Newbie questions crypto thread

You need to have your own bitcoin or ether wallet first though for them to transfer the coins to.

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Which hardware wallets is endorsed by RVF? I'm considering buying the Ledger Nano S.

https://www.ledgerwallet.com/products/ledger-nano-s

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@bucky

I'm in the US, Coinbase to Binance.

(01-04-2018 04:44 AM)DarianFrey Wrote:  Which hardware wallets is endorsed by RVF? I'm considering buying the Ledger Nano S.

https://www.ledgerwallet.com/products/ledger-nano-s

The Ledger is the best option out there.

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What are the fastest ways to withdraw fiat $ from a rarecoin.

Let's say that I have some rarecoin like LSK or ARK or SUB in an exchange.

I exchange it for ETH or BTC and then what is the process to easily actually transform this to $ in my physical bank account and how long it takes?

Thank you

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(01-03-2018 08:30 PM)SamuelBRoberts Wrote:  You're not using enough gas when you do your ETH transfers.
The ETH network is really backed up lately, and the default gas prices (Which were set when ETH was far smaller than it is now) are no longer sufficient.

What gas price should we set now?

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It seems to work fairly quick anyway without changing the settings, nevermind.

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(01-04-2018 01:19 AM)the-dream Wrote:  On Bittylicious, you just get given the bank details of the person you're buying the coins from then its up to you to transfer them the money and when you do, Bittylicious automatically releases the coins. It's much more straightforward and transparent than any other UK bitcoin service that I've used.

THIS is one of the several hurdles for Bitcoins as money. (As "currency" its a different matter.)

Also, liquidity is the biggest problem with the recent and ongoing Bitcoin mania.

I mean, people are taking out mortgages to invest in Bitcoin.

So, Bitcoin is likely a worthy long-term investment, despite the hurdles. But the publicly traded companies exploiting is and especially blockchain technology, are ripe for speculation.

Finally, the lack of transparency will continue to dog Bitcoin as the pioneering cryptocurrency at several levels

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Tried to transfer some Ethereum from my EtherDelta wallet to their smart contract in order to buy some crypto. There was a transaction confirmation along with transfer code that I could track on EtherScan.

This was 10 hours ago. I still have the same amount of ETH available in my EtherDelta wallet, nothing in the smart contract to trade on the market with. When I try to withdraw or otherwise transfer ETH from the smart contract it says I have no funds etc. Has anyone else had this problem with EtherDelta? Is it just clogged ETH transfers that has been going on since the last 24 hours?

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Solved it by increasing gas price. #greenhorn

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I underestimated the amount of Ethereum you need to leave in your wallet for gas, so now I've got some Ethereum stuck in the smart contract at Etherdelta until I can deposit some more. Rookie mistake.

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It happens to everybody.
Begging for "rescue ETH" because you accidentally put all yours on ED is pretty common.

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(01-05-2018 01:48 PM)RedPillUK Wrote:  I underestimated the amount of Ethereum you need to leave in your wallet for gas, so now I've got some Ethereum stuck in the smart contract at Etherdelta until I can deposit some more. Rookie mistake.

I did the exact same thing right now! Won't make that mistake twice. Here's to being current crypto noobs and future crypto ballers:



Gonna spend the weekend with some needed rest after a crazy NYE, rest meaning researching crypto trading. Cheers.

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Hey it could be worse, have you heard any of these horror stories?

"I don't know what to do.

I was fomoing into BNTY and didn't pay attention on EtherDelta and fucked up. I just lost 15 ETH. I lost everything and don't know what to do. Please be careful with ED, if anyone has any advice to help me cope or figure out how to try and maybe get something back please help, I'm seriously freaking out.

EDIT: For clarification, I miss typed the price and order size in the wrong fields for a really large order. I bought 0.0003 BNTY for 15 ETH...."

https://www.reddit.com/r/CryptoCurrency/...fucked_up/

I think he wanted to buy 15 BNTY for 0.0003 ETH, unfortunately he got that the wrong way round, spending 15k on a miniscule amount of BNTY.

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(01-05-2018 02:10 PM)RedPillUK Wrote:  



Hey it could be worse, have you heard any of these horror stories?

"I don't know what to do.

I was fomoing into BNTY and didn't pay attention on EtherDelta and fucked up. I just lost 15 ETH. I lost everything and don't know what to do. Please be careful with ED, if anyone has any advice to help me cope or figure out how to try and maybe get something back please help, I'm seriously freaking out.

EDIT: For clarification, I miss typed the price and order size in the wrong fields for a really large order. I bought 0.0003 BNTY for 15 ETH...."

https://www.reddit.com/r/CryptoCurrency/...fucked_up/

I think he wanted to buy 15 BNTY for 0.0003 ETH, unfortunately he got that the wrong way round, spending 15k on a miniscule amount of BNTY.

