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Bitcoin-Explain to me how to buy these things (4 Viewers)
- Thread starter Sheriff Bart
- Start date
FreeBaGeL
Footballguy
There are a bunch of gaming cryptocurrencies that I want to get into, but I'm very leery of the way they are currently just acting as leveraged bitcoin. They all plummeted during today's BTC drop and then bounced back almost on the same tick as BTC. I'd love to see them acting a bit more independently as I have a whole bucket of ones I want to get into as soon as this Binance withdrawal lockup ends.
KGB
Footballguy
lumpy19
Footballguy
Any Bitcoin experts want to help me out? I have a confirmed transaction sent from wallet A and it's not showing up in wallet B, been about 2 hours. I've sent hundreds of transactions, had some hang for days but they were unconfirmed, never seen this.
verified the address, was sent by scanning the QR code, so confused as to why it’s not showing up in wallet B. I’m the owner of both wallet A and wallet B
verified the address, was sent by scanning the QR code, so confused as to why it’s not showing up in wallet B. I’m the owner of both wallet A and wallet B
jb1020
Footballguy
JerseyToughGuys
Tough Guy
Throw the transaction ID into here and see what it says:
https://blockstream.info/
That's a good starting point.
JerseyToughGuys
Tough Guy
If that shows a confirmed tx then it's very likely a wallet issue. Which wallet are you using?
FreeBaGeL
Footballguy
I actually had something similar happen last night sending XLM from Coinbase to Gate.io. Transaction was confirmed which usually for XLM means it shows up pretty much instantly in the new wallet. But for some reason last night it took several hours to show up, but it did eventually.
lumpy19
Footballguy
22 confirmations and in privacy analysis it says possible self transfer, damn they’re onto me
JerseyToughGuys
Tough Guy
sounds like a wallet issue. I'd contact blockchain.com. They probably have it in their FAQs.
lumpy19
Footballguy
Dan Lambskin
Footballguy
SFBayDuck
Footballguy
It's all these stories that make it obvious to me that crypto, with current tech, can't be considered a currency. It just can't be if transactions take minutes, let alone hours or days. I mean I can transfer money instantly with any number of fintech apps on my phone, and it's in the other persons account in seconds. What do I need crypto
That being said, I own like 7-8 different coins across two platforms, so I obviously believe there is opportunity here for "actual money" to be made. Perhaps it really is just a store of wealth, digital gold if you will, because we have collectively decided (for now) that it has value. But other than that is there utility?
Chaos Commish
Footballguy
There's been major congestion across networks with heavy profit taking at these aths and near aths. A couple days ago there was a reported 1.5 million members on Robinhood waiting hours, as much as 24 hours, for BTC sells to execute.
Desert_Power
Footballguy
In some cases. Wires are real-time of course, but a vast majority of bank transactions go through private clearing houses where the member institutions can reverse the transaction if fraudulent. Not a loan technically (or under accounting policies) because the clearing house settles it. Still, I think the industry has mostly moved to T2 as that is about as fast as these old mainframes can run. Just a technicality here.
Regardless, I agree with the gist above that most crypto is never going to be a currency.
SFBayDuck
Footballguy
Oh I know. But I can Zelle money to my 75 year old father in law in Mexico and it’s deposited in his bank account instantly. The behind the scenes doesn’t matter from a customer experience perspective, the tech is there. He just knows he gets his money the minute I send it. Oh yeah, and it’s free to he and I, I’m not paying an additional seemingly random percentage in ridiculous fees depending on the time of day of the transfer.In some cases. Wires are real-time of course, but a vast majority of bank transactions go through private clearing houses where the member institutions can reverse the transaction if fraudulent. Not a loan technically (or under accounting policies) because the clearing house settles it. Still, I think the industry has mostly moved to T2 as that is about as fast as these old mainframes can run. Just a technicality here.
Regardless, I agree with the gist above that most crypto is never going to be a currency.
Meanwhile, here I am checking my coinbase balance a few times a day…..
lumpy19
Footballguy
Chaos Commish
Footballguy
Several huge banks, mostly non-US, are already using Ripple, Link, Tron and probably others to execute transfers. Blockchain tech is faster and cheaper, more efficient.
From a BofA study:
"In the future" is the key phrase there. Crypto is still an infant. It's development has huge potential and the brightest comp sci minds in the world are nurturing it. Regulatory lunacy is pretty much the only thing that can stop it from maturing and taking over. Would you rather buy Tesla now or back in 2010?
Captain Cranks
Footballguy
Fell for my first scam. I'm surprised it took this long with as much shoot first, aim later I do. People were talking about CWAR getting listed on Kucoin this morning. Rather than wait for it to open for trading, I decide to get cute and buy it on Pancakeswap. Nope. Wrong CWAR. Goodbye $500.
beer 30
Footballguy
Captain Cranks
Footballguy
FreeBaGeL
Footballguy
The behind the scenes does matter in some cases.
