Newbie questions crypto thread

Roosh

Cardinal
Orthodox
MrRemi said:
Guys, I have two newbie questions!

I have some bitcoin on my phone in the Jaxx app. I bought them 2 years ago and haven't touched them since. I want to sell now.

1. What's the easiest and most secure way to sell? I want cash in my bank account or on Paypal.

2. How do the forks affect me? I figured out, that I bought before the forks happening. Can I now sell my bitcoins on various forks and cash in multiple times?

1. Coinbase if you're a USA citizen.

2. With each fork, you possess the same amount of the new currency that you had in Bitcoin at the time of the fork. You have to claim the new currency with a wallet dedicated for that new coin (it could get technical since you may have to empty your existing Bitcoin wallet, copy the private key, and then insert that key in the forked coin wallet). If you want to sell the forked coin, exchange it back to Bitcoin and sell on a place like Coinbase.
 

redonion

Woodpecker
pants said:
they are stored cryptated, only to be unlocked with a PIN.
The passphrase 30 word will generate a set of addresses.
There is no central storage.
Lose your trezor, you are safe with your backup.

Lose both, and you lost your coins

Thanks pants. I think I understand how things work now, but I need to learn more about the blockchain itself until I'm truly confident.

Here's another question. I'm not sure if this qualifies as "Newbie" but it deals with interpreting order books:

What is the best way to look at a "bid" order book to get the most real-time price of a coin? I can think of three possible answers here. One way would be to retrieve the maximum bid price for all of the bids in the order book. The other way would be to look at the most recent bid entry into the order book. Finally, we could look at the average price of all bids within the order book.

Looking for the highest bid makes sense because sellers are going to want to pair with the highest bid, which will help set the price. However, the downside here is that a single inflated bid can be misleading if all bids before and after it are lower and still getting matched with sellers.

Looking for the most recent bid makes sense because the most recent bid should reflect what the public thinks the price is right now. However, the downside here is that these bids might come below the current max and never get matched if latter bids come in around the current max as well. Thus, the price attributed here means nothing if bids aren't being matched.

Taking the average price seems to solve these issues of single bids throwing things off, but gives us a less accurate answer.
 

pants

 
Banned
well, you cant look at the most recent offer.

If i put in a bid for 0.01USD / btc on an exchange. that has nothing to do with what the price is.

Unless you are planning to do major selloffs in short amounts of, time highest / lowst / bid / ask, are the only numbers that are relevant..
 

MrRemi

Sparrow
MrRemi said:
Guys, I have two newbie questions!

I have some bitcoin on my phone in the Jaxx app. I bought them 2 years ago and haven't touched them since. I want to sell now.

1. What's the easiest and most secure way to sell? I want cash in my bank account or on Paypal.

2. How do the forks affect me? I figured out, that I bought before the forks happening. Can I now sell my bitcoins on various forks and cash in multiple times?

Thanks Roosh for your answer.

Short follow-up:

1. I sold to a guy that I found on localbitcoins.com. He paid cash at a fair rate, easy.

2. I claimed my Bitcoin Cash BCH in my Jaxx Wallet. Didn't bother with Bitcoin Gold.
 

kurti

 
Banned
Genghis Khan said:
It should rightfully scare the shit out of governments. I was reading The Sovereign Individual recently - a pretty good book, written before 2000 - and it predicted this - the invention of cybermoney, how governments would try to control but ultimately fail (not that governments won't become more draconian in how they treat their citizens as they get more desperate for tax money).

Crypto could potentially be a killer blow to governments because it makes money collection infinitely harder. Good luck trying wage garnishment on crypto or freezing your crypto assets the way they can freeze your bank accounts.

But why would governments fold? Like you said, cryptocurrencies are a very real threat to their power. Why wouldn't they simply outlaw it at some point? They can't outlaw the internet as it is just a generic technology. This is not true for crypto, as it meant to be a substitute for fiat money. So they can find all kinds of reasons to outlaw it and explain it to the public (money laundering etc etc).

I mean you could argue that people would just carry on using and trading cryptos even if outlawed. But realistically, how many people would really want to deal with it once you could potentially face 5-10 years in prison?
 

Valentine

Kingfisher
Non-Christian
Gold Member
kurti said:
Genghis Khan said:
It should rightfully scare the shit out of governments. I was reading The Sovereign Individual recently - a pretty good book, written before 2000 - and it predicted this - the invention of cybermoney, how governments would try to control but ultimately fail (not that governments won't become more draconian in how they treat their citizens as they get more desperate for tax money).

