its sad but it is what it is  ship em off for treatment Nearly all modern civilized people are insane by definition, as we're empirically driving civilization off a cliff at maximum velocity and doing nothing to hit the brakes or change direction. What kind of money we use hardly matters in a world where the oceans are dead and the soil can't be farmed.  Life imitating art. Yeah, Linda Harrison was pretty hot back then. |
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Six bucks sounds like a nice spot for LTC to stabilize around. My reasoning is that I think the low $2 range it was at for much of the beginning of the year was too low and probably only stayed down that low as people were giving up on it cashing out. That pretty much leaves the long term holders and the miners. The miners were having a rough time at sub $2 prices and I think we would have seen the hash-rate continue to fall if it had stayed that low for an extended amount of time.
Once the halving takes place, the miners would need $4 lite-coins to break even, or basically double the $2 they were getting before. Having already stated I think this was too low a more realistic figure would have been $3 Litecoins, thus once the halving takes place basically double that to $6.
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Well instead of re-posting my entire experiment (you can read previous posts if interested), I will just say that today, July 27 saw very little movement in the price of BIOS, I actually sold a few at a lower price point and I may sell the rest as long as I can stay in profit. I am actively researching a good secondary coin, but the pickings are pretty slim, I seen vapor skyrocket, but think I missed the boat on that one.
I am not really worried about the small amount I have invested as much as I am determined to see if this is possible at all. I think the 1 week claim is now fully debunked, only an extremely lucky series of picks would do that, which as others have pointed out is more akin to gambling than investing.
I will stick with this for 1 month as mentioned earlier, but the volumes on YoBit are pretty small to make any meaningful decisions. It is pretty much put your money in a slot machine and hope you picked the pump of the day.
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Halving will only make price stable for now i dont think it will go up for
Most of litecoin holders will be happy if the price will not go down from current level back to 1,6USD. But if the BTC will fall back to 220-240 or grow above 300 LCT price will be influenced for sure. Would the current price keep mining profitable for most miners after the halving? Should mining profitability be considered a good indicator of price? Well people were still mining it when it was ~$2.00, so I would think mining at $4.00 would be profitable after the halving takes place. |
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I am sure it has crossed everyone's mind here at one time or another if they could make a living strictly off bitcoin and/or bitcoin related activities. I think for most people it is wise to continue to accumulate bitcoin while working at another job for the time being. Maybe in another 2-3 years bitcoin will be at the point you can make full-time income off of it, but for now the price is relatively low ~$300, that I think you would be better off saving those bitcoins until it is above $1,000 again.
I know people who post on this forum are from all of the world, each with different ideas on what a sustainable income is, but where I live in the US it would require an income of at least 20 BTC a month just to make ends meet, and that is scraping by. A more realistic number might be 30-40 BTC a month. Anyway, at even 20 BTC a month, if you worked elsewhere and could still accumulate that much BTC for 2-3 years, your would have 720 BTC. If the price would also hit $2,000 by then, you would have a little over $1.4 million. If you spend the same 20 BTC a month instead on living expenses for those 3 years, you would have very little extra BTC.
