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Wow how this forum is an unbelievable echo-chamber fueling one big ponzi scheme. Bitcoin as a currency, give me a break. A currency where it takes days to clear payments unless you pay massive fees - fees that are hostage to whatever vagaries the miners have? And if you don't, you are left in limbo where you have no idea whether it takes minutes, hours or days to move your money? A currency which is heavily impacted by "civil wars" with rival crypto currencies? A "currency" even less stable than the former Zimbabwean dollar. Don't get me wrong - the other crypto "currencies" equally well fit the ponzi scheme.
It is abundantly clear from reading in here for quite a while that the vast majority of people speculating in here are simply pinning all their hopes and dreams on the notion that these tulip bulbs - sorry tokens - can only rise in value. Sorry to say, but some people are going to get hurt badly eventually....
Quite a lot of hyperbole there, have you seen Bitcoin inflate a billion times in a day like the Zimbabwean dollar? I'm new and have considered both sides of this argument quite a lot. I do agree that for the most part this forum is a bunch of crazed cheerleaders whose best argument for it going up is that it has gone up already, or that they really REALLY want it to go up! There are a lot of problems to overcome if it's ever going to be a currency and maybe it never really will. But it is clearly in it's infancy and can go through all kinds of development between now and 'later'. I think transaction times and fees wouldn't be that hard to drop with the right changes. I also think one of the biggest problems to overcome is the INSANE amount of electricity that is used. I read somewhere that right now it is at 1/2 a % of the global carbon footprint and that one transaction uses as much electricity as driving a Tesla 300 miles. Crazy! Plus, somehow it has to be idiot-proofed so that the average joe can easily use them without losing them all. As a safe haven against inflation it seems like it could have a lot of potential, as it already does in several countries. For the last decade the U.S. stock market has gone berzerk. Why? Among other things, with near zero interest rates there is literally no other place to put your money to invest. What will people do with all those gains when (if) the stock market has a prolonged decline or inflationary period? They could buy gold - or bitcoins. Now I'm not insane by any means and I do realize that the idea of pouring your life savings into "invisible data coins' could easily be the worst decision of my life. My plan is to get my initial investment out asap and let whatever's left ride. And I don't plan on ever putting more than 15-20% of my savings into it. I'd encourage everyone else to have an exit plan as well. Because even though you don't want to admit it, the whole thing could collapse and you'd better make sure you have a plan B just in case. Or, it could go to the moon and we all win! (rah rah) just my .000002 BTC |
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Eth transfer to bittrex should be bigger than 0.1 eth. If your amount of eth lower than this or the same your coin will be pending in the network , you'd better transfer more than 0.1 eth once more then the balance will show up. I did the experience before. if the case not like that , contact the support.
I thought it said on bittrex that it needed to be >.1ETH to show. I could be wrong. The frustrating part was finding the transaction # on GDAX. They showed a transfer ID # but I think that was an internal thing, not something to trace. I finally found the transaction # on coinbase on my phone. Was just surprised the ETH took so long to show up. And when you're new, you panic LOL! As an aside, I'm no genius with this stuff, but I'd bet I'm more capable than 85% of the population. This whole thing is going to have to become a LOT more user friendly if anyone expects mass adoption. I guess the united states CME will help out a lot with this. ETH transaction usually take as little as 5 to 10 minutes. GDAX probably screws people over by placing a very low Gas price (0.1 GWEI) so that they spend less to send your transaction, downside is that your transaction takes longer to confirm. I'd stay away from GDAX and Coinbase esp. now that the US government is snooping on it's user's accounts. I'd be curious which wallet and exchange you recommend if you don't mind? Until I complete my 'cash infusion' I need one that will deal in U.S. dollars. |
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Eth transfer to bittrex should be bigger than 0.1 eth. If your amount of eth lower than this or the same your coin will be pending in the network , you'd better transfer more than 0.1 eth once more then the balance will show up. I did the experience before. if the case not like that , contact the support.
