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 Bitcoin and other Cryptocurrencies, Comprehensive guide on first page.

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TSwengherng
post Jul 14 2017, 10:11 AM

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QUOTE(Jackieboy @ Jul 14 2017, 08:28 AM)
Hello, I am a newbie.

From the first page, how do we cash out from bitcoin or Eth into MYR or USD or whatever currency wanted? Can this be added into the first page info?
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I have updated the first page accordingly.

QUOTE(Secruoser @ Jul 14 2017, 09:45 AM)
What's a safe way to sell directly to buyer?
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I have never sold directly to a buyer before, so I can't comment on that.
But just beware that there are many scammers out lurking out there, so you really have to be careful and do your due diligence.
Alternatively, you can also sell on P2P platforms like Localbitcoins, where you are still dealing directly with the buyer, but the platform will serve as an escrow for you, and you can also see the feedback reviews of the person you are dealing with.
Not exactly foolproof (or scam-proof), but slightly better than just selling to some random person on the street.
TSwengherng
post Jul 14 2017, 10:15 AM

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QUOTE(Ch3n_low @ Jul 14 2017, 10:07 AM)
What should I do before 1 August? Just store my btc in hardware wallet?
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My personal advice (which is worth nothing), assuming selling off all your bitcoins is not an option......just keep all of it on a hardware wallet, and do not do any transactions shortly before or after 1st August, at least until the dust settles and the situation is clear.
Do NOT keep your bitcoins on an online exchange.
As long as you control the private keys, you'll be fine.
Hard fork or no hard fork, it's going to be a roller coaster ride.
TSwengherng
post Jul 14 2017, 01:26 PM

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QUOTE(Ch3n_low @ Jul 14 2017, 10:37 AM)
when is the best time to withdraw all my btc from exchange? should I withdraw now or wait until next week?
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If you're not going to buy/sell within the next days, then it doesn't really matter whether you do it now or later.
Might as well do it now, since I anticipate that the network will get congested again later with everyone trying to withdraw bitcoins from exchanges to their hardware wallets as well.
TSwengherng
post Jul 14 2017, 03:50 PM

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QUOTE(Ch3n_low @ Jul 14 2017, 03:27 PM)
how about altcoins bro?
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I don't think you need to worry about altcoins like ETH as they are not on the bitcoin blockchain.
But they will most definitely be affected in terms of price volatility.
TSwengherng
post Jul 14 2017, 06:08 PM

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QUOTE(Ch3n_low @ Jul 14 2017, 05:11 PM)
But I think litecoin and dash is on same blockchain
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In that case, better move them to a wallet where you control the private keys if possible (which you should do anyway, regardless of the fork threat).
But I have only very little Dash, so I'm just going to leave it on the exchange.
My LTC is in my hardware wallet already.
TSwengherng
post Jul 14 2017, 09:11 PM

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QUOTE(Ch3n_low @ Jul 14 2017, 05:11 PM)
But I think litecoin and dash is on same blockchain
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QUOTE(archangel22 @ Jul 14 2017, 07:17 PM)
What do you mean same blockchain?
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Actually, come to think of it, I wanted to ask that as well.
I was busy at work this afternoon and didn't stop to think properly, and it didn't occur to me at all.
What do you mean by "same blockchain"?
They are originally based from the same concept, yes, but each of them has their own blockchain.
Things happening on the bitcoin chain will not physically affect another blockchain.
TSwengherng
post Jul 16 2017, 04:54 PM

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QUOTE(soonming @ Jul 16 2017, 04:31 PM)
Cos the first post advice is... Only invest with money you can afford to lose. Hope all of us here not gonna lose too much sleep over this 'technical adjustment'
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Yes exactly.
Always go into an investment with the full readiness to lose all of it.
It is extremely important to assess one's own financial situation, and whatever you do, do NOT compare with others.
And since all of us here (I hope) are not using our daily dependent funds for cryptocurrency investment, then there is nothing to worry about......just hang on, keep calm, and weather the storm.
It may last a couple of weeks or even months, but no matter how bad a thunderstorm is, it can only last so long, and the sun shines again after that.

My advice is to keep hodling, and at the same time, try to save up as much cash as possible, and wait to pump in once the storm subsides and the dust settles.
You can be sure that by that time, all the whales and smart investors will be ready to gleam through the carnage, picking up all the dirt cheap coins and preparing themselves for the next boom cycle.


