m_shortpants
Member
Assuming that BTC keeps increasing in value, this little anecdote becomes more and more amusing.
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Cryptocurrency |OT| Nothing from Money
- Thread starter Brandson
- Start date
Assuming that BTC keeps increasing in value, this little anecdote becomes more and more amusing.
Sold my DGB a few days ago due to the continueing decline but i might buy back in and take a chance just to see what happens.
Nice!
So I'm looking to jump into the whole cryptocurreny thing. I want to start small 50 - 100 or so, and see where it takes me. If it ends up evaporating, than so be it. I still need to read up quite a bit, but I was wondering if GAF could give me some advice in terms of which wallet and which exchange to use.
Wallets and exchange depends on the coin you want to aquire. (Almost) every coin has their own wallet. Visit reddit page of a coin or the homepages of the devs/coin, where you can download them or get a direction of the available wallets. Some coins use the ERC20 Ethereum token standard so you can put them all into myethereumwallet.com.
Some coins are only limited to some Exchanges, like IOTA, NEO etc. while others are on almost every exchange. Bittrex and Poloniex have a wide range of altcoins.
With 50-100 € it is maybe a better idea to look into promising sub 1€/1$ coins (ARK, XEM, CVC, IOTA to name just a few) so your longterm gains can be bigger if they blow up, compared to getting "only" 10 OMG coins at 5 €. Although the 10 OMG could be worth 100 € in two years while the other mentioned coins stay that way. Nobody knows
(NEO was at 5 $ not long ago...as Antshares) . >just my naive opinion - not a professional advise in any way<
there are some really big sell walls (at 0.00027, 0,00029, 0,0003) so it might take a bit to break those.
Yeah there are some big sell walls being placed that are taking the momentum out... hope it picks back up.
Yeah I'm really not expecting it to stick.
gaming_noob
Member
Im going to drop $6000 on combination of OMG and NEO behind my wife's back. I feel so guilty but I want in on this. Thinking long term here... not touching it for 2-3 years. I've already submitted ID docs to Quadriga and have an account with Bittrex. I can't believe I'm doing this especially since I was making fun of investors when Bitcoin was at $1000.
Investing in Crypto could be a very good idea but doing it behind your wife's back definitely isn't a good idea XD.
I literally just had this conversation with my wife. My investment was a measly $200. She was upset because I didn't even consider her decision on the matter. This was after I showed her that my $200 turned to $1700 by investing in NEO. It didn't matter to her, she just wanted to be part of the financial planning/investing. If you talk to your wife and explain the reasoning behind the investing, she would probably be inclined to agree with you.
Yup, was just about to post it. Picking up now again.
I don't hold NEO but have been following it. NEO hasn't tested a support in a serious way since around $6. It might retest anywhere down to $6 at any time. There's no way of knowing, so there is always that looming risk.
You can see ETH's price history here: https://coinmarketcap.com/currencies/ethereum/. For comparison purposes, an important period you may want to look at starts around June 2016 with ETH's price at USD$20. It then dropped to $8-10 until around February 2017 where it began its climb upwards again and then exploded to USD$420 without any (serious) retracements before correcting to $130, and now it's back at $300.
So NEO has the potential to correct a lot and sit there for 6 months, and also the potential to fly above $100 at the same time. It is in an extremely risky phase, that could also be very rewarding. Those buying it up presently don't seem to be that interested in NEO's actual development progress and quality, which by all public evidence is quite limited. At some point investors will start to care about that. It could be now, or it could be at $200. Invest at your own risk.
Thanks for the input! I'm definitely interested in investing in sub € 1 coins initially. The thing I'm running into now is how to actually get started buying them. I've looked at Bittrex and there seems to be no way to purchase altcoins using fiat currency. Do I need to first purchase an x amount of €/$ worth of bitcoin and then exchange that towards other cryptocurrency? It's all rather overwhelming and as someone new to this I'd like to start off on a relatively reliable platform.Wallets and exchange depends on the coin you want to aquire. (Almost) every coin has their own wallet. Visit reddit page of a coin or the homepages of the devs/coin, where you can download them or get a direction of the available wallets. Some coins use the ERC20 Ethereum token standard so you can put them all into myethereumwallet.com.
Some coins are only limited to some Exchanges, like IOTA, NEO etc. while others are on almost every exchange. Bittrex and Poloniex have a wide range of altcoins.
With 50-100 € it is maybe a better idea to look into promising sub 1€/1$ coins (ARK, XEM, CVC, IOTA to name just a few) so your longterm gains can be bigger if they blow up, compared to getting "only" 10 OMG coins at 5 €. Although the 10 OMG could be worth 100 € in two years while the other mentioned coins stay that way. Nobody knows
>just my naive opinion - not a professional advise in any way<
I just started in July myself. The typical process is to buy Bitcoin with USD on coinbase.com, then transfer that to Bittrex (or another exchange if you prefer), where you can trade it for an altcoin.
You make an account on Bittrex or Bitfinex and then you'll have the option to Deposit some bitcoins in your wallet on those exchanges. All you have to do then is find a site where you can exchange fiat for bitcoin and then have that website send it to your deposit adres.
I used BTCdirect to exchange my fiat for bitcoins.
Edit: Beaten.
Thanks guys. Guess I'll try to get setup tonight.
Not expecting anything other than an interesting learning project.Thanks guys. Guess I'll try to get setup tonight.
You are welcome
. Also if you are looking for a sub $1 coin with potential then i would say IOTA is definitely one to look at.TheLostBigBoss
Banned
You are welcome
What other exchange holds the coin other than Bitfinex (which are suspending US accounts in the near future)
It's Bitfinex exclusive at the moment.
