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ECON What is Bitcoin? A POSITIVE Thread For Learning About Crypto Currencies
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  1. #121
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    Quote Originally Posted by Rayku View Post
    Be wary of estimated cryptocurrency performances. The only valid estimate is that at some point, they will either die or become accepted mainstream. Standard microeconomic models and processes do not apply to cryptocurrencies. If you have any doubt of that, go back and review Forbes, WSJ, etc articles over the last twenty four months.
    They have been proven wrong more than right. In the last seven or so months the hedging squirm words in such articles have become more prevalent. That alone should be telling folks something.

    Bottom line, this is a new paradigm which has yet to settle it's boundaries.
    If you find cryptocurrencies too scary then just don't invest in them.
    No MSM publication is going to bother to try and figure them out.

    Never invest er gamble more than you can afford to lose. Wonder how much I could get for my dog???
    et conciderunt ligna, ergo sum

  2. #122
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    Notice more businesses are accepting Bitcoin now.

  3. #123
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    Quote Originally Posted by paul bunyan View Post
    If you find cryptocurrencies too scary then just don't invest in them.
    No MSM publication is going to bother to try and figure them out.


    Never invest er gamble more than you can afford to lose. Wonder how much I could get for my dog???
    Wrong on both counts there. I have a dog in that race already (a few actually), and MSM has in fact bothered to try figuring it out.
    Facts?? We don't need no stinkin facts...

  4. #124
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    16 Quick Reminder.. This Thread is to Help Folks Who Want to Try Trading Crypto's

    Take all your tax advice to the crypto tax thread.

    Take all your legal advice to any other thread.

    Take you philosophical discussions to Kris's Thread.

    Thank you for your cooperation,

    Paul
    et conciderunt ligna, ergo sum

  5. #125
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    Pointing out where to start research on a multifaceted subject like this is part and parcel to helping someone get started with an informed decision.
    Facts?? We don't need no stinkin facts...

  6. #126
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    Quote Originally Posted by Rayku View Post
    Pointing out where to start research on a multifaceted subject like this is part and parcel to helping someone get started with an informed decision.
    You've made some interesting points in the past and no doubt you will get the last word in.

    Your discussion of finance, market risk, trading philosophy are way above the head of most of us and are not helping.

    Nuts and bolts....

    If your are not trading crypto's do not add to this discussion, except for those who want to learn how.
    et conciderunt ligna, ergo sum

  7. #127
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    Could we talk about mining? Is there a place now for personal mining with minimal equipment?
    I can understand the economic advantage to scale. Is there something about block chain that the undiscovered "coins" are harder to calculate?

    Chap

  8. #128
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    Quote Originally Posted by Chapulin View Post
    Could we talk about mining? Is there a place now for personal mining with minimal equipment?
    I can understand the economic advantage to scale. Is there something about block chain that the undiscovered "coins" are harder to calculate?

    Chap
    Some mining is possible but it takes a large investment and the payback or return on your investment could take 9 months to a year. It is much easier just to buy the coin(s) you want and HODL hold for the long term.

    Keep your coins in your possession in a hardware wallet in a fire resistant safe is best.

    Or better yet look up the "Cryptosteel" device. It is a solid steel device that allows you, with individual steel tiles, record your recovery seed for your hardware wallet... It is fire, earthquake, emp and lots of other hazards resistant.

    YMMV,

    Paul
    Last edited by paul bunyan; 12-24-2017 at 09:16 PM.
    et conciderunt ligna, ergo sum

  9. #129
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    6 Markets are Up Again. Asian Markets Must be Open on Dec 25th

    Just took a glance at my phone app "Blockfolio" and I see 14 out of 15 coins that I track are in the green. Large coins, small coins and apps.

    This is the time of day that the Asian Crypto Markets get warmed up.

    Coinmarketcap.com is lagging behind in the price changes.

    PAY, XEM and OMG are all up over 15% for 24hrs.

    May be just a little gas in the crypto plumbing popping.

    Do not mortgage your house!

    YMMV,

    Paul
    et conciderunt ligna, ergo sum

  10. Quote Originally Posted by paul bunyan View Post
    Just took a glance at my phone app "Blockfolio" and I see 14 out of 15 coins that I track are in the green. Large coins, small coins and apps.

    This is the time of day that the Asian Crypto Markets get warmed up.

    Coinmarketcap.com is lagging behind in the price changes.

