TheVillain112 Posted January 9, 2018 Share Posted January 9, 2018 3 minutes ago, JTagg7754 said: Kinda hope Ripple tanks more, hard. Would love to get more on the cheap!! Personally think NEO will be the best performing asset in Jan/Feb of all the top 20. Already off to a great start... Quote Link to comment Share on other sites More sharing options...
BobbyPhil1781 Posted January 9, 2018 Share Posted January 9, 2018 32 minutes ago, TheVillain112 said: Personally think NEO will be the best performing asset in Jan/Feb of all the top 20. Already off to a great start... Wow, yeah it is. Looking to invest in something a little cheaper though since I'm still fairly new to this Quote Link to comment Share on other sites More sharing options...
BobbyPhil1781 Posted January 9, 2018 Share Posted January 9, 2018 Like I'm still trying to figure out the benefits of having wallets, mining/minting, stuff like that. I really only research it while at work and if I'm too busy, I can't do anything lol Quote Link to comment Share on other sites More sharing options...
Calvert28 Posted January 9, 2018 Share Posted January 9, 2018 Does anyone know if Swissborg is gonna be heading to more exchanges outside of Hitbtc? I want to invest but I have read quite a few shady things about Hitbtc. It scares me and I don't want to open an account but I love th ICO for Swissborg among a few others and Binance is closed T the moment as well. Quote Link to comment Share on other sites More sharing options...
Calvert28 Posted January 9, 2018 Share Posted January 9, 2018 24 minutes ago, JTagg7754 said: Like I'm still trying to figure out the benefits of having wallets, mining/minting, stuff like that. I really only research it while at work and if I'm too busy, I can't do anything lol Lol I know what you mean. I work 12 hours days in a meat plant. So it's hard to get up to the minute info and research when you are in a rush to do everything. 1 Quote Link to comment Share on other sites More sharing options...
TheVillain112 Posted January 9, 2018 Share Posted January 9, 2018 47 minutes ago, JTagg7754 said: Like I'm still trying to figure out the benefits of having wallets, mining/minting, stuff like that. I really only research it while at work and if I'm too busy, I can't do anything lol Most of us are n00bs. Here's my 2 cents and as a disclaimer, I'm only about 2 months into this: Wallets: There are offline wallets and some browser plugin wallets like MetaMask/myetherwallet. If you're doing transactions on some exchanges like EtherDelta it requires a wallet like MetaMask. I have to transfer my ETH/BTC from say Coinbase to my MetaMask wallet (pretty straightforward, just give coinbase my metamask wallet address). Then in EtherDelta I transfer from my MetaMask wallet to a temporary EtherDelta wallet where I can exchange it for a coin like AION, then I have to transfer it back to my MetaMask wallet. There are also offline wallets like Neo Wallet that I use exclusively for my NEO Coin. This is because if I keep my NEO in an exchange like Bittrix, it doesn't generate an GAS whereas in the wallet and some other exchanges likes Binanace it will. GAS is like a dividend that the longer you HODL NEO the more 'GAS' you'll get for free. Some of the reasons to have wallets if you don't want to keep your assets in an exchange (especially if you're doing business is some of the smaller/suspect ones). There are stories of exchanges closing down or 'temporarily' suspending any transactions so your assets are just stuck. So you basically do the transaction on the exchange to get the coin/token you want, then you move it to your wallet and keep it there for storage until you want to sell/exchange it. Also for ICO's if you send them your ETH/BTC/LTC (usually it's ETH) for example they'll send their Tokens (something like VillainCoin) to your wallet. Eventually that coin/token should get listed on an exchange. Mining is needed for most platforms (BTC, ETH, BTH, etc...). Say a coin, VillainCoin has a supply of $2 Billion coins. In circulation right now is $1 Billion, and VillainCoin keeps being 'mined' so more coins are added to circulation until it hits $2 Billion and which point there's no more coins to add. Versus something like IOTA (and some other coins) where all the coins that will ever be are already mined in the Genesis block so there isn't a need for mining. Also mining is needed for PoW as a means to verify transactions. For Bitcoin, when you perform a transaction, you pay a 'mining/gas' fee. There is a complex mathematically equation that requires heavy computing power to complete the transaction (i.e. PoW - Proof of Work). This is a built in mechanism to protect the Bitcoin ecosystem. It's hard to hack the blockchain when you essentially would need a supercomputer/quantum computer to handle the calculations to do anything substantial (Which is why there is some backlash/stories out there about how much energy and how un-ecofriendly crypto's are). There is also PoS (Proof of Stake) which is what NEO uses. Where it's based on consensus from current owners of the coin, which defends against hackers because you would need 51% of all the NEO coins to have majority and hack the system (which at that point you're hurting yourself the most if you hack the environment). Obviously a very simplified explanation, there's a ton of other pros/cons for each of those and some other hybrid versions of PoW and PoS out there trying to address gaps. That's what I got so far. Anyone with more knowledge than me, feel free to correct anything I said that's inaccurate... 1 Quote Link to comment Share on other sites More sharing options...
