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

Chaos Commish said:
I have a million thoughts about this going back to my reservations from months ago, but it remains 25% of my holdings and I tried to put it in a crypto IRA but changed my mind. 

I opened an application for ITrust Capital's IRA. The process was simple enough, but I mistakenly thought I could send my crypto directly to the IRA. It supports ADA and BTC (and others). I was going to park those two there and forget about them, but the IRA must be funded with dollars. Then you can start trading $s for cryptos at a 1% fee +$30 a month. Getting tax free trades and deferring gains is enticing and I may still do it after shopping the other crypto iras but I didn't feel like going to a central exchange, converting my ada and btc to a stable or usd then wiring to my bank... then to ITrust. I'm sure they're all similar, but I want lower fees, less steps, or a few more perks. 
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If I just stick some money in there and buy ADA, it's still $30 a month?

 
eoMMan said:
Time to load up on Tiger King crypto?   :mellow:

Link
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well, maybe. lots of 10xs out there, but finding 1000xs or better is how us commoners make life changing money.  this one has no "hodl" concept built in. pure deflationary 2% burns with every purchase. one wallet (joe's i assume) holds 40% of all coins minted. could easily rug pull, but not likely with all the publicity. 

tokenomics posted claims 50% locked in pancake liquidity. 30% to be airdropped (given away randomly). 5% each to charity, his legal defense, marketing the coin and developing the project. 100% s*** coin. It will probably moon. must spend eth (suck gas) to buy. ugh. i think i'll divest some feg at a loss, pay da ephin gas, and give this a roll. 

fwiw, i have taken small positions in the following low cap, micro caps over the past 10-12 days:

ecomi, covalent, dexkit, near, verasity, nimiq, and OCTOPUS.

The latter up more than TKING today (266% atm, compared to 126%). Lordy wish i bought more. No s*** coin. Super strong project.

It's been hours and hours of research to decide on these, and I am targeting two doozies that haven't released yet. One was supposed to be available yesterday, but i haven't found a way to buy it yet.  ... ... waitt, i just checked and it is now on pancake swap! woot! it's metahero. the other is sundae swap, first dex on cardano and like everything cardano very very detailed and sciency white paper. i love dexes anyway. 

if y'all are interested i can briefly pitch all of these. been thinking about doing it anyway.

nba finals first tho.

edit and whoaaaaa....cost averaged my octopus before typing this and up another 200% over 400% on the day. hodling this one with a big smile on my face.

 
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Chaos Commish said:
It's a flat management fee regardless of how much you fund it with or how much you trade. 
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If im planning on buying ADA and another 1 or 2 but just holding for 5 to 10 years.  Coinbase would be better?

 
amnesiac said:
If that's what you're trying to do, any exchange is fine to buy.  then you transfer to a wallet so you can stake it and let it sit.
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So I explored that a little yesterday. I'm at a point where I'd like to dump some stuff into a wallet and forget it for a while. I am almost exclusively on Coinbase so set up a Coinbase wallet thinking it would be pretty painless. I try to move coin XXX and see a bunch of fees I wasn't expecting & asking for a card to charge. I get it, it's not a "not-for-profit" but the fees seemed pretty high given the minimal amount of coin XXX I was wanting to move.

So my question to the group, what's a cheap wallet that won't require me to do a wire transfer from a bank in Switzerland to set up? I just want to stash some coin as a "base" and add to it as time goes by.

 
For a small account, what is wrong with just leaving it in Coinbase? Just the risk that they'll shut down and keep all your coins?

 
Captain Cranks said:
Seems like a bad business choice for Coinbase not to create staking pools.  I can easily stake my ADA on Kraken with just the click of a button.  
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It may be a flaw for people that want to stake easily but I think staking through an exchange has some big flaws.  Specifically it centralizes the proof of stake with a few very large players (I’m a big fan of decentralizing things myself). Also with an exchange you can’t control what pool you are staked with. The exchanges likely will all have their own pools and that means they will probably be saturated and Ada holders will receive less rewards than if they staked on their own. 

