Cryptocurrency thread: Bitcoin, Bitcoin Cash, Ethereum, Monero, Dash, etc - discuss it all here.

Discussion in 'Off-topic Discussion' started by JesusGreen, Sep 1, 2017.

  1. GeneralismoKilgore

    GeneralismoKilgore Fapstronaut

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    Can someone write out a step by step for how to set up an account and wallet for an old fart like me?

    Had the chance to buy 300 bitcoins when it was still a novelty at a dollar a piece. :emoji_sweat:
     
    vxlccm likes this.
  2. gsherman100

    gsherman100 Fapstronaut

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    Try not beat your self down over that. Just watch some youtube videos on it. Bittrex.com, Coinbase.com, binance.com, are all websites you can set up an account and wallet, and those are just a few examples. I started my 1st account on coinbase. And keep in mind also bitcoin is just one of many cryptocurencies out there.
     
  3. For Newbs:

    Bitcoin Cash is Bitcoin, as proven by the longer blockchain with the same difficulty (BCH having more honest nodes / mining power than BTC). "Bitcoin" is Segregated Witness 1x, a fork of the original Bitcoin chain and controlled by Blockstream (parent companies AXA and Mastercard). Blockstream CTO Greg Maxwell resigned in November and didnt announce until Jan, insider trading. Do not put your hard earned money into this failing coin. If you want to invest in Bitcoin, buy Bitcoin Cash.
     
  4. gsherman100

    gsherman100 Fapstronaut

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    Thank you for that info. I haven’t bought any bitcoin cash yet.
     
  5. Be aware that due to the number of unconfirmed transactions on the Bitcoin Legacy blockchain (an astonishing 100,000) the transaction fees to withdraw / send Bitcoin are very high (around twenty dollars).

    The average transaction fee, that's Number of Transactions / Miner revenue, exceeded a hundred dollars in November.

    For Newbs:

    > "I'm buying my first piece of Bitcoin!" You go to coinbase and you buy X amount of Bitcoin.

    That sits on Coinbase. You don't actually *have* that Bitcoin, you're simply entitled to to withdraw that amount of Bitcoin from Coinbase as per their terms of service. They are a big store of liquidity just like a bank or currency exchange. Only when that Bitcoin is transacted to a wallet that you have the private key to do you have full ownership of it. Until such time, for example, if Coinbase gets shut down by the IRS (unlikely, but this is crypto) you lose the Bitcoin you "had."

    >"I'm going to buy X object with Bitcoin!"

    So, you bought $70 of Bitcoin.

    You send $30 to a friends wallet to buy a piece of furniture.

    The Tx fee costs $20.

    The remaining $20 in your wallet can't be transacted because the transaction fees exceed the value of your BTC.

    Woops!

    Current Bitcoin Cash fees: less than a cent.

    Normies who bought in at the top (15K and up) were getting their shirts stolen by Mike "Fomogratz" (novogratz) who bought in when it was dirt cheap and pumped Bitcoin with his media connections way past its actual value.

    Rarara's crypto predictions for 2018:

    Bitcoin Cash and Bitcoin to reach parity at about 9K.
    Enjincoin to $1 (easily).
    Dragonchain to $40
    Dogecoin to either 2cents, or half a cent.
    Litecoin $700
    Ethereum $3K
     
    gsherman100 likes this.
  6. I'd look into another exchange. Too much can happen in 2 weeks.

    Coinbase is trash, but it works. They're quick to take your money and you will probably never get it back.

    GDAX is OK (I think?) but they're in cahoots with Coinbase. Haven't seen as much negative PR for them.

    Alternatives are Cobinhood and Robinhood (both seperate exchanges that offer fiat > crypto service).
     
    vxlccm and Baroque like this.
  7. sarahtz

    sarahtz New Fapstronaut

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    Hi all. For all info about crypto trends, latest news, mining and fraud warning I tend to go to Crypto News Trends website. They offer whole lot of information about what you need, updated on every minute.
     
  8. Jonattan

    Jonattan New Fapstronaut

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    I can recommend a good trading broker httрs: // fоrexеe. cоm/ . I'm working with it since 2014 and ready to offer my help to everyone who wants to join!
     
  9. Buzz Lightyear

    Buzz Lightyear Fapstronaut

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  10. hashalot

    hashalot Fapstronaut

    Very disappointing thread. Price talk devoid of any technical information concerning a topic that is literally software. I became a programmer because of Bitcoin. I stacked boxes all night in a warehouse, deep in a pit of depression, because I understood the futility of carving out a nook of wealth in my country's socialist-Keynesian economic system. When I learned about Bitcoin and saw the energy behind it, the way so many people were willing to unabashedly rallied against the economic authoritarians of our era, I was inspired. I went from being some guy who barely graduated with algebra 2, to teaching math, to writing hashing algorithms and cryptography libraries.

