Explain like Iím 30: Bitcoin
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The Thief
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PostPosted: Fri Dec 15, 2017 4:30 pm    Post subject:

audioaxes wrote:
Surfitall wrote:
The value is a big question mark. It does not have value in the way that a stock has value. There are no earnings.

I bought some bitcoins at around $250 because I believed in the value of having a global digital currency that could be accepted anywhere in the world without worrying about exchange rates. How great would it be to travel from country to country in Europe without needing to worry about currency. I bought based on the potential of it to revolutionize the way we buy things. Unfortunately for me, I sold at $2500, which wasnít long ago at all. Still a nice run up.

Now we are at a point where my original fascination seems to have changed, where people are no longer viewing it as a currency to be spent, but a store of value to be held. Bitcoins value seems to me kind of like gold at this point. Gold has no real intrinsic value. Itís a rock. People say it has value, so it has value. Same with BTC. Itís a hedge against inflation. It is a finite store of value. It is what people are willing to pay for it. It seems like a gamble at this point. It didnít feel that way to me when it was $250.

agreed but its way worse than gold. Yes gold is just a rock but since the beginning of civilization people have valued the status of gold and that would never change in many lifetimes. There will always be someone willing to pay $XXX per ounce of gold. A Bitcoin would truly be a worthless signature of bytes at the end of the day if that currency tanked.


Bitcoin's utility is that you can send millions of dollars anywhere in the world within minutes for very little fee. Try doing that with gold. It's also divisible by 8 decimal places so you can send as little or as much as you want. In terms of the day to day instant transactions it's not built for that yet. And I stress yet. This is an evolving technology and there are plans to make it much faster but I don't think it even needs to do that to be successful. This is not a fad. This isn't going away. More and more companies are jumping onboard this tech by the day. For investment purposes it's scary to get in after such a big run and we could very well be in for a correction but this space is going to be a multi trillion dollar industry one day. There is just way to much utility to disrupt current markets for it not to be successful. This is not investment advice just my own opinion.
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PostPosted: Fri Dec 22, 2017 1:10 am    Post subject:

whoops
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PostPosted: Fri Dec 22, 2017 7:49 am    Post subject:

https://www.yahoo.com/news/bitcoin-almost-every-other-cryptocurrency-102517319.html

Bitcoin sounds more like an investment than any currency at this point....
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PostPosted: Fri Dec 22, 2017 7:46 pm    Post subject:

The Thief wrote:
audioaxes wrote:
Surfitall wrote:
The value is a big question mark. It does not have value in the way that a stock has value. There are no earnings.

I bought some bitcoins at around $250 because I believed in the value of having a global digital currency that could be accepted anywhere in the world without worrying about exchange rates. How great would it be to travel from country to country in Europe without needing to worry about currency. I bought based on the potential of it to revolutionize the way we buy things. Unfortunately for me, I sold at $2500, which wasnít long ago at all. Still a nice run up.

Now we are at a point where my original fascination seems to have changed, where people are no longer viewing it as a currency to be spent, but a store of value to be held. Bitcoins value seems to me kind of like gold at this point. Gold has no real intrinsic value. Itís a rock. People say it has value, so it has value. Same with BTC. Itís a hedge against inflation. It is a finite store of value. It is what people are willing to pay for it. It seems like a gamble at this point. It didnít feel that way to me when it was $250.

agreed but its way worse than gold. Yes gold is just a rock but since the beginning of civilization people have valued the status of gold and that would never change in many lifetimes. There will always be someone willing to pay $XXX per ounce of gold. A Bitcoin would truly be a worthless signature of bytes at the end of the day if that currency tanked.


