Buying bitcoins

pro_gnostic_8

pro_gnostic_8 wrote: »

1) Was there an ICO ?
2) Does the promoter(s) of the ICO hold a substantial amount of the coin?
3) Is the coin significantly pre-mined?
If the answer to each of the above is YES, then proceed with extreme caution and fast- forward onto below ..................

Another day -- another ICO theft-scam !
37,500 ETH carjacked by the ICO organiser.
https://cointelegraph.com/news/matchpool-integrity-in-question-as-co-founder-quits-over-funds-handling

pro_gnostic_8

"New block #1662753 released! First character of block #1662762 's hash will determine coin to pump (compare https://dogechain.info).
Estimated time until pump: 9 minutes!

+COINBOT2
New block #1662754 released! First character of block #1662762 's hash will determine coin to pump (compare https://dogechain.info).
7 mins to Pump"

pro_gnostic_8

IRC Chat Client:
"Network released target block #1662762 with hash 40d3a05c424cc14333f9049a83d7ce719daf3eee8ef0fa01a15ef26754bde685.
Coin is BRX"

pro_gnostic_8

BRX up 380% already

pro_gnostic_8

Reached a high of $0.96 from an opening of $0.08 ................... 1,200 %

cnocbui

Thanks, very interesting, even if I don't fully get all of it.

There is a reason some people refer to them as 5h1t coins, scam coins and the like.

I'll stick to Bitcoin, I don't have the cojones for that sort of play.

pro_gnostic_8

cnocbui wrote: »

I'll stick to Bitcoin,

And you're doing very well from that, too!
Up yet another 50 euro per coin today, I see.
Stick to it, it's serving you well !

themossinator

I wanted to purchase about €5k worth of bitcoin, best way to go about this? I have an a/c with bitpanda

cnocbui

I would set up a bitcoin wallet and then use the Bitpanda account to buy them and have them sent to the address generated by the wallet.

makeorbrake

With stocks, it's possible to use tools like Earnings per Share and Price to Earnings to determine what represents value or otherwise when it comes to share price. What tools (if any??) can be used to determine what represents a reasonable price for BTC - or whether it is over or undervalued?

These guys are using some sort of formula to determine a 'fair value' for bitcoin. However, I don't really understand it and with that, can't determine if their claim is credible....

Anyone got any thoughts?

pro_gnostic_8

Interesting to see that they calculate that Bitcoin is seriously undervalued by about 100%, and put a "fair price" of ~$2,440 on it.
But one has to wonder if the criteria (the mining aspect) they are using to determine this fair price are too narrow. What about the other fundamentals -- a possible hardfork, the scaling issues, the rising tx fees and transaction times, the decline in vendors accepting it?
In the final analysis, a fair price is determined by the market, no? A fair price is what someone else is prepared to pay for it. On the other hand, these guys with their formula might be ahead of the curve and the market has not yet caught up.
I dunno.

cnocbui

This 'market determines the value of something' seems wrong to me. The value can't be considered to be less than the real cost of production, and you should probably add a bit for profit.

On top of the base cost of production you can add a utility value, which for bitcoin has likely declined due to the transaction fees. Still good as a portable gold substitute, though.

I see Unlimited has slipped about 8%, which is good.

scamalert

well read some miners blogs and they put invested power into it as main cost, so whatever amount now breaks them even+few % profit would seem fair value since btc now is based mostly on power consumption when mining, and as noted with lack of usage/acceptance, very likely fork of some sort thats basically it, what needs to be calculated to put fair price on it.

Since wont say it cant reach x amount and double or triple in the future since it may, but if it continues growth eventually, hell even now its almost elite crypto to own actual btc, let alone few.
Thus while alt cryptos now, are worth little or less but, if btc stagnates and some other coins will break into the market which is slowly happening, and will manage to maintain btc values anonymity www acceptance scenario like dutch tulip mania isn't out of question at some stage where it becomes too good to have,yet some other alternatives already posses better functions and are few implementations away to dominate into masses.Thus its really not much different which coin is used if same or similar wallets addresses and functions can be maintained and people realizing that any crypto can serve same purpose, its only matter of which is more convenient to use if it was to become global crypto currency.

cnocbui

Ah, Bitcoin!...... :rolleyes:

makeorbrake

When it comes to cross-chain transactions down the road, would this give a new lease of life to the likes of Litecoin?

If lightning network came into play, would there even be a need for cross-chain transactions using an alt-coin?

What alt's are compatible for cross-chain transactions?