    PAY, XEM and OMG are all up over 15% for 24hrs.

    May be a little just a little gas in the plumbing.

    YMMV,

    Paul
    REDD is up nicely! 95% today, despite all the red out there.

  11. #131
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    Quote Originally Posted by Jubilee on Earth View Post
    REDD is up nicely! 95% today, despite all the red out there.
    Very cool...thanks for sharing!
    et conciderunt ligna, ergo sum

  12. #132
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    I'll never use changelly again. The coins I bought last Thursday are still in limbo after being exchanged still shows 'sending to your wallet'. Four days now! My purchase price was locked in but this is getting ridiculous.
    What is the lake of fire? What is it's purpose? Is the lake of fire eternal hell? Is there any hope of escape for those cast into this lake?
    http://bible-truths.com/lake1.html

  13. #133
    Quote Originally Posted by Hfcomms View Post
    I'll never use changelly again. The coins I bought last Thursday are still in limbo after being exchanged still shows 'sending to your wallet'. Four days now! My purchase price was locked in but this is getting ridiculous.
    Several bit coin gurus are STILL saying with great confidence that the price WILL exceed 100,000.
    The people of the United States are the rightful masters of both Congress and the Courts, not to overthrow the Constitution, but to overthrow the men who pervert the Constitution. Abraham Lincoln, 1859

  14. #134
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    Perhaps it will. And the Dow might hit 100K as well but what will the dollar be worth at that point? It's all relative.
    What is the lake of fire? What is it's purpose? Is the lake of fire eternal hell? Is there any hope of escape for those cast into this lake?
    http://bible-truths.com/lake1.html

  15. #135
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    3 Crypto Transfer and Exchange fees going to the moon??

    Folks their are so many fun, new, complicated and frustrating things to learn about cryptocoin.

    I could write a book, but being a wordtard, it would not sell...heh. Andreas Antanopoulos has written 2 books which are available on Amazon/ Kindle.

    Todays lesson:

    Buying cryptos involves fees and time. No short cuts. Ask HF about his frustrations with Changely wallet/ exchanges.

    Coinbase Exchange has worked well for me. Coinbase sets your coin price at the time of your funds transfer (immediately) and tells you the day your coins will be available to you. It usually takes 7 calendar days to get your coin.

    Transfer fees:

    Some wallets (holding and transferring coin tools) allow you to select to pay a larger fee to push your transaction up the waiting list / move it to the fast lane.
    Bitcoin full wallet allows choice of fees and many smart traders er speculators want their transactions to go through as fast as possible so they chose to pay more.

    This may be why the MSM is screaming about Bitcoin transfers being so expensive...not cheap like developers promised.

    Ethereum transfers are like going to fill up your car. You literally have the choice of how much GAS to buy and you select a transfer fee. ( do not run out of gas! )

    Lots of stuff to learn. Just take baby steps to start.

    Do not mortgage your house

    YMMV,

    paul
    Last edited by paul bunyan; 12-25-2017 at 12:18 PM.
    et conciderunt ligna, ergo sum

  16. #136
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    And the reason why mine is taking so much time...I think is because I only buy a few hundred coins of XRP at a time. There isn't as much money to be made processing the small transactions as there are the big ones so the smaller ones are going to hang around longer until they get picked up.

    The other thing is remember in the past how certain precious metals dealers got in trouble getting upside down and taking in the money but not having the metal to back it up. During a pricing spike it costs a lot more to buy the metals and some of the dealers advertising themselves as having the lowest rates tried to make it up on volume but if your not making anything on the transaction or actually losing money you might not deliver. That is in the back of my mind as well.

    With Changelly I went through the process and got the coins in wallet with 48 hours. Today...I'm almost double that amount of time. But, exchanges are busy and of course here in the States it's a long holiday weekend and I've seen others complaining about unusually long timelines so I'm not too concerned as of yet. And that is why I'm currently buying small as a proof of concept vehicle. I'd be furious if I stuck 10K into it and still waiting for them to deliver the goods. This boy wasn't born yesterday though.
    What is the lake of fire? What is it's purpose? Is the lake of fire eternal hell? Is there any hope of escape for those cast into this lake?
    http://bible-truths.com/lake1.html

  17. #137
    Got a https://www.raspberrypi.org/products...-pi-3-model-b/

    Raspberry Pi 3 for Christmas from our techy son. Says I'll be able to use it as a crypto wallet if ever a customer wants to pay me in crypto coin.

