Cryptocurrencies and Bitcoin

[Ricky Otto]

Ripple has been a phenomenon. To be the 3rd largest crypto behind bitcoin and ethereum without being supported on coin base is something note worthy. If it does go on coin base those people sitting on it now will reap big rewards I would have thought.

 

[SUBBlue]

Where do you guys store your cryptocurrency as online advice is never to leave it in the exchange but to transfer to a paper or hardware wallet?

 

[davewebbsbrain]

Where do you guys store your cryptocurrency as online advice is never to leave it in the exchange but to transfer to a paper or hardware wallet?

Etoro are supposed to be adding a wallet to option to allow clients to store their coins safely. That said, if it's just CFD trading, you never own any coins, you are just betting on the value.

 

[Mad Cyril]

Where do you guys store your cryptocurrency as online advice is never to leave it in the exchange but to transfer to a paper or hardware wallet?

I keep mine in a virtual Quality Street tin under a virtual bed.

 

[davewebbsbrain]

I keep mine in a virtual Quality Street tin under a virtual bed.

I find that nobody wants the coffee crypto coins

 

[Ricky Otto]

Where do you guys store your cryptocurrency as online advice is never to leave it in the exchange but to transfer to a paper or hardware wallet?

Yeah there have been a few "hacks" and of course Mt Gox where people have lost their currency. I do have a paper wallet but I haven't transferred anything to it as I think Coinbase is pretty safe and I like to have the currnecy there for the option of quick buying and selling in dips and rises. If I ever make a conscious decision to hold a currency for a long period of time then I will transfer to my paper wallet

 

[SUBBlue]

I read that the currency that Coinbase holds is insured. If there was a breach of its online storage, the insurance would pay out to cover any funds lost as a result. 98% of its funds were stored offline says on their site.

This morning I purchased £55 of Ripple on another trading site but i'd like to store this offline as I want to keep it longterm, probably in a paper wallet as you say, so no tealeaf can half inch it.

Was it straight forward to setup?

 

[Ricky Otto]

I read that the currency that Coinbase holds is insured. If there was a breach of its online storage, the insurance would pay out to cover any funds lost as a result. 98% of its funds were stored offline says on their site.

This morning I purchased £55 of Ripple on another trading site but i'd like to store this offline as I want to keep it longterm, probably in a paper wallet as you say, so no tealeaf can half inch it.

Was it straight forward to setup?

Very simple as I remember, although it was a bitcoin wallet. I just got it out of my wallet to see if it had any reference to the website I set it up on but it only has the private key and the QR code.

 

[Napster]

I assume everyone's now sold off their bitcoin?....

 

[Mad Cyril]

I

I assume everyone's now sold off their bitcoin?....

Nearly. I am taking my nan down the post office later to withdraw the money she owes me.

 

[MK Shrimper]

I

Nearly. I am taking my nan down the post office later to withdraw the money she owes me.

Are you Nile Ranger in disguise?

 

[fatshrimp]

Are you Nile Ranger in disguise?

Nile would have done it over the phone.

 

[Yorkshire Blue]

Anyone prepared to admit how much they lost?

 

[Ricky Otto]

Anyone prepared to admit how much they lost?

I didn't lose anything, I should have cashed in much earlier than I did though. I took my initial stake out from my profit quite early so I was never in danger of being down. I invested £1800 in total and when I cashed everything out I had a total return of just under £4000, so I more than doubled my money. The sickener was that I could have cashed everything out for £9000 at the height of Bitcoin and Litecoin. I still wouldn't write Bitcoin off. It will be 10 years old next year and has made massive strides, despite the bubble. In times of political uncertainty it still has the potential to be a very good store of value. I'm still keeping my eye on it even though I don't have anything invested.

 

[Member]

Anyone prepared to admit how much they lost?

nothing, cashed out at the price i paid for it after it had doubled!

 

[davewebbsbrain]

Anyone prepared to admit how much they lost?

You only lose money if you cash out. I'm on it for the long run. Just waiting for Ripple to be decoupled from Bitcoin so it can do its own thing. Every Cryptocoin price seems to be tied to the value of Bitcoin

 

[MK Shrimper]

Always preferred a Flake to a Ripple. Poor imitation IMHO.

 

[The Big Dady]

Always preferred a Flake to a Ripple. Poor imitation IMHO.

And do not forget some great Flake adverts.

1983

1985

1987

1989

 

[Ricky Otto]

In the last month bitcoin seems to have had a bit of a resurgence going from £2995 to £4334 and now at £4226. I don't have any crypto anymore but do keep an eye on it, really don't think bitcoin is dead.

I recently did a course on Cyber Insurance and ransomware, the increase is massive and all ransom is paid in bitcoin. I can see sustained growth for bitcoin at a much slower pace than previously. Depends in whether you'd want to invest in something that is growing due to illegal activity, albeit indirectly. Buying a house means that I've not got the spare cash to have a go myself.

 

[davewebbsbrain]

In the last month bitcoin seems to have had a bit of a resurgence going from £2995 to £4334 and now at £4226. I don't have any crypto anymore but do keep an eye on it, really don't think bitcoin is dead.

I recently did a course on Cyber Insurance and ransomware, the increase is massive and all ransom is paid in bitcoin. I can see sustained growth for bitcoin at a much slower pace than previously. Depends in whether you'd want to invest in something that is growing due to illegal activity, albeit indirectly. Buying a house means that I've not got the spare cash to have a go myself.

At some stage Ripple will be the major player. XRP works differently to other Crypto coins and once the big finance corporations realise that Ripple is a far better payment system than Swift, being instantaneous transactional payment, XRP value will rise massively