Cryptocurrency

[Jimmy]

Is there a cryptocurrency for dummies out there somewhere?

I'm curious about all of it but the information is so scattered, the options are confusing, what's real and lasting vs. temporary, etc et al. 

For instance, I have a bitcoin....well, "where" do I have it?  Is there a bitcoin bank that tracks my bitcoin electronically?  Do I have to create an account, who monitors it?  How do I get more bitcoins (i know farming but what is that?)

Like I said there is a ton of information out there but nothing I have found to be concise, to the point, a how-to guide that is safe and legitimate.

[toldozer]

Woke up for some reason around 4 am. Couldn't go back to sleep so I hopped on stocktwits.  Charlie Lee sold all of his litecoin and posted on Reddit about it at 3 am. I read for a bit and I'm not sure of peoples initial reaction on this.  It's still holding ok but I have a feeling it's gong to dump hard around 8am.  If not I'll see how tomorrow goes and evaluate reinvesting my profits.  Could be a mistake but too risky with as much as people panic.

[CRA]

Seems like a lot who rushed to hop on the bitcoin train early December might have a bad Christmas 

[vv83]

1 hour ago, CRA said:

Seems like a lot who rushed to hop on the bitcoin train early December might have a bad Christmas 

But a great 2018. Buy when everyone else is scared and you'll get rich in this market

[vv83]

On 12/13/2017 at 8:52 AM, Peppers90 NC said:

Did you get in before it almost doubled the last two days?

I got in around .15 and been steady since

[vv83]

On 12/13/2017 at 9:59 AM, Jimmy said:

Is there a cryptocurrency for dummies out there somewhere?

I'm curious about all of it but the information is so scattered, the options are confusing, what's real and lasting vs. temporary, etc et al. 

For instance, I have a bitcoin....well, "where" do I have it?  Is there a bitcoin bank that tracks my bitcoin electronically?  Do I have to create an account, who monitors it?  How do I get more bitcoins (i know farming but what is that?)

Like I said there is a ton of information out there but nothing I have found to be concise, to the point, a how-to guide that is safe and legitimate.

There's a TON of info out there. Reddit is your friend, just google whatever question you have with the word reddit.. i.e. (how are my bitcoins stored reddit) and a million results will pop up. 

 

But no there is no bitcoin bank, they are all stored on the blockchain and the only way to retrieve them is to have your own private key. If you buy on an excahange you can keep them on the exchange and its more like an I owe you bc they actually own the bitcoin not you. But if you take it off the exchange and store it locally you own the private key. You get more bitcoins by buying them, normal people can't run mining farms and make a profit. It takes entirely too many resources

[CRA]

44 minutes ago, vv83 said:

But a great 2018. Buy when everyone else is scared and you'll get rich in this market

Coinbase just announced buying/selling has been disabled.  

Only a great buy if it doesn’t continue to drop after hitting that comcial peak.  Has tons of room to tank much worse

i still think the great time to buy was years ago.  Just a gambling right now IMO

[vv83]

1 hour ago, CRA said:

Coinbase just announced buying/selling has been disabled.  

Only a great buy if it doesn’t continue to drop after hitting that comcial peak.  Has tons of room to tank much worse

i still think the great time to buy BTC and ETH was years ago.  Just a gambling right now IMO

FTFY.. yes you can call it a gamble or investment but remember there are other cryptos out there right now that will duplicate what BTC did

[pantherphan96]

real question is whether its bottomed out or will continue to drop. once it bottoms out it will have some positive regression to the mean and if you time it right you can make some real money buying while everyone panic sells.

[Squirrel]

11 hours ago, pantherphan96 said:

real question is whether its bottomed out or will continue to drop. once it bottoms out it will have some positive regression to the mean and if you time it right you can make some real money buying while everyone panic sells.

Will hit a false bottom. Stabilize for a week and then lose some to hit the final bottom.  Think 750 will be the bottom. 

[toldozer]

5 hours ago, Squirrel said:

Will hit a false bottom. Stabilize for a week and then lose some to hit the final bottom.  Think 750 will be the bottom. 

It has crashed 7 times in 2017. Came back stronger everytime.  I think your thinking is wrong.  It will crash again but probably not till it bumps up a good bit more than the loss.  Everytime it crashes the rich get richer. 

[Squirrel]

3 hours ago, toldozer said:

It has crashed 7 times in 2017. Came back stronger everytime.  I think your thinking is wrong.  It will crash again but probably not till it bumps up a good bit more than the loss.  Everytime it crashes the rich get richer. 

That was before it was on the futures market. 

Now you have people betting against it.  It is now a matter of who has more faith on it going up or down.  

 

 

[Panthro]

Buying this currency is way too complicated. I'd love to buy some

[stirs]

Lots of hacking too?