So you want in on Bitcoins but don't know how to get started?

[SBR_John]

Coinbase.com

The Coinbase solution is easy and safe as far as I know. You don't actually take possession of the bitcoin, Coinbase holds it for you. (like a stock brokerage account)

This is probably a 'bitcoins for dummies' solution. You pay more to have Coinbase be your intermediary broker but as new as this shat is it's probably a good idea for starters.

[Snowball]

sell while you can.

[SBR_John]

Buy Amount
BTC
at $625.36 USD each

Payment method
Subtotal $625.36
Coinbase fee $6.25
Bank fee $0.15
Total

$631.76

Here is a buy ticket on Coinbase. I hit confirm, I buy 1 BTC. Notice I'm paying $631.76. The real price this second on the exchange is $623.83.

So to use Coinbase you get charged a ticket charge of about $6.5 a coin AND about $2 more than market. So to break even you need a $17 move up. I should note Coinbase pays a little more than market when you sell so the total roundtrip cost is more like $16, not $17.

[Swinging Johnson]

Who mints these coins? Nobody wants to claim responsibility for this digital currency so who would take up the mantle (and the expense) of minting them? I assume they are "minted" if coinbase.com takes posession of them?

[rkelly110]

I can buy a coin for $50. (of the old man or chummly at Pawn Stars)

[SBR_John]

Who mints these coins? Nobody wants to claim responsibility for this digital currency so who would take up the mantle (and the expense) of minting them? I assume they are "minted" if coinbase.com takes posession of them?

There are 13 million BTC's in circulation. There can be no more than 21 million until the year 2150. Every time a BTC is mined the next one is considerably more difficult. Some miners have said it cost more to power the servers and so mining has all but stopped.

Coinbase apparently buys and sells on various exchanges. You buy and sell only with Coinbase. Like a stock broker like ETrade. If you want to buy 100 shares of Apple you don't call up the New York Stock Exchange, you call ETrade(a broker). After you buy Apple on ETrade they don't actually send you the shares, they hold them for you so when you are ready to sell you can. Same with Coinbase.

[Mitchell88]

John what do you think about the guy that newsweek said started bitcoin? Is he lying, did he start it?

[5mike5]

domr waste ur time getting involved

[SBR_John]

$625 2 hours ago but since then they are rolling. Current buy price on Coinbase is $647.78. So up $22 in the last couple of hours.

Mitch, that poor guy had nothing to do with BTC. The real inventor is definitely not living in a row house in LA. How someone can invent something like this and stay anonymous is amazing. There HAD to be collaboration on many many fronts. Programmers work in teams. One group does databases, one does coding, IT, ect. There is no way he did this alone.

[Mitchell88]

$625 2 hours ago but since then they are rolling. Current buy price on Coinbase is $647.78. So up $22 in the last couple of hours.

Mitch, that poor guy had nothing to do with BTC. The real inventor is definitely not living in a row house in LA. How someone can invent something like this and stay anonymous is amazing. There HAD to be collaboration on many many fronts. Programmers work in teams. One group does databases, one does coding, IT, ect. There is no way he did this alone.

From what I have seen I don't think he did. I think that once the real inventors found this out they paid him off to be the fall guy. They don't want the news finding them. The guy they said started them said that he cant talk about it "confidentiality clause" sounds to me like he wont be living in that house much longer. Probably got milllions. The reporter should take more heat though.

[bostonboss]

i thought big boy dan created bitcoin....anyways not interested and never will be.

[compaqDikk]

CoinBase headquarters:

[sickler]

I believe Coinbase if for the US only, or those with a USD bank account.

Canadians can use them by having a USD account through a Canadian RBC branch.

[Tmuston Beltics]

Too late to jump in. You should have jumped in when they were @ 5-10 dollars.

[SBR_John]

Too late to jump in. You should have jumped in when they were @ 5-10 dollars.

It's late but not too late.

The only ones who own BTC's now are sophisticated high tech, high risk investors. Bitcoins are jusssst starting to catch on with regular folks. Demand is picking up as new investors decide they are worthy of a few bucks. Demand IS growing. There are challenges, not a sure thing. But if it does survive they will increase 10x to 100x in value. Very good risk to reward ratio.

[SBR_John]

Today was like the last 3 or 4. Trapped in a very tight range between $615 and $630. There was some semi aggressive selling in the AM but afterwards the coins snapped back to close out the day near the highs.

[flyingillini]

I respect you john but give some people some good advice, coinbase really?? Come on man, maybe you are a novice in BTC but for Christ sakes steer your troops in the right direction.

[SBR_John]

I respect you john but give some people some good advice, coinbase really?? Come on man, maybe you are a novice in BTC but for Christ sakes steer your troops in the right direction.

I'm waiting for verification now at Bitstamp.

Actually Coinbase is great for the guy who is going to buy a couple of coins and put them away for a few years. They have raised $31 million and have high fees. One doesn't have to fugg around with exchange orders. Coinbase tells you what one cost and you buy. Easy as pie.

I have already outlined the expenses associated with Coinbase. They are like dealing with Merrill Lynch, full service and full price, you are gonna pay a little extra.

