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Bitcoin-Explain to me how to buy these things


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Does anyone understand the mining process?

I see mining rigs being sold on eBay for anywhere between $200 and $2000.
I understand the energy requirement is what causes these to be worthless, but what if there was a source of low-cost or free electricity?
Do you just plug the miner in and go?

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2 hours ago, Gawain said:

Does anyone understand the mining process?

I see mining rigs being sold on eBay for anywhere between $200 and $2000.
I understand the energy requirement is what causes these to be worthless, but what if there was a source of low-cost or free electricity?
Do you just plug the miner in and go?

Yesbut.  

 

I'd say you'll probably do a lot better splitting your HW investment cost by 10, and spending each 10% slice on cryptos #6 through #15 and hold them for 3 years.   or, HODL if you're into that nonsense.  

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Here's a nonpotato version of the Charlie Lee interview.  

https://youtu.be/YyVW9SAn3FQ

The female host appears to be a moron but the other host asks a good question around 520: if people are buying technology they really don't understand on the promise of future riches, but not for the sake of actually using it, how is it different from any other get rich quick scheme?  

My issue with bitcoin is its high fees, excruciatingly slow confirmation times, and abandonment of onchain transactions making it obsolete.  Until LN proves to be widely adopted, affordable, decentralized, scalable, and secure from attack, bitcoin's protocol is a liability.  I'll confess to being way poorer right now than if I'd just held in July but this absolutely defies everything that makes sense in this world.  

Gold's usefulness as a store of value comes as a secondary effect from its other uses. If it didn't have those secondary uses it would never have become a medium of exchange or a store of value.  If the only thing propping bitcoin up at this point is normie speculation and not utility, what is it really?  

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19 hours ago, tjnc09 said:

For those who sold some of their BTC for a satisfactory profit, are you dumping that $ in ETH now?

Recently I've been day trading in it.  Something I've never believed in doing, but with this it's almost a must since it fluctuates like crazy.

For instance, the other day I sold some BTC at $16500, waited for the 2 day correction, and bought the same amount back at $14500.  With the remainder, I bought some ETH.  I've done this 3 times thus far.  Probably bite me in the a$$ eventually.

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14 minutes ago, SameSongNDance said:

Honest question, what advantage does Bitcoin Cash have over Litecoin other than the Bitcoin namesake. 

-trading around 50% of its ATH

-bitcoin addresses already have bch

-lower fees, reliable 0-confirmation transactions, better value proposition for merchants and mass adoption 

-coinbase trading goes live "before 2018" 

-litecoin same failed roadmap as core (segwit into second layer solutions) 

-best hedge against btc collapse

-direct, existential threat to btc marketshare and mining profitability

-feels like bitcoin used to 

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1 hour ago, ren hoek said:

-trading around 50% of its ATH

-bitcoin addresses already have bch

-lower fees, reliable 0-confirmation transactions, better value proposition for merchants and mass adoption 

-coinbase trading goes live "before 2018" 

-litecoin same failed roadmap as core (segwit into second layer solutions) 

-best hedge against btc collapse

-direct, existential threat to btc marketshare and mining profitability

-feels like bitcoin used to 

How can you buy Bitcoin Cash? Most sites aren’t available to United States residents

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2 hours ago, dschuler said:

How can you buy Bitcoin Cash? Most sites aren’t available to United States residents

You can buy it on any of these markets: https://coinmarketcap.com/currencies/bitcoin-cash/#markets

I'd say Uphold is the easiest to get verified on and purchase, although you will pay a slightly higher fee (1.95% I believe) than purchasing directly off an index like GDAX or Bittrex.  They also allow easy conversion between fiat/crypto/metals too.  

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12 hours ago, PinkydaPimp said:

litecoin blowing up again. 

From my house money, transferred half a LTC last week to pick up some IOTA (which is doing well itself).  My leftover half of a LTC is now equal to the full LTC I had last week. :lol:  @ren hoek are you a LTC holder?

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Well, my $50 toe dip finally is available on uphold, right AFTER all of the non-bitcoin cryptos run up.

Where would you put your money right now out of the following options (or wait)?:

  • Bitcoin
  • BAT
  • Ether
  • Litecoin
  • Bitcoin Cash
  • Dash
  • Gold or Silver

Please show your work.  TIA, will answer yours.

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10 minutes ago, Jayrod said:

Well, my $50 toe dip finally is available on uphold, right AFTER all of the non-bitcoin cryptos run up.

Where would you put your money right now out of the following options (or wait)?:

  • Bitcoin
  • BAT
  • Ether
  • Litecoin
  • Bitcoin Cash
  • Dash
  • Gold or Silver

Please show your work.  TIA, will answer yours.

