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Does anyone use kraken for crypto trading.Ive just signed up and now got to the verify stage.It wants my address and photo of ID.Website seems to run slow on my iPad too.Just wondering if this is normal and if it's a good company to use.thanks
I've got Kracken. I've used it to spend a small amount. The website does run slow, it takes a few seconds for it to update each screen as you navigate around, but it is pretty easy and seems legit. You have to buy and sell via the website, the app just allows you to monitor your account, whereas coinbase allowes you to buy on the app.
I don't think most of them have the terrible ecological impact of bitcoin but bitcoin really is an absolute disgrace. A proper case of yet another human opening pandora' box.
Bitcoin currently uses more electricity than the Netherlands. And a lot of it is "mined" in parts of China with cheap coal powered electricity. And for what?
Makes me even more angry than Brexit!
I use Kraken app on my iPhone and I can buy and sell through that. Seems to work fine, but I'm no expert. 🙂
I just got a bit concerned when the site asked me to upload a ID photo,is that normal?Im only thinking of investing 500 pounds so is kraken better than coin base for this.
If anyone wants to use coin base sign up using this link and we'll both get $10 worth of Bitcoin
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https://www.coinbase.com/join/howett_6
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They also have a few 'tutorial' videos, look a bit like promos to me, but they give an idea on a few and you get $50 just for watching them and answering a multiple choice question
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Not the cheapest for day trades so do that and then transfer everything to coin base pro.
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But – where the hell do I even start?
Not on Youtube or Reddit I hope!
From the suggestions so far on this thread, those places seem to be inhabited by the nut jobs in America who are convinced that either:
1) Civilisation is about to collapse
2) The Federal Government is about to come to Hicksville USA to repossess their trailer park and take everything they own (ie half a dozen confederate flags, a AR-15, a dozen hand guns and a huge pile of porn mags)
And the solution to both these highly probably events is an entirely unstable crypto currency which they'll invest all of $200 representing their life savings, so the Feds can't get it.
We've even had someone suggest, on this thread, that the UK Government is going to ban people owning Gold so we'd better get into Crypto. Apparently they'd done a lot of research on the subject.
I've done a lot of drugs in my time but even I can smell this paranoid delusion horse shit at 50 miles!
If you fancy making a few £ and have a few £ you can loose, then fine, place a bet you might get lucky.
However, whatever the real problem actually is, crypto isn't the answer!
I just got a bit concerned when the site asked me to upload a ID photo,is that normal?Im only thinking of investing 500 pounds so is kraken better than coin base for this.
All the major exchanges do it now as part of Know Your Customer (KYC) to stop fraudulent activity. Kraken is more security focused so should be OK but there have been exchanges in the past that have leaked customer information which isnt great obviously. Sadly if you want to invest in crypto it is a risk you have to take. Kraken, Binance, Gemini and Coinbase are the major options and none of them perfect
How about this dude. Went all in when it was $1-2k ish. Sold his house, his cars, and even bikes! Then travelled around the world with his family having little adventures and spreading the word. Admittedly, he sounded comfortable before he did all this.
I guess the real test will be if Hans Gruber demands 50 mil USD? or 1000 BTC?
Apparently they’d done a lot of research on the subject.
I think any research is better than none.
You're starting to sound quite evangelical yourself. You refuse to learn anything about the subject but your preaching an ideology that has worked reasonably well for the last 50 years or so but is now in danger of no longer being fit for purpose.
You don't answer the points anyone makes and just make increasingly insulting comments towards anyone who questions your lack of analysis.
There are evangelicals on both sides of this debate and I think you're definitely finding your religion.
Play nicely guys, this thread is quite interesting and I'm learning some things, let's just discuss the relevant points and not get personal and get it shut down.
At what point does a hardware wallet become worthwhile? Anyone got any experience with them or recommendations?
The one that seems to jump out for a newbie seems to be the ledger nano s. Can these be operated entirely via a tablet or is a desk tp/laptop needed?
Re. hardware wallets - Nano got in trouble for a data breach recently (only relevant if you bought from them direct, but still...).
Trezor have issues if a criminal gets hold of the physical device itself, but otherwise are about on par with Nanos, though the Trezor code is open source which is reassuring in my view.
I think the Coinkite Coldcard MK3 is widely regarded as the best, but hard to get in the UK (watch out for the old Mk1 ones being sold on eBay, as they're cr@p).
They'll all need desktop computer access unless your tablet has a USB socket.
Supplementary question to the above. Is it possible to back one up, just in case?
Hardware wallet under the mattress doesn't seem any safer than cash? Can still be stolen (less use to their if they don't have a password but the owner has still lost it), damaged in flood or fire, or just plain lost
Andrewh - read up on recovery seeds.
