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Showing 18 of 18 results by Horace_Damico
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Board Bitcoin Discussion
Re: Bitcoin is worth more use of gold?
by
Horace_Damico
on 23/08/2018, 05:51:41 UTC
bitcoin and gold should not even be compared to each other because they are two different things, comparing them is comparing apples and oranges. bitcoin is a decentralized and global currency while gold is just a metal that has a high value and despite being used as a currency once it is not a good one at it and it is  not global because of its physical form.
The value of the gold nd the bitcoin are only the same in terms of usage. The bitcoin are very important in this induatry because this is the main foundtion of all cryptocurrency all over the world. The gold are need to make an expensive things or sometimes it is used to buy things too. It only depends where it is used.

Another commonly overlooked point. Gold still has industrial value that will never go away. The computer that you type your responses to this forum on is loaded with gold connectors and parts. Jewellery will always play an important role in societies, especially eastern ones, as a sign of wealth. Gold still has utility and symbolic use that will always exist.

Bitcoin is of course more practical in terms of exchange, but only for those who have already accepted it. Those who are unaware of how bitcoin works are not very interested in it because they are slow to trust "invisible" money.
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Board Bitcoin Discussion
Re: Bitcoin is worth more use of gold?
by
Horace_Damico
on 22/08/2018, 07:22:02 UTC
Gold did not die, gold has a rich history as well as a financial instrument and asset. Why was gold so? Because people believed in him, just as faith in bitcoin is being born now.
But let's remember why countries at the end of the last century abandoned the gold standard. Does anyone remember?
The reasons were as follows: the complexity of moving large sums, the complexity of issuing emissions, the possibility of losing a resource.
And here bitcoin solves 1 and 3 problem. Excellence on the face. Now we need to wait patiently, when the whole world recognizes the importance of electronic currencies.

True, gold still has a role to play in the finance world and probably always will. I wouldn't be expecting a gold standard to be restored anytime soon nor a widespread adoption in the case of a financial apocalypse, but I guarantee people will still be collecting and trading gold as a store of wealth. It's just not practical enough for daily transactions though.

Bitcoin is well on its way to solving these problems. We just need improvements in the transaction cost and speed (and efficiency in terms of electricity, a big problem until we do away with fossil fuels). Once that happens it will be more useful and appealing to investors.
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Board Bitcoin Discussion
Re: NEWS Venezuela plans to create a cryptocurrency Central Bank
by
Horace_Damico
on 20/08/2018, 21:57:33 UTC
Yeah, but this test would be void if the dummy is already blown apart at a molecular level.
Maybe they were already observing Venezuelan economy silently long before it was blown apart. If they are then this test would not be void since they have already gathered a lot of useful data.

The conspiracy theory proposed was saying that they would experiment on how a crypto would influence a falling country. So based on that, the experiment is void if the country is blown apart before you manage to introduce a cryptocurrency

No, not necessarily. The crypto could be introduced either before, during or after the crisis, but that's not the point. The point is how people react to the crypto, and how willing or hesitant they are to adopt it. It's perception management.

Sure, they could just digitize a currency and try the same thing. But the difference between a digital currency and a crypto comes back to again the perception of the people. No one trusts the government nor the bank right now in Venezuela so they need an alternative. Establish an alternative the operates on the same level as bitcoin (at least to the layman) and they'll abandon the one that doesn't have a government guarantee.
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Board Bitcoin Discussion
Re: Why Bitcoin is better than banknotes
by
Horace_Damico
on 19/08/2018, 20:26:08 UTC
The infographic shows the 10 most popular banknotes worldwide with its anti-counterfeiting security.
There are thousands of million dollars counterfeit circulating worldwide. Just in The US the FED said 7.3 We conclude that the total value of counterfeits in circulation at any moment is approximately $70 million or about one note in 10,000, and is highly unlikely to exceed
$200 million, or about 2.5 in 10,000.


it's costly for the society (more regulations, more resources to deter, individual or business accepting it accidentally >direct loss,...) Counterfeit money exists since the Ancient Rome at least, and it can destroy a government and its economy. Even the Nazis were counterfeiting the USD and GBP (Operation Bernhard) If only 1% of your circulating currency is fake your government is out. It can't borrow money anymore, business will stop to accept the currency, and since it's the only one, then the economy will be dead.

