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PostPosted: Wed Nov 29, 2017 7:12 am 
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sorCrer wrote:
kovana wrote:
Fcuken ridiculous.

1 BTC is now worth around 25k samoan tala.

Fcuk I wish I had brought some years ago when it seemed like a fad.

FCUK FCUK FCUK!


:lol: Bought ZAR 1 000 000 worth last week.

Bit late to the party, but will still make money from it. 11/12/2017 is coming.


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PostPosted: Wed Nov 29, 2017 10:06 am 
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sorCrer wrote:
kovana wrote:
Fcuken ridiculous.

1 BTC is now worth around 25k samoan tala.

Fcuk I wish I had brought some years ago when it seemed like a fad.

FCUK FCUK FCUK!


:lol: Bought ZAR 1 000 000 worth last week.


Seriously?? You're a brave man!


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PostPosted: Wed Nov 29, 2017 10:10 am 
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So what's the bored opinion?

Should I buy bitcoins?

I actually tried to a month ago through Kraken and their fucking stupid website just wouldn't process the transaction for some reason so I rage quit and withdrew my money.

My feeling now is that it would be better to sit and wait for the inevitable(?) crash to happen and buy when everyone is panic-selling. In other words, take a gamble on a crash actually happening in the not too distant future, and a gamble on it recovering, stabilizing and starting to grow again into a legit currency of the future.

I'm actually annoyed I didn't get it a few months ago. I've had a feeling for a while that this is going to be the new email. When I'm 60 it will seem weird that everyone had banks and international currencies and shit.


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PostPosted: Wed Nov 29, 2017 10:34 am 
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I'm not saying Bitcoin is a bubble but if it walks like a bubble and talks like a bubble...

And bear in mind there is no regulation on it at all so nothing to help investors when it does crash. I'm minded to think it will hit $11/12k around Christmas/New Year but that will be its final jump.


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PostPosted: Wed Nov 29, 2017 11:01 am 
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Mog The Almighty wrote:
So what's the bored opinion?

Should I buy bitcoins?

Some will make - have already made - a fortune. Others will be down to the bones of their arse when it crashes.

Most won't notice and the ones that do will say Meh.

In other words, caveat emptor is flashing in big bold neon letters.

Buy only if you are comfortable with a fair degree of risk.


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PostPosted: Wed Nov 29, 2017 11:06 am 
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Mog The Almighty wrote:
So what's the bored opinion?

Should I buy bitcoins?

I actually tried to a month ago through Kraken and their fucking stupid website just wouldn't process the transaction for some reason so I rage quit and withdrew my money.

My feeling now is that it would be better to sit and wait for the inevitable(?) crash to happen and buy when everyone is panic-selling. In other words, take a gamble on a crash actually happening in the not too distant future, and a gamble on it recovering, stabilizing and starting to grow again into a legit currency of the future.

I'm actually annoyed I didn't get it a few months ago. I've had a feeling for a while that this is going to be the new email. When I'm 60 it will seem weird that everyone had banks and international currencies and shit.


Exact same happened to me in July, tried to buy a grands worth and just couldn't do it without all sorts of nonsense so I gave up


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PostPosted: Wed Nov 29, 2017 11:07 am 
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MungoMan wrote:
Mog The Almighty wrote:
So what's the bored opinion?

Should I buy bitcoins?

Some will make - have already made - a fortune. Others will be down to the bones of their arse when it crashes.

Most won't notice and the ones that do will say Meh.

In other words, caveat emptor is flashing in big bold neon letters.

Buy only if you are comfortable with a fair degree of risk.

I concluded that we're at the point where the shoe-shine boy is suggesting buying bitcoin.


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PostPosted: Wed Nov 29, 2017 11:13 am 
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The question for me is more will it bounce back? I'm near certain that in the short term the price is about to crash and given that every man and his dog is in on it now the crash will be a major panicky one in which decent people will be left in a really hard spot. But is said crash terminal or will it be the time to buy in in anticipation of a rebound?

A mate of mine is very, very keen on a new crypto-currency. I'm inclined to think at its current price its worth at least a small go but I'm concerned that Bitcoin's crash will bring the whole market with it.