BobbyPhil1781 Posted January 9, 2018 Share Posted January 9, 2018 1 hour ago, TheVillain112 said: Most of us are n00bs. Here's my 2 cents and as a disclaimer, I'm only about 2 months into this: Wallets: There are offline wallets and some browser plugin wallets like MetaMask/myetherwallet. If you're doing transactions on some exchanges like EtherDelta it requires a wallet like MetaMask. I have to transfer my ETH/BTC from say Coinbase to my MetaMask wallet (pretty straightforward, just give coinbase my metamask wallet address). Then in EtherDelta I transfer from my MetaMask wallet to a temporary EtherDelta wallet where I can exchange it for a coin like AION, then I have to transfer it back to my MetaMask wallet. There are also offline wallets like Neo Wallet that I use exclusively for my NEO Coin. This is because if I keep my NEO in an exchange like Bittrix, it doesn't generate an GAS whereas in the wallet and some other exchanges likes Binanace it will. GAS is like a dividend that the longer you HODL NEO the more 'GAS' you'll get for free. Some of the reasons to have wallets if you don't want to keep your assets in an exchange (especially if you're doing business is some of the smaller/suspect ones). There are stories of exchanges closing down or 'temporarily' suspending any transactions so your assets are just stuck. Mining is needed for most platforms (BTC, ETH, BTH, etc...). Say a coin, VillainCoin has a supply of $2 Billion coins. In circulation right now is $1 Billion, and VillainCoin keeps being 'mined' so more coins are added to circulation until it hits $2 Billion and which point there's no more coins to add. Versus something like IOTA (and some other cons) where all the coins that will ever be are already mined in the Genesis block so there isn't a need for mining. So mining is needed for PoW vs. PoS as a means to verify transactions. For Bitcoin, when you perform a transaction, you pay a 'mining' fee. There is a complex mathematically equation that requires heavy computing power to complete the transaction (i.e. PoW - Proof of Work). This is a built in mechanism to protect the Bitcoin ecosystem. It's hard to hack the blockchain when you essentially would need a supercomputer/quantum computer to handle the calculations to do anything substantial. There is also PoS (Proof of Stake) which is what NEO uses. Where it's based on consensus from current owners of the coin, which defends against hackers because you would need 51% of all the NEO coins to have majority and hack the system (which at that point you're hurting yourself the most if you hack the environment). That's what I got so far... THis is some good info, Villain. Thanks! Would you recommend I move all my stuff off of Bittrex into offline wallets? I think Bittrex has staying power but your explanation is making me believe I might want to second guess my initial inclination. Quote Link to comment Share on other sites More sharing options...
Heimdallr Posted January 9, 2018 Share Posted January 9, 2018 Don't you get charged a withdrawal fee when you move coins from an exchange into a wallet? Quote Link to comment Share on other sites More sharing options...
TheVillain112 Posted January 9, 2018 Share Posted January 9, 2018 6 hours ago, JTagg7754 said: THis is some good info, Villain. Thanks! Would you recommend I move all my stuff off of Bittrex into offline wallets? I think Bittrex has staying power but your explanation is making me believe I might want to second guess my initial inclination. I think you're fine with Bittrex, but again I'm a n00b. I have my coins/tokens spread between Coinbase, Binance, MetaMask and Neo Wallet right now. Didn't really plan it that way but I'm ok with spreading things across various wallets/exchanges so all my eggs aren't in one basket. Part of it is because of what I'm HODLing: ETH in Coinbase, NEO in Neo Wallet, AION in MetaMask, and IOTA in Binance. 6 hours ago, Heimdallr said: Don't you get charged a withdrawal fee when you move coins from an exchange into a wallet? Yes. Which is one of the cons of doing it. You get hit with a 'fee' when you move the coins/tokens from an exchange to your wallet, then you get hit by a fee when you move your coins/tokens back to an exchange. If you're moving larger amounts it's not bad, if you're doing sub $1,000 transactions that adds up quickly. There will be math involved. Also, I have some ETH/BTC 'stuck' on Binance and Bittrex. Because when I brought IOTA/NEO the amount I could buy leftover some minuscule amounts of them, which I can't really transfer anywhere because it's lower than the gas fee needed. I think it's fine because it's something like 0.0000014 ETH or something. But things to keep in mind... Quote Link to comment Share on other sites More sharing options...
