Anyone invest in crypto currency?

TheFORCE

This is what I dont like trading in this crypto currencies. The brokers dont support all the currencies. If I open an account with Fidelity to trade stocks, i can trade all stocks available, if i then decide to move to another broker like Scottrade, i can trade all stocks available. Not the same with this exchanges. Obviously i might be missing something here that makes it look complicated to me. Seems like Hurricane has some experience setting these accounts. It would be beneficial if Hurriance posted a step by step guide of the whole process, for example, links to site for an exchange, the creation of the account, the creation of the wallet, the linking to your bank account to transfer money, any verification process and the documents required, your first trade on the system (buy and sell). So Hurricane if you can post something like that we'd appreciate it.

note:i did open an account, dont remeber where now, got stuck in the verification process, not sure if my account was verified yet.

hurricane1091

TheFORCE wrote: »

This is what I dont like trading in this crypto currencies. The brokers dont support all the currencies. If I open an account with Fidelity to trade stocks, i can trade all stocks available, if i then decide to move to another broker like Scottrade, i can trade all stocks available. Not the same with this exchanges. Obviously i might be missing something here that makes it look complicated to me. Seems like Hurricane has some experience setting these accounts. It would be beneficial if Hurriance posted a step by step guide of the whole process, for example, links to site for an exchange, the creation of the account, the creation of the wallet, the linking to your bank account to transfer money, any verification process and the documents required, your first trade on the system (buy and sell). So Hurricane if you can post something like that we'd appreciate it.

note:i did open an account, dont remeber where now, got stuck in the verification process, not sure if my account was verified yet.

So the first order of business when investing is understanding that most things are bought with bitcoin, or with Ethereum. That said, the first thing you need to do is acquire bitcoin. Coinbase.com is a great place to do this. You can get verified to increase your limit, but understand that if you pay with your bank, it will take 5 days or so to receive your bitcoins.

So Step 1 = Buy bitcoins, using coinbase works.

Step 2 = transferring bitcoins to an exchange like Poloniex, Bittrex, etc. You will create an account on one of those sites, no big deal. Set up 2FA though. You'll go to the WALLET section on the site you choose, and see some sort of + or add option for the currency of your choosing. Each currency uses a different wallet. In this case, you'll go to your Bitcoin wallet on Bittrex or whatever exchange, and create a bitcoin wallet on the site. You will be presented with an address, which is the address to send your bitcoin from coinbase to. Copy it, and go back to coinbase. Go to the send section on coinbase, and send to the bitcoin wallet address you received from the exchange. Straightforward stuff, it will take a few minutes to clear.

Step 3 = buy whatever currency you want on the exchange you choose. If you wanted ARK, you'd search for ARK on the exchange. You'd go to the buy/sell ARK page, and you would place your bid (price and how much you want). If someone is selling for that price, your order fills and the holding are sent to the ARK wallet (it will create itself) on the exchange. You can leave it there, but most people transfer to desktop wallets. Every currency has their own desktop wallet.

So step 4 = download a desktop wallet. In the case of ARK, you would go to ark.io and download the desktop wallet. You'll generate another wallet address and a private key. DO NOT LOSE THE PRIVATE KEY! When you go to send funds from your ARK wallet to an exchange to sell, you will need your private key. It is just a random/long string of text. Some wallets are different like myetherwallet, which is a website. You can upload a file to view your wallet, but many currencies just use a desktop client.

Step 5 = Transfer from exchange to desktop wallet. Go back to your exchange (polo, bittrex, etc) and go to your wallets on that site. Go to your ARK wallet and subtract ARK. It will ask you for the address you want to send it to. Copy the address from your ARK desktop wallet. Paste it. Double check, then check again. Hit send. Wait, and in a few minutes the ARK will appear in your desktop wallet.

Step 6 = Print out your address and private key, store it in a text file on a safe USB or two, and do not save it on your PC. Your funds will be safe now. Even if your PC is compromised, there is no way to steal your funds. If you want to send ARK back to your exchange, you would open up the ARK desktop wallet and hit send. You'd type in the address of your ARK wallet on the exchange, and type in your private key. Then you can once again sell on the exchange. You can cash out there I believe, or convert to BTC, send to coinbase, and cash out.


