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Bitcoin-Explain to me how to buy these things


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Posted (edited)
2 hours ago, Dan Lambskin said:

Apparently Doge Coin mining is ok for the environment though.  What a huckster this guy is

I'll probably delete this later because I really don't like crypto (so don't want a white star on this) and think they range from ponzi schemes to outright scams. I also agree that Musk is a huckster:

Bitcoin is very different than a lot of the alt-coins or ETH mentioned here. Bitcoin has a permanently limited supply (how much does the founder have?) and a declining hashrate. This means that the puzzles the miners solve get progressively harder and  the price increases make it more worthwhile for the miners to stand up new rigs (also a factor in the semiconductor shortage). It is also this same "proof of work" that makes the network secure; you can't hack it because you would have to muster more than all of the energy of the miners to verify a new, fraudulent transaction.

ETH is interesting and a lot of their advocates are talking about moving from proof of work to proof of stake to reduce energy usage inherent in the above model. A lot of platforms (like NFTs) in the crypto space are built of ETH as I understand it. Still, why does that cause ETH itself to go up in price? I think a lot of the big wins leveraging crypto from this are likely private companies.

DOGE is a meme, so of course it doesn't need a network of expensive miners protecting its network.

Finally, the exchanges that trade these things are unregulated and very likely full of tremendous leverage. One WSJ estimate recently said one of the exchanges (I think Binance) was allowing 125:1.  Good luck.

 

Edited by Desert_Power
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3 hours ago, leftcoastguy7 said:

I bought some of this yesterday. It's supposedly marketed as the eco safe crypto. Uses less energy I guess.

Anyway with Musk's comments about Bitcoin using too much energy, I figured it was worth a shot. 

 

 

My friend is convinced this could be worth more than ETH one day and even creep up on BTC. He’s pleading with me to buy some. He told me when it was like a quarter of the price it is now so maybe I should listen. 

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Posted (edited)
7 minutes ago, Capella said:

My friend is convinced this could be worth more than ETH one day and even creep up on BTC. He’s pleading with me to buy some. He told me when it was like a quarter of the price it is now so maybe I should listen. 

I doubt it gets that high, but I think $8-10 is guaranteed by the end of ‘22. Smart contracts release later this summer, so be sure to get in before then. Still a fantastic time to buy. One of the safest long term cryptos IMO.

Edited by ShamrockPride
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3 hours ago, leftcoastguy7 said:
10 hours ago, eoMMan said:

Anybody buying cardano?

All time high

I bought some of this yesterday. It's supposedly marketed as the eco safe crypto. Uses less energy I guess.

Anyway with Musk's comments about Bitcoin using too much energy, I figured it was worth a shot. 

From the article:

His goal was to create a fast and scalable blockchain. Thanks to its proof-of-stake (POS) consensus mechanism, this has been the case. It provided much faster transactions at negligible fees compared to ETH.

Good link from ETH on POS:

Unlike proof-of-work, validators don't need to use significant amounts of computational power because they're selected at random and aren't competing. They don't need to mine blocks; they just need to create blocks when chosen and validate proposed blocks when they're not. This validation is known as attesting. You can think of attesting as saying "this block looks good to me." Validators get rewards for proposing new blocks and for attesting to ones they've seen.

If you attest to malicious blocks, you lose your stake.

It will be interesting to see how this all plays out. ETH supposedly has a goal of moving away from POW over time. Even with POS, I'm still not sure how the coins themselves could be worth this speculation.

 

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12 hours ago, Desert_Power said:

I'll probably delete this later because I really don't like crypto (so don't want a white star on this) and think they range from ponzi schemes to outright scams. I also agree that Musk is a huckster:

Bitcoin is very different than a lot of the alt-coins or ETH mentioned here. Bitcoin has a permanently limited supply (how much does the founder have?) and a declining hashrate. This means that the puzzles the miners solve get progressively harder and  the price increases make it more worthwhile for the miners to stand up new rigs (also a factor in the semiconductor shortage). It is also this same "proof of work" that makes the network secure; you can't hack it because you would have to muster more than all of the energy of the miners to verify a new, fraudulent transaction.