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PostPosted: Wed Nov 29, 2017 11:14 am 
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Wasn't it just last week it was down to 5000s? This is a crazy bubble. Next time it crashes, I'm buying some.


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PostPosted: Wed Nov 29, 2017 11:21 am 
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I think Bitcoin, at least, has structural issues - it's ludicrously energy intensive, by design; it's the energy intensiveness that prevents malicious skewing of the distributed ledger. I've heard report of block chain technologies that don't require the same energy usage, but my understanding of the tech is sufficiently tenuous that I don't get how they work.
https://motherboard.vice.com/en_us/arti ... ate-change


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PostPosted: Wed Nov 29, 2017 11:29 am 
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Mahoney wrote:
I think Bitcoin, at least, has structural issues - it's ludicrously energy intensive, by design; it's the energy intensiveness that prevents malicious skewing of the distributed ledger. I've heard report of block chain technologies that don't require the same energy usage, but my understanding of the tech is sufficiently tenuous that I don't get how they work.
https://motherboard.vice.com/en_us/arti ... ate-change



There are alternatives but it is not known if they work. We'll soon find out as Ethereum will switch to a proof of stake concensus which basically means your ability to "mine" will be determined by your currency holding as opposed to your computing power.

There are a lot of smart people who think this model can not work but yeah we'll find out soon.


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PostPosted: Wed Nov 29, 2017 11:48 am 
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croyals wrote:
The question for me is more will it bounce back? I'm near certain that in the short term the price is about to crash and given that every man and his dog is in on it now the crash will be a major panicky one in which decent people will be left in a really hard spot. But is said crash terminal or will it be the time to buy in in anticipation of a rebound?

A mate of mine is very, very keen on a new crypto-currency. I'm inclined to think at its current price its worth at least a small go but I'm concerned that Bitcoin's crash will bring the whole market with it.


Obviously it's a concern. You need to bear in mind that cryptocurrencies have created some large spin-off industries. Most people don't really have a clue about the potential or the fact that traditional hard cash is history. My friend says that even the dealers in Joyannesburg prefer send to phone payments as opposed to cash. :lol:


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PostPosted: Wed Nov 29, 2017 11:49 am 
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S Club wrote:
sorCrer wrote:
kovana wrote:
Fcuken ridiculous.

1 BTC is now worth around 25k samoan tala.

Fcuk I wish I had brought some years ago when it seemed like a fad.

FCUK FCUK FCUK!


:lol: Bought ZAR 1 000 000 worth last week.


Seriously?? You're a brave man!


Nah. I've traded possibly in the early hundred million over the last 4 years.


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PostPosted: Wed Nov 29, 2017 11:52 am 
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sewa wrote:
Mog The Almighty wrote:
So what's the bored opinion?

Should I buy bitcoins?

I actually tried to a month ago through Kraken and their fucking stupid website just wouldn't process the transaction for some reason so I rage quit and withdrew my money.

My feeling now is that it would be better to sit and wait for the inevitable(?) crash to happen and buy when everyone is panic-selling. In other words, take a gamble on a crash actually happening in the not too distant future, and a gamble on it recovering, stabilizing and starting to grow again into a legit currency of the future.

I'm actually annoyed I didn't get it a few months ago. I've had a feeling for a while that this is going to be the new email. When I'm 60 it will seem weird that everyone had banks and international currencies and shit.


Exact same happened to me in July, tried to buy a grands worth and just couldn't do it without all sorts of nonsense so I gave up


I went through all the processes, got verified, deposited the money, etc. Just whenever I went for the final transaction and hit the "buy" button or whatever it would return some nonsensical error message. I can't remember what it was. But I Googled it and saw it was a fairly common problem. So I thought fudge I'm not trusting these amateurs and withdrew my money. After that I found they are supposedly one of the most reputable brokers out there. I just couldn't be bothered going through it all again. Especially considering it seems I just missed the train.


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PostPosted: Wed Nov 29, 2017 12:07 pm 
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Mog The Almighty wrote:
sewa wrote:
Mog The Almighty wrote:
So what's the bored opinion?

Should I buy bitcoins?

I actually tried to a month ago through Kraken and their fucking stupid website just wouldn't process the transaction for some reason so I rage quit and withdrew my money.

