Bitcoin crash coming (2 Viewers)

[Payback]

Why can't they let you buy/trade from the app? I don't know a ton about crypto as I haven't been following it for the past several months, but it seems it would be a million times easier and more convenient.

As far as my understanding goes there is going to be a way to onboard easier as they realize it's a barrier to usage, but like all development requires a lot of work and is in the pipeline.

Having their own blockchain could mean a lack of security/decentralization. Malicious actors can try 51% attack (if it’s proof of work)

It's Proof of Stake based so that wouldn't apply as it wouldn't be profitable or practical.

 

[WedgeRock]

Best exchanges to buy at this point are Crex24, Coinsuper, or Livecoin.

As far as storage you would need to download and use the QT wallet to manage a masternode, eventually only the Electron wallet will be needed.

Cashouts at this point go in reverse as on boarding. Wallet -> Exchange - > Trade WGR to BTC -> BTC to USD -> Bank.

Buying/selling is the biggest weakness at this point. Team is trying to rectify this with their Binance DEX proposal. In addition, the team has set up a more traditional book at https://www.slickbet.com/ that should allow for an easier on boarding process/cashout as well too.
However this information was leaked by a former team member and a release date hasn't been made officially public yet.

This is my first venture into crypto... And if this works as I imagine it will, I'm gonna need to be depositing more withdrawing some crypto around bowl season and March Madness.

What exactly do I need to do both transactions? It seems there are multiple options for depsotliting/withdrawing, so what are some considerations with each option and what do you recommend, @Payback? Alternatively, if someone wants to trade crypto for Venmo and/or Paypal, lemme know.

 

[Payback]

This is my first venture into crypto... And if this works as I imagine it will, I'm gonna need to be depositing more withdrawing some crypto around bowl season and March Madness.

What exactly do I need to do both transactions? It seems there are multiple options for depsotliting/withdrawing, so what are some considerations with each option and what do you recommend, @Payback? Alternatively, if someone wants to trade crypto for Venmo and/or Paypal, lemme know.

Basically set up an account on one of the 3 (for first time users I'd do Coinsuper, they also have a good app). They require some KYC. Then from there make a deposit, this usually take a few days to clear. Go to markets and you want to find a USD/BTC pairing. This gets you Bitcoin. Then find BTC/WGR pairing and buy WGR. From here make a withdrawal to your WGR wallet by copying the address from your Wagerr wallet and pasting it into the receiving address of your exchange/Coinsuper wallet.

A couple of new crypto rules:
1) Never leave coins on exchanges as you don't technically have the private keys so they aren't yours.

2) Set up 2FA for each exchange for added security.

3) Always send a small test transaction first to make sure it arrives. If you send funds to the wrong address you have no way to get them back. Double check the addresses against each other so your sure.

4) Create a backup of your wallet (2 is better) and store it in a safe place. This is the only way to access your coins if you have an issue. For the Wagerr app that's a 12 word mnemonic key. For the Electron wallet it's the wallet.dat file.



If it sounds like this is too much, then shoot me a PM and I can do Venmo or PayPal for WGR as well to help you out.

 

[Lemonzest]

Right now is a good time to buy bitcoin. Fairly big dip today as a big player apparently liquidated a sizable holding.

 

[Mac128k]

Woof...

 

[BNM]

This whole thing is fascinating.

 

[BGinGA]

This whole thing is a fascinating con.

FYP.

 

[BNM]

FYP.

whoa! Fake news!

 

[BGinGA]

Gonna suck bad to be last man standing. Just sayin'.....

 

[Lemonzest]

Gonna suck bad to be last man standing. Just sayin'.....

People have predicted BTC death continually since inception. It is volatile for sure but it isnt going anywhere.

I am happy the price tanked so I could buy more. I am disappiinted in my own lack of liquidity which limited my buying. The utility and decentralized nature make it the future.

 

[BGinGA]

They predicted the failure of Soviet communism for a long time, too. Eventually happened. Nothing is forever.

 

[Perthmike]

People have predicted BTC death continually since inception. It is volatile for sure but it isnt going anywhere.

I am happy the price tanked so I could buy more. I am disappiinted in my own lack of liquidity which limited my buying. The utility and decentralized nature make it the future.

I can't say I am into Bitcoin, but that's a scary amount of belief in an unregulated, decentralised virtual currency.

I hope you don't have all your eggs in one basket

 

[Lemonzest]

that's a scary amount of belief in an unregulated, decentralised virtual currency.

The fact that its decentralized, unregulated, and digital are precisely why I believe in it.

If you want to do some fun research go back over the past 10 years and make note of the national currencies that have failed. BTC has already outlived a number of currencies.

Unlike USD the amount of BTC is fixed and people cant just print more.

 

[DoubleEagle]

A single anonymous market manipulator caused bitcoin to top $20,000 two years ago, study shows.

 

[BGinGA]

A single anonymous market manipulator caused bitcoin to top $20,000 two years ago, study shows.

Get out while you can.

 

[WedgeRock]

“One of the SEC’s top worries is that crypto is subject to manipulation. This study appears to lend credibility to that argument,” Cowen analyst Jaret Seiberg said on Monday.

 

[saleen121212]

How's that 8k BTC going?

 

[Lemonzest]

Get out while you can.

I believe in the long term utility of the technology. Despite all the fluctuation and noise in the short term I think over time adoption will increase.

What makes you think BTC is a con or bad investment?

 

[BGinGA]

What makes you think BTC is a con or bad investment?

Inadequate controls:

“One of the SEC’s top worries is that crypto is subject to manipulation. This study appears to lend credibility to that argument,”

 

[Jeff]

Someone posted about buying chips with bitcoin and I was just thinking that it was hard enough agreeing what chips were worth without the worry of what the currency was worth.