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All contestants must be willing to have their work published on this website if it meets adequate standards. I would be interested in this but I have a question on the above terms. Would this apply as well to works not winning the contest? In other words, simply by entering would we be giving you the right to publish our submissions without further compensation? |
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It will start moving again soon I guess. Will be interesting the coming 2 weeks! I think we will see 0.03 again, maybe come close to 0.05. 0.03 would be great, and 0.05 would make me very happy. Will the rise be depending on a similar BTC rise? Will LTC move up even if BTC doesn't manage to break 300? Until the halving I think LTC price movements will remain independent of BTC somewhat. After the halving I think LTCs price will find its stability point with respect to BTC and begin following the price of bitcoin more closely as it has in the past. |
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2. One would think they came up with a new currency system so theft could be prevented. No, BC gets stolen all the time. Why couldn't they "disable" the serial numbers of the currency that was stolen? Thats the kind of system that should have been designed. Ultimately I think this may prevent Bitcoin from being widely adopted. That doesn't mean it can't continue to exist as a niche system. But, the average person is willing to pay a certain amount, to a credit card for example, in order to be able to have customer support (i.e., insurance) in the event of theft. What makes you think that "the average person" (whoever that is) is willing to pay extra? I see constant examples (even here) where people have no idea how expensive credit cards are and how every customers pays more for every item in a store that is accepting credit card payments. On top of that people are constantly in pursuit of "free" services where the only price you pay is that the provider spies on you can sells the information to advertising companies. While its a perfectly fine way to finance something, I dont think most people using a service like google are aware of the price they pay. With all that being said I think bitcoin is actually capable of enabling a service to provide transparent insurance of your coins (for an extra ofc). E.g. some of the treasurers for the board secure a part of its funds for a fee. My credit card cost less then $10 a year. No fee when i use it. That $10 include an incurance from theft. Reduced prices in a lot of stores and chargeback in case of a seller not delivering. The bitcoin is the currency with extra payment. You are conveniently leaving out the 3-5% fee the credit card companies charge the merchants for accepting that piece of plastic. Why do you think some gas stations offer 3-4% discounts for cash, or cash equivalent users? You may not see the fee directly, but it sure as heck is passed on to you when the merchant if setting his prices. Even if they do not charge a noticeable fee or offer a cash discount, the CC fees are just spread out amongst all users, but in no way are they free or even cheap. Are you stupid or something? I guess so. I dont get a discount for paying cash. I get a discount for using my card. Myself, I often find that using insults in place of a proper rebuttal is a more telling indicator of intelligence. As far as your discount, my point is that merchants have to absorb the fees to accept credit cards in the first place. In some cases they will offer cash customers discounts to offset these fees. What you are describing is using merchants who simply absorb the fees across the board and pass it along to all customers. Here is an example, a merchant accept CCs and has a contract to pay the processor a monthly flat fee, say $100 and then 3.5% on all transactions. He also decides to make it easier he will simply spread this cost amongst all customers instead of just a CC ones, a common practice. One particular item he buys wholesale for $45 and he decides if he can sell if for $75 he will offset his cost and make a profit. One of those costs is the CC processing fee. In this example the CC cost would be $2.62 for this particular purchase. So when he was figuring out his profit margins, that cost was taken into account and applied when he set the price. In simpler terms, the price of the item was set to $2.62 higher than the merchant would need to if he simply accepted cash or payments that didn't require a processing fee. So even when you believe you are getting a discount using your CC, this belief is false as you paid a higher hidden fee. All this really requires is a bit of common sense, as CC companies surely aren't in business to give money away. The rewards and discounts are more than offset by the fees, hidden or otherwise, that the users pay. |
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Hello I just signed up to your site. Username is: Za1ny Also, may I suggest you enable stronger passwords? I spend some time trying to get a password setup when registering, and the one I settled on I feel is very insecure. I would think people would be more comfortable with their accounts if they could have stronger password protections in place. A maximum of 14 characters with no special ones allowed is a bit weak in this day and age. |
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What about draw times? what is better? 1 week, 1 day, 1/hour?
I would think a site would have the most success with several formats. Not so many it becomes confusing, but you could start out with each of the ones you listed; hourly, daily, weekly. Hourly could be smaller pots and payouts, you would probably have to tweak it depending on number of entrants. The daily and weekly could be larger, even if the entry fee is the same or smaller than the hourly as you would have a longer period of time to acquire entry fees, or get more participants. So maybe say a 0.001 bet would payout 100/1 hour or 0.1 BTC, 1000/1 daily or 1 BTC, and 10,000/1 weekly or 10 BTC. This would be of course assuming you can get enough tickets sold to cover your payouts. I would think this would require a lot of tweaking until you had a stable player base you could make more accurate predictions with. |
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Or they could simply be protecting their brand and ensure any future litigation concerning someone trying to make a "Fidelitycoin" would go in their favor. It probably would anyway even without trademarking the coin name, so maybe a bit of both. Sorta like big companies will sometimes buy up domain names.
We will probably be seeing this type of behavior from all the big name financial players in the near future.