TSwengherng
post Jul 16 2017, 05:18 PM

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QUOTE(thesnake @ Jul 16 2017, 05:11 PM)
possible for BTC and ETH to drop further again? plan to dump 6 figure into CC and let it boom for the next boom cycle
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Personally, I don't think we've hit rock bottom yet.
Exciting days yet to come.
TSwengherng
post Jul 17 2017, 10:16 PM

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So, people......finally the TenX limited edition and founders' edition cards are available! rclxm9.gif
You can check whether you are eligible for the special cards by going to the following address:

https://cardclaim.tenx.tech

Good luck!
TSwengherng
post Jul 18 2017, 10:12 AM

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QUOTE(AdLunam @ Jul 18 2017, 01:07 AM)
Hi Crypto Experts

I am new to Cryptoland & really excited to discover this land.biggrin.gif  I heard about BTC trading from my Singaporean friend back in May. After, spending the next 2 months soaking up on any info relating to BTC, I finally took the plunge & started buying BTC 2 weeks ago when BTC was RM11,300...and the price promptly goes south right after  doh.gif  Luckily, it was just 5% of my investing money. I have since averaging down by adding more BTC. Hoping BTC price to go down further so I can buy more.

I stumbled across your forum v1 a few days ago. I read thru v1 from Jan 2017 onwards & still reading v2 till my eyes blurry, but not even half way thru. I was away from LYN forum for a long time that I have forgotten my old username. But your forum topic & the things you discussed here were so interesting that it brings me back. Thanks for creating this forum topic. Kudos to wengherng, kmarc, WooTz & Enigmatic for the comprehensive guides posted on first page of this forum. Really appreciate these info.
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Hello AdLunam and welcome to the club...!


QUOTE(cloudre01 @ Jul 18 2017, 09:41 AM)
woaahhh what is this coin?  shocking.gif  shocking.gif

[attachmentid=8973076]
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Must be a glitch, I think?
How can this coin have a USD 7 billion dollar market cap, even higher than Ripple??? confused.gif

TSwengherng
post Jul 18 2017, 11:03 PM

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QUOTE(wokies @ Jul 18 2017, 10:27 PM)
im noob sir..so, need all 40btc sold later only price follow market? unsure.gif
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No such thing as an exact "market price" for bitcoin.
A bitcoin is only worth as much as the person who buys it is willing to pay for, so the price will be different on each exchange, in each country, which will differ quite significantly from each other.

Once this 40 BTC is sold off, if there is one person with just 1 BTC to sell, and he sets it at RM 9k (for whatever reason) and there is no other person selling, then one bitcoin is worth RM 9k on that exchange.

Of course, markets correlate to each other in terms of trend, but in no way does this determine the price on each exchange.
That's how some people make a living from arbitrage......buying from one exchange and selling it on another exchange where people are willing to buy at a higher price.



TSwengherng
post Jul 19 2017, 12:58 AM

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QUOTE(wokies @ Jul 18 2017, 11:53 PM)
thanks sir for your info..now i know abit more..need to change platform..maybe to xbitasia..my money still not deposit, even tho luno already process my verification to level 3..already email them..

Question about references number for luno..it will be the same for the same user?.. hmm.gif
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I don't normally buy in Malaysia as I am working overseas, so I have not personally had any experience buying on Luno, sorry can't advise you there.
Of the several times that I bought in Malaysia, I used XBit Asia because it had the best rates at that particular moment.
On XBit Asia, the reference you put in the transaction is always the same, i.e. your XBit Asia account username.
TSwengherng
post Jul 20 2017, 07:01 PM

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QUOTE(nyunyu @ Jul 20 2017, 05:34 PM)
Do you keep your btc with Luno or transfer it to your other wallet?
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Never keep your cryptocurrencies on online exchanges if possible.
Store them in hardware wallets.
TSwengherng
post Jul 20 2017, 07:06 PM

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QUOTE(shahrul09 @ Jul 20 2017, 07:01 PM)
Not sure should cash out or not, bip91 is >80% now.
Btc is bullish now.

And if segwit lock in and activates it will shot up more like ltc
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It depends on your horizon.
Unless you need the money soon, I think you can just keep it.
In the long term, the outlook is still positive.
I have all mine in my hardware wallet, to be frozen for a few years.


TSwengherng
post Jul 22 2017, 11:45 PM

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QUOTE(chonghe @ Jul 22 2017, 09:00 PM)
So Nano S controls the coin using the 24 words phrase while MEW controls the key using a very long private key?

