Author Topic: Bitcoin currency (merged topics)  (Read 247823 times)

Offline Smurf Hunter

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Re: Bitcoin currency (merged topics)
« Reply #300 on: July 05, 2016, 10:17:47 AM »
My 12 year old requested I start paying him for his chores in bitcoin.  I've sent him 2x $5USD payments, and already it's made over 10%.

At first he thought it was just some cool-geek thing, but now he's asking me about fundamentals of finance, exchange rates, dollar cost averaging and other things the average bear never learns in high school.  Even if the valuation crashes, he's learning tons more than me paying him in greenbacks.

Offline Mastoo

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Re: Bitcoin currency (merged topics)
« Reply #301 on: September 02, 2016, 09:20:54 PM »
I used my first bitcoin ATM today. It was impressive. Cash goes in, and the wallet on my phone dings to tell me the bitcoin has arrived.

Offline jerseyboy

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Re: Bitcoin currency (merged topics)
« Reply #302 on: September 19, 2016, 05:47:43 PM »
I used my first bitcoin ATM today. It was impressive. Cash goes in, and the wallet on my phone dings to tell me the bitcoin has arrived.

I just looked at

https://coinatmradar.com/

And the few I looked at charged between 8% and 14% to buy bitcoin and 5% to sell bitcoin.

I guess when you pull $20 out of an ATM and they charge you $2 it is the same thing.

Jerseyboy

Offline Mastoo

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Re: Bitcoin currency (merged topics)
« Reply #303 on: September 20, 2016, 06:10:59 AM »
The one I used was 8%. My experience has been that most people "selling" bitcoin for cash are looking to profit 5-10%.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #304 on: November 18, 2016, 03:40:25 PM »
You knew this was coming:  http://www.coindesk.com/irs-seeking-data-coinbases-bitcoin-customers/

The IRS is asking Coinbase for their customer data. Which they have, because Coinbase is a registered California-based financial services company that is bound by federal Know Your Customer regulations.


Don't launder your off-shore assets through Coinbase and expect to get away with it.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #305 on: November 22, 2016, 04:53:23 PM »
Coinbase's statement:  https://blog.coinbase.com/2016/11/18/protecting-customer-privacy/

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Our customers may be aware that the U.S. government filed a civil petition yesterday in federal court seeking disclosure of all Coinbase U.S. customers' records over a three year period. The government has not alleged any wrongdoing on the part of Coinbase and its petition is predicated on sweeping statements that taxpayers may use virtual currency to evade taxes.

Although Coinbase's general practice is to cooperate with properly targeted law enforcement inquiries, we are extremely concerned with the indiscriminate breadth of the government's request. Our customers’ privacy rights are important to us and our legal team is in the process of examining the government's petition. In its current form, we will oppose the government’s petition in court. We will continue to keep our customers informed on developments in this matter.


Time will tell......

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #306 on: November 29, 2016, 12:41:08 AM »
Very interesting story out of Venezuela, a country wrecked by socialist economic policies:  http://reason.com/archives/2016/11/28/the-secret-dangerous-world-of

In a nutshell: 

Electricity is nearly free, which makes the cost of bitcoin mining extremely favorable.

Bitcoin allows people to buy food and supplies and can be easily transferred to and from other countries.

The secret police hunt down miners, who are both stealing electricity and flouting the country's capital controls.  They then ask for bribes to avoid arrest and/or confiscate the mining rigs for their own mining operations.


Offline Alan Georges

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Re: Bitcoin currency (merged topics)
« Reply #307 on: November 29, 2016, 06:03:40 AM »
In a nutshell: 

Electricity is nearly free, which makes the cost of bitcoin mining extremely favorable.

Bitcoin allows people to buy food and supplies and can be easily transferred to and from other countries.

The secret police hunt down miners, who are both stealing electricity and flouting the country's capital controls.  They then ask for bribes to avoid arrest and/or confiscate the mining rigs for their own mining operations.
It is funny how socialist countries frequently claim that they're "building the future."  Seems to be actually happening in Venezuela, just not the future they thought they were building.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #308 on: December 20, 2016, 10:08:10 PM »
BTC successfully punched thru $800 today.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #309 on: December 21, 2016, 10:07:36 PM »
Geez, it's already playing with $850, things may just decide to go nucking futs all over again, like three years ago.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #310 on: December 22, 2016, 10:49:32 PM »
We've hit $900.  BTC might surpass the all-time high of around $1200 before the year is out.

That last high was back in November 2013, when there were 12 million bitcoins.  Today we have 16 million and the limit of 21 million will not be reached until the year 2140. Current market capitalization is around $14.5 billion. 

