In Dec I started selling 1/2 of my bitcoin holdings for alt coins

[ghworker2010]

My strategy paid off as it seemed that a lot of money was moving from BTC to the other alts. A lot of them have really gone up big time and I can only thank Binance exchange for being the n.o 1 crypto exchange. Its definitely the best exchange and Ive traded on most of them. Its best to buy some of their coin BNB and thus only pay 50% fees. I strongly recommend sending your bitcoin or ethereum and trading with these pairs (on Binance) to buy any of the alt coins. If your a newbe they have a  'basic' trading screen. Just select market price and your good to go. 

 

Im a buy and hold guy and so far none have turned out to be duds and I own most of the top 12 alts. 

 

I dont know what to think about old Bitcoin. There are so many better options now. If Bitcoin fails to be a storage of value / global currency then its not going to last. Ive already researched the Lightening network solutions to its scaling issues and there are problems with this layer 2 approach. I can't decide if I should completely dump all my bitcoin but I suppose its better to hold some just in case it pops upwards. 

 

cheers

[PattayaAngel]

Well i was in Ripple but got out few days ago... and already sold my Augar, Litecoin etc.  I'm now waiting to see how low Ripple goes before i buy back - sold Bitcoign ages ago but still fancy Bitcoin cash and will buy back if it goes to 80k ish

[davidst01]

On 1/11/2018 at 6:03 PM, PattayaAngel said:

Well i was in Ripple but got out few days ago... and already sold my Augar, Litecoin etc.  I'm now waiting to see how low Ripple goes before i buy back - sold Bitcoign ages ago but still fancy Bitcoin cash and will buy back if it goes to 80k ish

im more of a buy and hold guy. Works for me. Ripple will probably go up this year heaps. 

[PattayaAngel]

11 hours ago, davidst01 said:

im more of a buy and hold guy. Works for me. Ripple will probably go up this year heaps. 

 

 I agree and I just bought back in on the dip

[bartender100]

They are all having a great day so far today

 

 Ethereum is king for me, many of the other coins run on its blockchain, I am hoping this year it will knock Bitcoin of the top spot and fund my Bangkok penthouse

[davidst01]

29 minutes ago, bartender100 said:

They are all having a great day so far today

 

 Ethereum is king for me, many of the other coins run on its blockchain, I am hoping this year it will knock Bitcoin of the top spot and fund my Bangkok penthouse

Ethereum is ok but has many problems. There were many instances of bugs and issues for E last yr. Look what happened to cryptokitties. Ethereum fell into a heap with scaling issues. I dont know why its price is so high. Its trying to do too much too fast. 

 

I hope you have NEO in your portfolio. It will be a real threat to E and the new trinity scaling solution will be huge. 

[bartender100]

10 hours ago, davidst01 said:

Ethereum is ok but has many problems. There were many instances of bugs and issues for E last yr. Look what happened to cryptokitties. Ethereum fell into a heap with scaling issues. I dont know why its price is so high. Its trying to do too much too fast. 

 

I hope you have NEO in your portfolio. It will be a real threat to E and the new trinity scaling solution will be huge. 

Thanks for the NEO tip, i will take a look

Edited January 13, 2018 by bartender100

[PattayaAngel]

13 hours ago, bartender100 said:

Thanks for the NEO tip, i will take a look

 

Is NEO one of the 12 that can be bought with THB?  I'm only trading, in and out, with those 12 as I'm with Bx

[cookai]

NEO is great if you're Chinese!  It will have built in ability to be regulated by the Chinese government, which is a requirement for playing in China.  But take a wild guess how this will be adopted in the rest of the world....   

[davidst01]

7 hours ago, cookai said:

NEO is great if you're Chinese!  It will have built in ability to be regulated by the Chinese government, which is a requirement for playing in China.  But take a wild guess how this will be adopted in the rest of the world....   

NEO is going off right now for obvious reasons. Dont miss out

 

 

[chicowoodduck]

Well, got my good laugh for the day at all the folks who are getting rich....kind of like my Vegas friends who are making money all the time....??