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Yep, no sense in day-trading, I mean just hold out for maybe $1,000 again in a year or maybe two, meanwhile $20 and $50 bills are flying past your window everyday. |
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People will need to make a habit out of *VIDEOTAPING* the opening of all their packages, if such scams start becoming widespread.
That way, you'd have proof that the box either contained nothing or did not contain the item you ordered.
Also, the reputation system should hopefully help you identify scammers before you order from them.
Well if the reputation system ever goes the way of eBay's, it will become worthless. You used to be able to identify scammers more easily on eBay, especially from buyers. Also as a frequent seller and buyer on eBay (over 2000 feedback), I have seen way more attempts of scamming from buyers than sellers. Actually, I do not think I ever have been outright scammed buying something, there were a few times I had to open a ticket with a seller, but all of them were resolved properly by the seller. I have have had maybe 30 tickets I was forced to deal with due to buyers claiming they did not get an item, or item not as described, with half of these outright deliberately trying to scam me and the other half at best not properly reading the description (i.e. expecting new when item clearly states used with any flaws described). If the item is of significant value, I would suggest videotaping as you describe, not only for buyer but the seller as well as they pack the item. Another option as a buyer, maybe even as a seller but I have never tried it, is to open the package in front of a witness, such as delivery person, or hold packages at the Post office, etc and open them in front of the counter person to witness if it is a empty box or rock, etc. I suppose a seller could have everything ready and finish packing/taping the box up in from said counter person and see if they would sign affidavit. Anyway, the point is scams can occur on both sides of the trade, so don't assume it is just sellers. |
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I actually am running this experiment right now as well, basically trying this out for fun. Shortly after my post here on the 20th, I decided to create a YoBit account to test the OP's theory and to see if I could get performance similar to what I wrote earlier: https://bitcointalk.org/index.php?topic=1126751.msg11928241#msg11928241I wanted to keep it realistic, meaning instead of just transferring .001 BTC in, I wanted to try and see what a person new to bitcoin with 0 invested would be able to do. I began by using my test account's YoBit BTC wallet address, I hit up faucets for two days (all I could stand) and of course hit all the free coin buttons on YoBit which contributed some additional dust. I managed to accumulate ~ 0.00036 btc before becoming brain numb from the mindless clicking on those stupid faucets. Doing the math that comes out to just about a penny..... Not looking real good for initial investment, but hey a start. Anyway, I then began looking at some coins on YoBit to invest in. Since my initial investment amount was miniscule, I only was looking at coins > 100 sat. I placed a few low-ball buy orders on a couple of coins that did not fill. At the time BIOS coin was newly released so I thought it may have some upside potential. I placed a buy order for 1440 BIOS coins which filled and I manged to snag some BIOS coins for 25 sat each. Figuring it would have some good upside potential, but wanting a fairly quick sell as in the OP, I figured a initial 5x profit potential was an good place to start. I placed a sell order for all the coins for 125 sat each and went to bed. The next morning which was the 24th, I was pleased (but not surprised) by sell order went through. I see BIOS actually spiked a bit higher, but I was still ok with 5x return. So far then my test account log looks like this: July 20 - Created account on YoBit and began hitting faucets - Ending Balance: ~ 3600 satoshis in BTC (only hit a few faucets before going to bed). July 21-22 - Hit various faucets including YoBit's free coins- Ending balance: 36,000 satoshis in BTC and some dust in other coins. July 23 - Hit a few more faucets which should be coming in, by now was I was sick of captchas so decided to start with the trading. Invested 36,000 sat into 1,440 BIOS coins @ 25 sat each. Note: I am not keeping track of fees at this point, as figuring extra dust and faucets will initially cover this. If the experiment gets to higher gains where fees are significant (> .001 BTC) I will start tracking those too, but for now this is easier. July 24 - My sell order of 1,440 BIOS coins for 125 satoshis filled. Researched other coins and not finding anything attractive decided to try BIOS again. It had dropped down to the 60 sat range so I placed low ball bid on 6,000 BIOS coins for 30 satoshi each. Balance now: 0.0018 BTC (180,000 satoshis). July 25th - My order has not yet filled. Canceled order and placed new buy order for 4285 BIOS coins at 42 sat each. If this doesn't fill I will look at other coins, but think BIOS still will have some volatility as it is new. I will update this as I go on. If I get some more profit I