Cryptocurrency

[wifehunter]

XRP - ripple is not a decentralized currency. It's a crypto created by banks for banks to transact with each other. It's not a mined coin but a minted coin which has an endless supply. Basically no different from the USD/EUR in the fact that is can be printed into oblivion. The whole reason Bitcoin is valuable is because there is a finite supply that will ever be in existence. 21 million to be exact. Each and every bitcoin that is mined, the next batch becomes that much more difficult to mine.

When the banks collapse, which is already starting to happen, Ripple like all financial assets held by collapsing banks will need to be liquidated. There will be a mass sell off of Ripple and anyone left holding the bag, will lose everything. It also cost very little for the banks to produce these coins, unlike Bitcoin where you need miners and costs of maintaining the miners and time to produce the coins.

will Ripple have some short spurts up, probably, but I think the ripple train is over and too much risk to reward for me to hold. It's meant for banks to transact with each other, not for us.

Not touching ripple. Mayaswell do forex or stocks. Yuck!

 

[AAAgent]

if you're trying to buy or sell during this flash crash right now, you can't on coinbase as it is down as usual during high volume times. This is another reason why you need multiple exchanges.

I feel like they use these opportunities to buy for themselves. Always happens.

 

[AAAgent]

Looks like a very good buying opportunity if anyone can get their exchange working.

 

[AAAgent]

AAA which is the best way to cash out on a virtual wallet?

And if I ever wanted to cash out from that wallet how easy is it?

Thanks for all your help. It's definitely convenient to pick your brain.

You can only cash out via an exchange. A wallet is for storage purposes only. You buy and sell on an exchange but you don't keep your coins on an exchange. That is the difference between ETRADE/TDAmeritrade. Your stocks on bought and sold through them and they also hold your shares.

When you take your coins/tokens off your wallet and send them to the exchange, you sell them on the exchange and cash out via your bank.

Other option is find a buyer IRL and meet up with them and you trade cash for coins or barter. W/e you want.

There are also Bitcoin ATM's although I have not come across any.

 

[PrettyBoyAJ]

How exactly do you cash out from the exchange to a virtual wallet?

And btw Eth took a big hit past day.

 

[AAAgent]

How exactly do you cash out from the exchange to a virtual wallet?

And btw Eth took a big hit past day.

You don't cash out from a wallet. A wallet is a storage device, whether on your desktop, USB/Hardware device, or paper. It's a means to get your coins off of an exchange and into your physical control, not controlled by an exchange.

Again, a wallet is a 3rd party software, hardware, or physical paper that you send your coins to to get it off an exchange and store somewhere where you have more and complete control.

You do not cash out from a wallet. You must send your crypto back to an exchange in order to sell it at market prices and then cash out via the exchange to your bank.

Basically once you send your crypto to your exchange account (look into how to do this yourself so you understand), you treat it like you do your stocks. Sell at market or limit price. once it sells, the money hits your exchange account. Then you go and process a withdrawal from the exchange.

Once again, a wallet is just a means to get the coins into your control and not the exchanges. Lots of crypto scams out there and companies going out of business. No insurance is provided on crypto so do alot of research into this. I've spent hours and many sleepless nights figuring this sh1t out.

 

[wifehunter]

You don't cash out from a wallet. A wallet is a storage device, whether on your desktop, USB/Hardware device, or paper. It's a means to get your coins off of an exchange and into your physical control, not controlled by an exchange.

Again, a wallet is a 3rd party software, hardware, or physical paper that you send your coins to to get it off an exchange and store somewhere where you have more and complete control.

You do not cash out from a wallet. You must send your crypto back to an exchange in order to sell it at market prices and then cash out via the exchange to your bank.

Basically once you send your crypto to your exchange account (look into how to do this yourself so you understand), you treat it like you do your stocks. Sell at market or limit price. once it sells, the money hits your exchange account. Then you go and process a withdrawal from the exchange.

