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Showing 18 of 18 results by Robert_Austin
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Board Bitcoin Discussion
Re: Bitcoin has 54% of the cryptocurrency market
by
Robert_Austin
on 22/08/2018, 19:24:06 UTC
Quote from: nambunamba on August 21, 2018, 04:02:36 PM
Quote from: vy99 on August 15, 2018, 03:46:12 PM
For those of you that think that Bitcoin is going down this article proves that it's still the strongest in the cryptocurrency world. Not since December 2017 has Bitcoin been such a dominant part of cryptocurrency.

Full article here: https://bitcoinist.com/cryptocurrency-market-54-bitcoin/
yeah bitcoin dominance keep increasing while market cap is falling, i dont know whether this is the sign for a bull run and i do read many expert think the bull run could happen in march next year, but one thing that i'm sure bitcoin is strugling with the condition of the regulations and adaptation of ETF and etn and many people seems to put much hope in etf and when its get rejected they just sell their bitcoin and i believe this is what caused the market too fall.

Sure, but as you can see from the latest price action, the ETF isn't everything. It might have caused a quick drop as soon as it was rejected, but that didn't last for long. Below 6000 is unsustainable so there will always be buyers ready to jump in there. I'd be buying as much as possible at this point because there isn't any further decline coming.

The ETF would help, for sure. We'd like to see some more money injected from sources other than techies, nerds and hippies. The big investors on the sideline have taken note but are still too nervous to get involved without their precious institutions protecting them
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Board Bitcoin Discussion
Re: Can We Finally Call This the DEATH of Bitcoin?!?
by
Robert_Austin
on 21/08/2018, 20:34:07 UTC
Quote from: arkawa040 on August 21, 2018, 07:45:34 PM
Quote from: cd74reg on March 31, 2018, 05:11:51 AM
The scammers and crooks finally won! Congratulations because even your fiat will be near worthless at some point too! The economic freedom of the people is once again destroyed by the animalia raised by bad handlers.

To the "Lending" companies (hey man, do you think I can get my money back soon), I salute you.

To Bitmain and "the plan", I salute you.

To Wall Street who always knows my future, I salute you.

To the newbie crypto-millionaires, who only like the part about making easy money, I salute you.

To the lower middle-class who borrowed all the equity in their homes to buy crypto and told everyone about it, I salute you.

To the SEC who will wait until every crypto is worthless to go after anyone, I salute you.

To the old school crypto nerds, who cashed out in 2017 when they saw what was coming, great job!


I still remember the days when getting anything over a 1% yield on a bank account was something to brag about.

One day I will tell my grandkids about the time in 2017 when everyone except politicians was happy and it was a joy to work at any job because you had real money that actually could make you more real money. Time to find the next bubble...
that's because of such messages, people panic, and begin to sell their tokens and the price begins to go to the bottom, there is no cryptocurrency will not die, it will live, so many new start-up projects are born, and they are much better versed in the crypto world, the blockchain has a great future, and the cryptocurrency too!

I don't think so, at least not anymore. Perhaps at the time of the OP but nowadays even the noobest noobs are becoming sensation retarded. These kinds of posts are obviously clickbait and we both just fell for it.

Sure, lots of people made stupid mistakes with Bitcoin. But why should we ridicule them and call it dead? This isn't a playground so we don't need to taunt each other. If you want to invest in something else, feel free. I just know that Bitcoin hasn't caused any major problems for it's investors yet. Only the investors have caused the problems for themselves.
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Board Bitcoin Discussion
Re: Bitcoin has 54% of the cryptocurrency market
by
Robert_Austin
on 20/08/2018, 20:11:00 UTC
Quote from: blindminer on August 15, 2018, 03:59:30 PM
It is a normal development that Bitcoin is getting stronger in a sustained bear market. Alts are getting destroyed and people flee them in masses. But most don‘t want to leave crypto, so bitcoin is a safe haven for the time being. Just don‘t be fooled and think this is going to stay like that.

Alts are getting destroyed for a good reason. Most of them are scams, and the others have no real leadership behind them. It's turning into a circus.

