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And of course, if the value of bitcoins would drop while you were holding altcoins, you would instead receive a greater amount of bitcoins when selling your altcoins for bitcoins.
Ah yes that is a good point.
But what i have found is that when Bitcoin goes down, it drags down all the Alt-Coins with it.
The reason for this i think is because we have to buy BTC in order to buy ALTs.
Question... is why ? so i guess my real question is, is there a way to buy/sell Alt-Coins directly from Fiat ?
What's the question? Yeah if you buy litecoin at 0.02 and sell at 0.04 you'll have doubled your bitcoin. Who knows (or better yet, cares) what that'll be worth in fiat.
You're thinking about this all wrong. You've come over to a system better than fiat. Why would you go back? If everyone keeps doubling their money and going back to fiat, how would that not give governments even more incentive to print more money?
You're thinking about this all wrong. You've come over to a system better than fiat. Why would you go back? If everyone keeps doubling their money and going back to fiat, how would that not give governments even more incentive to print more money?
The question is why are ALt-Coins pinned to the price of Bitcoin ?
If we can find a way to buy coins without pinning them to BTC (or any other coin) then it doesnt matter if Bitcoin goes up/down i will get to
keep my Alt-coin gains.
At the moment i can make fantastic gains and then lose my profits because Bitcoin has gone down.
TheEndisNeigh...are you trying to say all your wealth is in Crypto ? I dont know about you but i still have to pay my Bills in Fiat.
Hi guys, i have a question...
I am a uk user and im registered with Gdax and Bittrex.
I buy my Bitcoin at GDAX, and sometimes i like to hold Alt-Coins over at Bittrex.
Now my worry is this... (i have ignored fees and actual growth/retreat levels to make it simple)
Suppose i have $1000 to invest in Alt-coins and the price of Bitcoin is $10,000 and i buy 0.1 bitcoin ($1000)
Lets suppose i invest that amount in Alt-Coins and the Alt-coins grow by 50% so now my $1000 has grown to $2000 in Cryptos. Fantastic.
I sell my Alt-Coins for Bitcoin and i want to cash out the Bitcoin back into Fiat so i can see $2000 in my Bank Account...
But lets say the price of Bitcoin falls to $5000.
My $2000 will shrink to $1000 regardless of how well my Alt-coins performed, because now 0.1 of Bitcoin = $500
I know 50% may be a extreme exmaple, but the point holds that even if Bitcoin goes down 10%, my Bitcoin is worth less and hence the only
way for me to actually gain wealth is for both Bitcoin and the Alt-Coins to go up together (or for Bitcoin to stay stable and for the alt-coin to go up).
If i have misunderstood please explain, and what do you think about this?
I am a uk user and im registered with Gdax and Bittrex.
I buy my Bitcoin at GDAX, and sometimes i like to hold Alt-Coins over at Bittrex.
Now my worry is this... (i have ignored fees and actual growth/retreat levels to make it simple)
Suppose i have $1000 to invest in Alt-coins and the price of Bitcoin is $10,000 and i buy 0.1 bitcoin ($1000)
Lets suppose i invest that amount in Alt-Coins and the Alt-coins grow by 50% so now my $1000 has grown to $2000 in Cryptos. Fantastic.
I sell my Alt-Coins for Bitcoin and i want to cash out the Bitcoin back into Fiat so i can see $2000 in my Bank Account...
But lets say the price of Bitcoin falls to $5000.
My $2000 will shrink to $1000 regardless of how well my Alt-coins performed, because now 0.1 of Bitcoin = $500
I know 50% may be a extreme exmaple, but the point holds that even if Bitcoin goes down 10%, my Bitcoin is worth less and hence the only
way for me to actually gain wealth is for both Bitcoin and the Alt-Coins to go up together (or for Bitcoin to stay stable and for the alt-coin to go up).
If i have misunderstood please explain, and what do you think about this?
He has a website where you can buy "btc". I bought BTC in October on 52k. I was confident that in December I would make a withdraw from a website. But a button doesnt work now
I am guessing 50K must only be like 10% of your total net worth otherwise you would not risk it in this fashion without doing a ton of research ?
Most of us would probably not recover for a while after such a huge loss.
Surely if you did a little bit of research you would know what they say about exchanges... Use them like Public Toilets, do your business and move on.
Its reasons like this that people invented Secure Wallets, and offline Wallets.