Once again, a wallet is just a means to get the coins into your control and not the exchanges. Lots of crypto scams out there and companies going out of business. No insurance is provided on crypto so do alot of research into this. I've spent hours and many sleepless nights figuring this sh1t out.

I'm trying to do all of this on my samsung phone, for convenience. ..but, pc's seem to have most of the options for wallets, exchanges, mining, etc.

You may already know, but, Truecrypt (no backdoor) will let you make encryted container files that you can store coins in. You can also make backups of these, and move them to normal thumbdrives, etc. It's the alternative to hardware encryption. I guess, some people, just 'feel' safer with hardware eqncryption. I've been using truecrypt for years, and trust it.

 

[AAAgent]

I'm trying to do all of this on my samsung phone, for convenience. ..but, pc's seem to have most of the options for wallets, exchanges, mining, etc.

You may already know, but, Truecrypt (no backdoor) will let you make encryted container files that you can store coins in. You can also make backups of these, and move them to normal thumbdrives, etc. It's the alternative to hardware encryption. I guess, some people, just 'feel' safer with hardware eqncryption. I've been using truecrypt for years, and trust it.

Trust is the most important thing in this industry. There is a youtuber i followed who was talking about earning 4 bitcoins in 50 days by investing into this platform. The platform sounded like a ponzi and many ponzi's have gone bust in crypto space. Some are still running and legit (so far) but have ponzi like marketing programs. Anyway this guy invested 4 BTC's on a video and got many of his followers to do it. I considered it. I asked some questions and made some statements about how he provided very little information on the platform and made it sound like a ponzi and that he felt confident he could get his money out before the ponzi went bust. Well in 3 weeks, the ponzi went bust. I think he made more than his money back or close to it, but he was at the top of this ponzi for his group and many of his followers lost all their btc. IF there is a new venture promising something crazy, be wary and do your research.

My friend is doing a ghetto version of a hardware wallet. He's using Exodus and an external hard drive. Sending all his coins to exodus on his external hard drive and taking that hard drive offline until he needs to send more coins to it or sell some coins.

 

[AAAgent]

if you're trying to buy or sell during this flash crash right now, you can't on coinbase as it is down as usual during high volume times. This is another reason why you need multiple exchanges.

I feel like they use these opportunities to buy for themselves. Always happens.

Looks like this opportunity might be gone. I was expecting the correction on Monday to be the marker for the next leg up, but looks like this one was it. Might last until Saturday or just start back up from here. We shall see.

 

[PrettyBoyAJ]

I understand what a wallet is and how it works. I was specifically asking how to send from Coinbase to that wallet.

 

[wifehunter]

Trust is the most important thing in this industry. There is a youtuber i followed who was talking about earning 4 bitcoins in 50 days by investing into this platform. The platform sounded like a ponzi and many ponzi's have gone bust in crypto space. Some are still running and legit (so far) but have ponzi like marketing programs. Anyway this guy invested 4 BTC's on a video and got many of his followers to do it. I considered it. I asked some questions and made some statements about how he provided very little information on the platform and made it sound like a ponzi and that he felt confident he could get his money out before the ponzi went bust. Well in 3 weeks, the ponzi went bust. I think he made more than his money back or close to it, but he was at the top of this ponzi for his group and many of his followers lost all their btc. IF there is a new venture promising something crazy, be wary and do your research.

My friend is doing a ghetto version of a hardware wallet. He's using Exodus and an external hard drive. Sending all his coins to exodus on his external hard drive and taking that hard drive offline until he needs to send more coins to it or sell some coins.

A little more brilliantly, my brother has a secure encrypted thumbdrive.

I don't get it. From my perspective, hardware encryption seems unnecessary, and a pain to backup.

With truecrypt, you can securely put your coins on a tiny microsd card.

 

[AAAgent]

I understand what a wallet is and how it works. I was specifically asking how to send from Coinbase to that wallet.

