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Who had a "Gut Feeling" about Bitcoin?

Discussion in 'Topical Discussions (In Depth)' started by Fatboy, May 22, 2017.



  1. stonedywankanobe

    stonedywankanobe Gold Member Gold Chaser

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    Solar, Lets say I wanted to become a degenerate speculator with say bitcoin. Where would you suggest a fellow start?

    I logged into bittrex but it is extremely confounding for my small brain extrapolate what's going on there. Can't figure out how to fund an account.

    Any pointers would be greatly appreciated Sir.
     
  2. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    I choose Coinbase specifically because it is trying to stay in compliance with US financial laws and is self regulating and submits to third party audits. I feel it has the best chance of not being shut down because of this. As a consequence, I'm willing to fork over my 'dues' to the IRS if they should ask. I don't think trying to hide assets from the US Gov is a wise thing to do. Each to his own though. Depends on your philosophical outlook what stance you take.
     
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  3. Joe King

    Joe King Gold Member Gold Chaser

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    There's also localbitcoins.com
    It's pretty easy way to buy some btc with which to fund other exchanges. Many ways to buy. Ie: gift cards, cash in person, cash by mail, amazon cards, etc etc.
     
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  4. stonedywankanobe

    stonedywankanobe Gold Member Gold Chaser

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    Nomis, I tried creating an account at coinbase.
    User name password all that. Their conformation email will not send and the login page for their site attempts to load, gets 3/4th's done, then attempts to reload over and over as if on a loop. Seems sketchy.
     
  5. stonedywankanobe

    stonedywankanobe Gold Member Gold Chaser

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    So Joe, are you saying one can't just transfer money from a bank account to one of these electronic coin sites?
     
  6. Joe King

    Joe King Gold Member Gold Chaser

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    I'm sure you can, but I've not done it that way. I've only bought btc with cash in person and from atm's.
     
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  7. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    I'm giving coinbase a try, but will move it to electrum wallet.
     
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  8. solarion

    solarion Gold Member Gold Chaser

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    Coinbase definitely allowed you to link bank accounts to buy bitcoin back in the day. I've no idea if they still allow it as I bailed on them when they began spying for the federal regime.
    You can definitely shoot yourself squarely in the foot with this stuff, so just be certain you're not being a degenerate speculator with moar than you can afford to lose.

    I believe if I were starting out from the ground floor I'd do the cash in hand thing to buy bitcoin via localbitcoin or LibertyX then transfer some portion of those coins to an exchange of your choice and get comfortable with a trading platform. The key is to get fiat into the crypto world. Once you're into bitcoin or especially litecoin you can move resources around very quickly and with very little overhead.

    To help learn about the specifics of each alt coin you can begin with the "message board" links here http://coinmarketcap.com/

    Whatever you do, don't get in over your head. Instead get comfortable with how crypto transactions are conducted. These things move very quickly against one another and you can lose your shirt in the blink of an eye.

    Edit: If you'd like to set up a Zeitcoin wallet of your own and post the deposit address or post an exchange Zeitcoin deposit addy I'll shoot you over some to get you started at least familiarizing yourself with alt coins. Of all the coins I've moved, I believe Zeitcoin is the fastest...it's silly quick to transfer, even though the wallet does take some while to sync up even with a snapshot.
     
    Last edited: Jun 5, 2017
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  9. #48Fan

    #48Fan Silver Member Silver Miner

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    Joe King hooked me up with a small amount of BTC. Smooth transaction and no questions asked. Very helpful fella and I really appreciate ya JK!
     
  10. Joe King

    Joe King Gold Member Gold Chaser

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    You are very welcome sir, and I hope it pays off for ya in spades. Welcome to the club!
     
  11. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    stonedywankanobe, sounds like your having internet browser/internet connection problems. Very unlikely it's the Coinbase application process.
     
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  12. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    Coinbase is not a trading platform, but you can buy and sell Bitcoin, Ethereum & Litecoin (currently) instantly if you enable a 'US Dollar Wallet' to your account. If you don't have a 'US Dollar Wallet' set up, it will send funds back to your outside bank account and that takes a week to clear. Buys also take a week to clear, if funds are coming from an outside account. It has a very simple interface and they keep you informed with emails. I'm not promoting Coinbase, just trying to relay facts.

    Privacy fact: I had to send a photo of my drivers license to verify who I was. You may not tolerate that kind of scrutiny.
     
    Last edited: Jun 5, 2017
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  13. solarion

    solarion Gold Member Gold Chaser

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    Precisely why I dumped coinbase & bitstamp. I don't like companies that spy for the federal regime.
     
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  14. stonedywankanobe

    stonedywankanobe Gold Member Gold Chaser

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    Ok, so I'm now thinking I may not be able to do this at all. My only web connectivity is through a smartphone with an android os.

    Maybe that was the problem with coinbase Nomis as I've been on some pretty questionable sites yet have never seen one act that way.

    Solar, the only downloads available for Zeitcoin are windows and mac stuff. Probably something with a hard drive I presume.

    Thanks for the info and offer but it looks like I'll be sticking with the barbarous relics boys.

