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803
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Economy / Economics / Re: Can we totally eliminate all the banks in this world?
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on: September 26, 2017, 05:52:52 PM
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Under what legal rational can the U.S. government close my bitcoin business? They can't. Of course if you live under a tyrannical government then anything is possible. Singapore has a lot of crazy laws. Even chewing gum is illegal. But in the civilized world there is no way to do this. So let Singapore do what they will. It will only hurt them in the long run. |
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805
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Economy / Gambling discussion / Re: Is betting a good choice for a newbie?
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on: September 26, 2017, 01:52:16 PM
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Let me answer it this way...
If you give me some bitcoin there is a chance, not a probability but a chance, that I will give it back. There is an even smaller chance that I will give you more than you gave me.
Now does this seem like a good idea? Doesn't it seem like a better idea to have spent your bitcoin and received something in return?
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806
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Bitcoin / Bitcoin Discussion / Re: How to Become A Bitcoin Expert
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on: September 26, 2017, 01:46:41 PM
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Expert in what exactly? This is an unprecedented social experiment. As such nobody is in a position of knowing what will happen. You can become an expert in the code, but it will not help much in predicting the future. Most bitcoin experts I have seen are just experts in bullshit.
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807
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Economy / Economics / Re: £500 to spend, on Ether or Bitcoin?
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on: September 25, 2017, 03:11:36 PM
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You may want to go with what you know. Bitcoin is money, that's easy. ETH are tokens for structuring smart contracts. If you are unable to create smart contracts then ether may not be a good idea because you may not know what you have.
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808
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Bitcoin / Bitcoin Discussion / Re: why do governments don't make BTC illegal worldwide ?
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on: September 25, 2017, 03:03:59 PM
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On what legal grounds?
Maybe in a totalitarian communist regime bitcoin can be made illegal, but in the free world a legal case would need to be made. I have never heard one, have you?
You don't need to live in a totalitarian and communist regime to experience banning of something. In EU for example, laws have been voted to ban glyphosate (Monsanto Roundup) use for example. In some countries of the free world some gov's plan to make the use of a bicycle with helmet illegal so why not BTC ? If a government judges it as a tool for money laundering they can decide to vote a law to make its use illegal. Your examples all have sound reasoning and legal justification. Round-up should be banned. It is unproven technology that could have devastating effects on the future of all plants. A bicycle helmet is required to ride the bike paths and roads where I live. Why? Because the government owns the roads and as such they can make rules to keep the roads safe. As for money laundering, that is already against the law and the gov can do whatever it needs to to stop money laundering, but not just ban bitcoin because it COULD be used that way. Just as the gov can't ban baseball bats because they could be used to beat children. Maybe not all of them, but legitimate governments need a reason to ban something. |
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810
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Bitcoin / Bitcoin Discussion / Re: Why does China hate Bitcoin?
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on: September 25, 2017, 01:58:12 PM
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Because they are acting in a logical manor? It has nothing to do with love or hate. Is China going to allow tax evasion and capitol flight? Is China going to act legally when they see scams like ICOs? Is a totalitarian communist regime going to want to control the money?  Where is the surprise here? |
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811
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Bitcoin / Legal / Re: Bitcoins and Tax
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on: September 25, 2017, 01:51:35 PM
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Some notes on Tax confusion. I think this is all correct. Long term capitol gains apply to coins held over a year. It is one of the cheapest taxes available. It is half that of income, which is 30-35%. If the price goes down you can actually CLAIM A LOSS on your taxes. There is legislation pending in the U.S. that will eliminate the tax on bitcoin purchases under $600. For trading you will want to use some of the tax calculating software. Trading any currency is hard. In fact this is easy compared to trading fiat currencies. Welcome to global markets! You can use FIFO, but you could also go with LIFO. However, whatever you start with you must continue to use. http://www.diffen.com/difference/FIFO_vs_LIFO
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813
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Bitcoin / Bitcoin Discussion / Re: Are you a True Believer?
