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Bitcoin-Explain to me how to buy these things (5 Viewers)

OK, i'm setting up the Yoroi wallet.

i want to make sure i'm understanding this correctly, can I set it up on multiple devices and run them interchangeably?  Or am I stuck on one device at a time?

it says that the keys are stored on the device, and not on their servers.

if they aren't storing the keys, how can they be recovered with the backup phrase?

sorry i know this is basic stuff to you guys, but i'm confused and really want to make sure i don't screw anything up.

 
Chaos Commish said:
Here's an example of why I'm a Feed Every Gorilla fool.

Cuban innocently tweets pro DAOs

Now read the comments. The FEGArmy is relentless. I remember when DOGE-ers spammed every influencer's tweets this way. It was worth a third of a penny and less. Everyone understood it was a joke/meme vapor coin. It was powerful word of tweet advertising that drove a #### coin to big cap status. Feg is no meme. If you scroll down to Omid's first reply to Cuban, you'll see a list of what Feg has accomplished and it's just an embryo. Less Eth more Feg again. 

I own over a trillion feg now. lol And I'm not alone. Buys like that are happening every few minutes. I might be trying to start a fire by banging a rock against my head, but I've lost interest in other homerun swings. to the moon
Click to expand...
IN! Brand new owner of 19 billion FEG tokens!

 
Chaos Commish said:
Tough decision here. Testing 40, alts are up. Do I hope for selling and a dip? Do I jump in cuz the bull run has commenced?
Click to expand...
The bulls still have a lot of tough sledding ahead of them.  I'll be selling at 42K and again around 46-48K.  If they can get above that, then I'll concede this is more than a dead cat bounce.  

 
Chaos Commish said:
When 5Dimes pooped the bed, they sent my btc with such a low fee the miners ignored it for five days. At least customer support showed me the transaction so i knew it was in the system. Your poker site should do the same. 
Click to expand...
Thanks.  Ok the poker site sent me the transaction record. The wallet address they used looks to be correct. I also have a transaction ID. Now what do I do? How can I use the transaction ID to track down my money?

 
amnesiac said:
OK, i'm setting up the Yoroi wallet.

i want to make sure i'm understanding this correctly, can I set it up on multiple devices and run them interchangeably?  Or am I stuck on one device at a time?

it says that the keys are stored on the device, and not on their servers.

if they aren't storing the keys, how can they be recovered with the backup phrase?

sorry i know this is basic stuff to you guys, but i'm confused and really want to make sure i don't screw anything up.
Click to expand...
You’ll be able to access from multiple devices.  Just save your ‘spending password’ you set up as well as write down the phrase/words in proper order (and upper/lower case - although I think they are all lower).  Should be all set.

 
leftcoastguy7 said:
Thanks.  Ok the poker site sent me the transaction record. The wallet address they used looks to be correct. I also have a transaction ID. Now what do I do? How can I use the transaction ID to track down my money?
Click to expand...
Welp, my issue was btc not usdt. My wallet was same as yours I believe - blockchain.com. All you can do, far as i know, is "see" the transaction in blockchain.com/explorer - maybe. not sure that supports usdt. if not, try etherscan for tether. both have search boxes for the id. good luck. even when i "saw" my btc in limbo, nothing i could do but wait for the miners. gotta say, I'm surprised you don't have your tether by now. mildly concerned.

edit, i do recall there was a possibility the miners reject the transaction. this happens if it isn't validated in a certain time period. i wanna say two weeks. if it went that way i read 5dimes would get my btc back and have to resend. bit of snafu, but mine didn't come to that. 

 
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Captain Cranks said:
The bulls still have a lot of tough sledding ahead of them.  I'll be selling at 42K and again around 46-48K.  If they can get above that, then I'll concede this is more than a dead cat bounce.  
Click to expand...
when i read that before sleeping, i thought, man, cranks sure is sure of himself. :)

you look to sell where i look to buy. hah

like some influencers i quoted, i tell others to get some fresh air, stop staring at the price movement.

but sitting in stables has given me insomnia. i cannot take my own advice. i stare i stare.

i want back in. i want 20 different alts. i'm going to home depot to find something i don't need to do something i don't need to do.

