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The Ethereum (ETH) thread
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JayJuanGee Offline
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Post: #101
RE: The Ethereum Thread (the alt coin to Bitcoin)
(05-15-2017 07:26 PM)JayJuanGee Wrote:  
(05-15-2017 07:03 PM)Oz. Wrote:  What is the difference between buying/selling on coinbase as opposed to gdax?

The main differences relate to the difference of a bank and an exchange.

Therefore, fees and timing of buy/sell options are different.

You can look at the fees on each to see how much it costs to buy /sell - and coinbase tends to have higher fees (something like 1.5%). Coinbase uses GDAX prices for its basis, but it also tends to have a spread between buying and selling that cushion Coinbase.

GDAX allows you to set orders to fill at set prices, and currently, maker fees are free, and the taker fees are .25%. You can save a lot on fees by using the exchange, but you have to be a bit more comfortable with setting orders rather than just buying/selling at whatever is the market price.


Here's an afterthought difference, too.

With Coinbase, you are buying from your bank or credit card from coinbase and then storing with Coinbase until you sell - or you can convert some to dollars for a fee. More or less you are buying and selling coinbase's inventory.

With the exchange, you are buying and selling live directly with other buyers/sellers (not coinbase). So whatever the price that other buyers are willing to buy or sell and you can force movement in the market by strategically pumping or dumping (depending on how many coins/fiat you have)

With either the GDAX or Coinbase, even though in theory you are the owner of the coins, you do not have the private keys, so you are entrusting the ledger and quantity of coins that you buy or sell to be accurately kept by GDAX/Coinbase. They claim to provide some insurance (FDIC) for dollars that are kept on Coinbase and such insurance does not apply to GDAX because of different rules, either way if a hacker gets into your account, I question how much of a difference insurance will make because likely you are storing mostly bitcoin rather than dollars on coinbase, and if you have dollars on the exchange, that is not insured... go figure... the wild, wild west.
05-15-2017 08:07 PM
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Travesty Offline
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Post: #102
RE: The Ethereum Thread (the alt coin to Bitcoin)
I have no idea what the hell this stuff is, threw a couple hundred $ down on it yesterday.

Can I smoke it at any point?

SENS Foundation - help stop age-related diseases

(05-19-2016 12:01 PM)Giovonny Wrote:  If I talk to 100 19 year old girls, at least one of them is getting fucked!

WestIndianArchie Wrote:Am I reacting to her? No pussy, all problems
Or
Is she reacting to me? All pussy, no problems
(This post was last modified: 05-15-2017 08:08 PM by Travesty.)
05-15-2017 08:08 PM
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JayJuanGee Offline
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Post: #103
RE: The Ethereum Thread (the alt coin to Bitcoin)
(05-15-2017 08:08 PM)Travesty Wrote:  I have no idea what the hell this stuff is, threw a couple hundred $ down on it yesterday.

Can I smoke it at any point?


How did you buy it?

Did you go through a service, or did you download a wallet and buy directly from someone?
05-15-2017 08:14 PM
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Post: #104
RE: The Ethereum Thread (the alt coin to Bitcoin)
Man Ripple (XRP) has been chuggin along nicely! It's heavily traded and still relatively cheap, what's the downside to it? Seems like it's coming up

I got a few "penny coins" like NXT & STR also, that seemed to have positive growth potential.
05-16-2017 12:38 AM
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Thoughtcrime Offline
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Post: #105
RE: The Ethereum Thread (the alt coin to Bitcoin)
(05-16-2017 12:38 AM)DamienCasanova Wrote:  Man Ripple (XRP) has been chuggin along nicely! It's heavily traded and still relatively cheap, what's the downside to it? Seems like it's coming up

