nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

Child Item

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

Find more posts tagged with

Quick Links

Comments

[Deleted User]

Below $9900 and falling

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?

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

makeorbrake

RoboKlopp wrote: »

Below $9900 and falling

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

seannash

makeorbrake wrote: »

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

Possibly moving into ethereum

Fakent.ie

seannash wrote: »

Possibly moving into ethereum

Ether would go a lot higher if whales went into it

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.

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?

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

Elessar

Fakent.ie wrote: »

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

Did you even read it?

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.

Thargor

Tether is not propping up BTC.

Fakent.ie

Elessar wrote: »

Did you even read it?

I mean now it was released to public

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?

Thargor

makeorbrake wrote: »

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?

It has a market cap of about 2 billion, one percent of bitcoins, how could that in any way be seen to be propping up any coin nevermind the king? There have been rumors and debate about Tether since it was created, if it goes poof people will say told you so and move on with their lives, there's plenty of more sh1tcoin scams coming down the tracks, thats practically guaranteed, Tether might not even be one.

pro_gnostic_8

Bloomberg reporting in the last hour that the U.S. Commodity Futures Trading Commission have issued sub-poena's against both Tether and Bitfinex.
Ominous. Such a move would cause reputational damage at least.
https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc

pro_gnostic_8

Thargor wrote: »

It has a market cap of about 2 billion, one percent of bitcoins, how could that in any way be seen to be propping up any coin nevermind the king? There have been rumors and debate about Tether since it was created, if it goes poof people will say told you so and move on with their lives, there's plenty of more sh1tcoin scams coming down the tracks, thats practically guaranteed, Tether might not even be one.

Good god, dude, ............ if it does happen that Tether is not backed up by U.S. dollar then it follows that over $2Billion worth of Bitcoin was bought with fake, monopoly money!
That, needless to say, would mean that Bitcoin is at an inflated, false price. A correction would have to happen.
This is some serious sh1t.

Thargor

So a few hours volume then? It will be noted but its not going to derail anything...

Tinder Surprise

If $2billion is removed from the Bitcoin market overnight then good luck.

ETH looks very attractive right now and the current price (~$1100) won't be available for long me thinks

EagererBeaver

Fakent.ie wrote: »

I mean now it was released to public

Course you did...

Tinder Surprise

pro_gnostic_8 wrote: »

Bloomberg reporting in the last hour that the U.S. Commodity Futures Trading Commission have issued sub-poena's against both Tether and Bitfinex.
Ominous. Such a move would cause reputational damage at least.
https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc

They've had to edit that article and highlight this happened on Dec 6th so not exactly today's news.

Won't stop the FUD but imo

Fakent.ie

EagererBeaver wrote: »

Course you did...

What?

makeorbrake

Tinder Surprise wrote: »

They've had to edit that article and highlight this happened on Dec 6th so not exactly today's news.

Won't stop the FUD but imo

I don't know why there wasn't more interest shown in it back then. However, it's not all old news. Bitfinex/Tether promised professional audits would be carried out. 3 days ago, it became clear that the auditors have walked away.

LINK

Blacktie.

Tinder Surprise wrote: »

If $2billion is removed from the Bitcoin market overnight then good luck.

Lol yeah like 0.5% worth removed. Really end of days stuff if that happens.

makeorbrake

Blacktie. wrote: »

Lol yeah like 0.5% worth removed. Really end of days stuff if that happens.

I don't pretend to understand this - but elsewhere - someone was making the point that there is only a small proportion of bitcoin that's actively traded. It's only a fraction of the total market cap. Of this, 2 billion would be a significant proportion.

Anyway, I've gotten out completely as of a couple of hours ago. I'd been trying to do so for a a couple of weeks (I'll spare you the long story) which has cost me (but then overall, I've made a 4000%+ gain so I'm not complaining. There was too much at stake and too many variables for my liking - nerves were shot. I'm going to sit it out for a while ...who knows, maybe I'll dip my foot in the water again (although this time with a sane % of my overall savings).

jobless

makeorbrake wrote: »

I don't pretend to understand this - but elsewhere - someone was making the point that there is only a small proportion of bitcoin that's actively traded. It's only a fraction of the total market cap. Of this, 2 billion would be a significant proportion.

Anyway, I've gotten out completely as of a couple of hours ago. I'd been trying to do so for a a couple of weeks (I'll spare you the long story) which has cost me (but then overall, I've made a 4000%+ gain so I'm not complaining. There was too much at stake and too many variables for my liking - nerves were shot. I'm going to sit it out for a while ...who knows, maybe I'll dip my foot in the water again (although this time with a sane % of my overall savings).

interested to know which exchange you used to cash out?...

GreeBo

pro_gnostic_8 wrote: »

Good god, dude, ............ if it does happen that Tether is not backed up by U.S. dollar then it follows that over $2Billion worth of Bitcoin was bought with fake, monopoly money!

Yeah but people bought the Tether with FIAT so its not really fake money.
Just because Tether wasnt/isnt backed as they said it was.

makeorbrake

GreeBo wrote: »

Yeah but people bought the Tether with FIAT so its not really fake money.
Just because Tether wasnt/isnt backed as they said it was.

It's suspected that Tether were issuing their own Tether and buying BTC with it. That's fraud - and it's likely to have had an effect on BTC pricing.

Tinder Surprise

makeorbrake wrote: »

I've made a 4000%+ gain so I'm not complaining. .

Brilliant ..and well done you!!

sounds like you've made the right decision for you...say a litttle prayer for us left here but

makeorbrake

Tinder Surprise wrote: »

say a litttle prayer for us left here but

I don't envy anyone that has to check crypto pricing a gazillion times a day! It happened by accident but it turned out after the epic rise that a seriously disproportionate amount of my 'savings' were tied up in crypto.

I don't think crypto should go beyond 10% of our overall wealth....don't put yourself in that position - it's not a healthy place to be! That's what I would say to the rest of you that are still in. Best of luck to you.