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Bitcoin and crptocurrency markets

27K views 126 replies 39 participants last post by  Tripletime 
#1 ·
Any opinion on bitcoin and the cryptocurrency markets out there?

Just wanting to see of any of you have had any experiences.
 
#72 ·
By the time Coinbase adds the new altcoins, the one you may have your eye on today may have gone up in price by a huge amount.

I saw Ripple (XRP) at under .50 earlier this week. I signed up on a couple of exchanges to make purchases but the process takes days to get authorized. Still not completely authorized and XRP has doubled in that time. Ugh!

If you want to get in now, you should be teaching yourself about all of the different exchanges, P2P sites, etc. where you can buy/sell/trade for altcoins, learning the requirements of how to fund those sites so that you can make purchases, learning which altcoins that each site trades, etc. There's no handy guide and it is a wild west right now. There are many options and much of it is not user friendly.

What's even more important is.....learning about how to keep your altcoins safe after you buy them. If you get wiped out after a site gets hacked, that is 100% on you as you have options that can mitigate that risk. Don't be a fool by leaving your altcoins stored in digital wallets on those sites where you purchased the altcoins. Those sites are not banks and there is no guarantee that you'll get your coins back if they get hacked.
 
#73 ·
I would recommend getting a ledger nano s hardware wallet to store your coins. It doesn't support all coins but has a decent amount. If you want xrp or xlm (stellar lumens) or other coins an easy way is to go to shapeshift or changelly and convert bitcoins, litecoin, etc to whatever coins you want. I like to exchange with litecoin because it's fast and cheap fees. There tons of YouTube videos how to do it. Once you do it it's not big deal. I wish I woulda bought a lot more xrp when it was cheaper but will made some money. I hold some coins of xlm which I hope will get up there one day. Still somewhat new to the crypto world but knew about it few years back. Wish I would of put some money in it back then but oh well. If coinbase adds more altcoins which they will I'm sure prices will shoot up a lot. I'm holding for a few years and gonna see what happens.
 
#74 ·
Yes, I have a Ledger Nano S arriving tomorrow.

Yes, I'm aware of the conversion process to purchase altcoins. The altcoins I have now I want to hold, thus my initial purchases have been in USD.

IOTA, NEM, Ripple, and Cardano - considering one or more of these now, should have gotten Ripple earlier this week.
 
#75 ·
Yes, I have a Ledger Nano S arriving tomorrow.

Yes, I'm aware of the conversion process to purchase altcoins. The altcoins I have now I want to hold, thus my initial purchases have been in USD.

IOTA, NEM, Ripple, and Cardano - considering one or more of these now, should have gotten Ripple earlier this week.
My post was really meant for cman. I might get some more ripple but only have so much to invest. Wish I got in the game a couple years back.
 
#76 ·
Just for note Bitcoin just forked again. Not much news on it yet.

SBTC- Super Bitcoin -bigger blocks, smart contract support, lightning network, zero knowledge proofs, etc. This one may actually turn out to be something. Time will tell.

Also another Fork coming in a few days LBTC Bitcoin Lightning

There have been a few forks this year. Bitcoin Gold, Bitcoin Cash, Bitcoin Diamond, Bitcoin Core
Bitcoin Cash has been the most successful of them at this point.
 
#81 · (Edited)
I use Binance.. has tons of others to choose from but you have to trade in bitcoin or eth.. so buy either with coinbase and send it to binance to do so. Do you guys normally stick with the major players on coinbase or venture to the other smaller coins? I made some $ with litecoin but now only deal with ethereum and the alt coins.

There is a lot of money to be made and many will tell you to buy and leave it be, not try to day trade.. I agree. But there are also lots of "pump and dump" things happening with the alt coins.. I had stop losses trigger yesterday and sold most of my currency before it all tanked. Got to work this morning and put a lot back in and cashed out with 1600 in profit today alone before the pumps turned to people selling everything back off. I trade back to ethereum when not chasing these sharp rises.. but you can lose your arse just as fast as you can make $. I have only ever put 500$ into crypto, and have made several thousand.. been very lucky. But I would be okay with waking up to 0$ knowing I only put in 500 vs the people mortgaging homes and taking out loans to try and make it rich.. if you will miss the money you want to put into this venture I'd think twice! I have heard horror stories! Good luck!

