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Does anyone want to discuss cryptocurrencies?

There's so much shilling and shitposting on /biz/ that having a barrier to entry might inspire a better discussion.
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the only ones i'm more than a tiny bit invested in any more are ripple and ark.
ark because i think their plan is pretty solid, and they seem like good people. so i think the coin is going to go places. already made a penny on that because i got in pretty early, but i'm going to hold that for the long run.
ripple mostly because i had a friend who was trying to get me into it and hes really into it. i don't think deep down that its going to ever go more than $1 or so, because of how much ripple is out there, but even if it hits $1 i'll make some money.
the rest... i got rid of my ether a while ago (still have a little but not that much), never got that big into bitcoin but i should of back in the day. easy come easy go.
and i have a bit of pivx but idk why i really got into pivx.
t. random scrub who doesnt have much money in any of these.
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>>71036
I don't know anything about cryptocurrencies but I would like to discuss them? Can anyone provide a brief 101 about them?

>in b4 "google it fag"
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>>71068
Google it fag and then explain it to me.
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>>71068
my strategy is:
(aka the greentext guide to crypto):
>somehow hear about a particular crypto (internet, friend, whatever)
>google it
>read some news articles about it
>if theres no news articles ignore it
>find out if they have some kind of long term plan
>find out if they are talking to banks
>find out roughly the amount of a particular coin that exists in the wild and see how it compares to say ether and bitcoin to see if that coin hitting those levels of money is likely. i.e. if theres 100000x as much of Xcoin as bitcoin, its unlikely to hit bitcoin prices. you need to think about this kind of stuff.
>find out if they have screwed anyone over
>that means anyone on the team who is higher up
>check their subreddit
>is it cool?
>find out about their wallet or whatever they have
>if it all checks out, buy a bit of it, depending on how financed i feel that day
>hold onto it for the long term because i'm only interested in long term crypto investments
>btw add it to this app called blockfolio which just tracks your investments
then i ignore it for a few months, check blockfolio every so often, if it went down thats cool just hold onto it. if you really did the research then you know that long term there are goals and a plan to become something in the market more than just a meme coin. thats about it. ignore it for as long as you can stand. i've only really cashed out coins that have hit the point where i can recoup my initial investment and then either a) pocket the money or b) put it into that same coin again or a different crypto.
i think short term thinking is bad. just hold things for the long run and don't dump your coins just because they drop for a bit. often things drop for a bit when bitcoin or ether or whatever swells, because people want to hop on them.
>>
>sold at around 4k for a decent gain
>over 6k now

What a ball buster, I should have known too. It was being kind of sporadic for a time but BTC has always bounced back huge.
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>>71036
Does anyone actually use a credit card to buy a 4chanpass?
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>>71122
No one ever regrets buying bitcoin. They only regret selling.
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>>71036
Holdin pretty heavy Tokencard bags right now

They need to get that MVP out and start marketing or they're toast, other cryptocards beating them to market already but I believe in the concept and there will be many people using these cards by next year, whoever ends up issuing them
>>
I'm not smart enough to invest well, so I just buy Bitcoin, Ethereum, Dash and Litecoin every month. Don't even know what to do when it comes time to sell out
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>>71068
Most of them are complete garbage, coins like Bitcoin and Ethereum are decent, but there's limited money to be made in them now. So people tend to gamble with coins that have no real future but if you time it right can make you a lot more money, but you can also lose everything as /biz/ is finding out right now.
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Funfair is my favourite aside from Bitcoin, ETH and Monero as the big guns. It genuinely makes casinos provably fair with the smallest possible cost to start whatever casino games on their platform as a one-time transaction instead of having to pay fees for each spin/roll/etc.
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>>72281
So it's like an off-chain gambling platform in the same way 0x is like an off-chain exchange platform?
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>>72305
Pretty much. This lets their platform's specialty "Fate Channels" (which are similar to state channels) only require a nearly non-existent cost to start running the games without any further transactions except for placing bets. Pic related does a pretty good job at explaining it's strengths.

As for other projects with potential, it looks like Power Ledger could be a keeper since their chairman is the mayor of a city in Perth, Australia and they'll be showing off at CES in January. Another project I'm not in yet (it won't be out for another few months) and reluctant to mention, but it could genuinely make IOTA redundant. Hints: It's been in the works for years now, there won't be an ICO and it's had a name change during its development. One article on Medium has mentioned it, but kudos if you figure it out.
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>>71122
the bubble is going to burst eventually,
if you already made a profit be grateful.
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>>72483
It's been about to burt for 2 years now, it has to go down at some point, but who knows how much more it's going to go up until then.
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I went all in chainlink
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>>72689
JUST
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>>72739
$1 by 2018
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i use bitcoin as an actual currency to pay for my online things
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>>72689
>I went all in chainlink
idiot
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>sold my LTC at $72

AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
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a word of caution to all bitcoin traders
we are approaching a very significant round number in yen/BTC (1,000,000)

chances are we will see some hard rejection here just like we did at 500k over the summer

long term it is meaningless but short term there WILL be dips.
cheers
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>>72754
nope
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>>72961
gj, actually
>>72775
me too. what are you using? openbazaar? bitify?
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>>71671
>No one ever regrets buying bitcoin. They only regret selling.
yep. Only times i sell are right before forks/when its overly inflated.
last (aborted) hard fork I sold off around 7400 and bought back in at 6600... wasnt bad, but I coulda sold off at 8000 and bought back in at 5800 if I had a delorean time machine or future-sight... oh well
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>>72967
Thing is, we don't know how bitcoin is going to pan out. Things are still so uncertain with it. I lost a lot of money when I stopped visiting coin sites for a time and BTC-e was taken down, taking my coins with it as the period of time I was away was longer than the window for refund.
Still a lot of legal shit going on with it. There are a lot of people who think getting into bitcoin is equivalent or near equivalent to supporting crime.

Also, I'm not so sure about that "no one regrest buying bitcoin". It entered a period of stagnation a while back that could easily cause regret for those who bough too late and had to hold for so long.
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>>72966
namecheap, gandi, and bitcoin vps providers
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>>72968
>Things are still so uncertain with it
im certain about it.
bitcoin will be stable and profitable until a machine is designed which can crack 256 bit elliptic curve cryptography
>>
Here's too hoping I don't pull too many Jontron's in this response.
I employed something almost like a quantity over quality approach here because I felt like it illustrates an important aspect of what we're discussing that I don't feel like actually trying to explain right now.

>>72981
...Or until a large portion of its userbase loses trusted and reasonable means to exchange it due to overstepping of various high-profile entities (e.g. various segments of the U.S. government system) thereby causing a drop so devastating that it's basically unrecoverable.

BTC also faces potential competition from official currencies going digital with their own systems, potentially dropping the whole muh security thing at least for some people, which could lead to a chain reaction.

Then there's the issue of adoption. If events transpire which lead to BTC actually getting adopted as a currency by a group long enough, it will decrease the value of BTC as the BTC cost of the goods and/or services increases (in other words, inflation). We don't know how people will react to this either; it will turn BTC into an actual game of foreign exchange where you have to beat out inflation to make any profit and success is much more confusing and difficult.

I can keep going.
You are naive to think there's no possibility for BTC to be unprofitable for a time.
I haven't even really brought up the various ways that hacking of the exchanges can influence BTC nor the issues of BTC ransomware and theft being in part a by-product of security.
As long as human beings are fallible, BTC is fallible. It's too early for people to feel completely confident in bitcoin and that confidence can be swayed.
>>
>>73101
That being said, I do believe in bitcoin but we must be prudent and aware of the risks.
>>
>>71068
>Can anyone provide a brief 101 about them?
OK.

There are a lot of different cryptocurrencies out there. The most popular and the one that basically started the trend is bitcoin (BTC). Second to bitcoin is litecoin (LTC) and the third most popular, as well as the youngest, is ethereum (ETH). Not completely sure how etheruem works; I'm not even sure it technically qualifies as a coin. Something about contracts.
LTC has the advantage of people trying very hard to keep it stable. ETH generally has the advantage of simply being different.
Different cryptocurrencies work in different ways and I really only know a lot about BTC (the most important coin) and BTC is like the USD of altcoins, so I'm focusing on that.

BTC is created by a process known as mining, which mimics actual mineral mining. People try and mine the coins with crazy supercomputers. Gotta be absolute top of the line for this shit.
These computers compete with each other to solve long math problems. The first to solve all the problems earns BTC.
The difficulty of these math problems are then basically added to the overal difficulty of trying to hack into BTC directly, so its impossible for even the fastest computer to fuck with BTC at a base level; It would take an unfathomably long time. This is part of why BTC can have worth; BTC cannot be forged.

To receive BTC outside the exchanges, you use a wallet address. This address can be pasted as text into basically any text form you want that doesn't detect as spam or something.
The person sending the BTC would then copy the address into whatever program they're using to send BTC, enter the amount of BTC to send and confirm.
Voila. Transaction done. These transactions cannot be reversed, furthermore, you can make any number of wallet addresses you want. If you're careful, these addresses can be completely disassociated from one another and used for only a single transaction if you want before you make a new one. So people like that. (1/2)
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>>73137
Actually, I'm not going to finish. I'm sorry to say this, but it just takes too long to explain.

Essentially, BTC are worth something because people love money, love security and are curious where it will go.
People like BTC because it's easy to get into and produces mutual profit for everyone if done right.

That being said, it's a bit of a gamble, so I'd recommend you go with an amount you can stand to lose; The potential for gain is great enough that if you just do like $10 or something the potential profit is worth the potential lose.

I use Kraken and Coinbase; Coinbase makes it very easy to buy BTC and I'm not sure how else to really do it without providing crazy levels of verification.

