I'm Tempted to Buy Ethereum

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I've been sitting on my tiny stash of about 6.5 bitcoins in my Coinbase account.  Coinbase will soon be trading Ethereum.  I'm thinking, when the time comes, to convert the value of one bitcoin into some Ethereum.  Any opinions?

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This sounds like something Katt Williams would do.

Crazytree (Jul. 27, 2016 @ 3:07a) |

So I had some ETH sitting on the Poloniex exchange recently and I got a matching amount of ETC after they added support.... (more)

parkdanil (Aug. 03, 2016 @ 7:12a) |

Since Sunday, July 31, none of this looks like "free money" lol

SinglePapa (Aug. 03, 2016 @ 7:50a) |

Reddit Starter guide: (almost) all the links you'll need to start understanding Ethereum.
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burgerwars said:   I've been sitting on my tiny stash of about 6.5 bitcoins in my Coinbase account.  Coinbase will soon be trading Ethereum.  I'm thinking, when the time comes, to convert the value of one bitcoin into some Ethereum.  Any opinions?
  I think ETH is seriously overbought right now, due to the heavy demand from The DAO crowdsale.

My advice is wait until The DAO tokens start trading on May 28th. There will probably be a big sell off afterwards to take profits, because the early buyers got 1.5 multiplier during the crowdsale.

This week, before this date is probably going to be some of the highest ETH prices so far. Even today, ETH is at 85% of the All Time High against Bitcoin.
I think there is bound to be a big correction.


 

I agree,  I bought a little ETH before the DAO, sold half at around .033.
Long term I'm still undecided about ETH.  Right now there is an unlimited amount of ETH that can be created, at least until they convert to proof of stake. Of my crypto currencies I'm about 90% BTC, 5% ETH, 5% other.

I just bought $200 worth of ETH this morning. I may get some more with my Hashnest payouts.

EDIT:  Was thinking about converting half of my ether to DAO tokens as they may end up with some value down the road.

cyiwin said:   I agree,  I bought a little ETH before the DAO, sold half at around .033.
Long term I'm still undecided about ETH.  Right now there is an unlimited amount of ETH that can be created, at least until they convert to proof of stake. Of my crypto currencies I'm about 90% BTC, 5% ETH, 5% other.

  That sounds right. ETH ain't meant to be a store of value long-term. 

My bet  is that longterm it will go to  about 0.2 btc and go down from there, if they keep unlimited emission.

parkdanil said:   I just bought $200 worth of ETH this morning. I may get some more with my Hashnest payouts.
  You can probably still make a profit by selling it this week, and rebuying around the Bitcoin halving in July.

How does one buy and store Ethers. I have no experience with digital currency.

gotsmack said:   How does one buy and store Ethers. I have no experience with digital currency.
  If you check here you can use any of the markets that ETH is traded on. You will may need to purchase some Bitcoin first to exchange for the Ethereum depending on how you go about it.
You may also wish to check the stickied crypto-currency thread here in Finance forums, it gets occasional updates.

I'm thinking of buying platinum as a better store of value

This is the first I've heard of Ethereum, but (as a hater of these silly blockchain currencies) I must say I love the name. Correct me if I'm wrong, but isn't ether known for evaporating extremely quickly?

gotsmack said:   How does one buy and store Ethers. I have no experience with digital currency.
  My view is that most people, including me, lost cryptocurrency only when they entrusted it to a third party, such as centralized exchanges and wallets.
It's kind of like with metals, "if you don't hold it, you don't own it".

If you have no experience with crypto, my advice is get some experience with it through Bitcoin, because there is the most infrastructure and the soft is more developed.

I think the safest for a newby is to buy a hardware wallet, such as Ledger Classic:
https://www.ledgerwallet.com/products/3-ledger-hw-1
Initialize it with a Ledger Starter:
https://www.ledgerwallet.com/products/7-ledger-starter
Store the seed safely, and learn how to use the gadget.

Then buy some bitcoins face to face from an experienced trader through:
https://localbitcoins.com/buy_bitcoins

When you do all that, and you still want to buy Ether, create a wallet and back it up. There is hardware wallet support for it in the works also, but not yet, because Ethereum has only been running for less than a year, and most of its wallets are in early beta or alpha.
If you want to gamble on that, try Mist:
https://github.com/ethereum/mist

Then go to ShapeShift, learn how to use that, and exchange Bitcoin from your Ledger directly to Ether in your wallet:
https://shapeshift.io/#/coins
That way your exposure to third-party exchanges is only a few minutes.

