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Buying bitcoins

brendan86

Heh guys,

I've been doing a bit of research the last week into buying bitcoins.. I want to buy 1k worth, I know it's risky but I have it to spare and might just see how it goes for a year or so..

I have currently registered on mtgox.com and am awaiting approval on my Id verification.. Has anyone dealt with this site have any info for me?

If I put my money on mtgox that means I have to trust them with my bitcoins is this correct? I won't have to have a wallet on my computer?

I'm just basically asking for advice, it's what I want to do but if someone can explain the best way about it that knows more than me I would appreciate it

Thanks

Brendan

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makeorbrake

Thargor wrote: »

Tether is not propping up BTC.

Ok, delighted to hear that but how do you have confidence in that position? Is Tether itself in difficulty and if so, what fallout could this have for BTC/Crypto?

Fakent.ie

Elessar wrote: »

Did you even read it?

I mean now it was released to public

Thargor

Tether is not propping up BTC.

Elessar

makeorbrake wrote: »

There was talk about tether propping up BTC. The auditors for Bitfinex/Tether recently walked away from them. How can we tell if Tether is a complete sham and is propping up BTC?

Honestly we can't. One to keep an eye on certainly. But the market is not going anywhere. Just need to ride it out.

Elessar

Fakent.ie wrote: »

How is that 2 months old? article was made hours ago

Did you even read it?

Fakent.ie

Elessar wrote: »

Old news and a complete non-event. The 'subpoena' was issued two months ago but Bitfinex is not US based and can just wipe their ass with it. Markets already recovering.

How is that 2 months old? article was made hours ago

makeorbrake

Elessar wrote: »

Fakent.ie wrote: »

https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc

Old news and a complete non-event. The 'subpoena' was issued two months ago but Bitfinex is not US based and can just wipe their ass with it. Markets already recovering.

There was talk about tether propping up BTC. The auditors for Bitfinex/Tether recently walked away from them. How can we tell if Tether is a complete sham and is propping up BTC?

Elessar

Fakent.ie wrote: »

https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc

Old news and a complete non-event. The 'subpoena' was issued two months ago but Bitfinex is not US based and can just wipe their ass with it. Markets already recovering.

Fakent.ie

seannash wrote: »

Possibly moving into ethereum

Ether would go a lot higher if whales went into it

seannash

makeorbrake wrote: »

This can only be the whales getting out. They're doing so in stages.

Possibly moving into ethereum

makeorbrake

RoboKlopp wrote: »

Below $9900 and falling

This can only be the whales getting out. They're doing so in stages.

Fakent.ie

MentalMario wrote: »

https://www.bloomberg.com/news/articles/2018-01-30/sec-seeks-to-freeze-crypto-assets-of-600-million-coin-offering

Hardly related to this?

https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc

MentalMario

https://www.bloomberg.com/news/articles/2018-01-30/sec-seeks-to-freeze-crypto-assets-of-600-million-coin-offering

Hardly related to this?

[Deleted User]

Below $9900 and falling

makeorbrake

I don't get this - the whole S.Korea deal was known 1 week ago. Also, the slide has happened outside of Korean time...why are we getting bothered about it if the Koreans aren't?

rob316

Just waiting for that dip 9-10k and I'll buy back in.

seannash

I also think a bit of perspective needs to be used. We are only a few weeks after a big crash. I think it took Bitcoin 50 days to recover to the previous ATH (Open to correction on that but I think its there or there abouts)

Tinder Surprise

seannash wrote: »

Is this not old news?
Edit: I see now they are coming into effect today

Which would be a good time to maybe monitor S.Korea market volatility as it might not be all bad

my thinking is it could give back some confidence and we see some money re-enter the market. I will be using XRP as a tool to monitor, as those South Korean folk love the oul Ripple.

seannash

rob316 wrote: »

South Korea are clamping down on anonymous traders

Is this not old news?
Edit: I see now they are coming into effect today

rob316

makeorbrake wrote: »

It's sinking like a stone again....but I can't see any rationale that has set this off today??

South Korea are clamping down on anonymous traders

makeorbrake

It's sinking like a stone again....but I can't see any rationale that has set this off today??

jodaw

I do not expect this news will be fully priced into market until later today. I expect will see more of a upward trend over the course of the day and it may also be enough to tip the balance towards an upward trend in BTC again.

Tinder Surprise

*expects a tweet any second from Justin assuring USDT holders of the benefits of TRX as a safe haven for their money

makeorbrake

pro_gnostic_8 wrote: »

What we are seeing right this minute is the spike in BTC and Eth prices as a result of people liquidating their Tether holdings and moving into these BTC and Eth "safe havens".

Interesting...I was wondering what was responsible for the mini upward movement over the past few hours.

pro_gnostic_8

makeorbrake wrote: »

What if tether implodes? Will it do major damage to btc and other cryptos?

