Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)

[bergeroo]

Whichever altcoins get added to coinbase are gonna rocket fosho.

Also Cardano up about 200% in a week!

[typhoon13]

Whichever altcoins get added to coinbase are gonna rocket fosho.

Also Cardano up about 200% in a week!

Agreeables

Whilst the train keeps rolling!!

Most of the herd know very little about cryptocurrency so they will go for the cheapest

hmmmmmmm I can get 50 Lites for one BTC mentality

[mikeymike]

Lot of interesting remarks on this thread - though some of the comments have been Helmuth like.

We now have the potential to invest in over 100+ cyrptocurrencies the question is why bother to hold any at all, now that a reasonable amount of trading exchanges are letting you go short or long. Does it not make sense to cash in and just take a position whether your choice on coin will fly or sink.

[lucky_scrote]

Lot of interesting remarks on this thread - though some of the comments have been Helmuth like.

We now have the potential to invest in over 100+ cyrptocurrencies the question is why bother to hold any at all, now that a reasonable amount of trading exchanges are letting you go short or long. Does it not make sense to cash in and just take a position whether your choice on coin will fly or sink.

You know, nearly everyone that trades to make a profit loses out. There are veteran investors out there with a lot of capital, knowledge and practice that have big edges on the market. Second to this you need to learn a lot about crypto before knowing what isn't or is a good project.

So many people always asking which alts to invest in too- asking on a public forum is risky since you don't know the knowledge of the person replying to you and naturally people will promote whatever crypto they are invested in. IMO people should go 90-100% bitcoin.

[mikeymike]

My 95 year old Aunt is an avid reader of the financials - she has been reading about this BC thing and how its mined, she just asked me if she should be investing.

La De Dah - even the real oldies want to get involved - thats sorted out her xmas pressie.

[RobM]

Whichever altcoins get added to coinbase are gonna rocket fosho.

Also Cardano up about 200% in a week!

Agreeables

Whilst the train keeps rolling!!

Most of the herd know very little about cryptocurrency so they will go for the cheapest

hmmmmmmm I can get 50 Lites for one BTC mentality

Hi all, I am new to the thread and read it all over the past few days when I had a moment. A great read especially to see the comments progress over the months!

Had the same thoughts so was just reading what I could about this coinbase new coin piece last night so thought I'd post the link I'd found and ask a couple of questions whilst I'm here...

https://www.tradingview.com/chart/BCHUSD/5qpnQ3yB-Follow-the-Money-What-Coins-will-be-Added-to-Coinbase/

I admittedly am one of the herd. I'm not sure either way if this is a bubble about to burst or gold2.0 or the financial equivalent to a nuclear winter as per that Perry Marshall link! As it stands I'm risking an element i'd be willing to lose and despite today's drop, I do personally think btc and the alt mania has a way to ride with the new money entering each day. Especially with Christmas around the corner, and all those family gatherings worldwide, so will stay on board a little longer even though I got on late.

I want to take a small punt (exactly what it is with limited reading on my part (sorry Scote!)) on some of the altcoins that are likely to go on to coinbase but am stuggling to find valid insight about which exchanges are best to use in the uk to buy these right now -  in terms of safety, practicality, liquidity and low fees. Any insight on this would be greatly appreciated. I thought i'd found one in CEX.IO and went through the (long) registration and ID validation process, only to get on to realise minimum bank deposit is $5k with 1% fee. You can use cards but the fee % go up etc. $5k is a little bit much for the alt % I was willing to punt and that exchange BTC is actually not very good purchase price (would be good to sell though!)

Finally - Not seen this mentioned across any of the pages ITT so thought i'd share the process I personally use to get in the marke. Would be interesting to see how this matches to others who are using FIAT as the route in and whether I'm missing a trick..

in order to keep fees as low as possible and keep investments safe >>>  I convert £ to € in Revolut (good rates) and then wire by SEPA to coinbase (no fee). Then buy coins directly in gdax via coinbase € (no fee) and then send to cold storage address again directly via gdax (little to no fee dependant on coin). Along the way I was sending coins back to coinbase before sending to cold storage or purchasing directly from coinbase before realising I was getting juiced every step along the way so hope this helps for any other newbs that are looking and willing to invest/punt at their own risk like me.

[tikay]

https://www.coindesk.com/south-korean-bitcoin-exchange-declare-bankruptcy-hack/

[bergeroo]

Rob. Thanks for your post. Always keen to reduce fees.

Binance seems go be gaining trust and liquidity. It is fast and trade fees are low. Transfer ether or bitcoin there and off you go. If you buy a few quid of their own Binance coin then fees are halved to 0.05% per trade. They have most/all of the coins that it is speculated might be added to coinbase. You still are going to have to pay a % to withdraw from the exchange but that varies by coin.

I would be keen to know a different way of obtaining Bitcoin Cash for example. But Binance is the best I've found so far.

[DropTheHammer]

I would also recommend Binance, as well as bittrex and hitBTC. Be careful to find the genuine sites and not visit fake/scam sites. Use bookmarks not google each time.

Stay clear of bitfinex.

Good luck! As typhoon13  said, there aren't many opportunities to spin up small sums into eye-watering amounts and Crypto currencies are that opportunity.

I will be putting more into the ones speculated to be launched on Coinbase (BitCoinCash [$2.6k per coin], Ripple [$0.80], Dash [$1,119]) and also some into Monero ($375 - a coin dedicated to private transactions), Verge ($0.07)  and two Japanese/Chinese coins that are competitors to Etherium: Cardano ($0.54) and NEO ($72).

Remember, you don't have to buy a whole coin's worth!