My feeling now is that it would be better to sit and wait for the inevitable(?) crash to happen and buy when everyone is panic-selling. In other words, take a gamble on a crash actually happening in the not too distant future, and a gamble on it recovering, stabilizing and starting to grow again into a legit currency of the future.

I'm actually annoyed I didn't get it a few months ago. I've had a feeling for a while that this is going to be the new email. When I'm 60 it will seem weird that everyone had banks and international currencies and shit.


Exact same happened to me in July, tried to buy a grands worth and just couldn't do it without all sorts of nonsense so I gave up


I went through all the processes, got verified, deposited the money, etc. Just whenever I went for the final transaction and hit the "buy" button or whatever it would return some nonsensical error message. I can't remember what it was. But I Googled it and saw it was a fairly common problem. So I thought fudge I'm not trusting these amateurs and withdrew my money. After that I found they are supposedly one of the most reputable brokers out there. I just couldn't be bothered going through it all again. Especially considering it seems I just missed the train.

Don't fuss. Take the obvious warning this provided.

Some will make money. Many will get burned.

But because it is based on faith and bullshit, the flow-on effects to the non-involved will be negligible.


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PostPosted: Wed Nov 29, 2017 12:12 pm 
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MungoMan wrote:
Mog The Almighty wrote:
sewa wrote:
Mog The Almighty wrote:
So what's the bored opinion?

Should I buy bitcoins?

I actually tried to a month ago through Kraken and their fucking stupid website just wouldn't process the transaction for some reason so I rage quit and withdrew my money.

My feeling now is that it would be better to sit and wait for the inevitable(?) crash to happen and buy when everyone is panic-selling. In other words, take a gamble on a crash actually happening in the not too distant future, and a gamble on it recovering, stabilizing and starting to grow again into a legit currency of the future.

I'm actually annoyed I didn't get it a few months ago. I've had a feeling for a while that this is going to be the new email. When I'm 60 it will seem weird that everyone had banks and international currencies and shit.


Exact same happened to me in July, tried to buy a grands worth and just couldn't do it without all sorts of nonsense so I gave up


I went through all the processes, got verified, deposited the money, etc. Just whenever I went for the final transaction and hit the "buy" button or whatever it would return some nonsensical error message. I can't remember what it was. But I Googled it and saw it was a fairly common problem. So I thought fudge I'm not trusting these amateurs and withdrew my money. After that I found they are supposedly one of the most reputable brokers out there. I just couldn't be bothered going through it all again. Especially considering it seems I just missed the train.

Don't fuss. Take the obvious warning this provided.

Some will make money. Many will get burned.

But because it is based on faith and bullshit, the flow-on effects to the non-involved will be negligible.


Fair enough.

I do believe that crypto-currency will be the future though. Whether that's bitcoin or not, I don't know. But it's going to be something.

I think I'll assume that bitcoin is going to crash and try and make a modest investment when the panic-selling is at it's peak. If it never rebounds, then meh.


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PostPosted: Wed Nov 29, 2017 1:29 pm 
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As with all these things the early birds make the real cash and then the greedy masses pile in thinking easy money only to lose almost everything. Crypto currencies may well be the future but anything that has the ability to be 'created' by computing power alarms me. Besides @ $10,000 for one there isn't much upside and a whole lot of downside.


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PostPosted: Wed Nov 29, 2017 1:40 pm 
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Openside wrote:
As with all these things the early birds make the real cash and then the greedy masses pile in thinking easy money only to lose almost everything. Crypto currencies may well be the future but anything that has the ability to be 'created' by computing power alarms me. Besides @ $10,000 for one there isn't much upside and a whole lot of downside.

Only 3 months ago it was around $ 4 500. Glad I got in then.


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PostPosted: Wed Nov 29, 2017 1:45 pm 
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handyman wrote:
Openside wrote:
As with all these things the early birds make the real cash and then the greedy masses pile in thinking easy money only to lose almost everything. Crypto currencies may well be the future but anything that has the ability to be 'created' by computing power alarms me. Besides @ $10,000 for one there isn't much upside and a whole lot of downside.

Only 3 months ago it was around $ 4 500. Glad I got in then.


Just 2 months ago it was in low 3000s and a week ago was down to high 5000s. Crazy jump since last week. I think it's only a matter of time it's going to crash.


