Introducing Ethereum (Bitcoin but better...or worse...depends on who you ask)

steveschneider wrote:

Nordic wrote:

It's not a stock. It is a currency. And it is a decentralized currency, meaning it is not controlled by a the US or any other government.  So in a way it is like investing in gold or silver.  On the other hand it has been highly volatile with 1000s of new investors daily (many that have no idea wtf they are buying). How will those investors react to a market or crypto crash?

Warning: I am not an expert at crypto-currency. I'm only regurgitating what I've tried to learn/read. My comments could be completely wrong. I highly recommend reading up on it yourself.  It takes a few reads to wrap your head around it.

My bad. And your question is the same one I have. Gold is a classic flight to safety during a market crash. I'm guessing crypto is a good place for people people to hide cash? Organized crime, drug trade, etc? I guess there will always be a need for that which could be a good thing for the currency.

I'm sure this is going to take place, as does it take place with ANY source of transferring money/value/wealth/etc...

I can tell you one thing, though, I have NEVER felt so violated as I did in signing up for Coinbase and providing proof of ID, accounts, etc, etc, etc, etc, etc.  It was unbelievable.  At one point, I took pics of the front and back of my drivers license on my lapper cam to increase the limits I could have to make purchases and shit like that.  I am not exaggerating.  It was scary.  This is the reason I have taken all of my #GalacticCoinz offline and put them into paperwallets and into safekeeping.  I'm not trading this shit.  I'm buying, holding, and hoping.

In other words, the fear of these things being dominated by criminals and etc is bullshit, IMO, there are plenty of extremely legit and highly documented owners/crypto-holders out there.  It's redic crazy how much proof of ID Coinbase wanted.

I will say this, though, from Coinbase, it seems like you could take your shit and go anywhere from there........... IE: I can turn my cryptos into a "brain wallet" by memorizing a series of words/phrases/sequences of numbers/characters/etc.... I could then cross any boarder, declaring zero in cash, log into the internet cafe in another country and cash all my shit in and turn it into anything I want to buy there.  Suck it government.  What are you going to do, read my mind?

tTy wrote:

steveschneider wrote:

My bad. And your question is the same one I have. Gold is a classic flight to safety during a market crash. I'm guessing crypto is a good place for people people to hide cash? Organized crime, drug trade, etc? I guess there will always be a need for that which could be a good thing for the currency.

I'm sure this is going to take place, as does it take place with ANY source of transferring money/value/wealth/etc...

I can tell you one thing, though, I have NEVER felt so violated as I did in signing up for Coinbase and providing proof of ID, accounts, etc, etc, etc, etc, etc.  It was unbelievable.  At one point, I took pics of the front and back of my drivers license on my lapper cam to increase the limits I could have to make purchases and shit like that.  I am not exaggerating.  It was scary.  This is the reason I have taken all of my #GalacticCoinz offline and put them into paperwallets and into safekeeping.  I'm not trading this shit.  I'm buying, holding, and hoping.

In other words, the fear of these things being dominated by criminals and etc is bullshit, IMO, there are plenty of extremely legit and highly documented owners/crypto-holders out there.  It's redic crazy how much proof of ID Coinbase wanted.

I will say this, though, from Coinbase, it seems like you could take your shit and go anywhere from there........... IE: I can turn my cryptos into a "brain wallet" by memorizing a series of words/phrases/sequences of numbers/characters/etc.... I could then cross any boarder, declaring zero in cash, log into the internet cafe in another country and cash all my shit in and turn it into anything I want to buy there.  Suck it government.  What are you going to do, read my mind?

One more point related to this. For those that still poo poo the precious metals....