After either getting ripped off or hearing about friends being ripped off too many times, people have decided not to waste time on risky shit that is more likely to turn into a ponzi scheme than generate any return at all. Therefore we have bitcoin strength. It will last long because there is absolutely no trust in the altcoins. Bitcoin is much more reliable and everyone knows it.
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Board Speculation
Re: Is Bitcoin a bubble?
by
Robert_Austin
on 17/08/2018, 14:30:47 UTC
Quote from: pinot95 on August 17, 2018, 01:26:12 PM
Quote from: Nicoleaustin86 on August 14, 2018, 07:49:09 AM
Many people think that Bitcoin is like a bubble, so its price goes up rapidly to its peak and will plummet.
I do not think so. Bitcoin was born in 2008 but until 2013 new Bitcoins prices have increased to a few dollars per BTC and up to 2.3 years recently new BTC prices increased several hundred dollars a BTC. This route is too long to see the BTC as a "bubble" with its advantages.
Bitcoins are currencies as well as euros or dollars. They are only valid when dealing, buying goods through technology. If people do not accept do not want to use for trading, it does not have any value. What do you think if one day people do not want to use euro or dollar but want to use Bitcoin to buy goods? Bitcoin will rise in price, but will the euro or dollar fall?

I don't think bitcoin is a bubble, if it is then it would have popped already.  The volatility of the market makes it incredibly unpredictable, but today’s prices show the bubble is still yet to burst and would never burst. Bitcoin price now is slowly regaining back its value. We just made a big comparison of 2017 highest peak value of bitcoin that is why we slowly doubting that is it is a bubble. There is an awful lot of doom and gloom shrouding the market, but not all hope is lost. There is still a big chance for a surprising recovery.

Well I don't know about you, but I'd certainly call a drop from 19k to 6k a pop. A bubble popping doesn't necessarily mean that it is gone, poof, zero. A bubble can pop and then regain value after some time. The tech bubble of 2001 popped and lost an immense amount of value, but look, the NASDAQ is still alive and well. It may not have the same valuations as it did back then, but it's still being traded.

Bitcoin will behave in the same way unless something new and amazing happens. It'll move in slow but steady movements, not in giant leaps like last year.
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Board Economics
Re: Does Bitcoin had a back up by real money?
by
Robert_Austin
on 16/08/2018, 20:13:44 UTC
Quote from: jaysabi on August 16, 2018, 05:45:56 PM
Quote from: daringkhan30 on August 16, 2018, 02:10:32 PM
Bitcoins have no intrinsic value. But since they were introduced to the world in 2009 by inventor Satoshi Nakamoto (a pseudonym), they have turned into a billion-dollar market and have been designated a currency by the U.S. government. Since the days when stones and shells were recognized as a means of payment, currency has taken many forms. What makes bitcoin a currency is what it does, not what it is. "To the extent it looks, walks and acts like a duck, this 'duck' is a currency,"

The US government has never designated Bitcoin a currency. The closest to an official designation of any kind is by the IRS, which has deemed Bitcoin to be "property" for taxing purposes. That's not a currency. It is true however that Bitcoin has no intrinsic value. It doesn't represent anything in particular, but people have started acknowledging it to have value. This is an entirely artificial construct, and the value is only a representation of what large groups of people agree it is worth. Because of this, there is an inherent desire to constantly value it ever higher, because that's the only way you can get a return. On the other hand, potential buyers want to value it lower so they don't spend as much to acquire it. But real currencies are being traded to acquire the property (Bitcoin), the crypto itself doesn't function as a currency very much in the real world.

Ah but if it has no intrinsic value, how can they declare it an asset? Can't have both I'm afraid...

In the new age of the internet, anything online can be deemed to have intrinsic value. We saw this phenomenon in the late 1990's when everyone thought it would be a great idea to invest in websites with a lot of hits. These hits were of course perceived value, but they were being sold as intrinsic value. Logic had it at the time that more hits meant more profits for a company.

The intrinsic value in bitcoin is the blockchain behind it. That very code makes it worth much more than any other idea in the last 20 years.
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Board Speculation
Re: Is Bitcoin a bubble?
by
Robert_Austin
on 14/08/2018, 20:50:52 UTC
Everyone seems to ask this question. Yes, of course it was a bubble. Is it a bubble now? No.

When you've got people who have never executed a trade in their lives checking the price of bitcoin like it's a letter from their lover, it's a bubble. Investing is not for the faint of heart. If you cannot bear the pressure, don't bother putting your money on the table. Go and talk to an investment advisor who will direct you to whatever asset your bank has an excess of at that time.

