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Bitcoin-Explain to me how to buy these things (2 Viewers)

KGB said:
I only know you from killing me in GOW ;)   ahahahhaha

But, I think everything keeps going down a bit.  no idea about gold silver, maybe thats the opposite.  but stocks and crypto for sure.

BTC as of today is $26040.55

I bet it goes under 20K and will drag everything crypto with it.  JMO
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Man.  What a simpler time that was.

I've always assumed Uphold was reliable because the Brave people partnered with them.  I don't know how to get this money out without incurring a massive capital gains hit next year.  I don't have anything I want to spend it on but a house, and with the housing market the way it is right now it seems like a horrible investment.  

What I really wanted was to wait until gold peaked again like it did in 2011, maybe with the housing market crashing like it was supposed to in 2008, and to buy a house.  That's all I ever wanted from any of this.  I've been so responsible all this time.  To watch the whole thing possibly disappear on account of these carnival barkers, grifters, rugpulls and complete institutional failure by the govt.  It's so disheartening.  Hopefully some exchanges and cryptos can weather through this thing.  

 
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ren hoek said:
I'd definitely agree

My big concern now is what to do with money I have tied up on Uphold (gold/silver), and all the PAXG (erc-20 token on eth tied to price of gold, apparently insured by London Good Delivery) I have.  It's my life savings basically.  Now I'm sitting here wondering how solvent any of these things would be in the event of a major crypto crash.  

Ironically enough I'm not worried about my BAT holdings.  I just want the stuff I've gone to great lengths to ensure stays valuable and a hedge against inflation is safe.  
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Been in on BAT too

11259.66207BAT  but down like 2/3 :(

 
Terminalxylem said:
Even if Bitcoin is “perfect” technology, does it really matter if the exchanges are corrupt and/or inept?
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I do think it’s pretty far from ‘perfect tech’.  But holding btc in your own address would ameliorate the issue of corrupt exchanges.  As for the price, however… 

 


Exchanges are 3rd parties people choose to use for simplicity or other benefits.  You don't have to use them and crypto in its true form doesn't.  No exchange, no person, no government can stop you from moving BTC from one wallet to another.

 
Terminalxylem said:
Even if Bitcoin is “perfect” technology, does it really matter if the exchanges are corrupt and/or inept?
Click to expand...


The exhanges are ancillary from the core technology.  Something that's built on top that people can choose to use or not, just like a CD or a stock isn't fiat currency, just something people use fiat currency for.

 
I will say this about crypto... it is not for the faint of heart.

Whoever upthread said it is gambling is correct in my opinion. See it as fun and only gamble what you can afford to lose.

Have you ever gotten so stuck in a poker game you think "hell I am already so buried what's a few more.... might as well stick around."

 
ren hoek said:
I had a ton of money in at one point.  I got it all out early last year though, after they pulled some bushleague #### with promo codes.  
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Got out 3 weeks ago - had a decent chunk in there.  That was "safe money" and things were getting a bit janky in the space.  Yanked it with the exception of the little bit of BTC in there that was promo money.  And, yes, they hosed me on about $2,500 of promo monies that they denied for no reason.

These days the CEXes I'm comfortable with are vanishingly few - Gemini, Coinbase, FTX, with FTX being the strongest of the bunch.  The rest are the plague.

 
Sand said:
Got out 3 weeks ago - had a decent chunk in there.  That was "safe money" and things were getting a bit janky in the space.  Yanked it with the exception of the little bit of BTC in there that was promo money.  And, yes, they hosed me on about $2,500 of promo monies that they denied for no reason.

These days the CEXes I'm comfortable with are vanishingly few - Gemini, Coinbase, FTX, with FTX being the strongest of the bunch.  The rest are the plague.
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seems like a number of these exchanges are ponzi schemes. Paying promos and high interest rates from new money coming in, not legit revenues. 

 
ren hoek said:
I do think it’s pretty far from ‘perfect tech’.  But holding btc in your own address would ameliorate the issue of corrupt exchanges.  As for the price, however… 
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If only there were cryptomattresses  where I could hide my BTC, until the exact moment its value peaks…Seriously though, aren’t security and efficiency supposed to be strengths of the technology?

 
FreeBaGeL said:
Exchanges are 3rd parties people choose to use for simplicity or other benefits.  You don't have to use them and crypto in its true form doesn't.  No exchange, no person, no government can stop you from moving BTC from one wallet to another.
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What percentage of transactions occur independent of exchanges? 