ETH is interesting and a lot of their advocates are talking about moving from proof of work to proof of stake to reduce energy usage inherent in the above model. A lot of platforms (like NFTs) in the crypto space are built of ETH as I understand it. Still, why does that cause ETH itself to go up in price? I think a lot of the big wins leveraging crypto from this are likely private companies.

DOGE is a meme, so of course it doesn't need a network of expensive miners protecting its network.

Finally, the exchanges that trade these things are unregulated and very likely full of tremendous leverage. One WSJ estimate recently said one of the exchanges (I think Binance) was allowing 125:1.  Good luck.

 

I'll save it for you :thumbup:

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12 hours ago, Capella said:

My friend is convinced this could be worth more than ETH one day and even creep up on BTC. He’s pleading with me to buy some. He told me when it was like a quarter of the price it is now so maybe I should listen. 

It is the coin I have the most confidence in.  Even more than BTC.  Hoskinson has put ADA on a slow, measured path that has led to them being behind in market share, but it's the same path that will lead to it becoming a better foundation in which to build the new age of finance and commerce. This technology isn't going away. It's not some scam or ponzi scheme. The new economy will be built on it and the technological winners of that economy are being borne as we speak.  Will it be ETH or ADA or DOT or ATOM or something that's not even out yet?  I can't tell you.  But I can tell you that the methods and design that Hoskinson has used to develop ADA are far superior to what we've seen out of ETH which is already being forced to reinvent itself. 

  

 

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12 hours ago, ShamrockPride said:

I doubt it gets that high, but I think $8-10 is guaranteed by the end of ‘22. Smart contracts release later this summer, so be sure to get in before then. Still a fantastic time to buy. One of the safest long term cryptos IMO.

Historically speaking, it's the lead-up to the new phase releases that result in the best gains. We're beginning that period now, so I wouldn't wait until the Alonzo update.  This will give you a visual sense of what I'm talking about.  

Charts

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1 hour ago, eoMMan said:

I just threw a few hundred on Cardano.  If it's not worth a mil in 10 years or so, I'm going to be very disappointed in you guys.

Who's always up for a little Friday afternoon FOMO?

<=====  This guy!

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HEX

I know no one is interested because you cant just buy it.  But I'm doing well.  2-3K invested is now at 50K and 84K with bonuses.  Very happy.

What is the next new one?  HEX was new when I bought. Cardano new?

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1 hour ago, KGB said:

HEX

I know no one is interested because you cant just buy it.  But I'm doing well.  2-3K invested is now at 50K and 84K with bonuses.  Very happy.

What is the next new one?  HEX was new when I bought. Cardano new?

Isn’t HEX kind of a scam where it’s locked up for a long time?

can you cash out those gains if you want?

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35 minutes ago, ILUVBEER99 said:

Isn’t HEX kind of a scam where it’s locked up for a long time?

can you cash out those gains if you want?

I do think its been called a scam.  I have a friend of a friend that reco to me.

So I do not know everything about it.  All I know is what Ive done and that was to throw a couple grand at it and see.  Fully knowing I could lose it all.

when you do it, you choose a date.  it could be tomorrow or a milion years from now.

I did a few dates all within 5 years as this is a million or go home bet for me.  Even if in 5 years I have 500K, im going back in.  Not recommending, just sort of talking as its hard to talk about this stuff to friends sometimes. 

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On 5/13/2021 at 1:18 PM, eoMMan said:

Anybody buying cardano?

All time high

Bought some of this a few years ago with some FF winnings.  About $1000 invested is $18k now.  Holding for a moonshot since I’d kind of written it off over the last couple of years.

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As we're seeing some of the alternative ecosystems to ETH take off, it might be a good time to look at the tokens that are being built on them.  Specifically, COTI on the ADA platform and PDEX on the DOT platform.  Both can be purchased on Kucoin.   

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On 5/14/2021 at 12:04 AM, ShamrockPride said:

I doubt it gets that high, but I think $8-10 is guaranteed by the end of ‘22. Smart contracts release later this summer, so be sure to get in before then. Still a fantastic time to buy. One of the safest long term cryptos IMO.

Are we talking about dogecoin here?

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7 hours ago, ILUVBEER99 said:

Isn’t HEX kind of a scam where it’s locked up for a long time?

can you cash out those gains if you want?