Do you know how many Bitcoin has ever been counterfeited since10 years? ZERO !



And what about exchange hacks? How many fiat exchanges have been hacked in however long they've existed?

My point is that there will always be fakers, counterfeiters, scammers, and cheaters of every kind. It doesn't matter if we're talking about dollars, bitcoin, gold, pashmina, or walrus tusks. People know how to find shortcuts, and they will always find them. Make something forbidden, and they'll do it even quicker.

Bitcoin definitely is more secure than fiat. It's not perfect, but it's a step up.
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Board Bitcoin Discussion
Re: Psychology when entering the Cryptocurrency market.
by
Horace_Damico
on 17/08/2018, 14:38:02 UTC
I want to add that you must be calm at all times and learn to learn the market cycle. It seems like for example we can be near the point of capitulation or below since All-Time High in January. How much lower we will go or how long we will stay here is another question. You must be steadfast and patient if you enter the crypto game and don't listen to hype or fud.
Do your research and always be ready before entering the market, we need to point out that the market will continue to sway, there's both buyers and sellers who are present inside the exchange people who knows how to work out with this system always finds advantages, if they seen good opportunities they will grab it right away that's how important being ready as they can adjust whatever directions the market will run.

Yes exactly, because we don't notice how important confidence in our knowledge really is. We should trust our ability to make rational decisions if we want to be successful in trading. The way we see the market is shaped by the way we see ourselves.

We trade only the things that we see. That's why it is important not to depend on other people's opinions. How do you know exactly what they mean, anyway? These opinions of the market must be formed for each individual in order to be strong.
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Board Bitcoin Discussion
Re: NEWS Venezuela plans to create a cryptocurrency Central Bank
by
Horace_Damico
on 16/08/2018, 20:45:20 UTC
The national Assembly of Venezuela is preparing a reform of the country's Constitution, which provides for the creation of a crypto-currency Central Bank. It will be “the Central Bank" with its functions in exchange, monetary and financial policy, and the Central Bank will be involved.  In Venezuela, from August 20, a new denominated currency will enter into circulation — the Sovereign Bolivar (Bolivar Soberano), tied to the national crypto currency Petro. On Monday, the country's President Nicolas Maduro (Nicolás Maduro) said that the country will begin to operate a new system of wages and prices, also tied to Petro.

I'm afraid this move might just backfire for both Venezuela and cryptocurrencies in general. Launching your own crypto, to salvage your crippled economy does not seem a very sound measure.
Secondly other developed countries, might just see this as a dirty trick to by pass trade laws, thus damaging bitcoin's image.

Yeah the IMF might look at this as an attempt to walk out on their debt. I guarantee someone will come in and clamp down on it somehow. Maybe they'll establish a form of tracking system for transactions.

What if Venezuela is a test pilot for the world economy? A crash dummy to see how hard it is to destroy an economy with hyperinflation and massive amounts of debt before "rescuing" it with a new form of currency... one that will, of course, be closely monitored by the government and strictly prohibit any "leakage" in the form of unclaimed income.

This could be the next step towards tighter monetary controls. We have it quite easy right now if you think of it, and the old weapons of devaluation and inflation don't seem to be working so well for governments.
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Board Bitcoin Discussion
Re: Psychology when entering the Cryptocurrency market.
by
Horace_Damico
on 15/08/2018, 06:14:59 UTC
Yeah but don't just charge carelessly into the market without any considerations for the downside risks. Sure, don't be afraid to take risks is important advice here but also be aware of your risks. How much can you risk? How much can you lose? It's about careful control of your position sizing that matters most. Don't put too much in or you could be hurting real bad when things aren't working out and you've got to pay for rent. Take it slowly, and one step at a time to reach success.
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Board Economics
Re: Does Bitcoin affect world trade?
by
Horace_Damico
on 13/08/2018, 15:12:25 UTC
Is there a role for Bitcoin in international trade? Have you heard of a trade between two countries?
And will it be in the future?
Of course there is the role of Bitcoin in international trade. Because there are several countries that work together to make shares in the country. If trade between countries is interrelated, there will be cooperation between the two countries.