 
dnurk said:
It may be a flaw for people that want to stake easily but I think staking through an exchange has some big flaws.  Specifically it centralizes the proof of stake with a few very large players (I’m a big fan of decentralizing things myself). Also with an exchange you can’t control what pool you are staked with. The exchanges likely will all have their own pools and that means they will probably be saturated and Ada holders will receive less rewards than if they staked on their own. 
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True, but they're good for lazy asses like me who don't want to figure out how to stake outside of them?  😁

 
nysfl2 said:
For a small account, what is wrong with just leaving it in Coinbase? Just the risk that they'll shut down and keep all your coins?
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My problem is I see it and treat it like a day trading account. I see green so I move coins around. I see red and do the same. If i had someplace to stash it and forget it I feel like it would be better long term for me. I'd love to come back to it in a couple of years and be able to retire unexpectedly  :D

 
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One thing that's occurred to me recently is that the BTC maxis use the terms Bitcoin and cryptocurrency interchangeably.  For example, they'll say things like "Bitcoin is the future" or "Everyone will be using Bitcoin one day."   Uhhhh, not necessarily.  Cryptocurrency is the future.  Everyone will be using cryptocurrency one day.  But it doesn't have to be BTC.  It's kinda like hearing someone in the 90s say, "Everyone will be using Myspace one day."   

 
Captain Cranks said:
One thing that's occurred to me recently is that the BTC maxis use the terms Bitcoin and cryptocurrency interchangeably.  For example, they'll say things like "Bitcoin is the future" or "Everyone will be using Bitcoin one day."   Uhhhh, not necessarily.  Cryptocurrency is the future.  Everyone will be using cryptocurrency one day.  But it doesn't have to be BTC.  It's kinda like hearing someone in the 90s say, "Everyone will be using Myspace one day."   
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And in an even broader way of looking at it....blockchain in general. In the next couple of decades, blockchain will be involved in all sorts of things like birth/death certificates, real estate transactions,  medical records, tax records, etc. It really is going to transform the way many things were done before...and for the better.

 
Chaos Commish said:
well, maybe. lots of 10xs out there, but finding 1000xs or better is how us commoners make life changing money. i think i'll divest some feg at a loss, pay da ephin gas, and give this a roll. 
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this was about TigerKing. So on the evening of the 6th I halved my FEG back to ETH, then used 1Inch DEX to get TKING. First time using 1Inch because they sent me a promo for free gas on my first trade. They pay it cuz the miners get paid. I also noticed something else very cool, simple limit orders. Something UNI and CAKE don't do so well. So having seen these sh** coins pump and dump 100 times, i set the sell at 250%... ambitious. It just exectuted on the morning of the 8th. About a day and a half. I hope it dumps but won't be surprised if just keeps surging without me. :)

AND THANK YOU @eoMMan. This doesn't cross my desk without you pointing it out. So I have a bunch of ETH again. :)

This is fun.

edit - grrrr, ofc!! it pumped another 50% and still goingggggggg... I lose when I win again.

 
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Be careful out there, boys.  Things could get very ugly out there, especially in the Altcoin space.  The technicals do not look good, imo.

 
Nathan R. Jessep said:
Go on.... 
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The TOTAL2 ticker on tradingview shows the total market cap of Altcoins.  It recently hit its head on resistance at $800B and broke down from a ascending triangle which is a pretty bearish move.  I'm not saying we WILL take another leg down, but people should be prepared for a scenario where alts lose another 50% from here.  This is more of a psychological exercise than anything.  We humans tend to focus on the upside and disregard the downside.  Just be careful and make sure you're comfortable with your position sizing IF we head south from here.  

 
Captain Cranks said:
The TOTAL2 ticker on tradingview shows the total market cap of Altcoins.  It recently hit its head on resistance at $800B and broke down from a ascending triangle which is a pretty bearish move.  I'm not saying we WILL take another leg down, but people should be prepared for a scenario where alts lose another 50% from here.  This is more of a psychological exercise than anything.  We humans tend to focus on the upside and disregard the downside.  Just be careful and make sure you're comfortable with your position sizing IF we head south from here.  
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so… scrape together some cash in case there’s another dip.  got it.  

 
Captain Cranks said:
Nugget News

I've linked to this guy before.  He's heavily involved in crypto and expects big things to happen in the coming months.  It sounds like he's pretty bullish ETH.  
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To be fair that’s everyone in this space.  There are a legion of 25-35 year olds that think watching you tube videos and listening to crypto podcasts is a full Time job and a road to being a billionaire.

maybe they are right - but the point is you will always find a bunch of bulls in this space.

