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Forums - PC Discussion - i just bought 100 dollars in bit coin stuff, now what?

endimion on 21 August 2017
HoloDust said:
Slownenberg said:
bitcoin has nearly 3.5x'd this year in just over 7 months. Every time someone tries to tell people interested in investing in it that they will lose all their money I just feel awful for both the person giving the bad advice and the person who might be swayed by it.

There is a reason why "greater fool theory" is called that way.

Bitcoin is currently in its Mania phase on diagram, that's the reason why it's gaining so much "value". But, it's just another bubble.

Now, as somone who profited in life from some bubbles, I'm really entertained by people saying that something will just keep rising, especially when certain something shows all the signs of bubble.

But as I said, some people will get very rich (many already have), and many, many others will loose a lot of money.

Chrizum said:

Made over 100k investing in cryptocurrencies (mostly Ethereum and Bitcoin) in less than a year. Not saying I wasn't a little lucky with my timing, 'cause I was. But still, cryptocurrencies aren't going to disappear all of a sudden, there is a lot of future in blockchain technology. Many financial and tech-related companies are already heavily invested in it.

There is future in blockchain, it's just not Bitcoin and all other private unregulated currencies (not that any of them are currency to begin with).

Something like FedCoin/BitDollar will come and then that will actually be money.

Hum true but false... it's nowhere close to the mania phase... the volume traded are still ridiculously low.... it's anything but mainstream... yeah sure it behaves like a buble... but ask the next 100 people what bitcoin is. Compare to the dotcom or housing or tulip bulb bubles we are still miles away... it will pop sure but it's far from the mania phase...

 

Nope fedcoin or gov control crypto will mever succeed or at least take the spot of decentralized crypto... cause it's not up to said countries... if me and my friends decide to trade in VGcoins that's a thing.. not up to gov or any regulatory bodies legal or not.. they'll have zero control.... at least outside of the mainstream noobs.. they'll always be ten step behind...

Then the future of blockchain is not straight up currency, but true commodity such as smartcontracts and the likes... 

Anyway there is still much room from cryptos before it trully burst and stabilize... but it'll never be controlled... not like anything so far... and it will have true applications eventually... the dotcom buble bursted but you still had blockbuster dotcoms after the implosion.nn amazon, yahoo, google, and many more still made millions for the people that stayed on board... heck amazon is still pretty much a buble in itself



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sethnintendo on 23 August 2017
Pyro as Bill said:
sethnintendo said:

Tis a shame you invested about 3 days too late to take advantage of the Bitcoin Cash split.

"If I own Bitcoin, do I automatically own Bitcoin Cash too?
Anyone who held Bitcoin at the time Bitcoin Cash was created became owners of Bitcoin Cash. This means that Bitcoin holders as of block 478558 (August 1st, 2017 about 13:16 UTC) have the same amount of Bitcoin Cash as they had Bitcoin at that time. If your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your Bitcoin Cash.

Any transactions after the August 1st ledger split are completely separate between Bitcoin and Bitcoin Cash. This means any Bitcoin acquired after the split does not include any Bitcoin Cash, and any Bitcoin Cash does not include any Bitcoin."

https://www.bitcoincash.org/

Bitcoin cash is at around 640 dollars per coin right now. 

So anyone who had Bitcoin now has Bitcoin cash instead? Or do they own both?

So according to Bitcoin Cash website and the bolded part I took from their website:

 

If you had Bitcoin before August 1st, 2017 then you were given equal amount of coins in the new currency that came from the split which is Bitcoin Cash.

 

Lets say you had 20 Bitcoins that you purchased on July 31.  So after the split happened on August 1st you now have 20 Bitcoins but you also have 20 Bitcoin Cash.

 

The currencies have now split though so people that buy or mine Bitcoin only have Bitcoin and people that buy or mine Bitcoin Cash only have Bitcoin Cash.  They split because some people were worried about the time it took to transfer Bitcoins.  Bitcoin Cash is quicker in confirming transactions (people sending and recieving coins) because they increased it from 1 MB of data per block (about 3 transactions per second) to 8 MB of data per block (about 24 transactions per second).



sethnintendo on 23 August 2017
spurgeonryan said:
I bought it a while back, it is All veryy confusing. Wish the bubble would crash so I can buy more.

You know if you bought it before August 1st?  If so then you have equal amount of coins (or percentage of a coin) of Bitcoin Cash.  Only drawback is if you are just using a sites wallet then you would have to contact the site asking about what they plan to do with the Bitcoin Cash coins.

 

If I own Bitcoin, do I automatically own Bitcoin Cash too?


Anyone who held Bitcoin at the time Bitcoin Cash was created became owners of Bitcoin Cash. This means that Bitcoin holders as of block 478558 (August 1st, 2017 about 13:16 UTC) have the same amount of Bitcoin Cash as they had Bitcoin at that time.  If your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your Bitcoin Cash.
 