I can go to my local coin store and buy silver and gold for USD's. They don't know who I am, they don't know who is walking out the door with silver and gold...... You can stack as much of this shit as you want to. If and when, and I am more and more siding on the "when" side, the shit hits the fan, you will be able to sell your precious metals for crypto. Put your crypto into your brain wallet, cross a border into a safer enviornment and cash it back into PM's if you want, or cash it into a fiat currency, or fucking just use it as crypto. Eventually, there will be a dozen huge cryptos that you will be able to buy anything with, anywhere. Crypto is the future, but I will always believe that PM's are what we will all fall back to, silver and gold will always have ultimate intrinsic value.

Cryptos make possible the fact that you will be able to move your entire lifes worth across boarders without any chance that governments can confiscate your wealth via any means, "legal" or otherwise.

tTy wrote:

Nordic wrote:You missed the real opportunity to get rich when it crashed to $0.10 last week. Some lucky fuck(s) were able to get in before it corrected.  A lot lost their ass on margin calls last week though.  Coinbase/GDAX is supposed to reimburse those customers. Which I think is a bullshit.  People are playing the game hoping to get rich. They took the risk. Coinbase/GDAX is being flooded with 1000s of new customers trying to get in that have no idea what they are getting in on.  Buying a highly volatile cryptocurrency on margin seems like just about the dumbest thing you could do. That's a life lesson, fuck them.  Coinbase has been taking a lot of heat for downtime, as their system isn't built to handle the amount of new customers/volume of orders so they are kowtowing to customers. Can't do that.

No need to get sensi over people not posting. People are reading. I generally have nothing to add so I'm not going to post just to post, but that doesn't mean I'm not reading.

Atta boy, Nordy..... good post.

Yeah, buying anything on margin is stupid as fuck.  I can't imagine being the motherfucker that dropped the 30M market sell.  Why?  How???  I don't understand how that could have happened.  As I understand it, though, that flash crash couldn't have taken more than a minute or two to reverse itself.

Also, I don't even know how to put in stop loss orders or limit buys on Coinbase, is that a thing?

Have you heard about this guy?  10,000 BTC's for two pizza pies?  Yeah, that sounds like a good deal....

You can do it on GDAX which is somehow tied to Coinbase. Not sure exactly how they are tied together, but the same log in works and you can transfer cash from your Coinbase wallet to GDAX...not sure how to transfer your crypto.

I love this guy, but he is going to be assassinated soon.  He is breaking everything.



This is the key.  47th minute.

BTC can process 4 transactions per second.  ETH, 15 or so per second.  Uber = 100/second.  Paypal = 1000+ per second.

Once these cryptos ramp this up.  Once Coinbase ramps up or gets displaced by a better interface for purchasing and transacting cryptos..... Once the public realizes that we're going to have to start paying interest on our USD debt..... fucking game over man.  This is literally the easiest, most simple, 1 + 1 = 2 calculation I've ever had placed in front of me.  I have saved my fucking ass off all my life in USD.  I have socked it away.  Last year I took out all the equity in my house, locked it in at 2.75% for 30 years, no points, not gonna prepay jack fuckin shit cuz not contractually obligated to, so lick me bank....... bought PM's, bought cryptos, and I'm going to sit back and watch it all blow up.  My money is going to grow in value.  The banks debt is going to fall in value.... if rates go up, I'm good...... USD is going to fall, fall, falllllll......... 

#Chet

Nordy, stop fucking around and spy on Crypto Tips on Youtube, god dammit.

tTy wrote:

Nordic wrote:Whatever you do, don't throw away that hard driver tTy...

https://www.gizmodo.com.au/2017/05/i-threw-away-4-8-million-in-bitcoin/

Interesting overall read on lost bitcoin...

http://www.telegraph.co.uk/technology/news/11362827/The-625m-lost-forever-the-phenomenon-of-disappearing-Bitcoins.html

I will read this, haven't yet... but I was thinking about this the other day.... If BTC is REALLY only limited to 21,000,000 coins, people are going to lose, or already have, lost the fuck out of these things already... Never to be recovered again. So, really, the actual max float, if you will, will never reach 21M coins. And that number, whatever it is right now, can ONLY go down = making them moar rare. So, IF, BTC becomes one of the stalwarts and survives the test of time, and gets adopted by millions and millions more people, it can ONLY go up in value. And to an extreme extent. EXTREME..... If 10% of the worlds population wanted to buy ONE bitcoin, it would be worth a million bucks right now. Supply, demand.... The USD is going to die soon guys, time to decentralize. Time to take your wealth OFFFFFF THE GRID!