[GemsLove]

NEO Target is 200$ and will consolidate a little but EoY you can expect 1000$

[seesip]

Anyone know if/how large bitcoin holders have converted to fiat currency? I read about people with bc holdings in the tens of millions of dollars--how difficult would it be to turn that into USD for example, and what is the process? I wish I was asking for myself but really just curious about the process for larger amounts.

[12DrinkMore]

1 hour ago, seesip said:

Anyone know if/how large bitcoin holders have converted to fiat currency? I read about people with bc holdings in the tens of millions of dollars--how difficult would it be to turn that into USD for example, and what is the process? I wish I was asking for myself but really just curious about the process for larger amounts.

 

You are being sacrilegious. Anybody who talks about selling bitcoin will be pulped.

 

There are only thre ways to get bitcoins back into the real world.

 

1. Sell on an exchange.

 

2. Make a private deal.

 

3. Buy stuff from a business that will accept bitcoins, and then sell the stuff.

 

Ignoring 2 and 3 as it is not going to be easy to organise deals going into USD millions.

 

If you sell on an exchange, the liquidity to pay you has to come from current buyers. No buyers, no liquidity.

 

The largest and probably safest exchange is coinbase. They only deal with customers in a select few countries, and Thailand is not in the list.

The maximum transaction limit they will give you is USD 50,000 per week, this has to be specially applied for. AAnd is only given if you have undergone their identity verification processes, which includes providing a bank account and mobile telephone. You cannot be anonymous. And they comply with the US regulations, which includes the taxman.

 

To sell bitcoins for USD one million will take you 20 weeks, around 6 months with all the delays.

 

So yep, all those bitcoin billionaires will have a very hard job of taking out cash.

 

I have also read that it is easier to register and buy coins than to sell. For example you can buy using a credit card, but the exchange will not pay to a credit card.

 

Note also that only about 10 of the 3,000 plus alt-coins can be directly bought and sold using USD. The rest have to go through bitcoin, etherium or one of the other ten or so first. Anybody with say USD one million in Ripple, will first have to find owners of bitcoin looking to buy Ripple and then have to sell on the exchange for USD.

 

[MyFriend You]

36 minutes ago, 12DrinkMore said:

 

You are being sacrilegious. Anybody who talks about selling bitcoin will be pulped.

 

There are only thre ways to get bitcoins back into the real world.

 

1. Sell on an exchange.

 

2. Make a private deal.

 

3. Buy stuff from a business that will accept bitcoins, and then sell the stuff.

 

Ignoring 2 and 3 as it is not going to be easy to organise deals going into USD millions.

 

If you sell on an exchange, the liquidity to pay you has to come from current buyers. No buyers, no liquidity.

 

The largest and probably safest exchange is coinbase. They only deal with customers in a select few countries, and Thailand is not in the list.

The maximum transaction limit they will give you is USD 50,000 per week, this has to be specially applied for. AAnd is only given if you have undergone their identity verification processes, which includes providing a bank account and mobile telephone. You cannot be anonymous. And they comply with the US regulations, which includes the taxman.

 

To sell bitcoins for USD one million will take you 20 weeks, around 6 months with all the delays.

 

So yep, all those bitcoin billionaires will have a very hard job of taking out cash.

 

I have also read that it is easier to register and buy coins than to sell. For example you can buy using a credit card, but the exchange will not pay to a credit card.

 

Note also that only about 10 of the 3,000 plus alt-coins can be directly bought and sold using USD. The rest have to go through bitcoin, etherium or one of the other ten or so first. Anybody with say USD one million in Ripple, will first have to find owners of bitcoin looking to buy Ripple and then have to sell on the exchange for USD.

 

THANK YOU!!  This is what I ave been reading all along, BitCoin is not Cash and it is really difficult to "cash out"  so "Its Not Real Money"    I'd rather have a Half Million in Cash than Ten Million in somthing I can't spend when I want to. Immediately.  I hope there are a lot of success stories out there but for me No Thanx.  