Downside is this - although you have all these banks collaborating with Ripple Labs, they're only interested in the underlying technology. They have little interest in the actual coin (and what is even the application for normal, non-bank people??). That's not to say that there isn't lots of money to be made still. I just think it's too risky for me to enter at this point and possibly face the crash.
05-16-2017 01:26 AM
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Post: #106
RE: The Ethereum Thread (the alt coin to Bitcoin)
(05-13-2017 08:12 PM)Genghis Khan Wrote:  Please don't invest in something you don't know much about. That said, I will say I have a significant amount of money in Ethereum (ETH) and only Ethereum. I'm not a very risk-taking kind and I feel extremely nervous about many coins getting pumped to outrageous market values. ETH, on the other hand, I find to have tremendous value. The developers behind it (specifically Vitalik Buterin) are absolute geniuses and I have high hopes for it. I cannot say the same for any other coins, mostly because I haven't looked through all of them, but also because I feel far more comfortable in Ethereum as a platform than I do in individual application-based tokens such as Golem, BAT or Augur REP.

I hate to rush people, but if you're new - I would advice you to learn as much as you can in the next month or two. I'd be surprised if the total cryptocurrency market doesn't grow enormously this year.

Cannot agree more with every single thing you've said. I went in quite a bit into eth very recently and I'm hoping for a good return soon. I have not looked much into tokens based on eth, like Golem or Augur, but they seem a bit questionable. Specifically, GNT is the one I looked at. While it looks to be a good investment in the short term (i.e. it's got a lot of hype), does it even make sense? It's a distributed/blockchain supercomputer, where every participating member's hardware can do its part in crunching some cpu/gpu-intensive data. But is it even cost-effective? It reminds of what mining in BTC is like - only logical for an ever-diminishing set of people.
05-16-2017 01:33 AM
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booshala Offline
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Post: #107
RE: The Ethereum Thread (the alt coin to Bitcoin)
Here's an additional take on why XRP's market cap has blasted through to 2nd place at $12B while ETH has stabilized at around $8B. I have a trusted friend that's an executive for a bitcoin company and he gave me the heads up that Korbit and Bitthumb (exchanges in crypto-crazy Korea) were going to start offering XRP, which happened recently. I normally ignore "stock tips" but I've seen/done some wild shit with this guy so although I can't guarantee he's right, I know he's not bullshitting his sincerity.

Saw that XRP/Korean Won is already the 2nd biggest volume trade on Coinone - and at a 20% premium to USD - I figured there was a lot of pent up demand. Also, Ripple is going to announce big news at Consensus 2017 in NYC on 5/22. Finally, seeing that crypto is a completely different arena, I bought in before the recent wave up. XRP is now selling on Korbit and I believe it's right around the corner for Bithumb, so he was right.
Seems like there's still legs in the rally until Consensus.

As for shitcoin speculation, I'm giving DTB (Databits) a shot: Vinny Lingham is heavily invested, there's almost no coverage of it save their exposure on South African Shark Tank and the infrastructure is supported by in-app purchases of a game (Augmentors) that's gotten great reviews. ICO prices were 15,000 DTB/1BTC, and it's already 5x up on light volume on Bittrex. I'm gambling that the game will experience moderate success and bring exposure and demand for the coin. The game uses the same Augmented Reality tech that Pokemon Go does, so if it somehow manages to capture even half the fervor that that game did, I can definitely see it going another 10x. https://coinmarketcap.com/assets/databits/
(This post was last modified: 05-16-2017 03:31 PM by booshala.)
05-16-2017 03:19 PM
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ScrapperTL Offline
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Post: #108
RE: The Ethereum Thread (the alt coin to Bitcoin)
mods please delete this post, I tried but it gave me an error
(This post was last modified: 05-16-2017 03:37 PM by ScrapperTL.)
05-16-2017 03:33 PM
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ScrapperTL Offline
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Post: #109
RE: The Ethereum Thread (the alt coin to Bitcoin)
(05-16-2017 03:19 PM)booshala Wrote:  Here's an additional take on why XRP's market cap has blasted through to 2nd place at $12B while ETH has stabilized at around $8B. I have a trusted friend that's an executive for a bitcoin company and he gave me the heads up that Korbit and Bitthumb (exchanges in crypto-crazy Korea) were going to start offering XRP, which happened recently. I normally ignore "stock tips" but I've seen/done some wild shit with this guy so although I can't guarantee he's right, I know he's not bullshitting his sincerity.

