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 Bitcoin and other Cryptocurrencies, Comprehensive guide on first page.

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kmarc
post Jun 17 2017, 05:26 PM

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QUOTE(WooTz @ Jun 17 2017, 03:07 PM)
Wow. The latest TenX AMA is very impressive.

So it's HOURLY payouts, you can hold PAY tokens outside of TenX wallet and manually withdraw the payouts, or you keep PAY tokens in TenX wallets and hourly ETH dividends can be spent without any fees!

Damn this is something else. This is something special indeed. Nice to know ATM withdrawal fee is only $2.75 from them, no need to bother with money changers with overseas holidays.

Shower thoughts, assume price of ETH corrects now, say it stays below $150. TenX card users still need to spend as usual, just with other stablecoins like DGX, so now it's more ETH dividend until price resumes its rise. Effectively an awesome hedge against other cryptos.

Mindblown
*
Don't really understand but it's ok. If I managed to get some PAY tokens, it's HODLing like nobody's business. biggrin.gif

The only problem is how much of my precious ETH I want to sacrifice...... bye.gif

Damn, whole day busy. Cannot continue my loan shark activities until I get home tonight. ranting.gif
kmarc
post Jun 17 2017, 11:48 PM

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Wowee! Litecoin on fire! rclxms.gif Any news?

Shucks, now only free. Going to KO first. Tomorrow see see can swing trade my Sia or not.... yawn.gif
kmarc
post Jun 18 2017, 07:59 AM

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QUOTE(wengherng @ Jun 18 2017, 01:29 AM)
Yeah the limited edition card really caught my eye too.
But with only 750 left for the whole world, I seriously don't think I can get it. sad.gif

You mentioned that you will be using the card as your primary daily use card.
With the volatility of cryptocurrencies these days, will you really pay for your daily purchases using cryptocurrencies?
*
wengherng, can you update the first post as below? Thx!

Post #9
1) Cryptocurrencies - Is it a big bubble ready to burst?
2) Cryptocurrencies - Is it a ponzi scheme?

Post #11
1) Ethereum


Thanks to our forumers for contributing to these guides on cryptocurrencies:
1) wengherng
2) kmarc
3) WooTz
4) Enigmatic


This post has been edited by kmarc: Jun 18 2017, 07:59 AM
kmarc
post Jun 18 2017, 10:48 AM

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QUOTE(fransiska @ Jun 18 2017, 09:42 AM)
Hi can i know where to store ethereum classic? Any online wallet to recommend since i would b getting only 1 to 2 etc thanks.
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Honestly speaking, if you only hold 1-2 ETC, might as well just keep it on the exchange. wink.gif

Both hardware wallets can hold ETC but I'm not sure about online wallets as I never used them.
kmarc
post Jun 18 2017, 04:53 PM

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QUOTE(wengherng @ Jun 18 2017, 04:32 PM)
But, with the ever increasing value of ETH (i.e. fiat is losing value when compared to ETH), I thought that using fiat as much as possible would mean that your payments are actually "cheaper" as time passes, compared with ETH.
If I paid 0.5 ETH for a pair of sneakers now, and ETH goes up in value by double within the next 3 months (for example), then effectively, I would have paid 1 ETH for those sneakers, i.e. if I didn't use my 0.5 ETH, they would have been worth 1 ETH then.
Or is my logic flawed somewhere?
hmm.gif
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Correct. My Trezor which I bought using bitcoin was about 0.1 BTC last time. I think about USD 125. Now my trezor is USD250 because I used BTC. biggrin.gif

I guess it would be more worthwhile when the currency is more stable rather than rising.
kmarc
post Jun 18 2017, 05:51 PM

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QUOTE(wengherng @ Jun 18 2017, 05:44 PM)
But then again, hypothetically speaking, if you were to use that fiat to buy ETH at the beginning of the month, and assuming the value of ETH is on the uptrend on average (let's ignore the spot dips) then it means the "value" of that original fiat (which you used to buy ETH with) would have increased as well, until the day you need to use it to pay your bills, meaning you're using less ETH to pay your bill compared to what you would have needed at the beginning of the month.
Overly simplistic example, I know......just wanted to play the devil's advocate on a hypothetical situation.

Or let's say, to put it in another way......if you used 1 ETH to pay for a purchase today, while using the same amount of fiat to purchase 1 ETH, your financial position remains the same even if the price of ETH rises in future.

So, maybe WooTz has a point.
Now I understand......whales really do have a different kind of thinking from commoners like us......  notworthy.gif
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Not only that, if you did spend at a certain time and the value dropped, you actually benefitted.

