Religious growth is an education. A moral and ethical one

Folks often conflate a religion with its worst adherents. Take Christianity on this board for example. The overwhelming majority of atheist I see are former Christians. They don't object to the message itself, and how could you? When Christianity is done right, it is love, respect and empathy for your fellow man. Like Communism, it looks great on paper (the Bible is made of paper,) the issue is when folks don't follow the message. The hypocrisy turns a lot of folks off of the faith. The fact that there are "bummy" Christians enhances it for me; it tells me the path I walk is necessary, because I need to mitigate those that would cause others suffering.

If Christians acted like the New Testament, what critique, dear atheist, would you have for them? Don't feed the needy? Don't help the sick? Don't turn the other cheek? These are noble ideas.

Don't be mad at Christ. Be mad at people.

Your friend understands how trading works dont be mad at him.

Never buy into a peak unless you have insider knowledge, or have absolute certainty. Remember the GOX. Bitcoin surged and climbed, it started to make the news, and all types of new guys came to the board, enthusiastic about getting in before it went "moon".

Oh boy did it not moon.

SO the rest of the story is that most of the new guys that came here got salty, and left. Id be pretty pissed myself to watch my 1000 dollar investment slide down to 300, but meh. I say all that to say this; markets expand and contract. if it goes up, eventually it will go down, maybe not full correction, but it always dips.  this bubble we are in is a risky thing. sure the price may go to 4k, but what if it doesnt?  the risk of loss might outweigh the opportunity costs of not buying and having it go up. FOMO is a powerful thing. but FOBB (fear of being broke) is even stronger. I'd rather not get something than possibly loss something.

You would think the man can fly, LOL, the way folks talk about him.

Satoshi is irrelevant at this point. There, I said it. Given how democratic this thing is, its akin to the Founding Fathers writing the framers. Once they wrote it, it became a living document, subject to "version upgrades" and "new features". Bitcoin is like this, a living thing. anyone can add to it, but the community has to agree on those changes.

He had to also know he would not be able to touch his coins without burning the world down; if those coins start moving it will be a race between you and I to the exchanges

What could he contribute at this point? despite making his intentions plain, we have suffered with a gimped product due to the politics of this. I dont think folks would listen, to be honest. which is probably the reason hes left it alone, if hes still alive. its kind of been corrupted.

Although the TOS usually sounds cut and dry about this, they have a bit of brevity in the documents they can accept for verification. They are strict simply because they dont want people to purposely subvert the rules (assume a fake identity and cash out tainted coins, for example). If you are making a good faith effort with no previous suspicious account activity, talk to them about alternative verification methods. A government ID can usually be a student ID, but it must have a picture. That same national ID, if it has your address on it, can serve for residence verification. And if all else fails, maybe just maybe they will allow you to submit a notarized document to prove who you are. To avoid all that, take my initial advice. Get someone you trust to make a fully verified account, and transfer the value, always slowly, to them for cashing out.

Consider buying a thing in btc, and selling it for fiat.

This. On the one hand if you leave it completely alone, its a non issue as they have absolutely no idea that you even have bitcoin. But if you have a paper or hardware wallet in your stuff, you would be liable in the few places where bitcoin is actually illegal (NK, right?) or at least possibly subject yourself to a lot of bullshit. Look at the US for example, and the heightened travel vetting requirements. As difficult as is is now for some nationalities/locales to travel here, imagine the misery of having to explain whats on your paper/hardware wallet. It would be lax of them not to inquire about it once the are aware; you could be trying to launder money.

They are checking phones at the borders now here, so an app wallet might get you equally detained

Well, BTC isnt quite as decentralized as it used to be. the corporate nature of the mining now, the politics of the Foundation, and the concentration of massive amounts of BTC into singular entities (think exchanges) has done a lot to undermine it. The inherent decentralization built into Bitcoin is honestly what defines it.

The trust arises from the fact that its hard to subvert the blockchain. Consensus is key here, and the distributed, crowd confirmed nature of the ledger requires a ton of resources to alter tat consensus. The centralization of mining makes it a bit easier to subvert this consensus, as powerful actors colluding might actually be a decent percent of the total hashrate. Take the case with BCC; it seemed like miners simply refused to solve blocks for a while, making transactions pend for a freaking eternity.

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Exactly
 You could use bitcoin in jail if you wanted to, it would just require access to someone on the outside that is willing to make transactions for you. This is the beautiful thing about btc, you are only really trafficking in information. I've known folks behind the Great Firewall that don't have a problem, and no one government has implemented this yet, so it doesn't seem feasible/efficient. The easiest way to restrict bitcoin is to make its conversion to Fiat illegal. It's waaaaay easier to track Fiat

Thank you for pointing this out. It seems we have forgotten already. Such short memories in cryptoland.

