What makes ETH so great? Just looked it up and didnt really understand what makes it better than bitcoin.
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Bitcoin prices hit new record high of over $2200 (10/13 Update: peaked at $5,829)
- Thread starter XiaNaphryz
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What makes ETH so great? Just looked it up and didnt really understand what makes it better than bitcoin.
Trojita
Rapid Response Threadmaker
Can someone give me a quick run down on something.
What was up with the various exchanges that went under? Did those people lose money?
The wallet's that people put on their own hard drives, since their is a ledger are those people able to copy the file for backups?
How long would it take to cash out let's say 11,000 bitcoins? Would you be able to withdraw it all? Would it equal 22 million $ in your bank account?
What was up with the various exchanges that went under? Did those people lose money?
The wallet's that people put on their own hard drives, since their is a ledger are those people able to copy the file for backups?
How long would it take to cash out let's say 11,000 bitcoins? Would you be able to withdraw it all? Would it equal 22 million $ in your bank account?
Those exchanges that went under, either got hacked, didn't have enough volume or were doing some shady Madoff type stuff. I know people did lose money on the Mt. Gox thing and I definitely got screwed by Bitfinex.
When your money is on an exchange, it's not in your wallet so you can't save that. A good rule of thumb is if you don't control the wallet then it's actually not your money.
If you're doing Over The Counter trading or something like Gemini Auctions then you could probably liquidate 11,000 BTC in a day or a couple weeks.. don't know if the price would survive that action, but it did during the WhaleBear incident. Something like 30,000 btc was sold in a couple hours, but that was like around $300USD/BTC.
mercenar1e
Member
Coinbase isn't the only exchange.
In addition to being used as a currency, ETH has the ability to have programmable logic associated with it, has much faster and cheaper transaction times, and could allow large application-style functionality to be more easily built on it than Bitcoin. There is a lot of potential there that several big tech companies and financial institutions are experimenting with. In the future there are also plans to transition the underlying verification of transactions from a proof-of-work system to a proof-of-stake system, where dedicating your ETH store to the blockchain is used to verify the transactions, as opposed to mining. That should cause prices to get a big bump if that is actually implemented successfully.
Some of the current price increase is driven by hype, and some by forward-thinking companies acquiring ETH now while it's cheap, to be used for their future applications later, in the event that Ethereum actually becomes the home base for future application layers.
The delays in getting verified on an exchange and being able to deposit funds there are currently causing a 1-3 week delay between news hitting and price movement occurring. There was just a lot of news released this week which caused a big bump, but also more public awareness. So people are just finding out about Ethereum this week, and if they want to buy some, it will take them a few weeks to act on it, so the benefits of this week's news will likely be felt for a while still. The exchanges need to get faster at verifying new users.
Well I lost the 200,000 Dogecoins I had in Cryptsy. thankfully I knew to never put all my eggs in one basket.
mercenar1e
Member
what exchange handles 100+ BTC sell in a day?
Kraken right now shows a 24 hour trading volume of around 11k bitcoins with US dollars if I'm reading that right..
If ETH hit's $1k a pop I will send you .5ETH
If it dives at 999.99 you get nothing
you have my word, favorite this page or whatever
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Trojita
Rapid Response Threadmaker
Thanks for the answers. Damn, I feel really dumb for not getting into bitcoin when I first heard about it. I even remember people starting to build rigs to mine them even before there were many out there.
About the wallet on a drive, can you make backups of them?
If you have a significant portfolio of cryptocurrency, consider getting something like a Ledger Nano S hardware wallet (ledgerwallet.com), and even better, a pair of them so you can use one as a backup, with the ability to use them interchangeably. Then if one dies or is lost, get another one so you always have 2. If you have less than $1000 in value, then a hardware wallet might not make sense until that value grows.
XiaNaphryz
LATIN, MATRIPEDICABUS, DO YOU SPEAK IT
Lilalaunebaer
Member
Yep. I have multiple copies of my wallets on different sticks and drives. 2 at home and 2 at my parents place.
XiaNaphryz
LATIN, MATRIPEDICABUS, DO YOU SPEAK IT
Not surprising considering how high it peaked.
http://www.businessinsider.com/bitcoin-price-blows-past-2500-2600-and-2700-2017-5
Considering getting some ETH. The main reason I never dabbled with Bitcoin was I didn't understand any of it but since then I've been reading a lot more white papers and actually digging into the protocols and attempting to build a few smart contracts in Ethereum. So I feel a little more comfortable knowing what is happening and what I'm responsible for.
I guess the most surprising thing is how many people jumped onboard Bitcoin without ever understanding any of it, how it works, future issues as a result of the protocol, attack vectors etc.
I guess the most surprising thing is how many people jumped onboard Bitcoin without ever understanding any of it, how it works, future issues as a result of the protocol, attack vectors etc.