Bitcoin will now start behaving like a normal asset because all of those morons who jumped in blindly are so hurting that they won't come back anytime soon. So we can see rational price action, soon hopefully.
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Board Beginners & Help
Re: LOSING money on signals?
by
Robert_Austin
on 13/08/2018, 14:55:37 UTC
Quote from: lolman1231 on August 12, 2018, 09:12:28 PM
Is it possible for someone to lose money while following profitable alt coin signals if bitcoin goes down?

What's best way to prevent it?

Alright, so if you are hungry, can you trust MacDonald's and KFC to provide you nourishment every time that you need it? Or would you rather go and look for food of your own, perhaps even gathering ingredients of your own and cooking it yourself, using your own ideas?

Following signals is like blindly eating someone else's shit that they are trying to tell you is good for you. Try to learn about what signals are and how to recognize trends rather than just trusting these people who want to make money using your money.

Try http://babypips.com/ it's a good place to start learning.
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Board Speculation
Re: Bitcoin bouncing back.
by
Robert_Austin
on 06/08/2018, 06:18:05 UTC
Quote from: Mhd-Bobbi on August 04, 2018, 06:15:45 PM
Quote from: Abrefatotherescue on July 30, 2018, 07:17:34 AM
So I have been reading tweets and other media outlets which are predicting that the BTC will have a huge surge by December. Have anyone come across this and I don't know if I should be excited or that's another bubble waiting to be needle pricked.
Yes Many people predict that there will be a surge in December. But in my opinion, they remember that last year the price soared. So they might think that in 2018 there will be an equation that will increase by the end of the year. But only their predictions. I think the best thing is to continue to collect and keep waiting until December.


The problem I have with these kinds of predictions is that when everyone is anxiously expecting it to happen, it doesn't. I certainly hope it does, but there isn't really good evidence for it to do so. It could follow the historical trend, but I've seen this with other assets and stocks, where everyone is shouting "buy in ___ sell in ___ because it happened this way last year!" and then the exact opposite happens.

I'm a bit concerned about the impact futures will have on keeping the price down. Big banks have the ability to open massive short positions against Bitcoin now.
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Board Bitcoin Discussion
Re: No women in Bitcoin you say?
by
Robert_Austin
on 05/08/2018, 06:40:03 UTC
Quote from: Bitcoinislife09 on August 05, 2018, 01:30:42 AM
Quote from: RawDog on May 31, 2018, 10:06:38 AM
But the biggest fuck-up of all: Lightning Network / Lightning Labs is led by Elizabeth Stark.  If you like train wrecks, get Elizabeth to lead us there.

You can see for yourself how Lightning works...
 

So there are others who want bitcoin to discriminate gender? I believe any one should have the privilege to use bitcoin. Personally, I've read that when it comes to holding or using money, woman is much more better. Well, I guess it is supported by some countries where a mother budgets the daily expenses for their family. Well I think no one knows that there might be woman in bitcoin since the identities are anonymous but I believe they are here.

Exactly, the women always know how to balance the budget. The men just spend until their pockets are empty. Look at most traditional family households and you'll see the woman is in charge of the money.

It makes no difference if the person who is using bitcoin is a man or a woman. The anonymity makes it so that we would never even know anyway. But the stereotypical person who uses bitcoins is the computer programming nerd who hangs out in their basement all day... maybe that's why people tend to think that only men are into it.
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Board Speculation
Re: Bitcoin bouncing back.
by
Robert_Austin
on 04/08/2018, 07:01:35 UTC
Quote from: Abrefatotherescue on July 30, 2018, 07:17:34 AM
So I have been reading tweets and other media outlets which are predicting that the BTC will have a huge surge by December. Have anyone come across this and I don't know if I should be excited or that's another bubble waiting to be needle pricked.

I wouldn't call it a bubble this time because the first one had it's full run. Now things are starting to look more dependable and reliable in terms of the long term future outlook of bitcoin and adoption in more places. It will be readily available and more easily used in daily aspects of our lives throughout next few years, so there's a good reason for getting into it.