  18. #138
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    Just received it in the wallet about a half hour ago. Only took 4 days...but at least I got it. And I got it at the price quoted at the time. So at least when you buy it on the dip they should honor the price. Lot's of stuff can you do with a little Raspberry unit and takes very little power to do so. You can leave something like that run 24/7 and never notice a higher electric bill.
    What is the lake of fire? What is it's purpose? Is the lake of fire eternal hell? Is there any hope of escape for those cast into this lake?
    http://bible-truths.com/lake1.html

  19. #139
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    A pretty astounding run the last several days. Ripple [XRP] has overtaken bitcoin cash to become the #3 in market cap and is within 3 billion of taking out Ethereum to take the #2 spot and at this rate it won't be long. I bought in at .80 cents and it's being quoted right now at $1.77 on some exchanges....about a 95% gain in a couple of weeks. Also considering a few other coins that have some potential. If/when XRP is traded on Coinbase here in the US it will be a lot easier for people here to buy without first going through a different exchange. Right now you have to use dollars to buy Bitcoin or Ethereum [or a few others] and use those proceeds to buy XRP. When people here in the US can directly exchange fait for XRP I think the gains will become pretty astounding especially since it's not so much the token itself but the banking settlement system behind it that is driving the real value. For those that bought in at .006 I'd take some gains personally. But what the heck....ride the wave for awhile and then cash some out and convert to tangibles. Current marketcap by capitalization;

    https://coinmarketcap.com
    What is the lake of fire? What is it's purpose? Is the lake of fire eternal hell? Is there any hope of escape for those cast into this lake?
    http://bible-truths.com/lake1.html

  20. #140
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    Quote Originally Posted by Hfcomms View Post
    A pretty astounding run the last several days. Ripple [XRP] has overtaken bitcoin cash to become the #3 in market cap and is within 3 billion of taking out Ethereum to take the #2 spot and at this rate it won't be long. I bought in at .80 cents and it's being quoted right now at $1.77 on some exchanges....about a 95% gain in a couple of weeks. Also considering a few other coins that have some potential. If/when XRP is traded on Coinbase here in the US it will be a lot easier for people here to buy without first going through a different exchange. Right now you have to use dollars to buy Bitcoin or Ethereum [or a few others] and use those proceeds to buy XRP. When people here in the US can directly exchange fait for XRP I think the gains will become pretty astounding especially since it's not so much the token itself but the banking settlement system behind it that is driving the real value. For those that bought in at .006 I'd take some gains personally. But what the heck....ride the wave for awhile and then cash some out and convert to tangibles. Current marketcap by capitalization;

    https://coinmarketcap.com
    Went the other direction in a manner of speaking. When ETH hit above 800, I rolled all them into XRP at .76 along with every other crypto I had at the time. Late last night/early morning when XRP hit 1.68, I rolled out back into ETH enough to get back original holding of ETH at 710. The remainder went to some Au and Ag eagles.
    Facts?? We don't need no stinkin facts...

  21. #141
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    And the fees go down that way too when your just trading crypto for crypto. On my first initial positions I put them on a card as I didn't want bank wire info of my account anywhere near a foreign exchange. So to trade the dollars for BTC you have to pay the 3% credit card fee and then of course the exchange and mining fees and then convert to XRP. Once I get a large enough position I'll probably do a little horse trading as well as I learn more. At least with selling one coin and buying another [depending on the coins] the fees are a lot more reasonable.
    What is the lake of fire? What is it's purpose? Is the lake of fire eternal hell? Is there any hope of escape for those cast into this lake?
    http://bible-truths.com/lake1.html

  22. #142
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    Bump!

  23. #143
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    Quote Originally Posted by paul bunyan View Post
    You've made some interesting points in the past and no doubt you will get the last word in.

    Your discussion of finance, market risk, trading philosophy are way above the head of most of us and are not helping.

    Nuts and bolts....

    If your are not trading crypto's do not add to this discussion, except for those who want to learn how.
    Sorry paul, I have to disagree. This is so new to so many of us that any prior investing experience is good knowledge and should be thought of in such a way. I've been investing for years and never seen anything like it. I have considerable knowledge of currencies and their interactions with other markets but this makes everything I know about somehow obsolete.

