Crypto stupid question thread -- ask ANYTHING related to crypto, no matter how stupid you think it is. What is buy wall...

>Never panic sell, or else you're a weak white suburb kid.

What if I need an $80 dime bag?

>What is blockchain? I dont understand the wikipedia definition

Think of a blockchain as a book with records and it cannot be changed by anyone (including the fucking jews) ... that's what the block chain is. It's just a fancy way of computers keeping a book (ledger) that cannot be modified once a certain time pass.

>When a new "coin" come in (like BAT), are we buying an action of the company? like believing that the company's project will be succesful?

Yes, exactly. ICO is basically like IPO. Think of a coin as a stock.

>Great development team, coin is actually useful for doing something.

For this reason, and no mentioning of NEM, anyone should study why NEM is useful for banking sector.

Also, read whitepaper and compare each and every tech/algo/scientific/algo stuff they put in, and judge it by their way of realizing it. Cuz research paper is just a... well, research.

>Explain what is the relation between price and volume?
You want vol. because it means people are interested in the coin and it's trading. Generally speaking when there is high vol, the price goes up and down fast, so there is money to be made.

How do you know if the coin has a great development team?

Oh this is exactly what i was looking for. I have come into contact with a significant amount of (temporary) money that I could invest.
I was recently in an bad accident. the insurance sent 75k that I need to use to pay back the hospital. I am currently paying it back at a rate of 8.5k a month. I am thinking about investing a good bit of it into bitcoin so maybe i can double it and come out with good lump of change. I've been researching this for the few days or so with alright results.
First: is this a good idea?

Second question: how much?

Third: where can i invest in bulk with the lowest fee?

Forth: when should I invest?
(I'm thinking in about 3 weeks or so)

fifth: is flipping a good idea? I've been doing practice flipping and I would have made around $3000 +- 5% - fees in around 24 hours.

any and all help would be appreciated.

Continuation to my question, I see the trading vol sometimes goes up and sometimes goes down. Why is it so? Are people getting out a lot when I see it going down? Also, how do coinmarketcap knows the trading volume goes down? Do they calculate it based on the coin supply vs the holdings of investor?

2. Understanding crypto-currency

You have to understanding the underlying technology behind crypto-currency, which is mostly "block chains".

... Watch this video:

youtube.com/watch?v=C3OTJ1AdraY

The more you understand about crypto-currency, the impending ramifications this technology have on the world, the stronger your faith you will
have in crypto-currency. If you invest right, you can buy yourself a lambo wthin 2 years.

Why is this technology important? For the first time in history, the money goes back to the people. As a famous Jew once said: "I control the money, I control the country". (did you know the Federal Reserve is actually a private banking company? The government has to borrow money from a private company! Really makes you think ...)

You're in the fucking golden age of crypto, because you got in early. Yes, we're in the very early phase. When clueless baby boomers and the local starbucks cunts on their macbooks are browsing crypto currency, you know crypto is mainstream. Right now it isn't -- far from it ...

How do I backup my ether/btc?

What do you mean by "coin is actually useful for doing something" What can a digital coin do other than inspire trading?

Thanks.
And why this is good? It is like the codes that are in dollars that dont allow to falsify money?
Everytime that there is more bitcoins (by mining?), that data stick to other blocks and convert those btc in real money?

I want to start buying and selling coins. I understand that i need a "wallet". what is the best wallet and what should i do next to start buying ETH or bitcoin?

Sounds risky; only invest what you can afford. If you trade goes to shit, how you're going to pay the hospital? LOL.

>Continuation to my question, I see the trading vol sometimes goes up and sometimes goes down. Why is it so?
Because sometimes whales "pump and dump", meaning a whale is a person with 1000 BTC, they buy the coins (to pump it), other people see that it's pumping so high so they buy it too, they the whale dumps all the coins thus crashing the price ... then people get awry of trading that coin so the trading vol. goes down. You want to trade coins that has a trading vol. of 1000 BTC or more so it can't be pumped and dumped by whales.

>Also, how do coinmarketcap knows the trading volume goes down? Do they calculate it based on the coin supply vs the holdings of investor?
I believe coinmarketcap gets their data from exchanges like POLONIEX and BITTREX, so they can see the trading vol.

