Dipping my toe into bitcoin

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Dipping my toe into bitcoin

Post by Publisher » Thu Nov 07, 2019 8:40 pm

I've signed up, but I'm not certain if I'll be active investing in it.

I'm STILL very leery of the entire concept being transferable to real world transactions, where government issued currencies rule the day.

If you want to donate at the $100 level, or more, let me know. I am NOT going to play with smaller amounts because frankly, it's likely just going to be a pain in the ass failed experiment as far as I'm concerned.
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Re: Dipping my toe into bitcoin

Post by jannisary » Fri Nov 08, 2019 12:41 am

I've not bothered to look at the fees involved since I'm not too interested in it at the moment, but CashApp has the ability to buy and sell bitcoin through the app. One issue with bitcoin is that unless you take additional steps to hide your identity it is not anonymous at all. The online bitcoin services based in the USA are now supposed to be getting and verifying the customers identity. Since the blockchain is open and publicly searchable it is not that hard with the right tools to trace a transaction from one bitcoin account to another. There was a recent child porn bust that made the news, the biggest such site on the dark web was taken down. The IRS then backtracked the bitcoin transactions from that site's address to the purchasers of the material bitcoin addresses at such services as Coinbase and then got the services to cough up the customers full information and then made arrests in the USA, Europe, etc.

There are services based outside the USA to "wash" bitcoins for a percentage fee but then the question of money laundering comes up.
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Re: Dipping my toe into bitcoin

Post by Jocelyn » Fri Nov 08, 2019 1:40 am

Yep to all of the above...I bought a hardware wallet off amazon for 50 bucks to help maintain anonymity and also keep things more secure (since it’s offline and can’t be hacked etc) so I just use cashapp to buy bitcoin, withdraw it and transfer it to the anonymous hard wallet (hooks up to my laptop but some are android/ iOS compatible) and then from the wallet I can keep it on there or use it to pay for whatever (currently I only use bitcoin for Eros every month). It seems way more confusing at the beginning than it actually is once you do it a couple times. I’m not sure about investing in bitcoin as it’s super volatile as you’re aware (but then again so are lots of things nowadays) but it’s nice for anonymous P2P payments and more and more online retailers will accept it as payment (Microsoft and Overstock are a couple I’ve ran across). The fees depend on how much you’re dealing with but I’ve found them to be a dollar or two with my transactions that are usually under $100. I find it worth it since I’m not a fan of using debit/ credit cards linked to me on the net and since most ad boards don’t take vanilla Visa cards (probably because of the overseas crap, but they have a 4.95 or 5.95 purchase fee anyways) bitcoin is a nice alternative. The fee occurs when I transfer it from cashapp to my wallet for sure but I don’t believe it charges when I pay for stuff with the wallet but I’ll have to double check that next week.
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Re: Dipping my toe into bitcoin

Post by ShyDaniel » Sun Jan 10, 2021 7:00 pm

How did this experiment go Pubs? I'm thinking of dipping my toes in. I don't like the future of the US dollar right now.

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Re: Dipping my toe into bitcoin

Post by Publisher » Mon Jan 11, 2021 6:04 am

ShyDaniel wrote:
Sun Jan 10, 2021 7:00 pm
How did this experiment go Pubs? I'm thinking of dipping my toes in. I don't like the future of the US dollar right now.
Zero participation. Even by the whiner who drove me to explore this option.
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Re: Dipping my toe into bitcoin

Post by The_Carpenter » Mon Jan 11, 2021 7:52 am

The amusing thing is that there's no service fees at all with those greenish dead president photo cards. I use those for almost everything except at a gas pump.

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Re: Dipping my toe into bitcoin

Post by Yuna » Mon Jan 11, 2021 1:05 pm

I'm interested in doing a bitcoin wallet or investing in bitcoin. What about using apps like robinhood?

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Re: Dipping my toe into bitcoin

Post by ShyDaniel » Mon Jan 11, 2021 4:52 pm

Yuna wrote:
Mon Jan 11, 2021 1:05 pm
I'm interested in doing a bitcoin wallet or investing in bitcoin. What about using apps like robinhood?