Not only did the price dip, it stayed depressed for a second. Now compare this to that; we have TWO major markets shuttered, a whole freaking exchange, and a partridge in a pear tree. It's been like, one of the worst media months for btc in a while, namely, since the GOX.


So why in the hell is the price so high?

Two reasons. Greed, because this is bitcoin, but most importantly exuberance. People were expecting a huge rally after all the BCC/Aug1 debacle, so we got it. Never mind that Nov is still looming. As weak as the hands are here, when they are strong they are like blind dumb brutes. We are buying this despite the obvious bubblre, or some very deep pockets are buying it up for an unknown reason. Either will result in the same end; a considerable crash when someone bigly decides to take profit.

Enjoy this while it lasts. The correction is going to epic, make sure you get off the bus at some point before it flies off the cliff.

Exactly. You answered your own question.

We don't mind folks asking about these, because education is the key to prevention of bullshit in this space. Bullshit is ubiquitous/ rampant here particularly

Buy in the future, to save yourself a lot of wasted time and headache, try to use this rubric:


1) why is someone offering me this?

2) how does this project generate value?

3) what is the advantage/disadvantage of participating/investing in this? Do the potential risks outweigh the potential gains?

And finally

4) if this is a scam, will I be pissed off when I lose this money forever?

If you can't answer any of those questions with absolute certainty, you essentially haven't done due diligence.

Never invest without diligence

Thats rich

They picked bitcoin because its semi difficult to trace bitcoin. Trust and believe if they had used any fiat, or a payment gateway like Visa or MC, even Paypal, the feds would have already kicked in the door. White/grey hat hackers are kosher; black hat hackers are pretty much all scumbag steves. There is a reason why ransomware almost universally asks for bitcoin or stored value card redeem codes; they are easy to liquidate without having to KYC/verify/ appear on a CCTV.

bitcoin has been taking ALOT of black eyes lately. dark markets, kidnapped models, and monolithic money launderers. this is killing the damned brand, its really not cute 

Certainly

Let's start off by saying gold is real. To be honest that's a winner winner chicken dinner right there, but let me continue. Gold has utility. From medicine to art, from electronics to mechanics, gold serves a vital function because of its inherent chemical or aesthetic properties. Gold is rare and hard to obtain, and hence, along with these other features has been used as a medium of exchange for an eternity. Gold is trusted, gold is widely accepted, and if you know how, gold is actually fairly liquidable. And the price of gold is fairly stable.

Then there is bitcoin. Bitcoin, although indeed tasty, is not real. Bitcoin is literally 1s and 0s in a decentralized database. An upside is that you can't confiscate it per se (there is no substance). Bitcoin has no utility outside being a speculative assets and a medium of exchange. I can't eat a bitcoin (you can nibble on a paper wallet, but it doesn't satisfy). Also, to make a bitcoin txn I must be connected to the web. If there is no web, you essentially have no access. If there is no electricity, you have no access. Bitcoin, while highly liquidable on exchanges, are not widely accepted at all in the real world. And the price of bitcoin is like riding a mechanical bull. It's a blast until you get dumped on your ass

Have you ever considered why satoshi chose the term 'mining' to describe the mathematical process of solving a block?

This may be tied more to other currencies than bitcoin right now.

You may also notice gold spiked today as well. The reason for this is that gold, and increasingly bitcoin is being used as a safe haven asset. We have China shooting missiles at NK while NK and the US continue this very high stakes game of nuclear chicken. That uncertainty is driving a lot of this. Doesn't help that we are still enthusiastic post the August 1/BCC  madness. On the one hand, it's good to see bitcoin have enough trust for folks to put it up there with gold. On the other hand, and this is always a deal, these inexperienced investors make every dip and pop that much more exaggerated.

No expert, but no. You are being sold a lie.


Consider the product you are purchasing. Essentially, a printing press that makes money.

Ask yourself, if you had a printing press that made money, would you rent it out to other people so that they could print money?

Let me answer that for you. Hell to the no, you would not. You would plug that bad boy in and print until the power went off, or it broke.

Now compare this to what you are buying

You are being sold uncertainty. The reason why anyone would offer you this is because they are not comfortable with the risk of not achieving ROI. By selling you a contract and getting paid in advance, you are being subjected to the uncertainty of difficulty increases, and time. In the meanwhile, they collect your money, spend it on more hashing power, and actually increase the difficulty, devaluing your asset.