Easiest would be to take bitcoin as an example. Say you started spending bitcoins past, ermmm, 3 years. All in all, I think we would lose more than we gain.

kmarc
post Jun 18 2017, 06:24 PM

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QUOTE(wengherng @ Jun 18 2017, 05:59 PM)
Yes, but what I was thinking was that at the same time that you are spending bitcoins, you are also buying bitcoins.
Say, I figure that I need to spend 1 BTC this month, so I buy 1 BTC when my salary is out (example only......I wish my salary was high enough to let me buy 1 BTC every month).

That 10,000 BTC paid for those famous two pizzas sound incredibly expensive now, but if he had bought 10,000 BTC at that time to pay for the pizzas, he would still have that 10,000 BTC now, and the price he paid at that time was next to nothing.

The more I think about it, the more viable it is.

But......this is only workable if the general trend of cryptocurrencies is going up.
*
I get what you're saying.

What about the premium on buying bitcoins or ETH from fiat? To buy cryptos just for spending when you need to pay the buying and transaction fees.

I am willing to pay premium because of investment but not to pay premium on top of spending!

kmarc
post Jun 18 2017, 08:45 PM

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QUOTE(wengherng @ Jun 18 2017, 08:15 PM)
That's a good point and has been weighing on my mind as well.
Let's see if WooTz can share his views on this.
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Thinking about modes of payment, if given the choice, I would choose credit card over cash over cryptos!

Credit card earns points and cash back while cash gets nothing. Cryptos have additional charges with the prospect of increasing value.

Even if I can spend ETH now, it is highly unlikely I would use ETH. Hmmmm... as I was thinking earlier, unless a crypto is stable, it wouldn't be the payment mode of choice....

Of course I think I'm thinking along the line of an investor....

This post has been edited by kmarc: Jun 18 2017, 09:01 PM
kmarc
post Jun 18 2017, 09:52 PM

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QUOTE(max_cavalera @ Jun 18 2017, 06:36 PM)
Bela coin suddenly spikes like crazy guys.

Any latest update of which im unaware of?
Got some coin there on this failed coin(IMO) 😅
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Looks like it could be because of the upcoming dark wave gravity hard fork for bela.

https://twitter.com/belacoin?lang=en

QUOTE(Loiren @ Jun 18 2017, 09:45 PM)
Guess the question of demand is the fundamental here.
I also cant see myself spending cryptocurrency like fiat at the moment given its potential.

Would there be legit market which faces problem of spending fiat or thru credit card ?
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Not too sure. I guess the requirement would be a stable cryptocurrency with fast transaction time and low fees with low premium on first purchase.....

And maybe even a crypto that functions mainly as a "currency" rather than anything else.... hmm.gif

The other possibility is those that strike rich and want to unload or spend their riches. The card would definitely make things easy, rather than converting to fiat first before spending..... Come to think of it, there are people who wants to unload after gaining 20, 50 or 100%.....

And yeah, as I'm a HODLer, I don't see myself spending or unloading my collection at least for another 2-3 years..... but that's just me. wink.gif

Anyway, I have nothing against these cards. Just discussing with wengherng on the issue. As I will be investing some ETH in it too, I do hope everyone uses it!! thumbup.gif

This post has been edited by kmarc: Jun 18 2017, 10:00 PM
kmarc
post Jun 18 2017, 10:10 PM

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QUOTE(Loiren @ Jun 18 2017, 10:01 PM)
Possibly but it is unlikely we are seeing this in the regional market where credit is easily available and readily attractive.
The AMA video on Saturday kind of allude that the trial test in Singapore had disappointing spending patterns.

Curious if this would change significantly with the sales of their card for a start.
*
Who knows. It's an interesting concept especially on the part of integrating many cryptos into one card. It's a crazy market out there and I guess anything is possible. If I start spending my coins in the future, I definitely need one of those cards. smile.gif

This post has been edited by kmarc: Jun 18 2017, 10:10 PM
kmarc
post Jun 18 2017, 10:12 PM

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QUOTE(David_78 @ Jun 18 2017, 10:10 PM)
Bro how to unload my ETC coin to myr? Any idea or suggestions
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So far, you can't. Have to convert to BTC first then sell in the 4 exchanges that deals with MYR.

Unless there's some forumer who wants to directly buy from you.....
kmarc
post Jun 19 2017, 06:44 AM

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QUOTE(goldfries @ Jun 19 2017, 03:19 AM)
Can be done actually.

BTC-e allows you to convert from ETH to USD.

USD you can transfer to Paypal - fast but they'll take 7% which is quite huge if the amount is large. They can Wire to local bank too.
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I see. However, after the currency conversion on top of the 7%, probably going to be more than that in the end.