Bitcoin's utility is that you can send millions of dollars anywhere in the world within minutes for very little fee. Try doing that with gold. It's also divisible by 8 decimal places so you can send as little or as much as you want. In terms of the day to day instant transactions it's not built for that yet. And I stress yet. This is an evolving technology and there are plans to make it much faster but I don't think it even needs to do that to be successful. This is not a fad. This isn't going away. More and more companies are jumping onboard this tech by the day. For investment purposes it's scary to get in after such a big run and we could very well be in for a correction but this space is going to be a multi trillion dollar industry one day. There is just way to much utility to disrupt current markets for it not to be successful. This is not investment advice just my own opinion.

but what good is that if there is no economy or assets backing it? I can bet anything that 5 years from now $3000 cash will still be accepted as my monthly mortgage or that $10K cash will buy a solid running used car. Even right now there's not much of value you can buy with Bitcoin. You can only sell it on an exchange to a bunch of gambling prospectors (and a vast majority of which have 0 idea what they are doing) which is beyond volatile. 5 years from now it could truly be worthless.
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PostPosted: Fri Dec 22, 2017 8:54 pm    Post subject:

Interesting week with Coinbase adding BCH, Goldman Sachs planning a BTC trading desk, a South Korean exchange filing for bankruptcy, and the plunge.

The correction wasn't surprising, it was long overdue for one and these have happened before. Back when Mt. Gox was operational in 2013, btc's tumbled from around $180 to $65 and again from $1242 in late 2013 to $206 in 2015.

Props to anyone who was able to hold on from those days, things seem improved now with multiple exchanges, but the same old issue with exchanges going down during major corrections apparently hasn't been resolved yet.
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PostPosted: Sat Dec 23, 2017 3:03 am    Post subject:

lakersken80 wrote:
https://www.yahoo.com/news/bitcoin-almost-every-other-cryptocurrency-102517319.html

Bitcoin sounds more like an investment than any currency at this point....


Been that way for closing on 5 years.

<-- Been mining since 2010. Never used a bitcoin as currency. Ever. Of my circle of nerd buddies that got into the game early mining, not a single one has used bitcoins to make purchases.
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PostPosted: Sat Dec 23, 2017 4:19 pm    Post subject:

^Used to do a lot of mining back a few years back, all of the equipment (Asics + USB miners) had to be bought with bitcoin, so there was no choice. I would've preferred fiat due to risk of the exchange failing at some point and it did.

Were you mining with gpu's? Hope all has been replaced with asics (Antminers etc). How are your electricity bills?
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PostPosted: Sat Dec 23, 2017 4:45 pm    Post subject:

K2 wrote:
^Used to do a lot of mining back a few years back, all of the equipment (Asics + USB miners) had to be bought with bitcoin, so there was no choice. I would've preferred fiat due to risk of the exchange failing at some point and it did.

Were you mining with gpu's? Hope all has been replaced with asics (Antminers etc). How are your electricity bills?


GPU's and I only mined in the early days. I wasn't serious with it and stopped right around when Asics started to come out en masse which sounds right around when you went in. I got into more as a curiosity and I'm a huge gadget freak so any excuse to grab some 5870's at the time was a green light for me. I've poked back in here and there since and dicked around some with Ethereum mining just to play around with my 1060.
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PostPosted: Sat Dec 23, 2017 11:33 pm    Post subject:

jonnybravo wrote:
K2 wrote:
^Used to do a lot of mining back a few years back, all of the equipment (Asics + USB miners) had to be bought with bitcoin, so there was no choice. I would've preferred fiat due to risk of the exchange failing at some point and it did.

Were you mining with gpu's? Hope all has been replaced with asics (Antminers etc). How are your electricity bills?


GPU's and I only mined in the early days. I wasn't serious with it and stopped right around when Asics started to come out en masse which sounds right around when you went in. I got into more as a curiosity and I'm a huge gadget freak so any excuse to grab some 5870's at the time was a green light for me. I've poked back in here and there since and dicked around some with Ethereum mining just to play around with my 1060.


