(Topic ID: 200502)

Somebody explain Bitcoin to me

By Pinballlew

6 years ago


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  • 1,905 posts
  • 176 Pinsiders participating
  • Latest reply 3 years ago by toyotaboy
  • Topic is favorited by 34 Pinsiders

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    #950 6 years ago
    Quoted from ExtremePinball:

    Lol.
    In the Fremont Street area, there is one decent restaurant open for lunch, Triple George Grill. It's a popular weekday dining location with judges, attorneys, and other downtown business owners M-F.

    I eat at the Triple George every time I stay in downtown Vegas for the Punk Rock Bowling festival, I dig that place.

    #958 6 years ago
    Quoted from rai:

    I was just reading in China they have bycicle sharing service and so many companies got into the service that there was countless bikes all over the damn place too much to handle they had to round up hundreds of thousands of unused bikes and dozens of companies went out of business.

    This is starting to happen in Seattle, we now have 3 competing bike sharing companies and 10,000 bikes on our streets. Which is awesome. But they are starting to break down, get parts stolen, get trashed by people... until they have a way of easily reporting this stuff like Car2Go does for damage, it's going to make the system less desirable and not as useful and may sink a company or two.

    2 weeks later
    #1349 6 years ago

    I'm a crypto newb, please bear with me. I bought $200 of Ethereum via Coinbase recently just to play around with it and learn the ropes before putting more cash in. So far I haven't touched it yet. Can you day trade it in Coinbase selling on the highs and buying the dips? It seems to widely go up and down during the day. I'd imagine there are limits on those types of transactions.

    Then for other coins, is the most simple thing to transfer some Ethereum to Binance and trade there? Is having your money sitting there safe? Or are you pulling it out of there and saving the smaller coins somewhere else?

    #1351 6 years ago

    Gotcha, I just moved some of my coin to Binance and can now purchased a few other coins. What's your favorite exchange?

    #1353 6 years ago

    So it seems in the week or so I've been watching the Bitcoin and Ethereum, they seem to drop to their lowest value around 6-8am Pacific time. Like drop hundreds of dollars and then start climbing again. Is that a longer trend people have noticed or is it just the past couple days? Those seem like the dips to buy if you are sinking a fair a mount of cash into this Market, then sell it at the peak each day in the early afternoon, then buy again in the morning...

    2 weeks later
    #1385 6 years ago
    Quoted from Multiballmaniac1:

    I am hoping for a full crypto crash after the G20 summit. Go Angie Merks!

    Why are you hoping for it? Are you shorting the crypto market or just unhappy that people are profiting from it an you are not? I'd think if you really want to put your money where your mouth is you'd short GBTC, PRELF, MGTI and MARA.

    #1453 6 years ago
    Quoted from iceman44:

    Why? He got no credit for it going up and still up HUGE since he started because of his policies and deregulation etc.
    And crypto is crapto. Stock market back up another 500+
    Now the large broker dealers, all of them, have prohibited sales of crypto in clients account. For good reason.

    Thanks for sharing your hot investment insight with us! You clearly have a great understanding of the Market and the economy and how it's success is determined by big government, rather than the successes of American workers, small businesses and corporations.

    3 weeks later
    #1551 6 years ago
    Quoted from rotordave:

    Being correct has nothing to do with being politically correct.

    I feel like I need to say this fairly often to people in today's world when they are whining by political correctness but are just plain wrong.

    1 week later
    #1590 6 years ago
    Quoted from Cleanroom:

    Fake money = Fake returns

    Why do people come on the cryptocurrency thread just to say stuff like this? What's the point? If you don't like it or don't care about it, don't come here and comment. Too many snowflakes are outraged about things that have nothing to do with them these days.

    #1607 6 years ago
    Quoted from schwarz:

    Feb 6 was lower but odin was asking when was the last time it went up 10% in a day.
    8 days ago and today. Still way down though no question.

    Both the Dow Jones and Bitcoin have been doing badly for months and are flirting with 3 month lows.

    #1608 6 years ago

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    3 months later
    #1615 5 years ago
    Quoted from o-din:

    So how's that bitcoin looking today, boys?

    Lower than last December, still up +132.5% in the past year. Better than the Stock Market. I don't know about you, but my alt coin dabbling is for funsies, I'm much more worried about the stock market where I have serious investments, all the tariffs have been hurting it for the past six months and there is no sign of improvement in the near future. It's affecting both crypto and the market.

    #1627 5 years ago
    Quoted from EricHadley:

    Anyone who gambles on bitcoin might as well go to Vegas and put it all on black......basically the same thing

    As an avid gambler and someone that invests a lot of money in the market, property and plays around with crypto, I can tell you that you have no idea what you are talking about. Seriously, you need a reality check, you are talking about things that you clearly don't understand - both gambling and crypto.

    4 months later
    #1651 5 years ago
    Quoted from okayestpinballer:

    So how's the crypto scene doing these days?

    Alot like the stock market.

    1 year later
    #1728 3 years ago

    I moved all my crypto (which is not alot) into bitcoin and have just left it there and focused more on the stock market in the past year. If it goes huge over the next decade I'll be wealthy, if it doesn't and I lose it all, no big deal. I timed the NASDAQ really well, selling most of my stocks the first couple days into February's crash and buying back in 2 days off the bottom in March.

    1 month later
    #1736 3 years ago

    It seems Paypal making it easy to buy Bitcoin has really helped drive up the price in the past few weeks. How high will it go?

    #1741 3 years ago
    Quoted from Trogdor:

    Seems bitminers are using same amount of energy as 200m people. This can’t possibly fail..

    Then don't invest in it.

    #1742 3 years ago

    I bought a bunch more Bitcoin a few weeks ago and it's through the roof... tempted to sell it like a daytrader to lock these huge gains, are most of you holding?

