cryptocurrency becomes more prevalent. Is a hardware wallet or paper wallet sufficient security as people become more educated? Also, what's to stop people from writing "malicious code/apps/smart contracts"? Is there anyway to protect consumers from those? Blockchain is supposed to be instant and irreversible. Perfect way to steal from grandma. All it takes is one click from someone unaware of malicious intent and all their cash can be gone. 

Those are the main questions I have after researching a bit. Thought I'd bring it to the FBGs to help clarify things. Thanks in advance. 

 
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Just starting to wrap my head around this blockchain ####. It looks like I'm too late to the Bitcoin party, but at about $350....I can still make some moves on Ethereum. 

Just some questions that are in my head regarding blockchain and eth. Want to make sure I understand it before I invest into it. Everyone spouts how revolutionary blockchain is, but the negative are not discussed.

1) The blockchain info is stored on "miners" computers. My understanding is that btc has reached a point where it the not as profitable to mine and people are jumping elsewhere. So what's to stop this on ETH? Also, down the line is it possible that the cost to mine a coin will be less than the value of the coin? Or is it likely that only large mining operations can continue mining profitably and thus leading to a few "centralized networks" that would pretry much neuter the decentralized advantage of blockchain? I have no idea what type of hardware is needed to mine, but I'm just guessing that the stupid US internet monopolies provide a bottle neck to mining here and that some place like Korea with crazy internet speeds has a huge advantage in mining.

2) Anyone can make a blockchain, but it's whatever gets adopted most that sticks around. Is there another blockchain competing with Ethereum? I see Mark Cuban has even jumped on the ETH with his new venture. My understanding is that BTC will have a hard time becoming as flexible as ETH is.

3) Who decides when things fork? What are the implications when a blockchain forks? I'm just thinking down the line what's stopping from several forks splitting and diluting a blockchain?

4) Hackers. If people don't feel their digital currency is safe....that can be a real problem as cryptocurrency becomes more prevalent. Is a hardware wallet or paper wallet sufficient security as people become more educated? Also, what's to stop people from writing "malicious code/apps/smart contracts"? Is there anyway to protect consumers from those? Blockchain is supposed to be instant and irreversible. Perfect way to steal from grandma. All it takes is one click from someone unaware of malicious intent and all their cash can be gone. 

Those are the main questions I have after researching a bit. Thought I'd bring it to the FBGs to help clarify things. Thanks in advance. 
Honestly I'd try those questions at reddit.   Pretty dedicated subs for crypto,  Bitcoin and Ethereum 

As for it being too late on Bitcoin I people said the same thing at 1200 and 2500, so I definitely don't think it's too late 

 
Honestly I'd try those questions at reddit.   Pretty dedicated subs for crypto,  Bitcoin and Ethereum 

As for it being too late on Bitcoin I people said the same thing at 1200 and 2500, so I definitely don't think it's too late 
I'll ask over there too, but I find it helpful to get outside perspectives and not just those that are crypto backers. I trust the critical thinking of FBGs to be objective.

 
I'm not, but a co-worker has about 10k into this stuff and is all excited about it. 

 
$5k in on LTC, already up to almost $7k :moneybag:

Went in for $5k on ETH and $5k for BTC as well.  What the hell.  Wish I had a bunch more money, would love to dump $50k in each...

 
I have fallen pretty hard for this stuff.  It's basically the wild west at this point.  I think there's a couple things happening here.  One is that blockchain tech is a paradigm shift that's changing the world in a very profound way.  It's the bull market to end all bull markets.  What we're also seeing is major industry players (IBM, Microsoft), billionaires (Cuban), states (Thailand, Vietnam), bankers, any venture capitalist imaginable trying to set sail.  Everything is up.  Grandmothers want bitcoin.  That's probably a good indication we're on the verge of some sort of market correction.  Then again, the market cap on this thing could end up being a trillion dollars by 2019.  I don't think the mass adoption taking place is at critical mass yet.  Let alone the ever present eye of the SEC.  

About bitcoin.  For any investor passing by, if you're someone with the patience to HODL for years and years, there's no telling the places it'll go as it nears the 21-million hard cap.  Name recognition and user adoption alone will probably take it where it needs to go.  But when you look at the control Blockstream (and its many investors) will exercise over it going forward, the off-chain Lightning Network 'upgrade,' and the odd censorship happening on the bitcoin subreddit and other outlets, I just don't trust the direction it's going anymore.  

The fluctuating difficulty has meant that miners switch back and forth to the more profitable-to-mine coin. This has resulted in inconsistent oscillations of block times, hashrates, and particularly for BitcoinSegwit, extreme fees. In fact, fees recently reached an all time high, averaging over 10 USD! The oscillation observed is actually not unusual. Similar fluctuations are observed on alt-coins, particularly those based on GFX processor mining. Bitcoin Cash just happens to be the first legitimate competitor to Bitcoin Core, with significant market presence, and is able to cause wild swings in hashpower.

The oscillation, although frustrating for both coins, has in fact brought to fore the inevitable issues surrounding a capped blocksize. Extreme congestion on the Segwit chain is having far reaching ramification for users, and businesses. The price however, hasn’t reacted, yet – but the graph is beginning to look heavy, and some analysts are calling it “time to short”.
Supposedly there could be another hard fork in the next few months to implement Segwit2x, creating a third chain.  I don't think the market has really realized this yet.  Maybe it never will.  The average passerby doesn't really need to think about this stuff, but it is fascinating.  For the record, I shorted bitcoin in late July, regret it pretty badly, bitcoin cash is getting hammered, and I'm too stubborn to consider buying bitcoin at ATH so I'm a little disgruntled on it anymore.  

Here's what things are looking like for me.  I put one eth in the Obsidian ico (initial coin offering) and 3 eth in the ChainLink ico but haven't received the tokens yet, so you can't see those.

https://imgur.com/QAHDah1

 
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At some point there will be a hundred different alt coin currencies, all of which will really only have any value because they can be converted into USD at any time. 

 
I'm really trying but I just can't wrap my head around what the end game is here. Yes I understand that prices of these things go up as people value them more. That's simple enough for anyone to understand. A bitcoin was worth $10 one day, now it's worth $1,000 or maybe $10,000. Great, that can happen with any commodity or something as simple as a baseball card.

But what is stopping this from being one giant ponzi scheme and the bottom dropping out completely? Am I way over-simplifying the fact that these alternate currencies are literally invented out of nowhere?

I feel like Josh Baskin in the pitch meeting. But I also like free money so if there is one resource you had to share with a person like me, what would it be?

 
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@ren hoek you mentioned shorting btc. How did you do this? I have a buddy who's always saying he wishes he could short crypto. Would love to tell him how he can and then watch as he does nothing

 
I started researching this in mid July. Created a login at a Canadian exchange, but then slacked on getting funds transferred from my bank. Then once I did do the bank wire I ended up forgetting to upload my transfer receipt so they bounced my funds back to me. Bottom line is that I'm currently not yet invested. I should be sitting on almost 70% profits right now but my lazy, idiot ### screwed it up.

Using this thread as my motivation to hit the bank tonight and get some coins bought by next week.

 

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