The big huge run we saw last year was a bit fake for a few reasons. Bitcoin was a good place for Chinese to protect themselves from currency devaluation, and it was just that--short term hedge. That momentum caught fire all around the world and everyone jumped into it without knowing what it was. Typical herd-like investment mentality.
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Board Legal
Re: Discussion of Opportunity Zones with no capital gains taxes in the US
by
Robert_Austin
on 03/08/2018, 08:06:13 UTC
Quote from: Elwar on July 24, 2018, 07:23:28 PM
https://www.forbes.com/sites/forbesdigitalcovers/2018/07/17/an-unlikely-group-of-billionaires-and-politicians-has-created-the-most-unbelievable-tax-break-ever/


"The heart of this new law: Opportunity Zones, or "O-zones," low-income areas designated by each state. Investors will soon be able to plow recently realized capital gains into projects or companies based there, slowly erase the tax obligations on a portion of those gains and, more significantly, have those proceeds grow tax-free. There are almost no limits. No limits on how much you can put in, how much tax you can avoid and, for most of the country, the types of taxes you can avoid, whether federal, state or local. No limits on how long those proceeds compound tax-free. And precious few limits on what types of investments you can make."

Let's dig into this new tax law and figure out how bitcoiners with high capital gains can take advantage of this legal gift from Washington.

This has been implemented in other countries recently as well to try and stimulate new business. I think Russia, Turkey, Germany, and a handful of Latin American countries have created special economic zones so corporations can build factories on the cheap.

Key word there is corporations. I'm not sure if these tax benefits apply to individuals or limited liability companies. You'd have to dig through the law itself with a keyword search to find out for sure.

In regards to cashing out, depending on how strict the tax laws are enforced in Puerto Rico, there's a chance you can live off of those gains without declaring them as personal income. Or make a "service payment" to another entity in bitcoin (yourself)
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Board Speculation
Re: With or without approval of btc/ETFs ,we are positive of bull run.
by
Robert_Austin
on 02/08/2018, 07:29:52 UTC
I bet Direxion will win the first approval. They're not just some standard investment trust that funnels money into the coin and pockets a healthy commission for themselves. The Direxion ones are good for short term momentum bets. 2X bull/bear will get you double the returns on a movement in either direction. That's the kind of thing that retail investors are looking for without having to worry about wallets, keys, blockchain, and all those worrying things that come with bitcoin. And then Buffet can short it all he wants without having to open up a wallet.
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Board Speculation
Re: With or without approval of btc/ETFs ,we are positive of bull run.
by
Robert_Austin
on 01/08/2018, 08:24:48 UTC
Quote from: timerland on August 01, 2018, 06:26:58 AM
I really doubt it.

In fact it's probably the exact opposite, with or without ETF being approved, bitcoin is more likely to see some more corrections, consolidation and sideways movement before finally starting its true recovery.

There is still a lot of bearish sentiment within the market, with not a whole lot of bullish momentum. Besides, bear markets previously (after the 2013 crash, that is) have usually been around a year or longer. We're not close to that timeframe, yet. Resistance at $8-10k is still high, and this has been tested in previous attempts to break out.

So yeah, there could be small rallies here and there within the next few months but I expect prices to not move much. Great accumulation opportunity, though.

That's what I see too. It'll take quite a monstrous piece of news to bring it through that 10k level. There will be a lot of large moves in the next few months but I don't know if it'll be something that will take it up to previous highs until some kind of major change happens, like Lightening.

I'm not so sure that bitcoin really needs an ETF anymore. This is just a lot of noise about bringing in "safe" investment opportunities, but if retail investors want in, they can just buy or sell futures. ETF's are expensive and clumsy anyway.
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Board Economics
Re: How did Crypto help you out?
by
Robert_Austin
on 31/07/2018, 07:54:24 UTC
Quote from: Kate Beckett on July 31, 2018, 06:22:38 AM
Quote from: Impulseboy on July 31, 2018, 01:40:16 AM
This question is especially for those who have been into crypto for a long time. How did cryptocurrency help you, most specifically financially? Did you earn more? Gain more investment? I do have a friend who wants to get into crypto but he does not have a lot of savings in his bank account or any major investment. I told him to save more before getting into crypto because they still have mortgage and car loan to pay. Do you think crypto will help him out to?

