Anyone cryptocurrency mine?

[Gasser64]

I agree with you on principal. However, as a Technologist/nerd, I've found that principals rarely make money on "The Street". I.e. Apple's rise, Microsoft (DOS OS), the list goes on and on.

Oh I don't disagree there. Ripple may very well make some millionaires. Maybe. But there are lots of others that are going to do a lot better. Look at the market cap. You see the difference between the amount of Ripple (XRP) in existence, vs the amount of bitcoin. Its sky high. The higher that number, the lower and slower you can expect its climb to be.

But you have to weigh that against all the money that will be flowing into crypto, and how much it will be growing. So its just going to take a long time for those high cap coins to reach $1. I'm thinking 2 years at the minimum. Maybe 5 years, hard to tell.

You can scroll through all of the coins and see the direct correlation between their current price and the amount of coins they have. Or that they say that they will have once they're finally all mined. The lower the coin number, the higher the price. So if you identified a solid project that had a somewhat low number of coins and a high degree of hype, you can bet that it will shoot up. And if you find one post it up lol. Only thing is, I'm somewhat skeptical of ICO's. They're a scammer's paradise. Very treacherous waters to be navigated in crypto.

[Darren M]

Like!
And great point. I too am highly skeptical of most ICOs. I'll post up what I find as long as y'all practice "safe investing". Lol, a bit of an oxymoronic statement.

[Darren M]

Hope no one was on YouBit!

https://www.coindesk.com/south-korean-bitcoin-exchange-declare-bankruptcy-hack/

[Gasser64]

Like!
And great point. I too am highly skeptical of most ICOs. I'll post up what I find as long as y'all practice "safe investing". Lol, a bit of an oxymoronic statement.

I think it can be done. Research is the key, but any investment will always be something of a risk. You could buy awesome land and then have an asteroid hit it. You never know...

With crypto it really helps if you're already a "computer guy" and can assess projects fairly well and tell if it is something that is needed or wanted. But even if its a good project (that has a reason to exist) you still need to see what its competition is from other cryptos, and see how far ahead they are. My rough criteria are:

1. Good dev team. What else has each member done?

2. Brings something to the table. Has a good reason to exist. Project will fill some need in the world.

3. Doesn't have too much competition from other cryptos seeking to do something similar, or the same thing. (See Dash vs Bitcoin Dark also Bytecoin)

4. Doesn't smell like a scam. This one is a bit trickier, and is just a gut feeling type of deal. Superiorcoin smelled kind of stinky to me, turned out it was. Often just the name can help you decide. People have named coins after their dogs. Yeah.

5. Somewhat lower number of coins, ideally in the 10's of millions. Also, has over 500,000 per day in trade volume.

6. Has some form or fashion of progression that you can follow. This one wouldn't apply to ICO's or just new coins, but rather ones that you're considering that have been out a good while. If there is a year or two that it went dark, I'd probably avoid it. Some of them WILL go extinct, and you don't want to be in it when it does. Check their latest Roadmap, and read up on their Reddit page. Reddit is very, very useful for keeping up with how they're coming along.

Also watch out for the exchanges. They do get looted every once in awhile, although that has improved a bit. Use the two factor authentication with google authenticator. Makes you have to enter a random number that pops up in the authenticator every 10 seconds. Also use email authentication. Best thing you can do is get the correct wallet and put it on your desktop. Transfer all your coins to your desktop wallet. Then print out a paper wallet of your authentication keys. Wouldn't hurt to image that hard drive over to another hard drive just in case the main hard drive dies. Been known to happen. Be VERY careful to never accidentally send the wrong coins, to the wrong wallet. You do that, and your coins are gone. All it takes is one screwup like that.

You'd think it would just say something like "Invalid address" and just not complete the transfer. No, it just erases your coins. This goes for any coins of any kind. They must go to the correct wallet. So for example Reddcoins, go to your Reddcoin wallet. You send them to a bitcoin wallet and they'll disappear forever.

[GeorgeG.]

What Gasser said is my biggest struggle with this whole bitcoin. I don't know what to research.

I know I can invest in bitcoin, I can transfer it to trade and have begun trading on the guidance of another individual, but trying to make sense of all of this has been challenging.

[CWO]

let's talk wallets

I was good when I had everything on Coinbase. Now I'm all over the place, mostly Binance, and I don't like the way it keeps track of everything. Now I have too many gainz, like gainz in too many places!

