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Old 06-15-2017, 09:55 AM   #151 (permalink)
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Quote:
Originally Posted by Socoj2 View Post
Yesterday was a good day to get out for good if you were planning on exiting.

Eth below $225 is buy in opportunity. For me to be unprofitable it really has to hit like $45/eth Then im just breaking even So i would probably take a loss and save ETH for the rise.
That is probably my break even point as well *at current difficulty*. I costs me almost $140 dollars a month just to power my machines and probably an additional $40 bucks for the extra A/C I use in the house because of these hot ass machines.

My problem is that my expensive ass machines are far from paid for. It isn't like I bought them on credit or anything, but I was hoping they would pay me back sometime this year...

Maybe I will just start hosting old school LAN parties at my house using my mining machines and charge admission.
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Old 06-15-2017, 09:57 AM   #152 (permalink)
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Meh, it may be after August. But I still believe it will come back with force.
I hope you are right. I am waiting to invest more until I get what I have paid off. In the mean time I am enjoying the hobby.
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Old 06-15-2017, 12:14 PM   #153 (permalink)
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Meh, it may be after August. But I still believe it will come back with force.
It'll probably be back sometime in July. With the UASF bullshit going on with Bitcoin, there are a lot of questions as to what will happen with Bitcoin come August 1, so I suspect we will see a lot of folks converting over to Ether in mid-late-July. Shortly thereafter, people will start converting back to Bitcoin once it becomes clear what the effects of UASF, if triggered, are.

That said, what we are seeing today could easily be a temporary blip as well, so it's just as likely both Bitcoin and Ether will be pushing all-time-highs this time next week as it is for them to drop another 10+%.

That's my unprofessional opinion and will be the first to admit that I'm wrong if I end up being wrong.
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Old 06-15-2017, 12:18 PM   #154 (permalink)
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It'll probably be back sometime in July. With the UASF bullshit going on with Bitcoin, there are a lot of questions as to what will happen with Bitcoin come August 1, so I suspect we will see a lot of folks converting over to Ether in mid-late-July.
From what I've read in a few places. A lot of people cashed out high with the plan of buying back in after Aug 1st. Or they just moved to Alt coins for now. A lot of money was pulled out completely though. I definitely agree it will come back soon though.
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Old 06-15-2017, 12:30 PM   #155 (permalink)
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It'll probably be back sometime in July. With the UASF bullshit going on with Bitcoin, there are a lot of questions as to what will happen with Bitcoin come August 1, so I suspect we will see a lot of folks converting over to Ether in mid-late-July. Shortly thereafter, people will start converting back to Bitcoin once it becomes clear what the effects of UASF, if triggered, are.

That said, what we are seeing today could easily be a temporary blip as well, so it's just as likely both Bitcoin and Ether will be pushing all-time-highs this time next week as it is for them to drop another 10+%.

That's my unprofessional opinion and will be the first to admit that I'm wrong if I end up being wrong.
I agree, I think itl rebound in July then correct/dump before august 1st as people stand off on the sidelines to watch what BTC does.

Short term, looks like were in a downward broadening wedge, which usually breaks upward. Id say we rebound upwards again in the next day or two.

I threw in some lines as really rough predictions, but I wouldn't be surprised if it tests the lower trend line once more before it breaks out.
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Old 06-15-2017, 04:13 PM   #156 (permalink)
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Don't look now but Zcash is back over 400 and Eth and BTC are climbing significantly, gaining back almost half of what they lost the past 2 days.
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Old 06-17-2017, 05:07 PM   #157 (permalink)
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OK, I have a new question for people. After witnessing the largest dip that I have seen since getting heavily into Cryptocurrency, I want to know about buying and trading the stuff.

On June 15 at 9:00am, Ether hit $269.29 when it was in the slide we were talking about in this thread. A couple of us speculated that this was going to present a good buy in opportunity. Well if you have bought in 2 days ago you could cash out right now up 37%, which is a pretty fucking good return for 2 days of sitting.

Now here is my question. How quickly can you buy in to the market and dump on these exchanges? I know how to mine the crap, but I really don't know about trading it. I sat here with my dick in my hand while an operunity passed me by and I really don't want to let that happen again. Because of my mining, I am always on top of the prices for the most part, I just would like to get some information on the trading aspect.
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Old 06-17-2017, 05:25 PM   #158 (permalink)
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The killer is moving from USD to crypto.