Use the correct term so you don't confuse people. You don't cash out from an exchange to a wallet, you send your coins/tokens from an exchange to a wallet.

What wallet do you have? You can easily pull a youtube video on your wallet and look up how to send from coinbase to that wallet.

 

[AAAgent]

Is coin mining still a thing? My cousin did well building mining computers and selling them, until supplies of the required video cards dried up.

Yes crypto coin mining has made a major resurgence. With the major rise in crypto prices, crypto currencies are becoming very lucrative to mine. Kind of like the gold rush in the 1800's, the companies who sold the shovels and equipment made a killing. If you get into mining or building your own rig, it's very profitable. Assuming prices don't drop too much from here and difficulty doesn't increase too much in the short term, which it shouldn't, you'll do very well mining. OBviously if ETH and BTC drop to $10 and $500, it will probably cost more to mine the coins than what you get from mining them. It's why I dabbled my feet first in cloud mining where I get passive income daily.

I'm in the process of building an Ethereum mining rig as ETH is the most profitable coin to mine average about 110 days on ROI and the rest is pure profit. I'm already engaged in cloud mining (risky as there are many scam companies) where I fronted an upfront investment cost and get daily payouts in BTC, ETH, and XMR. Since I don't do anything except invest for cloud mining, I also get about 55% profit compred to 100% if i built a rig and mined it myself. My payout will be roughly 11 months, but at the rate that crypto is increasing, my breakeven will probably be alot shorter than 1 year.

These calculators are currently down, not sure why but I use them from time to time when I upgrade my mining contracts.

https://www.cryptocompare.com/mining/calculator/eth
https://www.cryptocompare.com/mining/calculator/btc

 

[AAAgent]

Triple whammy on crypto/bitcoin the last few days. Miners signaling hard fork potential. Hackers attack and compromise certain crypto wallets along with large exchanges experiencing DDOS attacks. Major dump of crypto during DDOS attacks.

Bitmain attacking BIP 148 and trying to hardfork Bitcoin which caused the slight price decline yesterday. A hardfork will basically split bitcoin into two coins. Your one bitcoin will then become two, assuming you're holding it in a wallet/exchange that makes both bitcoins compatible. This is obviously bad. They want this to happen because they've managed to find a glitch when mining bitcoin called AsicBoost where they can mine bitcoin @+45% profitability. Bitmain makes the majority of bitcoins mining equipment in the world. As the new soft fork method BIP 148 is not compatible with AsicBoost, Bitmain is doing everything and anything possible to delay and deter people. Including propaganda but as they control a large portion of the worlds miners, people are forced to listen. A softfork of bitcoin will stop it from splitting into two coins and everything will just continue as is and behind the scenes some things will change that won't affect the users.
https://bitcoinmagazine.com/articles/bitmain-responds-uasf-another-hard-fork-announcement/

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Hackers. Jaxx wallet and a few other wallets. DDos attacks on exchanges.
https://www.infosecurity-magazine.com/news/worlds-largest-bitcoin-exchange/
http://www.cnbc.com/2017/06/14/majo...acks-as-record-rally-makes-them-a-target.html

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Government regulation trying to work its way into bitcoin. Supposedly some of the traders i'm following are saying the central banks/banks are attempting to attack/rattle the crypto markets to stop people from flooding into crypto. They are having a tough time as it is propping up our paper stock markets, and it's that much harder when people keep leaving the fiat markets for crypto markets. It's alot harder to manipulate crypto markets as they have to pump up the price by buying and then dump it. No etf's, options, etc.

https://cointelegraph.com/news/regulation-is-only-hope-for-bitcoin-morgan-stanley
https://www.congress.gov/bill/115th...1/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5
"The bill aims to include Bitcoin in the list of monetary instruments that must be reported upon entering or leaving the US.

