How secure is Binance to the lads in the know? When the time comes if I want to just cash in and withdraw - how easy is this to do?
Crypto Currency - Believers Only
The old adage of ’if it’s too good to be true, it usually is’ really springs to mind.
Old-Dutch Get a hard wallet. Take all your coins off the websites / brokerages etc. and put them in your hard wallet. You can do what you like with them then. Get a physical password safe too.
Warning though, if you buy some proper esoteric coin where you have to sacrifice your first born to some ancient Sumerian fertility god whilst standing on one foot in a a bucket of custard and listening to Trisco - Muzak, you might find the wallet won’t except it, yet. The wallets get updated regularly with new apps as different coins get more popular.
I’m still not sure how everybody can make money.
‘A’ mines a coin for electricity cost $10
‘B’ buys the coin for $15 - $5 profit to A
‘C’ buys the coin for $20 - $5 profit to B
‘D’ buys the coin for $25 - $5 profit to C
‘D’ is now holding the coin and $25 out of pocket. The only way everybody can make money is if it keeps going up. Which it cannot. So eventually the price falls. All that profit made by A, B and C is just potential loss for D.
The difference with investing in stocks in a company is that you are buying into what the company produces. The output from it. When you buy a bitcoin you are not buying into the bitcoin crchitecture, which has just become a behemoth of GPUs wurring away solving arbitrary puzzles. Similarly with Gamestop. You are doing it as something that feels like free money. And enough people are doing it that some people are riding that wave, but it is tulips. Nothing more.
This is just a bunch of kids who have learned a few buzzwords. Its like a much more positive version of a conspiracy theory, all half baked and thinking you know more than the big guys. Talk of averaging out is just a polite way of saying you have lost money.
Sure I’m pissed off I didn’t buy a coin in 2013 when I was reading about it and thought that looked quite cool, but no way I’d be getting involved now. Gonna be a lot of coin Bros camping out on venice beach soon imo.
Pretty much how I view it too Benson - but I fucking love a gamble.
Wally That just looks like clickbait conspiracy theory crap.
I understand about 5% of the garbage in this whole thread. But I do understand the concept of a blockchain and I know that I know more than the average Joe. I also know that the only way to get rich from bitcoin is to sell it for dollars / pounds. So some people are gonna be left holding it when the music stops. Don’t be that person.
benson Yeah, it’s a punt, as much as many shares are a punt. Long term, as far as I can see, stock market will give you more interest than any bank account. I discovered at one point my HSBC ISA was giving me something like 0.01% interest. I went in and asked about it and they said yes, that was correct, no they couldn’t do anything about it, and yes, I should bank somewhere else 
None of the above is financial advice, I know less about finance than I do about sport.
All of this is giving me a headache. Thank fuck I’ve got United Liverpool later to lose my money on in the good old fashioned sense
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So my Binance account was verified and now it isn’t again for some reason?
##edit Verified again ffs
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Lol. Am I really supposed to believe that a company registered in the Cayman Islands would have anything to do with money laundering?
Holding large amounts of crypto on exchanges brings convenience to trade but inherent risk.
If you are an investor like me, buy on an exchange then withdraw to a person wallet, software or hardware.
There are different types of wallets, some hold many different cryptos, others just one like Yoroi for ADA.
Why would you use Yoroi? You can stake your ADA to earn 5-6% APR per year to earn passive income, alongside the price action.
By moving crypto to a personal wallet you are taking control of it, and you are fully responsible. Just basic good housekeeping and you will be fine.
If you are dabbling with <£1000, then you could argue is it worth taking it off an exchange? Up to you.
Good thread about what likely really happened with Musk and bitcoin:
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LT42 Staking is similar to depositing into a savings account and earning interest, but in this case you stake the coins and earn a yield from it. There are numerous smart contracts where you can stake coins, exchanges such as binance also allow staking. One thing to remember is that the yield is variable so can go up and down and is not fixed. Typically some coins offer yields of 100%+ but as more people enter the staking contract the yield reduces.
LT42 Did mention pluto? That may be my stake pool lol.
Staking is how Proof of Stake consensus protocol works, unlike Proof of Work which Bitcoin/Ethereum uses.
Instead of trying to solve cryptographic puzzles to be selected to add the next block to the chain, slots are assigned based on the amount of stake a node has…a lottery in effect. Every few days the lottery is carried out and then those nodes are allocated a slot (point in time) to add the next block with all the transactions which have just occured.
That is it in a nutshell….worth reading more into…or checking out my pluto website?! ;-)
https://www.bbc.com/news/uk-england-sussex-57102038
This lady is a teacher the future generations of this country, hope its not maths!
Buy the dips!
I’m long on MEMECOINS
To the MOOOOON
I’m loving all the dorky bastards shouting this shit
LT42 Quite amusing on Reddit. Mad bastards trading on margin, loading up on debt. We know what’s coming.