(Topic ID: 200502)

Somebody explain Bitcoin to me


By Pinballlew

2 years ago



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  • Latest reply 30 days ago by Zampinator
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    There are 1721 posts in this topic. You are on page 9 of 35.
    #401 2 years ago
    Quoted from Pintucky:

    I have been trying since October to open an account on Coinbase and/or GDAX but can't get either of them to accept my driver's license photo.
    I've written on here before about this. But since there has been a flurry of new postings, I thought I would try it again.
    I need some recommendations on what exchange to use other than those two. Some of you have surely bought on a different exchange. I read a lot today about Bitshares.org. I can't find any fee schedules on their site. Can anyone vouch for them?
    One last question. If I successfully buy Bitcoin or Ether from, let's say Bitshares, can I sell them someday using another exchange? Just pull 'em outta my 'wallet' and sell them?
    I'm trying SO hard to get rich and I can't even GIVE my money away!

    i signed up for Kraken, and my experience was similar to yours. getting verified was a complete pain in the ass. in the end, i wound up not even using it for what i planned (depositing cash). You might try finding a bitcoin ATM and depositing cash that way. I'm pretty sure you can deposit straight to coinbase that way.

    https://www.coindesk.com/bitcoin-atm-map/

    #402 2 years ago
    Quoted from Pintucky:

    I have been trying since October to open an account on Coinbase and/or GDAX but can't get either of them to accept my driver's license photo.
    I've written on here before about this. But since there has been a flurry of new postings, I thought I would try it again.
    I need some recommendations on what exchange to use other than those two. Some of you have surely bought on a different exchange. I read a lot today about Bitshares.org. I can't find any fee schedules on their site. Can anyone vouch for them?
    One last question. If I successfully buy Bitcoin or Ether from, let's say Bitshares, can I sell them someday using another exchange? Just pull 'em outta my 'wallet' and sell them?
    I'm trying SO hard to get rich and I can't even GIVE my money away!

    The photo has to be clear enough to see the details. Try scanning your driver's licence...that's what I ended up doing.

    #403 2 years ago
    Quoted from Black_Knight:

    Pintucky- if you are buying it at 10k you are not getting rich, so there is no rush. :$

    Oh I don't know about that. I can tell you that my little "crypto fund" has earned more than that in just the last two weeks. Of course it's not a profit until I sell and this whole thing could come crashing down before I ever sell becasue I'm stubborn like that. I'm going big or losing it all...flip a coin.

    #404 2 years ago

    I’m on bitstamp
    I Just had to send pic on my passeport and a utility bill Wichita my address on it.
    Works great

    #405 2 years ago
    Quoted from Black_Knight:

    Oh, you live in Vegas, helps explain why gambling is part of your retirement plan.

    For somebody who has everything figured out in the world of finance, I would imagine you would have better things to do than diddle around with a foolish idiot like me.

    I mean I was stupid enough to increase my exposure into cryptos another $14,588 just in the last three days.

    They don't call me a slow learner for nothin.

    So tell me your strategy on getting rich playing the lottery.

    #406 2 years ago

    Thanks for the comments guys. I like your idea pez.

    Can anybody respond on that last question? Thanks again.

    Quoted from Pintucky:

    If I successfully buy Bitcoin or Ether from, let's say Bitshares, can I sell them someday using another exchange? Just pull 'em outta my 'wallet' and sell them?

    #407 2 years ago
    Quoted from Pintucky:

    Can anybody respond on that last question? Thanks again.

    Yes, just like money, you can move it around.

    #408 2 years ago
    Quoted from Pintucky:

    Thanks for the comments guys. I like your idea pez.
    Can anybody respond on that last question? Thanks again.

    Many options
    https://bitcoincharts.com/markets/currency/USD.html

    #409 2 years ago

    It is my understanding that it is solving/validating transactions of existing coins that allows new coins to be obtained. If that is correct, what would be the motivation to continue to mine them at the point that it becomes prohibitively expensive (it is also my understanding that each mined coin becomes more and more difficult) to do so or when there is nothing to be obtained after they are all mined? Doesn't the nature of Bitcoin mean that it could no longer be used as a "currency" at that time because the transactions wouldn't be processed?

    #410 2 years ago

    I just can’t get past all the resources used to mine these crypto currencies. I, in good conscious could not invest in them for that reason alone. They should be banned.

    #411 2 years ago
    Quoted from Black_Knight:

    I bought $500 worth some time ago because I know there would be greater fools out there and I am ready to get out

    Well, I'm a greater fool, and a buyer, so sell your Bitcoin. And hurry up before it crashes. How much do you have?

