Cryptocurrency

[AAAgent]

If you guys want to learn about other alternative investments in crypto let me know. ICO's, mining, lending, alt coins, pump and dumps, etc. I've done a lot of leg work into research and taken some risky dives that have paid off so might save you alot of stress and headache. Obviously do your own research and confirm everything until you're happy.

 

[wifehunter]

If you guys want to learn about other alternative investments in crypto let me know. ICO's, mining, lending, alt coins, pump and dumps, etc. I've done a lot of leg work into research and taken some risky dives that have paid off so might save you alot of stress and headache. Obviously do your own research and confirm everything until you're happy.

Cool, thanks...I'll keep it in mind.

I'm excited, this is thousands of years in the making...a decentralised, nongovernment issued currency. The world is going through BIG changes.

 

[Bible_Belt]

Is coin mining still a thing? My cousin did well building mining computers and selling them, until supplies of the required video cards dried up.

 

[PrettyBoyAJ]

AAA you have probably answered this before and I'm sorry for asking you again but what do you use to keep your cryptocurrency?

I've heard of people printing them out and storing in an actual safe, I've also heard of people put the on their hard drive. I've also heard of people buying a separate computer just for the crypto.

What do you recommend?

 

[AAAgent]

Look up Exodus wallet. A pretty easy to use, good interface and multiple currency wallet. You can learn about paper wallets as well. Basically just printing out your bitcoin, ethereum, etc. onto a piece of paper and storing it away in a safe place (i.e. a safe or somewhere hidden). If you are doing a paper wallet, don't print on crappy paper, be aware of storing in places that can get moist or wet, etc. If you want to get techy, you can look into hardware wallets. the 2 most popular wallets are "The Ledger" or "Trezor". I opted for the ledger.

Learn the coins. Ethereum is not really a crypto currency. It's a platform built ontop of the blockchain protocol. It's supposedly Internet 3.0 that everyone believes is the wave of the future that ALL corporations will need to build on. Similar to what http is now, but a better faster, decentralized version. Ethereum token is the currency/token you need to feed to the Ethereum platform when you build ontop of the platform. There are platforms that are being built ontop of Ethereum that have their own tokens. Such as BAT and Golem.

Not stating all wallets I use but you can read the above quote. I have ledger and don't use Jaxx.

Bitcoin is having a huge political war right now before BIP 148. BIP 148 is a user activated soft fork. Miners vs the users. Bitcoin right now is pretty crappy. If you use crypto at all for transactions, you realize it's not ideal. Bitcoin is very expensive to use but more importantly, it's too slow. Litecoin is way faster. BIP 148 will fix that problem safely but the miners do not want this. They are making a killing off the transaction fees the way it currently is and are doing anything and everything possible to spread propangada against segwit/bip 148.

We got to wait for this thing to fix itself. Once bip 148 is resolved and segwit is implemented, we're going to blow past $3k and probably hit closer to $5k.

 

[wifehunter]

Is coin mining still a thing? My cousin did well building mining computers and selling them, until supplies of the required video cards dried up.

Yep

According to my brother, not so much bitcoin, but other coins.

 

[Thefakeslimshady]

AAA what exactly is your reasoning in selling Ripple XPR?

Isn't this something you would want to hold on long term?

 

[AAAgent]

Is coin mining still a thing? My cousin did well building mining computers and selling them, until supplies of the required video cards dried up.

Yes, still very profitable. Will do a post on this soon.

 

[AAAgent]

AAA what exactly is your reasoning in selling Ripple XPR?

Isn't this something you would want to hold on long term?

XRP - ripple is not a decentralized currency. It's a crypto created by banks for banks to transact with each other. It's not a mined coin but a minted coin which has an endless supply. Basically no different from the USD/EUR in the fact that is can be printed into oblivion. The whole reason Bitcoin is valuable is because there is a finite supply that will ever be in existence. 21 million to be exact. Each and every bitcoin that is mined, the next batch becomes that much more difficult to mine.

When the banks collapse, which is already starting to happen, Ripple like all financial assets held by collapsing banks will need to be liquidated. There will be a mass sell off of Ripple and anyone left holding the bag, will lose everything. It also cost very little for the banks to produce these coins, unlike Bitcoin where you need miners and costs of maintaining the miners and time to produce the coins.

will Ripple have some short spurts up, probably, but I think the ripple train is over and too much risk to reward for me to hold. It's meant for banks to transact with each other, not for us.

 

[PrettyBoyAJ]

AAA which is the best way to cash out on a virtual wallet?

And if I ever wanted to cash out from that wallet how easy is it?

Thanks for all your help. It's definitely convenient to pick your brain.

 

[wifehunter]

XRP - ripple is not a decentralized currency. It's a crypto created by banks for banks to transact with each other. It's not a mined coin but a minted coin which has an endless supply. Basically no different from the USD/EUR in the fact that is can be printed into oblivion. The whole reason Bitcoin is valuable is because there is a finite supply that will ever be in existence. 21 million to be exact. Each and every bitcoin that is mined, the next batch becomes that much more difficult to mine.

When the banks collapse, which is already starting to happen, Ripple like all financial assets held by collapsing banks will need to be liquidated. There will be a mass sell off of Ripple and anyone left holding the bag, will lose everything. It also cost very little for the banks to produce these coins, unlike Bitcoin where you need miners and costs of maintaining the miners and time to produce the coins.

will Ripple have some short spurts up, probably, but I think the ripple train is over and too much risk to reward for me to hold. It's meant for banks to transact with each other, not for us.