I buy on Coinbase, the transfer to Bittrex where I do my trading from BTC to other cryptos. That way the trades are instant and the fees are way lower. My goal is not to earn USD though.
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Old 06-17-2017, 05:29 PM   #159 (permalink)
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The killer is moving from USD to crypto.

I buy on Coinbase, the transfer to Bittrex where I do my trading from BTC to other cryptos. That way the trades are instant and the fees are way lower. My goal is not to earn USD though.

See that seems problematic to me. *Generally* what I see on CryptoCompare, which is the value site I watch most, is that most cryptos move in the same damn direction in relation to each other. So it would be difficult to do what I am talking about.

So what you are telling me is that what I am talking about would not be feasible because the transfer from USD to crypto is not fast enough?
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Old 06-17-2017, 05:38 PM   #160 (permalink)
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Slightly off topic question, but I'm curious...why are graphics cards used in the mining process?
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Old 06-17-2017, 05:47 PM   #161 (permalink)
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See that seems problematic to me. *Generally* what I see on CryptoCompare, which is the value site I watch most, is that most cryptos move in the same damn direction in relation to each other. So it would be difficult to do what I am talking about.

So what you are telling me is that what I am talking about would not be feasible because the transfer from USD to crypto is not fast enough?
Just in the past two weeks they have. Typically there's more diverse movement. Climate is too slow to day trade on. I believe GDax does USD transactions.

I'll typically move my alt coins into BTC and then instantly back into another Alt. Like I bought BAT at 0.22, sold at .034 I think. Then put that straight into STEEM at $1.78 and then sold Steem at $2.54 and bought LTC for $29. Held too long today. I was going to sell at $50 but it never got there. Still holding at $44. I'll probably wait for it to drop and sell my ETH for more LTC.

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Old 06-17-2017, 06:06 PM   #162 (permalink)
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Slightly off topic question, but I'm curious...why are graphics cards used in the mining process?
I don't know the exact history, but BTC started out originally as a GPU mined coin, so I think others followed the trend. You're solving a series of incredibly difficult algorithms and after X amount of work/problem solving you get a coin. GPUs generally have a much higher amount of processing power than a CPU (depending on the algorithm obviously). It's also why a lot of password/cracking software tries to makes use of GPU processing power.

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See that seems problematic to me. *Generally* what I see on CryptoCompare, which is the value site I watch most, is that most cryptos move in the same damn direction in relation to each other. So it would be difficult to do what I am talking about.
So what you are telling me is that what I am talking about would not be feasible because the transfer from USD to crypto is not fast enough?
Fastest way to buy straight coins, are by wiring some cash to an exchange like GDAX or to Coinbase (high fees) and wait to buy. You can also buy coins with cash at a bitcoin ATM or with localbitcoins, which is almost instantaneous. Then send them from your wallet to an exchange to start trading.

You can buy via Coinbase instantly via a bank ACH transfer as well, but you won't receive the coins physically until the transfer clears. And by then the price may have dropped (which I highly doubt would happen in todays Bull market). And yes, you "lock in" the price of the coin when you purchase on coinbase, you just don't get the coins until the transfer completes.

Edit: If you really want to get into trading, you're going to lose money honestly. It's such a steep learning curve and day trading crypto is so volatile it's basically just gambling. Also, if you use GDAX or Coinbase to trade, you better file your taxes correctly. The IRS is >< close to having access to all of their trading history records, and they will probably get it unfortunately. The safest way to "trade" is to "buy the dips", don't sell, and hold for 1+ year so you only have to worry about long term capital gains. I lost a few bucks trying to sell high and buy low, and lost a few bucks (back around $150ish). I really regret it now that it's damn near $400 again.
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Old 06-17-2017, 06:42 PM   #163 (permalink)
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The key to trading is research. Know what your buying and why it's going to be popular. Define a value range that is realistic. Don't get greedy. Pick your buy points, sell points before making an investment. Just hold when you're panicking. Don't put too many eggs in one basket. If you are in a loss, just wait for another bull run.

For instance I missed my chance to sell LTC today. I know it will go back up soon. I have 3 coins. It's not a big deal that I missed my sell point. I'll wait it out and buy some more if it continues to go down to previous lows. Till then, I'm not making any moves with it.