    Carry on and good luck.
     
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  15. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    Here's a fact about Coinbase that I think speaks to it's legitimacy to some degree. The Coinbase/GDAX exchange is going to be the 'custodian' for the 'Ethereum ETF' when it's issued. Ethereum is the cryptocurrency being backed by the biggest 'household' company names like Microsoft, Intel, BP, JPMorgan, etc... (Enterprise Etheruem Alliance). The Kraken exchange is the other 'regulated' exchange and is going to be the 'backup' for the ETH ETF. Exchange Traded Fund custodians have to pass rigorous SEC regulation to protect shareholders.
     
  16. solarion

    solarion Gold Member Gold Chaser

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    Yeah, you'll be unable to run any full nodes from a phone. Matter of fact I doubt you could even use something like an ipad...probably a notebook at minimum.

    If you'd like to get an account set up at say cryptopia, CoinEX, Novaexchange, or AlcurEX I'm still willing to shoot some Zeitcoin at your deposit addy at said exchange, but you won't be able to remove them to your own wallet of course unless and until you get access to some computer hardware. Wouldn't stop you from trading intra exchange or between exchanges though just to see if you like it.

    Otherwise, good luck. Just lemme know if you change your mind.
     
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  17. solarion

    solarion Gold Member Gold Chaser

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    Yeah, coinbase management has definitely dotted all their I's and crossed all their T's. They're going the full on bankster compliant route...which I personally find morally objectionable. I don't want to see ETFs and bankster products for cryptos and will probably just boycott the coins that get them. I've already boycotted Ethereum for other reasons, so no loss there.

    No issues with people that choose to do business with coinbase as I once did. Just their business philosophy seems inconsistent with the spirit of cryptos so I had to end my affiliation.
     
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  18. Joe King

    Joe King Gold Member Gold Chaser

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    How about localbitcins.com?

    Also, I haven't used any of them, but several sites I've seen have android wallets.
     
  19. Joe King

    Joe King Gold Member Gold Chaser

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    @solarion
    Quick question.....how long should it take to D/L some of these coins blockchains? I've been trying to set up an infinitecoin wallet for almost the past two weeks but it's taking f-o-r-e-v-e-r to do so. Keeps stopping and starting, or just sits there doing nothing until I close it and restart it. Then it'll go again for awhile until it gets stuck again. It's still more than 1000 days behind. Are there any tricks to make it go faster or just quit getting stuck? I've set up several others in that time that have mostly all finished relatively quickly. Verge is another one that keeps stopping and starting and just plain taking forever. TIA
     
  20. solarion

    solarion Gold Member Gold Chaser

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    I've never set up an IFC or XVG wallet, so I cannot speak to the specifics there, but many blockchains have snapshots/bootstrap files that you can download and plug in to the coin's default directory. These are essentially checkpoints from the past so that you can then sync up only what has changed from that point to current. Here's a link to a page where one dude used to maintain a few snapshots:

    https://bitcointalk.org/index.php?topic=1910100.msg18966727#msg18966727

    Whenever I set up a new coin node from scratch I go looking for a snapshot/bootstrap file first.
     
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  21. OverOver

    OverOver Silver Member Silver Miner Site Supporter

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    Here's something that might work. Have you been able to download a wallet or set one up on blockchain.info?

    If you did then you can buy on eBay. I found listings for .10 and .01 Bitcoin there. Sellers from NC and AL, as soon as your
    PayPal payment hits they send whatever you bought to your wallet. Spend, or if selling there are eBay type setups where
    you can send them your BitCoins and they send $ to your PayPal account....assuming you have a eBay and pp accts.

    I haven't done it and just a brief price comparison eBay vs exchange it doesn't seem outlandish.
     
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  22. solarion

    solarion Gold Member Gold Chaser

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    Bitcoin at 2790.12(bitstamp) which is I believe a new all time high.
     
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  23. OverOver

    OverOver Silver Member Silver Miner Site Supporter

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    2834.01...I mean 2850...oops 2840.01...dang it 2847.47
     
  24. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    2864
     
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  25. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    What a massive fucking bubble.

    I bought and sold 4 miners and made a $2,000 profit. I have ten more on the way, not sure if I'll be able to mine or just flip em like the last ones.
     
  26. solarion

    solarion Gold Member Gold Chaser

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    Sounds like you bought mining equipment with btc. Time will tell if it's a bubble. It went over 2700 corrected back below 2k and rebounded nicely.

    Do you have access to cheap power Jay?
     
  27. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    I bought bitcoin with wires to China.
    I do not have access to cheap power. I had contact with a medical server facility in Iowa that has cheap power, but they are full to capacity with bitcoin skyrocketing like they did and are no longer an option now.
     
  28. solarion

    solarion Gold Member Gold Chaser

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    Shame, commercial rates in Iowa aren't bad. Well you should always be able to sell them to someone with low rates in Idaho, Arkansas, or Louisiana.

    I've debated getting mining equipment on a few occasions, but electric rates here suck and I figured I'd never get my investment back before rising difficulty made it unprofitable. As a result I just chose to spend the funds buying cryptos.
     
