Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)

[acegooner]

Crypto and security

Since more and more people are getting into crypto I thought I would make a short post about security. Crypto gets a bad name in the press as they jump on anything that involves controversy or hacking in crypto. The truth is, as a normal user you can be (as far as I am aware) close to 100% safe with your funds if you take the correct measures.

Storing

The safest way to store your crypto is undoubtedly using a cold wallet. I would recommend the ledger nano s. Only buy one from the official site otherwise there is a risk it is compromised. Your ledger stores the keys to the blockchain and is not connected to the internet. Leaving money on exchanges is incredibly dangerous. An exchange is a central point of attack just like banks and are targeted by hackers all the time. Exchanges are also dangerous because inside jobs can cause extraordinary damage and leave a lot of funds missing.

Transfering crypto

It is absolutely essential that when you send crypto to someone you check the address you have pasted. There is malware that can change your clipboard to the hackers address and they receive your funds. When sending from your ledger you have the luxury of checking the address and amount on that as well, DO IT.

Visiting exchanges & online wallets

It is absolutely crucial that you either input the address manually or use a bookmark for exchanges and wallets. Phishing attempts are rife and google don't seem to care. Sometimes if you search "myetherwallet" on google the first hit will be to a phishing site with a similar address. If you visit this site and send some funds they will likely be gone.

This is what you should be looking for


Password protection and two factor authentication

For storing passwords for exchanges safely you can use software like KeePass, it's good to use for all password protection! For all exchanges it is absolutely crucial you use Google authenticator. It adds tremendous protection. I would strongly suggest getting an old telephone for this, if you use your current telephone and it gets lost or damaged, you have a huge ballache. For extra protection you can buy a cheap new phone just for Google authenticator. There are probably even safer ways to do it, but you're miles ahead if you do this already. When setting up Google authenticator be sure to keep the initial backup when generating a code for the first time since if your phone breaks, you have quick access to the codes again.

Extra cold wallet protection

When using the ledger nano s you are given a 24 recovery phrase in case you lose your ledger. This recovery phrase in the wrong hands or lost is game over for your funds. One of the safest and not too inconvenient ways to keep yourself secure is:

• Split your passwords into two parts (words 1-12, 13-24)
• Keep your ledger and password phrases separate
• Print the passwords offline onto steel sheets (I bought symbols to punch into the sheets)
• Keep the steel sheets at separate locations, ideally with people you trust

Separately the password sheets you've created are useless. It's not a bad idea to not tell who you've given the sheets to, but now I'm being cynical. Or am I?

Before you go through all of this palava, how about reading a book about the psychology of investment cycles and behavioural finance. Then making a rational/sensible decision might be a bit easier.  

https://www.sharesmagazine.co.uk/article/the-psychology-of-investing

It's all very well showing people how to secure their coins but that in itself just shows how risky it is to invest in this space.

I would put a high probability on this thread being dead in a few years time. It's really scary that unqualified people are still ramping these coins up all over the internet.  

Ace I believe you are confusing the volatility of the investment with the nature of a decentralised currency. The beauty of cryptocurrency is that it is decentralised, but that also means you have to take total responsibility for your own coins/tokens. Think about it like this, if you had 100k Sterling at home in cash then you'd also want to secure it. If putting it in the bank wasn't an option (as it isn't for crypto) then you'd probably get a safe, a safety deposit box or something like that. Or maybe you would exchange it to something that was easy to store and held value (gold?) You'd also back it up by having a spare key or giving a trusted person a backup way of getting your funds in an emergency.

The volatility of the investment is another thing altogether. I'm still amazed how cynical people are and that they can't even consider that any cryptocurrency could be succesful. My personal opinion is that perhaps 90% of the coins/tokens will go to the wall - this is partly because there is so much competition in each sector. Just as a couple of examples - in the field of logistics you have Walton, Modum, Veechain, Ambrosus, as well as new ICOs such as CargoX and many more - probably only one or maybe none of them will be successful. Then you have 'privacy coins' like Verge, PivX, Monero, Zcash and more. Quite possibly only one of these will succeed. But if you hold the one that does then you will have hit the jackpot.

It is interesting that you use the word unqualified, but what would provide a qualification in this context? Is it possible that you yourself are dismissing everything without fully understanding it yourself?

I am not disputing the technology at all, it's clear a revolution that is taking place. I have big issues with fundamentals, valuations and regulation (or lack of it).

Mike Novogratz who is a huge Bitcoin bull has even said that it's due a big correction and has gone even further to cancel the launch of a crypto based hedge fund. Why do you think that is? I will tell you why, it's because he doesn't want to damage his reputation on Wall Street as a result of his clients losing large sums of money.

With regards being qualified to comment, I would take a lot more notice of what Warren Buffet says over some random on an internet forum like Reddit. In my opinion, the crash needs to happen sooner rather than later. It will save a lot of people from losing a lot of money. In the US people are purchasing crypto currencies on credit cards, where have we seen that before? It's hard to believe we are less than 20 years since the tech bubble burst and the Global Financial crisis, yet people still haven't learnt their lessons.

[nirvana]

It's obviously a traders/punters delight and a nightmare investment.

[RED-DOG]

Crypto and security

Since more and more people are getting into crypto I thought I would make a short post about security. Crypto gets a bad name in the press as they jump on anything that involves controversy or hacking in crypto. The truth is, as a normal user you can be (as far as I am aware) close to 100% safe with your funds if you take the correct measures.

