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221  Economy / Speculation / Re: Bitcoin is a bubble on: September 19, 2017, 04:33:10 PM
that's a very easy question to answer. bitcoin is a database, it's data. It is materially worthless. indeed, it's a cost. Gold you can use to manufacture goods, bitcoin you cannot.
This doesn't mean there isn't any merit in blockchain technology and bitcoin though.
222  Bitcoin / Bitcoin Discussion / Re: Chinese attempt to block all bitcoin transactions on: September 19, 2017, 04:29:49 PM
I doubt a single country, no matter how big, will cause major waves. It might actually open up some interesting opportunities if miners don't manage to move their operations overseas.
223  Other / Beginners & Help / Re: is there any easy way to buy and store bitcoin? on: September 19, 2017, 03:56:51 PM
There are some kind of crypto wallet I read about. It's unhackable I read. Others with knowledge about it can answer.

The Titanic is unsinkable.
224  Other / Beginners & Help / Re: is there any easy way to buy and store bitcoin? on: September 19, 2017, 03:52:51 PM
Something physical is not the mental approach you should be having towards cryptocurency.

What are your goals? Are you planning to buy hefty amounts, or just a few bucks' worth?
If you are looking to invest heavily, I would buy something like a TREZOR (a hardware wallet) which will keep your coins more secure. This WILL set you back over $100, so make sure it's worth it.
Otherwise, just use a lightweight wallet you trust. Electrum is a fairly good one IMHO.

Buying bitcoin can be as easy as dealing with a human being through a platform like localbitcoins, or as "complicated" as registering on an exchange that provides FIAT services, follow all KYC procedures, send a bank transfer, and buy coins from the exchange.

If you _do_ follow this path, do not store your coins on the exchange for the long-term. Always use a wallet that you can control, always encrypt your wallet, and always keep a physical handwritten copy of your recovery or private key. in a safe.

It's not rocket science, but you need to read around a bit, and try things out. practice makes perfect. don't practice on 15 grand at a time.
225  Economy / Speculation / Re: Can Bitcoin Prices Reach $5,000 Again Without China? on: September 19, 2017, 03:47:29 PM
sure, why not?

Heck, it can even reach $100 WITH China.

just play the market, wherever it goes.
226  Bitcoin / Bitcoin Discussion / Re: Why did you adopt Bitcoin - Ideology, Technology, Monetary on: September 19, 2017, 03:46:18 PM
It was essentially worthless when I started looking at it. Mining was orders of magnitude more expensive than rewarding. As an engineer and computer scientist, I found the technology fascinating. I'm passionate about economics, too, and it proposed some interesting ideas and questions regarding the established economic landscape.

So I gave it a shot. Not a big enough shot, I regret that to this day, but I also did not have any way of doing better at the time. Today, it's much of the same, but with a little more attention to the financial potential, making sure I reward myself every once in a while.
227  Economy / Speculation / Re: Bitcoin is a bubble on: September 19, 2017, 03:42:28 PM
Bitcoin isn't a currency, Bitcoin isn't a store of value, Bitcoin isn't worth anything.

Do we realize we live in a world where some people have bought cars and houses by selling childhood Pokemon card collections?

What bitcoin is or is not is wholly irrelevant. It currently has value, and is currently experiencing sustained growth. In the mid-term (5+ years) it has shown so far remarkable "stability" and has proven itself as a valid investment. This might stop tomorrow. It might stop in a years time. Or in 20.

If you are not an idiot, you can make money with bitcoin. If you are very smart, you can make a killing. This is true regardless of whether bitcoin is a bubble on the point of bursting, or if it's the second coming of Keynes. Be smart, be fiscally responsible, and have contingencies in place.

The rest is just manipulation and banter.
228  Bitcoin / Bitcoin Discussion / Re: would you live in a country that use bitcoin as official currency? on: September 19, 2017, 12:26:58 PM
There are transaction fees every time you use a credit or debit card, too. you just don't see them as they're "hidden" from the end customer.

Bitcoin fees are a bit of a problem, but one that can be overcome with technology. Good progress in that direction has been done already. Not to mention that pragmatic solutions could always be developed "IRL".

It would be interesting. Currently, it would have to be an extremely self-sufficient economy, as any reliance on foreign import in excess of exports would be trouble with such a volatile currency.

Big challenge, but I wouldn't mind trying it out. It would be much worse in developed countries with a stable economy, but in countries who are experiencing economic collapse, hyperinflation, etc it might be an interesting experiment.
229  Bitcoin / Bitcoin Discussion / Re: Why Bitcoin 'Crashes' Twice A Week on: September 19, 2017, 12:19:34 PM
that was probably the situation as of the moment the chart was built (as you see, it doesn't consider the correction finished, it goes up to sept. 13) On Sept. 13 that was about right. The bigger fall was Sept 15.