If you miss the train, don't let your emotions take control. Be clear with your plans and stick to them.
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Old 06-17-2017, 07:42 PM   #164 (permalink)
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Slightly off topic question, but I'm curious...why are graphics cards used in the mining process?
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I don't know the exact history, but BTC started out originally as a GPU mined coin, so I think others followed the trend. You're solving a series of incredibly difficult algorithms and after X amount of work/problem solving you get a coin. GPUs generally have a much higher amount of processing power than a CPU (depending on the algorithm obviously). It's also why a lot of password/cracking software tries to makes use of GPU processing power.
Gatorayde was mostly right on the money. Bitcoin probably started out as CPU mined, but it took all of 1 day for people to figure out graphics cards can do the work faster. Bitcoin didn't really have any roadblocks in the solve so people moved past graphics cards and onto ASICs which started the power arms race before the difficulty bomb really blew up BTC mining. Coins like Ether have made their mining somewhat ASIC resistant to level the playing field. You have to do it the "old fashioned way" with graphics cards. This way you spread the love because tons of people can still mine profitably with what they already have. My desktop can mine Ether at 52Mh/s where one of my dedicated rigs does around 190Mh/s so they really aren't that far apart considering one was something I already had that I just loaded a program on.

That was the long answer. The short is because graphics cards are the fastest consumer computing product available to run hashing algorithms.
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Old 06-17-2017, 08:40 PM   #165 (permalink)
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Now here is my question. How quickly can you buy in to the market and dump on these exchanges? I know how to mine the crap, but I really don't know about trading it. I sat here with my dick in my hand while an operunity passed me by and I really don't want to let that happen again. Because of my mining, I am always on top of the prices for the most part, I just would like to get some information on the trading aspect.
The short answer is to keep your crypto and USD on an exchange you trust. Setup limit or stop orders so you can trigger it to buy or sell when the price hits where you want it. I know this goes against everyone's saying that "money on an exchange isn't yours". But if you want virtually instant buys/sells, that's generally your best bet.

The problem is that most exchanges take a few days to deposit and withdraw USD due to the way the bank transfers are setup. That said, Gemini allows for "instant" deposits, though. Basically, if you deposit $500 from your bank account, they will let you trade that $500 immediately for BTC or ETH. Only catch is that you can't transfer that same amount of USD, BTC, or ETH out of the exchange until the bank transfer is official. The same is true for BTC. If you have BTC in an offline wallet, you can send it to Gemini and sell it immediately. Caveat is that you can't withdraw that money until the appropriate number of confirmations is made.

The other option is to build a trading bot that will do all of that stuff for you. There are utilities to do that and even backtest your algorithms, but I've personally found that it's easier to focus on the fundamentals rather than trying to play the technical analysis game of trying to time your buys and sells perfectly.

I keep most of my crypto in offline wallets and transfer it into an exchange when I need to convert it. (I use crypto as my personal savings account since the whopping 0.1% I was accruing was so low that I was willing to handle the uncertainty of crypto -- especially since I usually don't take money from that account except for larger purchases anyways). I'll leave some on the exchange just in case I want to take advantage of the market, but I don't trade much anymore. I was gung ho about it last year and realized that the only time I made any money was when the market was horizontal. Otherwise, I'd miss out on the dips and humps. I also found that there can be some pretty big overnight price swings, so it's even easier to miss them.

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Slightly off topic question, but I'm curious...why are graphics cards used in the mining process?
The algorithms used in mining can easily be parallelized -- basically, there is no known efficient solution to the problem they solve (finding a hash starting with a certain number of zeros), so they just need to keep trying numbers until they get the right one. Since the computations aren't dependent on each other, you can parallelize the algorithm very easily.

Graphics generally involve a lot of matrix computations that can be parallelized, so GPUs take advantage of that by enabling many simultaneous calculations. An individual instruction on a GPU runs a lot slower than a CPU, but since you can run a bunch simultaneously, it can be much faster for algorithms that can be optimized to run in parallel. So it's kind of ideal for the algorithms miners need to execute.