Saw that XRP/Korean Won is already the 2nd biggest volume trade on Coinone - and at a 20% premium to USD - I figured there was a lot of pent up demand. Also, Ripple is going to announce big news at Consensus 2017 in NYC on 5/22. Finally, seeing that crypto is a completely different arena, I bought in before the recent wave up. XRP is now selling on Korbit and I believe it's right around the corner for Bithumb, so he was right.
Seems like there's still legs in the rally until Consensus.

As for shitcoin speculation, I'm giving DTB (Databits) a shot: Vinny Lingham is heavily invested, there's almost no coverage of it save their exposure on South African Shark Tank and the infrastructure is supported by in-app purchases of a game (Augmentors) that's gotten great reviews. ICO prices were 15,000 DTB/1BTC, and it's already 5x up on light volume on Bittrex. I'm gambling that the game will experience moderate success and bring exposure and demand for the coin. The game uses the same Augmented Reality tech that Pokemon Go does, so if it somehow manages to capture even half the fervor that that game did, I can definitely see it going another 10x. https://coinmarketcap.com/assets/databits/

Alright boys, I'm now in for BTC, ETH, RLC, GNT, DTB

BTC - Tried and true
ETH - Promising, with hyuge backers (intel, JP, etc...)
RLC - A lot of buzz on Reddit about this one being the next big thing for Cloud Computing
GNT - Got a hot tip they are releasing some cool software in June, going to dump it after it shoots up
DTB - Just for shits and giggles, fingers crossed brother Booshala!!!
05-16-2017 04:51 PM
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booshala Offline
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Post: #110
RE: The Ethereum Thread (the alt coin to Bitcoin)
(05-16-2017 04:51 PM)ScrapperTL Wrote:  Alright boys, I'm now in for BTC, ETH, RLC, GNT, DTB

BTC - Tried and true
ETH - Promising, with hyuge backers (intel, JP, etc...)
RLC - A lot of buzz on Reddit about this one being the next big thing for Cloud Computing
GNT - Got a hot tip they are releasing some cool software in June, going to dump it after it shoots up
DTB - Just for shits and giggles, fingers crossed brother Booshala!!!

Hah, thanks for the solidarity. Lingham seems to really have his finger on the pulse of a lot of these developing trends, so that's what I'm hanging my hat on.

Buddy introduced me to a great app: Bitfolio. Mimics an online broker GUI with just about every crypto available. Great to see gains/losses as well all in one place.
05-16-2017 05:30 PM
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Armogan Offline
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Post: #111
RE: The Ethereum Thread (the alt coin to Bitcoin)
I've read a bit about RLC, sounds promising. Might as well invest in every coin in cloud computing, its a 150B industry. Imagine just getting 1% of that. Supposedly it will be $500B by 2020.

Where did you buy it?

GNT everyone know's they releasing the initial release very shortly. Some developers just got 18 billion in coins I think, so it's a little depressed in price. I think its a good time to load up.

ETH is a pump-and-dump everyone knows that.
05-16-2017 06:36 PM
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booshala Offline
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Post: #112
RE: The Ethereum Thread (the alt coin to Bitcoin)
https://coinmarketcap.com/assets/rlc/#markets

Can buy on Bittrex. Seems like they specialize in all the weird alt-coins.
05-16-2017 06:45 PM
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Armogan Offline
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Post: #113
RE: The Ethereum Thread (the alt coin to Bitcoin)
Delete.
(This post was last modified: 05-16-2017 08:19 PM by Armogan.)
05-16-2017 07:34 PM
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Oz. Offline
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Post: #114
RE: The Ethereum Thread (the alt coin to Bitcoin)
I'm starting to get the buying part but no so much the selling. Bought an LTC yesterday for 20$ it is currently at 26$

I also haven't sold the ETH I bought a couple of days ago.

