Bitcoin and Crypto Talk (Merged)(includes NFT) (2 Viewers)

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The SEC has rejected two BTC ETF applications citing several concerns including liquidity and custody.
 
So I was talking to a good buddy last weekend and he was all about the bitcoins.

He said he has been making some decent money on the side and recommended I start to look at getting into it.

So my question is if I wanted to try to get in with a small investment in bitcoins what should I look into? What sites do you recommend to use? How much do I need to put in to get make it work?

Let me say this, I don't know a ton about bitcoins or even investing in general. But I can learn just about anything and just was wondering if this is the next market to break out or if this is just a fad that might go away soon. Any advice/tips would help and be appreciated. thanks guys!!
 
egautr1 said:
So I was talking to a good buddy last weekend and he was all about the bitcoins.

He said he has been making some decent money on the side and recommended I start to look at getting into it.

So my question is if I wanted to try to get in with a small investment in bitcoins what should I look into? What sites do you recommend to use? How much do I need to put in to get make it work?

Let me say this, I don't know a ton about bitcoins or even investing in general. But I can learn just about anything and just was wondering if this is the next market to break out or if this is just a fad that might go away soon. Any advice/tips would help and be appreciated. thanks guys!!
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Even if blockchain crypto currency is not a fad (and there are many legitimate reasons why it isn’t) there simply is no way of knowing if any of these early currencies will survive. I think the market has already had a massive breakout and is trying to find stable valuation. There still is plenty of room for big gains if the currency gets more and more legitimate adoption (but right now there are significant challenges as the world’s big markets remain skeptical.

Because bitcoin has no intrinsic value, it could become worthless. I wouldn’t view any crypto as an “investment” - the rule of thumb you hear from analysts on these kinds of plays is no more than two percent of your net worth and be fully prepared to lose it. But you might also see gains, perhaps substantial.

Timing is also important. Most who bought bitcoin after October are in the red right now unless they were day trading on volatility.
 
superchuck500 said:
Even if blockchain crypto currency is not a fad (and there are many legitimate reasons why it isn’t) there simply is no way of knowing if any of these early currencies will survive. I think the market has already had a massive breakout and is trying to find stable valuation. There still is plenty of room for big gains if the currency gets more and more legitimate adoption (but right now there are significant challenges as the world’s big markets remain skeptical.

Because bitcoin has no intrinsic value, it could become worthless. I wouldn’t view any crypto as an “investment” - the rule of thumb you hear from analysts on these kinds of plays is no more than two percent of your net worth and be fully prepared to lose it. But you might also see gains, perhaps substantial.

Timing is also important. Most who bought bitcoin after October are in the red right now unless they were day trading on volatility.
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Thanks Chuck!!! Good stuff.

The way I was looking at it and what my buddy told me was to look at it almost like gambling at a casino. You want to go in with a set amount that you are willing to lose. So like say I got $2000 to put in. I know I might lose all of that and am okay with it. Kind of have to set a budget per se with what you are willing to lose as it seems like it could all go belly up at anytime.

So would like $1000 be a good starting point to buy some and then play from there?? or would that just not buy me enough to make any gains???
Trying to determine if this is something I can play around with or if it is just too volatile right now.
 
egautr1 said:
Thanks Chuck!!! Good stuff.

The way I was looking at it and what my buddy told me was to look at it almost like gambling at a casino. You want to go in with a set amount that you are willing to lose. So like say I got $2000 to put in. I know I might lose all of that and am okay with it. Kind of have to set a budget per se with what you are willing to lose as it seems like it could all go belly up at anytime.

So would like $1000 be a good starting point to buy some and then play from there?? or would that just not buy me enough to make any gains???
Trying to determine if this is something I can play around with or if it is just too volatile right now.
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I know guys that buy in at 100$ and shuffle it around daily. Trading between coins as they go up and down. They say they make 40-80$ a day. Keep in mind the tax laws and ramifications on that tho. I'm not sure if they aren't playing fast and loose there, but at such a low amount, it's doubtful it would raise much suspicion.

If you are going that route you'll want a different exchange than coinbase. I'd recommend Gemini or Binance in that case for low transaction fees.
 
Have y'all heard of PwC, DNV GL, Avery Dennison, China Tabacco? Biggest partnerships in block chain history are happening with VeChain and it's like no one's cares. Lol
 
p0pe said:
Have y'all heard of PwC, DNV GL, Avery Dennison, China Tabacco? Biggest partnerships in block chain history are happening with VeChain and it's like no one's cares. Lol
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What exactly is it that they’re doing?
 
superchuck500 said:
What exactly is it that they’re doing?
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Here's a flashy video that shows a lot of it's potential/uses:
https://www.youtube.com/watch?v=sln7oKRqlmg

This technology is going to solve major problems with anti-counterfeiting and supply chain safety/logistics.

