CryptoCra$h - Prepare your Angus

[BraveUlysses]

it's buttcoins you fools, stop misspelling it!

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[totallynotbeau]

Originally Posted by KoalaSlim

The smartest thing might be to buy an antminer directly off bitmain. It's a dedicated platform. It uses some other achitecture with hundreds of small chips, not graphics cards. I kind of want to get into it, especially because I'm sitting around the house a lot right now with a broken elbow and wrist. I'm just bored as **** looking at GDAX charts and watching youtube vids.

A co-worker of mine just bought two of these:

https://shop.bitmain.com/market.htm?..._bitcoin_miner

[KoalaSlim]

Originally Posted by totallynotbeau

A co-worker of mine just bought two of these:

https://shop.bitmain.com/market.htm?..._bitcoin_miner

Cool. You have a Mustang with a 2jz? Tell me more.

PS. http://www.roadandtrack.com/car-cult...tang-2jz-swap/

That's gotta be you!

You seem like a cool dude. Wanna be friends?

[totallynotbeau]

Originally Posted by KoalaSlim

Cool. You have a Mustang with a 2jz? Tell me more.

PS. http://www.roadandtrack.com/car-cult...tang-2jz-swap/

That's gotta be you!

You seem like a cool dude. Wanna be friends?

Yup that's me.

Is this some sort of To Catch a Predator sting?

[KoalaSlim]

Originally Posted by totallynotbeau

Yup that's me.

Is this some sort of To Catch a Predator sting?

No.

I just like your style. Gulf livery too... We could be besties.

[Jard]

This got weird...

[shikataganai]

Slide down rabbit hole started: Coinbase account established, Google Authenticator 2FA enabled, bank account linked.

Thoughts on proportion of Litecoin/Bitcoin/Ether to jump in with?

[KoalaSlim]

Originally Posted by shikataganai

Slide down rabbit hole started: Coinbase account established, Google Authenticator 2FA enabled, bank account linked.

Thoughts on proportion of Litecoin/Bitcoin/Ether to jump in with?

I will share my ratio:

Bitcoin 1.414 - $3608
Ether 24.882 - $8863
Litecoin 35.235 - $1638

I think litecoin is on a surge, and ether is kind of on a tear. If I personally was going to invest TODAY I would lean heavily toward bitcoin. But... It's a **** show so do what you feel.

I also didn't start with that ratio. I bought into btc at 2200, eth at 150, LTC at 28.

[WRX Shenanigans]

I bought 3 litecoins at $46.76 . So my initial credit card authorization was only for $150, hence why I only bought 3 coins. But they asked me to verify my identity to increase it to $1000. So I did that and I even got an email confirming successful identification verification, however, they did not raise my limit. I'm trying to re-verify my identity again now...

[KoalaSlim]

Originally Posted by WRX Shenanigans

I bought 3 litecoins at $46.76 . So my initial credit card authorization was only for $150, hence why I only bought 3 coins. But they asked me to verify my identity to increase it to $1000. So I did that and I even got an email confirming successful identification verification, however, they did not raise my limit. I'm trying to re-verify my identity again now...

It's frustrating, but Coinbase and other exchanges are having trouble with huge surge of interest in crypto. Last two crashes, Coinbase went down and I was unable to pick up new coins at low prices. Very annoying. Gemini and Poloniex also suffer from outages during clutch high traffic moments.

Your stuff will update. Check back in a few hours.

[Matt A]

Originally Posted by KoalaSlim

You could buy stock in AMD and other graphics card manufacturers. That would be a safe bet IMO. They are sold out everywhere, and demand is skyrocketing.

they aren't sold out, they're just expensive.

https://www.amazon.com/EVGA-GeForce-...01KXOHIZM?th=1

[KoalaSlim]

Originally Posted by Matt A

they aren't sold out, they're just expensive.

https://www.amazon.com/EVGA-GeForce-...01KXOHIZM?th=1

They are sold out at most retailers, and the ones that do have stock are selling them for double retail. That card should be $269.

[shiplemw]

This sounds interesting. So basically:

- figure out how much money I'm willing to toss in to a fire
- create a login to one of these "trustworthy" sites
- perform an exchange
- keep my money on that software exchange
- buy a hardware wallet to store offline

[shiplemw]

Originally Posted by KoalaSlim

They are sold out at most retailers, and the ones that do have stock are selling them for double retail. That card should be $269.

I ordered a 1060 back in Sept / Oct 2016. I went back in my history and looked. That same card today is selling for 20-25% more. Crazy.

[KoalaSlim]

Originally Posted by shiplemw

This sounds interesting. So basically:

- figure out how much money I'm willing to toss in to a fire
- create a login to one of these "trustworthy" sites
- perform an exchange
- keep my money on that software exchange
- buy a hardware wallet to store offline

Pretty much!

Coinbase has insurance thru LLoyds of London, so prehaps you would eventually get reimbursed if their site got hacked. The USD purse you depoist money into is a seperate FDIC insured bank account, so even if the site completely went belly up, you could still retreive those funds.

PS sorry for the typos I have a broken arm and Im typing one handed. Damn electric skateboard.

[WRX Shenanigans]

Originally Posted by KoalaSlim

It's frustrating, but Coinbase and other exchanges are having trouble with huge surge of interest in crypto. Last two crashes, Coinbase went down and I was unable to pick up new coins at low prices. Very annoying. Gemini and Poloniex also suffer from outages during clutch high traffic moments.

Your stuff will update. Check back in a few hours.

