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Showing 20 of 193 results by SMB-2525
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Topic
Board Armory
Armory to BCH (again)
by
SMB-2525
on 13/11/2018, 05:46:55 UTC
I know this has been asked and answered before (because I did it on another wallet) and I beg indulgence - I am moving this week and I want to get my BCH before the next fork.
Actually, everything I read seems to indicate it is not a big deal, but I lost my job and I need a little cash to get by. And I want to get them out this year and pay tax while my income sucks.

Anyway, I have my private keys from the old Armory wallet (the BTC are long gone to another wallet).
I remember creating a file to import into a bitcoin.com wallet. But I cannot seem to do it now
All I want to do is get whatever BCH I have into coinbase and get  whatever cash I have out: I am HODL my BTC.

Thank you so much for indulgence and help.
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Topic
Board Exchanges
Bitstamp freezes withdrawals (again)
by
SMB-2525
on 28/12/2017, 17:16:35 UTC
Inconvenient on the eve of another fork.
Post
Topic
Board Bitcoin Discussion
Re: Damn fees!
by
SMB-2525
on 25/12/2017, 23:33:21 UTC
OK, I reran my transaction by buying Ethereum and it confirmed essentially instantly.
BTC confirmed after over 2 hours.

So the transaction model is if your trading partner takes an altcoin that your exchange supports is to convert to the altcoin and run the transaction.

BTC is a long term store of value,  I am happy to put my liquid cash there even for a few weeks and take it out when I need it.
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Topic
Board Bitcoin Discussion
Re: Damn fees!
by
SMB-2525
on 25/12/2017, 22:21:33 UTC
I keep a little BTC on coinbase for transactions.
I realize now that I have to convert to Ethereum or Litecoin for transactions.
More transaction fees.
I launched a small BTC transaction an hour ago with a .00225 fee: I do not control this on coinbase. No confirmations and the fee was 10%.  I was hoping for fast turnaround. At these fees and turnaround times, I might as well use fiat.

170,000 unconfirmed transactions. At 15 per second, we are closing 54,000 per hour.

I should add that my liquid cash is sitting in BTC in coinbase. So even with the high fees I am up on holding fiat. The problem is when I want fast turnaround.  So far, that is not possible so I wil lstart accumulating some etherium.
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Topic
Board Altcoin Discussion
Re: BitConnect - Is there any chance for BitConnect to fail?
by
SMB-2525
on 25/11/2017, 10:37:30 UTC
According to CoinMarketcCap, bitconnect lost 70% of its market cap on November 3rd.
https://coinmarketcap.com/currencies/bitconnect/#charts

One point that occurs to me is that as long as BitConnect keeps all of the BTC invested as its "reserve" then the ponzi is sustainable for as long as bitcoin keeps increasing in value as it has.Notice that the value per BTC has essentially topped out and rolled over.
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Topic
Board Altcoin Discussion
good bitcoin cash exchange operating in Turkey
by
SMB-2525
on 16/11/2017, 22:59:14 UTC
Hello,
I would like to send some BCC to a counterparty in Turkey.
What is the best exchange  for Turkish bank accounts?
Thanks
Post
Topic
Board Bitcoin Discussion
BTC unlimited upside
by
SMB-2525
on 16/11/2017, 14:51:46 UTC
This letter from  Interactive Brokers Group Chairman Thomas Peterffy is illustrative,

https://cointelegraph.com/news/cme-clearing-member-to-regulator-bitcoin-futures-impossible

“While the buyer (the long side) of a cryptocurrency futures contract or call option could be required to put up 100 percent of the value to ensure safety, determining the margin requirement for the seller (the short side) is impossible,” he continued.

My commentary: since BTC is a "made up" asset with a finite supply, it is possible that no amount of money could enable a short seller to fulfill a short contract. So there is no reasonable margin rule. The reason is because, unlike everything else traded on the CME, there is no reasonable valuation metric. Stocks and commodities have a long history that enable margin requirements to be set.

Jamie Dimon made the same point. He said BTC has no value, but he would never short it because it could go to $100,000.

So even though there are a lot of BTC bears out there, the only ones who could reasonably short BTC are existing holders of the coin. And without short sellers, there is no futures market. For existing coin holders, short selling is a way to hedge their price, especially if the future price is significantly higher than today.