I thought it said on bittrex that it needed to be >.1ETH to show. I could be wrong. The frustrating part was finding the transaction # on GDAX. They showed a transfer ID # but I think that was an internal thing, not something to trace. I finally found the transaction # on coinbase on my phone. Was just surprised the ETH took so long to show up. And when you're new, you panic LOL! As an aside, I'm no genius with this stuff, but I'd bet I'm more capable than 85% of the population. This whole thing is going to have to become a LOT more user friendly if anyone expects mass adoption. I guess the united states CME will help out a lot with this. |
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Thanks all. It took a while but it went through. I managed to send it back ok too. Exchange to exchange does seem to work. Test complete  |
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New guy here, just tried to transfer a little ETH to bittrex a couple hours ago. Coinbase says transaction pending two hours later. There's a transaction ID and an address but no other info. Is this just GDAX being slow to initiate the transfer? The reason I used ETH instead of BTC was because of the transaction times and fees. grrrr.
Do I just need to be patient?
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OK so I think I'm buying that this crazy slowdown in transaction times and increase in fees is a temporary spam attack, along with a (temporary?) loss of miners. But what I didn't realize is just how fragile this network really is. If someone wanted to screw it up forever and bring BTC down to zero, couldn't they just spam it forever? I don't think people could live with this for very long. What say you? I'm a newbie but I managed to get out for $1500 of the drop and bought some again last night...so at least I did that right! But now I still have it on the exchange because I don't want to wait multiple days for transfer. Don't like that too much  |
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OK, so I've only been invested for two weeks, but I was looking into how to sell (once I become a gazillionaire) and there's not a whole lot of info out there. Suppose you get to $1,000,000 plus and just want to cash out. It looks like coinbase only let's you sell $10,000 per week? Or maybe transfer $10,000 in cash back to bank? Kind of fuzzy there. At any rate, that would take 2 years to get your million bucks out. Could that really be true? If so, why? And are there other places that would let you cash out all at once? It seems that if this thing goes the way people think it will, that this actually could be an issue.
For what I know there is a very simple solution: Use Poloniex. It's not like I specially love the plateform but once you get to maximum level of verification you have no limit for bank withdrawal. So you just send your btc here, sell them for $ and then voilą! But of course you have to trust a trading platform... So if I were you I would do it by medium amounts like 20k$ :p It doesn't look like poloniex deals in fiat. unless i'm missing it. |
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converting BTC to USDT?
USDT is only worth what some other moron on Kraken is going to give you for it. Kraken is pretty much the one and only place on the planet where you can turn USDT into real dollars. You certainly can't do it via the actual creators of USDT. As Kraken volume is tiny it's one of the stupidest things anyone can do. There's enough to real USD out there. Go an convert it into that with one of the numerous services that can. I'm glad I asked this. I thought it was just equal to the dollar minus a % or two for profit and always stayed that way. Actually I can't believe it isn't that way. that would be a tidy way to hold electronic cash on reserve to trade. Business opportunity?? |
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well the problem you are talking about is a fiat related problem. which means you have to find an alternative way of receiving the fiat in return for bitcoin. that means some method that doesn't require banks or other centralized (law abiding) places. like trading face to face with someone on localbitcoins.com for example. why? you have to ask your government and banks why they have set such rules for fiat  Is it just that there's extra paperwork or verification or something? Or is it because they think you've done something illegal? It seems like if you told the IRS that you wanted to cash out 1,000,000 and they'd get 200,000 of it right away and you had all the documentation of your trades that they'd let it happen, LOL. If I sold my house for a million or a few bars of gold, they wouldn't have any problem taking that money. Seems strange. Do you think it's something that will get more relaxed over time? I mean, I only can HOPE this is a problem some day! I think i'd be scared to do it on localbitcoins. Hell, I'd be scared to do it anywhere, lol. So if I wanted to sell $1,000,000 worth of bitcoin I could do it, but I'd have to leave it on coinbase or wherever (which I wouldn't want to do) and the problem is just the conversion of it, right? So,if I thought a crash was imminent what are other options, converting BTC to USDT? |
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Can you change your seed phrase and keep everything else intact (bitcoin location and private keys). I'm afraid I still don't know enough about it all.
Bitcoins are "stored on" addresses. To be able to spend bitcoins you need the private key of the correspondending Public Key (basically your address). Seeds are used to generate multiple private-/public keypairs without you having to backup every private key itself. If you want to "change your seed" you basically have to create a new seed and send your funds to an address generated with the new seed. You can *basically* look at a seed like this: address1 = (mathematical operation on seed)
address2 = (mathematical operation on seed) + 1
address3 = (mathematical operation on seed) + 2
...
