Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

[GRHorn 105]

 

[GRHorn 105]

 

[StruggleBus 3922]

I have some vechain sitting in Binance that I bought a few years ago. I’ve been completely unplugged from crypto but I guess it’s worth a few grand now. Can’t seem to be able to log in the the original Binance or the US version. Am I just going to have to take the loss, pussy? Any way to recover it? K

[Rimbo 26430]

4 minutes ago, StruggleBus said:

I have some vechain sitting in Binance that I bought a few years ago. I’ve been completely unplugged from crypto but I guess it’s worth a few grand now. Can’t seem to be able to log in the the original Binance or the US version. Am I just going to have to take the loss, pussy? Any way to recover it? K

You're going to need to transfer that money into a new wallet/exchange, and you are probably going to need a VPN to do it. Binance got in deep doo-doo with the feds.

[Rimbo 26430]

But you're not lost. You just have to jump through a few hurdles to get there.

[SquishMitten 10459]

14 hours ago, StruggleBus said:

I have some vechain sitting in Binance that I bought a few years ago. I’ve been completely unplugged from crypto but I guess it’s worth a few grand now. Can’t seem to be able to log in the the original Binance or the US version. Am I just going to have to take the loss, pussy? Any way to recover it? K

As stated by Rimbo, fire up a VPN and put yourself in another country. Log in to binance.com and send whatever you have to other exchanges. I sent my bigger coins to coinbase pro, but a lot of shitcoins aren't traded there. All those went to kucoin.

Edited June 10, 2021 by SquishMitten

[Nice Guy Eddie 13540]

22 hours ago, GRHorn said:

 

"Bitcoin, powered by volcanos."  That's a good tagline.

 

 

[RDCanecutter 26551]

3 hours ago, Nice Guy Eddie said:

"Bitcoin, powered by volcanos."  That's a good tagline.

 

 

I made my eyes all Back To The Future Mad Scientist Googly and started frothing to my wife about FREE VOLCANO MONEY.

[StruggleBus 3922]

5 hours ago, SquishMitten said:

As stated by Rimbo, fire up a VPN and put yourself in another country. Log in to binance.com and send whatever you have to other exchanges. I sent my bigger coins to coinbase pro, but a lot of shitcoins aren't traded there. All those went to kucoin.

Thanks man. Turns out there was $5700 in vechain sitting in there. Ha.

[Nice Guy Eddie 13540]

1 hour ago, StruggleBus said:

Thanks man. Turns out there was $5700 in vechain sitting in there. Ha.

Congrats. Vechain has led to some crazy profits for people, especially if you bought it before they did a 100-1 split.

[GRHorn 105]

3 hours ago, StruggleBus said:

Thanks man. Turns out there was $5700 in vechain sitting in there. Ha.

Score!

[GRHorn 105]

I’ve said this before, but Jack’s support for Bitcoin is so massively under appreciated. This guy can turn politics and elections. That’s not CR either. Just the truth. A huge tailwind. 

 

[Party_Taco 3820]

Congrats. Vechain has led to some crazy profits for people, especially if you bought it before they did a 100-1 split.

Bums me out… I have nearly 5k Vechain and thought I was pretty early… guess not

[GRHorn 105]

 

[Knoxtnhorn 6164]

Well.  As of this morning, I'm in.  Installed Coinbase.  Waiting on my bank account to connect.  Already made a fortune on the $25 I got from watching 4 videos.    Up $2.50 in 8 hours.

[Hornlover 8849]

4 minutes ago, Knoxtnhorn said:

Well.  As of this morning, I'm in.  Installed Coinbase.  Waiting on my bank account to connect.  Already made a fortune on the $25 I got from watching 4 videos.    Up $2.50 in 8 hours.

Convert your coinbase account to a Pro account. It's free to do so, but it gives you way more control when you buy/sell. Coinbase Pro allows you to make limit/stop orders, and allows you to watch the spot price "live".

[Acropora 863]

Just now, Hornlover said:

Convert your coinbase account to a Pro account. It's free to do so, but it gives you way more control when you buy/sell. Coinbase Pro allows you to make limit/stop orders, and allows you to watch the spot price "live".