How exactly does mining work? And do you make a certain amount of btc wit every transaction completed? I'm new to the game, been doing a lot of research and looking at different altcoins to see which has the most value for the future.
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PostPosted: Sun Dec 24, 2017 12:47 am    Post subject:

Ted wrote:
jonnybravo wrote:
K2 wrote:
^Used to do a lot of mining back a few years back, all of the equipment (Asics + USB miners) had to be bought with bitcoin, so there was no choice. I would've preferred fiat due to risk of the exchange failing at some point and it did.

Were you mining with gpu's? Hope all has been replaced with asics (Antminers etc). How are your electricity bills?


GPU's and I only mined in the early days. I wasn't serious with it and stopped right around when Asics started to come out en masse which sounds right around when you went in. I got into more as a curiosity and I'm a huge gadget freak so any excuse to grab some 5870's at the time was a green light for me. I've poked back in here and there since and dicked around some with Ethereum mining just to play around with my 1060.


How exactly does mining work? And do you make a certain amount of btc wit every transaction completed? I'm new to the game, been doing a lot of research and looking at different altcoins to see which has the most value for the future.


https://99bitcoins.com/beginners-guide-to-mining/

Here's a good primer. Right now, GPU mining isn't really worth it. I have no clue as to the effiency of Asics at all. Bitcoin is a LOT to take in and tbh, I still feel like I'm pretty clueless compared to the guys that are REALLY into it.
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PostPosted: Sun Dec 24, 2017 1:39 am    Post subject:

All the news recently has piqued my interest and I am going to risk a little bit of money on trying to day trade the 4 main crypto coins, Bitcoin, bitcoin cash, Ethereum, and Litecoin. If you put money in to coinbase, and then use GDAX for trading, you can make trades for free with no fee's if you use limit orders. you can also keep the money in USD$ except for when you'r making trades so you don't take a hit when prices fall. If you ahve some extra money sitting in a 1% account, I think its a good experience.
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PostPosted: Sun Dec 24, 2017 1:52 am    Post subject:

jonnybravo wrote:
Ted wrote:
jonnybravo wrote:
K2 wrote:
^Used to do a lot of mining back a few years back, all of the equipment (Asics + USB miners) had to be bought with bitcoin, so there was no choice. I would've preferred fiat due to risk of the exchange failing at some point and it did.

Were you mining with gpu's? Hope all has been replaced with asics (Antminers etc). How are your electricity bills?


GPU's and I only mined in the early days. I wasn't serious with it and stopped right around when Asics started to come out en masse which sounds right around when you went in. I got into more as a curiosity and I'm a huge gadget freak so any excuse to grab some 5870's at the time was a green light for me. I've poked back in here and there since and dicked around some with Ethereum mining just to play around with my 1060.


How exactly does mining work? And do you make a certain amount of btc wit every transaction completed? I'm new to the game, been doing a lot of research and looking at different altcoins to see which has the most value for the future.


https://99bitcoins.com/beginners-guide-to-mining/

Here's a good primer. Right now, GPU mining isn't really worth it. I have no clue as to the effiency of Asics at all. Bitcoin is a LOT to take in and tbh, I still feel like I'm pretty clueless compared to the guys that are REALLY into it.


Thanks I'll check it out
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PostPosted: Thu Dec 28, 2017 6:39 pm    Post subject:

THIS is going to solve the energy sucking problem. Someone figured out how to make a browser based blockchain.

I'm hopping onto this wave once it's ready to go. So much more ethical.
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PostPosted: Fri Dec 29, 2017 8:48 am    Post subject:

audioaxes wrote:

but what good is that if there is no economy or assets backing it? I can bet anything that 5 years from now $3000 cash will still be accepted as my monthly mortgage or that $10K cash will buy a solid running used car. Even right now there's not much of value you can buy with Bitcoin. You can only sell it on an exchange to a bunch of gambling prospectors (and a vast majority of which have 0 idea what they are doing) which is beyond volatile. 5 years from now it could truly be worthless.

