Crypto Currency Thread (Vol.2)
Discussion
Blown2CV said:
wanted to transfer coin holdings out of coinbase exchange, but didn't really want to shell out for a hardware wallet if avoidable. Went for coinbase wallet, which as far as I can tell is not at risk if coinbase does go pop. Transferred some of what I had, but I can see other assets where whilst they are tradable on coinbase exchange, they are evidently not supported by coinbase wallet. Annoying. Any ideas how i can solve this?
What coins do you need the wallet to support?Maybe check Coinomi which is a mobile wallet.
Alternatively, if you have the time and the disk space, you could download the blockchains for those coins and use the native wallet(s).
tertius said:
Blown2CV said:
wanted to transfer coin holdings out of coinbase exchange, but didn't really want to shell out for a hardware wallet if avoidable. Went for coinbase wallet, which as far as I can tell is not at risk if coinbase does go pop. Transferred some of what I had, but I can see other assets where whilst they are tradable on coinbase exchange, they are evidently not supported by coinbase wallet. Annoying. Any ideas how i can solve this?
What coins do you need the wallet to support?Maybe check Coinomi which is a mobile wallet.
Alternatively, if you have the time and the disk space, you could download the blockchains for those coins and use the native wallet(s).
I'll check out coinomi, ta
If you're less than 5 figures USD total then personally I wouldn't worry about leaving them in exchange wallets. For large amounts of a single coin/token, use their native wallet, but as Gary says, you'll likely need umpteen GBs of disk space to store the ledger and be aware that if you don't sync it regularly with the blockchain, when you come to move your coin/token at some point months down the line, it will probably take several hours for your wallet to sync before you can do anything. That can be really annoying if the price suddenly spikes and you want to sell immediately..
I don't use any hardware wallets and have some quite substantial sums sitting around the place, mostly in stables but also a lot of BNB, ETH, MATIC and AVAX when I'm in between projects that require them. With the exception of BNB, I have them all spread out across Coinbase, Binance, Kraken, Gemini, Gate, Kucoin and Exodus along with a lot in 2 separate Metamask wallets. If one of the exchanges was to go pop, then I'd likely lose everything stored on there, but it's unlikely that others would go at the same time, so the risk vs convenience balance works for me.
I guess my use case is different to most people here. I don't have them just sat on exchanges in the hope the price of the native coin goes up. I have them off-exchange in projects that either generate a yield from a stake or mining, or swap them to the native token of that project itself.
There is no right or wrong answer to where you hold them. Depends of whether you're holding them for the long term or regularly buying and selling them (convenience). plus your risk tolerance level.
I don't use any hardware wallets and have some quite substantial sums sitting around the place, mostly in stables but also a lot of BNB, ETH, MATIC and AVAX when I'm in between projects that require them. With the exception of BNB, I have them all spread out across Coinbase, Binance, Kraken, Gemini, Gate, Kucoin and Exodus along with a lot in 2 separate Metamask wallets. If one of the exchanges was to go pop, then I'd likely lose everything stored on there, but it's unlikely that others would go at the same time, so the risk vs convenience balance works for me.
I guess my use case is different to most people here. I don't have them just sat on exchanges in the hope the price of the native coin goes up. I have them off-exchange in projects that either generate a yield from a stake or mining, or swap them to the native token of that project itself.
There is no right or wrong answer to where you hold them. Depends of whether you're holding them for the long term or regularly buying and selling them (convenience). plus your risk tolerance level.
Edited by r3g on Monday 20th June 13:41
I saw this on linkedin today, and it made me think of the discussion re. the security of Tether...
https://www.linkedin.com/posts/zhavoronkov_venture...
https://www.linkedin.com/posts/zhavoronkov_venture...
r3g said:
If you're less than 5 figures USD total then personally I wouldn't worry about leaving them in exchange wallets. For large amounts of a single coin/token, use their native wallet, but as Gary says, you'll likely need umpteen GBs of disk space to store the ledger and be aware that if you don't sync it regularly with the blockchain, when you come to move your coin/token at some point months down the line, it will probably take several hours for your wallet to sync before you can do anything. That can be really annoying if the price suddenly spikes and you want to sell immediately..
Eh? I have all my crypto in my own wallets. You don't need to run or sync any node to do that. Just create a wallet on Metamask and transfer it there.Ari said:
I'm thinking of buying some crypto currency.
I'm not interested in making any money, I'm just fascinated by its utility.
Also, I'll make a stack of cash when it goes back up!
How do I go about it?
Go to Kraken.com register an account, send in whatever ID is needed. Transfer money and buy. I'm not interested in making any money, I'm just fascinated by its utility.
Also, I'll make a stack of cash when it goes back up!
How do I go about it?
There are various other methods to do so and pretty sure it's been covered before.
r3g said:
If you're less than 5 figures USD total then personally I wouldn't worry about leaving them in exchange wallets. For large amounts of a single coin/token, use their native wallet, but as Gary says, you'll likely need umpteen GBs of disk space to store the ledger and be aware that if you don't sync it regularly with the blockchain, when you come to move your coin/token at some point months down the line, it will probably take several hours for your wallet to sync before you can do anything. That can be really annoying if the price suddenly spikes and you want to sell immediately..
