Digital CryptoCurrency

xQx · 02-06-2018, 05:56 PM

Quote:

Originally Posted by P1et

Let me ask a serious question: when someone buys cryptocurrenty using Binance, or Coinbase, where does the actual money go?

Example: Jimmy buys $10K worth of Ripple on Binance. He's using BTC from his Coinbase account, that he over time paid for using his credit card. Where are his dollars? Who owns them at that point?

To keep it simple, ignoring fees and reinvestment - an exchange simply matches a buyer and seller, so the USD was transferred between two people on Coinbase.

ie. John mined 1 BTC. He then transferred the BTC to coinbase. Jimmy used his credit card to buy the 1BTC from John. Coinbase took the money from his credit card, subtracted a few fees, then gave the purchase price of the BTC to john, who promptly withdrew it to his citibank account.

BillysBmw · 02-06-2018, 06:03 PM

Quote:

Originally Posted by BMW..

Anyone here investing or using crypto-currencies such as Bitcoin or Litecoin?

http://bitcoin.org/en/

I own 1 lite coin

Datka · 02-06-2018, 09:36 PM

BTC is still alive and kicking some gold

Datka · 02-07-2018, 08:31 AM

I knew that BTC would come back much stronger as everyone expected...

P1 · 02-07-2018, 08:39 AM

Quote:

Originally Posted by Datka

I knew that BTC would come back much stronger as everyone expected...

Of course, with all that amazing news released over the past few hours, no wonder it's doing so well today!

R3dliner · 02-07-2018, 09:37 AM

Quote:

Originally Posted by P1et

Of course, with all that amazing news released over the past few hours, no wonder it's doing so well today!

It's only going to get worse imo as india, china, and south korea tighten regulation more. Glad I sold all my xrp while it peaked.

BayMoWe335 · 02-07-2018, 10:00 AM

Quote:

Originally Posted by Datka

They might be right, but don't forget, those who where smart enough to buy some of these coins for pennies, are multi millionairs now

If they sold them, maybe. Many are waiting for it to go back up.

Datka · 02-07-2018, 10:32 AM

Quote:

Originally Posted by BayMoWe335

If they sold them, maybe. Many are waiting for it to go back up.

Of course. That goes without saying...

Mr Carrots · 02-07-2018, 01:28 PM

The SEC hearing was a huge positive, even with Cat Lady Warren doing her best to derail it to screech nonsense about the evil 1%ers.

Hopefully the market regains confidence and we go full bull now.

FutureHendr1x · 02-07-2018, 05:30 PM

a couple of crazy days, i made some nice profit, i purchased 3 BTC @ $6,000, and sold at $8,300.

Im a little down on ADA and XVG from a recent purchase, waiting on those to go up..

euro* · 02-07-2018, 05:52 PM

Quote:

Originally Posted by FutureHendr1x

a couple of crazy days, i made some nice profit, i purchased 3 BTC @ $6,000, and sold at $8,300.

Im a little down on ADA and XVG from a recent purchase, waiting on those to go up..

How much did you spend on fees between those transactions?? Genuinely curious

Did you use Coinbase?

FutureHendr1x · 02-07-2018, 08:22 PM

Quote:

Originally Posted by euro*

How much did you spend on fees between those transactions?? Genuinely curious

Did you use Coinbase?

No fees

, no i dont use coinbase. I normally use GDAX, for buying and selling BTC.

This time i used Gemini, and fees weren't that high, but GDAX is free if you know how to do it.

NemesisX · 02-07-2018, 09:20 PM

Quote:

Originally Posted by alanz

I think the best strategy is just "buy and hold", but it's not so easy to do. Personally I use some cryptocurrency for gambling, I read about Cryptocurrencies for Gambling a few months ago and since that time I've been trying my luck in the hope to get more BTC on my wallet. Hope it will not be in vain.

Not for cryptocurrency. If you're talking about run of the mill mutual funds, ETFs, and the occasional stock that you just take an educated guess on then yes.

If you're taking about a VERY small percentage of your net worth that you wouldn't blink an eye to losing forever, then sure. You can buy and hold cryptocurrency.

People investing in cryptocurrency might as well be imagining that they're at the roulettte table in Las Vegas right now, only there's a chance that the roulette table will blow up any minute taking all your money with it.