I've been looking into it today (bored at work). This video was helpful. The Youtube page has a table of contents in the description, easy to use for reference. I think I'll get a ledger wallet and use Coinbase. I looked into Coinbase, Robinhood, and iTrustCapital. Seems like Coinbase might be the best bet to me. I'm also looking into getting some silver and gold bullion. Talk about 2 completely opposite extremes.

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Re: Dipping my toe into bitcoin

Post by YetAnotherHobbist » Mon Jan 11, 2021 7:13 pm

I thought robinhood (the app/site) was geared towards the stock market, rather than bitcoin?

I think the big issue with bitcoin is the same as with the stock market, but magnified: just in the last week, the price of bitcoin went from $29K to $41K and back to $32K (and it's now at $35K) - so short-term buys would be risky. Longer terms are maybe better bets: in the last month, it went from $18K to $41K, and in the past year from $4K to $41K. I guess the big question is whether the boom is over ...

Wouldn't it seem that anything that would make the stock market crash would have the same effect on bitcoin? I don't get the impression people think of it as a safe way to park wealth, as opposed to gold?

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Re: Dipping my toe into bitcoin

Post by zero_nerves » Mon Jan 11, 2021 7:53 pm

Jocelyn wrote:
Fri Nov 08, 2019 1:40 am
.I bought a hardware wallet off amazon for 50 bucks to help maintain anonymity and also keep things more secure (since it’s offline and can’t be hacked etc) so I just use cashapp to buy bitcoin, withdraw it and transfer it to the anonymous hard wallet

Just happened to see this thread now. FYI for anyone else reading this, it is not completely anonymous. All the transactions can be traced back, so in this example. The cold storage wallet may be anonymous, but if it was funded by the cash app's wallet, then that can be identified. And the cash app, like most of the mainstream online brokers will make you comply with Know Your Customer obligations like getting your ID or other personal details.

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Re: Dipping my toe into bitcoin

Post by AttillatheHung » Mon Jan 11, 2021 8:12 pm

I have been looking at bitcoin too, something about it just doesn't seem right to me. I guess I am an old-school guy, I just don't see a hard asset with bitcoin. Yes, I realize our fiat currency has the potential to go down the tubes, but at least I have a government that I can refer to try and fix it. With bitcoin, what do I have? It is managed by a "blockchain ledger" that manages a finite amount of bitcoin. Supposedly, the ledger is tightly encrypted and impossible to hack. I work in IT, I have heard that many times before. Somebody has the keys to the ledger, and how do I know what they are up to? Where is the transparency?

If things totally go to shit, I at least know precious metals like gold and silver will have value. What is bitcoin going to do for me? Real Estate and land will always have value too.

Modern Monetary Theory (MMT) is another scary idea, and it is being embraced by the progressive side of politics. The basic premise is that since governments control their own currencies, and it's value, they can print as much as they want, and it should never run out. Even liberal economist Paul Krugman thinks MMT is garbage.

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Re: Dipping my toe into bitcoin

Post by ShyDaniel » Mon Jan 11, 2021 9:09 pm

Has anyone messed around with precious metals much? I've silver coin/bar collected as a hobby but I never made it a point of getting gold until now. I have concerns we are headed for a currency crash.

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Re: Dipping my toe into bitcoin

Post by YetAnotherHobbist » Tue Jan 12, 2021 1:29 am

AttillatheHung wrote:
Mon Jan 11, 2021 8:12 pm
Supposedly, the ledger is tightly encrypted and impossible to hack. I work in IT, I have heard that many times before. Somebody has the keys to the ledger, and how do I know what they are up to? Where is the transparency?
IIRC, bitcoin's trustworthiness was based on the distributed blockchain (blockchain processing? ledger?) - but someone worked out that, were a single player to command a significant fraction of the distributed ledger, they could actually edit existing transactions. I forget what a "significant fraction" had to be - but in these days of AWS/Azure/GCloud, proofs that rely on "too much work to be practical" start to be a little less convincing ...