(11-15-2014 09:06 AM)Little Dark Wrote:  This thread is not going in the direction I was hoping for.
05-17-2017 07:57 AM
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CleanSlate Offline
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RE: The Ethereum Thread (the alt coin to Bitcoin)
(05-17-2017 07:57 AM)Oz. Wrote:  I'm starting to get the buying part but no so much the selling. Bought an LTC yesterday for 20$ it is currently at 26$

I also haven't sold the ETH I bought a couple of days ago.

You can take profits off LTC if you want. I would hold onto the ETH, though.
05-17-2017 11:32 AM
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Oz. Offline
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Post: #116
RE: The Ethereum Thread (the alt coin to Bitcoin)
Been buying and selling LTC but I'm making like a dollar out of each at most. The processing fee is pretty high.

Any way to avoid or lower it? I'm using a credit card

(11-15-2014 09:06 AM)Little Dark Wrote:  This thread is not going in the direction I was hoping for.
05-18-2017 01:17 PM
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JayJuanGee Offline
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Post: #117
RE: The Ethereum Thread (the alt coin to Bitcoin)
(05-18-2017 01:17 PM)Oz. Wrote:  Been buying and selling LTC but I'm making like a dollar out of each at most. The processing fee is pretty high.

Any way to avoid or lower it? I'm using a credit card

After you initially buy in, it may be better to set your trades (from LTC to dollars or LTC to BTC) on GDAX in order to lessen your fees. Fees can kill you, especially if you are going back and forth from your bank or a credit card.

I don't recommend credit card at all unless you cannot find any other way in within your timeline.

Once you have a coinbase account, it is almost seemless to set up a GDAX account, and to do your trading there without becoming preoccupied about whether you are putting the dollars back into your bank... you can just hold a certain amount on GDAX (of course to your comfort level).
05-18-2017 01:25 PM
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Post: #118
RE: The Ethereum Thread (the alt coin to Bitcoin)
(05-15-2017 08:07 PM)JayJuanGee Wrote:  They claim to provide some insurance (FDIC) for dollars that are kept on Coinbase and such insurance does not apply to GDAX because of different rules, either way if a hacker gets into your account, I question how much of a difference insurance will make because likely you are storing mostly bitcoin rather than dollars on coinbase, and if you have dollars on the exchange, that is not insured... go figure... the wild, wild west.

Wait, I thought GDAX deposits were held in US banks that are protected by FDIC?

This is directly from the GDAX site:

USD, GBP, and EUR Balances

We store all customer USD, GBP, and EUR in segregated custodial bank accounts. The funds held in those accounts belong to the relevant customers.

If you are a United States resident, your USD balance is covered by FDIC insurance, up to a maximum of $250,000.

https://www.youtube.com/watch?v=WdhFJ5uArUc
05-18-2017 01:53 PM
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Post: #119
RE: The Ethereum Thread (the alt coin to Bitcoin)
(05-18-2017 01:53 PM)Stun Wrote:  
(05-15-2017 08:07 PM)JayJuanGee Wrote:  They claim to provide some insurance (FDIC) for dollars that are kept on Coinbase and such insurance does not apply to GDAX because of different rules, either way if a hacker gets into your account, I question how much of a difference insurance will make because likely you are storing mostly bitcoin rather than dollars on coinbase, and if you have dollars on the exchange, that is not insured... go figure... the wild, wild west.

Wait, I thought GDAX deposits were held in US banks that are protected by FDIC?