I love you for trying to help me out, but that just doesn't compute in my head. I think I'm too old to ever grasp it. OK, so: I have a trezor. The private key is on the trezor and along with the public key points to the location on the blockchain of my bitcoin? Yes/no on coinbase, my private key is stored by coinbase, has separate private and public keys and if I kept bitcoin there, yes/no it would be in an entirely different location on the blockchain? The seed is just a complicated as hell password that allows me to access the trezor, and the public and private keys? Yes/no I can make a different seed (I don't actually want to) without affecting the public or private keys, or the location of my bitcoin on the blockchain? Yes/no Thanks so much |
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OK, so I've only been invested for two weeks, but I was looking into how to sell (once I become a gazillionaire) and there's not a whole lot of info out there. Suppose you get to $1,000,000 plus and just want to cash out. It looks like coinbase only let's you sell $10,000 per week? Or maybe transfer $10,000 in cash back to bank? Kind of fuzzy there. At any rate, that would take 2 years to get your million bucks out. Could that really be true? If so, why? And are there other places that would let you cash out all at once? It seems that if this thing goes the way people think it will, that this actually could be an issue.
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I do not think another crypto is about overtaking bitcoin. Bitcoin has a massive demand and as difficulty in mining is increasing, the demand rises because many are starting to adopt it. So Bitcoin leads far into the future.
I'm not saying it isn't necessarily leading into the future. It has a huge head start, and clearly from this forum a very enthusiastic following. But if something comes along that nobody can even conceive of yet, it is not impossible to overtake bitcoin. I agree that if it does happen, it will be years down the road. I just like to be cautiously (rather than blindly) optimistic. |
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It can't be overtaken because it's expensive? Because it's got the market share? That's what Sears said. That's what Kodak said. That's what AOL said. And Myspace. So what I'm saying is that those really aren't rational answers are they? As soon as a coin comes along that out bitcoins bitcoin then it will be a thing of the past. If you know the time frame, then you are all set!
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I did take that advice, although it bummed me out that I had to be online at all when setting it up. At least I think I had to be? drgrah, FYI you do NOT have to be online to initialize a Trezor. It is very easy to set one up totally offline. Google Chrome and an extension enables it easily. When I first setup my Trezors I used the website too, but then I figured out how easy it is to do it offline, which I like. I needed to re-do my Trezors anyway so I did them offline. Now I always do my Trezor initializations offline. I'll take a look at it. I downloaded the extension, but it didn't really look like it did anything in terms of setup. Although it sounds like just the sort of thing I'd try to do and somehow lose my coins. Can you change your seed phrase and keep everything else intact (bitcoin location and private keys). I'm afraid I still don't know enough about it all. Thanks |
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I will try to help as much as possible but I am still quite new as well so bare with me. Yes all wallets have different seed phrases, no one wallet with have the same as this would defeat the purpose. I dont know how CoPay functions have never used it but yes if you emptied and deleted a wallet then the seed phrase would be essentially useless this much is clear. Good job on getting the Trezor they are very safe it was my choice too! As per the setup I would advise watching this youtube vid https://www.youtube.com/watch?v=ggVKVmcmflk it is the exact one I used when starting. Try to avoid coinbase if you can I think they charge 1.5% fees normal and 4-5% fees on credit and debit cards. If you are in a country that can avoid then do so because you will save immensely on fees, if you cant then I suppose you coinbase. Try using an exchange like Bitstamp they are internationally known and there fees are around 0.25% if I remember correctly. Good luck! Regarding coinbase: After my first mistake and very steep transaction fee, I realized how to do it on the cheap. ACH to coinbase is free, transfer usd to GDAX for free, buy coins there for free (if you 'make the market') and apparently it looks like I can transfer from there to Trezor for free. So it's working for me, but I'm open to better ideas! |
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Don't ever consider BCC even as a part of BTC also.Its just a shitcoin created due to hard fork in august 1.But the thing confusing you is,that its price continuously rising.Its just being pumped.
Just hold your bitcoins in your wallet and stay cool.Segwit 2x activation would occur on november 15th.Most of bitcoin holders who care about bitcoin do not need it to succeed.But the annoying fact is that it has more miners support and has 85% hash rate.
If segwit 2x fails to get more support,then definitely there would be a split in the chain and you will be getting free segwit 2x coins.
