Current Events > I'm rich as fuck thanks to Ethereum and cryptocurrency

(+) Yeah! (+)

Tekutso posted...

Returning_CEmen posted...

How would I go about buying Siacoin? It is so low now that if it just reaches $1 you can make a good profit.

Poloniex has it.

Its Margin trading and don't you need to to invest at least $2000? I was only gonna buy like $50 worth.
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So how do you cash out, or you just pay for this virtual currency that virtually goes up and down in price, but you will never see a physical cent of it?
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Cookie Bag posted...

So how do you cash out, or you just pay for this virtual currency that virtually goes up and down in price, but you will never see a physical cent of it?

You have to sell it to people who want it. Even in the real world, that's how you cash out of investments. You can just magically convert stocks to money.
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Cookie Bag posted...

So how do you cash out, or you just pay for this virtual currency that virtually goes up and down in price, but you will never see a physical cent of it?

You convert to BTC or ETH then just use an exchange that will send fiat to your bank account. Plenty do. Coinbase/Polo do.

Returning_CEmen posted...

Its Margin trading and don't you need to to invest at least $2000? I was only gonna buy like $50 worth.

You don't have to margin trade to use the exchange. I dont know what the minimum deposit is for Polo but you can send $50 worth of ETH/BTC to your wallet at the exchange if its more than that and buy whatever coin you want. If you go to Siacoins official website they will list other ways to buy it.


Frostshock posted...

You have to sell it to people who want it. Even in the real world, that's how you cash out of investments. You can just magically convert stocks to money.

You can sell crypto (BTC/ETH) directly to exchanges and cash out instantly. Even exchanging some other coin into BTC/ETH is a simple process. Theres nothing hard or complicated and you could pull your funds within a minute at any time.
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Tekutso posted...

You can sell crypto (BTC/ETH) directly to exchanges and cash out instantly. Even exchanging some other coin into BTC/ETH is a simple process. Theres nothing hard or complicated and you could pull your funds within a minute at any time.

So what's stopping early adopters to just cash out everything they have and fuck everyone else over? or am i not getting this whole thing right?
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Cookie Bag posted...

Tekutso posted...

You can sell crypto (BTC/ETH) directly to exchanges and cash out instantly. Even exchanging some other coin into BTC/ETH is a simple process. Theres nothing hard or complicated and you could pull your funds within a minute at any time.

So what's stopping early adopters to just cash out everything they have and fuck everyone else over? or am i not getting this whole thing right?

Well if there a digital run on the bank so to speak, the exchanges won't have any money to give you. So not only could that happen, but the currency value would crash.
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Someone on here recommended buying some a couple months ago when it was $40. I'm extremely thankful that they did. I haven't made a life changing amount of money or anything but a decent chunk of change for me. It's so exciting to see it go up in price
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What is set for life to you??
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So after doing some very rough number crunching, capital gains kind of kills this at this point. You're looking at around a 700% return on investment if it becomes as valuable as Bitcoin is today, but the cost of entry is high and then half of it gets taxed when you finally sell it off.
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Still no proof?

Ethereum sounds like an MMO currency. Sad fake news
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I just don't understand how any of this works. Where does one even begin? Is there any fear that you can get everything stolen? What taxes do you have to pay on it? How do you transfer everything to your bank account? How easy is it to sell?

Watch this guy on YouTube if you want to learn more about Cryptocurrency.

https://www.youtube.com/channel/UChzLnWVsl3puKQwc5PoO6Zg


You do have to consider taxes when "you cash out" but that is only when your investment is realized when you sell crypto into cash, so just save a good chunk for the IRS before you spend it all.
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Tekutso posted...

boxington posted...
how much did you make, if you don't mind sharing


A lot. I invested in the ICO in 2014. I cashed out enough to be set for life, but I still have a lot of money in the system.

[actual numbers needed]
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The X Dawg posted...

I just don't understand how any of this works. Where does one even begin? Is there any fear that you can get everything stolen? What taxes do you have to pay on it? How do you transfer everything to your bank account? How easy is it to sell?

Through Coinbase it's self explanatory if you just want to buy and hold. The Ethereum and EthTrader forums on reddit are probably a good place to start. I did invest just under 5k of my own money just a few days ago and I'm up close to 2k. There is obviously risk as there is with any investment, but the consensus in the Ethereum community seems to be that it will get to 500 by end of the year (currently at 180). As TC said, there big banks and corporations that are starting to take a lot of interest in Ethereum and want to use it.
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Congrats now you just need a likable personality.
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The X Dawg posted...

I just don't understand how any of this works. Where does one even begin? Is there any fear that you can get everything stolen? What taxes do you have to pay on it? How do you transfer everything to your bank account? How easy is it to sell?

if you start getting to a point where you have a huge number in the crypto currency market, you need to invest in personal security and storage.

you can actually get a digital wallet to transfer the coins to and from a personal hard drive not connected to a network.

pretty much a safe.

it's the safest way to store your currencies.
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If you subsidize my medical education, I'll be your friend.

Kidding, but either way that's awesome. Congrats. I wish I knew about bitcoin before its bubble. Sounds as if people became millionaires over night. How has the market been since?
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Soviet_Poland posted...

If you subsidize my medical education, I'll be your friend.

Kidding, but either way that's awesome. Congrats. I wish I knew about bitcoin before its bubble. Sounds as if people became millionaires over night. How has the market been since?