    #412 2 years ago
    Quoted from vicjw66:

    I just can’t get past all the resources used to mine these crypto currencies. I, in good conscious could not invest in them for that reason alone. They should be banned.

    Yeah, we heard. You mentioned it before. Lead the charge. Write your congress-person.

    #413 2 years ago
    Quoted from Black_Knight:

    Pintucky- if you are buying it at 10k you are not getting rich, so there is no rush. :$

    I will buy all of your Bitcoin, right now, in cash, at $10,000 per coin.

    Step up, or shut up.

    #414 2 years ago
    Quoted from vicjw66:

    I just can’t get past all the resources used to mine these crypto currencies.

    I think this is a valid concern. I've looked into some of the more environmentally-friendly coins. Unfortunately, I haven't been able to find one yet that is a solid investment. Anyone have any suggestions?

    #415 2 years ago
    Quoted from solarvalue:

    I think this is a valid concern. I've looked into some of the more environmentally-friendly coins. Unfortunately, I haven't been able to find one yet that is a solid investment. Anyone have any suggestions?

    Pardon the pun, but gold and silver coins can be a solid investment. They're not minting any more of those for circulation.

    #416 2 years ago
    Quoted from Astropin:

    Maybe. Maybe if Bitcoin gets a strong enough following it can't be stopped. The only way to completely shut it down is to shut off everyone's computer. Outlawing Bitcoin in and of itself, might (might) not be enough to stop it. Certainly it would be a serious blow but it could eventually crawl its way back even from that.

    They don't need to 'stop it' - just have something else more interesting. Or what if a flaw comes out that erodes the credibility of the solution.. All it takes is for interest to move to something else... because the unit has no actual value of its own.

    Remember right now, bitcoin is a property people are speculating in. It's not really being used as currency... it's being hoarded because people think it will be a commodity worth something. But it's not a commodity, it's a virtual token... whose valuation is driven by 'exchanges' and people within the community itself.

    My point with the post was... if a major player were to move into the space, why would they adopt something where other people already hold most of the value? They'd start something new and try to push it's adoption. Now imagine if that player were the financials or a government... they have a lot bigger hammer to 'push adoption' with...

    #417 2 years ago
    Quoted from TRAMD:

    It is my understanding that it is solving/validating transactions of existing coins that allows new coins to be obtained. If that is correct, what would be the motivation to continue to mine them at the point that it becomes prohibitively expensive (it is also my understanding that each mined coin becomes more and more difficult) to do so or when there is nothing to be obtained after they are all mined? Doesn't the nature of Bitcoin mean that it could no longer be used as a "currency" at that time because the transactions wouldn't be processed?

    They can recover fees for processing the compute that validates the transactions. Today even the model functions in a market where miners can set rates on what they charge to validate transactions.

    But the problem of becoming prohibit-ally expensive to compute is a problem as are numerous scaling problems the current system has... which is why most don't see it as a viable global currency in its current form.

    #418 2 years ago

    Well it just blew past 10k. Sitting at over 10,800.

    #419 2 years ago

    Extreme, you really need to chill out a bit and play some pinball.

    #420 2 years ago

    I'm surprise Amazon has not already brand ''its'' AMAZON COIN as the only accepted crypto to buy there stuff.
    Hmm..Jeff Bezos might have a shit load of bitcoin

    We're living a virtual klondike. Some will buy a shovel while others will read the news.
    fine with me

    #421 2 years ago
    Quoted from ExtremePinball:

    For somebody who has everything figured out in the world of finance, I would imagine you would have better things to do than diddle around with a foolish idiot like me.
    I mean I was stupid enough to increase my exposure into cryptos another $14,588 just in the last three days.
    They don't call me a slow learner for nothin.
    So tell me your strategy on getting rich playing the lottery.

    Are you still buying Bitcoin? My bi-weekly purchase date is Friday and I'm on the fence because of the recent tear. I don't buy a lot, just a little every other week to compliment my 401k.

    Would you be opposed to throwing out what other cryptos you're buying? I've been looking at XRP and EOS.

    #422 2 years ago

    Found this helpful article, the actual mining seems like a complete waste of resources, electricity etc..

    https://www.investopedia.com/tech/how-does-bitcoin-mining-work/

    #423 2 years ago

    I just saw a fake watch website that accepts bc.

    Why don't they stop mining them? Wouldn't that make the value rise faster?