 
I wish you good luck.  Right now I'm 85% invested but would like to get that down to at least 70%.  If things continue to climb from there, I won't be shedding any tears.  I do want to have some more ammo in case we test 30K again.

I agree with this guy's technical view.

Crypto Kirby

 
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beer 30 said:
Probably me and open to any suggestions but these various exchanges are just a right royal PITA. Tried to get on Binance US again, 5th time my drivers license was kicked back. Reason? "DENIED_UNSUPPORTED_ID_TYPE We recommend uploading a driver's license with all four edges showing". Ok, you don't want my money, no problem.

How's about Kraken? Sure!!! Fund your account...alright!!! Gotta do a wire transfer  :loco:

They make it real hard to take my money. #OKBOOMER
Click to expand...
I had this problem several times too on binance, moving over from binance.com to binance.us. I think my fourth try I logged into the Android app from my phone and took pictures of the drivers license and it took like a month for it to show up as verified. prior to that i initiated it from the Web site, not the app. started the process in late January, finally got verified like two weeks ago.

In between that time the only thing binance doesn't let me do was withdraw more than $5k per day or something. luckily, or unluckily, this does not pose a problem for me. yet.

 
Pigskin Fanatic said:
I had this problem several times too on binance, moving over from binance.com to binance.us. I think my fourth try I logged into the Android app from my phone and took pictures of the drivers license and it took like a month for it to show up as verified. prior to that i initiated it from the Web site, not the app. started the process in late January, finally got verified like two weeks ago.

In between that time the only thing binance doesn't let me do was withdraw more than $5k per day or something. luckily, or unluckily, this does not pose a problem for me. yet.
Click to expand...
i stayed with binance.com so long they gave me a two weeks notice threatening to store my crypto in a trust that could legally hold it for six months and charge me some big fee to retrieve it. I miss that place. but the transer to .us was seemless for me. 

 
The market is having a pullback supposedly thanks to Musk's tweet.  I guess it's time to hear the crypto clowns whine about FUD and manipulation again.  That is one thing I do not like about many 'influencers' in the crypto space.  There's this attitude that crypto must go to the moon and any news that undermines that is part of some sort of conspiracy and manipulation. 

 
Captain Cranks said:
The market is having a pullback supposedly thanks to Musk's tweet.  I guess it's time to hear the crypto clowns whine about FUD and manipulation again.  That is one thing I do not like about many 'influencers' in the crypto space.  There's this attitude that crypto must go to the moon and any news that undermines that is part of some sort of conspiracy and manipulation. 
Click to expand...
Agree.  That's one reason I like JRNY Crypto's (thx btw) stoic presentation and demeanor.  

 
Captain Cranks said:
The market is having a pullback supposedly thanks to Musk's tweet.  I guess it's time to hear the crypto clowns whine about FUD and manipulation again.  That is one thing I do not like about many 'influencers' in the crypto space.  There's this attitude that crypto must go to the moon and any news that undermines that is part of some sort of conspiracy and manipulation. 
Click to expand...
I have stepped away beyond a quick look at the general market here and there. I see sideways volatility, par for the course. what did elon do? i looked at twitter and saw nothing.

 
Captain Cranks said:
Just more attention whoring

The best thing that could happen to crypto is for Musk to slither away.  
Click to expand...
His influence is dwindling. Note doge is down more than btc. If he has so much influence how's that? This half year is the most people will ever pay attention to him. He's shown us his ###. That gets boring after awhile. Leveraged multi-billion dollar accts have more to do with where we are. Try profiting from media attention explaining that.

 
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Guys I screwed up. I had my poker site send USD-C to my Ether wallet in my Blockchain.com account. The problem is that Blockchain doesn't accept USD-C.  So my Ether wallet is still showing a zero balance.

