Welcome Guest ( Log In | Register )

34 Pages « < 5 6 7 8 9 > » Bottom

Outline · [ Standard ] · Linear+

 Bitcoin and other Cryptocurrencies, Comprehensive guide on first page.

views
     
TSwengherng
post Jul 4 2017, 10:21 AM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(Secruoser @ Jul 4 2017, 10:11 AM)
How much minimum initial capital investment would you suggest? An amount that I can easily transfer between wallets and exchanges, with the mining fee put into consideration? USD100? USD50? USD10?
*
Sorry, I don't quite get the question.
You mean, how much minimum initial capital investment do I suggest to put in cryptocurrencies, in general?
Nobody can answer that question on your behalf, but yourself.
But the standard answer is: only as much as you can afford (and are prepared) to lose completely.
Meaning, if you bought something and the price drops 90% tomorrow, you can still sleep at night without having a panic attack.

Start by asking yourself, if I put in RM5k, and it drops 90% tomorrow, will I go crazy? Yes? Then OK, cut it to RM4k, then ask yourself again. Still yes? OK, then cut it to RM3k, and so on and so forth......until you get to a number that you say no.
That's your number.

Life is short, don't compromise your quality of life over some investment numbers.

When transferring between exchanges and wallets, the amount is practically irrelevant, it's just as easy to transfer RM100 or RM1 billion.
Depending on transaction congestion, you might need to pay a couple of ringgit in transaction fees, but that's pretty much it.
No such thing as "mining fee".

I recommend reading the first page for more detailed information.

TSwengherng
post Jul 4 2017, 10:36 AM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(Secruoser @ Jul 4 2017, 10:26 AM)
No I don't mean 'my' minimum. I mean the bare minimum to use the wallets/exchanges without limitations. I tried with 5 USD and Jaxx is saying something like I can transfer very little of that because the rest is paid to mining fee.

Example Maybank may say you can only transfer RM1 minimum and you cannot transfer 50 sen. Get what I mean?
*
Ah OK, sorry, I misunderstood.
Unfortunately, there is also no one answer for that question.
Each wallet or exchange has a built in recommended fee structure, which typically adjusts to reflect the latest transaction congestion situation.
During times of high congestion like what we saw back in May with bitcoin, you have to pay several US dollars per transaction to even get a reasonable confirmation time.
(Trust me, I had a REALLY bad experience with that...... sad.gif )

And then different coins have different transaction fee because they all have different transaction traffic situations.

ANS for example, cannot be divided and you have to pay 1 ANS as transaction fee, which is currently USD 8.20...!

In general, just my personal practice, I try to leave around USD 3 prepared for transaction fees.

This post has been edited by wengherng: Jul 4 2017, 10:38 AM
TSwengherng
post Jul 4 2017, 11:21 AM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(Secruoser @ Jul 4 2017, 10:43 AM)
Ah great. So it's not advisable to keep transferring between exchanges and wallets since it will cost a lot of mining fee / commission in between?

Which exchange has the best list of altcoins? I just opened Kraken because they have EOS. Any other good exchanges? Or I need to use several exchanges and not stick to one?
*
There is no such thing as a "mining fee"......it's transactions fees or sometimes called miners' fees.
But yes, not advisable to keep transferring around unless you have a good reason to do so.
Check out the first page for more info on exchanges......Bittrex and Poloniex have quite a number of altcoins listed.
You can use as many exchanges as you want since account opening is free.

QUOTE(Xune @ Jul 4 2017, 11:08 AM)
Morning guys,

Just wondering in the case of us cashing out our gains through Luno to our local bank accounts, are we subjected to any tax in Malaysia?

Are those considered as taxable income? Would LHDN be able to trace us on this? Any forummer could shed some light on this matter?

Thank you.
*
QUOTE(Secruoser @ Jul 4 2017, 11:10 AM)
Since it's not fully anonymous, I guess it's subject to local laws too.

