rifflemao
Pugs Not Drugs
Silver Level
Yeah, I was thinking about selling my fraction, but held off. Maybe the 48 hour delay on vault transfers is a good thing. Keep calm and hodl.
Yeah, I was thinking about selling my fraction, but held off. Maybe the 48 hour delay on vault transfers is a good thing. Keep calm and hodl.
pcgnome
Legend
Bronze Level
Yeah... bitcoin is down. The volume is light this time of year, so people are selling. I hope they're just cashing in some of their profits so they can enjoy themselves for holidays! Now would be a great time to buy since the market is down (hint!hint!)
C
cheeeer
Visionary
Bronze Level
Relax. As I heard from those who has it you can not withdraw, you can only pay by bitcoin on the internet. And only on some sites which accept it. Actually, I'm not sure if you can pay by bitcoin even on the internet.
rifflemao
Pugs Not Drugs
Silver Level
Ok, beware of Coinbase vaults. I know they're having trouble handling traffic, but it's taken well over 48 hours (approaching 36) to transfer from btc vault to wallet. That won't happen again. Got a hardware wallet and will transfer to that as soon as I can get access.
In a way I'm glad for the delay to prevent a panic sell, but their system should work as designed. If I fully intended to sell once the 48 hr hold was up, I might have a legit claim against them to pay me the difference in price between the time the hold should have been over, and the time I eventually gain access. Not going to go that route, but others might have very good reason to.
Keeping currency in their vaults really kind of goes against the decentralized currency grain too, so that's the last time I'll do that. Will notify support.
In a way I'm glad for the delay to prevent a panic sell, but their system should work as designed. If I fully intended to sell once the 48 hr hold was up, I might have a legit claim against them to pay me the difference in price between the time the hold should have been over, and the time I eventually gain access. Not going to go that route, but others might have very good reason to.
Keeping currency in their vaults really kind of goes against the decentralized currency grain too, so that's the last time I'll do that. Will notify support.
rrickir
Visionary
Platinum Level
I did this back in June but I guess I had bad timing LOL I know $30 worth of bitcoin from my Bitcoin wallet to PoloniexExchange... my friend suggested six different coins to meet that he had done very well with overtime. But as soon as I got them all they did was go way down almost to nothing I waited till the end of November from the beginning of June and then I sold them back for Bitcoin what I could Salvage LOL..... I feel the small coins at least what I went through or so volatile and can go down to almost nothing sometimes I feel is best to just leave money in Bitcoin right now and let it sit there not have to think about it everyday lol
This should be a fun thread there's some good videos and articles in here and there's always new things to read and stuff going on every day it's definitely a wild ride
This should be a fun thread there's some good videos and articles in here and there's always new things to read and stuff going on every day it's definitely a wild ride
rifflemao
Pugs Not Drugs
Silver Level
To get your coins off the exchanges (in case the exchange gets hacked) and into something more secure than a software wallet. Here is a decent article that explains why they're useful:
https://medium.com/the-litecoin-school-of-crypto/6-the-advantages-of-hardware-wallets-2d54d40b4298
rifflemao
Pugs Not Drugs
Silver Level
dj11
Legend
Silver Level
Avoid fees!
If this was more normal, the notion of buying low and selling high would be at play. But the fees this week make that a break even play at best.
rifflemao
Pugs Not Drugs
Silver Level
Good point. It's probably been mentioned itt, but one way to avoid Coinbase fees is to do all your purchasing and transferring etc from gdax.com, the Coinbase exchange. You can fund gdax from Coinbase wallets, then do trades there. I learned that too late.
On Binance, it makes sense to buy their BNB coin because you get a discount by using BNB to cover fees. As this catches on, the price of BNB should appreciate, and has nearly doubled since I bought it. They still rake the hell out of you when you transfer coins off the exchange though. Maybe the best way to make money in cryptos is to open an exchange. Let's all pool our coins and do that lol!