And the fees are a fraction of coinbase.  You can still use coinbase to look at charts if you prefer, as well as to vault and stake.  Transfers between are free.  

[LABEVO 928]

 

[Nice Guy Eddie 13540]

Read some talk last night about a "death cross" on the charts that spelled imminent doom for prices, and it sounds like China has continued their crackdown on mining. Personally I see the mining crackdown as good news.  I don't have a problem with China having minings ops but they had too much as a pct of the total.

[workswithseed 2139]

4 hours ago, Nice Guy Eddie said:

Read some talk last night about a "death cross" on the charts that spelled imminent doom for prices, and it sounds like China has continued their crackdown on mining. Personally I see the mining crackdown as good news.  I don't have a problem with China having minings ops but they had too much as a pct of the total.

What does "PCT of the total" mean

[Cheeseweasel 26438]

11 minutes ago, workswithseed said:

What does "PCT of the total" mean

% of the total

[GRHorn 105]

13 minutes ago, workswithseed said:

What does "PCT of the total" mean

There’s historically been a large concentration of miners in China because they’ve overbuilt electric capacity and thus electricity is cheap. That’s the main cost input for mining.  It’s been over 70% of the hashrate for years. Although it’s never been proven to be a liability to Bitcoin, it’s been a regular source of theoretical concern.  China FUD. 

[Henry Hill 3156]

What’s the prospectus on Cumrocket? 

Edited June 21, 2021 by Henry Hill

[Knoxtnhorn 6164]

Dammit.  I went up $3 with my free $25 to down $3 in 24 hours.  
I gotta say.  This stuff is kind of fun.  My wife and I max out our retirement accounts per our teaching jobs plus we both have additional 503's, savings, etc.  But this is the first medium I've had where I can watch things fluctuate in real time.

[Knoxtnhorn 6164]

I'll upgrade as soon as I get the basics down.  Thanks for the hat tip.

[GRHorn 105]

42 minutes ago, Knoxtnhorn said:

I'll upgrade as soon as I get the basics down.  Thanks for the hat tip.

What are your goals/timeframe? Are you looking to buy and hold or trade?

[Knoxtnhorn 6164]

10 hours ago, GRHorn said:

What are your goals/timeframe? Are you looking to buy and hold or trade?

Buy and hold; gradually at first.  Right now it's more for fun than a long term financial decision.

[StruggleBus 3922]

When should I buy? Now?

[BayouBill 835]

16 minutes ago, StruggleBus said:

When should I buy? Now?

12 years ago

Edited June 22, 2021 by BayouBill

[Henry Hill 3156]

[GRHorn 105]

41 minutes ago, StruggleBus said:

When should I buy? Now?

 

5 hours ago, Knoxtnhorn said:

Buy and hold; gradually at first.  Right now it's more for fun than a long term financial decision.

If you’re just dipping toes in I would say buy some amount that you’re comfortable with now. Sentiment is terrible now, but there is a chance we have bottomed around here and that way you’ll have a seat at the table.
 

Most people online expect it to go lower still though. If it does you can add a small amount every month or whatever you’re comfortable doing and build a bigger position that way.
 

I’m still firmly in the camp that Bitcoin isn’t going anywhere. Too many structural tailwinds and smart, passionate people working with a religious fervor on advancing it. 

 

Then again, I’m probably the biggest bull on here so what else would I say? 😆 

Edited June 22, 2021 by GRHorn

[Knoxtnhorn 6164]

1 minute ago, GRHorn said:

 

If you’re just dipping toes in I would say buy some amount that you’re comfortable with now. Sentiment is terrible now, but there is a chance we have bottomed around here and that way you’ll have a seat at the table.
 

Most people online expect it to go lower still though. If it does you can add a small amount every month or whatever you’re comfortable doing and build a bigger position that way.
 

I’m still firmly in the camp that Bitcoin isn’t going anywhere. Too many structural tailwinds and smart, passionate people working with a religious fervor on advancing it. 

Agree completely.  If nothing else, it's kind of fun as a hobby.  As mentioned, my wife and I are fine financially both in the present and as it pertains to retirement.  Why not play around a little, learn, and increase over time?

