Cryptocurrency

[psychocandy]

I just signed up. How do you trade? Do I need bitcoins or can I use money? I might have to go through a verification process here too...

What I did was:-

1. Set up a bit coin wallet on greenaddress.
2. Bought bitcoins on bittylicious. No problems but not the cheapest at times. (5 mins to verify bank transfer, 10 mins to recieve in green address)
3. Set up bittrec account (which they provide you with wallet)
4. Sent bitcoins from greenaddress to bitrec wallet (small fee). 30 mins before it showed pending, an hour before it was there. (worried me a bit)
5. Bought the other ones with my bitcoins.

[scooterscot]

I don't know, my mind is probably to small to comprehend this whole thing. On paper it all looks great. So far I have not seen any evidence of its use to help and benefit anyone besides the people investing in it. Give me some links to reality not theory what it "can do" but what it "is doing" right now. At the moment all I see is greed and speculation.

On the other hand investing in this crazyness seems a good way to make some cash.

Reminds me of:

PS: Is that ATW doing the demonstration??!

[scooterscot]

Let's be honest here Scoot, we are intelligent, educated older people, it is a long term Ponzi Scheme no matter how shiny anyone makes it sound, still a piece of turd. I sure as hell wouldn't mind making money out of turd but I wouldn't believe in the turd I sell.

Do you remember this joke?

Interesting no?

Bitcoin does not fit the definition of Ponzi scheme for various reasons:

There are no paid dividends to any investors.
The purpose of using bitcoin isn’t to recruit new participants.
There’s no centralized body that funnels money up to the top.
Unlike Ponzi schemes, Bitcoin will still have value and continue to function even if no new participants join the ecosystem.

[Drei]

Bitcoin does not fit the definition of Ponzi scheme for various reasons:

There are no paid dividends to any investors.
The purpose of using bitcoin isn’t to recruit new participants.
There’s no centralized body that funnels money up to the top.
Unlike Ponzi schemes, Bitcoin will still have value and continue to function even if no new participants join the ecosystem.

1) Dividends are paid to the early investors as in $0.00000003 is now $2500, if that's not a a huge bonus then no idea what is.
2) Yes it is, only reason the value is going up is because people are still investing hence new people, every time someone buys more bitcoin the value goes up hence "new transactions" = "new participants".
3) Sure there is, the big whales that dump or pump resulting in manipulation. You have no idea who owns the big wallets do you?
4) I guarantee you that it won't, where do you think the extra $2500 is coming from? Someone farting money? Someone will always have to pay for such a huge increase in value.

Reminds me of:

Sure but you still have not provided me with any examples of how it is being used instead of the potential. Like I said, I doubt the farmer from Cambodia has a mobile phone yet alone a computer to get his funds, would be hilarious to see them try and create a wallet.

Please show me how this is actually helping anyone besides the people making a killing out of investing in it. The coins are kept in wallets by people hoping they go up so they can make a huge profit in very little time. Nothing in the history of anything on Earth managed to go up in value by so much:

June 2009 1 BTC = 0.0001 USD
June 2010 1 BTC = 0.07 USD
June 2011 1 BTC = 15 USD
June 2012 1 BTC = 7 USD
June 2013 1 BTC = 100 USD
June 2014 1 BTC = 600 USD
June 2015 1 BTC = 220 USD
June 2016 1 BTC = 706 USD
June 2017 1 BTC = 3000 USD?

[scooterscot]

3) Sure there is, the big whales that dump or pump resulting in manipulation. You have no idea who owns the big wallets do you?
4) I guarantee you that it won't, where do you think the extra $2500 is coming from? Someone farting money? Someone will always have to pay for such a huge increase in value.

3) Yes, everybody does know. They are the miners. The miners have ultimate control, especially if they collaborate.
4) It's more or less exclusively coming from Japan.

[scooterscot]

Sure but you still have not provided me with any examples of how it is being used instead of the potential. Like I said, I doubt the farmer from Cambodia has a mobile phone yet alone a computer to get his funds, would be hilarious to see them try and create a wallet.

Yes I have, a number of times on this thread. A wallet already exists for remote communities that is already in use. You'd know this if you did the research!

https://www.stellar.org/how-it-works...llar/#Deloitte

You can't be bitter if you think you've missed the boat. Instead double down, find out what's got some future value and invest. No point in talking something down if you don't understand, that's just pointless.

[Drei]

Yes I have, a number of times on this thread. A wallet already exists for remote communities that is already in use. You'd know this if you did the research!

https://www.stellar.org/how-it-works...llar/#Deloitte

You can't be bitter if you think you've missed the boat. Instead double down, find out what's got some future value and invest. No point in talking something down if you don't understand, that's just pointless.

Mate in all honesty I am not that money hungry as the %95 of the population, 15 years ago I used to play the lottery, same number every time (family and special meanings to me), one week I missed getting a ticket, though ah well... all my numbers came up, every single one so yeah I missed a few millions but life goes on. All I want is to be healthy, my family to be healthy and the rest doesn't matter.

Sure I will invest some pocket money in the Alt Coins see what happens but I still don't see what the big fuss is about. This tech should cost nothing and be free for all just like Unix, Linux and other free things which do make a difference.

Crypto is controlled, why else would it become harder and harder to mine the coin? IF they suddenly doubled or tripled the amount of bitcoins the value would also drop... so yeah it is controlled because it is an item that requires no effort to make besides the fake imposed effort part of the whole process. If I mine Gold I know the effort it takes to mine it, physical effort and physical constraints. I don't understand how some little tulip in his basement doing nothing is worth the same as 100 police medics and fire-fighters. You know the people that provide a life saving service?

I have the exact same view on sport personalities, reality TV idiots and actors in general. They are all worth absolutely NOTHING!


Again I shall ask you (I don't mean just you Scoot but all crypto holders in general), are you doing anything else with these coins besides accumulating wealth without any effort whatsoever? Are you part of the development teams, are you creating new ways to use it so it benefits the world, are you farming so you are part of the network? Buying shares and investing in things is slightly different than what is happening to the crypto markets.


Seriously I am all for it and I will jump on board, Stellar address right here GDFHZJI44X42EYHPXL2LYH4G6MRCPAYNKYEMMYSFQJBBPY6SAV P3KHTT

[Drei]

anyone here know anything about these two Android Wallets?

https://play.google.com/store/apps/d...coinomi.wallet

https://play.google.com/store/apps/d...ev.cryptonator

https://play.google.com/store/apps/d...oins.centaurus

I am wondering if it might be more secure having my wallets on a new factory reset phone only used to store coins.

[Drei]

Scoot here is an idea mate, can we not use you as our trade starting point? As in we trade with you for our firs coin, enough to get us started on BitSquare (1 LTC, SC, XLM whichever, obviously not 1 BTC). You can send us a PayPal invoice if that works.

The reason I am saying this is cause of all the damn hoops we gotta jump to get started on exchanges. Too much of a pain in the ass to get started.


Tries Coinbase again, didn't work and my understanding is that their support sucks. Credit card transaction got cancelled...

Have not used Kraken yet but I might try it however their fees is nuts especially if you want to use SWIFT. $60 a pop no matter if you transfer $1 or $10k.

I have now signed up to bittylicious.com any thoughts?

[scooterscot]

Don't know - you only need a small amount of bitcoin to buy through bitsqaure. Now would be a good time to buy in after the bloodbath of the last 24 hours. Lots of weak hands cashing out / giving up.