(Topic ID: 200502)

Somebody explain Bitcoin to me

By Pinballlew

2 years ago

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    #62 2 years ago
    Quoted from KozMckPinball:

    Fiat currency is backed by the trusted ability of the government to grow the economy and collect income taxes to pay off its debts (including US bonds) and not to be constricted by the rarity of the backing means.

    Yup and how's that going for everyone?

    I'm not a bitcoin fanatic, but I have been buying Bitcoin and started mining Ether a few months ago. Just like the USD, the only thing Bitcoin needs is faith in its value. Unlike the USD, Bitcoin isn't controlled by anyone. You can't print / create more or manipulate its value. Well, unless you can control 51% of the hashing power, but that's basically impossible.

    I've been buying it as an alternative to my normal stock purchases. The entire planet has been moving into the digital age, why not currency?

    The only underlying issue I see with Bitcoin is that other than being a currency, it doesn't have any other benefits. Unlike ERC-20 Tokens that can actually have a function, like smart contract execution, decentralized storage, etc. Things are still in their infancy, but with backing from heavy hitters like Intel, Microsoft, MasterCard, JPMorgan, BP, etc., it has to have some merit.

    Those companies don't have a habit of throwing money at things they think are worthless, or a fad.

    On a side not, I've been interested in Ripple lately. Definitely looks interesting as an alternative to the insane amount of work / time it takes for central banks to complete transactions. Maybe I'll sell some of my Bitcoin Cash and grab a few coins....

    #68 2 years ago
    Quoted from cait001:

    Bitcoin is how you order narcotics on thee olde dark web, which then allow you to get very very very excited about Bitcoin.

    Not anymore. You're thinking Monero.

    #80 2 years ago
    Quoted from TRAMD:

    What type of equations are being solved? What does solving them really mean? Do the solutions have any use? How were the equations created? Who created them? How do we know there is only a finite amount? How is that amount set? Is there truly no way to alter that amount? What stops another digital currency from overtaking Bitcoin as the accepted de facto digital currency? I would have to know and understand the answers to all of these questions (and the others that would undoubtedly arise in the process) before I would ever consider investing in Bitcoin; and even then I probably wouldn't.

    With a degree in Math and Physics, you should have no problem understanding the math behind Bitcoin. It's actually built on an old hashcash system to prove work has been completed to provide a solution. It takes a good bit of work to find the solution, but is easily validated.

    Bitcoin uses the SHA256 hash function which was originally developed by the NSA. The hash function uses an algorithm to take an input and create an output. Keep in mind that I'm not a cryptographer, but in a nutshell, the miners collect the transactions and hash them. Once hashed they are organized into a hash tree, the root of which is combined with the hash of the previous block and what's called a nonce (used to change the difficulty of the calculation) to form the block identifier. Then the entire block is hashed.

    Once done, the resulting hash is evaluated to ensure it has the required number of leading zeros (I think it's 72 right now.) If it doesn't, then back to the beginning we go for another attempt. The first one to find the correct result containing the specified number of leading zeros wins and is awarded bitcoin for finding the result.

    When the result is found, it's validated by the rest of the network (which takes no time at all compared to solving the problem).

    I'll try and touch on some of your other questions tomorrow. It's time to go home from work now.

    #100 2 years ago
    Quoted from TRAMD:

    What type of equations are being solved?

    I addressed this one yesterday, so unless there still isn't something you understand, I'll skip it today.

    Quoted from TRAMD:

    What does solving them really mean?

    It means that the transaction(s) history has been guaranteed and the funds haven't been double spent.

    Quoted from TRAMD:

    Do the solutions have any use?

    See the previous answer.

    Quoted from TRAMD:

    How were the equations created? Who created them?

    The original hashcash function was conceived to combat email spam by requiring the sender to validate the email using processing power equal to $0.01 in electricity. The theory was that spammers would have to spend a lot in electricity to send out millions of spam messages everyday.

    The SHA256 hash algorithm was created by the NSA.

    Quoted from TRAMD:

    How do we know there is only a finite amount? How is that amount set?

    The rate of block creation is adjusted every 2016 blocks and is set to decrease by 50% every 210,000 blocks. It's set to 6 blocks per hour. So there is 24 hours in a day, 365 days in a year and 4 years per 50% halving cycle equals ~210,000. If you add up all the block reward cycles (which started at 50 and get cut in half every 4 years), you get (50 + 25 + 12.5 + ...) = 100.

    100 * 210,000 = 21,000,000

    Quoted from TRAMD:

    Is there truly no way to alter that amount?

    Not really. In order to change the bitcoin protocol, there has to be consensus by the economic majority. The economic majority is those who hold bitcoins. You'd be asking everyone that has a bitcoin to voluntarily devalue their coins. I don't see that happening.

    Quoted from TRAMD:

    What stops another digital currency from overtaking Bitcoin as the accepted de facto digital currency?

    Nothing. Just like nothing stops another company from exceeding Apple's market share and killing your stock value.

    Quoted from TRAMD:

    The more the value of something relies on consensus value, the less safe it is. Bitcoin's value is 100% consensus value.

    You mean like the USD or any other form of paper currency?

    Quoted from TRAMD:

    I just don't see it. Maybe I'll miss out on a huge opportunity with Bitcoin but I think I (and anyone else who didn't get in years ago and isn't mining it) already did. Bitcoin needs more investors to increase in value so I think that those invested in it will say anything to get the rest of us to maintain the pyramid/ponzi scheme that is Bitcoin.

    Quite the opposite. I'm a supporter of bitcoin, but other than answering your questions, I have yet to tell you to go buy any. It's like any other investment / gamble / whatever you want to call it. Sometimes you win and sometimes you lose.

    My personal opinion is that over my lifetime, I've seen the transition from cash to checks to EFTs. The logical next step is something completely digital. Sometimes I don't even think the younger generation knows that cash exists and everything is credit / debit cards and EFTs.

    It's possible that the government will step in, pitch a fit and make bitcoin illegal. Most likely to push their own cryptocurrency on everyone, but that's another argument. Or, they might jump on the wagon with Japan and recognize it as an official currency. Either way, there is risk and there is reward. I figure I'll throw some money at Bitcoin and Ether and see if it sticks. If not, no big deal. I'm not cashing out my 401K here or dumping my life savings on it. No worse that I've done on some stocks over the years.

    #103 2 years ago
    Quoted from Pintopia:

    Bitcoin relys on computers the internet networking data algorithms etc.. well technology, which always can be compromised. Only a matter of time before its hacked in some creative entrepreneurial way causing the third leg of the stool to break... just sayin

    Like Equifax, JPMorgan Chase, Home Depot, Target, Global Payments Inc., Citibank, and the list goes on and on. Or maybe the housing market bubble?

