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21  Local / Альтернативные криптовалюты / Re: NEO стоит инвестировать? on: December 11, 2017, 12:39:09 PM
В сравнении с этериум решает, а в сравнении с Comsa, то не стоит NEO и внимания. Думаю, если есть возможность купить качественный продукт, то зачем тратить время и нервы на Neo. Следовать легальности - это конечно похвально, но все мы знаем, что такое штормящий Китай.
22  Bitcoin / Bitcoin Discussion / Re: Is the North Korean government engaging in bitcoin mining? on: December 11, 2017, 12:33:23 PM
It is time for the DPRK's internet to become an intranet.
23  Bitcoin / Bitcoin Discussion / Re: Sell your house for investment in btc. on: December 11, 2017, 12:20:02 PM
I grew up really poor but saved a lot of the money I made in high school. I invested 10,000$ into btc when it was at 220 / coin, just sold for 75Gs. Buying a property for me to live in, first one in my family Cheesy
edit: I'll look into paying the dang capital gains tax, jeez.
Edit 2: Also sorry guys the price tanked when I sold Sad
24  Bitcoin / Bitcoin Discussion / Re: Paypal VS Bitcoin on: December 11, 2017, 12:06:36 PM
Thanks for the post! Have you looked into the same sort of comparison but for private blockchains? I am currently struggling to find that kind of information Sad
25  Bitcoin / Legal / Re: Is Bitcoin Forbidden In Islam? Why? on: December 11, 2017, 11:59:41 AM
Excuse my ignorance on the topic but you say short selling is harm, however, I don't think you mentioned what short selling is. I am not familiar with the term. Could you please explain.
26  Bitcoin / Legal / Re: Is it illegal for someone to hack my BTC wallet? on: December 11, 2017, 11:54:10 AM
In the countries where it's recognized as money, it would be.
27  Bitcoin / Legal / Re: why bitcoin illegal in asia? on: December 11, 2017, 08:44:42 AM
This has happened so many times exactly the same MO. PBOC says " we ban bitcoin" weak hands sell, they buy up cheap coins. Then they say " jk we no ban Bitcoin!" And then the price goes back up.

A hard crash like this doesn't seems like something that the market would recover from in a week or two. People should be prepared and wait for a better entry point.
Caixin is a legitimate news site. People should seriously consider the possibility that this might not be fake news. The market might go down much further. Remember not to bite more than you can chew.
Bitcoin can't be killed. But in the short term there are huge waves that could swallow you whole. Take care guys.

Woke up in 2013
28  Bitcoin / Legal / Re: Regulation in Kazakhastan on: December 11, 2017, 08:34:29 AM
Hello! I don't know about AUD-KZT; as the others said, banks should be able to do it, but I would also suggest bringing USD to be safe.
The smaller money exchange places usually have a better rate than banks - but if you feel safer/more used to it, go to any bank. At any independent exchange place, you can expect to have a calculator next to the window. Don't be afraid to count your money right there (all of those places have a sign that says please count your money AT the counter) - so you can make sure the amount is correct and they know you counted it right in front of them.
If you decide to go to one of those, this is our usual spot Smiley it's in the same entrance as the notary.

I don't think there is a way around having to pay fees twice. You can always exchange USD, so try and bring that. Or you could withdraw Tenge from your credit card in the airport upon arrival.
29  Economy / Speculation / Re: Bitcoin is now $13k, what's next? on: December 06, 2017, 05:31:49 PM
Consider the non-zero risks that you can still lose value.
Now that you have a gain, I would recommend to either hedge/diversify, or take out your initial investment and keep the profit as speculation.
If you want to put in even more, do more due diligence.
Nothing in life comes for free.
30  Bitcoin / Bitcoin Discussion / Re: Bitcoin bubble on: December 06, 2017, 05:26:25 PM
Bitcoin is used for extortion by corrupt individuals, and should not be recognised as legal tender. The sooner the bubble is burst, the better.

Unlike USD and GBP, which has never been used for illegal activity?

So is gold, so are diamonds and so is cash - US$, Euros, etc. Must we stop using that too and make it illegal?
Everytime you use a banknote to buy something at a supermarket, somebody else is using the same kind of banknotes to buy drugs, arms or bribe someone.

Used for extortion?! That's news to me.

You're thinking of banks and fiat currencies.
31  Bitcoin / Bitcoin Discussion / Re: Bitcoin bubble on: December 06, 2017, 05:24:44 PM
Ooh yes!

The fundamental principles of derivatives are fine, such as using forwards, options and swaps to hedge against risk. They become an insurance policy flattening out any abrupt change in the markets. Arguably anyone with a fixed rate mortgage has a simple derivatives play.

