Newbie questions crypto thread

Lampwick

Woodpecker
Gold Member
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.

Here's what I would ask:

Which coins/tokens/platforms have true differentiated technology? Please describe what makes them unique.

Which coins/tokens/platforms are closest to having the best combination of decentralization and scalability? Please describe the decentralization/scaling methodology and why it is superior.

Which cryptocurrencies do you invest in and why? What is your investment strategy? How long do you usually hold a particular asset?
 
I don't know how knowledgable this person is, but if I had a crystal ball, here's the things I would ask it.

1.) How likely is the lightning network to actually work, and when will it likely be put into use?
2.) If ETH does go proof of stake, will it still be decentralized or will there be enough major groups holding from ICO to control the coin's future?
3.) If XRP *WERE* used by banks, absent its non-speculative FOMO value, how much would it be worth?
 

zanetti

Kingfisher
Gold Member
I think a lot of investment banking dudes get their bonuses on 15 January. Now might be a good time to go long.

What do you guys think of etoro by the way?
 

dasher

Woodpecker
Arado said:
So which exchanges are allowing new registrations to buy alt coins? Bittrex and Kraken still won't let me trade.

Try Kucoin or Binance, though I've heard kucoin is having issues right now, while binance has a limited amount of new accounts daily.

Liqui has an ok range too.

If it comes down to it you can get some shitcoins at shapeshift or changelly at a slight premium over exchange prices.
 

Vienna

Kingfisher
Gold Member
Let’s say I want to sell ETH for $ on Coinbase or another exchange.

Since it’s so volatile and there are so many delays in sending/selling crypto, will Coinbase ”sell” my ETH for the current $ value at the time of sell order? Or if there’s a delay, does it ”sell” at another date and thus another possible value?
 

Jean Gabin

Sparrow
DarianFrey said:
Let’s say I want to sell ETH for $ on Coinbase or another exchange.

Since it’s so volatile and there are so many delays in sending/selling crypto, will Coinbase ”sell” my ETH for the current $ value at the time of sell order? Or if there’s a delay, does it ”sell” at another date and thus another possible value?

From what I know the current market value is locked in at the time of the transfer for buying and selling. Quite some people have gotten burned with Coinbase on buying/selling coins with the delay between the transaction and reeciving the coins or funds.
 

pfeffer

Pigeon
2 questions:

1. For a huge percentage of the coins -- if we want to cash out, we have to convert buy them with BTC, ETH, etc. and then convert them back to BTC, ETC, etc before getting fiat. I see a lot of people here talking about a coin gaining 60%, or what not (which is 60% higher in USD value. So a coin bought at 1.00, now 1.60). Is this a bad way of thinking about the market? We had to buy BTC anyway, and the gains/losses that BTC makes a huge impact on our actual ROI. Is it ok to think of our gains like that? Is there a better way?

2. Please correct me if I'm wrong. A big majority of ICOs are built using Ethereum's platform/codebase. How do they distinguish themselves and establish value as a currency? Good marketing aside, is the value more as an app/interface/whatever that solves a problem? I have a hard time understanding how much better one coin can be than another if they're all just slightly modified Ethereum. I see a value in using Monero as a crypto. Not very educated on a lot of the others, but they all seem like "Ethereum for x industry"
 

Valentine

Kingfisher
Gold Member
pfeffer said:
2 questions:

1. For a huge percentage of the coins -- if we want to cash out, we have to convert buy them with BTC, ETH, etc. and then convert them back to BTC, ETC, etc before getting fiat. I see a lot of people here talking about a coin gaining 60%, or what not (which is 60% higher in USD value. So a coin bought at 1.00, now 1.60). Is this a bad way of thinking about the market? We had to buy BTC anyway, and the gains/losses that BTC makes a huge impact on our actual ROI. Is it ok to think of our gains like that? Is there a better way?

Your example doesn't make sense. That $1.60 coin you'd then convert back into $1.60 worth of BTC and then cash out immediately. The % change that BTC has meanwhile makes no difference if you're not actually holding the coin.

