Comfy Crypto General

masternodes is a good topic, I have friends asking me about how to set up a raspberry pi dedicated staking system. Not sure how exactly to set it up, but its a good idea since the pi uses low power and you can tuck it away in the corner of your house.

I actually had a Raspberry Pi that I set up for this very purpose-- I ended up repurposing it into an automatic trading bot instead.

Even small interruptions in service that cause your Pi to go down (power or ISP) can force your masternode to turn off if not remedied immediately. Usually when you bring a masternode online, there's a 3-5 day delay where you won't earn anything and you'll have to repeat this period if your node goes down.

There are remote hosting options that provide greater uptime and security, although depending on the currency you're setting up the MN for and whether or not it has MultiSig, this process can involve trusting 3rd parties with your crypto.

Having said that, for those that feel like they can provide good uptime on a Pi at their home, I would be happy to share how to do that. I had a lot of fun configuring mine regardless!

Could you explain what a masternode does exactly? What is the benefit of having one?

Masternodes turn your computer (or whatever you're hosting it on) into part of the coin's network, increasing dependency and decentralization which aids security of the network as well.

In return for providing that, coins are disbursed to you like they would be a miner who is using computing power. The returns for running a masternode vary but on Proof of Stake currencies like PIVX, they are typically greater than if you would stake the same amount of currency.

That is a mighty fine stash of POSW you have there.

What'd you get in at?

Makes sense, thanks.

I got half of it at $.06, some more at $.11, and more at $.16.

Vote for BitCurrency on POSWallet if you can.

To get a better sense of the rewards, you might want to check this out, it's PIVX's pay-out information: 178.254.23.111/~pub/DN/DN_Info.html

One thing to note on PIVX is that they have a "see-saw" mechanism that adjusts the pay-out amount between stakers and masternode owners depending on the quantity of each. The more stakers, the more a masternode is worth and vice versa. Additionally on PIVX, masternode owners get to vote on Proposals to change PIVX, which you can see are also listed on that page. I think the community governance aspect of masternodes = 1 vote is pretty cool too!

Very nice moves on POSW. I waited a few days too late to finally put my money in and missed out big time-- I wrote the blog post on POSW before I actually moved my money over!

What are the advantages of BitCurrency?

Thanks for the info user.

>masternode owners get to vote on Proposals to change PIVX, which you can see are also listed on that page.

I believe POSW will be adopting this same system once masternodes are available in July. It's a great way to do it.

And don't feel too bad, if the hype is to be believed then you're still going to see crazy returns.

I own 0.4% of the bitbean pool on poswallet

That's a lot of beans! How many do you sprout a day?

>almost 1% yesterday
>0,8% today

Fugg

>tfw own .2% of the POSW pool

what wallet should a starter like me use i heard online wallets can get hacked

Coinbase is very secure, you're more likely to have a problem because you gave up your contact information as well.

If you're able to keep your PC on 24/7 you can earn more beans sprouting from your own wallet 40-70% more in my case. Only downside is that you only get paid once you hit 1000 beans sprouted I believe.

BREAKING POSW NEWS

POSW is removing PIVX from their supported currencies due to an expected decline in staking returns from PIVX.

PIVX is one of the only successful PoS coins and probably the biggest name on POSW. It remains to be seen how this will affect the value of POSW but it certainly isn't a positive development for the fledgling exchange.

Good on them for not fucking people with a failing coin

By my estimates, POSW currently has around 119,000 PIVX in its staking pool.

This will represent a withdrawal of roughly $188,000 USD in value from POSW and provide a decent hit to their profits.

Staking on your own wallet is like mining: you only get paid when you find a block.
POSW uses a staking pool, so you get regular payments.

How does it work for taxes?

I live in Italy and I literally can't find info about taxation and cryptocurrencies.

In the US it's taxed as a capital asset.
Could be Italy has no official policy.

I found an article and it's apparently only taxed for firms.

Seems to be free of taxes.

i should not give up contact info???

Nice. I suppose there had to be some upside to being Italian.

No, I meant just don't share your contact information with other parties that you use to sign up for the exchange-- don't use a password you use for other sites and normal account security.

so when do you guys think ETH is gonna moon?
and when will there be a conference?

I think we'll see it remain steady for at least another two weeks, maybe more.

By year end it'll be steady at $80 barring major unforeseen announcements.

