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The Bitcoin (BTC) thread
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JayJuanGee Offline
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Post: #2276
RE: The Bitcoin thread
(10-15-2015 12:08 PM)jamaicabound Wrote:  
(10-15-2015 08:52 AM)JayJuanGee Wrote:  
(10-06-2015 09:07 AM)jamaicabound Wrote:  For anyone looking to liquidate bitcoins but who's bank won't allow transfers or if you don't want to go through a site like coinbase to cashout for whatever reason if you have any buddies who gamble just let them use your coins to fund sportsbooks. My buddy is a big sportsbetter, most of the online sports books no longer can take credit or debit cards or at least he has troubles with his. The alternative is send a western union or as most sportsbooks take bitcoins he can just give me $500 and have me send the bitcoins to his sportsbook for him.


Do you charge him for your services? I think it can be kind of risky getting involved in some of the financial undertakings of others, but then it could also be risky if you are charging him a fee, and the amounts get to be a lot (several thousand)

Why doesn't your friend just establish his own bitcoin account? There seem to be so many options these days - Some options require KYC and AML verifications, but there are other options as well..... Most of my involvement is with quasi-mainstream institutions - yet, however, once you have the bitcoins, your options become more open concerning degree of anonymity (even though bitcoin is likely quite a bit less anonymous than a lot of layperson users ad been understanding in its early days, and even in the past couple of years, we have learned more and more about traceability issues in bitcoin).

Surely, if your buddy creates a blockchain wallet, then you could send bitcoins to him there.. and then he would control of that wallet, no? I'm sure that there are some other decent options, as well, but blockchain is pretty robust and provides cloud-based portability.

It's my longtime friend and business partner so I'm not trying to make a buck off of him. Typically he funds his accounts with western union and they cover his fees but if there's a game he really wants to get on last minute it's quicker just to have me send a couple btc to his sportsbook.

Yeah I know coinbase really dumbs down bitcoin but I wonder if coinbase cracks down on who you can send coins to because of how formal everything is there. He's not really that good with computers or bitcoins so I don't mind helping him out.

He always pays me first too so I tell him, if there's any problem with your book not getting the coins thats on you not me, make sure you get me the right address etc.

If there seems to be a pattern of conduct, then you may want to create a blockchain wallet for such purposes, so that you have an intermediary account, rather than sending directly from your coinbase wallet. That way, it would be less likely to raise red flags with coinbase, and they are also protected from potential governmental scrutiny (that's probably motivating coinbase in carrying out such policies).
10-16-2015 12:51 PM
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JayJuanGee Offline
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Post: #2277
RE: The Bitcoin thread
Actually, this recent upward BTC price movement has allowed me to begin to implement the next stage of my BTC investment strategy, and that is selling BTC on the way up. (it's part of a long-term strategy and maxim - regarding an asset in which you are long-term bullish - buy on the way down and sell on the way up).

Actually, currently, it's kind of a relief, but still somewhat nerve racking to adjust to kind of unpredictability. And, as most readers here realize, I have stayed in and I've been buying on the way down for nearly two years...

Since I have accumulated quite a few coins below $250, my selling on the way up was triggered (this time) at about $250.

I was NOT in a position to sell BTC in the mid-2015 run up to $317 because at that point, I had NOT acquired a sufficient quantity of BTC at prices below the evolving market price in order to trigger such selling points.

At this point, my BTC sell amounts remain relatively small, but in theory, or at least how the plan is laid out, the sell quantities will become larger and larger as BTC prices go up (continuing to assume that prices will be going up) - we will see what happens.
10-16-2015 01:13 PM
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JayJuanGee Offline
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Post: #2278
RE: The Bitcoin thread
@ Satoshi:

Have you reconsidered any of your recent bearish public assertions, and wanting to express any changes to your BTC projections/considerations - or do you believe that BTC prices are only experiencing a "temporary" upward blip?
10-17-2015 04:58 PM
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SunW Offline
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Post: #2279
RE: The Bitcoin thread
(10-16-2015 03:47 AM)BBinger Wrote:  Treat Coinbase as a surveillance operation. They want your info and survive on that. Your money is little to them. Get into the actual Bitcoin spirit and let it burn.

