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Bitcoin-Explain to me how to buy these things


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3 hours ago, TheDirtyWord said:

One of the wild things about BTC is how quickly $1000 moves in it’s price point have become fairly inconsequential.  3 months ago, it was at $11K.  A $1K move meant a 9% move...now it’s less than 2.5%.

It essentially dropped $1K in the last 5 minutes.  If it had dropped that much 3 months ago, that would have brought forth a panic.  Now...ho-hum.  Even it’s 10% dip yesterday before recovering and blowing back to ATH’s didn’t merit much concern.

Certainly it’s parabolic ascent has given investors an infusion of bravado and confidence, but like Ferris said, life moves at you fast...

This really is mind blowing.  The wife and I have had a small stash of cash needing to be working for us but we've never done much with it.  Ove the Holidays I've finally talked her into moving the majority of it to Bitcoin.  I remember thinking when it hit $25k around Christmas...  

"don't worry, it will drop back to less than $20k soon.  Screw it, I'll put some in now....just incase there isn't a big dip again.  But I certainly won't put it all in cause a dip is coming."

Hits $30k

Damn you're a smart guy jb, that was genius to put that in just incase there wasn't a dip.  

Okay, maybe I should put it all in now that its at $30 and still going up.   Maybe just a little more though...

This is how my brain has been working since the beginning of the year.  

Now we're at $40k.  :oldunsure:

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My wife, who's watched me do nothing but consume crypto content on Youtube for the past three months, asked me if I'm still learning a lot.  After pondering the question for a bit, I came to the concl

Looking at my Coinbase history, I bought a little over 20 bitcoins last August to September when the price was between $577 and $716. I got out after a modest profit. Most normal people would be suici

I can’t believe what a bunch of nerds we are. We’re looking up money laundering in a dictionary.  

1 hour ago, ConstruxBoy said:

I move mine to blockchain.info. I don't have enough to get any money from BlockFi. Seems to work fine. 

What’s the benefit of putting it on blockchain over leaving it on the exchange ?  I don’t know, curious.  I mean I get taking it off to an office wallet/ledger but doesn’t an online wallet still keep it at risk and defeat the purpose of taking it off of the exchange ?

and yeah, I don’t own too much either but have seen a few dollars of interest.

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1 hour ago, jb1020 said:

This really is mind blowing.  The wife and I have had a small stash of cash needing to be working for us but we've never done much with it.  Ove the Holidays I've finally talked her into moving the majority of it to Bitcoin.  I remember thinking when it hit $25k around Christmas...  

"don't worry, it will drop back to less than $20k soon.  Screw it, I'll put some in now....just incase there isn't a big dip again.  But I certainly won't put it all in cause a dip is coming."

Hits $30k

Damn you're a smart guy jb, that was genius to put that in just incase there wasn't a dip.  

Okay, maybe I should put it all in now that its at $30 and still going up.   Maybe just a little more though...

This is how my brain has been working since the beginning of the year.  

Now we're at $40k.  :oldunsure:

😂😂that was basically my little brother at 19k, I’ll just wait for the dip and here we are.  

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19 minutes ago, CowboyFan4822 said:

What’s the benefit of putting it on blockchain over leaving it on the exchange ?  I don’t know, curious.  I mean I get taking it off to an office wallet/ledger but doesn’t an online wallet still keep it at risk and defeat the purpose of taking it off of the exchange ?

and yeah, I don’t own too much either but have seen a few dollars of interest.

The thought as it was explained to me is both as a diversifier of storage as I do keep some BTC on Coinbase and also that Coinbase is more susceptible to an attack than BlockChain. 

Maybe that's wrong. 

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7 minutes ago, ConstruxBoy said:

The thought as it was explained to me is both as a diversifier of storage as I do keep some BTC on Coinbase and also that Coinbase is more susceptible to an attack than BlockChain. 

Maybe that's wrong. 

Maybe blockchain is similar to BlockFi where once you put them in your wallet there they store them offline in cold storage and are less susceptible to an attack that way 🤷🏻‍♂️.

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So I bought about 10000 cardano coins on binance with years ago.  Frankly forgot about them until recently.  checked today and went to exchange to bitcoin then move to coin base, but apparently over that stretch of time the binance site stopped servicing US people.  I literally have about 5k sitting in my binance account with no obvious way to extract it.  Anyone have any experience with this? 

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1 hour ago, brun said:

@unckeyherbWent thru the same. 

Open a binance.us.com account. Send your coins from old account to new account. 

Unless you are a NY resident, which I learned this week when trying to do this.  How long am I going to have to wait this out?  

