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Author Topic: Using Bitcoin  (Read 1431 times)

The Loose Goose

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Re: Using Bitcoin
« Reply #15 on: May 05, 2017, 02:51:27 AM »
Ok so really it's only as hard as you want it to be.  If you take the little old lady approach: buy and hold you will not lose in this space.  Simple way to buy bitcoin is setup a coinbase account, get it verified and linked to your bank account, deposit funds, buy bitcoin, then take it out of the exchange and into a hard wallet (either ledger or trezor).  Ther are many you tube videos to show how to keep in cold storage.  Take that hard wallet put it in a safety deposit box, leave the paper password protects in a safe in your house, then come back in 10 years and see how much its worth.  Not overly complicated.

Concerning the twitters:

Technical: Whale Panda, jimmysong, taidi ji, btc_joe (part tech part trader), and my favorite Vinny Lingham (check his blog posts out as well).
Trading: Best by far cryptoyoda1338.  After that is some others I peak at: crypto Picasso, cryptohustle, fatih87sk and about 10 others on a less frequent basis.

I mean you could literally do what yoda says and make a lot, but you're reaction time has to be fast cause he works off of short term breakouts so it's easy to miss the entry zones.  Anyway, took me awhile to sift through all the bullshit but these should serve well.

EEZEE

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Re: Using Bitcoin
« Reply #16 on: November 05, 2017, 10:16:05 AM »
Bump.

I?m drinking the fuck out of this kool-aid.

You guys are smart. And rich.

Better late than never I guess

The Loose Goose

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Re: Using Bitcoin
« Reply #17 on: November 05, 2017, 11:20:59 PM »
Learned a lot about this space in the last 6 months.

Not sure your entry but I'd be tentatively excited.  The CME futures platform is the reason for the recent bump, it represents the start of fund managers really entering the game in a big way.

What not too many people are talking about is the S2X fork coming up Nov 16.  It's quite possible it goes smooth, CME application is accepted (Dec) and BTC trades above 10k at year end.  However, you just never know how the story lines, hash rates, and price will go at fork time.  This is different than the Bitcoin Cash fork because its a contentious hard fork with no replay protection, not an airdrop alt coin creation.  Search the words and make your own conclusions.  Can't be terrible though to sit on the sidelines for a day, 2 weeks or however long it takes to get clarity around the issue because if it catches everyone by surprise and gets messy, we could see a significant correction.

Funny though, was expensive at 1k just 7 months ago, here we are now.  Still think it's a buy the dip scenario if not already in, contrary to all the tulip chirping that goes on.

GL

The Loose Goose

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Re: Using Bitcoin
« Reply #18 on: November 13, 2017, 12:27:05 AM »
One heck of a shitcoin cash pump there! 

Thankfully, and it always seem to be like this, bunch of scare tactics to support the P&D, but at end of day nobody wants to knock over the apple cart > they all making too much money in BTC to mess with it.

Should hit 10k in the shorter-term, maybe even before year end.  CME is an almost 100% imo.  How it reacts from 10k is unclear but if there is going to be a real correction I feel like that's the place, likely hibernate in some USD just before it hits it in hopes of buying back in on the dip.  Those big round numbers often become the points of resistance. 

Yay Crypto!

krampster

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Re: Using Bitcoin
« Reply #19 on: November 14, 2017, 08:55:05 AM »
I?ve been researching this shit for a few weeks now and it is waaaaaay over my head. I?ve been investing in bitcoin and ether though because I just can?t see a future without crypto currency. Is it safe to say that I can just dump money into crypto currencies and sit on that or should I be investing in another way?
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The Loose Goose

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Re: Using Bitcoin
« Reply #20 on: November 14, 2017, 10:09:50 PM »
For 95% of people the best thing to do is buy BTC, hold, wake up in 2 years and have a sick return.  If you do buy, get a hard wallet like Trezor or Nano and hold it in storage, not on exchange.

To me, any other coin for a long term hold I'd be nervous about. 95% of Altcoins will bleed out to zero value.  They are not backed by true demand or carry a value proposition against the market caps they trade at > simply speculators going in for high yield annual pump & dumps.  None of them have significant market penetration or differentiation against what will be accomplished with BTC in the not so distant future (except maybe an anonymous coin like Monero).  And contrary to popular sentiment, I'm simply not a fan of Etherium for a variety of reasons.

Having said that you can make a fortune off Alts when it's 'Alt season'.  They have annual market cycles, if you buy the low points and sell the high points you're good.  You will have to projects that have a good story, it simply won't be like last year where any coin whether shitcoin or scamcoin gets pumped.  The supply of coins through 2017 ICOs will result more selective moon shots.

Hard to know if we are currently starting another Alt season (is a bit premature for the normal seasonality of things).  It could be a fake out in progress and we wait until Feb/March again, but if you don't mind seeing a little drop in value and waiting a bit, it could be worthwhile.  Generally, they pump for 2-3 months of the year, last year started late March ended beginning June.  If you don't know how to trade via Technical Analysis (chart reading), then I'd recommend sourcing a reliable trade signal group for insight and do a little background studying along the way.  If not you'll be lost and likely buy/sell at wrong times.

Hope that helps some.

EEZEE

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Re: Using Bitcoin
« Reply #21 on: November 15, 2017, 05:28:31 PM »
When do you think BTC will become common place for every day transactions - if ever?

From what I understand, and correct me if I'm wrong? -   more likely some other coin will be the user for everyday buying - and Bitcoin will be the holder of value.