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Re: Dipping my toe into bitcoin

Post by zero_nerves » Wed Jan 13, 2021 2:23 am

ShyDaniel wrote:
Mon Jan 11, 2021 9:09 pm
Has anyone messed around with precious metals much? I've silver coin/bar collected as a hobby but I never made it a point of getting gold until now. I have concerns we are headed for a currency crash.
I used to buy gold bullion coins a very long time ago. Got burned bad by a scammer on eBay. Several successful purchases then disappeared after a bigger order. Tried to get into the numismatic peices too. Got a couple, but I'm pretty sure one is fake.

I guess the problem is liquidity. With physical gold. I don't even know how I'd go about unloading the coins I have. I guess they've appreciated enough to not feel bad about getting a bad price for them now.

Ha, I looked up my old emails from the Yahoo group where many of us fruad victims were playing detective. It was 2004 and the guy was named Richard Lane. So, don't buy any gold from him.

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Re: Dipping my toe into bitcoin

Post by stilllife » Wed Jan 13, 2021 5:47 am

I've used coinbase since 2019. Coinbase is easy to use. Leave your coin in your account for sunny days like the last 2 weeks. Coinbase is not very responsive for day to day trading. You will also incur transaction fees (about 2%) buying and selling plus report gains/losses to the IRS for their cut. Coinbase has an IPO this year. Have to wait for opening bell to buy any stock. All my metal is in a bank's safety deposit box. The lobby has been closed for 9 months. I would have to call the bank and make an appointment to take any out. I've used Etrade for stock trades since 2011. Robinhood doesn't come close to the information/education available through Etrade. Last year I started a second account through Interactive Brokers and have been playing around with that. Most stock trades are free. By the way, I sold my my bitcoin in June 2020.

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Re: Dipping my toe into bitcoin

Post by ShyDaniel » Wed Jan 13, 2021 10:09 am

zero_nerves wrote:
Wed Jan 13, 2021 2:23 am
ShyDaniel wrote:
Mon Jan 11, 2021 9:09 pm
Has anyone messed around with precious metals much? I've silver coin/bar collected as a hobby but I never made it a point of getting gold until now. I have concerns we are headed for a currency crash.
I used to buy gold bullion coins a very long time ago. Got burned bad by a scammer on eBay. Several successful purchases then disappeared after a bigger order. Tried to get into the numismatic peices too. Got a couple, but I'm pretty sure one is fake.

I guess the problem is liquidity. With physical gold. I don't even know how I'd go about unloading the coins I have. I guess they've appreciated enough to not feel bad about getting a bad price for them now.

Ha, I looked up my old emails from the Yahoo group where many of us fruad victims were playing detective. It was 2004 and the guy was named Richard Lane. So, don't buy any gold from him.
You could try some of the reputable online dealers (like Apmex.com, jmbullion.com, providentmetals.com). They have buy back programs, though I've never done it. I'm not sure how much they pay compared to the spot price. An ounce of gold is around $1800 right now. Your best bet would be to call a few coin dealers (not pawn shops) and ask how much they are paying per ounce. That way you don't have to deal with shipping gold.

Ebay is tricky. I've searched for stuff and I've been very tempted. It's hilarious to see the auctions from China on there, the buy it now price is a 1/3rd of the spot price. I'm sure there are plenty of legit dealers, but I know I'd fall down a rabbit hole of shopping too much and buying something that isn't real.

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Re: Dipping my toe into bitcoin

Post by ShyDaniel » Wed Jan 13, 2021 10:16 am

Commodities were up yesterday, nearly across the board. It's a good sign of inflation. And they're gearing up to print 3 trillion dollars in made up money again.

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Re: Dipping my toe into bitcoin

Post by The_Carpenter » Wed Jan 13, 2021 12:25 pm

Fwiw,
Due to the transaction fees, I wouldn't bother except for speculation. And for that, I'd simply have an investment account at a local broker.

