Bitcoins/Litecoins/Virtual Currencies

Arden · Jan 29, 2021

I can't believe the US doesn't have a decent free crypto trader... Someone needs to fill that role now that RH is going away.

Tmac · Jan 29, 2021

Caliane said:
I still think Eth is going to take off significantly over the next year or two.
I don't think its too late to get in on Eth.

btc and eth did spike overnight, after raising steadily over the day yesterday. btc back up to 38k, eth 1400. btc was hovering around 32k for a while there. eth 1200ish.
r/crytocurrency think it was elon changing his twitter bio to "bitcoin".

I'm not sure if the dogecoin will actually be anything. btc is largely winning on namesake. doge might stick around for that as well. or, alternatively, if you had doge as a meme. you just made bank, and probably should cash out, and put it into something with more long term standing.

r/crytocurrency is also revolting vs robinhood as well.
robinhood is not selling you real crytocurrency

You don't want to get into anything at the height. I'd wait for BTC and ETH to cool down before getting into it.

I got into BTC at like $16k during the last spike and had to wait a whole year to make any money. I watched it like a hawk to...daily. Lulz.

I don't know where it'll find it's new low resistance point, but last time around it was below $10k.

Lambourne · Jan 30, 2021

Kraken has been fine for me for the last few months, it's just this Doge thing going viral that has everyone and their brother trying to sign up at the same time. I tried to sign up during the 2017 BTC bubble and it was the same shit, didn't get in for weeks which turned out to be a blessing in disguise.

Doge bubble seems to have well and truly popped (down 30% from my post on the last page and 70% from the peak) so there's little reason to get in now unless you want to lose money.

Arden · Jan 30, 2021

Lambourne said:
Kraken has been fine for me for the last few months, it's just this Doge thing going viral that has everyone and their brother trying to sign up at the same time. I tried to sign up during the 2017 BTC bubble and it was the same shit, didn't get in for weeks which turned out to be a blessing in disguise.

Doge bubble seems to have well and truly popped (down 30% from my post on the last page and 70% from the peak) so there's little reason to get in now unless you want to lose money.

I dunno. I've been thinking about that. I'm pretty new to the crypto thing, but it seems to me that an influx of money from a ton of small investors with a "buy and hold" mentality may have boosted the baseline value of doge in a way that isn't going away anytime soon. It seems to be holding steady at a low of .03 ish.

I'm also sure there are a ton of people waiting for money from their checking accounts to hit their brokerage account to buy doge. The question is will the momentum that caused them to initiate the transfer in order to buy doge still exist when the money hits their actual brokerage account.

Flobee · Jan 30, 2021

Arden said:
Ok, so my options to trade crypto appear to be:

1. Robinhood- where they might decide they don't want you trading something at any time and disallow it
2. Coinbase- which appears to have a difficult-to-decipher fee structure (I read the fee section and have zero concept of what it will actually come out to) and, according to Sanrith Descartes seems like they are cumbersome to use.
3. Kraken- which seems to be completely non-functional.

Anyone have any good place to do crypto trades?

Gemini is imo, the best available. I've also used Kraken and still do for certain coins, but Gemini is the best general purpose exchange right now.

I also think Coinbase is a garbage company and the exchange "crashes" every time BTC moves more than 5-10% in a day. Buying DOGE is probably a bad idea if you're looking for something that has an actual reason for being valuable. If you want to play the meme lottery though its a great choice I guess. I doubt this is the last pump it will see.

Cryptos that provide actual value do exist however. I'm not a day trading gambler though, so I have a different perspective than most on this.

Flobee · Jan 30, 2021

It's coming. Stable coins will replace SWIFT. As of right now, most stablecoins run on Ethereum.

Visa May Add Cryptocurrencies to Its Payments Network, Says CEO

The card giant could eventually use digital currencies over blockchain in the same way it processes traditional money.

www.coindesk.com

“Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally,” Kelly said.
The payments executive also said stablecoins could be used for “global commerce” and that “digital currencies running on public blockchains as additional networks just like RTP or ACH networks.”

