edjr 6,580 Posted December 11, 2020 I am the worst ever at this. Share this post Link to post Share on other sites
tubby_mcgee 701 Posted December 11, 2020 17 minutes ago, edjr said: I am the worst ever at this. double down, buy more! When it goes up, you're set! Share this post Link to post Share on other sites
Cdub100 3,907 Posted December 11, 2020 17 minutes ago, tubby_mcgee said: I don't think it's underground. I don't get it. Here is what I don't get and/or why I won't invest. 1.) What is the end product -- like what drives my money up. With stocks, dividends or the stock itself going up because the COMPANY behind it is moving forward and making gains with sales of their product. 2.) If it is the future of money, why is every single crypto referred to in terms of US Dollars? 3.) If it is the same or as good or better than dollars-well... I mean.. the value of my dollar fluctuates somewhat of course --but cryptos--one day you have enough to buy a house, the next day you have enough to buy lunch because of its fluctuation. That's gonna be the norm? 4.) There are a gazillion cryptos. Which to buy? Sure there are a gazillion stocks also, but anything I choose, has a product or a service with intrinsic value What is the benefit of a crypto vs a dollar? Cliff notes, like one sentence, please. 1. Scarcity and demand drive your money up. Just like gold. At least for bitcoin. Other Coins like Etherium are also scarce and have demand but they serve other purposes like miners providing network power, smart contracts, and thousands of other things that people haven't thought of yet. As for the company moving a stock forward, many Crypto is the same way. Some crypto has a good team working on it and driving it forward and others don't. Just like companies. Let's not pretend if a company is doing well a the stock goes up. Sure it can but sometimes it goes down. Markets are weird like that. 2. Because you live in the US. The US dollar is also the world currency. You don't have to refer to crypto in US dollars. One of the charts I use for bitcoin compares it to tether. I could also use USDC DAI etc... You can peg to the euro, yen, whatever you want. 3. It doesn't fluctuate that much. but I understand what you're saying even if you are using an extreme example. What I would say is the stock market does the same thing. Air BnB just went public and their stock doubled in one day. Cryptos are like new companies. The price will fluctuate until settling in. In the stock market today: SLS went up 176.37%, IMMP went up 163.43% overnight. Is this the norm? No it's not. The same can be said for crypto. The thing is this crypto/blockchain is still relatively new. Most of the time normal people can't get in on the ground floor of a company, product or service. With most cryptos, you can. Can you pick a loser and go t1ts up? Sure, but so can companies you buy stock in. 4. That is why it's important to do your research just like you just don't buy a companies stock without looking into it first. That being said you're mistaken cryptos don't offer a product or service. Many cryptos offer a service. For example. VET is a coin that offers blockchain technology for logistical, tracking, and certification. ETH offers smart contracts, XRP offers networking and transaction power. These coins offer so much more too. What is the benefit of a crypto vs a dollar? Cliff notes, like one sentence, please. Using Bitcoin as my example: There will only ever be 21 million bitcoin, (scarcity like gold). Bitcoin can be sent anywhere in the world practically instantaneously at a fraction of the cost of using traditional banks (Unlike gold and Fait currency). The transaction can be verified by all parties (unlike gold and Fait currency). I can do this without using a bank (decentralized) Share this post Link to post Share on other sites
Cdub100 3,907 Posted December 11, 2020 35 minutes ago, edjr said: I am the worst ever at this. Can you wait to buy more until after Christmas. I don't close on my house until 22nd and I need to move some money around so I can buy more. I'd love to get in at these prices. Share this post Link to post Share on other sites