    I hope that Rayku will continue posting as he see's fit.
    I'd rather be paranoid, prepped and wrong than be irrationally happy, frivolous and screwed.

  24. #144
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    Quote Originally Posted by Hfcomms View Post
    I'll never use changelly again. The coins I bought last Thursday are still in limbo after being exchanged still shows 'sending to your wallet'. Four days now! My purchase price was locked in but this is getting ridiculous.
    Shapeshifter had mine for a day and a half for XPR purchase but completed multiple other currency exchanges in a matter of minutes. When support finely got back to me to explain why they were saying it was do to the high volume of trades for said currency in the exchanges. Now normally I might call this a cop out but there have been several exchanges that I have tried to join in the past couple of weeks that are at present not accepting new users until the handle the upgrades needed to scale with the heavier volume.

  25. #145
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    Quote Originally Posted by Great Northwet View Post
    Sorry paul, I have to disagree. This is so new to so many of us that any prior investing experience is good knowledge and should be thought of in such a way. I've been investing for years and never seen anything like it. I have considerable knowledge of currencies and their interactions with other markets but this makes everything I know about somehow obsolete.

    I hope that Rayku will continue posting as he see's fit.
    Rayku has started posting some very nice nuts and bolts as I requested. HF is setting the pace with his Ripple experience.

    I am sorry if you disagree with my trying to keep this thread "on the rails". I've been around for many years and have seen many an interesting thread wrecked by well meaning posters.

    So I will agree to disagree.

    Now I hope someone would like to share their ideas about the new tax laws and their effects / consequences on crypto trading.

    YMMV.....Do not mortgage your house....
    et conciderunt ligna, ergo sum

  26. #146
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    Does anyone here read/follow Clif High's 2018 predictions for cryptocurrencies? Very interesting read!

  27. #147
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    21 Markets are Up Again. Asian Markets Opening Mrs Watanabe is Buying!

    I estimate the time in Asia to be 9 to 10am.

    Their holidays appear to be over and folks seem to be in a buying mood.

    Farther south our Oz Crypto Brothers are having some major problems. First they lose almost all of their guns. Now their ability to move their money around is under attack:

    Australian crypto traders are having their Bank Accounts closed by the big 4 banks.


    Australian Banks Reportedly Freeze Accounts Of Bitcoin Users
    Profile picture for user Tyler Durden
    by Tyler Durden
    Sun, 12/31/2017 - 19:59
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    Adding to the pressures on bitcoin early this morning, the Sydney Morning Herald reported that bitcoin users across Australia are reporting that their accounts have been abruptly frozen by the country’s “Big Four” banks. And while the banks have remained largely tight-lipped about the closures, many angry account-holders are jumping to conclusions and blaming the banks for punishing them because of their involvement with bitcoin.

    Bitcoin investors are claiming Australia's banks are freezing their accounts and transfers to cryptocurrency exchanges, with a viral tweet slamming the big four and an exchange platform putting a restriction on Australian deposits.

    According to the Herald, cryptocurrency trader and Youtuber Alex Saunders called out National Australia Bank, ANZ, the Commonwealth Bank of Australia and Westpac Banking Corporation on Twitter for freezing customer accounts and transfers to four different bitcoin exchanges - CoinJar, CoinSpot, CoinBase and BTC Markets.



    So @NAB @CommBank @WestpacNZ and @ANZ_AU are all freezing customer accounts and transfers to @BTCMarkets @coinspotau @GetCoinJar @coinbase . #Banks can fight it, but people want control of their money #ausbiz #auspol
    — Nugget's News Australia (@nugget_alex) December 28, 2017



    In response, some users complained that their activities with the cryptocurrency had still been described as a "security risk" by their financial institutions.

    While not every bank had explicit policies governing their relationship with cryptocurrencies, according to the Morning Herald, Commonwealth Bank’s June 2017 terms and conditions for CommBiz accounts specifically excludes this activity, saying it can refuse to process an international money transfer or an international cash management transaction “because the destination account previously has been connected to a fraud or an attempted fraudulent transaction or is an account used to facilitate payments to Bitcoins or similar virtual currency payment services”.

    A Commonwealth Bank spokesman said it was receptive to innovation in alternative currencies and payment systems “however, we do not currently use or recommend any existing virtual currencies as we do not believe they have yet met a minimum standard of regulation, reliability, and reputation compared to other currencies that we offer to our customers".