Storing

The safest way to store your crypto is undoubtedly using a cold wallet. I would recommend the ledger nano s. Only buy one from the official site otherwise there is a risk it is compromised. Your ledger stores the keys to the blockchain and is not connected to the internet. Leaving money on exchanges is incredibly dangerous. An exchange is a central point of attack just like banks and are targeted by hackers all the time. Exchanges are also dangerous because inside jobs can cause extraordinary damage and leave a lot of funds missing.

Transfering crypto

It is absolutely essential that when you send crypto to someone you check the address you have pasted. There is malware that can change your clipboard to the hackers address and they receive your funds. When sending from your ledger you have the luxury of checking the address and amount on that as well, DO IT.

Visiting exchanges & online wallets

It is absolutely crucial that you either input the address manually or use a bookmark for exchanges and wallets. Phishing attempts are rife and google don't seem to care. Sometimes if you search "myetherwallet" on google the first hit will be to a phishing site with a similar address. If you visit this site and send some funds they will likely be gone.

This is what you should be looking for


Password protection and two factor authentication

For storing passwords for exchanges safely you can use software like KeePass, it's good to use for all password protection! For all exchanges it is absolutely crucial you use Google authenticator. It adds tremendous protection. I would strongly suggest getting an old telephone for this, if you use your current telephone and it gets lost or damaged, you have a huge ballache. For extra protection you can buy a cheap new phone just for Google authenticator. There are probably even safer ways to do it, but you're miles ahead if you do this already. When setting up Google authenticator be sure to keep the initial backup when generating a code for the first time since if your phone breaks, you have quick access to the codes again.

Extra cold wallet protection

When using the ledger nano s you are given a 24 recovery phrase in case you lose your ledger. This recovery phrase in the wrong hands or lost is game over for your funds. One of the safest and not too inconvenient ways to keep yourself secure is:

• Split your passwords into two parts (words 1-12, 13-24)
• Keep your ledger and password phrases separate
• Print the passwords offline onto steel sheets (I bought symbols to punch into the sheets)
• Keep the steel sheets at separate locations, ideally with people you trust

Separately the password sheets you've created are useless. It's not a bad idea to not tell who you've given the sheets to, but now I'm being cynical. Or am I?

Before you go through all of this palava, how about reading a book about the psychology of investment cycles and behavioural finance. Then making a rational/sensible decision might be a bit easier.  

https://www.sharesmagazine.co.uk/article/the-psychology-of-investing

It's all very well showing people how to secure their coins but that in itself just shows how risky it is to invest in this space.

I would put a high probability on this thread being dead in a few years time. It's really scary that unqualified people are still ramping these coins up all over the internet.  

Ace I believe you are confusing the volatility of the investment with the nature of a decentralised currency. The beauty of cryptocurrency is that it is decentralised, but that also means you have to take total responsibility for your own coins/tokens. Think about it like this, if you had 100k Sterling at home in cash then you'd also want to secure it. If putting it in the bank wasn't an option (as it isn't for crypto) then you'd probably get a safe, a safety deposit box or something like that. Or maybe you would exchange it to something that was easy to store and held value (gold?) You'd also back it up by having a spare key or giving a trusted person a backup way of getting your funds in an emergency.

The volatility of the investment is another thing altogether. I'm still amazed how cynical people are and that they can't even consider that any cryptocurrency could be succesful. My personal opinion is that perhaps 90% of the coins/tokens will go to the wall - this is partly because there is so much competition in each sector. Just as a couple of examples - in the field of logistics you have Walton, Modum, Veechain, Ambrosus, as well as new ICOs such as CargoX and many more - probably only one or maybe none of them will be successful. Then you have 'privacy coins' like Verge, PivX, Monero, Zcash and more. Quite possibly only one of these will succeed. But if you hold the one that does then you will have hit the jackpot.

It is interesting that you use the word unqualified, but what would provide a qualification in this context? Is it possible that you yourself are dismissing everything without fully understanding it yourself?

I am not disputing the technology at all, it's clear a revolution that is taking place. I have big issues with fundamentals, valuations and regulation (or lack of it).

Mike Novogratz who is a huge Bitcoin bull has even said that it's due a big correction and has gone even further to cancel the launch of a crypto based hedge fund. Why do you think that is? I will tell you why, it's because he doesn't want to damage his reputation on Wall Street as a result of his clients losing large sums of money.

With regards being qualified to comment, I would take a lot more notice of what Warren Buffet says over some random on an internet forum like Reddit. In my opinion, the crash needs to happen sooner rather than later. It will save a lot of people from losing a lot of money.

Forgive my ignorance, (or feel free to highlight it) but won't other people gain an equal amount of money?

[nirvana]

Crypto and security

Since more and more people are getting into crypto I thought I would make a short post about security. Crypto gets a bad name in the press as they jump on anything that involves controversy or hacking in crypto. The truth is, as a normal user you can be (as far as I am aware) close to 100% safe with your funds if you take the correct measures.

Storing

The safest way to store your crypto is undoubtedly using a cold wallet. I would recommend the ledger nano s. Only buy one from the official site otherwise there is a risk it is compromised. Your ledger stores the keys to the blockchain and is not connected to the internet. Leaving money on exchanges is incredibly dangerous. An exchange is a central point of attack just like banks and are targeted by hackers all the time. Exchanges are also dangerous because inside jobs can cause extraordinary damage and leave a lot of funds missing.

Transfering crypto

It is absolutely essential that when you send crypto to someone you check the address you have pasted. There is malware that can change your clipboard to the hackers address and they receive your funds. When sending from your ledger you have the luxury of checking the address and amount on that as well, DO IT.