2. Please correct me if I'm wrong. A big majority of ICOs are built using Ethereum's platform/codebase. How do they distinguish themselves and establish value as a currency? Good marketing aside, is the value more as an app/interface/whatever that solves a problem? I have a hard time understanding how much better one coin can be than another if they're all just slightly modified Ethereum. I see a value in using Monero as a crypto. Not very educated on a lot of the others, but they all seem like "Ethereum for x industry"

Almost none of these coins are slightly modified Ethereum, instead you're talking about tokens created on the Ethereum platform. Ethereum is mined whereas tokens can be created whenever.

Go to coinmarketcap, go to tokens and look into all the tokens built on the Ethereum platform. You'll quickly understand what each token is being used for.
 
pfeffer said:
2. Please correct me if I'm wrong. A big majority of ICOs are built using Ethereum's platform/codebase. How do they distinguish themselves and establish value as a currency? Good marketing aside, is the value more as an app/interface/whatever that solves a problem? I have a hard time understanding how much better one coin can be than another if they're all just slightly modified Ethereum. I see a value in using Monero as a crypto. Not very educated on a lot of the others, but they all seem like "Ethereum for x industry"

A coin is better than another coin if it is something you can sell to someone else for a higher price than you bought it.
"Value" is a lie. "Fundamentals" are an illusion. There is only the price you bought it at, and the price you will sell it at. Everything else is white noise, or data to help you figure out what people will pay you more for in the future.

This is the first truth of crypto, and the first key to enlightenment.

(The second key is to remove your initial stake as soon as possible so you're playing with house money. The emotional detachment this gives you will make you a vastly better trader.)
 

zanetti

Kingfisher
Gold Member
It's so frustrating seeing prices go up while you're waiting for verification from the fiat exchanges, coinmama, bitstamp. Kraken isn't even doing verifications at the moment and Changelly is not working...I want my gainz!!!
 

fiasco360

Kingfisher
Orthodox
Can anyone give me a overview on ledgers?

At what price point should you use them?

What tiers are there?

Additionally - what is the preferred method for getting coins that aren't on Coinbase? I want to pick up a some Monero.
 
zanetti said:
It's so frustrating seeing prices go up while you're waiting for verification from the fiat exchanges, coinmama, bitstamp. Kraken isn't even doing verifications at the moment and Changelly is not working...I want my gainz!!!

I was freaking out about this, my verification for Kraken was started over 6 months ago and still isn't complete. About 5 weeks ago I tried to sign up with another exchange that claimed to only take 2-5 busy days, after 2 weeks I emailed them and asked them what was going on. They replied that they were busy and that I had to be patient, I thought to myself that for the amount of time some faggot took to write that he could have just looked at 3 pictures I took and verified my account.

I signed up with a small local exchange based out of my city and they verified my account this week, took about 3 days.

After all this recent frustration I actually came out on top. Everything I was going to invest in is priced at about half of what it was when I wanted to buy 5-6 weeks ago, so it worked out for me. :banana:

Now I'm just waiting for my second E-transfer to clear so I can invest some more.
 

Malone

Pelican
Gold Member
fiasco360 said:
Can anyone give me a overview on ledgers?

At what price point should you use them?

What tiers are there?

Additionally - what is the preferred method for getting coins that aren't on Coinbase? I want to pick up a some Monero.

If by ledgers you mean hardware wallets:

Get one when it'd suck that all your crypto disappeared. With the prevalence of malware it's not hard for hackers to drain your crypto on a compromised PC. The more you have, the more of a target you are.

There's no tiers, there's just a couple companies - both are good. Tresor and Ledger I believe. I have a ledger nano s.

There's lots of exchanges, but generally the bigger the better.

https://coinmarketcap.com/currencies/monero/#markets

That link shows all the places to buy Monero. It looks like HitBTC has the biggest volume. By some BTC, LTC or ETH on Coinbase/GDAX and move it to your account on HitBTC, then buy it there. Or one of the other exchanges, you get the point.
 
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