OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
I have a question for you guys. I haven’t gotten into crypto yet but our Granddaughter is coming on her 1 st birthday and instead of the usually bond type gift, we thought crypto currency would be much cooler. Looking at maybe $500 or so.
what is the best way to do this to give as a gift, have it simple to liquidate when needed and, which may be the best to purchase and through who?
I am a complete layman so keep that in mind if you can help out. Thanks
what is the best way to do this to give as a gift, have it simple to liquidate when needed and, which may be the best to purchase and through who?
I am a complete layman so keep that in mind if you can help out. Thanks
I would assume you would buy bitcoin or eth. I would believe opening a coinbase account in her name and buying it there would be the best route.
Easiest way is to open a Coinbase or Gemini account and purchase $500 worth of BTC in it.
You can either hold on to the credentials to log in or provide them to your granddaughters parents. Simple and to the point.
Also, congrats on being proactive and not looking at a bond as a gift!
Thanks for the in depth responses on ADA. Always appreciate more intel. As I was saying before, the people I encountered waving that flag often had way too unrealistic expectations, raising my skeptical flag.
^^^ Agreed, Coinbase is probably the best way to do this. However, I would buy 50% BTC and 50% ETH.
Thanks guys- very much appreciated. Wife and I may toss a few bucks in for ourselves but really loved the idea for our GD...
Wonderful idea for your GD. Big congrats on being so proactive!
Consider a Robinhood account as well. Although I am not sold on their platform, it is simple and easy to use. Crytpo trading is completely free on there and the plan is to be able to place crypto in your own digital wallet next year making it easy to move crypto. I just opened an account not too long ago and am auto-investing on a monthly basis in both ETH and BTC.
I'd go coinbase rather than robinhood. You cannot pull your coins off robinhood so if you cannot do that essentially they own your coins.
The whole point of crypto is you own your asssts. Coinbase is much easier than it used to be.
There are ways to learn quite a bit. For newbies there are alot of utubers out there doing TA while I do my own I also look for perspective and upcoming projects to mr one of the best is dan @ cryptocapitalventure. ALso yesrutgers just to give you and any new crypto investors this inst the stock.market. its alot more volatile cant get emotionally tied to the up and downs. You need to be very detailed with passwords, key words etc. You lose them you lose your investment. If you are investing a decent amount look into a hard wallet, essentially pulling your coins off the exchange and off line where they can get pinched if exchange hacked.
I have a couple nano ledgers. If you purchase coins that are stakable it's a good way to earn passive income
Honestly its a great idea. Eth and btc ain't going anywhere. Put some in and don't touch forever. Who knows what it will be by the time they graduate high school.
I think that by next year, Robinhood is going to allow people to move coins into their own digital wallets and therefore move them off Robinhood. They are piloting this with a few customers
My wife does mortgages and so many of her clients are using robinhood- are they still a good way to go?
I wouldnt. Stick w Coinbase or Gemini. RH is not insured for crypto. In the event of a liquidity crisis, there could be issues. You'll get full access to your coins and the ability to do what you would like with them. This might not sound important now, but it will be.
Coinbase, Gemini or Kraken. 3 american exchanges. The most secure is coinbase. All 3 solid options I like Coinbase simply because they are publicly traded. There is an extra measure of security in that. Also essentially the exchanges operate under the same premise as a retail investor they have to have their key words as well. More so exchanges outside the country have had instances where someone died and claims that keywords were lost along with everyone's coins. I have accounts with all 3 and Abra as well though have not used Abra.
As it stands right now when you buy say BTC on Robinhood you are essentially renting from them they own the coins. I'm also invested heavily in grayscale in my IRA in both Eth and Ltc. Buying btc on robinhood is really no different than me and grayscale funds they have them in their possession and I'm investing in them
Also if you go with coinbase go to coinbase pro
Much more in the way of research options and lower rates than coinbase
Much more in the way of research options and lower rates than coinbase
All of my ETH is via ETHE (which actually just hit a positive premium vs the holding value). I moved all of my BTC exposure from GBTC to COIN a few months ago, but I'm sticking with ETHE. The tax hit would be too much and ETHE is performing very well.
And may I ask, why still LTC?
Started my portfolio with LTC. I hold both ltc coins and LTCN. It's not a dead project how btc goes LTC goes. Any updates on btc goes to LTC.