    The nice thing about Bitcoin is that it's decentralized, meaning you can't just go off and hack a single computer. The only way to manipulate bitcoin is by scamming the holder of the bitcoin, or controlling 51% of the total hashing power of the network. I read somewhere a few months ago that you'd need 35x the hashpower of the 500 fastest supercomputers combined to overtake the network. That was months ago, so you'd need a lot more now.

    The other cool thing is the way the algorithm works. It's "relatively" easy to solve the equation in one direction and pretty much impossible to go the other direction.

    For example, let's say that the equation required you to add each number in the input to get the output. Let's use 1234 as the input for an example. Keep in mind this is a very, very simple example. Bitcoin transactions are much more difficult.

    In this case, the output would be 10. Pretty straight forward, right? Well, lets go backwards. If I gave you the output of 10 and told you to guess at what numbers were added together to add up to 10, what would you say?


    See where I'm going with this? Going from input to output is easy, but finding the input from the output is impossible. That ensures that the transactions are a one way street. Once again, this is a very simple explanation. The actual hash function is much more difficult, which is why it takes all the computers on the bitcoin network working for 10 minutes to calculate the output.

    Even if an attacker could go in the reverse direction, not only would they need to rehash the block they were attacking, but they would have to rehash every subsequent block because the previous block hash is used in the next block. So changing one block would change the next and the next and the next and so on.

    So let's say they get lucky somehow. You might be thinking that's all it takes to manipulate the network, right? Actually, no, it would take much more than that to manipulate the network.

    Let's assume for a minute that going output -> input is as easy as going from input -> output, which it isn't. We learned above that it's impossible. But, as an example, lets say that it was.

    As I said above, it takes 10 minutes for the entire network to find a valid output. So even if they had 5% of the network power, it would take 200 minutes for them to hash one block, while the rest of the network is chugging along at 1 block every 10 minutes. Since changing the hash of one block requires that all subsequent blocks are rehashed, the network would be 20 blocks ahead, meaning the attacker would need to hash 20 more blocks (4000 minutes) just to catch up.

    Does it make sense how it's impossible to manipulate the network?

    It's much easier to just hack Equifax using a 2 month old published security exploit that was never patched.

    #104 2 years ago
    Quoted from VacFink:

    My take on it is a supporting it by investing, mining, or accepting it for something, is morally problematic. Sure any currency can be used for those same purposes, but this is designed by and for that sole purpose and so those services can be exchanged in secret and can't be frozen by any government when that same criminal activity is discovered.
    So if you do invest, your doubling down and supporting the worst of the worst IMO. The human traffickers, the industrial side of drug manufacturing and transport, arms dealers, and just about any other kind of vile human activity.

    You're joking, right? If this is the way you think, you better give away all your cash. Do you honestly think that no one uses cash to buy drugs, weapons, etc?

    Even the FBI said "Virtual currency systems are not inherently illicit and are used by legitimate consumers every day to conduct legal transactions. These systems allow users to move funds quickly and efficiently across great distances without being tied to one country’s currency or worrying about international conversions. Like nearly any financial product, however, these systems can be exploited by criminals to further their illegal activities."

    Source FBI.gov:


    They've arrested countless people that were selling drugs, running Ponzi schemes, embezzling bitcoin, etc. I'm not here to convince you it's all puppies and kittens, but it's far from completely nefarious. Saying such a thing is just ignorant.

    Any currency can be used for illegal activities and cash is no different.

    #107 2 years ago
    Quoted from VacFink:

    Agree. But its specifically its decentralized nature that enables a larger scale of illicit use. Instead of bottle necking the financial aspect of these activities into moving and transitioning cash over boarders etc.

    And carrying a briefcase full of cash to a drug transaction isn't as easy? You don't think the guy in the US stops at a bank on his way to Columbia to exchange his USD for Pesos on his way to buy 100kg of cocaine, do you?

    Quoted from VacFink:

    Anything that makes profiting of the harm those illicit uses easier is morally objectionable, to me. Others can decide for themselves.
    Until it, like other currencies, prohibits and has measures to restrain the illegal activity, its a social burden.

    So you're giving up cash then right?

    #112 2 years ago
    Quoted from VacFink:

    It has developed and can be used for other purposes. I'm sure the super anonymous person who started this whole bitcoin currency is just hiding because they are shy.
    That 'list' of business that accept bitcoin is the ultimate tell. There's a LOT more bitcoin moving around in purchases that aren't visible, traceable, than the business transactions on that list, ignoring that is a moral peril in my opinion.
    If its wants to be legit, it needs to limit and protect against this kind of use. It won't, because its lack of transparency is at its core and why then its primary, not sole purpose, is for nefarious uses.
    Others can use it legitimately, but every new coin mined has blood on it the moment its in circulation, because there's no assurances all of part of it isn't associated with these transactions.

    My assumption is that you didn't even bother to read the article you linked to, let alone the accompanying 110+ page research paper?

    They quote the Cambridge University "Global Cryptocurrency Benchmarking Study" as follows:

    "According to a recent Cambridge University study published last month, as many as six million people around the world have such a wallet, spending bitcoins on goods such as theatre tickets and beer from a growing number of retailers now accepting the currency, as well as illicit goods including drugs and weapons on the virtual black market."

    If you actually read the paper, the only thing that's pulled from it is the number of people having a wallet (which they didn't even get right). Nowhere in that entire paper will you find the word illegal, black market, weapons, or drugs. Nowhere in that paper does it even touch on illegal uses of bitcoin / cryptocurrency.

    Furthermore, in the worthless article you used as a reference above, you'll find the following statement the author used to support his baseless claim.

    "But right now, bitcoin dominates. But even Baravalle is keen to point out that not everything about the currency is dark, nor was it intended for criminal use. “Most of the use is actually in the clean economy – or clean enough,” he says"

    The other quote I love from your linked article is:

    “Every financial-services firm and beyond are recognizing the potential of the underlying tech and are spending a lot of money to use it,” says Paul Gordon, founder of Coinscrum, a cryptocurrency networking event in London, and the founder and former chair of the UK Digital Currency Association."

    "He points out that some studies suggest as little as 1% of bitcoin transactions take place on the darkweb."

    Might want to evaluate your references before throwing them out there in support of your argument.

    #121 2 years ago
    Quoted from Pinballlew:

    So let's say you want to invest in Bitcoin...How do you go about buying and selling? Should you just buy the Bitcoin stocks or purchase the actual Bitcoins? I am not interested in mining for them.

    I make my purchases through Coinbase. It's US based as opposed to some of the international ones. You link a bank account / debit card and buy what you want. It's very easy to buy / sell. The confusing part can be "I've bought some, now where do I keep them".

    You can go through an online exchange, like Gdax, and it's cheaper, but a little more confusing.

    If you're seriously interested in buying, let me know and I'll spend the time writing something out about various wallets / public / private keys.

    Quoted from VacFink:

    Its a shame, this could be an interesting discussion. However it seems some respondents can't resist adding a measure of insult or insinuation into their argument.

    I'm hoping this isn't directed towards my responses, as I haven't added any insult to any of my posts, just facts.