Caliane · Jan 30, 2021

Gemini was founded by the Winklevoss twins. yes, the Facebook/Zuckerburg ones. they got big into crypto.

Fogel · Jan 30, 2021

India just declared they want to ban private crypto and develop a central government backed crypto

Sanrith Descartes · Jan 30, 2021

How do you fuck up crypto? Put the government in charge.

swayze22 · Jan 30, 2021

Fogel said:
India just declared they want to ban private crypto and develop a central government backed crypto

that is against the whole point of crypto

Flobee · Jan 30, 2021

swayze22 said:
that is against the whole point of crypto

True. Central Bank Digital Currencies (CBDCs) will definitely be a thing though. Maybe not in the US, but the IMF is going to push for this internationally I imagine.

Video: The Fed Considers CBDCs And Bretton Woods 2.0

The IMF panel on cross-border payments was a Central Bank Digital Currency (CBDC) discussion in disguise, headlined by Jerome Powell, chairman of the Federal Reserve.

bitcoinmagazine.com

Arden · Jan 30, 2021

Flobee said:
Gemini is imo, the best available. I've also used Kraken and still do for certain coins, but Gemini is the best general purpose exchange right now.

I also think Coinbase is a garbage company and the exchange "crashes" every time BTC moves more than 5-10% in a day. Buying DOGE is probably a bad idea if you're looking for something that has an actual reason for being valuable. If you want to play the meme lottery though its a great choice I guess. I doubt this is the last pump it will see.

Cryptos that provide actual value do exist however. I'm not a day trading gambler though, so I have a different perspective than most on this.

Looking like Gemini is pretty hefty with fees. They charge both a transaction fee and a convenience fee for buying, and both a transaction fee and convenience fee for selling. Seems like all those fees would add up fast. Also, am I wrong, or do they increase their fee percentage the more you sell/buy? That seems counterintuitive.

Flobee · Jan 30, 2021

Arden said:
Looking like Gemini is pretty hefty with fees. They charge both a transaction fee and a convenience fee for buying, and both a transaction fee and convenience fee for selling. Seems like all those fees would add up fast. Also, am I wrong, or do they increase their fee percentage the more you sell/buy? That seems counterintuitive.

I don't trade, so that is more or less irrelevant for me. I'm not sure what a good trading platform would be. Probably Kraken?

If you're trading ERC-20s then I would suggest sending some money to an L2 solution (Loopring, xDAI, etc) and trading there for essentially 0 fees.

Springbok · Jan 30, 2021

So what are general thoughts on crypto if we do in fact enter hyper inflation?

OneofOne · Jan 30, 2021

Wouldnt that then make crypto more stable (lolz) and thus more attractive, and thus fly to the fabled $100k+ we keep hearing about?

Alterity · Jan 30, 2021

Arden said:
Looking like Gemini is pretty hefty with fees. They charge both a transaction fee and a convenience fee for buying, and both a transaction fee and convenience fee for selling. Seems like all those fees would add up fast. Also, am I wrong, or do they increase their fee percentage the more you sell/buy? That seems counterintuitive.

Use their Active Trader platform here: Crypto Trading Platform - Gemini ActiveTrader™ | Gemini. The only fees you occur are the market/trading fees associated with a sell/buy. I think I had to e-mail their support to get this active on my account though. It's been awhile since I did it so I can't remember.

Torrid · Jan 31, 2021

Coinbase fees (when in EZ mode) for buys and sells $200 or higher is 1.5% + a 0.5% spread, so it's effectively 2% on both sides

Sanrith Descartes · Jan 31, 2021

Half a billion $$ spread over 100 different wallets.

Arative · Jan 31, 2021

For tax purposes, selling is taxed as capital gains. How would it work if you mined it. Would you have to calculate each blocked reward at the price btc was when you mined it?

Arden · Jan 31, 2021

Torrid said:
Coinbase fees (when in EZ mode) for buys and sells $200 or higher is 1.5% + a 0.5% spread, so it's effectively 2% on both sides

Wait, so if you buy or sell coin worth more than $200, you pay no more than 2% either way?

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