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Ren's old crypto thread || we know how to buy this stuff now (1 Viewer)

ILUVBEER99 said:
The main advantage of Libra (if it happens) will be to bring money into the BTC ecosystem.  once libra coins hit the market all the exchanges will carry it.  that will bode well for BTC in general.

99% of the other crypto coins will go to zero longterm.  This will help BTC going forward as all the money will pump into it.  

I won't buy more at the moment as it could crash back into the 3-5k range before Libra coins hit the market to pump money into the ecosystem. 
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Is the Tether thing legit? I feel like that probably should be talked about more here? I dunno, call my skeptical?

 
Good Posting Judge said:
Is the Tether thing legit? I feel like that probably should be talked about more here? I dunno, call my skeptical?
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What do you mean? Is tether really backing their coin dollar for dollar? What happens if / when it goes belly up?

Tether / Bitfinex s about as shady as it gets imo. Then again, they allegedly raised a billion dollars in 10 days just a short time ago. 

I am curious if the industry is slowly moving away from tether given the cloud that hangs over it. There are other regulated stable coins out there that are on substantially better footing (Gemini is one). Everyone who needs to use tether (for whatever reason, including avoiding KYC/AML) is doing so with the knowledge it’s risky as hell. Not sure about ongoing institutional use though

 
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JerseyToughGuys said:
What do you mean? Is tether really backing their coin dollar for dollar? What happens if / when it goes belly up?

Tether / Bitfinex s about as shady as it gets imo. Then again, they allegedly raised a billion dollars in 10 days just a short time ago. 

I am curious if the industry is slowly moving away from tether given the cloud that hangs over it. There are other regulated stable coins out there that are on substantially better footing (Gemini is one). Everyone who needs to use tether (for whatever reason, including avoiding KYC/AML) is doing so with the knowledge it’s risky as hell. Not sure about ongoing institutional use though
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I mean, is the price of BTC being artificially inflated by Tethers being printed and distributed to...who? Fishy?

This seems to sum it up this theory pretty well: Link.

 
Good Posting Judge said:
I mean, is the price of BTC being artificially inflated by Tethers being printed and distributed to...who? Fishy?

This seems to sum it up this theory pretty well: Link.
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I gave the article a quick read. My initial takeaway wasn't that BTC is artificially inflated by Tethers. Rather, the influx of dollars into tether signals BTC is going to bounce and folks can #### around with that to their advantage. I don't see it being any different that someone at Coinbase noticing a fiat deposits of 10,000,000 (really doesn't work exactly that way but...) and knowing there is going to be a huge uptick once that money hits the market. 

I read the article as more of an insider trading / influencing the market issue. Probably worth reading a second time.

 
This part is interesting:

Some would call this close cooperation between Tether and its traders a form of market manipulation. “Nobody ‘buys’ tethers,” said pseudonymous blogger Bitfinex’ed, who has been investigating Tether for several years, in a DM to Decrypt. “Bitfinex  issues tethers to their traders for market manipulation, market manipulators pump and dump, then ‘pay’ for the tethers later.” 

That's similar to naked short selling in traditional equities. No bueno. 

 
JerseyToughGuys said:
This part is interesting:

Some would call this close cooperation between Tether and its traders a form of market manipulation. “Nobody ‘buys’ tethers,” said pseudonymous blogger Bitfinex’ed, who has been investigating Tether for several years, in a DM to Decrypt. “Bitfinex  issues tethers to their traders for market manipulation, market manipulators pump and dump, then ‘pay’ for the tethers later.” 

That's similar to naked short selling in traditional equities. No bueno. 
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It sounds a bit nonsensical and some investigating by some anonymous blogger is pretty dubious.   

 
Starting to feel like the runup wasn't organic at all.  We'll definitely see some movement with the 2020 halving but I'm guessing the cat's out of the bag on the $20k pricetag.  

I mean, honestly- would any of you buy a bitcoin for $20k?  $40k?  $60, $100 etc.?  

 
what site are you using for bitcoin? My son uses the coinbase app and I was thinking of using the same but I wanted to get the expert advice of the ffa.

@JerseyToughGuys

 
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CGRdrJoe said:
what site are you using for bitcoin? My son uses the coinbase app and I was thinking of using the same but I wanted to get the expert advice of the ffa.

@JerseyToughGuys
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No expert, but you have many many options nowadays.

Coinbase app has a nice feature that allows scheduled purchases. The new tZERO app allows you to hold (custody) your own keys* ("not your keys, not your crypto"). The CASH and Spedn apps allow you to buy and spend (convert) BTC and other crypto for purchases at places like Home Depot, Whole Foods, etc. All of those are backed by major US companies. 

