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Very Hot Topic (More than 25 Replies) - anyone follow bitcoin? (Read 1,932 times)
Vypr
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Re: - anyone follow bitcoin?
Reply #20 - Aug 12th, 2017 at 1:36pm
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BowHunter wrote on Aug 12th, 2017 at 1:22pm:
How about either or both?

First the computer.

Unless the computer/ASIC/etc has advanced features that allow remote log-in at the BIOS level to reboot and diagnose remotely, I assume you are SOL until you get home from vacation. If its just a few days it is not the end of the world. If you are significantly invested in mining you have more than one miner and it won't matter. Make sure everything is up on UPS power supplies.

Bear markets in cryptocurrencies literally last days or weeks. Everything is accelerated. Where normal stock exchanges run during business hours and weekdays, the currency exchanges run 24/7. Typically, crashes are an opportunity to increase holdings.

The thing about the cryptomarket FOR NOW, is all the new money coming in tends to push value up for the main coins. Smaller coins will spike and drop and you can lose a lot of money, but if you park money in something like bitcoin, no matter how bad it drops, you will recover. At least, so far you will. At some point this opportunity will come to an end, but for now, at least into next year or two or three, you can make obscene profit. It's all risk/reward. Keep in mind, a lot of new money is now coming from Asia. It is exploding in popularity in Korea, China, and Japan.

In the end, a lot of the secondary coins will die IMO. There are just a few use cases that big slow blockchains really work for. That is store of value, some level of transactional activity (hence the BCash 8mb block battle), smart contracts and anonymity. The rest to me is pie in the sky in the long run. Anything not in that core is to me just a speculation tool for short-term profit. This is why NEO is interesting. It gets to be both, smart contract (and hence core use) and speculative growth because it is just getting going. Neo will be >$100 by year end and could easily be >$150 this year, assuming no black swans. The fact it is Chinese is only a plus in this case. The fact BCash is backed (semi-secretly) by the Chinese mining heavy weights is to me also a positive in favor of that coin.

If I was recommending, I would say some mix of Neo and BCash, trying to buy both on a dip. Park money into tether USD pretty soon if you want to buy the upcoming correction. Bitcoin will probably drop to $3.1/3.2K range shortly (but it could go to $4.2/4.4K range first, I think it will correct right after $4K...but what do I know). That BTC correction will take everything with it. You can see some of the alts are already in semi-correction mode (XMR, LTC, ETC, XRP, etc.).
« Last Edit: Aug 12th, 2017 at 2:20pm by Vypr »  

A rare moment of candid truth from NorthKoreanFrogmanInvasion(!!), aka ReeweeWittoBwain:   RWB wrote on Nov 15th, 2017 at 9:32am:
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BowHunter
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Re: - anyone follow bitcoin?
Reply #21 - Aug 12th, 2017 at 1:47pm
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Now a tougher question: What if the room where your computers are stored burns and everything is ruined?

What's your plan B? Insurances?

I am just being practical. Houses burn sometimes, don't they?
  

A clear conscience is usually the sign of a bad memory.
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Vypr
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Re: - anyone follow bitcoin?
Reply #22 - Aug 12th, 2017 at 1:52pm
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BowHunter wrote on Aug 12th, 2017 at 1:47pm:
Now a tougher question: What if the room where your computers are stored burns and everything is ruined?

What's your plan B? Insurances?

I am just being practical. Houses burn sometimes, don't they?

Get insurance. It's just computer hardware. Also, you can write off the hardware for your taxes. Note that mining proceeds are taxable, assuming you are an upstanding citizen and report it.

You can't insure lost "wages" from the miners. If you are depending on that, then you need to diversify and have more than one location or don't have a fire.  Wink

These miners will automatically deposit anything they mine into your electronic wallets anyway. Nothing is "kept" on the bitmain miners.

Keep your currency wallets backed-up offsite. Don't be the person that has everything on one computer and loses $500K in a fire because they didn't back up their keys.


