Guys Let's All Get Rich - Are You Ready?

IdealForehead

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Here's an article summarizing what I was saying about monero and more.

https://freedomnode.com/blog/85/top...the-most-widely-used-anonymous-cryptocurrency

Another good article on pros/cons vs btc:

https://www.buybitcoinworldwide.com/monero/

One interesting point they make with BTC is that as soon as you tell someone your wallet address they can know how much money you have. Things like that will make BTC less ideal as a money storage system as time goes on.

I think most of the other cryptos are solely going to be of value for speculation and hobby collection but not real life use.

Can anyone find or imagine a more useful crypto than Monero?

Only problems with Monero are possibly the slowness and scalability problems he discussed in the first article. But that article was 5 months ago. Maybe they've already been solved or are the in process of being solved. I don't understand this fully.

The other problem with a cryptocurrency that exists solely to launder other cryptos is that it becomes easy to replace with a new laundering currency at any time if you only need it for temporarily holding your cash.

Though I think this has utility not just to launder Bitcoins to other Bitcoins but to be a safer storage method for illicit or off the books cash even long term as Bitcoin is becoming more traceable and regulated every day. They mention a drug dealing dark net site admin who got busted and authorities couldn't even identify how much money he had in monero due to this.

If they fix the speed and scaleability this is probably a good investment. I will put a sizeable chunk of cash into it unless I can find a more appealing prospect once I have my foot in the door on btc.

Anything else seem to have this level of unique niche usability? Even if it's a different niche?

Also can anyone who understands the tech better comment on the block chain size and speed issues they raise?
 
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Afro_Vacancy

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Why does it matter that there will only ever be 21,000,000 bitcoins given that one can buy fractional bitcoins? Does the latter benefit not imply that the price of a bitcoin can go arbitrarily high?
 

IdealForehead

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Why does it matter that there will only ever be 21,000,000 bitcoins given that one can buy fractional bitcoins? Does the latter benefit not imply that the price of a bitcoin can go arbitrarily high?

It basically means the value will continue to exponentially climb as long as there is interest in the technology. It's not a bad or good thing really. It's just how it is.

It's certainly a good thing if you bought some coins 7 years ago and kept them.

From what I see monero doesn't have a similar hard upper limit but the coins become much harder to make over time.

Looks like the coin count of monero will double in 117 years. This means it will have a small degree of inflation over time to make it more like a real currency.

Less ideal for maximum quick exponential gains. This looks like the biggest problem with monero from an investment standpoint.

https://www.google.com/amp/s/amp.re...p/how_many_coins_will_monero_ever_have_total/
 
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Afro_Vacancy

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It basically means the value will continue to exponentially climb as long as there is interest in the technology. It's not a bad or good thing really. It's just how it is.

It's certainly a good thing if you bought some coins 7 years ago and kept them.

There's a guy in the comments of the zero hedge article who is bragging that his ex-wife scoffed at his bitcoins in their divorce two years ago, and let him keep them. I thought that was funny.
 

CaptainForehead

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There's a guy in the comments of the zero hedge article who is bragging that his ex-wife scoffed at his bitcoins in their divorce two years ago, and let him keep them. I thought that was funny.

Women and finance :D

Look at the female participation in this thread.
 

IdealForehead

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Really good article on Monero inflation here.

https://amp.reddit.com/r/Monero/com...r_learning_about_monero_coin_emission/d78tpgi

It's actually pretty mild compared to Bitcoin and now still looks like a favorable time to buy in on Monero though we haven't reached the flat part of the coin curve quite yet.

Inflation is going to be less than 0.87 percent a year as of 2022.

lzwIrIw_d.jpg
 

Saulus

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How is the correlation between these cryptocurrencies?

Could be useful to diversificate your bitcoin portfolio like 30% bitcoins 30% etherum 20% moneros and 20% bitcoin cash?

Or are so similar if bitcoin goes down the rest will follow

Sorry im a total newbie to cryptocurrencies
 

IdealForehead

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Interesting arguments on what will happen on Sunday.
https://www.coindesk.com/threat-bitcoin-futures/

Basically the Cliff's notes are in my opinion:
- Futures may exert a downward pressure because up until now there's never been a way to "short" bitcoin.
- Futures will exert a stabilizing influence on the price over time, as when there is 10x more money being spent to speculate on whether it will go up or down (compared to how much is actually being spent on BTC itself), there will likely be a dampening effect on the volatility.
- Prices may become more locked in and dramatic growth may slow.