Are there other cryptos that are more anonymous? The public nature of addresses does bother me.
10-17-2015 07:56 PM
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Satoshi Offline
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Post: #2280
RE: The Bitcoin thread
I'm not excited before we pass $320.


(10-17-2015 07:56 PM)SunW Wrote:  Are there other cryptos that are more anonymous? The public nature of addresses does bother me.

Yes many. Maidsafe for example, once launched, will have anonymous and instant transactions, without a blockchain.
10-17-2015 10:44 PM
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pants Offline
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Post: #2281
RE: The Bitcoin thread
I taking a break from online forums, and bitcoin, my 21 coins have been untouched for a while. Nice to see this thread is still alive!

Any news in bitcoin latly? Heard one buy in a bar mentioned bitcoin stock exchange?
10-18-2015 07:22 AM
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JayJuanGee Offline
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Post: #2282
RE: The Bitcoin thread
(10-18-2015 07:22 AM)pants Wrote:  I taking a break from online forums, and bitcoin, my 21 coins have been untouched for a while. Nice to see this thread is still alive!

Any news in bitcoin latly? Heard one buy in a bar mentioned bitcoin stock exchange?

Yes, there have been quite a bit of Bitcoin developments in the bitcoin space in about a year since your last post in this thread.

It has been a bit difficult to get news through this thread; however, since the posts have NOT been too active... hahahahahaha.. except for yours truly...
10-19-2015 03:21 AM
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JayJuanGee Offline
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Post: #2283
RE: The Bitcoin thread
Regarding current price movement, maybe we are going to remain in this territory of $255 to $275 for a few days.

Actually, since the weekend mostly contained retracement of the $273 high (on Stamp), maybe there will be some movement in one direction or the other by NO later than Wednesday...

I remain fairly confident that the short-term price direction of BTC has a fairly bullish inclination -yet I am retaining some doubts about whether BTC prices can go above or remain above $300 prior to the Fed auction in early November.

Thoughts?

Where are BTC prices going this week and in the coming 2.5 weeks prior to the Fed auction?
10-19-2015 03:24 AM
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JayJuanGee Offline
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Post: #2284
RE: The Bitcoin thread
Below is a decent short article summarizing the current BTC price dynamics and giving a summary assessment regarding whether BTC prices will rise in the near future to meet a potential $300 price point


http://www.newsbtc.com/2015/10/19/bitcoi...d-for-300/
10-19-2015 12:51 PM
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SunW Offline
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Post: #2285
RE: The Bitcoin thread
Great article here by a portfolio manager, which those in cryptocurrencies might appreciate. Summary: the Fed is stuck, very stuck. No matter what path it chooses, it will be painful for someone.

Quote:Unfortunately, since people are unaware that they are making decisions within a prisoner's dilemma it follows that they do not know many of the decisions they've made are "irrational" and not in their best interests.

What I find interesting is that when the Fed is tried to communicate their desire to normalize and END the prisoner's dilemma - the market responded quite negatively. It was as if people were starting to realize that irrational behavior was once again going to be subject to risk.

The market only started to improve when the economic data was so poor that it became glaringly obvious that the Fed would NOT be able to normalize rates and stop their prisoner's dilemma. This highlights yet another possible problem created via an excessive duration of a prisoner's dilemma within the financial markets: addiction.
10-19-2015 07:39 PM
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JayJuanGee
JayJuanGee Offline
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Post: #2286
RE: The Bitcoin thread
(10-19-2015 07:39 PM)SunW Wrote:  Great article here by a portfolio manager, which those in cryptocurrencies might appreciate. Summary: the Fed is stuck, very stuck. No matter what path it chooses, it will be painful for someone.
.....................[snip]................


