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Bitcoin-Explain to me how to buy these things (4 Viewers)

Just ran into the librarian at our kid's school. Funny, cool, but geeky guy who usually cracks me up at least once every time I run into him. I overheard him telling someone not to buy in right now, so I asked him if he was into the whole Bitcoin thing. Turns out he just hit the million mark on it and is seriously considering quitting and just doing day trading with this stuff full time. Says he's basically making his same salary with the amount he's doing already anyway. 

Crazy. 

Oh, and he said if I was thinking about it, not to jump in just yet. Said a group he meets with whose opinions he highly respects expect it to fall to the 2000 range sometime soon.  Said to buy in then, because he's seeing 40k range in a couple years. 

Wish I had some money to play with and wasn't clueless about all this...

 
So how does this work? It shows me locked in right now at my price but litcoins have already made MAD MONEY? My profits will be there when it clears on Friday? 

 
Capella said:
So how does this work? It shows me locked in right now at my price but litcoins have already made MAD MONEY? My profits will be there when it clears on Friday? 
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The bubble is going to burst Thursday night according to my sources so when it clears friday you'll have $0.22.....and there's nothing you can do about it now.

 
jhib said:
Just ran into the librarian at our kid's school. Funny, cool, but geeky guy who usually cracks me up at least once every time I run into him. I overheard him telling someone not to buy in right now, so I asked him if he was into the whole Bitcoin thing. Turns out he just hit the million mark on it and is seriously considering quitting and just doing day trading with this stuff full time. Says he's basically making his same salary with the amount he's doing already anyway.

Crazy.

Oh, and he said if I was thinking about it, not to jump in just yet. Said a group he meets with whose opinions he highly respects expect it to fall to the 2000 range sometime soon. Said to buy in then, because he's seeing 40k range in a couple years.

Wish I had some money to play with and wasn't clueless about all this...
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As @ren hoek stated I think it would take a hack or fraud at one of the major exchanges or crippling regulations for this to happen. It's probably inevitable but I don't know how you can predict this to happen "sometime soon". Plus, if that did happen wouldn't it be followed up by a bear cycle like what happened post MtGox?

I also like how after this tweet..

Charlie Lee [LTC]‏Verified account @SatoshiLite

Ok, sorry to spoil the party, but I need to reign in the excitement a bit... Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can't handle LTC dropping to $20, don't buy!
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Everyone was like "#### you Charlie we're pumping this to $400."

 
40k seems reasonable. I keep hearing 10% of gold's market cap as an intermediate term price target. That would put us around 50k. I'd like to hear more about why they think the crash to 2k is inevitable. @jhib can you get your librarian's friends to sign up here and weigh in?

 
Peyton Marino said:
40k seems reasonable. I keep hearing 10% of gold's market cap as an intermediate term price target. That would put us around 50k. I'd like to hear more about why they think the crash to 2k is inevitable. @jhib can you get your librarian's friends to sign up here and weigh in?
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Yes I would unironically appreciate the librarian's take too 

 
Peyton Marino said:
40k seems reasonable. I keep hearing 10% of gold's market cap as an intermediate term price target. That would put us around 50k. I'd like to hear more about why they think the crash to 2k is inevitable. @jhib can you get your librarian's friends to sign up here and weigh in?
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Keep in mind that I don't know what I'm talking about and was having a hard time listening while thinking about how I wish I were a Bitcoin millionaire, too.  

Certainly didn't say it was inevitable, but talked about how a good friend of his wanted him to invest some thousands for him and he advised him against it until it drops.  He said he pulled 1/3 out himself, but will put it right back in if it does drop. 

I would have asked him to explain the group's reasoning, but suspect I wouldn't have understood enough to relay the info anyway. 

Will see if I can find him again in the next couple of days. 

 
Nathan R. Jessep said:
Yes, you lock in your rate at the time of your purchase, even if it's pending for several days. 
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Benefit of Coinbase vs GDAX and other exchanges. Also, I'm not sure other exchanges are FDIC insured like Coinbase (Looks line Gemini is as well). 

Sure you pay higher fees but locking in rates and the FDIC insurance is worth it.

 
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I think, Coinbase/Gdax has a confusing fork policy. That's a problem,,particularly right now, while several BTC forks are happening, you don't want to lose out on those dividends that you can turn into more BTC, if you want. Now,,should one of these coins ever become a big deal and you missed out ... sucks for you if you didn't make sure you were able to claim it. You should own your private keys.

Binance, has a policy that is pretty clear, if you want to keep your coins on an exchange, and get, at least the viable forks. Like, I got Bitcoin Diamond on Binance, but I can't do anything with it, yet. Still, you want to make sure you really "own" your Bitcoin as these forks happen. Novaexchange has publicly stated even, they do not support any forks. You got BTC on there right now? Too bad. No forks for you.

Warning! Referral link incoming!

https://www.binance.com/register.html?ref=10970960

 
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Obviusly, I am not betting the farm on XP coin, it's a huge float, but if it becomes worth 5 satoshis, that's a huge gain from where it is now. My portfolio right now is heavy in BTC of coirse, I also own some NEO getting monthly gas, some Ethereum, just kinda been in aquire mode across the board, Litecoin as well of course, Dash. Not really trading or anything, just aquiring and holding.

That's ... long term, whatever that is in this market, 3 years, a good strategy. Fully comitted to the core, but also aquiring new assets along the way. Buy and hold, and wait and see. Don't do anything stupid.

 
There's a kid on youtube, CryptoNick, 17 years old, became a millionaire maybe not a total idiot ... time will tell, but these youtube ballers, just ... not gonna end well.

 
Do I need to be nervous about giving Coinbase my bank login information? I'm not loving that.

 
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Okay I've got a coworker who is itching to jump into this... 

He's looking at Ripple (XRP).. apparently an alt currency that banks are using to exchange currency? True? What's the story here? Website. 

Also where would one procure it? He was told about some exchange (GateHub) where it can be bought but has been hacked twice this week already. Was told to buy then transfer to a more secure wallet. Here's their "where to buy" page. Thoughts on best place to use? 

 
[icon] said:
Okay I've got a coworker who is itching to jump into this... 

He's looking at Ripple (XRP).. apparently an alt currency that banks are using to exchange currency? True? What's the story here? Website. 

Also where would one procure it? He was told about some exchange (GateHub) where it can be bought but has been hacked twice this week already. Was told to buy then transfer to a more secure wallet. Here's their "where to buy" page. Thoughts on best place to use? 
Click to expand...


Binance has *most* of the small coins available.   Just looked and XRP is available there. 

 
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