Crypto-currencies

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1911 Raptor
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Re: Crypto-currencies

Postby 1911 Raptor » Mon Jan 08, 2018 2:55 pm

OldCannon wrote:
1911 Raptor wrote:
My bank accounts are protected and insured


You might want to rethink that statement once you understand how your money is "insured" by the FDIC.

Short version: You're going to be mighty disappointed if you think you're gonna get your money back.


Don’t quote only part of what I said and leave out the proof. My money was taken but it was replaced under current provisions of the bank and card company.

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The Annoyed Man
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Re: Crypto-currencies

Postby The Annoyed Man » Mon Jan 08, 2018 3:24 pm

1911 Raptor wrote:
OldCannon wrote:
1911 Raptor wrote:
My bank accounts are protected and insured


You might want to rethink that statement once you understand how your money is "insured" by the FDIC.

Short version: You're going to be mighty disappointed if you think you're gonna get your money back.


Don’t quote only part of what I said and leave out the proof. My money was taken but it was replaced under current provisions of the bank and card company.

https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-
Coinbase prioritizes the security of our customer's funds, all digital currency that Coinbase holds online is insured. If Coinbase were to suffer a breach of its online storage, the insurance policy would pay out to cover any customer funds lost as a result. Coinbase holds less than 2% of customer funds online. The rest is held in offline storage.

Please note that the insurance policy covers any losses resulting from a breach of Coinbase’s physical security, cyber security, or by employee theft. This insurance policy does not cover any losses resulting from the compromise of your individual Coinbase account. It is your responsibility to use a strong password and maintain control of all login credentials you use to access Coinbase and GDAX.

........

If you are a United States resident, your Coinbase USD Wallet is covered by FDIC insurance, up to a maximum of $250,000.
"Give me Liberty, or I'll get up and get it myself."—Hookalakah Meshobbab
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rotor
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Re: Crypto-currencies

Postby rotor » Mon Jan 08, 2018 3:32 pm

Not to prolong the misery of this post but who actually insures Coinbase? Is it a reliable company? They say "Our insurance policy is made available through a combination of third-party insurance underwriters and Coinbase, who is a co-insurer under the policy." What does that mean?


1911 Raptor
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Re: Crypto-currencies

Postby 1911 Raptor » Mon Jan 08, 2018 3:33 pm

The Annoyed Man wrote:
1911 Raptor wrote:
OldCannon wrote:
1911 Raptor wrote:
My bank accounts are protected and insured


You might want to rethink that statement once you understand how your money is "insured" by the FDIC.

Short version: You're going to be mighty disappointed if you think you're gonna get your money back.


Don’t quote only part of what I said and leave out the proof. My money was taken but it was replaced under current provisions of the bank and card company.

https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-
Coinbase prioritizes the security of our customer's funds, all digital currency that Coinbase holds online is insured. If Coinbase were to suffer a breach of its online storage, the insurance policy would pay out to cover any customer funds lost as a result. Coinbase holds less than 2% of customer funds online. The rest is held in offline storage.

Please note that the insurance policy covers any losses resulting from a breach of Coinbase’s physical security, cyber security, or by employee theft. This insurance policy does not cover any losses resulting from the compromise of your individual Coinbase account. It is your responsibility to use a strong password and maintain control of all login credentials you use to access Coinbase and GDAX.

........

If you are a United States resident, your Coinbase USD Wallet is covered by FDIC insurance, up to a maximum of $250,000.


I guess I am confused. If crypto currency is not recognized as currency by the US government how can it be federally insured?

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Re: Crypto-currencies

Postby Liberty » Mon Jan 08, 2018 3:36 pm

Soccerdad1995 wrote:
AndyC wrote:I was really hoping that this thread could stir discussions in cryptos to look out for, share successes etc - I really didn't expect the non-stop negativity towards something others are enjoying.

As far as I'm concerned, you lot do what you want - if you're not involved in crypto then DON'T GET INVOLVED, but I'm really tired of all the slamming so I'm now out.


Unfortunately, that seems to be a prevalent attitude on this board. I think it is just part of human nature to think that your way is the best / only way and slam anyone who decides differently. While this sort of attitude is certainly understandable it effectively also cuts off reasonable discussion on things like open versus conceal carry, caliber, etc. Respectful disagreement is fine, but far too often I see it crossing the line to people calling other's choices "dumb", or worse, just because they choose to do something different.


I think that a lot of people just can't wrap their head around that fast and large proffits could be legitimate. What I find interesting is that folks are investing in different ways with different strategies. Yet we all have done pretty well.

my strategy has been to set an amount that I was going to invest. I bought in at 3 or 4 times over a time period of 6 months Starting in June. The total amount that I invested was $1000 50% into Bitcoin 30% into Ethereum 20% into Litecoin. I have over 250% profit so far. While gaining a little bit of Bitcoin Cash in a fork. I'm not going to "work" it buy trying to buy low and sell high, but just am going let it ride at least until this fall when I intend to buy a car.