Cloud mining is a scam. mine your own damned coins.

your hands are fucking ancient, my friend.

keep your faith about the btce shutdown. I have a theory about this; suffice it to say you will get your money back, but very laterish. the upside will be that bitcoin will have gone up a bit. take that as an indication of how long its going to take. but, allow the lawyers to do their job. the majority of users have no criminal complicity in whatever happened there, and can prove it. this means the US has caused you damages, esp if you live outside the States. If you can prove you are a good faith user, and complied to the TOS, you essentially have had your money stolen by the US. I dont think im the only one that realizes this, so allow it to sink in for the rest of the world. The lawsuits will come. And they will come like a wrecking ball.

And eventually, just maybe, you will be reunited with your fundage.

I raised my cane to that, LOL.

Not yet. We are stilll riding the post split wave of enthusiasm. most people werent aware of what the split really meant; there was a lot of fud and greed that jacked the price around. now that we are past that, folks have gone full retard. like Tropic Thunder taught us, you can never go full retard. This is a bubble, pure and simple. it pains me to say that, because I heart bitcoin, but I would ask anyone that reads this to explain to me why bitcoin is 3x the price of gold. and if you have an explanation, then come trade me my bitcoin for your gold. because if the electricity goes off, i will still have that gold. and you will have regret.


crypto aint everythang.

If you didnt make decent topics, I wouldnt have anything to respond to. If i have to explain "why bitcoin important in your life" or "when will bitcoin be legal" again I will divest. Good work, gentle sir.

Here is the strategy for a day trader/long term holder:

the shitcoins are wonderful nowadays. the volatility is free money essentially; one day everyone will understand these market are pure manipulation. i look for eth icos with promise; that is they show me a real world use for the blockchain and the ability to generate value (shameless shill plug; bitJob.io). ICOs want your money, for scrip. Since they are willing to give you a 40% bonus in scrip for early adoption, you could do worse than buying into a decent project and waiting. despite token values as of late (the mini eth crash took alot of cap from the markets)

look at high cap coins that are cheap. if its been in the top 20 for more than a few weeks, but has been around for more than 1 year, it will go up. not really a reflection of the value of the asset, some idiot will pump it because its a valid strategy in this sphere. To be specific, i deem ripple, doge, ltc and xmr/zcash undervalued. i will make a specific point about DOGE; simply observe the doge/btc chart(meta). Look at that pattern. Duh. Now plan accordingly.

dice based eth tokens are a sure winner. you probably remember satoshidice. again, plan accordingly. this would include skin coin, and by a stretch wings, as it is essentially a gamble/prediction market.

look for icos that have issued, but have nt achieved their first dev milestone. investor confidence plummets after the initial interest/fomo spike; its basically half off the ico price about a month after it issues. if its truly a shit token dont bother, but if you missed out on the ico its a golden oppurtunity.

there are a few independent blockchain coins that are worth it. I cant give that away look at the team, not the concept. valuation doesnt reflect utility here, it reflects trust. barely, LOL.

and lastly, hold. if you have not educated yourself (talking to the board) about how to trade (take a class at your cc, I did, and read all you can on the webs), you probably shouldnt trade. yes, there is op cost in holding and not following the dips. but time has proven unless you are an educated trader, the rare spike you see wil be offset by so much hurt. take it from me. i have lost more crypto that most people on this board have held.**

and I kick myself in the ass about it every morning I wake up and check the prices.

i treat eth/btc as primary value stores. that is, when I take profit, it gets converted to 25% native token/75% eth or btc. has never failed me yet.

additional shameless plug:

ChipMixer Because they mix your coins, and pay one of my utility bills

** i went all in on NEOBEE. and if I see Danny Brewster in the streetz, Im gonna stomp on him.

Try 100. Thats 4 block rewards, which I think is reasonable if you have been in the economy sub 1000 dollar bitcoin. this would assume that hits 10k, which will happen if we dont regulate it fully, and soon. Although I love bitcoin, under normal circumstances you would need to be an accredited investor to even participate in something this volatile. Let me define an accredited investor for those that arent aware:


this is very few of us assume bitcoin will touch 5k-7k in your lifetime, because honestly I dont believe bitcoin will persist. there are actually better options at this point, bitcoin simply has the most trust.

look at undervalued assets. bitcoin is in a bubble folks; this valuation is not real one bit.

Amen. I cant really be mad at them for this, its too easy nowadays to subvert sms/sms provisioned 2fa via social engineering. tying this to a personal sms reduces their liability; its damn hard to claim someone got access to your mobile that long, multiple times, without you knowing (if you have call of activity stamps, you have no claim).

as stated, just get a phone for this. you can even use a virtual phone number but beware; if you lose access to that specific number you will be locked out of your account in certain circumstances. a sim costs 40 bucks in the States, I assume they are much cheaper elsewhere. if the phone is more value than the assets you are trying to protect, perhaps you should reevaluate the situation