There are exchanges which offer high privacy/anonymity level but it's more complicated to set up I guess?
*
Again, please read the first page for more information.
Cryptocurrencies are not regulated in Malaysia because there is currently no legal framework for it.
Short answer is, capital gains from cryptocurrencies are not taxable in Malaysia (yet).
However, as many forummers here have pointed out, it is better to split your transactions into smaller amounts (below RM50k per transaction) to avoid any inconveniences.
It's not illegal, but just that when your transactions are above RM50k, you may get calls from banks asking you to explain where you got the money from, etc.


TSwengherng
post Jul 4 2017, 01:53 PM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(Secruoser @ Jul 4 2017, 01:48 PM)
Cheapest hardware is around RM400 right? Can store unlimited amount of coins?
*
There is a section on hardware wallets on the first page.
Our forummers here spent a lot of effort to prepare all those information, please feel free to utilise it as your first source of information.

TSwengherng
post Jul 4 2017, 02:25 PM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(Secruoser @ Jul 4 2017, 02:05 PM)
Sorry I was babbling... I know we don't actually hold the coins (the coins are always in the network), it just holds the 'access key' to the 'stash of coins' within the network. Is that slightly more accurate? So if anyone has the 'access key' then they can find the treasure. Something like that.
*
Precisely.
And that "access key" is the private key.
The person who controls the private key, controls all the coins.

TSwengherng
post Jul 4 2017, 02:42 PM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(xiaomoon @ Jul 4 2017, 02:32 PM)
if the hardware wallet spoil? all the coin loss also?
*
No, you just need to buy another hardware wallet and use the recovery phrase to restore all your coins.

TSwengherng
post Jul 4 2017, 05:22 PM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(Secruoser @ Jul 4 2017, 03:05 PM)
Which makes me wonder, how does the new hardware recognizes the recovery phrase? Who and what stores the recovery phrase besides yourself?
*
In hierarchical deterministic wallets, all the private keys are derived from a single root (also called a seed).
This seed, when implemented correctly, gives you access to all the private keys, using mathematical algorithms.
The 24-word (or 12-word) recover seed is just a more human-readable form of the root key, and is mathematically derived from the root.
That's why it doesn't matter if your hardware wallet is broken or lost, because this seed is not stored anywhere. It is a mathematical derivative. The same 24 words in the exact same sequence will always compute into the same root key.

So, in summary, the 24-word recovery seed calculates into the root key. The root key in turn then calculates into all the private keys it has ever given out. And THOSE private keys are what gives you back the control of your coins.

TSwengherng
post Jul 4 2017, 06:10 PM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(Secruoser @ Jul 4 2017, 05:46 PM)
So if someone is able to correctly guess a random 24-word which happens to be someone's recovery phrase, then he can access the coins of that person??
*
Technically?
Yes.
Practically?
No, unless you happen to have a quantum supercomputer sitting in your garage, and even then it'd take a while.
I might be mistaken, but I think Ledger Nano S uses BIP39 mnemonic, which uses a list of 2048 words.
So, you are talking about possible combinations of 2048 to the power of 24.
Even accounting for the check-sum feature, we are still looking at 2 to the power of 264 possible combinations.
I'm too lazy to do the math, but let's just say it is practically impossible without quantum computing.

This post has been edited by wengherng: Jul 4 2017, 06:15 PM
TSwengherng
post Jul 5 2017, 11:27 AM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(kmarc @ Jul 5 2017, 11:16 AM)
Haha, he was responding to my quip la. Now that dash is 100+, all those who previously scream scam coin has gone quiet. Although no Polo trollbox to see whether they are still screaming scam or not!
*
To be honest, I was one of those who were originally very skeptical with Dash.
No, actually, I still am...... biggrin.gif although I do hold a very small amount of it. (I guess I'm an opportunistic skeptic...? hmm.gif )

I didn't think it is a scam coin; it's definitely not a scam, but I just thought that it didn't really bring anything new to the table, and hence was not worth as much as it was priced at.

TSwengherng
post Jul 5 2017, 02:07 PM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(Secruoser @ Jul 5 2017, 01:56 PM)
That's why we keep reiterating how important and critical it is to store your main stash in hardware wallets.
And 2FA everything.

