Ontopic UF Trade / Stock Thrad
- Thread starter Petunia
- Start date
Thanks. Yeah, noticed that after I posted. Googling further it seems it's just as well, they have some shit over there. On to CEX.io and LocalBitcoins !
Staking is not the same as buying. Not planning on rubbing brain cells together to fully understand it, personally.
If you are on say coinbase.com, you are not mining, you're buying coins. Staking is very expensive to get into for any of the more active coins. Tens of tousands.
Mining is expensive too - seems a minimum serious rig these days would be 60+ processors(Nvidia graphics cards) and all the supporting shit. That's for one miner/person.
Jehannum
Puts the "pro" in procrastination
Which is why cryptocurrencies are a terrible idea and a monumental waste of resources.
I generally agree. So glad they are getting away from mining. Not a moment too soon.
Gotchya. I think what occurs is: when you mine a coin you are given credit, a coin and some fees, for successful work. The work is verifying transactions within a blockchain block. Others are competing so there is great duplication of effort. This is very wasteful but it got us going. Staking lets richer individuals or groups be staked or verified, to handle certain types of transactions as trusted middlemen of the blockchain, much less duplication. This is why you have to put up big money and are seriously vetted to stake. Unless you are part of a group, in which case you are back to being a shareholder and don't control jack shit in the staking world. Maybe a vote.
A coin is fluid - you don't need to own that particular set of bits. That's like knowing the serial number on the dollar bills in your wallet - not needed. On a buying/selling level it still comes down to coin(like stocks), not where they came from.
Mr. Argumentor
I fab shitboxes and shitbox accessories.
RH is one of the only places where you don't own the coin, I think.
I've seen options for transferring your coins to a wallet at Coinbase and Kraken, if I remember correctly
I've seen options for transferring your coins to a wallet at Coinbase and Kraken, if I remember correctly
Incorrectly - it's a bit irksome. Wallet(from Coinbase . . in my account right now).
"[This is] a list of cryptocurrency addresses associated with your Coinbase account. These addresses do not expire. You can use them to receive crypto as long as your Coinbase account is active.
Important note: Crypto addresses are asset-specific. Do not send Bitcoin to a Bitcoin Cash address, for example, or your funds will be lost."
I have 20 wallets in CB, for 20 different coins - set up so I can accept crypto on my sales site. Now, what you saw was that you have to buy some of that coin, to create a wallet for that coin. It's like shit, I don't even WANT 15-16 of these fucking coins for investment purposes but I have to have them in my portfolio to have a valid wallet. So I bought $30-50 of each. You can't accept a coin you are not associated with so you need a wallet. You can't be assigned a wallet if you own none of that coin. Not sure what happens if you sell all the particular coin off.
This is where I wish there was a handy-dandy gain lose calculator. I'd look at that mixed bag of coin I bought for wallets periodically and see if any performed well enough in the preceding month that I might want more. They are all popular coins, I just didn't want to actively invest in them. Unless. 
That's the normal, expected method AFAIK. RobinHood is the outlier. Kraken will do it. There are probably more options to directly buy DOGE than when I did, r/dogecoin probably has a thread.
When someone successfully hashes on a block of transactions a coin is created. You don't receive "that" coin, you are are rewarded/paid in coin, frequently in another, different coin. Probably BC. Nobody is promising you ownership of bits. That would be like perseverating on which $20 bill a bank teller hands you, based on the serial numbers."NO - THAT ONE!" ffs, They're all the same and can be exchanged for two $10s.
When you get down to these small, proportional parts of a coin(like below) you have to be practical. The original scenario as posited would just be unduly complicated and costly. It's already kludgy enough. *Most people are not buying whole coins, they are making a buy based on a specific amount of money, minus the fees. Even if you TRY to buy a whole coin, chances are good you'll miss because the price fluctuated before you got a refresh of your screen. Your buys only have 2 numbers after the decimal point - hard to get an even coin on the more costly ones.
Yes, that's all the BC(and Ankr) I own. Strictly to open a wallet.
0.00102192 BTC
296.88114026 ANKR
When you get down to these small, proportional parts of a coin(like below) you have to be practical. The original scenario as posited would just be unduly complicated and costly. It's already kludgy enough. *Most people are not buying whole coins, they are making a buy based on a specific amount of money, minus the fees. Even if you TRY to buy a whole coin, chances are good you'll miss because the price fluctuated before you got a refresh of your screen. Your buys only have 2 numbers after the decimal point - hard to get an even coin on the more costly ones.
Yes, that's all the BC(and Ankr) I own. Strictly to open a wallet.
0.00102192 BTC
296.88114026 ANKR
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Also, you're gonna get your shit stolen if you're using permanent CoinBase wallets for commerce.
Good grief, you don't leave it in the wallet. It's like an email address - set up forwarding.
I feel @Domon did. He sounded hung up on the idea of tracking the bits that brought him coin. It's buried in the blockchain but who cares - imo ? Go back to your work shaming.
Your crypto echange resolves back to us dollars for tax puposes. Just treat it like money, uncle sam will.