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Crypto currency discussion

Discussion in 'Off-Topic' started by Olympus Racing, Nov 26, 2017.

  1. NH_Realtor

    NH_Realtor NES Life Member NES Member

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  2. namedpipes

    namedpipes NES Member

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    I'm guessing the heirs are pissed...
     
  3. Reptile

    Reptile NES Member

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  4. Woodsy

    Woodsy NES Member

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  5. Reptile

    Reptile NES Member

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    So true - especially when there is no official certification.

    Certain secure storage devices have a "FIPS" certification or whatever. It is an official review done by an agency that can reliably attest that a device is secure.
    Sort of like AES256. That is a protocol that banks use for communications.
    It is secure by most standards with the exception of perhaps a super computer.
    A super computer is not about to waste time hacking your bank account though.

    The whole bitcoin concept is a scam.

    People got hustled and others got rich with they got out on top.

    It should not have been used as an investment unless you were an early adopter.

    It is good as a currency though if you want to send funds outside of the baking system.

    Eventually the house of cards comes crashing down.

    Kind of like the US dollar - but what alternative do we have?
     
  6. Woodsy

    Woodsy NES Member

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    It’s fairly easy to have money outside the us banking system however crypto can disappear and you have zero recourse. I never liked it. I invested early made a little money but it’s more of a lottery ticket investment than a retirement plan
     
  7. Dennis in MA

    Dennis in MA NES Member

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    I'm really surprised after 2 years and 18 pages how reasonable NES has been on this issue.

    Funny aside: #1 Daughter is a teller at a bank in Missouri. Had an old guy come up before X-mas to her window. "Yeah, can I get some of that new money that came out? It's gold in color."

    So she searches her drawer for some odd change. Finds some Sacks of JAweya's. "These? The dollar coins?"

    "No. They've got this B on them."

    Now keep in mind that my daughter is 21, loves fashion and cooking and hates finances and REALLY hates math.

    "You mean Bitcoin???"

    "Yeah, that's it."

    She then has to go on and EXPLAIN Bitcoin to the guy. He was disappointed. She told him it was just as well as the thing was crashing like crazy.

    I was so proud when she told me. LOL. Some of this stuff DOES rub off on your kids, I guess.
     
  8. bfm

    bfm NES Member

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  9. Varmint

    Varmint NES Member

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    If I didn’t know better I’d say bitcoin is forming a base around the current price. Could start rising again. Stranger things have happened.
     
  10. Broccoli Iglesias

    Broccoli Iglesias NES Member

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    I cant believe people are still trading this stuff.
     
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  11. Varmint

    Varmint NES Member

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    People will trade anything they think will go up.
     
  12. namedpipes

    namedpipes NES Member

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    You can pry my shoulder thing from my cold, dead fingers.
     
  13. whatluck

    whatluck

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    Next vertical leap for BTC will be to $100k, just wait for news of a bank run somewhere and buy!
     
  14. GM-GUY

    GM-GUY NES Member

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    Well, I checked my account and as of 4/3/19 its worth $660 !!!! I made $60 or 10% > no place to go but up from here...………….
     
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  15. MarkT

    MarkT NES Member

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    I'm hoping this wasn't yet another whale move. Fingers are crossed.
     
  16. namedpipes

    namedpipes NES Member

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    There was a recent jump from like $3500 to $5k (of course that's down from $20k)

    So this might not be the worst time to sell it off if you can find someone willing to buy it.
     
  17. Prepper

    Prepper NES Member

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    What is a whale move? And.... Wow, at 5000! Hopefully this keeps up although I have not paid attention to know why this happened.
     
  18. MarkT

    MarkT NES Member

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    A whale is a person(s) who places a huge order in order to move the market up.

    "Reuters reported Tuesday that a single algorithmically managed order worth $100 million spread across several major exchanges – Coinbase and Kraken and Bitstamp – triggered the sudden rally to multi-month highs."

    The past few market pumps have been triggered by whales who then dump it in the short term for a quick profit. Let's hope this time they are thinking long term.
     
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  19. GM-GUY

    GM-GUY NES Member

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    This trade war crap is good for crypto’s - my $600 investment is now worth over $800
     
  20. smokey-seven

    smokey-seven NES Member

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    May 08, 2019

    Hackers steal over $40 million worth of bitcoin from one of the world’s largest cryptocurrency exchanges
     
  21. Prepper

    Prepper NES Member

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    That sucks. I tried clicking your link for details and it doesn't seem to be a link... . What exchange?
     
  22. NH_Realtor

    NH_Realtor NES Life Member NES Member

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    It was Binance.
     
  23. MarkT

    MarkT NES Member

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    A good rule of thumb is to never store your crypto on an exchange. I'm also leery of web and mobile app wallets. Use cold storage hardware wallet like Ledger Nano S. And if you do buy one, order it directly from the company and not Amazon. Amazon has been known to have sold knock-off Ledger wallets.
     
  24. MarkT

    MarkT NES Member

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    I had placed an order on Binance the day of the hack, but had already moved it onto my wallet before the lock down.
     
  25. NH_Realtor

    NH_Realtor NES Life Member NES Member

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    Have you seen the new Nano X?

    It's too bad about Binance, I like their platform. I'm sure they'll be fine in the long run. Thankfully I don't keep anything on exchanges either except for the "dust" that you can't really get off of there.
     
  26. smokey-seven

    smokey-seven NES Member

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    Ok, so how does one keep it on their CPU and what happens with a catastrophic failure on your system?
     
  27. MarkT

    MarkT NES Member

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    I have, but I don't own one. I may be overly cautious, but I'm not comfortable transacting crypto with mobile. I only use Brave browser.
     
  28. MarkT

    MarkT NES Member

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    Your crypto isn't stored on your computer, its actually stored on the web but only accessible when you log in using your hardware wallet. With the Ledger Nano S you create a 24 word recovery phrase that you store securely somewhere (safe, bank security box, etc.- but away from your Ledger). In the event that you lose your Ledger you can buy a new one and recover using the phrase.

    Here's an article that explains it in some detail, as well as a couple other hardware wallet options. Ledger Nano S Review: 5 Things to Know Before (2019 Update)
     
  29. whatluck

    whatluck

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    You can use a paper wallet, or BitCoin Core. You'll download the entire blockchain, its a large file, ~200GB, and you need to keep it safe somewhere. Ideally, on a linux USB stick with encrypted persistence. You can treat it like a will, a copy at the lawyer, a copy in a safety deposit box, whatever. Multiple copies are good.
     
  30. whatluck

    whatluck

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    The problem with this is if Ledger goes out of business or is persuaded by a third party to act on your behalf. Using these services or Electrum is IMO just as dangerous as keeping it on an exchange. Only with a cold wallet are you protected by the whims of a**h*** CEOs who fake their own death and take your coin.
     
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