    “Our customers can interact with these currencies as long as they comply with our terms and conditions and all relevant legal obligations,” he said.

    One Twitter user, Michaela Juric, who is known on twitter as Bitcoin Babe, said she had business accounts closed by 30 banks and posted a picture of a letter from ANZ, saying it was closing her accounts effective 30 January 2018 in accordance with its terms and conditions.

    This is a letter I received a few weeks ago. Also included was a T&C's booklet. I've highlighted the clause they are referring to.
    I have a PTY/LTD company, paying tax, registered with the OAIC and conduct all relevant KYC/AML/CTF checks. pic.twitter.com/DShAZPIjyi
    — Bitcoin Babe (@BitcoinBabeAU) December 29, 2017

    The bank’s sudden decision to close the accounts of digital currency investors was not totally without warning: CoinSpot said it was putting a “temporary restriction on all forms of AUD deposits” that would remain in place until at least the first week of 2018 as a result of issues with Australian banks.

    “We assure you we are just as unhappy with the situation as you, but unfortunately Australian banks have been so far unwilling to work with the digital currency industry which leads to frequent account closures and strict limits on accounts whilst they remain operational, in effect debanking our industry,” it said.



    Bitcoin

    CoinSpot founder Russell Wilson said he was not aware of any new widespread issue, but was “monitoring” the situation.

    “We are aware that on occasion banks will freeze payments while they clarify with their customers that the funds were not fraudulently sent from their account, this is standard best practice for the banks and protects everyone,” Mr Wilson said.

    Meanwhile, representatives at the major banks offered some version of “no comment” to the Herald.

    A Westpac spokeswoman would not comment on specific instances, but said it had controls in place to “actively verify the identity of our customers and monitor the activities of those customers”.

    “Where we cannot verify the origin of transfers we may act to ensure we comply with Australia’s anti money laundering obligations,” she said.

    A NAB spokeswoman said it was important to note the currencies are currently unregulated.

    "While we don’t support unregulated currencies, NAB does not deny the right of individual customers to buy virtual currencies," she said.

    CoinBase, CoinJar and BTC Markets did not respond to request for comment.

    While much of the carnage in bitcoin this morning could be attributed to the ongoing rotation into Ripple, it’s important not to ignore the impact of this news. If more banks around the world start closing the bank accounts of bitcoin users and bitcoin-related businesses, it could negatively impact the price as marginal buyers, worried about being shut out of the banking system, go running for the hills.
    Business Finance
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    tmosley Dec 30, 2017 8:32 PM

    tbh, Australians need to rise up and kill all of their politicians for a LOT of reasons.
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    cossack55 tmosley Dec 30, 2017 8:35 PM

    "...and tanned their hides when they died Clyde, and thats them hangin' on the shed"


    YMMV, do not mortgage the home
    et conciderunt ligna, ergo sum

  28. #148
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    Quote Originally Posted by Great Northwet View Post
    Sorry paul, I have to disagree. This is so new to so many of us that any prior investing experience is good knowledge and should be thought of in such a way. I've been investing for years and never seen anything like it. I have considerable knowledge of currencies and their interactions with other markets but this makes everything I know about somehow obsolete.

    I hope that Rayku will continue posting as he see's fit.
    If you're familiar with FX, I would suggest your knowledge is far from obsolete. An exercise for you and anyone else with to put the time in.

    1. Research the following pairs;
    (Base currency/quote currency)
    ETH:XRP
    BTC:LTC
    DASH:XMR
    2. Do it again swapping the quote with USD, EURO, CHF
    3. One more time again swapping quote with JPY, KRW, CNY

    Treat 1 as a major, treat 2 as a minor, and treat 3 as an exotic.
    Run standard FX charts for the last 365 days swapping pips for .001% for the first two, and .0001% for the last two.
    Overlay the results and I believe you'll find the results no where near as chaotic (with one exception) as they appear on the surface. I believe the international banking system supported pairs will make themselves known to you by doing this. ETH:XRP and variant pairs have defined patterns. The BTC:LTC and variant pairs do not.

    Knowledge of currency trading only looks obsolete if you try to apply standard variables, especially regarding MACD, Stochastic, CCI, and RSI oscillators. Results of which are applied to ROC momentum indicators.

    I've said many times standard market tools don't apply, but that doesn't mean they can't be modified as mentioned above.