Moreover, you don't take the minimum at which one trade was done on one exchange, you use something like coinmarketcap's charts, an average of the markets.
230  Bitcoin / Bitcoin Discussion / Re: Who can destroy Bitcoin ? on: September 18, 2017, 09:57:21 PM
successful cryptanalitic attack on private keys, excessive mining monopoly, global internet shutdown (possibly), massive loss of interest.
231  Bitcoin / Bitcoin Discussion / Re: Javascript miner as a source of traffic revenue for websites? on: September 18, 2017, 09:53:03 PM
most people do not even remotely utilize their computational power, and this is a very good method for potentially boosting site revenue, however it must be explicit, and it must not enable itself when on battery-powered devices or when cpu load is above a certain threshold.
232  Bitcoin / Bitcoin Discussion / Re: John McAfee accidentally just revealed why Bitcoin is total fraud: Behold logic on: September 18, 2017, 09:49:31 PM
21 million "rapidly approaching" and "if price crashes mining disappears".
it's not even an half-assed attempt at a hit piece.
233  Bitcoin / Bitcoin Discussion / Re: How much of your financial assets are allocated in Bitcoins ? on: September 18, 2017, 08:19:08 PM
about 80%, but that's not the % of my money I put INTO BTC, it's what it's become over time through trading and deflation.
234  Bitcoin / Bitcoin Discussion / Re: Bitcoin needs to be worth $1,000,000 to be a legitimate currency on: September 18, 2017, 12:11:44 PM
The italian Lira was worth 1/1936.27th of a Euro, did that make it a non-legitimate currency?

100s of dollars are thousands of Yen, is the Yen a non-legitimate currency?

Value means very little, if dogecoin was more widely accepted than bitcoin, it would be the "better" currency.
235  Bitcoin / Bitcoin Discussion / Re: Most Expensive Thing You Bought With Bitcoin? on: September 18, 2017, 11:49:33 AM
Uhm, single objects it would have to be the Microsoft Surface Pro 4 brand new (not from MS store though), and a sealed box of Revised.
236  Bitcoin / Bitcoin Discussion / Re: Is btc mining still profitable or is it just a big cover-up scam? on: September 18, 2017, 08:36:58 AM
Mining is something _you_ do, it can never be a scam. Due diligence, as with any operation, makes the difference. That, and a profound understanding of the undertaking.

If you are not capable of explaining hash power, difficult, difficulty increase, average block generation time, different pool types, pool fees, uptime, etc. to a 12 year old then you shouldn't touch mining with a footpole. It's complicated, but a little maths can tell you what you need to break even. Electricity cost has a huge impact on your ability to make a profit.

keep in mind no mining breaks even in less than many months to a year, so be very careful how thin you stretch.
237  Bitcoin / Bitcoin Discussion / Re: Is there any disadvantages or advantages of receiving BTC as a payment? on: September 18, 2017, 01:40:29 AM
Well, as always these are complicated questions with very different answers, most of which can be valid for different people.

If you want to run a business as a retailer (or in general if you want to sell regularly) receiving payment in bitcoin, you can do it (though usually I'd suggest relying on a trusted intermediary platform if you don't have the skill required to maintain your own system--which you do not).

What you have to be careful about is how you manage your business, in particular your cashflow and capital. Considering Bitcoin is highly volatile and (in general) useless for purchasing stock, you need to make sure you are selling with a larger than minimal margin (compared to a regular seller), and you have to be diligent in liquidating incoming bitcoin as soon as they are earned. Now, you don't have to convert 100% of your revenue if your goal is to gamble on bitcoin's future growth, but you absolutely must convert right away whatever amount you need to cover your operating and stocking costs, plus whatever salary you need to survive.

Not easy, can be done. As with all business, it's up to you to make it succeed.
238  Bitcoin / Bitcoin Discussion / Re: China vs BTC? on: September 17, 2017, 10:49:24 PM
China is not banning bitcoin.

Wrong.  China is banning Bitcoin.  They are launching a full war on Bitcoin.  Stopping the ICOs and closing the exchanges is in effect 'banning Bitcoin'.  

not even close
239  Bitcoin / Bitcoin Discussion / Re: Bitcoin is the invention of the century! on: September 17, 2017, 12:14:45 PM
Quite shocking, but not very surprising, to see so many enamored with Bitcoin, which is a great innovation of course, but no where near being the "invention of the century".

If you want to look for "inventions of the century", look elsewhere. Medical research, for instance, has been running faster than ever. Bitcoin is great fun, but to the world it's nothing.
240  Bitcoin / Bitcoin Discussion / Re: If you have some BTCs, why not have some Gold too? on: September 17, 2017, 11:54:35 AM
When I see so many people claiming that crypto is liquid, I worry.
You're analyzing things with far too narrow a vision.

Liquidity has to be considered in worst-case scenario situations, not "if all stays like now".

Looking at the profitability of a store of value commodity like gold (and silver) is the wrong analysis. Those are meant to "lose you" less money than whatever catastrophe is forcing you to crack your piggybank.
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