Crypto could potentially be a killer blow to governments because it makes money collection infinitely harder. Good luck trying wage garnishment on crypto or freezing your crypto assets the way they can freeze your bank accounts.

But why would governments fold? Like you said, cryptocurrencies are a very real threat to their power. Why wouldn't they simply outlaw it at some point? They can't outlaw the internet as it is just a generic technology. This is not true for crypto, as it meant to be a substitute for fiat money. So they can find all kinds of reasons to outlaw it and explain it to the public (money laundering etc etc).

I mean you could argue that people would just carry on using and trading cryptos even if outlawed. But realistically, how many people would really want to deal with it once you could potentially face 5-10 years in prison?

There are huge applications for blockchain technology outside of currency, it's untenable to just outlaw it. The most they could do is strict KYC for every fiat<>crypto transaction.

But even then we may eventually have an economy where a significant amount of people are being paid directly in cryptocurrency, which would be very difficult to audit if they were to choose being paid in Monero or a similar privacy coin.
 

kurti

 
Banned
Valentine said:
But even then we may eventually have an economy where a significant amount of people are being paid directly in cryptocurrency, which would be very difficult to audit if they were to choose being paid in Monero or a similar privacy coin.

My point is that governments will not allow such a economy to develop.
 

Genghis Khan

 
Banned
kurti said:
Genghis Khan said:
It should rightfully scare the shit out of governments. I was reading The Sovereign Individual recently - a pretty good book, written before 2000 - and it predicted this - the invention of cybermoney, how governments would try to control but ultimately fail (not that governments won't become more draconian in how they treat their citizens as they get more desperate for tax money).

Crypto could potentially be a killer blow to governments because it makes money collection infinitely harder. Good luck trying wage garnishment on crypto or freezing your crypto assets the way they can freeze your bank accounts.

But why would governments fold? Like you said, cryptocurrencies are a very real threat to their power. Why wouldn't they simply outlaw it at some point? They can't outlaw the internet as it is just a generic technology. This is not true for crypto, as it meant to be a substitute for fiat money. So they can find all kinds of reasons to outlaw it and explain it to the public (money laundering etc etc).

I have no doubt they'll strongly consider outlawing crypto. They may even end up doing it.

The problem is with economic incentives. It gets a whole lot harder to continue to outlaw blockchain technology when that technology is causing domestic corporations and jobs to lose out.

Governments across the world won't act in unity. If the US and China ban Bitcoin, ETH and the rest, other countries will gladly open their countries to blockchain technology in order to gain the economic benefits of blockchain technology.

Russia already is looking into Ethereum for quite a few projects:

https://futurism.com/ethereums-founder-struck-a-deal-with-a-russian-bank-to-create-ethereum-russia/

Cat's already out of the bag.

I mean you could argue that people would just carry on using and trading cryptos even if outlawed. But realistically, how many people would really want to deal with it once you could potentially face 5-10 years in prison?

The reality is that we're looking at a future where Western governments are getting more and more oppressive anyways. You can already a bunch of people fleeing abroad and denouncing their citizenship. Expect to see more of this - as governments become more taxing, fewer and fewer people will care much about supporting their nation.

This has precedent in the 15th century - Europeans were fed up with the excesses of the Church (the 15th century equivalent of the nation-state). The Church lost its power in record time, though it did fight hard to keep it.

kurti said:
Valentine said:
But even then we may eventually have an economy where a significant amount of people are being paid directly in cryptocurrency, which would be very difficult to audit if they were to choose being paid in Monero or a similar privacy coin.

My point is that governments will not allow such a economy to develop.

Which governments? I think you'll find there's quite a few (like the Russian one), which are very open to blockchain technology, the cryptocurrencies it creates and the economy that'll follow.

I agree that the US probably won't be OK with crypto, and many European countries will feel the same way. Regardless, I'll bet countries in South America, and the East will be far more open to it. And assuming that blockchain does fulfill its promise of being easier and more convenient to use, it'll be very hard for the US/Western Europe to stop it.

FYI it's not just about the cryptocurrency part - the idea of smart contracts can potentially revolutionize a lot of industries, and streamline their logistics (amongst many applications). It'll be very hard to block the applications of blockchain from getting a hold.

Governments are really fucking bad at stopping technology from spreading. The Church was really fucking bad at stopping the spread of information once the printing press was invented.
 

KMK

Robin
When I buy the big 3 on coinbase using USD, is there a way to check beforehand how long it'll take for me to have the coins?

I just bought ethereum for the first time and it says it'll take 8 days. I wish I'd have known beforehand it'd take that long.
 

