Well anyways guys, I`ll be hedging myself agains this calamity with some Litecoin and other big coins.

Whatever will happen after the september meeting of the devs, I am not taking chances, so pray that bitcoin will be ok after that.

I just dont see how the push for XT will resolve anything...

Damn it back in 2009 i had a shitty internet connection, I dont believe this would have worked given that i had a half megabyte internet, which was mobile internet which disconnected nearly every hour, so it would have been a terrible experience.

But it would have worked if i would have moved in 2007 to another city, thus i would have had already 3 pc's available, ready to start mining right at january 3 2009 together with satoshi

Man I would be a billionaire by now (probably would have sold my coins fast, then moved the rest of it out of mtgox due to their upcoming scam)

Then I would have used my $ wealth to buy up all stocks, and with the trillions I make profit I would reinvest that into bitcoin again.


Man I could have moved the price to 50,000$ by now

Wow I never heard of anything like that, but i guess some people got very exotic appetites. It's funny because I was just eating yesterday pizza with macaroni ,cheese, and pig meat so it was a very interesting taste.

So you dont believe bitcoin will go back to 1000 $, so it will just hover between 200 $ until eternity? (thats impractical since even the USD has a cumulative inflation of 60% in about 20 years)

Even if every year the userbase increases by 500,000 and everybody puts in 1000$ (not to mention veteran investors buy too), in that pace the price will reach 1000$ in 22 years , that is if we exclude the fact that big whales will instantly jump once the fiat ship sinks.

Not everyone is a gold bug like you, some people prefer instantly transferable currency.

Buy and hold is safe for the fact that you dont buy high and dont sell low, you just wait for price to rise.


And dont come here with the 1100$ deflation, we know that the market was rigged by MT GOX, in reality the price never went higher than 600$, and even that was a speculative spiral.

In a true valuation chart (and in log chart too) bitcoin's value has been in uptrend since inception, because speculators dont really matter here.

Well i dont think there is a risk of losing all of his money, unless the exchange robs him, so he should choose a reputable exchange.

But with altcoin trading the Risk-reward ratio is skewed to the positive, if he invests in startup altcoins, a basket of them and is timing the market correctly then he can x10 it with limited risk.

I know this because I did this and it was relatively easy and relatively safe.

If you can predict the market with an edge.

If you can't then buy & hold might not give the same revenue, it is definitely the safe option, since if bitcoin gets to a mass adoption phase, you might x1000 your bitcoins in value.

Of course if you trade succesfully all price movements, then you can earn x100000 , but there are hardly any inefficiences in the market anymore.

Arbitrage is very hard, or not cost-efficient, because of fiat.

And market prediction is small scales is not efficient unless you are in a pump & dump group, that make the market move...

Timeframes , timeframes, timeframes.

On the long term I`m bullish, no doubt about that, bitcoin could replace the fiat system easily, and since its the numero uno, it has a high success rate.

On mid term i`m bearish, especially after september when they reach a consensus at that workshop where the devs will meet. It could cause some ripples and if you dont like big drawdowns then it is my opinion to move some bitcoins into some better altcoins.

Price could go to 150$ and stay there if all hell breaks lose, the traders are very sensitive to this issue and they panic easily, so i`d not sit this one out just doing nothing.

Of course after it ends , i think this will be the last time when we will see bitcoin below 200$.

Not its not, remember you have to start small. He can deposit it in some interest bearing bitcoin account. There are some wallets that provide that, and they are low chance of being scams.

Or, if he wants to multiply them, then buying altcoins would be the best idea. Some altcoins outperform the bitcoin price increase by far, so a basket of well performing altcoins would be my suggestion.

Think about it, if your Income Tax (cumulatively whatever % gets deducted from your income) is 50%

Then if you live 70 years (the average in europe) , then 35 years of your precious life, creativity, energy, and wealth gets wasted on some bureocrats, welfare junkies and politician corruption.

How is that sound?

Many exchanges work to scam people. For example there are rumors that a well known exchange is rigging their orderbooks, and then scamming newbie traders with their own ICO shitcoins.

So if they get only 0.5% from trading comissions, they load the big bucks from their internal scams. And then once and a while a "hacking" scam happens, and they outright steal half of the money of their customers, then they apologize and say that "we will uppgrade our security".

Eventually if all things get too hot, then they pull their exit scam by disguising another "hacking" or "ddos" and running with all the money.