 
The Ref said:
To be fair that’s everyone in this space.  There are a legion of 25-35 year olds that think watching you tube videos and listening to crypto podcasts is a full Time job and a road to being a billionaire.

maybe they are right - but the point is you will always find a bunch of bulls in this space.
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This is true.  There are a lot of ‘bull’ platforms/channels, not really too many bear ones.  And that’s the rub...these channels are also running a business so they know attracting viewers is critical.  Tough to do that when you’re predicting immediate pain.

With that said, making sure you are realistic in your timeframe horizons is really important.  Fact is...this 50% drop has taken place over about a 3 month period.  In the grand scheme of things, it’s a drop in the bucket.  If you’re bullish on the space, to me that means having a 5-10+ year outlook so you should really screen which platforms you get your information from.

Be careful of ‘chartists’.  While they may be bullish crypto in general, they are going to have bias...one way or the other.  On-chain analysis I think is also in its infancy and the degree by which it can be predictive is still questionable.  Ultimately what’s going to matter in this space is use cases.  What problems is a protocol solving?  What new business/money models might said protocol portend?

My read on what’s happened over the past three months is that the entire space got ahead of itself with regard to valuation.  Coupled with macro developments (Tesla/Elon, China, hash rate, additional global attention to regulation), that’s kind of stopped the crypto market in its tracks and we’re in a momentum reset.  But long term, I think decentralization is going to be the great invention of the first quarter to half of the 21st century.  And such a shift is going to take time, measured in years, not months or quarters.

This is probably a boring take...but ultimately, the message is try not to worry about what crypto is doing today.

 
The Ref said:
To be fair that’s everyone in this space.  There are a legion of 25-35 year olds that think watching you tube videos and listening to crypto podcasts is a full Time job and a road to being a billionaire.

maybe they are right - but the point is you will always find a bunch of bulls in this space.
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When I said he's heavily involved in crypto, I don't mean he's just another Youtube scrub with a webcam and some charts.  He's actively pursued by and works closely with a lot of blockchain projects that are building on ETH, ADA, and other ecosystems.  He knows his stuff and to lump him in with the others would be a mistake, imo.  

 
TheDirtyWord said:
Be careful of ‘chartists’.  While they may be bullish crypto in general, they are going to have bias...one way or the other.  

On-chain analysis I think is also in its infancy and the degree by which it can be predictive is still questionable.  Ultimately what’s going to matter in this space is use cases.  What problems is a protocol solving?  What new business/money models might said protocol portend?

My read on what’s happened over the past three months is that the entire space got ahead of itself with regard to valuation.  Coupled with macro developments (Tesla/Elon, China, hash rate, additional global attention to regulation), that’s kind of stopped the crypto market in its tracks and we’re in a momentum reset.  But long term, I think decentralization is going to be the great invention of the first quarter to half of the 21st century.  And such a shift is going to take time, measured in years, not months or quarters.

This is probably a boring take...but ultimately, the message is try not to worry about what crypto is doing today.
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True "chartists" should have no bias, so you lose me there.  That's kind of the beauty of charting, to be able to eliminate the emotional side and only look at data/facts.  A good chartist should not be "team" this or that. 

Bias is way more evident in bulls and bears sides with their proclivity to sift through everything so they can find and hold nuggets of evidence supporting their opinions, while dismissing signs that may indicate otherwise.  It's human nature.  And with a newer generation without the most patience or experience in the world, the wont to get rich quick can easily supersede rationale.

I think you have a great take with the rest of it, though.  I know a smattering about the space but enough to see you make a sensible argument and the long-term "boring" take is really how it should be viewed in the end...if you believe.

 
Picked up some more ADA myself today.  Been averaging down since my first purchase at $2.04.  At least that's what I keep telling myself I'm doing.

 
Figured I'd buy the Kayvon Thibodeaux NFT, mostly just as a learning experience to see how this is done.