However, on the other hand, the very fact that more people will be trading in Futures of BTC will raise awareness of BTC through the stratosphere, and since there is a finite limit of them, more awareness = more interest = higher prices.

I'm not sure if BTC will only double in the next year or do 10 times or more the gains. Very hard to say. Instinctively I think the greater interest in BTC will be a greater upward driver for the price than any damping effect from shorting, and overall we will continue to see exponential growth.

But more importantly, I think we are going to see a flourishing cryptocurrency marketplace overall. Monero has gone up 5x in the past 6 months from what I see. I expect that to follow a very exponential increase upward like Bitcoin did over the next few years.

I have decided I will put all my cash outside of the bare minimum I need for mortgages and keeping the tax man at bay into crypto over the next 5 years. I think we are a bit late on Bitcoin, but not late on all the other coins, and still ahead of most people. I think the risk is actually pretty low and the yield should be very, very high.

My priorities are to get some cash into BTC immediately, then transfer some of that to Monero. I think Etherium and LTC are lower grade investment priorities, but still worthwhile based on their name recognition and that they will ride the "hype waves" of BTC and others upward at least for now.
 

Saurabhaj

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How is the correlation between these cryptocurrencies?

Could be useful to diversificate your bitcoin portfolio like 30% bitcoins 30% etherum 20% moneros and 20% bitcoin cash?

Or are so similar if bitcoin goes down the rest will follow

Sorry im a total newbie to cryptocurrencies

There is one section on coinmarketcap for top gainers and top loosers and top coins

Check their previous and current performance on charts.
See their market valuation plus its transaction data.
Most likely go for those that has above 400 to 500 million US dollars transactions.



For bitcoin trends for 1 hour or 12 hour or 24 hour,check coindesk.com/price site.
 

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Choi Han Kyul

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Hi there all,

Now that I have reached the maxim of my emotional anxiety, I have no alternative but to spill this out here.

I joined this forum last week. (1.5 weeks ago to be precise).
I must say that I am more than enlightened on multiple fronts, not just in terms of knowledge found in books or manuscripts or diversity of knowledge ranging from a certain field to another. But much more than that.
On an emotional level, I realized that each and every person on this site is figting a battle of their own, a unique battle in their mind and sharing about that on this forum is certainly a relief. I was watching ‘The Collateral Beauty’ yesterday and could draw an analogy with the help group where each one of em’ pour their heart out. What a relief that was. The same is valid for this forum as well. People are really understanding and helpful. That is a rare thing to see in real world and much less to expect beneath the digital walls wherin I am keying-in these letters which are not just letters but conveying a thought and an emotion.

Now how many people in the world would really shout out aloud in the world that there is a way to get rich. i am riding the boat and you may join me. People are selfish, but we have people like ‘macaroni’ on this forum that are gracious enough to do so.
Some of you may argue, what if it was a failure. Well the answer is ‘If’. For believer there are multiple reasons to believe while for a skeptic there are multiple not to.
We have multiple people on the forum sharing their male pattern baldness recovery experience and advicing others when needed. DHTpolice sisenegonan bridgeburn to name a few.

From people who love their job (ideal4head) to people who want a job but dont need one (jeanlucbb).
There are people depressed (most of us) but we eke our pain out here and scurry pass the life. I don’t know anyone of you more than a hole in the wall but really like and appreciate the kind of people who are here (except the few trolls). It’s maybe the pain that mellows the inner monster (competitive) within us that we are more tender to others’ emotions.

Anyway, enough of philosophical rant here. I am ruining the OPs thread.

Coming to the concern of investing in cryptocurrency.