The miners are supporting the network. In turn they are rewarded by generating transaction fees and for now earning bitcoin. In terms of purchasing with bitcoin there are many that accept it now and there are other crypto projects that aim to create gateways that will allow you to use for instance a visa card that is backed by your crypto assets that will allow you to make purchases anywhere. These projects are starting to ramp up and I think 2018 is going to be an eye opener for many people.
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PostPosted: Fri Dec 29, 2017 11:34 am    Post subject:

The Thief wrote:
audioaxes wrote:

but what good is that if there is no economy or assets backing it? I can bet anything that 5 years from now $3000 cash will still be accepted as my monthly mortgage or that $10K cash will buy a solid running used car. Even right now there's not much of value you can buy with Bitcoin. You can only sell it on an exchange to a bunch of gambling prospectors (and a vast majority of which have 0 idea what they are doing) which is beyond volatile. 5 years from now it could truly be worthless.

The miners are supporting the network. In turn they are rewarded by generating transaction fees and for now earning bitcoin. In terms of purchasing with bitcoin there are many that accept it now and there are other crypto projects that aim to create gateways that will allow you to use for instance a visa card that is backed by your crypto assets that will allow you to make purchases anywhere. These projects are starting to ramp up and I think 2018 is going to be an eye opener for many people.

but thats not really buying something directly in value with bitcoin. Thats simply an easier way to liquidate your bitcoin holdings into cash but the value of the bitcoin itself is still tied solely into what the gambling prospectors are pumping it up to be.
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PostPosted: Sat Dec 30, 2017 12:26 am    Post subject:

ringfinger wrote:
Surfitall wrote:
The value is a big question mark. It does not have value in the way that a stock has value. There are no earnings.

I bought some bitcoins at around $250 because I believed in the value of having a global digital currency that could be accepted anywhere in the world without worrying about exchange rates. How great would it be to travel from country to country in Europe without needing to worry about currency. I bought based on the potential of it to revolutionize the way we buy things. Unfortunately for me, I sold at $2500, which wasnít long ago at all. Still a nice run up.

Now we are at a point where my original fascination seems to have changed, where people are no longer viewing it as a currency to be spent, but a store of value to be held. Bitcoins value seems to me kind of like gold at this point. Gold has no real intrinsic value. Itís a rock. People say it has value, so it has value. Same with BTC. Itís a hedge against inflation. It is a finite store of value. It is what people are willing to pay for it. It seems like a gamble at this point. It didnít feel that way to me when it was $250.


Yeah, but wouldnít you say itís the same as a stock? I feel like it is the same. The stock price is not determined by earnings, but rather, the perceived future value of that stock.

The value of something is only relative to something else. Bitcoin to USD, etc.


Short term, sure. But if you had a very successful company that didn't appreciate in price, at some point if they decided to pay a dividend out of their earnings you'd get a gigantic recurring cash stream from your ownership.
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PostPosted: Wed Jan 03, 2018 12:30 pm    Post subject:

wow, didn't know this thread existed here on LG. Anyways, I've been in the game since 2012 and have a decent size stack. My biggest bag is Ethereum. I do hold bitcoin, litecoin, bitcoin cash as well as smaller cryptos. I'm at a point where if this keeps going like it has in 2017 through 2018...I may seriously consider retiring.

Ask me anything, I'm pretty much a guru. I work as a Server Administrator while crypto'ing on the side.
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PostPosted: Wed Jan 03, 2018 12:37 pm    Post subject:

What about Ripple? It looks like it's only going up. I've been keeping my eye on it and think I'm going to go in on some..just a little. Ethereum is another one I want to get some of.

It seems though right now, if you're beginning and want to buy any crypto currency using dollars, it's going to take a while (a week or so) before any transaction takes place due to the verification process of any site/app. that's kind of annoying.
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PostPosted: Wed Jan 03, 2018 12:57 pm    Post subject:

LakersChamps04 wrote:
What about Ripple? It looks like it's only going up. I've been keeping my eye on it and think I'm going to go in on some..just a little. Ethereum is another one I want to get some of.

