(Topic ID: 200502)

Somebody explain Bitcoin to me


By Pinballlew

2 years ago



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  • 1,714 posts
  • 163 Pinsiders participating
  • Latest reply 2 days ago by RonSS
  • Topic is favorited by 33 Pinsiders

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    There are 1714 posts in this topic. You are on page 21 of 35.
    #1001 2 years ago
    Quoted from pezpunk:

    i don't think bragging about wealth is an effective move anywhere. i grant you Pinside is richer than your average forum, but i disagree that it's necessarily more intelligent. there is not as strong a correlation between wealth and intelligence as rich people tend to think there is. some of the smartest people i know are actually pretty poor (and i know a lot of very wealthy people).

    Effective =/ impressive. He was trying to appeal to authority i.e. impress us that he's made good investments and has lots of money so if he makes an investment, it is a good way to make lots of money. With a lot of successful investors on this forum, that's not really going to work here. It might not work elsewhere, either, of course.

    As for the Pinside is richer but not more intelligent. Sure, I don't have any way to refute that.

    So I guess I agree with you but don't feel that doing so discounts my point.

    10
    #1002 2 years ago

    So thanks to pinside and this thread, I have decided to mortgage my house for $300k and buy 20 bitcoins with a plan to sell each one at every $50k uptick towards $1 milly

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    #1003 2 years ago
    Quoted from wcbrandes:

    pumpers gonna pump. A ton of new crypto currencies coming. Will be very interesting to see where all the dust settles lets hope no one here ends up in the dust pan....I know wishful thinking

    I think it'll be pretty simple. Once governments get interested in crypto currency they will make their own national versions, and all the remaining speculative ones will either be banned, not accepted, or find some other way to drop to 0$ in value as they become worthless. In the meantime though it's a zero sum game and people love to gamble, so there will be lots of new ones that will create a few winners and many losers.

    #1004 2 years ago
    Quoted from Reality_Studio:

    I think it'll be pretty simple. Once governments get interested in crypto currency they will make their own national versions, and all the remaining speculative ones will either be banned, not accepted, or find some other way to drop to 0$ in value as they become worthless. In the meantime though it's a zero sum game and people love to gamble, so there will be lots of new ones that will create a few winners and many losers.

    I agree there will be govt involvement and laws will be made..... its a matter of time.

    #1005 2 years ago

    Ripple bouncing back right now. What a crazy 24 hours it’s had. Curious where it will settle in a couple days

    #1007 2 years ago
    Quoted from extraballingtmc:

    Ripple bouncing back right now. What a crazy 24 hours it’s had. Curious where it will settle in a couple days

    I had funds in that earlier in the month but took it out after it leveled off, put it back in there last night. Looking at the chart it's on a steady climb. If you go to the website, it's being used by some big names (santander, american express, BMO). Seems like a pretty safe investment?

    #1008 2 years ago

    I just sent a bunch of monero to an exchange last night and it's still not in my wallet, and the exchange is giving 502 errors. So that's hundreds of dollars out floating in the ether I can't just retrieve.

    The whole crypto environment is still the wild west for the most part, very sketch.

    #1009 2 years ago
    Quoted from RandomGuyOffCL:

    So thanks to pinside and this thread, I have decided to mortgage my house for $300k and buy 20 bitcoins with a plan to sell each one at every $50k uptick towards $1 milly

    Way to prove you didn’t read the thread.

    #1010 2 years ago
    Quoted from jwilson:

    I just sent a bunch of monero to an exchange last night and it's still not in my wallet, and the exchange is giving 502 errors. So that's hundreds of dollars out floating in the ether I can't just retrieve.
    The whole crypto environment is still the wild west for the most part, very sketch.

    502? Must be Kraken. :p

    I’ve sent funds to Kraken and had them get there no problem within an hour or two. Make sure your local wallet is fully synced after making the transaction request (if you sent it from a wallet). (Also there should have been a transaction ID)

    #1011 2 years ago
    Quoted from pezpunk:

    502? Must be Kraken. :p
    I’ve sent funds to Kraken and had them get there no problem within an hour or two. Make sure your local wallet is fully synced after making the transaction request (if you sent it from a wallet). (Also there should have been a transaction ID)

    Yeah, Kraken. It’s the only exchange that will allow Monero deposits and CAD withdrawals. That is, if it actually ever arrives.

    Today I logged in and it changed to saying only Tier 4 users can do Monero. Christ what a pain in the ass!