At this point though, it isn't happening. The dollar is still the unit of exchange for most countries (but I don't think it will be for long). Russia and China are already moving away from it.

Bitcoin's market cap isn't big enough to be a factor in world trade. It's only about $41 billion, whereas physical money is $31 trillion. So there's plenty of room to grow. This means that it cannot influence world trade, but it might be able to in the future. It is a useful enough tool, so more and more countries will want to start using it.
Why do you say Russia and China have moved away from him.
While Saxo Bank said that if Russia and China start implementing Bitcoin as a currency other than the US dollar, then the price of Bitcoin can be ascertained to triple from 700 US dollars / Bitcoin to 2,100 US dollars / Bitcoin.

I meant that Russia and China are moving away from the dollar. They're trying to do trade in their own currencies and are switching their reserve currencies to gold. By selling off the dollar they are signalling that it's not that valuable anymore. Strangely enough, the IMF has also been talking down the dollar as a reserve currency and may have plans in store for a "one world" currency, which might be an imitation of crypto.

Certainly, if Russia and China started using bitcoin then it would increase in value, but I'm not sure it's in their best interests to do so. They'd probably want to establish something of their own as a centralized currency so they could have better control over it.
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Board Speculation
Re: BTC holding it's own trend?
by
Horace_Damico
on 11/08/2018, 06:58:38 UTC
Watching the markets closely and I find it interesting that while BTC has been trending up slightly over the past week, the majority of other alts are down or just wavering...could this be why BTC is trending up? Everyone is focusing on that? I thought it was interesting as normally we see everything move in tandem together but this time I'm not sure whether to invest in any alts given they seem to be going their own way...

Actually pretty good question but a never ending one as there is no fixed link even between the oldest of the alt coins and Bitcoin, its all in the minds and I guess usage of the participants spread over crypto.

So last year we had the BTC blockchain split happening and people wanted to hold BTC for that duration and also there was a large influence on alt coins prices rising quite alot as alternatives to BTC.

This year I see the main feature as being that BTC has fixed the order in its own house and reduced transaction fees dramatically.  If alt coins have one person its to easily and cheaply pass value which BTC is already doing quite well hence maybe leading to the lower prices.    Genuine innovation and use is required to justify pricing long term


Yeah, it's really hard to form patterns when there's really so little history to look at. People have talked about alt season but there's really only been one big one that culminated around Bitcoin's ATH - most alts have simply not been around long enough to really see discernible patterns emerge.

By that same definition, Bitcoin has always held its own trend. There's no other coin it follows. Rather than rely on the cryptomarket, it's the entire crypto market that gets pulled along by Bitcoin. Of course, the way it spiked and then dropped over the past month was largely a move alts didn't immediately follow, but it still generally gave momentum.

I'd agree with that. Bitcoin has clearly carved out its own path but the altcoins just like to imitate it whenever possible. The usability of Bitcoin makes it more attractive to regular investors and that's why it tends to follow its own trend. Altcoins might follow too, but they won't keep up for long.

It's also hard to see where crypto is going because of that lack of data. Try looking at a weekly or monthly chart and you'll be scratching your head. The only info you have are the past few candlesticks because there's no long term trend. We can only look at short term trend lines on hourly and daily charts.
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Board Economics
Re: Does Bitcoin affect world trade?
by
Horace_Damico
on 06/08/2018, 06:38:51 UTC
Is there a role for Bitcoin in international trade? Have you heard of a trade between two countries?
And will it be in the future?
Of course there is the role of Bitcoin in international trade. Because there are several countries that work together to make shares in the country. If trade between countries is interrelated, there will be cooperation between the two countries.

At this point though, it isn't happening. The dollar is still the unit of exchange for most countries (but I don't think it will be for long). Russia and China are already moving away from it.

Bitcoin's market cap isn't big enough to be a factor in world trade. It's only about $41 billion, whereas physical money is $31 trillion. So there's plenty of room to grow. This means that it cannot influence world trade, but it might be able to in the future. It is a useful enough tool, so more and more countries will want to start using it.
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Board Economics
Re: Facebook now joining btc?
by
Horace_Damico
on 05/08/2018, 07:17:42 UTC
Is this a good time for Facebook to try new kinds of stuff. Facebook owner Mark Zuckerberg has become the world's third richest man in the world and he has achieved all that just because of technology and a right idea, So do you guys think he will now at least think about experimenting to take bitcoin as a payment method in facebook. I think that will surely change a lot of people's mind around the world and they can freely put some money on facebook business.