    And what is this I've stumbled upon? Price talk? IOTA? Bitcoin Cash? Very, very disappointing. There is so much going on in this space and you all are looking at it through a peep-hole.
     
    sagasing likes this.
  11. johhan

    johhan New Fapstronaut

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    Bitcoin is on the track, it is at $8303 with 1.14% gain finally.
     
    Last edited: Apr 20, 2018
  12. Jack_Jones

    Jack_Jones New Fapstronaut

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    A very strange thought from a man is higher, but I understand him. It's strange that such claims are heard on this forum. Most people consider cryptocurrency as a tool for making money. I am not an exception, as I often do it personally. But I have to say that before this I went into the technology of blockchain and decentralized applications, in terms of their development for a long time. Just yet there was not formed a sufficient basis for the introduction of such a broader scale.
     
  13. hashalot

    hashalot Fapstronaut

    Bitcoin is deflationary so as long as liquidity increases, anyone holding it becomes wealthier. That means after anyone discovers it, after the initial phase of infatuation concerning the price subsides, the standard notion should be... "oh yeah, in the long run we all win". Cool.

    Now let's look at how this actually works. Then the next question becomes, are you going to actually learn about this stuff or just get jerked around by all the scammy technological fluff emerging around it? From the way I see it, Bitcoin demonstrates how important knowing how to code is for everything.
     
  14. xylton

    xylton Fapstronaut

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    Would you share with us what is the big picture that we are missing as a lot of us don't code or understand it as deeply as you may do
     
  15. Buzz Lightyear

    Buzz Lightyear Fapstronaut

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    The only big picture the uninitiated need to know:

    [​IMG]
     
  16. hashalot

    hashalot Fapstronaut

    Here are some projects (some well known - others not) that will bake your noodle:

    1. Of course, the Lightning Network, which is an ingenious POS system that utilizes Bitcoin Script to facilitate payments:
    - lightning network node map: https://rompert.com/recksplorer/
    - one implementation of the lightning network: https://github.com/lightningnetwork
    - another implementation in C: https://github.com/ElementsProject
    - the popular wallet, Electrum, is also adding lightning network support

    2. Bisq, a decentralized exchange: https://github.com/bisq-network

    3. RSK, which is basically doing Ethereum stuff but with Bitcoin: https://www.rsk.co/

    4. Kovri, a network protocol for Monero: https://getmonero.org/resources/moneropedia/kovri

    That is a handful of things to look at. Even if you don't know how to code, they tend to have README files or papers somewhere, which are worth taking a look at. The overall trend with all these projects is something very unique: They all place security and privacy above everything else and use those notions as the foundations of their software's development. This is a hard turn from a lot of the coding that took place from 1995 to 2015, which was all about closed, corporate, proprietary systems ie. Google, Facebook, Microsoft, all email, banking services, etc. We're beginning to see less and less of that from the hardware level to the software level.

    In 10 to 20 years, the network systems that are being developed as an effect of cryptocurrency's advent will alter the internet entirely. All communication will be encrypted, network traffic will be obfuscated, and the user will be in control of what is revealed to the world. What people commonly forget is that Bitcoin is first and foremost and messaging system, designed to send encrypted messages using RSA public key cryptography. Due to that core functionality, every system that extends from it like the Lightning Network shares that messaging feature.
     
  17. davem7

    davem7 Fapstronaut

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    Lately I was interested in ICOs.
     
    Last edited: Jun 6, 2018
  18. hashalot

    hashalot Fapstronaut

    ICO - Initial Coin Offerings are basically venture capital fundraising + tax evasion. The vast majority of them are based on vaporware or are scams. If you want some explanations on them, see the Kieser Report on RT. They have plenty of people on their show who are deep in the crypto world who can vouch for the invalidity of most ICOs. Take into account Lightning Labs, RSK, and BISQ, all groups that are leading development in cryptocurrency have never issued ICOs and never plan on doing so. Basically, legit companies with real business models can raise capital just fine. No ICOs needed.
     
  19. MateusA

    MateusA Banned

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    Well, legit
     
    Last edited: Jun 28, 2018
  20. davem7

    davem7 Fapstronaut

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    bitcion will be more stable
     

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