Can't I get another wallet that accepts USD-C and export my Ether wallet to it to recover my funds? I have no idea what I'm doing. Thanks for any advice. 

 
leftcoastguy7 said:
Guys I screwed up. I had my poker site send USD-C to my Ether wallet in my Blockchain.com account. The problem is that Blockchain doesn't accept USD-C.  So my Ether wallet is still showing a zero balance.

Can't I get another wallet that accepts USD-C and export my Ether wallet to it to recover my funds? I have no idea what I'm doing. Thanks for any advice. 
Click to expand...
Yikes.  Always best to do a small xfer first. Did you reach out to blockchain?  I’m going to guess your chances of getting it back are slim.  But you never know.

 
leftcoastguy7 said:
Guys I screwed up. I had my poker site send USD-C to my Ether wallet in my Blockchain.com account. The problem is that Blockchain doesn't accept USD-C.  So my Ether wallet is still showing a zero balance.

Can't I get another wallet that accepts USD-C and export my Ether wallet to it to recover my funds? I have no idea what I'm doing. Thanks for any advice. 
Click to expand...
So one of the first weird things we learned about this crypto thing is transactions are irrevocable. No returns for damaged products, all deals final, errors cannot be corrected. One of the good reasons there were so many adamant doubters. I wouldn't give up because everything is in the same ecosystem, ether/erc-20. But I also wouldn't do anything on my own. 

As I understood it from my 5dimes delay, things are out of the sender's hands. 5dimes could only show me they did things right (except for reducing the fee too much). Your case is different cuz u messed up. But I think maybe things are still in the receiver's hands. Problem is blockchain.com isn't going to add usdc as an eth paired asset just for you. They have 70 million wallet holders, and in my old experience, are not capable of much customer service. 

So who has your crypto? Ethereum does. Usdc and Usdt are both built on Eth. I like your thinking of exporting to a wallet that supports both stables. My Atomic Wallet does. I think they're just over a million users, and they brag about customer service, which I haven't needed. Before diving into your idea though, get the wallet, or another that supports both, then explain to that company's support. They might walk you through fixing it. I don't know. Worth a shot.

This transaction is absolutely on Etherscan. Take a screenshot and email Ethereum support with an explanation. They can fix this with a snap of their fingers. They have your crypto even though they don't know it. They surely don't want it, and fixing something like this goes a ways towards showing the doubters maybe not everything is irrevocable. 

I might be typing out my butt, but wth...

 
What % of coins are built on the Etherium blockchain?

Also, when transactions are made on the coins built on Etherium do the gas fees go to to Etherium?

 
ILUVBEER99 said:
What % of coins are built on the Etherium blockchain?

Also, when transactions are made on the coins built on Etherium do the gas fees go to to Etherium?
Click to expand...
Miners get the gas.

Most alts are built on eth. Not sure the % of big caps, but if you're going 10k deep into #### coins, probably 99%. There is a reported migration of great projects away from eth due to gas fees and delays launching 2.0. 

 
Chaos Commish said:
Miners get the gas.

Most alts are built on eth. Not sure the % of big caps, but if you're going 10k deep into #### coins, probably 99%. There is a reported migration of great projects away from eth due to gas fees and delays launching 2.0. 
Click to expand...
thanks.  so what does ETH get financially out of the coins built on top of it?

 
Chaos Commish said:
Miners get the gas.

Most alts are built on eth. Not sure the % of big caps, but if you're going 10k deep into #### coins, probably 99%. There is a reported migration of great projects away from eth due to gas fees and delays launching 2.0. 
Click to expand...
Will the bold still be true if ETH switches to proof of stake vs work?

 
ex-ghost said:
So we are no longer in the dip, we are at a "stable" level? Will the new dip be another 10-20% drop?
Click to expand...
I wouldn't be surprised if, after this chop between 30 and 40, we take another leg lower into the 20s, perhaps low 20s. 

One fundamental impetus could be a decision on the looming U.S. regulations.  

That said, on-chain fundamentals continue to suggest short term holders are selling to longer term wallets.  That makes sense when considering newer retail hands who bought in the 50s and 60s are looking to get out on any bounce.  Longer term, it's bullish because ultimately that selling pressure will dissipate.  