Yeah, this is what intrigues me the most. That and apparently it is harder to "mine" (generating crypto by contributing the blockchain) so the pace of new BTC hitting the market will become slower and slower.

Apparently the last BTC will be mined around 2041. Apparently this is a set timeframe that cannot be changed by minning with more computing horsepower. The more people mine, the slower BTC is released.

FWIW Litecoin is apparently the same code as BTC, but the blockchain generates faster/more efficient and has 4x as much total coin. Sounds like a better platform, but the larger cap might limit its value and BTC seems pretty entrenched as the leading crypto (see Japan legislation).

I'm paraphrasing and apparently like saying apparently

Nordic wrote:

tTy wrote:

I will read this, haven't yet... but I was thinking about this the other day.... If BTC is REALLY only limited to 21,000,000 coins, people are going to lose, or already have, lost the fuck out of these things already... Never to be recovered again. So, really, the actual max float, if you will, will never reach 21M coins. And that number, whatever it is right now, can ONLY go down = making them moar rare. So, IF, BTC becomes one of the stalwarts and survives the test of time, and gets adopted by millions and millions more people, it can ONLY go up in value. And to an extreme extent. EXTREME..... If 10% of the worlds population wanted to buy ONE bitcoin, it would be worth a million bucks right now. Supply, demand.... The USD is going to die soon guys, time to decentralize. Time to take your wealth OFFFFFF THE GRID!

Yeah, this is what intrigues me the most. That and apparently it is harder to "mine" (generating crypto by contributing the blockchain) so the pace of new BTC hitting the market will become slower and slower.

Apparently the last BTC will be mined around 2041. Apparently this is a set timeframe that cannot be changed by minning with more computing horsepower. The more people mine, the slower BTC is released.

FWIW Litecoin is apparently the same code as BTC, but the blockchain generates faster/more efficient and has 4x as much total coin. Sounds like a better platform, but the larger cap might limit its value and BTC seems pretty entrenched as the leading crypto (see Japan legislation).

I'm paraphrasing and apparently like saying apparently

The last graph I saw on BTC ramping = it costs more in electricity to mine it than you can get from the value of BTC. BTC is effectively capped, supply-wise. I own 3 BTC's. I wish I owned a thousand. I might buy another 1 or 2 or maybe 3, but they will not be cheaper than they are now in the next 20-30 years..... unless it fails, in that event, they will = 0.00

We are in between AOL dailup and Netscape cable hookup where it took 2 minutes to download www.yahoo.com and search for "nekked ladies" and it took another 12 minutes to download 4 thumbnails.

Cryptos will = dominate us in 10 years. There WILL be dominate cryptos. We will have access to all kinds of currency. The USD is going to die, there are trillions and trillions of them out there. If your mortgage is in USD, and you are locked into a super low rate, don't prepay it. transfer your wealth into a different currency (cryptos or PM's) and pay it back with stuff that will be much more valuable in the future, and cost you dimes on the dollar.

This is simple.

For idiots like us, mining BTC is already a missed oppo. Buy it now, or buy it later. It will never be cheaper unless it fails. I doubt it will "fail" in my lifetime. It is a store of wealth. It is the "gold" of cryptos, at least for now.

That is just a graph of "supply". It does not take into account "demand". It also does not take into account, "loss", or lost bitcoins, never to be returned to supply. They are gone. Assuming that demand will only increase during our lifetime, and nothing makes BTC obsolete, it can ONLY go up in value at this point. Cryptos are blasting off, the fact that they are growing in number and growing in market cap.... people are starting to take notice, serious money is beginning to flow into the sector.