There are two ways:

1) Private keys - search for the backup function from your wallet and get its private key. It should look like a long garbage numbers and alphabet. Write it on a piece of paper and keep it safe and DON"T let anyone see or use it, else your wallet is someone else's.

2) Pass phrase - This is similar to Private Keys, only that it is in english words like "hello laptop books dumb speaker...". BUT this phrase can only be generated within the wallet you are using AND restored using the same wallet. Unlike Private Keys which can be used to restore in any kind of wallet.

Correct me if I'm wrong. The way I backup mine is

1) take a piece of paper
2) get the private keys/pass phrase
3) write it down each and every character - or you could just put it in Word and print it (I'm paranoid of Microsoft botnet spying on me, it's why I jot it down)
4) reconfirm it by using Diff Text tool online (it's safe no worries)
5) also note down which wallet I'm using atm, cuz I might wanna download and use the same wallet to restore it in the future if my laptop got stolen or anything
6) keep the paper somewhere safe

>How do I backup my ether/btc?
Buy a hardware wallet like nano ledger s. Youtube it.

>What do you mean by "coin is actually useful for doing something" What can a digital coin do other than inspire trading?
For example, ETH is about "smart contracts", XMR is good for privacy, STEEM is about earing money from social media related stuff, XRP is tech for banks (but we know XRP is a kike scam), GNT is about distributed computing, BTC is a storage of value etc, DASH is normie friendly for spending crypto etc.

When a coin does something unique, there is a future in it so it isn't a shit coin.

If you're using myetherwallet, back up the json file. If you're using exodus, there's a back up button on the left. It depends on the service/program you're using.

often whales (investors with large amounts of holdings) will place large buy/sell orders in order to affect the speculative price upwards or downwards. Sometimes these walls are real and when they are hit the price will swing in the opposite direction of the wall as the market is flooded with supply/supply is dried up. More often than not they are fake - when the price gets too close to the wall, the wall will vanish leaving the price to moon or crash in the direction of the wall.

I want to turn my 1 BTC into 10 BTC

Can Bancor make it x10?

Why would Bancor go up?

Also,

Treat mobile app wallet (Coinomi, Xapo, Electrum, Jaxx etc) as your daily wallet you put in your pocket. DO NOT keep your stash of coins inside. This is called "hot storage". Google the meaning.

Put your stash in a cold storage, such as your wallet stored in your laptop which you can get its private key/pass phrase to backup.

>And why this is good? It is like the codes that are in dollars that dont allow to falsify money?

Why is BTC worth $2.2k USD per coin? Because the people (market) agreed that that's the price. Also BTC is useful because you can cash out from BTC to fiat (your local currency).

For example, Western Money Gram makes BILLIONS a year by sending money from one country to another, usually a Mexicans or Indians sending money home back to their family. Instead of paying money gram $30 to send $500 home, they can send BTC back home and it only cost $2 in mining fees.

And yes, no flasifying money.

>Everytime that there is more bitcoins (by mining?), that data stick to other blocks and convert those btc in real money?

Yes, because keeping the ledger cost electricity, and electricity cost money, the program rewards the miner (the computers that keep the book record) some bitcoins every 10 minutes or so.

okay, but just for fun could i get an answer on these ones? :)

Third: where can i invest in bulk with the lowest fee?

Forth: when should I invest?
(I'm thinking in about 3 weeks or so)

fifth: is flipping a good idea? I've been doing practice flipping and I would have made around $3000 +- 5% - fees in around 24 hours.

>I want to turn my 1 BTC into 10 BTC
>Can Bancor make it x10?
>Why would Bancor go up?
Yes, buy and hold bancor. It looks solid as fuck if the technology delivers. Buy and hold for 2 years, be iron hand, no pussy hands allowed.

smooth digits

What happens when a coin supply reached its maximum? Will there be any mining activities? How is the economy of the coin react to it?

Can't think of any coin that has max'd its supply. Do we have now?

also, can you think of anything that would make btc's (or other cryptocurrency) price crash?

>Third: where can i invest in bulk with the lowest fee?