[Acropora 863]

20 minutes ago, GRHorn said:

 

If you’re just dipping toes in I would say buy some amount that you’re comfortable with now. Sentiment is terrible now, but there is a chance we have bottomed around here and that way you’ll have a seat at the table.
 

Most people online expect it to go lower still though. If it does you can add a small amount every month or whatever you’re comfortable doing and build a bigger position that way.
 

I’m still firmly in the camp that Bitcoin isn’t going anywhere. Too many structural tailwinds and smart, passionate people working with a religious fervor on advancing it. 

 

Then again, I’m probably the biggest bull on here so what else would I say? 😆 

This is good advice.  I would add, research other projects and try to have a little diversification.  BTC/ETH should form the majority of your holdings but there should be some allocation to good projects that various certain niches (VET, MATIC, DOT, LINK, ENJ, COMP as a few examples).  

Personally, I think that if you felt left out because you didn't invest in January and are willing to hold for longer then 6 months, you'll do very well entering crypto right now.  I view most of my investments in crypto on a 10 year timeline, with the idea to take some profits if returns exceed my expectations and to rebalance my overall portfolio.

 

 

[GRHorn 105]

Some thoughts here while I’m waiting at the dentist.

As I said sentiment is terrible. BTC has been teetering on brink on 30k which is seen as last major support above 20k. In fact it dipped to 28s today before rebounding.

It’s always hard to tell what’s driving these moves but it looks like China is finally playing hardball. Large amounts of miners are moving out.  

A couple effects from this. Short term some of the selling pressure is likely from miners. It takes capital to move hardware and set it up again elsewhere so they’ll be converting some to fiat. Longer term though the hashrate being removed from China is a positive. 
 

 

 

Also China is supposedly cracking down more on crypto trading than in the past. 

Again, more short term forced selling. Longer term it certainly hurts to have such a large market excluded. It’s not the first innovation to be banned in China though. Many have gone on to thrive.
 

I actually like how these moves reset the framing a bit for BTC. It can no longer be seen as part of China attacking the dollar. It should be no surprise that “freedom money” is banned by China. Will the US really take the same approach as China? Will the population allow that? It’s a nice contrast. 
 

On the positive side I think we have the Latin American developments.  Need El Salvador to succeed in their Bitcoin legal tender move. Others would then follow. Several have signaled such. One Congressman in Paraguay has announced he will be presenting similar legislation in July. I don’t know his level of influence or how much would get passed, but there have been others. 
 

If these moves work then the countdown will be on until smaller Central Banks start holding BTC. Then it’s truly game on. 
 

Sorry for the LongCat but I’m curious to hear other people’s thoughts. 

[Knoxtnhorn 6164]

Thanks @Acropora and @GRHorn for all the info.  

My wife and I both grew up dirt poor.  Things like investing, retirement, savings, etc... were not exactly lexicon in our families growing up.   It's interesting and fun to be able to comfortably invest w/o the stakes being so high.  I'll be frequently checking this thread for more knowledge.  🤘

[GRHorn 105]

22 minutes ago, Knoxtnhorn said:

Thanks @Acropora and @GRHorn for all the info.  

My wife and I both grew up dirt poor.  Things like investing, retirement, savings, etc... were not exactly lexicon in our families growing up.   It's interesting and fun to be able to comfortably invest w/o the stakes being so high.  I'll be frequently checking this thread for more knowledge.  🤘

Sounds like you might like earning BTC passively. I use the Lolli and fold apps. I’ve posted the links before but for someone just getting in it’s an easy way to earn. And rebates are not taxed. 
 

The Fold App is used to get BTC back on gift card purchases instantly. They’re also expanding a debit card offering where you get 1-2% back in BTC. 
 

Lolli is an app where you get BTC back on online purchases directly from websites. There is a 30 day hold on your rewards in case you return something but the % back can be much higher. I just checked and Chewy.com is offering 10% back for instance.


 

[GRHorn 105]

Related to Chinese miners moving. 

 

[Burt Macklin 19096]

3 hours ago, GRHorn said:

Sounds like you might like earning BTC passively. I use the Lolli and fold apps. I’ve posted the links before but for someone just getting in it’s an easy way to earn. And rebates are not taxed. 
 