I was a skeptic. but even if you put a few bucks a week in there is still money to be made.

hypothetically if bitcoin hits like 10k or higher, you'll make some money on a minor investment.

you won't hit the margins that early buyers got when they bought in at a few dollars a single coin, but you might make a few bucks that you wouldn't make anywhere nearly as quick.
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Ethereum gets mentioned on r/personalfinance, it seems like a good bitcoin alternative.
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Soviet_Poland posted...

If you subsidize my medical education, I'll be your friend.

Kidding, but either way that's awesome. Congrats. I wish I knew about bitcoin before its bubble. Sounds as if people became millionaires over night. How has the market been since?

There still is time to get in on Ethereum. Probably not to become rich or even close, but to at least make some nice returns.
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MangaFan462 posted...

Ethereum gets mentioned on r/personalfinance, it seems like a good bitcoin alternative.

I'm hearing ethereum classic is also a great, cheap buy
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@Darkman124

?
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Are companies using the Ethereum block chain or are they developing their own for contracts, etc? And if they are using the Ethereum for contracts does that increase the value of Ether?
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I remember reading about this earlier, wish I would have hopped on
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My friend was just telling me about this. I miss out on everything!!!

I'm planning on buying Litecoins since they're still affordable. But because I get into it, it'll probably crash and become worthless.
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CrowTRobot posted...

But because I get into it, it'll probably crash and become worthless.

story of my life
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I might hop on siacoin
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What are some good ones to start off with right now? My brother was an early buyer for Ethereum and I guess with all of his Crypto investments this year alone he's made $100k.
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I wouldn't know where to start with crypto currency. How do I invest? How do I "mine"? Willing to drop a bit of money on Siacoin if it'll reap me a couple hundred bucks later on.
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seems unethical

you are funding terrorists and criminals as these are the main people who use these kinds of currency
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Where does one buy Siacoins?
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I'm hoping ETH blows up as well. Didn't catch the train as early as I hoped but already doubled my initial investment.

It's a new, volatile, and unpredictable market... but the gains are definitely there if you are willing to take the risk.

Not sure about Litecoin but I have some just in case.
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Do I have to have BTC in order to invest in Siacoin? Can I do USD to Siacoin directly? I'm completely new.
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Ethereum seemed good until I read through this:
https://www.reddit.com/r/ethereumfraud/
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https://www.reddit.com/r/ethtrader

This is a good place to check out if anybody is intersted. Theres a thread near the top for noobies right now. A lot of helpful stuff there.
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LethalAffinity posted...

Ethereum seemed good until I read through this:
https://www.reddit.com/r/ethereumfraud/

Lmao that sub is nothing but the work of a few salty ETC users.

You think Microsoft, Jp Morgan, Samsung, Toyota, Mitsubishi, and the 500 other companies signing on would support anything fraudulent? Do some real homework. Go look up the Ethereum Enterprise Alliance.
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just remember that the more people invest the more it goes up

so people like tc have motivation to make it look like they making bank so you will invest too
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darkphoenix181 posted...

just remember that the more people invest the more it goes up

so people like tc have motivation to make it look like they making bank so you will invest too

Yet at the same time, I think this stuff is just now becoming mainstream, which means a ton of new people are going to be investing.
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emblem boy posted...

?

cryptocurrencies are gambling not an investment
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still no proof?

darkphoenix181 posted...

just remember that the more people invest the more it goes up

so people like tc have motivation to make it look like they making bank so you will invest too

I dont care if 5 people here invest. That does nothing. I dont need to spread any word, the technology is doing so quite well. There are nay sayers for every major innovation. Lets see where we are next year.
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Darkman124 posted...

emblem boy posted...

?

cryptocurrencies are gambling not an investment

exactly

CrowTRobot posted...

darkphoenix181 posted...

just remember that the more people invest the more it goes up

so people like tc have motivation to make it look like they making bank so you will invest too

Yet at the same time, I think this stuff is just now becoming mainstream, which means a ton of new people are going to be investing.

I am not saying you won't make bank anyways

I am just saying that a person with tons of coins already is a biased source to ask "should I get into it?"

because you getting into it helps them out
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Tekutso posted...

darkphoenix181 posted...

just remember that the more people invest the more it goes up

so people like tc have motivation to make it look like they making bank so you will invest too

I dont care if 5 people here invest. That does nothing. I dont need to spread any word, the technology is doing so quite well. There are nay sayers for every major innovation. Lets see where we are next year.

yeah right. if you can get 100 people here on board, they'll spread the word and get another 1,000 on board. and so on. and it's cheap to spread the word on gamefaqs. your post was just some shitty bragging in preparation for the pump and dump that's going to bring ethereum to its knees.

My cards are all failing on Coinbase trying to make deposits. Says the authorization failed. >_>
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Yeah thats what walstreet said too. They said bitcoin was monopoly money and would never amount to anything. But here we are, with the biggest revolution in currency in 600 years. Like it or not block chain is here to stay. If i had listened and got out, i wouldn't be where I am today.
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CrowTRobot posted...

My cards are all failing on Coinbase trying to make deposits. Says the authorization failed. >_>

Coinbase is having problems. Huge influx of users, ETH price almost doubled over the weekend because of all the new companies that signed on at a big conference.
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What is the point of buying fake money?? How is this a thing? Why would someone buy it from someone?
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MorbidFaithless posted...

What is the point of buying fake money?? How is this a thing? Why would someone buy it from someone?

speculation that its value will rise some more
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