Mimblewimble has not started yet and it also gets the taproot upgrade and it is one of the few coins that actually has payment functionality. So far as ltcn investment houses will be investing in it there is a reason grayscale keeps buying more. I bought LTC 5 yrs ago. It is way undervalued for its functionality
I also have ETH coins and ETHE as well. Grayscale I bought them real cheap and got them in a 9-1 split.. the great thing about ethe in my IRA and ltcn sell as I choose w/o capital gains.
There are really only a handful of coins I want
Coti, Sundaeswap, solana, algorand, polygon outside of my coins I do hold
Coti, Sundaeswap, solana, algorand, polygon outside of my coins I do hold
Yeah, I wish I did that, but my entire crypto account (non-COIN) is in a taxable Fidelity account. ETHE and a few high-conviction crypto stocks.
Anyone heard of Raptoreum? Seems to be UKcentric so far. Supposedly its mined with cpu and not gpu
"Now that crypto miners and their scalping ilk have succeeded in taking all of our precious GPU stock, it appears they’re now setting their sights on one more thing gamers cherish: the AMD CPU supply. According to a report in the UK’s Bitcoin Press, part of the reason it’s so hard to find a current-gen AMD CPU for sale anywhere is because of a crypto currency named Raptoreum that uses the CPU to mine instead of an ASIC or a GPU. Apparently, its mining is sped up significantly by the large L3 cache embedded in CPUs such as AMD Ryzen, Epyc, and Threadripper.
Raptoreum was designed as an anti-ASIC currency, as they wanted to keep the more expensive hardware solutions off their blockchain since they believed it lowered profits for everyone. To accomplish this they chose the Ghostrider mining algorithm, which is a combination of Cryptonite and x16r algorithms, and thew in some unique code to make it heavily randomized, thus its preference for L3 cache."
"
"Now that crypto miners and their scalping ilk have succeeded in taking all of our precious GPU stock, it appears they’re now setting their sights on one more thing gamers cherish: the AMD CPU supply. According to a report in the UK’s Bitcoin Press, part of the reason it’s so hard to find a current-gen AMD CPU for sale anywhere is because of a crypto currency named Raptoreum that uses the CPU to mine instead of an ASIC or a GPU. Apparently, its mining is sped up significantly by the large L3 cache embedded in CPUs such as AMD Ryzen, Epyc, and Threadripper.
Raptoreum was designed as an anti-ASIC currency, as they wanted to keep the more expensive hardware solutions off their blockchain since they believed it lowered profits for everyone. To accomplish this they chose the Ghostrider mining algorithm, which is a combination of Cryptonite and x16r algorithms, and thew in some unique code to make it heavily randomized, thus its preference for L3 cache."
Crypto Miners Driving High Demand for AMD CPUs with Big L3 Caches - ExtremeTech
Now that crypto miners and their scalping ilk have succeeded in taking all of our precious GPU stock, it appears they’re now setting their sights on one more thing gamers cherish: the AMD CPU supply. According to a report in the UK’s Bitcoin Press, part of the reason it’s so hard to find a...
www.extremetech.com
"
Crypto Miners Driving High Demand for AMD CPUs with Big L3 Caches - ExtremeTech
Now that crypto miners and their scalping ilk have succeeded in taking all of our precious GPU stock, it appears they’re now setting their sights on one more thing gamers cherish: the AMD CPU supply. According to a report in the UK’s Bitcoin Press, part of the reason it’s so hard to find a...
www.extremetech.com
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OK, this is way above my paygrade level.Anyone heard of Raptoreum? Seems to be UKcentric so far. Supposedly its mined with cpu and not gpu
Now that crypto miners and their scalping ilk have succeeded in taking all of our precious GPU stock, it appears they’re now setting their sights on one more thing gamers cherish: the AMD CPU supply. According to a report in the UK’s Bitcoin Press, part of the reason it’s so hard to find a current-gen AMD CPU for sale anywhere is because of a crypto currency named Raptoreum that uses the CPU to mine instead of an ASIC or a GPU. Apparently, its mining is sped up significantly by the large L3 cache embedded in CPUs such as AMD Ryzen, Epyc, and Threadripper.
Raptoreum was designed as an anti-ASIC currency, as they wanted to keep the more expensive hardware solutions off their blockchain since they believed it lowered profits for everyone. To accomplish this they chose the Ghostrider mining algorithm, which is a combination of Cryptonite and x16r algorithms, and thew in some unique code to make it heavily randomized, thus its preference for L3 cache."
