patrick.net

Here is a primitive newbie question (shows you im just getting started with Bitcoin):

Now that I own Bitcoin through Coinbase, how would I go about using my Bitcoins for retail transactions if I wanted?

Newbie123 says

BTW, if you plan on investing (some say gambling) in cryptocurrency its recommended to store them on a hardware wallet (trezor, nano etc.). Hackers wont be able to access your currency as it's stored offline. " Trezor is an isolated environment for offline transaction signing and using a small display you can visually verify the transaction contents"

Thank you for all your feedback, you’ve been very helpful.

I have one question about the hardware wallet. Since my ownership of Bitcoin is with Coinbase/GDAX, I have my Bitcoin security entirely with them and their servers.

Where (and how) would I begin protecting my position with Coinbase with a hardware wallet?

It is a mathematical given that bitcoin on its current exponential trajectory will end in tears for may who buy in late, since it exhibits the classical ponzi/pyramid-scheme pattern. Nothing can go up in value like this without either being a ponzi scheme or some real unique material in incredibly high demand and depleting fast. Not saying it isn't here to stay as a valid form of payment and that much of the wealth from other forms of payment will be redistributed onto bitcoin, but at some point the musical chairs will stop and cause those who bought in late in the ponzi game to lose a lot of money.

It's not investing, it's gambling.

HEYYOU says

How many will end up in the bottom 10%?

Ummm...., about 10% of the buyers.

https://www.bloomberg.com/news/articles/2017-12-08/the-bitcoin-whales-1-000-people-who-own-40-percent-of-the-market

Holders of large amounts of bitcoin are often known as whales. And they’re becoming a worry for investors. They can send prices plummeting by selling even a portion of their holdings. And those sales are more probable now that the cryptocurrency is up nearly twelvefold from the beginning of the year.
About 40 percent of bitcoin is held by perhaps 1,000 users; at current prices, each may want to sell about half of his or her holdings, says Aaron Brown, former managing director and head of financial markets research at AQR Capital Management. (Brown is a contributor to the Bloomberg Prophets online column.) What’s more, the whales can coordinate their moves or preview them to a select few. Many of the large owners have known one another for years and stuck by bitcoin through the early days when it was derided, and they can potentially band together to tank or prop up the market.

Is Bitcoin a Bubble or is it the Pin that Pops the Bubble?

https://www.stacksilvergetgoldbuybitcoin.com/blog/bitcoinbubble

For Coinbase users:

I’m getting estimates of like 7-10days for my funds to clear from Chase bank. Has anyone experienced this?

And why such low weekly limits? $5k-7.5k depending on what ID info I share.

Seems pretty Mickey Mouse. Do you want my money or not?

Made my first Lite Coin purchase today. I plan on purchasing more as well as Ether in the coming weeks.

I hate the $750 max/weekly purchase for Coinbase. Is there a way to up it?

Bitcoin, PSHAW! All the smart money is in tulips.

BayArea says

why such low weekly limits? $5k-7.5k depending on what ID info I share.

This is ostensibly to help prevent a massive sell off by one (or a few) people, which would crash the value of the crypto in question. Obviously, it can only prevent it so much... If everyone decides to cash out at the same time, it will be a classic run-on-the-bank scenario.

Fill disclosure- I got in on BTC about 2 years ago, moved it all over to Litecoin about 6 months ago, and as of this month, I'm out. I'm happy with my gains, but it's obvious that this will not end well for most people. People were saying that tech stock values were limitless in 1999. People were saying that real estate values were limitless in 2007. And now this. If you get in now, be prepared to move fast. Perhaps there's another year or two of growth, but a correction is inevitable, and it will hurt. A lot.

BayArea says

I'd like to start a conversation on crypto-currency, particularly Bitcoin.

What we can say now is Bitcoin is either the most surprising technical innovation ever, or the easier to spot bubble ever.

When bubbles go vertical btw, it's not a good sign.

My buddy is sitting on a bunch of bitcoins from when it started, he was even accepting them as payment for hair cuts when they were like 10-20$. He is still holding onto them, I don't think I would hold them at these amounts. I probably would have got out when it hit 1k, Seems like a bubble to me.

RC2006 says

He is still holding onto them

He'll no doubt still be hanging on to them when they are back to $20.

Is there a way to short this thing?

Newbie123 says

anon_bba47 says
I also think there is probably 2 year left at least. The dot com bubble went mainstream, the housing bubble in 07 was mainstream but Cryptocurrency is not mainstream yet. Its on a fast track but its not there yet.

