Crypto Currency Thread

[C n C]

audi321 said:

The Spruce Goose said:

audi321 said:

What an interesting debate. Do you work out gains in FIAT or BTC??? I would have previously always calculated gains/losses in FIAT, but I also understand the argument for the calc against BTC.

I would say most people work out percentage increases against FIAT though.

For the majority they buy BTC first then the alt. So if you don't work it out against BTC then it's not a accurate barometer. as you could just hold BTC. Yes now you can burly direct with fiat but as this whole ecosystem is built around BTC, any gains surely have to be against it.

Edited by The Spruce Goose on Tuesday 13th April 17:35

So for someone like me, who mines ETH, I never touch BTC. I transfer between currencies as and when I see the need, so should I calculate gains/losses against ETH then?

Just thought I'd add my thoughts on this despite only getting into crypto last August.

Although using Binance exchange, I started with buying BTC then using that to buy other alts such as LINK and BAND. I was initially monitoring prices via the LINKvBTC and BANDvBTC trading pair graphs, but rapidly it became obvious to me that due to the volatility of BTC prices, this was a pretty useless measure of the actual value and what was happening to the price of LINK and BAND. Yes, their values are very often reflective of/influenced by changes in BTC prices, but monitoring them against a moving yardstick really made no sense.

It also became clear that should I wish to convert BAND into FIAT GBP, even if going via BANDvBTC trading pair and then BTCvGBP, so long as I carried out those 2 transactions in a short space of time, the actual BTCvGBP value wouldn't matter at all as the asset would spend effectively no time as BTC.

Also, as has been mentioned, if using other coins to buy alts, the price monitored in BTC means absolutely nothing.

As a result, and in common with several people I talk to outside this forum, I always monitor the price of all my crypto gambles! against USDT. At least it's a relatively stable yardstick (see note*** below) across the board and makes it a lot easier comparing different alts.

It's also how I would say, most people on here also track the performance of crypto - notice that every mention of a coin's value is quoted in $ eg BTC hitting $63k.

Note***
Yes, I know USDT v GBP varies, and I also know the "real" value of FIAT in general falls over time due to large quantities of cash being printed, but it seems to make a lot more sense than quoting prices in BTC which itself varies so much.

All the above, obviously in my opinion!

[audi321]

Another question if I may.

I've funded my Binance lite app with some GBP, I've then bought some crypto with this. Not that I want to yet, but how do I get it back into GBP? When I go into the crypto and try and 'withdraw' it asks me for some information which it didn't when I bought it. Things like Address and Network? What do I put in these fields?

Looks like I only paid 0.1% fee when I bought the crypto, nothing for depositing the GBP. What am I going to pay to sell it, and eventually withdraw it back to my bank account?

[jammy-git]

audi321 said:

Another question if I may.

I've funded my Binance lite app with some GBP, I've then bought some crypto with this. Not that I want to yet, but how do I get it back into GBP? When I go into the crypto and try and 'withdraw' it asks me for some information which it didn't when I bought it. Things like Address and Network? What do I put in these fields?

Looks like I only paid 0.1% fee when I bought the crypto, nothing for depositing the GBP. What am I going to pay to sell it, and eventually withdraw it back to my bank account?

I believe you sell the crypto with a GBP coin pair, then you'll be able to withdraw GBP.

[x5x3]

The Spruce Goose said:

It's a shame Behemoth isn't on here anymore he was good as explaining all this.

indeed, not seen on here since March 2020, probably chilling in Monaco spending his BTC

[audi321]

audi321 said:

Another question if I may.

I've funded my Binance lite app with some GBP, I've then bought some crypto with this. Not that I want to yet, but how do I get it back into GBP? When I go into the crypto and try and 'withdraw' it asks me for some information which it didn't when I bought it. Things like Address and Network? What do I put in these fields?

Looks like I only paid 0.1% fee when I bought the crypto, nothing for depositing the GBP. What am I going to pay to sell it, and eventually withdraw it back to my bank account?

Worked it out sorry for being thick. Withdrew back to bank account and £1.50 in fees so very happy (made £30 in 10 minutes lol).

So, now I can use Binance confidently, is there an ETH wallet address I can get from there so I can alter my mining setup so the payouts go to Binance rather than Coinbase? Or do I simply mine to Coinbase and then transfer to Binance periodically?