    #424 2 years ago
    Quoted from rai:

    Found this helpful article, the actual mining seems like a complete waste of resources, electricity etc..
    http://www.tftcentral.co.uk/reviews/dell_s2716dg.htm

    Wrong link?

    #425 2 years ago

    This is the correct link which is quite good to explain

    https://www.investopedia.com/tech/how-does-bitcoin-mining-work/

    It just seems silly to me.

    #426 2 years ago
    Quoted from Spyderturbo007:

    Are you still buying Bitcoin? My bi-weekly purchase date is Friday and I'm on the fence because of the recent tear. I don't buy a lot, just a little every other week to compliment my 401k.
    Would you be opposed to throwing out what other cryptos you're buying? I've been looking at XRP and EOS.

    Yes, bought another $2k worth last night. I'm on the long term plan. While I fully expect there to be a pull back, this market is just too volatile for me to time my buys & sells, so I just buy and let it ride. So even if I pay $11k tomorrow, and it pulls back to $9k, this weekend, I'm not losing sleep.

    I'm buying & holding Litecoin & Ethereum as they are two of the more popular coins, and the only other coins sold on GDAX. Once I get onto another platform, I will buy into every coin available for a while and then watch it play out.

    I have a VERY high risk tolerance so I don't mind losing a little on some, while making a lot on a few. I don't recommend this strategy to anybody.

    When I was on another trading platform, Bitfinex, I was buying & selling XRP, EOS and about a dozen other coins. Bitfinex no longer accepts U.S. customers unless one opens a corporate account.

    #427 2 years ago

    I just watched the value move +/- $1K within 15 mins LOL. This is insanity and super fun to watch from the sidelines.

    My opinion only: I don't want to say the dirty bubble word but seriously when the price moves so much in such a short amount of time and when it's all over the media where you have guys pumping up the hype you have the think at what point does the price reflect mostly greedy speculation? As history has shown doesn't end well for all but who knows because as I read somewhere "this time is different" LOL again. I love it.

    Another gut feeling is that terrorist and or hacker groups who trade in bitcoin will cash in at some point and stash the cash to fund future wars (maybe they already have?). Maybe I am totally out to lunch? Who knows, things are out of control (or are they?) and there is absolutely nothing the world governments can do so it's truly the digital wild west being played out by using thousands or millions of supercomputers! Sounds like a hollywood movie doesn't it? Kinda scary actually thinking about what could happen.

    Anyways it will be interesting to see how things play out. If I were an early adopter I would have cashed out long ago and retired comfortably while paying my tax so I could get a full night sleep.

    I'm sure more sophisticated people/companies/organizations would probably move the cash to offshore tax havens.

    When I was a kid growing up in the 80/90's I would often think of what the world would be like when i was 35 (2017) and here we are.

    It's totally mind blowing to think that there is now a currency which was created by a guy who for all intents and purposes does not exist and where the currency only exists on the internet.

    Some people are going to get silly rich off this and who knows how long it will last. My fear is that those who are/will be silly rich don't try to ruin the world past where we already are in total world obliteration.

    I was thinking about what would be the best hedge and I came up with weapons manufacturers, healthcare, AI, weed, booze and water.

    #428 2 years ago
    Quoted from ExtremePinball:

    Yes, bought another $2k worth last night. I'm on the long term plan. While I fully expect there to be a pull back, this market is just too volatile for me to time my buys & sells, so I just buy and let it ride. So even if I pay $11k tomorrow, and it pulls back to $9k, this weekend, I'm not losing sleep.
    I'm buying & holding Litecoin & Ethereum as they are two of the more popular coins, and the only other coins sold on GDAX. Once I get onto another platform, I will buy into every coin available for a while and then watch it play out.
    I have a VERY high risk tolerance so I don't mind losing a little on some, while making a lot on a few. I don't recommend this strategy to anybody.
    When I was on another trading platform, Bitfinex, I was buying & selling XRP, EOS and about a dozen other coins. Bitfinex no longer accepts U.S. customers unless one opens a corporate account.

    That's where I'm at, Bitcoin, Ether and Litecoin. I have some BCH & BTG from the forks and a little bit of SC I mined, but that's pretty much worthless.

    I didn't know that about Bitfinex. I think you can still jump on Kraken? A buddy of mine dropped 10 large on XRP at $0.19. I think he went through Kraken.