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PostPosted: Wed Nov 29, 2017 1:48 pm 
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TranceNRG wrote:
handyman wrote:
Openside wrote:
As with all these things the early birds make the real cash and then the greedy masses pile in thinking easy money only to lose almost everything. Crypto currencies may well be the future but anything that has the ability to be 'created' by computing power alarms me. Besides @ $10,000 for one there isn't much upside and a whole lot of downside.

Only 3 months ago it was around $ 4 500. Glad I got in then.


Just 2 months ago it was in low 3000s and a week ago was down to high 5000s. Crazy jump since last week. I think it's only a matter of time it's going to crash.



A currency that can double /halve its value in a week is frankly not fit for purpose and is a Ponzi scheme


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PostPosted: Wed Nov 29, 2017 1:52 pm 
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I don't see Bitcoins ever being used as a currency however a different crypto currency could well be though.
If you don't want to buy bitcoins or any other cryptos, you can trade CFDs and still make some money.


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PostPosted: Wed Nov 29, 2017 1:59 pm 
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It's not a currency as such, it's a digital asset of volatile (and potentially no) value. It certainly isn't a ponzi scheme - the maths seems solid, the ultimate total number of bitcoins certain and the rate at which they will be mined predictable. And the distributed ledger is holding up as a way of having a trustworthy record of transactions without a central authority.

Of course there's nothing to stop everyone suddenly deciding that a bitcoin is worth nothing, at which point as it has no intrinsic value and no government requiring transactions in it it will indeed be worth nothing. And there's a chance that governments may decide that it is in their interests that it is worth nothing and decide to take action to that effect. The cost of making & verifying transactions may also come into play here.


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PostPosted: Wed Nov 29, 2017 2:07 pm 
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Openside wrote:
TranceNRG wrote:
handyman wrote:
Openside wrote:
As with all these things the early birds make the real cash and then the greedy masses pile in thinking easy money only to lose almost everything. Crypto currencies may well be the future but anything that has the ability to be 'created' by computing power alarms me. Besides @ $10,000 for one there isn't much upside and a whole lot of downside.

Only 3 months ago it was around $ 4 500. Glad I got in then.


Just 2 months ago it was in low 3000s and a week ago was down to high 5000s. Crazy jump since last week. I think it's only a matter of time it's going to crash.



A currency that can double /halve its value in a week is frankly not fit for purpose and is a Ponzi scheme


You don't understand what a Ponzi scheme is. It refers to a specific type of fraud.

This is speculation on an intangible asset. I agree that it's extremely volitile and therefore not efficacious as a day to day trading currency.


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PostPosted: Wed Nov 29, 2017 3:11 pm 
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Openside wrote:
TranceNRG wrote:
handyman wrote:
Openside wrote:
As with all these things the early birds make the real cash and then the greedy masses pile in thinking easy money only to lose almost everything. Crypto currencies may well be the future but anything that has the ability to be 'created' by computing power alarms me. Besides @ $10,000 for one there isn't much upside and a whole lot of downside.

Only 3 months ago it was around $ 4 500. Glad I got in then.


Just 2 months ago it was in low 3000s and a week ago was down to high 5000s. Crazy jump since last week. I think it's only a matter of time it's going to crash.



A currency that can double /halve its value in a week is frankly not fit for purpose and is a Ponzi scheme


The future of Bitcoin isn't as a currency but as an asset or a commodity that can hold value. Like gold for example.


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PostPosted: Wed Nov 29, 2017 3:20 pm 
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If it looks to good to be true......


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PostPosted: Wed Nov 29, 2017 3:29 pm 
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Most people don't understand or take scarcity into account and how this drives price.

There are only +/- 12 million full 'coins' at the moment. You need to think of them in their lowest denomination i.e. a Satoshi or 1/millionth of a BTC


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PostPosted: Wed Nov 29, 2017 3:56 pm 
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Any views on the potential for a (further) spike on 11 December when futures trading starts?


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PostPosted: Wed Nov 29, 2017 4:13 pm 
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Tony Blair's Therapist wrote:
Any views on the potential for a (further) spike on 11 December when futures trading starts?


It adds serious legitimacy to BTC. Every man and there dog is starting to hear about it but the number of addresses is still quite small.

