Please explain to me the basics

[Anonymous No.25883204]

i'm a poor fag, i knew i should have bought bitcoin back when it was 200 dollars but i didn't because i didn't even have the means to do that, i should have mined it but i'm a dumb ass.

can you please explain to me which crypto is the best right now.

is monero good? i'm hearing good things about monero.

can you please explain to me which exchanges are good

and can you please explain to me what i should do with storage and cold storage, what to buy, and how to not lock my self out of my crypto like you hear horror stories of.

i just put in 1500 dollars onto my coin square account and can put some more money in if neccesary and have decided to invest like 900 dollars a month.

[Anonymous No.25883237]

please help guys my life is bleak and sucks and if i miss out on another crypto boom i might actually go insane from sadness.

[Anonymous No.25883277]

>>25883204
buy low sell high, not that hard retard

[Anonymous No.25883303]

LINK?
Idk, thats the only one I buy.

[Anonymous No.25883345]

>>25883277
i want to long term invest though. i've heard that conservative estimates are that bitcoin will go to 450,000 and i've heard that monero will be good long term and i've heard good things about chain link and etherium and ripple. there is alot of cross talk and shilling so i want to hear peoples educated opinion about these cryptos and why certain ones will do well long term and not just pump and dump with my tiny crumbs and no experience or education and wind up seeing all my money go down the drain.

[Anonymous No.25883583]

I think youll have to do the research yourself. you're either going to get disinfo or ppl gonna troll you

[Anonymous No.25883724]

>>25883204
You just want someone to tell you so you don't have to be responsible for whatever happens. Time to put your big boy pants on and do some damn research.

[Anonymous No.25883730]

>>25883204
>is monero good? i'm hearing good things about monero.


>How is Monero’s privacy different from other coins?

Monero uses three different privacy technologies: ring signatures, ring confidential transactions (ringCT), and stealth addresses. These hide the sender, amount, and receiver in the transaction, respectively. All transactions on the network are private by mandate; there is no way to accidentally send a transparent transaction. This feature is exclusive to Monero. You do not need to trust anyone else with your privacy.

>How is Monero different from Bitcoin?

Monero is not based on Bitcoin. It is based on the CryptoNote protocol. Bitcoin is a completely transparent system, where people can see exactly how much money is being sent from one user to another. Monero hides this information to protect user privacy in all transactions. It also has a dynamic block size and dynamic fees, an ASIC-resistant proof of work (RandomX), and a Tail Emission, among several other changes.


>What is fungibility, and why is it important?

Fungibility is a simple property of money such that there are no differences between two amounts of the same value. If two people exchanged a 10 and two 5’s, then no one would lose out. However, let’s suppose that everyone knows the 10 was previously used in a ransomware attack. Is the other person still going to make the trade? Probably not, even if the person with the 10 has no connection with the ransomware. This is a problem, since the receiver of money needs to constantly check the money they are receiving to not end up with tainted coins. Monero is fungible, which means people do not need to go through this effort.

[Anonymous No.25883768]

>>25883204
Statera, fellow canada bro

[Anonymous No.25883801]

I'm newfag poorfag, live in favela and you have more to invest than me.

I hear good things about XLM, ADA, SLT, RFI, WISE, XRP AND XEM/XYM

Do your homework
Good luck for us all

[Anonymous No.25883964]

>>25883345
Conservative estimates 450k? Bro Sam Hyde is rich as fuck but even that is a little high no?

[Anonymous No.25883982]

>>25883724
i want to do research but i have no idea where to start because theres alot of shillbullshit desguised as research so people buy con man coins and then there is alot of autists who make five hour documentaries about crypto that isn't in touch with reality because they read to many space operas and think crypto is going to make the jedi and catgirls real.

[Anonymous No.25884032]

>>25883964
it doesn't seem very high at this point with everything thats going on politically, people are worried that the USD isn't going to survive all the political shenanigans and they are worried if it can happen to americas money it can happen anywhere. CAD is also going down from covid and its insuing gimmie dats from the government.