I am farely new to investments but not to cryptocurrency. Farely new to investments as like this account was created 1.5 weeks ago, I got my first job 1.5 years ago. As with most of us, we are pumped up initially and try to do our best; I had a tough role carved out and was not really getting enough time (moreover investment was not on my mind at that time).
Up one year when the appraisal happened I realized that I was a fool to work my *** off.
Working day-night for a paltry sum with no raise was like a slap in the face.
So 6 months ago I started laxing and
looked seriously into investments.
So one year into my job following happened
Almost simultaneously:
1) I realized job sucks. You can’t go on that forever if you really want freedom financially and mentally. Job is just a safety cushion before you find something better.
2) I started laxing off in job and started looking into investments.
3) Now that study was over and fancy of job was gone. I wanted to be in a relationship for the first time. At the same time, I realized how fucked up my hairs have become; that I have male pattern baldness, I felt disgusted to be in a relationship (like someone else pointed earlier on this thread).
4) I have always been a lean and thin guy and thought bulking up. But given how aggresive my male pattern baldness had become I had to resort to anti-androgens and the side effect is muscle loss. This is the conundrum b/w hair and physique despair. Both of em are uncertain. Also loss of libido is another monster.
5) By that time, Of what money I had saved, half the amount of that I had lent to friends. I don’t know how you define friends. But they asked me and since I am the yesman, I agreed.
I have always been like this all my life, a f*****g philanthropist. I would get fucked for the sake of others. Never held any post of high importance but was the goto man and ended up doing others sh*t myself. I would be the one putting all the effort and someone else reaped the benefit. Unlucky one.
Still not learning nothing from it.
In a nutshell, I am not getting that money anytime soon. (Half a years of earned money lent out at zero interest with no certainty of return)
6) At the same time this thread came out.
Though I was looking for male pattern baldness solutions from that moment onwards, I never came across this thread and invested in conventional MF, SIPs and stocks that yield average return at best. If only I had, I certainly would have put some money into it.

I knew about crypto currency, long back in my college days. But then I had no money. When I had some money,I was busy working. When I had worked enough, I had become fool enough to not look beyond conventional investments.
Even knew about and had used dark net earlier - source of all info not available on google.
knowing is not enough.One must apply.one must expand.one must take risk

Someone on this thread mentioned to avoid risk. Risk is a calculated move, one with rationale. If you can afford that risk you must take it.
I beleive when one is young, and you have no one else that reliea on you can risk it more.

“Risk big and risk it if you can afford it”
“And If you can afford it yet don’t risk it, you certainly are leaving a room for guilt to creep in later in your life.”

Living in a 1 bhk 2 bhk 3 bhk is more or less the same for me. But its living in a villa or a palace is what a quantum leap is and you cannot do it by conventional means - a f*****g job like a slave.

Anyway, I am 28 years old and
Right now I am engulfed in a big ‘What If’ thought and feeling.

1) If i was not a yesman
2) If i had stood by what I wanted rather than concede to what others wanted
3) If i told to all those phoney friends to simply f*** off (especially the ones I lent my money to)
4) If i had proposed that girl I liked, I would have been in a relationship and not a virgin atleast
5) If I had reciprocated the advances that other girl made and (part 2 of point 4)
6) If I had stopped caring about what the others think
7) If I had not been a people pleaser
8) If I had not wasted so much time on so many things and habits. Such an atrocious wastefulness of such a precious life.
9) If I had bulked up in my teens and developed my physique
10) If I had countered male pattern baldness earlier than now

We all want to become something more than what we are now. A writer, an actor, teacher or whatever. Even if you dream of having a cottage and just chill by - read books, draw paintings and doze of on the grass under the sparkling sun. And we would like it as soon as we want it. It can only come by the virtue of financial freedom. I too have dreams and you too must have.

Given that I came across this thread today amd deep dives into the cryptocurrency thing
From serious investment perspective. I realized a missed opportunity 6 months ago.
If only I had invested the sum I have lent,
I would have had made enough money I would make working in this job for 2 years.
To put it in other way, I would have bought 2 years of financial freedom. (My current pay is enough for me to start a family with no financial constraint at all).

Infact, since I am not that much of a spender.
If used properly that can amount to 5 years of financial freedom at max and 2 years atleast.

Anyway, I am kinda control freak and this urge of taking control of my life is getting higher.
There are so many variables in life now and they are not in our control (male pattern baldness itself and the sh*t feeling that you are feeling like sh*t ablut yourself. That feeling when you deserve better but you see people, friends, colleagues if not less deserving than you scaling heights. And the garbage of expectation family and society piles upon you. Since you give a damn about what others think and feel, you have no escape).
And I want to take charge of them, the trouble I that the feelings are extreme.