Be careful! Read. Good luck!
 

If I didn't know better I'd think you people were making this stuff up.

needhelpplease said:   I'm thinking of buying platinum as a better store of value
  
I just took it a step further and increased my rhodium stash. 

is there a way to mine this or bitcoins using apps and old smartphones??

needhelpplease said:   is there a way to mine this or bitcoins using apps and old smartphones??
  There were a couple of bot-nets earlier on, but nowadays its simply not possible with the rising difficulty when mining a block. For Bitcoin you need an ASIC device like the Antminer S7, or for the Ethereum a decent video card and Geth. It may be easier to simply use a Multipool and exchange ALT-coins for ETH.

parkdanil said:   
needhelpplease said:   is there a way to mine this or bitcoins using apps and old smartphones??
  There were a couple of bot-nets earlier on, but nowadays its simply not possible with the rising difficulty when mining a block. For Bitcoin you need an ASIC device like the Antminer S7, or for the Ethereum a decent video card and Geth. It may be easier to simply use a Multipool and exchange ALT-coins for ETH.

  https://enshop.bitmain.com/productDetail.htm?pid=000201603070724...

seems interesting. How much B$ can you make on this if you leave it plugged in 24/7? 


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needhelpplease said:   
parkdanil said:   
needhelpplease said:   is there a way to mine this or bitcoins using apps and old smartphones??
  There were a couple of bot-nets earlier on, but nowadays its simply not possible with the rising difficulty when mining a block. For Bitcoin you need an ASIC device like the Antminer S7, or for the Ethereum a decent video card and Geth. It may be easier to simply use a Multipool and exchange ALT-coins for ETH.

  https://enshop.bitmain.com/productDetail.htm?pid=00020160307072415240XwaQIqfF06D3

seems interesting. How much B$ can you make on this if you leave it plugged in 24/7? 

  The device is set by default to mine "solo" at Antpool. The idea being you have a super duper slim chance at successfully mining a block and getting a lotto-like prize for your patience.  If you set it to mine at a pool you would get around $0.006229 per day, and probably not get back your $39 bucks you paid for it. Though it does have a nifty USB port in the front and hosting capability to hook up some thumb drive ASIC's. So you could potentially increase your overall hashing power and mine some ALT-coins for speculative trading purposes.

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I think Eth will also go down after the DAO. I'm long ETH and also think Lisk has some potential.

gotsmack said:   How does one buy and store Ethers. I have no experience with digital currency.
  Turns out there is already a proposal in The DAO to fund the development of ETH compatibility for the Ledger wallet. Looks like it will be compatible with both - Bitcoin and Ether. Maybe through new firmware and app for the Ledger? IDK yet.
https://forum.daohub.org/t/ledger-proposal-for-the-dao-1-ethereu...
So, if you practice buying, storing and moving Bitcoin in the Ledger for now, this should arrive some time soon, ETH rates should stabilize, you'll be able to convert from one to the other, as described before, and to store both on the Ledger very securely.
 

TechTrooper said:   
gotsmack said:   How does one buy and store Ethers. I have no experience with digital currency.
...
Store the seed safely, and learn how to use the gadget.
...

Be careful! Read. Good luck!

I am pretty good at extracting the seed without the use of a gadget, so is a gadget necessary?  Also, is an old gym sock I keep between the mattresses a good enough place to store the seed safely?  In my experience it works well, but I don't know how it will safely protect methane seed or polyurethane seed or whatever snake oil yall are selling.

OIiverQuackenbush said:   
TechTrooper said:   
gotsmack said:   How does one buy and store Ethers. I have no experience with digital currency.
...
Store the seed safely, and learn how to use the gadget.
...

Be careful! Read. Good luck!

I am pretty good at extracting the seed without the use of a gadget, so is a gadget necessary?  Also, is an old gym sock I keep between the mattresses a good enough place to store the seed safely?  In my experience it works well, but I don't know how it will safely protect methane seed or polyurethane seed or whatever snake oil yall are selling.