The least you can do is tell us which website it is so we can blacklist it or tread with extra caution.
Hey mate, it took me ages to get verified with them. Also when I withdrew funds they locked them in a hold for 72 hours or so unless I re-verified again (bloody frustrating). Essentially with the massive increase in account numbers it can take well over a week to get verified. Be patient. It's annoying but it'll happen. I've since moved to Bitcoin ATMs directly to my exchange wallet for trading or offline wallet for holding. Faster, more convenient and actual control over my money so it's not being held hostage by a third company which crashes whenever there's significant price movement.
Thank you for the replies Redbackone, really appreciate it, and it is reassuring.
Its just that on the website it says 1-2 business days. I guess we can 10x that timeframe with the volume they are getting. Just wish they would 10x the Hiring side of their customer support too
Also does Bitcoin ATMs allow you to withdraw or only deposit ? I will have to look into that.
Agree with offline hardware storage (i recently ordered a ledger NANO S) as being the best way to HODL on your coins. Just think of a mother Hen sitting on her eggs
Hey, if coinbase was a company you could buy shares in - i would sell the wheels off my Car to buy them because of the insane amount of money flooding into their coffers.
Hi guys!
A person from this forum with good reputation stole 52000$ (now it is 11,02 BTC). I send it in october. What I need to do? Please help!
A person from this forum with good reputation stole 52000$ (now it is 11,02 BTC). I send it in october. What I need to do? Please help!
can anyone explain HOW is that even possible ?
In real life for someone to steal 50K from you, you would have to put that cash in a briefcase and hand it over or you would have to accidentally send it to their bank account.
How is this even possible with Bitcoin ? Accidentally put it into their wallet ?
I know how you feel... but just double check you have not downloaded Authenticator App on your mobile (check through all the apps).
If you have auto-sign in everyday and then after a week or so you might forget that you had a Authenticator App downloaded to complete the 2 step verification process.
Also delete some messages, make sure your phones memory is not full. Maybe even ring your mobile provider and ask them if there is a problem receiving signal or something.
The customer service at Coinbase is horrendous. I am waiting for them to verify my Bank account, sent all my details and everything a week ago, still cant withdraw a penny.
For a company growing so fast and making so much money from us everyday, why cant they hire more people to deal with existing customers. Its bloody shambles.
If you have auto-sign in everyday and then after a week or so you might forget that you had a Authenticator App downloaded to complete the 2 step verification process.
Also delete some messages, make sure your phones memory is not full. Maybe even ring your mobile provider and ask them if there is a problem receiving signal or something.
The customer service at Coinbase is horrendous. I am waiting for them to verify my Bank account, sent all my details and everything a week ago, still cant withdraw a penny.
For a company growing so fast and making so much money from us everyday, why cant they hire more people to deal with existing customers. Its bloody shambles.
Im sorry i think you misunderstood... My portfolio at Coinbase is worth around 2500 GBP, which i think is over $3000 US.
The $9 Euros i sent i am not bothered about that was just for verification. When i sent it..it turned up in my Coinbase Account as i log in.
The problem i am having is even though i have bought $3000+ worth of Crypto at Coinbase i have never seen a penny of it back in my (fiat) Bank Account.
When i try to withdraw from any of my wallets to my Bank, it says you need to verify - which i believe i have already done over a week ago.
I mean how long did it take you get verified on coinbase ?
The $9 Euros i sent i am not bothered about that was just for verification. When i sent it..it turned up in my Coinbase Account as i log in.
The problem i am having is even though i have bought $3000+ worth of Crypto at Coinbase i have never seen a penny of it back in my (fiat) Bank Account.
When i try to withdraw from any of my wallets to my Bank, it says you need to verify - which i believe i have already done over a week ago.
I mean how long did it take you get verified on coinbase ?
The reason we need money is to have a medium to exchange goods and services for each other. Money is the way we divide the world's resources.
What is money?
Money is a FUTURE claim on services or goods. It represents an amount of goods one is entitled to collect on
Now lets think about how this differs from crypto currency
The reason we need crypto is to exchange goods and services for each other using a digital medium and to provide it in a decentralized but secure way.
What is crypto?