Visiting exchanges & online wallets

It is absolutely crucial that you either input the address manually or use a bookmark for exchanges and wallets. Phishing attempts are rife and google don't seem to care. Sometimes if you search "myetherwallet" on google the first hit will be to a phishing site with a similar address. If you visit this site and send some funds they will likely be gone.

This is what you should be looking for


Password protection and two factor authentication

For storing passwords for exchanges safely you can use software like KeePass, it's good to use for all password protection! For all exchanges it is absolutely crucial you use Google authenticator. It adds tremendous protection. I would strongly suggest getting an old telephone for this, if you use your current telephone and it gets lost or damaged, you have a huge ballache. For extra protection you can buy a cheap new phone just for Google authenticator. There are probably even safer ways to do it, but you're miles ahead if you do this already. When setting up Google authenticator be sure to keep the initial backup when generating a code for the first time since if your phone breaks, you have quick access to the codes again.

Extra cold wallet protection

When using the ledger nano s you are given a 24 recovery phrase in case you lose your ledger. This recovery phrase in the wrong hands or lost is game over for your funds. One of the safest and not too inconvenient ways to keep yourself secure is:

• Split your passwords into two parts (words 1-12, 13-24)
• Keep your ledger and password phrases separate
• Print the passwords offline onto steel sheets (I bought symbols to punch into the sheets)
• Keep the steel sheets at separate locations, ideally with people you trust

Separately the password sheets you've created are useless. It's not a bad idea to not tell who you've given the sheets to, but now I'm being cynical. Or am I?

Before you go through all of this palava, how about reading a book about the psychology of investment cycles and behavioural finance. Then making a rational/sensible decision might be a bit easier.  

https://www.sharesmagazine.co.uk/article/the-psychology-of-investing

It's all very well showing people how to secure their coins but that in itself just shows how risky it is to invest in this space.

I would put a high probability on this thread being dead in a few years time. It's really scary that unqualified people are still ramping these coins up all over the internet.  

Ace I believe you are confusing the volatility of the investment with the nature of a decentralised currency. The beauty of cryptocurrency is that it is decentralised, but that also means you have to take total responsibility for your own coins/tokens. Think about it like this, if you had 100k Sterling at home in cash then you'd also want to secure it. If putting it in the bank wasn't an option (as it isn't for crypto) then you'd probably get a safe, a safety deposit box or something like that. Or maybe you would exchange it to something that was easy to store and held value (gold?) You'd also back it up by having a spare key or giving a trusted person a backup way of getting your funds in an emergency.

The volatility of the investment is another thing altogether. I'm still amazed how cynical people are and that they can't even consider that any cryptocurrency could be succesful. My personal opinion is that perhaps 90% of the coins/tokens will go to the wall - this is partly because there is so much competition in each sector. Just as a couple of examples - in the field of logistics you have Walton, Modum, Veechain, Ambrosus, as well as new ICOs such as CargoX and many more - probably only one or maybe none of them will be successful. Then you have 'privacy coins' like Verge, PivX, Monero, Zcash and more. Quite possibly only one of these will succeed. But if you hold the one that does then you will have hit the jackpot.

It is interesting that you use the word unqualified, but what would provide a qualification in this context? Is it possible that you yourself are dismissing everything without fully understanding it yourself?

I am not disputing the technology at all, it's clear a revolution that is taking place. I have big issues with fundamentals, valuations and regulation (or lack of it).

Mike Novogratz who is a huge Bitcoin bull has even said that it's due a big correction and has gone even further to cancel the launch of a crypto based hedge fund. Why do you think that is? I will tell you why, it's because he doesn't want to damage his reputation on Wall Street as a result of his clients losing large sums of money.

With regards being qualified to comment, I would take a lot more notice of what Warren Buffet says over some random on an internet forum like Reddit. In my opinion, the crash needs to happen sooner rather than later. It will save a lot of people from losing a lot of money.

Forgive my ignorance, (or feel free to highlight it) but won't other people gain an equal amount of money?

Not necessarily. Assets can go from a valuation of x to less than x without anyone making money. It's not a zero sum game where the asset  value lost by geezer 1 is offset by asset value gained by Geez 2. Think about it like a house you buy for 500K and it reduces in value at the point you sell. The person buying hasn't made money but they have bought an asset at a lower cost than it had been. Potentially of course they could make money if the value appreciates again and they sell at the right time.

Some people will make money when the crash happens but it will be people like Trevor who will bet on the direction of the price movement.  Most people will just be left with a steel sheet that won't need protecting quite so much

[RED-DOG]

Crypto and security

Since more and more people are getting into crypto I thought I would make a short post about security. Crypto gets a bad name in the press as they jump on anything that involves controversy or hacking in crypto. The truth is, as a normal user you can be (as far as I am aware) close to 100% safe with your funds if you take the correct measures.

Storing

The safest way to store your crypto is undoubtedly using a cold wallet. I would recommend the ledger nano s. Only buy one from the official site otherwise there is a risk it is compromised. Your ledger stores the keys to the blockchain and is not connected to the internet. Leaving money on exchanges is incredibly dangerous. An exchange is a central point of attack just like banks and are targeted by hackers all the time. Exchanges are also dangerous because inside jobs can cause extraordinary damage and leave a lot of funds missing.

Transfering crypto

It is absolutely essential that when you send crypto to someone you check the address you have pasted. There is malware that can change your clipboard to the hackers address and they receive your funds. When sending from your ledger you have the luxury of checking the address and amount on that as well, DO IT.