Also, miners could enter into short selling contracts to sell BTC for a fixed price in 6 months or a year knowing how much they are likely to have.

BTC is about to enter a whole new era.
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Topic
Board Bitcoin Discussion
Re: Bitcoin price: 15k$ above to God mode?
by
SMB-2525
on 16/11/2017, 14:39:02 UTC
IMHO BTC will reach $15,000
It will never replace fiat currency

Two different issues,
Post
Topic
Board Speculation
Re: Will Bitcoin drop during the upcoming Holidays?
by
SMB-2525
on 15/11/2017, 15:52:39 UTC
For USA holders who want to sell, the tax on gain for sales in December will be due in April 2017.
If held until January, the tax is not due until April 2019.
It is certainly a consideration for me.
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Topic
Board Bitcoin Discussion
Re: Why is there such demand for Bitcoin?
by
SMB-2525
on 15/11/2017, 15:35:35 UTC
Bitcoin is in demand as an investment with a potentially unbounded upside and almost no downside (right now).
Now that I think about it, it is more like a rare painting than gold. It has a well defined supply.
An art investor pays millions for a painting in expectation that in 10 (or so) years, someone will pay more.
So the type of people who invest in fine art are  starting to invest in Bitcoin.
Like fine art, it has no intrinsic value.

Now, the downside seems to be extremely limited because of all of the new money flowing into bitcoin.
This is money from very sophisticated investors.

What is the upside?
Unknown.
People who should expect to get rich in 1 or 2 years will probably be disappointed.

Now is not the time to sell though.
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Topic
Board Bitcoin Discussion
Re: Wake up before it is too late
by
SMB-2525
on 15/11/2017, 15:18:25 UTC
That perfectly sums up the discourse in every single thread on this entire forum
More name calling and reckless generalization.

The US economy collapsed because immoral people tricked ordinary citizens to take on loans which they had no hope of ever repaying - but packaging it in a way so people did not understand what was going on. They were simply lured in by the prospect of easy access to money. Same thing repeating now, only with different tools.
Another inapplicable analogy. In this case people took on loans based on greed and their conviction that the bubble would continue. They were not innocent bystanders.
In this case, there is not a huge FIRE (Finance, Insurance, Real Estate) industry pushing bitcoin and encouraging people to take on debt.

You are correct that it may be a bubble. You are incorrect in labelling every person who believes in the future of bitcoin as a bad actor.
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Topic
Board Bitcoin Discussion
Re: Wake up before it is too late
by
SMB-2525
on 15/11/2017, 15:01:30 UTC
Wow - a lot of dancing around to avoid the word "ponzi" being attached to Bitcoin. A turd is still a turd no matter what you call it.....

This is progress. Your original premise is that BTC is a turn because it was like a ponzi scheme. Now that we agree it is not like a ponzi scheme, perhaps you can clarify your argument.

On the spectrum of turdiness, is BTC more or less turdy than an early stage biotech startup?  Is it more or less turdy than a Canadian platinum mining play?  Is it more or less turdy than Tesla?

The only thing I think we can agree on is that you appear to be in category #2
Now you are engaging in labelling and name calling. This not reasoned discourse.
You make a two good points: BTC is not a currency and the current price run-up looks like a bubble.
Everything else you claim is without intellectual foundation. Especially the manner in which you criticize the participants in this forum
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Topic
Board Bitcoin Discussion
Re: Wake up before it is too late
by
SMB-2525
on 15/11/2017, 14:49:09 UTC
Wow - a lot of dancing around to avoid the word "ponzi" being attached to Bitcoin. A turd is still a turd no matter what you call it.....

This is progress. Your original premise is that BTC is a turn because it was like a ponzi scheme. Now that we agree it is not like a ponzi scheme, perhaps you can clarify your argument.

On the spectrum of turdiness, is BTC more or less turdy than an early stage biotech startup?  Is it more or less turdy than a Canadian platinum mining play?  Is it more or less turdy than Tesla?
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Topic
Board Bitcoin Discussion
Re: Wake up before it is too late
by
SMB-2525
on 15/11/2017, 14:17:51 UTC
Everyone is entitled to their own opinion but I’m not sure how you can call Bitcoin a Ponzi scheme!

