Bitcoin...Cryptocurrency

[Neck]

I think what you are paying that is so high is a BTC or ETH fee. It's a transaction fee to get your order on the next block. That fee has shot up because of the flood on the network.

https://arstechnica.com/tech-policy/2017/12/bitcoin-fees-are-skyrocketing/

It might be better to let it all sit in your wallet at Binance until demand on the network drops. I don't see any advantage of having it in my gdax wallet vs my binance wallet unless I'm staging it to get it somewhere I can trade it back to dollars.

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[Let's go Brandon!]

Bought POE a couple hours ago and up about 60.00 so far...Hopefully it keeps going...Anybody else in it....

This guy

[Daniel75]

Bitcoin...Cryptocurrency

Correct me if I’m wrong also: say you’re seeing Ripple plunge, as well as the other Big 3, you sell Ripple and you’re waiting for something to go up to reinvest, why can’t you just leave it in your USD wallet on GDAX and it’s not going up or down? Then when you see Ripple go up again, you buy BTC or ETH and then trade for Ripple again in minutes and you’re back in the game.


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[mikep453]

13%??? Where are you seeing that. Binance website shows their transfer fees are 0.01 percent. One of the big draws of Binance are their insanely low transfer fees. Is it Binance or GDAX charging that fee?

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After looking further its not a flat percentage. I only had a small amount of litecoin on binance. I had 0.075924 LTC to be exact. It appears they charge flat transaction fee of 0.01 LTC per withdrawal. So afterwards I only got 0.065924. From what I'm seeing if you're going to make a withdrawal make sure to do it all at once. The higher the amount you withdraw the lower the overall fee percentage. That's what I get for trying to do it on my phone in the deer stand lol.

[mikep453]

The fees are a mystery I have been figuring out myself. I had asked earlier in the thread about "cashing out". Fees being one reason for that question. Say you buy $100 worth of bitcoin, ethereum, or litecoin from gdax. Free, if you wait, or you get $96 to do it instantly through coinbase. . Then transfer to binance, bittrex = mystery/different fees. Invest in Ripple. In your head, you think you have invested $100. Ripple goes from $1.00 to $1.50. We have made 50%, woohoo! Reverse the process, pay all of the mystery transaction fees and transfer fees. By the time it gets back to fiat money, in your hand, How much more than the original $100 do you have? I think it is fun. Just trying to learn more. Do not know if my obsessive mind can take it though, lol.

This what I'm trying to figure out myself lol.

[texansfan]

They are really both exchanges. Coinbase acts as the gateway where your can trade your Fiat currencies for crytpo, as well a payment gateway for businesses to go from BTC back to USD. Gdax is Coinbase's enhanced exchange where you can trade crypto to crypto. So think of it as Coinbase =Fiat/crypto exchange and Gdax= crypto/crypto exchange.

In the us equities market, you have exchanges like NYSE, NASDAQ etc.. All the stocks that are listed with those exchanges can only be traded on those exchanges. Now not everyone can trade direct on those exchanges, that's where broker/dealers come in. Those would be like E-Trade, Ameritrade, Scottrade etc. We as the minions can only trade with the brokers so when you execute a trade with them, they actually execute the trade for you on the exchanges. That comes at a higher price because of the broker dealer middle man. Crytpo gets rid of that by combining the two together.There is no Central exchange that is the 800 pound gorilla.

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I'd like to come back to this
Especially the bolded part
Just as there are a handful of stock exchanges worldwide there are only a few crypto exchanges.
We are seeing a great bottleneck of those few now

It's weird that cryptos wanting to be decentralized are still based on an archaic banking system.

I wonder what exchanges the Europeans use because coinbase is US bank centered.

What are these cryptos current plans to have stores such as Wal-Mart, Target, Amazon, Home Depot and Best Buy use them?

How will these stores report cryptos on their taxes?

Ok let's stay on the topic of there only being a few exchanges for Americans to buy into the crypto world.

[txwhitetail]

When i transferred ETH back from binance to gdax they took approx 13.2%. They also charge a transfer fee that I didn't notice until after the fact when trading between coins on binance. They are making a lot of money off of these transactions.

Dang

[LROSE]

Just checked my binance account and money still hasn’t posted. Any suggestions?


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Did your funds every show up in Binance??
Mine still are NOT there.



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[texansfan]

After looking further its not a flat percentage. I only had a small amount of litecoin on binance. I had 0.075924 LTC to be exact. It appears they charge flat transaction fee of 0.01 LTC per withdrawal. So afterwards I only got 0.065924. From what I'm seeing if you're going to make a withdrawal make sure to do it all at once. The higher the amount you withdraw the lower the overall fee percentage. That's what I get for trying to do it on my phone in the deer stand lol.

I guarantee somebody will go to jail when the dust settles.
Too much money flowing and very little accountability at the moment.
Pretty soon the SEC or FDIC well come barging in and place regulations on things.
Same thing OFTC did in Forex world.
Dodd-Frank killed a lot of stuff too.

A big part of the reason are the posts here.
The govt wants to protect bowhunters from losing their lease money on some fake cryptos.
LoL
They already had Shrem do two years a few years ago

[fireman1594]

I guarantee somebody will go to jail when the dust settles.
Too much money flowing and very little accountability st the moment.

They already had Shrem do two years a few years ago

Agree, 100%. How fun would it be to own the exchange, i.e. gdax coinbase, and watch the ticker of your money go up while it skims 1.5%, or .25% of every transaction! I would set a huge portion of that to the side to pay lawyer fees. The b-cash thing alone will sink them. Any of y'all following the verge scandals? Wreaks of criminals. But, I will say again, it is fun to play with.

[txwhitetail]

I guarantee somebody will go to jail when the dust settles.
Too much money flowing and very little accountability at the moment.
Pretty soon the SEC or FDIC well come barging in and place regulations on things.
Same thing OFTC did in Forex world.
Dodd-Frank killed a lot of stuff too.

A big part of the reason are the posts here.
The govt wants to protect bowhunters from losing their lease money on some fake cryptos.
LoL
They already had Shrem do two years a few years ago

Yep lots of grey areas.

[texansfan]

Agree, 100%. How fun would it be to own the exchange, i.e. gdax coinbase, and watch the ticker of your money go up while it skims 1.5%, or .25% of every transaction! I would set a huge portion of that to the side to pay lawyer fees. The b-cash thing alone will sink them. Any of y'all following the verge scandals? Wreaks of criminals. But, I will say again, it is fun to play with.

And unlike western union, money gram or traditional bank to bank ACH wire transfers there is no accountability in cryptos.
This is how cryptos were started.
The ability to buy drugs and rocket launchers and not have the source of funds traced back to an individual.

The Fed's regulate how much western union or your bank charges to wire money.
Coinbase has no such regulation and that is why you can have $40 of your $100 wire eaten up by fees.

Since Halloween the crypto world has exploded.
With that will come Uncle Sam shaking folks piggybanks with his hand out.


If you're looking for long-term day trading fun just come to forex.
Lots of drama to be had.
Stay on the minute charts ;-)

[jkg2003]

[QUOTE=LROSE;13056981]Did your funds every show up in Binance??
Mine still are NOT there.





No they haven’t!


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[texansfan]

In the meantime
I'll have fun mining Ethereum and Decredit them converting that into ripple.

[justintyme8303]

So what is considered alot of Ripple? How much should one have?