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bitcoins

As an outsider looking I have to wonder is crypto the next dotcom new economy.
Im gonna have to dig into why this digital thing keeps skyrocketing in value.
 
Yeah it kind of defeats the purpose of crypto. All I can think of is that the average person wants to get rich but not put in any work and take hold of their own finances.
Side note Ryan. Have you checked on the new dragonmint miner. I am about to order 5. They ship in March. I have some work to do on the infrastructure here at home. New 220 circuit is needed. They can mine 1.09 a year.
 
panthera said:
Yeah it kind of defeats the purpose of crypto. All I can think of is that the average person wants to get rich but not put in any work and take hold of their own finances.
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Many people save and invest and manage their own accounts without having to rely on or pay attention to crypto currency as a means to a financially secure future. I have a feeling many can totally ignore this segment and still do okay.
Are you suggesting anyone not in crypto is not taking hold of their finances?
 
I mean finances period not crypto in particular. most folks I know put as little time as possible into their financial future beyond working.
 
So what do you recommend for storage of USD? I know there are different forms of wallets, with the safer options being a hard wallet and a paper wallet, but it seems those can only store coins (correct me if I'm wrong). I like to have money ready to buy but don't feel safe keeping it in an exchange, and don't want to wait the 4+ days for funds to clear from my bank account.
 
Web based is the worst and hardware is the best, with desktop in between. But, we have a skewed perception when someone says something is the worst. It means we clearly don't want it, but that's how any 401k plan works, so it's obviously not the "worst". That guy Rick standing on the corner with a cigarette promising a 10x return is probably the worst.

There are plenty of bubble horror stories of the hands off user that isn't actively managing their account. Many investments are good and/or bad relative to time. Nobody can say that crypto is a good investment without a reference to time. Dump everything in now and manage it like the typical ignorance-is-bliss-401k'er and you may lose everything down the road. I see crypto as being for people that are taking an active interest in their investment and, in my noob opinion, that type of person is probably fine keeping their funds in a reputable web based holding, even if it does defeat the purpose of being your own bank.
 
MikeyRocks said:
So what do you recommend for storage of USD? I know there are different forms of wallets, with the safer options being a hard wallet and a paper wallet, but it seems those can only store coins (correct me if I'm wrong). I like to have money ready to buy but don't feel safe keeping it in an exchange, and don't want to wait the 4+ days for funds to clear from my bank account.
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Coinbase has an exchange called Gdax. If you have a Coinbase account then you can open a Gdax account and transfer money from Coinbase to Gdax and vice versa. Transfers are instant and free.

I use a hardware wallet. Transfering my funds from the hardware wallet to my gdax account when trading. When I'm done with trading for the day it goes back to my hardware wallet.
 
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Entoptic said:
Coinbase has an exchange called Gdax. If you have a Coinbase account then you can open a Gdax account and transfer money from Coinbase to Gdax and vice versa. Transfers are instant and free.

I use a hardware wallet. Transfering my funds from the hardware wallet to my gdax account when trading. When I'm done with trading for the day it goes back to my hardware wallet.
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I've been using Gdax, primarily because of their low exchange fees and the ability to set buy/sell limits, but what do you do with whatever USD you have laying around? You keep it in Coinbase? I'm not sure how safe it is sitting in either Gdax or Coinbase.
 
Doesn't look like wallets will do that. Not sure why, maybe a regulation thing. Think your only options are to leave it in the exchange, or send it back to the bank and be ok with not being able to access it for a few days.
 
byke said:
Doesn't look like wallets will do that. Not sure why, maybe a regulation thing. Think your only options are to leave it in the exchange, or send it back to the bank and be ok with not being able to access it for a few days.
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Yeah seems like that's the only option. Coinbase does allow you to purchase using your bank account, but once you do, it's frozen for 6 days until it clears so you can't sell it if the opportunity arises. Also you then have to pay Coinbase's fees, but I guess that's the most secure way of protecting USD.
 
panthera said:
Yeah it kind of defeats the purpose of crypto. All I can think of is that the average person wants to get rich but not put in any work and take hold of their own finances.
Side note Ryan. Have you checked on the new dragonmint miner. I am about to order 5. They ship in March. I have some work to do on the infrastructure here at home. New 220 circuit is needed. They can mine 1.09 a year.
Click to expand...

I've not. I skimmed an article on it, not sure if you posted something or I came across it on my own. I'll have to look into it some more, but why not build your own? Does the dragonmint do something special?

I ask that with honest curiosity, not to be snarky.
 
MikeyRocks said:
I've been using Gdax, primarily because of their low exchange fees and the ability to set buy/sell limits, but what do you do with whatever USD you have laying around? You keep it in Coinbase? I'm not sure how safe it is sitting in either Gdax or Coinbase.
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If you are using limit then you should not be charged a fee at all.

USD is the final destination. Welcome to the wildwest. If you want USD then you gotta cash out or put it in a stable coin until you're ready.

MikeyRocks said:
Yeah seems like that's the only option. Coinbase does allow you to purchase using your bank account, but once you do, it's frozen for 6 days until it clears so you can't sell it if the opportunity arises. Also you then have to pay Coinbase's fees, but I guess that's the most secure way of protecting USD.
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Use your credit card to Coinbase, Coinbase to Gdax. This method will have a fee but it's almost instant.
 
I am not technically savvy enough to make my own rig. And with the price, I can pick up 5 for less than one bitcoin. So all I need is power and cooling and Im up and running. Those 5 can produce 5.45 bitcoins a year. Its me being lazy and not wanting to put in the work it would take to build an equivalent machine as well.
 
Tough to beat the dollar to hashrate ratio of the asic miners.
 
.

This is sounding a lot like "new economy", and "It's different this time!"



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""I don't know when Bitcoin and its related peers will crash. No one else does either. There are a lot of variables that are not forecastable at this point. However, manias always end with great pain for the people who arrived late or got too greedy. Don't say you weren't warned.​

https://seekingalpha.com/article/4127443-bitcoin-big-short-moment-approaches
 
panthera said:
I am not technically savvy enough to make my own rig. And with the price, I can pick up 5 for less than one bitcoin. So all I need is power and cooling and Im up and running. Those 5 can produce 5.45 bitcoins a year. Its me being lazy and not wanting to put in the work it would take to build an equivalent machine as well.
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Ahhh, okay.

I build computers for work, though not consumer desktop units, so I wasn't intimidated by building my mining rig. It was still a PITA though.

If folks are wanting to build their own rigs and have done some basic research, I'd be happy to lend a hand assembling.

I know the GTX 1070s running out of the box on EthOS get around 30mh/s.
 
^^ I really can't see it continue to rise at the rate it's been going, especially since I'm ignorant as to how this technology works and have no idea what's driving the price up/down. However, I've made a substantial profit (doubled my initial investment) and I think I'll back out now while I'm ahead.
 
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