I transferred 30k from my bank account to SoFi for the RIVN IPO. I only ended up getting allocated $3000 worth of shares. Now for all intents and purposes my SoFI account is showing $30k. But I only have $5k that I can actually use, and $0 that I have to withdraw. I have to wait 3-5 days for that money to actually show up so I can withdraw it. And then when I send it back it's another 3-5 days before to get back to my main bank account in a state I can actually withdraw it.
I'm also trying to pull some money out of my stonk gains to move into crypto. 3-5 days waiting on TDAmeritrade to get that money to me so I can deposit it for crypto. At which point Coinbase will fudge the deposit and give me some percentage of it to use instantly, while I wait for the rest.
Once it is finally into actual crypto and out of fiat, I can start moving it around wherever I want in seconds/minutes.
The "instant" fiat transfers are just band-aids that are dependent on financial institutions that believe they can make more money off of us by lending that money out. It's not really reliable long-term. It has many limitations and it can end in an instant if those institutions either feel they're not making enough money on it or if they enter financial hardship (like if the economy turns south).
Yes there is still a ton of PITA in the crypto. It's not intuitive, and sometimes transfers from one coin to another take multiple steps (transfer from coin A to coin B to coin C to finally get to coin D). But it's still in its infancy. Using it now I can see what all the fuss is about, because at its core this is how these things should work.
We are a long ways off from mass adoption. To my old eyes it took a lot of time to figure out and I'm still a long ways off from truly understanding it. But the younger folks that have grown up with computers and this stuff seem to pick it up much faster.
Grandpa is never going to use this stuff. But in 50 years when grandpa is dead and modern teenagers are grandpas I would be surprised if it's not the standard. The benefits are too obvious when it is in use and the people that grow up with an understanding of it I think realize that too easily.
Chaos Commish
Footballguy
I say this a lot irt crypto transactions. Measure twice, cut once. And tbh, I measure about 5 times cuz I'm paranoid of doing something wrong. Sorry for your loss.
Here's how I almost got scammed. I follow so many projects official twitter feeds that some of them follow me back. Micro-caps. But one day Theta followed me. Cool. Top 50 project. Look at me. A good three months later I got a very professional offer from Theta, just for those they follow back. So cool. Trust me the logo and everything was spot on. I believed. But part of my measure measure measure process hads me check out twitter for others who may have tweeted about the offer. Nada. So I went to the Theta site to see if it was mentioned there. Nada. So I checked the addy closely. Same as what you did. It was Theta but the wrong Theta. Sheesh.
Also, been a long long time since I've done anything but try to mint nfts. I staked cake last jan for a yr and I'm sort of waiting for that to free up. Yesterday I went for micropets. Bought two. A grown dog and a puppy. Got lucky twice (it's blind mints). A full grown Shiba Inu and a puppy Shiba Inu (rares in that space). Staked them at 536%.
Today I think I'm grabbing the cheaper Unicorn on PolkaPets. Looking for a way to avoid gas atm. It's DOT, why pay gas? Frustrating they're using Open Sea.
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JerseyToughGuys
Tough Guy
Silence on the VanEck Bitcoin ETF front is interesting. Decision is due November 14 and I don't believe they can kick it any further down the road. Recent price action suggests it won't be approved? Guess it depends on if you are looking at the pop earlier in the week or the subsequent draw down.
JerseyToughGuys
Tough Guy
Haven’t followed this thread in awhile so pardon if shared already but this kid is a good follow if you are into on chain metrics
https://twitter.com/wclementeiii/status/1459162455943303168?s=21
https://twitter.com/wclementeiii/status/1459162455943303168?s=21
I’ll be honest, I’ve always maintained that I thought the tech would end up winning out more than the coins. I mean new coins come out every other week it seems like.
I have $1 in my wallet and I rarely ever pay cash for anything even at small tournament vending. I already feel like my money is digital.
If the coin is $60k or $5, the coin price doesn’t matter if you are using blockchain to transfer money faster. The money isn’t sitting anywhere.
Also, on your Tesla investment, there’s a lot of non-first winners. Would you rather have Yahoo, Alta-Vista, Lycos and Excite stock from the late 90s or Google from 2004? Would you rather have Dell, Gateway, Nokia and Motorola stock or Apple?
It’s in the infancy, but there could be different winners and even different technology winners. All I can say is it will be interesting but I’d think the alt coins are probably the least likely to succeed, especially the ones with little to no utility.
JerseyToughGuys
Tough Guy
BTC the asset v. Bitcoin the network imo. I don't think the non-first winners caveat works as well for networks and Metcalfe's law. We've seen that quite a bit in recent history.
The ledger technology behind blockchain is pretty simple. The network effects make it powerful.