Any transactions after the August 1st ledger split are completely separate between Bitcoin and Bitcoin Cash. This means any Bitcoin acquired after the split does not include any Bitcoin Cash, and any Bitcoin Cash does not include any Bitcoin.

https://www.bitcoincash.org/

 

Apparently if you were on a legit exchange then they should have done the process for you.  If you just have a personal wallet then you have to go through some steps covered on this page.  Seems a little confusing but probably not too hard if you follow the directions.

https://99bitcoins.com/how-to-claim-buy-bitcoin-cash-guide/



Moneybags on 24 August 2017

Yea bought me $6000 worth on July 25. Seemed like a good decision after seeing it rise all year. Hoping it keeps going up$$$$$=)



Pyro as Bill on 24 August 2017
spurgeonryan said:
sethnintendo said:

You know if you bought it before August 1st?  If so then you have equal amount of coins (or percentage of a coin) of Bitcoin Cash.  Only drawback is if you are just using a sites wallet then you would have to contact the site asking about what they plan to do with the Bitcoin Cash coins.

 

If I own Bitcoin, do I automatically own Bitcoin Cash too?


Anyone who held Bitcoin at the time Bitcoin Cash was created became owners of Bitcoin Cash. This means that Bitcoin holders as of block 478558 (August 1st, 2017 about 13:16 UTC) have the same amount of Bitcoin Cash as they had Bitcoin at that time.  If your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your Bitcoin Cash.
 
Any transactions after the August 1st ledger split are completely separate between Bitcoin and Bitcoin Cash. This means any Bitcoin acquired after the split does not include any Bitcoin Cash, and any Bitcoin Cash does not include any Bitcoin.

https://www.bitcoincash.org/

 

Apparently if you were on a legit exchange then they should have done the process for you.  If you just have a personal wallet then you have to go through some steps covered on this page.  Seems a little confusing but probably not too hard if you follow the directions.

https://99bitcoins.com/how-to-claim-buy-bitcoin-cash-guide/

I purchased directly through bitcoin and also through another site that had multiple digital currencies. 

This isn't possible. What was the name of the site you used?



Nov 2016 - NES outsells PS1 (JP)

Don't Play Stationary 4 ever. Switch!

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sethnintendo on 25 August 2017
Moneybags said:
Yea bought me $6000 worth on July 25. Seemed like a good decision after seeing it rise all year. Hoping it keeps going up$$$$$=)

I'd cash out if it gets to 4.5 or 5k per coin.  You get your bitcoin cash coins also?  Should just unload those because its sitting at 627 a coin for bitcoin cash right now.  Pure profit.



Moneybags on 25 August 2017
sethnintendo said:
Moneybags said:
Yea bought me $6000 worth on July 25. Seemed like a good decision after seeing it rise all year. Hoping it keeps going up$$$$$=)

I'd cash out if it gets to 4.5 or 5k per coin.  You get your bitcoin cash coins also?  Should just unload those because its sitting at 627 a coin for bitcoin cash right now.  Pure profit.

No, I bought it off coinbase. They originally were not going to give out bitcoin cash but (after many complaints) I think they made a statement that they would give it in 2018=(



sethnintendo on 25 August 2017
Moneybags said:
sethnintendo said:

I'd cash out if it gets to 4.5 or 5k per coin.  You get your bitcoin cash coins also?  Should just unload those because its sitting at 627 a coin for bitcoin cash right now.  Pure profit.

No, I bought it off coinbase. They originally were not going to give out bitcoin cash but (after many complaints) I think they made a statement that they would give it in 2018=(

Wow sounds kind of shady like a ponzi scheme or something.  They unload a shitload of them in 2018 a month or two before they give you the bitcoin cash coins.  That way they could cause it to tank and then just buy back the coins at a cheaper price and then give them to you.



Moneybags on 25 August 2017
sethnintendo said:
Moneybags said:

No, I bought it off coinbase. They originally were not going to give out bitcoin cash but (after many complaints) I think they made a statement that they would give it in 2018=(

Wow sounds kind of shady like a ponzi scheme or something.  They unload a shitload of them in 2018 a month or two before they give you the bitcoin cash coins.  That way they could cause it to tank and then just buy back the coins at a cheaper price and then give them to you.

It does seem shady but I dont want to think that is the case. I thinks its because they only sell bitcoin, etherium and litecoin. Maybe if they give out bitcoin cash they'll have to make it an official option for exchange. Perhaps they aren't set up for that yet. Do you have an interest in the cryptocurrency market?



sethnintendo on 25 August 2017
Moneybags said:
sethnintendo said:

Wow sounds kind of shady like a ponzi scheme or something.  They unload a shitload of them in 2018 a month or two before they give you the bitcoin cash coins.  That way they could cause it to tank and then just buy back the coins at a cheaper price and then give them to you.

It does seem shady but I dont want to think that is the case. I thinks its because they only sell bitcoin, etherium and litecoin. Maybe if they give out bitcoin cash they'll have to make it an official option for exchange. Perhaps they aren't set up for that yet. Do you have an interest in the cryptocurrency market?

Yea I had a few cheap miners for awhile and mined a little with an old gpu.  I have probably ~150 in litecoin, ~100 in potcoin and ~200 in dogecoin that I mined and some small purchases of dogecoin back in its heyday.  I have some others like digibyte or whatever my pool switched me onto as most profitable at time but I haven't downloaded those wallets yet or cashed out from the pool website.  I might cash out pretty soon just in case they just wipe the coins away but it is a multipool website and they are legit enough to keep my balances for over a couple years.

So basically I'm not that invested in it and I just did it as a little hobby for a few months.  I sold my miners (they weren't that powerful) and I got back most my investment in them and I am definitely up if you add the coins that I have acquired as of now.  I have no bitcoin though because that shit is too hard to mine.  I regret not buying some a year back or so when it was low 300 or high 200s range.