Then next time you see the site is down, domain sold, e-mail address closed, and the owner run to some carribean island with all the stolen money he robbed from newbies.

The bank is probably liquidated by now, and you know that the executives are not personally responsible with their money in a corporation, only the corporations assets can be used to compensate liabilities.

Well if the executives did something wrong then you could probably do some legal action against them, but I bet you would win. They got better lawyers, and the case would last decades, so its not really worth getting into.

I`m sorry that this happened but atleast the teaching of this event is that, never hold all your money in 1 bank, and only hold smaller amounts.

I think diversifying in a basket of cryptocurrencies is the safest method now, even if they have 5-10% drawdowns its the only technology in my view that will survive the upcoming crisis, and in my opinion its the best and safest money storage that has ever been invented.

Well this was only the prologue, they havent implemented anything yet, this was just a pre-panic event.

Watch when they will do implement it, then it will be more interesting where the price will go. I think it could git 150$ again, but it definitely seems to me that 150$ is the maximum low it can be, or atleast in my view it is.

I just feel that Litecoin has a brighter future in 2015 than Bitcoin, but we shall see.

You mean kilobytes. And it rarely hits 900 kb, its more like between 300-500, and if it rarely hits 1 mb, oh boy, i dont think a little delay will affect people.

Now to make it more performant i think the 4-8 mb block increase should be appropriate now, simultaneously with some internal payment processors, that can do the dust transactions inhouse (without fee, but centralized) while the big ones would go (with fee, but decentralized) on the blockchain.

XAPO,COINBASE,BITPAY, CIRCLE, etc could/should do it....

Can you point me to it?
[/quote]

It was weeks ago, i checked faucetbox first for withdrawals (not their internal transaction), and as you can see there they send from 1 address to 50 addresses payments, so i checked it first on blocktrail, and it showed it.

Then i checked it on blockchain, and blockr, and it didnt showed it. Now to my knowledge even an unconfirmed tx doesnt get withdrawed from the memory pool for 1-2 days, so i guess it was some bug.

I dont remember the transaction id anymore, but i thought i just tell you it.

It looks like as if massive selloff has stopped . I`m moving some of my funds into LTC for safety, although I still think LTC can go to 2$ so i`ll wait until the LTC bubble deflates it will be quicker, then if the 190$ level holds for bitcoin then i`ll be happy.

Ltc could go to 10-20$ by december if bitcoin turns out to be a mess, if not then atleast we are hedged no?

Yep i got paid 0.17BTC from my signature campaign, it was a nice day!

Yea but then its a deterring factor, if the scammer has to risk his own money then its more unlikely to scam people.

Most ICO scams are created with newbie accounts, so you can already filter out 80-85% of the scams if you take into account rank.

I love your website, please continue your great work about providing important statistics about cryptos. It helped me alot deciding my investments in various cryptos.

I tweeted it, it definitely needs more attention:
https://twitter.com/RealBitcoinBlog/status/635992696876892160

Correction it was your bank account but it wasn't your money in there.

In legal terms and also in practical ways, the money in the bank is not your money. It's the banks money , or more precisely it's the banks debt.


In accounting the bank defines the money it holds for it's customers as his debt, and the loans he gave out to businesses or individuals as his assets.

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You know that in bankruptcy cases the corporations have all their debts forgiven (bail-in happens) above which they cannot fund (unfunded liabilities) via their assets.

So when a bank goes bankrupt it's debts are erased (all customers funds are erased, bail-in), and the assets probably used to pay shareholders.

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So the bank checking account & saving account using customers  are fucked in the ass very hard.

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Of course there is a 100,000€ insurance on every bank account, but I see how they fucked you up with that. The insurer will obviously dont want to pay the entire sum at once because then he might go bankrupt too.

(insurers operate on small cash flows and big risk margins, they are not well capitalized to insure a systematic collapse the magnitude of Cyprus 2013)

So you will get your 100,000€ insured (-) inflation (-) further transaction fees (and if the insurer goes bankrupt too, then you wont get it).


Sadly this is the fiat world we live in now!

Thats a big misconception, taxes arent on BITCOIN or USD or EUR or the currency itself.

Taxes are on you. You are the instrument that is taxed, not the currency. Or more precisely your actions/liberties are taxed. You are their tax slave and they tax your freedom (or your right) of doing an economic transactions or economic activity.

They cant tax bitcoin because bitcoin is not a living being, but they can tax you.