I don't know what the future holds for crypto-currency, but I am pretty sure that any money I have in the bank will be worth less than it is now. If crypto crashes and burns, it's not going to change my lifestyle. Investments into comcast stock or city bonds aren't as controversial, but they aren't as much fun to follow either.
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Re: Crypto-currencies

Postby 92f-fan » Mon Jan 08, 2018 3:39 pm

bbhack wrote:
92f-fan wrote:I lost interest when I realized buying in and selling are both strictly limited ...
Lets assume you mined a seemingly small number of coins back in the say. Lets say 10 - worth approximately $100k now
How do you get your $100k out ?
In less than 100 transactions ?
Go ...


Is this a real question? You open a Coinbase account, send the coins to your online wallet, sell them for USD, and send the USD to a bank account via ACH. That's all. What difference how many transactions? But I think you could do this in one move.

Getting your accounts set up at the moment is going to be slow, because everything "digital coin" is swamped.

No its a FAKE question designed simply to get your attention ... SMH

The admittedly little research I did showed that many most transactions were limited to under ~$1000 per transaction
And in my example the account would NOT have had many if any transactions to raise any limits.

from coinbase "When do my limits replenish?
Limits are refilled gradually over the course of one week from the time your order is confirmed. For example if you placed a buy order for the maximum amount, your limits would be 1/7th replenished each day and fully replenished after 1 week."
with no details of example limits BUT does cooincide with what I read about limits
https://bitcointalk.org/index.php?topic=1987599.0

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Re: Crypto-currencies

Postby Liberty » Mon Jan 08, 2018 3:42 pm

1911 Raptor wrote:
I guess I am confused. If crypto-currency is not recognized as currency by the US government how can it be federally insured?


The US dollars that you have in their account is insured. You can have a wallet for each currency including one for USD
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"Today, we need a nation of Minutemen, citizens who are not only prepared to take arms, but citizens who regard the preservation of freedom as the basic purpose of their daily life and who are willing to consciously work and sacrifice for that freedom." John F. Kennedy

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Re: Crypto-currencies

Postby AndyC » Mon Jan 08, 2018 3:43 pm

Carlson1 - please delete this thread; it's obviously run its course. I'll carry on doing my own thing and just shut my trap in the future.
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Re: Crypto-currencies

Postby TexasJohnBoy » Mon Jan 08, 2018 4:11 pm

rotor wrote:
Liberty wrote:
rotor wrote:
The Annoyed Man wrote:
The Annoyed Man wrote:Now I’m up $670 since 12/22, and up $181 since 6:30 this morning. A friend of mine made a little over $4000 in the last 24 hours.

It’s up to $723 of profit now.

It's only a profit when you sell. The question is.......... when do you sell? Still a Ponzi.


I don't think you understand what a Ponzi really is. Trading cryptocurrencies is commodity trading, it's no different than pork bellies or precious metals.

What is the commodity? Show me the pork belly. There is no commodity. You own nothing material. No silver, gold or strength of a country. There is money to be made during the frenzy but I don't believe it is sustainable.


I'll give you that. But on the flip side I would challenge you to go pick up the oil or gold you bought on a commodities exchange as well.
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Re: Crypto-currencies

Postby 1911 Raptor » Mon Jan 08, 2018 4:26 pm

AndyC wrote:Carlson1 - please delete this thread; it's obviously run its course. I'll carry on doing my own thing and just shut my trap in the future.


Why delete a thread because people are asking questions? Is there something to hide in crypto currency?


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Re: Crypto-currencies

Postby apostate » Mon Jan 08, 2018 4:45 pm

TexasJohnBoy wrote:I'll give you that. But on the flip side I would challenge you to go pick up the oil or gold you bought on a commodities exchange as well.

My current employer does exactly that. Please see the NYMEX Rulebook (Chapter 150) for details.
I'm too old for this...

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Re: Crypto-currencies

Postby OldCannon » Mon Jan 08, 2018 4:58 pm

AndyC wrote:Carlson1 - please delete this thread; it's obviously run its course. I'll carry on doing my own thing and just shut my trap in the future.


I dunno. I'm equally invested in ETH and consider my investment to already be worth the effort (3x the value now and rising). I thought the thread was worth discussing, but it clearly took a bad turn with detractors. Not unlike threads that turn into caliber wars. :lol:

It's a currency trade. People (clearly) have strong opinions about digital currencies, both for and against. Seems like it would be best that the thread is populated with people that have stake in digital currencies talking about trends and developments, rather than non-investors randomly casting excrement on the thread and calling it a Ponzi scheme.