Image

I suspect futures will bring it more into focus.


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PostPosted: Wed Nov 29, 2017 4:24 pm 
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How does one get hold of some? Will that be an issue to its future popularity?


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PostPosted: Wed Nov 29, 2017 4:26 pm 
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theo wrote:
How does one get hold of some? Will that be an issue to its future popularity?


There's a good beginner's resource on reddit: https://www.reddit.com/r/BitcoinBeginners/


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PostPosted: Wed Nov 29, 2017 4:27 pm 
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sorCrer wrote:
Tony Blair's Therapist wrote:
Any views on the potential for a (further) spike on 11 December when futures trading starts?


It adds serious legitimacy to BTC. Every man and there dog is starting to hear about it but the number of addresses is still quite small.

Image

I suspect futures will bring it more into focus.


That's good to hear. I was considering topping up a bit before then.

Do you think it would be good to cash in my Bitcoin Cash and swap for more Bitcoin?


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PostPosted: Wed Nov 29, 2017 4:35 pm 
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Tony Blair's Therapist wrote:
sorCrer wrote:
Tony Blair's Therapist wrote:
Any views on the potential for a (further) spike on 11 December when futures trading starts?


It adds serious legitimacy to BTC. Every man and there dog is starting to hear about it but the number of addresses is still quite small.

Image

I suspect futures will bring it more into focus.


That's good to hear. I was considering topping up a bit before then.

Do you think it would be good to cash in my Bitcoin Cash and swap for more Bitcoin?


In my view Bcash is a con. Roger Ver, Craig Wright, Jihan Wu, Falckvinge and even Dotcom. Don't fill me with confidence.

I'm just driving and will supply some reasoning a little later


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PostPosted: Wed Nov 29, 2017 4:38 pm 
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sorCrer wrote:
Tony Blair's Therapist wrote:
sorCrer wrote:
Tony Blair's Therapist wrote:
Any views on the potential for a (further) spike on 11 December when futures trading starts?


It adds serious legitimacy to BTC. Every man and there dog is starting to hear about it but the number of addresses is still quite small.

Image

I suspect futures will bring it more into focus.


That's good to hear. I was considering topping up a bit before then.

Do you think it would be good to cash in my Bitcoin Cash and swap for more Bitcoin?


In my view Bcash is a con. Roger Ver, Craig Wright, Jihan Wu, Falckvinge and even Dotcom. Don't fill me with confidence.

I'm just driving and will supply some reasoning a little later


Cheers! :thumbup:


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PostPosted: Wed Nov 29, 2017 4:41 pm 
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Tony Blair's Therapist wrote:
theo wrote:
How does one get hold of some? Will that be an issue to its future popularity?


There's a good beginner's resource on reddit: https://www.reddit.com/r/BitcoinBeginners/

thanks.


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PostPosted: Wed Nov 29, 2017 4:45 pm 
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Thoughts on some of the smaller crypto-currencies anyone? As mentioned a mate keeps going on about one of the very small ones that he feels will go big - are they worth an investment given there has to be at least a correction in Bitcoin in the next year and in light of possible contagion?

And if so are there sites to definitely avoid using?


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PostPosted: Wed Nov 29, 2017 5:52 pm 
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For the small coins Poloniex tends to be best but a) it doesn't have everything and b) there's no fiat base so you need to go there with bitcoin.

The only small one I hold is factom whose use case I like but as cryptos go it's been as stable as the pound. Be wise here, the number of guys fancying themselves with shitcoins have completely underperformed the big 2 throughout. And for the love of god post questions here before trying transfers or sites you don't trust... no heroics, the user experience with crypto is absolutely awful and you will be punished.

If anyone cares for my advice and they shouldn't take a chunk (or 10% net maybe) of your disposable, put it in, learn a few things and enjoy the ride. And store it wisely.


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PostPosted: Wed Nov 29, 2017 6:24 pm 
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Tony Blair's Therapist wrote:
sorCrer wrote:
Tony Blair's Therapist wrote:
sorCrer wrote:
Tony Blair's Therapist wrote:
Any views on the potential for a (further) spike on 11 December when futures trading starts?


It adds serious legitimacy to BTC. Every man and there dog is starting to hear about it but the number of addresses is still quite small.