Hardware wallets!!? Is this something else to learn!? 🙂
If I'm buying through Kraken are my purchases not logged in my account with them?
Each small purchase I made has been confirmed by email by Kraken and has a signature.asc file attached.
At my ripe old age, I'm eventually in a situation of now saving a decent amount each month after years of painful house stuff. Premium Bonds are doing nothing, I've a S&S ISA that's doing 'ok' but elements are stuttering with the strong pound at the moment so I've stuck in a 'would be prepared to lose' amount into a mix of cryptocurrencies. £450 as it stands - I'm not rich and will be a bit cheesed off if I lose it all but the risk/reward is just too tempting. I'll possibly add more if there's a crash in one of them!
I've done not much more research than look at what US arm of Paypal have adopted and invested in those. Unless you have some insider information, I can't see any advantage of too much research into various methodologies/principles of the rest of them, because as far as I can see it's just like most aspects of economics..guesswork. That's not to say I won't, but if I put any money into them I really would be expecting to say goodbye to it, or have the balls to get out at any peak.
I'm approaching it as the same as going to a casino. Have some fun by watching your fortunes rise and fall, be prepared to loose it, hope you win big and don't play with what you can't lose.
If I’m buying through Kraken are my purchases not logged in my account with them?
https://en.wikipedia.org/wiki/Mt._Gox
There ain't no FCFS compensation if your bitcoin exchange goes tits up.
Mt Gox is the classic example of why not to keep things on an exchange, Bitgrail was another failure where I personally got caught out. However, the major exchanges are probably now more safer for many people that a hardware wallet, lots of people still lose there passwords, wallets, seeds and you are equally stuffed. Also consider if you are only buying small amounts, gas fees for Eth based tokens are currently insane and you will lose out on transfer off and on to the exchange. Coinbase are about to have an IPO to be listed on NYSE, it would be disastrous for them to run off with your money or lose it. Do you think Tesla or Blackrock are sticking there crypto on a thumbdrive? No they use a custodial service provide by the likes of Coinbase of Gemini. I would say the larger the amount you have, the more you should consider a hardware wallet but consider the pro's and con's of all the options, it isn't all pro's.
Sorry another kraken website query,after going through the verification stuff I'm now just wanting to make a deposit.It doesn't offer any way of depositing by debit card,only via bacs and getting in touch with my bank.Is there a easier way to deposit money into my account or should I use Coinbase.Ive never transferred money via bacs so a little confused about wether this is normal for crypto currency trading
Not used Kraken but you can buy using credit/debit on coinbase easily enough. The BACS thing is pretty normal though.
You can buy by card on kracken, I've got a card saved on there. Don't remember having to do anything specific to set it up?
I did a test transfer to Kraken of £10 and it worked fine (albeit it took a couple of days). Then I transferred all of my pension savings across*
*I didn't but subsequent small BACS transfers have also been fine, and hours rather than days.
To suggest that this is just a short term boom because of a shortage in supply and an increase in demand, like the Tulip Mania was (and the bike industry is right now), is risible...
This is the next tech boom... Like it, don't like it, it doesn't matter. It's gonna happen!
We’ve even had someone suggest, on this thread, that the UK Government is going to ban people owning Gold so we’d better get into Crypto. Apparently they’d done a lot of research on the subject.
It happened in the US in 1933... 🤷🏻♂️
Not saying it's going to happen again, but stranger things have happened!
However, whatever the real problem actually is, crypto isn’t the answer!
Everybody said the same about the World Wide Web... And they were "proven" right to a large degree whilst we were all still on dialup internet! 🤷🏻♂️
All the leading economists are predicting a HUGE crash in the traditional markets some time soon that will make the 2008 Global Financial Crisis look like a drop in the ocean, and quite possibly top the 1929 Wall Street crash! The S&P is hugely overvalued, in a currency that in real terms lost 20% or more in value in 2020 (owing to the significant quantitative easing). People realise this already and are looking for alternatives, those who haven't realised it already will VERY quickly be looking for a solution the moment the market turns.
Nobody is suggesting to go all in like the Bitcoin Family did... But would you miss 1%, 2%, 5% of your spare capital each month? Only you can answer that question honestly, but I suggest whatever the answer is, you consider putting at least some of it into Crypto currency right now and keeping it for 5-10 years...
I'd suggest listening to this podcast for an insight into blockchain. It's enlightening.
https://www.google.com/amp/s/tim.blog/2017/06/04/nick-szabo/amp/
For what my opinion is worth if you're tempted by bitcoin you could hedge slightly by investing in something like Argo Blockchain in an ISA.
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Lol has crypto gone mainstream now!
Must have, as stw community hasn't declared it off limits like they did in 2017. Many predictions back then of it dissappearing into the sunset at 3000.
Always come here for late adoption to anything, that's for sure.