For dabbling, BAT are $0.23 each right now, and it's been fluctuating between .17 - .22 for the last week or so. I think it's good for long term (check out ren's Brave browser thread for more info), and your best bet to get a larger quantity due to the lower price at the moment. Just my :2cents: 

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Just now, Nathan R. Jessep said:

For dabbling, BAT are $0.23 each right now, and it's been fluctuating between .17 - .22 for the last week or so. I think it's good for long term (check out ren's Brave browser thread for more info), and your best bet to get a larger quantity due to the lower price at the moment. Just my :2cents: 

That's the one I've been eyeballing, but I have a hard time spending 0.23 when it was 0.17 just 2 days ago.  :hot:

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Just now, Jayrod said:

That's the one I've been eyeballing, but I have a hard time spending 0.23 when it was 0.17 just 2 days ago.  :hot:

Yeah, might give it a day or three and see if it dips again. My transaction is still pending (today is the 7th of 5-7 business days :tinfoilhat:) but I locked in at .21 

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Just now, Nathan R. Jessep said:

Yeah, might give it a day or three and see if it dips again. My transaction is still pending (today is the 7th of 5-7 business days :tinfoilhat:) but I locked in at .21 

I sent my funds to my USD card first, so I wasn't locked in at all (I didn't understand the process initially).  I thought it was going to pan out in my favor with that short drop across the board last week, but wake up this morning, see the funds are now available and then look at the prices.  :shock:

 

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Been doing some reading about Ver. This guy is not very well liked in the crypto community. Lots of people think he's shilling for BCH, and it does look like he has a pretty vested interest in it doing well relative to BTC. Lots of contention against some of the stuff he said in that video Ren posted. Not sure where I come out on all of it, just some food for thought. 

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49 minutes ago, Nathan R. Jessep said:

From my house money, transferred half a LTC last week to pick up some IOTA (which is doing well itself).  My leftover half of a LTC is now equal to the full LTC I had last week. :lol:  @ren hoek are you a LTC holder?

I used to be.  I don't think it has much going for it.  Charlie Lee was a big bitcoin maximalist during the Segwit2x debate and went out of his way to kind of preserve this 'Bitcoin as gold, Litecoin as silver' hierarchy, which to me is really a myth.  Litecoin's had like a 4 year headstart on virtually every other currency and had a relatively pathetic marketcap until very recently.  

The reason we have Core shills telling people to use Litecoin for transactional use (since Bitcoin is worthless for that anymore) is because they know it isn't a threat like Eth and BCH are.  

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39 minutes ago, Peyton Marino said:

Been doing some reading about Ver. This guy is not very well liked in the crypto community. Lots of people think he's shilling for BCH, and it does look like he has a pretty vested interest in it doing well relative to BTC. Lots of contention against some of the stuff he said in that video Ren posted. Not sure where I come out on all of it, just some food for thought. 

Ruben had a good interview with him. Well worth a watch, for his concise explanation of bitcoin/crypto, for his passionate defense of Ross Ulbricht, for his anecdotes about renouncing his USA citizenship and more..

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41 minutes ago, Peyton Marino said:

Been doing some reading about Ver. This guy is not very well liked in the crypto community. Lots of people think he's shilling for BCH, and it does look like he has a pretty vested interest in it doing well relative to BTC. Lots of contention against some of the stuff he said in that video Ren posted. Not sure where I come out on all of it, just some food for thought. 

It really depends on which community you side with.  If you're talking about the bitcointalk forums and bitcoin subreddit, dissenting opinions that question development of Blockstream/Core are heavily censored and outright banned.  They banned me too.  It's really not inline with what ought to be a decentralized and open community.  By contrast the btc subreddit supports him but at least you can post what you think there without being censored.  The real question is, what part of his argument do you disagree with?  

Ver has some temperamental issues but he's on the right side of history here.  Ver was the original bitcoin guy.  Still would be today if blockstream hadn't made the formal decision to cripple bitcoin so they could make money off it.  

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Kind of sucks watching this manic phase and not having more of a stake in it.  I think sometime within the next 6 months we will see another major crash.  Could be tether/bitfinex unraveling, could be a big short by the futures markets, could be regulators cracking down, could be a stock market crash, could be another war, could be any number of things that cause it.  Crypto markets are absolutely booming at ATH and when it crashes, the whole marketcap contracts massively.  I have about 33% of everything sitting in gold for such a scenario.  I feel like things are much more tenuous than market sentiment is letting on.  I absolutely believe most of this dumb money that entered bitcoin will get wiped out.  I mean, are we really buying bitcoin at $17k?  

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