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Bitcoin-Explain to me how to buy these things (4 Viewers)

fantasycurse42 said:
I have no clue about Bitcoin or what makes it move. 

What I find interesting is this:

The US dollar has been on an absolute face ripping tear the last month (95 & change to almost 99 DXY), up a little over 4%... That is a big move for the world's most popular currency. 

In the same time, the GBP, Euro, and Yen have gotten slaughtered.

The original (gold) has also gotten crushed during this stretch.

When the US dollar goes on a run, it destroys anything paired with it on its way.

Amazingly, Bitcoin is up 10% in this period - I find it interesting that it pops so much when the dollar is roaring.
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I'm certainly no Bitcoin expert--in fact--the entire thing confuses me a bit. However--your point really paints a picture of why it's hard to get a good grasp on Bitcoin.  In a sense--the lack of a central bank controlling Bitcoin could make it very appealing. Also, the elephant in the room is that Bitcoin is already or will soon be the currency of choice for the black/grey market and is very popular amongst hackers.   The fact that cyber crime and hacking is becoming more and more prevalent every day--and as more and more people are doing more of their shopping online--is probably a good thing for Bitcoin. However, one thing that is good about having a central bank regulate a currency is the element of predictability and stability.  Just like you said--when the dollar goes up--you can usually predict to a certain extent how it effects other aspects of the market.  However with Bitcoin--there is little to no predictability.   It could seriously go up in value almost every day for a year--and on the next day lose half of its value.  I admire the intentional fortitude of those who can deal with that  unpredicability and still be invested on a large scale.  

 
Evilgrin 72 said:
In all seriousness, I find the whole bitcoin thing tremendously interesting. 
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If it's interesting to you as an outsider you should put some real money in it, gets way more interesting.  I've made a few hundred bucks simply transferring from block chain to circle, it's awesome.

 
mquinnjr said:
That only happens (generally speaking) with the sportsbooks where the fiat currency is BTC. You're f'ed if the currency goes against you, and that can go the other way as well to be devil's advocate.

If you use a site like 5dimes, fiat currency is USD for Americans. So if I send them the equivalent of $1000 in BTC today (let's say 5 BTC for example's sake), I get $1000 USD in my 5Dimes account, +/- flux over the course of ~1 hour, which should be minimal to nil. If in two months time I win $500 grinding out NFL plays and hit a nice streak, 5dimes sends me the BTC equivalent at that time of $1500, and I have ~1 hours worth of FX exposure while the BTC moves between 5dimes and my BTC wallets.

Now, Nitrogen Sports and sites like them use BTC as the fiat currency, meaning BTC is the currency you hold and bet. THAT is when you play with fire. In the previous example you deposited 5 BTC and bet in denominations of BTC. Say that you win 50% over time, you would return 7.5 BTC. If BTC loses 25% of its value in that time, you're taking a $375 loss against your $500 winnings, almost wiping out your winnings.

Basically, use books like 5Dimes/Sportsbook/Heritage/etc. that translate into USD upon deposit and settle you in BTC at the USD amount you withdraw at the time of withdraw.
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The advantage of the pure bitcoin book is instant withdrawals.  You can bet on the game and have the winning cash in your hands within hours. Nitrogen-blockchain-debit card-making it rain in the club

 
Should I start your next thread about how you got scammed out of all your money or would you prefer to?

 
I'm also confused

Buy Bitcoin 

Deposit into Sportsbook

Tail prop plays

Withdraw profits 

Spend money 

Maybe I skipped a step but so far so good

 
AhrnCityPahnder said:
I look at it like anything else you do with your money that may be a gray area of legality.    Don't play with more than you're willing to lose.  

http://www.forbes.com/sites/francescoppola/2016/08/06/theft-and-mayhem-in-the-bitcoin-world/#3b9d127d51ae
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If you're holding Bitcoin in a 3rd party wallet website for anything more than like maybe 5 minutes before you get it to or from final destination, well, you take the risk that the exchange goes down just like this. I liken it in my mind to trusting paper money in BCCI in Panama in the 80's, Blockchain and intermediary wallet sites are just today's digital equivalent. Move quickly.

 
Has anyone had to verify their ID on Coinbase?  It crashes every time I try to do it on their website.  Help suggested downloading the mobile app and all it says there is to go to their website.  Live help basically hung up on me and email support is worthless.

I can't do anything until my ID is verified.

 
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tjnc09 said:
Has anyone had to verify their ID on Coinbase?  It crashes every time I try to do it on their website.  Help suggested downloading the mobile app and all it says there is to go to their website.  Live help basically hung up on me and email support is worthless.

