Bitcoin

[BigRedRage]

I'm just now finally taking the time to learn bitcoin. As always, wayyyyyy late to the party. I watched some videos by 99 bitcoin that really broke it all down, explained it to me and peaked my interest. I highly suggest their channel as it is full of 2-10 minute videos that break everything down into simple terms.

I'm curious of the rest of the board:
Are you in the crypto market?
Are you trusting smaller cryptos with your money or only going with the big dog?
Is anyone actually switched to crypto currency as full time as possible? or only investment?

It seems a Crypto "wallet" is primarily just somewhere to store your crypto. Has anyone messed with the services that have a crpto credit card that converts to FIAT when making purchases?

The idea of non centralized currency is a big deal IMO, especially now that it is proven.

 

[Russ Smith]

Jan 2018 I was discussing it with my nephew and I told him I don't invest in things I don't understand. it's up 6 fold since maybe I should have listened to him.

I do see the horror stories of people with a half million worth of Bitcoin and they lost the password to their digital wallet, or the thing won't take the password. apparently that situation is literally impossible to solve, there's no central help to call.

I still don't understand it but it sure seems people are making money

 

[BigRedRage]

Robinhood does not allow you to move the BTC to your wallet and instead is working on their own wallet. Not sure I want to use them for the investment in that case.My "investment" bitcoin would be going into a cold wallet, not sitting on an exchange.

The trading app popular with young investors currently allows customers to buy, sell and hold cryptocurrencies such as Bitcoin on its platform, but users cannot withdraw their assets to transfer to other wallets.Feb 18, 2021

 

[BigRedRage]

Jan 2018 I was discussing it with my nephew and I told him I don't invest in things I don't understand. it's up 6 fold since maybe I should have listened to him.

That was me for years. Check out "99 bitcoin" on youtube. They have very simple videos that explain everything in 10 mins or less.

 

[Devilmaycare]

I'm just now finally taking the time to learn bitcoin. As always, wayyyyyy late to the party. I watched some videos by 99 bitcoin that really broke it all down, explained it to me and peaked my interest. I highly suggest their channel as it is full of 2-10 minute videos that break everything down into simple terms.

I'm curious of the rest of the board:
Are you in the crypto market?
Are you trusting smaller cryptos with your money or only going with the big dog?
Is anyone actually switched to crypto currency as full time as possible? or only investment?

It seems a Crypto "wallet" is primarily just somewhere to store your crypto. Has anyone messed with the services that have a crpto credit card that converts to FIAT when making purchases?

The idea of non centralized currency is a big deal IMO, especially now that it is proven.

I've traded in and out of it a few times over the year. Never really felt comfortable with it though due to volatility. I had some and got spooked a bit back in about 2017 when it jumped from a couple thousand up to like $16 or 17k and then quickly dropped back down to $4k. I also keep thinking it's over-hyped and played out since around then but then it keeps jumping up. So I don't know what to think at this point.

For smaller cryptos I haven't really played with since they mostly feel like pump and dumps. Doge definitely has that vibe most of the time. If I was going alt-coin I'd probably go with Monaro since the feds can't track it.

Non-centralized currency is big for the future but I'm not sold that bitcoin is it, part of the reason I had stayed out. From a tech standpoint I don't think it's feasible and we'll need a different crypto if everyone is using it instead of fiat. It just take a lot of power and it's not going to scale nicely for it.

Robinhood does not allow you to move the BTC to your wallet and instead is working on their own wallet. Not sure I want to use them for the investment in that case.My "investment" bitcoin would be going into a cold wallet, not sitting on an exchange.

The trading app popular with young investors currently allows customers to buy, sell and hold cryptocurrencies such as Bitcoin on its platform, but users cannot withdraw their assets to transfer to other wallets.Feb 18, 2021

I would stay away from Robinhood if they don't allow transfers. No one should have control of your wallet but you. Buy from someplace that you can then transfer it to a wallet you have complete control over. Plus if you ever need to buy a hit man on the dark web you'll want to be able to use the funds that you already have.

 

[BigRedRage]

I've traded in and out of it a few times over the year. Never really felt comfortable with it though due to volatility. I had some and got spooked a bit back in about 2017 when it jumped from a couple thousand up to like $16 or 17k and then quickly dropped back down to $4k. I also keep thinking it's over-hyped and played out since around then but then it keeps jumping up. So I don't know what to think at this point.

For smaller cryptos I haven't really played with since they mostly feel like pump and dumps. Doge definitely has that vibe most of the time. If I was going alt-coin I'd probably go with Monaro since the feds can't track it.

Non-centralized currency is big for the future but I'm not sold that bitcoin is it, part of the reason I had stayed out. From a tech standpoint I don't think it's feasible and we'll need a different crypto if everyone is using it instead of fiat. It just take a lot of power and it's not going to scale nicely for it.



I would stay away from Robinhood if they don't allow transfers. No one should have control of your wallet but you. Buy from someplace that you can then transfer it to a wallet you have complete control over. Plus if you ever need to buy a hit man on the dark web you'll want to be able to use the funds that you already have.

Thx for some additional commentary. Primarily what got me to finally look at it for real is the fact that companies are starting to both take it but also invest in it. I also saw that tesla is taking bitcoin however, they do not convert it to fiat. They simply keep the bitcoin. Very much legitimizes the future potential to me.

Then, I noticed doge is trying to become real now and with it's popularity, it seems like it could become something. As a penny stock, it's real easy to take a small gamble on it that could pay off

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[elindholm]

I'm curious of the rest of the board:
Are you in the crypto market?