In light of the Mt G(C)ox meltdown I'm sure its worth it for some to be in safe and sound.

Anyhoot, I spent most of the morning sending all the verifications to BitStamp, an exchange with super low fees. Very much a pain in the arse. Had to download the Google Authentication app, pain in the deck, scanned a copy of my DL and bank statement. Not sure where the anonymous trading comes in...haven't found that yet but lets continue.

[jjgold]

I would only use a regulated CFD/Spreadbetting house to trade bitcoin and most are located in London and Europe an AMericans are not allowed to trade.

[SBR_John]

I would only use a regulated CFD/Spreadbetting house to trade bitcoin and most are located in London and Europe an AMericans are not allowed to trade.

Bitstamp Ltd.

5 Jupiter House
Calleva Park, Aldermaston
Reading
Berkshire RG7 8NN
United Kingdom

They have not approved me yet.

[Wulfman14]

I don't even know what it is or understood how it works. Will read up on it but probably pass.
Finances was never my strong suit.

[RonPaul2008]

Johns buying gold, bitcoins, and who knows what else. He has so much money he is just throwing it at everything that isn't a dollar.

[SBR_John]

Transaction Details
PendingYour BTC will arrive by the end of day on Thursday Mar 13, 2014. March 07, 2014, at 12:02PM CST
Amount Received
9.00 BTC
From
Avatar Coinbase (transfers@coinbase.com)
To
Avatar You
Message

Bought 9.00 BTC for $5,635.40.

Paid for with USA - Bank ****6*10. Your bitcoin will arrive by the end of day on Thursday Mar 13, 2014.

This is my main gripe with Coinbase. I bought these on the 7th. I can't sell them until late on the 13th. As I mentioned earlier this is an ok solution for someone who wants to buy and hold for a few years(or some mid to long term horizon).

I check my bank and there she is Mar 10, 2014

COINBASE.COM/BTC 8003435845 ***********E5YN

Bills

($5,635.40)

..so they have the money but yet I can not sell for 4 days after they got the money. Very odd.

[eidolon]

Is Bernie Madoff behind this company?

[SBR_John]

BTC's have wiggled out of a very tight range of $616 to $626 over the past 5 days to hit $650 this evening before backing off a little. Hopefully this is the start of a leg up. The $610 level held as the low for about a week, testing it every day. Let's see if we can get some breathing room north of $650.

[jjgold]

I will check some of these places out like bitstamp and do some research

I know plus500 offers it a CFD trading company in the UK

[ACoochy]

I will check some of these places out like bitstamp and do some research

I know plus500 offers it a CFD trading company in the UK

Why shop at brokers when the classifieds can offer (at times) below cost deals??

[sickler]

I believe Coinbase if for the US only, or those with a USD bank account.

Canadians can use them by having a USD account through a Canadian RBC branch.

This wasn't an endorsement of Coinbase, as I know little about them. During Bitcoin research I came across information that Canadians can in fact use Coinbase with a USD "Royal Embassy" account from a local RBC branch in Canada. There appears to be misinformation online that Coinbase is for US residents only. That is all my post was about.



T

[boondoggle]

I have used coinbase before and its legit. Hook it up to your bank acct and watch how easy and pain free deposits/withdraws are in books.

[jjgold]

Why shop at brokers when the classifieds can offer (at times) below cost deals??

Too unknown Coochy

For me personally the only place I feel safe trading bitcoin is licenses CFD and Spread Betting operations in the UK and Europe

We all have different opinions

[ACoochy]

Too unknown Coochy

For me personally the only place I feel safe trading bitcoin is licenses CFD and Spread Betting operations in the UK and Europe

We all have different opinions

Not the ones where you ebay like ratings for sellers.

They also have forums so it doesn't take long to sought out the bad guys from the good coach...

[SBR_John]

Verify Account

Customer ID:45****
Status:Pending

Day 2. No BitStamp approval, no acknowledgement email, no anything. Keep in mind this is only to verify my ID and residency. Two pics on 1 email. If this was my business I would turn those suckers around fast before the mark changed his mind.

[KKoz9]

Transaction Details
PendingYour BTC will arrive by the end of day on Thursday Mar 13, 2014. March 07, 2014, at 12:02PM CST
Amount Received
9.00 BTC
From
Avatar Coinbase (transfers@coinbase.com)
To
Avatar You
Message

Bought 9.00 BTC for $5,635.40.

Paid for with USA - Bank ****6*10. Your bitcoin will arrive by the end of day on Thursday Mar 13, 2014.

This is my main gripe with Coinbase. I bought these on the 7th. I can't sell them until late on the 13th. As I mentioned earlier this is an ok solution for someone who wants to buy and hold for a few years(or some mid to long term horizon).

I check my bank and there she is Mar 10, 2014

COINBASE.COM/BTC 8003435845 ***********E5YN

Bills

($5,635.40)

..so they have the money but yet I can not sell for 4 days after they got the money. Very odd.

So it operates kind of like an offshore book then?

[jjgold]

Long verifications imo are warning signs

Be careful Mr Walker with these exchanges

[eidolon]

BitCoin: The Ultimate Long Con