Disclaimer: There's definitely major comprehension / knowledge gaps in my musings and questions above. I'm just trying to figure out if there could be scope for something like Litecoin to become relevant for micro-transactions down the road (in association with bitcoin through cross-chain transaction) and furthermore, if some alternative crypto's are the natural fit for same (i.e. not all other Alt's would be compatible / suitable for this purpose)?


Any thoughts welcome.

Sorry for all the questions but it's the only way I'll learn!

makeorbrake

Some speculation that BTC exchange - Hong Kong based Bitfinex may be in a spot of bother. They've stopped accepting FIAT deposits and theres a price discrepancy between their sell price for BTC (higher than other exchanges) presumably as Bitfinex customers with FIAT on account with them scramble to sell off their FIAT and get BTC out of the system.


Some suggestions that it may be a Mt. Gox scenario - but that's just speculation. However, they did have a big hack recently.

scamalert

there was another article just another day cant remember exchange but they did maintenance and somehow didn't finish fully and let btc trade at 0.06$ think happened only for very short time but whoever got in was lucky.

Not sure why there isn't more alternatives like belgcoin -its a bit slow, but easy to use not intrusive if wanting to buy or sell no need for details if one wants to skip it .

Since when was scouting for other sites to buy some, amount of scams and general rip offs is massive,looked up 3 sites all of them basically were either created within months this year or limited to no info at all at what way it operates, one was accepting pp <thus straight forward violation, other one was giving half, had to double check but yeah just half the btc price for cash, last one was created like month ago, again red flags.

tried to register with kraken again full details name bank accounts bills needed, now if was trading full time maybe but not for smaller amounts and companies that have reputation of being hacked and your left with nothing, if it happens.

while its kept out of governments reach and given btc complicity it seems its stuck of never getting into wide reach and easy/secure access transfer, since now in either case one is always left with middle party that in many cases its risky if not having good research.

makeorbrake

@scamalert: There's no shortage of bitcoin exchanges => https://www.cryptocompare.com/coins/btc/trades/EUR

However, I believe it's a case that you take the approach of not having any trust in any of them - regardless of how long they've been in operation or what amount of btc they trade in a day. The only real point of weakness is lodging FIAT with them. Needs to be spent asap - but then changes can happen in btc price from the point of trying to transfer funds to actually having them on account to spend.

As regards btc, they don't have to be kept in a wallet belonging to an exchange.


Mixed views on the regulation side. I'd prefer to see the minimum amount of regulation as possible. Perhaps if the btc exchanges got together, there's nothing stopping them from setting up their own insurance scheme .....but then, given the history of exchanges going belly up, that might not be a runner. But there has to be a way to do it - without having governments get involved.

makeorbrake

Sorry...gave the wrong link...should have been this one which shows lists of exchanges...

https://www.cryptocompare.com/coins/btc/markets/EUR

darraghw

Could someone point in the direction of a good intro guide to buying/selling alt coins?

I've bought some bitcoin previously via the kracken exchange and would like to move some of this to other exchanges in order to purchase some alt coins I think may be of interest.

Thanks!

makeorbrake

darraghw wrote: »

Could someone point in the direction of a good intro guide to buying/selling alt coins?

I've bought some bitcoin previously via the kracken exchange and would like to move some of this to other exchanges in order to purchase some alt coins I think may be of interest.

Thanks!

It think kraken supports a couple of the most popular altcoins?

cnocbui

darraghw wrote: »

Could someone point in the direction of a good intro guide to buying/selling alt coins?

I've bought some bitcoin previously via the kracken exchange and would like to move some of this to other exchanges in order to purchase some alt coins I think may be of interest.

Thanks!

You can open an account at another exchange, such as cryptopia.co.nz, then logged into your account on that exchange, you generate a receiving address for your bitcoin. Then from your Kraken account, you send the bitcoin to the receiving address in the other exchange. Once the transfer is made, you can use the bitcoin on the other exchange to purchase alt coins traded on that exchange.

darraghw

makeorbrake wrote: »

It think kraken supports a couple of the most popular altcoins?

Not the one I'm after unfortunately.

cnocbui wrote: »

You can open an account at another exchange, such as cryptopia.co.nz, then logged into your account on that exchange, you generate a receiving address for your bitcoin. Then from your Kraken account, you send the bitcoin to the receiving address in the other exchange. Once the transfer is made, you can use the bitcoin on the other exchange to purchase alt coins traded on that exchange.

Thats great, thanks.

DeSelby83

Has anyone here got any investment in litecoin. Seems like they are going to get segwit activated soon but lots of negative stories going around about how it is becoming centralised. Might be worth a short term punt though.

makeorbrake

DeSelby83 wrote: »

Has anyone here got any investment in litecoin. Seems like they are going to get segwit activated soon but lots of negative stories going around about how it is becoming centralised. Might be worth a short term punt though.