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Re: Dipping my toe into bitcoin

Post by Fishstick » Thu Jan 21, 2021 9:44 am

Janet Yellen speaks against crypto and it drops significantly.

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Re: Dipping my toe into bitcoin

Post by ShyDaniel » Thu Jan 21, 2021 12:20 pm

Fishstick wrote:
Thu Jan 21, 2021 9:44 am
Janet Yellen speaks against crypto and it drops significantly.
The crypto enthusiasts I've been reading keep predicting bitcoin reaching 100k this year. I wonder how she is going to curtail crypto use? This already seems like the most volatile thing to invest in.

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Re: Dipping my toe into bitcoin

Post by The_Carpenter » Thu Jan 21, 2021 1:51 pm

There's only one other type of investment that is similar.
No ownership in anything and totally reliant on future buyers to provide funds for early investors to cash out with.
Hmmmm

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Re: Dipping my toe into bitcoin

Post by Jocelyn » Sat Feb 20, 2021 8:23 pm

I bought $50 in Bitcoin on 1/29 and it’s now turned in to $85 so yay for that. I’ve got some on a cold wallet too but sooo Wish I woulda had the cajonnes to throw a couple grand at it then. Volatile markets are not so much my thing- I’m not really much of a gambler, I’d rather shop where there’s 100% chance I’m losing the cash but also 100% that I’m coming home with something to show for it lol
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Re: Dipping my toe into bitcoin

Post by YetAnotherHobbist » Sun Feb 21, 2021 1:42 am

The_Carpenter wrote:
Thu Jan 21, 2021 1:51 pm
There's only one other type of investment that is similar.
No ownership in anything and totally reliant on future buyers to provide funds for early investors to cash out with.
Hmmmm
To play devil's advocate for a moment here - isn't this the description of stocks that don't pay dividends, too?
Most (?) stocks are worth multiples of the actual book value of the companies involved -
and they only hold that higher value as long as some future buyer is willing to pay it, right?

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Re: Dipping my toe into bitcoin

Post by The_Carpenter » Sun Feb 21, 2021 8:40 am

YetAnotherHobbist wrote:
Sun Feb 21, 2021 1:42 am
The_Carpenter wrote:
Thu Jan 21, 2021 1:51 pm
There's only one other type of investment that is similar.
No ownership in anything and totally reliant on future buyers to provide funds for early investors to cash out with.
Hmmmm
To play devil's advocate for a moment here - isn't this the description of stocks that don't pay dividends, too?
Most (?) stocks are worth multiples of the actual book value of the companies involved -
and they only hold that higher value as long as some future buyer is willing to pay it, right?
But you're still owning a piece of the company. that's the difference.

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Re: Dipping my toe into bitcoin

Post by Yuna » Sun Feb 21, 2021 10:20 am

I took the dive and bought $500 of bitcoin a couple weeks ago on robinhood. Going to hold and see what happens.

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Re: Dipping my toe into bitcoin

Post by ShyDaniel » Sun Feb 21, 2021 10:24 am

I did the same, buying bitcoin and ethereum in early January, just with some play money that I can afford to lose. It's already earned almost 20% since I purchased it. I don't think the story of bitcoin will end well, but hopefully some of us can earn some money before then.

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Re: Dipping my toe into bitcoin

Post by YetAnotherHobbist » Sun Feb 21, 2021 11:46 am

The_Carpenter wrote:
Sun Feb 21, 2021 8:40 am
YetAnotherHobbist wrote:
Sun Feb 21, 2021 1:42 am
The_Carpenter wrote:
Thu Jan 21, 2021 1:51 pm
There's only one other type of investment that is similar.
No ownership in anything and totally reliant on future buyers to provide funds for early investors to cash out with.
Hmmmm
To play devil's advocate for a moment here - isn't this the description of stocks that don't pay dividends, too?
Most (?) stocks are worth multiples of the actual book value of the companies involved -
and they only hold that higher value as long as some future buyer is willing to pay it, right?
But you're still owning a piece of the company. that's the difference.
So if the company liquidates, I will get the book value of my stock, rather than the market value I paid for - so chances are I overpaid for it. And how often do companies liquidate? Most of the time, people just buy to sell, don't they?