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I just dealt with this a few months ago, converted all my alt coins in binance to Bitcoin and then just transferred to coinbase and then over the Blockfi.  I didn’t have any issues.  Live in OR.

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12 hours ago, unckeyherb said:

So I bought about 10000 cardano coins on binance with years ago.  Frankly forgot about them until recently.  checked today and went to exchange to bitcoin then move to coin base, but apparently over that stretch of time the binance site stopped servicing US people.  I literally have about 5k sitting in my binance account with no obvious way to extract it.  Anyone have any experience with this? 

I received an email back in November.  Hopefully you can open a customer service ticket.  I did the same as @urbanhack after I received the notice. Converted to bitcoin then transferred.

Quote

Dear user, as we constantly perform periodic sweeps of our existing controls, we noted that you are trying to access Binance while having identified yourself as a US person. Please note that as per our terms of use (https://www.binance.com/en/terms), we are unable to service US persons. You have 14 days to close all active positions on your account and withdraw all your funds, failing which your account will be locked. Once your account is locked, you will have to raise a customer service ticket for us to assist you further. We thank you for your continued support and apologise for any inconvenience caused.

ETA to tag @harryhood also.

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13 hours ago, EYLive said:

Is Ethereum supposed to experience a spike similar to bitcoin this year?

Huh? Ethereum has had literally the same spike as Bitcoin lately. Bitcoin is up 5x over the last year. Ethereum is actually up around 9x so it’s gone up a lot more than Bitcoin.

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39 minutes ago, stbugs said:

Huh? Ethereum has had literally the same spike as Bitcoin lately. Bitcoin is up 5x over the last year. Ethereum is actually up around 9x so it’s gone up a lot more than Bitcoin.

But ETH has yet to breach it's ATH like bitcoin.

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46 minutes ago, Charlie Harper said:

But ETH has yet to breach it's ATH like bitcoin.

It’s not Bitcoin, it doesn’t have to do that. It dropped way more than Bitcoin did as well. I’d be careful assuming it will double it’s ATH like Bitcoin because all the stimulus for Bitcoin is not identical. It’s kind of like gold and silver, they can run similarly when market conditions are good for both but they aren’t identical. Gold tends to be more popular as an inflation hedge and just because people buy gold doesn’t mean they buy silver.

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On 1/8/2021 at 7:49 PM, brun said:

@unckeyherbWent thru the same. 

Open a binance.us.com account. Send your coins from old account to new account. 

I opened a Binance US account and am trying to deposit into it.  When I go to the page, it won't give me a cardano address in the "select deposit network" screen.  WTH am I doing wrong here?

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Indeed. Significant dip. Any fundamental reason other than profit taking? 
 

Where do we see this over the next few days? Few months? 

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Interesting article that reflects BTC's position solidifying as a store of value / digital gold. 

https://www.coindesk.com/bitcoins-big-drop-again-coincides-with-dollar-bounce-in-forex-markets
 

Quote

 

Bitcoin’s Big Drop Again Coincides With Dollar Bounce in Forex Markets

 

Bitcoin continues to trade in the opposite direction to the Dollar Index in a reflection of the cryptocurrency’s maturation as a macro asset like gold.

The top cryptocurrency by market value slumped to $32,400 early on Monday, having set record highs above $41,800 on Friday.

The crash came alongside a bounce in the Dollar Index (DXY), which tracks the greenback’s value against major currencies. The DXY has jumped to two-week highs near 90.50, extending a two-day winning streak. The index reached a 33-month low of 89.21 on Jan. 6, according to TradingView. 
(SNIP)

 


 

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36 minutes ago, Steeler said:

Sorry if this has been covered, but what is the downside to buying bitcoin at PayPal?  It seems like it's the easiest way to get into bitcoin so there has to be a catch.

For me the biggest downside is lack of portability. You don't own an actual piece of btc. So, your only option is to hold or sell. You cannot trade it for another crypto coin. You cannot transfer it to another entity. You can only sell it and then move the cash.

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8 hours ago, [icon] said:

Indeed. Significant dip. Any fundamental reason other than profit taking? 
 

Where do we see this over the next few days? Few months? 

These dips aren't from any kind of profit taking.

 

Cascading losses on over leveraged futures plays causing a squeeze.

 

This market is still parabolic, at this stage the bigger the short term drops are, the more will be gobbled up off the exchanges by smart money and put further upward pressure on the price.

 

Today was necessary.  There is a line around the corner to pick it up long term for anything under the 20 day avg of 30.5k

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2 hours ago, brun said:

For me the biggest downside is lack of portability. You don't own an actual piece of btc. So, your only option is to hold or sell. You cannot trade it for another crypto coin. You cannot transfer it to another entity. You can only sell it and then move the cash.

