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So I bought some Bitcoin

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Bulldogg31

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Dec 9, 2013
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Here you go.

I downloaded the Coinbase app, linked to a bank account, and bought some Bitcoin, Ethereum, and Litecoin just to see how this whole thing works.

I bought all three last week. As of today, exactly zero of these assets have appeared in my "wallets". The app tells me it will be several more days before I have access to these "assets".

Apparently I could have used a debit or credit card but I'd be limited to $150 per week of transactions.

Thus far I am unimpressed. Perhaps there is a better/quicker way to acquire these currencies?

I guess they are not intended to be traded like equities or even foreign currencies. I've bought some illiquid assets before but this is a little silly.

Any experts have advice out there? Just trying to learn the system.
 
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Wizard of bulldogery

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Feb 14, 2017
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it takes 2-7 business days to link a bank account to a brokerage account to become active. so there's that. i guess you would be unimpressed with that too
 
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Bulldogg31

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Dec 9, 2013
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Wizard of bulldogery said:
it takes 2-7 business days to link a bank account to a brokerage account to become active. so there's that. i guess you would be unimpressed with that too
Click to expand...

That's a good point and hopefully the transaction speed will be quicker going forward. Just not sure what to expect but fun to try and learn.

And yes, by the way, in 2017 2-7 days to do anything is really unimpressive.
 
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Wizard of bulldogery

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Feb 14, 2017
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oh i understand fully. i opened an account a couple weeks ago with them. Internet Traffic has been really high and i haven't been able to get the extra level of verification. The demand is moving faster than the servers or whatever makes the websites work. They can't keep up. I tried 2 other exchanges before Coinbase and never were able to get accounts open. I'm fairly certain their are tons of easy money arbitrage trades to be made because of price discrepancies across exchanges but I can't get another dam account open to take advantage of them not to mention it would probably take forever to get margin approved.
 
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Bulldogg31

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Dec 9, 2013
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It's crazy. Assuming I get the price I was quoted when I placed my order, I've made a very nice chunk of change, then I gave it all back. Now I've lost a little, and I'm hoping I make it back tomorrow or Friday by the time it finally shows up in my account.

I also bought some GBTC which has been an absolute roller coaster as well. This ride may be too fast for the likes of me. Might have to get off at the next stop. We'll see.
 
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Wizard of bulldogery

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Feb 14, 2017
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GBTC came back to earth today... somebody was telling me the NAV of the investment trust was overvalued by like 50%. so basically if they liquidated it would be worth half than the price it was trading at... was at 3400 and now it is what 2300 or something. It was all pure speculation and looks as if the smart money took their gains last couple of days. My purchase showed up immediately I haven't been actively trading it... i bought more Ether than bitcoin... there is something different with how ether can be used from what i've read, but the smart contracts and tech behind it is still a little over my head. Maybe it was the programming of the contracts could have more uses. I took the approach that me being late to the party... that the runner up now will have more long term upside
 
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Bulldogg31

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Dec 9, 2013
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Wizard of bulldogery said:
GBTC came back to earth today... somebody was telling me the NAV of the investment trust was overvalued by like 50%. so basically if they liquidated it would be worth half than the price it was trading at... was at 3400 and now it is what 2300 or something. It was all pure speculation and looks as if the smart money took their gains last couple of days. My purchase showed up immediately I haven't been actively trading it... i bought more Ether than bitcoin... there is something different with how ether can be used from what i've read, but the smart contracts and tech behind it is still a little over my head. Maybe it was the programming of the contracts could have more uses. I took the approach that me being late to the party... that the runner up now will have more long term upside
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Agreed and same here.
 
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bruiser.sixpack

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Aug 13, 2009
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WrapItDog said:
I holding off until you can you use them in a Coke machine**
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This got me to thinkin'.... I know. I know. So remember when ol' Gabby Hayes would play a bartender in the old Westerns and when a patron ordered whiskey and paid him with two "bits", he would bite the coins to make sure they were real?

And I also been awondrin'. When the cheerleaders do that old cheer will they now say:

2 bitcoins, 4 bitcoins, 6 bitcoins, a million, all for the Bulldogs stand up and....
.hmmmm? what rhymes with million?
 
She Mate Me

She Mate Me

Heisman
Dec 7, 2008
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Be really careful at these levels. It won't surprise me at all if it drops below 5k again. This run is unsustainable.
 
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zerosktr151

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Jan 13, 2009
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Yes. Setup a GDAX Account (Same company as Coinbase) transfer all your crypto to it for free. You can do Limit Orders and trade your coins instantly.
 
TheStateUofMS

TheStateUofMS

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Dec 26, 2009
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Look at your trade confirm. It shows you the exchange rate. You get that rate, it's just a long settlement time. In equities, it's T+2 (trade date + 2 business days). Mutual Funds is T+1 for comparison's sake.
 
TheStateUofMS

TheStateUofMS

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Dec 26, 2009
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Stay clear of GBTC dude. I've said this in the past. It trades at a HUUUUUGE premium to Net Asset Value. In other words, the value of the actual Bitcoin this trust holds, is WAAAAAY less than what GBTC's price is. It was trading at a 30% premium a few weeks ago.
 
TheStateUofMS

TheStateUofMS

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Dec 26, 2009
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When it dips like this, you need to buy more, but not at the first 10% dip. Let volatility be your friend.

As always, you shouldn't be buying any more than you can stand to lose, so just "dip your toe in" after big corrections of 20-30% if you want to and then each 20-30% from the most recent high, get some more.

Earlier this morning the cryptos were down 30-40% in one day. Now last hour many are up high teen %.

Weak hands are definitely going to get flushed out.
 
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Go Budaw

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Aug 22, 2012
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HotMop said:
Down 33% this week, who could have seen this coming. ***
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Yep. One of the certainties in investing is that once you see dozens of people on random college sports message boards talking about a previously obscure investment asset, you have already missed the boat on said asset. Smart money has already come and gone, and shifted their money over to another obscure asset at a good value that they won’t tell anyone about until after they sell.
 
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patdog

Heisman
May 28, 2007
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ShrubDog

ShrubDog

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Apr 13, 2008
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Go Budaw said:
Yep. One of the certainties in investing is that once you see dozens of people on random college sports message boards talking about a previously obscure investment asset, you have already missed the boat on said asset. Smart money has already come and gone, and shifted their money over to another obscure asset at a good value that they won’t tell anyone about until after they sell.
Click to expand...

Exactly, when I started seeing BTC questions popping up on this SPS I knew this wasn’t a good sign, were have yall been for the past several years............
 
Philly Dawg

Philly Dawg

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Oct 6, 2012
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The transaction costs to purchase and sell Bitcoin are high and it’s time consuming.
 
Philly Dawg

Philly Dawg

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Oct 6, 2012
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Google tells me the average transaction fee is $50.00 for a purported currency. By comparison, Google tells me the average transaction cost on an online stock trade is approximately $9.00.
 
ShrubDog

ShrubDog

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Apr 13, 2008
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Like I said your Google is broke.

Since Coinbase seems to be the Bovada of crypto I will use them as an example.

You can buy 500$ worth of BTC/19.95 fee. Seems like the only people worried about fees are squares, newbies and folks who don’t know how bitcoin works and shouldn’t be putting money into it if the fees scare them. I’ve made enough money through the years fees don’t concern me. It takes no time at all for a transaction, a simple click and your done.

Another option is mining if you really want to get in deep. Try mining a stock.......
 
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