Bitcoin started out that way, but the miners figured out that you can build dedicated ASIC chips to do the process faster and with less power than GPUs, so most of Bitcoin's mining is done on hardware specifically designed for that. Other cryptocurrencies use a different algorithm that requires a lot of memory to execute -- making it infeasible to build ASIC chips to solve the problem.
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Old 06-17-2017, 09:28 PM   #166 (permalink)
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Great breakdown of the GPU/CPU/ASIC architectures, I never fully grasped that before.

What bots do you use/have you built? Any trading strategies to share? I've heard a few strategies and heard stories of bots that supposedly make exponential profits (in a Bull market though which is pretty easy). I don't have the mentality for trading, but have really started to catch onto TA and can predict long-term trends pretty well (again, bull markets make this way too easy in general).

I agree about horizontal markets, when things stagnate and there are million dollar sell walls, it's easy to make some quick/small profits as the price bounces up/down a few dollars. When shit hits the fan and swings $50+ a day, I trade on emotions and always lost a few bucks. It takes a certain mentality to day trade crypto, IMO.

Another easy opportunity is to watch the bubbles ($220 to $420 eth, for example). When it explodes upwards, catch the top, sell, and wait a day. Almost every major rise will retrace/correct around 50-60% or so. Next one will be ~$550-600 if I had to guess. The harder it rises the harder it will crash too, look at the chart and the $420 bubble rise/fall was so easy to see.
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Old 06-17-2017, 10:14 PM   #167 (permalink)
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Great breakdown of the GPU/CPU/ASIC architectures, I never fully grasped that before.

What bots do you use/have you built? Any trading strategies to share? I've heard a few strategies and heard stories of bots that supposedly make exponential profits (in a Bull market though which is pretty easy). I don't have the mentality for trading, but have really started to catch onto TA and can predict long-term trends pretty well (again, bull markets make this way too easy in general).
IIRC the site I used was cryptotrader, but I can't remember. I tried a bunch of different stuff involving all the various technical analysis stats used and was never able to build something that beat just buying and holding.

The horizontal markets I would just snipe a set percentage above and below for a while. The problem I always found with that is that when it does break in either direction, you either just needed to suck it up and take a loss (or reduced profit).

I've kind of evolved into a "hodler" and will only trade when I need the USD or there are major events going on I think I can take advantage of. Working full time and having a family, I don't have the time to dedicate to trading for it to be more profitable than just holding. Besides, these are such potentially disruptive technologies that it's difficult for me to envision them actually "crashing" in the long term. There will be growing pains and issues, but it's really impressive how much BS BTC (and ETH to an extent) have survived.

IMO the big issue with them actually isn't scalability or anything like that (I'm confident those problems can, and will, be solved), but it's the fact that software engineers can't explain stuff well in layman's terms. Cryptocurrencies are kind of black magic to a lot of people and that's the reason everyone is calling this a "bubble". The math and technical details behind this stuff works and is sound. But it's not something simple to explain. So this will be relegated to tech geeks and speculators for a while.

Not to mention that smart contracts introduce a slew of issues altogether that we don't fully understand, so an exploitation of a bug in a contract (like the DAO) is always a very real possibility that we don't know to to deal with yet.

I'm a software engineer and have a background in operations research, so a lot of the problems in blockchain research today are right up my alley. I'd love to somehow get involved in some "real" way, but I just need to find the time to become a real expert to see if there is some way I could contribute. With all the hype around price and mining profits and whatnot, it's easy to lose track that these are really disruptive technologies that we are just scratching the surface with.

So there will be ups and downs, but I generally see things trending upwards and am focusing on the long term and just riding the waves as they occur.
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Old 06-26-2017, 09:42 AM   #168 (permalink)
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It's a sea of red this morning, GDAX and Kraken exchanges have been down for 1.5 hours right now. Bitcoin looks like a huge head and shoulders pattern finishing off on the 4hr chart, possibly about to test sub 2000.

I made a little Eth on the downslide here but I think it's going to keep going lower, around $200. Cashed out a little more fiat and sent the rest of my Eth to a paper wallet, Im tired of trading and GDAX crashing was the last straw.

How are you miners holding up? Your monthly profits taking a big hit with the steep price drops?
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Old 06-26-2017, 10:09 AM   #169 (permalink)
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I bet we see BTC below $2k, ETH below $200 and LTC back to $24. It will hopefully make one more rally before SetWig. But after that, I have no forecast. I think everyone is scared of the fork.
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Old 07-11-2017, 08:04 AM   #170 (permalink)
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Ethereum below $200 again.

