Cashing in on the rebound?

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Sexy Potoo

Sexy Potoo

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May 27, 2017
I never bought a single crypto coin in my life, do you have any advice on how to profit off of the rebound?

I am not planning on taking out a mortgage or anything. But I wouldn't mind throwing say, 20 - 30 dollars into cryptocoins and selling them in 2 weeks.

Any suggestions?
 
Sexy Potoo said:
I never bought a single crypto coin in my life, do you have any advice on how to profit off of the rebound?

I am not planning on taking out a mortgage or anything. But I wouldn't mind throwing say, 20 - 30 dollars into cryptocoins and selling them in 2 weeks.

Any suggestions?
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Might as well do scratch-off lottery tickets or just go to a casino - you'll have more fun and a better chance to recoup the money(srs). That amount of money in crypto($30) and the time(2 weeks) won't really earn enough of an investment and the assorted fees required will even make that small amount of profit even less. This isn't 2010 when buying $20 bucks of crypto will blossom into $1000's of dollars in 2018.
 
I'd say $100-$200 is the minimum fiat conversion I'd consider, with the fees. Even at $100 you're looking at losing half of that to all the fees you will pay to get that BTC to your own private wallet.

Having some BTC is infinitely more than zero and I believe anyone middle-class or above should have some BTC.

January Cyst said:
Is coinbase still a good option to get into crypto?
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I heard credit cards are having issues (probably due to massive charge backs any time the price drops). Bank account transfers are the best bet, since you're treated less like a criminal by all parties.
 
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January Cyst said:
Is coinbase still a good option to get into crypto?
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I'm not getting a referral bonus or anything, but I really like uphold.com. It allows fiat conversion to BTC, BCH, DASH, LTC, ETH, BTG, BAT, several precious metals, and a couple dozen world currencies. It also has solid transparency and doesn't 'crash' when BTC is in a freefall.
 
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If you want to just fuck around then putting in $100 or less is a fairly reasonable idea.

I know a lot of people who have wanted to do that, not really to see if they can make money out of it, but just to see what its all about for themselves.

If you have a powerful enough computer then you can print yourself some money relatively over time, or you can go through the numerous projects around on bitcointalk.org and see if there are any airdrops/giveaways or small jobs you can do.
 
I tried getting verified on a couple of the major sites to stick my toes in because I don't know wtf all this is about and none ever got back to me. *sigh*
 
CrunkLord420 said:
I'd say $100-$200 is the minimum fiat conversion I'd consider, with the fees. Even at $100 you're looking at losing half of that to all the fees you will pay to get that BTC to your own private wallet.
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GDAX doesn't put TX fees on the user, even though Coinbase does...Yeah I know it's weird.

Square Cash, the new kid on the block in the exchange space, doesn't saddle the end user with TX fees either.
 
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LastOfTheMohicans said:
GDAX doesn't put TX fees on the user, even though Coinbase does...Yeah I know it's weird.

Square Cash, the new kid on the block in the exchange space, doesn't saddle the end user with TX fees either.
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GDAX is an exchange, do they accept credit cards? My understanding is exchanges don't accept credit cards and Coinbase is more like a "retailer" in that sense.
 
CrunkLord420 said:
GDAX is an exchange, do they accept credit cards? My understanding is exchanges don't accept credit cards and Coinbase is more like a "retailer" in that sense.
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I don't buy direct from GDAX, since it just has the same parent company as coinbase, and they in fact use the same database to store information about your balance.

My process used to be:
1) Buy BTC from Coinbase
2) Transfer BTC balance to GDAX (a service provided for free, and with no on-chain transaction)
3) Withdraw balance from GDAX to personal wallet. GDAX pays transaction fee.

Now I'm substituting Coinbase as a whole for Square Cash. I used Square Cash a lot already, and now since they support buying BTC why the hell not. The fact that coinbase is charging users with the transaction fee for withdrawals while not letting them set the fee is fucking retarded. I may go back to CB/GDAX if they implement SegWit and transaction batching.

And pretty much all the big american banks are refusing PCI transactions meant to buy crypto anyway because as mentioned, idiots just charge back when crypto goes through a market correction. So I use ACH or Wire.
 
LastOfTheMohicans said:
I don't buy direct from GDAX, since it just has the same parent company as coinbase, and they in fact use the same database to store information about your balance.

My process used to be:
1) Buy BTC from Coinbase
2) Transfer BTC balance to GDAX (a service provided for free, and with no on-chain transaction)
3) Withdraw balance from GDAX to personal wallet. GDAX pays transaction fee.

Now I'm substituting Coinbase as a whole for Square Cash. I used Square Cash a lot already, and now since they support buying BTC why the hell not. The fact that coinbase is charging users with the transaction fee for withdrawals while not letting them set the fee is fucking exceptional. I may go back to CB/GDAX if they implement SegWit and transaction batching.

And pretty much all the big american banks are refusing PCI transactions meant to buy crypto anyway because as mentioned, idiots just charge back when crypto goes through a market correction. So I use ACH or Wire.
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So you pay a wire fee, right? That's what I'm referring to, not necessarily the onchain BTC TX fee. The conversion of fiat into BTC has a decent fee associated with it, doing things on an exchange has pretty minimal fees unless you're doing very rapid trading.
 
As per my buys, Coinbase takes approximately a 1% fee when using ACH, which is my primary method, but I don't get to withdraw my coins for 7 days while the ACH confirms (LOL BITCOIN SLOW TO CONFIRM). My bank has also been attaching a very small fee for themselves, too lazy to do the math right now but a recent $30 buy came with a $0.90 fee paid to my bank. Other than that, no, I haven't seen any other major fees attached to my buys. The big killer is the BTC TX fee that coinbase decides I need to pay 400 sats/b to get my BTC out of their system...when I was already willing to wait 7 days because I used ACH.

If you're talking about selling, then I haven't sold in quite awhile so I wouldn't know. I haven't felt a need to sell in over a year.
 
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Sexy Potoo said:
I never bought a single crypto coin in my life, do you have any advice on how to profit off of the rebound?

I am not planning on taking out a mortgage or anything. But I wouldn't mind throwing say, 20 - 30 dollars into cryptocoins and selling them in 2 weeks.

Any suggestions?
Click to expand...
so did you pull the trigger on a buy in?
 
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