BitCoin
Closely focus on my shiny pocket watch as it swings back and forth, back and forth, back and forth. Now repeat after me, Bitcoin is headed for 900 - 1000 soon. Back and forth, back and forth.Quote: AxelWolfI kept thinking about buying some between $400 and $450 they are now at 659.52.
The lack of typical financial products like options and margin products favors a price increase. The way to make money is cross-platform high speed arbitrages or, more commonly, buying and holding. The result of the small ecosystem is the price goes up dramatically if money comes into the system. The market cap is just so low.
I'm going to hold half of my Btc through the etf decision.
Quote: MaxPenCan I get that 3 minutes of my life back?
Ok watch this
Quote: djatcOk watch this
I heard from Swiss gov about falling of crypto
They said about flaw space on all HDD if all people of he Earth will use a crypto
Also they said about flaw of computing power for big quantity of transactions
Bovada into getting paid in Bitcoin.
It was then at $7000. I looked into
it and got cold feet and boy, am I
glad I did. It tanked shortly after
and is now around $3600.
Bitcoin is just another Beanie Baby
collectible that has a shelf life before
it disappears.
Quote: EvenBobLast summer I considered moving on
Bovada into getting paid in Bitcoin.
It was then at $7000. I looked into
it and got cold feet and boy, am I
glad I did. It tanked shortly after
and is now around $3600.
Bitcoin is just another Beanie Baby
collectible that has a shelf life before
it disappears.
Good call. Can you deposit $3600 and later withdraw it in equivalent bitcoin? Minus fees of course. Can you withdraw in euros?
Quote: SOOPOOGood call. Can you deposit $3600 and later withdraw it in equivalent bitcoin?
I think you can only withdraw in what
currency you deposited in.
Quote: EvenBobI think you can only withdraw in what
currency you deposited in.
Wrong. Maybe if you leave your coin in some exchanges that would be the case.
Quote: MaxPenWrong. Maybe if you leave your coin in some exchanges that would be the case.
All I know is I would have been royally
screwed last August if I had switched
to JokeCoin.
Quote: EvenBobLast summer I considered moving on
Bovada into getting paid in Bitcoin.
It was then at $7000. I looked into
it and got cold feet and boy, am I
glad I did. It tanked shortly after
and is now around $3600.
Bitcoin is just another Beanie Baby
collectible that has a shelf life before
it disappears.
i purchased 50 bucks on coinbase and after i clicked buy the purchase price was different and that was peak price it was all downhill from there
Quote: SOOPOOGood call. Can you deposit $3600 and later withdraw it in equivalent bitcoin? Minus fees of course. Can you withdraw in euros?
In my experience....errr, uhh....Someone Who Isn't Me's experience, you tell the account you want to deposit some amount of USD, let's say $2k and current BTC price is $3,484. Then it says you need to deposit 0.573912479124 BTC to a specific address within 30 or 60 minutes. Once it's deposited, you'll have $2k in your account, in US Dollars.
You gamble for a while and all the while it's in terms of USD. BTC has absolutely no meaning at this point. You have USD in your account, not BTC. You end up with say $3k in USD. Then you withdraw. If BTC is now $1,500, then they'll send you 2.00 BTC. If BTC is $9k, then they'll send you 0.3333 BTC.
I believe there are specifically BTC casinos, where you wager in terms of BTC. So you might bet 2 BTC in your account and you wager 0.01 BTC on a game. Doesn't matter if the price of BTC goes up or down, you still get 0.01 BTC on that game.
When you have BTC in your possession, you can do whatever you want with them. Turn them into Euros, USD, Canadian Funny Money, or watermelons. At this point, it's just a simple sale (plus the technology stuff), the same way you'd buy or sell a product, you're selling/buying BTC.
I was told Gemini was a good exchange to use when dealing with Bitcoin from multiple people. I wanted to be able to transfer back and fourth from my CC , debit card or bank account.
As I was setting up my Gemini account, once I got to the banking part they wanted my banking credentials(my bank log in and password).
Obviously lots of people are doing it, but why would they need all that?