Cool site for tracking, lets you import csv files from exchanges, free for under 200 trades:
https://cointracking.info/
dj11
Legend
Silver Level
Went to gdax.com, and viewed the fee schedule. Those fees seem very reasonable. If they hold steady over a length of time, then 'playing' the altcoin market might be a better profit than playing poker. Remember that most tourneys charge at least a 5% fee, and any ring rake is gonna be at least 5%.
With fees in the 1/4 % range, and an approximate 1 in 2 chance to play for a profit (it either goes up or down), the altcoin play will actually be a lot better 'gamble' than a poker game. Chances of losing the buy-in remain, but getting ITM will be close to a 50% thing, albeit with smaller profits. Worth thinking about for me anyway. I'm not positive, but those fees seems significantly lower than broker fees when trading stocks or bonds.
I am unclear on how they (gdax) associates with coinbase. If I have a wallet at coinbase, will I need another wallet at gdax? I hate the idea of paying a coinbase fee to xfer all my assets to gdax. I understand we can have a gazillion wallets, scattered all over the universe. But I wouldn't, and don't want to be tracking a gazillion wallets, a single wallet would be best, but a couple won't kill me.
And would it be good advice to refer folks to gdax rather than coinbase, using the caveat about fees as the primary reason?
I am in sort of a delicate time in that I am expecting to have to change my email on all sorts of accounts as I transfer to a new ISP. I set up my coinbase account with what will soon become my old email. Timing thing as the change to a new ISP didn't even come up till this week. Not a task I relish in any way. ... however, I have figured out how using the alt email I set up years ago is easier than how I use my existing email.
With fees in the 1/4 % range, and an approximate 1 in 2 chance to play for a profit (it either goes up or down), the altcoin play will actually be a lot better 'gamble' than a poker game. Chances of losing the buy-in remain, but getting ITM will be close to a 50% thing, albeit with smaller profits. Worth thinking about for me anyway. I'm not positive, but those fees seems significantly lower than broker fees when trading stocks or bonds.
I am unclear on how they (gdax) associates with coinbase. If I have a wallet at coinbase, will I need another wallet at gdax? I hate the idea of paying a coinbase fee to xfer all my assets to gdax. I understand we can have a gazillion wallets, scattered all over the universe. But I wouldn't, and don't want to be tracking a gazillion wallets, a single wallet would be best, but a couple won't kill me.
And would it be good advice to refer folks to gdax rather than coinbase, using the caveat about fees as the primary reason?
I am in sort of a delicate time in that I am expecting to have to change my email on all sorts of accounts as I transfer to a new ISP. I set up my coinbase account with what will soon become my old email. Timing thing as the change to a new ISP didn't even come up till this week. Not a task I relish in any way.
... however, I have figured out how using the alt email I set up years ago is easier than how I use my existing email.
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rifflemao
Pugs Not Drugs
Silver Level
Went to gdax.com, and viewed the fee schedule. Those fees seem very reasonable. If they hold steady over a length of time, then 'playing' the altcoin market might be a better profit than playing poker. Remember that most tourneys charge at least a 5% fee, and any ring rake is gonna be at least 5%.
With fees in the 1/4 % range, and an approximate 1 in 2 chance to play for a profit (it either goes up or down), the altcoin play will actually be a lot better 'gamble' than a poker game. Chances of losing the buy-in remain, but getting ITM will be close to a 50% thing, albeit with smaller profits. Worth thinking about for me anyway. I'm not positive, but those fees seems significantly lower than broker fees when trading stocks or bonds.
I am unclear on how they (gdax) associates with coinbase. If I have a wallet at coinbase, will I need another wallet at gdax? I hate the idea of paying a coinbase fee to xfer all my assets to gdax. I understand we can have a gazillion wallets, scattered all over the universe. But I wouldn't, and don't want to be tracking a gazillion wallets, a single wallet would be best, but a couple won't kill me.
And would it be good advice to refer folks to gdax rather than coinbase, using the caveat about fees as the primary reason?
I am in sort of a delicate time in that I am expecting to have to change my email on all sorts of accounts as I transfer to a new ISP. I set up my coinbase account with what will soon become my old email. Timing thing as the change to a new ISP didn't even come up till this week. Not a task I relish in any way.