The one investor I know of reputed to buy stock that is underpriced (market value higher than stock) is Buffet - I don't know how many people invest like him...

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Re: Dipping my toe into bitcoin

Post by ShyDaniel » Mon May 03, 2021 6:23 pm

Little update. I bought into both Bitcoin and Ethereum in the middle of January. I've looked at it as gambling a bit. Since then my total investment has doubled, so I sold some to get my money back. What I have left can crash or hit the moon and I won't have to loose sleep. Of course, if it hits the moon I'll regret not going all in. But it's investing, not gambling. Baby steps.

The rumor mill has it that Walmart invested into Bitcoin the same way Tesla did. If so, maybe the price will jump again when they announce earnings.

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Re: Dipping my toe into bitcoin

Post by YAG » Fri May 07, 2021 4:32 pm

Cashed out of Etherium Classic with a 7x return in a month. I think it is falling below 100 soon, I'll jump in then unless Elon spikes the *make screaming monkey noises* out of Doge
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Re: Dipping my toe into bitcoin

Post by Fishstick » Wed May 19, 2021 7:57 pm

Big correction in crypto market.
Do you have diamond 💎 hands or paper 📃 hands ?

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Re: Dipping my toe into bitcoin

Post by YAG » Wed May 19, 2021 9:57 pm

:ymparty:
Yuna wrote:
Sun Feb 21, 2021 10:20 am
I took the dive and bought $500 of bitcoin a couple weeks ago on robinhood. Going to hold and see what happens.
It's worth 200
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Re: Dipping my toe into bitcoin

Post by YetAnotherHobbist » Wed May 19, 2021 10:21 pm

Fishstick wrote:
Wed May 19, 2021 7:57 pm
Big correction in crypto market.
Do you have diamond 💎 hands or paper 📃 hands ?
I was/am a little surprised about it... When Musk announced that Tesla was buying a chunk of Bitcoin, the price went up by some fraction. When he announced recently that he was not as interested in it any more, I expected the price to go back down a similar fraction - but the down correction seems to have been a lot larger than the upswing then. I also heard that the Chinese were discouraging Bitcoin, perhaps to favor their own cryptocurrency - but I guess I don't know how big the Chinese market for bitcoin is...

I guess I don't take the time to follow these news thoroughly enough to play a day trader on this stuff. I would buy some, then hold it longer term... Though I haven't :-p

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Re: Dipping my toe into bitcoin

Post by BrianaBourne » Sat Sep 25, 2021 9:54 am

Yuna wrote:
Mon Jan 11, 2021 1:05 pm
I'm interested in doing a bitcoin wallet or investing in bitcoin. What about using apps like robinhood?
I've been using Bitcoin for 3 years. I use Coinbase wallet. Sept. 7th there was a -8.31 drop. which sucked. Usually check it on Mondays. However, there is a minimum amount that they let you send. ??????????????
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Re: Dipping my toe into bitcoin

Post by ShyDaniel » Wed Sep 29, 2021 1:38 pm

BrianaBourne wrote:
Sat Sep 25, 2021 9:54 am
Yuna wrote:
Mon Jan 11, 2021 1:05 pm
I'm interested in doing a bitcoin wallet or investing in bitcoin. What about using apps like robinhood?
I've been using Bitcoin for 3 years. I use Coinbase wallet. Sept. 7th there was a -8.31 drop. which sucked. Usually check it on Mondays. However, there is a minimum amount that they let you send. ??????????????
Briana
I think the minimum you can send someone using Coinbase is $2 worth of bitcoin (or whatever crypto). I use a cold storage wallet too. These sites and exchanges are so new I don't really trust them yet. I like not having to worry about whether coinbase as a company will screw something up or not.

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