Image

I suspect futures will bring it more into focus.


That's good to hear. I was considering topping up a bit before then.

Do you think it would be good to cash in my Bitcoin Cash and swap for more Bitcoin?


In my view Bcash is a con. Roger Ver, Craig Wright, Jihan Wu, Falckvinge and even Dotcom. Don't fill me with confidence.

I'm just driving and will supply some reasoning a little later


Cheers! :thumbup:


Ver aka Bitcoin Jesus and co have publicly stated that their aim is to bring down Bitcoin Core and replace it with Bitcoin Cash. He pushes the Bcash narrative very hard and confuses a lot of newbies by continually asserting that BCash is the real Bitcoin he also owns the bitcoin.com domain which he uses to confuse new user.

They claim that they want larger blocks, which Bcash does support, in order to make a 'true' peerless payment system. The development team is shaky and what's worse is that the larger the block is the more difficult it is to mine so instead of decentralization, only large corporations will have the capacity to mine. This is of no interest to him. His timeline is riddled with lies and FUD and he is getting it from all quarters. https://twitter.com/rogerkver/with_replies

Furthermore, him and his mates were clearly the origination of the attack on BTC 2 weeks ago when the price dropped. They were pumping BCH from a single exchange in Korea and trying to tie up the network with small transactions. They also offered the miners better fee's but that wasn't sustainable as obviously when all the miners jumped onto BCH the difficulty went up and it became more profitable to mine BTC again. I actually suspect there is a bit of action from them again as the unconfirmed transactions are up: https://blockchain.info/unconfirmed-transactions this could be a result of the excitement post $10k. BCH price isn't really following suite.

His mates include: Dr Craig S Wright who claimed to Satoshi, Rick Falckvinge who advocates the legalization of child pornography and Jihan Wu Chinese mining giant. I'd be a little cautious of them.


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PostPosted: Wed Nov 29, 2017 8:57 pm 
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sorCrer wrote:
Ver aka Bitcoin Jesus and co have publicly stated that their aim is to bring down Bitcoin Core and replace it with Bitcoin Cash. He pushes the Bcash narrative very hard and confuses a lot of newbies by continually asserting that BCash is the real Bitcoin he also owns the bitcoin.com domain which he uses to confuse new user.

They claim that they want larger blocks, which Bcash does support, in order to make a 'true' peerless payment system. The development team is shaky and what's worse is that the larger the block is the more difficult it is to mine so instead of decentralization, only large corporations will have the capacity to mine. This is of no interest to him. His timeline is riddled with lies and FUD and he is getting it from all quarters. https://twitter.com/rogerkver/with_replies

Furthermore, him and his mates were clearly the origination of the attack on BTC 2 weeks ago when the price dropped. They were pumping BCH from a single exchange in Korea and trying to tie up the network with small transactions. They also offered the miners better fee's but that wasn't sustainable as obviously when all the miners jumped onto BCH the difficulty went up and it became more profitable to mine BTC again. I actually suspect there is a bit of action from them again as the unconfirmed transactions are up: https://blockchain.info/unconfirmed-transactions this could be a result of the excitement post $10k. BCH price isn't really following suite.

His mates include: Dr Craig S Wright who claimed to Satoshi, Rick Falckvinge who advocates the legalization of child pornography and Jihan Wu Chinese mining giant. I'd be a little cautious of them.


Wow! Great intel, many thanks.

Meanwhile, Bitcoin's taken a significant dive in the last few hours for some reason ...


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PostPosted: Thu Nov 30, 2017 12:01 am 
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Joined: Sat May 06, 2017 9:18 pm
Posts: 2497
Sold a reasonable portion of my bitcoin today (for fiat), the proceeds for the sale were enough to cover my initial investment (on all cryptocurrencies), and then 50% of the initial investment on top of that. Then I still have some more bitcoin and litecoin in my wallet, which could easily cover my initial investment again, then some Obsidian I bought in their ICO is staked on their wallet.

The braai is on me next time.


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PostPosted: Thu Nov 30, 2017 12:09 am 
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Joined: Tue Jan 31, 2012 11:05 am
Posts: 1912
I've been mining for a few years. made some cash as a sideline.


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