Currently having doubts about Kraken personally... coinbase has high transaction fees, but they're not really suspicious.
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>>73138
And whatever you do, do NOT become reliant on bitcoin. Only throw money at it that you are willing to waste.
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>>73137
Litecoin isn't close to Ethereum when it comes to interest and usage, if there's one thing you need to learn quickly it's to stay away from worthless Bitcoin clones like Litecoin. Only the market values them, and outside of speculation they have no future.
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>>73143
I should've mentioned I'm also pretty outdated about altcoins. I only buy a tiny bit to buffer things out a little.
>>
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
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>>73144
Outside of 3 or 4, every alt is just someone else's plan to get more Bitcoin, so unless you have a time machine to go back and buy something like Ethereum when it was $10, you should probably stay away from all of them.
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>>72967
>overly inflated
How are you even supposed to tell that?
>>
If you didn't pay for your 4chin pass using bitcoins you are an fag.

and no, it's not too late to go all in - at every instance in which I bought, I thought it would be TooLate(tm), but it keeps going up and up. marketfags who think they can predict anything are wrong, just fucking go for it and join this wild and crazy ride.
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>>73362
That's stupid. BTC has definitely increased in popularity now, which isn't actually a very good thing. It will create a bubble because people don't know what they are doing.
They don't understand that its a store of value and cannot work as a currency.

Today, I walked past a group of kids procrastinating studying to make moves with BTC.
Its terrible. They're going to buy and hold. I hate to say it, but we're fucking done.
Nobody is going to understand how BTC should work. I guess I should've expected that.
I think I might actually be the only person who sees a purpose in BTC that doesn't involve it being valued on its own and not against fiat.
Sell enough to make off with a profit while you can and hold just a few through the ride.
That's all I can say. This shit is getting real now. I've never felt it get this real until now.
>>
Crypto is a bubble, it's all about can I sell it for more? There will be some remnants though I believe. Primarily game based tokens. But honestly there's so much money to be made in it if you know what you're doing that I doubt it will ever go away. It will just experience a cycle like all markets do. But then again... I could be completely wrong and old financial models don't apply to this magic money and it will rally to 1m in a few years.
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>>73437
But I think... People know BTC, they know they can use it with a little more security and, if I"m not mistaken, a little more way to prove exchanges when need be.

I'm thinking that once/if this craze ends, BTC might really start to become a currency or a relatively reliable store of value.

Personally, I think what we're saying in the long charts is that crypto experiences a cycle of turning into a bubble, crashing but keeping an overall increased floor value which stabilizes because most of the users left are the ones who want to use it as tools (regardless of whether that's a good use or not), then it bubbles again.
So its kind of like an overlay of whatever the niche people mostly do together with the massive get-rich-quick people.
I'm not sure how long that pattern will continue. It almost feels like it could keep continuing indefinitely, but I just don't know.

I have a fairly dubious hunch that we've never had any market like crypto before, but I don't know enough to be sure.
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>>73438
One thing I will say though, its a fucking shame we can't keep the rick from getting in now that they're starting to take notice.
To be frank, those people are run against what people who believe in crypto seem to want. They don't want people to make money easily; It devalues their power. Crypto was something like an easy-to-get-in loophole that they overlooked.
I'm really concerned.
>>
Watching Litecoin price will turn me bipolar
>>
cashed out 2 btc at about 16k a few weeks ago, initially invested 3k.
feels good man
>>
test
>>
Just bought a little bit of litecoin. Only 2 shares though. I want to see what happens to it.
>>
$QTUM

Only telling you think because we are /vip/
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>>71041
word on the street is ripple is going more public next year via coinbase hosting early next year. strongly recommend investing in ripple as soon as possible.

also, i own 1.75 litecoins and im gonna sit on that. 600 more days til the next halfing, speculated pricing to go up in about 400-500 days. currently sitting around 200-250, invest asap.
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Going to bite the bullet and buy some ripple.
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Every time I think the rise is over another coin bumps the market cap up another 50 billion.
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Is it worth buying a little coin as a hobbyist or should I go all in?
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>>74384
You shouldn't go all in until you've at least done some research on Bitcoin and the crypto currency market as a whole.

There are so many scams if you don't have some knowledge you're likely to buy into scams or projects that will inevitably fail, like most of /biz/. Stick to the major coins first, and only branch out when you'd be comfortable putting 2-3x what you currently have in the market, because you're going to lose money at some point.
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>>74031
Same anon here. Still waiting on my verification and I'm fucking pissed that Ripple is getting all these gains without me.
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>be a /biz/oldfag
>go on to /vip/
>they have a crypto thread that's 2 months old and still alive
holy fuck, also get on my level goys
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>>74514
/biz/ oldfag and you're not a millionaire?
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>>74524
if you were actually an oldfag you'd know how hard it is it is to make and/or keep a million dollars. but I'm gonna hit 300k tonight and it's all low risk, so there's that.
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>>74526
Only 2 years ago that 300k would have been less than $3k, It's not difficult at all for someone to have hit 7 figures today had they not invested late.

I think you have a warped idea of what an "oldfag" is.
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>>74444
just be glad you dodged the bullet




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