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The Bitcoin (BTC) thread
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Swordfish1010 Offline
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Post: #8276
RE: The Bitcoin (BTC) thread
(08-12-2019 11:50 AM)Prince Charming Wrote:  which hardware wallet do you guys recommend? and why

They all have pros and cons. I like the bitfi the best because it doesn't store keys in persistent storage, it calculates the private key when you type in your custom passphrase and deletes the key immediately after. I would stay away from ledger and Trezor because they store the private key in non-volatile storage and can be extracted with physical access to the device and around $100 worth of parts. https://ledger-donjon.github.io//Unfixab...on-Trezor/

If you are going to store keys long term, the coldcard wallet, especially with multisig, is a solid choice.
08-12-2019 02:27 PM
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Prince Charming Offline
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Post: #8277
RE: The Bitcoin (BTC) thread

If you are going to store keys long term, the coldcard wallet, especially with multisig, is a solid choice.
[/quote]
Is this what you mean?
https://store.coinkite.com/store/ckcc2

Does that model come with multi sig?
What do you think is the longest you could safely keep this locked in a safe without touching it with some technical failure degrading it/
Is it dependent on you remembering a password?
08-12-2019 06:23 PM
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godzilla Offline
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Post: #8278
RE: The Bitcoin (BTC) thread
Got a question.

For example, this is from Coinbase

LTC traded about 50% of its total market cap in the last 24 hours.
ETH traded about 25%
BTC traded about 6%. (Still high, but a high volume day for a stock might have more then this). Bitcoin is slowing maturing into a store of value at the moment so I could see this declining over time.

Seems like a crazy amount of trading though, which also explains the vol, but also is bit scary as a long term investment.

What do you guys think of that?
How accurate are coinbase's numbers?
08-12-2019 08:32 PM
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redbeard Offline
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Post: #8279
RE: The Bitcoin (BTC) thread
Use CoinMarketCap.com to check market cap and daily volume. You’ll see the % Coinbase gives is correct, but...

Click on LTC, then click the “markets” tab. Look at the top five exchanges and ask yourself how much of that volume is real.

(spoiler alert - not much)

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08-12-2019 10:37 PM
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JayJuanGee Offline
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Post: #8280
RE: The Bitcoin (BTC) thread
(08-12-2019 02:27 PM)Swordfish1010 Wrote:  
(08-12-2019 11:50 AM)Prince Charming Wrote:  which hardware wallet do you guys recommend? and why

They all have pros and cons. I like the bitfi the best because it doesn't store keys in persistent storage, it calculates the private key when you type in your custom passphrase and deletes the key immediately after. I would stay away from ledger and Trezor because they store the private key in non-volatile storage and can be extracted with physical access to the device and around $100 worth of parts. https://ledger-donjon.github.io//Unfixab...on-Trezor/

If you are going to store keys long term, the coldcard wallet, especially with multisig, is a solid choice.

I recommend trezor... of course, you want to make sure some bad peeps do not get physical access to it, to the extent that they would be able to exploit it, upon having physical access. I had not really heard of bitfi, but I did hear of cold card, and I am not sure how user-friendly either of those devices are.. of course, security should trump user-friendliness, but you don't necessarily want the perfect to be the enemy of the good, either... it is much better to have some kind of storing of your own keys versus keeping them with third parties, yet there is balance with that too. Currently, I have about 15% of my coins with third parties... by choice.
08-13-2019 05:34 PM
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Kid Twist Offline
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Post: #8281
RE: The Bitcoin (BTC) thread
We're reaching another buying moment. The "tariff" bounce won't matter ultimately; BTC will go up as will gold when rates are cut here and around the world leading up to 2020. One can play the increasing bull in equities, but at this point I think it's crazy not to have some BTC or gold balance since all three can and will go up, but the latter will not only protect you, but also provide a good return --- if not great --- if the market makes a correction or big time drop.

Get your passport ready!
08-13-2019 05:45 PM
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JayJuanGee Offline
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Post: #8282
RE: The Bitcoin (BTC) thread
(08-13-2019 05:45 PM)Kid Twist Wrote:  We're reaching another buying moment. The "tariff" bounce won't matter ultimately; BTC will go up as will gold when rates are cut here and around the world leading up to 2020. One can play the increasing bull in equities, but at this point I think it's crazy not to have some BTC or gold balance since all three can and will go up, but the latter will not only protect you, but also provide a good return --- if not great --- if the market makes a correction or big time drop.

