Bitcoin currency of the future?

[SwamiLeoni]

Nah, it's still going to crash. It's just when, and to what level.

I never said there isn't opportunity in the space, obviously there is... but it's starting to get carried away and a lot of the money pouring in now, is coming from your regular schmuck that's looking for the next get rich scheme and instead gets smashed... and trust me, there is going to be PLENTY of those guys.

You exhibit classic traits of someone getting caught up in hysteria and losing their money. The only consolation is that it doesn't sound like you have much money to lose, and you're young, so it won't matter anyway.

I don't understand why you're assuming he would lose money playing off the hysteria. I had only heard of Bitcoin and Blockchain a couple of years ago. I never bothered to understand its tech. I started mid this year and knew nothing about it. I'm up big time double digits. You're in an easy position to say 'it's going to crash' and when it does you're going to say 'I told you so'. It's very very easy to do that. It's also VERY easy to make money off of other peoples hysteria. LTC is a perfect example of that. I wouldn't assume someones ability to learn is hindered by their interest in getting rich.

I personally think it's fantastic he's learning about the tech. I want more people to learn and invest in this tech. It helps the overall eco system. It's when people start taking other peoples opinions on investing and not doing their research is what gets them into trouble. You should be sharing knowledge on good investments and things you've learned instead of shit talking each other. Really, whats the point?

 

[Luminaire]

LOL you're going to ask me for predictions, which as I pointed out, people are wrong on these more often than not, then you're going to turn around on Friday and say SEE I TOLD YOU!!!

My prediction is 360 by Friday 3pm.

Der Eisbar says Litecoin will hit $360 by Friday at 3pm.

It's currently at $308, that equates to a 16.8% gain, in two days.

How much did you invest at this price point Der Eisbar?

 

[kahiljabroni]

Are there any holds on your account or something? If you buy something you should be able to turn right around and sell it

Couple questions about trading.


I understand that if I use my debit to initially deposit money/buy coins that I will get charged 4%.

After that, will I be charged fees every time I sell my position?

Let's say I buy LTC at 300 and sell it at 400 then re buy it at 300. What would be the fees associated with that?

Also if I buy in using my debit card is it possible to cash out that way? Also if I sell all my coins can I just let my money sit in Coinbase under my USD account? And when I want to send money back home will I get charged fees again?

 

[kahiljabroni]

Also. ..I'm looking at the prices on the chart page. Then when I go to buy/sell it takes me to another page and I can no longer see the prices. How do I know it hasn't drastically changed in the time it takes me to buy?

 

[CerebralKnievel]

Couple questions about trading.


I understand that if I use my debit to initially deposit money/buy coins that I will get charged 4%.

After that, will I be charged fees every time I sell my position?

Let's say I buy LTC at 300 and sell it at 400 then re buy it at 300. What would be the fees associated with that?

Also if I buy in using my debit card is it possible to cash out that way? Also if I sell all my coins can I just let my money sit in Coinbase under my USD account? And when I want to send money back home will I get charged fees again?

They will continually charge you 1.49% to sell coins or to buy using your USD wallet.

 

[kahiljabroni]

next year at this time, bitcoin will be devalued by 75%

That's why you get out way before that. I read an article where the guy says bitcoin will eventually fall to 1000 which is about the production cost.

 

[Reyesnuthugr]

Also. ..I'm looking at the prices on the chart page. Then when I go to buy/sell it takes me to another page and I can no longer see the prices. How do I know it hasn't drastically changed in the time it takes me to buy?

Have another tab open with the prices on it

Problem solved

 

[kahiljabroni]

Looks like everything has leveled off today. ..no really drastic peaks or valleys

 

[Desdinova]

Sussing it all out now, thread has been very informative. Kicking myself I didn't bother a few months ago when I first looked at it...

If you bought dogecoin when this thread was created you'd be sitting at 2000%....

Yeah, I regret not buying bitcoin when it was under $10. I'll admit, I though it was starting to get into a speculative bubble after about $1000. I still see speculation being the primary driving factor for the price, but I don't know what to think. Bitcoin seems to defy most conventional investing wisdom, and it's parabolic rise and attention fits a lot of the characteristics of historic bubbles. I have been looking at alternative cryptocurrencies that seem to address some of the flaws with bitcoin, and have been thinking about speculating with those (with money I don't care if I lose). The frustrating thing is you cannot exchange those for the dollar, you have to exchange the dollar to BTC or ETH then the cryptocurrencie for another cryptocurrency, and the exchange fees eat up a lot.

It's already a global currency. You can access the deep web anywhere in the world and pay bitcoin for whatever you want. There are more and more legitimate products that are being sold in the deep web and bitcoin is the deep web's darling currency.

Buying illegal goods on the deep web and a handful of legitimate sites isn't what I meant. If companies like Amazon were to accept bitcoin, then we're talking. But they won't with the current price instability and the limited number of transactions per second.

 

[Grassshoppa]

This is why I wonder if Amazon would ever accept bitcoin. It's too volatile and would cause too many headaches for consumers and Amazon.

 

[NoGoodNamesLeft]

please gib me ur coins rich sherbros, my little kitty is going to vet again tommorow to have a cyst removed that they charged me 300 dollars to remove a month ago nd it came back. i hate being so por/

 

[CerebralKnievel]

This is why I wonder if Amazon would ever accept bitcoin. It's too volatile and would cause too many headaches for consumers and Amazon.