 
Captain Cranks said:
The science of blockchain technology

Awesome video by Coin Bureau on the give and take the L1 blockchains confront to become faster.  Tidbits on ETH, SOL, ADA, and DOT in here.  I'll probably have to watch it a dozen times before the concepts truly sink in.   
Click to expand...
I would sure appreciate your decoder ring view once it sinks in as that all went over my hear (as generally all things crypto tends to).  As an aside, BLOK has been the best performing ETF of the 5 crypto based I bought in the past 2-weeks; gaining just over 5%.  BLOK does not invest in currency, but rather the tech to support them.  I am generally thinking that the uptick is tied to optimism that tech will continue to improve (in speed, security and power draw) which, with hope, will further support the value of the currencies.  The other (4) ETF invest directly in cypto currency.  If not for BITW the performance over the past 2-weeks overall would be rather solid.

 
2Young2BBald said:
I would sure appreciate your decoder ring view once it sinks in as that all went over my hear (as generally all things crypto tends to).  As an aside, BLOK has been the best performing ETF of the 5 crypto based I bought in the past 2-weeks; gaining just over 5%.  BLOK does not invest in currency, but rather the tech to support them.  I am generally thinking that the uptick is tied to optimism that tech will continue to improve (in speed, security and power draw) which, with hope, will further support the value of the currencies.  The other (4) ETF invest directly in cypto currency.  If not for BITW the performance over the past 2-weeks overall would be rather solid.
Click to expand...
Yeah.  As soon as I think I understood one concept, another is thrown at me to make me forget the first.  I guess the Ponzi scheme has to be especially complex in order for it to work.  😉

 
Hey, I don't know if this thread is the right place, but here goes: My kid is interested in crypto investments. He's 20 and taking a "college is a scam/waste of money position. A grandparent on my wife's side died a few years back, and left us some money.

He wants to access "his" money now to invest in crypto. I know nothing about crypto. It's confusing and makes my head hurt. BUT, I need a basic knowledge about it so I can talk to my kid about it. In a perfect world, I'd hook him up with a mentor, because I don't know the business. I don't have any info/vocab to talk to him about. 

I'm looking to learn a little about crypto (preferably from a source that doesn't talk in crypto speak all the time) so I can at least converse with my son. Anyone have any suggestions? 

TL;DR: my 20yo kid wants to invest in crypto. I need a basic understanding. Looking for sources.

Thanks, guys.

 
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Sweet J said:
Hey, I don't know if this thread is the right place, but here goes: My kid is gone down the youtube rabbit hole. On a variety of get rich quick pages, which are maddening enough, but also REALLY into crypto. I can sort of see his youtube history (he's got my old phone, and I think our youtube accounts are somewhat linked). He's 20, dropped out of college, and is hitting me with "college is a scam/waste of money/only for sheep" crap (which is INSANE because I've saved for the last 20 years so he can go to any state school he wants for no cost to himself; who doesn't want 4 years of having fun for free?). One other thing to mention is that a grandparent on my wife's side died a few years back, and left us money and I didn't want to mix money so I told my wife just to put it into a "custodial after-college" type account (around $30-35k or so per kid), and he knows about the money.

But anyway, he's gone deep into crypto. He wants to access "his" money now to invest in crypto. I'm so effing tired of hearing him talk about it and ask about it and lecture me about the future etc. that I'm tempted to give him some just to effing get him out of my hair.

I personally think crypto is nothing more than gambling. And I've told him that. He gives me some bull about "it's not gambling if you know what you are doing/do the research, which reminds me of what degenerate poker players (I'll include myself here) used to say in the early 2000s. Hell, ALL of the market is gambling. Even the Index funds or bonds (you are just betting safety/stability vs. a chance for growth). Hell, when you buy a house you are gambling that it will appreciate. But whatever. 