 
Terminalxylem said:
If only there were cryptomattresses  where I could hide my BTC, until the exact moment its value peaks…Seriously though, aren’t security and efficiency supposed to be strengths of the technology?
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I think the security and reliability are well enough, it's the cost and throughput once people actually start using the network.  The cost of transactions and speed when the network gets plowed are a joke compared to other blockchains. I call it King ####coin.  Just my opinion of course

But the security is there- the mattress is a Ledger wallet or simple paper wallet.  I haven't had any problems in 5 years 

 
Sand said:
Got out 3 weeks ago - had a decent chunk in there.  That was "safe money" and things were getting a bit janky in the space.  Yanked it with the exception of the little bit of BTC in there that was promo money.  And, yes, they hosed me on about $2,500 of promo monies that they denied for no reason.

These days the CEXes I'm comfortable with are vanishingly few - Gemini, Coinbase, FTX, with FTX being the strongest of the bunch.  The rest are the plague.
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Glad you got out Sand.  Once their 'customer service' guy wormsplained to me why they screwed me out of a promo code I met the conditions for I pulled everything and never looked back.  🗑️

edit: I hadn't even thought of keeping assets on a more reliable exchange.  I'll definitely take a look.  

 
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Binance is a centralized exchange so what point are you trying to make?

Anyone operating directly on the blockchain doesn't have this issue. You have total control at all times. That's the whole point of decentralization.   

 
For those who have never taken the plunge, I'd suggest setting up a Metamask wallet and transferring some crypto to it from your exchange account. Going through the process will be highly educational to understanding the tech's strengths and weaknesses. 

 
Captain Cranks said:
Binance is a centralized exchange so what point are you trying to make?

Anyone operating directly on the blockchain doesn't have this issue. You have total control at all times. That's the whole point of decentralization.   
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Wouldn't that be like me opening a bank to keep my money?

The point I'm making is that Crypto is like buying GME stock for most of us.  We are subject to the whims and rules of the exchanges.  It wasn't sold like that.

 
Captain Cranks said:
I don't have the data handy, but concerning Ethereum, the vast majority of transactions are done on the blockchain. 
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What barriers exist to all transactions occurring in that manner? Is it realistic to believe the average consumer/business can utilize cryptocurrency independent of third party exchanges? 

 
BassNBrew said:
Wouldn't that be like me opening a bank to keep my money?

The point I'm making is that Crypto is like buying GME stock for most of us.  We are subject to the whims and rules of the exchanges.  It wasn't sold like that.
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You don't have to operate with your assets in an exchange. Even if you purchase crypto with a centralized exchange, you can transfer it to a personal wallet so you attain control. To my post just above, it's a good exercise to learn how this is done. 

 
Terminalxylem said:
What barriers exist to all transactions occurring in that manner? Is it realistic to believe the average consumer/business can utilize cryptocurrency independent of third party exchanges? 
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Unfortunately it's not very user friendly right now and too cumbersome for most. The applications to make it more seamless with our current internet experience are in the works. Even then, the government will likely force some aspects to remain centralized. 

Once you get over the learning curve, though, it's easy and liberating. 

 
Terminalxylem said:
If only there were cryptomattresses  where I could hide my BTC, until the exact moment its value peaks…Seriously though, aren’t security and efficiency supposed to be strengths of the technology?
Click to expand...


What does this have to do with the security of the technology?  The CEX's are companies built to do stuff with the technology.  People (myself included with at least a little bit) didn't lose their bitcoin because of some failure of the technology, they lost their bitcoin because they gave their bitcoin to someone else to play with and that someone else used it irresponsibly.

That's like blaming the US Dollar for Wells Fargo signing customers up for credit cards without their consent or blaming the internet for Worldcom scamming investors.

 
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BassNBrew said:
Wouldn't that be like me opening a bank to keep my money?

The point I'm making is that Crypto is like buying GME stock for most of us.  We are subject to the whims and rules of the exchanges.  It wasn't sold like that.
Click to expand...