Sent from my SM-G930V using Tapatalk
 
#82 ·
Just don't forget about short term gains tax. I want to day trade but it can be a huge pain keeping up with all of it. Especially when trading Ltc or ether for other coins since every transaction is a taxable event. Hoping the IRS will consider it a like-kind trade but it's still not clear cut.
 
#83 ·
True.. uncle sam gotta break it off in your *** no matter what you do! Most of the exchanges you are able to download your trade history very easily.. I figure if I make decent returns consistently it would be worth just handing a stack of the trade history to the tax man and paying extra to get it taken care of. I try not to day trade a lot because it's so easy to lose, but some opportunities I can't help myself but take advantage of. When I do i generally only do 1-2eth worth of a coin.. just enough to make decent money but not lose too much before I can get out.

Also, for those that may want to day trade here's a tip. I am by no means a social media person, but Twitter seems to be the main source of chatter about these coins. If you search around you can find when the coins are having big press releases or partnership announcements or whatever it may be and use that to kinda guide you as to whether you may see a good spike soon, such as a coin being issued on a new exchange that has a lot of volume. Time that by which country the exchange is native to, ie Korea or China, and you will know appx what time they will start buying or selling according to their local time.

This is all a huge pain and just holding onto the coins is much easier and generally profitable, but the trading is fun and it's pretty sweet to watch your money go up by big percentages in short Time! As long as those percentages are in the + of course!

Sent from my SM-G930V using Tapatalk
 
#84 ·
3% Daily in Bitsequence

Here is a investment site that several of my friends and i have been playing in for the last few weeks or so and its really cool. its called bitsequence.biz and it pays 3% a day indefinitely. I started low and adding slowly but it is amazing to have daily profits that you can cash out or reinvest. If anyone is interested here is a link https://www.bitsequence.biz/?ref=Jmorgan87
I use coinbase and buy litecoin or bitcoin there and then transfer it via my wallet to bitsequence and invest. They have live support as well that makes it very easy to communicate with.
 
#85 ·
Here is a investment site that several of my friends and i have been playing in for the last few weeks or so and its really cool. its called bitsequence.biz and it pays 3% a day indefinitely. I started low and adding slowly but it is amazing to have daily profits that you can cash out or reinvest. If anyone is interested here is a link http://www.bitsequence.biz/?ref=Jmorgan87
I use coinbase and buy litecoin or bitcoin there and then transfer it via my wallet to bitsequence and invest. They have live support as well that makes it very easy to communicate with.
I did a little research on this Bitsequence suggestion. This is the basis of their payback model:

  • Referral system giving you 5% of each referral's deposits + 10% of each referral's accruals for life!

Based on this and other things that I read, it appears that Bitsequence is a Pyramid scheme that uses cryptocurrency instead of US Dollars.

The entire purpose of a Pyramid scheme is to get your money and then use you to recruit others like you and get their money too. In a Pyramid scheme, existing investors are compensated by the contributions of new investors. The Bitsequence model is a mirror of a Pyramid scheme.

In the US, a Pyramid scheme is a fraud. Bernie Madoff is the current poster child for this type of fraud.

In case some are wondering, might Bitsequence be a legit Multi-Level Marketing Model?

Good try, but Bitsequence also fails the definition of a Multi-Level Marketing company (e.g. Amway) because there is no product or service being sold by Bitsequence.

I want no part of any Pyramid scheme like Bitsequence.
 
#93 ·
So I know that many are skeptical out there so just wanted to give an update. I bought $20k of BTC a couple months ago and then followed my sons advise on buying some alt coins. Cashed out 1.2 BTC when it hit $19,800 then bought a little back when it dipped to $13,600. So far, I got all of my money out and have another $30k in my Bittrex account. I'm not about to get a mortgage out on my home but I am glad I listened to him.