Why would zuckerberg consider accepting bitcoin as mode of payments when he is considering having hes own cryptocurrency?and why he should be investing in crypto while he has own cryprocoin?

No mate this is impossible and will never happen in the future ,and besides we dont need this to our community because nowadays lots of social media platforms are getting popular and sooner facebook will be out of the scene

Yeah Facebook can move along as far as I'm concerned. They've got no value in their product anymore other than selling information to the NSA. It's always been a matter of perceived value being higher than intrinsic value, and that's the only reason why people came running to it in the first place. Now most people who use it only use it to stay in touch with friends. They don't believe the bullshit ads that are targeted by spying on you, because they know they're being spied on.

Also heard a rumor Facebook was considering a dating service... they must be getting desperate these days
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Board Bitcoin Discussion
Re: Your investment strategy?
by
Horace_Damico
on 04/08/2018, 07:47:57 UTC
I'd be more patient and more careful in this type of environment. When there's a lot of uncertainty about, price action can be quite choppy. Choppy price action is dangerous because it never seems to be going your way. It will whipsaw up and down, back and forth, but it won't choose a direction for a long time.

This is something that I tend to avoid completely if I can, or just buy when it's low and hold on for a while. I focus on other markets that have more direction behind them if I can. I'm still a bit uncertain about how to choose altcoins effectively, but it's something that I'd like to learn. Flexibility and adaptability is probably the most important part of trading.
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Board Speculation
Re: BTC holding it's own trend?
by
Horace_Damico
on 03/08/2018, 08:27:19 UTC
Watching the markets closely and I find it interesting that while BTC has been trending up slightly over the past week, the majority of other alts are down or just wavering...could this be why BTC is trending up? Everyone is focusing on that? I thought it was interesting as normally we see everything move in tandem together but this time I'm not sure whether to invest in any alts given they seem to be going their own way...
There is also a lot of alts that is good for investment. At the moment bitcoin is good for a short investment. Why? Because the price is not stable, it decreasing at any moment then after that it increases.

you can never say an altcoin is a better investment than bitcoin at any time under any circumstances because if you think bitcoin has unstable price then you already know that altcoins are at least 10 times more unstable. so if your criteria for a good investment is to be stable then you shouldn't even go near altcoins.
not to mention that technically a good investment is something that has lower risk but higher reward. in case of altcoins the risk is extremely high because they are not only not-stable but also they are heavily manipulated which makes them even more unpredictable.

Yeah the thing that worries me the most about altcoins is how easily they can be stomped out if someone wants to either hack or short them. It doesn't take much money to acquire 51% of an altcoin and then shut it down. Whereas Bitcoin is much more resilient to these risks. It's firm enough to stand on its own two feet and not get pushed around by manipulators.

It looks like it's pushing back into its downtrend though. That 7500 level is where it broke up above the downtrend it had established, and now it's back through on the negative side... hopefully not for long
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Board Altcoin Discussion
Re: Characteristics of Successful ICO
by
Horace_Damico
on 02/08/2018, 07:52:22 UTC
The points you mentioned here is spot on. However, due to the current status of the market, it is really hard to move your funds to an ICO which is still yet to prove themselves. Although, this is also a good time to invest on those emerging ones. It is just a gamble and might need your due diligence in doing research to see if the investment is worthwhile.


Successful ICOS usually have a great team members. A good and a reliable ICO always offers thoroughly elaborated stages of development and financing, goals. It is very important that the project goals should be realistic and shouldn’t contradict the general tasks of the project. We should avoid being fooled by a scam ICOs that only after personal interest.

That's the main thing here to be aware of. The team is the group of people who will be working hard to make your nice new coin worth its two cents once it launches, so that the general public can trust it and consider investing in it. That's why it's important to be able to rely on these people and trust them. Look at their track records, history, experience, profiles, even pictures, and ask yourself, "would I trust these people with my money?"