Huh? It's almost like you have transformed into bitcoin advocate, in such a short period of time?

I am not sure, exactly, what you are recommending. You said that guys should invest in three things? Gold, bitcoin and ___?____. did I miss something?

What kind of strategy are you recommending? Just buy a bunch in bulk? How about timeline? How about exit point? How about the investment does not go the direction that you expect? Are you recommending any allocation percentages regarding those three things (third one unknown?)?

By the way, are you already partly "in" bitcoin? Are you thinking various buying price points? Are we going to 4 digits again, or no? How about $7,500 like many had been suggesting a few weeks ago? We going there in the short to medium term?
08-13-2019 08:46 PM
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godzilla Offline
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Post: #8283
RE: The Bitcoin (BTC) thread
Anyone ever use BlockFi?

https://blockfi.com/

Interest is tempting.

Curious how they would make money of that with interest rates this low.
08-13-2019 09:14 PM
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BBinger Online
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Post: #8284
RE: The Bitcoin (BTC) thread
(08-13-2019 09:14 PM)godzilla Wrote:  Anyone ever use BlockFi?

https://blockfi.com/

Interest is tempting.

Curious how they would make money of that with interest rates this low.

Looks sketchy. Interest rates not that far off from what Pirateat40 advertised. Doesn't seem worth the risk.
08-14-2019 03:27 PM
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redbeard Offline
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Post: #8285
RE: The Bitcoin (BTC) thread
(08-13-2019 09:14 PM)godzilla Wrote:  Anyone ever use BlockFi?

https://blockfi.com/

Interest is tempting.

Curious how they would make money of that with interest rates this low.

6.2% annually? You can make more in the stock market and don't have to carry crazy amounts of counter-party risk.

Keep it simple.

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08-14-2019 07:04 PM
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Kid Twist Offline
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Post: #8286
RE: The Bitcoin (BTC) thread
(08-13-2019 08:46 PM)JayJuanGee Wrote:  
(08-13-2019 05:45 PM)Kid Twist Wrote:  We're reaching another buying moment. The "tariff" bounce won't matter ultimately; BTC will go up as will gold when rates are cut here and around the world leading up to 2020. One can play the increasing bull in equities, but at this point I think it's crazy not to have some BTC or gold balance since all three can and will go up, but the latter will not only protect you, but also provide a good return --- if not great --- if the market makes a correction or big time drop.

Huh? It's almost like you have transformed into bitcoin advocate, in such a short period of time?

I am not sure, exactly, what you are recommending. You said that guys should invest in three things? Gold, bitcoin and ___?____. did I miss something?

What kind of strategy are you recommending? Just buy a bunch in bulk? How about timeline? How about exit point? How about the investment does not go the direction that you expect? Are you recommending any allocation percentages regarding those three things (third one unknown?)?

By the way, are you already partly "in" bitcoin? Are you thinking various buying price points? Are we going to 4 digits again, or no? How about $7,500 like many had been suggesting a few weeks ago? We going there in the short to medium term?

I thought a while back a retracement to 8k was going to happen, and was wrong. I don't think the downside here will go much lower than 9400. I believe now that with successive rate cuts, there is a chance BTC hits 50k by next June, especially if the levee breaks (I don't think that will happen in the s&p or dow). I say buy and hold til June and exit, or reassess.

Get your passport ready!
08-14-2019 07:31 PM
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JayJuanGee Offline
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Post: #8287
RE: The Bitcoin (BTC) thread
(08-14-2019 07:31 PM)Kid Twist Wrote:  
(08-13-2019 08:46 PM)JayJuanGee Wrote:  
(08-13-2019 05:45 PM)Kid Twist Wrote:  We're reaching another buying moment. The "tariff" bounce won't matter ultimately; BTC will go up as will gold when rates are cut here and around the world leading up to 2020. One can play the increasing bull in equities, but at this point I think it's crazy not to have some BTC or gold balance since all three can and will go up, but the latter will not only protect you, but also provide a good return --- if not great --- if the market makes a correction or big time drop.

Huh? It's almost like you have transformed into bitcoin advocate, in such a short period of time?