TSwengherng
post Jul 6 2017, 08:30 AM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(shahrul09 @ Jul 6 2017, 01:41 AM)
Yes this myetherwallet phishing scam already been in Bancor and status slack.
Hope everyone dont try to click any given link.

I always be extra careful and type in url myself
*
And in the TenX slack channel too.
Everyone be careful.

TSwengherng
post Jul 6 2017, 11:06 AM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(Ch3n_low @ Jul 6 2017, 09:29 AM)
Hi guys. Anywhere I can buy Hardware wallet in Kuala Lumpur?
*
As far as I know, there are no physical stores or outlets selling hardware wallets in Malaysia.
You need to buy them either directly from the Tezor or Ledger official website, and have them couriered to Malaysia, or otherwise buy from official resellers in Singapore like Coinzin and Pennywise.
The waiting time for a new Ledger Nano S is incredible these days.
You probably wouldn't be able to getone till September or October.

QUOTE(Victor3010 @ Jul 6 2017, 10:31 AM)
I wanted to get the trezor nano s but it doesnt support DGB yet
*
I think you mean Ledger Nano S, not Trezor......?

TSwengherng
post Jul 6 2017, 01:22 PM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(Ch3n_low @ Jul 6 2017, 01:13 PM)
Shipping cost is 49 euro = RM250.....    rclxub.gif
*
Yes, it's definitely not cheap to ship.
But sometimes you might be able to get slightly more reasonable shipping fees, like EUR20 or so.
Alternatively, try the Singaporean resellers, they order in bulk, so the shipping fees are substantially cheaper.


TSwengherng
post Jul 6 2017, 03:00 PM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(Secruoser @ Jul 6 2017, 01:29 PM)
I think of it this way, cryptocurrency is here to stay for a long long time, with blockchain possibly being a paradigm shift of the global socio-economics. An initial investment to make a head start in this revolution seems small compared to this scale.

Blockchain technology is not a 'trend', a 'fad' or a 'buzzword'. It will become part of our lives, and our children's lives.

http://www.influencive.com/blockchain-tech...otential-future
*
And as sifu WooTz said earlier, once your stash reach a certain amount, you should even split your stash into more than one hardware wallet.

TSwengherng
post Jul 6 2017, 05:59 PM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(tsunade @ Jul 6 2017, 04:57 PM)
Threads were removed already.
What was it about?

TSwengherng
post Jul 6 2017, 06:13 PM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(Enigmatic @ Jul 6 2017, 06:04 PM)
Bitcoin ponzi scheme. Give them RM240 and they'll return you RM50k in 5 years. laugh.gif
*
Wow.
Hard to believe......but in this day and age of free information, people still fall for these kinds of scams.
Incredible.

TSwengherng
post Jul 7 2017, 12:11 AM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(Ch3n_low @ Jul 7 2017, 12:02 AM)
Newbie checked in with nano S

rclxms.gif
*
Nice, congratulations.
How long did you have to wait for it?

TSwengherng
post Jul 7 2017, 12:29 AM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(Ch3n_low @ Jul 7 2017, 12:13 AM)
Bought ready stock from one of the seller
*
Mind sharing which seller has ready stock?
There are quite a few forummers here looking to buy one, but the waiting period is very long.

TSwengherng
post Jul 7 2017, 01:41 AM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
Ripple XRP has taken over the number two spot from Ethereum ETH!
blink.gif

TSwengherng
post Jul 7 2017, 02:08 AM

Regular
******
Senior Member
1,865 posts

Joined: Jun 2008
QUOTE(dc_talkz @ Jul 7 2017, 01:52 AM)
What happened? I clearly remember that the market cap was only 9 bil a couple of hours ago. Was looking into it earlier.
*
It still is.
Must have been a glitch in the coinmarketcap server earlier.
Too bad I didn't manage to get a screenshot of it.
Back to normal now.
sweat.gif


34 Pages « < 5 6 7 8 9 > » Top
 

Change to:
| Lo-Fi Version
1.6796sec    0.41    7 queries    GZIP Disabled
Time is now: 13th December 2025 - 11:23 AM