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Topic: CRYPTOCURRENCY thread.  (Read 683 times)

420 Octane November 22, 2017, 10:02:19 PM

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Perhaps we can have some discussion of cryptocurrency in this thread - BTC and altcoins.

Something for the off-season.


420 Octane November 22, 2017, 10:04:13 PM (#1)

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Jay - What else do you like in cryptos?

I'm only hodling BTC but am likely to invest in Monero and Litecoin.

alvarez75 November 23, 2017, 07:15:10 AM (#2)

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When you take a payout in bitcoin what is the chances you are losing money? For example if i get a payout of 2,000 in bitcoin there is a chance that its not 2,000 pn that day correct? Also do convert it to us dollars in your wallet does that cost a fee?

5mike5 November 23, 2017, 02:26:23 PM (#3)

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When you take a payout in bitcoin what is the chances you are losing money? For example if i get a payout of 2,000 in bitcoin there is a chance that its not 2,000 pn that day correct? Also do convert it to us dollars in your wallet does that cost a fee?

ive only been in btc a couple months but ill try and help, but make sure somebody else like Opti or Jay make sure what i'm saying is correct...

no I don't think  lose $ sending from book to ur btc wallet (i havent noticed) u have, maybe depending on the book and length of time it takes,  but basically no u shouldn't...and if u do lose anything would be a couple bucks nothing noteworthy..may depend on your wallet also

the only fee is sending to the btc visa debit card, ur basically just paying a transfer fee just like byc tranaction, which is also usually just nothing to maybe 1-2 bucks

if u leave your BTC sitting in your wallet the price goes up and down all the time depending on the BTC market swings though i do know that....that's why i made almost $500 just waiting on my funds to get credited but that was my mistake but paid off....the card just sent the exact amount of BTC i sent them weeks ago, which was worth a lot more now!  not sure what would have happened had price went down, guess i would have got less refunded to my wallet,....

like i just sent just $70 from wallet to card for my woman to but something she saw out and has the cad....$67.88 was credited not $70 but i think that is a fee based on cost of sending which changes all the time from 18 cents to $5, depending how fast u want it sent and completed

anyways, BTC once u know more and i know it sounds very confusing at first, but its sooooo easy i think books will basically only want u to use it to deposit and get payouts....and u HAVE to get the visa BTC card that turns BTC into cash and u can use anywhere as a debit card or cash from ATMs anywhere ...its amazing....and u don't have to wait days and days and u totally skip using a bank account at all...its the ONLY way to get a payout imo

*****anyways hope that helps but somebody else really needs to answer this so u can be POSITIVE, because i am guessing off my limited knowledge


Mike

420 Octane November 23, 2017, 04:53:16 PM (#4)

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When you take a payout in bitcoin what is the chances you are losing money? For example if i get a payout of 2,000 in bitcoin there is a chance that its not 2,000 pn that day correct? Also do convert it to us dollars in your wallet does that cost a fee?

"When you take a payout in bitcoin what is the chances you are losing money? For example if i get a payout of 2,000 in bitcoin there is a chance that its not 2,000 pn that day correct?"

I'm not familiar with how Mike does the Deposit/Withdrawal, but almost certainly the answer is yes, it could be worth more or less.


If you can afford to keep some BTC and not have to convert back to USD, I would recommend that although you could lose money and it's theoretically possible to lose a lot of money.

A year ago BTC was $721 and at the minute it is ~ $8,149. Around Nov. 6th - 12th period it dropped to below $6,000 and then has bounced back up.

As I mentioned in the other thread, Wall St. is about to start offering it in investment packages, ETF's, etc.

But do your own due diligence and deal with your own risk tolerance.


"Also do convert it to us dollars in your wallet does that cost a fee?"


It sounds like Mike uses a 3rd party company to move it back and forth and I don't know what they charge.

As far as I know none of the books who accept it charge any fee for Deposit/Withdrawal of the BTC itself.

After your initial purchase of the BTC (it sounds like Mike's 3rd party company buys and sells BTC) you can keep it in your own wallet, then send it out to the book yourself.
The (miner) fees for sending it on the BTC network fluctuate, but currently they've dropped back down to low levels.
The amount of BTC being sent does not determine the fee, and one could probably send for about $1 or less thru the weekend, at least if there is no hurry (like within 12 hours or so).
Many books pay the miners fee themselves when sending back to you when you withdraw to your own wallet.

The last time I moved some BTC around was a few months ago and I was paying around 78 cents and they were mostly arriving instantly.

