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Showing 20 of 688 results by Sylenth
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Board Bitcoin Discussion
Re: Singapore announced three prototypes of payments on the blockroom
by
Sylenth
on 06/10/2017, 19:49:23 UTC
so the country is realizing the potential of crypto currencies,and is trying to get digital , but the catch is there are doing that for their own currency which still  be in controlled  of their government and laws will be formulated on it too.  Bitcoin is not going to benefit from it,whose whole idea is   being decentralized and direct peer to peer transactions.smart move for the country and but nothing beneficial for btc.
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Board Speculation
Re: But if China gov say mining is illegal, we are fucked. Haipo Yang‏ ViaBTC CEO
by
Sylenth
on 06/10/2017, 19:39:39 UTC
sadly but yes it is true that bitcoin will suffer due to this .china cheap electricity sources and great geographical locations make it a biggest hub for mining cryptocurrencies,but if they ban farms in china then Neighboring jurisdictions such as Mongolia and Hong Kong will emerge as notable alternatives to China for the nation’s existing Bitcoin miners, namely due to location.Hong Kong is already attempting to establish itself as a major global hub for crypto-assets and blockchain-related technology,but it is expensive to its high electricity rates.Another potential destination for miners may be China’s northern neighbor Mongolia. While operating costs may run a bit higher than China, it is much more budget-friendly than Hong Kong for miners that often time work on razor-thin budgets.Furthermore, it boasts fiber internet connections from China and Russia, ensuring miners have steady access to the network.

apart from this other countries like india and iceland can help due their cheap energy sources.japan and USA already already have expanded their efforts ,they will suffer little due to their higher input cost.



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Topic
Board Speculation
Re: Is $4000 the perfect time to buy
by
Sylenth
on 06/10/2017, 19:23:04 UTC
The perfect time to buy bitcoin was  when it started its journey, as for now,no can say what are you going to deal with in future,maybe if prices drops in october due to fork,will be right time to buy,but what if it does not effect btc that much and its price continue its rising journey then its also not gonna be perfect time..so there are very few perfect moments in market when actually what you do is perfect, so if feel like you wanna buy and you can just go for it,its always a risk game and is always going to be.
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Board Speculation
Re: what you think about bitcoin in like 5 years?
by
Sylenth
on 06/10/2017, 19:16:54 UTC
price of bitcoin will continue its exponential rise until it reaches $55,000 by 2022. all this based on  that , in May of 2010, a developer bought two pizzas for 10,000 bitcoin. These, in total, would now be worth around $25 million, which is enough to buy a 720-year-old Magna Carta — given that one sold for $21 million in 2007.,maybe the rise would not be such high as said above but we can't ignore the fact about its rising value ,so its definitely its value is going to more than $10,000. If all remain good ,more and more countries will decline towards accepting bitcon and  start legalizing it and will recognize it as alternate or maybe official currency in some countries.
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Board Economics
Re: Do You Think Bitcoin Will Replace Dollar Soon?
by
Sylenth
on 05/10/2017, 19:08:20 UTC
yes,bitcoin has scope of replacing existing money in future,but its not going to happen anytime soon like you mentioned 15 years,  US dollar been there for quite a long time and is a powerful currency.The U.S dollar, as the world’s leading reserve currency is  money of choice. Approximately 65% of all U.S. dollars are currently being used outside the United States, 80% of trade finance was conducted in dollars and close to 85% of forex trade volume involved the dollar. With so much happening with dollar around the world as seen from these facts,its really hard for btc to push aside dollar and become official currency.
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Board Legal
Re: Where can i report a crypto crime?
by
Sylenth
on 05/10/2017, 17:32:23 UTC
The answer to this actually depends on country you are living in , if your country supports bitcoin and it is legal to use in market then you can contact cyber crime department simply and they will try to help you,but if you are living in a country where its not yet illegal or legal ,then there is no way out to you can get your bitcoin back,this is because a cyber crime department will only work if something is legal in your country and is being used very often for eg:-  online transaction taking through banks, your thing not being legal will not be matter of concern for them and reporting them can act as boomerang and they can stop  you from using all this.
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Topic
Board Bitcoin Discussion
Re: If no one spends bitcoin what might happen?
by
Sylenth
on 05/10/2017, 17:24:14 UTC
if no one is going to spend bitcoin,means there can't be any buyer which will make the market stable or market will go in ideal state where nothing is moving and graph will just be a straight line, which means the price of bitcoin will remain same,but it's never gonna happen because there will be someone who is going to sell bitcoin no matter what and keep the market moving .