Take charge of following:
1) male pattern baldness: but this mofi is aggressive and I need to go aggresive. I don’t care about sides. I don’t care if it results in loss of libido, shortens my life, i will never be in a relationship, will not be able to perform sexually. f*** it. I need to take charge.
2) Financial Freedom: Job sucks. I need to invest better. Take risk, put all my money into it. Go all in. f*** it. I need to take charge. (For those who have seen Kaiji Anime, I hope it does not turn out to be like that)
3) Love Life: Give point 1, idk. Anyway, f*** it. i need to take charge. Lets start by loving myseld first (not an easy thing when self-abhorrence emanated from deep down)
4) Social Relationship: Enough with phoney people. f*** em all. Tell em No.
5) Habits: To all the ills. amen. I need to take charge.
6) of all the lost time - Take charge
7) of your dreams - Take charge

Now while I write this my head itches reminding me of MOFO male pattern baldness which is getting aggresive. The fate lines in my hands are also itching like telling me - You are gone dude. I have OCD and I have become narcissistic. And BPD makes me feel suicidal.
But f*** it. I have to take charge.

Given that I am 28 yo and working towards a financial freedom for 7 years tilI am 35.(assuming either male pattern baldness will
f*** me up or I will f*** up male pattern baldness, both implies I will be single and considering no one relying on me, I will just focus on my dreams).
I need to chalk out a plan for next 7 years, the seven heaven of financial freedom and assure it’s attained.

“I urge everyone to do so.”

f*** it. I must take charge.
 

Afro_Vacancy

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Interesting arguments on what will happen on Sunday.
https://www.coindesk.com/threat-bitcoin-futures/

Basically the Cliff's notes are in my opinion:
- Futures may exert a downward pressure because up until now there's never been a way to "short" bitcoin.
- Futures will exert a stabilizing influence on the price over time, as when there is 10x more money being spent to speculate on whether it will go up or down (compared to how much is actually being spent on BTC itself), there will likely be a dampening effect on the volatility.
- Prices may become more locked in and dramatic growth may slow.

However, on the other hand, the very fact that more people will be trading in Futures of BTC will raise awareness of BTC through the stratosphere, and since there is a finite limit of them, more awareness = more interest = higher prices.

I'm not sure if BTC will only double in the next year or do 10 times or more the gains. Very hard to say. Instinctively I think the greater interest in BTC will be a greater upward driver for the price than any damping effect from shorting, and overall we will continue to see exponential growth.

But more importantly, I think we are going to see a flourishing cryptocurrency marketplace overall. Monero has gone up 5x in the past 6 months from what I see. I expect that to follow a very exponential increase upward like Bitcoin did over the next few years.

I have decided I will put all my cash outside of the bare minimum I need for mortgages and keeping the tax man at bay into crypto over the next 5 years. I think we are a bit late on Bitcoin, but not late on all the other coins, and still ahead of most people. I think the risk is actually pretty low and the yield should be very, very high.

My priorities are to get some cash into BTC immediately, then transfer some of that to Monero. I think Etherium and LTC are lower grade investment priorities, but still worthwhile based on their name recognition and that they will ride the "hype waves" of BTC and others upward at least for now.

Do you mean all of your new cash, or are you actually shifting your existing savings into crypto?
 

Rudiger

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How is the correlation between these cryptocurrencies?

Could be useful to diversificate your bitcoin portfolio like 30% bitcoins 30% etherum 20% moneros and 20% bitcoin cash?

Or are so similar if bitcoin goes down the rest will follow

Sorry im a total newbie to cryptocurrencies

Also a total noob but I don't know if it's a good idea to spread so evenly/widely among main crypto's, when bitcoin boomed other crypto's suffered (apart from bitcoin cash).

Someone else will tell you more I'm sure, just thought I'd highlight the question really because I want to know too
 

Rudiger

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the validation system of coinbase is fkcing hard

I gave up and used an app called revolut, dunno what countries it's available in. Also it requires a monthly premium fee.

But coinbase is overwhelmed clearly, keeps crashing for normal users and the validation system has apparently always been poor, now with all the traffic it's just impossible to get anywhere.
 

IdealForehead

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What an exhausting and tedious day today was. After finding out CoinBase will only let me play with $200 or so each week and the other option of LocalBitCoins is like Kijiji/Craigslist for bitcoins (which is shady as f*** and too low volume), I decided to go with a local broker. It's obviously a big gamble dealing with brokers, and definitely a risk I could just get nothing from it, but they at least claim to be able to get good quantities (transaction size up to $2 million) and fast, and they at least seem legit from my preliminary assessment.