Sitting pretty on my LTC stash.

xby

How big is your stash, friendo?

I don't know why, but seeing this thread convinced me to start getting into crypto. I thought it was an interesting idea before, but always had pretty cold feet about the idea.

Jumped right in, bought a (fairly small) amount of Bitcoin that I wouldn't mind losing if it really does go south and am looking into expanding out obviously.

Wow, that's great! Are you set up on an exchange yet or just Coinbase?

Have an account on Coinbase and one on Bittrex (after some issues with logging in - I had to clear my browser out like twice and then it seemed to let me log in fine) and am reading up on navigating around on all that a bit more.

Are there any videos, blogs, etc. that are really worth looking into to help as a jumping-off point? Aside from lurking in threads and shit here, that is.

I'm with this user on wanting to jump into the market. How did all of you comfy fellows learn about this market? Are there guides online that are recommended? Where can I learn more about the crypto market?

To be honest I've found there isn't a lot of materials out there that are helpful for learning that don't include a healthy dose of misinformation or stuff designed to make you buy something at another's benefit.

That's why I like comfycrypto and hope it keeps growing, it isn't trying to sell you a bill of goods and when it does use a referral, it tells you.

Right now the best advice I can offer you is to invest in coins with solid advantages over others and with active development occurring. So far I've had great success doing this and finding coins like ETH, PIVX, BitBay, and POSW.

Trying to day-trade and time the market is a recipe for failure and technical analysis is not effective.

For most people starting off, I recommend something like the following portfolio diversification. I would always recommend holding a solid base of Ether as the foundation of any long-term portfolio.

ETH: 50%
BitBay: 10%
POSW: 25%
PIVX: 20%
Whatever you want: 5%

This is a pretty good guide to just getting started though.

comfycrypto.wordpress.com/2017/04/24/fueling-the-rocket-getting-started-with-crypto/

So Coinbase takes 4% if i want to use a credit card to transfer money so I can get some BTC?

There has to be an easier way to invest in BTC.

WTF senpai.

If you want to use a credit card to get your BTC instantly, yes. If you use a bank account which takes up to 7 business days, then you don't pay that fee.

Other sites will charge even more insane fees if they even let you use a credit card.

4% is high but it's the lowest fee for the most reliable service around.

Thanks a million. Do you have any previous experience in stocks or economics or is this a mostly self-taught trade? How mucb would you recommend my initial investment be?

I personally have always had a big interest in finance, particularly in personal finance and investing to fulfill personal finance goals. This leads me to be more focused on value investing in coins with actual market advantages instead of the latest shitcoin pump and dump scams like Milocoin, LePen Coin, and all the other coins that serve no functional purpose other than hype.

Your initial investment, as with any investment, should be whatever you can afford losing without compromising your own financial security.

Why not include BTC in that recommended portfolio?

Do You not see that as a healthy long term investment user/

I believe Ether will offer higher returns than BTC over the next two years without a hard-fork scenario for BTC.

With the hard-fork, most certainly Ether is a better bet.

You could switch the ETH for BTC and be just fine, although I think for newbies they'd eventually see ETH price jump and fuck themselves up trying to ride a wave they already missed by holding BTC.

I'm on mobile right now at work so I apologize for asking something I can look up later, but how much is Ether at the moment and what kind of cash-out could I be looking at down the line?

It is currently $50.14 per ETH.

Ethereum has a very high potential but within two years, I could see it trading at around $100 USD as a conservative estimate based upon it's current performance.

Also what the hell is "pumping and dumping" and where can I read more about how cryptocurrencies work in a market?

nah son. If it goes over 100, it'll start getting mined and bought by the chinese, they're always looking for somewhere to put large sums of money, at that point it will quickly climb to near 1k.

Pumping and dumping is when the price of a coin is artificially inflated, especially with low volume coins, and then sold by those who initiated the rapid rise in order to profit while all those who didn't know to sell are stuck with a now worthless or extremely devalued currency-- they're called "bag holders".

Here's a good read on determining the value of these currencies: medium.com/@RafeFurst/the-value-of-cryptocurrency-675e7c790979

Ya, hard not jump on it atm considering how low it is compared to BTC. I have only heard the hype about ETH, I need to research it.

Can you tell me the difference between ETC and ETH?

I've always found it best to underpromise and overdeliver-- if he's happy with it being at $100, he'll be ecstatic when it's at $1000.