 

An friend of mine in UK decided it was too labor intensive, so he traded his bitcoins for a Yacht in Singapore.........his blood pressure is down to safe levels      and is happily sailing .

[janclaes47]

On 13/01/2018 at 8:44 AM, PattayaAngel said:

 

 I agree and I just bought back in on the dip

 

Looks like that was a good move . NOT.

 

Everyone getting rich quickly here, or do I see that wrong?

 

 

 

[davidst01]

2 hours ago, 12DrinkMore said:

The largest and probably safest exchange is coinbase.

Im unsure if I totally agree with the comments by 12drinkm

 

Coinbase has got to be the worst exchange. If your not American then just use bx to fund back to fiat. You can do this using their daily limits. 

 

If your American you can use 'itBIT' which is a highly reputable exchange and you can simply fill out a form to increase withdrawal limits to huge amounts. I just checked out their form to increase the limit. Its blank and the user can put whatever limit they want. Thus it would not take 6 months to withdraw 1m usd. 

 

Do NOT use coinbase. They are rubbish and expensive....

 

 

[davidst01]

1 hour ago, TunnelRat69 said:

THANK YOU!!  This is what I ave been reading all along, BitCoin is not Cash and it is really difficult to "cash out"  so "Its Not Real Money"    I'd rather have a Half Million in Cash than Ten Million in somthing I can't spend when I want to. Immediately.  I hope there are a lot of success stories out there but for me No Thanx.  

 

An friend of mine in UK decided it was too labor intensive, so he traded his bitcoins for a Yacht in Singapore.........his blood pressure is down to safe levels      and is happily sailing .

The information you read is inaccurate. Please read my other comment above. Its quite easy to withdraw large amounts to fiat if you know what you are doing

[PattayaAngel]

4 hours ago, janclaes47 said:

 

Looks like that was a good move . NOT.

 

Everyone getting rich quickly here, or do I see that wrong?

 

 

 

Indeed but hindsight is an easy science and overall I have gained substantially thank you as I originally bought at sub $1

[yabbra]

4 hours ago, davidst01 said:

Im unsure if I totally agree with the comments by 12drinkm

 

Coinbase has got to be the worst exchange. If your not American then just use bx to fund back to fiat. You can do this using their daily limits. 

 

If your American you can use 'itBIT' which is a highly reputable exchange and you can simply fill out a form to increase withdrawal limits to huge amounts. I just checked out their form to increase the limit. Its blank and the user can put whatever limit they want. Thus it would not take 6 months to withdraw 1m usd. 

 

Do NOT use coinbase. They are rubbish and expensive....

 

 

 

So what are their daily withdrawal limits?

[12DrinkMore]

6 hours ago, davidst01 said:

Coinbase has got to be the worst exchange.

Do NOT use coinbase. They are rubbish and expensive....

 

It does however seem to crop up regularly in the top couple of exchanges.

 

itBit is only bitcoin, which is a little restrictive for those "diversifying" their portfolios into other craptos.

 

bx will only give you THB only to an account in Thailand. You might have a small issue trying to sell a few million USDs in bitcoins due to liquidity and then getting it out of the country might raise the odd flag.

 

I am not sure how the money laundering squad will look at an account which suddenly has the odd 60 million baht dropped into it. It would certainly be an interesting conversation.

 

Edited January 16, 2018 by 12DrinkMore

[seesip]

8 hours ago, 12DrinkMore said:

 

You are being sacrilegious. Anybody who talks about selling bitcoin will be pulped.

 

There are only thre ways to get bitcoins back into the real world.

 

1. Sell on an exchange.

 

2. Make a private deal.

 

3. Buy stuff from a business that will accept bitcoins, and then sell the stuff.

 

Ignoring 2 and 3 as it is not going to be easy to organise deals going into USD millions.

 

If you sell on an exchange, the liquidity to pay you has to come from current buyers. No buyers, no liquidity.

 

The largest and probably safest exchange is coinbase. They only deal with customers in a select few countries, and Thailand is not in the list.

