JayJuanGee
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Self-Custody is a right. Say no to"Non-custodial"
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September 24, 2017, 01:09:06 AM |
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I second that. BitCoin isn't like 'other' markets.
I can tell you from my experience ...
And I can tell you from experience that whatever you think you know about some canonical market is absolutely inapplicable here. That is nonsense , of course each market is different, but the principle of mean reversion always applies, especially to currencies. Have you ever thought about metacalfe's law? If you are trying to equate bitcoin with other currencies then you are going to be off base because bitcoin is way fucking early to be pigeon-holed like that.. and to act like it is same ole same ole. I didn;t know about Bitcoin in 2009, but I would guarantee you that I would have invested minimum 2500 EUR into BTC if I had known about it. I was always amazed by internet stuff, seeing Youtube, Google and FB grow suggested to me that any cryptocurrency would immediately have huge value.
So I have pretty good insights compared to other "experienced" traders.
Besides I wasn't in stocks or bonds, I was in real estate and agro land.
Yeah because you are amazing and able to predict better than anyone else because you are above average in everything... blah blah blah.. Why don't just communicate with the rest of us like you are a normal person rather than attempting imbue status upon yourself and to patronize the rest of us. Come on.. do it. Tell us what the fuck is going to happen, and give us reasons, rather than your lame-ass status as you frame as supposed material and relevant experience. Do it. Do it.
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Icygreen
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Activity: 1463
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September 24, 2017, 01:15:47 AM |
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Wow, can't even trust good ol' Morgan Freeman anymore. His eyes says he doesn't believe what he's saying IMHO. I cancelled my Trezor order when the hack was exposed to relinquish private keys and balances. Mostly because I travel a lot and I intend to carry a unit with me. If airport TSA or customs can access keys on the device, I no longer see the use in it. May prove to be true with other devices later but I ordered the Ledger nano s. Ships in October, ordered in early August = Bullish! Stop spreading FUD. Sorry you had to read through my.... FUD. I'ts my FUD and I do with it what I deem relevant. Thanks for the update on the Trezor. From what I had read and watched, it looked like a physical hack/backdoor dump. I didn't know the software patch solved the issue. I might still consider it a relevant concern for someone traveling often.
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profitgenerator212
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September 24, 2017, 01:19:36 AM |
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Have you ever thought about metacalfe's law? If you are trying to equate bitcoin with other currencies then you are going to be off base because bitcoin is way fucking early to be pigeon-holed like that.. and to act like it is same ole same ole.
Yeah and no market goes up forever. What goes up comes down. Being in this permabull/shill mentality is very wrong. It the same as those foolish traders before the 2008 crisis. Why don't just communicate with the rest of us like you are a normal person rather than attempting imbue status upon yourself and to patronize the rest of us.
I have already explained it, I wrote a few posts about it in my blog. I don't think this thread is the best place to explain it in detail. But I don't even care if you believe in me or not. I have put out my opinions, everyone does what he wants with them. I don't care if you lose or win money at this point. I know I will make money if the market goes down.
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ragnar0k
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September 24, 2017, 01:24:13 AM |
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What you are seeing below is a classic morning star on the daily chart indicating the start of a bullish trend. Combine that with 2 weekly red candles behind us and RSI hovering in the mid 40's and I believe I'm sounding like a seasoned technical analyst even though I don't know shit. I am however crossing my fingers for the new ATH to happen on Sept 27th That is indeed a morning star (I just looked it up on google XD)! Setting my alarms @JayJuanGee see? It's all a matter of perspective and I've learnt something new!
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BlindMayorBitcorn
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September 24, 2017, 01:25:13 AM |
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This is all going in my blog.
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bones261
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September 24, 2017, 01:49:12 AM |
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But I don't even care if you believe in me or not. I have put out my opinions, everyone does what he wants with them. I don't care if you lose or win money at this point. I know I will make money if the market goes down.
You really think that you can outmaneuver DCG and other whales? I certainly hope that you don't plan on margin shorting this shit. Rest assured, the whales will quietly close their shorts before you and then squeeze you out of your short to buy their expensive coins at the top of the next sucker's rally. Good luck trying to figure out this volatile and illiquid market, that can be manipulated at the whim of whales. These "whales" don't even need to have a billion USD in fiat/BTC. A few 10s of millions of USD worth should do the trick, if that.
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LewisPirenne
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September 24, 2017, 02:00:42 AM |
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The main thing that I worried about Trezor or Ledger Nano S is that custom officials around the world are going to wise up and start looking for them. Because they do have rather distinct look from your regular USBs.
Pretty much every countries in the world has currency amount restriction and reporting requirement at airport. If countries start to include Bitcoin into amount that you have to declare, having even 1 BTC in your hardware wallet could easily exceed those limit one day! Since most limit are around USD or EUR 10K max. BTC could easily reach USD or EUR 10K if it wants to.