With gdax, you also have a wallet for each product and you can just transfer/deposit your monies from coinbase to trade or withdraw. I don't think there are transfer fees going from coinbase to gdax; that would seriously suck. And yes, gdax is good advice to tell folks for avoiding fees. I first heard it in a youtube video, then made a habit out of it.
So far, trading cryptos has been much more profitable for me than playing poker, at least on paper, as I'm not cashing out any time soon. The profit percentage I'm seeing is extremely volatile, but has always been well in the positive thanks to just a few coins that I managed to research and catch before they went 2x or more.
I really think because of the opportunity here (and because it's gambling) that everyone on CardsChat should be wading or tip-toeing in with some safe portion of their poker bankroll, unless they don't care about the technology or have a low risk tolerance. This is a perfect time too with lots of price dips to take advantage of, usually in the mornings after overnight selloffs.
That said, I'm very new to this and you'd be better off hearing from ekgbeat or others who have been in it for a while. I so wish I had paid more attention to this thread back in September, lol. Tons of missed opportunity.
C
cheeeer
Visionary
Bronze Level
Did you withdraw? Awesome. Because I heard twice quite opposite story...
rifflemao
Pugs Not Drugs
Silver Level
Really good and short interview with Ari Paul, a former poker player and current CIO of Block Tower Capital:
https://5mincrypto.com/episode/future-money-flows-crypto-ari-paul-block-tower/
He mentions some things that could eventually cause a Black Friday event for cryptos with regard to regulation. I remember reading some of the legal documents about Black Friday, where the potential was raised for online poker to be used to fund terrorism, which seemed kind of far-fetched to me at the time. It's a bigger concern with privacy coins like Monero I suppose.
https://www.cfr.org/blog/bitcoin-bombs
Not trying to spook anyone, but just wondering what forms regulation will take in the future, especially if enough money flows into crypto to put a dent in other assets like stocks, or if it threatens brick and mortar banks etc.
https://5mincrypto.com/episode/future-money-flows-crypto-ari-paul-block-tower/
He mentions some things that could eventually cause a Black Friday event for cryptos with regard to regulation. I remember reading some of the legal documents about Black Friday, where the potential was raised for online poker to be used to fund terrorism, which seemed kind of far-fetched to me at the time. It's a bigger concern with privacy coins like Monero I suppose.
https://www.cfr.org/blog/bitcoin-bombs
Not trying to spook anyone, but just wondering what forms regulation will take in the future, especially if enough money flows into crypto to put a dent in other assets like stocks, or if it threatens brick and mortar banks etc.
J
JMG_118
Enthusiast
Silver Level
Coinbase and Bitcoin--STOP THE PRESSES
This past weekend I wanted to deposit $50. on one of my poker sites. I purchased $50. from Coinbase, and the fees were acceptable ($3.).. but when I went to transfer the balance to my wallet (Blockchain) Coinbase said I could only transfer $13.... because the minor fees were $34. !!!!PLEASE someone tell me this isn't what we've come to. I immediately stopped the transfer and transferred the balance to my pay pal account and back to my bank.. the entire deal only cost me $7. for the ordeal. My question is......Is bitcoin killing the poker market with it's fees?? and how do you buy and transfer small amounts?? Fortunately I have a 4 figure amount at BOL so I immediately did a 300 cashout to my bitcoin wallet so I would have bitcoin available, but what about people who dont have a bankroll???
This past weekend I wanted to deposit $50. on one of my poker sites. I purchased $50. from Coinbase, and the fees were acceptable ($3.).. but when I went to transfer the balance to my wallet (Blockchain) Coinbase said I could only transfer $13.... because the minor fees were $34. !!!!PLEASE someone tell me this isn't what we've come to. I immediately stopped the transfer and transferred the balance to my pay pal account and back to my bank.. the entire deal only cost me $7. for the ordeal. My question is......Is bitcoin killing the poker market with it's fees?? and how do you buy and transfer small amounts?? Fortunately I have a 4 figure amount at BOL so I immediately did a 300 cashout to my bitcoin wallet so I would have bitcoin available, but what about people who dont have a bankroll???