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on: September 20, 2017, 04:27:00 PM
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I have used bitcoin since 2010 without any regard for drama or the price. It is the only money I need and I ain't going back. I deliberately worked on my credit score until it said "Unscoreable". Which is my official credit score, lol. I've opted out of bank money to the extent I can.
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816
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Other / Beginners & Help / Re: Any recommendations for 'newbie' trading courses, please?
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on: September 20, 2017, 02:39:10 PM
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My recommendation is that you save your money. Do not delude yourself into thinking someone has the answer to your questions.
Create an account at a licensed exchange in your country.
Fund it with money you can lose by linking to your bank account.
Keep careful records for tax reasons. Yes you are being watched.
Don't waste your time with faucets or get involved with scams (most any offer here is a scam).
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817
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Bitcoin / Bitcoin Discussion / Re: Question of Bitcoin Price Change
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on: September 20, 2017, 02:09:48 PM
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Ultimately it comes down to the activities of bitcoin users who are buying and selling. There is no "price" of bitcoin. The prices you see listed on websites is normally an average of current prices being paid. You or I might want $10,000 per coin. However no one is going to pay that when others are selling lower.
This average price is constantly changing and can have large swings when lots of people want bitcoin, or want to sell bitcoin. Commodities like gold behave similarly.
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818
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Bitcoin / Bitcoin Discussion / Re: This guy
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on: September 20, 2017, 01:56:25 PM
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I hope the haters understand that they had a chance to buy during the crash. My guess is they will be upset that a few of us bought up their panic sells and will make insane profits when the dust settles.
If you want to be profitable there are lots of stratigies. IMO, the best one for bitcoin is to run counter-market. That means buying when the charts are all red and selling when they are all green.
The good news is, the haters will no longer try their luck trying to time the market, because chances are you will lose compared to simply buying and holding, and taking advantage of every dip for accumulation, that's what smart people that will be rich as fuck in 10 years are doing now. Im glad to see all these millennial are starting to understand the importance of BTC and are following this strategy. Haters that got burned on a short will guaranteed no longer try to short bitcoin ever again. Those people who have bought bitcoins during the dip are definitely going to be rich sooner or later. Lucky people indeed and those who sold out their bitcoins during dip can be pity only. I don't know what will be the next move of haters but I am sure smart people are now going to hold on. I hope this is being learned without too much financial pain. I can understand being timid in markets when this is all new to people. But you have to be disciplined and make judgments based on math not emotions. You must lead markets not follow them. So forget what others are saying about conspiracies or rumors. Place bets you can lose based on facts rather than opinions, and remember the SAS motto - Who dares wins! |
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819
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Economy / Speculation / Re: LOWEST PRICE BITCOIN WILL GET TO
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on: September 20, 2017, 01:46:26 PM
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the only reason why it will drop that low is when other coins cope up destroy Bitcoin and took over its place as the King.
Bitcoin can't get surpassed in any shape or form. Yes, there are altcoins offering faster confirmations. Yes, there are altcoins offering cheaper confirmations. Yes, there are altcoins offering privacy centric features. This all means absolutely nothing for Bitcoin - despite all of the mentioned benefits that altcoins enjoy, people want just one thing, and that's the original and most secure network, which happens to be Bitcoin. Nothing in the world can change this. Another thing to point out is that a lot people look at altcoins having faster and cheaper confirmations, but that's mainly due to the fact that they barely enjoy any actual network usage. Just look at what happened with Ethereum at the time it had to handle a whole lot of usage - its network suffered big time, and fees shot up like a rocket, and that while Ethereum was fast and cheap according to people. I agree. So many people think some alt is going to replace bitcoin. Why? That question is never considered. Most alts are outright scams. Others are trying to solve a nonexistent "problem". It could be that miners aren't paid enough. Or banks can't control bitcoin. Or it's too slow. People who do not understand bitcoin think this sounds good but are not in a position to see what this means for the system. For example it is super easy to speed up Tx times, just do less security. Of course your coins are more at risk and the system is weakened. Is that a solution? Alts come and go. But the actual, original, idea is bitcoin and no wanabe coin is going to cut it for me. I only want bitcoin. The rest are mindless coupons, IMO. |
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