Loretta Van Riet
Trying to hang out with the cool kids.
CONGRATS Hfcomms!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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.
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Very nice write up HF. Thank you for sharing and good luck with the Ripple (still reminds me of the drink).
Paul
I think you need to read this.
https://nordic.businessinsider.com/...is-bitcoins-because-its-as-good-as-useless--/
Bitcoin is “as good as useless” and has no future as a tradeable currency says Emil Oldenburg, the co-founder and CTO of bitcoin.com, one of the world’s largest bitcoin websites.
Oldenburg has sold his bitcoins and believes others will do the same when they realize how illiquid the market is.
He says bitcoin's drawbacks are high fees and transaction lead times - a heated topic of discussion in the community today - and resistance to change from people running the old bitcoin network.
Oldenburg believes there's a brighter future for Bitcoin Cash, a spinoff currency of bitcoin that is now being actively promoted by bitcoin.com.
Bitcoin.com is one of the world’s largest bitcoin sites, having grown its profile this year thanks to the remarkable price surge of the cryptocurrency. But its cofounder and CTO, Emil Oldenburg, a Swedish native, is extremely skeptical when it comes to bitcoin's future.
”I would say an investment in bitcoin is right now the riskiest investment you can make. There’s an extremely high risk,” he says in an interview with Swedish tech site Breakit.
Although Oldenburg is far from the first to criticize the cryptocurrency's viability as an investment asset, his position as an industry insider does stand out – even as he migrates to its spinoff, bitcoin cash (BCH).
“I have in fact sold all my bitcoins recently and switched to bitcoin cash,” he says, referring to the currency that split from bitcoin in August and recently overtook Ethereum as the world's second-largest cryptocurrency. Bitcoin Cash has also gained the strong support of Oldenburg's co-founder, Roger Ver.
Oldenburg's big problem with bitcoin is high transaction costs and lead times. Indeed, by some counts, bitcoin transaction fees are doubling every three months, and it now takes on average 4,5 hours to confirm a bitcoin transaction. Ars Technica reported that fees reached $26 per trade recently.
"When people realize how bitcoin works, they will start to sell”
While buying, selling or trading bitcoin is not an issue today, Oldenburg says, problems surface when bitcoin transactions are recorded on the blockchain, the digital ledger that records each transaction.
More at the link.
I have a very elementary question (or, two) . . .
First: What is the end-game here? For individuals who know nothing about bitcoin - what is the 'pay off'?
For example:
* I work --> Employer gives me money --> I buy food --> I'm happy
What's the progression of bitcoin? I ask, because in the videos I watch, and discussions here, it seems (and I, of course could be wrong and am probably missing some important point) as though the concept is generating wealth - referenced in dollars. Get into bitcoin, it's currently worth $xx but could become worth $xxx. So then, you have $xxx . . . therefore:
* I have $xxx --> I buy food --> I'm happy
Am I understanding this correctly? It's simply another means to an end?
Second: What is the improvement? Currently, it still seems like just regular ol' money.
Currently:
* I have $2 --> you have a whistle I want --> we agree that if I give you my $2, you'll give me the whistle
With bitcoin:
* I have .02 bitcoin --> you have a whistle I want --> we agree that if I give you my .02 bitcoin, you'll give me the whistle HOWEVER, there now appears to be some fee included for the transaction
Third: Why should anyone want the make this change? I'm thinking that it's removing the 'power' of money from the large bankers - is that the case? If so, I'm good with that.
Fourth: (sorry, I keep coming up with questions - LOL) What's the exchange rate? Current monetary users need some form of reference.
Currently:
* 1 Euro = 1.18 US dollar
With bitcoin:
* ?? bitcoin = ?? US dollar
HB
Not what I wanted to hear but agree. The transaction rate is too slow to make it viable. Ethereum is faster and some others faster than that. Other opinions?
Hmm; I'm going to sell off and wait I don't like the momentum. Something is wrong here.
If you sell to USD you may be generating a Taxable event!
Well shit; I agree with everything you just said. Which do you think is the better move, Litecoin or BCC? Maybe both?
Traders have compared the crypto coin market place as the only financial market that is a true and free market.
The Central Bankers and Gov's have not been able to choke or throttle it and that is why they hate it. Also, blockchains will, maybe in 10 years, put the banks out of business!!!!!
That may be why you see real emotions in the run ups and the sell downs. Sell downs can reach 20+ % very easily.