No it would be like you having a wallet to keep your money, except that it's very secure and no one else controls it and you have it with you everywhere.  MetaMask etc are literally called "wallets" ;)

 
Terminalxylem said:
What barriers exist to all transactions occurring in that manner? Is it realistic to believe the average consumer/business can utilize cryptocurrency independent of third party exchanges? 
Click to expand...
You're right the learning curve is extremely steep right now.  So was Napster when it came out for anyone over the age of 15.  Now music streaming is super easy, barely an inconvenience both because people took the time to figure it out when it became necessary to do so, and because the learning curve got much less steep as the applications using the technology improved.

I think we could certainly see the same for blockchain in time.

 
FreeBaGeL said:
No it would be like you having a wallet to keep your money, except that it's very secure and no one else controls it and you have it with you everywhere.  MetaMask etc are literally called "wallets" ;)
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Except for any hacker that accesses your computer. 

https://policyadvice.net/money/insights/cryptocurrency-hacking-statistics/

I know one kid who lost roughly $50k.  Never heard of anyone losing their wallet with $50k in it.  

And how much bitcoin has been lost to not being able to access a wallet?

https://interestingengineering.com/140-billion-in-bitcoin-is-lost-due-to-forgotten-passwords#:~:text=But hackers are helping owners regain access to their digital funds.&text=A father-son team is,a report by HypeBeast explains.

If someone hacks my credit card the bank covers it.  If I loss my online banking password I have a new one sent to me.  Maybe bitcoin is all it's cracked up to be for responsible and intelligent people like you but that doesn't account for 90% of our population.

 
Captain Cranks said:
For those who have never taken the plunge, I'd suggest setting up a Metamask wallet and transferring some crypto to it from your exchange account. Going through the process will be highly educational to understanding the tech's strengths and weaknesses. 
Click to expand...
Agree!!! 

 
BassNBrew said:
Except for any hacker that accesses your computer. 

https://policyadvice.net/money/insights/cryptocurrency-hacking-statistics/

I know one kid who lost roughly $50k.  Never heard of anyone losing their wallet with $50k in it.  

And how much bitcoin has been lost to not being able to access a wallet?

https://interestingengineering.com/140-billion-in-bitcoin-is-lost-due-to-forgotten-passwords#:~:text=But hackers are helping owners regain access to their digital funds.&text=A father-son team is,a report by HypeBeast explains.

If someone hacks my credit card the bank covers it.  If I loss my online banking password I have a new one sent to me.  Maybe bitcoin is all it's cracked up to be for responsible and intelligent people like you but that doesn't account for 90% of our population.
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Isn't there a thread in the FFA recently about someone losing 5 figures via Zelle?

Regardless like any new technology companies will step in to fill the voids.  If it catches on I'm sure there will be insurance companies, security companies, etc.  Just like happened with username/passwords, identity theft, etc on the internet.  The difference here is unlike traditional currency where at its base state in a wallet it's 0% secure and anyone walking by could grab your wallet and run off with it, in this case we're 80% of the way there by default, and for $20 and a few minutes of education you can be 100% of the way there and have your money locked up just as securely as ft knox.  For those that never want to bother figuring that part out I'm sure there will be a company willing to step in and get paid to do it.

These are all fair questions though.  I remember asking the same questions a little over a year ago.  Once I really dove in and spent some time with it all the last year, real crypto not just buying speculative stuff on a CEX like it's a meme stock, it's opened my eyes a lot.  And now transacting day to day via the current fiat methods has grown very frustrating when I know I'm waiting/paying to do things I could do fast and nearly free on the blockchain. 

Just today for instance with the big stock dip I initiated a transfer out of my day trading stock account so I can move it into my brokerage account and use that money to buy more long term holds but by the time I transfer out of the day trading account into a bank account and then from a bank account into a brokerage it will probably be 5-10 days before I can actually spend that money.  Granted given current market conditions that may end up being a blessing in disguise, lol.

 
Btc has somehow never traded below it's 200 day moving weekly average.  Like ever. It's more or less at that level now.  A close below 20k and another exchange or two going bankrupt and then what?   Gonna need monkey pox stimmy money to bounce it. 

 
FreeBaGeL said:
Isn't there a thread in the FFA recently about someone losing 5 figures via Zelle?