But buying through PayPal puts upward pressure on the price, so please encourage your friends to do so.

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14 hours ago, [icon] said:

Indeed. Significant dip. Any fundamental reason other than profit taking? 
 

Where do we see this over the next few days? Few months? 


https://twitter.com/woonomic/status/1348703519201628162?s=21

One of the more noted on-chain analysts posted the following...

Spot market sell off started around $38k, then Coinbase partially failed, not registering buys, causing its price to go $350 lower than others, this pulled down the index price that futures exchanges use to calculate leverage funding, wrecking bearish havoc on speculative markets.  Unlike previous crashes in the past 2 years, where over-leveraged markets lead by trader liquidation, this one started on spot markets, then was greatly amplified by a single exchange partially failing, yet did not turn itself off for the good of the ecosystem.

What I find interesting, and a bit concerning considering I’m bullish, is that Coinbase is probably the highest profile crypto exchange...certainly in the US.  While it’s not exactly revered, it’s highly anticipated IPO is expected to value the company at $28B.  At the same time, it’s become almost renowned (and despised) for its outages.

So I see something like this with a cascading effect to where the price went to almost $30K (it’s back around $35K) and wonder what a more widespread outage could do.

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On 1/7/2021 at 3:35 PM, TheDirtyWord said:

You’ll use Trezor.io as the means by which to ‘see’ your inventory.  You’ll create your account there.  The Trezor then is an external hardware piece you plug into your computer.  Once plugged in...you use the screen on the Trezor and it will self guide you.  That said, the Trezor itself provides little information on the screen... nothing other than confirmations of transfers.

Trezor does not have an app I believe.  There is an app tZero, but don’t think that’s affiliated.  There are other wallets like Exodus, Atomic where there is an app and you can see your balances from your phone.  But that means your crypto is technically online.  To the extent that the risk is real or more than miniscule that someone could hack into it, certainly cold storage like Trezor gives you more security.  But those wallets still seem fairly safe.

I might recommend yield producing vehicles for your BTC.  BlockFi is what I’m currently using and it gives you 6% on your first 2.5BTC (3% greater than that).  Also, there are other projects that are in the business of putting your crypto to work like Celsius Network.

All in all, I’m fairly new too.  But I’m in the rabbit hole like I haven’t been in a rabbit hole before...

Help me out again if you can...

I have personally not had issues with Coinbase, but I'm starting to see where others are and I'd like to avoid that!  They have an entire reddit forum and its nothing but coinbase complaints.  It does crash on the big swings, but I'm just DCAing at this point and have no intentions to sell, so that's not really an issue.  

Blockfi sounds interesting for the 6%, but then I would not need to store the BTC or ETH on the Trezor right?  

Blockfi, Kraken, Binance all seem like pretty good exchanges.  Making 6% a year seems like a no brainer for me right now.  I guess the risk is losing it by not storing it on a wallet, right?  

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I decided I wanted to analyze my use of bitcoin as a store of value. So, I started working on a SWOT. Any comments on what I have so far? BTW - did an internet search and mostly I found links to different versions of a sales site. Sorry for the bad formatting. Done from my phone. I can send the original spreadsheet, which includes my scoring, to anyone who requests it.

Strengths

Security - Peer to Peer transfers.

Free of government manipulation

Finite supply which caps at 21,000,000.

Privacy - Peer to Peer transfers. Option to hold keys in cold storage wallet (unless via something like PayPal).

Portability/Transportation; bitcoins are digital. No bars, ingots, coins, barrels etc.

Easier international transfers

bitcoin itself has no inherent value

Weaknesses

Currently transfers are slow; so not practical as a payment tool v cash. Good comparison to cc's though.

Keys are not recorded anywhere (unless you do it). So, don't lose it!

Value has been volatile. If you need to cash out when it's at a low point…

Opportunities

Global Economic Stability; If fiat currencies crash, bitcoin becomes more attractive

Institutional investments have been increasing; e.g. Microstrategy, PayPal, Square

Increasing acceptance as form of payment; Amazon, gambling sites

Online adoption network is the largest marketplace possible.

Appeal to unbanked consumers

Threats

Changes to regulatory requirements, nationally, internationally.

Competition; other crypto, fiat, gold silver, etc.

Potential hacking of an individual's phone, computer, etc.

Potential hacking of an exchange.

Environmental impact of bitcoin mining could cause reduced usage.

 

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2 hours ago, jb1020 said:

Help me out again if you can...