    Bitcoin is easy compared to these other coins.

    #1012 2 years ago

    Will be much bigger fallout than the dot.com bubble burst. Zero regulation.....as of now

    https://www.nytimes.com/2017/09/15/business/cryptocurrency-bubble-doge.html

    #1013 2 years ago

    i watched the episode of "Silk Road" on American Greed last night on the plane ride back home from Tahoe. Very interesting bitcoin story.

    As one huge drug dealer on the "dark web" Tor went down, 10 more have popped up.

    An FBI and CIA official were both indicted in this particular scam as well.

    The libertarians have a noble mission to cut out the government and traditional currency but its not gonna end well. Too much fraud and corruption, regulation is coming.

    https://www.cnbc.com/2016/09/23/american-greed-silk-road-digital-drug-dealers-gallery.html

    #1014 2 years ago
    Quoted from jwilson:

    Yeah, Kraken. It’s the only exchange that will allow Monero deposits and CAD withdrawals. That is, if it actually ever arrives.
    Today I logged in and it changed to saying only Tier 4 users can do Monero. Christ what a pain in the ass!
    Bitcoin is easy compared to these other coins.

    Just use quadriga to Gdax to binance and back again. You can trade whatever to btc or ether instantly on binance.

    #1015 2 years ago
    Quoted from toyotaboy:

    I had funds in that earlier in the month but took it out after it leveled off, put it back in there last night. Looking at the chart it's on a steady climb. If you go to the website, it's being used by some big names (santander, american express, BMO). Seems like a pretty safe investment?

    Yes definitely legit and with major banks getting involved it will be safe. Which means when it hits Coinbase it will blow up because it’s cheap and people will trust it because banks do. Either buy it now or have funds/crypt on binance so you can buy the instant it’s added to cb.

    -2
    #1016 2 years ago
    Quoted from pezpunk:

    Way to prove you didn’t read the thread.

    You should come out to Cali. Sometime.

    We can grab a beer and squeeze some boobs...

    #1017 2 years ago
    Quoted from RandomGuyOffCL:

    You should come out to Cali. Sometime.
    We can grab a beer and squeeze some boobs...

    You want to bring it to that level. Here you go. (Mostly normal thread still has to go off the rails)

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    #1018 2 years ago
    Quoted from Taxman:

    You want to bring it to that level. Here you go. (Mostly normal thread still has to go off the rails)

    Right on the level bitcoin ought to be! Haha.......

    #1019 2 years ago
    Quoted from iceman44:

    Right on the level bitcoin ought to be! Haha.......

    this kind of post contributes nothing to the thread and just makes it sound like you're jealous of people here who have made a lot of money on something you don't understand.

    13
    #1020 2 years ago

    oh by the way, my BitPay Visa card came in the mail yesterday! works like a charm. Loaded it up with about $3500 worth of the coin i've mined. bought groceries and a steak dinner, courtesy of my mining rig.

    #1021 2 years ago

    Read through most of the thread and it's disappointing so much of the discussion is negative. It's really quite simple. If you are interested in crypto technology then there are options to invest in currencies based on those technologies. If you are interested or believe in those technologies, whether from a humanitarian perspective or just to get rich quick, then so be it. If not, then fine. There are plenty of other things to spend money on.

    -3
    #1022 2 years ago
    Quoted from ExtremePinball:

    then one is obviously materialistic and/or easily manipulated by appearance alone.

    Same goes for cars if you spend $2600 for a oil change and spark plugs you don't need.

    -3
    #1023 2 years ago

    Google "Dutch tulip1636 1637". It should tell you all you need to know about bitcoin. Its simple. You can become rich beyond your imagination. You can lose everything. Its called gambling. Ultra high risk gambling.

    #1024 2 years ago
    Quoted from Hoopjohn:

    Google "Dutch tulip1636 1637". It should tell you all you need to know about bitcoin. Its simple. You can become rich beyond your imagination. You can lose everything. Its called gambling. Ultra high risk gambling.

    read the thread next time. every page, some random shmoe that knows nothing about bitcoin pops in and mentions tulips.

    #1025 2 years ago

    Are mined currencies taxable as ordinary income?

    #1026 2 years ago
    Quoted from ExtremePinball:

    Real world example: I own 10,000 Dogecoin. I have no idea what that is. What I do know is that I paid about a half a cent per coin for a total investment of $59.36. So for less than the cost of lunch, I'm willing to take the risk in the hope and expectation that this coin rises.... exponentially over the coming years.
    Wash, rinse, repeat.
    In my opinion there's far more potential upside, than downside, so I don't sweat the small stuff. I just keep speculating.
    I'm currently far enough ahead of the game that any loses that I incur, are short term loses of profit, not losses of original investment capital.