Anyway, I know nothing about crypto, and really have no interest in it. I think it is full people who have their own motivations. It's confusing and makes my head hurt. BUT, I need a basic knowledge about it so I can talk to my kid about it. In a perfect world, I'd hook him up with a mentor, because he doesn't listen to a god dammed thing I say anyway. On anything, really. I've got no clue about anything, and I've somehow turned into my grandfather, which is scary enough. But I also don't have any info/vocab to talk to him about. (I've got a financial advisor who I invest with, and I'd be happy to arrange a session with my son and him, I don't know).

so anyway, I'm looking to learn a little about crypto (preferably from a source that doesn't talk in crypto speak all the time) so I can at least converse with my son. Anyone have any suggestions? 

TL;DR: my 20yo kid wants to invest in crypto. I need a basic understanding. Looking for sources.

Thanks, guys.
Click to expand...
This may actually be a good father/son bonding experience.  What I'd do in your position is tell him you'll give him some money (whatever you're comfortable with) to invest in 5 crypto projects.  Before he's to invest, he must thoroughly research the project and pitch you on the idea.  Then you'll break him off 1/5 of the money to invest in each project if his pitch is reasonable.   

This is a great primer on blockchain technology:  Resource 1

This Youtube channel is great at describing the different projects:  Coin Bureau

While he may just be another kid thinking he can get rich quick, he's right about the investment opportunities crypto brings.  I've told my 22 year old to stop trading stocks and spend his time on crypto.  To me, it would be akin to telling your kid not to trade internet stocks in the late 1990s.  As long as you're smart and disciplined, you CAN make a lot of money.  

 
transferred off of Coinbase, into Yoroi, and staked my ada to a pool.  
 

never would have dreamt of writing that sentence a month ago.  
 

thanks again to everyone for their help.  

 
Sweet J said:
Hey, I don't know if this thread is the right place, but here goes: My kid is gone down the youtube rabbit hole. On a variety of get rich quick pages, which are maddening enough, but also REALLY into crypto. I can sort of see his youtube history (he's got my old phone, and I think our youtube accounts are somewhat linked). He's 20, dropped out of college, and is taking a "college is a scam/waste of money/only for sheep" position (which is difficult because I've saved for the last 20 years so he can go to any state school he wants for no cost to himself; who doesn't want 4 years of having fun for free?). One other thing to mention is that a grandparent on my wife's side died a few years back, and left us money and I didn't want to mix money so I told my wife just to put it into a "custodial after-college" type account (around $30-35k or so per kid), and he knows about the money.

But anyway, he's gone deep into crypto. He wants to access "his" money now to invest in crypto. I'm so tired of hearing him talk about it and ask about it and lecture me about the future etc. that I'm tempted to give him some just to be able to move on to other things.

I think ALL of the stock market/investments can be thought of as gambling. Even the Index funds or bonds (you are just betting safety/stability vs. a chance for growth). Hell, when you buy a house you are gambling that it will appreciate. But whatever. 

Anyway, I know nothing about crypto, and really have no interest in it. I think it can involve people who have their own motivations. It's confusing and makes my head hurt. BUT, I need a basic knowledge about it so I can talk to my kid about it. In a perfect world, I'd hook him up with a mentor, because he doesn't listen to a god dammed thing I say anyway. I've got no clue about anything, and I've somehow turned into my grandfather, which is scary enough. But I also don't have any info/vocab to talk to him about. (I've got a financial advisor who I invest with, and I'd be happy to arrange a session with my son and him, I don't know).

so anyway, I'm looking to learn a little about crypto (preferably from a source that doesn't talk in crypto speak all the time) so I can at least converse with my son. Anyone have any suggestions? 

TL;DR: my 20yo kid wants to invest in crypto. I need a basic understanding. Looking for sources.

Thanks, guys.
Click to expand...
I agree with Cranks as usual and would add: Let your kid be your guide. If he's considerate and well-versed enough to make you understand, then he's probably on the right track and better than most reading you can do. You'll find out fast if he knows what he's talking about or just looking for an easy way out.

