Bitcoin and the crypto currency world - what do you think?

[extraT]

CzechItOut said:

Coins are measured to 8 decimal places, so theoretically you can buy 0.00000001 BTC. You just specify how many £ you want to spend and it works out how many BTC you'll get, minus fees.

Coinbase will create you a BTC wallet to store them in. You can also have an ETH wallet for Ethereum and a LTC wallet for Litecoin.

Once you have bought your cryptos, Coinbase have a sister exchange site called Gdax which allows you to move your holding between coins without paying fees.

Thanks again for taking the time to reply. Ive been stuck at work the whole day watching LTC more than double in price, which is (yet) another kicker...

anyway, now i'm home, ive been searching for a solution other than coinbase, because its limiting to BTC/LTC/ETH, which would be ok, but I really just want to dip my toe in the water; so ive been looking at some of the 'lesser known' coins, blackcoin, aragon etc.., so m y question is: is there a multi-coin wallet which is software based (no hardware) that I can use? Ive been looking at Exodus which seems to fit almost everything...?

[anonymous-user]

jaxx is the closest wallet, no hardware but has had a few hacks. I would just use an exchange, enable 2fa and hope for the best. Also allows you to stick into usdt when the 'it hits the fan. (USDT has its own problems though)

if you want to read about the alts, join bitcointalk.

[Croutons]

extraT said:

Ive been stuck at work the whole day watching LTC more than double in price, which is (yet) another kicker...

Would it be more of a kicker if you were sitting at work, having put your life savings into it (or more!), and it was 2014, when the price dropped by 90%, and the unregulated exchanges who are answerable to no-one jammed up preventing anyone from placing sell orders?

No-one is complaining when the prices go up. Just wait until that stops. Which it will. It has. With pretty much every one of these.

And in the history of the world, there has never, ever, been a simple, reliable, consistent way to get rich quick. This is no exception. People would do well to have some perspective.

[Behemoth]

ExPat2B said:

Overlay of the the bitcoin chart with the well known "bubble phase chart"

Pretty obvious where its going ! We are right now at the greed and delusion phase.

It's odd that people were overlaying BTC 2012 to 2015 back then. Pretty good fit.

[Oakey]

How much are you invested Behemoth?

[Behemoth]

Oakey said:

How much are you invested Behemoth?

How much do you have in your bank account? I know some people talk openly about such things on a public forum, but I would never do this. Sorry.

[ExPat2B]

Behemoth said:

ExPat2B said:

Overlay of the the bitcoin chart with the well known "bubble phase chart"

Pretty obvious where its going ! We are right now at the greed and delusion phase.

It's odd that people were overlaying BTC 2012 to 2015 back then. Pretty good fit.

I actually agree that this probably won't be the last bitcoin bubble, its certainly not the first. However the point still stands that right now we clearly at the greed and delusion phase of the current bubble, and its going to fall over.

[aquarianone]

[Behemoth]

ExPat2B said:

I actually agree that this probably won't be the last bitcoin bubble, its certainly not the first. However the point still stands that right now we clearly at the greed and delusion phase of the current bubble, and its going to fall over.

That'd mean it's reaching different smart money, different institutional money & a different public each time. I'd probably agree with that.

[Yipper]

DanGPR said:

Yipper said:

Relatively speaking, Bitcoin is the biggest bubble in the history of global humanity.

Bigger than tulips, South Sea and tech stocks.

All bubbles burst.

All 100% of them.

Peer-to-peer currency will go the same way as peer-to-peer software, loans and credit -- it will be niche. Nobody owns it.

Bitcoin today accounts for only 0.3% of all money in circulation on the planet.

Roughly how much knowledge do you have of cryptocurrencies? How much research have you done?

Global expert.

This is just history repeating itself.

Every few years, the tech nerds work themselves into a frenzy about person-to-person online products, hoping to cut out governments, institutions or organised companies... P2P software, P2P loans, you name it -- it's the same cycle... a frenzy of hype and excitement, followed by a realisation that nobody owns or controls or properly regulates it, then the mass-market backs off through uncertainty, finally the hardcore nerds stick with it, and then it settles in forever around 1-5% of its total chosen industry at best...

Bitcoin is not going away. But it's niche and a playtoy for nerds and criminals.

http://money.cnn.com/2017/12/08/investing/bitcoin-...

[Behemoth]

Yipper said:

http://www.zerohedge.com/sites/default/files/image...

Odd choice of y axis there. You'd only be able to add BTC when you have the downward slope. The tech bubble just about hit $3 trillion at its peak; BTC remains miniscule by comparison.

[limpsfield]

I wonder if we see a post-Christmas sizeable surge?

Families get together for the festivities. Little Jimmy tells them all about how much he has made on the Bitcoin this year. Auntie Mable and Uncle Fred decide that maybe they should have a little bit of this crazy-crypto action. Rinse and repeat around the world.

[Flibble]

Not-The-Messiah said:

Been watching it for years back when they were £100 a coin but always thought it was just to volatile and didn't have the balls to jump in. But the FoMO as finally kicked in and decided to get in but only with a minimal amount.