Wow, decred shot up last night. Wonder why? hmm.gif
kmarc
post Jun 19 2017, 08:09 AM

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QUOTE(WooTz @ Jun 19 2017, 07:16 AM)
God, 7%.

There's your TenX use case. Just $2.75 ATM fee and get 0.1% PAY for spending it
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Yeah, I will need the card when ETH hits usd 1000.... biggrin.gif

This post has been edited by kmarc: Jun 19 2017, 08:10 AM
kmarc
post Jun 19 2017, 09:33 AM

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QUOTE(goldfries @ Jun 19 2017, 08:54 AM)
Projections are often over-estimated.

To get around 300 USD a month you'll need at least 3x GTX 1060 6GB graphics card.
*
Probably have to revise projections after AMD and Nvidia comes out with their mining GPUs. Lower price, better performance and probably lower TDP and smaller cards.... probably going to see a flood of used GPUs as miners will want to switch to proper mining GPUs.

If the mining GPUs are good, I'm going to start my own mining too!!!

QUOTE(goldfries @ Jun 19 2017, 09:10 AM)
What actually is happening? Correction? POS implementation? Hard fork?
*
Bitcoin hard or soft fork. Hope it is not too bloody....

Looking at how human nature is, I'm not surprise if bitcoin splits into 2 chains.

QUOTE(terradrive @ Jun 19 2017, 09:10 AM)
Other than luno, which 3 other exchanges that deal with myr that you guys are talking about?

Been waiting for account upgrade for whole week now and i'm reaching the withdrawal limit sleep.gif
*
Remitano, localbitcoins and xbit. More info in front page.
kmarc
post Jun 19 2017, 09:47 AM

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Oh ya, a thought just crossed my mind. We're not in a bubble yet as lowyat stock market forumers are still not into cryptos. Once they come, be prepared for the bubble! biggrin.gif
kmarc
post Jun 19 2017, 11:42 AM

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QUOTE(WooTz @ Jun 19 2017, 11:34 AM)
Coinbase added 1,000,000 new customers last 30 days....

That explains the current state of the Coinbase subreddit

They are coming, hopefully new services like TenX, Prism and LocalEthereum can help addressing the rapid growth.
*
No way! 1 million users in 1 month????

Have you started your mining rig yet? Can't wait for proper mining GPUs.

Anyway, on other news, Dash almost reaching 200. Pity those people who shouted scam since it was around 40-50. Because of that, I didn't buy much either. sad.gif

This post has been edited by kmarc: Jun 19 2017, 11:42 AM
kmarc
post Jun 19 2017, 11:50 AM

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QUOTE(blueblueoutofblue @ Jun 19 2017, 11:48 AM)
it doesn't matter whether people shout scam or not

for whaler who pump coin and cash out for profit... they enjoice

LTC now is whaler choice lol  rclxm9.gif
*
In the long run, I think HODL whales will still win overall. Before the bubble burst that is.... wink.gif
kmarc
post Jun 19 2017, 12:25 PM

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QUOTE(klthor @ Jun 19 2017, 12:02 PM)
i have a few ETC missing in poloneix, you guys should be careful on poloneix. send a ticket with all the explorer thing, no replies. pulled out everything from poloneix, switched to bittrek testing now.
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Really? Have you check your open orders? Maybe it is stuck somewhere. I have so many coins it is impossible to track. They can steal my coins everyday and I wouldn't know.... sad.gif

My ticket which was 40+ days old just got replied yesterday....

This post has been edited by kmarc: Jun 19 2017, 12:26 PM
kmarc
post Jun 19 2017, 12:32 PM

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QUOTE(blueblueoutofblue @ Jun 19 2017, 12:26 PM)
just make sure you make daily/weekly check on your coin ... sad.gif

i lost total 0.7 BTC of btc, eth, xrp  doh.gif
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QUOTE(blueblueoutofblue @ Jun 19 2017, 12:27 PM)
wow.. 40 days... @_@
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Yeah, it was my REP coin's that I transferred to my hardware wallet. No records on blockchain then suddenly appeared in my wallet after 4 days. I replied in the ticket that I have received the coin and can close the ticket. They just replied yesterday to say that the ticket issue has been resolved. Lol!
kmarc
post Jun 19 2017, 12:34 PM

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QUOTE(WooTz @ Jun 19 2017, 12:29 PM)
Had quite a debate with gf regarding mining, she wasn't  amused with the heat and noise and questioned the point of doing it seeing we're quite well off already.

So I'm not going to do it. Just a gaming rig with some occasional mining when she isn't around.

I think DASH rise has got to do with TenX adding it tomorrow onwards.
*
Lol. Even though money isn't everything, if can generate more, why not?

You should have bought a bigger condo and convert one room just for mining. Don't forget one room for babies too! biggrin.gif

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