First had to link a wallet. Ok, created a Coinbase wallet since I use Coinbase.  Went to transfer $90 of ETH from Coinbase to Coinbase Wallet, and got hit with a $1.47 fee.  Ok, sucks, Coinbase already charged me when I bought the ETH so they're double dipping, but whatever.  Linked my wallet to OpenSea, where the NFT is being sold, and then start the transaction.  As I click through to complete the transaction I get a notification that "miner fees are high right now", I click ok, and it says the miner fee is $13.80!  So of course I don't have enough to cover the transaction, and I bail.

I thought blockchain was supposed to make things easier, cheaper, and more efficient?  That was a horrible experience that I didn't complete.  I'm sure, as a total noob, there are easier/better ways to do this.  But effectively a 15% transaction fee for a $90 purchase?  Does that miner fee scale, and this just doesn't make sense for small purchases?  Did I just luck into a busy time for miners?  Did I just find out that this is all kind of BS? 

 
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SFBayDuck said:
Figured I'd buy the Kayvon Thibodeaux NFT, mostly just as a learning experience to see how this is done.

First had to link a wallet. Ok, created a Coinbase wallet since I use Coinbase.  Went to transfer $90 of ETH from Coinbase to Coinbase Wallet, and got hit with a $1.47 fee.  Ok, sucks, Coinbase already charged me when I bought the ETH so they're double dipping, but whatever.  Linked my wallet to OpenSea, where the NFT is being sold, and then start the transaction.  As I click through to complete the transaction I get a notification that "miner fees are high right now", I click ok, and it says the miner fee is $13.80!  So of course I don't have enough to cover the transaction, and I bail.

I thought blockchain was supposed to make things easier, cheaper, and more efficient?  That was a horrible experience that I didn't complete.  I'm sure, as a total noob, there are easier/better ways to do this.  But effectively a 15% transaction fee for a $90 purchase?  Does that miner fee scale, and this just doesn't make sense for small purchases?  Did I just luck into a busy time for miners?  Did I just find out that this is all kind of BS? 
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Exhibit 24 of why I'm not as bullish on ETH as most.  

I went to purchase ILV through a Dharma ERC-20 wallet and was met with $30 in gas fees and $30 in Dharma fees.  Nope.  I'm out.

That said, eventually the cost and ease of use will catch up with the technology.  We're not there yet because things are still so new and the focus has been on making sure the technology works.

 
But to get into the early ones, dont you have to jump through the hoops to get in before its avail on coinbase, etc.

 
Captain Cranks said:
Exhibit 24 of why I'm not as bullish on ETH as most.  

I went to purchase ILV through a Dharma ERC-20 wallet and was met with $30 in gas fees and $30 in Dharma fees.  Nope.  I'm out.

That said, eventually the cost and ease of use will catch up with the technology.  We're not there yet because things are still so new and the focus has been on making sure the technology works.
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Same. Everything I’m reading and hearing is that the Cardano network will eliminate so much of the problems related to high gas fees on ETH.  Very bullish on how Cardano will look a few years from now. ETH was going to be forking into proof of stake though at some point, no? 

 
dnurk said:
Same. Everything I’m reading and hearing is that the Cardano network will eliminate so much of the problems related to high gas fees on ETH.  Very bullish on how Cardano will look a few years from now. ETH was going to be forking into proof of stake though at some point, no? 
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Yes although that isn't going to happen until at least 2022.  Meanwhile, that gives platforms like ADA, SOL, and DOT time to chisel away at market share.  As a video I linked above stated, people aren't going to have a commitment to a certain platform.  Ultimately it will come down to cost and user interface.  

 
SFBayDuck said:
Figured I'd buy the Kayvon Thibodeaux NFT, mostly just as a learning experience to see how this is done.

First had to link a wallet. Ok, created a Coinbase wallet since I use Coinbase.  Went to transfer $90 of ETH from Coinbase to Coinbase Wallet, and got hit with a $1.47 fee.  Ok, sucks, Coinbase already charged me when I bought the ETH so they're double dipping, but whatever.  Linked my wallet to OpenSea, where the NFT is being sold, and then start the transaction.  As I click through to complete the transaction I get a notification that "miner fees are high right now", I click ok, and it says the miner fee is $13.80!  So of course I don't have enough to cover the transaction, and I bail.

