Crypto-currencies

[Rex B]

I found this interesting:

This list describes cryptocurrencies.

Each gets four words. There are many.

Some are landmarks. Some are scams.

Hopefully this provides orientation.

Name | Sym. | Description
----------------|-------|------------------------------------------
Bitcoin | BTC | Digital gold
Ethereum | ETH | Programmable contracts and money
Bitcoin Cash | BCH | Bitcoin clone
Ripple | XRP | Enterprise payment settlement network
Litecoin | LTC | Faster Bitcoin
Dash | DASH | Privacy-focused Bitcoin clone
NEO | NEO | Chinese-market Ethereum
NEM | XEM | Batteries-included digital assets
Monero | XMR | Private digital cash
Ethereum Classic| ETC | Ethereum clone
......

Complete topp 100 Coin ranking: coinmarketcap.com.

[apostate]

What platform(s) do y'all use? I set up an account at Coinbase but after jumping through more hoops than the average circus animal, they still want more. I had to do less to set up a brokerage account... or buy guns from a FFL.

Google-fu suggests their fees are particularly high, so maybe it's for the best. Looking for a better platform for some spec plays in crypto-currencies. I don't object to verifying my identity (or even IRS reporting) but Coinbase was going overboard with the KYC/AML hoops. (I say that as someone who sits two rows from our KYC/AML department at a Fortune 100 company.)

[mrvmax]

FYI there is a new Facebook group called “Cryptocurrency Exchange”. It’s a closed group but I think if you search you can find it. It just started today so not much there yet but eventually will have some useful info.

[The Annoyed Man]

What platform(s) do y'all use? I set up an account at Coinbase but after jumping through more hoops than the average circus animal, they still want more. I had to do less to set up a brokerage account... or buy guns from a FFL.

Google-fu suggests their fees are particularly high, so maybe it's for the best. Looking for a better platform for some spec plays in crypto-currencies. I don't object to verifying my identity (or even IRS reporting) but Coinbase was going overboard with the KYC/AML hoops. (I say that as someone who sits two rows from our KYC/AML department at a Fortune 100 company.)

“KYC/AML”?? What is that?

BTW, I have a CoinBase account too. I didn’t think all the verification steps were that big of a deal, but to each his own.

[bbhack]

I'm mining Ethereum. I just added a second GPU, and the room is a little warmer and noisier, since there is now a fan pointed at the box.

But, I wanted to opine about the value and utility of Bitcoin et al. The utility it has as a transfer of money has little to do with the price, since to transfer, you can get in at current price, send it, and the receiver can get out at the current price, plus/minus. I believe most merchants who take digital money work this way. Eventually your yard man will accept digital currency if he wants to get paid cash. Eventually there will be BTC ATMs so your yard man can go get his cash.

Then there is the unit price that causes all the buzz. I sure wish I had a few BTC from a few years ago. But I'm too chicken right now to buy any. So I'm mining. Maybe the mining operation will grow.

I don't believe BTC will go to 1000X. That's too much value in one coin. There will be many coins with the value spread around, but there won't be 100s of them. That's too many, IMO.

[parabelum]

Just an FYI on the latest vulnerability concerning cryptocurency.

https://www.bleepingcomputer.com/news/s ... r-browser/

[Abraham]

Remember: Bernie Madoff?

When this scam is revealed for what it is, you'll remember him....

[TexasJohnBoy]

I bought a small amount of Bitcoin and Litecoin last weekend. Allegedly, I've made over 50% on the small investment. I'm not going to be someone putting up a mortgage though... That's insane. https://www.cnbc.com/2017/12/11/people- ... -borg.html

Now the real problem is the addiction that I can see in trading currencies, crypto or otherwise...

[Abraham]

Bernie Madoff was considered an investment genius too, with mucho premium investors, until one day...

[OldCannon]

Yeah, no way - I've only put in an amount I already had (not borrowing) that I'm willing to lose.

I did the same. I have investments in BTC and ETH, both of which are nearing 2x my initial investment (I will politely decline to discuss the bitcoinS I sold a few years ago when I thought it was really high. This is why you should NEVER take investment advice from me )

Anyway, the point is that any kind of currency trading is highly speculative, and is subject to significant highs and lows, so don't invest what you dont mind losing. Me, I'm going to let it make enough so I can buy a high-end band saw that I've been wanting, then I will exit the market for now :)

On the other hand, the basis of BTC is pretty strong, not so much on what it's backed by, but the fact that it's getting harder and harder to make more of it.

Of course, before you turn your nose up at "fake" currency, do you think your dollars are backed by ACTUAL gold?! Last I checked, only 3% of circulating US currency is backed by gold, the rest is "full faith and credit", which is pretty much what Bitcoin is, except with cryptography/full custody chain accounting.