Yet, these markets still exhibit the normal market cycles, Elliott Waves...etc...
It is a roller coaster and you better tighten your seat belt cause you are not in Kansas any more.
I like Litecoin and it is on sale... ltc will be going to over $2000 in 2018. Ethereum is a great choice too. Most fun right now is EOS which you can buy on the Bittrex exchange.
All the coins will be going up together for the next few years. Do not dump them......... Learn to HODL if you are not a excellent trader.
YMMV
And I am not your financial advisor.....capisce?? (capeeesh)
If you sell to USD you may be generating a Taxable event!
After looking up numbers and graphs that is probably the better move. Get out of btc, to ltc, or bcc and just hodl.
What's "hodl"?
HB
The owners of the address "Bitcoin.com" are actually major supports of a break away "fork" of Bitcoin. Their forked up coin is called Bitcoin Cash and they are very sneaky in how they beat up Bitcoin (core) to try and drive traffic to their alt coin.
Ymmv,
Paul
The exchanges are running pretty slow...at least Changelly was. Yesterday they had a banner advising delays on the Etherium markets and today also on Bitcoin so there must be a lot of demand. I got my Bitcoin into the wallet quickly but when I exchanged them for XRP even 10 hours later I hadn't received them yet even with over 50 confirmations looking at the hash. When I got up this morning they were in the wallet. And today they've removed XRP as an option and even had removed litecoin earlier. I'm thinking a lot of these exchanges are getting overwhelmed with volume right now.
I'm tempted to get more but I think I'll hold on a bit for a pullback/consolidation. A lot of momentum traders looking to turn a quick profit but that isn't for me. If I 'invest' in something it has to have value and a reason behind it that I can see. It's expected from several accounts that one of the major U.S. exchanges [coinbase] is going to add Ripple after the first of the year and when that option opens up I believe a lot more people are going to flood into it as it's still pretty cheap compared to many others. It's a lot easier to double your money going from $1 to $2 a coin than it is going from $500 to $1000 but time will tell.
Yup...extremely busy...
Coinbase is adding about 100,000 accounts a day...gulp, and expects to add 1,000,000 accounts over Christmas...
See, THIS is where us regular folks want/need to see change (no pun intended). Another form of currency is fine . . . but, until we can unshackle ourselves from taxes and heavy handed over-lord ruling - it's just another form of cash which will be swept up by 'the leaders'.
HB
I'll keep waiting until someone explains to me how BitCoin, LiteCoin, LazerCoin, CryptoCoin, NetCoin, CyberCoin, DigiCoin - or any/every variation thereof - somehow breaks this cycle of servitude to 'The Masters'.
HB
Mr Bails:
Please stop demanding answers when you will not take the time to view the "introduction to Bitcoin" youtube I provided.
None of the TB2Ker's that believe in the positive future for crypto currencies are fans of Jaimie Diamond or the Vampire Squid Bankers.
Your demands are becoming disruptive to the thread. Please stop typing and do some research.
watch the video or go away.
Paul
Mr Bails:
Please stop demanding answers when you will not take the time to view the "introduction to Bitcoin" youtube I provided.
None of the TB2Ker's that believe in the positive future for crypto currencies are fans of Jaimie Diamond or the Vampire Squid Bankers.
Your demands are becoming disruptive to the thread. Please stop typing and do some research.
watch the video or go away.
Paul
I did watch the original video . . . and several others offered by 'aantonop'; that's why I have all of these questions. I'm not making demands, I'm trying to learn.
I must have missed it. What specific demands did he make?
As the title states. This thread is intended to encourage fellow members to move out of their comfort zones and buy some, err even just one coin. Learn how to handle it, where to buy it, why others are extremely excited about it.
What is wrong with sharing great information?
Why do you think that I do not have the right to try and keep this thread on topic?
Mr Bails was being somewhat disingenuous, not sharing the facts that he had already completed significant research on the topic at hand.
Mr Bails wants to have a philosophical discussion about, among other things,the meaning of money, and how cryptos can solve extremely difficult and contentious problems.
Mr Bails is obviously an very intelligent person presenting himself as a poor dumb farmer.
Now he has admitted to extensive knowledge about the subject, he will take his ball and go home, to heck with the rest of us.
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HF, thanks for the Great Youtube. Not quite done yet but super story teller and helpful graphics.