I thought blockchain was supposed to make things easier, cheaper, and more efficient?  That was a horrible experience that I didn't complete.  I'm sure, as a total noob, there are easier/better ways to do this.  But effectively a 15% transaction fee for a $90 purchase?  Does that miner fee scale, and this just doesn't make sense for small purchases?  Did I just luck into a busy time for miners?  Did I just find out that this is all kind of BS? 
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I've learned when moving Crypto between exchanges its best to convert to XLM, then move, then convert back.  Fast and very low fees.  Relatively stable too.  Eth fees are ridiculous.  I'm kinda with @Captain Cranks on it.  I see all the cases for it to outpace BTC, but any transactions is a burden.  

 
jb1020 said:
I've learned when moving Crypto between exchanges its best to convert to XLM, then move, then convert back.  Fast and very low fees.  Relatively stable too.  Eth fees are ridiculous.  I'm kinda with @Captain Cranks on it.  I see all the cases for it to outpace BTC, but any transactions is a burden.  
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I would use NEO to move funds into Kucoin from Binance. There are no deposit or withdrawal fees on either side, so all I was paying was the trade commissions and any slippage in price which would be negative if I got lucky.

 
What's with the mining stuff?  I guess I'm naïve but I thought crypto was just "electronic", they are actually making a physical bit coin?  I also thought there were only so many bit coin and no more were "made"?  So confused...

 
yak651 said:
What's with the mining stuff?  I guess I'm naïve but I thought crypto was just "electronic", they are actually making a physical bit coin?  I also thought there were only so many bit coin and no more were "made"?  So confused...
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Ha.  Mining is a term used for confirming transactions on the blockchain (electronic ledger).  Those who are selected and confirm the transactions are rewarded with tokens.  Who's selected to be a miner of transactions in a block can be done in various ways with Bitcoin using a Proof of Work method where miners compete to solve a complex computational problem while others use a Proof of Stake method where those who have allocated their token holdings for staking purposes are randomly selected by the blockchain algorithm. 

There is a finite number of BTC that will ever be created, 21 million, but we have not reached the point where all 21 million have been created (mined).  Miners currently earn 6.25 BTC per block which occurs every 10 minutes (approximately).  This will continue until 2024 when the next halving event occurs and BTC miners only receive 3.125 BTC per block.  Eventually we'll reach the max of 21 million BTC and miners will no longer receive rewards for mining.  Instead they'll have to rely on transaction fees to incentivize them to confirm transactions.

 
Captain Cranks said:
Ha.  Mining is a term used for confirming transactions on the blockchain (electronic ledger).  Those who are selected and confirm the transactions are rewarded with tokens.  Who's selected to be a miner of transactions in a block can be done in various ways with Bitcoin using a Proof of Work method where miners compete to solve a complex computational problem while others use a Proof of Stake method where those who have allocated their token holdings for staking purposes are randomly selected by the blockchain algorithm. 

There is a finite number of BTC that will ever be created, 21 million, but we have not reached the point where all 21 million have been created (mined).  Miners currently earn 6.25 BTC per block which occurs every 10 minutes (approximately).  This will continue until 2024 when the next halving event occurs and BTC miners only receive 3.125 BTC per block.  Eventually we'll reach the max of 21 million BTC and miners will no longer receive rewards for mining.  Instead they'll have to rely on transaction fees to incentivize them to confirm transactions.
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:loco:

 
Captain Cranks said:
Ha.  Mining is a term used for confirming transactions on the blockchain (electronic ledger).  Those who are selected and confirm the transactions are rewarded with tokens.  Who's selected to be a miner of transactions in a block can be done in various ways with Bitcoin using a Proof of Work method where miners compete to solve a complex computational problem while others use a Proof of Stake method where those who have allocated their token holdings for staking purposes are randomly selected by the blockchain algorithm. 

There is a finite number of BTC that will ever be created, 21 million, but we have not reached the point where all 21 million have been created (mined).  Miners currently earn 6.25 BTC per block which occurs every 10 minutes (approximately).  This will continue until 2024 when the next halving event occurs and BTC miners only receive 3.125 BTC per block.  Eventually we'll reach the max of 21 million BTC and miners will no longer receive rewards for mining.  Instead they'll have to rely on transaction fees to incentivize them to confirm transactions.
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Thanks, so what was the Elon musk tweet about mining in China that caused the price to drop about?

 
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