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #311 on: December 23, 2016, 12:39:27 AM »
Nearly 99% of the trading volume is in CNY (Chinese Yuan), 0.67% in USD.

Offline FrugalFannie

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Re: Bitcoin currency (merged topics)
« Reply #312 on: December 23, 2016, 09:37:00 AM »
I was a bit surprised this morning when I checked the price. Wonder how high it will go and at what price it will sustain.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #313 on: December 24, 2016, 06:32:16 PM »
Looks like $900-ish is the resting point for now.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #314 on: January 01, 2017, 03:19:12 PM »
1000 USD/BTC

Market Cap $16 billion   

Bitcoin outperformed all other assets in 2016.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #315 on: January 06, 2017, 01:25:01 PM »
The bubble popped yesterday with the price a whisker away from an all-time high somewhere above $1150-ish, now it's below $900 and maybe going lower.  Currently the market is driven almost entirely by Chinese looking to move yuan out of country without running afoul of the stiff currency controls. It appears the government of China has been looking more closely at Bitcoin, issued some statements, opened some investigations of local exchanges, and now people are spooked.

Given the stiff penalties for fraud and the recent crackdown on crooked government officials, this latest rumbling from the government likely generated a sudden realization that Bitcoin isn't anywhere near as anonymous as they hoped.
« Last Edit: January 06, 2017, 01:36:28 PM by FreeLancer »

Offline Smurf Hunter

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Re: Bitcoin currency (merged topics)
« Reply #316 on: January 06, 2017, 02:06:16 PM »
Bitcoin outperformed all other assets in 2016.

In terms of USD you mean?

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #317 on: January 06, 2017, 03:29:11 PM »
In terms of USD you mean?

I think that was the assumption of the articles I read. But there's not much consensus and it looks like more recent articles are pushing back on that claim. Some articles list it as a top, or the top, performing, asset, asset class, commodity, or even currency, in terms of USD.  So who knows? 

Bitcoin doesn't really fit well into any of those molds and it's still very tiny.  It had a good year, though, and it certainly isn't dead. Out of the myriad cryptocurrencies out there, BTC has nine times the market cap when compared to all the other altcoins (litecoin, ethereum, ripple, monero, dogecoin, etc) combined.

Offline Smurf Hunter

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Re: Bitcoin currency (merged topics)
« Reply #318 on: January 06, 2017, 04:31:25 PM »
I think that was the assumption of the articles I read. But there's not much consensus and it looks like more recent articles are pushing back on that claim. Some articles list it as a top, or the top, performing, asset, asset class, commodity, or even currency, in terms of USD.  So who knows? 

Bitcoin doesn't really fit well into any of those molds and it's still very tiny.  It had a good year, though, and it certainly isn't dead. Out of the myriad cryptocurrencies out there, BTC has nine times the market cap when compared to all the other altcoins (litecoin, ethereum, ripple, monero, dogecoin, etc) combined.

As the father of a 12 year old who prefers I pay his allowance in BTC (via coinbase), I tell everyone to think of BTC like a foreign currency.  If you ignore the digital aspects, that's really all it is.

There are certainly professional financial experts who do FX trades for a living.  My company has a group of them, as we earn revenue globally and a bunch of smart dudes figure out how many euros, dollars, pesos, yen, etc. to keep in what amount.  There are tax implications and many factors. 

My prediction with BTC going forward, it will not see strong gains without at least some global currency weakening. 
Meaning if it races to $2000USD, it's because a bunch of fiat currency is being dumped.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #319 on: January 06, 2017, 06:44:52 PM »
I guess I see it more as a hybrid. It's similar to fiat currency, except for the fiat part, which reverses inflation potential over the long haul. The fact that each coin or block in the chain represents a huge expenditure of computational power and electricity (ie. the mining component of the distributed network), a process that is essentially irreversible, gives it more of a precious metal flavor.  Except that it's different from gold because enormous value can be transferred, with minimal friction, anywhere the network is accessible, plus it also leaves an audit trail and can't be melted down to disguise its origins as easily (although it can be laundered effectively by moving it through other altcoins).