The Fold App is used to get BTC back on gift card purchases instantly. They’re also expanding a debit card offering where you get 1-2% back in BTC. 
 

Lolli is an app where you get BTC back on online purchases directly from websites. There is a 30 day hold on your rewards in case you return something but the % back can be much higher. I just checked and Chewy.com is offering 10% back for instance.


 

This is good stuff. There’s obviously a lot going on with BTC right now, and it’s hard to say what’s necessarily good or bad for it long-term.
 

I’m happy to have China out of mining and not controlling such a large amount, yet if their removal combined with banning China retail hurts volume and sentiment enough to tank the price below 20, then it obviously wouldn’t end up being a positive. 

as you said losing China retail is at least a temporary negative. Though, I agree that enough of the population may end up finding a way around it. 

Ultimately, if we can get China mining out of the picture without tanking the price, hopefully by BTC being buoyed by national adoption in other countries  and Chinese retail finding ways to trade, then it could be very beneficial long-term, but things seem pretty shaky right now. I haven’t sold any yet, but i am starting to wonder if im a frog in a boiling pot of water and the run up  to 65 will turn  out to be 2013 all over again. I don’t think that’s the case as BTC has had a lot of watershed moments since then but we’ll only know with hindsight. 

 

[Blotto 23693]

5 hours ago, GRHorn said:

Related to Chinese miners moving. 

 

Doesn't make a ton of sense with the current state of our grid. I wouldn't imagine we rank that high currently for states with cheap reliable power.

[GRHorn 105]

6 hours ago, Blotto said:

Doesn't make a ton of sense with the current state of our grid. I wouldn't imagine we rank that high currently for states with cheap reliable power.

That was my first impression too, but this isn’t the first time I’ve seen it said that there will be a shift into Texas. It’s a pretty sophisticated and competitive business so I don’t think Texas would be under consideration unless it was viable. 

[MonkeyDoughnut 10441]

8 hours ago, Blotto said:

Doesn't make a ton of sense with the current state of our grid. I wouldn't imagine we rank that high currently for states with cheap reliable power.

Actually makes a lot of sense. Texas would rank 5th in the world in wind energy if it were a country. Mining needs cheap energy and that's why places with large renewables like hydro, wind and solar and unused nuclear are where they congregate.  

Mining is not time sensitive / nor critical and makes a good partner for using up unused/excess generation from renewables.  ERCOT can sell more power during off-peak times with the ability to de-ramp their load off quickly if needed.  Miners get cheap energy in return.

If there is enough demand they can also look to add pumped storage hydro into the equation to supply energy during peak times as well (and offer grid future quick power source in cases of emergency).

[LABEVO 928]

 

[Nice Guy Eddie 13540]

1 hour video on the Canadian crypto exchange founder who "died" in India during his honeymoon. They reference a longer podcast series that presumably gets into more details. 

 

[Blotto 23693]

9 hours ago, MonkeyDoughnut said:

Actually makes a lot of sense. Texas would rank 5th in the world in wind energy if it were a country. Mining needs cheap energy and that's why places with large renewables like hydro, wind and solar and unused nuclear are where they congregate.  

Mining is not time sensitive / nor critical and makes a good partner for using up unused/excess generation from renewables.  ERCOT can sell more power during off-peak times with the ability to de-ramp their load off quickly if needed.  Miners get cheap energy in return.

If there is enough demand they can also look to add pumped storage hydro into the equation to supply energy during peak times as well (and offer grid future quick power source in cases of emergency).

I'll admit that I'm not particularly well read on the subject, but I was under the impression that profitablility in BTC mining comes from running 24/7. Mining rigs are expensive,  and I'm sure there is an arms race there as well, so they will become obsolete. Not being able to run them during the day in the summer seems problematic. With our grid on the brink already, it just seems odd that  such an energy hungry industry would be looking to set up shop here. 

Edited June 23, 2021 by Blotto

[Nice Guy Eddie 13540]

Mining operations do not want to wait until variable electricity rates drop enough to create a profitable scenario. The clock is always ticking that more efficient mining rigs are being manufactured so you want to get as much as possible out of current equipment before it becomes obsolete. the spice must flow.