"Theoretically, if you leave the US with more than $ 10,000 in BTC/ETH, you would have to report this to the authorities or face the penalties mentioned above (prison time, civil confiscation, etc.)."

 

[AAAgent]

Looks like this opportunity might be gone. I was expecting the correction on Monday to be the marker for the next leg up, but looks like this one was it. Might last until Saturday or just start back up from here. We shall see.

Easy profit made here if you were able to buy. I was able to get a buy in and so did a couple friends. Made 20% in a day off that and my friend made 50%. Be nimble and somewhat smart and you can easily make a killing. Long term trend is up as long as we have healthy pullbacks.

Top 100 crpyto market cap went from $116bn on Monday morning and at thursdays lows I saw it dip to $91bn. It's now bounced back to $105bn.

 

[PrettyBoyAJ]

I copped a couple when the price went near 288$ yesterday. Looks like a good buy.

I purchase some Eth from my bank account yesterday but with Coinbase it takes 8 days to receive the coins however. This should have no affect on the amount of coins I receive. Right?

Because when I bought the price was low and shot right back up after I purchased.

 

[AAAgent]

I copped a couple when the price went near 288$ yesterday. Looks like a good buy.

I purchase some Eth from my bank account yesterday but with Coinbase it takes 8 days to receive the coins however. This should have no affect on the amount of coins I receive. Right?

Yeah, you get the coins at the price you bought them at (amount will be the amount you purchased). Nice buy! You can buy via credit card but the fee is alot higher but does arrive instantly.

I've learned to always leave some disposable income to catch these falls. Missed out on a few opportunities in the beginning.

 

[PrettyBoyAJ]

Yea there's a limit for me for only $500 a week on my credit card and I hit my max. I knew I had to buy some though so bought with my bank account.

I'm going to sit on what I have now for a little bit. Don't plan on buying any more or selling anymore soon.

 

[AAAgent]

Any holding LTC, or bought during the dip just doubled their money.

 

[AAAgent]

BTC - took a dip yesterday to $2k but it's back up to $2,250.
ETH - took a dip down to $150 yesterday but it's back up to $170.
LTC - after i decide to sell half, mr. diddly here shot up to $31. Still up a decent amount from this alone.

I am trying to get into Veritaseum ICO. Let's see if i can figure out how. Good ole intangible coins.

I've mentioned Veritaseum a few times. I was trying to get into the ICO a month ago and after hours of research, e-mailing the company, I finally figured it out and got into Veritaseum ICO. It was pretty damn confusing but if you put in the leg work, it's well worth it. Veritaseum will be a Wall Street killer with smart contracts that cut out crazy fees from bankers, hedge funds, brokers, etc. Plus it's a research tool founded and run by Reggie Middleton who made tons of sick calls during the past financial crisis and after. His preliminary alpha reports are top notch which are focusing on forecasting various crypto currencies/companies and their future performance.

I bought in at the end of the ICO for around $6 per token.

http://coinmarketcap.com/assets/veritaseum/

Veritaseum is currently hovering around $70 - $90. Roughly a 1,000% to 1,500% gain.

If you like to be close minded like certain individuals on this forum that just bash things they don't like and have no understanding of, you'll miss out on opportunities like these. Crypto is a growing space that can easily be a multi-trillion dollar market. It will quickly make it's way into a majority of our lives. Don't let your emotions get involved with making profit.

I've easily made 200%, 300%, and even 400% profit holding various crypto's. If you get in now, you probably still can. Even if you just buy Bitcoin or Ethereum or Litecoin. These are the most well known crypto's that you can easily research and begin to learn the industry from. Don't be an idiot. Ask questions.

I will start a new thread soon on what exchanges I use (why), how I make passive income daily from crypto, how I loan my crypto out for passive income, where I get my information from, get paid for writing content (not advertising revenue), scams, etc. Just so you can follow what i'm doing and learn. I've already gotten a few people on board from my circle and their making daily income already.