Steps:

1. Create an account to acquire bitcoins (which you use to buy other currencies). Coinbase.com works

2. After buying on coinbase and waiting a few days, create an account on an exchange. There's a bunch of these, you pick the one you want. The major coins tend to be offered on all exchanges, but some of the smaller coins are only offered on some sketchy exchanges. I'd stick to GDAX, Kraken, Bittrex, etc.

3. Generate a bitcoin wallet on the exchange, and copy the wallet address.

4. Go to coinbase, send bitcoin to the wallet address you received on your exchange.

5. Go to the currency buy/sell page on your exchange, and place your bids. Match up with a seller, and you now have your coins in a new wallet on the exchange.

6. You can leave them there (definitely enable 2FA), or you can go to the website for the currency you bought and download their desktop wallet. You'll generate a new address on the desktop application and a private key. Save/print both, and copy the address.

7. Go to your exchange, and send the currency you bought to your desktop wallet. Copy the desktop wallet address, choose how much you want to send, and you're in business.

If this was helpful and someone feels like a nice person:

ARK wallet AVNPUrdF4LUAxtPvU4WL7DMMpwaBGSMUYm

BTC wallet 1AE7NM9jwCNDh8SUQ1VSRWcRPe8QvCoqzE

As for verification, it depends on the site. If you're not comfortable giving up your drivers license, you're going to be limited in how much you can buy/sell. Which in the beginning, might be fine.

NetworkNewb

That graph for BTC doesn't look promising atm. Bearish pennant... Careful out there!


edit: Patterns definitely aren't always right, especially with crypto, but they give a good indication of what it might do imo. Just got to google "marketing patterns" and see all the bullish and bearish ones. At least if your trying to some trading that this...

hurricane1091

Yeah, BTC is tanking right now. It was due for a correction, let's be honest lol.

p@r0tuXus

One analyst that I listen to puts out a crypto-currency report every so often and he gives his best outlook based on some web-crawlers he designed a long time ago for the purpose of getting rich off of the stock-market. It so happens to be pretty accurate in terms of gauging the gossip at the rumor mill where cryptos are concerned also. He earmarked BTC at $5000 by the end of summer and has an overall longterm trend showing it could go to $13,000 by next year. If this happens, most cryptos that are comprised of alot of BTC value will also raise in value. What's that saying about tides and ships? coinmarketcap.com shows that BTC is currently over 50% of all crypto-currency market value. That's up 10% from the start of this thread. I've been trying to do the math on proportional increases in my favorite coins if BTC were to go to $13,0000 and making some positions in them to hedge against that lost opportunity to make some money. One I've had my eye on is IOTA. That has been impressive with it's performance from day one. Sure, it dropped down, but it's stayed in the top 10 crypto currencies on CMC (coinmarketcap) since it debuted. This, while only being available on one exchange (bitfinex.com). It's gone up by 200% in the last 2-3 weeks due to some announcements and bitcoin's performance.
Here's hoping it's a good vehicle for investment. However, it's worth mentioning that the analyst I brought up did say that BTC was going to see about a 50% drop in trading value at some point after it hits $5,000. That'd be a good time to buy into all of your favorite cryptos (if his analysis is correct).

Edit: Regarding exchanges, I get the concern with them. They're out to make money and would rather close and keep it than let the currencies crash and wipe them out. It's just business, right? Sigh. Due to these concerns, Bitfinex just announced late last week that they'll discontinue supporting US customers because of the regulatory issues concerning cryptos and recent decisions made concerning tokens. That means I have ~90 days to find another exchange that will trade IOTA or just transfer it off of the exchange into my own wallet for safe-keeping (which I would normally reccommend doing anyway).

NetworkNewb

Yep lol :P

I pulled my money out of everything... I hate trying to trade when BTC is going through big changes. Hard to trust graphs as all the alt coins are going to show a nice percentage increases, but that is in relation to the BTC price, which is falling. Too much trying to figure out what prices are actually doing for me.


Damn, someone just put a 200k buy wall at 3900 though. Crazy rich people and their insane money...

GeekyChick

bhcs2014 wrote: »

Kraken if your going to put anything substantial into it. $5 flat fee for Wire Transfer deposits, low trading fees (around .1%), about 20 different coins. You do have to go through a lengthy verification process beforehand, though. It took me about 20 days to get verified to deposit.

Gemini has a quick and easy sign up, no deposit fee, limit of 500USD deposit a day. You can then buy bitcoin for .25% trading fee and move to Poloniex or Bittrex to buy altcoins.