BobbyPhil1781 Posted January 9, 2018 Share Posted January 9, 2018 7 minutes ago, TheVillain112 said: I think you're fine with Bittrex, but again I'm a n00b. I have my coins/tokens spread between Coinbase, Binance, MetaMask and Neo Wallet right now. Didn't really plan it that way but I'm ok with spreading things across various wallets/exchanges so all my eggs aren't in one basket. Part of it is because of what I'm HODLing: ETH in Coinbase, NEO in Neo Wallet, AION in MetaMask, and IOTA in Binance. OK Well as you confirmed, there is a hit when sending to an offline wallet so I think I can be safe for now w/ Bittrex. One more thing I've had a little trouble finding is the math involved to determine a coin's max value. Do you know what that equation is or where to find it? I know it has something to do w/ max supply and market cap (or so I think) but I'm not sure. There's just so much to take in at once and w/ me only being 4 weeks into it, I'm having a little trouble grasping a few things. Thanks for the time to type this nonsense up. At least it'll be beneficial to everyone looking at this thread in a year once we earn six figures from getting in early..... right? lol Quote Link to comment Share on other sites More sharing options...
TheVillain112 Posted January 9, 2018 Share Posted January 9, 2018 40 minutes ago, JTagg7754 said: OK Well as you confirmed, there is a hit when sending to an offline wallet so I think I can be safe for now w/ Bittrex. One more thing I've had a little trouble finding is the math involved to determine a coin's max value. Do you know what that equation is or where to find it? I know it has something to do w/ max supply and market cap (or so I think) but I'm not sure. There's just so much to take in at once and w/ me only being 4 weeks into it, I'm having a little trouble grasping a few things. Thanks for the time to type this nonsense up. At least it'll be beneficial to everyone looking at this thread in a year once we earn six figures from getting in early..... right? lol Max coin value is a tough thing to calculate for people like us that aren't quants or have massive amounts of free time, because it's a judgement call on what to use for Market Size: http://woobull.com/estimating-return-potential-for-altcoins-and-bitcoin/ As it shows in that article, what's the Market Size for BTC? The Total sales of all eCommerce? Total Retail sales? Total GDP? etc... Quote Link to comment Share on other sites More sharing options...
RaidersAreOne Posted January 10, 2018 Share Posted January 10, 2018 I'm doing it boys. I am jumping into the cryptocurrency game. Quote Link to comment Share on other sites More sharing options...
TheVillain112 Posted January 10, 2018 Share Posted January 10, 2018 @BayRaider What do you think about GMT (Mercury Protocol: https://www.mercuryprotocol.com/)? I'm done being a snob and want to catch one of these waves, lol... Quote Link to comment Share on other sites More sharing options...
BayRaider Posted January 10, 2018 Author Share Posted January 10, 2018 2 minutes ago, TheVillain112 said: @BayRaider What do you think about GMT (Mercury Protocol: https://www.mercuryprotocol.com/)? I'm done being a snob and want to catch one of these waves, lol... Hmm looks interesting. Ill look more into it. The 1B total supply is a bit of a turn off.. especially with only 168 of it circulating so far. Guys this is not a moonshot (well, could be...) but if you want an easy 3X invest in B2BX. 23M Marketcap. This is a minimum 75M Marketcap Project. Active devs and trying to get on bigger exchanges. I have no stake in it cause I dont have much capital so 3X isnt that lucrative to me but my friend was asking me for a easy 2X or 3X. Not financial advice, always a risk you can lose your money! Quote Link to comment Share on other sites More sharing options...
BayRaider Posted January 10, 2018 Author Share Posted January 10, 2018 Obviously dont put more than 1-1.5K with only 40K 24 Hour Volume though. If someone sees like 10K, the price can be manipulated at this volume. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.