Regardless like any new technology companies will step in to fill the voids.  If it catches on I'm sure there will be insurance companies, security companies, etc.  Just like happened with username/passwords, identity theft, etc on the internet.  The difference here is unlike traditional currency where at its base state in a wallet it's 0% secure and anyone walking by could grab your wallet and run off with it, in this case we're 80% of the way there by default, and for $20 and a few minutes of education you can be 100% of the way there and have your money locked up just as securely as ft knox.  For those that never want to bother figuring that part out I'm sure there will be a company willing to step in and get paid to do it.

These are all fair questions though.  I remember asking the same questions a little over a year ago.  Once I really dove in and spent some time with it all the last year, real crypto not just buying speculative stuff on a CEX like it's a meme stock, it's opened my eyes a lot.  And now transacting day to day via the current fiat methods has grown very frustrating when I know I'm waiting/paying to do things I could do fast and nearly free on the blockchain. 

Just today for instance with the big stock dip I initiated a transfer out of my day trading stock account so I can move it into my brokerage account and use that money to buy more long term holds but by the time I transfer out of the day trading account into a bank account and then from a bank account into a brokerage it will probably be 5-10 days before I can actually spend that money.  Granted given current market conditions that may end up being a blessing in disguise, lol.
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Doing ACH transfers are slow for a reason.  If you need money moved fast and don't want to use zelle use a wire.  

 
Sand said:
Got out 3 weeks ago - had a decent chunk in there.  That was "safe money" and things were getting a bit janky in the space.  Yanked it with the exception of the little bit of BTC in there that was promo money.  And, yes, they hosed me on about $2,500 of promo monies that they denied for no reason.

These days the CEXes I'm comfortable with are vanishingly few - Gemini, Coinbase, FTX, with FTX being the strongest of the bunch.  The rest are the plague.
Click to expand...


Pulled out what I had in USDC on BlockFi.  Didn't see the point of leaving it there earning 7% when I can get more than that with an iBond right now at essentially zero risk, and I no longer believe that USDC is anywhere close to zero risk.  Hell I couldn't get the BlockFi website to load, had to use the app on my phone to do the withdrawal.  Left a little Eth there mostly just to give me a reason to keep following it.

 
SFBayDuck said:
Pulled out what I had in USDC on BlockFi.  Didn't see the point of leaving it there earning 7% when I can get more than that with an iBond right now at essentially zero risk, and I no longer believe that USDC is anywhere close to zero risk.  Hell I couldn't get the BlockFi website to load, had to use the app on my phone to do the withdrawal.  Left a little Eth there mostly just to give me a reason to keep following it.
Click to expand...
:thumbup:

I have preloaded IBonds through 2025, so I'm doing good there.  Heck, I guess I could use that money to preload through 2026...

 
Captain Cranks said:
For those who have never taken the plunge, I'd suggest setting up a Metamask wallet and transferring some crypto to it from your exchange account. Going through the process will be highly educational to understanding the tech's strengths and weaknesses. 
Click to expand...
To Expand on this.

In this thread, I personally wrote out how to get your coins off of exchanges and into your own wallets. (metamask)

There are a few people here that dont draft kickers early.  If you just scroll by and draft a kicker in the 3rd round.  thats on you.  the info has been in this thread and people answer questions pretty good too.

ADD METAMASK TO YOUR BROWSER

ONLY USE THIS COMPUTER FOR SAFE THINGS.  NO PORN ON THE CRYPTO COMPUTER

SIGN UP FOR METAMASK ACCOUNT.

we can help from there

plus, you can buy coins before they are added to the major exchanges!  its like having a college QB RB available to only you!  then they get drafted to the NFL (added to an exchange) but you already have him!  

imagine knowing DOGE or whatever is going to be added to robinhood or whatever and you can buy before.  meanwhile everyone else has to wait because they wont do the homework.

ask questions.  

 
When people were flush with cash in a good economy (the last 10 years), playing around in Crypto was fun and exciting. Now, with worldwide supply issues, inflation, etc a bulk of regular Joes who could and would have put money into Crypto at not. Prices will continue to fall for a good while. I’m not sure if recovery is even possible outside of the occasional meme coin.

 
KGB said:
To Expand on this.

In this thread, I personally wrote out how to get your coins off of exchanges and into your own wallets. (metamask)

There are a few people here that dont draft kickers early.  If you just scroll by and draft a kicker in the 3rd round.  thats on you.  the info has been in this thread and people answer questions pretty good too.

