Crypto Currency Thread

[anonymous-user]

buying what though, I mean BTC is still nearly doubled in value in just over a month.

[x5x3]

The Spruce goose said:

buying what though, I mean BTC is still nearly doubled in value in just over a month.

£3K is a barrier for me - below that I'll but more.

[anonymous-user]

I think that is quite risky really, for a doubling in price would need a market value of nearly 124 billion usd, which I think even for BTC is massive.

[x5x3]

The Spruce goose said:

I think that is quite risky really, for a doubling in price would need a market value of nearly 124 billion usd, which I think even for BTC is massive.

I agree - it is risky but I'll also save the same amount into a terribly boring pension type scheme

[okgo]

Good job I put in an amount I wasn't fussed on losing

[anonymous-user]

okgo said:

Good job I put in an amount I wasn't fussed on losing

You only lose if you sell.

[garylythgoe]

Can anyone explain bitcoin wallets to me?

I.e. if i deposit some money on coinbase, bitpanda, kraken etc, and buy some coins.

Why is that not safe?
Why is a hardware bitcoin wallet thingy any better?

I might be being a n00b, but I just cant get my head around it.

[anonymous-user]

when you buy on coinbase you own an theoretical btc figure amount. if coinbase went bust you would own nothing and try and take them to court. when you have a physical btc address that is your wallet and bank and provided you keep the key secure you lose nothing.

[garylythgoe]

So if I buy on any of the platforms above, I could 'virtually' move the money to a place of my own, making it nothing to do with coinbase, bitpanda, kraken etc...?

What about when it comes to selling, do I point the platforms at my 'wallet' or do I transfer the money from my fancy offline/hardware wallet back to the platform itself to sell?

[anonymous-user]

from a risk point of view buying and selling is the riskiest time. storage of your coins as long as you follow guidelines should secure, eg spread amounts over several addresses, ensure the keys are safe and encrypted and make sure your computer is secure and latest virus/malware.

Buy wherever send to your own address and sleep well. i use electrum but you can decide which is best.

to sell localbitcoins uses escrow type thing for selling (you release once confirmed money in bank) but again the address is local bitcoins so i just send and sell straight away, don't hold any there, same principle on exchanges ( i do hold some but use 2fa and take the risk but try to stick in my own wallet as soon as can)

Edited by The Spruce goose on Thursday 14th September 17:40

[Behemoth]

garylythgoe said:

Can anyone explain bitcoin wallets to me?

I.e. if i deposit some money on coinbase, bitpanda, kraken etc, and buy some coins.

Why is that not safe?
Why is a hardware bitcoin wallet thingy any better?

I might be being a n00b, but I just cant get my head around it.

You don't need a hardware wallet to own your own coins. It can be a software wallet or even a printed out paper wallet. A wallet is simply any place you store your private key. You can write your private key out with a quill pen on vellum if you really want to.

If you have a private key to the address your coins are stored then you own your own cash. If you don't, then someone else has your cash and that means there's a fairly high risk as none of these places are governed by the same laws as your local bank. Ergo: own your own private keys to your wallet.

[anonymous-user]

so one Chinese exchange has dumped btc, how many others ones will??

If anyone interested in a hedge against BTC Decred is one ive think is very undervalued for the potential it offers.

Edited by The Spruce goose on Thursday 14th September 20:21

[bloomen]

The Spruce goose said:

so one Chinese exchange has dumped btc, how many others ones will??

If anyone interested in a hedge against BTC Decred is one ive think is very undervalued for the potential it offers.

Edited by The Spruce goose on Thursday 14th September 20:21

The other two of the big three, Okcoin and Huobi, are meeting with the PBOC today sometime. They may well be shutting their doors too. A reprieve is conceivable as only BTCC were dealing in ICOs which is what really got the government's goat.

I'm leaning towards them being shut as well so more blood will spill.

[Maxf]

'Stop loss' triggered last night (some bought lower, some higher - so it was a floating average), so I'm effectively out of BTC for now. A bit of a gain after selling my BCC, but pretty even otherwise.

I'll get back in, but once I see how the remaining Chinese exchanges fare. Happy to not be sitting on a loss (I wouldnt have sold in all likelihood) but a little annoyed I didnt take some of my stake out at $5k.

[Behemoth]

Maxf said:

a little annoyed I didnt take some of my stake out at $5k.

You think you can sell when everyone is under fomo & buy when the fud is spread wide? I think it's almost impossible psychologically.

[Maxf]

Behemoth said:

Maxf said:

a little annoyed I didnt take some of my stake out at $5k.

You think you can sell when everyone is under fomo & buy when the fud is spread wide? I think it's almost impossible psychologically.

Fair points and very true.

[x5x3]

be a hodl'r and buy the dip

[garylythgoe]

When do you think the other two chinese exchanges will come out with the outcome from their chats?

[anonymous-user]

I've still made a profit this week I think btc still has some wind back, but a lot still have faith. Even without China the Japanese and Korean markets are massive along with rest if world.

China taking control still means exchanges could cone back again later in year or next year.

[Behemoth]

garylythgoe said:

When do you think the other two chinese exchanges will come out with the outcome from their chats?

This tweeter is usually amongst the first to report China BTC news to the west:

https://twitter.com/cnLedger

It's after 5pm in Beijing now, so my guess is anytime soon.