BitBean is the coin for true patricians

It is somewhat complicated and seems kind of silly to all but die-hard cryptocurrency enthusiasts.

Essentially, there was an oversight in the writing of an Ethereum "smart contract", the innovative feature behind ETH that runs automatic and neutrally enforced contracts between parties. The contract in question was the DAO and was an organization that raised $150m in Ether before bad coding allowed a user to extract the entirety of that sum to another DAO they controlled.

This was obviously unintentional and due to the large theft, a large portion of the community supported changing the blockchain and the address the money was moved to in order to take it back.

There was a smaller group of people who believed that they could not support the change as it was done legally within the smart contract, if not in good spirit. They thought it was against the philosophy of Ethereum that offered immutable public smart contracts to go back and change one of these contracts.

This resulted in a schism as the majority of ETH holders supported what is now Ethereum and the minority holders continued to develop Ethereum Classic, essentially the unchanged version of Ethereum's blockchain that never undid the DAO breach.

Today, the differences are mostly in enterprise support and general recognition, a race that Ethereum is winning handily although ETC has also grown in value alongside ETH.

What are your thoughts on steem?
It's hard to imagine another social media platform can succeed in the current market, when even a giant like google can't keep theirs relevant

I don't think Steem will ever enter the mainstream, however plenty of more unconventional social... exchanges exists particularly in technology communities like GitHub and Stack Overflow that function a lot like social networks.

It could find a niche if it manages expectations properly.

Stupid question but can you give me an economics 101 explanation as to who is buying all this stock when it is sold? Considering it is assumed to be reaching or at the ceiling, why would someone buy it unless they had the hope that it was still climbing? Or is that the name of the game, gambling on how high it can get?

Yup, you got it.

At an advanced level of a pump and dump where a single player might be manipulating a small-volume coin that only has 20 BTC worth of transactions in a day, that whale needs to time his sell (or sells) properly so he can sell all of his holdings before people realize what is happening and the buyers disappear.

Unfortunately due to either getting lost in the craze over a skyrocketing coin or having set automatic buys, some people will end up buying at an awful time when the whale has dumped his share and a lot of folks have stopped buying.

That guy is going to have a bad night.

Neat. Thanks for the info, man. What exactly causes the price of something like Ether to grow anyways? Bitcoin grows because of its use in an anonymous market, correct?

Limit orders help a lot with that sort of thing. If the price is up high enough and you don't care about maximizing gains, you can dump everything by filling every open order until you run out of funds.

ETH is up because of hype, but the hype is backed by the fact that it's a kind of low-cost distributed computing platform.

The value of a bitcoin is tied purely to the laws of supply and demand. In other words, the price is determined only by what the market is willing to pay. If more people want to buy bitcoins, then the price will increase. If more people want to sell, the price will decrease.

Bitcoin’s value can be volatile when compared to more established currencies and commodities. This can be attributed to its relatively small market size, and it means that a smaller amount of money can move the Bitcoin price more significantly. This discrepancy will decrease naturally over time as the currency matures and the market size increases.

The same is true to other alternative currencies, albeit their changes are even more drastic due to smaller market sizes.

Some argue that Ether is actually different than Bitcoin in that it is used as "gas" for smart contracts to operate-- as in, those smart contracts I mentioned earlier required some Ether to be "burned" in order to run or keep them running.

This means Ether could be viewed as less of a currency and more as a commodity like oil or fuel. The difference is subtle, but if the Ethereum blockchain is adapted en masse by countries, corporations, and financial institutions it could become a more noticeable difference in function with large amounts of Ether needing to be burned.

Currently the amount of Ether being burned per day to run smart contracts is negligible.

Fascinating. What does a "smart contract" entail?

Smart contracts are computer protocols that facilitate, verify, or enforce the negotiation or performance of a contract, or that make a contractual clause unnecessary. Smart contracts often emulate the logic of contractual clauses. Proponents of smart contracts claim that many kinds of contractual clauses may thus be made partially or fully self-executing, self-enforcing, or both.

Smart contracts aim to provide security superior to traditional contract law and to reduce other transaction costs associated with contracting.

The big picture implications for financial logistics are huge and that is where a lot of the enterprise interest is coming from.

v elegant breakdown

I'm just here to make blog posts and answer questions.