The problem is that it becomes speculative and a bubble builds. When Mr Hamanaka at Sumitomo Bank effectively owned over 60% of the world’s copper through derivative contracts the $1.8bn loss was no surprise; the same for the “London Whale” at JP Morgan; Long Term Capital Management; and credit derivatives at the heart of the global banking crisis.

As a result, derivatives become utterly poisonous. With £1.2 quadrillion (£1,200 trillion) of outstanding contracts it is also utterly terrifying. I would stop speculative trading on derivatives.

The same applies to crypto currencies. Fundamentally they should and will become a force for good and for change but they are being abused for speculation and greed.
32  Bitcoin / Bitcoin Discussion / Re: Is Bitcoin Really The Future Of Money? on: December 06, 2017, 05:00:48 PM
Bitcoin just needs to pivot

As most entrepreneurs know if people think your idea is crazy you are probably onto something. The companies that are emerging around bitcoin usage should look to other markets. Like countries that have unstable governments, like areas in the Middle East and Africa. Bitcoins would be appreciated more there rather than the country's own currency due to the governmental uncertainty. Emerging markets might also be a good place for bitcoin. They might prefer a currency that already has unique markers and system for identification. Areas where they bank just using cellphones might also be a good niche market for bitcoin. It might have been dealt a blow by the Silkroad closure, but it is not going away. Remember that Apple's first computers were crappy children's toys but look at them now.

Computers and bitcoins are two totally differen things

so to make that connection that this can grow to be the leading currency isn't a good analogy. What good are bitcoins as a currency in Africa if it can't trade beyond it's border? Is there any physical wealth backing it up? If a bank won't convert it to cash for you, what value does it have? Once it becomes regulated (no banking system will trade in uncontrollable and unregulated currencies) it become the same thing we have now.You'd do much better mining for gold then bitcoins, as with the fist it is a tangable, physical medium that fluctuates in price.

Response

"Is there any physical wealth backing it up?" William, you've struck the bedrock of what constitutes "value" with the shovel of a stupid question. Bitcoin has value because, (1) it's scarce and (2) it has specific attributes that make it an ideal store of value and "programmable" medium of exchange. You need nothing else. "Once it becomes regulated (no banking system will trade in uncontrollable and unregulated currencies) it become the same thing we have now." It becomes the same as what? Please read Satoshi's original White Paper. I don't think you're correctly understanding the technology behind the protocol.http://bitcoin.org/bitcoin.pdf

In other words...

...it's backed purely by supply and demand. If demand goes away, then the value goes through the floor.

..

What isn't backed by supply and demand? That's how a market operates. Again, Bitcoin has value because, (1) it's scarce and (2) it has specific attributes that make it an ideal store of value and "programmable" medium of exchange.It will never not be (1). The only way (2) will be eliminated is if a more efficient technology comes along, in which case we're all better off.

Bitcoin is only valuable as a medium of exchange

Gold and silver, on the other hand, have many useful characteristics entirely separate from their trading value (even the tobacco traded in 18th century Virginia had that). This is what is meant by "intrinsic value".In other words, bitcoin qualifies as fiat currency, even though it's not imposed or backed by states or even private institutions.

Irony of ironies

Wow... some people are really dense. Due to anonymity, it prevents fraud? Go ahead and burn in Bitcoin by yourself!!! That is all I ask from Bitcoin pushing morons.
33  Bitcoin / Bitcoin Discussion / Re: Is Bitcoin Really The Future Of Money? on: December 06, 2017, 04:58:23 PM
Bitcoin just needs to pivot

As most entrepreneurs know if people think your idea is crazy you are probably onto something. The companies that are emerging around bitcoin usage should look to other markets. Like countries that have unstable governments, like areas in the Middle East and Africa. Bitcoins would be appreciated more there rather than the country's own currency due to the governmental uncertainty. Emerging markets might also be a good place for bitcoin. They might prefer a currency that already has unique markers and system for identification. Areas where they bank just using cellphones might also be a good niche market for bitcoin. It might have been dealt a blow by the Silkroad closure, but it is not going away. Remember that Apple's first computers were crappy children's toys but look at them now.

Computers and bitcoins are two totally differen things

so to make that connection that this can grow to be the leading currency isn't a good analogy. What good are bitcoins as a currency in Africa if it can't trade beyond it's border? Is there any physical wealth backing it up? If a bank won't convert it to cash for you, what value does it have? Once it becomes regulated (no banking system will trade in uncontrollable and unregulated currencies) it become the same thing we have now.You'd do much better mining for gold then bitcoins, as with the fist it is a tangable, physical medium that fluctuates in price.

