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bit coins for dummies like me.

Discussion in 'The Black Briefcase' started by Stealthstyle, Jan 22, 2017.

  1.  
    BobCajun

    BobCajun Well-Known Member

    Maybe invest in bitcoin but I don't know about MJ stocks. Have you ever heard of "overproduction"? Do you expect mj prices to rise with increased production? However SHORTING mj stocks would probably be an astute investment. The steep fall is inevitable.
     
  2.  
    davethepothead

    davethepothead Well-Known Member

    True not all stocks are created equal thus I believe some companies will take control of massive parts of the sector, once it becomes federally regulated companies will take hold of niche opportunities (like the dominoes for weed delivery or the go to affordable all in one grow box). MJ will become streamlined and big companies like big tobacco and big pharma will have huge slices of the pie. It's the big companies who's wave you wanna get on early and ride it out. But I never thought about short selling some of these companies. Inevitably some companies will have all this hype and fail. Just gotta find the ones that are all hype and get out in time.
     
    Nugachino likes this.
  3.  
    BobCajun

    BobCajun Well-Known Member

    Frankly I'm surprised anybody actually buys from the weed stores. They're just being suckers of the government. Lots of suckers in western US states I guess. All they needed to do was vote to decriminalize MJ, to protect people from criminal records for small amounts. Who the hell voted for weed to be sold in stores like cigarettes and liquor? Stupid Washingtonians, Oregonians and Coloradoans, or whatever the hell they call themselves?

    Holy fuck people are stupid. How the hell does that help anybody but the government and big corps with lots of investment money to use to elbow out small growers? Naive, naive, naive. Just like that numbnuts Marc Emery, donating millions to US west coast legalization movements and then it actually happening and the BC mj export industry is now toast. If it's not REALLY legalized, meaning no laws whatsoever, then how is it better than simple decrim? What, you're more worried about paying a small fine now and then than having the west coast mj trade taken over by rich people?

    I suggest they have another vote and this time vote to make it illegal again but with decriminalization of small amounts. Yeah, some unlucky few will go to jail, but those are the greedy fucks who grow huge amounts out of personal greed and sells it in a stupid way that gets them caught. That keeps the competition down, weeding out the jerks. They probably won't even let the people vote to illegalize mj, now that they have their talons into the golden goose. You done fucked up, west coast stoners, bad.
     
    Last edited: Jun 30, 2017
    kingzt likes this.
  4.  
    DaveInCave

    DaveInCave Well-Known Member

    In short, bitcoin for dummies is an oxymoron.
    If you're a dummy, you can't use bitcoin *safely* and anonymously.
    Dealing with bitcoin requires you to read and to understand what you are reading.

    At some point the apps will be friendly enough so even technologically illiterate people could use them,
    but we are not there yet.

    Also to correct some of the misinformation:
    Bitcoin is traceable, but linking a given bitcoin address to an identity can easily be avoided.

    Here are some things to get you started (google is your best friend):
    You can buy bitcoins from a person in cash on LocalBitcoins, from online exchanges via bank transfer, using credit cards, Paypal, and for Amazon gift cards on Purse.io or Paxful.
    You don't have to buy a whole bitcoin, you can buy 0.00000001 of a bitcoin.
    You should understand what a bitcoin public address is, and what a private key is, and how to keep it secure and safe.
    You should use a trusted wallet app with a thin client, like mycelium or electrum, not a cloud based service which doesn't give you control over your private keys.
    For large sums of money you should know what a hardware wallet (trezor, ledger) or cold storage is.
    You can spend bitcoins anywhere using bitcoin-linked debit card like Xapo, you can buy cheaply on Amazon with bitcoins using Purse.io.
    Like any speculative investment, only invest money you can afford to lose.
    Mining bitcoins is not feasible anymore for an individual.
    Mining Ethereum and Zcash is quite profitable if the energy prices where you live are low enough.

    The best recommendation I can give you, is to buy a small amount of bitcoins, let's say $150, and start playing with it, for example, buy some seeds, buy something from Amazon on Purse.io, etc.
    If you mess up, you might lose it, but for low sums it's not the end of the world.
    For investment purposes I recommend people to put up to 10% of their portfolio in cryptocurrencies, as it is highly speculative and fluctuating.
    Maybe wait until the Bitcoin fork to invest large sums of money, but Ethereum, Ripple, Zcash, and litecoin are very good candidates.

    If you have more specific questions I'm happy to answer.
    I'm an early bitcoin adopter, started mining it back in 2010. Currently running a Zcash mining operation.
    I also personally know a couple of leading cryptocurrency developers from the academic world.

    I have no doubt that bitcoin, or other cryptocurrencies will be the basis for any financial transaction infrastructure in the future.
    More than likely users will not interact with the blockchain directly, but it will be in the background.
     
    Stealthstyle likes this.
  5.  
    BobCajun

    BobCajun Well-Known Member

    How much can you make mining Zcash? Guess I can google it. Probably impractical like btc though.
     
    Last edited: Jun 30, 2017
  6.  
    DaveInCave

    DaveInCave Well-Known Member

    The feasibility is quite high actually. You get to ROI within 3-4 months.
    So from a graphics that costs $300 you make about $100 per month, depending on your electricity price.

    I live in one of the countries with the cheapest electricity in the world and I pay about 3 cents per kW/h.