This is close to flying over my head, maybe a better question is why is there a financial unit to a contract? Is the ether market funding these contracts between companies?

Not necessarily, Ether only has to function as gas, not always the financial measurement.

I've added some new tools and resources to the website highlighted here:

comfycrypto.wordpress.com/2017/04/25/essential-new-tools-and-resources/

Hope this helps somebody, Comfy Crypto signing off for the night.

Stay cozy friends.

Let me preface this by saying the following:
I AM NOT ENDORSING THIS COIN. DON'T BUY IT IF YOU DON'T WANT IT. I DON'T KNOW ANYTHING ABOUT THIS COIN.

These are the reddcoin asks on bittrex. Curious. After those monsters are sold, could this take off uncontrollably after a couple dips? I'm seeing a decent gap after about 19 sat. Can any seasoned traders shed some light on this?

forgot pic.

Pretty unlikely. Those are absolutely monster sell-walls, look at the BTC totals and multiply that by $1,260 and think about the sheer $ you'd need to move what is otherwise a dead coin.

However, if those buy walls are being placed on purpose to discourage investors while the coin is scooped up... That's the only scenario for a break out besides a big whale splashing in.

Take a look at the book order chart as well, it's one of the worst I've seen of an actively traded currency.

Can contracts create new contracts? The thought of an endless series of contracts playing the market by itself is hilarious

What are sats? I keep on hearing folks buying at 13 or 19 sats and others complaining they should have bought sooner cuz it's now at 100.

Also, what does the process of "mooning" entail?

A satoshi (often called a sat) is the smallest unit of Bitcoin measured on the blockchain-- it's one hundred millionth of a Bitcoin or .00000001 BTC

"Mooning" generally refers to a currency that will increase in value many times over, usually in a relatively short amount of time. Usually the increase is 3 times or more the current value within a few weeks to count as mooning.

How and when does this usually occur?

Question about trading crypto on general on the various exchanges. How long can i typically expect a transaction to take? i intend to employ a stop loss methodology in designing a day trading bot. But dont really understand the grey area between, if a trade is made based off info now, then the actual exchange happens over a day but the coins value changed, how os all that reflected? Very new to this so no billy plesz

anyone know how to find arbitrage opportunities in altcoins?

what's the likelihood of eth hitting 0.05 again? iwhen will it happen?

Currently holding PIVX, Burst, Strat and XRP. I expect decent gains from XRP and Strat in a couple of months, while Burst is just a fun bet and PIVX could be either a PND or Eth 2.0. In any case i'll try to sell after a pump and get in back later, i believe it has some potential.

It can occur for multiple reasons, some "legitimate" others not. A pump and dump scheme where a whale artificially increases demand by slowly increasing volume for no real reason, or a group of people like BitBean.

It can occur because the coin had very positive news or is starting to get legitimate attention-- like when the Ethereum Enterprise Alliance was announced or when POSW and PIVX started to rise.

On exchanges, once you've found a buyer/seller the transactions are normally instant. Moving from exchange to exchange takes longer.

Some of the spreads can be pretty wild on the exchanges, I normally just take a look at what I can trade between Poloniex and Bittrex where the spreads are a little higher and you see noticeable differences in Ether a lot of the time.

Probably will within 3 weeks with the upcoming Ethereum Enterprise Alliance conference.

I just can't get on board with XRP, but Strat is a good buy especially if you got in before the last two weeks. PIVX is a major holding of mine.

I believe a realistic Ripple market cap to be around 2 billions. The main point agaisnt it is the 37 billion coin of supply.

Strat is very underrated. 60m market cap while it could be easily worth triple that.

What is a good why to secure my ETH?

Download the Mist wallet and transfer your coins there if you plan to keep them in cold storage for awhile.

medium.com/@attores/step-by-step-guide-getting-started-with-ethereum-mist-wallet-772a3cc99af4

Here's a great guide to get going with that process, otherwise holding them on Coinbase is probably fine.

I think Strat could reach 3rd highest market cap and agree it's underbought.

Ripple's coin supply is the only iffy thing to me although that matters less if banks are pouring large amounts into it to make up for that.

buy xrp

How fucked am I?

33.31 Eth
305 pivx
700 posw
2800 beans

What matters more is how much you paid for what you're holding rather than what you're holding.

However, your stack looks similar to mine minus the BitBean.

The beans cost me all of a dollar. Pivx is making me worried