Response

"Is there any physical wealth backing it up?" William, you've struck the bedrock of what constitutes "value" with the shovel of a stupid question. Bitcoin has value because, (1) it's scarce and (2) it has specific attributes that make it an ideal store of value and "programmable" medium of exchange. You need nothing else. "Once it becomes regulated (no banking system will trade in uncontrollable and unregulated currencies) it become the same thing we have now." It becomes the same as what? Please read Satoshi's original White Paper. I don't think you're correctly understanding the technology behind the protocol.http://bitcoin.org/bitcoin.pdf

In other words...

...it's backed purely by supply and demand. If demand goes away, then the value goes through the floor.

..

What isn't backed by supply and demand? That's how a market operates. Again, Bitcoin has value because, (1) it's scarce and (2) it has specific attributes that make it an ideal store of value and "programmable" medium of exchange.It will never not be (1). The only way (2) will be eliminated is if a more efficient technology comes along, in which case we're all better off.

Bitcoin is only valuable as a medium of exchange

Gold and silver, on the other hand, have many useful characteristics entirely separate from their trading value (even the tobacco traded in 18th century Virginia had that). This is what is meant by "intrinsic value".In other words, bitcoin qualifies as fiat currency, even though it's not imposed or backed by states or even private institutions.
34  Bitcoin / Bitcoin Discussion / Re: Is Bitcoin Really The Future Of Money? on: December 06, 2017, 04:52:02 PM
According to the laws of branding by Al Ries and Jack Trout, the brand that becomes the first one to gain massive momentum and popularity in a category, as much as to become a synonym for the entire category, and also a household name, is the brand that will remain a leader in the market because it has filled a box in the consumers’ minds.

Even though there might be more sophisticated cryptocurrencies out there, some or a combination of which may address the shortcomings of bitcoin, the perception for quality and leadership dictates the way the aggregate mind of humanity perceives quality.

The only way for Bitcoin to lose its leadership is if it gets banned by the largest governments and substitututed by government centralized blockchain cryptocurrencies, which would defeat the purpose and premise of cryptocurrencies, so in a way bitcoin is the possible light future of cryptocurrencies.
35  Economy / Speculation / Re: When to buy Bitcoin on: December 06, 2017, 04:46:42 PM
I don't time at all. I just recognize where I have the money that I want to put into it, and then just buy it at the price it's at, at that time. Same for btc purchases.
If you're confident in the use-case of bitcoin, it really matters little when individual exchanges happen.

Do that, and if you're feeling more advanced implement an Optimal Growth Strategy based on the Kelly Criterion. If you're not a die-hard, never-sell hodler, of course.

As someone who can't afford a ton of Bitcoin I am hesitant to do this because of the miner fees. Having to pay miners fees from the exchange to my wallet and then back to the exchange can be a decent percentage of profits when you have to do this multiple times.

There is no real need to DCA, especially with concerns re: high tx fees.
Just wait to see a slight fall in price - not long, not wait for a big crash, just a little dip from the absolute top prices - then buy, and wait a few years. Guaranteed gain unless you bought at the peak of a +300-1000%-price-appreciation-in-~2-months-bubble.
Very much this. I want to dollar cost average but the constant fees are putting me off. If I buy every month I am worried that over the course of a year I'll be paying large amount of fees. Is this just part of dollar costing?
36  Bitcoin / Bitcoin Discussion / Re: Do you think Bitcoin will survive after 100 year ? on: December 06, 2017, 04:36:34 PM
Presumably people will write Wills (the same as they do now) and they could leave their wallet passwords in the Will or some similar solution. They could also simply tell their heir the wallet password on their deathbed or transfer their wallet funds to their heir before they die.
I don't think it is a problem. In 100 years tech will be so much more advanced than now. We'll have wearable computers and our wallets will probably be embedded into our wrist or something! It won't be a problem like you think it is.

haha, I understood that Smiley
37  Bitcoin / Bitcoin Discussion / Re: Hardware Wallets on: December 06, 2017, 04:29:37 PM
Secure against what? Against random hackers trying to steal your coins, they are pretty solid. Against malware that compromises your PC, they are designed to be highly resistant. Against disassembly and hardware hacking of the device, possibly not so much. Against rubber hose cryptography, not at all. They also can't prevent you from sending your coins to an address given on a spoof email or web page (although fiat bank accounts aren't immune to that either). You also need to think carefully about writing down the device seed and then keeping it secure; if someone can steal the seed they don't need the device.
(Actually the Trezor, and possibly other devices, do have a defense against rubber hose cryptography: you can have an arbitrary number of secret passwords with other wallets behind them, and the attacker has no way of knowing if you have revealed all of them. But then maybe they just keep on beating you to be sure)

To a point. I would worry about plugging that thing in 10 years from now and it doesnt work.
I run a VM on my desktop that contains my desktop wallets. The VM is backed up to multiple sources both local and in the cloud. that way if the VM or my desktop crash, I can always just get a new computer, install HyperV, and import the VM from backup.

