/cng/ Crypto Newbie General / Stupid Questions Thread Alright

Well what do you want to know?
I dont think anyone here learned anything from "guides". Read some whitepapers. Bitcoin, ethereum and ripple whitepapers are good places to start.

You know what ? /biz fag buy rumor and sell news. They don't know wtf they are hodl bc it's all trash. Wrong place to ask.

>>2824840
Ask questions then. And never watch videos; they're a poor medium compared to reading.

And as >>2824919 points out, most of /biz/ is too autistic to hold long-term.

>>2824840
what does FUD mean

>>2824840


I'll start.

What do you guys consider the best / most important / core exchanges for someone who is getting into this?

I'm currently registered on

- Poloniex
- Bitfinex
- Gemini
- Bittrex
- Localbitcoins
- CEX.IO
- Prism
- Bitsquare

Poloniex actually has my favorite shiny graphs and client, but I've heard a lot of horror stories about them and I'm hesitant to transfer funds in

Is Bittrex the best place to be?

I bought 0.5 ETH and 0.025 BTC just to use to learn what I'm doing, I'll be putting more in, maybe up to 10% of my liquid into crypto as I gain confidence. It's all sitting on coinbase right now.

>>2824919

Where do you suggest for discussing crypto currencies and the crypto market, then?

I try to stay away from traditional format forums, reddits crypto sub is even shittier than here, and I haven't found a good chat room or IRC yet to hang out on where I can ask inane questions all the time.

>>2824980

Oh, and some of these wont even let me trade on them currently due to the US being shit for financial anything. Is coinbase still the best place to convert USD into BTC/ETH/LTC for market entry? I've been having issues between them and my bank and I can't get support to respond to me. It's been a couple of days.

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>>2824980
>>2825016
>>2825043
For buying BTC, I stick to Gemini and (if necessary) Coinbase. Especially since I'm in the US and the US is anal about some of these things.

For exchanging to other crypto, I'm committed to Bittrex just because of sheer amount of tokens available.

Coinbase sucks with customer support. Those days-long delays are normal.

And there are plenty of Discord groups where stuff is discussed, though its best to find a guy who can just teach you stuff one on one.

I have my btc on bittrex.
My personal wallet is exodus.

If I move my coins to my personal wallet (exodus) how do i get the coins in both chains? Because right now I have one btc address. Whats the process in which I can get the 2 currencies? After transfering them, do I get 2 different adresses or what?

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>>2825102
I gotcha senpai.

https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bip-148-uasf/

>1. Control your private keys well before August 1st.
>2. To be on the safe side, avoid any transactions a day or two before, on, and shortly after August 1st. (How “shortly after” depends on what happens; it could take weeks.)
>3. If there are still two (or more) chains when the dust settles, split your coins into different wallets.

>The good news, however, is that some exchanges will likely set up coin-splitting services and take care of most of the complexity behind the screens. You’d just need to send your bitcoins to an exchange, and the exchange will credit your account with 148 BTC and Legacy BTC. (They should even replay the transaction for you to make sure they indeed receive both your coins.) At that point, if you want, you will be able to sell or trade your coins.

>>2825078

When I registered for Gemini they said they weren't active in my state (Arizona) yet. Am I a retard, or am I stuck with coinbase for now?
Next question, what's the best way to store my various crypto balances during the Aug 1 shakeup? Do I transfer everything to the dedicated wallet app for each currency?

Stupid question: What do people mean by "token"? Is it just synonymous with "generic unit of cryptocurrency 'x' " or what?

>>2824947
Fear, uncertainty, and doubt. You spread FUD on a coin you want to see the price go down on.

>>2824840
Strategies to acquire more BTC when:
1. Btc is rising
2. BTC is dipping

(I have to admit that LTC saved my newcoiners ass last few weekends)

>>2824947
Fear, uncertainty and doubt, usually evoked intentionally in order to put a competitor at a disadvantage.

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>>2825136
You're stick with Coinbase for now until Gemini gets whatever license they need in Arizona. Bully your local congressmen/state officials to be crypto friendly.

What really matters for the August 1st shakeup is to have your Bitcoin in a wallet you control (ie, where you control the private keys). I personally prefer paper wallets (google it) for security reasons. Though you're probably safe if you use blockchain.info for the time being. Other currencies won't be affected by that (aside from price fluctuations), but its still good practice to move them to wallets. (Side note: any Ethereum or ETH-based tokens can be stored in MyEtherWallet).

And by token, people mean digital token. It is basically synonymous with "generic unit of cryptocurrency X". The distinction arises because cryptocurrencies are designed to be... currencies. A token though can and is used for other things. Think about ETH: its not so much a currency as a representation of computation value that is used to "fuel" decentralized applications (dapps) and smart contracts.

Anything else?

>>2824840
How the fuck do I use Tether? On Bittrex specifically

>>2825289
On Bittrex, go the part that says "$ Markets" (with the dollar sign, NOT the Bitcoin sign).

There is a drop down sign. One of the first options is USDT, with the price right now around 2215 or so. From there you can buy and sell Bitcoin to USDT (for of those who don't know, that is a token that is tethered to the USD).

>>2825331
Is Tether stored on bittrex? I can buy back after the ETH dip correct?

>>2825359
It is.

You can also buy a tether that is directly tied to Ether. It should be the 2nd option.

>>2824840
does that book exist?

>>2824980
Polo is probably the best for margin trading during peak hours

>>2825389
http://lmgtfy.com/?q=Cryptocurrency+for+dummies

>>2824840
>Stupid Questions Thread
If generating paper wallet off linux/ubuntu flashdrive (not installed), is this secure on a computer that seems to have malware on window os?

>>2825436
Likely, though I'd generate on a computer that you know is secure and not connected to the Internet.

