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Thread: Blockchain/crypto

  1. #16
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    Who can give me a run-down on setting up a wallet etc.?

    I deposited a small amount in a poker site back at the start of the lockdown, and have now run it up large enough that I am starting to think about withdrawing some before the site goes belly-up or some Russians steal it or something. The site charges $100 per withdrawal unless done through bitcoin, which is free. $100 fee is pretty strong to say the least, and creates a worry that they don't want folks taking money out because they don't want a run on their cash.

    I know you have to be careful with the wallet, and don't lose your password, and two-factor authentication is a good idea. But what wallet can I trust? What do I need to make sure and do etc? Any bitcoin experts around?

    Once I set it up, how do I trust that the act of withdrawing from this site doesn't compromise the wallet?
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    We have lost NTL forever to the elitist crowd. Big green egg, home brew, hot latina wife, ...

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    Quote Originally Posted by NightTrainLayne View Post
    Who can give me a run-down on setting up a wallet etc.?

    I deposited a small amount in a poker site back at the start of the lockdown, and have now run it up large enough that I am starting to think about withdrawing some before the site goes belly-up or some Russians steal it or something. The site charges $100 per withdrawal unless done through bitcoin, which is free. $100 fee is pretty strong to say the least, and creates a worry that they don't want folks taking money out because they don't want a run on their cash.

    I know you have to be careful with the wallet, and don't lose your password, and two-factor authentication is a good idea. But what wallet can I trust? What do I need to make sure and do etc? Any bitcoin experts around?

    Once I set it up, how do I trust that the act of withdrawing from this site doesn't compromise the wallet?
    I asked a friend, he said
    Depends on what you're storing and what's the intent? Hodling for investing or actually interacting/transacting on a public chain?

    Hardwallet for security. Some chain interfaces interact with hard wallets like Trezor or Ledger. But security can extend beyond the wallet itself. Computer level security stack with VPN and modem level encryption. Plus, have a reputable exchange when your out of hardwallet..like Kraken.

    https://www.forbes.com/sites/tatiana...llets-of-2020/
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  4. #18
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    Quote Originally Posted by NightTrainLayne View Post
    Who can give me a run-down on setting up a wallet etc.?

    I deposited a small amount in a poker site back at the start of the lockdown, and have now run it up large enough that I am starting to think about withdrawing some before the site goes belly-up or some Russians steal it or something. The site charges $100 per withdrawal unless done through bitcoin, which is free. $100 fee is pretty strong to say the least, and creates a worry that they don't want folks taking money out because they don't want a run on their cash.

    I know you have to be careful with the wallet, and don't lose your password, and two-factor authentication is a good idea. But what wallet can I trust? What do I need to make sure and do etc? Any bitcoin experts around?

    Once I set it up, how do I trust that the act of withdrawing from this site doesn't compromise the wallet?
    I used Coinbase to purchase bitcoin and transfer to a wallet, I use "Blockchain Wallet" just because it seems relatively popular and above board.

    As for best practices, I'm kind of a newb -- I only ever use it to make quick transactions and don't leave money sitting in there. But no security issues.

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    Quote Originally Posted by Hawgdriver View Post
    I asked a friend, he said
    Thanks, I think. . . but that's almost a foreign language to me.

    As to the question of whether it's for holding/investment or transacting:

    Mainly I just want to take profits off the table, but in the back of my mind this bitcoin could just sit there and be a potential investment. It's just play money. I don't imagine I'll be using it for transactions on the regular.

    I've had the experience of losing money at other sites when the U.S. Congress decided we couldn't play online poker anymore. It wasn't much, I had moved the lion's share out prior to the door closing, and it was essentially just "fun" money then too, but it sticks in my craw.
    Last edited by NightTrainLayne; 10-14-2020 at 03:30 PM.
    Quote Originally Posted by BigDaddyBronco View Post
    We have lost NTL forever to the elitist crowd. Big green egg, home brew, hot latina wife, ...

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    Quote Originally Posted by NightTrainLayne View Post
    Who can give me a run-down on setting up a wallet etc.?

    I deposited a small amount in a poker site back at the start of the lockdown, and have now run it up large enough that I am starting to think about withdrawing some before the site goes belly-up or some Russians steal it or something. The site charges $100 per withdrawal unless done through bitcoin, which is free. $100 fee is pretty strong to say the least, and creates a worry that they don't want folks taking money out because they don't want a run on their cash.

    I know you have to be careful with the wallet, and don't lose your password, and two-factor authentication is a good idea. But what wallet can I trust? What do I need to make sure and do etc? Any bitcoin experts around?