edjr 6,580 Posted December 11, 2020 30 minutes ago, Cdub100 said: Can you wait to buy more until after Christmas. I don't close on my house until 22nd and I need to move some money around so I can buy more. I'd love to get in at these prices. Share this post Link to post Share on other sites
Cdub100 3,907 Posted December 11, 2020 I just switched my miner over to Pheonix miner. and gained 2 whole hash. My 5700xt was at 52mH but now I'm getting 54 without bios modding the card. I've tweaked the settings a little, but if I bios mod the card I might get 57-59. Not sure potentially bricking it is worth it though. Share this post Link to post Share on other sites
Cdub100 3,907 Posted December 12, 2020 On 12/11/2020 at 9:59 AM, edjr said: Did you get your flare tokens? Mine showed up but currently at $0 Share this post Link to post Share on other sites
Alias Detective 1,400 Posted December 12, 2020 Wooooooooooo 3 minutes ago, Cdub100 said: Did you get your flare tokens? Mine showed up but currently at $0 Share this post Link to post Share on other sites
Cdub100 3,907 Posted December 12, 2020 12 minutes ago, Alias Detective said: Wooooooooooo Look out warren buffett there's a new big d1ck swinging trader in town. Share this post Link to post Share on other sites
vuduchile 1,945 Posted December 12, 2020 On 12/11/2020 at 8:54 AM, edjr said: I am the worst ever at this. Don't be so sure. I still can't even access my coinbase account. Share this post Link to post Share on other sites
edjr 6,580 Posted December 12, 2020 1 hour ago, vuduchile said: Don't be so sure. I still can't even access my coinbase account. Okay, you win for now. Share this post Link to post Share on other sites
edjr 6,580 Posted December 12, 2020 7 hours ago, Cdub100 said: Did you get your flare tokens? Mine showed up but currently at $0 I saw they weren't being released till 2021 Share this post Link to post Share on other sites
edjr 6,580 Posted December 12, 2020 5 minutes ago, edjr said: I saw they weren't being released till 2021 Quote How do I get the airdropped Spark tokens? No action is required from XRP holders. You will get Spark from Coinbase at a later date after the Flare network launches. :eyeroll: Share this post Link to post Share on other sites
edjr 6,580 Posted December 12, 2020 Quote Flare is building the world's first Turing-complete Federated Byzantine Agreement-based smart contract network. Its native asset, the Spark (FLR) token, will be distributed to XRP holders over a 36-month period, based upon a snapshot taken at 12:00am UTC on Saturday 12 December 2020. Share this post Link to post Share on other sites
Cdub100 3,907 Posted December 12, 2020 Just now, edjr said: :eyeroll: Bummer I think celsius network put ours in our accounts so people would bug their help team with, "wheres my spark token." Requests Share this post Link to post Share on other sites
edjr 6,580 Posted December 12, 2020 1 minute ago, Cdub100 said: Bummer I think celsius network put ours in our accounts so people would bug their help team with, "wheres my spark token." Requests smart Share this post Link to post Share on other sites
Cdub100 3,907 Posted December 16, 2020 On 12/11/2020 at 8:54 AM, edjr said: I am the worst ever at this. How are you feeling about your investment today? Share this post Link to post Share on other sites
edjr 6,580 Posted December 16, 2020 BC is almost to 21k. XRP is making a nice recovery. Not sure what UMA is Share this post Link to post Share on other sites
Hawkeye21 2,399 Posted December 16, 2020 Would it be better to keep all cryptocurrency in coinbase or to switch it over to paypal? Share this post Link to post Share on other sites
Cdub100 3,907 Posted December 16, 2020 2 hours ago, Hawkeye21 said: Would it be better to keep all cryptocurrency in coinbase or to switch it over to paypal? Coinbase is ok. I don't recommend CB because their customer service just doesn't exist. I don't like putting tens of thousands into a place and not hear back from a company when there is a problem. Search Coinbase customer service for everything you need to kow. Do not move it to PayPal right now they are not a real exchange yet. I suggest celsius network they have the best rates right now and you don't have to lock up your coins to get good rates. https://celsiusnetwork.app.link/1698030247 Crypto.com is good too. But they make you lock up your coins like a CD. https://crypto.com/app/bd9ugp3ya3 to sign up for Crypto.com and we both get $25 USD Binance.us is also good but not great rates if any. Kraken is good but I have a hard time depositing money. 1 Share this post Link to post Share on other sites