Does a better option than Coibase exist? The weekly limits kinda suck.
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Old 07-11-2017, 09:09 AM   #171 (permalink)
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Ethereum below $200 again.

Does a better option than Coibase exist? The weekly limits kinda suck.
They raise after you've had an account open for over 60 days.

Buy on the dips folks. I just doubled my Eth investment in the last few days.
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Old 07-14-2017, 02:06 PM   #172 (permalink)
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Did a bitcoin bubble just burst?

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By Jonathan Berr MoneyWatch July 14, 2017, 5:00 AM

Bitcoin and other so-called cryptocurrencies have plunged in value in recent weeks, prompting some observers to wonder whether that's a sign of a market bubble bursting.

Prices for bitcoin, recently changed hands at $2282, a decline of about 12 percent over the past month. Rival ethereum has fared worse, plunging 47 percent during that same period to $191.92 even when this week's gains are included. The third-largest cryptocurrency, called ripple, has slumped nearly 25 percent over the past month, rebounding from earlier losses. Ripple, however, is priced at about 19 cents, so small price swings can have dramatic impacts.

Even with the recent drop, bitcoin prices have surged more than 130 percent this year. Still, given how unpredictable the market has proven to be, potential users may be leery about embracing the digital currency, said Wolf Richter, a financial blogger who edits the Wolf Street site. He expects bitcon, which was $10 in 2013, to continue falling.

"Given the volatility, bitcoin is not a usable currency," Richter wrote in an email. "And given transaction costs, it's a very expensive form of payment. And it takes a long time to process a transaction. So unless you're trying to hide your identity, it doesn't make economic sense to pay with bitcoin."
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The bitcoin market has already crashed three times between 2011 and 2014, plunging more than 50 percent on each occasion. Prices tumbled earlier this year after the U.S. Securities and Exchange Commission rejected plans by twin-brother entrepreneurs Tyler and Cameron Winklevoss to offer a bitcoin exchange-traded fund (ETF). By comparison, the S&P 500 index, the broad stock market barometer most closely followed by professional money managers, has gained "only" 9 percent this year.

Richter and Tone Vays, a derivatives trader and consultant who hosts a podcast on the digital currency, differ on the question of whether the market for bitcoin is in a bubble. According to Richter, it's bound to crash "someday," though he declined to provide a forecast. Vays' view is that the cryptocurrency market isn't in a bubble because prices have only tripled in price at the peak as opposed to prior bubbles when markets surged between 10 and 100 times.

One reason bitcoin prices have pulled back lately concerns debates over what code will be used to increase the number of transactions that can be done on the currency's network, according to Vays.

"The bitcoin ecosystem has been debating for a year on how best to scale bitcoin," Vays wrote in an email. "This should all be resolved by end of August, but it's hard to say if it will end with a good ending, or we end up with two coins both claiming to be the real bitcoin."

For bitcoin's rivals, however, the situation is different, especially with those who have crowd-funded new offerings through what's known as internal coin offerings (ICOs). Ethereum, which began this year priced at $8.17, has gained more than 2,600 percent. Ripple has skyrocketed more than 326,000 percent from less than half a penny to about 20 cents during that same time.

"A token like ethereum has gone up 10 times faster than bitcoin, and it's fueling an ICO bubble no different then the dot-com IPOs of the late 90s," Vays said. "It's possible that this bubble has popped with ethereum never reaching above $400 again, and many of the ICOs, which on paper made hundreds of millions on their token sales, may find their tokens to worthless in the near future."

2017 CBS Interactive Inc.. All Rights Reserved.
And SPEAKING of which!




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Old 07-14-2017, 02:24 PM   #173 (permalink)
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Ethereum below $200 again.

Does a better option than Coibase exist? The weekly limits kinda suck.
Coinbase sucks. I use Gemini to do bank transfers. For more details on why coinbase sucks search @ODdstocktrader on twitter.
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Old 07-14-2017, 03:08 PM   #174 (permalink)
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How do we feel about ripple?
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Old 07-14-2017, 03:13 PM   #175 (permalink)
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How do we feel about ripple?
Ripple is ok for a cheap high but the hangover one gets in the AM is the pits...
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