    With that I'll exit this thread as its been made clear my input is unwelcomed by some.

    Happy trading.
    Facts?? We don't need no stinkin facts...

  29. #149
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    6 Greg Hunter Inverviews Clif High About Cryptos Gold Silver and lots of other goodies.

    Quote Originally Posted by Loretta Van Riet View Post
    Does anyone here read/follow Clif High's 2018 predictions for cryptocurrencies? Very interesting read!
    Hi Loretta,
    Yes, I enjoy Clif's analysis of possible future trends.....but shhhhhhhhhhhhh don't let management know...Our secret..k?

    Great interview of Clif High by Greg Hunter at USAWatchdog.com on the youtubes. Titled "Clif High – Soaring US Economy and More 2018 Predictions"

    https://youtu.be/DT4mP1TiH8Q

    https://youtu.be/DT4mP1TiH8Q

    YMMV do not mortgage the farm
    et conciderunt ligna, ergo sum

  30. #150
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    Quote Originally Posted by Rayku View Post
    If you're familiar with FX, I would suggest your knowledge is far from obsolete. An exercise for you and anyone else with to put the time in.

    1. Research the following pairs;
    (Base currency/quote currency)
    ETH:XRP
    BTC:LTC
    DASH:XMR
    2. Do it again swapping the quote with USD, EURO, CHF
    3. One more time again swapping quote with JPY, KRW, CNY

    Treat 1 as a major, treat 2 as a minor, and treat 3 as an exotic.
    Run standard FX charts for the last 365 days swapping pips for .001% for the first two, and .0001% for the last two.
    Overlay the results and I believe you'll find the results no where near as chaotic (with one exception) as they appear on the surface. I believe the international banking system supported pairs will make themselves known to you by doing this. ETH:XRP and variant pairs have defined patterns. The BTC:LTC and variant pairs do not.

    Knowledge of currency trading only looks obsolete if you try to apply standard variables, especially regarding MACD, Stochastic, CCI, and RSI oscillators. Results of which are applied to ROC momentum indicators.

    I've said many times standard market tools don't apply, but that doesn't mean they can't be modified as mentioned above.

    With that I'll exit this thread as its been made clear my input is unwelcomed by some.

    Happy trading.
    Excellent advice for the folks. Thanks for coming by.

    You do not seem to be aware that most folks, like my self, have trouble balancing a checking book. heh.

    These trading tips that you shared are nuts and bolts (high grade with iridium electro deposition ).

    Don't be a spoiled sport. Just because I don't Trade Currencies (FX...right?) doesn't mean someone else might not enjoy.
    You know I was referring to your earlier comments on "Philosophy" er what ever.

    YMMV, don't sell the cabin
    et conciderunt ligna, ergo sum

  31. The coolest thing about these cryptos and the blockchain technology are all these amazing companies coming out of it all, and the awesome technology behind their projects. Some seriously cool stuff that’s going to change the scope of business, communication, energy, and financials forever. Making money on the cryptos or trading is one thing, but buying into some of these exciting ICOs because of what they’re going to bring to the table make it that much more fun. Some of them are crap and will fizzle out. But others are pretty incredible. I’ve read some of the white papers, and I feel truly blessed to be witness to this major shift in technology. Cryptos aren’t just a bubble fad. This is real innovation!

  32. #152
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    Not too shabby. Might as well play the game and profit from it while it lasts. Am currently into two crypto's and adding a third. One of them up 170% in the last few weeks and on the other only up around 3%. Also have discovered a precious metals dealer that will accept Bitcoin for physical metal. Yeah baby! Personally I don't like bitcoin even though the thread was started about that crypto but you can convert the coin you are in back to bitcoin and then immediately use that to buy metal with. The USDX is really taking a hit and I think that is only the beginning for the new year as more and more are ditching the dollar. And I sure do feel bad for those that got into bitcoin around 19K. Currently down below 14K. Some mortgaged their houses to play the game...not going to work out so good for a lot of them. Going to be an interesting year for sure.
    What is the lake of fire? What is it's purpose? Is the lake of fire eternal hell? Is there any hope of escape for those cast into this lake?
    http://bible-truths.com/lake1.html

  33. #153
    I've switched over to coinomi wallet, it has both changelly and shapeshift inside the wallet. https://coinomi.com/

    My imports from coinbase were pretty quick, within the hour quick. Also I switched some crypto to another crypto with changelly and was almost immediate. This was all done this past weekend so my experience was very good.