Use coinbase pro and binance and split your investment across them as both exchanges go a bit wonky when busy and you don't want your crypto tied up all in one.
Always put in what you can afford to lose. Etc. I think it's best to trade ranges and come out before the top and bottom of either.
Or just leave the money there. Definitely the best thing to do if you're not sure how to trade.
Tesla got $1.5billion in environmental subsidies last year, also invested $1.5 billion in bitcoin, which uses more energy than Argentina
I think Bitcoin is mainstream enough now that it's got some stability as a result and it's certainly hard to ignore it as (an albeit high risk) investment opportunity. You'd still be mad to transfer your pension into it though.
I actually told someone not to risk investing in it a couple of years back when it hit £9000, oops :p It's still prone to dropping sharply but it seems to bounce back pretty soon so worth it as a medium-long term investment IMO.
Other crypto currencies are a bit more of a lottery (I had £500 in now pretty much worthless XRP :p ) but still might be worth it for short term speculative trading but I think it would be hard to get in quickly enough on the spikes to make decent gains.
now that it’s got some stability
What stability? Have you seen a graph of it's value vs any other currency?
It's a highly illiquid asset, so any large buys will push the price up significantly and likewise any large sells will casuse a drop.
Hence it's next to useless as a currency.
Stable currency is something like the £ or $. The price of a basic commodity, eg a pint of milk, varies by bugger all year on year. You expect to see a slow depreciation caused by inflation. You would happily sell a house and hold the money in that currency for 6 months before buying again, knowing it's pretty safe / stable.
Tesla got $1.5billion in environmental subsidies last year, also invested $1.5 billion in bitcoin, which uses more energy than Argentina
more electricity than argentina, significantly less energy. Still a lot though.
It’s a highly illiquid asset
it really isn't. Takes a couple of seconds to convert into cash - its not quite as good as a cash holding, but its no more or less liquid than any other 'asset' class. Property is a highly illiquid asset, even if you were really keen on pricing, it'd probably take a month to shift some.
it really isn’t. Takes a couple of seconds to convert into cash
Small amounts yes.
Try converting billions without affecting the price. Tesla bought their $1.5b bit by bit over a number of weeks as buying a relatively modest amount would have spiked the price. You can trade a $1.5bn of $ without anyone noticing.
Liquidity isn't just can you buy or sell, it's can you buy and sell without causing price fluctuations. To be a currency, rather than a speculative asset, it would need to accomodate billions changing hands every day without causing price fluctuations.
Last time I looked, something like 80% of Bitcoins were tied up by wales / cold storage so effectively illiquid.
Last time I looked, something like 80% of Bitcoins were tied up by wales
Never realised the Welsh had a stranglehold on Bitcoin!
On the liquidity point there is also the issue of whether the systems will allow your transactions to go through if your trying to sell your Bitcoins while the price is crashing and everyone else is doing the same.
Liquidity isn’t just can you buy or sell, it’s can you buy and sell without causing price fluctuations. To be a currency, rather than a speculative asset, it would need to accomodate billions changing hands every day without causing price fluctuations
Isn't that more of a size thing?
Tesla, in this example, bought something like 0.3% of all Bitcoins. I'm sure buying 0.3% of all USD would have bumped the price a wee bit?
So I know 2020 was a bit weird and 2021 didn't get off to a great start but here's a question I didn't think I'd be asking so early in the year...
Is anyone else hoping to get an airdrop when the Stargate opens?
Talking of airdrop, I signed up to the binance exchange in 2017 and they airdropped 100 BNB to all users, which I completely forgot about. Last year I checked and had £2k worth of BNB which I still didn't remember so sold and cashed out "before everything crashes". A mate has just told me one BNB is now worth £100.
That’s nothing - a friend bought a domain for 8btc back in the day. 😭
Ripple (XRP) is spiking - I'm up £23.00 in two weeks! 🤣🤣
Ripple (XRP) is spiking
XRP is a Ponzi scheme... It's a pump and dump frenzy!
GET OUT whilst you're up, then forget about it, and put your money in something else... TRUST ME!
It’s a pump and dump frenzy!
Two of my favourite things!! 🙂
Don't worry , I'm just playing - not got my life's savings in it.
Isn’t that more of a size thing?
Tesla, in this example, bought something like 0.3% of all Bitcoins. I’m sure buying 0.3% of all USD would have bumped the price a wee bit?
Yes, but for those saying that BC is stable and mainstream, it would have to be able to accomodate trillions of $ worth of transactions without causing the price to spike by x trillion percent, which it blatantly can't.
In terms of the markets as a whole, Tesla's purchase was really really really small and yet it was a 'big deal' for BC, which shows it's no where near being a viable currency.
Never realised the Welsh had a stranglehold on Bitcoin!
Very rich sheep!