I can't do anything until my ID is verified.
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pretty sure I did but I don't recall having any issues 

You try multiple browsers?  

 
Aaron Rudnicki said:
my advice:

1. open an account at Circle and buy some BTC.

2. open a wallet at blockchain.

3. transfer BTC from Circle to blockchain wallet

4. make deposit at offshore sports book with BTC. they will provide you with an address to send the funds to.

5. ship BTC from blockchain to sportsbook.

6. make wagers

7. profit?
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Bump. This still good practice?

BTC up to like $805 (was ~$645 I think when this thread was started). Get in now or wait for it to come down a bit?

 
strykerpks said:
Bump. This still good practice?

BTC up to like $805 (was ~$645 I think when this thread was started). Get in now or wait for it to come down a bit?
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no. can't use circle anymore. they closed up shop to BTC.

Replace Circle with Coinbase and the rest should hold true.

BTC has been climbing for awhile now. if you aren't going to hold your money in BTC, the fluctuations shouldn't matter much. But, it's certainly risky to leave your money in BTC for awhile (although it could just continue to climb).

 
Aaron Rudnicki said:
no. can't use circle anymore. they closed up shop to BTC.

Replace Circle with Coinbase and the rest should hold true.

BTC has been climbing for awhile now. if you aren't going to hold your money in BTC, the fluctuations shouldn't matter much. But, it's certainly risky to leave your money in BTC for awhile (although it could just continue to climb).
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Cool thanks. I don't think I'll be "investing" in it yet per se. Would just like to be able to transact

 
tjnc09 said:
Thanks lumpy.  When I figure out how to block a name with a comma in it I won't recall how i fixed it :P
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Glad I could help.  It was all documented in the old wagering thread.  I believe I couldn't get the website to work and had to do everything thru mobile.  Once I got setup thru mobile the website worked.

 
lumpy19 said:
Glad I could help.  It was all documented in the old wagering thread.  I believe I couldn't get the website to work and had to do everything thru mobile.  Once I got setup thru mobile the website worked.
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"Help" told me to download the mobile app and when I click on ID verification it tells me "Please log-on to coinbase.com to provide identity and photo verification" 

Big giant loop of ####

 
AhrnCityPahnder said:
I bought .5 BTC a year or two ago because I was curious and wanted to check out the hubbub.    Real american dollars out:  $116

MAGIC INTERNET MONEY VALUE TODAY:    $330   Straight pretend magic cash, homey.   
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MAGIC INTERNET MONEY NOW YIELDING OVER 5X.   $593.    I'm livin Astro on this ####!  

BTC creeping in on $1200.   

 
Peyton Marino said:
lol.  This very serious journalist bro-dude knows so much about what makes a useful investment that he spent the last 20 years writing for the Financial Times instead of, y'know, investing.
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Bitcoin is ####!  Trust in our fiat neoshekel papers!  

 
thanks for this.  living in Washington makes funding an online account even more difficult. 

navigated my way through coinbase->blockchain->bovada without too much difficulty and got 10% bonus from coinbase to boot.

 
Opened a Goldmoney account and got a free .5 gram of gold (worth $19.73) with $400 deposit.  They match 5% in gold up to that amount.  Between btc/ethereum on coinbase and gold accounts things are starting to look pretty dank 

 
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Now's probably a good time to buy.  The price has dropped significantly due to conflicting ideas in the bitcoin community about how to make transaction capability scale.  I think the $950 point more or less reflects and accounts for that.  

 
Just bought some bitcoin a few days ago.  Delayed getting into it because it seemed confusing and difficult.  Ended up being super easy and it's epic for online transactions.

Coinbase kind of sucks though with such low deposit limits unless you link your bank account.  If anyone wants to sell me a couple hundred in BC for PayPal let me know.

 
ILUVBEER99 said:
Just bought some bitcoin a few days ago.  Delayed getting into it because it seemed confusing and difficult.  Ended up being super easy and it's epic for online transactions.

Coinbase kind of sucks though with such low deposit limits unless you link your bank account.  If anyone wants to sell me a couple hundred in BC for PayPal let me know.
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I would have sold you some but I'm still in hold mode.  I bought a straight-up btc at $950 the other day and it's up to $1139 now.  The darn things are resilient if a little shaky.  

Ive been depositing $10 a day for several months and my limit went from $100 a week to $5k.  It'll go up for you too eventually.  

 
Someone posted a comment reply on Reddit the other day that was kind of interesting.  I guess technically you don't own any bitcoin if they're stored in a bank.  

So I got a Ledger hardware wallet.  I would have gotten a cheaper one that does just btc explicitly but since I'm in ethereum too I just scooped up this one to keep track of both.  

 
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