Chill out I'm not knocking you and your hustle. Just laughing at the coin's insignia.
Official CryptoCurrency Thread (Bitcoin, Litecoin, Ethereum & More)
- Thread starter irishfury
- Start date
Chill out I'm not knocking you and your hustle. Just laughing at the coin's insignia.
I'm in. Will buy 150€ worth of BTC next week and see how it goes. Will learn step by step by making small investments on a few altcoins.
I registered on Kraken and I got a question, I'm Tier 0 now and it seems that Tier 1 is mandatory to buy coins, should I put my personal info on there ?
By the way, how are all those altcoins created ? Does somebody just decide to mine some coins and create is own currency ? If I had the firepower, could I be able to create a new crypto-currency that I could name colicoin ?
@heisenburr, @illadope
@Phoenix_Knightly23, did you finally start the BTC journey ? You were supposed to buy some litecoins a few weeks back.
I registered on Kraken and I got a question, I'm Tier 0 now and it seems that Tier 1 is mandatory to buy coins, should I put my personal info on there ?
By the way, how are all those altcoins created ? Does somebody just decide to mine some coins and create is own currency ? If I had the firepower, could I be able to create a new crypto-currency that I could name colicoin ?
@heisenburr, @illadope
@Phoenix_Knightly23, did you finally start the BTC journey ? You were supposed to buy some litecoins a few weeks back.
heisenburrr
Have Fun Staying Poor
If Kraken works like most of the exchange, your personal info will indeed by required to buy BTCs.
Anyone can create and start mining altcoins with proper development (read: programming) and hardware knowledge.
I will repeat again that making your first entry into cryptocurrencies by investing in altcoins is an extremely risky move. You'll need to monitor the bitcointalk forums, reddit & markets. It really is a shot in the dark and a gamble more than an investment.
Good luck
heisenburrr
Have Fun Staying Poor
for example, the DOGE coins I bought yesterday have lost around 20 % of their value today...
Yeah "investment" was not what I meant. Placement would have been a better word.
I bookmarked bitcointalk, /r/bitcoin/ and a few others sites with info and charts (bitcoincharts, blockchain, coinbase...) and already began to read them carefully and learn. Above all bitcointalk because I was interesting in mining (not anymore) but otherwise I'm not doing it foolishly, don't worry.
What I want to do is buy 150€ worth of BTC then let 120€ work (littly obviously) and use the remaining 30€ to gamble because that's what it is I know. The market is very volatile but I want to try a few bucks on some altcoins. If I buy 10€ in DOGECOINS and I lose 2€, I ain't gonna be mad at that.
I'm trying with small amounts. When I get to know the crypto-currency world better, maybe I'll try bigger but for now, I'm learning practically because theory won't help me really.
By the way, @heisenburrr ,
I'm setting an offline wallet on my ubuntu laptop which is never connected to the innanetz, how safe is this step by step wiki ? https://en.bitcoin.it/wiki/How_to_set_up_a_secure_offline_savings_wallet
I'm setting an offline wallet on my ubuntu laptop which is never connected to the innanetz, how safe is this step by step wiki ? https://en.bitcoin.it/wiki/How_to_set_up_a_secure_offline_savings_wallet
heisenburrr
Have Fun Staying Poor
this is as safe as it gets but I wouldn't go to that length to secure the minimal amount of BTC you will have. Unless you own upwards of 1 BTC that you want to store somewhere for long term investement, it isn't worth the hassle. Hackers have no incentive to target wallets with minimal amount of BTC.
I would definitely do it as a learning experience though which can be useful later on if you decide to make a bigger investement.
My coins are stored on coinbase.com right now. If you are prudent with your computer activity and certain that there is no trojan/malware/keyloggers or what not on your computer, you should be good
heisenburrr
Have Fun Staying Poor
I've been reading up on Litecoin the past couple of days and I don't think much of it to be honest. It doesn't bring any advantages or features that Bitcoin doesn't or won't have.
I don't advise anyone to buy altcoins as they are not a "sit and watch your money pile up" type of coins. You have to carefully monitor and play the markets.
My only advise remains to buy bitcoins and HOLD.
Appreciate the feedback. I guess I keep looking into Litecoin because there HAS to be competition and has grown 400% in the past year...that's pretty significant.
I am going to start mining soon (Already have the hardware anyway) so we will see how it goes. I might just start mining litecoin and then start dumping off for BTC
heisenburrr
Have Fun Staying Poor
The problem with LTC is that it was suppose to prevent unfair competition in mining but ASICs cards are coming for scrypt based coins and when they come you can expect mining difficulty to grow exponentially.
Bitcoin IMO has no direct competition.
How far do you think ASIC cards are out for litecoin? Do you recommend mining ANY coin?
heisenburrr
Have Fun Staying Poor
Not so and once they hit the market they will be even more expensive than ASIC cards for BTC. Because only certain people will be able to afford them, this will, in some way, centralize the mining process and might be very damaging for litecoin.
I can't say I honestly know all about altcoins mining. Look at cryptsy for coins that are performing good and are not too difficult to mine, you can definitely make a profit mining altcoins
Props, I am not really sweating the investment in mining because I was looking into an R9 card anyway.
I will keep checking back in here to see whats good. I personally think that Bitcoin being valued so high means that there has to be a competitor coming strong soon. I think it will be litecoin tbh
heisenburrr
Have Fun Staying Poor
The thing is Bitcoin benefits from a network effect that no other altcoin can claim at the moment. its momentum and status as first to the market makes it almost impossible to catch up to.
Money is considered money because people use it and it is recognized as so. The progress bitcoin has made in its 6 years of existence cannot be underestimated because in internet timeframe, it can be very well considered decades of advance.
Bitcoin currently has billions of dollars in infrastructure being built around it. As I've said, unless these other coins bring serious advantages to the table, people won't be using them on a large scale