Does anyone here have any experience with this type of situation on any of the exchanges or does have any real knowledge of this kind of thing? Please no opinions about online casinos, BC or some speech about never giving anyone your login and password. Not giving your bank account information that seems obvious, but it seems like there are many people doing this and it's the only way to do what I want, how I want.
I know there are other options, but I would like to explore and understand this a little better before I make any decisions. I looked at some forums regarding this and its mostly people who don't seem to know what they are talking about(kinda like the people who say NEVER gamble online.)
Quote: AxelWolfNow that most online casino are taking bitcoin, and since I'm finding it harder and harder to use my debit or CC card for funding, I thought I would start using bitcoin to take a closer look at some online casino bonuses that I didnt have assess to before due to funding issues.
I was told Gemini was a good exchange to use when dealing with Bitcoin from multiple people. I wanted to be able to transfer back and fourth from my CC , debit card or bank account.
As I was setting up my Gemini account, once I got to the banking part they wanted my banking credentials(my bank log in and password).
Obviously lots of people are doing it, but why would they need all that?
Does anyone here have any experience with this type of situation on any of the exchanges or does have any real knowledge of this kind of thing? Please no opinions about online casinos, BC or some speech about never giving anyone your login and password. Not giving your bank account information that seems obvious, but it seems like there are many people doing this and it's the only way to do what I want, how I want.
I know there are other options, but I would like to explore and understand this a little better before I make any decisions. I looked at some forums regarding this and its mostly people who don't seem to know what they are talking about(kinda like the people who say NEVER gamble online.)
No chance on earth I'd give them my banking login and password.
ZCore13
And I don't know that I will, however, your simple comment with no explanation(I know the obvious reasons) isn't of much help to me at all, I am well aware that most people wouldn't. I assume you wouldn't take the risk of gambling online either, even if it looked like there was a great opportunity to profit.Quote: Zcore13No chance on earth I'd give them my banking login and password.
ZCore13
Quote: Zcore13No chance on earth I'd give them my banking login and password.
ZCore13
That's why I got cold feet. Then it went from $7k
to $3500 and I'm glad I didn't do it.
Quote: AxelWolfAnd I don't know that I will, however, your simple comment with no explanation(I know the obvious reasons) isn't of much help to me at all, I am well aware that most people wouldn't. I assume you wouldn't take the risk of gambling online either, even if it looked like there was a great opportunity to profit.
I have gambled online many times. Never large amounts and when I have hit a nice parlay or poker run, I cashed out and went back to my original bankroll.
Why should they get your login and password? PayPal transfers money back and forth to my bank accounts and credit cards. They don't need my bank password. My work pays me direct deposit. They dont need my password. The only reason they would need that is to download balance or transaction history. Bad news.
ZCore13
Quote: AxelWolfNow that most online casino are taking bitcoin, and since I'm finding it harder and harder to use my debit or CC card for funding, I thought I would start using bitcoin to take a closer look at some online casino bonuses that I didnt have assess to before due to funding issues.
I was told Gemini was a good exchange to use when dealing with Bitcoin from multiple people. I wanted to be able to transfer back and fourth from my CC , debit card or bank account.
As I was setting up my Gemini account, once I got to the banking part they wanted my banking credentials(my bank log in and password).
Obviously lots of people are doing it, but why would they need all that?
Does anyone here have any experience with this type of situation on any of the exchanges or does have any real knowledge of this kind of thing? Please no opinions about online casinos, BC or some speech about never giving anyone your login and password. Not giving your bank account information that seems obvious, but it seems like there are many people doing this and it's the only way to do what I want, how I want.
I know there are other options, but I would like to explore and understand this a little better before I make any decisions. I looked at some forums regarding this and its mostly people who don't seem to know what they are talking about(kinda like the people who say NEVER gamble online.)
Never heard of Gemini, that place sounds like a total scam.
That's kinda weird they're asking you for your bank login credentials. Are you sure that's what they're requesting, and they aren't just asking for your routing/account number? I just find it really hard to believe they're asking for your login credentials. You're on gemini.com, right? And not some phishing site?
I don't trust PayPal and I'm glad e-bay let me buy something with a credit card recently. (Maybe it was the first week they allowed that?)
I'm bitcoin illiterate and I'm waking up far too late to this party.