So the 24 words key are much secured than the private key on MEW?

So after I transfer my coin to the address generated by Nano S then my coins are secured?
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Not really, that's not the way it works.
Basically, the 24-word recovery phrase IS the private key......in a way.
It's just that normally, the private keys are such a long string of characters that it is extremely easy to make a mistake, potentially causing people to lose their access to their stash simply due to typo errors.
A 24-word recovery phrase just translates the long private key into a list of 24 everyday English words, via complex mathematical calculation, so the same 24 English words, in the exact same sequence, will always generate the same private key.
One is not "more secure" than the other.
TSwengherng
post Jul 23 2017, 05:02 PM

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QUOTE(chonghe @ Jul 23 2017, 12:51 AM)
so the advantage of hardware wallet is then that the hardware wallet stores the coin offline, and that without the hardware wallet nobody can access the coin?

But strange if someone got the 24 word that he/she controls the coin, and if someone got the MEW private key he/she controls the coin. And since it is very hard to get the private key in MEW and Nano S, so why need hardware wallet?
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In addition to what kmarc said, basically, the strongest advantage of having a hardware wallet is that it is inherently offline and disconnected from the Internet.
You can't hack it, you can't brute force attack it, you can't install malware on it to infect it with a keylogger, etc.
Also, even if someone steals it from you, as long as they do not know the PIN number to activate the hardware wallet, the wallet will erase all data on it after 3 wrong PIN entries.
MEW, on the other hand, although also not storing your private keys, nevertheless still relies on your computer being completely virus-free and no hidden trojan horses or keylogging malware are lurking in the shadows to make a copy of whatever file you download and store.
Of course, MEW is miles better than storing your coins on an online exchange, but is still one step below a hardware wallet when it comes to absolute security.
TSwengherng
post Jul 23 2017, 09:54 PM

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QUOTE(nond @ Jul 23 2017, 09:44 PM)
ok thanks. transfer successful and bought some pay coin. shall study other similar altcoin mention in their whitepaper  :thumbsup:

Any Altcoins or coming ICO you are looking ?

I saw this ICO laugh die me  tongue.gif

https://uetoken.com/#token-details
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Wait......people actually contributed 310 ETH for this useless token???
Shit man, I need to come up with my own version of absolutely useless tokens.

TSwengherng
post Jul 24 2017, 01:40 PM

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QUOTE(Ch3n_low @ Jul 24 2017, 12:35 PM)
Will still hold it until end of this year...
Some people say Ltc may go up to $400 this year
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QUOTE(cloudre01 @ Jul 24 2017, 01:00 PM)
$400?  shocking.gif what is the reason?
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A lot of people say a lot of things......take all cryptocurrency predictions with a generous dosage of salt.
Sometimes, if you're lucky, it might even become a self-fulfilling prophecy.
It starts with some yahoo (usually some sort of "respected and famous financial guru or expert") claiming that the price will rise to so and so level, then manages to convince the herd, and then the herd believes it and starts buying in, creating an artificial demand, and thus driving up the price......thus fulfilling the prediction.

That said, I'd be pretty pleased if LTC does go to USD 400.
TSwengherng
post Jul 24 2017, 02:47 PM

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QUOTE(chonghe @ Jul 24 2017, 01:48 PM)
If I buy PAY can it be stored in the same address as the one storing ETH?

If so that means the PAY tokens can be protected by Nano S under the same address?
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Yes, it can be stored in the same address that is storing ETH.
In fact, when you get the reward payouts from TenX (which will be in ETH), they will be distributed to the same address that you are storing your PAY anyway.

TSwengherng
post Jul 24 2017, 03:01 PM

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QUOTE(dembaba9000 @ Jul 24 2017, 02:53 PM)
Is there any minimum holding amount to get the reward payout? And when will they distribute?
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There was no mention on the minimum holding amount, but obviously it has to be substantial enough that the rewards can be sent to your address without being entirely eaten by the transaction fees.
As to WHEN they will distribute, the original plan was to start in August, I think......not sure whether this has changed.
Initially the rewards distribution will be monthly, and in future, once the amounts start to become larger, they will shorten the period, with an ultimate goal of rewards distribution on an HOURLY basis. smile.gif

This post has been edited by wengherng: Jul 24 2017, 03:01 PM
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