[Anonymous No.25884174]

>>25883801
i will literally pray for you man.

i know it doesn't make sense economically/mathematically but i wish everyone makes it.

it sucks so hard being poor man. i just want to have a semi decent future where i can have an actual family one day and not be broke and old and maybe even homeless. it sucks so hard being poor.

[Anonymous No.25884639]

>>25883204
Here are my tips:
>only look at the long term, don't try to make a quick buck, DCA into your cryptos
>For Canada, you will need to buy with either shakepay or newton via etransfer (or bankwire)
>To exchange crypto to cryptos, use Binance (Canadian banks block crypto purchases with credit/debit which is why you need to do the previous step.
>never store your crytpo on an exchange, "not your keys not your coins", transfer it to a device you control

A hardware wallet is probably a good investment. Saw this posted in another thread, here is if you want to go full autism with security https://glacierprotocol.org/.. But for now just putting them onto a hardware wallet and having your seed phrase written down/backed up is a good start.

Now as for coins you gotta research for yourself. BTC and ETH are the staples, monero is good too, I think cardano will be big in the future. Just find projects you think will be useful in the future

[Anonymous No.25884766]

>>25884639
oh also don't bank entirely on crypto. Learn to invest in other things too. Also invest in yourself, maybe try to get some new skills, always keep improving yourself

[Anonymous No.25885007]

>>25884639
i put 1500$ in coinsquare, was that a mistake?

how do i send money back and forth between exchanges?

how much of a percentage of my crypto do i store on a single hardware wallet? how do i reduce my likely hood of locking my self out of my funds like a fucking dumb cunt?

why will cardano be big in the future?

how do i even invest in other things?

if i am going to be a wage slave how do i do so comfortably? i don't want to work at walmart and i'm so demoralized at this point that its hard for me to even think about it without advice. the only advice i get is from my boomer old parents that say "get any job" like actual retards. do i go all in on programming?

[Anonymous No.25885242]

>>25883730
OP, this
just buy and hold. don't listen to others shilling their shitcoin.

[Anonymous No.25885294]

>>25885242
my instinct says to do that but my friend says that monero being delisted is bad and makes it a shit coin. i disagree with him but the haters are making me stressed out.

[Anonymous No.25885364]

>>25883345
Technology ETFs if you legitimately want to invest long term.

[Anonymous No.25885589]

>>25885364
any in paticular?

[Anonymous No.25885773]

>>25885589
ARK's LIT ROBO BOTZ

[Anonymous No.25885907]

>>25885007
coinsquare is probably fine, I've only used shakepay myself (well before quadriga cx went down, which I reccomend you research to learn why you don't leave your crytpo on exchanges)
https://en.wikipedia.org/wiki/Quadriga_Fintech_Solutions
This is also why you can't buy crypto with cards anymore in Canada

>how do i send money back and forth between exchanges?
you can't send money between them, you can send crypto between them by sending them to the address. I think there's usually a "receive funds" or "fund my wallet" tab you can get your wallet address, then you send your crypto to that address

>how much of a percentage of my crypto do i store on a single hardware wallet? how do i reduce my likely hood of locking my self out of my funds like a fucking dumb cunt?
that's up to you, you'll need to research on your own. Number 1 is not keeping your crypto on the exchange, number 2 is making sure your seed phrase is safe. write it down on paper, stamp it into some metal or something

>why will cardano be big in the future?
it's basically ETH but better

>how do i even invest in other things?
I use questrade for stocks

>if i am going to be a wage slave how do i do so comfortably?
learn to check out in your mind until work is over, that is how most people cope. There is no easy path to success in the end, you gotta work for it, keep learning and growing, keep looking for opportunities, don't become complacent

>do i go all in on programming?
I wouldn't recommend programming unless you love doing it and/or have some connections, work is getting harder and harder to find, it's not like the 2000s anymore where anyone who knows hello world can walk into a job. If you can go to uni for CS that is your best chance, as you can network and do internships

[Anonymous No.25886224]

>>25884174
Thank you for your prayers man, i really do
Shit, Brazil sucks so hard economically
One day I'll get out of the favela

God bless everyone

[Anonymous No.25886245]

>>25883204
Lurk moar newfag.