Visiting exchanges & online wallets

It is absolutely crucial that you either input the address manually or use a bookmark for exchanges and wallets. Phishing attempts are rife and google don't seem to care. Sometimes if you search "myetherwallet" on google the first hit will be to a phishing site with a similar address. If you visit this site and send some funds they will likely be gone.

This is what you should be looking for


Password protection and two factor authentication

For storing passwords for exchanges safely you can use software like KeePass, it's good to use for all password protection! For all exchanges it is absolutely crucial you use Google authenticator. It adds tremendous protection. I would strongly suggest getting an old telephone for this, if you use your current telephone and it gets lost or damaged, you have a huge ballache. For extra protection you can buy a cheap new phone just for Google authenticator. There are probably even safer ways to do it, but you're miles ahead if you do this already. When setting up Google authenticator be sure to keep the initial backup when generating a code for the first time since if your phone breaks, you have quick access to the codes again.

Extra cold wallet protection

When using the ledger nano s you are given a 24 recovery phrase in case you lose your ledger. This recovery phrase in the wrong hands or lost is game over for your funds. One of the safest and not too inconvenient ways to keep yourself secure is:

• Split your passwords into two parts (words 1-12, 13-24)
• Keep your ledger and password phrases separate
• Print the passwords offline onto steel sheets (I bought symbols to punch into the sheets)
• Keep the steel sheets at separate locations, ideally with people you trust

Separately the password sheets you've created are useless. It's not a bad idea to not tell who you've given the sheets to, but now I'm being cynical. Or am I?

Before you go through all of this palava, how about reading a book about the psychology of investment cycles and behavioural finance. Then making a rational/sensible decision might be a bit easier.  

https://www.sharesmagazine.co.uk/article/the-psychology-of-investing

It's all very well showing people how to secure their coins but that in itself just shows how risky it is to invest in this space.

I would put a high probability on this thread being dead in a few years time. It's really scary that unqualified people are still ramping these coins up all over the internet.  

Ace I believe you are confusing the volatility of the investment with the nature of a decentralised currency. The beauty of cryptocurrency is that it is decentralised, but that also means you have to take total responsibility for your own coins/tokens. Think about it like this, if you had 100k Sterling at home in cash then you'd also want to secure it. If putting it in the bank wasn't an option (as it isn't for crypto) then you'd probably get a safe, a safety deposit box or something like that. Or maybe you would exchange it to something that was easy to store and held value (gold?) You'd also back it up by having a spare key or giving a trusted person a backup way of getting your funds in an emergency.

The volatility of the investment is another thing altogether. I'm still amazed how cynical people are and that they can't even consider that any cryptocurrency could be succesful. My personal opinion is that perhaps 90% of the coins/tokens will go to the wall - this is partly because there is so much competition in each sector. Just as a couple of examples - in the field of logistics you have Walton, Modum, Veechain, Ambrosus, as well as new ICOs such as CargoX and many more - probably only one or maybe none of them will be successful. Then you have 'privacy coins' like Verge, PivX, Monero, Zcash and more. Quite possibly only one of these will succeed. But if you hold the one that does then you will have hit the jackpot.

It is interesting that you use the word unqualified, but what would provide a qualification in this context? Is it possible that you yourself are dismissing everything without fully understanding it yourself?

I am not disputing the technology at all, it's clear a revolution that is taking place. I have big issues with fundamentals, valuations and regulation (or lack of it).

Mike Novogratz who is a huge Bitcoin bull has even said that it's due a big correction and has gone even further to cancel the launch of a crypto based hedge fund. Why do you think that is? I will tell you why, it's because he doesn't want to damage his reputation on Wall Street as a result of his clients losing large sums of money.

With regards being qualified to comment, I would take a lot more notice of what Warren Buffet says over some random on an internet forum like Reddit. In my opinion, the crash needs to happen sooner rather than later. It will save a lot of people from losing a lot of money.

Forgive my ignorance, (or feel free to highlight it) but won't other people gain an equal amount of money?

Not necessarily. Assets can go from a valuation of x to less than x without anyone making money. It's not a zero sum game where the asset  value lost by geezer 1 is offset by asset value gained by Geez 2. Think about it like a house you buy for 500K and it reduces in value at the point you sell. The person buying hasn't made money but they have bought an asset at a lower cost than it had been. Potentially of course they could make money if the value appreciates again and they sell at the right time.

Some people will make money when the crash happens but it will be people like Trevor who will bet on the direction of the price movement.  Most people will just be left with a steel sheet that won't need protecting quite so much

Won't the bloke that sold me the house be better of than he would have been if I hadn't bought it before the crash?

[RED-DOG]

Basically what I'm asking is, where does the 'lost' money go?

[nirvana]

I can discuss things with thickos but tell me what has the price he bought and sold.it for got to do with the price of chips today?

[RED-DOG]

I can discuss things with thickos but tell me what has the price he bought and sold.it for got to do with the price of chips today?

Sorry, I'm confused. Is that an answer to my question?

[acegooner]

Crypto and security

Since more and more people are getting into crypto I thought I would make a short post about security. Crypto gets a bad name in the press as they jump on anything that involves controversy or hacking in crypto. The truth is, as a normal user you can be (as far as I am aware) close to 100% safe with your funds if you take the correct measures.

Storing

The safest way to store your crypto is undoubtedly using a cold wallet. I would recommend the ledger nano s. Only buy one from the official site otherwise there is a risk it is compromised. Your ledger stores the keys to the blockchain and is not connected to the internet. Leaving money on exchanges is incredibly dangerous. An exchange is a central point of attack just like banks and are targeted by hackers all the time. Exchanges are also dangerous because inside jobs can cause extraordinary damage and leave a lot of funds missing.

