Newbie questions crypto thread

Roosh

Cardinal
Orthodox
I have a MyEtherWallet wallet. If I buy an Ethereum based token like REQ from an exchange, do I simply give my Ethereum public address and the REQ will automatically find its way in the REQ balance in MyEtherWallet?
 

dasher

Woodpecker
Yeah, that's right. You withdraw Eth tokens to your Eth address.

Keep a little eth on that address to pay for gas in the event you want to move that REQ (or other tokens) around in future.
 

bucky

Ostrich
So, after failing to figure out how to buy Ripple like a fortnight ago at $0.50, I've been watching it skyrocket to over $3.00 on https://coinmarketcap.com/currencies/ripple/.

Tonight on that page I notice a link that says "Buy Instantly with credit card!" It takes me to https://iqoption.com/. I register and figure what's the worst that could happen...but right before whipping out the credit card it just starts to all seem too easy. Is anyone familiar with this site? Any chance it's legit? Just entering my credit card number and actually getting Ripple seems too easy to believe at this point.
 

Savage

Robin
Gold Member
bucky said:
Tonight on that page I notice a link that says "Buy Instantly with credit card!" It takes me to https://iqoption.com/. I register and figure what's the worst that could happen...but right before whipping out the credit card it just starts to all seem too easy. Is anyone familiar with this site? Any chance it's legit? Just entering my credit card number and actually getting Ripple seems too easy to believe at this point.

I wouldn't buy Ripple myself but I had a quick look and it looks like a legit website but the fees are huge at 10% per trade and spread when buying or selling can be another 10%. (Spread is the difference between the buy and sell price).

A typical exchange charges less than half a percentage in fees. Your best bet would be to deposit to an exchange and then if they don't have Ripple buy Bitcoin or Ethereum and send that to an exchange with Ripple to trade.

Bitstamp is a good exchange that takes USD deposits and has Ripple but all exchanges are swamped with new users at the moment so any support issues or verification is going to take a while.
 

MikeS

Pelican
bucky said:
So, after failing to figure out how to buy Ripple like a fortnight ago at $0.50, I've been watching it skyrocket to over $3.00 on https://coinmarketcap.com/currencies/ripple/.

Tonight on that page I notice a link that says "Buy Instantly with credit card!" It takes me to https://iqoption.com/. I register and figure what's the worst that could happen...but right before whipping out the credit card it just starts to all seem too easy. Is anyone familiar with this site? Any chance it's legit? Just entering my credit card number and actually getting Ripple seems too easy to believe at this point.

Did you find information to very important questions, such as whether you will actually be able to transfer your XRP to your own wallet or if the company you were about to buy it from will insist on holding it for you and only sell it back to them?
Plus obviously the more important question you rightfully asked of whether it really does seem a little too easy, considering that altcoins generally can't be bought for fiat yet.

Basically don't do it unless you've had the validity confirmed from numerous sources.
 

redonion

Woodpecker
Everyone always mentions how BTC is slow, and I've noticed this myself when transferring from my wallet to an exchange or vice versa.

However, when making trades on exchanges, the transfer seems to happen instantaneously. Am I imagining things or what?

The only way I can think this would be possible is if money on exchanges is only written to the blockchain when someone deposits or withdraws. When the money is actually on the exchange, it's nothing more than a number that the exchange keeps track of. Therefore, a shady exchange could lose your money and not have the capital to pay you out on a withdrawal request. Is this all accurate?
 
redonion said:
The only way I can think this would be possible is if money on exchanges is only written to the blockchain when someone deposits or withdraws. When the money is actually on the exchange, it's nothing more than a number that the exchange keeps track of. Therefore, a shady exchange could lose your money and not have the capital to pay you out on a withdrawal request. Is this all accurate?

Yes.
 

Gas

Kingfisher
Gold Member
redonion said:
Everyone always mentions how BTC is slow, and I've noticed this myself when transferring from my wallet to an exchange or vice versa.

However, when making trades on exchanges, the transfer seems to happen instantaneously. Am I imagining things or what?