I have personally not had issues with Coinbase, but I'm starting to see where others are and I'd like to avoid that!  They have an entire reddit forum and its nothing but coinbase complaints.  It does crash on the big swings, but I'm just DCAing at this point and have no intentions to sell, so that's not really an issue.  

Blockfi sounds interesting for the 6%, but then I would not need to store the BTC or ETH on the Trezor right?  

Blockfi, Kraken, Binance all seem like pretty good exchanges.  Making 6% a year seems like a no brainer for me right now.  I guess the risk is losing it by not storing it on a wallet, right?  

If you decide to go with BlockFi...correct, you would not store your BTC or ETH on a Trezor or any other cold storage wallet.  This is because you are essentially loaning your BTC/ETH to BlockFi much like you do with BofA and your dollars.

This article provides a good overview of their business model and history to date...

Also, the Winklevoss twins are key investors in BlockFi and they run the Gemini exchange and act as BlockFi’s primary custodian.  

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50 minutes ago, brun said:

I decided I wanted to analyze my use of bitcoin as a store of value. So, I started working on a SWOT. Any comments on what I have so far? BTW - did an internet search and mostly I found links to different versions of a sales site. Sorry for the bad formatting. Done from my phone. I can send the original spreadsheet, which includes my scoring, to anyone who requests it.

Strengths

Security - Peer to Peer transfers.

Free of government manipulation

Finite supply which caps at 21,000,000.

Privacy - Peer to Peer transfers. Option to hold keys in cold storage wallet (unless via something like PayPal).

Portability/Transportation; bitcoins are digital. No bars, ingots, coins, barrels etc.

Easier international transfers

bitcoin itself has no inherent value

Weaknesses

Currently transfers are slow; so not practical as a payment tool v cash. Good comparison to cc's though.

Keys are not recorded anywhere (unless you do it). So, don't lose it!

Value has been volatile. If you need to cash out when it's at a low point…

Opportunities

Global Economic Stability; If fiat currencies crash, bitcoin becomes more attractive

Institutional investments have been increasing; e.g. Microstrategy, PayPal, Square

Increasing acceptance as form of payment; Amazon, gambling sites

Online adoption network is the largest marketplace possible.

Appeal to unbanked consumers

Threats

Changes to regulatory requirements, nationally, internationally.

Competition; other crypto, fiat, gold silver, etc.

Potential hacking of an individual's phone, computer, etc.

Potential hacking of an exchange.

Environmental impact of bitcoin mining could cause reduced usage.

 

As you might have surmised from previous postings, I’m bullish...so take my commentary with a grain of salt.

I’ve come to view BTC as investing in a digitally native global monetary network which is in an embryonic stage of development and adoption.  If you own BTC, you essentially own shares in that network.

You’ve come up with a good list...I wouldn’t disagree with any of them really although a black swan event should be in threats.  From an opportunity perspective, the comparison that I’ve heard that seems to make sense is owning a share of BTC now is the equivalent of owning a share of the internet back in 1995 (if there were 21M shares).

To the extent that it ‘competes’ with other cryptos, the environment that exists today will change over the next 10 years pretty significantly IMO.  To believe in BTC for the first 10 years of its existence required a lot of faith to say the least as it had its share of near death experiences.  Because of its journey which predates any other (existing) crypto by at least 6 years, I tend to believe its unique within the space.  While institutional investors and other large financial entities seemingly are now putting it on their books - they’ve bought in, the ‘silver’ equivalent to BTC, Ethereum still feels like it’s a ways away from such credibility (aside from Grayscale).  And forget about the others at that level...

In 2021 though, I think BTC has crossed a good amount of the ‘proof of concept’ chasms that have stood in its way that reach down to the very essence of what BTC was and is.  Now it stands at the precipice of global adoption process which will have its own challenges which you’ve alluded to.

 

 

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My DCA discipline has been reinforced by relying solely upon  ACH transactions into BlockFi. While I feel good about this. It has been painful waiting for my weekend deposits to clear while btc was trading at such good value. Glad to the current movement but wish it could have waited another day or so.

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On 1/7/2021 at 6:00 AM, CowboyFan4822 said:

Why would you still not buy in Coinbase or Coinbase Pro and own the pieces of coin you so purchase ?  I’ve been purchasing $100-$200 pieces on it for a while Now.

I used Cash App daily feature to dollar cost average. I don' have time to go onto Coinbase Pro and put in orders on the daily. 

Worth every penny in fees I pay. Set and forget. 

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Fun times. A few notes:

1. If you end up the Chet of BTC, Casa is a fantastic setup and service. https://keys.casa/  Multisig self custody. Really really easy to use. On the higher tiers, they even offer estate planning services. 

2. This tweet storm and podcast has lots and lots of answers to many of the BTC questions / FUD that pop up during the uptrend portion of these cycles.

