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Bitcoin-Explain to me how to buy these things (3 Viewers)

I still don't feel comfortable with any of this...

I'll ask the donk question....why are there 100 different crypto coins

 
I'm almost a complete laymen but even I understand concepts like blockchain, mining, differing supply and etc. You have people hearing about and signing up for Coinbase, depositing money, seeing that LTC is much cheaper than BTC and dumping money into it. They don't understand that there will be 4x as many LTC than BTC when all is said and done but just assume it will follow the exact same trajectory. They sure as hell don't know anything about the underlying technology. 

I read a post on reddit the other day of some dude dumping his life saving into LTC at 350 a coin and panicking when the price dropped because he thought it would transfer into his account immediately; he didn't know he'd have to wait a week to receive it. It could obviously just be a troll post but I could envision someone doing something similar even if it's not with their life savings.

And even if it's just FUD, if there is an iota of truth to people taking out mortgages to buy BTC  :no: . We're talking a completely unregulated market intertwining with the overall economy; we're talking about real systemic risk. I don't know, some of this #### scares me.

 
Otis said:
I work with these young 30 year olds who got into this stuff months or years ago, and either have hundreds of thousands in this stuff or more.  One guy sitting on about 2 million bucks; never put in a penny, started off mining/trading the stuff years ago.

I don't know what I'd do if I had 2 mill in there right now.  Though I guess I understand the logic of "letting it ride," if you're a young guy and don't need the money right now.  You may well see another 5x or 10x over a few years and then cash out with real serious retirement money.

Crazy.  I feel like a total schlub working for an hourly wage.
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I'm not really into risking my cash unless I'm gambling. And that is small amounts. Ill be the hourly schlub

 
SameSongNDance said:
I'm almost a complete laymen but even I understand concepts like blockchain, mining, differing supply and etc. You have people hearing about and signing up for Coinbase, depositing money, seeing that LTC is much cheaper than BTC and dumping money into it. They don't understand that there will be 4x as many LTC than BTC when all is said and done but just assume it will follow the exact same trajectory. They sure as hell don't know anything about the underlying technology. 

I read a post on reddit the other day of some dude dumping his life saving into LTC at 350 a coin and panicking when the price dropped because he thought it would transfer into his account immediately; he didn't know he'd have to wait a week to receive it. It could obviously just be a troll post but I could envision someone doing something similar even if it's not with their life savings.

And even if it's just FUD, if there is an iota of truth to people taking out mortgages to buy BTC  :no: . We're talking a completely unregulated market intertwining with the overall economy; we're talking about real systemic risk. I don't know, some of this #### scares me.
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It should only scare you if you are over your skis. I have 1500 in it. I wouldn't love to wake up tomorrow and see LTC was 4.00 a share, but I'd get over it. 

People taking out second mortgages and over borrowing -- well that's just dumb.  

 
Ver definitely lost his cool there.  I don't think we should be deifying anyone here.  He's not wrong though.  I mean about stuff that actually matters, not the ethnic slur or whatever.  Bitcoin was designed to be an electronic p2p cash system.  Not less affordable than credit cards/Western Union combined and slower than a FedEx Ground delivery.  

Suggesting that BCH somehow has less of a claim to the Bitcoin brand than BTC is totally bogus.  They share the same genesis block.  It is a fork of the same chain.  It has no less of a claim to the brand than Ethereum Classic had to Ethereum. As far as I'm concerned, it is Bitcoin.  If it's #3 overall marketcap and billions in volume are any indication, millions of other people think so too.  Not the frankencoin Blockstream built so they could make money off it.  It's right there plain as day.  