I'm surprised that the rise of the other altcoins haven't effectively diluted bitcoin since 2013.  Ethereum seems to be the only competitor worth taking a risk on, although it's had a rocky course since its launch over a year ago and it doesn't look like it will be supplanting bitcoin anytime soon.  In the end, I guess nothing carries any intrinsic worth without the shared delusion of its value spreading to a critical mass of individuals who desire to own it.  Doesn't matter if it's gold, silver, greenbacks, or numbers on a brokerage screen or central bank.  Bitcoin carries the advantage in the cryptocurrency space by virtue being first and having a history of weathering the most setbacks over the last 8 years.  But it still can't compete with the shared delusion surrounding gold's history, and maybe it never will.
« Last Edit: January 06, 2017, 07:08:38 PM by FreeLancer »

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #320 on: January 06, 2017, 07:25:06 PM »

Offline FrugalFannie

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Re: Bitcoin currency (merged topics)
« Reply #321 on: January 06, 2017, 08:42:42 PM »
I remember when it popped at $1200 a few years back. We cashed out some of what we had at the time. Of course our total investment in it was $2 via a game my husband played and won a "few" BTC in return. So we have held on to the rest of it. It's all gravy. We have sold some things for BTC and used BTC to buy a few things. But mostly we are just holding onto it at this point.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #322 on: January 06, 2017, 09:34:30 PM »
It's been 4 years since I sold to get my initial investment back, which I wish I hadn't done, and 3 since my last purchase (to open a Coinbase account). I guess that means I value the upside windfall over the downside loss. I am buying ethereum now that Coinbase is handling it, as the upside seems favorable to me right now, plus it has the potential to be much more versatile than the other clone coins out there.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #323 on: January 10, 2017, 06:13:09 PM »
Novel use for the blockchain:  Julian Assange Just Read Out a Bitcoin Block Hash to Prove He Was Alive

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Wikileaks founder Julian Assange used data from the blockchain as a "proof of life" during a Reddit ask-me-anything session today.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #324 on: February 24, 2017, 01:08:59 PM »
Bitcoin prices are back in the ~$1200 range again.

Offline David in MN

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Re: Bitcoin currency (merged topics)
« Reply #325 on: March 10, 2017, 05:28:27 AM »
SEC considers allowing a "Bicoin ETF".

http://www.marketwatch.com/story/what-the-sec-needs-to-do-to-approve-the-bitcoin-etf-2017-03-08?siteid=yhoof2&yptr=yahoo

Bicoin users (like me) will not be happy about this because it shows what Bitcoin is and isn't. It is a forex investment, not a currency. And if allowed by the SEC it will be the easiest arbitrage with cash on the planet for investors.

FWIW, I doubt it will pass.

Offline FrugalFannie

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Re: Bitcoin currency (merged topics)
« Reply #326 on: March 11, 2017, 03:24:09 PM »
SEC considers allowing a "Bicoin ETF".

http://www.marketwatch.com/story/what-the-sec-needs-to-do-to-approve-the-bitcoin-etf-2017-03-08?siteid=yhoof2&yptr=yahoo

Bicoin users (like me) will not be happy about this because it shows what Bitcoin is and isn't. It is a forex investment, not a currency. And if allowed by the SEC it will be the easiest arbitrage with cash on the planet for investors.

FWIW, I doubt it will pass.

It did not pass. https://www.nytimes.com/2017/03/10/business/dealbook/winkelvoss-brothers-bid-to-create-a-bitcoin-etf-is-rejected.html

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #327 on: March 16, 2017, 03:13:33 PM »
From Andreas Antonopoulos:  https://youtu.be/tX4mWFWwnBg


Quote
This is a fantastic opportunity for Americans to learn some German; the first word they should look up is 'Schadenfreude,' as their hopes and dreams of "draining the swamp" are crushed by a completely sold-out establishment politician. I've spent the last six months telling people all around the world that Trump was going to win and no one would believe me. Was this a failure of politics or economics? The U.S. political system failed because the economy failed. Bitcoin is providing an honest market solution; the reason it's being used as an exit is because it offers the real market value for your currency exchange when the other markets have been artificially shut off.[/quote]

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #328 on: April 27, 2017, 03:31:35 PM »
CoinDesk's Bitcoin Index price crossed $1335, which is well into record territory.  Coinbase's price is actually a bit higher, around $1360, currently. 

There's been a fairly large spread of almost $100 between exchanges over the last week or so, with both Poloniex and Bitfinex trading higher than their peers, ostensibly due to banking issues that are limiting the ability of those exchanges to transfer fiat currency in and out of their customer's accounts.

Offline FreeLancer

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Re: Bitcoin currency (merged topics)
« Reply #329 on: April 30, 2017, 04:11:28 PM »
Excellent overview by Andreas Antonopoulos, who is widely considered the most objective and trustworthy authority in the cryptocurrency space. 

The Stories We Tell About Money

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In this talk, Andreas recounts the history of Bitcoin and what it represents, building upon all the stories we've been told over the centuries about what "money" is, how we perceive its value, and why the old answers have changed as we adjust to this new world of digital peer-to-peer currencies. He also discusses global threats to economic stability and trust in the financial system, including demonetisation and wealth destruction through inflation.