>>2825445
right, only have one though

Is Generating offline on it safe?

I've run many adware/malware removals, cant remove. Can windows malware access linux, run from flashdrive, offline?

>>2825476
I highly doubt it, though you should consult with an expert if you want to be super secure. Your money, after all.

Would it be a bad idea to keep your coins on the exchange? Im assuming the wallet is safer?

Dont want to stard a new thread for this but: which coin is the most profitable to mine atm? Is there any website that compares minable coins in that fashion?

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How come when I transfer BTC from Gemini to my hardware wallet I get 100% of the transfer amount?

Also my hardware wallet generates new addresses for each transaction. I can continue to use addresses it previously generated to receive funds, right?

Please respond.

>>2825257

Alright, I'll make sure I have my BTC transferred into a wallet of some kind by the 30th or so.

As for tokens, I'm still a little confused on those. I'm still catching up on my understanding of the technology, and since I don't have any compsci background.

For example, I was reading the thread about FUCKTOKEN, which is an Ethereum token? I don't get it yet, there's a logical bridge or something here that I haven't figured out how to cross.
Next question:

I understand how normal trading on an exchange works, but I don't understand margin trading yet. Anyone that can link me to a primer or explain it like I'm a retard?

Is setting up all my crypto wallets on an old thinkpad with a disabled wifi card and something like Kubuntu (or maybe TAILS) a decent idea? It would be only used for crypto shit and only connected to my home network when I needed to make transfers.

I guess you need to back up wallets too somehow, on a flash drive that I keep in my safe?

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>>2825581
Exchanges can and *HAVE* been hacked. A wallet is safer.

>>2825645
Not really a question that can be answered because of the different requirements. Bitcoin mining is corporate now, ETH (amongst others) requires GPU pools, etc. These days you need a lot of money to start mining.

Personally, since I'm invested, I'd suggest Siacoin for long-term value. Though keep in mind that the developer team is pitching and pre-selling specialized ASIC miners for future use in order to upgrade network security.

>>2825675
I don't deal with hardware wallets, but you should use new addresses for security reasons.

>>2825696
>>2825696
I don't do margin trading so I can't help you with that. As for the wallets, putting them on an old computer or SSD is a viable strategy. I believe the owner of Xapo has all his Bitcoin on an airgaped computer that is kept in a bank vault somewhere.

As for explaining the technology, its a process. I have a liberal arts background and no CompSci training.

>>2825133
Is the hard fork this shitty bitcoin unlimited version that reddit keeps on talking shit about?

I have all my bitcons on coinbase right now, can I leave them there?

>>2826336

You should transfer all your bitcoins to a privately held wallet before Aug 1, you can move them wherever you want later.

>>2826336
This: >>2826370

>>2826425
This is so fucking stupid, so my private wallet can choose whatever blockchain I want (how does this even work???)
But when I leave them at coinbase I cannot just send the same coins to my wallet after August 1st? Did I understand this correctly?

>>2826485
Welcome to politics: Bitcoin version.

Basically, it is likely that Bitcoin will split into two on Aug 1st. It's a civil war of sorts. Coinbase has already openly declared they're in favor of one side over the other.

So if you want Bitcoins from BOTH blockchains and want your Bitcoins stupidly safe for now, just store your Bitcoins in a private wallet at least 1 or 2 days before August 1st. Wait for a day or so to see what happens. By then exchanges will probably be able to do most of the work for you.

....or you could just sell them for USDT tokens and wait it out.

Will it be ok to hold btc in my poloniex wallet and my coinbase wallet through august 1?

What wallets do people recommend? Is there a wallet for each crypto or can they all go in the same wallet?

>>2827165

No.

Move them to a private wallet.

>>2827165
I literally asked this stuff like two hours ago, read the fucking thread.

>>2826573
Thank you, but still not answering the questions I was asking.

Someone should make an infographic to post it in every thread
It should cover
>What is cryptocurrency and how it works
>What is bitcoin/*coin
>How and where to buy and sell coins
>How to mine coins
>General tips

>>2827211
I'll refer you to what was posted earlier: >>2825133

>1. Control your private keys well before August 1st.
>2. To be on the safe side, avoid any transactions a day or two before, on, and shortly after August 1st. (How “shortly after” depends on what happens; it could take weeks.)
>3. If there are still two (or more) chains when the dust settles, split your coins into different wallets.

>The good news, however, is that some exchanges will likely set up coin-splitting services and take care of most of the complexity behind the screens. You’d just need to send your bitcoins to an exchange, and the exchange will credit your account with [both kinds of Bitcoins]. (They should even replay the transaction for you to make sure they indeed receive both your coins.) At that point, if you want, you will be able to sell or trade your coins.

And yes, they might not be precisely the same kind of Bitcoins after August 1st. I'm not exactly sure myself.

All I know is: play it safe, have them on your wallet.

Is Poloniex as bad as all the shit I've read?

They have the best client by far in my opinion, and the variety of coins on it is just about perfect.

I got like 1000 NMR tokens that actually aren't worthless as I noticed today. I missed the point where the course was awfully high though, so I think about just keeping them.
They were freebies after all. The exchange course is volatile as shit and had quite the movement after release but seem rather stable now. I don't know if I should just sell them for BTC the next days or if they'll actually keep value - seeing they are just tokens on the eth-Blockchain that actually have a use, albeit a rather dumb one, I absolute can't imagine where they may be going.

What's the general motion of newly released tokens? Are there any generalizing rules on them?

if you guys want to play/practice with some coins, i suggest you go ask this anon for some MAGA

>>2811438

Where do I have to go to short ETH and other crypto? Ive been watching and studying this shit for MONTHS and im looking at all this money around because im phoneposting like a fag at work leaving cash on the table.