    Quoted from VacFink:

    I did my research when I considered mining for myself. I drew the line because of its potential for abuse in my view. That's my opinion. Its stated, I have my reasons.
    I'm happy to consider new facts that detail that this type of currency is addressing that kind of abuse and therefore makes it less toxic.

    I'm trying to detail that for you, but I don't seem to be effectively communicating.

    I'm really still trying to wrap my head around what makes bitcoin more nefarious than cash. You keep saying that it's toxic and each coin is "covered in blood", yet no where do you make any valid argument as to how you reached that conclusion, let alone how it's more toxic than cash?

    Quoted from VacFink:

    As I understand now, it does not meet the standard held by other currencies, so can't be considered equal.

    Can you explain this? According to Herold's Financial Dictionary, "Currency standards are the typical means for fixing a currency at a set rate nowadays. A Currency Standard means that the value of a currency is pegged to a stronger, more internationally recognized currency, like the Euro or the Dollar."

    Did you happen to notice that every time you see bitcoin, you see the bitcoin price in USD or Euros? Sounds like it fits the definition to me?

    #125 2 years ago
    Quoted from Pinballlew:

    I am getting serious about buying, just want to educate myself first before I do.

    It's pretty straight forward to buy. I use Coinbase, but there are a bunch of different exchanges out there that will be more than happy to take your money. I chose Coinbase because it was based in the US (San Francisco) and have worked to comply with governmental agencies where required. The downside IS that they comply with governmental agencies.

    Anyway, the other option is to purchase through something like GDAX.


    It's a little more complicated, but the fees are much lower, if not free (if you're a market maker). For your first few transactions, I'd suggest just buying through an exchange as opposed to a trading platform.

    With that said, let's assume you're going to use Coinbase. All you really need to do is create the account and make the purchase. I think you get limited to $500/week unless you give them a copy of your driver's license. Once I did that, I think they bumped me up to $25,000/week.

    Once you purchase your Bitcoin / Ethereum / Litecoin it gets stored in your wallet. From there you can do anything you want with it. You can leave it there, transfer it to a different wallet, spend it, give it away, etc.

    Keep in mind that you won't actually get anything. They aren't going to send you a piece of paper saying that you own x.xxxxxxx bitcoin. Similar to the stocks that I buy. They don't send out a certificate anymore, it's just held by my broker electronically. What you get is a public key, a private key and a wallet address.

    With that said, we need to define a few things before we move forward.

    The wallet address is like a bank account number. It's where you would send the Bitcoin if you wanted to buy my shoes or pay me for a pinball machine in bitcoin.

    The private key is mathematically related to the wallet address, but impossible to reverse engineer. This private key is what allows you to sign a transaction and prove you own the coins and prevents the transaction from being altered. This is something you want to guard very closely and never give to anyone. I don't have mine written down anywhere, nor do I keep it on my computer or anything else that's online or connected (more on this later). Keep in mind that if you have $50,000 in bitcoin, all someone needs is the private key to send it all to themselves.

    The public key is what you hand to people to during the transaction. It's derived from the private key, but once again, it's impossible to reverse engineer.

    Now that we have that out of the way, we need to talk about wallet and storage types. There are two types of storage, a hot wallet and cold storage. A hot wallet is something that you use and have online access to. In most cases the wallet is stored on the exchange. This is where you keep bitcoins that you want to use to buy coffee, a computer from Microsoft, stuff from NewEgg, or buy your neighbor's lawnmower.

    What that means is that you hold the public key and the exchange holds the private key. This is how it's dangerous. If the exchange gets hacked and someone gets your private key, game over. All your stuff is gone. It has happened to exchanges over the years, which is why I don't keep much in a hot wallet.

    Cold storage is the exact opposite. It's not intended to be used for day-to-day transactions. It's an offline storage repository that has no connection to the Internet. It's quick to move Bitcoin from cold storage to a hot wallet, so don't get the wrong idea. More like a checking account at a bank (hot wallet) as opposed to a pile of cash in a the safe in your basement (cold storage).

    The next option is cold storage. This is where you want to keep the majority of your investment. There are different types of cold storage, but what I use is a hardware wallet. There is also a paper wallet, where you can actually print out your bitcoins (weird huh?), but I never got into it so I can't comment much. I just know that I lose paper so it's probably not a good idea for me.

    I use a Trezor. It's a hardware device that allows ME to hold the private key. Remember above, that when you keep it with an exchange, THEY hold the private key, not you. I like to be in complete control of my keys. You can also keep the private keys on your own computer in a wallet if you want, but that never sounded like a good idea to me.


    When I buy / mine coins, I send them to my Trezor wallet address where the private key is stored on my device. I'm in complete control of my coins. Unless someone were to steal my Trezor and my PIN, or my recover seed, it's worthless. The recovery seed allows you to recreate your private keys if your hardware wallet were to be stolen / destroyed / lost. The PIN just allows you to move funds from your Trezor.

    Whew, I think my fingers hurt.

    Let me know if you have any questions or if there is anything I can clarify.

    #163 2 years ago
    Quoted from CaptainNeo:

    who is making the things bitcoin goes into? Do the programmers have bitcoin to insert into these equations? They have a stockpile of them? Why would you even take the time to insert these "prizes" into things for others to find? What's stopping them from just duplicating unlimited supply of said coins?

    It's part of the Bitcoin protocol. Keep in mind that the goal of all this is to provide the valid hash first. When you do that, the protocol allows that miner to insert a transaction into the block that generates the new Bitcoin.

    Think of it this way. I can write whatever transaction I want into the blockchain, but for it to mean anything, it has to be verified. If all the other miners reject my transaction, it is never officially written into the blockchain.

    So the protocol allows whoever solved the equation first to create the new transaction that adds 50BTC to their wallet.

    It isn't like there is a big pile of bitcoin somewhere that gets handed out by someone when you solve the equation. The bitcoin you get hasn't even been created yet. You create it when you solve the equation and then it's validated by everyone else on the network.

    I think it's called a Generation Transaction, but I'm not 100% sure.

    #167 2 years ago
    Quoted from Astropin:

    Just as an F.Y.I. you can also own cryptocurrencies (and other assets like property / gold etc...) in a personally directed IRA account or through brokers which manage a personally directed IRA account for you. If, you want to direct retirement funds into these types of investments.

    Interesting. I didn't know that was possible.

    I've been throwing a little money every few weeks at OTB stocks related to cryptocurrencies. I figure if Bitcoin continues to skyrocket, one of the damn things has to catch on at some point. I picked up a chunk of MGTI awhile back that's doubled in the last month or so. I dumped half my investment and was able to cover the initial purchase.

    I'm thinking of grabbing some shares of SING. They are working on cryptocurrency payment solutions for the marijuana industry. Weed and Cryptocurrency.....what can possibly go wrong?

