Bitcoin

Does anyone have experience with Biotcoin? If so, can you tell me what you know, and did with it?

I would like to know more about it too.

Do a search on Google, lots of info.

If you go to meetup.com there's a Saigon Bitcoin group that meets. I'm sure you can learn lots from them.

A very useful site about bitcoins is https://bitcoinbestbuy.com. They describe all sides of the bitcoins, both good and bad. There is information about wallets and much more associated with bitcoins.

I wrote a blog post about Bitcoin, which may be helpful, and includes a number of links to other articles. Hope this helps.

What is Bitcoin?
How does Bitcoin work?
Who invented Bitcoin?
What can you do with bitcoins?
How many bitcoins are there?
How much is a bitcoin worth?

https://tocatlian.wordpress.com/2016/04 … t-bitcoin/

A good place to start if you'd like to buy virtual currencies (Bitcoin, Ethereum, Litecoing) is Coinbase. But I suggest you read up on Bitcoin before buying any.

This is easy.
The value has risen from $1,000 in Jan 17 to $16,000 now, but bitcoin is a wild, unsupported currency that has no actual value or the slightest back up from anything except a wildly fluctuating market and its popularity amongst drug dealers and an assortment of other criminals because it can't be easily traced.
What made the value rise at such a steep rate?
Once you know the answer to that, you know why I won't be buying.

Hi
Well I have been involved is this area, working with people who deal with this field.
Would be easier to show you  and if you looking to join in this industry earning more money, giving you freedom more than you know.

Happy to meet!
Shaun

SCAnderson :

Hi
Well I have been involved is this area, working with people who deal with this field.
Would be easier to show you  and if you looking to join in this industry earning more money, giving you freedom more than you know.

Happy to meet!
Shaun

Can you inform us as to when the bubble will burst with Bitcoin, as Im sure it will come at some stage in the future.

I fully understand! Totally dude, making drug trading more easy to do, as you can never trace it back.
Guess who  ever came up with this idea is very smart !
But this is where....
At the moment now i am using USTRADE.
In USTRADE it uses are the markets from bitcoin, Ethereum, Ripple, litecoin, Dash, those just some coin based stocks, then there is the  Forex trades which is based on USD/GBP and so on.
I personally use this as it is more secure market side of things, be you in LA, NY, London, Paris this market is the best.
This is market is very secure!

SCAnderson :

I fully understand! Totally dude, making drug trading more easy to do, as you can never trace it back.
Guess who  ever came up with this idea is very smart !
But this is where....
At the moment now i am using USTRADE.
In USTRADE it uses are the markets from bitcoin, Ethereum, Ripple, litecoin, Dash, those just some coin based stocks, then there is the  Forex trades which is based on USD/GBP and so on.
I personally use this as it is more secure market side of things, be you in LA, NY, London, Paris this market is the best.
This is market is very secure!

Spoken like a true salesman, totally skirted around the question.

Funny thing is that im not sales men, lol
Maybe i should be again though, lol

I can see it is going to fall flat!, as myself i haven't  bought into bitcoin, people saying next year it might?

The massive increase in supposed value and the latest dodgy trading we've just heard about makes bitcoins a fools' investment at the moment ... and probably forever.

Basically - you'd have to be stupid to invest now.

SCAnderson :

This is market is very secure!

No market is very secure!

I keep waiting for the US stock market bubble to pop.  Every year, experts say it is going to pop.. 2010, 2011, here it comes, 2012, 2013, Watch out!!, 2014, 2015, Sell everything NOW, 2016, 2017 ...
Real estate, too risky, bubble, bubble. Bitcoin, same thing, bubble, bubble.
A person doesn't have to buy and hold an investment forever. Another strategy is to trade for awhile and sell. Of course nobody is putting their life savings into any one risky investment.

This chart might be interesting. It is from an altcoin (alternatives to bitcoin) exchange just now. It is a partial screenshot of a very long list of coins, sorted by highest 24 hour returns. You have to divide the prices by 300 for $, so these are mostly very cheap coins. Like it or not, there is a real market here to play in if you want.

http://pixen.netlify.com/pix/cryptdec21.jpg

>This is easy.
>The value has risen from $1,000 in Jan 17 to $16,000 now

>but bitcoin is a wild, unsupported currency that has no actual value or the slightest back up from
>anything except a wildly fluctuating market

Whilst this statement is true, it is a very narrow perspective.
Yes, bitcoin has no natural intrinsic value and its only worth as much as the next person who is willing to pay for it. However its adoption has already hit mainstream and there is only 2 things that can make it be worth $0.