The plan was always to gradually increase the blocksize as the mempool filled up.  Anton said so himself.  It wasn't until Blockstream received 72 million bucks from banks and VC firms that the narrative changed.  

sjslacker said:
  • BTC transactions do not take days or weeks
  • BTC transactions do not cost $50-100 regularly (especially if SegWit is used, C'MON Coinbase get Segwit implemented!)
  • He said Core openly says they want bitcoin to have a bad user experience which is an outright lie.  Why would any devs openly say this?  Bitcoin Core Developers are working on off chain scaling solutions like Lightning Network.
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1. No, it literally can take days if not weeks.  This guy sent one a week ago trying to prove a point.  It is still unconfirmed: https://www.reddit.com/r/btc/comments/7jkpc5/its_now_been_a_week_since_willwaukee_tried_to/

2. They can easily cost that much.  

3. Openly advocating a "fee market" is pretty oblivious to user experience.  So is letting the confirmation times and fees get this outrageous.  

That's fine though.  The bitcoin developers have made up their minds and there is room for both.  Bitcoin can be the store of value, electronic p2p beanie baby system.  Bitcoin Cash will be the p2p currency people actually use to buy stuff.  

 
There hasn't been much volatility in BTC in the last couple of days and to me, it feels like it could explode or implode.  I know that's not much help but I will say I sold a little BTC and would like to buy it back cheaper.

 
chet said:
There hasn't been much volatility in BTC in the last couple of days and to me, it feels like it could explode or implode. I know that's not much help but I will say I sold a little BTC and would like to buy it back cheaper.
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I fele like it's just being shuffled around. Looks like a fair amount of BTC was exchanged for BCH. 

 
Rhythmdoctor said:
Can anyone detail step-by-step how to store couns offline for maximum security? I have about 10 ETH coins on coinbase and not sure how best to securely store them. 
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Here's the most secure method I've found

1 sell eth coins

2 transfer real money to bank acct

 
chet said:
There hasn't been much volatility in BTC in the last couple of days and to me, it feels like it could explode or implode.  I know that's not much help but I will say I sold a little BTC and would like to buy it back cheaper.
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Bubble gonna burst come first of the year, anyone holding at a massive profit, now might be a good time to step out and look for a bottom back closer to 5k.  When it bursts its going to fall fast.

 
hooter311 said:
Bubble gonna burst come first of the year, anyone holding at a massive profit, now might be a good time to step out and look for a bottom back closer to 5k.  When it bursts its going to fall fast.
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Why do you figure it falls the first of the year?  

Congrats by the way :jelly: 

 
hagmania said:
You coming back for 933?
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I could only hope.  I've screamed from the rooftops that the blockchain is infallible and I still firmly believe that, but I also believe that its being institutionally manipulated to create the "bubble".  Based on scarcity and cost of mining, I'm pegging the intristic value closer to 6k then where its at currently.  Its always been cheaper to buy a bitcoin than it is to mine a bitcoin, although I'm not the most tech savvy person in the world, I don't believe that to be the case at $15k (*).

*I get sick when I check the current prices, so those are usually guesses.  

 
hooter311 said:
Someone else mentioned this in the gambling thread, but there are those of us that believe that institutions are driving the price up in order to short it.
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I follow Parabolic Trav on twitter and he had an interesting take on game theory behind the futures market and what it meant for Bitcoin.

Basically he anticipates that futures market will allow companies like Square and Cash App to be able to hedge Bitcoin price risk so they can take expand their offerings.  They're not exchanges, rather these companies would need to purchase Bitcoin so users can purchase directly from them rather than an exchange.  Shorting allows them to hedge their risk of holding Bitcoin.  Wall Street would want to go long on BTC and bid it up and leverage their futures to cash in.  I'm very curious how it's all going to play out.

https://www.youtube.com/watch?v=URQESyfrSu4&feature=youtu.be (~10min video)

 
ren hoek said:
Ver definitely lost his cool there.  I don't think we should be deifying anyone here.  He's not wrong though.  I mean about stuff that actually matters, not the ethnic slur or whatever.  Bitcoin was designed to be an electronic p2p cash system.  Not less affordable than credit cards/Western Union combined and slower than a FedEx Ground delivery.  