    #173 2 years ago
    Quoted from guyincognito:

    Like all Pump & Dump schemes, glowing excitement and encouragement from current "investors" helps their position. (You buy more and tell your friends, demand goes up, now their coins are worth more!)
    You'll only hear about the miracles and potential of "cryptocurrencies" and "blockchains", and they won't talk about the inadequacies of the backing network (transaction backlog, high transaction fees).
    If it costs $40 in transaction fees to pay for your lunch and you don't have a reliable estimate on when your transaction will be confirmed, I have high doubts about people using Bitcoin over cash/debit/credit.
    When a stock price rises, there's usually a reason for the rise (i.e. news about increase in expected revenue/profits/dividends). Do the savvy "investors" who are telling you to buy Bitcoin, know the reason for it's recent rise?
    Unconfirmed Blockchain Transactions
    Bitcoin Transaction Fees: $40 to send 0.01 Bitcoin

    I sent $330 worth of Bitcoin last week and the transaction fee was $1.44, or 0.44%. Credit card fees are upwards of 3 - 3.5%. Sounds cheap to me.

    Of course there are unconfirmed transactions. Have you read anything in this thread? It takes time for the transactions to be processed the the entire network and until they are processed and validated, they are unconfirmed. It's a known limitation and is being worked on.

    The price is rising because people obviously see value in bitcoin as it becomes more recognized, easier to obtain and more widely accepted. Isn't the old saying "buy the rumor, sell the fact". Well, the rumor is that it's going to really catch on as a global payment alternative / solution. The fact is no one knows what the hell is going to happen.

    #187 2 years ago
    Quoted from Pinballlew:

    What are the fees when day trading these?

    If you're a market maker, there aren't any fees. I can't tell you off the top of my head what they are if you're a taker.

    #190 2 years ago
    Quoted from guyincognito:

    How long did it take to confirm the transaction?

    To be honest, I have no clue. I sent it to my Trezor wallet and didn't watch the confirmations.

    Quoted from guyincognito:

    Why does it have to be Bitcoin? Could it be Ethereum, a faster and arguably more scalable implementation of a "block chain" (distributed ledger)? Could it be Monero, which is arguably a more "anonymous" and private cryptocoin? Or how about the many other hundreds of cryptocoins that have been created since Bitcoin?

    It doesn't, but the OP asked about Bitcoin. I own Bitcoin, Ether, Bitcoin Cash and have been really considering buying a chunk of Ripple (especially with the recent pull back) . A buddy of mine just dropped 10 large on Ripple. I hope he hits it out of the park.

    Anyway, any of them, all of them, or none of them could go crazy. Just like any other investment, I'm taking the available information and assigning a risk factor within my comfort zone. I'm not going to cash out my 401K or sell my Blue Chip stocks to buy crypto, but I've been throwing money at it to see what happens.

    #200 2 years ago
    Quoted from ExtremePinball:

    Too minimal for me to care, or keep track of.

    And when do you conduct your "How to day trade crypto" classes?

    I really want to give it a shot, but I've been being a wus.

    #248 2 years ago
    Quoted from ExtremePinball:

    Right after you pay my exorbitant training fees.
    Step 2 is stop being a wus.
    Edit: I have a MUCH higher tolerance for risk than most. Don't follow my path, create your own.

    Something tells me that paying your training fees would be worth it.

    If I wanted to sell Bitcoin Cash and buy Ripple, where would be the best place to go? I know GDAX only does Bitcoin, Ether and LiteCoin.

    Ever use ShapeShift?


    #250 2 years ago

    Weird. According to their page, the BTC - XRP miner fee is 0.5 XRP, which is about $0.11.


    #254 2 years ago
    Quoted from Pintucky:

    First, thank you for that lengthy reply.
    Yes, they required that I uploaded a picture of my driver's license. Problem is, I have ditched all my fancy Windows 10's, and other versions and am quite comfortable using my ancient XP. My laptop doesn't have the capability of taking said pictures. And no, I don't have a cell phone that will do such things. I still use an old flip-phone and am happy with it! And in retrospect, maybe this is a good thing. I think it is an omen that I should not buy into this 'investing'.
    I was VERY anxious to dive into this Bitcoin thing, making a one-time $5,000 deposit/purchase and then forgetting it for a couple of years (or watching it until it gained to an amount that would inspire me to 'cash in'). HOWEVER, after doing hours and hours of research, Coinbase, GDAX and others have a nasty rap sheet on doing unscrupulous things with accounts, like freezing them, 'losing' them, not allowing access, and accounts disappearing. I have yet to find an exchange that is easy to use, doesn't charge a fortune in fees, and doesn't play games with the investments.
    There are SCORES of forum threads on Google, where people are losing deposits in the labyrinth of these services and having no recourse of finding their money.
    There are some good people on this Pinside thread, who I no doubt have figured out safe ways to interact with this crypto currency thing, but I am finding it too difficult of a pathway to tread. For the time-being, I'm on 'hold'. Too many computer programs associated with all these 'coins' developing every minute of the day; too complex for my choices. There are LAYERS AND LAYERS of this exchange stuff. So much, it is mind-numbing to try and cipher!!!

    It's actually much easier than it seems. I've done about 10 or so transactions through Coinbase and haven't had any issues. I actually just made my bi-weekly purchase this morning. When I get home, I'll send them to my Trezor and back in the safe it goes for another 2 weeks. Once it's on my Trezor, Coinbase can delete my account for all I care.

    If you change your mind, I'd recommend buying a hardware wallet, purchasing your $5,000 in crypto and transferring your coins to your hardware wallet. Once that's done, you're in complete control of your coins. Coinbase can't freeze, lose, delete, etc once you hold the private keys on your device.

    #261 2 years ago
    Quoted from lemonski:

    Here's my 2c on Bitcoin
    Firstly, from an environmental and ethical standpoint, I wouldn't touch Bitcoin with a 10 foot pole. The amount of electricity used by Bitcoin is horrifying, see https://digiconomist.net/bitcoin-energy-consumption

    I do like the one bullet point you left out from your link.

    Bitcoin's electricity consumption as a percentage of the world's electricity consumption = 0.10%

    Might want to jump on a different “this is bad for the planet” campaign.

    #310 2 years ago
    Quoted from wayout440:

    Some don'ts...
    Don't try to buy on Coinbase with a bank account debit card. I did some research, but apparently not enough. It seemed easy enough, the Coinbase app appeared to have a lot of positive reviews. All I wanted to do was throw a small amount out there to play around with and the transaction was denied, flagged and debit card locked. This was just yesterday.

    Yikes. That's the exact opposite experience I've had and I've been buying Bitcoin / Ether in chunks for the last 2 months. I always use my bank debit card and have never had an issue.

    Anyone use GDAX? What's up with the Limit -> Advanced -> Post Only box? Apparently placing a sell / buy order with the Post Only box checked results in no fees.