might even break it out in its own thread, but for now I would think it only of interest to people in here. NOTE: The reason my amounts seem so rounded (i.e. 3,600) is due the fact that I found what I consider the least annoying faucet that pays 1,200 sat every 15 minutes. I found it easier just to click this once in awhile throughout the day than keep track of many others that pay even worse and have more hoops to go through. My only other source is the YoBit exchange, which only awards 1 sat in BTC every 10 minutes and the free other coins which I don't have enough accumulated to trade yet. July 26 - After evaluating the YoBit coin selection and not finding too much interesting, I re-opened my buy order at 42 sat on BIOS. It filled yesterday, yea!? I now have 4285 BIOS coins I am looking to sell. I see the sell orders are ~50 and it looks like the spikes into the 100's are over, so I am setting a sell order at 84 sat, or a humble doubling. I will keep you posted, but so far I think I have dispelled any earn 1 BTC in a week simply from faucets. It could be argued my investment strategy is wanting, which I freely admit it is, but I did not see any mentions of being an expert trader in the OP, so I think the experiment is still valid. I will maybe let this run for 1 month and see how it goes. The volume on YoBit is pretty low, so if I can trade my investment up to a point where the transfer fees will not destroy it, I may move the amount to a different exchange with higher volumes. |
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I like this thread. Lots of hero members old school cryptonaughts
Well I am only a Jr. member, so it may sound a bit hyperbolic, but I have also noticed that the Vanillacoin thread is almost the complete opposite of most other alternative coin threads in that the more senior members are supportive while the newer members are the detractors. Normally for new coins, it seems a bunch of < 100 activity people are pumping it while the more senior forum members can see through the hype and see the coins for what they truly are, mostly junk. I am not sure how valid this observation will be concerning the future of Vanillacoin, but for people newer to the scene such as myself, we already missed the boat with BTC, LTC, and the other big names, so this seems like a good opportunity to get on-board with a up and coming rising star. |
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2. One would think they came up with a new currency system so theft could be prevented. No, BC gets stolen all the time. Why couldn't they "disable" the serial numbers of the currency that was stolen? Thats the kind of system that should have been designed. Ultimately I think this may prevent Bitcoin from being widely adopted. That doesn't mean it can't continue to exist as a niche system. But, the average person is willing to pay a certain amount, to a credit card for example, in order to be able to have customer support (i.e., insurance) in the event of theft. What makes you think that "the average person" (whoever that is) is willing to pay extra? I see constant examples (even here) where people have no idea how expensive credit cards are and how every customers pays more for every item in a store that is accepting credit card payments. On top of that people are constantly in pursuit of "free" services where the only price you pay is that the provider spies on you can sells the information to advertising companies. While its a perfectly fine way to finance something, I dont think most people using a service like google are aware of the price they pay. With all that being said I think bitcoin is actually capable of enabling a service to provide transparent insurance of your coins (for an extra ofc). E.g. some of the treasurers for the board secure a part of its funds for a fee. My credit card cost less then $10 a year. No fee when i use it. That $10 include an incurance from theft. Reduced prices in a lot of stores and chargeback in case of a seller not delivering. The bitcoin is the currency with extra payment. You are conveniently leaving out the 3-5% fee the credit card companies charge the merchants for accepting that piece of plastic. Why do you think some gas stations offer 3-4% discounts for cash, or cash equivalent users? You may not see the fee directly, but it sure as heck is passed on to you when the merchant if setting his prices. Even if they do not charge a noticeable fee or offer a cash discount, the CC fees are just spread out amongst all users, but in no way are they free or even cheap. |