I think most people are missing the truly momentous point -- blockchain has the potential of radically changing how we conduct business. The people that will get REALLY rich aren't necessarily the ones invested in bitcoin, it's the people that will quickly leverage the advantages of blockchain.
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Re: Crypto-currencies

Postby AndyC » Mon Jan 08, 2018 5:12 pm

1911 Raptor wrote:
AndyC wrote:Carlson1 - please delete this thread; it's obviously run its course. I'll carry on doing my own thing and just shut my trap in the future.


Why delete a thread because people are asking questions? Is there something to hide in crypto currency?

Yes, you're right - it's a big secret and we're all out to screw you :ack:

I'm not going to waste my time trying to educate naysayers instead of sharing tips/techniques/etc.
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The Annoyed Man
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Re: Crypto-currencies

Postby The Annoyed Man » Mon Jan 08, 2018 5:22 pm

1911 Raptor wrote:
AndyC wrote:Carlson1 - please delete this thread; it's obviously run its course. I'll carry on doing my own thing and just shut my trap in the future.

Why delete a thread because people are asking questions? Is there something to hide in crypto currency?

No, there is nothing to hide, and none of you naysayers has been asking questions out of any reason other than trying to make a negative rhetorical point; rather than out of genuine curiosity about how these markets work. I think AndyC started the thread because he thought it was pretty cool stuff, and he hoped that others would compare their own investment strategies in crypto currency - that this would become a discussion of how people are doing it, NOT whether or not it is a real thing, or whether or not people are fools for participating in it.

I’ve lost interest in the discussion too. It boils down to this: those that get it, will, and those that don’t, won’t. Personally, I’ve never been a futures trader, or a stock trader, or a fiat currencies trader, or any of those things. But I have never devoted any energy to criticizing the strategies of people who do dabble in those things, or to criticize those things themselves, or to make it sound like those that do dabble in them don’t know what they’re doing. And if they get burned, I don’t say “I told you so”. Why? Because (A) my mind is open enough to concede it possible that one can make a killing in something about which I don’t have a whole lot of knowledge; and (B) because I’d rather be an encourager than a discourager. What I’ve seen here is a lot of ridicule coming from people who demonstrably DON’T get it, and don’t want to get it. I am reminded of a friend of mine and his sister back in California. They were each approached about buying $5,000 worth of stock in either Apple or Microsoft....I don’t remember which it was, but it was one of those two......right at the beginning, when the company was JUST getting started. The brother, who actually had the money just laying around, said “Nah, I’ll pass. This personal computer stuff will never become a reality in any big way.” The sister, who scrimped and saved and made some sacrifices here and there to come up with the $5000 said “sure, I’m in.” She bought $5000 in initial stock in a company that became a global tech giant. Her brother became whatever he became, neither rich nor poor. She became a millionaire several times over in a few short years - off that one stock purchase.

I suspect that Andy is just disappointed in the direction the conversation took, that it is being dominated by discussion of the legitimacy of crypto trading, rather than a discussion about techniques and other ideas for those who ARE interested. I’m inclined to agree.

Peace out.
"Give me Liberty, or I'll get up and get it myself."—Hookalakah Meshobbab
"I don't carry because of the odds, I carry because of the stakes."—The Annoyed Boy
"Id aegre et in omnibus semper."—Quod Homo Aegre


1911 Raptor
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Re: Crypto-currencies

Postby 1911 Raptor » Mon Jan 08, 2018 7:25 pm

The Annoyed Man wrote:
1911 Raptor wrote:
OldCannon wrote:
1911 Raptor wrote:
My bank accounts are protected and insured


You might want to rethink that statement once you understand how your money is "insured" by the FDIC.

Short version: You're going to be mighty disappointed if you think you're gonna get your money back.


Don’t quote only part of what I said and leave out the proof. My money was taken but it was replaced under current provisions of the bank and card company.

https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-
Coinbase prioritizes the security of our customer's funds, all digital currency that Coinbase holds online is insured. If Coinbase were to suffer a breach of its online storage, the insurance policy would pay out to cover any customer funds lost as a result. Coinbase holds less than 2% of customer funds online. The rest is held in offline storage.

Please note that the insurance policy covers any losses resulting from a breach of Coinbase’s physical security, cyber security, or by employee theft. This insurance policy does not cover any losses resulting from the compromise of your individual Coinbase account. It is your responsibility to use a strong password and maintain control of all login credentials you use to access Coinbase and GDAX.

........

If you are a United States resident, your Coinbase USD Wallet is covered by FDIC insurance, up to a maximum of $250,000.


Interesting that individual accounts are NOT INSURED!

Please note that the insurance policy covers any losses resulting from a breach of Coinbase’s physical security, cyber security, or by employee theft. This insurance policy does not cover any losses resulting from the compromise of your individual Coinbase account. It is your responsibility to use a strong password and maintain control of all login credentials you use to access Coinbase and GDAX.


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