That's horrifying and sounds like something I might do. I once rented a car from the wrong city when I was on a business trip, and another time I booked my return flight from Central America for the wrong month.

So basically, you set your own offer price when you buy one coin with another?

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As far as I know, a lot of people buy crypto coins because they want to remain unknown. Why does Binance or others, ask so much identification when you want to get verified?

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^anti money laundering

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I have a MyEtherWallet wallet. If I buy an Ethereum based token like REQ from an exchange, do I simply give my Ethereum public address and the REQ will automatically find its way in the REQ balance in MyEtherWallet?

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Yeah, that's right. You withdraw Eth tokens to your Eth address.

Keep a little eth on that address to pay for gas in the event you want to move that REQ (or other tokens) around in future.

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So, after failing to figure out how to buy Ripple like a fortnight ago at $0.50, I've been watching it skyrocket to over $3.00 on https://coinmarketcap.com/currencies/ripple/.

Tonight on that page I notice a link that says "Buy Instantly with credit card!" It takes me to https://iqoption.com/. I register and figure what's the worst that could happen...but right before whipping out the credit card it just starts to all seem too easy. Is anyone familiar with this site? Any chance it's legit? Just entering my credit card number and actually getting Ripple seems too easy to believe at this point.

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(01-07-2018 09:58 PM)bucky Wrote:  Tonight on that page I notice a link that says "Buy Instantly with credit card!" It takes me to https://iqoption.com/. I register and figure what's the worst that could happen...but right before whipping out the credit card it just starts to all seem too easy. Is anyone familiar with this site? Any chance it's legit? Just entering my credit card number and actually getting Ripple seems too easy to believe at this point.

I wouldn't buy Ripple myself but I had a quick look and it looks like a legit website but the fees are huge at 10% per trade and spread when buying or selling can be another 10%. (Spread is the difference between the buy and sell price).

A typical exchange charges less than half a percentage in fees. Your best bet would be to deposit to an exchange and then if they don't have Ripple buy Bitcoin or Ethereum and send that to an exchange with Ripple to trade.

Bitstamp is a good exchange that takes USD deposits and has Ripple but all exchanges are swamped with new users at the moment so any support issues or verification is going to take a while.

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(01-07-2018 09:58 PM)bucky Wrote:  So, after failing to figure out how to buy Ripple like a fortnight ago at $0.50, I've been watching it skyrocket to over $3.00 on https://coinmarketcap.com/currencies/ripple/.

Tonight on that page I notice a link that says "Buy Instantly with credit card!" It takes me to https://iqoption.com/. I register and figure what's the worst that could happen...but right before whipping out the credit card it just starts to all seem too easy. Is anyone familiar with this site? Any chance it's legit? Just entering my credit card number and actually getting Ripple seems too easy to believe at this point.

Did you find information to very important questions, such as whether you will actually be able to transfer your XRP to your own wallet or if the company you were about to buy it from will insist on holding it for you and only sell it back to them?
Plus obviously the more important question you rightfully asked of whether it really does seem a little too easy, considering that altcoins generally can't be bought for fiat yet.

Basically don't do it unless you've had the validity confirmed from numerous sources.

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Everyone always mentions how BTC is slow, and I've noticed this myself when transferring from my wallet to an exchange or vice versa.

However, when making trades on exchanges, the transfer seems to happen instantaneously. Am I imagining things or what?

The only way I can think this would be possible is if money on exchanges is only written to the blockchain when someone deposits or withdraws. When the money is actually on the exchange, it's nothing more than a number that the exchange keeps track of. Therefore, a shady exchange could lose your money and not have the capital to pay you out on a withdrawal request. Is this all accurate?

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(01-09-2018 07:22 PM)redonion Wrote:  The only way I can think this would be possible is if money on exchanges is only written to the blockchain when someone deposits or withdraws. When the money is actually on the exchange, it's nothing more than a number that the exchange keeps track of. Therefore, a shady exchange could lose your money and not have the capital to pay you out on a withdrawal request. Is this all accurate?

Yes.

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(01-09-2018 07:22 PM)redonion Wrote:  Everyone always mentions how BTC is slow, and I've noticed this myself when transferring from my wallet to an exchange or vice versa.

However, when making trades on exchanges, the transfer seems to happen instantaneously. Am I imagining things or what?

The only way I can think this would be possible is if money on exchanges is only written to the blockchain when someone deposits or withdraws. When the money is actually on the exchange, it's nothing more than a number that the exchange keeps track of. Therefore, a shady exchange could lose your money and not have the capital to pay you out on a withdrawal request. Is this all accurate?

Yep, that's how a regular bank works as well.

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Binance has re-opened registration if anyone is looking to buy alts on a legit exchange.

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