Yup, you're right. Its updated. Except now my total limit is $500 instead of $1000. I may just go all in with litecoin instead of ether as with my limited funds there is simply more potential there. I'm going to wait for a dip down to the ~$45 area and then buy another 3 and sit there with 6 for a while. Not much, I know, but I don't want to seriously invest in it...just do some fun speculation and be able to ride the wave with the rare but possible upside of it having a huge jump like the other two did.

[shiplemw]

So super dumb question - how do you get it from your software wallet to a hardware wallet?

[I25]

Originally Posted by WRX Shenanigans

I bought 3 litecoins at $46.76 . So my initial credit card authorization was only for $150, hence why I only bought 3 coins. But they asked me to verify my identity to increase it to $1000. So I did that and I even got an email confirming successful identification verification, however, they did not raise my limit. I'm trying to re-verify my identity again now...

I did the same thing. 3 Litecoins @ $150

[KoalaSlim]

Originally Posted by shiplemw

So super dumb question - how do you get it from your software wallet to a hardware wallet?

That's not a dumb question, but it depends on the type. In general you plug them in, open the software, and type in the public key.

Go to https://www.bitaddress.org/bitaddres...cef4aa194.html

Create a wallet just for fun, and dont use it.

You will see that each wallet is two hashed keys, a public and a private. The public key is the one you hand out to people to deposit money to your wallet. The private key is the one you super safeguard that permits money to leave your wallet.

To send wallet from a software wallet to a hardware wallet you would click SEND MONEY. You would type in the public key of the wallet you want to deposit to. You would click send. A few minutes later, the transaction would go thru and the new wallet would have the funds.

Both these keys are just references to points in the blockchain. So... It's a different way of storing the reference to the ledger basically.

[KoalaSlim]

Originally Posted by WRX Shenanigans

Yup, you're right. Its updated. Except now my total limit is $500 instead of $1000. I may just go all in with litecoin instead of ether as with my limited funds there is simply more potential there. I'm going to wait for a dip down to the ~$45 area and then buy another 3 and sit there with 6 for a while. Not much, I know, but I don't want to seriously invest in it...just do some fun speculation and be able to ride the wave with the rare but possible upside of it having a huge jump like the other two did.

Don't let bitcoin price dissuade you from buying a fractional amount. Computer simulations indicate bitcoin could one day be worth a million dollars.

I'd say of the main players, bitcoin might be the best buy right now. It's entrenched, and it hasnt seen as much upside as LTC and ETH lately.

[KoalaSlim]

For people...

Here is the result of generating six bitcoin wallets on the website I mentioned. It will show you guys the way a wallet works.



Obviously those wallet are unusable now.

You can further encrypt the paper wallets with a passphrase, but be aware that if there is a keylogger or screen capture malware on your comp, you are simply handing over your funds to the hackers. RUN THIS PROGRAM OFFLINE TO CREATE REAL WALLETS. And delete cache and cookies afterwards as a minimum.

[WRX Shenanigans]

Originally Posted by KoalaSlim

Don't let bitcoin price dissuade you from buying a fractional amount. Computer simulations indicate bitcoin could one day be worth a million dollars.

I'd say of the main players, bitcoin might be the best buy right now. It's entrenched, and it hasnt seen as much upside as LTC and ETH lately.

What about Ether? I know you don't like speculating, but would 1 Ether be a better buy than 7 more litecoin? I've reduced my investment amount to $500 for now, so this is what I'm working with.

Thanks for all the info thus far!

[WRX Shenanigans]

Also, all this talk over hard wallets...but if coinbase is insured, wouldn't that still be a safe place to keep my coins?

[KoalaSlim]

Originally Posted by WRX Shenanigans

Also, all this talk over hard wallets...but if coinbase is insured, wouldn't that still be a safe place to keep my coins?

Eh... It could be a painful year long process. If you can generate a paper wallet and manage the security yourself, why wouldn't you? What if the worth of the stolen coins went up ten times in that year? Would you be insured to the value of when they were stolen? Probably.

I wouldn't risk it.

[KoalaSlim]

Originally Posted by WRX Shenanigans

What about Ether? I know you don't like speculating, but would 1 Ether be a better buy than 7 more litecoin? I've reduced my investment amount to $500 for now, so this is what I'm working with.

Thanks for all the info thus far!

This year Ether has gone from $8 to $356

This year Bitcoin has gone from $1000 to $2600

To me, bitcoin is the better buy right now. It has a lot of potential. There is a bitcoin ATM in my local ghetto gas station. Japan just recognized it as legal tender.

Maybe do half and half?

Bitcoin has problems with transaction speeds. It takes up to fifteen minutes or more to finalize a transaction currently. It's exacerbated by people trying to purposefully crash the network by flooding it with small transactions, but that's a whole other conversation. The slow transaction speed it the reason it's not attractive to merchants. Who wants to stand at the cash register for fifteen minutes at the grocery while your transaction clears?

Changes August 1st aim to improve that speed. Because it's all open source, there are conflicting opinions on how to best improve bitcoin. There are two alliances, one in USA and one in Hong Kong that aim to improve things, but they don't agree on the best course of action. So August 1st is a huge date for bitcoin. If they implemement good changes (segwit, bigger block sizes (google that ****)) bitcoin could skyrocket to $10k or more. If there is a hard fork it would negatively impact price. A hard fork results in two seperate coins. Ethereum hard forked a while back, which is why there is "Ethereum" and "Ethereum Classic"