[Anonymous No.25886251]

>>25885294
>my instinct says to do that but my friend says that monero being delisted is bad and makes it a shit coin. i disagree with him but the haters are making me stressed out.

Atomic swaps (coming Q4 2021) make delisting/banning irrelevant since acquiring XMR will literally be as easy as buying Bitcoin on Coinbase.

[Anonymous No.25886294]

>>25883204
freedom reserve. most people here dont even know about it yet but its a good bet for making 1000X your money

[Anonymous No.25886408]

>>25883204
read about trading and learn what shorting is
short btc with leverage
wait for next boom

[Anonymous No.25886434]

>>25886224
my bjj instructor lived on his own in a favela when he was twelve after his mom died and his bro took all the inheritence money, he had to sleep on a couch while going to school for business, working in a bank, and taking bjj, he since moved to canada and is the head instructor of a school. he's had guns pointed at his head from drug dealers and cops and been mugged by cops.

this shows that

1. favelas really suck

2. maybe we can make it if he did.

[Anonymous No.25886542]

>>25883237
If this is the case, you need to buy bitcoin stocks

[Anonymous No.25886568]

>>25886251
my friend says that it doesn't matter about the technology behind crypto, what matters is the culture and ease of access. most people don't care about what the best tech they care if its popular and if it makes money. most normies won't neccessarily use some fancy p2p tech to exchange crypto if its easier to just use public exchanges and if public exchanges don't want to taint them selves with monero so that they seem legitimate and can get work with banks easier then this will matter more then if the crypto they trade is truly private or not.

i don't know though, i think that people who care about privacy do have some effect on culture.

[Anonymous No.25886595]

>>25884639
>>never store your crytpo on an exchange, "not your keys not your coins", transfer it to a device you control

Absolutely retarded advice if you have less then 250k (The amount insured by the FDIC). You are far more likely to lose your keys than coinbase getting hacked and getting your money stolen and never returned to you.

[Anonymous No.25887216]

>>25886595
>insured by the FDIC
wrong, your crypto is not insured by FDIC, only your fiat you have on there
https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured
>Digital currency is not legal tender, is not backed by the government, and digital currency accounts and value balances on Coinbase are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections

They have their own insurance policy for crypto
>Coinbase prioritizes the security of our customer's digital currency through a combination of online “hot storage” and offline “cold” storage. Coinbase maintains 98% or more of customer digital currency in cold storage, with the remainder in secure hot servers as necessary to serve the liquidity needs of our customers. All digital currency that Coinbase holds in its online hot storage is insured. If Coinbase were to suffer a breach of its online hot storage, the insurance policy would pay out to cover any customer funds lost as a result.

So if I understand correctly, only 2% of their crypto is covered by their insurance. If their cold storage is lost (like what happened to Quadriga), you are shit out of luck. Which makes sense, nobody is going to pay out billions for lost internet tokens

[Anonymous No.25887220]

>>25886568

>my friend says that it doesn't matter about the technology behind crypto, what matters is the culture and ease of access.

Atomic swaps IS ease of access. It means you swap the BTC you have directly with a XMR holder without any middlemen, fees, etc.

>most people don't care about what the best tech they care if its popular and if it makes money.

Those kinds of people end up broke. Not caring about the fundamentals and chasing short-term speculative gains is prime bubble territory.

https://en.wikipedia.org/wiki/Tulip_mania

https://en.wikipedia.org/wiki/Dot-com_bubble

Monero is set apart from most other cryptos because it is seeing ever-increasing EVERYDAY use as actual currency, the others are just hyping up promises of FUTURE returns. Big difference.

>most normies won't neccessarily use some fancy p2p tech to exchange crypto if its easier to just use public exchanges

Ever used a Bitcoin wallet? Thats where atomic swaps will be integrated, nothing complicated.

And they'll use AS because of 0 trading fees and no regulatory bullshit.

[Anonymous No.25887287]

>>25883204
Buy high, sell low.

[Anonymous No.25887521]

Begone normie scum