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Cryptocurrency |OT2| Money's New ERA Shoots for the Moon! | Read OP for Thread Rules

breakYODAy

Member
Oct 25, 2017
347
This is the Second OT for discussing cryptocurrencies and blockchain technology that powers them. The original OT can be found here: Cryptocurrency |OT| A New ERA for Money.

This space will be for discussing all subjects related to the topic of cryptocurrency: investing, mining, buying/selling etc. The crypto space is generating a ton of new interest as more and more people hear about the latest bull runs in their favorite digital currencies.

So What is a Cryptocurrency?

Simply put, its a spendable, digital asset that is backed by a distributed ledger for verifying all transactions, known as a blockchain. The blockchain is verified by hundreds, or thousands of compute devices independently verifying each transaction, which prevents fraud within the ledger. Additionally, some cryptocurrency projects, like Ethereum go beyond simple value exchanges, offering smart contract features. These smart contracts create effecient, blockchain verifiable agreements in real time, that are traditionally covered by paper agreements (think a real estate sale).

Here are some good references for diving deeper into what cryptocurrency and the blockchain are:

https://blog.chain.com/a-letter-to-jamie-dimon-de89d417cb80
https://www.influencive.com/crypto-currency-basics-smart-contract/
https://en.wikipedia.org/wiki/Cryptocurrency

What are the biggest cryptocurrencies out there?


At the time of this writing, cryptocurrency has a $170 billion market cap, with dozens of notable currencies, and a ton of future growth anticipated. I'll name a few of the most popular ones here, but keep in mind there are many more with very enthusiastic communities and investors following them:

Bitcoin - The original and current big fish. Check out https://bitcoin.org for more info.

Ethereum - A platform designed to leverage smart contracts and applications on the blockchain. More info at https://ethereum.org/.

Litecoin - A spinoff of bitcoin created by former Coinbase engineer Charlie Lee. Litecoin is aiming to be used for small daily transactions, with quick processing and lower fees than Bitcoin. More info at https://litecoin.org/.

Monero: A cryptocurrency focused on ensuring privacy for all transactions on its blockchain. Bitcoin transactions can be tracked, which has led to the creation of privacy coins. More info at https://getmonero.org/.

Ark: A digital platform aiming to be an all-in-one enterprise blockchain solution. Holders of the Ark token can stake their coins with a delegate responsible for verifying transactions that will earn them interest payments. Visit https://ark.io to learn more.

Some other notable cryptos are: NEO, TenX, OmiseGo, Zcash, Ripple and Vertcoin, to name a few. Take a look at CoinMarketCapto view the full list of cryptocurrencies currently on the market.

Okay, I'm Interested. How do I buy some and what do I buy?


First, do your research. There are over 1,000 cryptocurrencies, with more being introduced every week. You do not want to get burned on a shitcoin with poor fundamentals and a bad team working on it. That said, Crypto is seen as the next big investment opportunity. If you play it smart, you can likely do well for yourself.

This Reddit thread has good tips for new investors: https://www.reddit.com/r/CryptoCurr...me_food_for_thought_for_new_crypto_investors/

There are many exchanges set up across the world that offer the ability to buy and sell cryptocurrencies:

Coinbase
GDAX
Bittrex
Gemini
Bitstamp
Kraken
HitBTC
Bitfinex
Poloniex
Binance

Once you've bought your coins, YOU NEED TO MOVE THEM TO A WALLET. There are many options our there including desktop app, web, smartphone app, and cold storage wallets. Don't leave your coins on exchanges! Doing so leaves them vulnerable to exchange hacks, which have happened in the past.

What about mining?

Mining is the process of utilizing a compute device to verify the blockchain ledger. Mined coins are the reward for lending ones computer resources to verifying the ledger. Many people are curious about doing it with their computer, but in many cases like Bitcoin and Litecoin, mining is now primarly done by specialized ASIC devices that are designed to get a superior hashrate and pull the most of the rewards.

