The Cryptotard

Discussion of all things crypto and blockchain.
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Brick's
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The Cryptotard

Postby Brick's » Tue Feb 13, 2018

I'm starting this thread so I don't pollute the other Crypto discussions with my pleas for information, validation I'm doing things correctly, or anything else on this path to increased Crypto awareness I am currently on. If anyone else wants to use it for the same, feel free. Just don't let the Subject name be personal, it's just a good description of how I feel I am about the whole techno universe that looks like it's doing a Big Bang in front of my eyes. Perhaps it will become a journal that will give me psychological solace when I look back on it. Much the way a dear diary does.

So it begins:

There is a lot I am learning just by being on the Binance site. Like trading pairs (did I get that right?) where they list for example where you can trade BTC, ETH, for say BNB and the price from one to the other. Realizing this makes for trading between price spreads using historical cycles between coins.

I also discovered Binance does not take fiat at all. What was I thinking since they had coins listed/U$D amounts, I thought I could buy them like I do stocks with my bank card or account numbers etc. But, this isn't old school economy anymore, it's new school/new economy. Everything I have learned in the past is mostly wrong here, or will be at a not to distant time in the future.

So when my dedicated laptop comes in, I'll have to download some wallet onto it (simpler is better and why I am liking DASH more than Manero, and now must research wallets for a computer) and buy coin from either another exchange or one of you here to make it happen.

LOL, so I have to laugh. Which coin is weak against the U$D but strong against BNB and whatever else I decide to buy? There needs to be an app that does the above for you so you can maximize your crypto purchase. Is there such a thing yet?

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Re: The Cryptotard

Postby Preludedude » Tue Feb 13, 2018

I also learned that Binance only takes trades. So I bought some ETH and BTC on Coinbase to do some trades. Learning the value of the altcoin versus BTC/ETH takes some thought. So you can determine the value of your buy or sell order. I have to get used to using decimal points to the 8th position....

But once I learned how the buy/sell order process works, it is a little easier to comprehend. And you must do the math with all those decimal points to set your desired sell amount or buy amount....

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BarsandStars
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Re: The Cryptotard

Postby BarsandStars » Tue Feb 13, 2018

Pricing things outside of USD takes some getting used to for sure.
Joining Binance to trade cryptos? Click my referral link below!
www.binance.com/?ref=20981136

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Long John
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Re: The Cryptotard

Postby Long John » Tue Feb 13, 2018

I believe the socially acceptable term is CryptoChallenged.

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Rik Bitter
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Re: The Cryptotard

Postby Rik Bitter » Tue Feb 13, 2018

Long John wrote:I believe the socially acceptable term is CryptoChallenged.


Actually it's "Differently Coined"
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Re: The Cryptotard

Postby silverpv » Tue Feb 13, 2018

Just click on the price in eth or btc and it'll display dollar value. Less guesswork for you.. Like so.
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Brick's
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Re: The Cryptotard

Postby Brick's » Tue Feb 13, 2018

Everything requires significant research, or so it is with me . Happily I found this: https://masterthecrypto.com/guide-binan ... e-account/ We'll see if it helps.

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Re: The Cryptotard

Postby Brick's » Thu Feb 15, 2018

I'm looking at Bitrex cryptocurrency listings in pairs. xx/BTC, xx/ETH, xx/U$D. and at the almost far right column they have one called "spread" and it ranges from 0.0 (no spread) to at least 7% on a coin vs ETH. I have an idea what it is but would love to hear an explanation from someone. Thank you in advance.

Is this what I am talking about in the last paragraph of my first post above?

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Long John
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Re: The Cryptotard

Postby Long John » Fri Feb 16, 2018

Spread is the difference between the highest bid offer and lowest sell offer. You could think of it as the gap between bid and ask on the Kitco silver chart.

7% spread sounds like a lot, though, so maybe you're referring to something else.

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Long John
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Re: The Cryptotard

Postby Long John » Fri Feb 16, 2018

Brick's wrote:Which coin is weak against the U$D but strong against BNB and whatever else I decide to buy? There needs to be an app that does the above for you so you can maximize your crypto purchase. Is there such a thing yet?

There may be (or will be) such an app. It would certainly be useful for arbitrage. Some smart programmer or scripter might have customized something like that, but whether they are sharing or selling it I don't know. I bet silverpv is on top of things like that.

I use the sorting function on CoinMarketCap to do a more primitive analysis of the market (you can do the same thing on individual exchanges, but CMC lets you choose different things to sort against). You can use this information to go to your favorite exchange and see if the situation is similar there, and act accordingly.

Here, I have changed USD to LTC and sorted the 24-hour change column to see which coins have gained most against Litecoin in the last day. You could also use BTC and some other major coins to measure against. More likely you'll be looking for coins that have lost most ground against BTC or LTC or whatever coin you're using to trade with, in a search for bargains. Just click the 24-hour change column again to reverse the sort.

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