Karken.

>Forth: when should I invest?
ETH and ETC.

Those will only go up. Never panic sell at a lost.

News

Bad news

>What happens when a coin supply reached its maximum? Will there be any mining activities?

There will still be mining activities. For example, BTC will essentially reach max 21 million coins in 2024. To compenstate for mining fees, the sending BTC fee will be somewhat high, so the miners can get some money.

Hint: 1 BTC will be at least $100k USD in 2024.

>Can't think of any coin that has max'd its supply. Do we have now?
Good question; I don't know. Someone please chime in.

are there any good/semi-reliable ways to predict a bubble?

>also, can you think of anything that would make btc's (or other cryptocurrency) price crash?

Bad news but that doesn't matter because the price always bounce up, most of the time if it isn't a shit coin.

People panic sell and lose money, the smart people buy the coins cheap, it goes back up and those with iron hands (smart people) get free money off the dumb people who panic sell.

Never panic sell. Strong nigger hands only.

What wallet can you use to store eth, btc, and many other coins in one place? Can you add more coins to my ether wallet? Is my ether wallet considered cold storage? Can i trust my entire stash on there?

What do you mean Bad News. Bad News of what? Trump is assasinated? Aliens Invade what kind of bad news?

>are there any good/semi-reliable ways to predict a bubble?

Catch a coin when there is massive, MASSIVE trading vol when it's going upwards like a rocket and then crash out. Never buy when it's mooning and going sideways (side rally)

how much have you guys made on cryptocurrency? just curious

>Hint: 1 BTC will be at least $100k USD in 2024.

I always see people saying this and referring to my question above about trading vol vs price, they are able to know how much a coin worth. How do you get the numbers though?

if you go to coinmarketcap.com, you can click a coin then go to the coin's website and read about it

See Mt Gox news circa 2013-2014

>are there any good/semi-reliable ways to predict a bubble?
Also, you never know when a massive bubble is coming, you can only camp yourself BEFORE the bubble starts. This means having good fundamentals and how the coin tech will change the world instead of being a shit coin; look at STRAT it's useful as shit that's why the price is mooning.

oh here's a good question.
what would stop a cryptocurrency from price capping? I mean it can't keep going up forever right?

I get all my numbers straight from my Rabbi.

>BUT this phrase can only be generated within the wallet you are using AND restored using the same wallet. Unlike Private Keys which can be used to restore in any kind of wallet.

Nope can be restored with any wallet that uses BIP-39 mnemonic seed recovery.

I lost $500 in 2014 on Asiacoin blockchain fuckup or whatever it was.

Thank you

Yep I was trading through that shit. Escaped a big loss there but lost a a little. It was part of the reason I got out and am only back now.

do you think the use of quantum computers is going to change the btc mining game a little? the classical mining machines will become obsolete.

Your top 3 wallets for beginners, Veeky Forums?

Electum for BTC
Myetherwallet for ethereum and friends
Most other coins just go with the one the devs recommend

>do you think the use of quantum computers is going to change the btc mining game a little? the classical mining machines will become obsolete.
Yes but by then they'll have crypto-hash function that is quantum computer resistance.

>Your top 3 wallets for beginners, Veeky Forums?

>Your top 3 wallets for beginners, Veeky Forums?
Kraken.com to get your cash to bitcoin
nano ledger s to store your bitcoin long term
bittrex.com to trade coins.

So the only thing that can have significant determinental impact on the value of a coin is the viability of the institutions that provide a field for those coins to be traded. Holy SHit.

If i want to buy altcoins, how do I do it?

Right now the only way I see is buy BTC on coinbase, send BTC to Bittrex, trade for altcoins.

I want to put $300 into Stratis and $200 into Waves

Yes. Or use Kraken because coinbase is jew.

correct. coinbase only has ETH, BTC, and LTC, so if you buy there you have to send it elsewhere.

How do you buy into the Bancor ICO?

what does ico mean

What is an ATH and was is (rnd number) sat?