It also makes no sense as a currency. Why would anyone want to spend something that might be worth 30% more tomorrow, and what business wants to accept payments in the form of a currency which may drop by 30% tomorrow? I understand many are beginning to, but it's not a sound system for a retailer.

 

[Der Eisbär]

Couple questions about trading.


I understand that if I use my debit to initially deposit money/buy coins that I will get charged 4%.

After that, will I be charged fees every time I sell my position?

Let's say I buy LTC at 300 and sell it at 400 then re buy it at 300. What would be the fees associated with that?

Also if I buy in using my debit card is it possible to cash out that way? Also if I sell all my coins can I just let my money sit in Coinbase under my USD account? And when I want to send money back home will I get charged fees again?

Its only depositing the money from your card that costs 4%. It's 1$ to buy and sell. Each transaction. Get set up on gdax (owned by coinbase) for negligible fees and a better platform. You use your same coinbase credentials and can transfer coin and money between them instantly and free

 

[Der Eisbär]

Der Eisbar says Litecoin will hit $360 by Friday at 3pm.

It's currently at $308, that equates to a 16.8% gain, in two days.

How much did you invest at this price point Der Eisbar?

That's the type of movement you see daily in these markets if you didn't notice buddy.

 

[CerebralKnievel]

That's the type of movement you see daily in these markets if you didn't notice buddy.

I'm gonna move some to gdax when I get home. You can set limit orders through that platform, right?

 

[SwamiLeoni]

That's the type of movement you see daily in these markets if you didn't notice buddy.

As long as BTC/ETH are slow to make it to exchanges and LTC is cheap and fast it will continue to rise. It's 24hr high according to my Blockfolio (with a Coinbase buy) was $372. Not too shabby. Not to mention, all of the new blood wants the cheaper coin because they don't understand how Satoshi's work. Much like many in this thread.

Satoshi (unit)

The satoshi is currently the smallest unit of the bitcoin currency recorded on the block chain. It is a one hundred millionth of a single bitcoin (0.00000001 BTC). The unit has been named in collective homage to the original creator of Bitcoin, Satoshi Nakamoto.

All amounts in the block chain are denominated in satoshi before being converted for display. The source code also uses satoshi when specifying an amount of bitcoin. When displaying an extremely fine fraction of a bitcoin, such as when calculating fee per byte or a faucet reward, the amount is displayed in satoshi for readability.

Although the satoshi is the finest amount that can be recorded in the block chain, payment channels may need to make very granular payments and so are sometimes denominated in millisatoshi, which are one hundred billionths of a single bitcoin.

As of October 2017, 1 US cent is worth approximately 171 satoshi.

 

[Der Eisbär]

I'm gonna move some to gdax when I get home. You can set limit orders through that platform, right?

Yes you can!

 

[Luminaire]

That's the type of movement you see daily in these markets if you didn't notice buddy.

You're banking on a bubble "buddy"... I've been trying to temper your expectations ever since my first post in this thread.

Other people seem to have a more measured approach, they understand the volatility and the extreme risk involved. You however seem to think there's only the moon ahead.

This recent surge is the result of a bunch of uneducated buyers trying not to miss the craze, Coinbase is the #1 app suddenly, Cryptos have hit the populace... but that's not sustainable in the least.

Most people are trying to make $'s on their Cryptos, including yourself. And some people will, they always do in bubble environments. But when your plumber is talking about how much "up" he is on his coinbase account... then you know it's about to be over.

I don't know how far the pull back will be, I don't know how long it will last, I don't know how it recovers in the long run. I only know that it's coming and people need to be careful.

You say $360 by Friday at 3pm... I hope you're right, hell... lets hope it soars to $500 on the back of even MORE hysteria. But we both know, it's a guess, and a blind guess at that. You have no clue.

I'll say $240... just for fun, I have no idea, but a 200% run up is bound to have folks taking profits by week end.

 

[Grassshoppa]

I still think you need money to make money. This bitcoin investment calculator is interesting: https://bitgiftshop.com/bitcoin-investments-calculator/

If you bought $1,000 of bitcoin today at current prices and it got to 100,000 then you would only make about $5,000. If it hit 1 million then you'd make $58,000. Not bad.

If you bought $10,000 of bitcoin today at current prices and it got to 100,000 then you would make about $50,000. If it hit 1 million then you'd make $580,000. Really good.

To me, you gotta invest a lot of money to make a lot of money and that's a big risk.

 

[Der Eisbär]

I still think you need money to make money. This bitcoin investment calculator is interesting: https://bitgiftshop.com/bitcoin-investments-calculator/

If you bought $1,000 of bitcoin today at current prices and it got to 100,000 then you would only make about $5,000. If it hit 1 million then you'd make $58,000. Not bad.

If you bought $10,000 of bitcoin today at current prices and it got to 100,000 then you would make about $50,000. If it hit 1 million then you'd make $580,000. Really good.

To me, you gotta invest a lot of money to make a lot of money and that's a big risk.

I believe the final form of bitcoin (if it successfully implements lightning network), will be 1 to 5 million by 2020-2025.