It seems though right now, if you're beginning and want to buy any crypto currency using dollars, it's going to take a while (a week or so) before any transaction takes place due to the verification process of any site/app. that's kind of annoying.


Regarding Ripple - I got into crypto because of the decentralized nature of it and its movement of not having to use a central bank and/or 3rd party to control your money. That being said, I just can't support Ripple and their alliance to big banks. But, I don't judge...so if that is good w/you...go for it. Ripple has been breaking out lately due to rumors of a Coinbase add.

Regarding taking a week - what you can do is add a credit/debit card to your coinbase account and tier up...by doing this, they will enable INSTANT BUYS...so you get your coins instantly. What I do recommend once you have your BTC/ETH/LTC/BCH....transfer them to an exchange and start playing and making $$$ on smaller upcoming coins.

I used to use bittrex, but now i recommend Kucoin.com (1min setup with no verification needed!)

It is competing against binance and they offer some sick rewards for just holding their tokens called KCS. I don't wanna keep blabbing if you're not interested, so I'll stop now and if anyone wants more tips...just let me know
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PostPosted: Wed Jan 03, 2018 1:15 pm    Post subject:

loki05 wrote:
LakersChamps04 wrote:
What about Ripple? It looks like it's only going up. I've been keeping my eye on it and think I'm going to go in on some..just a little. Ethereum is another one I want to get some of.

It seems though right now, if you're beginning and want to buy any crypto currency using dollars, it's going to take a while (a week or so) before any transaction takes place due to the verification process of any site/app. that's kind of annoying.


Regarding Ripple - I got into crypto because of the decentralized nature of it and its movement of not having to use a central bank and/or 3rd party to control your money. That being said, I just can't support Ripple and their alliance to big banks. But, I don't judge...so if that is good w/you...go for it. Ripple has been breaking out lately due to rumors of a Coinbase add.

Regarding taking a week - what you can do is add a credit/debit card to your coinbase account and tier up...by doing this, they will enable INSTANT BUYS...so you get your coins instantly. What I do recommend once you have your BTC/ETH/LTC/BCH....transfer them to an exchange and start playing and making $$$ on smaller upcoming coins.

I used to use bittrex, but now i recommend Kucoin.com (1min setup with no verification needed!)

It is competing against binance and they offer some sick rewards for just holding their tokens called KCS. I don't wanna keep blabbing if you're not interested, so I'll stop now and if anyone wants more tips...just let me know
Def appreciate your input. i'm new to this so just trying to soak it all up. all that said, if a newby was going to buy some coin..would you recommend Ethereum?
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PostPosted: Wed Jan 03, 2018 1:19 pm    Post subject:

LakersChamps04 wrote:
Def appreciate your input. i'm new to this so just trying to soak it all up. all that said, if a newby was going to buy some coin..would you recommend Ethereum?


Definitely. Look at the overall marketcap of crypto:

coinmarketcap.com

We are not even at 1trillion market cap. We are a small dot in the FIAT world and GDP. If we even get like 10% of the 80trillion....that would make the crypto market at 8trillion....where do you think all that $$$ will be?? I can tell you: The BIG 3 (ETH/BTC/LTC).
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PostPosted: Wed Jan 03, 2018 5:04 pm    Post subject:

Trying to figure out what's going on with LTC lately. Wonder if Charlie Lee selling his stake off really hurt it that much with buyers.
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PostPosted: Wed Jan 03, 2018 9:31 pm    Post subject:

Sojo wrote:
Trying to figure out what's going on with LTC lately. Wonder if Charlie Lee selling his stake off really hurt it that much with buyers.


Prior to ltc last major rise, ltc was always a coin that was super stable with low fluctuations....THEN....boom, went drom $30 to $300. I think ltc is consolidating and getting ready for next MAJOR leg up.
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PostPosted: Thu Jan 04, 2018 1:37 pm    Post subject:

loki05 wrote:
LakersChamps04 wrote:
What about Ripple? It looks like it's only going up. I've been keeping my eye on it and think I'm going to go in on some..just a little. Ethereum is another one I want to get some of.