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I dont like BitCoin for these reasons: 1. The whole idea that someone can turn on his computer/GPU and " bit mine" and earn money is ridiculous. People should earn money when they work hard for it. Turning on a computer and leaving it to run does not and should not count. This is a waste of electricity as well and therefore it causes greenhouse gases and has a carbon footprint.Obvious troll is obvious, but here goes... Agreed, computers should never be used for making money for no reason whatsoever. In fact, computers as a whole are just a waste of electricity. Things were was better back before we used computers for everything. I mean no electronic banking, it was nice when we had to wait in line to cash our paychecks on Friday. Then sit down and mail out checks for all our bills. Oh, if I wanted to take a trip during the weekend and forgot to get enough cash out on the weekend, I better hope the bank was open, cause of course no ATM's without computers wasting all that electricity. I mean those ATMs churning away all day for the handful of people that use them, what a waste. Don't forget about Wall Street or any financial services for that matter wasting all that electricity on their computers making money. 2. One would think they came up with a new currency system so theft could be prevented. No, BC gets stolen all the time. Why couldn't they "disable" the serial numbers of the currency that was stolen? Thats the kind of system that should have been designed. I know right. Why don't they disable those pesky serial numbers on my FRNs if I get mugged, or a bank gets robbed, or any money used for illicit activities. Why does my bank account get drained because Target or Home Depot had a breach. I mean these superior systems designed by the elite bankers should be fool proof, right? 3. BC is unstable. People lost a lot of money ( one tiny example; there are probably hundreds and thousands) and they did nothing wrong. A good modern currency should not have this defect. OMG, right I mean bitcoins is the only way people can lose money. Well there was the Madoff thing, oh and Enron, something about Charles Ponzi a long time ago, I am sure there were millions who lost and they did nothing wrong. It does have positive points which is why many people are using it but it would have been nice if it didnt have the above problems.
One would think if a new digital currency was created it wouldnt have issues like this. Computers and software are so powerful now. It should have been possible to design a currency with none of the issues above.
"Then dont use it" Or "Why dont you make your own currency system?"
These are not valid responses so they shouldnt be said here.
Yes, computers and software are indeed powerful, but the people who use them are still very much fallible and most, if not all, of the problems you indicated are due to that weakness more so than the technology. |
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I think it is much more then 5000. they are at least 7k, we have a confirmation from the owner of his old wallet https://www.youtube.com/watch?v=0tMXLDVpPs8however i changed my mind i don't really think that 3M, like many are emphasize strongly, are lost forever, while it's cool and all to reveal that you lost your money, perhaps in hope to become famous or something or to be more recognized telling to everyone that you have retrieved your coins back in some way(you remembered your passphrase, you found an old back up ecc...) it's more unlikely... WOW, the guy who sent $8k worth of BTC to the wrong address is the biggest idiot ever. I always check the address twice when paying for something.. I double check it always so i make the other party confused to check again the address that i want to re-check. I think these type of lost bitcoin should be solved but there is no way  Every bitcoin that is sent to wrong address is lost that to send to wrong adress happens in banks as well my friend i had lended her some money she sent into other account without confirm the account owner,banks allow to see for who we are sending the money ,bitcoin only shows adress soo yes must be sure and confirm more then once the adress to avoid confusion. But banks can charge the transaction back, and if not, they can ask the guy who got the money to send them back or just do some legal actions against him, if he refuses to return the money. BTC and a bank is something completely different and you can't compare it. Yes, one of the most important things that people will have to learn when Bitcoin gets massively adopted and when transacting with Bitcoin is to triple check, not just double check before they hit that send. Because once you hit send, you are at the mercy of the other side if you did a mistake by chance. You don't control anything no more. I always check the first two letters/numbers and the last 2 letters/numbers. Oh yea, exactly me! I do it too.. always check the first 2 and last 4, I think it's better like this.. I'm always scared if I didn't paste the address and deleted the last letter or something like this so I always check it.. I'm glad every time I send it good  I also do this on every transaction, even the small ones. But for larger purchases, which for sake of argument I will define as 1 BTC or more, I will actually spend a few moments of time to compare both addresses side by side checking each place value. I don't know if this method buys me anything more in the form of security, other than my own piece of mind. I am not sure how likely/unlikely it would be to have two addresses with same first 2 digits and last two digits. Probably not too uncommon as I believe every bitcoin starts with 1. |
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Thanks for the feedback, that is exactly the type information and opinions I was looking for. I will check out those links you two posted as I probably overlooked some of that. |
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