    In the states does the new tax law regarding capital gains tax on shifting from one crypto to another start 2018?

  34. #154
    Join Date
    Mar 2006
    Location
    Northern Colorado
    Posts
    398
    Quote Originally Posted by Hfcomms View Post
    Just for giggles I dipped my toe into the pool today. Tried to sign up with Bitstamp but failed verification because of my P.O. box as an address which doesn't match the street address on the drivers license. There is a support ticket open but decided upon another route. I used https://changelly.com to make the initial purchase. I was interested in XRP which is Ripple but not every exchange can handle Ripple. Changelly 'changes' one crypto currency for another and just charges about .5% depending on the transaction. What they do is to query all the exchanges in order to find the best rate/price for buying and selling and they act as an intermediary.

    You can't buy XRP directly with them for US dollars but you can buy Bitcoin or fractions thereof for dollars. So what I did was to purchase an initial position using a credit card. Your card has to have 3D capability which most of them do and I had to verify thru email as well as a code sent to my cell phone that the transaction was authorized. Once that was completed the transaction was put into the chain. It took about 45 minutes to 'own' the Bitcoin. I needed a Bitcoin wallet as well as a XRP Ripple wallet to exchanged from one to the other. It wasn't too difficult to do once they are set up and their are guides on the internet on how to set them up and how to secure your keys, ect.

    So anyway, once the Bitcoin wallet confirmed that I had the Bitcoin I went back on Changelly and put in the Bitcoin wallet as the sender address and converted it all to Ripple and of course you have to insert your Ripple wallet address. So I converted the Bitcoin to Ripple using the service and right now I'm waiting for the confirmation to hit the Ripple wallet. There are also services to take your crypto and exchange them back to dollars and there are a number of options for that. You can wire the funds back to your checking account, or to a Paypal account or to your Debit card, ect.

    I like Ripple primarily because that is the Banksters choice right now and a number of banks are signing up for it and you know that Wall Street and the banks never lose out. I tend to think from what little I know that Bitcoin has hit a top for the moment because of the futures exchange and there will be a lot of liquidity flooding into the decent Altcoins especially the cheaper ones because of people looking to ride the next Bitcoin. Ripple has went from about a penny at the beginning of the year to 80 cents or so now and is the #4 crypto currently in valuation so we'll see what happens.

    Personally I think that the banks and governments secretly are not against the crypto currencies and that this is actually the platform that they want to have their cashless society but it's one that they want to control. So I think this is a giant head fake and Hegelian Dialetic going on here. Even though they cant overtly control the crypto's they can certainly criminalize them and/or impute exorbitant taxation on all the ones except for the government approved for our 'safety' of course. All that being said might as well ride the wave and convert any gains to tangibles. And following my own advice I'm only speculating what I am willing to lose in the process.

    For me even being somewhat technically proficient it was a giant pain in the butt to get this accomplished with problems along the way and for a lot of people they won't think it's worth it probably for a casual end user. Of course if the crypto's keep exploding that may change. Also I've seen some evidence that Coinbase which is the most popular exchange in the US is to bring XRP into it's fold after the first of the year which would allow you to directly buy XRP instead of jumping thru hoops to convert from Bitcoin.
    I tried to follow this approach this morning, got my wallets set up, but when I tried to buy XRP on the changelly.com site, I kept timing out. I logged out and logged back in, and now I don't see XRP offered either for sale or for exchange on this site. Does anyone know what just happened? Anyone know of another site where one can purchase or exchange for XRP?

    Thanks,

    Steve

  35. #155
    Join Date
    Mar 2005
    Location
    Maidenhead
    Posts
    26,599
    It's hard right now here in the US so you can imagine what will happen if it gets on coinbase. If your having a 'server timing out' error on Changelly your not alone. I made another purchase on Sunday and had to try it several dozen times before it would go thru and have tried to buy some DGB coin for the last two days and haven't been able to. It has been suggested to buy Bitcoin first and then exchange that for XRP and I've used Changelly for both. XRP and different coins appear and disappear almost hourly on Changelly. When they get too overloaded they pull the more popular ones until it slows down and then put them up again. Here are two of the best places to stay on top of what is happening and where other people are going to get it done;

