Bitcoin?if not What crypto do you have and why?

Bitcoin?if not What crypto do you have and why?

Other urls found in this thread:

youtube.com/watch?v=bBC-nXj3Ng4
twitter.com/SFWRedditVideos

No matter what I read or who I talk to, I cannot work out what the fuck is going on with these things, or how they work.

I am not putting any of my money into something that's deliberately trying to sound really complicated.

There was a documentary on netflix that explains it. Supposidly the money is somehow shared with a bunch of computers. How? I dont fuckin know but, that way when someone hacks one computer they only get so much. At least thats what I've gathered from it

The documentary doesn't explain it. None of it makes any sense. But it smells like a fucking pyramid scheme, or whatever you call those things where you only get rich when you get in the first week.

I was thinking about doing some vertcoin but starting with cash it just got too complicated to try to get it all converted to where i could actually acquire some.

any advice on starting with crypto using cash? or at least transferring USD to an account?

I have $0.02 in Bitcoin at the moment. That's all

With the cancelled fork just today, I am gonna drop out of BTC. Other cryptos, sure. But BTC is no longer gonna be a majority of my portfolio by the end of the week.

Best way is to buy ETH on coinbase and then use Shapeshift to your crypto of desire. If it's not listed there, check coinmarketcap for exchanges that list it.

>bearish on bitcoin because no segwit
>shills ethereum while they contemplate another dao like fork because of parity

Enjoy your mutable ponzi gas. Fucking pleb.

you seem knowledgable, what would you recommend a n00b get started with?

Troll. OP asked for opinion and got it.

I'm not shilling ETH. I'm saying it's the fastest and cheapest way to get money from one exchange to another. Just trying to help here, jerk.

Other than that, I couldn't care less about ETH.

As for my opinion on Bitcoin: First, they do have segwit. They don't get a blocksize increase. Get your shit straight if you're trolling.

I am not bearish on Bitcoin. I'm out because it has turned into something I personally don't like. If it hits 8k tomorrow and 10k by the end of the year, good for anyone who's in. I'll hedge my bets as well.

Fuck off if you don't want to have a conversation.

Coinbase/localbitcoins = buy BTC
Bittrex/Poloniex = Exchange BTC for VTC

Not super technical. VTC has been pumped the last 2 weeks, I'd hold off. It's a great coin with a good dev, but the price will be going mad sideways until we have an alt pump.

If you're looking for a cheap coin with huge upside potential grab some BLK. 3000 satoshis is its main bottom support and has been hovering for a couple months. Also ChronoTime is at an all time low with a massive triangle formed ready for a pump.

Is digital currency really the future? How can it surpass physical currency?

Gold and silver

Physical money is already being phased out. The question is whether banks keep control or money moves to open source software.

97% of fiat currency is stored on digital ledgers. Only 3% is actual physical cash. When the Fed raises the debt level, they don't begin printing money the way the general public is lead to think; what they're doing is allowing fractional reserve banks to give out more loans & inflating the currency.

I guess that was the wrong question. What backs bitcoin? Is it just money out of thin air like our paper currency now?

It not trying to sound deliberately complicated. Distributed systems in general just are.
But it's not that hard actually. there's a very nice video on the youtube channel 3blue1brown I can't recommend enough for everyone who deosn't understand how it works.
It's like half an hour and very comprehensible

Anyone mind throwing some satoshis at me?
Yes, im cyber-begging here, even 0.001 would be great

1HRouHu1Nvx1G2cxm
3wYqq4Jh2arFjjeFn

thanks. i was looking into it a while back and VTC seemed like a nice start but no idea where it is today so i appreciate that info.

...

It costs well over $15000 in electricity to mine one block of coins atm. Money out of thin air is what governments do. They're not running the worlds largest supercomputer network using heaps of electricity and processing power to authenticate transactions with an impossibility to counterfeit/create illegitimate funds.

Fiat is government backed. You are guaranteed to be able to pay with it for food, utilities and taxes. The value you get out of it is set by a combination of regulations and economical performance.
With fractional reserves there's not really a "gold backup" if that's what you're asking.