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jojo69
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diamond-handed zealot
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September 24, 2017, 02:30:30 AM |
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Yeah and no market goes up forever. What goes up comes down. Being in this permabull/shill mentality is very wrong. It the same as those foolish traders before the 2008 crisis.
thing is, we have been hearing this EXACT same shit since the $32 "bubble" shit, I sold 100 BTC at, wait for it, $13 each, to "lock in" profits let's just say I am unlikely to listen to that kind of advise again
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cAPSLOCK
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Maybe the Mars is the future!
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September 24, 2017, 02:40:54 AM |
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The main thing that I worried about Trezor or Ledger Nano S is that custom officials around the world are going to wise up and start looking for them. Because they do have rather distinct look from your regular USBs.
Pretty much every countries in the world has currency amount restriction and reporting requirement at airport. If countries start to include Bitcoin into amount that you have to declare, having even 1 BTC in your hardware wallet could easily exceed those limit one day! Since most limit are around USD or EUR 10K max. BTC could easily reach USD or EUR 10K if it wants to.
The Ledger folks have thought of this. Their solution is interesting. https://ledger.groovehq.com/knowledge_base/topics/advanced-passphrase-optionsWHAT IS PLAUSIBLE DENIABILITY? In Nano S, "Plausible deniability" is a security feature to face the risk of being threatened and/or forced to give your PIN code. With this option, you will manage 2 PIN codes: First PIN code gives access to your main wallet, like a basic account with low amounts, to check daily payments. Second PIN code, linked to a specific passphrase you need to set up, opens an hidden account, for example to save large amounts, which will be used once in a while.
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NewWorldCoiner
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Saved you from a scam? Send me some BTC!
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September 24, 2017, 02:56:39 AM |
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Trezor has the same feature, dunno who was first but it's pretty cool.
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BlindMayorBitcorn
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September 24, 2017, 03:03:37 AM |
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Trezor has the same feature, dunno who was first but it's pretty cool.
Hidden Wallets Now that you know how passphrases work, we can “create” a few hidden wallets. Choose a few arbitrary passphrases, the actual number is up to you, and store a small amount of bitcoins (altcoins) in them. The quantity deposited in each passphrase-protected wallet is up to you, and will differ user-by-user, as all of us possess different amount of bitcoins. Let’s have a look at an example: Passphrase 1: [empty passphrase] 0.05 BTC Passphrase 2: correct-horse-battery-staple 0.10 BTC Passphrase 3: Brainy2$Mccoy$Tie6 Main Stash https://blog.trezor.io/hide-your-trezor-wallets-with-multiple-passphrases-f2e0834026eb
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LewisPirenne
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September 24, 2017, 03:11:23 AM |
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My thoughts originally was to have some kind of "chequing account" to give to muggers or custom officials who want to shake you down. But as soon as you get home, and it will probably take them at least hours if not days to crack your "real" passphrase, you use the paper wallet backup (of hardware wallet) or whatever option Trezor/Nano S offer you to tx away your real hoard of BTC from those thugs. Though it's conceivable that real thugs will know that there are multiple passphrases to access different accounts within those hardware wallets.
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JayJuanGee
Legendary
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Activity: 3878
Merit: 11037
Self-Custody is a right. Say no to"Non-custodial"
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September 24, 2017, 03:13:16 AM |
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Have you ever thought about metacalfe's law? If you are trying to equate bitcoin with other currencies then you are going to be off base because bitcoin is way fucking early to be pigeon-holed like that.. and to act like it is same ole same ole.
Yeah and no market goes up forever. What goes up comes down. Being in this permabull/shill mentality is very wrong. It the same as those foolish traders before the 2008 crisis. Don't be ridiculous. No one is saying that the market is going go up forever, even though we are currently in an upwards trajectory and currently in a bull market. Still way too fucking early to be saying that the bull market has come to an end, even though it could come to an end at any time... Why don't just communicate with the rest of us like you are a normal person rather than attempting imbue status upon yourself and to patronize the rest of us.
I have already explained it, I wrote a few posts about it in my blog. I don't think this thread is the best place to explain it in detail. There is such a thing as cut and paste, and there is also such a thing as explanation.. Apparently you are too good to attempt either one. But I don't even care if you believe in me or not. I have put out my opinions, everyone does what he wants with them. I don't care if you lose or win money at this point. I know I will make money if the market goes down.
You have asserted mere conclusions, and too bad for you to bet in only one direction (that is down), especially in an asset that has a lot of ongoing upwards price pressures and upwards potential. Later, several of us will likely be more than willing to give you our condolences for your quite likely upcoming loss... and maybe you are at a loss already because you have a lack of insightfulness regarding this innovation that they call the bitcoins.
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Torque
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September 24, 2017, 03:15:24 AM |
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So way back in 2013, I devised a little unscientific theory as a way to measure the growth of Bitcoin and thus it's supported price floor.