1. If every single person in this world all decided together and at the same time, that it is worth nothing. (not going to happen, for reasons discussed further down)

2. If every single node in the ENTIRE distributed network network bellied up (again not going to happen without some cataclysmic event, in which we have bigger things to worry about than the price of btc)

 
>and its popularity amongst drug dealers and an  assortment of other criminals because it can't be
> easily traced.

Yes, it has this utility value amongst criminals and drug dealers. But again a very narrow perspective (and also incorrect), only 10% bitcoins are actually traded and used as a digital currency. There are also many legitimate and well known tech companies that accept bitcoins. e.g Microsoft. There are bitcoin ATMs and you an even buy a house with bitcoins in Saudi Arabia. The Australian Govt has recognised bitcoins as an investment vehicle and imposed taxes on it.

One thing that alot of doubters need to accept is that it is NEVER going to go away. That is equivalent to saying bittorrent/]file sharing/pirating is going to disappear. The MPAA has tried everything and is still losing the battle.

Yes, there will be more hacks, yes the price will drop, yes some governments will and have made it illegal, yes newer/more powerful technologies/platforms will be invented (and already has) but one thing bitcoin has shown is that it has always recovered. So the real question you should be asking yourself is "what price will it eventually float around"?

On the note of criminals, the “Too Big To Fail Banks” single handedly took down the entire worlds financial system, caused the GFC by inventing this digital “nothing” called derivatives. Fortunes were lost, million lost their homes/livelihood/families forced on to the streets, all the while the CEOs of these banks got bailed out by the Govt and given a slap on the wrist. None have been made accountable, and the US govt then decided to print more money. Who’s the criminal here?


>What made the value rise at such a steep rate?
>Once you know the answer to that, you know why I won't be buying.

The reality is that bitcoin does not need mine nor your measly contributions. The reason i says this is there are many very rich silicon valley entrepeneurs that are already heavily vested in BTC and they will NEVER allow their investments to go to zero.

Due to the internet, we now live in a global economy, and throughout history people have always ( and will always) like to use non traceable cash (for whatever reasons).
The global economy needs a global currency. A currency that is not tied to any centralised agency or government is the right solution for it and Bitcoin was the first to fill that need.

I'll try again.

Never buy when high, and bitcon has gone very high.
The fact it's gone so high so quickly means it's either fixed or the market is full of idiots ... likely both.

Spelling mistake?

It’s a difficult topic to discuss because we are all individuals of different “ risk profiles”.

I was in the financial planning game & are now what’s loosely called a semi retired digital nomad and I trade & invest in markets....been doing that for 30+ years .

It all comes down to what I call “ punter profile”.   Some people get blinded by the “potential “ gains and totally ignore basic fundamentals. 

I wouldn’t put $20 on a racehorse , but have no problem dropping a bundle of money into a solid blue chip company.   That’s just my perspective on things.

But you do have to worry when what’s known as the “ housewives rally” starts to kick in on these new investment strategies.  You’ve got taxi drivers, hairdressers, bartenders all talking about getting on the bitcoin bandwagon.     Bitcoin fell $4000 this week.  19k to 15k....could happen again, or bounce back, who knows.  It’s driven by emotion & speculation.    There’s one guy out there thinks it will hit $50k.   

Too good to be true they say.

Bernie Madoff.......wonder what he’s thinking as well.

Well, I think BitCoin is just another kind of financial bubble and eventually it will get burst, the question is just 'when'.

It’s a risk some people take, and for some it has paid off.

I’ve seen articles where people have sold their homes, cars, furniture & cashed in their superannuation prior to retirement and plonked it all on bItcoin hoping for a cash bonanza.   Big risk.

There’s a guy that has $140 million in bitcoin , but threw his old computer out and didn’t realise the “wallet” codes were only receivable on that computer.  It was in the press recently.    I’m not a computer geek , but faaaark, wouldn’t he be pissed off.

Now he wants to dig up the landfill garbage tip to find the computer hard drive.   He’s offered HALF the 140mill to the council concerned. 

They won’t budge.

The council guys are probably digging through the rubbish as well.
Bitcoin was a great investment when it worth next to nothing but it's a fools' market now.

That’s back in the UK too Fred.    The garbage tip is in Newport , Wales.
The news article has been doing the rounds for about 4 years now.  Originally it was worth $9 mill. 