Sorry
.Edit: Oh wait, seems like it got added on C-Cex?
Edit 2: This can't be right... worldcoindex says that IOTA is $ 0.0050009 on C-CEX while it's $ 0.8627669 on Bitfinex... seems like that could be a big opportunity but i don't have any experience with C-CEX.
Thanks guys. Guess I'll try to get setup tonight.
Another site i used besides coinbase to get fiat into BTC/ETH as a start is https://anycoindirect.eu/nl.
most others dont look so hot right now, due to the surge of BTC.
be aware that ARKs traded volume is really low and the price can be pumped and dumped with comparatively small amounts of invest.
Yeah i am aware... not sure what to do really.
enjoy the ride
its still doing better than most other "serious" alts.
STRAT, for instance, lost 30% today.
i dont have any idea where ARK is going today. maybe it will crack 0,0003 later. maybe it will fall back to 0,0022. but im sure it will be back up in time. ARK always comes back.
i dont hold any atm, sold everything on friday with the strong intention to buy back in later. could have made 50% ark extra by switching back at the right time. but i never switch at the right time
i was debating myself if i should buy back in at a "loss" earlier today, but decided against it because i have a feeling that this surge wont last that long.
Bitcoin has an increasing number of avenues for big investor money to enter the market easily, through OTC Bitcoin investment funds. Mainstream money doesn't want to deal with crypto exchanges directly. This movement is a preview of what's to come for other cryptos, once the same kind of investment vehicles exist for other cryptos. Bitcoin approaching $5000 seems very possible in the next month or so.
the ARK sell wall is back up at 0.00027181
i guess the intention is to suppress the price, accumulate "cheap" and then dump after the surge, when the wall is taken down.
only that the surge didnt come, it just peaked at 00029 and stayed there.
lets see what the next round brings.
i guess the intention is to suppress the price, accumulate "cheap" and then dump after the surge, when the wall is taken down.
only that the surge didnt come, it just peaked at 00029 and stayed there.
lets see what the next round brings.
Do you mean keeping it there for a few days before you send it elsewhere or do you mean keeping it there for 2 years? What's in your own wallet is yours. If you have money/coins on an exchange, it not really in your hands. Even if they are insured you don't know how long you have to wait after a hack/raid/ceo lambo bail/police investigation/whatever.
Or you want to suddenly sell / send your BTC and the exchange has a maintenance of their BTC wallet and you don't have access for several hours/days.
For 50 $, i would not care and just leave it at CB though.
Or you want to suddenly sell / send your BTC and the exchange has a maintenance of their BTC wallet and you don't have access for several hours/days.
For 50 $, i would not care and just leave it at CB though.
yeah.. once i place maybe $300 or more i might start moving them to a wallet. I'm just testing the waters right now.
CaptainZombie
Member
Especially now when NEO hasn't really hit a strong support line, if this goes down and sits there for months his wife may kill him if she finds out that he lost half the money and even worse not telling her. LOL!
csquared587
Member
How easy is it to go from BTC back to cash? Say I want to put $200 into bitcoins on coinbase as a starting point, then into bittrex for Neo or OMG, but I want out in about a month. is it an easy process to pull out of the coin market back into USD?
TheLostBigBoss
Banned
Coinbase has an option to put your bank account in it, you can sell your bitcoin into a USD wallet and then transfer it over to your bank irrc
TheDoldrums
Member
Don't think I really believe this story, but I do agree with the larger message that simply hodling Bitcoin is a really good idea. I understand the appeal of trying to hit it big on an alt that makes a leap, but Bitcoin is going to keep going up and is as safe as you can get in crypto. My portfolio is pretty boring. 85% BTC, 10% ETH, 5% alts. But starting four months ago I've put ~20% of my net worth in it and it's tripled so far.
Bitcoin is getting enough attention now that hedge funds and the elite can't ignore it. I think a ton of money will be pouring in. Right now it's an unstoppable snowball tumbling down a hill and gathering mass. $7500 by 2018.
Borboleta Amarela
Member
If we get to 200$ per NEO and it shows no signs of continuing its rise. I'll probably sell it all and put 50% in BTC and never think about it for a few years. The other 50% will be for me to buy a house most probably.
If we get more than 200$...I'll be shitting my pants for a long time.
If we get more than 200$...I'll be shitting my pants for a long time.
TheLostBigBoss
Banned
lol, I forgot I bout 500 in BTC using my bank account, just arrived and it's already +20% it's original buy value.
Honestly thinking of just ignoring alt coins and just hold on bitcoin. But even that's risky
Honestly thinking of just ignoring alt coins and just hold on bitcoin. But even that's risky
Thx, wasn't sure if it would somehow for some reason take alot longer something.
My girlfriend would definitely kill me XD. I convinced her that investing in bitcoins might be a good idea and she agreed but she wanted to start with a small sum (she's smarter than me) but hopefully this small beginning can become something big!
Yankee Ruin X
Member
For $50 I would leave it on the exchanges. Try not to move your coins about to much as you will end up losing loads in transaction fees.
Ethereum Enterprise Alliance announcement today: https://entethalliance.org/ethereum-enterprise-alliance-legal-industry-working-group-press-release/
It's not as hype-worthy as Mastercard, but there are some prestigious large law firms joining the EEA and forming a working group exploring use of smart contracts to implement legal agreements.
As a tech lawyer myself, this is really good to see. I hope something actually comes from it.
It's not as hype-worthy as Mastercard, but there are some prestigious large law firms joining the EEA and forming a working group exploring use of smart contracts to implement legal agreements.
As a tech lawyer myself, this is really good to see. I hope something actually comes from it.