I didn't have an accurate way to measure the exact number of participants and accounts across the world, so I just used Coinbase as a reference.
I surmised that for each 5X multiple in number of accounts, the price would be supported at around a 10X from the last price floor.
In 2015, Coinbase had around 2M accounts, and the price floor was found ~$250/btc.
Now they have approximately 10M accounts, and the price floor probably sits around $2500/btc (a rough guess).
So to extrapolate, in order to reach a support of $25k/btc, Coinbase would need to hit around 50M accounts.
Can we do it in the next 2-3 years? I think it's possible. In 4-5 years I think it's a lock.
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Elwar
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Viva Ut Vivas
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September 24, 2017, 03:27:32 AM |
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The main thing that I worried about Trezor or Ledger Nano S is that custom officials around the world are going to wise up and start looking for them. Because they do have rather distinct look from your regular USBs.
Pretty much every countries in the world has currency amount restriction and reporting requirement at airport. If countries start to include Bitcoin into amount that you have to declare, having even 1 BTC in your hardware wallet could easily exceed those limit one day! Since most limit are around USD or EUR 10K max. BTC could easily reach USD or EUR 10K if it wants to.
I travel a lot and move to different countries at times with all of my belongings (a carry-on and backpack). I chose to use cryptosteel as my cold storage. I have several of them to split my coins up. Before moving to a new country the last time I went country hopping for a vacation before going to my new job. There was no way I was going to check in my cryptosteel and I was worried about anyone tampering with my cryptosteel so I wrapped them all into one block with a metallic tape. Of course this set off the security scan as I went through Dubai. I spent about 10 minutes with the security guard trying to show him that they were harmless plates of metal (finally unwrapping one of them). It didn't help that I have a full chemical suit with gas mask but that's another story. When I passed through Vietnam I made sure to have a picture of the cryptosteel on my phone and told the guy it was for my bitcoins. He just said "oh, bitcoins! cool" and let me go. I checked my bag when I passed through Thailand and was paranoid the whole time. I have a backup (somewhere in the world) and I have manipulated the private keys in such a way that even if someone was looking at them they would not have my private keys. But I still did not want to lose it. Relying on my backups would mean a lot of flights long flights.
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Romanknickl
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September 24, 2017, 03:31:09 AM |
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1st tweet...waves NEXT GEN 3rd tweet... whats the NG stand for? (Face plant in my keyboard) Anyway on topic... speaking of waves who bought the f*****g dip? sorry i was busy! It's a protocol , the Waves-NG protocol will make waves the fastes's world blockchain.! seriously guys that's amazing!!!!!!!! here is the proof: https://twitter.com/sasha35625best wishes
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Elwar
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Viva Ut Vivas
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September 24, 2017, 03:50:56 AM |
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So way back in 2013, I devised a little unscientific theory as a way to measure the growth of Bitcoin and thus it's supported price floor.
I didn't have an accurate way to measure the exact number of participants and accounts across the world, so I just used Coinbase as a reference.
I surmised that for each 5X multiple in number of accounts, the price would be supported at around a 10X from the last price floor.
In 2015, Coinbase had around 2M accounts, and the price floor was found ~$250/btc.
Now they have approximately 10M accounts, and the price floor probably sits around $2500/btc (a rough guess).
So to extrapolate, in order to reach a support of $25k/btc, Coinbase would need to hit around 50M accounts.
Can we do it in the next 2-3 years? I think it's possible. In 4-5 years I think it's a lock.
Seems legit. Personally I think we will move toward that $2500 in the next 6 months or so (maybe dipping below that due to paranoia/FUD) but work its way up toward those new huge numbers. The price did dip below $200/BTC but it was brief. I usually don't tell my friends to buy bitcoins but when the price was $225 I got on Facebook and said "buy now, trust me". I think maybe 1 or 2 people listened. Right now, even though I believe the price could go down over the course of the next year I just tell people that ask me...do you want to double your money by 2020? If so, buy bitcoins. But don't just buy to double your money, learn how to use it and spend it, save money on Amazon, don't pay exchange fees when you travel to another country, etc.
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Heater
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September 24, 2017, 04:03:45 AM |
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The price is now 3773, thanks to my new Wemos D1
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LewisPirenne
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September 24, 2017, 04:27:14 AM |
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Cryptosteel is nice in that you can "encrypt" the private key via some simple operation, e.g. change capitalization; shift alphabets, e.g. A to D, E to H, Z to C; or only to a few alphanumeric in the sequence based on something only you would know, e.g. grandma's birthday. The point is not to make the code unbreakable, but to buy you enough time so that once you get back to safety and have access to your paper wallet backup, you can tx away the hoard.
But the main problem is that losing Crytosteel to thugs would be even more dangerous than losing Trezor/Ledger Nano S. Since if the thugs have Electrum available, they can sweep the key right away and find out that something has been done to the key. Then it is going to be hard to talk one's way out of the mess.
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