The only way I can think this would be possible is if money on exchanges is only written to the blockchain when someone deposits or withdraws. When the money is actually on the exchange, it's nothing more than a number that the exchange keeps track of. Therefore, a shady exchange could lose your money and not have the capital to pay you out on a withdrawal request. Is this all accurate?

Yep, that's how a regular bank works as well.
 

Eddie Winslow

Kingfisher
Gold Member
I have recently learned how use crypto exchanges to buy alts. If I am not an accredited investor or a whale, is it still possible for me to get involved in a new project's pre-sale or ICO? Or is the best thing I can do just buy up the coin I want as quickly as I can the second it is offered on an exchange like Kraken or Kucoin?
 
I am curious about learning more about cryptocurrency. I know very little about it. So I was hoping you guys could point me to some reading material, videos, courses or people to follow or sites to visit in order to learn from the best.
 

Jean Gabin

Sparrow
Eddie Winslow said:
I have recently learned how use crypto exchanges to buy alts. If I am not an accredited investor or a whale, is it still possible for me to get involved in a new project's pre-sale or ICO? Or is the best thing I can do just buy up the coin I want as quickly as I can the second it is offered on an exchange like Kraken or Kucoin?


With ICOs there's 2 phases, pre-sale and crowdsale. While you won't get in on a pre-sale (unless you pool or have good connections besides being accredited investor) you still can get in on the crowdsale ICO. Currenlty (pre-sale) ICOs is where the big money is made. Note that pre-sale usually gets a bonus around 30% or so, but more and more pre-sale tokens are locked up for a specific amount of time so crowdsale people can't really get dumped on.

Whether you should buy a coin right after it's listed really depends... Sometimes they're sold 3-400% (ore more) upon listing on an exchange, other times they dump, other times they do an insta 3-400% and just keep going up. Basically depends on the market cycle (BTC going up/down, market FUD/FOMO and hype of that coin..). Currently we're in a phase where most coins coming out of aICO
 

spygoat

Sparrow
Gold Member
What would be the best way to educate oneself in the realm of blockchain? Are there any courses out there that walk people through how things work/operate and educate an individual on how to better understand white papers/coin intent etc.? Basically a general education of the realm and an assist in sniffing out bullshit coins.
Thanks everyone, this forum just keeps on giving.
 
spygoat said:
What would be the best way to educate oneself in the realm of blockchain? Are there any courses out there that walk people through how things work/operate and educate an individual on how to better understand white papers/coin intent etc.? Basically a general education of the realm and an assist in sniffing out bullshit coins.
Thanks everyone, this forum just keeps on giving.

I would check out some YouTube videos. Just type in Cryptography and What is Blockchain and you will find some good stuff.
 

spygoat

Sparrow
Gold Member
Thanks. I don't work in the computer science/programmer realm but this tech interests me but I like to try and understand it before I dump a ton of money into something. Seems like there are quite a few guys on this forum that are really well versed on the subject. Thanks again.
 
Ok guys, so I have been fortunate enough to befriend a dude who has been involved in blockchain and crypto from its beginning times. He has worked for blockchain companies, has a large investment portfolio and is literally a block chain and crypto enthusiast. I’ve no idea how wealthy he is, but he seems knowledgeable and certainly passionate.

So my question is; If you had direct access to such a person, on a friendly level, not just some online figure - what would you ask them?

I know very little about it all, but what a great head start I could be given. If you guys give me good questions to ask, I’ll be happy to share the responses I get.
 

Gunner

Kingfisher
ynwa1892 said:
Ok guys, so I have been fortunate enough to befriend a dude who has been involved in blockchain and crypto from its beginning times. He has worked for blockchain companies, has a large investment portfolio and is literally a block chain and crypto enthusiast. I’ve no idea how wealthy he is, but he seems knowledgeable and certainly passionate.

So my question is; If you had direct access to such a person, on a friendly level, not just some online figure - what would you ask them?

I know very little about it all, but what a great head start I could be given. If you guys give me good questions to ask, I’ll be happy to share the responses I get.

What's your investment portfolio allocation? To try to gauge in what technologies/projects he believes medium/long term.

A lot of people are interested in gambling but I imagine a knowledgeable guy like him is looking at edge breaking projects that eventually will have excess returns.
 
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