bitcoin

Geyzer Soze

Fearlessly the idiot faced the crowd
Joined
Aug 16, 2010
Messages
19,098
So Ethereum's gone up 20% today and Litecoin up 13% but Bitcoin's been relatively flat (and even dipped slightly). They normally track each other fairly well. Anyone any idea what's happened?
Yeah. I sold my Ether & put it in Bitcoin. That’s what fucking happened ... :rolleyes:
 

jonnyrotten

SC Supporter
Joined
Aug 16, 2006
Messages
1,026
So Ethereum's gone up 20% today and Litecoin up 13% but Bitcoin's been relatively flat (and even dipped slightly). They normally track each other fairly well. Anyone any idea what's happened?
For ages Ethers price was stable at just under 10% of Bitcoin. Given that the use case for Bitcoin has diminished since then and the use case for Ethereum has grown i expect that at some point in early 2018 we get back to that ratio or higher for Ether again. In other words i think as a ratio, Bitcoin is overvalued and Ether undervalued at current prices.
 

nicdic

Official SC Padre
Admin
Joined
May 8, 2005
Messages
40,135
Where to start?

As someone who'd been reading about this stuff for months I'm finally at the point where I am confident I can afford to invest some money and lose it if it all goes tits up and not be too bothered, but as to where to actually go about starting to invest I have absolutely no idea.

It seems a good idea to spread investment across a handful of currencies but there are so many trading apps, websites etc which claim to work that I honestly have no idea where to start.

Anyone got any tips for a noob? How do I start myself off on the journey?
I'm using Coinbase and Binance.

Coinbase is an easy place to start, it's pretty straight forward, but only has Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

Binance is a much wider trading platform that has all the alt-coins on it. It's a lot more complicated, but good for picking up the alt-coins you fancy. I've found both were easy enough to get the hang of.

I bought Bitcoin, Ethereum and Litecoin on Coinbase, and then have sent some to Binance to buy other coins.
 

Bobbins

SC's 14th Sexiest Male 2008
Joined
May 5, 2005
Messages
17,848
I'm using Coinbase and Binance.

Coinbase is an easy place to start, it's pretty straight forward, but only has Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

Binance is a much wider trading platform that has all the alt-coins on it. It's a lot more complicated, but good for picking up the alt-coins you fancy. I've found both were easy enough to get the hang of.

I bought Bitcoin, Ethereum and Litecoin on Coinbase, and then have sent some to Binance to buy other coins.
Thanks, much appreciated, I’m going to dip the toe in (y)
 

sly1

Active Member
Joined
Sep 25, 2004
Messages
291
Depends what type of banking you're looking at. i.e. for investment purposes or for transactional purposes.
In the transactional instance it would be the same as having an account with us. some accounts are in Euros, some in Sterling. Why not one BTC - that's all a wallet is really, an account which is verified by blockchain. But with our wallets we'd offer some perks that large corps would like due to being a bit fat ugly bank. Namely we are not going to get hacked so your BTCs are safe and potentially some KYC (know your client) safety - but Sly1 raises some interesting points. I don't see why we would only look at BTC, all crypto's could be added, we're essentially allowing customers to get paid via BTC, it's like saying "we now accept paypal".

The interesting point is that we normally charge for transactions and account services - but blockchain strips out that need. So my challenge is convincing the bank to have a service which shows our traditional services are obsolete. At the moment BTC is too fresh to replace traditional payments for a number of issues.



Interesting points, thanks for this. From an outward facing perspective it makes sense. If you pay someone who holds a wallet with us, you know you are paying someone reputable. An from the flip side you would know that if a payment comes from one of our wallets, the source of funds is reputable. What's great is every BTC can be traced back on the general ledger so someone could trade every payment....to a wallet at least.
however I don't know how we account for "the other person". if you have proceeds of crime (either direct, or from historical movements) you could pay into an approved wallet and then it appears to legitimise your cash. Although that's the same as getting a tenner out of the wall, how do you know that tenner was not previously used to buy some weed? I'd love to know the legal implications of what you're on the hook for.