on the other hand a second case can take place that is:
 price can go up because people expect that more people will expect that some people will buy,  or price can  go down  if everyone get bored of stable market ,and thus demand of btc could decrease .

 so in the long run where fundamentals matter, eventually holders will sell just because they need to buy things.
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Board Services
Re: ⛏ Ice Rock Mining Signature & Avatar Campaign ⛏ [7 Spots Left]
by
Sylenth
on 05/10/2017, 02:28:19 UTC
signature, personal message and avatar updated kindly update in spreadsheet.
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Topic
Board Services
Re: ⛏ Ice Rock Mining Signature & Avatar Campaign ⛏ [7 Spots Left]
by
Sylenth
on 05/10/2017, 01:25:52 UTC

Bitcoin Talk Name: sylenth
Bitcoin Talk Profile: https://bitcointalk.org/index.php?action=profile;u=928856
Rank: senior member
Post Count (including this post):707
BTC Address: 1LkSNVTkShoXMdgRFPgN8HrCx8wF7gdp6t

i will apply signature and avatar once i will be accepted
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Topic
Board Legal
Re: do i have to pay tax on bitcoins ?
by
Sylenth
on 04/10/2017, 19:03:31 UTC
depends upon your country policies , if bitcoin is legal and accepted as alternate  currency  then there might be some laws about taxation upon it, but if bitcoin is not legal and as well as not illegal than you only need to pay the transaction fees of apps or website that convert your bitcoin into other currencies. 
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Topic
Board Economics
Re: Is it possible for the bitcoin to lose it's value ?
by
Sylenth
on 04/10/2017, 17:13:28 UTC
The trajectory for Bitcoin is likely spectacular. The world is spinning towards it.
But it could fail,but as per last events happened in September and 2013, its value will eventually rise after a time period .

second if governments get serious about banning bitcoin it can create huge effect on bitcoin though it can't completely destroy it,same scenario as of banning of torrents.,the main threat if from Chinese government a per now if it is able to conceal overtake chinese mining-farms, it would have control and could compromise the blockchain. But that would be very hard to do without getting revealed.