And this is probably addressed somewhere on here but how are people cashing out and moving the money into a bank account without alerting the IRS.

 

I have made right at $4000 in ETH and just have been wondering what my exit strategy is.  My best friend is sitting on close to $200,000 in profit from Bitcoin and he is working on setting up off shore accounts, moving money etc.  Just seems to hard, shady and dangerous.  Might as well just pay the taxes on it instead of being worried

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Posted (edited)
4 minutes ago, pantherclub said:

And this is probably addressed somewhere on here but how are people cashing out and moving the money into a bank account without alerting the IRS.

 

I have made right at $4000 in ETH and just have been wondering what my exit strategy is.  My best friend is sitting on close to $200,000 in profit from Bitcoin and he is working on setting up off shore accounts, moving money etc.  Just seems to hard, shady and dangerous.  Might as well just pay the taxes on it instead of being worried

Wait, what?  What you're describing is straight up tax evasion. It's shady and dangerous because it's illegal.  Why on earth would you or your friend do that?   

The "exit strategy" is to report the gains to the IRS when you sell and pay the taxes.  If you don't sell, then there's no taxable event to report.    

Edited by Captain Cranks
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11 minutes ago, Captain Cranks said:

Wait, what?  What you're describing is straight up tax evasion. It's shady and dangerous because it's illegal.  Why on earth would you or your friend do that?   

The "exit strategy" is to report the gains to the IRS when you sell and pay the taxes.  If you don't sell, then there's no taxable event to report.    

Not everyone is doing that though.  That’s one of the appeals of crypto.    

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Posted (edited)
4 minutes ago, pantherclub said:

Not everyone is doing that though.  That’s one of the appeals of crypto.    

One of the appeals of crypto is to break tax laws?  Pretty sure you can do that with any kind of income.

The IRS is spending MASSIVE amounts of money going after crypto traders.

Good luck trying to hide

ETA -  A legitimate strategy is to use the BTC as collateral for low interest loans.  That way, you get the cash out, but don't have to pay taxes because you never sold the property.  

  

Edited by Captain Cranks
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2 minutes ago, Captain Cranks said:

One of the appeals of crypto is to break tax laws?  Pretty sure you can do that with any kind of income.

The IRS is spending MASSIVE amounts of money going after crypto traders.

Good luck trying to hide

ETA -  A legitimate strategy is to use the BTC as collateral for low interest loans.  That way, you get the cash out, but don't have to pay taxes because you never sold the property.  

  

Thanks, I am not saying I am doing it just I know people are trying to hide their gains. 

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This is going to be a more important conversation as time goes on.

The feds are all over crypto now.  It asks right on your return if you owned any during the course of a year.  If you own more than 10K and hopefully made that much you are an idiot to not report on it.

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Just now, pantherclub said:

Thanks, I am not saying I am doing it just I know people are trying to hide their gains. 

I understand.  You appear to be reasonably concerned of the situation.  As for your friend, I would tell him to reconsider whatever he's doing.  It might be one thing to plead ignorance and say you didn't know.  It would be a whole other thing if you're actively trying to hide the money.  I'm no criminal tax attorney, but I'm thinking jail time if you're caught.  And the IRS is looking for people exactly like your friend.   

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2 minutes ago, Captain Cranks said:

I understand.  You appear to be reasonably concerned of the situation.  As for your friend, I would tell him to reconsider whatever he's doing.  It might be one thing to plead ignorance and say you didn't know.  It would be a whole other thing if you're actively trying to hide the money.  I'm no criminal tax attorney, but I'm thinking jail time if you're caught.  And the IRS is looking for people exactly like your friend.   

Gotcha.  But do you think these guys that are making millions on doge or whatever are declaring?  I honestly have no idea.  The whole idea of crypto currency is just way over my head

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6 minutes ago, The Ref said:

This is going to be a more important conversation as time goes on.

The feds are all over crypto now.  It asks right on your return if you owned any during the course of a year.  If you own more than 10K and hopefully made that much you are an idiot to not report on it.

Are services like Coinbase etc giving the transaction data to the IRS?  I thought a lot of them were based overseas.  How can the IRS track you down outside of seeing cash being directly deposited into your account?