If you want to convert the BTC back to USD and you use an exchange, it can be done for somewhere between no charge for the conversion and 00.25% (one quarter of one percent) fee at many places.
But the exchanges will want your personal info if you're dealing with USD.

There are definitely higher fees for the conversion of BTC to USD using more anonymous services, but I don't know what these are.

nascarwagers November 23, 2017, 08:04:28 PM (#5)

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Jay - What else do you like in cryptos?

I'm only hodling BTC but am likely to invest in Monero and Litecoin.

I have a pretty good size holding in IOTA. Unlike Blockchain, it utilizes the Tangle and will not have fees tied to transactions. Built for machine to machine technology.

I also hold small holdings in Walton (implements RFID into blockchain) and NEO.

I will probably buy a couple ETH just to have because it is one of the safest investments. A lot of people love LTC, I have a best friend that is in LTC 100%. I just have not dove into it yet.

rs1x November 25, 2017, 09:54:04 AM (#6)

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I am pretty big into mining alt coins. I have 14 RX GPUS that have been mining ETH since may. I also recently purchased an Avalon 741. Still working on getting that setup.

I recently switched all GPUS to nicehash , where you basically sell your mining power and get paid in btc.

Anyone has any mining questions or cheap electricity let me know.

Reigle9 November 25, 2017, 12:21:49 PM (#7)

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these cocksuckers are doing it again

1 BTC = $8,645.02 (bitpay)

last trade price: $8,706.32 (reality)

I'm going to wait to see if it catches up

*the difference keeps getting bigger

Reigle9 November 25, 2017, 12:34:07 PM (#8)

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oh i guess this is why


Network Cost
1 transaction x 0.000231 BTC


ok, that's 2 bucks...why is there a $75 difference?

racing_is_fun November 25, 2017, 12:54:23 PM (#9)

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I am pretty big into mining alt coins. I have 14 RX GPUS that have been mining ETH since may. I also recently purchased an Avalon 741. Still working on getting that setup.

I recently switched all GPUS to nicehash , where you basically sell your mining power and get paid in btc.

Anyone has any mining questions or cheap electricity let me know.

I have a buddy who mines but he's a pathological liar so never know what to believe  :lol

Mind sharing your success since May? What kind of net profit does it bring?

420 Octane November 25, 2017, 02:44:38 PM (#10)

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"IT worker throws out hard drive, loses $7.5 million Bitcoin fortune" - 2013

Currently worth 65 million.

https://www.nbcnews.com/news/other/it-worker-throws-out-hard-drive-loses-7-5-million-f2D11669738

Interviewed - Youtube video
https://www.youtube.com/watch?v=0tMXLDVpPs8&feature=youtu.be

420 Octane November 25, 2017, 02:45:17 PM (#11)

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oh i guess this is why


Network Cost
1 transaction x 0.000231 BTC


ok, that's 2 bucks...why is there a $75 difference?

Profit?

Reigle9 November 25, 2017, 02:47:48 PM (#12)

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oh i guess this is why


Network Cost
1 transaction x 0.000231 BTC


ok, that's 2 bucks...why is there a $75 difference?

Profit?

it's bullshit, it never closes the gap

i'm ok with some fees but it looks like theyre blatantly ripping you off

rs1x November 25, 2017, 10:08:32 PM (#13)

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I am pretty big into mining alt coins. I have 14 RX GPUS that have been mining ETH since may. I also recently purchased an Avalon 741. Still working on getting that setup.

I recently switched all GPUS to nicehash , where you basically sell your mining power and get paid in btc.

Anyone has any mining questions or cheap electricity let me know.

Round numbers... bought $3k worth of hardware. I've since mined $5k worth of Eth. I also mined around 2 XMR and some ETC(eth classic)

Round numbers it generates around $550-$600 a month.
Round numbers it costs about $250 in electric a month.

So you can say it now nets $300 worth of coin a month.

These are all round numbers. When I started in May eth was like $100 a coin. It's now $450 a coin.



You can spin it several different ways, but the ha
I have a buddy who mines but he's a pathological liar so never know what to believe  :lol

Mind sharing your success since May? What kind of net profit does it bring?

racing_is_fun November 25, 2017, 10:16:57 PM (#14)

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Thanks RS. Yeah seems like if you mine and hold (i refuse to use hodl), can be even more lucrative if you pick the right coins.

Also confirms my buddy is full of shit lol. Told me his one rig was netting him 2 btc per month  :lol :lol