Here's a fun read:
Big in Venezuela: Bitcoin Mining
https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/


Note, I don't mine. I just trade. More interesting for me and more profitable.
« Last Edit: Aug 12th, 2017 at 2:03pm by Vypr »  

A rare moment of candid truth from NorthKoreanFrogmanInvasion(!!), aka ReeweeWittoBwain:   RWB wrote on Nov 15th, 2017 at 9:32am:
Trump's an idiot everyone knows that
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Vypr
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Re: - anyone follow bitcoin?
Reply #23 - Aug 12th, 2017 at 2:09pm
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TowardLiberty wrote on Aug 12th, 2017 at 12:45pm:
Thanks Vypr!

I think I will park some in Bcash and Neo, as well as Omisego. On the fence when it comes to Monero. I like the idea but I am not sure it's going to move the way I want it to.

Also agreed on the ICO craze. That seems like mostly hype to me and I haven't spent the time doing the due diligence to know which are worthwhile.

FYI Da Hongfei of Neo has an article in Forbes:
https://www.forbes.com/sites/nikolaikuznetsov/2017/08/10/neo-co-founder-banks-on...

Neo is a good opportunity to make a lot of money over the next 12 to 18 months.
  

A rare moment of candid truth from NorthKoreanFrogmanInvasion(!!), aka ReeweeWittoBwain:   RWB wrote on Nov 15th, 2017 at 9:32am:
Trump's an idiot everyone knows that
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Re: - anyone follow bitcoin?
Reply #24 - Aug 12th, 2017 at 2:47pm
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BowHunter wrote on Aug 12th, 2017 at 1:15pm:
What do you do if there's a major malfunction?

Vypr gave a good general answer.

My personal answer is nothing. I am not hosting the miners. They will be at gigawatt's warehouse. And they handle the set up and maintenance.
  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
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Re: - anyone follow bitcoin?
Reply #25 - Aug 12th, 2017 at 2:52pm
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- what makes one coin better than another?
- how do you know what management? is good? - what do they do that makes one good?
- what does tether USD mean?
  

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Re: - anyone follow bitcoin?
Reply #26 - Aug 12th, 2017 at 2:54pm
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- doesn't it seem like a waste of energy? - why cant someone create coins without burning all that energy?
  

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Re: - anyone follow bitcoin?
Reply #27 - Aug 12th, 2017 at 2:56pm
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TowardLiberty wrote on Aug 12th, 2017 at 2:47pm:
Vypr gave a good general answer.

My personal answer is nothing. I am not hosting the miners. They will be at gigawatt's warehouse. And they handle the set up and maintenance.

I was wrong on Bittrex. They do have a tether pair for Neo, but the liquidity seems a bit low. If you try to move a lot of money back and forth you would have to do it slowly.
  

A rare moment of candid truth from NorthKoreanFrogmanInvasion(!!), aka ReeweeWittoBwain:   RWB wrote on Nov 15th, 2017 at 9:32am:
Trump's an idiot everyone knows that
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Re: - anyone follow bitcoin?
Reply #28 - Aug 12th, 2017 at 2:59pm
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- Bitcoin (BTC)
3899
  

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Re: - anyone follow bitcoin?
Reply #29 - Aug 12th, 2017 at 3:00pm
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admin wrote on Aug 12th, 2017 at 2:54pm:
- doesn't it seem like a waste of energy? - why cant someone create coins without burning all that energy?

Yeah, it's a huge amount of energy. Bitcoin and ethereum mining use up more electricity than some small countries. Some coins don't use proof of work (that's what uses the energy) and some are "pre-mined". Ether is moving to proof of stake. The key is how do you verify transactional and blockchain integrity and security. Bitcoin uses proof of work.

You really need to spend a few days and research the lingo and key concepts. Wikipedia can actually be pretty helpful. It will link you to everything.
  

A rare moment of candid truth from NorthKoreanFrogmanInvasion(!!), aka ReeweeWittoBwain:   RWB wrote on Nov 15th, 2017 at 9:32am:
Trump's an idiot everyone knows that
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