3. This is a good reminder that BTC can be extremely volatile. 

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13 minutes ago, psychobillies said:

Is there any concern in here that the new administration might not be crypto friendly?  Is there really anything they can do if they wanted to?   LINK

If just one or two more major corporations or financial institutions adds bitcoin to their balance sheet to diversify their assets, I'm not going to be too worried.

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18 minutes ago, urbanhack said:

If just one or two more major corporations or financial institutions adds bitcoin to their balance sheet to diversify their assets, I'm not going to be too worried.

I hear you.  I wonder though if Yellen's position will give them pause to do so.

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Just made my last purchase, per my original plan anyway. I've been dca'ing btc since the new year. My per btc basis for my purchases is about $36.5k. I'm in the red now, but believe in btc's future and always saw it as at least a 3-5 years hold for me. Now that I'm not actively buying I'll try to ignore the swings as much as possible. GL all.

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23 hours ago, brun said:

Just made my last purchase, per my original plan anyway. I've been dca'ing btc since the new year. My per btc basis for my purchases is about $36.5k. I'm in the red now, but believe in btc's future and always saw it as at least a 3-5 years hold for me. Now that I'm not actively buying I'll try to ignore the swings as much as possible. GL all.

Same here.  My cost basis for BTC is $32.2K so I'm just about even.  I have some GBTC in my IRA that I'm actually up 11% on.

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2 hours ago, Keerock said:

Same here.  My cost basis for BTC is $32.2K so I'm just about even.  I have some GBTC in my IRA that I'm actually up 11% on.

Similar situation except my Roth IRA is a little less directly exposed to btc via Microstrategy which is doing pretty well too.

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4 minutes ago, TheDirtyWord said:

Overnight Bitcoin jumped $4k...the reason appears to be Elon Musk whose home feed on Twitter now simply say ‘₿itcoin’...

This is big...although not Dogecoin yesterday big.

So. Will there be crypto exchanges on Mars? 

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One of the things I’m finding interesting about this thread is how it seems to still be for the most part, sparsely engaged with.

The Musk news isn’t necessarily general headline making, but amongst those who are engaged in the crypto and specifically Bitcoin space...this was yet another level of validation of what can be viably termed a movement.

We saw the Robinhood and GME news early this week.  Centralized financial institutions are being exposed for the cracks they have foundationally.  And while there is a lot of vitriol being directed at Robinhood over the last 48 hours...there is a reality to the overall situation.  If you are getting a service, particularly a digital service for free...then you aren’t the customer, you are the product.  Robinhood traders aren’t their customer...the hedge funds and institutions that buy the data Robinhood acquires via their platform are.

So there is this paradigm emerging in this increasingly digital world where the general population is struggling to understand their role and value in that equation is incredibly unsettled.  Once those roles/values get exposed, a success story (up until this week) like Robinhood that was prepping for an explosive IPO, might be out of business within 12 months now, if not sooner.

While there is a debate to be had as to how decentralized Bitcoin is...it’s organic growth and transformation over the past 11+ years has not been corporate led, but rather virally through a network of believers and supporters that have become increasingly disenfranchised with the status quo.  Very much similar to the WSB crew that’s in the process of changing potential core infrastructure as to how equity markets work.

When taken in conjunction with all the other innovation that’s happening in the crypto space which is decentralized at its core...the next 10-20 years could see a change in the world order unlike anything we’ve ever seen in human history.  Is this hyperbole?  Maybe.  Maybe it’s not 10-20 years, but 40-50 years.

But I can’t help but think the toothpaste is out of the tube here...and it’s natural to ask yourself the question when BTC is $37-38k...have I missed the boat?

Judging by the tumbleweeds in this thread...no.  You are WAY early.

 

Edited by TheDirtyWord
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I feel like anyone with a Speculative portion of their portfolio AND likes to hedge their bets should have some BTC. Maybe 1-2%. Maybe 5%. Seems like a "good investment" for that segment of user. 

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9 minutes ago, ConstruxBoy said:

I feel like anyone with a Speculative portion of their portfolio AND likes to hedge their bets should have some BTC. Maybe 1-2%. Maybe 5%. Seems like a "good investment" for that segment of user. 

I'm around 12% of my retirement accounts in GBTC right now (not pure BTC)....

It was about 5-6% but it's sorta asserted it's dominance on the rest of my accounts. 

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Listening to the Animal Spirits Podcast today that features a guy from BlockFi talking crypto.  Trying to educate myself more on this, and their model of paying interest on what you hold through them.  I know they've been mentioned in here a few times, so just wanted to share the link.

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