ADD METAMASK TO YOUR BROWSER

ONLY USE THIS COMPUTER FOR SAFE THINGS.  NO PORN ON THE CRYPTO COMPUTER

SIGN UP FOR METAMASK ACCOUNT.

we can help from there

plus, you can buy coins before they are added to the major exchanges!  its like having a college QB RB available to only you!  then they get drafted to the NFL (added to an exchange) but you already have him!  

imagine knowing DOGE or whatever is going to be added to robinhood or whatever and you can buy before.  meanwhile everyone else has to wait because they wont do the homework.

ask questions.  
Click to expand...
i opened a Metamask account a few months ago and made a couple of mistakes that I meant to ask here. Metamask is an Etherium wallet. I moved ETH from an exchange to the wallet without issue. I then bought "SOL" within Metamask then tried to move SOL to a Solana wallet. I don't recall which one. It looks like SOL within Metamask is actually not the SOL coin at all but a wrapper, so it's not one to one compatible across Metamask to a non-Etherium wallet. I ended up exchanging back from SOL to ETH and stopped there, costing me the gas fees which was not significant but still a waste. There seems to be another third party bridge that is required to go from an Etherium wallet to a different platform wallet such as a Solana wallet in this case.

so, in summary, i'd need a wallet for each platform and shouldn't go from wallet to wallet but rather exchange to ETH wallet to exchange to SOL wallet, correct?

 
Pigskin Fanatic said:
i opened a Metamask account a few months ago and made a couple of mistakes that I meant to ask here. Metamask is an Etherium wallet. I moved ETH from an exchange to the wallet without issue. I then bought "SOL" within Metamask then tried to move SOL to a Solana wallet. I don't recall which one. It looks like SOL within Metamask is actually not the SOL coin at all but a wrapper, so it's not one to one compatible across Metamask to a non-Etherium wallet. I ended up exchanging back from SOL to ETH and stopped there, costing me the gas fees which was not significant but still a waste. There seems to be another third party bridge that is required to go from an Etherium wallet to a different platform wallet such as a Solana wallet in this case.

so, in summary, i'd need a wallet for each platform and shouldn't go from wallet to wallet but rather exchange to ETH wallet to exchange to SOL wallet, correct?
Click to expand...
The short answer is yes. Think of each network as a separate highway, each only allowing certain color cars. In order to get an asset from one highway to another, you have to 'wrap' your car in the appropriate color and cross the bridge. 

Metamask does allow you to house the wallets of several different networks, however. For example my ETH, BSC, and AVAX wallets are all in Metamask. Afaik, Solana and ADA still require separate browser add-ins.

 
BigGDan said:
My best guess is that June will be a relief rally month that will see bitcoin hit that $38-$40k range sometime within the month.  I'm still calling for sub $20k bitcoin in the coming months.  I've got my buy orders between $14k-$19k.  Stack Sats and don't look back.
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Well at least he was right about this 

 
Captain Cranks said:
The short answer is yes. Think of each network as a separate highway, each only allowing certain color cars. In order to get an asset from one highway to another, you have to 'wrap' your car in the appropriate color and cross the bridge. 

Metamask does allow you to house the wallets of several different networks, however. For example my ETH, BSC, and AVAX wallets are all in Metamask. Afaik, Solana and ADA still require separate browser add-ins.
Click to expand...


Well that all sounds super convenient.  And you forgot to add that you get to give up some of your crypto everytime you wrap it in another color.

I'm starting to side with Bill Gates on all of this.  I still hold a little in case I'm wrong and so that I have a reason to pay attention and keep learning, and there is obviously money to be made even if the utility never comes (or at least there was).  But seems to me eventually there will just be government-backed digital currencies and all this stuff will fade away like Ask Jeeves and pets.com.

 
SFBayDuck said:
Well that all sounds super convenient.  And you forgot to add that you get to give up some of your crypto everytime you wrap it in another color.

I'm starting to side with Bill Gates on all of this.  I still hold a little in case I'm wrong and so that I have a reason to pay attention and keep learning, and there is obviously money to be made even if the utility never comes (or at least there was).  But seems to me eventually there will just be government-backed digital currencies and all this stuff will fade away like Ask Jeeves and pets.com.
Click to expand...
I can't think of any new technologies that were user friendly and efficient as soon as they hit the market. 

If you keep doing the bolded I think you'll come to find there's a lot more utility to this tech than CBDCs.  

 
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