Does your drop out have a job? No job, no crypto. I worry you think he is listening to "get rich quick" stuff. It's often scammy. Scams abound. Big Time. Smart people get fooled every day. All the tutorials, guides, crypto-academies in the world are likely not as educational as joining Binance, buying some crypto, and learning through hands on experience. 

I like Cranks idea of asking him to thoroughly explain the projects he would invest in, and just as importantly he should be able to explain "what this is all about", the macro of crypto, so you understand it too. If he can't do these things or is unwilling to, then you may be right. He's just sucked into get rich quick nonsense. Probably buy some FEG. to the moon

 
This is quite an interesting read if you haven't read it. 

A death in Cryptoland

When reports emerged in 2019 that the CEO of Canada’s largest cryptocurrency exchange had died, it left over a quarter of a billion dollars of customers' funds in limbo. While authorities investigated, one online sleuth decided to dig deeper to find the money.
Click to expand...
tl;dr Lifetime ponzi schemist sets up a successful crypto exchange in Canada then mysteriously dies on vacation with his gf/wife, and... he's the only one with the passcodes to the exchange, so all funds are lost (I assume it's one of those where you don't get the keys to your wallets, and they belong to the exchange).  Naturally, people are skeptical that he is dead. And apparently there's an ongoing investigation into the whole ordeal. 

 
Chaos Commish said:
I agree with Cranks as usual and would add: Let your kid be your guide. If he's considerate and well-versed enough to make you understand, then he's probably on the right track and better than most reading you can do. You'll find out fast if he knows what he's talking about or just looking for an easy way out.

Does your drop out have a job? No job, no crypto. I worry you think he is listening to "get rich quick" stuff. It's often scammy. Scams abound. Big Time. Smart people get fooled every day. All the tutorials, guides, crypto-academies in the world are likely not as educational as joining Binance, buying some crypto, and learning through hands on experience. 

I like Cranks idea of asking him to thoroughly explain the projects he would invest in, and just as importantly he should be able to explain "what this is all about", the macro of crypto, so you understand it too. If he can't do these things or is unwilling to, then you may be right. He's just sucked into get rich quick nonsense. Probably buy some FEG. to the moon
Click to expand...
@Sweet JIMO just going off what you typed of what he's saying, he's being led toward uber-high risk s##tcoins while being "guarateed" one or two of them is the "next to moon".  Any money placed in those type of coins should be considered no better than a high-risk Parlay. Odds are it's as good as gone... but he MIGHT get lucky. 

IF you decide you want to give him $ from his college fund, IMO I would consider: 

  • Setting aside at least half of That money for college (If he changes his mind) or toward his first home purchase.
  • Matching his Job Income at a certain percentage on the amount you're willing to let him "have" now (ie If he makes $500 give him $250 bonus (if you decide on 50%). Maybe that number is 100%... 150%... that's up to you. I do think him being a productive adult and earning/risking his own money as well is a good indicator this will less likely to be your money going up in flames.  
  • Require him to present a business case to you for the coins he plans to invest in - share that here. 
  • Require your matching/bonus be invested in BTC, ETH, or perhaps a few other "established" currencies.. limits the risk of him going bust with your "Future" money. 
You DON'T want him burning through the 30k then whining that he's busted and you are on the hook to help him. 
You DO want to support him a bit, but not carte blanche

 
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Also in crypto news, the FBI has apparently recovered the BTC payment that Colonial Pipeline paid the hackers back in May.  They were able to get a warrant to seize the funds from the virtual wallet it was being held in. It was worth 4.4MM when they paid it. Now ~2.3MM. I guess they gotta HODL till it spikes again, right? 

 
Nathan R. Jessep said:
Also in crypto news, the FBI has apparently recovered the BTC payment that Colonial Pipeline paid the hackers back in May.  They were able to get a warrant to seize the funds from the virtual wallet it was being held in. It was worth 4.4MM when they paid it. Now ~2.3MM. I guess they gotta HODL till it spikes again, right? 
Click to expand...
That is interesting.  
 

One of the negatives I had read about crypto was that it was making these cyber attacks more common.  
 

Maybe this will start to ease that narrative?

 
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