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Showing 20 of 20 results by ablelester
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Board Speculation
Re: Why is bitcoin regaining dominance?
by
ablelester
on 17/08/2018, 21:32:05 UTC
Quote from: d5000 on August 17, 2018, 01:04:11 PM
Quote from: Don Pedro Dinero on August 15, 2018, 01:03:07 PM
Quote from: d5000 on August 15, 2018, 04:15:54 AM
By the way, I think we could get a better measure for a coin's "popularity" or "value" than "market cap" if we try to measure its transaction activity. Probably Bitcoin's "dominance" would be much higher. Coinfairvalue tries something like that, but has some pretty strange valuations ...
Do you mean trading volume? It doesn’t seem to be a bad idea. That’s usually done with stocks.
Sorry, just saw your answer.

Trading volume has advantages and disadvantages. The advantage is that it provides a measure for "activity" on markets, and as you say, it's used in other asset classes.

But there are some important drawbacks. The first one is - how to really measure it reliably? Yes, one could compile a list of markets like Coinmarketcap does. But there are several problems with this approach:

1) You'll never be able to catch the "total" volume, as there will always exchanges you don't have on the radar,
2) OTC trading (Localbitcoins ...) and on-chain markets (BarterDEX  ...) are usually ignored
3) Fake volume is difficult to detect.

Because of these reasons, trading volume can be only one indicator of a really well-designed "crypto ranking". I know that there are more "holistic" approaches like CoinGecko, but they often include indicators that are very difficult to measure, like "development activity".

Maybe a relative simple index based on the triad "transaction volume in USD + market cap + trading volume" could give a relatively good impression of the importance of a coin. I guess Bitcoin dominance in this index would be much higher than at Coinmarketcap.

Yeah the best measurement we could hope to get would come from a combination of all three I think. The volumes are most often faked, as most people know, just to draw in more business. The transaction & trading volumes would hopefully be somewhat relative but it's hard to know for sure.

We can never really know how much money is going through P2P networks like localbitcoins, or even just real P2P. Governments could even be paying for each other's dirty work and we wouldn't ever know. Those transactions can have a major effect but would almost always go unnoticed.
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Board Speculation
Re: Why is bitcoin regaining dominance?
by
ablelester
on 17/08/2018, 06:04:37 UTC
Quote from: Wind_FURY on August 14, 2018, 07:11:38 AM
Quote from: snipie on August 14, 2018, 06:30:57 AM
Most altcoins are created for a short period for a fast gain. Look at the coinmarketcap site, you will not recognise half of the coins there = fast turn-over. However, a little bit solid altcoins like ethereum and bcash dropped hugely so I think people are escaping to the safest alternative which is bitcoin.

Right! But it is not the "safest alternative", it is the only cryptocurrency to hold in bear markets, or for me, the only cryptocurrency to hold for store of value in any type of market condition. Although, I have a small "investment" in Decred. Hahaha.



Yeah I'm on that boat too. No one likes to hold altcoins for long, it's like sitting on a bomb. They love 'em and leave 'em for short term profits and then move back to bitcoin to protect those profits. And since the altcoin markets are shit right now, everyone's piling on bitcoin. Rightfully so.

After that big bubble, bitcoin has started to look stable and promising. People are coming into it cautiously because they know an opportunity when they see it. Bitcoin will be around for a lot longer because it has those security features.
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Topic
Board Bitcoin Discussion
Re: Still dont have a good answer for Plan after the US dollar
by
ablelester
on 15/08/2018, 18:55:59 UTC
Quote from: First77 on July 29, 2018, 04:00:50 PM
US dollar runs world economy. US Dollar is getting stronger year by year. With Donald Trump's "America First" it is US Dollar to the moon.

Bitcoin is people'e trust for a new system and an alternative asset. Bitcoin will be 3rd tier asset.


This policy is more often known as "shoot yourself in the foot" as you stab your allies in the back and isolate yourself both at home and abroad.

American economy hangs by a thread, which is supported by countries like China, Japan and Saudi Arabia buying their debt. And these buyers don't seem so interested anymore. They'd much rather be selling it actually. So once they sell enough to cause default, who's gonna buy the dollar?