If you want to simply accumulate small amounts over time with minimal effort I would use the coinbase app or tZERO (I think tZERO plans to add scheduled buys). If you want to minimize fees, using trading features like stop losses, etc., diving into Coinbase Pro or more sophisticated exchanges will be better in the long run (at least presently).

*sort of 

 
if you are accumulating I would absolutely dollar cost average your way into whatever you want to invest / convert / save.

 
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CGRdrJoe said:
gonna have to google this, I was gonna buy $1k today and then like 500 every 2 weeks.
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You can use the Coinbase app to do that now automatically (it's a setting). But, the fee is 3% IIRC. Right now, tZERO doesn't have that feature, but the fee is 2%. Getting on a full blown exchange is going to be cheaper, but it's also more work and requires more knowledge. 

 
JerseyToughGuys said:
You can use the Coinbase app to do that now automatically (it's a setting). But, the fee is 3% IIRC. Right now, tZERO doesn't have that feature, but the fee is 2%. Getting on a full blown exchange is going to be cheaper, but it's also more work and requires more knowledge. 
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2% or 3% round trip (buying and selling). I think both require funding via ACH (debit card) so the bank doesn't charge a fee on its end.

 
CGRdrJoe said:
I don't like the interface on ABRA, I like the way coinbase breaks down the value over hours, days, weeks, etc.. Downloading tZero now to look at their interface.
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tZERO does not have a historical prices menu / view at this point. Perhaps it will in the future, but they might just keep it dumbed down as an easy on ramp. 

 
JerseyToughGuys said:
tZERO does not have a historical prices menu / view at this point. Perhaps it will in the future, but they might just keep it dumbed down as an easy on ramp. 
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my adhd needs to see things constantly moving whether good or bad. I guess coinbase will be my starting app.

 
JerseyToughGuys said:
2% or 3% round trip (buying and selling). I think both require funding via ACH (debit card) so the bank doesn't charge a fee on its end.
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Damn, so 4-6% to invest and sell? Based on my last few stock trades, my fee was 0.01% based on $4.95 per trade.

Do you pay capital gains taxes or do you just ignore the IRS? The IRS basically treats it like stock.

 
stbugs said:
Damn, so 4-6% to invest and sell? Based on my last few stock trades, my fee was 0.01% based on $4.95 per trade.

Do you pay capital gains taxes or do you just ignore the IRS? The IRS basically treats it like stock.
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Don't have to pay taxes until you actually sell. Trading crypto is kinda dumb imo.

 
and no, not 4-6 percent. It's 2 or 3 round trip. 

Most traders aren't paying those fees. They are operating directly on unregulated exchanges where the fees are much much lower. 

 
So this is happening right now

Congressman Davidson asks Meltem Demirors about ####coins.

https://www.youtube.com/watch?v=vf1dym16poc&feature=youtu.be

What a time to be alive!~@!~

 
What’s the simplest, most beginner friendly wallet that allows for smaller initial purchases (couple hundred $) and withdrawals at bitcoin ATMs?  Hypothetically used to gamble on offshore sportsbooks

 
Bump, Bitcoin has been climbing lately and my son said in March there is something called halving happening and it should make it go higher. I prefer FFA advice first 

 
CGRdrJoe said:
@JerseyToughGuys

bumped for you thoughts
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Nearing the end of the most recent bull-bear cycle. As noted above, mining reward (supply) gets cut in half in May. Traditionally, that event has been followed by a steady climb. Some think the halving has already been priced in. Others don't. 

This article  the historical trend in general terms. The chart in the article is a good graphical depiction of how it has played out in the past. 

This article goes into the concepts in far greater detail. 

 
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JerseyToughGuys said:
Nearing the end of the most recent bull-bear cycle. As noted above, mining reward (supply) gets cut in half in May. Traditionally, that event has been followed by a steady climb. Some think the halving has already been priced in. Others don't. 

This article  the historical trend in general terms. The chart in the article is a good graphical depiction of how it has played out in the past. 

This article goes into the concepts in far greater detail. 
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thanks gb, I've been reading quite a bit on it lately and am debating buying half a coin at the current price but I'm still a bit hesitant.

 
CGRdrJoe said:
thanks gb, I've been reading quite a bit on it lately and am debating buying half a coin at the current price but I'm still a bit hesitant.
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Could pull back to 8,000 again. It's nearly impossible to time it out correct. So if you buy, do it slowly. If you use coinbase, use their weekly buy feature and dollar cost average. 

Nowadays there's a ton of good podcasts out there if you want to learn more. "Off the Chain" and "Tales from the Crypt" are two of my favorites. The latter gets pretty technical at times, but some of seems to seep into my brain. "What Bitcoin Did" is another good one.

 
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