Suggesting that BCH somehow has less of a claim to the Bitcoin brand than BTC is totally bogus.  They share the same genesis block.  It is a fork of the same chain.  It has no less of a claim to the brand than Ethereum Classic had to Ethereum. As far as I'm concerned, it is Bitcoin.  If it's #3 overall marketcap and billions in volume are any indication, millions of other people think so too.  Not the frankencoin Blockstream built so they could make money off it.  It's right there plain as day.  

The plan was always to gradually increase the blocksize as the mempool filled up.  Anton said so himself.  It wasn't until Blockstream received 72 million bucks from banks and VC firms that the narrative changed.  

1. No, it literally can take days if not weeks.  This guy sent one a week ago trying to prove a point.  It is still unconfirmed: https://www.reddit.com/r/btc/comments/7jkpc5/its_now_been_a_week_since_willwaukee_tried_to/

2. They can easily cost that much.  

3. Openly advocating a "fee market" is pretty oblivious to user experience.  So is letting the confirmation times and fees get this outrageous.  

That's fine though.  The bitcoin developers have made up their minds and there is room for both.  Bitcoin can be the store of value, electronic p2p beanie baby system.  Bitcoin Cash will be the p2p currency people actually use to buy stuff.  
Click to expand...
Re: fees below is a chart of average historic Bitcoin fees.  Currently sits ~$15-20, definitely way higher than most people would like but far from the $50-100 Ver was suggesting.  Could there be some fees $50+ probably?  But for him to suggest that it's $50-100 regularly is a joke.

https://bitcoinfees.info/

Also I agree Bitcoin cash is a version of Bitcoin but it's still not Bitcoin.  Why try to purposely confuse people about this?  Ver is CEO of Bitcoin.com, they have a bitcoin.com wallet where Bitcoin cash is listed first then "Bitcoin core" (screenshot below).  Why call it "Bitcoin core"?  To dilute the Bitcoin brand.

https://goo.gl/images/Nanccb

It also gives you options to buy Bitcoin.  If a new user is unfamiliar with how things work they can easily get screwed.  When you go to buy Bitcoin on the wallet it asks you to put in a Bitcoin address.

From Exodus support site:

http://support.exodus.io/article/154-what-is-the-difference-between-bitcoin-and-bitcoin-cash

"However, it is imperative to understand that Bitcoin (BTC) and Bitcoin Cash (BCH) are now two entirely separate currencies. Mistakenly sending BTC to a BCH address, or vice-versa, will frequently result in the loss of those funds. Bitcoin is as different from Bitcoin Cash as Litecoin is from Dogecoin."

So if a new user accidentally buys BTC and sends to a BCH address they likely will lose their funds.  This is the kind of thing that seems disingenuous to me.  When Bitcoin Cash forked why didn't they change their wallet address format so things like this wouldn't happen?  Why push BCH on a bitcoin.com wallet?  Lots of folks are going to have to learn the hard way if they started at Bitcoin.com to learn.  It's a shame.

If Bitcoin Cash ends up being the superior protocol with faster payments and lower fees then that's great.  Users have more choices.  But what Ver is doing is not just promoting his project but rather spreading misinformation and causing confusion about Bitcoin.

 
belljr said:
not yet.

But what I want to get is not on Coinbase.  So I read an FAQ that basically goes like this

Open Coinbase account  - Setup authentication with Authy app

Then I need to either opne a wallet for XRP on gatehub, biitrex

Open account at Changelly

Buy BTC on coinbase

open my ripple wallet

Open Changelly

Give that my Ripple Wallet address

Go to coinbase hit send

seems like a lot can go wrong
Click to expand...

 
Have been trying to get verified at CoinBase for 2 days now. 

Uploaded photos of Driver License and photo on laptop. Waited 12 hours. Nothing. No email denial. Page just had a button to verify again. Okay. Used App to take photo of DL and my face. Okay..... 30 mins later... nothing. No email denial. Just a button to verify again. 

For the future of currency, this industry seems to be running on tech quality from 1992. :lol:   About to give up if Coinbase cant even verify my account. Tried again "Our servers are under heavy load. Try again in 30 mins. 

What a ####show this whole thing is :lol:  

 
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