"
Crypto Miners Driving High Demand for AMD CPUs with Big L3 Caches - ExtremeTech
Now that crypto miners and their scalping ilk have succeeded in taking all of our precious GPU stock, it appears they’re now setting their sights on one more thing gamers cherish: the AMD CPU supply. According to a report in the UK’s Bitcoin Press, part of the reason it’s so hard to find a...
Just another example of why Ethereum's upside may have limitations:
decrypt.co
Avalanche Slides into Top 10 as Ethereum Users Complain About Gas Fees - Decrypt
The chorus of voices dismayed by Ethereum's rising gas fees has swelled in the last few months. Support for competitor Avalanche has grown.
decrypt.co
Why ETH will remain the the top smart contract dog and possibly flip BTC:Just another example of why Ethereum's upside may have limitations:
Avalanche Slides into Top 10 as Ethereum Users Complain About Gas Fees - Decrypt
The chorus of voices dismayed by Ethereum's rising gas fees has swelled in the last few months. Support for competitor Avalanche has grown.
Here's Why Ethereum Is the Next Bitcoin | The Motley Fool
The popularity of the Ethereum blockchain should drive up its crypto token's value for years to come.
www.fool.com
#3 is very important.....why ETH is in the lead and will stay there:
3. Ethereum's developer community is massive
Size matters when it comes to getting a technology off of the ground, and Ethereum's got the largest developer community of all the blockchains out there.
Ethereum has an average of 2,300 developers working on its blockchain every month -- up more than 200% over the past three years.
This has given Ethereum a unique advantage over other blockchains and helps bring value to its token. The larger the developer community, the more updates it gets, and the more trusted it becomes. In turn, growing community trust should draw in more developers, giving the flywheel of accelerating growth another spin.
Article just explains that Raptoreum miners use different approach to computer hardware. Most mining is done using computer video cards that get plugged into a motherboard. Those cards render the graphics for video games. The central processor's activity is limited.
For mining, graphics cards are also preferred (higher hash rate for video cards). Whole warehouses can be set-up with banks of NVIDIA and AMD video cards. 700,000 were sold for mining last year. Kids cant game because the $225 video cards are selling for $900 or more - and they cant even be found to buy.
So this Raptoreum aims to circumvent the video card miners and use central processors with a lot of L3 cache - which is like memory built into the processor. L3 cache allows for more of a workload and video editors like it. Amd cards will be using a lot of L3 Cache. New 8 core Intel cpus have 25MB L3 cache. Current AMD 8 core chips have 64MB cache. In 1stQ 2022, the same AMD chip will get sold with 192MB L3 cache - which is huge for an enthusiast processor.
I posted wondering if Raptoreum was known by people in states
Cryptocurrency Mining Consumed 700,000 GPUs In Early 2021 - Somag News
Cryptocurrency Mining: Jon Peddie Research, a consulting firm specializing in computer industry statistics and trends, released yesterday (15) a report that
www.somagnews.com
Cryptocurrency Mining Consumed 700,000 GPUs In Early 2021 - Somag News
Cryptocurrency Mining: Jon Peddie Research, a consulting firm specializing in computer industry statistics and trends, released yesterday (15) a report that
www.somagnews.com
With crypto getting accepted more and more by the mainstream, I ( and @T2Kplus20) felt it was worth having a thread on all things crypto. I k now this thread is going to open up pandora's box of shitposts, but I really don't care. I'd like to see this used to help educate people on a growing technology and mindset.
I've only become a Bitcoin bull in the past year. The printing of 4 Trillion dollars was what put me over the edge in looking for an inflation hedge. After digging aggressively into gold I began to realize that BTC was what I was looking for. Only 21 million BTC will ever be in existence and its a deflationary asset that can be transported anywhere in minutes.
In the past year, I've witnessed companies and institutions get involved in BTC, eliminating any concern I had that it would one day "go to zero." The image below I ripped from the sub-Reddit on Bitcoin, showing institutional headlines towards BTC in the past, and their recent headlines.
The current market cap of BTC is over 1 Trillion. BTC is the fastest asset to ever reach that number. The market cap of Gold is roughly 10 Trillion.
The people who say that Bitcoin will never be a currency are pretty much right. It's not. It's become a digital store of value, just as gold is a store of value. You wouldnt walk into Chipotle and shave off some gold to pay for a burrito, just as you wouldnt pay for it in a fraction of BTC.