If segwit 2x succeeds in getting major support which we don't want to happen,then we would have bitcoin segwit 2x coins replacing the legacy bitcoin.
By any way,you would be safe.just hold your bitcoins in your wallet.
I wish I could even pretend to understand what hashrate is, lol. How long do you suppose it takes to be decided about which one has more support? Will it be clear which is the winner in a month or more or right away? I've nearly given up on trying to understand the technical aspect, I'm just excited about the mainstream attention bitcoin is starting to get in general. And that's what got me to jump in. Sadly, when it was just a couple hundred bucks not too long ago, I gave up because I was too intimidated  Thanks for your post! |
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As mentioned above but now I reiterate because I am a Trezor user: if you type or place your Trezor SEED on ANY device you have wasted your money buying a hardware wallet. The absolute magic of TOTAL private key concealment is what makes a hardware wallet bulletproof. Simply NEVER do anything with a Trezor SEED except WRITE it down and NOT type it using any computer ---- not ever!!
I did take that advice, although it bummed me out that I had to be online at all when setting it up. At least I think I had to be? And when you log onto trezor/mywallet, I know the keypad is scrambled, but you still have to enter your 25th word right? But that's ok? If you had to guess, what percentage of people that wrote their seed down on their computer would get hacked? The way it sounds, everybody would! But it has to be an awfully small %, right? Just because I'm wondering, what if you wrote a little short story on word. And the last word of the first 24 sentences was where you put the seeds. Do they really have technology that could put that together as the seed phrase? If so, that would be mind blowing! |
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Bitcoin Gold is no longer a thing. I mean, people could have some Bitcoin Gold in one of the few wallets that supports it but there's no liquidity and the Bitcoin Gold website isn't operating. Forks are good thing for a cryptocurrency. It's a test to see if a new proposal could improve the existing code. Bitcoin could be replaced by Segwit2x, but if it is i'll mean that the marketplace, the distributed network of node operators have agreed that the new proposed code will make "bitcoin" stronger. The cool thing is that anyone who owns bitcoin wallet private keys gets access to an amount of the new currency equal to what they own - this makes the transition a lot easier for users. You don't need to buy the new coin, you just need to see what the market decides. Understood, thanks. So this bitcoin gold only lasted a couple months? scary! Although if there was a way to figure out if segwit2x was going to be the new thing, it would be nice to load up on it while everyone is getting rid of it! (if that prediction comes true) I wonder how long it will take before a clear winner can be figured out? My avg from my recent purchases is mid $6k, Im probably in the 'just ride it out' area I guess. I was going into this with the hodler mindset, as they say... |
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Safest strategy is just to do nothing and hold both BTC and segwit2x after the fork. This way you will never lose your investment.
With the very high price of BTC now I suggest not to get more BTC, because it might dump hard a day before the fork and after the fork.
The weeks/months before the BCC fork everybody was panicking but after the fork BCC got dumped hard. I personally expect the same will happen with segwit2x.
Then would it not be wiser to sell BTC now and buy back more at a discount? Or will the price of 2x be enough to compensate for the temporary loss in BTC do you think? Just want to be smart about it. I think I'd like to try not to panic, just sit here, and double down on the drop. Does anybody think it's entirely possible that this new one will be the new standard and BTC will just fade away? Did this whole forking thing just start or have there been a bunch in prior years? I'll tell you, they couldn't have devised a better strategy to scare the bejeezus out of new people trying to come in!! |
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The more I read, the less I seem to know and it's driving me crazy. Over the past week I've seen so many different bitcoin tickers I am pulling my hair out. Is BCG an actual thing? BCH or BCX? It sounds like BCC is.
So, I bought a little BTC last week and some more today and it's a all in a Trezor.
I know there's a fork coming up and 'something' will happen but what??? Should I be worried that one of these off shoots will replace BTC because it's intrinsically better? (BCC seems to be on a tear right now, why?) Should I still try to get some more BTC so I get some more BTwhatever in mid November for 'free'? Will BTC drop and whatever is coming go up so that the sum of the two roughly has the same value as BTC does currently?
I guess I'm just worried what if one of these new ones will be the new standard and that BTC will end up disappearing. It also seems that the two 'sides' are diametrically opposed so nobody knows who is right? What's the best strategy here?
It ain't easy being a middle aged dude trying to learn all this, I can tell you that!
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