    Once I set it up, how do I trust that the act of withdrawing from this site doesn't compromise the wallet?
    Humble brag!
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  9. #21
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    I read so many of these posts and they all read like spam to me. That's not a good thing.
    "Milk is for babies. When you grow up, you have to drink beer" -Arnold

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    Quote Originally Posted by SR View Post
    I read so many of these posts and they all read like spam to me. That's not a good thing.
    There's something to unique, finite 'assets' when the FED said infinity is OK.
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  13. #23
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    Quote Originally Posted by SR View Post
    I read so many of these posts and they all read like spam to me. That's not a good thing.
    I'd like to think I have at least an above average base understanding of tech and money/banking/investing, but this crypto stuff has always gone way over my head. Agreed that it all feels very scammy. I don't know how much NTL has in that poker account, but it might just be worth the 100 bucks to cash out and not have to jump through those other hoops.
    www.twitter.com/carnold744

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    I must not be that intelligent
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    Wave you a skinny douchebag fag queer boy punk ass little shit

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  15. #24
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    Quote Originally Posted by Hawgdriver View Post
    There's something to unique, finite 'assets' when the FED said infinity is OK.
    Quote Originally Posted by BroncoWave View Post
    I'd like to think I have at least an above average base understanding of tech and money/banking/investing, but this crypto stuff has always gone way over my head. Agreed that it all feels very scammy. I don't know how much NTL has in that poker account, but it might just be worth the 100 bucks to cash out and not have to jump through those other hoops.

    So, I opened up an account with Coinbase, and now I'm officially a crypto guy.


    Open the spoiler to see a long-winded explanation why I want to cash out regularly and not pay $100 each time.
     
    Back in the day, when you could legally play online poker, I had accounts at UltimateBet, FullTilt and PokerStars. I started all three accounts with a small amount, and then as the balance grew, I'd have a dilemma to either "level up" or cash out. As your account balance grows, you become tempted to play higher and higher stakes because as your account grows, your winnings on any particular session are smaller as a percentage of the total.

    This is the way the poker economy works. The fish (newbies) pay the more experienced players, the more experienced end up losing to the bigger fish, and at the top the sharks devour everything from below.

    I can hold my own at pretty much any table. But my variance goes up exponentially as the stakes go up.

    So, I learned back then to cash out back down to my initial investment, take that money off the table, and with it the temptation to play at the higher stakes tables where a bad night could make a big difference in my account.

    Then Congress outlawed the whole deal, and I quit playing online. Also, there was at least one cheating scandal that kind of soured me on the system. Before it took effect, I cashed out all but a small amount from each of those sites and let it go.


    Anyways, that's a long-winded way of saying that part of my risk control is to not let my balance get too high, which keeps me at intermediate limit tables by default. It's what they call "Bankroll Management" if you're serious about those things.

    So. .. . being able to cash out regularly, is part of my strategy, and paying $100 each time is too much imo for them just to send me my own money.



    This is not life-altering money. .. but now, I think I'm going to consistently play and cash out into bitcoin, and if it appreciates and gains value in the meantime, then great. If not, I've got some form of money stuffed under the mattress for a rainy day.

    I chose Coinbase because they appear to be one of the most legitimate brokers. The downside is they are not anonymous. ... There will be reports available to Uncle Sam on my activity, but on the other end of the spectrum, I'm more assured that what I deposit there is safe. If the balance gets big enough, I'll look at investing in an off-line/hardware wallet/vault and move it there.
    Quote Originally Posted by BigDaddyBronco View Post
    We have lost NTL forever to the elitist crowd. Big green egg, home brew, hot latina wife, ...

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  17. #25
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    Poker money I withdrew into bitcoin on October 15th has doubled in value. ..
    Quote Originally Posted by BigDaddyBronco View Post
    We have lost NTL forever to the elitist crowd. Big green egg, home brew, hot latina wife, ...

  18. #26
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    Quote Originally Posted by NightTrainLayne View Post



    Poker money I withdrew into bitcoin on October 15th has doubled in value. ..
    Crypto is insane. Its def something I would not pull out of. I do not know shit about it, but I am working with two major players in the crypto world (apparently there are many different cryptos/types). Who knew. Anyway, they have to display their P/L and some other data as part of our agreement. These guys/glas (both of my contacts are female) are absolutely crushing it. So hard!

    The one that involves gaming and Esports is processing transactions like 100x more per than the most commonly known crypto out there. The one we have all heard of. If you have a little spare change- id toss it in that well and see what happens.
     
    made you look haha

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    https://fortune.com/2020/12/21/elon-musk-bitcoin-dogecoin-tweets/
    "I may not be a mathematician, but I can count to a million." - Shannon Sharpe

  20. #28
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    Elon Musk is a snake-oil selling carnival barker.
    Quote Originally Posted by BigDaddyBronco View Post
    We have lost NTL forever to the elitist crowd. Big green egg, home brew, hot latina wife, ...

  21. #29
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    Quote Originally Posted by NightTrainLayne View Post
    Elon Musk is a snake-oil selling carnival barker.
    No way.

    I have it on good authority that he is a generational visionary who should be a role model for our youth.

    I guess I was wrong.
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  22. #30
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    /sarc

    I figured the guy out when reading The Paypal Wars: egocentric, y nada mas.
    Quote Originally Posted by Shelby Harris View Post
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