Cryptocurrency Discussion

[kerplode]

I've ignored crypto until just recently, but now I'm working on learning more about it. Just set up a Coinbase account and plan to toss a bit into BTC and ETH just to see what it's all about.

So far, it'll just be a learning experience. I'm viewing it like taking a few hundred to the track...If it does well, cool...If I lose it all, NBD. Can't buy any ammo these days anyway, so gotta get my entertainment somehow. ;-)

At some point, I'll figure out the whole wallet cold storage deal, but for now, I don't care that much if they just sit at Coinbase.

[m4hk33]

Be really careful chasing pumps, most people lose money trading, be careful with exchanges as even reputable ones such as coinbase go down during times of heavy trading.

Find projects that function products and just accurate what you are comfortable losing of ot goes to zero.

While there is a ton of info on youtube, be skeptical that the creator may be shilling a project that he may have been paid to do.

Personally speaking, I am a fan Hex.

[Artos]

I'm skeptical. Currency that was just created digitally with nothing to back it up? Maybe if the US Government assigned it some sort of value.

XRP is said to be backed by precious metals, but it is hearsay from the folks who follow??

[rcoe]

I have used coinbase for several years and like their interface and ease of use.

With crypto only invest money you can afford to loose an I tend to hold whatever I buy long term. The market can be very volatile but you can make a serious return on your investment. 4 years ago I was into mining but stopped when it was no longer profitable for small guys. I had about $350 left that I just rolled into coinbase into bitcoin along with some etherium and chainlink. It sat for 3 or so years until last Nov. it hit almost 6k and I cashed about half out. I started putting more in a little at a time and that 3k turned into 15k before the recent big drop.

I have put quite a bit in since the big drop, it will go back up again. I made the mistake of not buying more last year when it was low, I had 10k I was looking at putting into the market last March and instead just put a couple hundred into etherium and chainlink. Even right now they are still up over 10x from last March.

[okie]

Great intel, thanx. Will follow up on the above.

Seriously don't hesitate to ask if you need help setting up the Coldcard. I just about put my fist through my computer the first time I did it. It's worth it though because it's the only way I've found to generate wallets that are 100% airgapped without having to trust a third party.

[okie]

I've ignored crypto until just recently, but now I'm working on learning more about it. Just set up a Coinbase account and plan to toss a bit into BTC and ETH just to see what it's all about.

So far, it'll just be a learning experience. I'm viewing it like taking a few hundred to the track...If it does well, cool...If I lose it all, NBD. Can't buy any ammo these days anyway, so gotta get my entertainment somehow. ;-)

At some point, I'll figure out the whole wallet cold storage deal, but for now, I don't care that much if they just sit at Coinbase.

If you don't think you have enough to justify spending the money on a hardware wallet, you can always generate what's called a paper wallet for free. They're not as secure as a good hardware wallet, but I would say the consensus is they're definitely way better than leaving it sitting in the exchange. What you do is get the file from github and then run it offline on a burner computer. Bitaddress.org is probably the most trusted.

[kerplode]

If you don't think you have enough to justify spending the money on a hardware wallet, you can always generate what's called a paper wallet for free. They're not as secure as a good hardware wallet, but I would say the consensus is they're definitely way better than leaving it sitting in the exchange. What you do is get the file from github and then run it offline on a burner computer. Bitaddress.org is probably the most trusted.

Thanks for the info...I'll def look into it!

So initially I don't plan to put that much into it...Maybe a grand. Once I learn more, and become more comfortable with it, I may put more in. In that case, a hardware wallet may definitely be a good move.

Dumb question...Is moving crypto off of an exchange and into a personal wallet effectively a "sale" as far as the feds are concerned?

[rero360]

I don’t know much but have been learning about it recently, I’ve invested 225 into Bitcoin, Cardano, Stellar Lumens, Algorand, and Doge. I don’t really plan on putting much more in any time soon, just going to sit on it and see how it goes, might shift it around some, probably pull out of Doge once it rebounds back to where I bought in at, same with stellar perhaps.

[Coal Dragger]

It’s a Ponzi scheme.

[okie]

Thanks for the info...I'll def look into it!

So initially I don't plan to put that much into it...Maybe a grand. Once I learn more, and become more comfortable with it, I may put more in. In that case, a hardware wallet may definitely be a good move.

Dumb question...Is moving crypto off of an exchange and into a personal wallet effectively a "sale" as far as the feds are concerned?

No sir, most definitely not. A sale is when you sell it for currency. Moving it off the exchange is like buying an American eagle from the coin store, then taking it home and putting it in your coin collection.