1BTC can be exchanged for ___USD  or _____Xcoin.    A starbucks coffee will be $4CDN or 25 Xcoin for example.  A quick tap of your phone from your Xcoin app and you've paid for your coffee.

 It seems Bitcoin has a scaling problem now - and the transaction fees are getting higher all the time.  You think in the next 2-5 years they will be able to figure this out and we can use bitcoin to buy shit or it's just gonna be a stock price?

krampster

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Re: Using Bitcoin
« Reply #22 on: November 16, 2017, 12:47:46 AM »
Yes. What eeze said. That?s what I find most intriguing. I try to envision a future of how this can be used in everyday life but with the transaction fees the way they are currently I have no idea how that would be possible.
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Reidson

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Re: Using Bitcoin
« Reply #23 on: November 16, 2017, 10:10:33 AM »
When do you think BTC will become common place for every day transactions - if ever?

From what I understand, and correct me if I'm wrong? -   more likely some other coin will be the user for everyday buying - and Bitcoin will be the holder of value.

1BTC can be exchanged for ___USD  or _____Xcoin.    A starbucks coffee will be $4CDN or 25 Xcoin for example.  A quick tap of your phone from your Xcoin app and you've paid for your coffee.

 It seems Bitcoin has a scaling problem now - and the transaction fees are getting higher all the time.  You think in the next 2-5 years they will be able to figure this out and we can use bitcoin to buy shit or it's just gonna be a stock price?

Bitcoin is still an emerging currency market with several volatility and risk factors associated with it, to integrate this type of monetary policy into a country's tax system (in which all countries are not all created equally for laws and compliance) is going to be a domestic and international nightmare which relates to your point Kramp about using this for day to day living arrangements.


Crypto-Currency will have a place as we continue to move to a self-serve digital world, but it will have several bumps and hiccups along the way, and I foresee a lot of legal issues & AML/Fraud items popping up with the currency being integrated into the consumer market for goods and services.


On a completely un-related topic, Green stocks (as in the green you smoke) are booming right now on the TSX, they've receded a bit the last few days but I got a good 140% return on my TFSA in 2 weeks :D

Sumbuddeeeeeeee......Hwelp!

The Loose Goose

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Re: Using Bitcoin
« Reply #24 on: November 17, 2017, 01:20:35 AM »
It's impossible to know what will emerge as the dominant force in micro-payments.  No1 contender is BTC.  The reason Segwit was so well received is its potential to solve the issues you guys talk about with scaling beyond a store of value (which on its own could drive a much higher market cap).  But segwit gives way to Lightning and  other off chain solutions that will see fractions of current cost and time for transacting.

Everyone is always talking about that.  Meanwhile, its more or less the final solve of crypto, mass currency adoption.  This takes time, sort scaling and making sure security remains intact as offchain solutions grow.  Look how long it took the internet to find its footing.  You'll see pickup on this mid next year.

When you talk of AML etc.. it being a factor or concern is a big fallacy in the med-long term. Governments are already contracting private sector to trace back money flows > i.e. Elliptic.  The blockchain is a public ledger.  Fast forward a bit, think about AI data mining models combing these ledgers to source things like terrorism funding, proceeds of crime, tax evasion etc... It is going to be way more transparent than current currency structures.

If someone is going to beat BTC they will have to have significantly better protocol and governance.  It's very hard to know what will emerge over the following years, but the farther down the road BTC gets i.e. legal tender, ingrained in legacy enterprise day-to-day, regulated financial products and so on, the better its chances.  It's very disruptive to have everyone 'switch over'. 


Reidson

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Re: Using Bitcoin
« Reply #25 on: November 17, 2017, 08:09:39 PM »
Agree with mostly everything except for countries in Africa, South America and in Asia its going to be more difficult (exceptions being China, Japan and South Korea).

Indexed Bitcoin funds and ETF's to be launched and starting to enter the market are already gaining steam...But still going to face hurdles to regulate it to an international scale beyond the cyber market.

And don't forget Switzerlands mass wealth off domestic funds held by international interests, crypto curreny will finally bust down the truth of how much money is stored in that country by the top 0.05% of the world (which is billions upon billions of dollars). If it reaches the door there...


Either way some neat new markets are opening up around the world and in Canada...I just hope we get another 2008 soon so I can buy back in at a discount on other gold rushes

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preppoker

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Re: Using Bitcoin
« Reply #26 on: November 17, 2017, 08:52:58 PM »
Something important to understand is that bitcoin currently and likely in the future is not really intended to be a mass utility token for micro payments.

It is a possibility but HIGHLY unlikely. 

There are some interesting projects out there that are linking blockchains which I think is a very large portion of the problem.  ( look into icon.foundation )

Interesting times ahead. 

On a side note of legality we got some good news yesterday.  A company that I'm a co-founder in will be able to pay dividends with bitcoin to investors. Which I think is a huge win. 


krampster

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Re: Using Bitcoin
« Reply #27 on: November 17, 2017, 10:48:05 PM »
Very interesting. What Is the name of your company? I may want to invest
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okie77

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Re: Using Bitcoin
« Reply #28 on: November 17, 2017, 11:55:07 PM »
I as well am interested in this. Any available info sent my way would be appreciated.

Reidson

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Re: Using Bitcoin
« Reply #29 on: November 18, 2017, 03:20:09 PM »
+1 on the corp info from Pat.
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