BTC will be 10K soon. Maybe by end of this year. I think BTC will be 20K by end of year next year, going into '19. it will go parabolic, I think. of course, I've been riding the silver horse for a couple years now, and I'm still on that. I am actually happy that ship hasn't sailed as it still offers me a super cheap entry point and I keep buying every month. Silver is the best physical asset investment you can make right now. Everythign else is fake and entrusted in faith and nothing else. When the game is over, physical metal will pay the bills.

Yeah, here is some info on what mining is. Basically you get crypto in exchange for using your computer to contribute to the blockchain/do the bookkeeping.

https://www.lifewire.com/cryptocoin-mining-for-beginners-2483064

Why Not Mine Bitcoins?

If you had started mining Bitcoins back in 2009, you could have earned thousands of dollars by now. At the same time, there are plenty of ways you could have lost money, too.

Now, Bitcoin mining is reserved for large-scale operations only. Over the past five years, the mathematical difficulty of discovering Bitcoins has grown far beyond what a regular individual can achieve at home. The current up-front investment and maintenance cost to mine Bitcoins is no longer worth it for small-scale consumers.

Unless you are willing to spend tens of thousands of dollars on industrial hardware and rent an air-conditioned office to house your hardware, there is no profit in mining Bitcoins. You are better off purchasing cryptocurrency with your regular money, and tucking it away in the hopes it will further climb in value.

Since I have your ATTENSHUN, nordy, I thought Lake MI was gonna crash... Just saw a 31 LB salmon out of Frankfurt...... fucking hawg. I thought this lake would be down by now but I'm hearing baitfish are back, and there might be hope. I still am skeptical long term........

We might have some HUGE kings come out of here this year though. I am hype now!

Alright, god dammit it all..... If nobody else will do it, I will...

With no further adieu..... I give you all.... Crypto Tips!




This is from her Instigram.  If you aren't going to figure it out for yourself, I'm not giving you this link so go fuck yourself.  You're welcome for what I have already given you, info, crypto heads ups, and tit's and ass with brains..... 

Hawt

Nordic wrote:Hawt

Smaht too.

Seriously, check her feed, she = good Tutor..... brb

So, like, three of you care.

awesome......

Travis, if you really hate America, buy some Cryptos and show the Fed WTF is up! Don't be gay!

Fourth Largest Cryptocurrency Exchange Was Hacked. Users Lose Ethereum & Bitcoin

Bithumb, the world's fourth largest cryptocurrency exchange by volume, confirmed a security incident during which an unknown hacker was able to make off with an yet undetermined amount of funds.

Clues that something was wrong emerged on Thursday, when South Korean users, who make most of Bithumb's userbase, started complaining on a local social network about losing control over large funds stored in their Bithumb accounts.

A day later after these complaints, the company officially admitted the breach in a blog post on its website, albeit it did not provide any meaningful details.

Floyd Robertson wrote:Fourth Largest Cryptocurrency Exchange Was Hacked. Users Lose Ethereum & Bitcoin

Bithumb, the world's fourth largest cryptocurrency exchange by volume, confirmed a security incident during which an unknown hacker was able to make off with an yet undetermined amount of funds.

Clues that something was wrong emerged on Thursday, when South Korean users, who make most of Bithumb's userbase, started complaining on a local social network about losing control over large funds stored in their Bithumb accounts.

A day later after these complaints, the company officially admitted the breach in a blog post on its website, albeit it did not provide any meaningful details.

This is a major issue and one that will need to be addressed for crypto to be taken seriously.

One of the things cryptos touts is hackers can't hack the blockchain. Which is true (at least with today's computing power). But that doesn't mean your crypto is secure.

See tTy's posts and links on the redic steps to fully secure your crypto. Wanna go off the grid and live off BTC? Well you better have Jason Bourne-esk muscle memory to memorize your encryption keys.