Those are the two best options in my experience

Coinbase has some of the highest fees of any exchange that allow USD deposit.. 1.5% for bank account deposits. Stay away from coinbase if you can

Hey, thanks! If I use Kraken I could also skip the extra exchange since it does trade more currencies than Coinbase. I could potentially just use Kraken for my exchange.

TheFORCE

If i decide to cash out at any point, do i have to convert back to Bitcoin and then from bitcoin to USD or i can convert directly to USD and then cash out?

p@r0tuXus

First, Coinbase may be the biggest exchange, but their customer service is ridiculous. After 4 attempts and communication with their staff, they still failed to address issues I had verifying my payment institution. Oh - but they're more than happy to debit money from that same account... they just can't possibly put any back. To be fair, it's a credit union account, but still... money out = fine; money in = but how do we do that? Whatever.

Also, their fees are higher than most exchanges. If you have an exchange that can convert your currencies directly to USD, I'd suggest that if you want to cash out/withdraw $USD. That way, you're not dinged for another conversion/transaction fee.

hurricane1091

Depends on the currency. You couldn't cash out ARK or most for USD. It's really not a big deal converting and you shouldn't be selling anytime soon anyway, this is a long term deal if you want big dividends.

TheFORCE

hurricane1091 wrote: »

Depends on the currency. You couldn't cash out ARK or most for USD. It's really not a big deal converting and you shouldn't be selling anytime soon anyway, this is a long term deal if you want big dividends.

Ok i see.

NetworkNewb

**tapping fingers waiting for ARK to shoot up today**

TheFORCE

So now there is a new Bitcoin currency called BCC (Bitcoin Cash) that split from Bitcoin? People are sending funds to wrong addresses and losing money in the process? Again, as I mentioned, looks complicated. In the article below, one of the main developers is saying that BCC could potentially be the new de-facto coin.

https://www.coindesk.com/coindesk-explainer-bitcoin-cash-forking-blockchain/

Welly_59

a friend of mine had 41 BTC a few years ago and sold them for around £6k. We worked it out last night, if he had kept them, along with the free BCC he would have just been given, he would have had £181k instead

hurricane1091

TheFORCE wrote: »

So now there is a new Bitcoin currency called BCC (Bitcoin Cash) that split from Bitcoin? People are sending funds to wrong addresses and losing money in the process? Again, as I mentioned, looks complicated. In the article below, one of the main developers is saying that BCC could potentially be the new de-facto coin.

https://www.coindesk.com/coindesk-explainer-bitcoin-cash-forking-blockchain/

Lol broooooo like three weeks late!!! We talked about the fork in the the thread. Most Bitcoin miners updated but those that did not kept mining based off of the old standards and this Bitcoin cash was born. Korean money pumping it hard yesterday and today.

JDMurray

Has anyone paid US Federal or state taxes on Bitcoin trading? It is just a standard (1099) income declaration or is there a special form involved? Do services like coinbase.com make it easy to document your gains/losses for reporting? I'm also wondering if declaring income from virtual currency increases the chance of raising an audit flag with the IRS.

naclh2onaz

Both coinbase and bittrex offer reporting that includes transaction details for the year or any specific timeframe. I haven't done much trading, and am planning to hold long term. When cashing out, I will be paying long term capital gains on my holdings, form 1040.

Income would only be paid if someone was mining cryptocurrency. Also, possibly on dividends earned by staking/delegated proof of staking. Not 100% sure on that one.

JDMurray

Yes, the buying/selling of Bitcoin would be reported as long/short term capitol gains/losses to the IRS. It's just like standard currency trading in that regard. On the other end, I wonder how many US taxpayers actually report their Bitcoin mining activities as income each year.

https://en.bitcoin.it/wiki/Tax_compliance

Dhara

Has anyone used IQ options to trade ?

JDMurray

Yet another problem with using your cell phone number in your MFA:

Hackers Swipe Bitcoin by Stealing Your Cell Phone Number First
https://www.inc.com/will-yakowicz/hackers-can-steal-cell-number-to-swipe-bitcoin.html

NetworkNewb

Hey Hurricane, since you made a great call with ARK. Wondering what your thoughts are on a few others... NEM (XEM), OMG, and UBIQ?