The maximum transaction limit they will give you is USD 50,000 per week, this has to be specially applied for. AAnd is only given if you have undergone their identity verification processes, which includes providing a bank account and mobile telephone. You cannot be anonymous. And they comply with the US regulations, which includes the taxman.

 

To sell bitcoins for USD one million will take you 20 weeks, around 6 months with all the delays.

 

So yep, all those bitcoin billionaires will have a very hard job of taking out cash.

 

I have also read that it is easier to register and buy coins than to sell. For example you can buy using a credit card, but the exchange will not pay to a credit card.

 

Note also that only about 10 of the 3,000 plus alt-coins can be directly bought and sold using USD. The rest have to go through bitcoin, etherium or one of the other ten or so first. Anybody with say USD one million in Ripple, will first have to find owners of bitcoin looking to buy Ripple and then have to sell on the exchange for USD.

 

Awesome, thanks for the lowdown. Next step, obtain 1one million in bitcoins. Stay tuned.

[speedtripler]

6 hours ago, davidst01 said:

The information you read is inaccurate. Please read my other comment above. Its quite easy to withdraw large amounts to fiat if you know what you are doing

He regularly posts nonsense about bitcoin 

It's easy to trade in the millions .... 

[Wonderboy]

15 minutes ago, speedtripler said:

He regularly posts nonsense about bitcoin 

It's easy to trade in the millions .... 

 

Since it's so easy, I guess it is easy to explain also. Please enlighten us how to do it. Answers like "Google it" doesn't count.

 

I am not expecting an explanation from you, but would be happy to be proven wrong.

 

[speedtripler]

40 minutes ago, Wonderboy said:

 

Since it's so easy, I guess it is easy to explain also. Please enlighten us how to do it. Answers like "Google it" doesn't count.

 

I am not expecting an explanation from you, but would be happy to be proven wrong.

 

Why should I teach you to make money? 

 

If you're not prepared to put the effort in, stay at the bottom of the ladder, where you belong... 

[how241]

Any thoughts or insights into the big sell-off today ??   The last several days have been mostly down ...

[speedtripler]

Just now, how241 said:

Any thoughts or insights into the big sell-off today ??   The last several days have been mostly down ...

Is been zigzagging like this for the past 7 years 

 

You get used to it after awhile...... 

[how241]

26 minutes ago, speedtripler said:

Is been zigzagging like this for the past 7 years 

 

You get used to it after awhile...... 

Thanks !!!   I am Very new to this and didn't know if this was a 'sign'  or just the normal ups/down of the game..

[seesip]

9 hours ago, davidst01 said:

Im unsure if I totally agree with the comments by 12drinkm

 

Coinbase has got to be the worst exchange. If your not American then just use bx to fund back to fiat. You can do this using their daily limits. 

 

If your American you can use 'itBIT' which is a highly reputable exchange and you can simply fill out a form to increase withdrawal limits to huge amounts. I just checked out their form to increase the limit. Its blank and the user can put whatever limit they want. Thus it would not take 6 months to withdraw 1m usd. 

 

Do NOT use coinbase. They are rubbish and expensive....

 

 

There's quite a few negative reviews of itBit, and how difficult it is to withdraw.

[jesimps]

2 hours ago, how241 said:

Any thoughts or insights into the big sell-off today ??   The last several days have been mostly down ...

I reckon it's a mixture of bad fundamental news and absence of good. Also the whales are in the act, putting up massive red walls of sell orders. Probably betting on shorts in the futures market then getting another bumper payout when they hoover up all the low priced coins after they've received their ill-gotten gains from the futures exchanges.

 

IMHO, Bitcoin needs a succession of good-news stories to make any sort of rally at the moment.

 

I don't know if I've done the right thing or not and I feel quite sad, but I sold all my alts today and half my Bitcoins at 13000k. Hopefully, if it falls a lot more I'll be able to buy back in cheaply and if it goes up, I'll buy back in steps, which is what I did when I entered cryptos and BTC was rising. But I'll only re-enter the crypto game if the fundamental news turns positive. The rich and powerful are really sticking the boot in at the moment.