It would be very hard to do, but what if all the banks got together and block-chained their KYC knowledge. One central large pool of client data which live-verifies any transaction (BTC is a good medium to start with).

The spin-off and likely option here is banks create their own cypto - which fixes the above and has the same hallmarks. But thenwe need to make sure it doesn't defeat the part which removes banks in the first place.
I would be interested to hear how things progress.

While we're throwing ideas around, another thing that occurred to me (and probably exists in some form) is in the role of a cryptocurrency intermediary. Cryptocurrency payments can be almost instantaneous and irreversible. One of the advantages of Bitcoin that was proposed when it was created is that it removed costs in relation to possible disputes and mediation that are built into transaction fees (see e.g., the introduction of the original bitcoin white paper https://bitcoin.org/bitcoin.pdf). I could see that, despite the removal of mediation being a supposedly beneficial factor for many small transaction, there may be circumstances in which it is preferred that a third party holds a Bitcoin payment in an account until certain conditions are met. This seems like a situation where the reintroduction of banks to the system could be necessary.
 

sly1

Active Member
Joined
Sep 25, 2004
Messages
291
Bitcoin escrow services exist already...?
Well I did say that such services probably exist already (I hadn't actually looked into it - it just occurred to me as I was replying). In any case, an idea does not necessarily need to be completely new for it to be successfully implemented or improved on by others. Indeed, if an idea was completely new, a public internet forum might not be the best place to talk about it.
 

mattdefoe

Well-Known Member
Joined
Jul 16, 2009
Messages
2,418
Hi Guys,
I am signing up and looking into buying into a few currencies. I am thinking of purchasing ripple and also some of the smaller coins.

What are your thoughts on ripple?

Also why is there more than one type of ripple that can be purchased? There's one that is around $1.78 and another that is a lot less, what is the difference?

Also should I look into a wallet or keep it on the
exchange?

Thanks guys I am completely new to this!
 

HildoSpur

Likes Erik Lamela, deal with it.
Joined
Oct 1, 2005
Messages
3,786
Hi Guys,
I am signing up and looking into buying into a few currencies. I am thinking of purchasing ripple and also some of the smaller coins.

What are your thoughts on ripple?

Also why is there more than one type of ripple that can be purchased? There's one that is around $1.78 and another that is a lot less, what is the difference?

Also should I look into a wallet or keep it on the
exchange?

Thanks guys I am completely new to this!
Be careful with ripple it's in the middle of a pump. Very likely to come crashing down again soon imo.
 

Speedy

Active Member
Joined
Oct 22, 2005
Messages
642
Hi Guys,
I am signing up and looking into buying into a few currencies. I am thinking of purchasing ripple and also some of the smaller coins.

What are your thoughts on ripple?

Also why is there more than one type of ripple that can be purchased? There's one that is around $1.78 and another that is a lot less, what is the difference?

Also should I look into a wallet or keep it on the
exchange?

Thanks guys I am completely new to this!
XRP is the code for Ripple, not sure about the other one. Also, if keeping on an exchange make sure you enable every security protocol possible like google authentication 2FA, email confirmation (set up your emails to 2FA as well). Nobody should live in a world where nerds can steal your shit, and 2FA is the best we have to stop them. If you want to be your own bank and use crypto, we have to accept a small price is entering a 2FA code and slowing down logins by about 7 seconds.

If you need a wallet which allows lots of different cryptos the Nano Ledger is great. It’s just a USB
 

jonnyrotten

SC Supporter
Joined
Aug 16, 2006
Messages
1,026
Anyone know some good low value currencies to buy into?
I dont invest in currencies but Ive got about 10 crypto tech coins which imo are a better long term bet compared to the currencies that have been invented to date. Check out Elixir, at £50m market value it's around the 250th largest crypto at the moment, so huge room for growth. It's a service allowing person to person lending among other things. You can buy it on Kucoin for about £1.70 at the moment, could easily be worth a tenner each in a few months.
 
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