Help buying crypto from New York

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Archived
Joined
Jun 2017
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PA
Hi Evo (and everyone)...

I have a problem...

I live in NY, so I cannot use Poloniex to buy alt coins...

I am specifically targeting Ripple...

Jaxx does not have Ripple...

I have an acct on Coinbase...

I purchased Bitcoins on Coinbase, then sent Bitcoins to Jaxx...

Jaxx does not include Ripple for Shape Shift...

How do I go from:
USD$>Ripple
--or--
USD$>Bitcoin>Ripple???

FYI... Your writings are excellente!!!
Thanks!!!
 

evo

Site Admin
Joined
Apr 2017
I live in NY, so I cannot use Poloniex to buy alt coins...

I am specifically targeting Ripple...

Jaxx does not have Ripple...

I have an acct on Coinbase...

I purchased Bitcoins on Coinbase, then sent Bitcoins to Jaxx...

Jaxx does not include Ripple for Shape Shift...

How do I go from:
USD$>Ripple
--or--
USD$>Bitcoin>Ripple???
Yeah, Poloniex quit providing service to NY residents in August 2015. And I cannot recommend Kraken to convert your BTC to XRP because they too suspended service in New York in August 2015. You still have a couple options...

Option 1 - Create a brand new Poloniex account and declare a different state for your residency. For example, choose California, Colorado, or Texas. When you create your new Poloniex account, you are only required to provide a name and an email address. Your new account will have Level 1 Verification, which means you're limited to $2,000 USD for your daily withdrawals. Depending on how much Ripple you intend to purchase, just log into your Poloniex account and withdraw the maximum $2,000 limit every day until it's all moved. You are not required to provide an address unless you want Level 2/3 verification, which I would recommend you not do. Just use Level 1, make your trades, and withdraw your Ripple (XRP) from Poloniex.

Option 2 - The second option is to send your BTC to your Gatehub account, and within Gatehub, you can trade your Bitcoin (BTC) for Ripple (XRP). Gatehub doesn't have nearly the same amount of volume as Poloniex, but it can still be done. After you create your account on Gatehub (see the steps above in this guide), go to the Trade page, choose BTC in one column and XRP in the other. And there, you can trade your BTC for XRP.

Let me know if you have any more questions. Happy to assist.
 
Last edited:
Joined
Jun 2017
From
PA
Hi Evo...

Thanks...

Meanwhile, how do I "fund" Polo?

I assume that I still need:
Coinbase, Gemini, etc... > Polo, Bittrex, etc... > Jaxx, Ledger Nano S, etc...???

Also, what are your thoughts on ShapeShift vs. Changelly?

Opposing sides on Reddit... Wierd polar opposites... Sounds like do or die... Does not seem to have any consistency...

Meanwhile...
FYI... I just finished an experiment:
Steps Taken
#1: Registered with Bittrex
#2: Transfered .013 BTC > Bittrex
#3: Bought XRP with the 0.013 BTC using Bittrex
#4: XRP is now in my Bittrex Wallet

However, here is the real deal...

I want to use these Cryptos as my longterm retirement acct...

So, I am just experimenting now and learning "how" to navigate all these crazy round-about crypto-purchasing/storing/securing options...

And I am practicing with small $$$/BTCs/Alts to make sure that I KNOW EXACTLY the % Error and flaws within this really crazy $$$-system that we humans have created...

Quite frankly, it is really all madness...
We are much better off having soil, seeds, water, trees...

Be that as it may, I live in this modern world, so I will be confronting this crypto-market and I will become adept at it...

My main concern is:
Are all these stories about Polo, Bittrex, Changelly, etc... TRUE??? wrt losing $$$ from anomalies, and growing-pains...

I am concerned about really starting to place $100,000+ inside Polo, Bittrex, Changelly, Shapeshift, Jaxx, etc... And constantly managing all the $$$ movement that needs to be done...

If you would like to share your thoughts, then what is the REALLY BEST strategy for this crypto-managing WRT long term savings and equity-building???

And... Is LOSING some $$$ just part of doing crypto-business???

My learning curve is shorter today after 8-hours of research into crypto-business...

But I an still not exactly sure of the proper road-map for:
(1) Purchasing Bitcoin
(2) Exchanging for Ripple, Dash, blah, blah, blah...
(3) Transfering to safe-space
(4) Reselling, and repeating to build my crypto-portfolio

For example: I wanted to register for Kraken, but I got spooked by the bad reviews... Also, Kraken says "48-hrs to verify" and my registration is still NOT validated (after 2-weeks)... Note: I have not followed-up with them bc -- quite frankly -- I am too busy studying the crypto-space right now...

Your thoughts on Kraken?