Your right,,,whoever finds it will have a good bargaining chip with that guy.   I’ll bet those scroungers  digging away hope the bubble doesn’t burst.    It has been said that after 4 years, the landfill gases and corrosive effects and pollutants may have rendered the  hard drive useless.

2AM :

>This is easy.
>The value has risen from $1,000 in Jan 17 to $16,000 now

>but bitcoin is a wild, unsupported currency that has no actual value or the slightest back up from
>anything except a wildly fluctuating market

Whilst this statement is true, it is a very narrow perspective.
Yes, bitcoin has no natural intrinsic value and its only worth as much as the next person who is willing to pay for it. However its adoption has already hit mainstream and there is only 2 things that can make it be worth $0.

1. If every single person in this world all decided together and at the same time, that it is worth nothing. (not going to happen, for reasons discussed further down)

2. If every single node in the ENTIRE distributed network network bellied up (again not going to happen without some cataclysmic event, in which we have bigger things to worry about than the price of btc)

 
>and its popularity amongst drug dealers and an  assortment of other criminals because it can't be
> easily traced.

Yes, it has this utility value amongst criminals and drug dealers. But again a very narrow perspective (and also incorrect), only 10% bitcoins are actually traded and used as a digital currency. There are also many legitimate and well known tech companies that accept bitcoins. e.g Microsoft. There are bitcoin ATMs and you an even buy a house with bitcoins in Saudi Arabia. The Australian Govt has recognised bitcoins as an investment vehicle and imposed taxes on it.

One thing that alot of doubters need to accept is that it is NEVER going to go away. That is equivalent to saying bittorrent/]file sharing/pirating is going to disappear. The MPAA has tried everything and is still losing the battle.

Yes, there will be more hacks, yes the price will drop, yes some governments will and have made it illegal, yes newer/more powerful technologies/platforms will be invented (and already has) but one thing bitcoin has shown is that it has always recovered. So the real question you should be asking yourself is "what price will it eventually float around"?

On the note of criminals, the “Too Big To Fail Banks” single handedly took down the entire worlds financial system, caused the GFC by inventing this digital “nothing” called derivatives. Fortunes were lost, million lost their homes/livelihood/families forced on to the streets, all the while the CEOs of these banks got bailed out by the Govt and given a slap on the wrist. None have been made accountable, and the US govt then decided to print more money. Who’s the criminal here?


>What made the value rise at such a steep rate?
>Once you know the answer to that, you know why I won't be buying.

The reality is that bitcoin does not need mine nor your measly contributions. The reason i says this is there are many very rich silicon valley entrepeneurs that are already heavily vested in BTC and they will NEVER allow their investments to go to zero.

Due to the internet, we now live in a global economy, and throughout history people have always ( and will always) like to use non traceable cash (for whatever reasons).
The global economy needs a global currency. A currency that is not tied to any centralised agency or government is the right solution for it and Bitcoin was the first to fill that need.

I think the point most people are making is that as with many things in this fickle world we live in, a crash is certainly on the cards. It's skyrocketing price rise is not sustainable, if you think it can hold, and maybe increase, then that is something we will know in the future.

It'll keep going up as long as those who are conning the fools can make it go up, then they'll sell and leave the sheep to cry.

Today was a white knuckle ride for the bitcoin holders.

It’s down from $19,600   last week to $12,500 today.....I’ll bet they’re hoping for Santa Claus to bring some festive spirit into the market

Nothing straight varies that wildly.

China plays the biggest role,  even after the government intervention. 

Chinese,  and other Asians,  are prone to gambling sheep mentality even more than the average Joe.   Re. . The Shanghai stock market etc.

So true...haha...those poor fools.

Yes...stay away. run don't walk.

stevewilliams007 :

So true...haha...those poor fools.

'Poor' - Good word to use.
All those 'poor' fools who have just entered this crackpot market have a little bad news.

http://www.bbc.com/news/business-42457983

Bitcoin plunged on Friday, extending a fall that saw the crypto-currency lose more than a third of its value from a record of nearly $20,000 (£15,000).

The crypto-currency's price dipped below $11,000 on Friday, according to the Coindesk exchange website, before recovering to about $12,000.

Early investors who bought very low and sold high are now on holiday for life (if they fancy) but a few of the new guys will have lost their shirts.

Down 40% this week,that has got to hurt  the people who bought at all time highs.