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1 minute ago, pantherclub said:

Are services like Coinbase etc giving the transaction data to the IRS?  I thought a lot of them were based overseas.  How can the IRS track you down outside of seeing cash being directly deposited into your account?

Don’t report it and find out.

 

coinbase just had a 75 billion dollar Direct offering on Wall Street.  You think they want a IRS problem?

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Just now, pantherclub said:

Gotcha.  But do you think these guys that are making millions on doge or whatever are declaring?  I honestly have no idea.  The whole idea of crypto currency is just way over my head

I sure hope so.  The IRS has been pretty clear about how crypto should be treated from a tax perspective (as property) and those thinking that it's some black market whose gains can be hidden are in for a rude awakening.  Just because they're ignorant of the laws doesn't mean they won't apply to them. 

To your last sentence, simply think of your crypto as a piece of land.  You buy the land in hopes it goes up in value.  The IRS doesn't expect you to pay taxes on it unless you sell it at a profit.  As I mentioned before, long term holders who don't want to incur the tax burden can use the crypto as collateral for very low interest loans.  

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13 minutes ago, Captain Cranks said:

I understand.  You appear to be reasonably concerned of the situation.  As for your friend, I would tell him to reconsider whatever he's doing.  It might be one thing to plead ignorance and say you didn't know.  It would be a whole other thing if you're actively trying to hide the money.  I'm no criminal tax attorney, but I'm thinking jail time if you're caught.  And the IRS is looking for people exactly like your friend.   

Alright I just texted him and will call later but in regards to the tax situation he said "use exchanges that dont submit 1099s to the irs then VPN > exchange based outside of USA"

 

So yeah that seems a bit..................shady

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Posted (edited)
5 minutes ago, pantherclub said:

Alright I just texted him and will call later but in regards to the tax situation he said "use exchanges that dont submit 1099s to the irs then VPN > exchange based outside of USA"

 

So yeah that seems a bit..................shady

In case you didn't notice, your friend is leaving a communication trail of his criminal intentions. May I ask how old he is?

Definitely do not go down into the cellar with him.  

Edited by Captain Cranks
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2 minutes ago, Captain Cranks said:

In case you didn't notice, your friend is leaving a communication trail of his criminal intentions. May I ask how old he is?

Definitely do not go down into the cellar with him.  

48

 

LIke I said, I just have $4000ish in profits so its no biggie to me.  I am too conservative/scared to invest big money.  Just going to ride out the little in eth I have

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My only posts in this thread are on page one (2016), when as a noob i sent a little over 4 btc to 5dimes to gamble. It was 2k at the time. A year + later, december 2017, those 4 btc spiked to 75k. My 5Dimes acct was up $500. It was an eye opener, and I have been pretty aggressive with Crypto ever since. 

I didn't visit FBG for over a year of this pandemic. I spent the time I usually waste here deep down the crypto rabbit hole. I did better in 2020 doing this than anything I have ever done. 2021 has doubled that already. The future is bright, but I haven't taken any profits. No taxable events as a Californian for me. But speaking of exit strategies if the proposed doubling of capital gains goes through, I will most likely take a wedge or two out of my crypto pie far earlier than planned. 

I'm a long termer already comfortably retired. 

I agree with every post Cap'nCranks is making while having some reservations about Eth and Ada. Maybe I'll share my minor concerns, but the reason for coming out here is:

The criminal evasion of capital gains taxes on 200k is beyond stupid. That it's crypto gains makes it worse. The only thing left that can disrupt the wonderful financial disruption of crypto, is over-reaching oppressive regulation. Idiotic criminal tax evasion can be a catalyst of that. 

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15 hours ago, eoMMan said:

I just threw a few hundred on Cardano.  If it's not worth a mil in 10 years or so, I'm going to be very disappointed in you guys.

After buying Cardano yesterday at $2.01, it's already up to $2.25.

EASY GAME.

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12 minutes ago, Chaos Commish said:

My only posts in this thread are on page one (2016), when as a noob i sent a little over 4 btc to 5dimes to gamble. It was 2k at the time. A year + later, december 2017, those 4 btc spiked to 75k. My 5Dimes acct was up $500. It was an eye opener, and I have been pretty aggressive with Crypto ever since. 