Seems tricky to me... You?
Thanks,
Freman (Dune)
 

evo

Site Admin
Joined
Apr 2017
Also, what are your thoughts on ShapeShift vs. Changelly?
I don't have a preference. Most of these wallets use Shapeshift to do the conversion of crypto to crypto.

Personally, I prefer buying my altcoins by trading in my BTC for the specific altcoin I'm interested in. This allows me to trade at current, real time exchange rates, versus using a convenient service like Shapeshift which doesn't always have the most accurate conversions.

Another reason I would recommend using an exchange is to make yourself familiar with these services, because this will improve your understanding and skills of using exchanges. And in the event you need to move/buy/sell/trade some crypto on the fly, you can take care of your transactions in a timely manner, given market conditions at that time.
 

evo

Site Admin
Joined
Apr 2017
Are all these stories about Polo, Bittrex, Changelly, etc... TRUE??? wrt losing $$$ from anomalies, and growing-pains...

I am concerned about really starting to place $100,000+ inside Polo, Bittrex, Changelly, Shapeshift, Jaxx, etc... And constantly managing all the $$$ movement that needs to be done...
As long as you're not making mistakes with wallet address, making sure you're sending the right kind of crypto to the right kind of wallet, you'll be fine. Double check your wallet addresses. Safeguard and protect your logins. Turn on 2 Factor Authentication and Email Verification for logins and withdrawals. And you'll be fine.

I would be very concerned with long term positions of that kind of money on an exchange. Use the exchange to make your trades, and then immediately move it off the exchange to a wallet that you feel comfortable using. I'm currently working on an exhaustive guide explaining the pros and cons of the different wallets, but you have several options - hosted, desktop, hardware, or paper. For the most part, as long as you're using a trusted wallet, and you safeguard and protect your logins and secret keys, you'll be fine.

It doesn't matter if you have $100 or $100,000 or $1,000,000 or $10,000,000 of crypto, it's safe to store in a wallet you trust. Only use the wallets on exchanges for trading, and then withdraw/send your crypto from the exchange to a wallet you trust.
 

evo

Site Admin
Joined
Apr 2017
I wanted to register for Kraken, but I got spooked by the bad reviews... Also, Kraken says "48-hrs to verify" and my registration is still NOT validated (after 2-weeks)... Note: I have not followed-up with them bc -- quite frankly -- I am too busy studying the crypto-space right now...

Your thoughts on Kraken?
Kraken is fine. They are a US based, and there's no reason to not use them.

Yes, Kraken experienced a flash crash with Ethereum, but that only affected traders who were margin trading.

Yes, Poloniex has been dealing with outages because of severe traffic spikes, but they have gone on record and explained the challenges as they are experiencing insane growth right now.

These exchanges are having some insane growth. Even reliable Coinbase has been down at times because they cannot handle the traffic at times, and they are raising a new round of venture capital money to help them grow because they have been a very popular service.

Your only reservation with using an exchange is long term positions and making yourself comfortable with the user experience of a given exchange. I personally like Poloniex because they have volume, one of the largest altcoin trading markets, and the user experience for trading is significantly better than other exchange IMHO.

Coinbase is a wallet service, not an exchange. GDAX is an exchange, and is owned by Coinbase. But GDAX is limited to just BTC, ETH, and LTC.

To provide another exchange option, check out Bitfinex, as they are one of the largest cryptocurrency exchanges.
 

evo

Site Admin
Joined
Apr 2017
If you would like to share your thoughts, then what is the REALLY BEST strategy for this crypto-managing WRT long term savings and equity-building???

And... Is LOSING some $$$ just part of doing crypto-business???
Personally, I feel the best way to manage a crypto portfolio is to ask yourself the following questions:
  1. What crypto(s) do I personally like and would like to have positions in?
  2. How much money do I want to invest today and continue to invest in the future?
I would advise to make a list of what crypto(s) you like, and then from there, I can recommend what's the best wallet solutions. Don't worry about what wallet(s) you need until you know what crypto you want.

Come to terms with how much you personally feel comfortable investing today, and how much of each particular crypto you want to have a position in. And in the future, you can create your own particular financial strategy of how much you want to continue investing into crypto on a monthly or yearly basis.

For example, on a budget of $xx,xxx - you want to hold 10 BTC, 500 ETH, 250 DASH, and the rest in Ripple. And for the foreseeable future, you want to continue buying 1 BTC every month to increase your BTC position or further your position in another altcoin.

And of everything I've shared, the biggest takeaway is this... buy and hold for the long term. I cannot stress this enough. Losing money isn't just part of the crypto business, it's part of the ups and downs of trading anything on a market or exchange... stocks, crypto, etc. There will be days your positions increase in value. There will be days your positions will decrease in value. But your overall long term positions should continue to go upward over the next 3/5/10/20 years.