The Texas heat presents more electrical demands as well. It would be impossible/too costly to cool a mining operation in Texas but you still have to move that heat out of the building. GPU mining has cards that run at >150 degrees. I assume ASIC (bitcoin) mining is similar. With enough equipment running, the room/building will also be 150 degrees. You need powerful fans that push large amounts of air outside. And pulling in Texas 100 degree weather would seemingly require more air flow as opposed to Iceland mining. This won't break the bank but it adds cost. 

And finally I don't see how mining operations will create many jobs. Sure, you need constant supervision and maintenance but I imagine it's relatively minimal after the initial setup. It's really more of a financial transaction: turning capital into revenue.

Edited June 23, 2021 by Nice Guy Eddie

[MonkeyDoughnut 10441]

14 minutes ago, Blotto said:

I'll admit that I'm not particularly well read on the subject, but I was under the impression that profitablility in MTC mining comes from running 24/7. Mining rigs are expensive,  and I'm sure there is an arms race there as well, so they will become obsolete. Not being able to run them during the day in the summer seems problematic. With our grid on the brink already, it just seems odd that  such an energy hungry industry would be looking to set up shop here. 

No doubt... as can be seen in the 100 acre Rockdale mining farm (hour or so outside Austin). It's a tradeoff balance. The farm commits to long term energy contracts which prompts addition of more power generation additions (mainly renewables right now) to the grid.  The farms get a good rate during the peak hours and really great to next to nothing rates in the off peak in return for shedding some load during critical times.  Companies are also installing their own "off-grid" turbines and solar farms as well as partnering with oil drilling companies to take the oil/gas vent for use in power generation instead of flaring off or venting into atmosphere.  The gas venting capture alone could power majority of BTC mining operations in the world.

[GRHorn 105]

1 hour ago, MonkeyDoughnut said:

No doubt... as can be seen in the 100 acre Rockdale mining farm (hour or so outside Austin). It's a tradeoff balance. The farm commits to long term energy contracts which prompts addition of more power generation additions (mainly renewables right now) to the grid.  The farms get a good rate during the peak hours and really great to next to nothing rates in the off peak in return for shedding some load during critical times.  Companies are also installing their own "off-grid" turbines and solar farms as well as partnering with oil drilling companies to take the oil/gas vent for use in power generation instead of flaring off or venting into atmosphere.  The gas venting capture alone could power majority of BTC mining operations in the world.

Thanks for elaborating a bit. 

If you’re a bull you have to be really excited about the potential of such a key component of the Bitcoin ecosystem migrating to our state. So much potential. Awesome. 

[MonkeyDoughnut 10441]

6 minutes ago, GRHorn said:

Thanks for elaborating a bit. 

If you’re a bull you have to be really excited about the potential of such a key component of the Bitcoin ecosystem migrating to our state. So much potential. Awesome. 

Reserved bull. I've never liked Bitcoin from a technical/usability standpoint. I've always thought there were better options for that. I am now onboard with it being a great store of value akin to gold.  I am very bullish on crypto in general, specifically DeFi and blockchain use cases.  It is nice to have more of this going on in our state as many companies will arise from this industry.

[GRHorn 105]

24 minutes ago, MonkeyDoughnut said:

Reserved bull. I've never liked Bitcoin from a technical/usability standpoint. I've always thought there were better options for that. I am now onboard with it being a great store of value akin to gold.  I am very bullish on crypto in general, specifically DeFi and blockchain use cases.  It is nice to have more of this going on in our state as many companies will arise from this industry.

Fair enough. I’m more Bitcoin centric, but more crypto people in general coming to Texas is a big win. Smart, innovative people with capital who generally lean towards valuing personal liberty.  

[Blotto 23693]

Point: Its damn difficult to "hack" BTC

Counterpoint:  Its apparently not so difficult to "hack" your own BTC exchange.

https://www.thesouthafrican.com/news/grand-theft-crypto-cajee-brothers-vanish-from-sa-along-with-r51-billion-in-bitcoin/

Quote

Raees and Ameer Cajee may be at the centre of one of SA’s biggest financial scandals. The pair disappeared shortly after $3.6bn of their investors’ Bitcoin was stolen from their Africrypt exchange.

I hope those nice folks at coinbase dont get any ideas.

Edited June 24, 2021 by Blotto