But seriously, best/easiest/safest way to wallet some shit?

[Strychnine]

[Darren M]

let's talk wallets

I was good when I had everything on Coinbase. Now I'm all over the place, mostly Binance, and I don't like the way it keeps track of everything. Now I have too many gainz, like gainz in too many places!

But seriously, best/easiest/safest way to wallet some shit?

I'm close behind you....

[Darren M]

Man.... some folks are taking a beating!!!!! How low will they go!?!?!?!

[red89notch]

That bubble has been popped!

[Gasser64]

What Gasser said is my biggest struggle with this whole bitcoin. I don't know what to research.

Its all just various places. You'll use youtube, reddit, their official website, their official whitepaper, look at their roadmap if they have one. Watch lots of youtube vids on the coin. Join facebook crypto groups and ask questions, and search that coin in the facebook group and read the past posts about it. Your research needs to come from all those places, and anywhere else you can find information. Until you are satisfied that you know it well enough. Join the coin's slack group, and live chat with the members that are in there. They'll all be other investors in the coin you're researching. Ask them questions, talk to them plenty. You're basically just learning about the coin, and getting a "feel" for it, and if you want to invest in it. Always try to buy at a price that you are quite happy with.

Days like today are a good day to buy. When everything is way down. Fire sales.

let's talk wallets

I was good when I had everything on Coinbase. Now I'm all over the place, mostly Binance, and I don't like the way it keeps track of everything. Now I have too many gainz, like gainz in too many places!

But seriously, best/easiest/safest way to wallet some shit?

There are wallets out there that will support multiple coins. They'll have a selection of addresses with the coin that is supported next to the address. I prefer to use only 1 wallet, 1 address types of wallets. What if you accidentally clicked the wrong address and used that, on one of the bigger wallets? That is what I'm afraid of. You can move all your coins to your pc, and just have a bunch of different wallets. If you want you can just put all the wallets in one folder. But you will always have a bunch of different wallets. Even the wallets that support multiple coins, will only have like 8 different coins that they support. And its typically the main coins that are somewhere in the top 10, to top 20 coins. Never fails you'll find a coin you want to invest in, but its not listed in that big multi-coin wallet you have.

In the end yeah, its all kind of a hassle. Not too bad, but something of a hassle. All that stuff the bank used to do for you behind the scenes, now you're doing it. You are the bank now.

[Gasser64]

I wanted to invest in Verge a few months ago, but once again I'm all invested in other coins and ran out of money. But when I looked into verge, there was one thing I didn't like. Correct me if I'm wrong, but it looks like its main claim to fame is that its another privacy coin. And there are an awful lot of privacy coins for it to compete with. Which one will win? Right now its Dash. I just don't know if there will be room at the top for all the coins that focus on privacy. There are just so many of them.

That is not to say Verge doesn't have the potential to make you a lot of money. If Verge has the edge, it might win the battle. Verge is the only one that can claim 100% untraceable.




I do like verge and may still invest in it once it drops a bit. I'm still going to recommend Reddcoin. Again it has nothing to do with Reddit. The other day my $200 investment in Reddcoin, turned into $2300 at the high point. I think it was almost up to 2 cents. Now its back down to 0.8 cents, but that is still pretty high up from where it hovered for a very long time. They signed some kind of deal recently, and I think that is the reason for the spike.

Now here is the exciting thing: They're talking to Steam (yes valve's steam) and they may get a deal for reddcoin to be on steam. If that happens, its too the moon. And you can buy reddcoin right now for less than a cent.

[Gasser64]

Looks like you were right about Verge. Good call

[Darren M]

Watching the BTC, ETH, and LTC, markets is akin to watching geese flying. Lock step! I think someone/somegroup is/are playing the day trade pretty hard.

[Gasser64]

Whales. Easy for them to just move millions around, and cash in on the fomo.

I'd like to know how to properly whale, in case I ever get the chance to become one. Only thing is, people can see those giant buy orders and sell orders. It will run off the savy people. The not so savvy people though, will probably get sucked into it. So maybe the right way to whale would be to just put in 20-30 smaller buy/sell orders, that add up to a very large amount of money. That way you don't tip off the little fish and get stuck in the position cause everyone can see what is going to happen.