Any better option than this when you're looking at $5-10K+ buys? Any recommendations would be greatly appreciated. Not too interested in LocalBitCoins which doesn't have nearly enough volume, has inflated prices, and is no more trustworthy. Any major online site that lets you make big buys?

As a preliminary purchase, I put in a buy for $5k this afternoon for 5% commission via bank transfer. Unfortunately I didn't get it done until the banks were almost closed as it had to be at a certain bank. We're still waiting for the funds to clear, so looks like it won't be til Monday I get my purchase, which means I'll still completely suffer/benefit from whatever happens on Sunday (can't beat the deadline).

Got my wallet set up with Electrum also. Set up an encrypted wallet offline and I'm using the MPK string to access it on my Internet based computer. I think I will copy the encrypted wallet to a few USB sticks and keep them where I know. It should be safe I think since it's encrypted with a strong password. Technically I guess I don't really need the encrypted wallet. Just the "seed" words. I'll have to figure out a plan for the "seed" words. Safety deposit box at bank perhaps? Not sure if that's really safe either.

This is why I never did BTC 7 years ago when I should have. What a pain in the ***. Feels good to get the ball rolling but wanted my first significant BTC today (besides the $200 worth from coinbase) and doesn't look probable I will get them. Oh well. I've sat on my *** for years on this, what's another few days? Just a few more days frustration/annoyance and lost revenue.

Maybe I'll get lucky and everyone can short the f*** out of it causing a dive so Monday will be a gift. One can dream. :)

The hype machine for BTC is running in overdrive. My sister asked me about it today and asked I buy $2K for her. She just heard about it last night (f*****g unreal how people are so unaware). My parents after just a basic explanation wanted to buy in too. But these people can't actually do it unless they have someone like me to do the leg/tech work first.

That's a helpful barrier, because it means although it's reaching mainstream awareness, most people still don't have the capacity, savvy, or access to significantly invest (eg. Coinbase weekly maximums). Once that barrier comes down further, the market is going to rocket further. We'll see more legit brokers (like hopefully mine today is), and more big transactions from the big fish, plus all the millions of small fish that want a piece, and it's gonna go crazy.

Smaller coins like Monero will represent an even greater value still as the tech barrier to entry for them is much higher. eg, Not only must you buy BTC, but you must then set up a second Monero wallet and transfer the BTC to Monero. Most people besides the most savvy hobbyists or criminals have no skill, interest, or capacity to do all that yet.

These barriers still then give us the opportunity to get ahead with whatever funds we can raise before it becomes quite easy enough for Average Joe to get in in a major way. So I guess my point is I still think this is all just the beginning of the explosion.

Thanks @macaroni for this thread. This thread has been nagging on me endlessly the past month since I saw it, and that was probably a good thing for me. Now if this broker company turns out to be a scam, I'll need to find someone else come Monday, so any suggestions still appreciated.
 

JeanLucBB

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What an exhausting and tedious day today was. After finding out CoinBase will only let me play with $200 or so each week and the other option of LocalBitCoins is like Kijiji/Craigslist for bitcoins (which is shady as f*** and too low volume), I decided to go with a local broker. It's obviously a big gamble dealing with brokers, and definitely a risk I could just get nothing from it, but they at least claim to be able to get good quantities (transaction size up to $2 million) and fast, and they at least seem legit from my preliminary assessment.

Any better option than this when you're looking at $5-10K+ buys? Any recommendations would be greatly appreciated. Not too interested in LocalBitCoins which doesn't have nearly enough volume, has inflated prices, and is no more trustworthy. Any major online site that lets you make big buys?

As a preliminary purchase, I put in a buy for $5k this afternoon for 5% commission via bank transfer. Unfortunately I didn't get it done until the banks were almost closed as it had to be at a certain bank. We're still waiting for the funds to clear, so looks like it won't be til Monday I get my purchase, which means I'll still completely suffer/benefit from whatever happens on Sunday (can't beat the deadline).