Putting your shit in a wallet....errrrr....flashdrive in your desk drawer will secure it off the grid. But that makes it harder to access. Not really conducive for making it a viable everyday option.

ETC/ETH already split over a major hack. Which is supposed to be unhackable (again the blockchain is, not your personal stash or 3rd party sites).

Coinbase has had major issues keeping up when volume is high. That doesn't give me a warm fuzzy regarding their (or any 3rd party "bankers") security.

Hackers gonna hack and they are smarter than you or I. And there are no assurances against hackers like with your CC or Bank of America account.

Unsecured crypto is low lying fruit for hackers. This is a big problem/hinderance to its growth.

Sidebar... LTC has jumped the last few days while BTC has remaimed relatively "calm" and ETH has pulled back/still erratic. The 3 usually follow each other for the most part. So it is worth noting when one goes against the trend like LTC has the last couple of days.

You can print out paper wallets for BTC and move your shit off the grid simple as pie.

ETH, I'm still struggling with. I've been too busy to figure it out.

My BTC is literally stored on four tiny pieces of laminated paper that I have hidden in four different secure spots. If I lose all four of those, these Bitcoin will never be recovered again, depleting the supply. However, I've I'm not a complete dumbass, I'll be able to recover one of those pieces of paper and unlock my Bitcoin at some point in the future.

I will do this with my ETH as soon as work dies down a bit.

I still own a Ledger Nano S that I have never used. I oughta put my ETH on that and relax. Just have to figure out how.

Buy Wheat futures @ $5.00 bu.

https://futurism.com/the-age-of-blockchain-crypto-has-a-major-problem/

However, buying USD$1 million worth of bitcoin would affect the crypto’s value by 1 to 10 percent, meaning a transaction that would barely cause a ripple in the Euro market could cause a relative tidal wave in bitcoin

Potential bitcoin split...

https://venturebeat.com/2017/07/08/why-bitcoins-value-could-get-even-more-volatile/

https://www.macrobusiness.com.au/2017/07/crypto-crashes-amid-bitcoin-civil-war/

https://m.investing.com/analysis/bitcoin;s-2-forks-200200096

Interesting read if you've got the time.

The Satoshi Affair - Andrew O’Hagan on the many lives of Satoshi Nakamoto

Nordy, do you follow Clif High? His last BTC rip came true to 3K earlier this year, and also called this pullback. He just called BTC to rise to 2888 in "September", then parbolic up to (XXXXXX dollars)..... He didn't set a target but called it something like "Same sort of magnitude as this last price raise". I'm thinking 5K+ before peaking.

I haven't heard jack shit about Euthereum lately, but I haven't really cared. Still holding everything I've ever bought.

I also think the metals are about to ramp again, but they are so fucking manipulated it's sick, so who knows.

Ethereum cryptocurrency heist! Over $7 million reportedly stolen through simple hack

Another reason to be very wary, although this attack seems like it would be repeatable. I mean, ICOs don't happen every day.

Floyd Robertson wrote: Ethereum cryptocurrency heist! Over $7 million reportedly stolen through simple hack

Another reason to be very wary, although this attack seems like it would be repeatable. I mean, ICOs don't happen every day.

Yep

tTy wrote:Nordy, do you follow Clif High? His last BTC rip came true to 3K earlier this year, and also called this pullback. He just called BTC to rise to 2888 in "September", then parbolic up to (XXXXXX dollars)..... He didn't set a target but called it something like "Same sort of magnitude as this last price raise". I'm thinking 5K+ before peaking.

I haven't heard jack shit about Euthereum lately, but I haven't really cared. Still holding everything I've ever bought.

I'm in.

I'm emotionally and logically all-in on Industry 4.0, the Singularity, the 4th Industrial Revolution......

All

Fucking

In

No idea how this plays out, but the blockchain concept fits my overall belief of what is coming.

I'm invested.

Am I rich?

I think so...I wonder who much OF Kush you can buy with that???