With Bitcoin, you don't have those guarantes, it is way less stable, and more driven by speculation.
Whether or not to invest in it depends on whether you view that as an opportunity, or a risk.

You guys really gotta educate yourself. Bitcoin and crypto currencies in general stem from an academic paper of a distributed way to guarantee safe transfers of value without the need of a third party for validation (banks).
Please don't spread rumors like "ponzischeme" and bs like that and research a little on the topic.
As I already mentioned here just watch the video. Takes half an hour and you'll know how it works.

No. None. Go back to /biz/

Trips for the win btw.

>When the Fed raises the debt level, they don't begin printing money the way the general public is lead to think; what they're doing is allowing fractional reserve banks to give out more loans & inflating the currency.
Lowering the reserve requirement is not the typical way to increase the money supply. The typical way is that the Fed buys securities (typically U.S. Treasury notes) on the market, crediting the accounts of the sellers (large financial institutions) with money that they simply add onto the ledger. This increases the amount of money available for lending.

So if power is lost then the currency is gone? Is it stored on a hard drive? Thats the part that scares me with it.

You are absolutely correct on the technical side, but realistically and with people involved, the sad truth is that this does not reflect reality well.
The majority of all these ICOs happening right now are just money grabbing ponzi scheme shit that contribute nothing to the ecosystem, and never will.

No-one can tell me Bitcoin doesn't have some juicy inside trading happening. So depending on the definition of pyramid scheme..

No, but if you lose your key then you lose access to it forever. There is no insurance like when you save money at a bank.

Computers are needed to keep the blockchain alive, and to transfer BTC from one address (owner) to another. And considering how most fiat transactions happen these days, that holds true for it as well to some degree.

But no, you don't need electricity to not lose BTC. You do need electricity to confirm you own it though.

What is your key? The login to your money?

I have some ethereum I'm saving for a rainy day.

Effectively, and there's no tech support to help you.

You can store it on a piece of paper. Confused yet?

It is a good video.
youtube.com/watch?v=bBC-nXj3Ng4

>buying into the bubble

Bitcoin is like E-mail, but it transmits money instead of messages.

It works like a spreadsheet that keeps track of how much money everyone has. Every person using Bitcoin has a copy of the spreadsheet. When one person sends money to another person, every Bitcoin user is automatically notified of the transaction, and everyone's spreadsheets are updated. You know whether a person has the right amount of money to spend, because your spreadsheet already shows how much money they have.

Therefore It's impossible to counterfeit money in Bitcoin. Everyone will ignore a transaction using money that they know you don't have.

Instead of a central agency that verifys the transactions, we have people that "mine" and use their computer power to verify the transactions. And those people get paid for doing that.

Simple really.

So in the event of a power outage like with hurricanes it is useless then to purchase things because places wont have power.

Yeah sure, ICOs are just shit most of the time.
Personally I got into crypto about 8 month ago and invested 1000€ into bitcoin, monero, litecoint and ethereum, dropping ethereum and BCH after the fork for more of the other 3.
Currently I'm at a profit return of about 110%.

I stay away from ICOs for that exact reason.
Nevertheless, major cryptos are a nice way to gamble a bit if you're up for the risk, which is quite low if you aren't depending on the invested money and can wait out a possible drop.

>Therefore It's impossible to counterfeit money in Bitcoin.
Unless someone controls a large percentage of the mining computational power.

Or even just an internet outage.

here's some "insider info" - all in all, it's a dirty game. the major share of "smaller" cryptocurrencies are owned by smaller groups of people who basically completely control it. they let the value rise for a while and crash it so people start selling. once people start selling, the same group buys even more currency and so keeps the major share. the currency is rising again, people are buying again and guess who's supplying them... it's a dirty business and a zero-sum economy. if someone made a million, someone had to lose it. john

Just as much as trying to pay with a credit caard in such an event.
But yeah you're right of course.

Essentially yes. Private keys allow you to send the coins from one wallet to another. If you lose your private key (which an be stored in both digital and physical ways) you can't spend the funds allocated to the public wallet.

