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TowardLiberty
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Re: - anyone follow bitcoin?
Reply #30 - Aug 12th, 2017 at 3:00pm
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Vypr wrote on Aug 12th, 2017 at 2:56pm:
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.

Ah okay good to know. I'm planning on putting my portfolio together tomorrow and was hoping to get into Neo in a big way.
  

"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 #31 - Aug 12th, 2017 at 3:02pm
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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?


The coins can only be created through mining.

There is a finite number to be mined.

The energy is not wasted. It is used to update the blockchain. It validates the transactions across the network.

And your payment for that work is a coin.
  

"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 #32 - Aug 12th, 2017 at 3:03pm
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admin wrote on Aug 12th, 2017 at 2:52pm:
- 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?

Tether is a "coin"/token that trading houses use that is pegged to the US dollar. It allows trading back and forth between currencies and something that looks like dollars but you can't cash tether out. If you cash out your actual currency, you need to use GDAX/Coinbase or Gemini or another house that will let you sell BTC, ETH or LTC for dollars and wire transfer out to your bank. Note, you don't CURRENTLY have to pay taxes selling from one crypto to another but you do when you go to real dollars. There is a grey area on taxes if you instantly buy back into another coin from dollars, but get an accountant with some knowledge.
« Last Edit: Aug 12th, 2017 at 3:19pm by Vypr »  

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Re: - anyone follow bitcoin?
Reply #33 - Aug 12th, 2017 at 3:04pm
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- what about Ethereum ETH? $315
- what makes it good or not?
  

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Re: - anyone follow bitcoin?
Reply #34 - Aug 12th, 2017 at 3:07pm
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TowardLiberty wrote on Aug 12th, 2017 at 3:00pm:
Ah okay good to know. I'm planning on putting my portfolio together tomorrow and was hoping to get into Neo in a big way.

I just went into Neo at $30. I would have gone sooner but I didn't have a Bittrex verified account and I had that money tied up on Bitfinex. Funny, I finally bought BTC to transfer and made like $15K on BTC price appreciation during the period when it transferred from Bitfinex to my wallet to Bittrex.
  

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Re: - anyone follow bitcoin?
Reply #35 - Aug 12th, 2017 at 3:15pm
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admin wrote on Aug 12th, 2017 at 3:04pm:
- what about Ethereum ETH? $315
- what makes it good or not?

Eth is one of the core currencies. It enables smart contracts. Basically programmable currency. It's not a store of value like BTC but the main developer seems to be moving to limit the printing of the coins in the future which in turn would limit its inflationary side. ETH recently had a huge run-up due to currency demands for ICOs built on top of its network (went to around $415). That eth demand for ICOs nuked their network and then it stopped, so the demand crashed. That combined with the GDAX flash crash and a general bear market caused a big crash in ETH price. It went as low at $130 range I think then bounced back. Eth long term could go to $500+ but they have a lot of technical challenges to overcome. Because ETH is turing complete it is a hacker's dream. ETH has a hacking problem this way. In my opinion Neo is a better chance to make a big profit (Chinese version of ethereum) over the next 12 months but you need to get in soon.

Side note, keep in mind, if you are smart, all this volatility is how you get rich. Buy on the dips and you can double, triple or better your holdings.
« Last Edit: Aug 12th, 2017 at 3:38pm by Vypr »  

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Re: - anyone follow bitcoin?
Reply #36 - Aug 12th, 2017 at 3:35pm
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admin wrote on Aug 12th, 2017 at 2:52pm:
- what makes one coin better than another?
- how do you know what management? is good? - what do they do that makes one good?

The basic questions you ask to evaluate a project:
1. Is the basic concept original and do they have a solid use-case?
2. Is the use-case realizable or is it pie in the sky? I consider Sia coin, as an example, to be very cool but an example of something that will never work.
3. Do they have the technical skill to make it work? IOTA is a great concept and people made a killing recently investing in it, but long term I see their team lacks the major chops to succeed. IOTA in particular needs some major heavy hitters to realize their stated aims.
4. Do they have an org chart somewhere with skills and responsibilities laid out?
5. Do they have an active online community?
6. Do they have a WORKING wallet?
7. Do they have a published roadmap with dates?
8. If they are open source, what does that code repository look like? If its thin or weak, think twice.
9. What does the leadership look like? What is their background?
  

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Re: - anyone follow bitcoin?
Reply #37 - Aug 12th, 2017 at 3:41pm
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Vypr wrote on Aug 12th, 2017 at 3:35pm:
The basic questions you ask to evaluate a project:
1. Is the basic concept original and do they have a solid use-case?
2. Is the use-case realizable or is it pie in the sky? I consider Sia coin, as an example, to be very cool but an example of something that will never work.
3. Do they have the technical skill to make it work? IOTA is a great concept and people made a killing recently investing in it, but long term I see their team lacks the major chops to succeed. IOTA in particular needs some major heavy hitters to realize their stated aims.
4. Do they have an org chart somewhere with skills and responsibilities laid out?
5. Do they have an active online community?
6. Do they have a WORKING wallet?
7. Do they have a published roadmap with dates?
8. If they are open source, what does that code repository look like? If its thin or weak, think twice.
9. What does the leadership look like? What is their background?


I am still puzzled about the energy it consumes. Real money doesn't consume any energy, does it?
  

Non sequitur:

The Hamster is at it Again wrote on Mar 2nd, 2017 at 4:30am:
... that has less power than a hair dryer used by a eunuch.



Rabbit_Reborn wrote on Feb 5th, 2017 at 5:40pm:
...that makes me a moron.
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Re: - anyone follow bitcoin?
Reply #38 - Aug 12th, 2017 at 3:54pm
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BowHunter wrote on Aug 12th, 2017 at 3:41pm:
I am still puzzled about the energy it consumes. Real money doesn't consume any energy, does it?


Sure it does..

Gold and silver takes energy and resources to mine and purify.

Paper money takes energy to print and distribute.

And digital money like bank credits and credit cards take energy to process.


  

"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 #39 - Aug 12th, 2017 at 3:56pm
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TowardLiberty wrote on Aug 12th, 2017 at 3:54pm:
Sure it does..

Gold and silver takes energy and resources to mine and purify.

Paper money takes energy to print and distribute.

And digital money like bank credits and credit cards take energy to process.




But not when it's stored in a safe. It seems that bitcoin money consumes energy ALL THE TIME! Without it just disappears into nothingness.
  

Non sequitur:

The Hamster is at it Again wrote on Mar 2nd, 2017 at 4:30am:
... that has less power than a hair dryer used by a eunuch.



Rabbit_Reborn wrote on Feb 5th, 2017 at 5:40pm:
...that makes me a moron.
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