A simple use case that is applicable to customers is that let's say you're shopping for something that is often counterfeited, like wine or an expensive pair of sunglasses or purse. With part of what VeChain will be doing, each item will have a unique id on the blockchain. On each item will be a RFI/NFC sensor or a label with a QR code that you can scan via mobile app to lookup / ensure that the item is authentic, and maybe get more information about where, when it was produced, the contents... possibly the entire history of that specific item.

Some other great articles:
https://cryptoslate.com/vetting-vechain-blockchain-platform-products-information/
https://blockonomi.com/vechain-guide/

Good overall summary:

Established two years ago in Singapore, VeChain’s vision is to create greater market transparency and provide consumers with access to more detailed information about the products they buy, sell and interact with. By having a full 360 degree view of the supply chain, with all components securely recorded and stored in a tamper-proof distributed ledger, retailers and manufacturers can be certain of the quality and authenticity of their products, guaranteeing consumers that what they are buying is really what they think it is.

From recording the origins of the source materials or ingredients, servicing history or spare part replacements, through to the entire manufacturing process, all components are recorded, right up to who becomes the owner of the product and if it is sold, to whom.

To achieve its ambitious vision, VeChain has developed a powerful blockchain-enabled enterprise software platform. The VeChain platform enables manufacturers to assign products with unique identities, which then allow manufacturers, supply chain partners and even consumers to interact with the product through the platform. It uses blockchain technology to ensure the security of the data collected, allocating private keys to all participants within the supply chain.


A product on the VeChain platform is assigned a unique ID, which is stored simultaneously in the blockchain, and placed on the product with an NFC chip, RFID tag or QR code. At any point during the product’s life, the chip, tag or code can be interacted with, whether it’s a distribution or retail partner ascertaining batch membership, or a consumer learning more about a product’s provenance. The company envisages a broad range of applications, including brand protection, anti-counterfeit, and food safety.

In just two years, VeChain have already worked with a number of clients across various consumer product industries, including wine importing where Direct Imported Goods (DIG), China’s largest importer of fine wines, have placed one million bottles of wine on VeChain’s platform to counteract the huge issue of fake wine in the country, through to fashion and luxury accessories, food production and automotive supply chain management with Renault. The company has a number of partnership announcements in the pipeline.

Now a subsidiary of China’s biggest blockchain technology company, BitSE, VeChain became part of PwC’s incubation programme in May 2017, when BitSE and VeChain CEO, DJ Qian, went to Hong Kong to sign an agreement to boost VeChain’s deployment across South East Asia. With PwC’s resources and blockchain research at their disposal, this is a big opportunity for VeChain to realise their vision and accelerate the growth of a company with a promising future.
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Wild ride today. Someone made a killing selling at 1100 and buying back in at 750 on ETH.

Curious to me why IOTA is so down. I've not seen any negative news and it's being adopted by Taipei and just got a 10M cash investment. :scratch:
 
rsmith2783 said:
Do you mine? If so, how has that worked out for you so far?
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I do, got about 300$ in eth I converted to 124 itoa. Using nicehash, I'm getting 3.50 to 5$ per day in btc depending on the going rate using my rig that I built for gaming 4 years ago. So far about 40$ in 12 days, but planning to hodl so that will be worth much more (hopefully) when I sell. I've got friends who built mining rigs and are making 60$ per day.

Guess I'd say to just use what you have and sell to upgrade unless you have the cash to build a rig. If you think it's a bubble, take your profits. If you think it's worth the risk, hold.
 
The increasing regulation and scrutiny will continue to drive prices down in the short run. I have 500 ripple in binance, and use Coinseed for dollar-cost averaging. I'm not completely sold on crypto in the long run, so I'm not going to invest any larger amounts into it just yet.
 
Looks like the CFTC will be a bit standoffish for now. Seems they are only going to go after the ponzi schemes.

https://www.coindesk.com/cftc-to-take-do-no-harm-approach-on-crypto-regulation/

Giancarlo continued:

"'Do no harm' was unquestionably the right approach to development of the Internet. Similarly, I believe that 'do no harm' is the right overarching approach for distributed ledger technology. ... With the proper balance of sound policy, regulatory oversight and private sector innovation, new technologies will allow American markets to evolve in responsible ways and continue to grow our economy and increase prosperity."
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