    I did this. Bought 44,000 shares of a garbage alt called Verge XVG. Paid $.0085 each. Sold after a pre New Year’s Eve pump for $0.24.

    And now I’m upgrading from mildly interested crypto trader to dedicated hobby trader. Who knows what will happen in 2018 but I’m looking forward to it. Plenty of money to be made between the red and green candles.

    #1027 2 years ago
    Quoted from pezpunk:

    oh by the way, my BitPay Visa card came in the mail yesterday! works like a charm. Loaded it up with about $3500 worth of the coin i've mined. bought groceries and a steak dinner, courtesy of my mining rig.

    Nice. I want to learn how to build a mining rig!

    #1028 2 years ago
    Quoted from extraballingtmc:

    Send to Coinbase then gdax then binance
    Be better if you had ether though. Faster and less volatile while you moving

    Thank you. I just opened a Binance account. Why do I need Coinbase then Gdax though?
    Can't I get my BTC or ETH out of Quadriga and "upload" directly to Binance?

    #1029 2 years ago
    Quoted from PhilGreg:

    Thank you. I just opened a Binance account. Why do I need Coinbase then Gdax though?
    Can't I get my BTC or ETH out of Quadriga and "upload" directly to Binance?

    You don't need Coinbase to Gdax. I'm not sure why he suggested that. You can send straight from your CB wallet to your Binance wallet.

    #1030 2 years ago

    I think coinbase is suggested because it's one of the easier ways to buy bitcoin and transfer into binance, but if you already have funds then you don't need it.

    #1031 2 years ago

    Ok thank you.

    #1032 2 years ago
    Quoted from GhostThruster:

    You don't need Coinbase to Gdax. I'm not sure why he suggested that. You can send straight from your CB wallet to your Binance wallet.

    I believe there is a mining fee if you try to move BTC/ETH/LTC from Coinbase to Binance, but not if you move it from Coinbase > GDAX > Binance. I may be mistaken, but that is what I experienced when I first got into it.

    #1033 2 years ago

    I could be wrong but I believe it’s cheaper to go to gdax then binance from quadriga. But yes you could go straight to binance from quadriga if you like.

    You need a Coinbase account to have a gdax acct. can move freely between the two at least.

    #1034 2 years ago
    Quoted from pezpunk:

    this kind of post contributes nothing to the thread and just makes it sound like you're jealous of people here who have made a lot of money on something you don't understand.

    I fully understand it

    Classic pump and dump

    Will end badly

    Reminds me of 1999. Road goes on forever and the party never ends

    Don’t be the bag holder

    #1035 2 years ago
    Quoted from iceman44:

    I fully understand it

    really. then explain the blockchain, or what mining is, or how a wallet works, or literally any aspect of cryptocurrency that proves you know more about it than the ability to shout "TULIPS!" at something you don't understand.

    #1036 2 years ago
    Quoted from iceman44:

    Will be much bigger fallout than the dot.com bubble burst. Zero regulation.....as of now

    dotcom busted because there were too many companies banking on people buying from a gazillion different websites with no regard how that was going to work. Pets.com failed because they were hemorrhaging money shipping 25lbs of cat litter for free. Nobody could have predicted that amazon would go from just books to nearly anything you can think of to buy from the same place (saving on shipping cost), which today doesn't even matter if you have amazon prime.

    Cryptocurrency isn't going away, the only question is whether bitcoin will still remain as the standard.. or will some other cryptocurrency bump ahead because they offer better features like security or insurance.

    #1037 2 years ago

    Alright, further down the speculation rabbit hole, I got some ChainLink now because some guy here I don't know said it was a good idea.
    Wish me luck!
    Wow that is so much more fun than all my other reasonable investments (except the time I lent a few K to a friend of mine who was starting a hot sauce business).

    #1038 2 years ago

    Sorry Pez

    Was just joking... But apparently it’s called “trolling”

    Winners have always won at the expense of losers

    Unless it’s different this time...

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    #1039 2 years ago

    Has anyone purchased a Cryptokitty?

    https://www.cryptokitties.co/faq

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    #1040 2 years ago
    Quoted from extraballingtmc:

    Just use quadriga to Gdax to binance and back again.