Initial coin offering, Bancor will probably be very very expensive (1eth=1bancor) according to the whitepaper, $150 a piece on an ICO i'd avoid

Lots are scams now

ATH is all time high

what are your predictions for btc at the end of 2017? ETH and ETC too

their value proposition seems to address the current shitshow with exchanges, plus speculation at an all-time high means at least 3x pump

where can i learn the basics? like everything from scratch. i don't even know what a wallet is.

google it. The basics are explained everywhere meanwhile

Thanks, now how do I start mining ETH? What's the best mining software?

Bad news like 2 planes just knocked down 3 towers. DOW just dropped 15,000 points type stuff.

sat is satoshi, the smallest unit of measurement of a coin's value, which is 0.00000001 of a bitcoin.

1 bitcoin is equal to 100 million satoshis.

thx!

how can you be so sure btc is going to be 100k in 2024?

I just watched videos on YouTube.

A wallet is just like a bank account. You have one for each type of coin and it generates an address (which functions just like a bank account number). Just keep in mind the address changes with time to each time you want to send something to your wallet you have to get its current address.

There are wallets that are online and in the exchange and then hardware wallets where you download it do your computer which is far more secure.
I recommend electum for BTC as it's very secure and simple to use.

okay back to this first question.
if i could allocate 30k safely for 3 months, what are the odds that the price would be below the starting amount?

as long as i didn't invest while it's mooning that is.

Any answer you get would just be speculation. Consider buying these coins as gambling and only buy what you'd be willing to lose.
With that said the smallest risk would be BTC or ETH

Good thread.

How to make a wallet on PC?

Or should I store it on a PC not on the internet?

Whats the best way to buy coins through cash?

What coins should i buy

Is it worth my eyeball time to watch stuff like this?

youtube.com/watch?v=AFhPmYTeQJ8

What are wallets used for?

Why do you call them wallets? Whats the point of them?

Lurking no-coiner here

If i, a burger, were to put money into crypto, and make a profit, but not keep track of every single little trade, how does one cash out to USD AND not get fug'd by the irs?

retard here.

So I kind of get that bitcoin is limited by 'computing power' and that gives the currency value. So what is the difference between bitcoin and other coins? How do they give THEIR coins value? Do they do the same thing?

Why are there so many different coins? Why does every company that uses block chain want or need to make their own cryptocurrency?

How do I convert crypto to cash? It seems like not many people have turned crypto profits to cash money. when whales dump where are they dumping too. Are they cashing out? Wouldn't that mean they fill out 1099 each time?

Many thanks for anyone who answers

Christ this shit is confusing.

So I buy my monopoly money from one of these online exchangers, and they give me a wallet or "account" or whatever yes? But the one they give you you don't actually want because risk of hacks? So you use one of these wallet programs mentioned ITT to make another account and send the shit you bought to there?

lets say i made 50 million on bitcoin or altcoins. what's the smartest way of converting my money to cash?

is it dangerous to do the verification process for gemini? it seems odd to me. a group of people who value privacy and anonymous online presence feel comfortable handing over every last bit of information on an online exchange.

should i sign up for gemini and do the verification? how is it not dangerous for reasons like identify theft etc.

>no matter how stupid you think it is
how do i import my portfoli into blockfolio, i think i must be retarded

The exchanges have their own set of wallets which hold the coins from all of their users accounts.
Its possible for you to generate your own wallet and hold your own coins in the same manner. Exchanges just abstract it up a level so its quicker for everyone involved, but this also means the coins are centralized so its a big target for hackers.

I see, thanks. So to get my stuff from the exchange to my own thing I just send it in the typical way, inputting the address of my generated wallet?

I want to marry this girl.

you do it trade by trade on the app there is no way to export it ( as far as I know)

sell you coins slowly on an exchange that allows fiat transactions. This may result in the payment of taxes.

you could also buy all BTC and sell them slowly in localbitcoins.com. this may result in jailtime

Fuckable goddess. Just the way I like it

there will be a way to see the history of every trade I almost gurantee it. if not how could the IRS find out you owe them ;)

It's tricky but depending on your situation you could throw it all in a wallet and declare bankruptcy and youd keep all of it. You could also take a loan out in the meantime and have like 150k untraceable.

With your gains you can buy pounds and pounds of weed