They are more secure than any other option that you have readily available right now.

I'm skeptical. I had a Ledger HW wallet which I used to hold coin while traveling.
I initialized on my phone using mycelium, wrote down the seed excluding 5 words, and carried the seed in a notebook I always had with me (the seed was written in the middle of other normal writing).
2 months go, the entire wallet was swept. I lost most of my savings. I have no idea how this happened.
I'm moving towards multisig solutions.

Could the 5 remaining words have been found by brute-forcing? Brute-forcing 12 words isn't feasible, but 5 is way easier, considering this is exponential. (assuming phone compromission)
But that would be a targeted attack (which could be possible, you're the one that could know if this should be in your treat model)

Of course not. Nothing is 100% secure. But it's more secure than everything else at least for now.
38  Bitcoin / Bitcoin Discussion / Re: Hardware Wallets on: December 06, 2017, 04:23:15 PM
Not paying attention to where you send the btc.
not backing up your shit
backing up your shit and storing the backup improperly (or in the open or near flames)
not secure enough pin
not keeping your btc secret


No. The most glaring defect of hardware wallets is the presence of the physical device itself, which identifies you as an owner of bitcoins. It's like painting a bullseye on your back. How can you answer “What bitcoins, sir?” to the customs officer, when he's looking right at your Trezor or Ledger device? Or to your nosy neighbor? Or to the random house guest?
Use an online/offline software wallet with freely-available, open source code. Never put your keys on a network-connected machine. Sign all your transactions offline. Memorize your seed mnemonic. That way, wherever you go, your bitcoins go with you. Invisibly, without leaving any physical trace.
Once you've arrived at your new location, buy a Raspberry Pi and an SD card and download and install the wallet software on it for use as a signing machine. Sign transactions using your mnemonic, so your seed is never stored on any physical medium. Run a full node with a watch-only wallet for broadcasting transactions and tracking your balances.
Difficult? Yes, but true security is always difficult. All the “easy” solutions involve relinquishing control to some trusted third party, and reliance on third parties is exactly what Bitcoin was created to free us from.

I am not a big fan of having to keep the master seed of hardware wallets stored. Even if you keep it somewhere safe, someone can still get to it and have access to your funds. So this is my setup: *1) Live-usb ubuntu, network disconnected. *2) Generate addresses using bitcoin paper wallet downloaded offline site, printing PDFs. *3) Save these PDF on an encripted container using veracrypt, with a very strong password. This encripted file you can store safely online on google drive or something. *4) Split your BTC across some addresses, thinking of how you'll use them. Keep the public addresses handy. *5) When you want to use it, just boot ubuntu again, open the PDF, and use a mobile phone wallet like Mycelium to import the private key using QR Code. *6) Spend the amount needed and send the remaining amount to a new paper wallet and don't use the old one anymore.
Edit: never type the veracrypt password anywhere but the ubuntu live cd and dont store it online.

You might find it easier just to memorize your master seed and store it only in your head. The risk of forgetting it is no greater than the risk of forgetting a password. And there's no physical backup to get lost, stolen or hacked.
I use the MMGen wallet and do all my address generation and signing offline using a memorized seed.
https://github.com/mmgen/mmgen

Nope! https://www.wired.com/story/i-forgot-my-pin-an-epic-tale-of-losing-dollar30000-in-bitcoin/

So what happens when you forget your "very strong password"?

You don't forget it, you write it down and store it safely, preferably in two or more places.
You may ask how is this different from the seed for a Trezor/Ledger. Its a password for a file. If you have the password but not the file, you have nothing. This does not happen with seeds from wallets, because they can be used to recover a wallet to a fully operational state.
39  Bitcoin / Bitcoin Discussion / Re: Hardware Wallets on: December 06, 2017, 04:17:11 PM
Not paying attention to where you send the btc.
not backing up your shit
backing up your shit and storing the backup improperly (or in the open or near flames)
not secure enough pin
not keeping your btc secret
постоянная ссылкаembedсохранитьначальный

Not keeping your seed secret (hint split 2 copies of the seed into 3rds and store 2 different 3rds in each of 3 locations)

And don't tell anyone, not your wife, not your boyfriend, not your siblings.... No one!

So what happens when you die and your total networth is lost on the blockchain?
We all get a little richer

You could have a dead man switch where private keys are only released upon death

Sounds like you have the making of the next overvalued ICO

Except you don't need an ico for that. I'm pretty sure theres email services with dead man switches as features. Just put your clues/instructions for private keys in the email.
40  Other / Off-topic / Re: Bitcoin is not gambling on: December 06, 2017, 03:55:28 PM
Don't gamble, just buy some bitcoins and hope it goes up...... um ya, wah did I just say?
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