"Ponzi schemes rely on a constant flow of new investments to continue to provide returns to older investors. When this flow runs out, the scheme falls apart"
In this case the returns are in the form of a higher price on Bitcoin

( https://en.wikipedia.org/wiki/Ponzi_scheme )
So you fundamentally misunderstand the bitcoin network.
By your definition of a ponzi, if somebody sells me Apple stock that they purchased for a lower price, then they are participating in a ponzi scheme.

The bitcoin network is transparent. There are no paper profits.
Madoff falsified account documents to create fictitious profits. When someone wanted some or all of their money, he raided the account of other investors to make the payout. This is how a ponzi scheme works.
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Topic
Board Bitcoin Discussion
Re: Wake up before it is too late
by
SMB-2525
on 15/11/2017, 14:09:55 UTC

The whole financial collapse in 2007-08 is a pretty good example. At least there governments stepped in to salvage some of the damage done. For the cryptoworld there will be no such action. Even now many are finding it extremely hard to transfer Bitcoin - it takes hours or days. When the roof caves in, there will be no financial salvation of anyone trapped within and there will be no chance of selling out before all is lost
It was bad.
Not a ponzi.
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Topic
Board Bitcoin Discussion
Re: Wake up before it is too late
by
SMB-2525
on 15/11/2017, 13:54:31 UTC

Have you even considered the implications of regulatory approval to create a bitcoin futures market on the CME?
And then the approval to create BTC exchange traded funds (ETFs)?
These are not events that occur for ponzi schemes.


Of course they are  Roll Eyes . Read up on Bernie Madoff who is now in jail for the biggest ponzi scheme of all time in the US:
https://en.wikipedia.org/wiki/Bernard_Madoff

He was a top market-maker on Wall street not to mention non-executive chairman of the NASDAQ
hence your arguments prove absolutely nothing
Madoff was a classic ponzi. He operated outside of the scrutiny of regulatory oversight.
Exactly the opposite of the CME and any BTC ETF.

Where are the CME sponsored ponzi schemes?
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Topic
Board Bitcoin Discussion
Re: Wake up before it is too late
by
SMB-2525
on 15/11/2017, 13:52:01 UTC
Have you considered my previous question about looking in the mirror and figuring out which one of the two you are?
I am neither. Nor is anyone on this board.
In order to define BTC as a cheaters game, you have to conclude that virtually every investment opportunity is "cheating".
People who buy bitcoin are only cheated in the same way that people buy stocks or real estate or commodities as investment.
The price either goes up or it goes down.
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Topic
Board Bitcoin Discussion
Re: Wake up before it is too late
by
SMB-2525
on 15/11/2017, 13:47:40 UTC

Note, BTC is not implicated, it is too big.


ahhh..... so big in itself means it cannot be manipulated? Guess we should let Bernie Madoff out of jail then.....

Have you considered my previous question about looking in the mirror and figuring out which one of the two you are?
Have you even considered the implications of regulatory approval to create a bitcoin futures market on the CME?
And then the approval to create BTC exchange traded funds (ETFs)?
These are not events that occur for ponzi schemes.
Your point that BTC is not a currency is correct. But people here have limited understanding of the difference between a  currency and a commodity. They might think gold is a currency.

People here are like people who hold any other asset class be it real estate, gold, or stocks. There is no more reason for the price of BTC to collapse than there is for the price of gold to collapse.
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Topic
Board Bitcoin Discussion
Re: Why is there such demand for Bitcoin?
by
SMB-2525
on 15/11/2017, 13:41:14 UTC
Bitcoin has many of the attributes of gold as a store of value.
People want to hold Bitcoin for the same reasons they want to hold gold. While gold has been relatively flat, the recent increase in the value of bitcoin is attracting more investors.
It is interesting to me to see die-hard gold bugs poo-poo bitcoin.

One thing that is attractive is that the supply of BTC is known and fixed. It does not change no matter how high the price rises.
In the case of other commodities, the higher the price, the more supply. This is because it becomes economic to "mine" marginal sources as the price increases.
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Topic
Board Bitcoin Discussion
Re: Wake up before it is too late
by
SMB-2525
on 15/11/2017, 13:32:17 UTC
And just in time for this discussion, here is an article on the real pump-and-dump schemes in the crypto universe.
Note, BTC is not implicated, it is too big.

https://cointelegraph.com/news/buyer-beware-cryptocurrency-pump-and-dump-schemes-coordinated-in-telegram