Perhaps. It's impossible to really tell. The problem is that these crypto exchanges move so much faster than those other two bubbles- the stock market of the late 90's didn't have a markedly significant amount of high frequency trading going on, and real estate transactions simply move slower by their very nature... But crypto exchanges? They're open 24-7 non-stop, and still mostly unregulated. You could go to sleep broke and wake up a millionaire- or vice versa. The odds of catastrophic flash crashes are so, so much higher. It's literally a ticking time bomb at this point.

I have literally about doubled my money in the last 16 hours on my small LTC purchase.

It's gonna pop, but when....

Litecoin absolutely on fire

Are any entities, which are too-big-to-fail, getting caught up in the Bitcoin mania? What about Chinese Shadow Banks? And what other assets are being sold to finance new purchases? It’s not just gold. That is certain.

Newbie123 says

. Do you have similar experiences at work/in your environment?

The huge meatheads at the gym talk about cryptos a lot lately between their sets. They often give each other tips, advice, price targets and time frames.

Newbie123 says

Do you have similar experiences at work/in your environment?

I expect that finance folks and engineers will be talking bitcoin. I work at an engineering firm and the discussions have been non-stop.

But since craigslist jethros, grandmas, and high school kids have started talking bitcoin and trying to figure out how to acquire it, I've started getting a little concerned.

goat says

Newbie123 says

. Do you have similar experiences at work/in your environment?

The huge meatheads at the gym talk about cryptos a lot lately between their sets. They often give each other tips, advice, price targets and time frames.

My Cross fit coach was talking about BitCoin today. However, I don't know anyone else who's actually put money into the game (besides myself) except for my friend who's been following the trend for the last couple years.

goat says

Newbie123 says

. Do you have similar experiences at work/in your environment?

The huge meatheads at the gym talk about cryptos a lot lately between their sets. They often give each other tips, advice, price targets and time frames.

Hehehe, well, aren’t ya gonna share their tips??

Does anyone own Ripple?

joshuatrio says

Does anyone own Ripple?

Not before IOTA.

Bitcoin
Litecoin
Ether
IOTA
Ripple

...in that order.

Bitcoin is gambling, not investing.

I wonder if the hackers and scammers are asking for less bitcoin to make up for the increased value of it.

We’ve talked Bitcoin, Ethereum, Litecoin, and Iota. Any recommendations on best way to acquire Ripple?

Is ripple available on Binance?

Newbie123 says

Yes, its on Binance. Coin XRP

Thanks just noticed it’s there.

Do you have any security concerns with Binance?

And how long are your deposits taking from coinbase/GDAX to Binance?

I’m planning to do a split between ripple and iota to add to my positions with bitcoin and litecoin

Oh, an does Bittrex offer IOTA?

You've been a big help, much appreciated.

Yes, I went through the Google Authenticator on Binance. And I also noticed that IOTA selling/transfer is disabled. That's bullshit.

I still plan to pick some IOTA up because I can't seem to get it anywhere else.

How long are you seeing the funding transfers take on Binance? I swear I'm losing so much time waiting for funds to clear, ugh.

I'll give it a try...

On Dec 7th, I transfered money from Chase into Coinbase. It's telling me that won't clear until Dec 16th, 9 days later!

Then I have to transfer that into GDAX, god knows how long that will take. Then I have to buy Bitcoin or Ether, god knows how long that will take. Then I have to transfer Bitcoin or Ether into Binance, god knows how long that will take. Then I have to exchange Bitcoin or Ether into IOTA, god knows how long that will take. Then I have to wait for the IOTA selling restriction to be raised, god knows how long that will take.

Terribly frustrating waiting for all this while you are watching the prices skyrocket lol.

Well that’s all promising. Will update this thread shortly.

Newbie,

I transferred BTC from GDAX to Binance.

Nothing showing up in Binance, no confirmation, nothing. Does this step take take for it to show up in Binance?

Thanks newbie

It cleared on Binance after 2hrs or so.

I notice that bitcoin cash is being offered on coinbase now... after the massive run-up at opening, coinbase shut down trading (been that way for last few hrs)

BayArea says

Thanks newbie

It cleared on Binance after 2hrs or so.

I notice that bitcoin cash is being offered on coinbase now... after the massive run-up at opening, coinbase shut down trading (been that way for last few hrs)

I was trying to swap my LTC for BCH, and it wouldn't let me... BCH is going parabolic.

i'm going to invest $100 in each of those 1300 coins so i can become a billionaire 10 years from now.

NOT!