Transfering crypto

It is absolutely essential that when you send crypto to someone you check the address you have pasted. There is malware that can change your clipboard to the hackers address and they receive your funds. When sending from your ledger you have the luxury of checking the address and amount on that as well, DO IT.

Visiting exchanges & online wallets

It is absolutely crucial that you either input the address manually or use a bookmark for exchanges and wallets. Phishing attempts are rife and google don't seem to care. Sometimes if you search "myetherwallet" on google the first hit will be to a phishing site with a similar address. If you visit this site and send some funds they will likely be gone.

This is what you should be looking for


Password protection and two factor authentication

For storing passwords for exchanges safely you can use software like KeePass, it's good to use for all password protection! For all exchanges it is absolutely crucial you use Google authenticator. It adds tremendous protection. I would strongly suggest getting an old telephone for this, if you use your current telephone and it gets lost or damaged, you have a huge ballache. For extra protection you can buy a cheap new phone just for Google authenticator. There are probably even safer ways to do it, but you're miles ahead if you do this already. When setting up Google authenticator be sure to keep the initial backup when generating a code for the first time since if your phone breaks, you have quick access to the codes again.

Extra cold wallet protection

When using the ledger nano s you are given a 24 recovery phrase in case you lose your ledger. This recovery phrase in the wrong hands or lost is game over for your funds. One of the safest and not too inconvenient ways to keep yourself secure is:

• Split your passwords into two parts (words 1-12, 13-24)
• Keep your ledger and password phrases separate
• Print the passwords offline onto steel sheets (I bought symbols to punch into the sheets)
• Keep the steel sheets at separate locations, ideally with people you trust

Separately the password sheets you've created are useless. It's not a bad idea to not tell who you've given the sheets to, but now I'm being cynical. Or am I?

Before you go through all of this palava, how about reading a book about the psychology of investment cycles and behavioural finance. Then making a rational/sensible decision might be a bit easier.  

https://www.sharesmagazine.co.uk/article/the-psychology-of-investing

It's all very well showing people how to secure their coins but that in itself just shows how risky it is to invest in this space.

I would put a high probability on this thread being dead in a few years time. It's really scary that unqualified people are still ramping these coins up all over the internet.  

Ace I believe you are confusing the volatility of the investment with the nature of a decentralised currency. The beauty of cryptocurrency is that it is decentralised, but that also means you have to take total responsibility for your own coins/tokens. Think about it like this, if you had 100k Sterling at home in cash then you'd also want to secure it. If putting it in the bank wasn't an option (as it isn't for crypto) then you'd probably get a safe, a safety deposit box or something like that. Or maybe you would exchange it to something that was easy to store and held value (gold?) You'd also back it up by having a spare key or giving a trusted person a backup way of getting your funds in an emergency.

The volatility of the investment is another thing altogether. I'm still amazed how cynical people are and that they can't even consider that any cryptocurrency could be succesful. My personal opinion is that perhaps 90% of the coins/tokens will go to the wall - this is partly because there is so much competition in each sector. Just as a couple of examples - in the field of logistics you have Walton, Modum, Veechain, Ambrosus, as well as new ICOs such as CargoX and many more - probably only one or maybe none of them will be successful. Then you have 'privacy coins' like Verge, PivX, Monero, Zcash and more. Quite possibly only one of these will succeed. But if you hold the one that does then you will have hit the jackpot.

It is interesting that you use the word unqualified, but what would provide a qualification in this context? Is it possible that you yourself are dismissing everything without fully understanding it yourself?

I am not disputing the technology at all, it's clear a revolution that is taking place. I have big issues with fundamentals, valuations and regulation (or lack of it).

Mike Novogratz who is a huge Bitcoin bull has even said that it's due a big correction and has gone even further to cancel the launch of a crypto based hedge fund. Why do you think that is? I will tell you why, it's because he doesn't want to damage his reputation on Wall Street as a result of his clients losing large sums of money.

With regards being qualified to comment, I would take a lot more notice of what Warren Buffet says over some random on an internet forum like Reddit. In my opinion, the crash needs to happen sooner rather than later. It will save a lot of people from losing a lot of money.

Forgive my ignorance, (or feel free to highlight it) but won't other people gain an equal amount of money?

I am not sure what you are trying to say here. A crash doesn't benefit anyone invested, unless you are short of course. That can only be done properly on bitcoin at the moment. Given crypto currencies are supposed to revolve around Libertarian principles it does seem a bit of a strange comment!

[nirvana]

Basically what I'm asking is, where does the 'lost' money go?

One clue is there wasn't ever any money and of course this is true more generally anyway. There are things and there are notional values attached to those things. Many of these things have utility irrespective of their value..like a house so they tend to retain relatively stable or appreciating value. Crypto has some utility and it remains to be seen what long term value attaches to that utility. Some think not much and some think it's a new paradigm and worth gazillions. You and I probably won't live long enough to find out

[nirvana]

I can discuss things with thickos but tell me what has the price he bought and sold.it for got to do with the price of chips today?

Sorry, I'm confused. Is that an answer to my question?

I meant to say can't as an insult offset by a smilie

[typhoon13]

Crypto and security

Since more and more people are getting into crypto I thought I would make a short post about security. Crypto gets a bad name in the press as they jump on anything that involves controversy or hacking in crypto. The truth is, as a normal user you can be (as far as I am aware) close to 100% safe with your funds if you take the correct measures.