edjr 6,580 Posted December 17, 2020 Coinbase is so easy to use as well. Crypto for dummies Share this post Link to post Share on other sites
tubby_mcgee 701 Posted December 17, 2020 Its a forced binary double matrix! Your downline is built for you! You can't fail! Share this post Link to post Share on other sites
Cdub100 3,907 Posted December 17, 2020 I got to microcenter too late today. I wanted a 3070 or 3080. All they had left was one 3090 for $1600. I hade to pass and bought another 5700 xt Share this post Link to post Share on other sites
edjr 6,580 Posted December 17, 2020 9 hours ago, Cdub100 said: I got to microcenter too late today. I wanted a 3070 or 3080. All they had left was one 3090 for $1600. I hade to pass and bought another 5700 xt I made 4k since I threw 15k on a month ago. Thank you! 1 Share this post Link to post Share on other sites
Cdub100 3,907 Posted December 17, 2020 50 minutes ago, edjr said: I made 4k since I threw 15k on a month ago. Thank you! You're welcome. I like bourbon. Share this post Link to post Share on other sites
Hawkeye21 2,399 Posted December 17, 2020 On the Coinbase app it shows certain videos I can watch and receive different currencies for it but I have to provide my ID. Are these legit things that are worth sharing my ID with? For example, it says I can earn $2 of CGLD if I watch a video on what the Celo platform is. Share this post Link to post Share on other sites
edjr 6,580 Posted December 17, 2020 Just now, Hawkeye21 said: On the Coinbase app it shows certain videos I can watch and receive different currencies for it but I have to provide my ID. Are these legit things that are worth sharing my ID with? For example, it says I can earn $2 of CGLD if I watch a video on what the Celo platform is. Yeah, i have a bunch of freebies. Just watch some videos and answer some questions 1 Share this post Link to post Share on other sites
Hawkeye21 2,399 Posted December 17, 2020 Can it really be as easy as just buying and letting it increase in worth? How risky is this? So far I only have $100 invested in Bitcoin and it's almost doubled. Share this post Link to post Share on other sites
edjr 6,580 Posted December 17, 2020 Just now, Hawkeye21 said: Can it really be as easy as just buying and letting it increase in worth? How risky is this? So far I only have $100 invested in Bitcoin and it's almost doubled. It's just money. I am not giving advice, I suck at investing Share this post Link to post Share on other sites
Cdub100 3,907 Posted December 17, 2020 30 minutes ago, Hawkeye21 said: On the Coinbase app it shows certain videos I can watch and receive different currencies for it but I have to provide my ID. Are these legit things that are worth sharing my ID with? For example, it says I can earn $2 of CGLD if I watch a video on what the Celo platform is. Know Your Customer KYC. You have to provide your id because the government has mandated it. Something to do with combating money laundering. Also just so everyone knows they report everything to the IRS. So don't think you're pulling a fast one. Share this post Link to post Share on other sites
Hawkeye21 2,399 Posted December 17, 2020 1 minute ago, Cdub100 said: Know Your Customer KYC. You have to provide your id because the government has mandated it. Something to do with combating money laundering. Also just so everyone knows they report everything to the IRS. So don't think you're pulling a fast one. I completely expected to have to pay taxes on any earnings. No way they would be able to have this as currency if they didn't tax it. Share this post Link to post Share on other sites
Cdub100 3,907 Posted December 17, 2020 25 minutes ago, Hawkeye21 said: Can it really be as easy as just buying and letting it increase in worth? How risky is this? So far I only have $100 invested in Bitcoin and it's almost doubled. With any investment there is risk. In 2017 Bitcoin hit 17k and between then and now it went down to 4k back up to all times highs. For me, I'm buying and HODLING long term. Share this post Link to post Share on other sites
