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RE: More Thoughts on the whole Cryptoworld and my strategies...that seem to be working so far
Thanks for giving such down to earth advice on this stuff. I am a total crypto noob, with the exception of Steem. How hard did you find the whole wallet red tape thing? I'm a bit ashamed to say that that has been my biggest barrier for entering the market. I know it's laziness, but I also find myself untrusting of many of these sites.
I like how you pointed out litecoin. If you looked at just the last two years, Litecoin outperformed Bitcoin by double. meaning if you deposited 1000 in Lite coin 2 years ago, you would have made twice as much as someone who invested that 1000 in bitcoin.
So what do you think? How much of a PITA is the whole wallet thing?
A big one. Not insurmountable but...like I said in the posts, it's actually a positive to people who figure it out. 99.9% of the world hasn't gotten into this stuff yet and most won't until they make it easier. By then, there will still be large gains to be had, but probably not like this. So it's worth figuring out.
As much as people bad mouth it, Coinbase is really the place to start. You can get on there fairly easily and get some money into the space. You can fund your account with US dollars or buy bitcoin, ethereum, litecoin, and now bitcoin cash...although that last one is probably the root of this latest freefall so you may want to shy away from it for now.
Once you get something in there, then you can start figuring out how to take the next steps. Anything you buy in Coinbase you can leave there, especially if its a smaller amount. The "danger" is that although the blockchain itself is unhackable, Coinbase is a centralized location and thus is a bigger target for hacking. Obviously, the safeguards and security they have in place are extremely good but....just as a bank is where all the money is, it becomes a target for the treasure it holds. So, there is some risk in leaving it there. Banks are insured by the FDIC. Crypto isn't.
Wallets come next. Jaxx is a pretty good one. Myetherwallet is also supposed to be good although they've had issues with hackers phishing their web address and people sign up for fake wallets and lose their money. The site itself is good but you need to check and doublecheck that the site you're on is the real one. You should never click a link to go there. Always type it in manually until you have it set up and can bookmark it yourself. Realistically though, the best answer is to spend $75 and get a hardware wallet. The Ledger Nano S is a good one and can handle most of your coins/tokens. The nice thing about that one is that their website has a few step-by-step videos to get you set up so you'll know you're doing things right.
That's where I'd start. Seriously, if you're new and uncomfortable, take $50-$200 (whatever you're comfortable with risking) and get it into the market. Once you're in, you'll be able to gain some confidence in how things work and if you make a mistake, you're not killing yourself. As I wrote about, it took me two full months of piecing money into the market before I got everything I was willing to risk in. And I didn't put in a lot. Just $150 here, $100 there. The fees are pretty steep when you do it that way but the potential we're talking about with these things is so great those fees aren't really important until you know what you're doing.
I'm around a lot until at least after the New Year so if you have any questions, feel free to ask. Oh, and by the way, if your plan is to buy Steem and not worry about the others, then I would get Litecoin first. You can't buy Steem with dollars. You need to use one of the other currencies. Of your choices, Litecoin has the cheapest fees and transfers the quickest over here so that's the way to go.
PS. You're going to get rich off my upvotes.... :-)
PPS. Do you know how to get emojis on Steem? I've seen others use them but don't know where to get them.
ok. Thanks for the info. I'm going to try to get on coinbase tonight. Do you set it up to a bank account? I actually have a wallet with myetherwallet, but I don't think I have access to it now. I have one ERC20 token in it from a facebook group I was a part of. When you say I can leave it there, you are talking about coinbase, right? Meaning, I would not necessarily need to put it in my wallet if I didn't want to?
P.S. you're probably right, but I hope you don't feel it necessary to upvote me so much. Of course, I thought I was rich when I won 15 SBD.
Yes, you do set it up with your bank account. It's easier if you have one of the bigger banks though. There's some extra steps if you've got a local bank or credit union or something. And yes, you can leave it on coinbase in their wallets. It will automatically go there when you buy it. With a small amount, I wouldn't worry too much about moving it into your own wallet quickly. Eventually that's what you'll want to do but until you start to gain some confidence in navigating around, it should be fine there. You can read about some of the exchanges that have been hacked over the last few years to see what your downside is. It doesn't happen often but...it does happen so you just need to be aware.
The mew you have should work for anything you buy. I'd try and find it again. 1 ether is $600-$700. Could buy a couple hundred Steem with that.... :-)
You get to be the beneficiary of one more upvote as I'm doing a little experiment. I found www.steemnow.com and I'm at 70.93%. I'm upvoting you to see what it does to my percentage......69.55% so it took it down. I'm still at 37 hrs to fully recharge though so not a huge deal. I'll have to keep an eye on that and see what affects it. In fact, I just noticed your first reply so I'll upvote that for 10% and see what happens..... found it. Thanks!
Thank you. Maybe it's not myetherwallet. it was free. The 1 token I have in there probably worthless. It was made for testing trades. It wasn't 1 Ethereum, but an ERC20 token which is like a sub-token made on the ethereum blockchain. It is a novelty coin similar to how there are potcoins and and phuckcoins (so you can give a phuck).
Try www.steemworld.org. It does everything that steemnow does and more. Here is a link to your account: https://steemworld.org/@dagger212. You can change the power meter in the top left to show your vote worth at different power levels. You can also change the slider for vote weight. Thanks for the upvotes. I should offer that as a service. Test your upvotes on me, no charge!
Sorry for replying so late, I had a lot more typed, but I lost it. This is probably the best way to do emojis. Just go to the link and copy and paste the ones you want. There are some chrome add-ins for selectors, but I couldn't get them to work myself.
I'll be back later to reply about the crypto things.
🤠
I didn't see it. Keep in mind that it will only show the emojis supported by your browser. Do you see these? 👤👥👦👧👨👩👪👫👬👭👮👯👰👱👲👳👴👵👶👷👸👹👺👻👼👽👾👿💀💁💂💃💄💅💆💇💈💉💊💋💌💍💎💏💐💑💒💓💔💕💖💗💘💙💚💛💜💝💞💟💠💡💢💣💤💥💦💧💨💩💪💫
I see them. You don't see my little cowboy dude in the one above this?
Hey, you need to get on discord too. That is your portal to more social networks.
I'm there but I have no idea how to navigate that thing. I went to the Writers Block when I first started digging around this place and then found one other "channel" on ETC...a good crypto, by the way. Other than that, I have no idea how to even look for anything else.