This is directly from the GDAX site:

USD, GBP, and EUR Balances

We store all customer USD, GBP, and EUR in segregated custodial bank accounts. The funds held in those accounts belong to the relevant customers.

If you are a United States resident, your USD balance is covered by FDIC insurance, up to a maximum of $250,000.


Thanks for that link.

I was relying on memory, and I may have summarized the policy wrong. I did think that they treated GDAX funds differently than Coinbase funds, but from the language in the link that you provided, I cannot see any difference in regards to how they are describing the insurance coverage.

Nonetheless, I know that from time to time, they tweak the language of their coverage - and there could be a lot of circumstances in which your account gets breached and you are shit out of luck.

In that regard, they rely on this language: >>>>>>>This insurance policy does not cover any losses resulting from the compromise of your individual account. It is your responsibility to use a strong password and maintain control of all login credentials you use to access GDAX.<<<<<<<<<

I have some experience in regards to account breaches, and part of the rub can be the extent to which public discussion of security is a good thing because there are quite a few loopholes that can be exploited by hackers, and it only takes hackers minutes to remove value - and exchanges are nearly always going to put that responsibility onto the user, even if the exchange was engaging in shoddy security practices - and on a general level I don't know what can be done about that except for attempting to keep reasonably low value on exchanges and attempting to employ other reasonable security measures.. that could still be breached in circumstances that hackers realize that you have bitcoins (or some other crypto that can irreversibly be transferred in a matter of minutes).
05-18-2017 02:14 PM
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Post: #120
RE: The Ethereum Thread (the alt coin to Bitcoin)
(05-18-2017 01:25 PM)JayJuanGee Wrote:  
(05-18-2017 01:17 PM)Oz. Wrote:  Been buying and selling LTC but I'm making like a dollar out of each at most. The processing fee is pretty high.

Any way to avoid or lower it? I'm using a credit card

After you initially buy in, it may be better to set your trades (from LTC to dollars or LTC to BTC) on GDAX in order to lessen your fees. Fees can kill you, especially if you are going back and forth from your bank or a credit card.

I don't recommend credit card at all unless you cannot find any other way in within your timeline.

Once you have a coinbase account, it is almost seemless to set up a GDAX account, and to do your trading there without becoming preoccupied about whether you are putting the dollars back into your bank... you can just hold a certain amount on GDAX (of course to your comfort level).

I was doing everything on the regular coinbase not the exchange. Switched to GDAX now but i'm finding the interface more confusing.

Although I read about market, limit and stop. The terms are still relatively new to me and pretty confusing

(11-15-2014 09:06 AM)Little Dark Wrote:  This thread is not going in the direction I was hoping for.
05-18-2017 02:31 PM
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JayJuanGee Offline
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RE: The Ethereum Thread (the alt coin to Bitcoin)
(05-18-2017 02:31 PM)Oz. Wrote:  
(05-18-2017 01:25 PM)JayJuanGee Wrote:  
(05-18-2017 01:17 PM)Oz. Wrote:  Been buying and selling LTC but I'm making like a dollar out of each at most. The processing fee is pretty high.

Any way to avoid or lower it? I'm using a credit card

After you initially buy in, it may be better to set your trades (from LTC to dollars or LTC to BTC) on GDAX in order to lessen your fees. Fees can kill you, especially if you are going back and forth from your bank or a credit card.

I don't recommend credit card at all unless you cannot find any other way in within your timeline.

Once you have a coinbase account, it is almost seemless to set up a GDAX account, and to do your trading there without becoming preoccupied about whether you are putting the dollars back into your bank... you can just hold a certain amount on GDAX (of course to your comfort level).

I was doing everything on the regular coinbase not the exchange. Switched to GDAX now but i'm finding the interface more confusing.

Although I read about market, limit and stop. The terms are still relatively new to me and pretty confusing


If you are finding it confusing, then likely it would be good to start out practicing with very small amounts.