I don't use any hardware wallets and have some quite substantial sums sitting around the place, mostly in stables but also a lot of BNB, ETH, MATIC and AVAX when I'm in between projects that require them. With the exception of BNB, I have them all spread out across Coinbase, Binance, Kraken, Gemini, Gate, Kucoin and Exodus along with a lot in 2 separate Metamask wallets. If one of the exchanges was to go pop, then I'd likely lose everything stored on there, but it's unlikely that others would go at the same time, so the risk vs convenience balance works for me.
I guess my use case is different to most people here. I don't have them just sat on exchanges in the hope the price of the native coin goes up. I have them off-exchange in projects that either generate a yield from a stake or mining, or swap them to the native token of that project itself.
There is no right or wrong answer to where you hold them. Depends of whether you're holding them for the long term or regularly buying and selling them (convenience). plus your risk tolerance level.
Just to clarify: you were referring to someone else and not me? I don't use any hardware wallets and have some quite substantial sums sitting around the place, mostly in stables but also a lot of BNB, ETH, MATIC and AVAX when I'm in between projects that require them. With the exception of BNB, I have them all spread out across Coinbase, Binance, Kraken, Gemini, Gate, Kucoin and Exodus along with a lot in 2 separate Metamask wallets. If one of the exchanges was to go pop, then I'd likely lose everything stored on there, but it's unlikely that others would go at the same time, so the risk vs convenience balance works for me.
I guess my use case is different to most people here. I don't have them just sat on exchanges in the hope the price of the native coin goes up. I have them off-exchange in projects that either generate a yield from a stake or mining, or swap them to the native token of that project itself.
There is no right or wrong answer to where you hold them. Depends of whether you're holding them for the long term or regularly buying and selling them (convenience). plus your risk tolerance level.
Edited by r3g on Monday 20th June 13:41
g4ry13 said:
Ari said:
I'm thinking of buying some crypto currency.
I'm not interested in making any money, I'm just fascinated by its utility.
Also, I'll make a stack of cash when it goes back up!
How do I go about it?
Go to Kraken.com register an account, send in whatever ID is needed. Transfer money and buy. I'm not interested in making any money, I'm just fascinated by its utility.
Also, I'll make a stack of cash when it goes back up!
How do I go about it?
There are various other methods to do so and pretty sure it's been covered before.
r3g said:
g4ry13 said:
Ari said:
I'm thinking of buying some crypto currency.
I'm not interested in making any money, I'm just fascinated by its utility.
Also, I'll make a stack of cash when it goes back up!
How do I go about it?
Go to Kraken.com register an account, send in whatever ID is needed. Transfer money and buy. I'm not interested in making any money, I'm just fascinated by its utility.
Also, I'll make a stack of cash when it goes back up!
How do I go about it?
There are various other methods to do so and pretty sure it's been covered before.
Just thought i'd humour him.
dmahon said:
r3g said:
If you're less than 5 figures USD total then personally I wouldn't worry about leaving them in exchange wallets. For large amounts of a single coin/token, use their native wallet, but as Gary says, you'll likely need umpteen GBs of disk space to store the ledger and be aware that if you don't sync it regularly with the blockchain, when you come to move your coin/token at some point months down the line, it will probably take several hours for your wallet to sync before you can do anything. That can be really annoying if the price suddenly spikes and you want to sell immediately..
Eh? I have all my crypto in my own wallets. You don't need to run or sync any node to do that. Just create a wallet on Metamask and transfer it there.Not sure if serious about Metamask?
g4ry13 said:
r3g said:
g4ry13 said:
Ari said:
I'm thinking of buying some crypto currency.
I'm not interested in making any money, I'm just fascinated by its utility.
Also, I'll make a stack of cash when it goes back up!
How do I go about it?
Go to Kraken.com register an account, send in whatever ID is needed. Transfer money and buy. I'm not interested in making any money, I'm just fascinated by its utility.
Also, I'll make a stack of cash when it goes back up!
How do I go about it?
There are various other methods to do so and pretty sure it's been covered before.
g4ry13 said:
Oh i'm very aware Ari is all talk. Hairdressers usually are!
Just thought i'd humour him.
You called me a hairdresser, because I drive a Mercedes SL, just like your little friend did earlier, that's so funny and clever of you to copy him, bless you! Just thought i'd humour him.
'Hairdresser'!
Hahahahahahaha.
I am actually thinking of throwing a couple of thousand at some crypto, just for s
ts and giggles. Well, hopefully just giggles.
Call it a bet on the stupidity of human nature, I could actually imagine there being enough people in the world daft enough to see it as 'cheap' and think they were 'buying the dip' to drive the price up a bit.
The question over whether you'd actually be able to get your money back out even if it did go up puts me off a bit though.
ts and giggles. Well, hopefully just giggles. Call it a bet on the stupidity of human nature, I could actually imagine there being enough people in the world daft enough to see it as 'cheap' and think they were 'buying the dip' to drive the price up a bit.
The question over whether you'd actually be able to get your money back out even if it did go up puts me off a bit though.
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