That's what reliability means when it comes down to investing. Not so much relying on the product, but the people themselves.
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Board Beginners & Help
Re: Looking for a job that pays bitcoin
by
Horace_Damico
on 01/08/2018, 08:41:17 UTC
Like mentioned above, there are lots of resources to find work available, even on this forum. The best thing to do is to do what you are good at and then find people that are willing to pay for your skills in bitcoin.

Any freelance position could potentially pay in bitcoin. Nowadays it's getting harder and harder to send money in and out of certain countries, so a lot of employers are using bitcoin. It also can help them to keep the books balanced in their favor or avoid a papertrail. But no matter what, there's someone who will need your skills.
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Board Speculation
Re: Bitcoin price stabilizes?
by
Horace_Damico
on 31/07/2018, 08:22:03 UTC
Bitcoin fell 70% from 19500$ peak and negative headlines had wiped out billions in value in cryptocurrencies,
But top U.S. regulators testifying before a Senate committee called for greater oversight, without proposing industry-killing measures.
That was something different from crackdown on crypto that hapened in asia, and created picture of stable asset from Bitcoin.
That news gave enough positive momentum for traders to continue investing in cryptocurrencie market and Bitcoin, and returned more than
100 billion $ back in crypto market, as we can see in the last week.

Something that can give us a little more volatility in price is Chinese New Year celebrations for the Year of the Dog begin in China
and follow across much of Asia, including Hong Kong, Taiwan, Singapore, Malaysia and Indonesia.
Chinese mainland markets are closed Feb. 15-21.

Quiet a shocking scenario which we do least anticipated that billions been taking out on the entire marketcap which do lead up on sudden decline of crypto prices due to these fundamentals but I would say bitcoins price is never been stable but somehow it is on a calm phase where it do moves its price on smaller scales on a short period of time.I do have still the view that after those upcoming events or holidays in Asia price might recover but no one really knows.

Another factor at that time of the year is the capital outflows from China. The Chinese are allowed only a certain amount of money each year (about $10k or so I think) by their government, and they tend to use a lot of this at the beginning. They send that out to USD, gold, houses in Vancouver, etc.

Now that it's the second half of the year and the Yuan is quickly slipping into the abyss, I think they are finding other ways to protect their capital. Bitcoin. That's probably why we've seen that recent bounce in that last few weeks.
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Board Speculation
Re: BTC holding it's own trend?
by
Horace_Damico
on 30/07/2018, 07:24:29 UTC
Money flows from alts to BTC because of ETF expectations. Didnt check marketcap but i assume it didnt significaly get bigger.

Crypto market is reversing slowly and people are starting to loose paitince there is FOMO kicking in and we shall soon see bullrun.

ETF is sheduled for i think 25 september, its not on 10 august! So market have enought time to prepare for bull and i think this is happening right now.

Alts will follow bull hard when BTC cross 10k. Some even before that. Check NEO for instance its on the major support line and it will bounce hard in coming days.

Yeah everyone is anticipating this one. But also I think it's partly due to a shift in sentiment towards bitcoin. More of the public is softening about it and people are more willing to get into it. And then there's the trade wars. Lots of people are rushing to protect their money, and bitcoin is the fastest and easiest for them to get into if they don't know much about the altcoins. The vast ocean of altcoins can be a bit intimidating to those who haven't done any research about it and don't know where to begin. Also ETH is facing some issues with coins being sold back off, so it's been on a steady downtrend for a few weeks now. All in all, I think it's a greater desire for bitcoin that's prevailing right now.
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Board Economics
Re: Beside Cryptocurrenices where would you invest?
by
Horace_Damico
on 29/07/2018, 08:29:44 UTC
If you want to invest through the stockmarket, I'd go for the marijuana industry and the related biopharm companies that are coming up with medical uses for marijuana. It's a relatively new industry and saw it's first huge bull run at about the same time as bitcoin did, so it's now stabilizing and getting ready for the next stage. There's a good firm in Canada called Aurora that is constructing a grow operation the size of many many football fields that did well last year and looks like it is worth getting back into. The Canadian government approved it and the industry is in the billions, so there is good reason to be involved. And besides, it's better now that kids don't get thrown in jail for something so silly.