third ,If there's a disaster coming that can destroy the whole block chain or hack the whole bitcoin program it can affect the value of bitcoin or if exchanging apps and website runaway then users will loose all the bitcoin there are saving for future use.
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Topic
Board Speculation
Re: Why Bitcoin Nosedived
by
Sylenth
on 04/10/2017, 16:58:08 UTC
Its value nosedived after one of China’s largest online exchanges, BTCC, announced that it will end bitcoin transactions by September 30. at,that time cryptocurrency briefly fell below the symbolically significant level of $3,000 a coin for the first time in over a month, china has quite a large scale trading going on, so this created a panic and traders were ready to sell bitcoin at lower rates making value of  bitcoin to decrease more .but  now there is only ban on ICO in china and value of bitcoin is increasing .
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Topic
Board Economics
Re: Can Bitcoin also lead to corruption ?
by
Sylenth
on 04/10/2017, 10:24:23 UTC
everything on market that exist has been touched by hands of corruption on some level, user being anonymous can use this money to buy drugs ,illegal ammo or what not .but every currency is prone to same ,even gold can be used for corruption. corruption is anywhere where there is money ,people want all the money in world and some of them can cross limits to get so. bitcoin emerged from darkweb and now its getting mainstream but as you mentioned there  are politicians who can benefit from it even when its fully implemented as the currency of nation .
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Board Legal
Re: Why hasn't any government stopped Bitcoin?
by
Sylenth
on 04/10/2017, 10:03:45 UTC
1.Bitcoin has no centre to attack. There is no single organisation or person that controls Bitcoin and transactions don't go through a central clearing house there is really no way a regulator can stop people from downloading Bitcoin wallets and sending each other bitcoins. If there we to block all the websites that people can download Bitcoin wallets from, new ones will come up and some people will compile their own wallets from source code - Bitcoin is like Bittorrent is that respect. If they shut down theses internet, people will send each other Bitcoin via SMS and if they shut down the electricity supply, people will use solar and battery-powered solutions
2.secondly,if government try to ban , it will make it more popularize among those ones too who are not known of it,making individuals to explore it and finding new ways to grab something out of it
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Topic
Board Bitcoin Discussion
Re: Bitcoin is instant way to get rich ?
by
Sylenth
on 04/10/2017, 09:39:51 UTC
seeing the value of bitcoin right now and its increasing value, you can become rich instantly if you do trading and invest  on best time and on best coin,but at the same time it can make you loose everything you had instantly if you invest recklessly. the value of bitcoin is very good , so you can definitely earn well as compared to some other jobs but it also requires some effort and hardwork, instantly getting lump some of money ,this works for very very few times.
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Topic
Board Bitcoin Discussion
Re: If bitcoin will be used in our daily transactions.
by
Sylenth
on 03/10/2017, 20:38:49 UTC
maybe ,it would happen in coming years, schools are only going to accept any kind of money when it's been legal,as bitcoin is not  legal or status about legality is still hanging in between in some countries it won't be given much importance there.but once it has been accepted legally or as currency in any country then it will act in same way as your paper money works but digitally,and then definitely will get to learn about same.
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Board Economics
Re: Why Bitcoin has power nowadays ?
by
Sylenth
on 03/10/2017, 20:23:27 UTC
if you are asking about power among other crypto currencies:

bitcoin was first cryptocurrency to come into play.being ahead or first move a lot of time has been spend on it by both users and developers on this currency.the other currencies have been introduced but replacing bitcoin is not easy because it would require a great change in technology and as well as it has to build same or better  trust among users which already have been established by bitcoin about the security and transactions
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Topic
Board Bitcoin Discussion
Re: Who can destroy Bitcoin ?
by
Sylenth
on 03/10/2017, 20:11:03 UTC
1.miners can destroy bitcoin if no one mines bitcoins anymore, nobody can exchange them. Miners basically get a commission because they use their processing power to process transactions  between bitcoin wallets.
So, if no one is mining anymore, which is unlikely for now, you will actually destroy the currency. Even if it is still worth something, you won't be able to exchange it, so it is like destroying it.
2.if  Governments all over the world restrict the contact points with regular money and can make it very, very hard to exchange Bitcoins. Which would make it useless for transactions outside the network.
3.The third way is to send coins out of an address is to use the private key that created that address. No private key, no ability to send or verify those coins.
One could potentially “destroy” coins by sending them to an address that has no private key, or to simply send it to yourself and erase all copies of your own private key. This will result in those coins being lost in that address forever effectively destroying them.
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Board Bitcoin Discussion
Re: Bitcoin ban in South Korea
by
Sylenth
on 03/10/2017, 13:23:07 UTC
neither of countries have banned bitcoin,but what they actually banned was initial coin offering knows as ICO, china step had a huge impact on bitcoin but impact due to south korea  market barely took notice,but after impact done by china too,bitcoin is again taking a leap in good manner.

 all of these are done because south korea  fears that cryptocurrency represents a non-productive method of financial speculation. This is a common theme among governments as they approach market regulation. Cryptocurrency is easily conflated with fiat money, but it’s anonymous, which makes it very difficult to tax.

so no need to panic, created just to create a mess in bitcoin holders mind,bitcoin is still operational. 
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Board Bitcoin Discussion
Re: Stealing Bitcoins from online wallets with 2FA
by
Sylenth
on 03/10/2017, 12:43:37 UTC
When there is anything related to mobile or desktop or anything connected to internet nothing is safe completely. That is why it is always advisable to have hardware or paper wallet instead of mobile or desktop wallet which are connected to internet. Any  of these things can be attacked and infected by virus and data could be corrupted or taken away from the user,so the best  way is to have a backup of data ,in case anything gets corrupted and be careful of the spams that are most likely to cross your path once in a while.