    https://www.xrpchat.com/
    https://www.reddit.com/r/Ripple/

    Many of them buy ETH and convert that to XRP and a number of different exchanges are mentioned. It's the most difficult here in the U.S. as our financial stranglehold rules are the most onerous around the world I've found out. I think the best exchange is Bittrex as it has minimum verification requirements. You basically sign up for it and they pretty much run a standard credit check on you to see if you are who you say you are....kind of like looking up your annual free credit report off the bureaus. I guess for withdrawals into fiat there is additional verification. Bittrex however suspended new accounts as of Dec 15th and they are trying to install new equipment before they open it up again. The flood of people that are going to enter the crypto's are going to be staggering IMO when they are able to handle the influx. In a way like the dot com bubble for those who can remember it.

    So to make a long story short for me I am still using Changelly until some of the better exchanges get up to speed with new capability so just keep trying it and it will go thru sooner or later. I started out with just a minimum $100, converted that to Bitcoin and then converted that to XRP on Changelly just to see if it would work first and once that happened I did more. Just keep trying, and I'm following my own advice of not putting more in than I'm willing to lose in case it all goes to pot.
    What is the lake of fire? What is it's purpose? Is the lake of fire eternal hell? Is there any hope of escape for those cast into this lake?
    http://bible-truths.com/lake1.html

  36. Quote Originally Posted by Steve308 View Post
    I tried to follow this approach this morning, got my wallets set up, but when I tried to buy XRP on the changelly.com site, I kept timing out. I logged out and logged back in, and now I don't see XRP offered either for sale or for exchange on this site. Does anyone know what just happened? Anyone know of another site where one can purchase or exchange for XRP?

    Thanks,

    Steve
    I haven't heard good things about Changelly. I use Binance, which has been seamless and quick and easy. A couple of tips: Buy some BNB (Binance coin) because they'll use that for fees, at a discount. They're super reasonable. Also, be careful not to buy and sell limit -- that could get dicey if you don't know what you're doing. Always buy Market vs. Limit.

    You can only buy and sell with Bitcoin or Ethereum, so you'll have to transfer one (or both) from your wallet or current exchange into Binance before buying anything.

  37. #157
    Join Date
    Mar 2006
    Location
    Northern Colorado
    Posts
    398
    HFComms and Jubilee, thanks for the info and clarification. I'm just trying to dip my toe into it a bit and maybe make a bit of money, as I know I'm late to the party. But this morning was a bit frustrating ;^) I can understand what you are saying about the flood of people jumping in, I guess the sites and their server equipment are a bit overloaded.

    Steve

  38. #158
    Join Date
    Mar 2005
    Location
    Maidenhead
    Posts
    26,599
    Actually, I don't think your late at all. I think a lot of people are going to flood in this coming year and many of them are looking for easy money. Going to be a lot of volatility and some pretty wild rides. And I think there will be a lot of money coming out of Bitcoin looking for something cheap with people hoping to catch the next 'Bitcoin' and making a ton of $. I'm speculating a bit on some of the altcoins but I like XRP because unlike BTC there is a real business model behind it and it's got the positive attention of the banks. As much trouble as we're having right now buying it imagine when it becomes easier. I think it will eventually catch and perhaps surpass Bitcoin although the price will be a lot less as there are a lot more XRP than Bitcoin but I think that $10 per coin is very possible within the next 3 months or so.
    What is the lake of fire? What is it's purpose? Is the lake of fire eternal hell? Is there any hope of escape for those cast into this lake?
    http://bible-truths.com/lake1.html

  39. #159
    HFcomms, I just jumped in and bought 1K worth of ADA at $.73 last night. I'd heard good things about it on another forum, and I was wondering if you're familiar with it and what are your thoughts?

  40. Quote Originally Posted by heelgeneral View Post
    HFcomms, I just jumped in and bought 1K worth of ADA at $.73 last night. I'd heard good things about it on another forum, and I was wondering if you're familiar with it and what are your thoughts?
    I have a little bit of ADA. You're right... I've heard good things about it, too. XLM has been doing great, as well! We don't have a lot invested, but I believe the Big 3 (BTC, ETH, and LTC) will all continue to do well and rise. There's a lot of fun in the alt coins, because you just never know which ones might end up skyrocketing based on some pretty solid foundations and tech implementations. Alt coins are a great way to get your feet wet and play around and learn everything, without risking bunches of money. I enjoy learning about them and watching the volumes, etc.

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