Cryptocurrency Wallets for Beginners (Ultimate Step-by-Step Ledger & Trezor Guide) - YouTube Jan 6, 2018
https://www.youtube.com/watch?v=3GDYrrAcKzY
How to Buy Altcoins for Beginners (Ultimate Step-by-Step Guide) Pt 2 - YouTube Feb 6, 2018
https://www.youtube.com/watch?v=2AO7iSGjLZM
Using Trust Wallet to Store Ethereum and ERC 20 tokens - YouTube
https://www.youtube.com/watch?v=6YV6OD96svE
What the actual F !!!!! No way jose.Quote: AxelWolf
As I was setting up my Gemini account, once I got to the banking part they wanted my banking credentials(my bank log in and password).
I take it you declined.
Bank account and sort code would make sense. Debit card number, expiry and 3 digit ccn would too.
But bank login creds? You're sh1tt1ng me.
I'm actually gobsmacked (Do you guys use that expression)Quote: OnceDearWhat the actual F !!!!! No way jose.
I take it you declined.
Bank account and sort code would make sense. Debit card number, expiry and 3 digit ccn would too.
But bank login creds? You're sh1tt1ng me.
It seems that handing over bank login password is a part of the mainstream verification process on your side of the pond and accepted practice
It's insane!
"If you’d prefer not to enter your credentials, please select “Other Bank” when adding your bank account, to use our deposit verification method instead."
Quote: OnceDearI'm actually gobsmacked (Do you guys use that expression)
It seems that handing over bank login password is a part of the mainstream verification process on your side of the pond and accepted practice
It's insane!
"If you’d prefer not to enter your credentials, please select “Other Bank” when adding your bank account, to use our deposit verification method instead."
Deposit verification seems like a good possibility. I would NEVER allow my main bank account login info to be part of signing up for anything, and have never been asked for it (legitimately, anyway).
I was going to suggest you get an account you only use for this. There are several Ebanks who are offering free checking or some such. Perhaps Aspire or TD Bank would be useful for this kind of thing.
Bob, I'm not investing in BC. I'm just using BC as a way to transfer funds to and from casinos into my bank account. I won't be fading the BC fluctuations for longer than It takes to make transfers. Once the money hits the online casino it doesn't move with the BC market. I'm only talking a few thousand dollars for now and that will be broken up over many different casinos.Quote: EvenBobThat's why I got cold feet. Then it went from $7k
to $3500 and I'm glad I didn't do it.
Yes of course, I'm on the correct site. No, they don't just want a routing and account number.Quote: RSThat's kinda weird they're asking you for your bank login credentials. Are you sure that's what they're requesting, and they aren't just asking for your routing/account number? I just find it really hard to believe they're asking for your login credentials. You're on gemini.com, right? And not some phishing site?
Check it out for yourself(You Gemini users where probably so hot and heavy for Crypto that you feverishly entered your bank account info and didn't even realize it.) Go to transfer funds and in the drop down menu it will say deposit into exchange and it gives you two options, 1) USD bank transfer( It didn't show me this option when I was first setting up my account) or 2) USD wire transfer. If you choose option one it asks you what bank. After you choose your bank it say you need to verify you bank account, once you click that it says it uses Plaid to link to your account, once you hit continue it takes you to a bank credentials page where it IS asking for your bank username and password.
Obviously, I can go with a Wire transfer, but I have been told the fees for that are high. I'm not sure how often I will need to go back an fourth to my bank account. I guess I could just make one larger transfer and park enough money on the exchange so I would only have to do a few transactions via wire transfer. From what I have been reading that's not such a great Idea either. I'm most likely going to go with the bank transfer option and just eat the fees.
I was told you could use a credit card to fund your account(I thought that would be safer in case of a dispute) I'm not seeing that option. Can you use your CC to make a wire transfer?
Remember what I always say, "It's never a problem.... until it is."Quote: djatcdont remember giving up my bank info, just routing and account number. I've had gemini for 2 years now, no problems.
So how did you get your money on the exchange? Via wire transfer? How much of a fee did you pay, or was that not a concern at the time so you didn't even really notice?
AIUI, that 'plaid' verification agency will let you take a slightly slower and more secure verification process if you 'Select other bank'
Gemini IS one of the biggest coin exchanges, but then, so was MtGox till that evaporated.