It seems though right now, if you're beginning and want to buy any crypto currency using dollars, it's going to take a while (a week or so) before any transaction takes place due to the verification process of any site/app. that's kind of annoying.


Regarding Ripple - I got into crypto because of the decentralized nature of it and its movement of not having to use a central bank and/or 3rd party to control your money. That being said, I just can't support Ripple and their alliance to big banks. But, I don't judge...so if that is good w/you...go for it. Ripple has been breaking out lately due to rumors of a Coinbase add.

Regarding taking a week - what you can do is add a credit/debit card to your coinbase account and tier up...by doing this, they will enable INSTANT BUYS...so you get your coins instantly. What I do recommend once you have your BTC/ETH/LTC/BCH....transfer them to an exchange and start playing and making $$$ on smaller upcoming coins.

I used to use bittrex, but now i recommend Kucoin.com (1min setup with no verification needed!)

It is competing against binance and they offer some sick rewards for just holding their tokens called KCS. I don't wanna keep blabbing if you're not interested, so I'll stop now and if anyone wants more tips...just let me know


Thanks, loki05. Any step by step tips or methodology you can give for someone just starting out are much appreciated.
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PostPosted: Thu Jan 04, 2018 2:21 pm    Post subject:

DancingBarry wrote:
loki05 wrote:
LakersChamps04 wrote:
What about Ripple? It looks like it's only going up. I've been keeping my eye on it and think I'm going to go in on some..just a little. Ethereum is another one I want to get some of.

It seems though right now, if you're beginning and want to buy any crypto currency using dollars, it's going to take a while (a week or so) before any transaction takes place due to the verification process of any site/app. that's kind of annoying.


Regarding Ripple - I got into crypto because of the decentralized nature of it and its movement of not having to use a central bank and/or 3rd party to control your money. That being said, I just can't support Ripple and their alliance to big banks. But, I don't judge...so if that is good w/you...go for it. Ripple has been breaking out lately due to rumors of a Coinbase add.

Regarding taking a week - what you can do is add a credit/debit card to your coinbase account and tier up...by doing this, they will enable INSTANT BUYS...so you get your coins instantly. What I do recommend once you have your BTC/ETH/LTC/BCH....transfer them to an exchange and start playing and making $$$ on smaller upcoming coins.

I used to use bittrex, but now i recommend Kucoin.com (1min setup with no verification needed!)

It is competing against binance and they offer some sick rewards for just holding their tokens called KCS. I don't wanna keep blabbing if you're not interested, so I'll stop now and if anyone wants more tips...just let me know


Thanks, loki05. Any step by step tips or methodology you can give for someone just starting out are much appreciated.


Sure thing....mind you, i'm not sure what level of "newbness" you're at but if its brand new, the steps would be:

- open up a coinbase or gemini account
- buy btc/ltc/eth
- once you have the coins, you can let it sit and hold and be content OR you can move them to an exchange. There are quite a few:

Poloniex
Bittrex
binance

but the one I recommend is:

Kucoin.com

Why? Because it takes about 30sec to sign up and you don't need to upload any documents.

Because Bittrex and binance (per their twitter) have stopped new registrations because the growth has just been INSANE. **This should tell you something

Also, Kucoin has the latest ICO tokens that are NOT even on major exchanges. This means that its like Triple A baseball before they go to the majors. You can really find some great upcoming tokens there: RedPulse, DragonChain, QLink, uTrust, etc. Lots of them under $1.00. These coins can possibly, if it makes a great run as other cryptos, do 10x-20x gains.

Before I keep typing and spitting out more info, let me know if this makes sense or it is too deep....or maybe this is too basic. I just don't want to type useless stuff if not needed. GOOD LUCK everyone!!! I received some PMs, but please ask away on this thread so we can help more people!!
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