Got my wallet set up with Electrum also. Set up an encrypted wallet offline and I'm using the MPK string to access it on my Internet based computer. I think I will copy the encrypted wallet to a few USB sticks and keep them where I know. It should be safe I think since it's encrypted with a strong password. Technically I guess I don't really need the encrypted wallet. Just the "seed" words. I'll have to figure out a plan for the "seed" words. Safety deposit box at bank perhaps? Not sure if that's really safe either.

This is why I never did BTC 7 years ago when I should have. What a pain in the ***. Feels good to get the ball rolling but wanted my first significant BTC today (besides the $200 worth from coinbase) and doesn't look probable I will get them. Oh well. I've sat on my *** for years on this, what's another few days? Just a few more days frustration/annoyance and lost revenue.

Maybe I'll get lucky and everyone can short the f*** out of it causing a dive so Monday will be a gift. One can dream. :)

The hype machine for BTC is running in overdrive. My sister asked me about it today and asked I buy $2K for her. She just heard about it last night (f*****g unreal how people are so unaware). My parents after just a basic explanation wanted to buy in too. But these people can't actually do it unless they have someone like me to do the leg/tech work first.

That's a helpful barrier, because it means although it's reaching mainstream awareness, most people still don't have the capacity, savvy, or access to significantly invest (eg. Coinbase weekly maximums). Once that barrier comes down further, the market is going to rocket further. We'll see more legit brokers (like hopefully mine today is), and more big transactions from the big fish, plus all the millions of small fish that want a piece, and it's gonna go crazy.

Smaller coins like Monero will represent an even greater value still as the tech barrier to entry for them is much higher. eg, Not only must you buy BTC, but you must then set up a second Monero wallet and transfer the BTC to Monero. Most people besides the most savvy hobbyists or criminals have no skill, interest, or capacity to do all that yet.

These barriers still then give us the opportunity to get ahead with whatever funds we can raise before it becomes quite easy enough for Average Joe to get in in a major way. So I guess my point is I still think this is all just the beginning of the explosion.

Thanks @macaroni for this thread. This thread has been nagging on me endlessly the past month since I saw it, and that was probably a good thing for me. Now if this broker company turns out to be a scam, I'll need to find someone else come Monday, so any suggestions still appreciated.


Interesting it’s such a pain in the *** elsewhere. In Australia we have 3 really great exchanges, instant bank transfer options up to 10k a day into them and never a major exchange hack.
 

IdealForehead

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Interesting it’s such a pain in the *** elsewhere. In Australia we have 3 really great exchanges, instant bank transfer options up to 10k a day into them and never a major exchange hack.

I've intentionally been keeping my head in the sand so I'm just learning now. Just found two exchanges that are pretty big and do bank transfer options also. Not sure their limits yet.

All I can say is Coinbase is a joke.

I think the advantage of a broker like I'm using is just that it's entirely "off the books" and under the table. I'll have to decide if that's worth it long term. Just called him and he said he'll send me the $5K even if the wire transfer didn't go through yet, since it was supposed to be done by instant bank transfer, but they gave me the wrong instructions. We'll see if he does.

Gonna sign up with the big formal exchanges now so I'm on them for next week at least.
 

JeanLucBB

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I've intentionally been keeping my head in the sand so I'm just learning now. Just found two exchanges that are pretty big and do bank transfer options also. Not sure their limits yet.

All I can say is Coinbase is a joke.

I think the advantage of a broker like I'm using is just that it's entirely "off the books" and under the table. I'll have to decide if that's worth it long term. Just called him and he said he'll send me the $5K even if the wire transfer didn't go through yet, since it was supposed to be done by instant bank transfer, but they gave me the wrong instructions. We'll see if he does.

Gonna sign up with the big formal exchanges now so I'm on them for next week at least.

My mates who are into alt coin trading use bitfinex.

Your private key storage solution should be fine, but for most I would say just get a ledger nano S so the keys are encrypted and signed offline from the beginning + easy setup. My seed is in a safety deposit box.

I don’t know any gemini users but it seems more aimed at people looking to do large buys like yourself.
 

JeanLucBB

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There are not a lot of women on the forum.

I don't know which gender does better in investments, or which gender manages their existing money better.

I’ve read that women in crypto only accounts for 4-10% of users. The women I’ve mentioned it to all seem completely disinterested too, as if they think it is video game money and fake or something even when I tell them how much I have made.

I think women are statistically more risk averse which of course in general will provide lower returns overall.
 
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