[bergeroo]

https://www.coindesk.com/south-korean-bitcoin-exchange-declare-bankruptcy-hack/

I went to a meetup/workshop/discussion tonight in Berlin about decentralised cryptocurrency exchanges vs centralised cryptocurrency exchanges - perhaps doesn't sound like a rollicking Tuesday night out but there was free beer and pizza!

The difference between the two is that a centralised exchange (ie Coinbase, Binance or the one that got hacked) - you store your coins in the exchange so you can trade them. It obviously isn't smart to store them there for a long period of time but people are lazy and they also do trading, so these exchanges have a lot of coins there and are a massive target for hackers.

In a centralised exchange you make a trade with someone else and the coins are in each of your wallets and are swapped via the website. I won't get into the technology or the process but in a way it is like the betfair exchange where people make offers and you pick the one with the best price or you make your own offer. The strong plus point with this is you keep your coins in your own private wallet at all times. The negative being that you need liquidity in an exchange to make it worth using or to get a good/fair price.

We went through around 15 decentralised exchanges, some of which have large valuations - and only two or three of them actually have a working product and they are not very good. Bitshares and Ether Delta are the ones in question and they are both quite cumbersome, ugly and difficult to use. So there is no good working product (yet) and therefore we are forced to rely on exchanges which keep hold of our money but are vulnerable and can be unsafe. The other thing is ideological in that the whole point of Blockchain is to make direct transactions with people and cut out the middle man as it were - yet we are reliant on these middle men to purchase these coins which use this technology. It is a bit of a wild west out there for sure, barriers for entry seem somewhat high and I can see it would be easy for people to get scammed or make a mistake. That's why a coin being listed on Coinbase is such a big deal as it is the biggest and most accessible site for the general public and people who aren't technologically savvy.

To see where the altcoin you want to buy is on offer the best way is to go to the corresponding page on Coin Market Cap and click on where it says markets - you will see the places it is exchanged.

[lucky_scrote]

https://www.coindesk.com/south-korean-bitcoin-exchange-declare-bankruptcy-hack/

I went to a meetup/workshop/discussion tonight in Berlin about decentralised cryptocurrency exchanges vs centralised cryptocurrency exchanges - perhaps doesn't sound like a rollicking Tuesday night out but there was free beer and pizza!

The difference between the two is that a centralised exchange (ie Coinbase, Binance or the one that got hacked) - you store your coins in the exchange so you can trade them. It obviously isn't smart to store them there for a long period of time but people are lazy and they also do trading, so these exchanges have a lot of coins there and are a massive target for hackers.

In a centralised exchange you make a trade with someone else and the coins are in each of your wallets and are swapped via the website. I won't get into the technology or the process but in a way it is like the betfair exchange where people make offers and you pick the one with the best price or you make your own offer. The strong plus point with this is you keep your coins in your own private wallet at all times. The negative being that you need liquidity in an exchange to make it worth using or to get a good/fair price.

We went through around 15 decentralised exchanges, some of which have large valuations - and only two or three of them actually have a working product and they are not very good. Bitshares and Ether Delta are the ones in question and they are both quite cumbersome, ugly and difficult to use. So there is no good working product (yet) and therefore we are forced to rely on exchanges which keep hold of our money but are vulnerable and can be unsafe. The other thing is ideological in that the whole point of Blockchain is to make direct transactions with people and cut out the middle man as it were - yet we are reliant on these middle men to purchase these coins which use this technology. It is a bit of a wild west out there for sure, barriers for entry seem somewhat high and I can see it would be easy for people to get scammed or make a mistake. That's why a coin being listed on Coinbase is such a big deal as it is the biggest and most accessible site for the general public and people who aren't technologically savvy.

To see where the altcoin you want to buy is on offer the best way is to go to the corresponding page on Coin Market Cap and click on where it says markets - you will see the places it is exchanged.

Great summary.

Never leave too much on exchanges people. You risk there being an inside job with the exchange (happened numerous times) or a centralised exchange gets hacked. One of the great things about crypto is it cannot be hacked. In order to hack something you need a target. Banks and exchanges are such a great target because you only need one target and if you are successful, you have a big reward. Currently with bitcoin, it is only possible if 51%+ of the nodes in power are dishonest (are trying to attack the network) which is computationally impractical.

[RobM]

Thanks for the responses. Just my luck that coinbase add Bitcoin cash the very day I try to prepare for it and I miss the bandwagon again haha. Now to get on some of the others before they are added too. Ripple looks good for upside potential but the volume total and levels held by the creators put me off that one a bit. The main chunk was going to go into bitcoin cash! I will look into more detail on those other options Hammer, I've seen a few of them mentioned a fair bit in here. Now, off to register with Binance!

[typhoon13]

Thanks for the responses. Just my luck that coinbase add Bitcoin cash the very day I try to prepare for it and I miss the bandwagon again haha. Now to get on some of the others before they are added too. Ripple looks good for upside potential but the volume total and levels held by the creators put me off that one a bit. The main chunk was going to go into bitcoin cash! I will look into more detail on those other options Hammer, I've seen a few of them mentioned a fair bit in here. Now, off to register with Binance!

Unlucky with missing the BTC Cash bandwagon Rob

Unbelievable moves on the week, Since midnight Sunday the price at one stage more than doubled, currently holding steady at 85% up

Bitcoin had a 20% correction in an orderly fashion which is surprising, not the mega crash some punters were predicting (it still may have a mega crash) currently holding at 15% off its high

BTC correction is healthy by getting rid of some of the hot money

All to play for then

Keep wary of whats going on

Don't take your eye of things because its changing quickly

It aint all one way traffic

But enjoy riding the wave with money you can afford to lose

Good luck

[SuuPRlim]

Least this last few days saved me some CAP gains tax

[typhoon13]

Busy night that

Gains for some

Losses for the unaware