And there would have been many that got caught up in the “hoopla” and media frenzy that fuels these things.   When you see headlines about the worlds first Bitcoin Billionaires it’s easy to understand the “gold rush” and people getting in. A lot dive in for fear of missing out .

When this thread started in August the price was just under $3k roughly, and only 4 posts on the thread.   In the last two weeks it’s jumped to 30+ posts and over 750 views as the price shaded $20,000. 

If only..........🤓

A  successful trader once said “any fool can take the profits , but it’s how you manage your losses that determines where you end up”.     

Kenny Rogers song the gambler says it all,
Ya gotta know when to hold em & know when to fold em”.

What happened to SCAnderson, he was going to enlighten us about this industry and give us freedommmmmmmmmm.

I have spent a great deal of time analysing the bitcoin market as deeply as possible, that extensive research leading to one unshakeable conclusion.

It's crap.

More seriously, there's no way in this world a market works as bitcoin does and isn't manipulated by those in the game along with amazing fools who jump on bandwagons. 
When it all clears up, if anyone bothers, you'll find a tight bunch of people have been hyping the price and cleaning out twits without a clue.

Hard drives in dump sites - nice of you want to keep a story going.
Wonder who wrote it and, ner ..... he'll have nothing to do with the bitcoin market.

http://www.independent.co.uk/life-style … 91371.html

A British man says he accidentally threw away over $80 million worth of bitcoin.

James Howells, an IT worker from Newport, claims to have unintentionally dumped 7,500 bitcoin in mid-2013.

A common name so I suppose this bitcoin specialist isn't the same guy

https://twitter.com/howelzy?ref_src=tws … r%5Eauthor

James Howells
[at]howelzy
Bitcoin Pioneer. Bitcoin Cash Proponent. Once mined with Satoshi. #BitcoinCash is Bitcoin.

UK
bitcoincashxbc.org
Joined January 2010

I first heard about bitcoin when it was $3, a few days later it hit $7. A few weeks later it hit $30. I had the same view as every other doubter/naysayer (and i still have). A year down the track it hit $1000, i jumped on the bandwagon, built myself a mining rig. Still with the belief that it was all speculative.

The MT Gox hacking scandal happened and it tanked. I decommissioned the miner because it was no longer profitable. BTC floated around the $400 mark for a few years then the next thing i hear is that it hit $5k then a few weeks later it hit $15k.

I still hear the same rhetoric, I still have the same view as I did years back because I did not buy any more when it was low. But the reality is I made 1.3 BTC from my mining.

When you have lived this experience, you get tired of hearing the same dooms day predictions (but still believe that it will happen) . Only to be proven wrong again again.. anything can happen ... if you have experienced it go from $3 to $15k, then jumping from $15k to $50k doesn't seem so far out.

People can afford to risk putting down $3, if it goes tits up oh well, if it hits the roof you are laughing. But you have to be either mega rich or completely stupid to buy when it's trailing at $50,000.

Mining when the price is low is fine as the investment of a computer and time isn't that great but entering the market now, especially buying bitcoins is utter stupidity.
They're already banned in some countries and more nations are intending to follow.
Add the clear corrupt nature and market manipulation and it's daft to bother unless you're one of the few in the know - That meaning one of the manipulators.

So what about when it hit $1000 ?
You don’t have to be mega rich but on the other hand if it tanked it would still hurt. Still the same rhetoric then as it is now, only its different ppl with different wealth positions.

Also, you don’t have to buy 1 BTC to get involved. You can buy fractions of a BTC and only spend $1000 worth of BTC [at] $50k each. So, at  that point of it rose 10% You’ve effectively made $100.

The investment in hardware is a once off cost. The real cost is in cost of electricity to power the miner and the cost of cooling.
The more bitcoins are mined the higher it costs to mine thereby bringing the price of BTC higher until all coins are mined.

The point of governments making it illegal has been made since day 1.

The reality is that more countries have been accepting, regulating and making blockchain technology/crypto currencies legal. There are enough developed nations that have regulated and made it legal so it won’t matter if other countries make it illegal. Those countries tend to realise its pointless.

The momentum and trend is already moving in the other direction and those countries that do not adapt will be hit hard because there is nothing they can do to make it stop it.

Thats like saying people have stopped torrenting/downloading by making it illegal.
They can stop people using it, the only effective thing those countries can do is regulate it when people exchange bitcoins to their local fiat currency.

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