I just checked it out. I don't remember doing anything like that with plaid when I set it up originally (although I may have?).
If you are going to do it, probably best to change your password afterward.
Thanks, I may have edited my previous post before you posted. I'm only talking a few grand here. But, as you mentioned something could go wrong and that's exactly why I wanted to have the ability to transfer funds back to my bank account often without having to pay wire transfer fees. So now you see my dilemma and that's why I'm asking questions. I'm sure there are many different ways to do what I want to do, but I'm looking for one good safe option that will cover everything I'm wanting to do. That might not even be a possibility.Quote: OnceDearAxel,
AIUI, that 'plaid' verification agency will let you take a slightly slower and more secure verification process if you 'Select other bank'
Gemini IS one of the biggest coin exchanges, but then, so was MtGox till that evaporated.
When and if someone comes along who knows exactly what they are talking about, I think I will know it and I can go from there. In the meantime I can get bits and a pieces of good advice from people who's information I mostly trust.
Quote: OnceDearAxel,
AIUI, that 'plaid' verification agency will let you take a slightly slower and more secure verification process if you 'Select other bank'
Gemini IS one of the biggest coin exchanges, but then, so was MtGox till that evaporated.
Where are you seeing "select other bank"? I'm looking on /settings/bank
Quote: beachbumbabs
Deposit verification seems like a good possibility. I would NEVER allow my main bank account login info to be part of signing up for anything, and have never been asked for it (legitimately, anyway).
Reply to all who are asking about this, not singling out BBB.
I was cautious about this when using Coinbase. Have had no problem. One safeguard to remember is that most and should be all banks use "double verification" before you can make changes to deposit/withdraw. My bank checks either IP or cookies to see if the computer you are using is "recognized." If it is not, for example if you are at work not home and do a transaction, it requires verification via email or text. So it sends a code you have to input.
If that does not comfort anyone, I can say 2 years or so on Coinbase and zero issues. We may have hit a bottom as people took tax losses in 2018, hopefully we get a boom. If I make a million I know what I am doing.
Since he(#TWME) is from one of them stupid countries, he probably sees something different than we here in the USA (best country ever) do.Quote: RSWhere are you seeing "select other bank"? I'm looking on /settings/bank
Quote: RSWhere are you seeing "select other bank"? I'm looking on /settings/bank
I first saw it here with respect to 'coinbase' use of their facility
https://support.coinbase.com/customer/portal/articles/957255
Then mentioned here with regard to Gemini
https://www.reddit.com/r/BitcoinMarkets/comments/5llk1s/trying_to_link_bank_account_on_gemini_getting/
These may also be useful.
https://plaid.com/legal/
https://pic.webull.com/PDFs/Plaid%20End%20User%20Privacy%20Policy.pdf
I have most of them in an overseas blockchain, but started receiving in 2018 into coinbase btc , ethereum , litecoin , bitcoin cash (which I received a gang of free, in 2018 when BTC forked, was crazy I didn't even realize I had all that bitcoin cash until I read about and logged into the blockchain).
When the runup to 19K happened in November/December 2018, I considered selling them all or some, but I'd already been hodling for a good 7 years and the overseas blockchain didn't have any way for U.S. residents to sell, and coinbase wasn't allowing you to sell too many BTC at a time anyway, so anyway - I still have all of them and keep getting more weekly. I understand that Gemini allows you to sell something like $100K at a time, which at least is something, but why we're not allowed to just dump a million worth at once I don't understand.
At this point I have a target of $50,000. per BTC. Not in any hurry to sell. I'm so far ahead (based on the value of the coins against what I would have been paid in cash for work) I still have no reason to sell. Plus it's not like I spent cash for them, it was more like trading labor for coin.
As your attorney I advise you to HODL!
Quote: AxelWolf
Remember what I always say, "It's never a problem.... until it is."
So how did you get your money on the exchange? Via wire transfer? How much of a fee did you pay, or was that not a concern at the time so you didn't even really notice?