Dear Coinbase Customer,

We wanted to provide an update on proposed changes to the Bitcoin network and what that means for bitcoin stored on Coinbase. You can read more about what a digital currency fork is https://blog.coinbase.com/what-is-a-bitcoin-fork-cba07fe73ef1.

Our first priority is the safety of customer funds. In the event of a fork, customer fiat currency (USD, EUR and GBP) and digital currencies (bitcoin, ether and litecoin) are safe.

On August 1st, 2017 there is a proposal to make changes to the bitcoin software. This proposal, known as Bitcoin Cash, is likely to create a fork in the Bitcoin network. This means that after August 1st, 2017 there are likely to be two versions of the Bitcoin blockchain and two separate digital currencies.

In the event of two separate blockchains after August 1, 2017 we will only support one version. We have no plans to support the Bitcoin Cash fork. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value.

This means if there are two separate digital currencies – bitcoin (BTC) and bitcoin cash (BCC) – customers with Bitcoin stored on Coinbase will only have access to the current version of bitcoin we support (BTC). Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).

Customers who wish to access both bitcoin (BTC) and bitcoin cash (BCC) need to withdraw bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017. If you do not wish to access bitcoin cash (BCC) then no action is required.

We plan to temporarily suspend bitcoin buy / sells, deposits and withdrawals on August 1, 2017 as the fork is likely to cause disruption to the bitcoin network. This means your funds will be safe but you will be unable to access your bitcoin (BTC) for a short period of time.

We will keep you updated on this event through our blog, status page and Twitter.

Thank you,

Coinbase Team

Mass sell off due to people moving shit around on 7/31?

Question (assuming there is a fork), if I have 10 BTC right now on 8/1 will I have...

A) 10 BTC, 0 BCC
B) 5 BTC, 5 BCC
C) 10 BTC, 10 BCC
D) 0 BTC, 0 BCC, game over man

Nordic wrote:Question (assuming there is a fork), if I have 10 BTC right now on 8/1 will I have...

A) 10 BTC, 0 BCC
B) 5 BTC, 5 BCC
C) 10 BTC, 10 BCC
D) 0 BTC, 0 BCC, game over man

I have no idea what is going to happen, I don't have any BTC right now. If you have 10 BTC though, it would be hard to not sell it and walk away with $27,000.

Doing some reading and can't find a definitive answer, which makes all this crypto shit all the more sketchy. This isn't going to be the first or last fork... how hard is it to get an answer??

From what I've gathered, you will have both BTC and BCC after the fork. Who, what, where, when, how... no fucking clue. This also assumes you have your shit in a wallet and not on Coinbase. If it is on Coinbase, I again have no clue... I think you get fucked out of they BCC?

Hopefully tTy will slam a 12'ver tonight and shed some light on this.

r/Bitcoin would be a good place to start. It sounds as if you leave your currency in an exchange and it will do whatever the exchange is doing, so in the case of Coinbase, you will keep your BTC and not have any BCC. If you take it out and have your key....then I'm not sure, maybe you get both, maybe you get to choose which you want to use. I didn't read too much before moving on to other things.

InTenSity wrote:r/Bitcoin would be a good place to start. It sounds as if you leave your currency in an exchange and it will do whatever the exchange is doing, so in the case of Coinbase, you will keep your BTC and not have any BCC. If you take it out and have your key....then I'm not sure, maybe you get both, maybe you get to choose which you want to use. I didn't read too much before moving on to other things.

Yep, that is what I've gathered so far as well from reddit and other places. My shit is currently in Coinbase (not 10 BTC). I'm wondering if I leave it there and just stick with the BTC... or move it offline. If I do the later, I can't figure out exactly what happen (can you use your key on both, does it split into 2, can you use it on one not the other... can't figure it out).

https://www.reddit.com/r/Bitcoin/comments/6p61be/psa_if_you_use_an_exchange_like_coinbase_move/