I didn't visit FBG for over a year of this pandemic. I spent the time I usually waste here deep down the crypto rabbit hole. I did better in 2020 doing this than anything I have ever done. 2021 has doubled that already. The future is bright, but I haven't taken any profits. No taxable events as a Californian for me. But speaking of exit strategies if the proposed doubling of capital gains goes through, I will most likely take a wedge or two out of my crypto pie far earlier than planned. 

I'm a long termer already comfortably retired. 

I agree with every post Cap'nCranks is making while having some reservations about Eth and Ada. Maybe I'll share my minor concerns, but the reason for coming out here is:

The criminal evasion of capital gains taxes on 200k is beyond stupid. That it's crypto gains makes it worse. The only thing left that can disrupt the wonderful financial disruption of crypto, is over-reaching oppressive regulation. Idiotic criminal tax evasion can be a catalyst of that. 

Please contribute more.  We need the more experienced among us to share their thoughts.

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One of the things I question about the BTC bull case is its true scarcity value.  As the reporter asks in this interview, is BTC really contrained to 21,000,000 when there are an infinite number of derivatives and proxies that can be created outside of it.  I got excited when she asked the question, but I don't think Michael Saylor really answers it. 

Saylor Interview

Challenge:  Keep your eyes on the right side of the screen. 

 

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2 hours ago, Captain Cranks said:

One of the appeals of crypto is to break tax laws?  Pretty sure you can do that with any kind of income.

The IRS is spending MASSIVE amounts of money going after crypto traders.

Good luck trying to hide

ETA -  A legitimate strategy is to use the BTC as collateral for low interest loans.  That way, you get the cash out, but don't have to pay taxes because you never sold the property.  

  

To be fair though, anybody holding 200k of Bitcoin is probably a career criminal anyways. 

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Posted (edited)

Once upon a time in a village, a man appeared and announced to the villagers that he would buy monkeys for $10 each...

 

The villagers, seeing that there were many monkeys around, went out to the forest and started catching them.

The man bought thousands at $10 and as supply started to diminish, the villagers stopped their effort. He further announced that he would now buy at $20. This renewed the efforts of the villagers and they started catching monkeys again.

Soon the supply diminished even further and people started going back to their farms. The offer increased to $25 each and the supply of monkeys became so little that it was an effort to even see a monkey, let alone catch it!

The man now announced that he would buy monkeys at $50! However, since he had to go to the city on some business, his assistant would now buy on behalf of him.

In the absence of the man, the assistant told the villagers; "Look at all these monkeys in the big cage that the man has collected. I will sell them to you at $35 and when the man returns from the city, you can sell them to him for $50 each."

The villagers rounded up with all their savings and bought all the monkeys.

They never saw the man nor his assistant, only monkeys everywhere!

Now you have a better understanding of how the cryptocurrency market works.

 

 

 

 

 

 

 

 

 

 

sorry if repost

Edited by SHIZNITTTT
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My crypto strategy is very basic...I randomly check Ethereum prices a few times a day. If it is below 3800, I buy roughly a tenth of a coin and then wait a day. I don't have much (less than 2 Ether), and I haven't decided my sell point yet except that it's at least 5k. 

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2 hours ago, SHIZNITTTT said:

Now you have a better understanding of how the cryptocurrency market works.

That may be a fair characterization of many of the pump and dump coins out there.  It's a horribly ignorant characterization of the legitimate blockchain technologies being built for the 21st century digital economy.  

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2 hours ago, Captain Cranks said:

There are an impressive number of young people who should be able to retire before they even start their careers thanks to cryptocurrency.  

I wonder how the impact of young er people in crypto has or will impact younger people in the stock market over time.  
 

i feel like people are able to handle drops and hold after dealing with crypto where it may take them a while to learn this sort of risk tolerance with the stock market.  
 

also in 10 years does this pull money out of the stock market and into crypto instead?

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12 hours ago, PinkydaPimp said:

I wonder how the impact of young er people in crypto has or will impact younger people in the stock market over time.  
 

i feel like people are able to handle drops and hold after dealing with crypto where it may take them a while to learn this sort of risk tolerance with the stock market.  
 

also in 10 years does this pull money out of the stock market and into crypto instead?