I usually carry $0.00 in my checking so IDGAF about someone stealing it. Wire transfers are the best way to go IMO. I think it's $25 to the bank for outgoing.
https://metro.co.uk/2018/01/24/50-cent-bitcoin-millionaire-didnt-even-know-7255314/Quote: MDawgBeen accumulating and hodling since 2011. I never actually bought any for cash, clients started offering to pay me in BTC back in 2011, and I said, sure, ga'head. I still receive bitcoin weekly from clients, but whereas back then I would receive up to 10 coins at a time, nowadays it's more like 1 coin or a fraction of coin.
I have most of them in an overseas blockchain, but started receiving in 2018 into coinbase btc , ethereum , litecoin , bitcoin cash (which I received a gang of free, in 2018 when BTC forked, was crazy I didn't even realize I had all that bitcoin cash until I read about and logged into the blockchain).
When the runup to 19K happened in November/December 2018, I considered selling them all or some, but I'd already been hodling for a good 7 years and the overseas blockchain didn't have any way for U.S. residents to sell, and coinbase wasn't allowing you to sell too many BTC at a time anyway, so anyway - I still have all of them and keep getting more weekly. I understand that Gemini allows you to sell something like $100K at a time, which at least is something, but why we're not allowed to just dump a million worth at once I don't understand.
At this point I have a target of $50,000. per BTC. Not in any hurry to sell. I'm so far ahead (based on the value of the coins against what I would have been paid in cash for work) I still have no reason to sell. Plus it's not like I spent cash for them, it was more like trading labor for coin.
As your attorney I advise you to HODL!
I will re-investigate coinbase I recall there being some minor issue with them and what I wanted to do but perhaps its not a big enough issue to worry about.Quote: AZDuffmanReply to all who are asking about this, not singling out BBB.
I was cautious about this when using Coinbase. Have had no problem. One safeguard to remember is that most and should be all banks use "double verification" before you can make changes to deposit/withdraw. My bank checks either IP or cookies to see if the computer you are using is "recognized." If it is not, for example if you are at work not home and do a transaction, it requires verification via email or text. So it sends a code you have to input.
If that does not comfort anyone, I can say 2 years or so on Coinbase and zero issues. We may have hit a bottom as people took tax losses in 2018, hopefully we get a boom. If I make a million I know what I am doing.
Quote: AZDuffmanDon't look now, but Bitcoin up 10% while you slept.
“Other market participants suggested the gains were sparked by an April Fools' Day story on the website Finance Magnates that said the US Securities and Exchange Commission was approving a bitcoin exchange-traded fund”
Just in case anyone still thinks Bitcoin is an “investment “ as opposed to a gamble. And a bad gamble at that.
I get some have a use for dealing in BC, but not sure how anyone can argue investing or day trading in it is any different than playing slots, craps or Roulette. Sure some will win, but that doesn’t make it a good investment.
Quote: Boz
I get some have a use for dealing in BC, but not sure how anyone can argue investing or day trading in it is any different than playing slots, craps or Roulette. Sure some will win, but that doesn’t make it a good investment.
What is different is that it is not an "investment" like buying shares of GM. It is more like putting your money in foreign currency. But it is a tad different since it will be limited issue. It is my speculation investment, should give a better return than slots.
Quote: AZDuffmanshould give a better return than slots.
Looking for money people dropped
in Walmart parking lots gives a
better return than slots.
Quote: djatcAnother interesting thing are some altcoins: Binance coin (used to trade coins at a lower cost on the exchange) has shot up a ton.
Be very careful about the alts. Remember the lessons of the dotcom bust.
Quote: AZDuffmanBe very careful about the alts. Remember the lessons of the dotcom bust.
Most of these altcoins are going to 0. Some will survive. They will survive bigly. Binance already has a working product and it's one that I like because of that.
Quote: djatcMost of these altcoins are going to 0. Some will survive. They will survive bigly. Binance already has a working product and it's one that I like because of that.
That's the thing, they need a reason to exist. I think it was Swarm had a thing where you used it as internal credits for service to members of the community or something. Or else watch ads online get credits to buy more ads. While that might or might not work, it is at least something. Bitcoin and Litecoin seem to have the general store of value thing covered.
Me? I'm taking the lessons of the crash. We are in early 2003 in terms of the dotcom crash. Still cleaning up, but winners emerging.