Activating segwit is an interesting development. However, does Litecoin even need segwit right now? Does it have the volume to need it or is this a future proofing exercise? Is it an experiment by the developers and will it act as a test bed for Bitcoin adoption of segwit (i.e. bitcoin could be the big winner from such a deployment)?

I do wonder if any of these coins could be useful as a 'sidechain' or for cross-chain transactions - and in that way, help to solve bitcoins transactional backlog? If so, would certain alts be more compatible for this purpose?


These are all questions by the way - not to be taken as a formed opinion. Still a newbie to all of this and trying to figure it all out.

scamalert

Id raise a question does even btc need segvit, everyone talks about investing, but using it as currency basically numbers are so low that most look at all cryptos now just for quick cash, pump and dump.where it still takes less then hour to do full transaction with minimal fees on btc network.

projects like this https://www.nem.io/ have tested,fully developed technology to do 5000 transfers via banks per second without using insane amounts of power nor puzzles to solve, yet interest in them is almost non existent, since theres no profits to gain, and many similar alt coins that have issues solved are still under BTC conversion table where its seen as less preferred.

So issue actually is that many problems have been solved by many alt developers in terms how crypto is developed as close as possible to fiat, but many overlook that since they gotten used to treat it as smth you profit from, but not actually use it, as currency.

makeorbrake

scamalert wrote: »

Id raise a question does even btc need segvit, everyone talks about investing, but using it as currency basically numbers are so low that most look at all cryptos now just for quick cash, pump and dump.where it still takes less then hour to do full transaction with minimal fees on btc network.

My understanding is that it started its life as an alternative decentralised currency. It's hit a snag for day-to-day use - on the basis of modest (but significant) success it's ground out over the past 8 years or so - as a result of the transactional bottleneck. If segwit can alleviate that issue, then it can once again be worthy of consideration as a transactional currency - rather than just as a store of value. I appreciate that segwit itself is an intermediary fix - but there are other ideas in the mix post-segwit i.e. sidechain and cross-chain transactions.

scamalert wrote: »

projects like this https://www.nem.io/ have tested,fully developed technology to do 5000 transfers via banks per second without using insane amounts of power nor puzzles to solve, yet interest in them is almost non existent, since theres no profits to gain, and many similar alt coins that have issues solved are still under BTC conversion table where its seen as less preferred.

I can't see much substance in the link that you provide. Is there an independent critical analysis of this alternative available?

scamalert wrote: »

So issue actually is that many problems have been solved by many alt developers in terms how crypto is developed as close as possible to fiat, but many overlook that since they gotten used to treat it as smth you profit from, but not actually use it, as currency.

So fill your boots - forget bitcoin and invest in these altcoins :-)

Don't get me wrong - the greatest concern I have in terms of my btc investment is that it could be superceeded. However, I'm finding it incredibly difficult to find relatively independent analysis and comparison of crypto's - and what they bring to the table.

I appreciate that speculation is part and parcel of the investing world. I don't particularly like the idea - as I have to ask - what does it bring to society? Probably naive but I still say it's true.

These are either questions or statements on my part by the way - not to be taken as a formed opinion. Still a newbie to all of this and trying to figure it all out.

The Cuban

Heads up,
There is a GNOSIS funding auction this evening starting at 6pm. I`m not going to explain or argue which or wither here just post you the links
https://gnosis.pm/
https://gnosis.pm/resources/default/pdf/gnosis_whitepaper.pdf
https://blog.gnosis.pm/its-finally-time-the-gnosis-token-sale-is-beginning-tomorrow-april-24th-at-1pm-est-50a0b24b2502

krustycustomer

I bought 25 euro (max first purchase) on belgacoin to my email instead of a wallet. Where is it now? How do i sell it?

Grumpypants

The Cuban wrote: »

Heads up,
There is a GNOSIS funding auction this evening starting at 6pm. I`m not going to explain or argue which or wither here just post you the links
https://gnosis.pm/
https://gnosis.pm/resources/default/pdf/gnosis_whitepaper.pdf
https://blog.gnosis.pm/its-finally-time-the-gnosis-token-sale-is-beginning-tomorrow-april-24th-at-1pm-est-50a0b24b2502

Looks interesting, even if I am not 100% sure what it is. My understanding is that the auction is selling GNO tokens. These GNO tokens then can be locked in and generate funds (WIZ) that can be used to spend on fee for using the tech down the line.

I bought some ETH back when it was under €10 so 2 ETH is now €100 so I'll stick that into some GNO and see how it goes.