    #429 2 years ago

    I’ve been dabbling a bit in XRP. Seems like it could be something in the future. Locked it in a vault and figure I will check in on it in a couple years or something and see what happens. Of the alt coins, that is the one I am most intrigued by personally.

    #430 2 years ago
    Quoted from cdnpinballer:

    My opinion only: I don't want to say the dirty bubble word but seriously when the price moves so much in such a short amount of time and when it's all over the media where you have guys pumping up the hype you have the think at what point does the price reflect mostly greedy speculation? As history has shown doesn't end well for all but who knows because as I read somewhere "this time is different" LOL again. I love it.

    It’s got all the signs of a bubble.

    The funny thing with a bubble .. whatever it is, we’ve seen plenty of them .. is every time, “this will be different!” Lol

    Extreme (and others) .. you had the right idea when you bought years ago at low prices. Stash them away and hope for the price to rise up. But to be buying more at $10,000? Dunno about that. Buy low - sell high is my motto. Whatever the item is, the rule is the same.

    They say there are now 1000 different crypto currencies. That’s food for thought.

    Personally ... if I had bought bitcoin for $10 (whatever it was when you bought it) I would be selling it for $10,800, taking my profit, walking away and never look back. If it rises more ... who cares! Take the risk free profit. Then move on to the next thing.

    “A bird in the hand is worth 2 in the bush ...”. (All these old wisdoms are old wisdoms for a reason..).

    Edit: I left Pinside and clicked open Facebook. First thing I see is this ad. That would REALLY set the alarms off for me, if I had money invested. Every time you have third parties spruiking up “something”, you know the end is nigh.

    7F00EF09-D71F-4280-A008-3573EA290711 (resized).png

    #431 2 years ago
    Quoted from rotordave:

    It’s got all the signs of a bubble.
    The funny thing with a bubble .. whatever it is, we’ve seen plenty of them .. is every time, “this will be different!” Lol
    Extreme (and others) .. you had the right idea when you bought years ago at low prices. Stash them away and hope for the price to rise up. But to be buying more at $10,000? Dunno about that. Buy low - sell high is my motto. Whatever the item is, the rule is the same.
    They say there are now 1000 different crypto currencies. That’s food for thought.
    Personally ... if I had bought bitcoin for $10 (whatever it was when you bought it) I would be selling it for $10,800, taking my profit, walking away and never look back. If it rises more ... who cares! Take the risk free profit. Then move on to the next thing.
    “A bird in the hand is worth 2 in the bush ...”. (All these old wisdoms are old wisdoms for a reason..).
    rd

    why the all or nothing strategy? why not only cash out half? you're still up like 50,000%, and still maintain a way to earn more.

    #432 2 years ago
    Quoted from pezpunk:

    why the all or nothing strategy? why not only cash out half? you're still up like 50,000%, and still maintain a way to earn more.

    Cash out and move on.

    Any profit is a good profit.

    Where people go wrong, is they ALWAYS get too greedy. “It could be $20,000 next year!” Hey, it could be. But hey, it could be worth nothing. Don’t be greedy, you take a profit and move on. If you bought low, you’ve done extremely well, take the profit.

    I started buying and selling stuff at 16. (1986) Lets just say I don’t have to do that any more. Seen all the bubbles come and go. Too numberous to mention. It’s always the same. I’ve seen people lose everything gambling on the silliest things. It’s always greed that gets them in trouble. Always that carrot dangling in front of them “just a little bit more ...” ....

    Anyways, as always, your money, you’re free to do as you please with it.

    rd

    #433 2 years ago
    Quoted from rotordave:

    Cash out and move on.
    Any profit is a good profit.
    Where people go wrong, is they ALWAYS get too greedy. “It could be $20,000 next year!” Hey, it could be. But hey, it could be worth nothing. Don’t be greedy, you take a profit and move on. If you bought low, you’ve done extremely well, take the profit.
    I started buying and selling stuff at 16. (1986) Lets just say I don’t have to do that any more. Seen all the bubbles come and go. Too numberous to mention. It’s always the same. I’ve seen people lose everything gambling on the silliest things. It’s always greed that gets them in trouble. Always that carrot dangling in front of them “just a little bit more ...” ....
    Anyways, as always, your money, you’re free to do as you please with it.
    rd

    That's why when I "speculate" I only do it with money I can afford to lose. That being said "speculation" was not my only reason for getting involved with a few of these cryptocurrencies. I think there might be a real future here. So I am betting long not short. If I lose what I put in so be it...I'll be fine. 5-10 years for me (Bitcoin has already been around for 8). I either get at least quarter million out or I lose (or just cash out in 10 years with whatever is there). This was a "gamble" so if I'm going to gamble it's go big or go home. I'm not throwing in 15k (just an example) to pull out 30k on a gamble. I could make that in the regular ol' stock market.

