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Bitcoin-Explain to me how to buy these things (5 Viewers)
- Thread starter Sheriff Bart
- Start date
fantasycurse42
Footballguy Jr.
ILUVBEER99
Footballguy
I'm indifferent on BCH, but i despise the people behind it and their motivations. Jihan Wu, the guy who basically controls the mining, is truly vile.
https://twitter.com/cadillackiller/status/940586020961099776
Run It Up
Footballguy
Sorry if this has been said after the initial couple posts, didnt wanna read the whole thread, if i wanted to throw a hundo down and then a certain amount per pay period whats my best avenue. To clarify i mean what services should i go through. Is coinbase still the casual option?
Specifically btc dont wanna invest in other cryptos atm.
Also whats the deal with btc cash, i have a friend whos an actuary and vp at anpac and hes been talking about btc miners being co-opted by btc cash and i have literally no idea lol
Specifically btc dont wanna invest in other cryptos atm.
Also whats the deal with btc cash, i have a friend whos an actuary and vp at anpac and hes been talking about btc miners being co-opted by btc cash and i have literally no idea lol
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ren hoek
Footballguy
I'm picturing a scenario where Bitfinex/Tether come under audit and federal investigation. The SEC needs to "protect investors" from themselves. Whales in finance who were wise enough to buy in during the China crackdown / Dimon slander seized a golden opportunity to buy low. Institutional investment and public awareness drive the price way up. The tv networks join the speculation, talk of bitcoin hitting $100K and $1M, everyone will become millionaires.fantasycurse42 said:
A massive, coordinated sell-off creates a panic. Soft, fairweather investors jump ship. The bitcoin network turns dysfunctional, clogs the exits and exacerbates the despair. Wall Street bros make bank and buy in again. Is a scenario like that not possible whether or not the volume is there in the futures market? Pump and dumps like that happen all the time in the market for altcoins. I don't understand the finance markets well enough to figure how leverage might work but I can easily see this thing turning into a house of cards.
fantasycurse42
Footballguy Jr.
In terms of futures, I'll use gold as an example:
Each contract is worth 100 troy ounces, which is roughly 3,100 grams. In terms of dollars, per contract you're talking about roughly $125k worth of gold when settled. So far today, about 200k front month contracts have changed hands.
In terms of Bitcoin, since it launched Sunday night, I think about 2k contracts (maybe less) have changed hands.
I personally am surprised at the minimal interest so far; while I didn't think it would be anything close to gold upon launch, I did think it would be much more significant.
If it turns out Wall Street really isn't interested in Bitcoin, I think you've got a problem right there (on top of all the other problems).
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fantasycurse42
Footballguy Jr.
Just to add, I'm not positive, but I think for gold the margin requirement is about $5,500 per contract (it's somewhere in this ballpark). So with $5,500, you can expose yourself to $125k worth of gold...
Just to give you an idea of how leveraged futures are.
Just to give you an idea of how leveraged futures are.
ren hoek
Footballguy
https://twitter.com/JihanWuILUVBEER99 said:
He seems like an ok guy to me. I don't think any of this is possible without Blockstream ####### up everything Bitcoin was supposed to stand for. You seem to think he is the only person with a financial stake in how Bitcoin operates. There are a lot of monied interests pulling the strings on Bitcoin now, a Chinese miner with as much a stake as anyone else in seeing crypto succeed is probably not the first place to start.
I don't really care if his mining company is more profitable due to an "exploit" if it gives people a functional, accessible currency that actually works the way Bitcoin was supposed to. I just used it the other day to purchase a painting and it was pretty dope. Bitmain isn't the only company mining BCH, certainly not the only one when it's more profitable to do so. Miners are governed by profit motive and not much else. That's how the system was designed.
Ver and Wu are set for life. Their whole lives revolved around Bitcoin being successful, unlike the banking industry funding Blockstream. If you don't think they're ideologically sound enough read up on Peter Falkvinge or numerous other original Bitcoin developers who support BCH now.
Dan Lambskin
Footballguy
probably
Dan Lambskin
Footballguy
Also you don't want to use your coinbase wallet for any unsavory activity (e.g. gambling)
Capella
Footballguy
Capella
Footballguy
Peyton Marino
Footballguy
Peyton Marino
Footballguy
Hey Capella you may want to use GDAX instead. Still owned by coinbase but lower fees
Capella
Footballguy
Dan Lambskin
Footballguy
Capella
Footballguy
Peyton Marino
Footballguy
I've never used it. A quick Google lead me to gdax.com, there's probably an app as well.
Nathan R. Jessep
Footballguy
Go to Coinbase or Gdax (2 trusted exchanges, but there are many others... GDAX has lower fees I'm told, but I used Coinbase and it was very easy and intuitive) and sign up, get verified, fund (with bank account or credit card if you so choose) and make your moves.
BCH (Bitcoin cash) is a separate crypto coin. One of the many other ones out there. Do some research and decide which other(s), if any, you want to invest in, and go forth and conquer.
Peyton Marino
Footballguy
coinbase is basically the bovada of crypto at this point. They're charging higher prices because they know their customer base is not price sensitive. Don't feed that imo.
Nathan R. Jessep
Footballguy
Nathan R. Jessep
Footballguy
Just mail your money straight to Putin, Cappy 
Nathan R. Jessep
Footballguy
SameSongNDance
Footballguy
I sold 80% of my LTC at 250 thinking that there would have to be a correction soon. I woke up to see it at 370. I took a lot of strength for me to not immediately jump out of my window.
JerseyToughGuys
Tough Guy
Peyton Marino
Footballguy
hagmania
Footballguy
ren hoek
Footballguy
You can just click the 'bid' option for the average ratio people are submitting for buy orders. It'll get eaten up pretty quick
SameSongNDance
Footballguy
PinkydaPimp
Footballguy
On coinbase, If you dont want to enter your bank credentials, you can choose other bank and enter the account and routing number instead. then they will do test deposits and make you verify that way.
tdoss
Footballguy
Wait...what?
If you don't want to enter your bank credentials, then click other and...proceed to enter your bank credentials?!
Run It Up
Footballguy
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PinkydaPimp
Footballguy
Skoo
Footballguy
Quick note for all you noob Coinbase folk:
Gemini exchange is WAY cheaper for buying BTC and ETH. Much lower fees as well.
The one good thing about coinbase is that you can set a daily/weekly/monthly recurring buy, which I would recommend. That way you won't worry so much about the day-to-day swings.
ETA: Look at me. Been in Crypto for 6 months and I feel like some kind of veteran.
Gemini exchange is WAY cheaper for buying BTC and ETH. Much lower fees as well.
The one good thing about coinbase is that you can set a daily/weekly/monthly recurring buy, which I would recommend. That way you won't worry so much about the day-to-day swings.
ETA: Look at me. Been in Crypto for 6 months and I feel like some kind of veteran.
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lumpy19
Footballguy
Charge it all......then don't pay the CC....after a few months they'll call and you can negotiate a lower settlement.....destroys your credit but you'll be so rich from crypto you'll be paying straight cash.
hagmania
Footballguy
ren hoek
Footballguy
ILUVBEER99
Footballguy
well technically you are a vet based on adoption curve. The amount of people entering in the past 6 months is more than the amount involved before 2017.