Adonis

Pelican
Gold Member
KMK said:
When I buy the big 3 on coinbase using USD, is there a way to check beforehand how long it'll take for me to have the coins?

I just bought ethereum for the first time and it says it'll take 8 days. I wish I'd have known beforehand it'd take that long.

Coinbase Buy/Sell FAQ

US Customers

Purchases made using a credit or debit card or the USD wallet are made available instantly.

When using bank transfers, the ACH bank transfer system is used for payments with your bank account. The ACH bank transfer system typically takes 3-5 business days* (which may be as many as 7-10 calendar days, depending on the timing of weekends and other bank holidays) to complete after initiating a purchase.
You may see the funds immediately debited from your bank account when you initiate the transfer, but the funds will not be transferred to your wallet until your payment has finished moving between the banks and clears in our bank account.
After the banks have processed the transfer, the funds enter our system and you will see the money in your account sometime before the end of the estimated delivery day. This date is shown on the confirmation window when placing your order and can be located in the order confirmation email you received from us. End of the day would be considered 11:59 PM PST, as we are based in San Francisco.

Some customers may be eligible for instant bank purchases for their account.
 

sonoran_

Kingfisher
Gold Member
i want to buy alts and ive created accounts with multiple exchanges ( kraken, poloniex, bittrex, binance, okex) but all are awaiting verification, some since 3 months ago.

Is it a good idea to put put my BTC into bittrex and start buying alts with that BTC and not worry about the withdrawal limit of 0 at this point?
 

Sebastian

Pelican
Where can I buy BCT or ETH? (few grands)

I deposited money into coinbase/gdax, they say it can take 3~5 business days or some are longer?

this is ridiculous. I can send stack of cash to SF faster than this.....
 

Adonis

Pelican
Gold Member
Sebastian said:
Where can I buy BCT or ETH? (few grands)

I deposited money into coinbase/gdax, they say it can take 3~5 business days or some are longer?

this is ridiculous. I can send stack of cash to SF faster than this.....

Read my post at the end of Page 1, its an ACH type of transaction and thats just how long it takes. From bank to bank or bank to coinbase.

If you're jonesing for it that bad you can buy $400 with a card and have it right away but buy ETH because it has faster transfers than BTC.
 

Meadowlark

Hummingbird
Gold Member
I'm about to buy my first bit of crypto, should I buy bitcoin or litecoin? Seems like litecoin might continue going up at a faster pace than bitcoin right now.
 

Roosh

Cardinal
Orthodox
DJ-Matt said:
I'm about to buy my first bit of crypto, should I buy bitcoin or litecoin? Seems like litecoin might continue going up at a faster pace than bitcoin right now.

If you're a newbie, I'd buy Litecoin first, because you can actually move it around without having to worry about pending transactions, delays, and what the ideal sending fee should be. Once you get comfortable buying/moving/storing Litecoin, try small buys of Bitcoin. Right now it's very expensive to move around.
 

churros

 
Banned
Screen_Shot_2017-12-13_at_11.34.28_PM.jpg


Can anyone explain where the USD value comes from, if the altcoin is not purchasable via fiat?

When the three values diverge, what kind of arbitrage opporunities arise?

And why exactly should one pay attention to total volume in eth/btc, how could this affect the price?
 

MikeS

Pelican
I'm not sure if this little "trick" has been mentioned before in this thread.

Coinbase appears to be the entry point for many crypto newbies (myself included when I started a few months ago and still with my latest investments). One of the problems with transferring Bitcoin to your own wallet is of course the high fees, particularly obnoxious if you're only making small investments.
However if after you have bought BTC from Coinbase, you then log into GDAX - the Coinbase exchange, I didn't need additional verification from what I recall, I just went and logged in with my Coinbase credentials - and make an instant and free BTC deposit from your Coinbase account, you can then withdraw BTC (or ETH or LTC) to an external address, like your wallet, at no cost. GDAX covers the fees.
 
churros said:
Screen_Shot_2017-12-13_at_11.34.28_PM.jpg


Can anyone explain where the USD value comes from, if the altcoin is not purchasable via fiat?

When the three values diverge, what kind of arbitrage opporunities arise?

And why exactly should one pay attention to total volume in eth/btc, how could this affect the price?

USD value is calculated by taking the current price of BTC and multiplying it by the number of satoshis the coin costs.
These values will never diverge in any meaningful way.

Rising volume is a sign that the current trend is accelerating. Volume was my favorite tool when I did active trading.
 
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