    GDAX doesn't allow Canadians to trade, and quadriga isn't accepting new users until sometime later this year. Also, the fees for all those transfers is crazy!

    #1041 2 years ago

    Oh weird. I only just signed up for quadriga a few weeks and had no issue.

    Not sure about gdax and Canadians. I’m cdn and have Coinbase and Gdax and haven’t had issue. Cashout you need to send back to quadriga though. Hopefully one day I’ll need it lol

    #1042 2 years ago
    Quoted from pezpunk:

    really. then explain the blockchain, or what mining is, or how a wallet works, or literally any aspect of cryptocurrency that proves you know more about it than the ability to shout "TULIPS!" at something you don't understand.

    Don't waste your time, he's just being his usual trollish self. He really brings no value to this site whatsoever and never has anything good or useful to say.

    #1043 2 years ago
    Quoted from pezpunk:

    really. then explain the blockchain, or what mining is, or how a wallet works, or literally any aspect of cryptocurrency that proves you know more about it than the ability to shout "TULIPS!" at something you don't understand.

    Watch the episode I pointed out on American Greed. It’s not rocket science

    Explain how a “market” works? That’s what you ought to be focusing on

    I don’t care if it’s trading in stocks, bonds, futures, currency or bitcoin.

    You lose control and $$$ when you let the emotions of fear and greed take over

    -1
    #1044 2 years ago
    Quoted from pezpunk:

    this kind of post contributes nothing to the thread and just makes it sound like you're jealous of people here who have made a lot of money on something you don't understand.

    Do you always have to be so rude and condescending to everyone who disagrees with you? Why the moderators have not ejected you from this thread is beyond me.

    #1045 2 years ago

    Anyone following Factom (FCT)? The marriage of physical documentation, NFC & Blockchain is pretty bad ass. The price of admission is pretty high right now though (~$66/coin).

    Looks like they formed a partnership with SMARTRAC last year and are handling the block chain portion for their dLoc. Interesting stuff.

    #1046 2 years ago

    I'm not saying cryptocurrency is going away by any stretch.

    We are talking about the TRADING of the asset that is currently in a massive bubble from a "valuation" standpoint or any measure for that matter.

    Cryptocurrency will be around in the future and will be MUCH more regulated by the government.

    Whether its trading at $1,000 or $20,000 is a whole different issue. And like every other major decline after a run up, the traders will have profited leaving the bag holders wondering what happened.

    #1047 2 years ago
    Quoted from jwilson:

    Don't waste your time, he's just being his usual trollish self. He really brings no value to this site whatsoever and never has anything good or useful to say.

    Man, you really hurt my feelings again. Coming from you it stings

    #1048 2 years ago
    Quoted from Underspin:

    Nice. I want to learn how to build a mining rig!

    I found this channel (TheGeekPub) on Youtube because it was recommended by The8BitGuy...

    The hardware is not too difficult because it's just off the shelf PC hardware for altcoins.

    Check the Description tab on Youtube for links to detailed blog posts.

    Example: https://www.thegeekpub.com/11070/tour-mining-rig/

    #1049 2 years ago
    Quoted from vicjw66:

    Do you always have to be so rude and condescending to everyone who disagrees with you? Why the moderators have not ejected you from this thread is beyond me.

    i'm not rude to everyone who disagrees with me. i'm rude to people who pop in without reading the thread, and triumphantly post wildly redundant opinions as revelatory new information.

    the only time i was rude to you was when you first showed up and were like "HEY GUYS HAVE YOU HEARD OF TULIPS??"

    in response to my rudeness, you bizarrely wrote my username on a piece of paper, stuck it on a toilet, took a picture, and posted it to Pinside. so don't try to act like miss manners over there.

    #1050 2 years ago
    Quoted from iceman44:

    I'm not saying cryptocurrency is going away by any stretch.
    We are talking about the TRADING of the asset that is currently in a massive bubble from a "valuation" standpoint or any measure for that matter.
    Cryptocurrency will be around in the future and will be MUCH more regulated by the government.
    Whether its trading at $1,000 or $20,000 is a whole different issue. And like every other major decline after a run up, the traders will have profited leaving the bag holders wondering what happened.

    Most of the experienced cryptocoin enthusiasts in this thread have expressed an understanding that speculating/trading/investing/mining carries the very possible risk of considerable losses.

    The few who don't seem to grasp that, seem to have stalled out at the barrier of registering at an exchange and converting their cash into magic internet money.

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