    2 weeks later
    #316 2 years ago
    Quoted from pezpunk:

    Crazy volatility the last few days. Right now Bitcoin is about where it was at the start of the thread, but it went way up, went way down, and then recovered a bit.
    I started mining Monero ... i've been into computer hardware and overclocking and system management stuff since the 90s. So it's kind of fun for me purely as a hobby even if i just break even. It's some nice passive income, but to make a truly impressive amount of money, you'd either have to make a huge capital investment up front, have access to a shitload of free equipment, or deploy a botnet. And of course know exactly what you're doing, hardware-wise.
    Monero's been doing very well, though. Up like 50% over the last 25 days. If the value holds (who the hell knows), my break even point on the hardware i bought will be about 3-4 months. It's interesting, if nothing else.

    What are you mining with and how's your hash rate?

    I looked into it and it appears that even with a few GPUs, you still won't make more than a couple dollars a month. I'm pulling about $100/month mining Ether with 3 x RX470s so I'd need an incentive to switch. I've was considering switching a few weeks ago when the difficulty increased significantly, but it appears as though it has now stabilized. I thought we were entering the Ice Age, but I might be wrong....

    #320 2 years ago

    Wow, that's all fancy and stuff. I screwed mine down to a piece of MDF and zip tied the HDD and power supply to the board.

    You're looks professional.

    #332 2 years ago


    #333 2 years ago
    Quoted from Travish:

    Look on the bright side. What you are spending on electricity you are saving in heat.

    Isn't that the truth. The temperature in my basement went up noticeably after I turned on my Etherium mining rig. It's like running a hair dryer in the basement 24/7. Little bugger pulls 523 watts all day long.

    Etherium Miner (resized).png

    1 week later
    #360 2 years ago

    I should be getting my next mined Ether deposited in my wallet shortly.

    Capture (resized).JPG

    #362 2 years ago
    Quoted from jwilson:

    It's funny, I've been watching people bitch and moan about BTC since it was $1/coin. I bought a couple on a lark at $100/coin.

    Hopefully it was 50 or 100.

    #378 2 years ago

    I was skeptical when I first started buying bitcoin. It looked so expensive at $2,000, then $4,000, then $7,000.....you get the point. I kept thinking, how much higher could it go? But when I sat back and thought about it, I realized that I've said that to myself before and ultimately lost out. I looked at Amazon at $300 and thought, wow, that's expensive.

    This time I figured, "what the hell", I'll give it a shot. Although I don't have much crypto, it's been doing well for me.

    Any way you slice it, virtual currency is the next logical step in payments. It went from spices and precious metals, to backed currency, to non-backed currency, to checks and finally to EFTs. The next logical step is something completely virtual.

    No one has any idea what's going to happen, but I'm not missing this wagon.

    Quoted from rai:

    Bitcoins are more like gold which has a rarity factor, but no real value except what people are willing to pay for it.

    Just like the cash in my pocket, but that isn't rare and they can just print more if they feel like it.

    #381 2 years ago
    Quoted from gliebig:

    So if it catches on and there are only 20mill "coins". Say if I go to buy something for $5, will they also say it costs something like .0000000000000041 bitcoin?

    That's how it is now.

    My Ether payout from yesterday was 1.00000167403602353 ($468.23) Ether with a transactional cost of 0.000021 Ether ($0.01).

    #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.

    #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.

    #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.

    #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%.

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

    #454 2 years ago

    I'm surprised that Coinbase is able to stay up at all. I read an article stating they had added 100,000 accounts in a single day, following the announcement of the CME bitcoin futures.

    I think Xbox Live crashes every time a new Call of Duty is released.

    #476 2 years ago

    My favorite crypto quote this morning read:

    "I now predict Bitcoin at $1 million by the end of 2020. I will still eat my dick if I'm wrong."

    -John McAfee

    #497 2 years ago
    Quoted from ExtremePinball:

    To date, I've accumulated 2.2+ Bitcoin, 326 Litecoin, and 38 Ether. I should have picked up more of all of them this morning when there was blood in the streets. There may be more downside to come but I'm also looking at the long term potential, not the daily ebb & flow.

    Damn. I'm jealous.

    I only have 0.7BTC, 5.3 Ether and 5.2 Litecoin. I also have some Saicoin I mined and the BCH and BTG I got from the recent forks. Speaking of which, I really need to see if Trezor implemented the interface so I can claim my BTG.

    I'm thinking of selling that and buying XRP.

    #498 2 years ago
    Quoted from Niterider:

    I looked at my mining history and I’ve mined just over 6 bitcoins.
    I just wish I had held on to most of them....the new video card I put in my gaming PC a little over a year ago via bitcoin (purchased on Newegg.com) is starting to look kinda expensive when I look at how much BT it cost at today’s price...

    Are you still mining? I'm assuming with an Antminer? I've been considering one, but they are incredibly difficult to get your hands on and the ROI is a little more than I'm comfortable with since I can't gauge the difficulty increases over the investment period.

    Even if I were to order one now, they still aren't shipping until mid January.

    #507 2 years ago

    I bought another 0.041 ($450) this morning. I wish I had more to throw at it, but I don't want to pull away from my other saving habits. I'm now up to 0.6842 BTC.

    #516 2 years ago

    I’ll have to check out HEMP. I got in on MJNA & SRNA trying to ride the pot wagon but they haven’t moved much.

    I’ve been eying SING. It’s *supposed* to be a crypto solution for the marijuana industry. What can possibly go wrong, crypto and pot.

    #528 2 years ago
    Quoted from ExtremePinball:

    Looks like you should have been "eyeing" SING last week... Before it shot up 100%!!!!!
    I'd place a speculative wager on SRNA at .10c. I can't see paying more right now.

    Tell me about it. I’ve been watching it for the last few weeks actually. Just didn’t pull the trigger. I’ve been funneling all my extra investment “play money” into crypto.

    Anyone have a trading platform suggestion where I can pick up crypto that isn’t the standard 3 they sell on GDAX?

    I want to sell some of my BCH and grab XRP.

    #588 2 years ago

    This is one hell of a roller coaster ride. I've decided to be a little on the safe side, for once in my life, when it comes to investing / gambling / whatever you want to call Bitcoin. I'm selling a 30% of my bitcoin, which will allow me to recoup everything that I put into it leaving the other 70% of the "house's money". If it pulls back, I'll re-buy. If not, oh well. I'll still have some left and it wouldn't have cost me anything. I don't have much at all, but it's a decent chunk for me. I'm not rich, but to make 298% is fun.

    It sounds like a safe thing to do. It might be the wrong decision, but if I could time the market, I probably wouldn't be sitting here talking to you guys.

    #602 2 years ago

    I think GDAX just broke. They went into Post Only mode. It's been sitting at $16,299 for the last 20 minutes.

    The trade history is stuck at 11:58am.

    #609 2 years ago
    Quoted from ExtremePinball:

    BTC hit $19,600 on GDAX before the platform crashed along with parent Coinbase. This is VERY peculiar.
    My Bittrex account is working fine and showing a 24hr high of only $15,825. Really, really strange.