Hawkeye21 2,399 Posted December 17, 2020 Just now, Cdub100 said: With any investment there is risk. In 2017 Bitcoin hit 17k and between then and now it went down to 4k back up to all times highs. For me, I'm buying and HODLING long term. Does it make much sense to keep a certain amount in but continue to withdraw the profit made weekly or monthly. Basically, always keep the original invested amount in and continue to pocket and profit made. Share this post Link to post Share on other sites
Cdub100 3,907 Posted December 17, 2020 12 minutes ago, Hawkeye21 said: Does it make much sense to keep a certain amount in but continue to withdraw the profit made weekly or monthly. Basically, always keep the original invested amount in and continue to pocket and profit made. Yeah taking profit makes sense. I know a lot of people who do it, but it's not for me. If I took profit I'd just buy more stocks and crypto. I'd rather just earn the interest / dividends. 1 Share this post Link to post Share on other sites
Hawkeye21 2,399 Posted December 17, 2020 58 minutes ago, Cdub100 said: Yeah taking profit makes sense. I know a lot of people who do it, but it's not for me. If I took profit I'd just buy more stocks and crypto. I'd rather just earn the interest / dividends. What are some of your favorite cryptocurrencies? Share this post Link to post Share on other sites
Cdub100 3,907 Posted December 17, 2020 On 12/17/2020 at 11:07 AM, Hawkeye21 said: What are some of your favorite cryptocurrencies? Ethereum - ETH, is my favorite. I own a lot and am currently mining it. I planned on staking for eth 2.0 and or hosting a node as well but holding off right now. The thing about ETH is it's so much more than a store of value. It also is the mother coin of a bunch of other ALT coins built on the eth protocol. Bitcoin is my second-largest holding. No need to talk about this. VeChain - VET, is a very interesting coin and unique in the problem it's trying to solve. I'm hopeful they continue to expand, grow and bring in more partners. The problem with this coin is there's like 88 billion of them. With that many coins it'll never moon the way I want it. If VET ever gets to a $1 I could retire. Polkadot - DOT, is a lot like ethereum. It was started by one of the etherium co-founders. If ETH 2.0 doesn't work I can see people moving to dot. And even if ETH works there will be room for DOT. Now would be a good time to get into DOT. I expect DOT to be $20-$50 next year. THETA - is super interesting. They are a video hosting network. I don't own any right now but plan on buying and hosting a node in the next month or two. It's also not available on major exchanges in the US yet. If you can get into a coin before then you can triple your earnings pretty I own a bunch of others ADA, ERD, CLER, XRP, LINK. Different people will swear by each of these coins. I like what they do and their potential so I have them to diversify my portfolio. I also plan to buy any coin paypal plans on hosting. Hopefully, before they make it available. We saw a nice bump when paypal started offering Crypto. 1 Share this post Link to post Share on other sites
posty 2,696 Posted December 17, 2020 2 hours ago, Cdub100 said: With any investment there is risk. In 2017 Bitcoin hit 17k and between then and now it went down to 4k back up to all times highs. For me, I'm buying and HODLING long term. I think holding would be better than hodling, but that is just me... Share this post Link to post Share on other sites
tubby_mcgee 701 Posted December 17, 2020 2 hours ago, Hawkeye21 said: Can it really be as easy as just buying and letting it increase in worth? How risky is this? So far I only have $100 invested in Bitcoin and it's almost doubled. Hell yes! It's never going to go down! Easy money. The best thing is, everyone comes out on top with a healthy profit! Share this post Link to post Share on other sites
posty 2,696 Posted December 17, 2020 People were riding the dot-com wave as well, look how that turned out... Share this post Link to post Share on other sites
Cdub100 3,907 Posted December 17, 2020 1 minute ago, posty said: I think holding would be better than hodling, but that is just me... Never hold. Always HODL 1 Share this post Link to post Share on other sites