I mentioned to a friend a few weeks ago that "these kids" seem to have figured out that the market going down is a good thing for long term investors.  You don't see that mentality in the stock market.  People complain that their 401k is down because the market tanked.  Good.  That means things are now cheaper to buy.  Crypto investors get that.  

On the other hand, the crazy gains we've seen in this space are unsustainable, and eventually the growth in the market will level out. They're being conditioned to think 10X gains are normal and that will probably have an impact on their investing in the future. 

To your last sentence, the answer is "Yes" because crypto will eventually replace the standard equity and bond structures. Blockchain technology is going to change everything.  It makes the need for middlemen in the banking and finance arenas unnecessary and opens up endless possibilities for how to raise capital and allocate earnings. 

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Posted (edited)

i'm curious as to where and how the majority of people buy/sell/hold crypto.

favorite app/trading platform?

favorite wallets?  hot and/or cold

extra security measures?  or, shut up boomer! :D 

thx!

 

Edited by DA RAIDERS
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2 minutes ago, DA RAIDERS said:

i'm curious as to where and how the majority of people buy/see/hold crypto.

favorite app/trading platform?

favorite wallets?  hot and/or cold

extra security measures?  or, shut up boomer! :D 

thx!

 

Just a PSA that posting this sort of info could make one a target. 


Having said that, really any of the known exchanges are fine.  Coinbase is great for your first dive into crypto.  Many other exchanges are not user friendly.  Just get your coins off the exchange as soon as you can.  Ideally using an offline hardware wallet like ledger for example.  Strong passwords and 2fa on all accounts.  Save the backup code or key for 2fa btw.  And yes, shutup boomer :shrug: 


As far as buying/selling and holding, careful of "day trading" crypto due to tax implications.  I think someone posted a nice comment in this thread about taxes. 

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26 minutes ago, DA RAIDERS said:

i'm curious as to where and how the majority of people buy/sell/hold crypto.

favorite app/trading platform?

favorite wallets?  hot and/or cold

extra security measures?  or, shut up boomer! :D 

thx!

 

I just use PayPal for Ethereum. Fees are rough, but it keeps everything above board and easy to follow. 

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38 minutes ago, DA RAIDERS said:

i'm curious as to where and how the majority of people buy/sell/hold crypto.

favorite app/trading platform?

favorite wallets?  hot and/or cold

extra security measures?  or, shut up boomer! :D 

thx!

 

I always recommend Binance.US to my friends.  It's a separate arm of Binance and in tune with US regulations.  Their fees are incredibly low and they have about 50 different crypto offerings.

I just leave my stuff on the exchange.  Honestly, I feel the chance of them getting hacked and not keeping me whole are lower than me losing the crypto I've moved off-chain.

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Posted (edited)
1 hour ago, DA RAIDERS said:

i'm curious as to where and how the majority of people buy/sell/hold crypto.

favorite app/trading platform?

favorite wallets?  hot and/or cold

extra security measures?  or, shut up boomer! :D 

thx!

 

I'd say, similar to betting sites, a lot of people here will have multiple exchanges or platforms that they use. I have accounts with Coinbase, Binance.us, BlockFi, Kucoin, Kraken, Uphold, and I've used PayPal as well. I think most have had issues at one time or another, but probably most would be start up or growing pains rather than anything shady. I think to some degree they're all a pain to get set up but once you start using them, you'll get used to them. If you're planning on being an active trader you might want to use multiple platforms to get access to the particular cryptos you want to trade at the best value.

I thought I wanted to be a trader but found I really don't understand enough about how or why different cryptocurrencies move, nor do I care to work that hard on it. So now I'm just holding, especially btc since there's so much written about it. I'm ok with keeping my crypto assets on an exchange instead of on a hard wallet (or back of a napkin). A lot of people disagree so you just need to decide yourself.

Right now I have btc on BlockFi (for the interest) and xlm and eth on Binance (ha, now I'm thinking maybe it's actually Kraken).

FYI - there are other platforms that offer interest besides BlockFi. Gemini & Celcius, off the top of my head. Before you sign up you might consider that some that may offer a referral bonus. For example, I think BlockFi offers $10 to each party right now.

Good luck!

Edit - I forget where the recommendation came from but I used crypto tracker to help with my taxes this year and suggest looking into that as well. 

Edited by brun
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