An important phrase to remember is: "Not your keys, not your coins." The mindset behind this that if you do not hold the keys to your coins (digital proof theyre yours), you will never really own crypto. Everything you do with the "crypto" you own will have to be based around a traditional or Fiat currency. By holding your keys, you're future-proofing your crypto holdings and leave you less dependent on Fiat currency to perform any transaction with your crypto.
Where to buy crypto:
Buy, Sell & Trade Bitcoin & Other Crypto Currencies with Gemini's Best-in-class Platform | Gemini
Gemini makes crypto simple. Find, Trade and Buy over 70 coins including bitcoin on the best cryptocurrency platform. Start trading crypto here.gemini.com
Crypto Trading Platform | Buy, Sell, & Trade Crypto in the US | Binance.US
Binance.US is the crypto trading platform for US residents where you can buy, sell, and trade cryptocurrencies and alt coins with some of the lowest fees in the US. Start trading in minutes.www.binance.us
I strongly recommend if you're interested in getting involved in crypto, you open an account with one of those sites. They're easy to signup for, insured and MOST IMPORTANTLY, give you the ability to withdraw your coins if you would like. Do NOT purchase crypto on Robinhood, Square or Paypal. They do NOT let you withdraw your coins. You can never take possession of your coins. All you can do is sell them back to that exchange, which you will get a capital gains tax on.
Also, crypto on Robinhood is not insured. If they have a liquidity crisis and go belly up (GME proved that this is not outside the realm of possibilities) you will lose your coins.
The sites above let you buy as much or as little % of a bitcoin as you would like. For example, my Gemini account does a weekly buy of $25 of BTC for me. It also alerts me if there is a massive price swing in BTC. People often think you have to buy a whole coin. This is false.
Other Ways to Buy:
You could also invest in Grayscale or Galaxy funds to get Bitcoin exposure. IMO, it's not worth the premium they charge. You also never own any actual coins.
Ethereum and other Altcoins:
While BTC, serves as a store of value coin, The Ethereum network serves as utility, running smart contracts on other apps on it's blockchain network. The token for that ETH is the second largest crypto, with a 200+ Billion market cap.
There's thousands of other coins out there. You can see how they rank here. https://coinmarketcap.com/
The ranking is not necessarily a good barometer of how good a coin it is. 4 out of 5 of the top 50 coins I wouldnt touch, but that's me.
I currently hold BTC, ETH, ELA, DCR, AAVE & FIL. I'd be happy to discuss why I own any of these.
Blockchain:
Blockchain is the underlying technology that allows the coins or tokens to run on them. For those who used to download things using BitTorrent, Blockchain is very similar. This video is an easy explanation of blockchain:
NFT's:
This video is probably the easiest way tolay out NFT's. Its Cramer asking Anthony Pompliano (one of my favorite people in the BTC space) about NFT's
Resources:
Bitcoin - Open source P2P money
Bitcoin is an innovative payment network and a new kind of money. Find all you need to know and get started with Bitcoin on bitcoin.org.bitcoin.org
Bitcoin is Hope
Bitcoin is a bank in cyberspace, run by incorruptible software, offering a global, affordable, simple, & secure savings account...hope.com
r/Bitcoin
r/Bitcoin: Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as …www.reddit.com
What is the best way to store crypto?
People use those ledgers and others leave them in their accounts. I just use Coinbase but I’m not storing the amount of money that some people are.
Sell BTC now. OBJ wants to be paid only in BTC. The death cross of Crypto.
More than half of this article might as well be in an ancient language for me, but two people I trust very much and have been into NFTs for a while are encouraging me to consider getting in on this. Figured I’d post it here for you guys that are into all things crypto and nft…
jeffopdyke.medium.com
A Millionaire-Maker Crypto Masquerading as an NFT.
Just recently, I participated in the minting of an NFT called Shadowy Super Coder. Nothing truly remarkable about the art. There’s no…
Happy Thanksgiving to all Crypto enthusiasts out there, if anyone has time in the next few days please any opinions on vechain for a buy and hold and I may possibly order the Ellipal cold wallet bundle , any thoughts. Have a Great day everyone.
Buy a bit now, but hold to see how next week goes. Irrational fear is unpredictable!
Just curious - since it’s viewed as digital gold, why wouldn’t folks flock to BTC on a day like this?
WSJ tackling the Satoshi Nakamoto issue:
www.wsj.com
Who Is Bitcoin Creator Satoshi Nakamoto? What We Know—and Don’t Know
In an age in which it is hard to be anonymous, the identity of the person or group using the name Satoshi Nakamoto remains a mystery.
www.wsj.com