There are some that are still GPU minable. Ethereum is one, though it will move to a proof of stake coin in the next year or two, which will end mining. Another minable coin with GPUs is Vertcoin. Vertcoin is ASIC resistant due to its hashing algorithm, and does well with Nvidia GPUs.

If you decide to mine, make sure to join a mining pool before firing up your GPU. You'll be better rewarded than trying to go solo.


Happy days ahead and HODL!


MOD EDIT RULES FROM PREVIOUS THREAD:

1. Don’t self-promote discord servers that give you “inside” tips:

https://www.resetera.com/posts/2450947/

2. Going forward, sharing pump & dump discord links will result in a perma ban.

https://www.resetera.com/posts/2866235/
 

Donos

Member
Nov 15, 2017
2,880
Just took a 4th mortage and went all in on Bitcoin Gold. Go big or go home.

And yeah, saw a lot of better titles in the last thread.
 

Rocket786

Member
Oct 27, 2017
193
Just asked this question in the first thread. Since that's getting shut down, I'll follow up here:

So are COLX and FLASH essentially the same type of technology as DASH? What makes us think that COLX and FLASH are going to break out in the future? I understand their relatively smaller market cap in comparison to DASH, but just curious why people are betting on COLX and FLASH? I am hodling onto both of them as well, and just trying to understand realistic expectations of their ceiling.
 

Sulik2

Member
Oct 27, 2017
4,098
Just asked this question in the first thread. Since that's getting shut down, I'll follow up here:

So are COLX and FLASH essentially the same type of technology as DASH? What makes us think that COLX and FLASH are going to break out in the future? I understand their relatively smaller market cap in comparison to DASH, but just curious why people are betting on COLX and FLASH? I am hodling onto both of them as well, and just trying to understand realistic expectations of their ceiling.
COLX is a privacy coin more similar to something like Verge and is a fork of PIVX. Flash is all about micropayments done through the blockchain and could eventually be a competitor to something like Paypal or Western Union.
 

Wander

Member
Oct 25, 2017
497
Anyone having issues with Binance iOS app? Getting a unable to verify app error

XBY, ADC, and FLASH on crypropia - what should I dump more to?
 
Nov 16, 2017
892
I have money in coinbase but everyone is telling me to get a hardware wallet and I have heard that if coinbase gets hacked all my money could be gone. Is this true?
 

Occam

Member
Oct 25, 2017
2,510
For the new thread, Ripple is a terrible cryptocurrency. One guy owns 90% of it, one company controls it all.
That's BS and goes against the whole idea of removing control from banks and stock markets.
Of course big money would love this, because it would return control to them.
 

TerminusFox

Banned
Oct 27, 2017
3,851
So, are you guys long term investors, aka, even if I cash out five-six figures, still gonna keep a certain amount of money on some exchange for 10+ years, or as soon as you net a good amount of profit (high six figures, low seven figures) you're bailing from Crypto all together?
 

Wander

Member
Oct 25, 2017
497
I'm thinking it's more likely someone misplaces their software wallet password/passcode/secret code than getting their coins taken from a hack on an exchange.
 

Malgus

Member
Oct 26, 2017
962
Toronto
So, are you guys long term investors, aka, even if I cash out five-six figures, still gonna keep a certain amount of money on some exchange for 10+ years, or as soon as you net a good amount of profit (high six figures, low seven figures) you're bailing from Crypto all together?
My goal is to make 100k this year in crypto. Even with that money I would keep 50k in crypto and take the other 50k out to enjoy.
 
Oct 27, 2017
432
USA
So, are you guys long term investors, aka, even if I cash out five-six figures, still gonna keep a certain amount of money on some exchange for 10+ years, or as soon as you net a good amount of profit (high six figures, low seven figures) you're bailing from Crypto all together?
I will always keep some money in crypto, unless it completely dies out and has zero chance of coming back. You'll run out of money eventually if you don't invest some of it somewhere.