  TripleB, is that you?

TechTrooper said:   
gotsmack said:   How does one buy and store Ethers. I have no experience with digital currency.
  My view is that most people, including me, lost cryptocurrency only when they entrusted it to a third party, such as centralized exchanges and wallets.
It's kind of like with metals, "if you don't hold it, you don't own it".

If you have no experience with crypto, my advice is get some experience with it through Bitcoin, because there is the most infrastructure and the soft is more developed.

I think the safest for a newby is to buy a hardware wallet, such as Ledger Classic:
https://www.ledgerwallet.com/products/3-ledger-hw-1
Initialize it with a Ledger Starter:
https://www.ledgerwallet.com/products/7-ledger-starter
Store the seed safely, and learn how to use the gadget.

Then buy some bitcoins face to face from an experienced trader through:
https://localbitcoins.com/buy_bitcoins

When you do all that, and you still want to buy Ether, create a wallet and back it up. There is hardware wallet support for it in the works also, but not yet, because Ethereum has only been running for less than a year, and most of its wallets are in early beta or alpha.
If you want to gamble on that, try Mist:
https://github.com/ethereum/mist

Then go to ShapeShift, learn how to use that, and exchange Bitcoin from your Ledger directly to Ether in your wallet:
https://shapeshift.io/#/coins
That way your exposure to third-party exchanges is only a few minutes.

Be careful! Read. Good luck!

  
I wouldn't waste my money on such a gadget, you can create a paper wallet that is 100% secure and free.  A lot of people (I'm not specifically talking about you) don't realize that you can store Bitcoin completely offline.  Meeting up with someone locally to purchase Bitcoin is fine (just make sure it's in a public place) but Coinbase is reputable and probably an easier option.

S197 said:   
TechTrooper said:   
gotsmack said:   How does one buy and store Ethers. I have no experience with digital currency.
 I think the safest for a newby is to buy a hardware wallet, such as Ledger Classic:
https://www.ledgerwallet.com/products/3-ledger-hw-1 
Initialize it with a Ledger Starter:
https://www.ledgerwallet.com/products/7-ledger-starter 
Store the seed safely, and learn how to use the gadget.
Then buy some bitcoins face to face from an experienced trader through:
https://localbitcoins.com/buy_bitcoins 
Then go to ShapeShift, learn how to use that, and exchange Bitcoin from your Ledger directly to Ether in your wallet:
https://shapeshift.io/#/coins 
That way your exposure to third-party exchanges is only a few minutes.

Be careful! Read. Good luck!
 

  
I wouldn't waste my money on such a gadget, you can create a paper wallet that is 100% secure and free.  A lot of people (I'm not specifically talking about you) don't realize that you can store Bitcoin completely offline.  Meeting up with someone locally to purchase Bitcoin is fine (just make sure it's in a public place) but Coinbase is reputable and probably an easier option.

Nothing is a 100% secure.
If you start listing out the steps for a newbe to create a paper wallet securely, it turns into a hassle with several pitfalls, unless you use a Mycelium Entropy or something like that.
https://mycelium.com/mycelium-entropy.html 

And paper wallets aren't really that practical for learning how to use crypto.

The beauty of a hardware wallet, is that even when one is online on a compromised machine, with all sorts of viruses and malware, it never sees the Ledger's private keys, because they remain offline inside it.

With a Ledger Starter or the like, a hardware wallet can be initialized safely, even on such a compromised machine also.

IF the 10 bucks for the Starter is too much to spend, one can even download the iso, and make it out of an old flash drive, but that's also extra hassle.
http://support.ledgerwallet.com/knowledge_base/topics/how-to-ini...

For a newby, which doesn't want to fiddle with all that, I think the 35 bucks for a Ledger and its Starter is worth spending.

Numbers aren't looking so good right now, down 11.3%

https://coinmarketcap.com/currencies/ethereum/

I'm looking forward to Z Cash (http://z.cash). Supposedly it will have anonymity baked in and use an ASIC-resistant proof of work. https://z.cash/blog/why-equihash.html

I'm looking at Coinbase's GDAX site, that uses the same login as my Coinbase account. I see ethereum for about $12. There's no way to trade, as I see this message:

View Only ETH/USD trading is not yet available in your region.