I would suggest starting out by only using the limited buy and sell options. That means that if you set your buy / sell orders in advance then there should not be any fees.

They call that maker fees, and I believe that maker fees on GDAX are zero - currently on all assets and trading pairs.

Maybe practice for a while and get used to it, before you set any big orders, but it is a very decent way to save on fees, if you figure out how to use it, which will likely sink in with some practice (again, I recommend starting with very small amounts, like a dollar or two, just to get the hang of it)
05-18-2017 02:39 PM
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RE: The Ethereum Thread (the alt coin to Bitcoin)
(05-18-2017 02:31 PM)Oz. Wrote:  
(05-18-2017 01:25 PM)JayJuanGee Wrote:  
(05-18-2017 01:17 PM)Oz. Wrote:  Been buying and selling LTC but I'm making like a dollar out of each at most. The processing fee is pretty high.

Any way to avoid or lower it? I'm using a credit card

After you initially buy in, it may be better to set your trades (from LTC to dollars or LTC to BTC) on GDAX in order to lessen your fees. Fees can kill you, especially if you are going back and forth from your bank or a credit card.

I don't recommend credit card at all unless you cannot find any other way in within your timeline.

Once you have a coinbase account, it is almost seemless to set up a GDAX account, and to do your trading there without becoming preoccupied about whether you are putting the dollars back into your bank... you can just hold a certain amount on GDAX (of course to your comfort level).

I was doing everything on the regular coinbase not the exchange. Switched to GDAX now but i'm finding the interface more confusing.

Although I read about market, limit and stop. The terms are still relatively new to me and pretty confusing

How much free time do you have to learn and trade? You can pick up the terms pretty quickly, but I imagine it takes up a lot of time to learn how to trade. My personal philosophy is to hold my ETH and not trade it. Let the price rise naturally (incidentally it's up from ~$90 two days ago to $112 right now).


(05-16-2017 06:36 PM)Armogan Wrote:  ETH is a pump-and-dump everyone knows that.

Please don't express your personal opinions as fact. ETH may be a pump and dump, but I would argue considering the hundreds of companies backing it through the Enterprise Ethereum Alliance, the many (albeit some shaky) dApps being built on the platform and the roadmap the main developers are working on, it has a LOT of potential to have an impact in the world.

If you're going to argue it's a pump and dump, at least explain why you feel that way.

Not happening. - redbeard in regards to ETH flippening BTC
05-19-2017 06:47 AM
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RE: The Ethereum Thread (the alt coin to Bitcoin)
(05-15-2017 08:08 PM)Travesty Wrote:  I have no idea what the hell this stuff is, threw a couple hundred $ down on it yesterday.

Can I smoke it at any point?

If you wait a few months, you'll probably be able to use it as real money - there are some companies out there that are using VISA credit cards to let you convert your coins into USD when making a purchase.

I haven't looked too much into this company in particular, but you may want to keep on an eye on it:
https://tokencard.io/#token

Not happening. - redbeard in regards to ETH flippening BTC
05-19-2017 06:50 AM
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RE: The Ethereum Thread (the alt coin to Bitcoin)
(This post was last modified: 05-19-2017 07:01 AM by SunW.)
05-19-2017 06:56 AM
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RE: The Ethereum Thread (the alt coin to Bitcoin)
(05-19-2017 06:47 AM)Genghis Khan Wrote:  How much free time do you have to learn and trade? You can pick up the terms pretty quickly, but I imagine it takes up a lot of time to learn how to trade. My personal philosophy is to hold my ETH and not trade it. Let the price rise naturally (incidentally it's up from ~$90 two days ago to $112 right now).

I can probably dedicate a few hours to this every other day or so. I actually saw the price of ETH rising and sold the one I had, made about 15$ out of it but probably should've kept it for longer.

(11-15-2014 09:06 AM)Little Dark Wrote:  This thread is not going in the direction I was hoping for.
05-19-2017 08:02 AM
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