I don't think a scenario of Tether collapsing would have a mega effect on Bitcoin. Such a thing would, of course, have a profound reputational effect on crypto's but it wouldn't be a MtGox-strength event; times are different now -- there is a much wider spread across many exchanges.
It would however cause very damaging consequences to those exchanges who trade in USDT ( Bitfinex, Poloniex, etc). I would rather not have any funds, be it in fiat or crypto, resting on such exchanges at the moment.
What we are seeing right this minute is the spike in BTC and Eth prices as a result of people liquidating their Tether holdings and moving into these BTC and Eth "safe havens".

makeorbrake

What if tether implodes? Will it do major damage to btc and other cryptos?

pro_gnostic_8

Anyone with a Bitfinex account should proceed with extreme caution in view of the news of the Bitfinex auditor (LLP Friedman) discontinuing their professional relationship with Bitfinex
Similarly, if you are holding Tether (USDT) on any other exchange, you might consider your position.

https://twitter.com/coindesk/status/957381065190133767

makeorbrake

Whelo79 wrote: »

Cheers for the response, some valid opinions there. Unless volatility of BTC is eradicated I don't see it ever being used as a global transactional currency.

I think if it can become functional again in terms of transaction time and cost, then it stands a chance. IF it gets that far, then it will be a gradual affair. There is no reason why items sold online can't be offered with payment in btc - if systems are setup to account for the volatility in real time. A few had started to go there but have rolled back as it's unworkable at the moment.

Whelo79 wrote: »

Re the fiat pairing, what I mean by that is BTC volumes will drop as people do not need to convert to BTC or ETH etc before buying any alt coin, they can just go USD or EUR straight to the coin of their choice. This will drastically reduce daily volumes of BTC trades.

I understand the point you're making now. However, will the Robinhood linkup not also be good for BTC in that it opens up BTC to a new group of consumers (even if it also allows Altcoin consumers to go direct)?

Whelo79

Cheers for the response, some valid opinions there. Unless volatility of BTC is eradicated I don't see it ever being used as a global transactional currency.

Re the fiat pairing, what I mean by that is BTC volumes will drop as people do not need to convert to BTC or ETH etc before buying any alt coin, they can just go USD or EUR straight to the coin of their choice. This will drastically reduce daily volumes of BTC trades.

makeorbrake

Whelo79 wrote: »

What do you think it will take for Bitcoin to rise significantly from it's current value of between $10k-$11k that we have seen it floating between for the last 10 days or so?

I don't pretend to understand the price movements of BTC for one second. There have been price movements over the past couple of weeks that lack a underlying rationale in some cases.
That said, the rise of Lightning Network may be a game changer. However, if it isn't timely, another Altcoin may take precedence. It may be implemented and not be fit for purpose (in which case, you can expect the price to plummet) - segwit was implemented and has not been that effective ..partly because it hasn't been fully adopted by other stakeholders. Furthermore, if it is flawed and those flaws are not worked out - then it could have the opposite effect. As per El Diablo's post a page back, there are trade offs with LN that BTC purists will not like (an element of centralisation and dependence upon LN nodes). Will stakeholders be ok with BTC in this form. There's a lot of question marks.

That's in terms of BTC coming back into play as a transactional currency (which it clearly is not at the moment).

Whelo79 wrote: »

There are plenty of rumours of it's demise, but this time that demise is more in the face of up and coming rivals which have practical global use (alt coins)

I have to be careful of only taking heed of the headlines that suit my world view but that said, there seems to be a campaign from the old guard (bankers, etc) to tarnish BTC and declare it as vapourware. The threat from a rival coin may be of more concern but which altcoin is best place to function as a transactional currency on a day to day basis?

Whelo79 wrote: »

BTC is now talked about more as a store of wealth but what would make someone store their wealth in BTC when there are so many opportunities to grow their wealth in alt coins

BTC's other track is as a rival to gold as a store of value. It's incredibly volatile right now but it's hoped that as it matures that this will ease. If it was just to get a tiny slither of the gold market, that would bump up the price. As regards investing in Alts instead, you may make money or you could lose your shirt completely (not saying you won't with btc but the idea is that over the longer term, volatility will subside and it will become a more stable store of value).

Whelo79 wrote: »

More fiat backed pairings from exchanges like Robinhood, Fairx/SDEX etc will surely only see the BTC daily volume drop even further.

I guess I'm misunderstanding this but should this not help rather than hinder volumes?

Whelo79 wrote: »

So what do you see as the future path of BTC? Is this it's level is it destined to drop or are the likes of McAfee etc right who say they see 100k plus value in the near future?

I mentioned having to be careful of only taking heed of what I want to believe - and I have McAfee in mind particularly in that regard - he has a vested interest to talk it up (as much as I'd like to believe him).
I find myself deliberating over the same query - as every day there are commentators coming at it from both extremes - i.e. either it will be an absolute success or absolute failure, no middle ground. I guess I'm not helping answer your query - but would equally be interested in the opinions of others...