ETA - I'm still going to need a wallet ID to send from Coinbase! Anyone enlighten me as to where my wallet ID is on Binance?

Edited by audi321 on Wednesday 14th April 18:09

[tertius]

Not a Binance user but typically there will be a “deposit” button against each coin - clicking on that will allow you to generate an address you can deposit to.

[audi321]

tertius said:

Not a Binance user but typically there will be a “deposit” button against each coin - clicking on that will allow you to generate an address you can deposit to.

Thank you that worked a treat. I can transfer crypto from Coinbase to Binance free of charge instantly which is just what I need for the mining proceeds.

God this crypto stuff is a money launderers dream lol. Coupled with the debit card from Coinbase is dangerous lol

[PH4555]

g4ry13 said:

Looks like LINK has gone up a bit since I sold my online holding. XRP is knocking on $2 as well.

QTUM is up, my DASH is up. Everything is up tbh.

This reminds me of the feeling about 3 years or so ago where I looked at Coinmarketcap and thought 'it's so easy, it's like shooting fish in a barrel'. Which makes me feel a little bit nervous.

Thanks for selling your LINK Gary. Mine has gone up by nearly £4 since .

Who took my advice about SC then?

[audi321]

Just finally on the Coinbase vs Binance. Just bought some Stella Lumens and paid 2% fee on Binance compared with 4% on Coinbase!

Closing my Coinbase account now that is the final nail.

[g4ry13]

PH4555 said:

g4ry13 said:

Looks like LINK has gone up a bit since I sold my online holding. XRP is knocking on $2 as well.

QTUM is up, my DASH is up. Everything is up tbh.

This reminds me of the feeling about 3 years or so ago where I looked at Coinmarketcap and thought 'it's so easy, it's like shooting fish in a barrel'. Which makes me feel a little bit nervous.

Thanks for selling your LINK Gary. Mine has gone up by nearly £4 since .

Who took my advice about SC then?

My pleasure, I still have a few hundred in my offline wallet.

[Greshamst]

PH4555 said:

Thanks for selling your LINK Gary. Mine has gone up by nearly £4 since .

Who took my advice about SC then?

I did. Every now and again I take a pistonheads punt, where i blindly follow some tip on herewith no research. It’s how I got my PHE shares that went up 1000% +

So picked some SC up yesterday at 19p and enjoyed watching them get to 26p a few hours ago. Cheers.

Anyone got any interest in investing or shorting the Coinbase IPO?

[g4ry13]

Greshamst said:

PH4555 said:

Thanks for selling your LINK Gary. Mine has gone up by nearly £4 since .

Who took my advice about SC then?

I did. Every now and again I take a pistonheads punt, where i blindly follow some tip on herewith no research. It’s how I got my PHE shares that went up 1000% +

So picked some SC up yesterday at 19p and enjoyed watching them get to 26p a few hours ago. Cheers.

Anyone got any interest in investing or shorting the Coinbase IPO?

I threw a little bit of money at Coinbase. I have a Capital Gains problem so this helps to sort it out

[halo34]

Out of interest - am I missing something. Binance own Trust Wallet who offer 22% APY on BNB but I cant see a similar set up on Binance.

Guess have to buy BNB and transfer it to trust wallet?

[PH4555]

Greshamst said:

I did. Every now and again I take a pistonheads punt, where i blindly follow some tip on herewith no research. It’s how I got my PHE shares that went up 1000% +

So picked some SC up yesterday at 19p and enjoyed watching them get to 26p a few hours ago. Cheers.

Anyone got any interest in investing or shorting the Coinbase IPO?

I think you might be missing a decimal from those numbers Grem.

[DeanR32]

What is SC? I'm looking for it on Panda, but can't see it.

I made a few beer tokens (and going by the prices in my local, its only beer tokens!), and pulled my money out of XRP, and now its making its way back down. What are you guys looking at? Have peanuts in DOGE at the moment.

Do any of you lot do this for a living?

[Throttle Body]

audi321 said:

Just finally on the Coinbase vs Binance. Just bought some Stella Lumens and paid 2% fee on Binance compared with 4% on Coinbase!

Closing my Coinbase account now that is the final nail.

Coinbase Pro gives you much cheaper trading, and you can simply move money/coins between CB and CB Pro.

[Scrump]

Continued over here:
https://www.pistonheads.com/gassing/topic.asp?h=0&...