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901
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Economy / Speculation / Re: My theory is proving true once again
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on: July 24, 2014, 03:35:00 PM
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I had a theory that major retailer acceptance has a short term DOWN effect on the price. Because when a major retailer announce acceptance, old coin holders rush to spend some bitcoin to support that retailer, often creating millions of dollars of transaction volume in a few days, and all these bitcoin will be converted to fiat by the retailer, creating sell pressure, for the short term.
Yes this is the real reason because the price is falling, but I think this is an healthy consolidation. These good news are building trust in bitcoins among the adopters, more bigger companies will follow DELL in the next months. |
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902
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Economy / Speculation / Re: Another dump to $550 can be expected in 48hours
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on: July 24, 2014, 03:30:56 PM
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We are always in the down trend of $1200 to $0 which started from last year, $6xx is already the top bubble we can reach after all these Dead Cat Bounces
The "downtrend to $0" is impossible, if the price will fall to $100 there will be so many buyers that the value will be raised to the current levels. |
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903
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Economy / Speculation / Re: Just got my BFL refund in BTC, the rally can now start!!!
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on: July 23, 2014, 05:22:12 PM
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I learned it the hard way that mining is pointless because my 60 GH/s miner costed me 140 bitcoins and it only mined 10
I knew that mining wasn't profitable since months but I didn't ever imagine that a 140 btc machine would have mined only less than 10% of its initial cost. |
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906
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Bitcoin / Bitcoin Discussion / Re: Dell.com now accepts bitcoin!
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on: July 23, 2014, 04:12:50 PM
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It appears that the acceptance of BTC by Dell is going to be a more gradual benefit to the market. Prices were not immediately affected, but will probably affect prices long term since other major corporations will most likely follow their lead.
Yes as stated before it hasn't had any impact on bitcoin value but it's a great news, now maybe other hardware companies are wondering to adopt btc, I'm thinking about HP, ASUS, ACER and others. |
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907
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Bitcoin / Bitcoin Discussion / Re: How long until bots can profitably guess private keys?
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on: July 23, 2014, 03:59:23 PM
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I have heard all this talk lately about not re-using old addresses. What if I do use one for a long time. I don't have much in it but just wondering, how will that increase the chances someone can crack into it? Isn't it still basically impossible?
The probability isn't zero but it's really near to it. If you have many bitcoins just split them into several addresses and if an hacker succesfully attack one of them, you would have only lost a little percent of your holdings. |
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912
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Bitcoin / Bitcoin Discussion / Re: 51% Attack - Why isn't anything being done about it?
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on: July 23, 2014, 02:24:35 PM
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Ghash is the closest and they have said that they will be reducing the amount of miners if they get closer which they have been doing which I think is good as they own most of the hashing power right now but even if they didn't do that and had 51% it doesn't mean they could do the actual attack there is still some luck that they would need to perform the attack I honestly believe this attack has no threat to Bitcoin at the moment.
Ghash won't do a 51% attack even if they could just because they earn money through bitcoins. By double spending they would decrease the trust people has in bitcoins and their business won't work anymore. |
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913
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Economy / Speculation / Re: Will bitcoin ever reach $1000 dollars again?
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on: July 23, 2014, 02:17:10 PM
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can it go to 10k?  It will most probably go to 1k, 10k and beyond. It is just a matter of time and acceptance. Just be patient and buy as many BTC as you can. Yes with the adoption increasing and good news popping every month I think we are not so far from the $1000 psicological barrier. The road to $10000 is more difficult, but not impossible at all. |
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914
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Other / Beginners & Help / Re: Ways To Earn Bitcoin
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on: July 23, 2014, 02:13:30 PM
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The article is simple and perfect for newcomers, I'll link it to some people I know thanks.
Maybe it should include some other ways to earn bitcoins aimed to experienced members.
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915
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Economy / Speculation / Re: Bitcoin (BTC/USD) Price Prediction. $4000-$6500 by August/September 2014.
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on: July 23, 2014, 01:33:16 PM
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I would love it for this to happen but I see this year as a repeat of 2012...let's blowoff some steam, consolidate, and 2015 will be the next rally.
Given how slow things have been lately, I could see it going this way. I think it mostly depends on when the next big investor opportunity occurs, whether it be an ETF launching or a large market opening up (Russia?). U think it will be in Russia? Man i think more like on some country that we least expect. Maybe some south american country or some other europe country, for price more likely end of year or first quarter of next. I only see a country like Iceland getting away with it, I just hope they don't dump as it happened with AUR, but of course that was basically free money, and when in need people will want the quick benefits. Totally blew my mind that Russia did a 120 degrees turn and is now watching bitcoin. I believe they realized the potential and don't want to be left out. They also like a good space program after all! Russia was in the game from start but silently now they want to be involved big so that they can be major players, my opinion on this. So Russia can be the new China, let's hope so. The same could be said for dozens of nations in which adoption isn't started. The $4000-$6500 prediction will be true, but not in the near future. |
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917
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Economy / Economics / Re: how to mine bitcoin as a business
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on: July 23, 2014, 11:44:07 AM
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Hello,
I have a business and I would like to add btc mining as a source of revenue. I have a couple of questions. please share your experience and wisdom.
1. mining machines should be tax deductible under section 179?
2. mining income counts as business income?
3. electricity as business expense?
4. mining loss as business loss?
thank you
Forget mining as a source of revenue, it isn't profitable anymore. If you want you could try to instamine some altcoins to have better chances to profit, but the safest way is buying bitcoins directly. |
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919
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Other / Beginners & Help / Re: Paypal -> BTC
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on: July 23, 2014, 11:37:26 AM
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You should use localbitcoins website and buy btc with them, using paypal to buy cryptocurrencies isn't
recommended at all. Just try to do some searchs in the forum and you will see by yourself.
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