    That's one of the reasons by the way that you can't find a graphics card anymore anywhere these days, and manufacturers start to sell special mining GPU models without a display output.
     
    Last edited: Jun 30, 2017
  7.  
    BobCajun

    BobCajun Well-Known Member

    My power isn't anywhere that cheap, but I do a graphics card Gforce. maybe mine them now but don't sell them right away. Think if you had mined and saved btc when they first came out. But I guess you'd never know when to sell them because they could go up more.
     
  8.  
    DaveInCave

    DaveInCave Well-Known Member

    I actually did, back in 2010-2011
    :)

    I don't see any reason to sell bitcoins anymore. you can spend them directly if you want, but their value is most likely only going up.
    Same for ethereum, ripple and zcash, those are for holding for the long term.

    You should try mining zcash for few days just for fun, it's quite a cool hobby.
     
  9.  
    BobCajun

    BobCajun Well-Known Member

    Yeah I may give it a try. Thanks for the information.
     
  10.  
    kingzt

    kingzt Well-Known Member

    What kind of platforms are safe for transferring money and buying cryptos. My buddy uses coinbase and he said they charge a lot to buy and is thinking of switching to gemini? Is there any safer ways than that?
     
  11.  
    DaveInCave

    DaveInCave Well-Known Member

    Never used Gemini.
    Coinbase is probably the best one that I know for US buyers.
    Bitstamp is another.
    Maybe this helps:
    https://www.buybitcoinworldwide.com/exchanges/
     
  12.  
    kingzt

    kingzt Well-Known Member

    Thanks for the timely reply. A buddy of mine uses it but he says it's like 1.5% to buy with them if purchasing through your bank account and even higher if you use a debit or cc I believe. I do like they have an app though.
     
  13.  
    DaveInCave

    DaveInCave Well-Known Member

    it might seem like a lot, but when you buy something with bitcoin it ends up being way cheaper both for you and for the vendor.
    10%-15% cheaper on purse.io for example.
     
    kingzt likes this.
  14.  
    kingzt

    kingzt Well-Known Member

    Will bitcoin be king? I'm thinking of investing in ethereum or litecoin first.
     
  15.  
    alwayslearning777

    alwayslearning777 Active Member

    I went with litecoin first.. it was just cheaper, yea you can buy .002 btw but I like having 1ltc instead ... MIT is announcing plans to use litecoinfor one of their projects, bitcoin may crash a little bit on August 1st from what I hear ... my plan is sell off my lites, or some around that time and then scoop up a bitcoin if the price does really drop ... ethereum I have a few as well .. I watched something and basically if you can calculate when a lot ofICOs go public, there is basically a large sell off in etherium and that's the time to buy .. idk I guess that getting a little far into it buy it what I'm doing is 70 percent litecoin 15 etherium 15 bit .. once Ltd hits 70 I'm gna put 10 into bitcoin
    Litecoin was my first love . I learned how to go from exchange to paper wallet to online wallet back to exchange .. and once I got the hang of that I started to mess with bitcoin ... etherium I put on a paperwallet and cannot figure out how to get it back on :( so don't do that lol

    If you have questions I may be able to help .. it was nerve racking for me, the process of moving them offline and back on ... the reason I do that is I do not trust leaving all of mine in an exchange in case that exchange gets shut down
     
    Jimmy Verde likes this.
  16.  
    Lucky Luke

    Lucky Luke Well-Known Member

    Cash is King.
     
  17.  
    kingzt

    kingzt Well-Known Member

    I am still new to this and what you said is confusing to me. I will have to do a little more research. What do you mean by online and offline? Also when you say exchange do you mean like Coinbase and Gemini?
     
  18.  
    kingzt

    kingzt Well-Known Member

    I agree when you purchasing something but cash loses value over time due to inflation. You'd have more money investing and banking on compounding interest if you just saved.
     
  19.  
    alwayslearning777

    alwayslearning777 Active Member

    Yup I use coinbase as my exchange ...
    So online meaning I keep my coin on coinbase or my electronic wallet.. in order to use the coins they have to be online that way you can just click send and send them where ever you want.

    I use electron LTC as my online wallet, meaning they are still online but not on the coinbase exchange.

    Offline is a paperwallet where basically your public and private key are only stored on the piece of paper you printed out. So this is the safest because they can't be hacked and they are in your possession.

    So onlinein exchange - buy them from coinbase or whatever and you keep them on there.. this is the easiest but if you plan to buy them and just hold for a long time, I wouldn't do that. If your going to be buying and selling daily or weekly it's probably fine

    Online in an electronic wallet - you send the coins that you baught on the exchange to your electronic wallet, so it'll ask you the public key you wish to send them to and you would type in the public key that you get when you download your electronic wallet.

    Paperwallet or offline - go to a paperwallet generator and generate and print a paperwallet. Do this offline and not using wireless, you can watch videos on the best way to do this. Then you send the coins you have o your exchange to the public address that you printed out,they essentially disappear until you are ready to bring them back on

    To bring them back online you open your electronic wallet (not exchange) and click sweep private keys, or something to that effect. You type in the private key that is printed on your paperwallet and then shortly after thecoins arrive on your electronic wallet

    From the electronic wallet you can send them anywhere... I do not know why the exchanges do not have the option to import or sweep the paperwallet ...
     
  20.  
    Lucky Luke

    Lucky Luke Well-Known Member

    OK..Cash is King. Houses In city's are also King.
     

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