I got some invested in NEM and OMG right now. Kinda hoping UBIQ goes down from its little peak today before buying into that. (Think it looks really good.) Also, hoping ARK drops to under $2 and rebuying in that... That and waiting for my next paycheck this Friday to deposit more money. Starting to put a percentage of each one it into these.

hurricane1091

NetworkNewb wrote: »

Hey Hurricane, since you made a great call with ARK. Wondering what your thoughts are on a few others... NEM (XEM), OMG, and UBIQ?

I got some invested in NEM and OMG right now. Kinda hoping UBIQ goes down from its little peak today before buying into that. (Think it looks really good.) Also, hoping ARK drops to under $2 and rebuying in that... That and waiting for my next paycheck this Friday to deposit more money. Starting to put a percentage of each one it into these.

Cheers to ARK. Bought in a couple different times but my largest buy-in was at 37 cents. Very excited for the future of ARK, I can see $10 in the not-so-distant future.

NEM was interesting to me. For not so scientific reasons, I would pass or at best put just a wee bit into it. The price could technically go up 10x and it still would be behind Ethereum in market cap, but it's just a stable currency in my eyes. Low transaction fees though, it could take off for sure. It's not a bad project.

My brother likes OMG. OMG will go up in value, I do not doubt it, but it is already at $11. If you were to do it, I would do it sooner than later.

I was considering UBIQ but still in the research phase.

There are so many decent projects but nothing terribly exciting right now. PIVX and NAV look decent but not revolutionary. I am thinking about making a play there, but NAV is pumped high at the moment for whatever reason. Bitquence is another thing to consider but it is not on my exchange.

p@r0tuXus

Anyone know anything about RISE? Damn thing jumped today and don't know why. If one had dropped $1,000 on it as of March 1st, today they'd be sitting on ~$268K. Wouldn't be too mad about that.

NotHackingYou

Litecoin is looking pretty good today!

hurricane1091

p@r0tuXus wrote: »

Anyone know anything about RISE? Damn thing jumped today and don't know why. If one had dropped $1,000 on it as of March 1st, today they'd be sitting on ~$268K. Wouldn't be too mad about that.

Pump and **** probably lol

TechGromit

Pickup up $200 of LTC back in June for the hell of it, As of today it almost doubled in price, can't get that kind of returns from the stock market. Just picked another 12.5 LTC today. I'm going to pick up a bunch of different low prices digital currencies and pretty much forget about them. I'm not going to be jumping out any windows if I lose my whole investment. I wouldn't invest any significant amount of money into digital currencies, but if you have a couple grand you can afford to risk, why the hell not, better odds than the casino I say.

Welly_59 wrote: »

a friend of mine had 41 BTC a few years ago and sold them for around £6k. We worked it out last night, if he had kept them, along with the free BCC he would have just been given, he would have had £181k instead

You can't beat yourself up over what you would have made, It's like saying if I just would have pick the right lotto numbers last night I could be a multi-millionaire today! If he made money he should be happy with that, not what he would have made if he held onto it.

hurricane1091

Monaco a good short term play.

slinuxuzer

Well, so like a lot of you, I was told about Bitcoin back in 2009/2010 by a co-worker and laughed him out of the office, and again in 2011 by another co-worker, admittedly I've had a really hard time understanding crypto currency at all, but after a lot of reading over the last few weeks, I've decided to get in for the long haul.

As far as storing currency - take a look at the ledger nano S - its basically an HSM device for keeping your coins safe and offline.

A long story short, if you leave them on exchanges or online anywhere, you run the risk of hackers getting them or an exchange becoming insolvent.

I researched Bitcoin, Ethereum and Ripple's XRP and all seem extremely interesting, I think Ethereum and Ripple / XRP have potential, I won't promote either one here, but I will say, I bought XRP and plan to hold for five years min.

NoNameNoob

When I made this thread bitcoin was 2.5k, at the time I was thinking of getting back into it but didn't. Ah man.. I have about 30 LTC maybe in a few years it'll be at what bitcoin is now. /wishful thinking

TechGromit

hurricane1091 wrote: »

I caved and sold all my ARK (temporarily) and bought in on NEO, and it's been screaming this morning. Challenge now I guess is getting out before it goes back down. I had a good week day trading so far, hope it continues.

If you going to be doing the day trader crap, I wouldn't bother. I'd toss $500 or a few thousand into the market and forget about it until it goes up a significant amount of $. If you can't afford to part with your money, you don't have the stomach for investing it cyptocurrency in my opinion.