Buy your BTC. Trade your BTC for the crypto you want. Store your crypto in a wallet you trust. Safeguard and protect your wallet keys. Check on your portfolio balances periodically, but buy and hold for the long term and you should be fine.
 
Joined
Jun 2017
From
PA
Hi Evo...

Thanks again!

Meanwhile, FYI:

There seems to be a "bug" in GateHub as I registered using my iPhone 5S...

The 32-char Password Recovery Key never displayed on my iPhone 5S screen because the final "Sign Up" button never worked when I pressed it...

However, I did receive the "Authorize Your Acct" email which I did "click" and I was able to become a VALID GateHub Member...

I discovered this bug-error as I was browsing the Support Section on GateHub...

So -- they say that -- if I did not "save" my 32-char Recovery Key, then I will NOT be able to "recover" my GateHub Acct IF I ever "lose" my password...

I prooved that this bug exists by registering ANOTHER email address and password with GateHub just a few minutes ago, and AGAIN the FINAL SIGN-UP BUTTON was NOT functional (meaning that when I pressed it, then the button DID NOT activate as far as I could see)...

However, this time, I closed the GateHub Registration Page BEFORE it could send me the "Activate Your Acct" email, so this "new" email and password is NOT registered with GateHub (as a test, I tried this new email and password to log-in to GateHub and this email was NOT registered which is good)...

Question:
(1) Do you think that the 32-char Recovery Key is CRITICAL to my GateHub access?
(2) Should I re-register with another valid email and password (which I would try on ANOTHER device -- NOT my iPhone 5S with OLDER Safari -- so I can get my 32-char Recovery Key) ?

BTW, your writings and explanations are very detailed and specific... How did you get so good at this?

I am spending hours-upon-hours learning crypto-procedures...

Too much to learn!!!
 

evo

Site Admin
Joined
Apr 2017
There seems to be a "bug" in GateHub as I registered using my iPhone 5S...

The 32-char Password Recovery Key never displayed on my iPhone 5S screen because the final "Sign Up" button never worked when I pressed it...
First and foremost, I strongly recommend you do not use Gatehub on your phone or tablet. It's unfortunate that you have to go this route, but Gatehub's website does not always function correctly on these devices. I recommend you use a laptop or desktop. I've read many people have had problems accessing Gatehub using the Safari browser. I use Chrome and have never had an issue. But one thing I've found is Gatehub's website and buttons and clicks don't register properly when using an iPhone or an iPad.

Get on a laptop/desktop and register your Gatehub account that way. Make sure you save your recovery key... either screenshot it and/or copy/paste it somewhere. It's your responsibility to safeguard and protect your recovery key, login, and password.
 
Last edited:

evo

Site Admin
Joined
Apr 2017
BTW, your writings and explanations are very detailed and specific... How did you get so good at this?

I am spending hours-upon-hours learning crypto-procedures...

Too much to learn!!!
The premise of this site was to create a community where anyone new to cryptocurrency can understand and discuss these topics. Keep in mind, we were all new to this at one point, and we are all learning together.

While it may seem like a lot to learn all at once, I encourage you to be patient and over time, you'll continue to learn and grow in your understanding. I find that the largest learning curve is simply the basic understanding of the terminology... wallets, blockchains, tokens, exchanges, etc. and you'll start to understand more and more as you continue to expose yourself to this world.

And if you have any questions about anything, feel free to post them up, and I'm happy to answer.

I encourage everyone to share cryptocurrency news, thoughts and speculations about the different cryptocurrencies, and general discussions related to cryptocurrency. We are all in this together!
 
Joined
Jun 2017
From
PA
Evo...

Can you detail a reading schedule for me to study cryptos (as if I am earning a Masters Degree)...?

I am very interested in reading the crypto-classics!

Or maybe the list of classic crypto websites -- besides yours which I am presently devouring!!!
 

evo

Site Admin
Joined
Apr 2017
Can you detail a reading schedule for me to study cryptos (as if I am earning a Masters Degree)...?

I am very interested in reading the crypto-classics!

Or maybe the list of classic crypto websites -- besides yours which I am presently devouring!!!
I created a cryptocurrency Knowledgebase to serve as a resource for terminology, long form explanations, commonly asked questions, and history lessons on past crypto events.

To read about the original introduction about a particular cryptocurrency, check out this cryptocurrency Whitepapers archive. Here, you'll find the original whitepapers for each cryptocurrency.

Here are some cryptocurrency podcasts that I recommend, and here are some cryptocurrency blogs that I read on a regular basis.

There's always YouTube, but it's hit and miss. I try to share good videos on this site, when I find them. For example, here's a great video explaining the use case of Factom (FCT).

I also find Wikipedia has a great, exhaustive read for many of the particular cryptocurrencies to bring you up to speed.
 
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