Personally, for me, crypto-currencies have become a worthwhile extra earnings. In addition, the use of crypto currency helps to untie money from the state and does not depend on internal inflation and fluctuations in the exchange rate of the national currency. Crypto currency is also a great way to invest with huge profits that other investment options can not provide.

Yeah me too. And it provides one other channel to send or receive money through, that isn't being taxed as soon as it hits the account. The problem I have with sending money abroad is that the receiving county will tax it, even if I've already paid tax on it in my country. Why should I have to pay double taxes!

Crypto is also providing a revolution in the way we think about money, and the way we use it. It's a new method that has people doing innovative things in business, commerce, economy, etc. in the name of crypto. So it's a facilitator of innovation.
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Board Bitcoin Discussion
Re: Best and Worst Case Scenario for Bitcoin
by
Robert_Austin
on 30/07/2018, 07:03:29 UTC
Quote from: Mocoinaire on July 30, 2018, 06:55:39 AM
Thank you for your input guys and time. Let's wait and see how it spurns but for sure bitcoin a'int dying at all. By "rekting govt" I meant it disrupting governments and taking away the monetary power from the govt to the people through decentralized system involved in Bitcoin. One thing for sure it is going to be interesting as more people agree to use Bitcoin

Yeah and that's what might take it to the next level, as more people agree to use it and are sick and tired of getting ripped off by their lying governments, it might breakthrough to the mainstream. The problem is that too many people still get their information from government controlled news sources, so they don't have their own conclusions about bitcoin.

If the government did win, I don't think it'd be through bitcoin itself. It'd be through implementing their own alternative to it and shifting people over to that by violent price manipulations of bitcoin. Once enough people have lost out to hacks, crashes and busts, they might change their minds.
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Board Economics
Re: Does Bitcoin had a back up by real money?
by
Robert_Austin
on 29/07/2018, 08:02:50 UTC
Quote from: Willie_Linder on July 28, 2018, 02:52:26 PM
Very good question. It seems obvious but actually, it is very important to understand this. Even real money that we use every day is not totally backed up. Countries can have their own money if they have a certain quantity of gold. Money is backed up by gold. Unfortunately, even the dollar is not strong enough when it comes to real money. Remember the subprime crisis? It has everything to do with virtual money and real money. Nowadays, recognition of bitcoin is hard. With time, more and more companies will use virtual money and maybe then we will not need any real money to back it up. It can work on it own.

Well, money was backed by gold until Nixon removed the gold standard in 1971, which meant that it no longer backed the dollar and they could be directly converted. That then enabled them to go into full force manipulation as they started printing as much as they wanted. Which, as you said, is a reason for the subprime crisis (along with a lack of accountability of banking executives as they got away with selling rotten meat for AAA prices).

As said above, investors back bitcoin. Also, blockchain backs bitcoin. These are the only two things that can stand confidently behind it and hold its value. But it doesn't have any kind of instant convertibility like the gold standard had on the USD.
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Board Economics
Re: Does Bitcoin had a back up by real money?
by
Robert_Austin
on 28/07/2018, 08:00:32 UTC
I'm not sure if I would say that it is necessarily "backed" by money but it is most certainly relative to money. If it were backed, then it's value would be determined by one unit of something (say, the dollar), and it would be subject to being used in the event that the bitcoin wouldn't be there. The US dollar was backed by gold until several decades ago, but then they removed that in order to have better control over it. So now the Federal reserve can print as much as it wants to determine how much value it holds in the country.

Bitcoin is exchangeable for other money but is more independent.
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Board Bitcoin Discussion
Re: My country banned bitcoin. What I can do ?
by
Robert_Austin
on 27/07/2018, 05:11:08 UTC
Quote from: ethancer on July 25, 2018, 08:47:25 PM
I'm not sure if someone mentioned this yet, but you can get a global bank card, something like Revolut, and purchase bitcoin with that. Your bank won't be able to track your btc purchase

Yeah a few exchanges offer this, it's a good idea. I think bitstamp do it as well. I might be a bit more expensive per transaction but you can always just withdraw cash once week or something.

How strongly are they actually enforcing it? Are people still listing their services on localbitcoins? There might still be the ability to sell or buy locally because some of these sellers have international clients and are able to send the money elsewhere. I noticed in India people are still listed on there even though they're facing trouble with bitcoin as well.