Crytpo is a PAST claim on services or goods. It represents an amount of goods or services that one has already used
Here is what I mean by the difference between a future and a past claim on goods or services. Money is a future claim on the world's resources (including labor and services). You can use that money at a future point to collect in on what you are 'owed'. This differs dramatically from crypto. Crypto is actually a past claim on services or goods, because it cannot be earned without destroying resources. The value of crypto comes from the fact that electricity, man hours, and hardware are destroyed in order to create. We are essentially destroying resources in order to make a medium that will allow us to divide the rest of the resources up. Instead we should be earning currency based on the good things we do and the resources we protect. We should be incentivized to save the world, not destroy it.
I think the process of adopting crypto is too much of a sacrifice when it comes to resources. The very things we are trying to divide up we are destroying. We arguably need money to divide the resources, but we don't need to destroy resources just to make the money
What is money?
Money is a FUTURE claim on services or goods. It represents an amount of goods one is entitled to collect on
Now lets think about how this differs from crypto currency
The reason we need crypto is to exchange goods and services for each other using a digital medium and to provide it in a decentralized but secure way.
What is crypto?
Crytpo is a PAST claim on services or goods. It represents an amount of goods or services that one has already used
Here is what I mean by the difference between a future and a past claim on goods or services. Money is a future claim on the world's resources (including labor and services). You can use that money at a future point to collect in on what you are 'owed'. This differs dramatically from crypto. Crypto is actually a past claim on services or goods, because it cannot be earned without destroying resources. The value of crypto comes from the fact that electricity, man hours, and hardware are destroyed in order to create. We are essentially destroying resources in order to make a medium that will allow us to divide the rest of the resources up. Instead we should be earning currency based on the good things we do and the resources we protect. We should be incentivized to save the world, not destroy it.
I think the process of adopting crypto is too much of a sacrifice when it comes to resources. The very things we are trying to divide up we are destroying. We arguably need money to divide the resources, but we don't need to destroy resources just to make the money
This is perhaps more of a philosophical approach, but personally i think Money means different things to different people.
Somebody living in a poor part of the world struggling for basics will probably see Money as nothing more than a means of survival.
For me, its more a store of value, a asset and then a medium of exchange.
What you said about electricity and hardware being used to produce Digital Money like Bitcoin may be true to a extent, but then the same can be said for Paper Money - we as a species probably
destroy millions of acres of trees and forests to produce the paper needed to then produce our valuable paper money. Also we "destroy" or "consume" millions of tons of concrete, wood, metal and other
commodities to produce Wealth in the form of a House - the Houses we build become a asset and a store of value, and we can exchange them for cash/goods/services...coming back to the point that we
consume alot of things to produce a single House but that doesnt mean its not beneficial, it actually has many benefits.
Same thing with digital money. The speed, the transparency, the ease with which we can send/receive digital money makes it more efficient than carrying around stacks of paper money.
I also dont think Bitcoin only represents a past claim on goods/services.... if that was the case i would not be able to buy things with it now.
Even my Car - which cost alot more than a Bitcoin to be produced in electricity, hardware, and man-hours, is not a past source of value, because i can sell it and exchange it for other forms of wealth.
If you argue Digital Money is a depreciating source of wealth like my Car or Laptop - again i would beg to differ because it will continue to have value so long as people give it value - and thats basically what money is.
Also if your main objection to Bitcoin and Digital Money is the cost of production (electricity, hardware) then i think you should look into Alt-coins - some of which are produced/generated in radically different ways that
does not involve 'mining' at all.
Hi guys, as a UK customer, i have some money in my GBP wallet over at Coinbase and also around 9 euros i sent them via international payment for verification which has ended up in my Euro wallet.
Its been almost 5 business days and my Account is still saying you cant withdraw anything until my Bank Account is verified.
Im kind of getting a bit worried that if Coinbase was to shut down i would lose not only my coins but also my coin-buying funds.
I have tried sending support a email asking when will the verification be complete but no answer yet.
The irony is i can buy more funds using my Bank Card (upto a limit) but i cant withdraw
Anyone else been in this situation ?
How long did it take you to get your bank account verified at Coinbase so you could withdraw direct to your Bank Account?
Its been almost 5 business days and my Account is still saying you cant withdraw anything until my Bank Account is verified.
Im kind of getting a bit worried that if Coinbase was to shut down i would lose not only my coins but also my coin-buying funds.
I have tried sending support a email asking when will the verification be complete but no answer yet.
The irony is i can buy more funds using my Bank Card (upto a limit) but i cant withdraw
Anyone else been in this situation ?
How long did it take you to get your bank account verified at Coinbase so you could withdraw direct to your Bank Account?