Storing

The safest way to store your crypto is undoubtedly using a cold wallet. I would recommend the ledger nano s. Only buy one from the official site otherwise there is a risk it is compromised. Your ledger stores the keys to the blockchain and is not connected to the internet. Leaving money on exchanges is incredibly dangerous. An exchange is a central point of attack just like banks and are targeted by hackers all the time. Exchanges are also dangerous because inside jobs can cause extraordinary damage and leave a lot of funds missing.

Transfering crypto

It is absolutely essential that when you send crypto to someone you check the address you have pasted. There is malware that can change your clipboard to the hackers address and they receive your funds. When sending from your ledger you have the luxury of checking the address and amount on that as well, DO IT.

Visiting exchanges & online wallets

It is absolutely crucial that you either input the address manually or use a bookmark for exchanges and wallets. Phishing attempts are rife and google don't seem to care. Sometimes if you search "myetherwallet" on google the first hit will be to a phishing site with a similar address. If you visit this site and send some funds they will likely be gone.

This is what you should be looking for


Password protection and two factor authentication

For storing passwords for exchanges safely you can use software like KeePass, it's good to use for all password protection! For all exchanges it is absolutely crucial you use Google authenticator. It adds tremendous protection. I would strongly suggest getting an old telephone for this, if you use your current telephone and it gets lost or damaged, you have a huge ballache. For extra protection you can buy a cheap new phone just for Google authenticator. There are probably even safer ways to do it, but you're miles ahead if you do this already. When setting up Google authenticator be sure to keep the initial backup when generating a code for the first time since if your phone breaks, you have quick access to the codes again.

Extra cold wallet protection

When using the ledger nano s you are given a 24 recovery phrase in case you lose your ledger. This recovery phrase in the wrong hands or lost is game over for your funds. One of the safest and not too inconvenient ways to keep yourself secure is:

• Split your passwords into two parts (words 1-12, 13-24)
• Keep your ledger and password phrases separate
• Print the passwords offline onto steel sheets (I bought symbols to punch into the sheets)
• Keep the steel sheets at separate locations, ideally with people you trust

Separately the password sheets you've created are useless. It's not a bad idea to not tell who you've given the sheets to, but now I'm being cynical. Or am I?

Before you go through all of this palava, how about reading a book about the psychology of investment cycles and behavioural finance. Then making a rational/sensible decision might be a bit easier.  

https://www.sharesmagazine.co.uk/article/the-psychology-of-investing

It's all very well showing people how to secure their coins but that in itself just shows how risky it is to invest in this space.

I would put a high probability on this thread being dead in a few years time. It's really scary that unqualified people are still ramping these coins up all over the internet.  

Ace I believe you are confusing the volatility of the investment with the nature of a decentralised currency. The beauty of cryptocurrency is that it is decentralised, but that also means you have to take total responsibility for your own coins/tokens. Think about it like this, if you had 100k Sterling at home in cash then you'd also want to secure it. If putting it in the bank wasn't an option (as it isn't for crypto) then you'd probably get a safe, a safety deposit box or something like that. Or maybe you would exchange it to something that was easy to store and held value (gold?) You'd also back it up by having a spare key or giving a trusted person a backup way of getting your funds in an emergency.

The volatility of the investment is another thing altogether. I'm still amazed how cynical people are and that they can't even consider that any cryptocurrency could be succesful. My personal opinion is that perhaps 90% of the coins/tokens will go to the wall - this is partly because there is so much competition in each sector. Just as a couple of examples - in the field of logistics you have Walton, Modum, Veechain, Ambrosus, as well as new ICOs such as CargoX and many more - probably only one or maybe none of them will be successful. Then you have 'privacy coins' like Verge, PivX, Monero, Zcash and more. Quite possibly only one of these will succeed. But if you hold the one that does then you will have hit the jackpot.

It is interesting that you use the word unqualified, but what would provide a qualification in this context? Is it possible that you yourself are dismissing everything without fully understanding it yourself?

I am not disputing the technology at all, it's clear a revolution that is taking place. I have big issues with fundamentals, valuations and regulation (or lack of it).

Mike Novogratz who is a huge Bitcoin bull has even said that it's due a big correction and has gone even further to cancel the launch of a crypto based hedge fund. Why do you think that is? I will tell you why, it's because he doesn't want to damage his reputation on Wall Street as a result of his clients losing large sums of money.

With regards being qualified to comment, I would take a lot more notice of what Warren Buffet says over some random on an internet forum like Reddit. In my opinion, the crash needs to happen sooner rather than later. It will save a lot of people from losing a lot of money.

Forgive my ignorance, (or feel free to highlight it) but won't other people gain an equal amount of money?

I am not sure what you are trying to say here. A crash doesn't benefit anyone invested, unless you are short of course. That can only be done properly on bitcoin at the moment. Given crypto currencies are supposed to revolve around Libertarian principles it does seem a bit of a strange comment!

I can get a proper short on
Bitcoin
Ripple
Ether
Bitcoin cash
Litecoin
Bitcoin Gold

[acegooner]

Crypto and security

Since more and more people are getting into crypto I thought I would make a short post about security. Crypto gets a bad name in the press as they jump on anything that involves controversy or hacking in crypto. The truth is, as a normal user you can be (as far as I am aware) close to 100% safe with your funds if you take the correct measures.

Storing

The safest way to store your crypto is undoubtedly using a cold wallet. I would recommend the ledger nano s. Only buy one from the official site otherwise there is a risk it is compromised. Your ledger stores the keys to the blockchain and is not connected to the internet. Leaving money on exchanges is incredibly dangerous. An exchange is a central point of attack just like banks and are targeted by hackers all the time. Exchanges are also dangerous because inside jobs can cause extraordinary damage and leave a lot of funds missing.