Oh and a euro reserve is impossible. The Euro is propped up by the ECB's frantic printing spree in hopes of getting people to open their wallets and buy useless shit that they don't need. It won't last for long.
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Board Altcoin Discussion
Re: What is Happening to Crypto Market? What is the reason behind this DIP ?
by
ablelester
on 14/08/2018, 17:20:37 UTC
Quote from: TooDumbForBitcoin on August 14, 2018, 05:09:22 PM
Quote from: themistocleess on August 14, 2018, 04:39:40 PM
i have been looking at Coinmarketcap the Market Capitalization is at $192B, decreasing and decreasing. What will happen Next ?

Did you ask the same question when the market capitalization demonstrated increasing every week? The answer is opposite to what you got then

Hahaha this is the only answer you need. So it goes down, so it goes up. That's just the way she goes my friend.

Maybe it might be a good opportunity to take advantage of the discount sale. Think about it like when the supermarket sells your favorite cereal for 30% off. Might be a good time to buy two, or maybe even three or four if you've got enough pocket cash sitting around. You never know when the sale might end.
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Topic
Board Economics
Re: What happnes to BTC,if the oil price goes up?
by
ablelester
on 12/08/2018, 18:41:55 UTC
Quote from: inspirone1 on August 10, 2018, 04:53:27 PM
Quote from: davis196 on May 24, 2018, 12:06:51 PM
The oil price is going up and many people expect it will go above 100 USD per barrel,or even 120 USD per barrel.How this will impact the world economy and the cryptocurrency prices?
I have many own theory about this and I will share it later,but know I'm waiting for other opinions.
Is this good or is it bad for bitcoin?
I think that oil is affecting the price of everything around but I don't see the Direct dependence between those two, so maybe it will not affect it no way. Especially when I will buy myself an electric car, lol.

Oh I think I've figured it out! Oil's price affects the number of hipsters who buy Teslas, and when hipsters cash out of Bitcoin to buy Teslas, the price of Bitcoin goes down because everyone is selling their coin! So if we have a low price of oil, hipsters with HODL 'till their brains bleed, no matter what the cost! Come on sanctions, trade wars, and random antagonism in the Middle East!
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Topic
Board Economics
Re: How do crypto exchange help a cryptocurrency?
by
ablelester
on 11/08/2018, 17:52:33 UTC
It depends on the exchange. If the exchange is honest and doesn't mess with any numbers, then it provides users with ease of access to the market. When users have ease of access, they can trade more. More trading means higher liquidity and better transactions. If more traders have access to decentralized exchanges and can move money back and forth, it will increase the value of cryptocurrencies.

But if the exchange has unethical practices like selling info, opening itself to hacks, or faking volume, it can affect crypto very negatively. Hacks especially are very bad news for crypto because they generate fear.
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Topic
Board Economics
Re: What happnes to BTC,if the oil price goes up?
by
ablelester
on 10/08/2018, 04:04:59 UTC
Oil's price is independent of other assets because it is a commodity that is used for its own purposes. If it gets really high, people have to pay more money at the pump for their fuel. People working in the oil industry will become rich. Maybe, just maybe, some of those people might buy bitcoin. But highly unlikely.

There is no correlation nor relationship between oil, gold or bitcoin. High oil does not mean high gold. Some abstract theory may connect them but there is no evidence. Oil is oil, bitcoin is bitcoin. That's all there is.

And what's your theory?
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Topic
Board Economics
Re: USA/China Trade War and Crypto
by
ablelester
on 08/08/2018, 15:43:32 UTC
Quote from: pitiflin on August 07, 2018, 10:56:06 PM
We don't have to convince anybody. People say they want adoption and all that shit, but in reality they don't. Sure, the price will go high, but things might just start getting much worse from then onwards.

Convincing whales is pointless, but I believe most of them have invested in bitcoin, and those who say they haven't are pathetic liars who don't want to ruin their reputation by saying that they are involved in bitcoin. Either that, or they really hate/dislike bitcoin and don't have a clue on what bitcoin is.