Thanks for that contribution SunW. It definitely supports any investment position that would include somehow attempting to hedge ones bets outside of mainstream investments (including investments that dependent on the long term valuation of the dollar or other manipulated fiat currencies).
10-20-2015 11:13 AM
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JayJuanGee Offline
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Post: #2287
RE: The Bitcoin thread
Currently, there appears to be quite a few indicators that BTC prices are transitioning into reversal - meaning that maybe this time for sure we are leaving the fairly long bear market. Accordingly, it seems even more necessary to prepare for some upward BTC price surges (even though we will likely experience several ups and downs along the way to the moon).

I think that I have created a pretty decent tentative plan to rake BTC profits that draws from concepts of preplanning investment and according to my own individual particulars, and that is going to involve both raking BTC profits and reinvesting those profits.

Even though my tentative BTC rake plan is NOT as "simple" as merely cashing out or playing balls to the walls strategies, it still borrows fundamental concepts from the principles of projecting ahead and then establishing various criteria and triggering points for selling and/or reinvesting.

For me, the criteria of my rake/reinvestment plan are NOT exactly set in stone, but they are pretty solidly predetermined in order that I am able to act quickly when BTC prices could rise quickly, and when various predetermined BTC price points are triggered.

My current projected rake plan involves raking approximately 6% of the total BTC holdings the first time when my overall BTC holdings are at approximately 66% profit levels. Thereafter, my rake is projected to be 3.3% each time that my BTC portfolio reaches an additional 33% profits.

Furthermore, my rake plan involves completely taking out 50% of the rake proceeds (and using those proceeds for anything, including the enjoying of life) and holding the other 50% of the rake proceeds in a BTC reinvestment fund that will be triggered in approximately three stages (of equal amounts) - in the event that BTC prices subsequently drop 9% then 7% and then 4% (which in essence would cause the total amount of the reinvestment portion of the rake proceeds to be reinvested by the time BTC prices dropped 20% lower than my rake price, if such a drop were to occur).
10-20-2015 11:41 AM
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JayJuanGee Offline
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Post: #2288
RE: The Bitcoin thread
Very interesting development to potentially drive BTC prices skyward.




http://cointelegraph.com/news/115435/chi...ns-bullish
10-20-2015 11:48 AM
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BBinger Offline
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Post: #2289
RE: The Bitcoin thread
(10-17-2015 07:56 PM)SunW Wrote:  
(10-16-2015 03:47 AM)BBinger Wrote:  Treat Coinbase as a surveillance operation. They want your info and survive on that. Your money is little to them. Get into the actual Bitcoin spirit and let it burn.

Are there other cryptos that are more anonymous? The public nature of addresses does bother me.

Bitcoin can still do it if you use it right. If you feel the need to mix, be your own mixer. If you must use a service like CoinBase relegate it to either going in "delivering you Bitcoins" or out "giving you local toilet paper."

(10-17-2015 10:44 PM)Satoshi Wrote:  I'm not excited before we pass $320.


(10-17-2015 07:56 PM)SunW Wrote:  Are there other cryptos that are more anonymous? The public nature of addresses does bother me.

Yes many. Maidsafe for example, once launched, will have anonymous and instant transactions, without a blockchain.

Maidsafe is part of a vaporware plague promising the world profitable nonsense, and delivering little. Even Ethereum too its network public, but Maidsafe and the rest of the "MasterCoin" compatriots won't even get that far in the hopes that they can still milk a few more dollars out of the gullible.

(10-20-2015 11:48 AM)JayJuanGee Wrote:  Very interesting development to potentially drive BTC prices skyward.




http://cointelegraph.com/news/115435/chi...ns-bullish

This new China news seems like it might be the real-ish deal. I'm very skeptical of CoinTelegraph now because of how hard they are pushing "Neucoin" (aka bitcoin stripped of everything good), but feel free to take that part with a grain of salt considering my involvement with what some people would consider a CoinTelegraph competitor.