I wanted to buy one ethereum to test, but I can't. As far as my region, I'm in California, which is the same state as Coinbase's headquarters. Maybe someday, but it's not today.

parkdanil said:   Numbers aren't looking so good right now, down 11.3%

https://coinmarketcap.com/currencies/ethereum/

  Yes, it's surprising that it's down now. Maybe the DAOists are topped off already. There was some negative analysis about it from the prominent old Bitcoin guard in the past couple of days on youtube.

Maybe the traders finally also realized that there will probably be a DAO profits sell off. I think, there is a price double-top on the Polo BTC/ETH daily, and also on  the Kraken ETH/USD  OBV.

The Coinbase GDAX site is kind of buggy. Scripting errors, buttons that don't do anything when clicked on, etc. I tried IE and Firefox on my desktop and failed. I managed to get something to work using Chrome on my Android. An order went through for $15 that I transferred from my Coinbase account page. I now own 1.22 Ethereums.

L Ron Hubbard once said the way to get rich is to start your own religion. I think I've discovered a better way. I only wish I went to school for math.

burgerwars said:   The Coinbase GDAX site is kind of buggy. Scripting errors, buttons that don't do anything when clicked on, etc. I tried IE and Firefox on my desktop and failed. I managed to get something to work using Chrome on my Android. An order went through for $15 that I transferred from my Coinbase account page. I now own 1.22 Ethereums.
  Sounds like they are at about the same stage as most Ethereum wallets.
So, you might be safer using Mist to store it, until Coinbase makes a vault feature for ETH, the way they made for Bitcoin.

I use the geth Ethereum client command line wallet, which works great for what it is, but it's too much of a hassle for GUI people, and has the full blockchain to download.
Just FYI: Ethereum is the network, the 1.22 Coinbase is holding for you are Ether.

 

pkny said:   
needhelpplease said:   I'm thinking of buying platinum as a better store of value
  
I just took it a step further and increased my rhodium stash. 

Speaking of, for those who are fans of PM's and crypto, check out Vaultoro:
https://www.vaultoro.com/

I think the chart is very favorable right now, for those who want to buy gold with bitcoin.

The gold is in allocated, pro-audited accounts, in a well-known Swiss bullion vault:
http://support.vaultoro.com/knowledgebase/topics/70221-auditing

http://support.vaultoro.com/knowledgebase/articles/472698-where-...

I bet they'll add Ethereum soon, and maybe other metals.

For buying strategic metals with Bitcoin, check out:
http://www.schweizerische-metallhandelsag.ch/?lang=en
It's not a trading exchange, and just starting with crypto integration, and has a 50k USD or so minimum, but it's a reputable, experienced place, with similar allocated metal setup, for unique, diversified assets.

thinhouse said:   I think Eth will also go down after the DAO. I'm long ETH and also think Lisk has some potential.
  I just bought some Lisk it is slowly climbing currently, will see how things go.  

Very exciting action on the exchange. About 17 million bucks moving, making my head spin looking at the graph shifting about so fast.

ETH is going down as BTC is going up. Darn bitcoin is currently over $500.

The GDAX website is a bit less buggy. I bought another $10 of ETH. I think I'll buy a tiny amount once in a while to play with it.

burgerwars said:   ETH is going down as BTC is going up. Darn bitcoin is currently over $500.

The GDAX website is a bit less buggy. I bought another $10 of ETH. I think I'll buy a tiny amount once in a while to play with it.

  The daily RSI is still ~45, the MACD, stochastics are still not that low.
My reload zone is .019 - .014 btc/eth
After that, the next support looks around .0065.
So, there is probably still some downside against B.

What is Ethereum? Something to power a warp drive?

seawolf21 said:   What is Ethereum? Something to power a warp drive?
  
Its where your money goes when a crypto currency fails to take hold...  into the Ether..

I did alright with ETH and some LISK trading, enough to make up for the price declines. I started with $200 in ETH. Right now I'm trying my luck with the DAO tokens. I've got around $330 worth from buying low and selling high.


Im tempted to buy methane.
oops. looks like some just showed up.

Skipping 11 Messages...
Since Sunday, July 31, none of this looks like "free money" lol



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