    #1744 3 years ago

    Etherium has gone up nearly 25% in the last 24 hours, weeeeeee!

    #1748 3 years ago

    Yeah, I've been sticking to Ethereum and Bitcoin and I'm pretty happy about it in the past month, even buying more as it's risen.

    #1751 3 years ago
    Quoted from russdx:

    Any one having issues with being locked out of there Coinbase account or having it put “under review” so you can’t access your portfolio.

    Not me, I just tried and got in fine. And I bought $200 more of bitcoin yesterday through Coinbase when it was down for a bit. Good luck in solving it!

    #1753 3 years ago
    Quoted from toyotaboy:

    Which would be worth between 1.6 - 3.2 million today :-0
    It's sorta like Tesla stock, was really tempted to buy like $10k around the beginning of the pandemic thinking "Buy it now while it's only $100 share", but my boss convinced me that things would get worse before they'd get better. I'd have $75k worth of stock today had I ignored his advice.

    It's always hard to call those things. I sold the 50 shares of Amazon I had right around $440 thinking that was as high as it would go, today it's at $3207. People with a lot of money can afford to hold things longer, take more chances, and get a lot richer in the long run.

    #1770 3 years ago
    Quoted from sixtyfourbits:

    A bit of a question for fun, though I’m not sure if these are enjoyed here haha.
    Let’s say someone came up to you and asked you to help them spend $4000 on crypto currencies. They want anywhere from 2-5 types, and a variety of “safer” to “new and a gamble”. How would you spend that 4K?
    And also, would you be telling them now is a good time, or to wait a month or two for a market correction you feel is imminent soon?
    I have a buddy who’s been into crypto for a few years, so I’ll likely talk to him about this more too. But thought it might be fun to see what everyone here recommends.

    I'd buy 1K of Bitcoin and 1K of Ethereum today and then wait an see if there is a dip in the coming months to buy more. At that time maybe pick up a few $100 in riskier coins, but honestly, those never panned out for me. I bought 2K more of Bitcoin and Ethereum about 10 days ago while Paypal was offering with no transaction fees before the new year, it's already up a ton. Hoping we see this continue with the institutional buying and rush, as well as election results, but there could easily be a dip in February or March as this rush wears off.

    #1795 3 years ago

    Hmmm, I only have a few hundred dollars in bitcoin there, maybe I should transfer it to my Binance account.

    #1811 3 years ago

    At least for today, it looks like it was a correction, it's already creeping back up across coins. The stock market also took a hit today, especially the NASDAQ, often Bitcoin seems to follow how it's trending.

    #1822 3 years ago
    Quoted from EricHadley:

    I sure wish RVN would take off, man I am sitting on 250,000 of those coins

    What if it doesn't take off? Is it worth converting this to BTC or ETH and riding that wave? Or is the only real profit you'll see in mining it is if RVN itself takes off?

    #1823 3 years ago
    Quoted from Spyderturbo007:

    Here we go again.....I think.
    If I could time these swings, I'd be typing this from a private island and not my desk at work.

    Trying to time the swings is pretty risky, most people I know are buying and holding with BTC and ETH, expecting both coins to go up 3X-4X over the next couple years.

    It does look like BTC is on track to break 42K by the end of the week.

    #1829 3 years ago

    I pretty much only dabble in BTC and ETH now and gave up on the smaller coins. A few years I was trying to catch a wave trading small coins and made some quick short term profits and then generally lost it again and realized I was wasting my time. Holding is the only way you are going to do it and hope that a shitcoin breaks.

    Or convert it to BTC and ETH and hold those, because they have always been destined for success. Even with the bumpy ride, ETH is up 400% in the past 6 months and BTC is up 300%.

    #1830 3 years ago

    Has everyone with a Coinbase taken the free video "classes" to earn some of the lesser coins? If not, you should. I hadn't logged into Coinbase for a year until a month ago, I watched the videos, did the quizzes and earned about $40 worth of lesser coins for free, which I sold and converted to BTC and it's already gone up 60%.

    Also there are some incentives on there for inviting new people to Coinbase if anyone wants to earn small amounts of BTC by signing up. With the caveat that some people have had problems with Coinbase lately accessing old or dormant accounts. I haven't had any probs there and I think they are finally stepping up their game because they are going public.

    1 week later
    #1858 3 years ago
    Quoted from Baiter:

    But even when the last bitcoin has been produced, miners will likely continue to actively and competitively participate and validate new transactions. The reason is that every bitcoin transaction has a transaction fee attached to it.

    Bitcoin fees are high too! I finally moved the $360 in bitcoin I had left in Binance today, after they closed it to Americans. The fee was $15 of bitcoin to move it to Coinbase.

    1 week later
    #1874 3 years ago

    In my humble opinion, Dodge is a shitcoin and it's being pumped on Reddit just like GME. The ride will be quick and it's too late already to jump in on it, you had to be on it a month ago. Any moment, the hype will end and it will crash back down.

    Meanwhile, ETH and BTC are hitting big highs and will continue to go up. You can buy in now and still make money. Shitcoins are all gambles, much like Penny Stocks.

    3 weeks later
    #1903 3 years ago
    Quoted from plowpusher:

    Just a heads up for you Crypto guys . The IRS is watching as they have a new question on 1040 tax forms.
    At any time during 2020 ,did you receive ,sell, exchange, or otherwise acquire any financial interest in any virtual currency? Yes or No

    For small time stuff I doubt many people are reporting it yet, it's not exactly tracked by the IRS. And most people are buying and holding or exchanging one crypto for another and not cashing out. But for large sells tracked by exchanges, especially on a corporate level, yes, it's been mandatory starting 2019.

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