    #434 2 years ago

    right now approximately 0.1% of my total net worth is in cryptocurrency. i'm not sure i could even call it an investment. i'm going small and staying home.

    #435 2 years ago

    Bitcoin has gone up in value by 65% since the start of this thread.

    #436 2 years ago
    Quoted from pezpunk:

    right now approximately 0.01% of my total net worth is in cryptocurrency. i'm not sure i could even call it an investment. i'm going small and staying home.

    See, that’s the way to do it. The problem starts with ads like that Facebook one, people start mortgaging their houses to buy bitcoin (it’s happening, mark my words..), the market goes to crazy levels, and then implodes.

    Quoted from Astropin:

    That's why when I "speculate" I only do it with money I can afford to lose

    I can’t afford to lose any money. Ever.

    rd

    #437 2 years ago
    Quoted from rotordave:

    I can’t afford to lose any money. Ever.

    I can when I think there is a potential huge upside

    #438 2 years ago
    Quoted from Astropin:

    I can when I think there is a potential huge upside

    BTW...looks like Bitcoin just dropped over 1k in the last hour (profit taking).

    #439 2 years ago

    right now everyone who had bought in over the last year and told themselves "ok if it ever hits $10k i'm selling" is doing just that. once the correction levels off, it'll be a good time to buy again -- maybe $8000 or so? just a wild ass guess.

    #440 2 years ago
    Quoted from Astropin:

    BTW...looks like Bitcoin just dropped over 1k in the last hour or two (profit taking).

    No offense to any of you short term guys, but I'm hoping it keeps dropping until after Friday when I make my biweekly purchase.

    #441 2 years ago
    Quoted from pezpunk:

    right now everyone who had bought in over the last year and told themselves "ok if it ever hits $10k i'm selling" is doing just that. once the correction levels off, it'll be a good time to buy again -- maybe $7000 or so? just a wild ass guess.

    If I had bigger "Insert Anatomy Part Here", I'd take some profits and then jump back in again.

    My problem is that I did that with some Ether last week and the damn thing never came back down again so my buy never executed.

    #443 2 years ago
    Quoted from Astropin:

    I can when I think there is a potential huge upside

    If it is a “good” investment, there should be no chance of losing your money. Worse case, you make a little profit or break even.

    Anything else is gambling. You may as well go to the roulette wheel and keep betting on Black. You’ll be right around 40%.

    rd

    #444 2 years ago
    Quoted from rotordave:

    You may as well go to the roulette wheel and keep betting on Black. You’ll be right around 40%.
    rd

    Whoa, how many Zeros are on your Roulette wheels? Around here (0 & 00), it's ~47%.

    #445 2 years ago
    Quoted from rotordave:

    If it is a “good” investment, there should be no chance of losing your money. Worse case, you make a little profit or break even.
    Anything else is gambling. You may as well go to the roulette wheel and keep betting on Black. You’ll be right around 40%.
    rd

    See...I have a TOTALLY different view of this market. I have never played roulette in my life. In fact when I do go to Vegas I only play poker (and go to shows). At least in poker I have some say in the matter.

    With the cryptos I see a potentially bright future.

    #446 2 years ago
    Quoted from rotordave:

    If it is a “good” investment, there should be no chance of losing your money. Worse case, you make a little profit or break even.
    Anything else is gambling. You may as well go to the roulette wheel and keep betting on Black. You’ll be right around 40%.
    rd

    i think it's possible there are more potential states to an investment than "100% guaranteed" and "40% chance of success"

    #447 2 years ago
    Quoted from rotordave:

    Anything else is gambling.

    Dave,

    Can't believe you are spewing these rational thoughts in this thread. The pitchforks came out quick when I did it.

    #448 2 years ago

    I want to get rich, and quick!

    Is this a good scheme for me to get involved in?

    #449 2 years ago
    Quoted from CrazyLevi:

    I want to get rich, and quick!
    Is this a good scheme for me to get involved in?

    yes! (2 years ago)

    #450 2 years ago
    Quoted from Black_Knight:

    Dave,
    Can't believe you are spewing these rational thoughts in this thread. The pitchforks came out quick when I did it.

    Dave has a "better/nicer" way of presenting his thoughts on things (IMHO).

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