And following up on my son's hedge fund...he has two other partners with him and is getting close to operational. Capital Parity is what it's called for those who may be interested. Although he says it would be difficult to repeat his returns for 2017, I know his ROI was over 2000% for the year on a $13k investment.
 
#96 ·
I bought ripple and stellar a little while ago and they both shot up over the last month. I would do some research on stellar "XLM". Has some decent potential. Currently have stakes in

Btc
Eth
Ltc
Xlm
Xrp
Kin

If you're interested in alt coins just watch some YouTube videos. Purchasing them isn't difficult just takes some time at first then there's nothing to it.
 
#98 ·
Xrp will crash.. it is running off of hype 100% right now.. don't get me wrong I made some good returns on it but I do not believe in it and have a feeling it will get dumped leaving a lot of new investors holding the bag..

On another note, what are you guys invested in?

I'd look into REQ , VEN, and ICX.. ICX has some big announcements coming up and when it is released on Korean markets it's gonna go boom. Others I mentioned have a very good Outlook and some real world uses too. Do your own research!

Sent from my Pixel 2 using Tapatalk
 
#108 ·
Was just pie in the sky wondering yesterday about what it would take to start Bitcoin mining company. I work in large clustering technology and know the costs of data center colocation and clustering very well. Mining company for.these fringe crypto coins. I have the technical know how and hardware connections just not sure about what to do after the fact or how to handle the coins if found after the fact. Just thinking out loud
 
#113 ·
I've considered mining on a small personal scale. Custom build a rack, maybe 6- 8 - GPUs, architect it so that it can mine several types of altcoins, etc. I am an IT professional. I've seen the videos on the builds and I've seen the components. This would be simple.

Everybody is aware of the power draw. I can deal with that. What I'm learning is that a rack of GPUs and cooling fans makes a lot of noise and gives off a fair amount of heat. Obviously, the bigger your mining farm, the greater these two things go up. Know that the harder you're running those GPU's, the hotter they get, the more cooling you need to provide, and the more power they draw.

I read a story about a mining operation that was setup in a house somewhere in surburbia. They were drawing so much power that the local authorities were alerted and suspicion was raised that it was a local grow house. Authorities raided the place and expected a large scale pot farm with guns and crooks. Instead, they found a bitcoin mining operation and probably found red bull and geeks.

It sounds like you're strategizing and visioning more on the commercial scale.

With your background, you probably know the strategy is to have operations in a cooler climate with cheap electricity and strong internet. The Scandinavia and Nordic countries are prime places. Closer to home, somewhere in the far NW of the US would be ideal IMO.

You made a comment earlier that made it seem as if you were pondering altcoin storage options after mining. Basically, there is hot and cold storage. Keep most things in cold. Transfer over to hot only what you need. Keep small amount in hot for operations. Rest stays in cold. Same general concept as in IT. Read up on the services on some of the larger online wallet services and see what is commercially being done. You'll get the picture and you'll be able to design the services or operation you're envisioning.

HW and operations is one thing. Then there are topics like mining pools, mining contracts, hash rates, algorithm difficulty, etc. Things one needs to know if they're going to be good at this stuff. There's more to this than just connecting a bunch of components together and turning them on. Configuration, tuning, and optimizing is extremely important in order maximize your profit margins and ROI.

Rambled a lot here. Send me a PM if you want to go further on anything. Like many, I'm still early in the learning curve but I'm happy to share what I know and learn from others.
 
#114 ·
Well I wouldn't run it in a house. Colo like cyrusOne. At work I just installed 6 racks of CRAY XC system with broadwell ,KNL, and Kepler K80's. Penguin computing APU may be an option. Also ARM based system for low power too. If you were to do something like this you would need to scale it out way beyond some home brew system. All of the software would be opensource and deployment with xCAT on diskless nodes with centos or in cray case their CLE sles stack. MPI wise openmpi or mpich2. 150-500 K for a decent real system. Storage wise I'm sure you could get away with a small NetApp over 10gige or even 1gige since the mining isn't I/o bound like it is with seismic data so no I cards And a small Nexus 7K switch. Yeah this would be a lot to get in but something doable with a few of my hoc geek friends. Hmmmm
 
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