Not touching ripple. Mayaswell do forex or stocks. Yuck!

 

[AAAgent]

if you're trying to buy or sell during this flash crash right now, you can't on coinbase as it is down as usual during high volume times. This is another reason why you need multiple exchanges.

I feel like they use these opportunities to buy for themselves. Always happens.

 

[AAAgent]

Looks like a very good buying opportunity if anyone can get their exchange working.

 

[AAAgent]

AAA which is the best way to cash out on a virtual wallet?

And if I ever wanted to cash out from that wallet how easy is it?

Thanks for all your help. It's definitely convenient to pick your brain.

You can only cash out via an exchange. A wallet is for storage purposes only. You buy and sell on an exchange but you don't keep your coins on an exchange. That is the difference between ETRADE/TDAmeritrade. Your stocks on bought and sold through them and they also hold your shares.

When you take your coins/tokens off your wallet and send them to the exchange, you sell them on the exchange and cash out via your bank.

Other option is find a buyer IRL and meet up with them and you trade cash for coins or barter. W/e you want.

There are also Bitcoin ATM's although I have not come across any.

 

[PrettyBoyAJ]

How exactly do you cash out from the exchange to a virtual wallet?

And btw Eth took a big hit past day.

 

[AAAgent]

How exactly do you cash out from the exchange to a virtual wallet?

And btw Eth took a big hit past day.

You don't cash out from a wallet. A wallet is a storage device, whether on your desktop, USB/Hardware device, or paper. It's a means to get your coins off of an exchange and into your physical control, not controlled by an exchange.

Again, a wallet is a 3rd party software, hardware, or physical paper that you send your coins to to get it off an exchange and store somewhere where you have more and complete control.

You do not cash out from a wallet. You must send your crypto back to an exchange in order to sell it at market prices and then cash out via the exchange to your bank.

Basically once you send your crypto to your exchange account (look into how to do this yourself so you understand), you treat it like you do your stocks. Sell at market or limit price. once it sells, the money hits your exchange account. Then you go and process a withdrawal from the exchange.

Once again, a wallet is just a means to get the coins into your control and not the exchanges. Lots of crypto scams out there and companies going out of business. No insurance is provided on crypto so do alot of research into this. I've spent hours and many sleepless nights figuring this sh1t out.

 

[wifehunter]

You don't cash out from a wallet. A wallet is a storage device, whether on your desktop, USB/Hardware device, or paper. It's a means to get your coins off of an exchange and into your physical control, not controlled by an exchange.

Again, a wallet is a 3rd party software, hardware, or physical paper that you send your coins to to get it off an exchange and store somewhere where you have more and complete control.

You do not cash out from a wallet. You must send your crypto back to an exchange in order to sell it at market prices and then cash out via the exchange to your bank.

Basically once you send your crypto to your exchange account (look into how to do this yourself so you understand), you treat it like you do your stocks. Sell at market or limit price. once it sells, the money hits your exchange account. Then you go and process a withdrawal from the exchange.

Once again, a wallet is just a means to get the coins into your control and not the exchanges. Lots of crypto scams out there and companies going out of business. No insurance is provided on crypto so do alot of research into this. I've spent hours and many sleepless nights figuring this sh1t out.

I'm trying to do all of this on my samsung phone, for convenience. ..but, pc's seem to have most of the options for wallets, exchanges, mining, etc.

You may already know, but, Truecrypt (no backdoor) will let you make encryted container files that you can store coins in. You can also make backups of these, and move them to normal thumbdrives, etc. It's the alternative to hardware encryption. I guess, some people, just 'feel' safer with hardware eqncryption. I've been using truecrypt for years, and trust it.

 

[AAAgent]

I'm trying to do all of this on my samsung phone, for convenience. ..but, pc's seem to have most of the options for wallets, exchanges, mining, etc.

You may already know, but, Truecrypt (no backdoor) will let you make encryted container files that you can store coins in. You can also make backups of these, and move them to normal thumbdrives, etc. It's the alternative to hardware encryption. I guess, some people, just 'feel' safer with hardware eqncryption. I've been using truecrypt for years, and trust it.

Trust is the most important thing in this industry. There is a youtuber i followed who was talking about earning 4 bitcoins in 50 days by investing into this platform. The platform sounded like a ponzi and many ponzi's have gone bust in crypto space. Some are still running and legit (so far) but have ponzi like marketing programs. Anyway this guy invested 4 BTC's on a video and got many of his followers to do it. I considered it. I asked some questions and made some statements about how he provided very little information on the platform and made it sound like a ponzi and that he felt confident he could get his money out before the ponzi went bust. Well in 3 weeks, the ponzi went bust. I think he made more than his money back or close to it, but he was at the top of this ponzi for his group and many of his followers lost all their btc. IF there is a new venture promising something crazy, be wary and do your research.

My friend is doing a ghetto version of a hardware wallet. He's using Exodus and an external hard drive. Sending all his coins to exodus on his external hard drive and taking that hard drive offline until he needs to send more coins to it or sell some coins.

 

[AAAgent]

if you're trying to buy or sell during this flash crash right now, you can't on coinbase as it is down as usual during high volume times. This is another reason why you need multiple exchanges.

I feel like they use these opportunities to buy for themselves. Always happens.

Looks like this opportunity might be gone. I was expecting the correction on Monday to be the marker for the next leg up, but looks like this one was it. Might last until Saturday or just start back up from here. We shall see.

 

[PrettyBoyAJ]

I understand what a wallet is and how it works. I was specifically asking how to send from Coinbase to that wallet.