 

[CraigT78]

What makes you think BTC is a con or bad investment

The fact it has been proven to be manipulated.

 

[SoSorry77]

Also, can anyone here tell us, in simple terms, how bitcoin works?

I would like to understand this as well!

 

[Lemonzest]

The fact it has been proven to be manipulated.

I don't know enough about how the price manipulation works but yeah that seems to be a problem. I am hoping the natural supply/demand makes up enough of the market in the future that the ticker price is "honest".

 

[CraigT78]

I don't know enough about how the price manipulation works but yeah that seems to be a problem. I am hoping the natural supply/demand makes up enough of the market in the future that the ticker price is "honest".

Natural supply and demand is tough when a few hold so much - influence is too easy - false reports or "fake news" drives up price, the big boys sell off, price drops - only those with control profit.

There is some insight here - https://www.cnbc.com/2019/11/04/stu...rket-manipulator-pushed-bitcoin-to-20000.html

 

[DrStrange]

People might believe crypto currencies are an "investment" but they look a lot more like "speculation" to me. Not that you can't make money speculating, but let's be clear the risks are high.

I don't know why people think they "know" that more bitcoins can't be created at will. Some unknown entity crafted a digital currency with a feature making it hard ----> impossible to track. It wouldn't have been that hard to leave a "create more coins for the founder" option open. Or for that matter, to have an account from the date of inception with billions of bitcoins waiting to be cashed in. The lack of transparency and the secrecy about transactions means speculators are unaware of many things I would consider basic when considering investing.

Most of us are not suitable investors for bitcoin due to our ignorance, low net worth and intolerance for risk. Treat this like a hobby. Think of bit coin in the same way as the Iraqi Dinar, beany babies, baseball cards or vintage poker chips. Don't let this be a substitute for a more traditional investment account.

DrStrange

 

[Payback]

Someone posted about buying chips with bitcoin and I was just thinking that it was hard enough agreeing what chips were worth without the worry of what the currency was worth.

Anytime I've bought or sold BTC between people it's standard for one party to lock in the price and move from there. I've never had anyone back out of a deal due to a price fluctuation.

 

[TeamNapoli]

please dont look at block chain technology as a get rich quick scheme, for you will get hurt by the power of the whales. But see the power of the technology and the capabilities it posses. Remember the internet was considered a fad in the beginning, a left over relic of the cold war trying to re invent itself. Remember when people said dont invest in internet stock, its nothing but vapor ware. Sure netscape, prodigy, myspace and aol (just to mention a few) are mostly no longer around, but value prices for facebook, alphabet inc, amazon are among the biggest on the market now.

Unfortunately decentralized data\information\ledgers scares silicon valley, for they want to control all the mining and storage rights and dare i say manipulate it to their desires. If you thought the big three auto makers stifled the american auto industry in quality and innovation, wait till the history books write about silicon valley's choke hold. If crypto is so bad as big tech claims; why is facebook creating its own crypto coin to be used in whatsapp and other platforms they own. My theory its a control thing, they could easy use monero as a privacy token or the raven coin fresh out of MIT.

The bigger shame of it all is that America is loosing ground to China, Russia and many others due to its lack in support of block chain technology and artificial intelligence.

OMG I'm so sorry , i will now step away from the whiskey.and put the keyboard down..yes i do realize its a chippers forum and not a bit bangers forum.

 

[DrStrange]

Crypto securities might make use of block chain technologies but they are not an investment in the block chain technology. I might wonder how some really bright group of people could create the block chain concept and then fail to protect their innovation with patents, but that opportunity is long gone. Block chain techniques likely will prove to hold a wide array of valuable uses and deserve to be treated with respect.

However, the future of block chain technology will not rise or fall with the market price of bitcoin. If someone figures a way to make a trillion bucks off of block chain, you aren't going to get one cent of that from the crypto markets.

It is noteworthy that is way the block chain works with bitcoin is potentially a fatal flaw in the future of bitcoin. As actually implemented, the cost of accounting rises with every bitcoin transaction fast enough to eventually strangle the crypto security. It might be possible the creators of bitcoin can rectify their mistakes from the past. But no one knows if it can be done or if there is anyone left to do the repairs.

Bottom line: Block chain technology is not an opportunity for investors in crypto securities aside from the need to greatly streamline the cost of accounting.

 

[TeamNapoli]

I totally agree with your bottom line, crypto is an asset based off block chain technology. I did not mean to state we have to buy crypto to save the technology. We need to get away from Bitcoin, its a shame it was needed as a gateway to ethereum, monero and a few other good ones. I was leading to the fact that crypto should be used as an asset not an investment.
IMHO I do believe there is a demand for pier to pier privacy transactions, smart contracts, etc etc. I am not just referring to or championing the former "Silk roads" usage. Argentina is an example.
The total amount of a crypto X is fixed and no one can print more or generate more. The only thing that should determine value of crypto X is when the demand for crypto X outweighs the supply of crypto X. Unfortunately speculators are always abound as in any other asset.
Whether it is right or wrong; do you think Universities would be offering courses in block chain technology if it wasnt for crypto?

 

[DrStrange]

News report today is the IRS is asking an affirmative / negative question about whether or not you had any crypto transactions in 2019. Please don't lie or omit answers to this question. Doing so is the first step on the path to harsh times in the future.

Good tax advice is worth its cost if you have crypto issues from 2019 or prior years. The jig is up in much the same way it was for foreign bank accounts a few years ago. Crypto related tax avoidance appears to be headed towards enhanced compliance efforts. It might not seem fair to everyone, but that is the way it is.

Just pay your damn taxes -=- DrStrange