    My GDAX sell executed at $16,985. Within 30 minutes, I watched it climb to $19,200 and then abruptly crash to around $14,500. I got auto-logged out and was frantically trying to log in and buy it back, but it kept throwing an error.

    It seems to be behaving reasonably now, but it was pretty wild for a little.

    #612 2 years ago

    Buy on Bittrex and sell on GDAX.

    Too bad the transfer between wallets would take an hour. I moved some from my Trezor to Coinbase this morning and it took about 90 minutes for it to hit 6 confirmations. That was even paying the highest tier fee.

    #615 2 years ago
    Quoted from ExtremePinball:

    Still trading at $15,500 on Bittrex.

    Weird. I just checked Polonex, Kraken and Gemini and they are all around the $15,500 mark. GDAX is $17,200. What da' fu*k is going on here....??

    #616 2 years ago

    It's broke again. The price is bouncing around like crazy and trades appear to be executing out of order. I've watched a trade for $17,000 get executed and then the next one is for $17,500. Then it goes back to $17,000.

    They definitely have issues.

    Edit -> I was able to grab a screenshot.

    This shouldn't happen. $17,260 -> $17,395 -> $17260.


    #619 2 years ago
    Quoted from Underspin:

    Either you're correct and Bitcoin will go crazy in the next 1-2 years, or you will be reading my viral article "How I destroyed Bitcoin with $400"
    I'm already down to $377.98 SUCKERS

    Can I buy an autographed copy if that happens?

    #701 2 years ago

    I grabbed another $1,000 worth yesterday when it fell to around $13,800. I couldn’t help myself.

    Anyone else using the Blockfolio app? A buddy of mine introduced it to me. You can punch in all of your currencies along trade dates and prices. Then it keeps a nice log of what is up and what is down.

    #712 2 years ago

    Wow, things have been flat since last night after the derivatives launch. I was doing alright buying and selling the swings yesterday, but my buy order has just been sitting there.

    Oh well, worst case scenario is that I've paid myself back for my investment and I still have some BTC left.

    #716 2 years ago
    Quoted from Astropin:

    Litecoin has skyrocketed

    I saw that. Too bad I only have 5.

    It’s a bubble, run for your lives!!!!

    #747 2 years ago

    Anyone into any of the crypto based stocks? I've been doing really well with RIOT (up 100% in the last 2 days), SING (pot and crypto, what could go wrong!), and MGTI.

    #749 2 years ago
    Quoted from Astropin:

    My only fear there is it's not a form of diversification. If this is a bubble and the bubble pops they all go down with the ship.

    I agree 100%. Then again, I'm the guy that likes to bet 10 hard and the field when the point is 10 at the craps table. If I'm going to go for a ride, I might as well go for a ride.

    #754 2 years ago

    Hummmmm........ETH is way up and LTC has pulled back a little today. I'm wondering if it would be a good time to sell some ETH and buy LTC with the proceeds?

    #756 2 years ago

    $333 on Coinbase. The high yesterday was ~$380.

    I guess what I meant was that it was down since yesterday, not overall. By now, I'm just used to huge swings on a minute by minute basis. So a little is 10% in a day.

    #797 2 years ago
    Quoted from flynnibus:

    And how many people do you think are really holding onto their own wallets vs people who are using online wallets?

    I know 6 people that have Bitcoin (outside of this thread), 5 of which keep an offline wallet. The other person bought $250 worth last week, so purchasing a hardware wallet isn't worth it yet.

    On the other hand, I know about 1,000 people that do online banking and only about 10 know to look for the green lock and the httpS:// in their browser. Even less than that know that you should never click a link in an email from your bank and you should always manually navigate to their website.

    People will be as security conscience as they want to be when it comes to everything. Some people have a normal door lock, others have laser grids on their windows, security cameras, piles of guns, etc. Why should this be any different?

    #798 2 years ago
    Quoted from Black_Knight:

    0 reasons why cryptocurrency is better than the current state

    Gold sucks, but people still buy it and believe it has value. It's heavy, hard to store, annoying to sell and would be a lot of fun to try and cut up if you wanted to buy a loaf of bread.

    I'm a fan of BTC because it's decentralized, can't be manipulated on a whim by the government (whom I'm sure everyone trusts to have their best interests at heart) and will never feel the pains of inflation. I also see blockchain technology being the next way to handle information, but that's another discussion.

    Do I think BTC is better, maybe, but it's definitely different. Does it have to be better for me to consider it an investment or store of value, no.

    #805 2 years ago

    I am, but just a little. I'm doing it to increase my holding, not to withdraw the cash. I don't have much, but for example, the other day, I sold 0.195BTC and bought back 0.234BTC.

    I'd like to do it more, but I'm a wus. I'm always afraid it won't come back down for me to re-buy. If I set aside the Fear of Missing Out part, I'd look at it like profit taking, keep the cash and move on. Maybe I need to re-think my strategy.

    Since the derivatives have been trading, BTC has been relatively flat compared to the last few weeks so it's been hard to play the volatility unless you bet big.

    I only kept 0.10BTC and 1.00LTC in my trading account. The rest I moved off the exchange to my hardware wallet.

    1 week later
    #842 2 years ago

    I'm losing my shirt here. Everything is down hard. In three days LTC is down 50%, ETH is down 41%, BTC down 38%.

    I'm wondering when we are going to hit bottom.

    It's all fun and games when it's going up.

    #844 2 years ago

    My problem is that I thought it was a good buy yesterday and bought some more BTC and LTC. Whoops.

    #864 2 years ago

    Here we go again, the Bitcoin is for drug smugglers and human traffickers. Oh wait, that’s cash too and gold according to the document you referenced.

    You should probably just give up all your valuables if you’re worried about anything being used for illegal purposes.

    Also, the document you linked to doesn’t reference one single statistic or BTC value. It just says that it is used, not how much.

    #873 2 years ago
    Quoted from mcluvin:

    So you think it is an insignificant amount? I don't think so.

    Show me your proof that it’s significant compared to any other form of currency.

    Source - https://leb.fbi.gov/articles/featured-articles/virtual-currency-investigative-challenges-and-opportunities

    "Virtual currency systems are not inherently illicit and are used by legitimate consumers every day to conduct legal transactions. These systems allow users to move funds quickly and efficiently across great distances without being tied to one country’s currency or worrying about international conversions. Like nearly any financial product, however, these systems can be exploited by criminals to further their illegal activities."

    Some studies put the illegal usage of bitcoin at around 1%.

    #909 2 years ago
    Quoted from ExtremePinball:

    On my current $89,137 investment, er, speculation into crypto currencies, I'm sitting on a $148,610 portfolio. That's down from the peak of $194,000 due to the recent crypto correction.

    You're way ahead of me, but I'm trying to catch up. I'm up almost 300% since June though, so that's good.