My take is that bigger than the China news, a lot of Anglophone jurisdictions are hurting (China is hurting quite a bit too. This means that money is burning so there isn't all that much to move out, but they know what ever else they are holding isn't worth burning their fingers.)
10-22-2015 02:03 AM
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Satoshi Offline
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Post: #2290
RE: The Bitcoin thread
(10-22-2015 02:03 AM)BBinger Wrote:  Maidsafe is part of a vaporware plague promising the world profitable nonsense, and delivering little. Even Ethereum too its network public, but Maidsafe and the rest of the "MasterCoin" compatriots won't even get that far in the hopes that they can still milk a few more dollars out of the gullible.

So you follow the development then?
10-22-2015 07:55 AM
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JayJuanGee Offline
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Post: #2291
RE: The Bitcoin thread
(10-22-2015 02:03 AM)BBinger Wrote:  
(10-20-2015 11:48 AM)JayJuanGee Wrote:  Very interesting development to potentially drive BTC prices skyward.

http://cointelegraph.com/news/115435/chi...ns-bullish

This new China news seems like it might be the real-ish deal. I'm very skeptical of CoinTelegraph now because of how hard they are pushing "Neucoin" (aka bitcoin stripped of everything good), but feel free to take that part with a grain of salt considering my involvement with what some people would consider a CoinTelegraph competitor.

My take is that bigger than the China news, a lot of Anglophone jurisdictions are hurting (China is hurting quite a bit too. This means that money is burning so there isn't all that much to move out, but they know what ever else they are holding isn't worth burning their fingers.)



Besides the decent market movement today and the past week, there seem to be a few other decent developments potentially providing green lights for Bitcoin.


1) EU Rules Bitcoin is a Currency not a Commodity—Virtually

http://blogs.wsj.com/digits/2015/10/22/e...virtually/


2) Australian banks’ closure of Bitcoin companies’ accounts under investigation

https://coinreport.net/australian-banks-...stigation/



@ Satoshi:

You haven't responded to my earlier question of you, yet? Are you having any second thoughts on getting back into bitcoin?

A lot of the positive aspects of various alt developments are likely going to be absorbed into bitcoin, so bitcoin still continues to have way more potential upside than the various alts that you may be continuing to consider as your investment vehicles
10-22-2015 01:39 PM
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jamaicabound Offline
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Post: #2292
RE: The Bitcoin thread
Got a Bitcoin question for you guys. I'm selling Hover Boards, doing it locally with cash but wanted to expand online but don't want to deal with credit card chargebacks when boards maybe break after 3 months possibly.

I'm wondering if it would be better to take payment through Coinbase system or just have people send coins directly to my paper wallet?

Ithink the coinbase thing may add a perception of being a bit more trustworthy but just wanted to make sure if I did go that route do they allow chargebacks and do they 1099 you at the end of the year?
10-22-2015 01:56 PM
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Satoshi Offline
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Post: #2293
RE: The Bitcoin thread
(10-22-2015 01:39 PM)JayJuanGee Wrote:  Are you having any second thoughts on getting back into bitcoin?

No.
10-22-2015 10:08 PM
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JayJuanGee Offline
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Post: #2294
RE: The Bitcoin thread
(10-22-2015 01:56 PM)jamaicabound Wrote:  Got a Bitcoin question for you guys. I'm selling Hover Boards, doing it locally with cash but wanted to expand online but don't want to deal with credit card chargebacks when boards maybe break after 3 months possibly.

I'm wondering if it would be better to take payment through Coinbase system or just have people send coins directly to my paper wallet?

Ithink the coinbase thing may add a perception of being a bit more trustworthy but just wanted to make sure if I did go that route do they allow chargebacks and do they 1099 you at the end of the year?


I hope that you would NOT be planning to limit yourself in any way.

Surely, you could create an incentive for buyers to use bitcoin, but sometimes the best way to make a sale is to accept what the large majority of the people want to use, and that is increasingly credit cards.

I know a few retail businesses that accept bitcoin, but they really are NOT using that very frequently.

Accordingly, I think that if you find someone willing to use bitcoin, then that is an exceptional customer -

YES... it seems likely that in the future we are going to find a lot more people using bitcoin, but even with another potential BTC price run-up looming, it's likely going to take a few more years before we get more wide-spread usage of BTC.