Transfering crypto

It is absolutely essential that when you send crypto to someone you check the address you have pasted. There is malware that can change your clipboard to the hackers address and they receive your funds. When sending from your ledger you have the luxury of checking the address and amount on that as well, DO IT.

Visiting exchanges & online wallets

It is absolutely crucial that you either input the address manually or use a bookmark for exchanges and wallets. Phishing attempts are rife and google don't seem to care. Sometimes if you search "myetherwallet" on google the first hit will be to a phishing site with a similar address. If you visit this site and send some funds they will likely be gone.

This is what you should be looking for


Password protection and two factor authentication

For storing passwords for exchanges safely you can use software like KeePass, it's good to use for all password protection! For all exchanges it is absolutely crucial you use Google authenticator. It adds tremendous protection. I would strongly suggest getting an old telephone for this, if you use your current telephone and it gets lost or damaged, you have a huge ballache. For extra protection you can buy a cheap new phone just for Google authenticator. There are probably even safer ways to do it, but you're miles ahead if you do this already. When setting up Google authenticator be sure to keep the initial backup when generating a code for the first time since if your phone breaks, you have quick access to the codes again.

Extra cold wallet protection

When using the ledger nano s you are given a 24 recovery phrase in case you lose your ledger. This recovery phrase in the wrong hands or lost is game over for your funds. One of the safest and not too inconvenient ways to keep yourself secure is:

• Split your passwords into two parts (words 1-12, 13-24)
• Keep your ledger and password phrases separate
• Print the passwords offline onto steel sheets (I bought symbols to punch into the sheets)
• Keep the steel sheets at separate locations, ideally with people you trust

Separately the password sheets you've created are useless. It's not a bad idea to not tell who you've given the sheets to, but now I'm being cynical. Or am I?

Before you go through all of this palava, how about reading a book about the psychology of investment cycles and behavioural finance. Then making a rational/sensible decision might be a bit easier.  

https://www.sharesmagazine.co.uk/article/the-psychology-of-investing

It's all very well showing people how to secure their coins but that in itself just shows how risky it is to invest in this space.

I would put a high probability on this thread being dead in a few years time. It's really scary that unqualified people are still ramping these coins up all over the internet.  

Ace I believe you are confusing the volatility of the investment with the nature of a decentralised currency. The beauty of cryptocurrency is that it is decentralised, but that also means you have to take total responsibility for your own coins/tokens. Think about it like this, if you had 100k Sterling at home in cash then you'd also want to secure it. If putting it in the bank wasn't an option (as it isn't for crypto) then you'd probably get a safe, a safety deposit box or something like that. Or maybe you would exchange it to something that was easy to store and held value (gold?) You'd also back it up by having a spare key or giving a trusted person a backup way of getting your funds in an emergency.

The volatility of the investment is another thing altogether. I'm still amazed how cynical people are and that they can't even consider that any cryptocurrency could be succesful. My personal opinion is that perhaps 90% of the coins/tokens will go to the wall - this is partly because there is so much competition in each sector. Just as a couple of examples - in the field of logistics you have Walton, Modum, Veechain, Ambrosus, as well as new ICOs such as CargoX and many more - probably only one or maybe none of them will be successful. Then you have 'privacy coins' like Verge, PivX, Monero, Zcash and more. Quite possibly only one of these will succeed. But if you hold the one that does then you will have hit the jackpot.

It is interesting that you use the word unqualified, but what would provide a qualification in this context? Is it possible that you yourself are dismissing everything without fully understanding it yourself?

I am not disputing the technology at all, it's clear a revolution that is taking place. I have big issues with fundamentals, valuations and regulation (or lack of it).

Mike Novogratz who is a huge Bitcoin bull has even said that it's due a big correction and has gone even further to cancel the launch of a crypto based hedge fund. Why do you think that is? I will tell you why, it's because he doesn't want to damage his reputation on Wall Street as a result of his clients losing large sums of money.

With regards being qualified to comment, I would take a lot more notice of what Warren Buffet says over some random on an internet forum like Reddit. In my opinion, the crash needs to happen sooner rather than later. It will save a lot of people from losing a lot of money.

Forgive my ignorance, (or feel free to highlight it) but won't other people gain an equal amount of money?

I am not sure what you are trying to say here. A crash doesn't benefit anyone invested, unless you are short of course. That can only be done properly on bitcoin at the moment. Given crypto currencies are supposed to revolve around Libertarian principles it does seem a bit of a strange comment!

I can get a proper short on
Bitcoin
Ripple
Ether
Bitcoin cash
Litecoin
Bitcoin Gold

How do you short all the other coins then, CFDs don't count in my book. Bitcoin is the only cryptocurrency that is traded in futures exchanges, such as CME/CBOE.

[rfgqqabc]

Crypto and security

Since more and more people are getting into crypto I thought I would make a short post about security. Crypto gets a bad name in the press as they jump on anything that involves controversy or hacking in crypto. The truth is, as a normal user you can be (as far as I am aware) close to 100% safe with your funds if you take the correct measures.

Storing

The safest way to store your crypto is undoubtedly using a cold wallet. I would recommend the ledger nano s. Only buy one from the official site otherwise there is a risk it is compromised. Your ledger stores the keys to the blockchain and is not connected to the internet. Leaving money on exchanges is incredibly dangerous. An exchange is a central point of attack just like banks and are targeted by hackers all the time. Exchanges are also dangerous because inside jobs can cause extraordinary damage and leave a lot of funds missing.