    Quoted from ExtremePinball:

    However, I soon learned that this was not a path to wealth, it was a path to an early grave. So I took some of the money I was making, began researching Numismatics (rare coins), and then "speculating" on "unsearched" bags of coins I would buy off of eBay... and search through them looking for the more valuable dates/mint marks.

    At least you don't have to lug a bunch of real coins around anymore. Crypto has to be so much easier on your back.

    Quoted from ExtremePinball:

    So I just keep making decisions (pot stocks & crypto currencies).

    I've been buying pot stocks too, but just a little. I'm throwing the majority of my extra cash at crypto, but try to sneak in a buy here or there on a pot related stock. Which ones do you have right now? I went after SING (Pot and Crypto), MJNA and SRNA. They are all pink sheets, but most of the pot stocks seem to be that way.

    Quoted from ExtremePinball:

    When I decided to do so, the only thing that I desired was a Lamborghini. So I bought one this year.

    Whoa, bad ass! Which one did you buy? I'm a Ferrari guy myself, not that I have the money to buy one, but I like to drool over them.

    #916 2 years ago
    Quoted from roc-noc:

    Look what I got for Christmas.

    You can't post a picture like that and not tell us what you're mining and give us the hash rate.

    #917 2 years ago
    Quoted from ExtremePinball:

    So I eventually settled on a 2014 LP560-4 Spyder with 6,000 miles, at more than $170k. In less than 10 months, I've added 10,000 miles to the odometer.

    That's a beautiful car. The oil change probably costs half of what my car is worth.

    #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.

    #1079 2 years ago
    Quoted from robertmee:

    Yeah the more I read on it, the less comfortable I am...while I'm fairly tech savvy (an engineer) I've resisted putting anything on the cloud...I don't even store passwords in my browser. Guess that bit of paranoia is paying off. The only thing I do online as far as vulnerability is banking and I'm rethinking approaches to that.
    On a side note I was going to drop 10k on crypto a couple of weeks ago just for fun. I found the process extremely problematic. I couldn't use coinbase as I was interested in XRP when it hit a dollar. Both Kraken and BitStamp crashed or broke and left me with unverified accounts. Could have trippled my money as XRP went to $3...I took it as a sign that it's not mainstream enough for me yet.

    I went through the same thing with XRP back around $0.20. My buddy dropped $10k on it and told me I should get in. I tried to buy some, but it was a huge hassle and I gave up. A few weeks later, I decided I was going to make it work and spent about an hour screwing around with Kraken before I actually bought some. I grabbed it at $0.76. I wish I would have bought more though....

    Oh well, I've learned that you can't time the market and when you do pick a good one, you never have enough money in it. Just like my XLM.

    #1081 2 years ago

    Efff' Coinbase. I tried to send 2.7 ETH to Binance so I could pick up BAT & XVG, but the transaction is sitting as pending for the last 5 hours. No transaction ID or anything.

    Quoted from GhostThruster:

    My buddy is a day trader and has been trying to get me to buy into crypto for a long time. I finally decided I'd put a little in and see if I could buy a NIB pinball with the profits. I bought my first coins on CB just 3 weeks ago and today I'm happy to say if I were to cash out, I could buy a Stern Premium. It is a little surreal seeing how fast the value keeps increasing but I'm going to keep holding the ones that I've picked as I think they will end up being much bigger (BAT, FUN, SC and XLM). I do have some XRP that I picked up for a buck that I will end up selling I think. Blows my mind how fast all of this has transpired.

    It's all fun and games when it's going up.

    I have high hopes for XRP. I'm planning on holding on to that one.

    I'm hoping someone around here grabbed a bunch of TRX when it was dirt cheap, because I know I didn't.

    #1084 2 years ago
    Quoted from GhostThruster:

    I wanted to buy TRX a few weeks ago but I'm only on Bittrex and they don't have it. Luckily all of my entries have been really good and I'm still 80% in ETH. I like to think I'm playing it relatively safe as far as crypto goes.

    I've been backing out of BTC lately and using the profits I made with BTC to buy altcoins. The problem I'm having with BTC is that it's a terrible currency. It cost me $36 to send $600 in BTC to another exchange. On top of that it took almost 3 hours to confirm.

    My assumption is that they will get the lightning network figured out and things will be resolved, but for right now, it just sucks as a currency.

    I'm a fan of ETH as well. I don't have as much as I'd like, but some is better than none.

    #1089 2 years ago
    Quoted from Jgel:

    Quick question. I have only ever purchased on CoinBase. I started about a year ago. I have all my coins on CoinBase and do not have another wallet. What is the best option for buying XRP? I have no other accounts with any other exchanges. Is there an easy option?

    You only have two options right now. Wait and hope that CoinBase decides to support XRP, or sign up with another exchange. You'll need to fund the other exchange with either USD, ETH, BTC, etc. Normally I would recommend ETH because of the low transaction fees, but my ETH transfer out of CoinBase is sitting in limbo right now and has been for the last 8 hours.

    I'm starting to sweat it because it's been pending for so long.

    #1103 2 years ago
    Quoted from bkbirge:

    Holding a large balance not used for day trading on any crypto exchange is playing with fire, get a wallet you control, there are a ton of options for this.

    Bingo. I try to only buy coins I can offload to a hardware wallet. I already have a Trezor for BTC, BCH, ERC-20 Tokens, ETH, BTG and LTC. I just ordered a Ledger for XRP. Ledger is supposed to support BAT soon, so I can pull that off the exchange as well.

    Bittrex killed sign ups about 2 weeks ago, so no go there.

    Your best bet is USD -> ETH through CoinBase and then send that to another exchange. Be aware that my ETH out from CoinBase took almost 20 hours to go through yesterday. It wasn't a network issue, but a CoinBase issue.

    Quoted from Astropin:

    Coinbase dispels rumors of adding Ripple (XRP) and Ripple drops 20%.

    That means it's on sale then, right.

    #1105 2 years ago

    At first that looked scary, until I saw this part right from Visa they just posted in an update:

    "Visa has other approved card programmes that use fiat funds converted from cryptocurrency in a number of jurisdictions. The termination of WaveCrest’s Visa membership does not affect these other products."

    It looks like the issuer wasn't following the rules.

    #1107 2 years ago

    Has anyone used Etherdelta? I have my eye on a coin, but it's not listed on any of the exchanges. It only shows up there...

    1 week later
    #1205 2 years ago
    Quoted from ExtremePinball:

    Between cryptos & marijuana stocks, 2018 is going to be a crazy year in the financial markets.

    Which pot stocks? I have SING, CANN, MJNA & SRNA.

    #1234 2 years ago
    Quoted from ninjabones:

    First, who are these morons who are throwing 4% away (without even considering the effects of compounding)?

    Right here. I’m one of the morons.

    When I have some extra cash, I really don’t want to wait 5 - 7 days for the EFT to go through.

    5 days in the world of crypto can be the difference between BTC at $12k and $19k. I’ll pay the 3.9%.