In other words, we are likely going to experience at least one more bubble, if NOT a couple more bubbles before we start to witness bitcoin filtering down to the common folks.
10-23-2015 12:41 AM
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JayJuanGee Offline
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Post: #2295
RE: The Bitcoin thread
(10-22-2015 10:08 PM)Satoshi Wrote:  
(10-22-2015 01:39 PM)JayJuanGee Wrote:  Are you having any second thoughts on getting back into bitcoin?

No.


Well satoshi, I am sorry to hear that you seem to be listening to a lot of the wrong folks, because even though there are a lot of governance issues with Bitcoin and there is government targeting, big bank targeting and even some deficiencies including privacy issues that are better addressed by some other alt coins, a lot of the stars seem to be currently lined up for the beginning of another bubble.

There are a lot of networking effects with bitcoin that are falling into place really well, maybe even better than expected in some regards.

No I don't know (just like many others cannot predict) whether the next bubble will occur for sure or NOT; however, I do know that Bitcoin as proven to be the honey badger of cryptos, and even though over 600 alt coins have been developed, they all together only add up to 1/10th of BTC's market cap.

Surely when BTC bubbles, some of the alts may be able to bubble with a higher return rate, but BTC is going to be more stable than the rest, and may even absorb several of the good aspects of the other coins.
(This post was last modified: 10-23-2015 01:12 AM by JayJuanGee.)
10-23-2015 01:08 AM
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Satoshi Offline
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Post: #2296
RE: The Bitcoin thread
I think you know that most of those 600 different coins are plain bitcoin copies with small changes and new name.

Bitcoin is not user friendly at all.
10-23-2015 01:42 AM
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JayJuanGee Offline
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Post: #2297
RE: The Bitcoin thread
(10-23-2015 01:42 AM)Satoshi Wrote:  I think you know that most of those 600 different coins are plain bitcoin copies with small changes and new name.

Bitcoin is not user friendly at all.

I believe that you and I would agree on several points, including the fact that there are only a few potential gems among the alt coins, but even if some of the alt coins are gems, that does NOT indicate that they are either going to beat out BTC in terms of technical performance or even financial performance.

I understand that you only have a limited amount of financial resources, and therefore you have to choose where to invest.

I agree with you that in a lot of ways BTC is NOT very user friendly, but there are many ways in which BTC is continuing to get better and the lack of user-friendliness is NOT going to stop the next bubble from forming and taking place. In any event most of the coolest of the crypto developments are taking place within BTC or in such a way that BTC is going to be able to borrow (or steal various innovations taking place in related crypto space). and perhaps after there will attract further capital into bitcoin and also further innovations to create some killer BTC apps.
10-23-2015 02:02 AM
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Disco_Volante Offline
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Post: #2298
RE: The Bitcoin thread
Need help.

If I want to sell bitcoin on localbitcoins.com...I have a paypal account. Do I simply write my paypal username on the sell ad, and that's how they can send the money to my papal account? or is there more to it than that.

I see bitcoin sellers with paypal have all these other verification methods I didn't know all that was necessary for paypal...
10-29-2015 05:22 PM
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rdvirus Offline
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Post: #2299
RE: The Bitcoin thread
Surprised this thread isn't more active given the recent movement! $330~ US roughly right now. I bought at $235~ and hadnt taken a look since so it kinda caught me off guard. Had to make sure I was seeing it right..

Conceived to beat all odds like Las Vegas
10-30-2015 10:55 PM
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Disco_Volante Offline
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Post: #2300
RE: The Bitcoin thread
has anyone here used VIRWOX to exchange their bitcoin for cash? how long do they take to transfer the cash to your bank? coinbase and paypal are 4 days that's too long for me.
virwox has high fees but is extremely fast in trading out currencies without delays. if their withdraw-to-bank method is faster than paypal's 3-5 days then virwox might be the fastest.
(This post was last modified: 10-31-2015 05:03 PM by Disco_Volante.)
10-31-2015 05:00 PM
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