Yeah coinbase has been flaky, but after persistence I finally got my PayPal account attached.
Try different a different browser. I used Firefox, also the iPhone app works fairly well.
I'm using Anycoindirect to buy currency and Exodus as my wallet.
I literally got started with all of this yesterday, with a bit of support from a colleague/friend. Created the account, uploaded the necessary documents and did webcam certification all within two hours in order to have my account fully unlocked for trading (level 5).
Bought a bit of ETH yesterday and now some more during the dip. Yolo! %)
What wallet do you guys recommend for Ethereum?
Have a bit of BTC that I use mostly for online gambling, dont really view it as an investment, more of a convenient way to bet online for sports. Might convert a couple BTC into some Ethereum for the hell of it. For BTC I use bread and Electrum.
Have a bit of BTC that I use mostly for online gambling, dont really view it as an investment, more of a convenient way to bet online for sports. Might convert a couple BTC into some Ethereum for the hell of it. For BTC I use bread and Electrum.
fixedpoint
Member
Probably fewer times than I regret selling mine : )
CaptainZombie
Member
Same here my friend. Back in 2012/2013 I had so much bitcoin, right about now I'd probably be owning my own island if I hadn't cashed it out and not properly reinvest it.
These places are getting hammered with new users as the high increases make headlines
I meant to say coinbase.
I finally got to add my card without errors. The site says they'll charge you 2 times to verify the card.
It charged me 3x. I tried putting in the "first and second charge" and got locked out for 24 hours.
its bullshit.
Arkage
Banned
People who have stashed coins early will keep doing huge selloffs to translate it into liquid cash, making these rate fluctuations part of life.
I view these coin currencies as basically an income redistribution method for tech industry early adopters and investors, where early adopters essentially become the new upper class and late adopters become the new poor, with starting income levels playing very little role. Anyone believing that people convert to coin for reasons other than 1) profiteering 2) silk road type purchases or 3) novelty with cash to throw out the window, is deluding themself.
I view these coin currencies as basically an income redistribution method for tech industry early adopters and investors, where early adopters essentially become the new upper class and late adopters become the new poor, with starting income levels playing very little role. Anyone believing that people convert to coin for reasons other than 1) profiteering 2) silk road type purchases or 3) novelty with cash to throw out the window, is deluding themself.
Starting income plays a huge role
if I had 10k of play money to put in Eth instead of 1k back in march I'd have 40k now and 100k if ETH cracks $1k
meanwhile a savvy high schooler who got in early for $10 wont see jack comparatively, $990 in profit for him vs 40k for the high roller who got on late
Arkage
Banned
In terms of temporary investment and profiteering, you are correct. My argument was specific to the long term hope that a particular coin will displace cash as a global currency. On that scale, the inflation of coin value would be so tremendous that your $10 vs 10K difference would be the same as comparing a millionaire to a quadrillionaire. Imagine that 2000% increase eth just had in a few months time, and imagine that increase continuing steadily throughout the next decade as people globally adopt the coin and continually drive demand. Your equity-to-coin ratio (and thus real-world equity assuming coin takes over cash) plummets lower every day you delay, driving constant demand for coin for fear of cash continually losing value against it, combined with the trend of switching to coin because "everyone is doing it." Which is what it would actually take for a coin to displace cash.
Later Alligator
Member
you can very likely make some money on ETH. but the cost of entry is fairly high at $185 dollars or whatever its currently at
as far as a huge pay day goes, i think you'd have to take a gamble on an altcoin that currently sells for pennies or less than pennies, and hope it takes off
Intheflorsh
Banned
I had a bitcoin once. 
Deposit and Withdrawals on the GDAX side should avoid the Coinbase fees.
Yeah, it should honor the price at time of transaction, if I remember correctly.
King Mystery
Member
I traded my Bitcoins for like 700 Feathercoins I can't even find the wallet to. I think it might of been a bad move.
700 FTC are worth $30 now.....
👀
Coinbase's auto ID verification can't read my driver's license. It failed at least 100 times over multiple days, so I gave up. This is apparently a known problem for well over a year, that they can't be bothered to fix. Their support hasn't replied to my email sent 2 months ago about this either, so I'll be avoiding them forever. If anything goes wrong just for you, it could take a long time before it gets fixed. That they seem to have the best mainstream name recognition is also perhaps another reason to avoid.
Kraken's first few tiers verified quickly earlier this year. Tier 3 verification took around a week. Not sure what the timeframe is like now.
CaptainZombie
Member
I've had nothing but issues with Coinbase all day and I'm still waiting on Kracken verification so I can jump in on some Eth. Stupid coinbase messed up my CC verification so now I need to wait 24 hrs, hoping the price tanks a bit more tomorrow to buy in a bit lower.
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