Private Key = Pin Code to use the funds of a public address
Public Key = Address given to someone to send you funds

Of course, credit cards have a large advantage when it comes to consumer protection, as well as being able to offer incentives.

dogecoin cause I'm literally autistic

Not entirelly sure about that. Credit card also run through banks which can and are known to exploit the consumer.
Sure, incentives are nice but you won't get them if there's a finacial crisis with your bank.
In that case you often can't even access the money you own. In this regard bitcoin is superior.

That "advantage" is also why you pay 27.9% interest if you run a balance. Completely agree regarding consumer protection though. With crypto you're only getting refunded if/when the seller agrees to reimburse you & send your funds back.

Just like if you went to the store and bought something with cash. If the retailer won't give a refund, your cash is lost. With a credit card, you call, complain & they make a charge-back. Another reason why they have massive interest rates, to cover those costs inherited by the CC company.

But XRP is bank crypto Money so they want to share it, right? Any other opinion in XRP? I maybe want to buy

So its only worth it to buy it like stock. Buy it sell it make your profit and run.

Yeah you're right. Credit of course has its use cases. I always try to stay in the black with my funds and pay off all credit at the end of each month so I don't have to pay interests. Nevertheless in an emergency I would probably be screwed without credit.

XRP is centralized & the cap on coins can be increased. It's a business that is working with banks to create a better ledger system for their use. I'm not against ripple, but the fundamentals are very different from decentralized immutable crypto's.

Really, crypto currency is a terrible umbrella term. The amount of difference between each coin makes up more of a new type of asset class, each with its own properties.

They were talking about smaller crypto (just in case you didn't notice).
Cryptos which are big generally don't fall into this category of "sketchy" coins.

>I am not putting any of my money into something that's deliberately trying to sound really complicated.

So, you know the intricate details of how fiat currency is created by governments then? Hmmm.

KEK MY SIDES!!!

This is just not true. Obviously this guy doesn't understand how blockchain works: *any* transaction can be refunded if given consensus by the worker nodes.

This is why bitcoin can never act like cash

>>source MSc in computer science

>Not entirelly sure about that.
I am.
>Credit card also run through banks which can and are known to exploit the consumer.
Credit card transactions can be reversed, and bad PR can cause nightmares for companies like these.
> if there's a finacial crisis with your bank.
Every mainstream bank is FDIC insured. Your money is safe.
Which is why you never run a balance. I've never paid a single cent in interest or fees to credit card companies after over a decade of use.

if you're trading LTC,BTC,ETH this isn't much a thing. Now if you're on yobit trading pruplenerplecoin, then yes.

>*any* transaction can be refunded if given consensus by the worker nodes.
Okey-dokey. Tell me, who do I call to have this done when a seller scams me?

Nobody.

But this is the troubling point: most people think what you just said, that you can't make a claim when you have been wronged. Not only this, but you can accept BTC for your services and have it yanked back by the blockchain if the consensus was there. That's the scary part no one talks about.

If I give you a $20, I don't have recourse against you, but you can be confident the transaction is final. Not so with BTC

Yes, you're ultimately correct. But you're going to need about 200x the processing power of google or around $55 billion worth of BTC...

>most people think what you just said
Because in practice it's the reality. There's no pathway a consumer can follow to get the transaction reversed.

The only time this would occur is during a hardfork or a 51% attack. Can you show us at least one case of a transaction being reversed otherwise?

I own BTC, frm, etc, and buy very small amounts of shit coins with the hope they go up. Like 1 -2$ worth and just hold. Worst case scenario, I loose a few bucks. Best case it catches on and I becokme more of a millionaire

Xmr,eth damm auto correct

I have $1 worth of BTC at the moment, I sold the rest (like $20 worth) at the start of the year when it was worth about $1600/BTC :(

Sucks to loose that 5 dollars bro

INVEST IN BTC NOW

this right here. macro 101

If you would just run video upsampling and beautifiyng on your graphics, life would be much better than cypher.

btc, eth, monero, ripple and a few others. I invested about $2k almost a year ago and have made 10x my money. Invested in it because I believe in the tech and I want to invest in the future.

Just Bitcoin and Litecoin for the moment. Anybody have an idea on where LTC might be going?

Put everything on LTC, BTC will crash in about 3 weeks and LTC will explode around the same time. It wont last long tho so cash out

+400% in 8 months

Praise Kek