I going for it to continue to rapidly rise for few days/weeks as more and more buy in. But eventually having big correction soon, but I've been expecting it to crash for years now and been very wrong, so who knows? hoping to bail out before it does and buy back in later. But if I miss the crash or it doesn't crash, I've only got a few smaller coins LTC , ETH so will just hold on to them long term.

I first had a look around $10 a coin. Decided it wasn't going anywhere. Same around $100. Saw the first big crash from $1k down and figured it wasn't going anywhere again...
Hindsight is great though, but actually putting cash into bitcoin feels like going down the bookies.

ETH feels like it's due a big downwards adjustment too. It's what, 6000% on the start of the year now?

[Behemoth]

limpsfield said:

I wonder if we see a post-Christmas sizeable surge?

Families get together for the festivities. Little Jimmy tells them all about how much he has made on the Bitcoin this year. Auntie Mable and Uncle Fred decide that maybe they should have a little bit of this crazy-crypto action. Rinse and repeat around the world.

This apparently occurred @ Thanksgiving in the US, hence the surge & fall over on Coinbase with lots of on-ramping & small purchases. It's baffling that Coinbase are so slow to adopt segwit which would ease such congestion by a magnitude.

[limpsfield]

Even the car vloggers are getting involved...STG's Q&A and one of them was: thoughts on Bitcoin?

https://youtu.be/Y56MD1h43PA?t=12m45s

[tertius]

extraT said:

Chaps,

I read about bitcoin years ago but the problem was I simply didn't understand how to go about buying. Obviously reading about bitcoins activity over the last two weeks has made me think what a fking idiot I was for not being able to figure out how to buy something!

So bitcoin is now well out of reach for me.

My question is simple how do I go about buying litecoin or ETH?

Here's what I want to do: I want to enter my credit card details into a (trusted and legitimate website), buy The crypto currency and forget about it. Is this how it works is it really simple or am I being a simpleton?

I have found a website (https://bittylicious.com) which has come from Coindesk.com, Number one ranked results on google for the search term ' how to buy litecoin' they are quoting £150 for one coin, which seems to be in line with other information I can find... but the problem is I have absolutely no idea if this website is legitimate; if this is the right way to go about buying; and what to do after I have bought the coins (e.g. with storage (I have an old computer which I could use as a wallets … I have heard that I may need this… This is how clueless I really am!)

If someone could please explain in extreme layman terms how this all works I will extremely grateful!

Tia

ET

Bittylicious is a simple intermediary - sellers offer coins; buyers buy them and they are delivered immediately, i.e. you need to have a suitable wallet for the coin you are buying. That could be an online wallet, a local wallet or even an exchange where you have an account.

I like Bittylicious it’s simple and clear and you can pay directly from your bank account without having to go through BTC first though prices are often on the high side (at quiet times it gets closer to traditional exchanges). Also it offers a pretty limited number of coins.

Most coins have their own dedicated wallet, but there are a couple of multi-purpose wallets, though the only one I have tried is Electrum. Alternatively there are hardware based solutions like Ledger which can support a variety of coins and worth investigating if your investment gets at all significant.

Hope that helps a bit but your questions are pretty wide ranging!

[Shuvi McTupya]

Flibble said:

ETH feels like it's due a big downwards adjustment too. It's what, 6000% on the start of the year now?

This chart tells a different story. But all the other charts agree with you, how on earth is a newbie supposed to cope? I suspect this is completely wrong?



Anyway..I just started dabbling with crypto and can see whey people consider it to be just a form of online gambling, but it is exciting/fun/nerve wracking!

My total 'investment' was a couple of thousand dollars.

So far, I bought BCH a few weeks back and panicked when it dropped, I sold at a loss of $150.
I then bought BTC and made the $150 back and panicked and sold again now breaking even. BTC has shown a loss since I sold so that all good.
I then split the money between LTC/BCH and ETH.
BCH went up just over 100% and then dipped so I sold it and put that money into LTC.
My current 'portfolio' consists of 10 LTC and .5 of an ETH. With a total value of approx $3400

I am happy to take any advice ! I am reading forums but nobody really knows and everyone is bigging up whatever coin they are invested in.

I suspect BCH is one to avoid for a little while and I am not convinced BTC is a good bet in the short term so I would rather stick with alt coins.
On my current exchange (bit stamp) I am limited to BCH/ETH/LTC/XRP. I haven't really looked at XRP but not heard anything particularly optimistic about it.

Anyone?

[jonm01]

If you're going to panic every time something dips then you're in the wrong game.

[Shuvi McTupya]

jonm01 said:

If you're going to panic every time something dips then you're in the wrong game.

I know I was trying to be as honest as possible about my initial reaction to taking a loss and I do realise that you have to take the dips in your stride.

Even after just a couple of weeks I have learned a little bit about the phsycology required.

I didn't sell as soon as I saw a profit this last time, but 100% seemed like a good enough time to step out and reassess the situation.

whether or not I can actually resist the temptation to react to every movement is yet to be seen, but I am learning.

[g4ry13]

Check out the crypto currency thread. Some of us on there are a little more optimistic about XRP.