NemesisX · 02-07-2018, 09:22 PM

I know a 24 year old who put his life savings (around $80k) into bitcoin. At least it was worth $80k a month ago.

Hawkeye · 02-08-2018, 09:12 AM

Quote:

Originally Posted by NemesisX

I know a 24 year old who put his life savings (around $80k) into bitcoin. At least it was worth $80k a month ago.

At least he is going to learn the hard lesson early enough in life to recover before retirement. It could have been worse!

BuiltnBoostedZ · 02-10-2018, 08:03 PM

Quote:

Originally Posted by Hawkeye

At least he is going to learn the hard lesson early enough in life to recover before retirement. It could have been worse!

If he still holding, retirement is but a few years away.

P1 · 03-01-2018, 09:55 PM

Just making sure this thread doesn't die.

What are the updates, boys?

IllSic_Design · 03-02-2018, 03:22 PM

Just been HODL'ing and also buying more here.

xQx · 03-03-2018, 12:33 AM

Quote:

Originally Posted by IllSic_Design

Just been HODL'ing and also buying more here.

Same here.

Market's basically moving sideways. It's not at the top, not at the bottom. No reason to buy or sell.

Mr Carrots · 03-03-2018, 10:56 AM

Quote:

Originally Posted by P1et

Just making sure this thread doesn't die.

What are the updates, boys?

We're far from ATH but overall I'm up 5 x on my initial investments in the last 6 months

Hows that stock market return been in that time period out of curiosity?

P1 · 03-03-2018, 11:15 AM

Quote:

Originally Posted by Mr Carrots

We're far from ATH but overall I'm up 5 x on my initial investments in the last 6 months

Hows that stock market return been in that time period out of curiosity?

I don't have those figures handy, but I'm sure someone has that information.

PoorLurker · 03-04-2018, 12:48 PM

Quote:

Originally Posted by P1et

I don't have those figures handy, but I'm sure someone has that information.

Hmm I will update this when my Friend Hare Tertale gets back to me.

02-06-2018, 09:36 PM	#663
Datka Lieutenant 451 Rep 465 Posts Drives: 2009 M3 ,2021 M340i Join Date: Sep 2016 Location: Long Island, NY iTrader: (1)	BTC is still alive and kicking some gold __________________ "Racing is life. Anything before or after is just waiting." Steve MCQueen
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02-07-2018, 08:31 AM	#664
Datka Lieutenant 451 Rep 465 Posts Drives: 2009 M3 ,2021 M340i Join Date: Sep 2016 Location: Long Island, NY iTrader: (1)	I knew that BTC would come back much stronger as everyone expected... __________________ "Racing is life. Anything before or after is just waiting." Steve MCQueen
	Appreciate 1 Route 16871.00 Quote

02-07-2018, 01:28 PM	#669
Mr Carrots Captain 770 Rep 628 Posts Drives: Bmw Join Date: Dec 2016 Location: Usa iTrader: (0)	The SEC hearing was a huge positive, even with Cat Lady Warren doing her best to derail it to screech nonsense about the evil 1%ers. Hopefully the market regains confidence and we go full bull now.
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02-07-2018, 05:30 PM	#670
FutureHendr1x Private First Class 35 Rep 164 Posts Drives: F30 335 Msport Join Date: Jun 2017 Location: Socal 818 iTrader: (0)	a couple of crazy days, i made some nice profit, i purchased 3 BTC @ $6,000, and sold at $8,300. Im a little down on ADA and XVG from a recent purchase, waiting on those to go up..
	Appreciate 1 Delta03117487.50 Quote

02-07-2018, 09:22 PM	#674
NemesisX Captain 321 Rep 905 Posts Drives: '19 Infiniti Q60S Join Date: Jul 2009 Location: TX iTrader: (0)	I know a 24 year old who put his life savings (around $80k) into bitcoin. At least it was worth $80k a month ago.
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03-01-2018, 09:55 PM	#677
P1 Lieutenant General 11766 Rep 11,195 Posts Drives: 2004 3/4 ton Duramax Join Date: Aug 2007 Location: United States iTrader: (1)	Just making sure this thread doesn't die. What are the updates, boys?
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03-02-2018, 03:22 PM	#678
IllSic_Design Colonel 2127 Rep 2,759 Posts Drives: 12 E92 328i Join Date: Jun 2016 Location: Northern California iTrader: (1)	Just been HODL'ing and also buying more here.
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