Chaos Commish
Footballguy
yup yup. I read a 92 page brief by the EU's financial authority. It vetted 7 major crypto projects and found them embellishing and wanting. It detailed how traditional business could leverage blockchain withot the "fund raising" aspects of the current coin and token driven environment. It's conclusion was blockchain good, crypto not so necessary. It spooked me a little and I posted here to expect a lot more fud and volatility. Oddly the EU followed up recently with a very pro crypto statement, and crypto friendly regulations are in the works.
JerseyToughGuys
Tough Guy
Turned out to be one of the most bullish things to happen during this cycle. Good ol' crazy Saylor.
Captain Cranks
Footballguy
I like that they can't be bothered to find a picture of him from the last ten years.
I understand the mining/fees (no different than Visa/MC) and I can see the network affect, but when you talk about a transfer where banks use the blockchain to securely transfer money and pay 0.1% to miner B to do the work, why does it matter if you used 0.5BTC or 0.005BTC in the middle? That’s where I’ve always struggled with the coin value. I look at it like Visa’s network. Ignoring the “lending/interest rate” parts of a credit card, there’s sort of a middle layer coin where I transfer my USD (basically a debt) to Visa Coin and then Visa Coin is changed to USD, Euro, what have you and is given to the seller. Visa chips a bit off the top.
I don’t want to be a grandpa or a downer and my crypto investments while not huge have made me a bit of money, but I feel like someone is going to come up with something more like that where the coin/token isn’t really worth anything. Heck, it could be the networks that are already there and the coins will sort of be immaterial. The guys who make the most money are the ones who take in the fees and the folks who potentially run the network and maybe rent out space. You could say the latter folks are the coin holders but again I think that will end up being transaction fees.
Still not a personal fan of his but he did kill it. I’d still buy BTC over his company stock but he invested at the right time.
Captain Cranks
Footballguy
This is why I'm coming full circle on BTC. It's definitely not the best tech, but due to its age and being synonymous with cryptocurrency, it's what the institutional and sovereign funds will be piling into once they get regulatory clarity from the US.
JerseyToughGuys
Tough Guy
Or, they will come up with something where the coin/token is the settlement layer. Maybe something like this:
https://twitter.com/jchatterleyCNN/status/1444034056379932678?s=20
Yep, I think that’s what I see. If the fee is $5, then you get 0.xxx of a BTC but it doesn’t matter if it’s $1M per BTC or $100. That just changes the slice amount you get, but you pull it out in your currency.
He evens says that the price of BTC doesn’t matter. I’m in 100% agreement with him.
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JerseyToughGuys
Tough Guy
Right. It's already there and growing via Metcalfe's law. Time will tell if it reaches a tipping point and goes parabolic (lightning network usage - not BTC price)
https://bitcoinvisuals.com/lightning
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JerseyToughGuys
Tough Guy
as an aside, the notion of "your currency" as opposed to "a currency" is going to get very blurry very quickly, especially if CBDCs get into the mix.
I’d invest in his company because this is the thing that becomes the next Visa so to speak.
JerseyToughGuys
Tough Guy
SFBayDuck
Footballguy
Good conversation, I appreciate the replies. I totally am a believer in blockchain as a better way to accomplish any number of transactions, especially financial ones. I worked in sales at IBM from '14-'19, and while I wasn't selling their blockchain I took advantage of the internal education they had and went to a few events to learn about the tech. So not an expert by any means, but at least familiar with the tech for several years now.
So I see utility in that, and I guess there has to be some reward for those on the network "doing the work", hence coins. But it seems we've taken a huge leap from there to "let's speculate on 100s/1000s of coins".
Alright, back to hitting refresh on Coinbase, let's go ALGO!!!!
So I see utility in that, and I guess there has to be some reward for those on the network "doing the work", hence coins. But it seems we've taken a huge leap from there to "let's speculate on 100s/1000s of coins".
Alright, back to hitting refresh on Coinbase, let's go ALGO!!!!
JerseyToughGuys
Tough Guy
Arguably, the ####coins each have a place and purpose on the spectrum. Some were created to fit legitimate perceived needs. Some are money grabs.
Those that started with huge setaside treasuries or “premines” should be viewed with skepticism.
Also, the ####coins with very specific shiny new “features” are likely to be replaced by the next shiny thing with improved “features.”
.
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Leeroy Jenkins
Footballguy
Any of you guys use Gemini?
Motley Fool (got their service for free via Amex) just sent out an email that if you buy $1000 of crypto on Gemini, you get $150 worth of bitcoin. Worth doing and using that exchange?
Motley Fool (got their service for free via Amex) just sent out an email that if you buy $1000 of crypto on Gemini, you get $150 worth of bitcoin. Worth doing and using that exchange?
Leeroy Jenkins
Footballguy
I agree. Blockchain should be leveraged as security for any number of transactions and data/record security. Where are those investment opportunities?
Chaos Commish
Footballguy
Welp, on to the more amazing part of the discussion. It's been exactly month since I put 10k into some micro-cap pumper I found on twitter called Saitama. It just broke 100k. What the hell, this is crazy.
JerseyToughGuys
Tough Guy