I am not sure, exactly, what you are recommending. You said that guys should invest in three things? Gold, bitcoin and ___?____. did I miss something?

What kind of strategy are you recommending? Just buy a bunch in bulk? How about timeline? How about exit point? How about the investment does not go the direction that you expect? Are you recommending any allocation percentages regarding those three things (third one unknown?)?

By the way, are you already partly "in" bitcoin? Are you thinking various buying price points? Are we going to 4 digits again, or no? How about $7,500 like many had been suggesting a few weeks ago? We going there in the short to medium term?

I thought a while back a retracement to 8k was going to happen, and was wrong. I don't think the downside here will go much lower than 9400. I believe now that with successive rate cuts, there is a chance BTC hits 50k by next June, especially if the levee breaks (I don't think that will happen in the s&p or dow). I say buy and hold til June and exit, or reassess.

O.k. Fair enough. Does seem like a bit of a transformation on your end, but surely you are aiming to be a shorter term investor, and even seeming a bit skittish about staying in BTC with a longer term plan, and surely $50k by next June is a bit demanding of an expectation too, even though it could happen.

I would say that you should give BTC at least until the end of 2021, and that is about 18 months further out than you are proclaiming to be your current anticipated timeline.

Of course, there could be a front running of BTC's price performance or there could be down before up, and there could also be BTC price performance that goes into the $300k arena before crashing, and surely there are outlying scenarios in either direction too.

Regarding the upside potential, of course, we have a bit of an asymmetric bet in bitcoin in terms of potential, not only in terms of what is possible, but also relative to other investments. Either way, it seems that, at least for the time being, you are a temporary BTC cheerleader.

Regarding the downside, yeah, who knows? Surely $9,400 could be the bottom, and I never am inclined to attempt to predict with precision, yet hopefully your plan allows you to accumulate just in case that it does not go down to $9,400, too... and surely there is also advantage to being prepared to buy in the event that it goes lower, too. BTC has this repeated tendency to kind of overshoot expectations.. so, there is that, too... in terms of psychological and financial preparations.
08-14-2019 08:29 PM
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Kid Twist
Kid Twist Offline
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Post: #8288
RE: The Bitcoin (BTC) thread
By the way, I nailed it.

Get your passport ready!
08-15-2019 10:02 PM
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JayJuanGee Offline
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Post: #8289
RE: The Bitcoin (BTC) thread
(08-15-2019 10:02 PM)Kid Twist Wrote:  By the way, I nailed it.

It's unbecoming for men to brag about these kinds of future prediction coincidences, especially in terms of mere words that had been uttered.. Does not have that much practical importance, and I doubt that there is any real knowing in there either, beyond some luck.

Anyhow, in terms of actions and practicality of employing the luck and the possible knowledge, were you able to purchase the quantity of bitcoins that you had intended to purchase within about a $9,400 price arena?

In my thinking, that may have been a bit more difficult task in terms of having proper bitcoin accounts set up as well as enough fiat to be able to time somewhere in the vicinity of the bottom, which was (so far) about $9,467 (not quite $9,400) and was surely short-lived.

It was quite less than 15 minutes that the BTC price was even below $9,500, so very difficult to purchase any BTC in those $9,400 prices without some kind of resolution, conviction and resources in place.

Also, one of the exchanges that I use (Binance), was down for maintenance for about 8 hours during for nearly the whole dip below $10k, so the lowest that I actually bought (according to my preset buy orders) on that exchange was a bit over $10k, and sure even though I had another buy order set around $9,800 and another one set at around $per 9,600, neither of those orders filled because trading was shut off during maintenance.

Of course, I could have bought some BTC around $9,900 during the various periods that the exchange was up, but I just let the matter ride, and I did not force any purchases when I had already been able to buy some around $10k.

In other words, when feasible, I tend to prefer to have the price come to me rather than forcing those kinds of difficult to predict matters, even if there were a bit of an inconvenience in terms of a couple of my BTC buy orders in the $9ks that were not able to fill during that maintenance period on that exchange.

Another matter is that it remains a bit unclear if this particular correction bottom is actually "in", yet. It is nice to get nearly a $1k bounce back, but in these times, we are still decently in striking distance of revisiting sub $9.5k prices in the coming days.
08-15-2019 11:13 PM
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