  29. Kaiser

    Kaiser Gold Member Gold Chaser

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    Bitcoin.de
    biggest market in Germinee, no ID photos needed. However, I do not know if the US nanny state allows its citizens to open an account there.
    I know s.o. from NYC who opened an account, but he has German citizenship...

    Or you go to main stations and buy it at the bc machines...completely anonymous, if smaller amounts are bought.

     
    Last edited: Jun 7, 2017
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  30. Kaiser

    Kaiser Gold Member Gold Chaser

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  31. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Since I got out of bitcoin with a 281% return on my token bitcoin investment last month, does that make me a ex-degenerate speculator?
     
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  32. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Yep. That is part of the Know-Your-Customer (KYC) regulations.
     
  33. solarion

    solarion Gold Member Gold Chaser

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    This degenerate speculator sees bitcoin pulling back vs fiat crap so he went on a spending spree. Got me lots of sparkly things, food(in the form of gyft cards), gas cards, and stacked some litecoins(cuz I think it's too cheap relative to btc).

    Anyway if you use bitcoin to pay you get a discount at silver.com, so I snagged a stack of these babies.

    http://www.silver.com/1-oz-sunshine-walking-liberty-silver-rounds/

    #degeneratespeculatorsforthewin
     
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  34. solarion

    solarion Gold Member Gold Chaser

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    While I was on my spending spree, I noticed that although you cannot buy a gyft card for eBay and pay with bitcoin, you can buy a gyft...gyft card, pay for that with bitcoin and then use that to buy an eBay gyft card. :) The same can be done to obtain a walmart gyft card paid for with bitcoin.

    Just thought I'd share.
     
  35. solarion

    solarion Gold Member Gold Chaser

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    Awesome conversation with Andy Hoffman about gold, silver, and bitcoin. The whole thing is well worth a listen imo, but Andy shares his opinion on the relationship between PMs and cryptos around the 29m mark.


    Andy Hoffman - Bitcoin Game Changer for Gold & Silver(37m33s)

    Published on Jun 6, 2017
    Financial analyst Andy Hoffman contends debt is the main problem with the economy. Hoffman says, “There is so much debt in it that even a tiny bit of interest rate increase is killing it further. Yes, they have had the stock market go up, but what have they created? They have created Dotcom valuations in an increasingly Great Depression era, which, by the way, are only being enjoyed by 1% of the population. The largest most destructive Ponzi scheme is at its end. You can’t do anymore. They can’t anymore say the economy is getting better. . . . All the market manipulation and money printing is dying. All that’s going to be left is hyperinflation.”

    In closing, Hoffman gives a warning about crypto currencies and says, “You can compare it to the Dotcom bubble. You will have barely any winners, but some of those winners could be some of the biggest winners of all-time. You are going to have a tremendous amount of losers because a lot of them are scams, and a lot of them are just attracting hot money. So, you better do your research. . . . The only one I have any faith in is Bitcoin because it is the only one that can be a game changer for the world and for the gold and silver market.”

    Join Greg Hunter as he goes One-on-One with Andy Hoffman of Miles Franklin Precious Metals.
     
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  36. Joe King

    Joe King Gold Member Gold Chaser

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    Good call on the titcoin, Muj. It's up by 278% since you posted that. Any others you like?
     
  37. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    my hope is that silver appreciates at a higher rate than anything else, in other words, gold increases by 25%, silver surges by 35%. This whole "silver will be worth more than gold" is preposterous.
     
  38. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Briefly today, I became a degenerate speculator on bitcoin by trading GBTC (Bitcoin Investment Trust) in my online trading account. Bought 2 shares of GBTC at $478 and sold it over 2 hours ago at $503. A net profit (after paying trading commissions) of $36. Ok, so now after completing my GBTC trade, I am back to being an ex-degenerate speculator and $36 richer than I was 2 hours ago. Nothing to see here.
     
  39. solarion

    solarion Gold Member Gold Chaser

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    Glad it worked out for you SA. For myself I'll never buy a bankster derivative product based on bitcoin(or any other crypto), gold, or silver. There are just too many games banksters play to manipulate the underlying asset lower while raking in the bux with their counterfeit "products".

    I trust the value of the underlying assets, but I have no confidence in the banksters peddling these derivative "products". Even a degenerate speculator such as myself has to draw the line somewhere.

    Just today for instance the phony, so called, "price of silver" is down again despite being 65% below its all time high of 36 years prior. ...and that's just nominal dollar terms which doesn't even account for all the dollar "printing" that has taken place over that time. Oh, but look, it must be due to the so called strong dollar which is up a whopping .4% vs other crappy fiats around the world. What a scam.

    No, the banksters get their foot in the door and they'll chain the cryptos with the same counterfeiting scams they use to suppress the metals. I pass.
     
    Last edited: Jun 8, 2017
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  40. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    I just bought a little to experiment with. My big money maker so far is Tesla stock. up over 60% for the year. About 20K gain there. I know I could of made more in bitcoin, but it's ok.
     
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