Nope, not touching it. Unregulated and ripe for fraud. It's only a matter of time until someone figures out how to hack the blockchain, and then poof, your money is gone with no regulatory authority to appeal to.

Sure, people are making money on it now, but it's just a modern-day tulip mania. Cryptocurrency has zero real value and when it crashes, it will crash hard.

 

[dreamcastrocks]

It is pissing me the F off. It is why graphics cards are so hard to find right now.

 

[BigRedRage]

It is pissing me the F off. It is why graphics cards are so hard to find right now.

I did see people are using PC graphics cards to mine btc. bummer

 

[jf-08]

I have Etherium and Dogecoin on Robinhood. I'm up over 104% in value.

 

[ProdigalSun]

So say you bought a Tesla with bitcoin and bitcoin value subsequently spikes 40%? Seems like a bad trade off to me ... seems like this would be the case with with any sort of purchase you tried to make with bitcoin really....

 

[BigRedRage]

So say you bought a Tesla with bitcoin and bitcoin value subsequently spikes 40%? Seems like a bad trade off to me ... seems like this would be the case with with any sort of purchase you tried to make with bitcoin really....

In theory, if you have bitcoin, especially right now, you should be holding it vs buying things with it.

If you went full on 100% crypto, it can make sense to spend Crypto. Until then, doesnt make sense. You're handing a company an investment instead of money.

 

[BigRedRage]

I tranfereed some funds out of Schwab on thursday but thanks to holidays, it wont hit my bank account for a while. Then I have to wait for funds to clear from my bank to a trading platform before I can get in on some action.

 

[ProdigalSun]

I tranfereed some funds out of Schwab on thursday but thanks to holidays, it wont hit my bank account for a while. Then I have to wait for funds to clear from my bank to a trading platform before I can get in on some action.

What trading platform are you planning on using?

 

[BigRedRage]

What trading platform are you planning on using?

I'm not sure yet. I've identified 3-4. It would be nice to use robinhood but that might get crossed off of the 4 thanks to not being able to move coins to a wallet. It would be convenient as I have an account with them and the UI is very user friendly. Coinbase, ppl already in bitcoin didn't haven't pleasant things to say. Also looked at kraken and I think genesis?

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[Devilmaycare]

I'm not sure yet. I've identified 3-4. It would be nice to use robinhood but that might get crossed off of the 4 thanks to not being able to move coins to a wallet. It would be convenient as I have an account with them and the UI is very user friendly. Coinbase, ppl already in bitcoin didn't haven't pleasant things to say. Also looked at kraken and I think genesis?

For what it's worth, Kraken is what I've been looking at using if I start buying again. They've seemed to have the best rep and features right now. Coinbase and Robinhood I won't go near.

 

[BigRedRage]

For what it's worth, Kraken is what I've been looking at using if I start buying again. They've seemed to have the best rep and features right now. Coinbase and Robinhood I won't go near.

I've registered for kraken. It's the one I went furthest with. Thx for confirmation bias.

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[BigRedRage]

I've only went to kraken via mobile phone so far. Only having a desktop version makes it cumbersome. I went to add funds and tried several wire methods but keep getting invalid routing number messages.


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[BigRedRage]

kraken is frustrating so, f it, bought on robinhood. not my keys not my coins but is my profits

 

[ProdigalSun]

kraken is frustrating so, f it, bought on robinhood. not my keys not my coins but is my profits

thanks for sharing your experiences. Sounds like a pain the A so far. I think I'm going to hold off on crypto and stick with gold and silver as my hedges against inflation for now....

 

[BigRedRage]

thanks for sharing your experiences. Sounds like a pain the A so far. I think I'm going to hold off on crypto and stick with gold and silver as my hedges against inflation for now....

Likely not a bad plan and conservative and safe at the same time. Crypto is not conservative and safe but holy crap the inflation is wild. It's growing far more rapid than anything else in the stock market. I don't know what you play with as far as your investments but IMO crypto is worth at least a small percentage gamble.

 

[elindholm]

Cryptocurrency is going to remain on the fringe until mainstream brokers figure out a way to allow trading in it. If I could buy a little bitcoin through Fidelity or E*Trade, I'd consider it, but as long as it lives only in the shady realm of phantom providers who are entirely unregulated, forget it.

 

[ProdigalSun]

Likely not a bad plan and conservative and safe at the same time. Crypto is not conservative and safe but holy crap the inflation is wild. It's growing far more rapid than anything else in the stock market. I don't know what you play with as far as your investments but IMO crypto is worth at least a small percentage gamble.

I am interested in crypto given the traction its been gaining with big investors and upcoming Coinbase IPO. But for me there are just too many things that make me uncertain (too many “coins”, unreliable platforms, foreign governments resistance to adopting and China coming out with their own E-yuan). I think I’m going to continue to watch from the sidelines for now

 

[BigRedRage]

Cryptocurrency is going to remain on the fringe until mainstream brokers figure out a way to allow trading in it. If I could buy a little bitcoin through Fidelity or E*Trade, I'd consider it, but as long as it lives only in the shady realm of phantom providers who are entirely unregulated, forget it.

yeah if schwab had it I would have been in weeks ago

 

[jf-08]

I have Etherium and Dogecoin on Robinhood. I'm up over 104% in value.

Holy hell Dogecoin is taking off. I'm up over 250% in my cryptos.

I dropped $500 of ETH in July 2018 and it's at $2500 now.

I bought $1000 of Dogecoin in March and it's up over $3K now.