Transfering crypto

It is absolutely essential that when you send crypto to someone you check the address you have pasted. There is malware that can change your clipboard to the hackers address and they receive your funds. When sending from your ledger you have the luxury of checking the address and amount on that as well, DO IT.

Visiting exchanges & online wallets

It is absolutely crucial that you either input the address manually or use a bookmark for exchanges and wallets. Phishing attempts are rife and google don't seem to care. Sometimes if you search "myetherwallet" on google the first hit will be to a phishing site with a similar address. If you visit this site and send some funds they will likely be gone.

This is what you should be looking for


Password protection and two factor authentication

For storing passwords for exchanges safely you can use software like KeePass, it's good to use for all password protection! For all exchanges it is absolutely crucial you use Google authenticator. It adds tremendous protection. I would strongly suggest getting an old telephone for this, if you use your current telephone and it gets lost or damaged, you have a huge ballache. For extra protection you can buy a cheap new phone just for Google authenticator. There are probably even safer ways to do it, but you're miles ahead if you do this already. When setting up Google authenticator be sure to keep the initial backup when generating a code for the first time since if your phone breaks, you have quick access to the codes again.

Extra cold wallet protection

When using the ledger nano s you are given a 24 recovery phrase in case you lose your ledger. This recovery phrase in the wrong hands or lost is game over for your funds. One of the safest and not too inconvenient ways to keep yourself secure is:

• Split your passwords into two parts (words 1-12, 13-24)
• Keep your ledger and password phrases separate
• Print the passwords offline onto steel sheets (I bought symbols to punch into the sheets)
• Keep the steel sheets at separate locations, ideally with people you trust

Separately the password sheets you've created are useless. It's not a bad idea to not tell who you've given the sheets to, but now I'm being cynical. Or am I?

Before you go through all of this palava, how about reading a book about the psychology of investment cycles and behavioural finance. Then making a rational/sensible decision might be a bit easier.  

https://www.sharesmagazine.co.uk/article/the-psychology-of-investing

It's all very well showing people how to secure their coins but that in itself just shows how risky it is to invest in this space.

I would put a high probability on this thread being dead in a few years time. It's really scary that unqualified people are still ramping these coins up all over the internet.  

Ace I believe you are confusing the volatility of the investment with the nature of a decentralised currency. The beauty of cryptocurrency is that it is decentralised, but that also means you have to take total responsibility for your own coins/tokens. Think about it like this, if you had 100k Sterling at home in cash then you'd also want to secure it. If putting it in the bank wasn't an option (as it isn't for crypto) then you'd probably get a safe, a safety deposit box or something like that. Or maybe you would exchange it to something that was easy to store and held value (gold?) You'd also back it up by having a spare key or giving a trusted person a backup way of getting your funds in an emergency.

The volatility of the investment is another thing altogether. I'm still amazed how cynical people are and that they can't even consider that any cryptocurrency could be succesful. My personal opinion is that perhaps 90% of the coins/tokens will go to the wall - this is partly because there is so much competition in each sector. Just as a couple of examples - in the field of logistics you have Walton, Modum, Veechain, Ambrosus, as well as new ICOs such as CargoX and many more - probably only one or maybe none of them will be successful. Then you have 'privacy coins' like Verge, PivX, Monero, Zcash and more. Quite possibly only one of these will succeed. But if you hold the one that does then you will have hit the jackpot.

It is interesting that you use the word unqualified, but what would provide a qualification in this context? Is it possible that you yourself are dismissing everything without fully understanding it yourself?

I am not disputing the technology at all, it's clear a revolution that is taking place. I have big issues with fundamentals, valuations and regulation (or lack of it).

Mike Novogratz who is a huge Bitcoin bull has even said that it's due a big correction and has gone even further to cancel the launch of a crypto based hedge fund. Why do you think that is? I will tell you why, it's because he doesn't want to damage his reputation on Wall Street as a result of his clients losing large sums of money.

With regards being qualified to comment, I would take a lot more notice of what Warren Buffet says over some random on an internet forum like Reddit. In my opinion, the crash needs to happen sooner rather than later. It will save a lot of people from losing a lot of money.

Forgive my ignorance, (or feel free to highlight it) but won't other people gain an equal amount of money?

I am not sure what you are trying to say here. A crash doesn't benefit anyone invested, unless you are short of course. That can only be done properly on bitcoin at the moment. Given crypto currencies are supposed to revolve around Libertarian principles it does seem a bit of a strange comment!

I can get a proper short on
Bitcoin
Ripple
Ether
Bitcoin cash
Litecoin
Bitcoin Gold

You could short ADA, Monero and Zec with Bitmex although volumes on the last two are very well and ADA is too new to tell @Bitmex. Bitcoin action is amazing on there though, its fascinating to watch. What do you use at the moment typhoon? Some sort of spread betting?

Affiliate link below,  10% fee discount for users; https://www.bitmex.com/register/fCpg0h

Here is a guy I follows response to some of the common FUD that comes up and some of the exciting things. https://twitter.com/Beetcoin/status/935460412262375424

Crazy dip last night, the failed breakout from 6th/7th has sent me really bearish.

[RED-DOG]

I can discuss things with thickos but tell me what has the price he bought and sold.it for got to do with the price of chips today?

Sorry, I'm confused. Is that an answer to my question?

I meant to say can't as an insult offset by a smilie

Ah, it was supposed to be an insult. That I understand.  


Now in all honesty, I can't for the life understand how someone can lose money without someone else gaining it.

Say I start with 10k and put you in charge of it, how other than by destroying it, can you make it disappear?