    I’ll just pretend that if people like me don’t pay the 3.9% then people won’t get to trade for free on GDAX. Oh wait, that’s probably the way it works.

    Oh and don’t worry, I’m doing very well in the crypto space paying my 3.9%.

    #1245 2 years ago
    Quoted from Leeb18509:

    Actually it's just about that easy to start mining with these things. But the hardware is just as spendy. I got the bug about a month ago.

    Did you end up getting those from Antminer? I was considering it, but they are always out 3 - 6 months so I have no way to calculate my ROI.

    Which ones are they?

    #1246 2 years ago

    Mine isn’t near as pretty as Pezpunks, but I’m still netting about $230/month in ETH. I just have a few RX480’s so the hash rate isn’t very high. My effective hash rate is getting killed by the ice age.

    Other than the GPUs, it’s just parts I had laying around. I just screwed everything to a piece of MDF left over from my basement build.

    23AB772B-8159-479C-9CB4-41616F64136D (resized).jpeg

    #1252 2 years ago

    I'm down a good bit over the last week or so. I'm still debating if it's too late to pull profits, or if things are going to turn around and I should start buying.

    #1258 2 years ago
    Quoted from Astropin:

    My take (and I could be wrong) crypto's are on sale right now...lowest prices you will see all year.
    But don't gamble what you aren't willing to lose.

    I'm hoping you're right. I grabbed another 0.23BTC @$11,800 earlier.

    I have some Ether sitting on Binance and was thinking about doubling down on XLM, LINK and maybe some XRP. I'm still on the fence on throwing more at the altcoins though.

    #1264 2 years ago
    Quoted from flynnibus:

    Left in the open isn't as effective as a cooling housing that is forcing air in/out in specific ways.... because you aren't moving the ambient air or really getting the hot air 'away' when just left open.

    You might want to tell these guys about the physics of cooling a crypto mining rig

    My 3 little GPUs running at 60% of their max fan speed while hashing at 65MH/s will be just fine.

    wjDVEMf (resized).jpg

    Mine2 (resized).jpg

    #1287 2 years ago
    Quoted from Astropin:

    Still holding (I might be wrong). I'm still going to stick with my prediction that Bitcoin will be worth more at the end of 2018 then it ever was in 2017 (I might be wrong).

    I'm still HODLing on too. But it's disheartening when you open Blockfolio and see this in the top right corner. I was at -$7,000+ at one point.

    IMG_6541 (resized).jpg

    #1326 2 years ago
    Quoted from guyincognito:

    When this thing blows, your Playmate turned investment experts are going to have to fall back on their med school degrees.

    Dude, seriously, we get it. You hate crypto and think we are all idiots for investing in it. Fine, that's your opinion, great. We are all happy for you.

    In an attempt to start a thread where those of us that are fans of crypto can discuss things without the haters, I started a separate thread. I figure you guys that are so passionately against crypto can keep spouting off about tulips and bubbles here.


    #1346 2 years ago
    Quoted from PhilGreg:

    Basically, again, I believe in the whole technology, I'm trying to find a vehicle that is not entirely speculative to invest in it.
    I do think these ETFs are close to that, but volatility is not the issue for me, it's trying to anchor the money towards something that is not 100% speculative.

    In my half assed opinion, I would look at ETH. We all know that most of these altcoins are going to fail, but we also know that some of them will rise from the ashes and find a market. A good bit of the alts are ERC-20 tokens, meaning that they rely on the Etherium network for their underlying functionality.

    Blockchain isn't going to go away, so you might as well bet on the foundation for a lot other coins. Or at least that's my theory.

    2 weeks later
    #1406 2 years ago

    I’ve been trying to get my hands on a 1070 or 1080 GPU for a client I’m building a CAD workstation for with no luck.

    There is a $1,100 i9-7920X 12 core CPU sitting here lonely.

    #1409 2 years ago
    Quoted from toyotaboy:

    what CAD station needs a card that nice? I'm running a GTX770 which is plenty of power for fairly big assemblies (still a better card at home than what I have at work).

    It really isn’t CAD, but no one knows what UAS (Unmanned Aerial Systems) for 3D Reality Modeling Software is, so I just wrote CAD.

    Anyway, the developer has the GeForce GTX 780 Ti listed as recommended, but I like to over build.

    1 month later
    #1591 2 years ago
    Quoted from nwpinball:

    Why do people come on the cryptocurrency thread just to say stuff like this? What's the point?

    Threads like these bring out the trolls.

    3 months later
    #1629 1 year ago
    Quoted from o-din:

    So how's that bitcoin looking today, boys?

    I'm still up a few hundred percent.

    How's your savings account doing?

    6 months later
    #1661 1 year ago

    I’m still here. I haven’t been buying much lately though. Although it looks like it might be a decent time to start buying again.

    2 weeks later
    #1663 1 year ago

    That would be great, but what if you drop your phone in a pond? You would lose your private keys. My assumption would be that it would create a recovery seed during the key generation process. Either way, that's great for crypto.

    #1667 1 year ago
    Quoted from robertmee:

    Doesn't accessibility to your crypto key on Google Cloud kind of defeat the purpose of Crypto's security features? Google Cloud was just compromised last year wasn't it?

    Most definitely. Pushing private keys to the cloud is asking for trouble. Mine are stored on an offline hardware wallet that lives it's life in a safe unless I need to transfer funds to a hot wallet.

    3 months later
    #1690 1 year ago
    Quoted from Astropin:

    I'm still HODL'n
    Actually I bought a little more when it was below 4k.

    I didn't buy more, but still have most of what I bought. I sold 20 LTC a few weeks ago, which was of course right before it shot up $30.

    1 month later
    #1702 11 months ago
    Quoted from oldskool1969:

    Is it easy to get your money back out or utilise it via a vendor? I hear complications are abound.

    It’s really easy. You have to be verified and then link your accounts, but once that’s done, it just an ACH.

    1 week later
    #1705 11 months ago
    Quoted from thedefog:

    I hope someone here followed this advice

    I had bought my LINK in December 2017 at $0.52. I’m kicking myself in the ass for not buying more.

    Are you still HODLing? I hope you bought a pile of it.

    7 months later
    #1711 3 months ago

    If anyone that has a Coinbase account wants free EOS, PM me. I have Coinbase Earn referral links. You have to watch a few short videos, answer a couple questions and they give you EOS.

    It probably takes about 10 minutes.

    4 weeks later
    #1716 81 days ago

    I almost had a heart attack when I woke up this morning. I did use the opportunity to grab some more LINK though.

    1 week later
    #1719 74 days ago
    Quoted from Astropin:

    Looks like it's time to pick up some more. Last time it dipped hard (down to 4k) I bought some more and it then shot back up to 12k (where I sold some).

    I opted to go with some stock today instead and grabbed some shares of PPL. I've been eying more ETH though and have been a big fan of LINK since forever....

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