That chart is so damn informative, thanks for that. I was shook when I saw that there are 33 Million millionaires and yet the world hasn't got rid of poverty. What a sad world we live in.

It would be interesting to see the same pyramid/chart for bitcoin holders, in similar manner, like how many people have more bitcoins and similar data.

Bitcoin can go to a million dollar per coin,  its doable, but not very possible. There are invisible barriers that firstly block that from happening and then you have humans blocking the same to happen. If bitcoin reaches a million , things can go really awry.

This is the major point that a lot of people are missing. Sure, the price might sail to the moon if we get the Rockefellers and Rothschilds behind it, but is that really to our advantage? It would only hurt us in the long run because it would mean that they would try to institutionalize it. The institutionalization of Bitcoin would mean that it could be more easily manipulated by those very whales that we enticed to invest in it. So then they could crush it when they feel it's too high and the common folk are making too much money off of it. Might as well just keep it to ourselves.
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Topic
Board Speculation
Re: Nobody is using crypto's to pay anymore
by
ablelester
on 05/08/2018, 13:05:39 UTC
Quote from: BitcoinNewbie15 on August 03, 2018, 02:47:42 AM
Quote from: STT on August 02, 2018, 11:53:35 PM
Bitpay is a way of converting crypto into dollars before then passing it onto the vendor.  In theory that vendor is accepting the dollars and its Bitpay who handles the crypto itself, not exactly a crypto transaction.  Hopefully they are also monitoring other methods of exchanging value not just ones that register in FIAT because that'd be quite ironic to skip transactions purely done in crypto

Bitpay was (is?) the largest payment processor for Bitcoin. They are seriously hurting Bitcoins usage as a means of payment though. They started mandating that BIP70 is used for payments. This put a bad taste in many peoples mouth and caused many users to stop using Bitpay altogether. I'm unsure why they mandated BIP70 for payments, but it just overcomplicated things. I am certain that this has to do with the drop in commerce, and is what skewed the results of this "study". Maybe it's also in part to the fact that Bitcoin has been in a slump since 2017. A lot of people are likely hodling because of the general perception that we will be entering another bull market shortly, and buying something would result in a net loss in the short term.

This is yet another example of a clickbait headline by Bloomberg that misrepresents Bitcoin to make it look like we're all heading for a crash and it's not worth investing in. Bitpay, like mentioned above, is just a service, not the coin itself. So there was a shitty service that charged too much money for its transactions that people aren't using anymore and... no one is using Bitcoin anymore! Great conclusion Bloomberg!

These people are so blind in their biases they don't even recognize that their headlines don't match their article content anymore. What happened to the days of honest and objective reporting?
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Topic
Board Economics
Re: Wise thing to do with your savings.
by
ablelester
on 04/08/2018, 17:24:09 UTC
Quote from: ntarah langger on August 04, 2018, 05:11:54 PM
Quote from: Pumapipa on May 25, 2018, 05:03:52 AM
I see that many of you actually liked the concept of 20 % method wherein you allot 20% of your earnings to be saved as emergency fund.
So I was thinking, if that 20% allotted will be invested in a time deposit kind of account, will it still be possible to earn as much or invest it in cryptocurrency? Or maybe just let the money sleep until such time you will need it?
What will be a wise kove to do with the noney you have saved up?
everyone has their own way to manage their finances, and you cannot apply what you do to others.
because obviously the life needs of each person are different.

Yeah. Just look at what other people are doing and then decide if it's something that seems reasonable to you or not. But no one will have an answer for you. You've gotta figure it out for yourself.

Money should be put away somewhere, of course. Where you decide to put it is up to you. You can put it into bitcoin and save it for later (it's really not that high of risk, don't listen to the naysayers) or buy a security like bonds or fixed deposits. Keep a small portion aside for high risk assets if you like (stocks, CFD's, margin trading, etc.) but DO NOT put all your money in one large position that you "are sure" will "go up to 500,000" or something like that.
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Topic
Board Altcoin Discussion
Re: How we can stop scam ICOs lanching?
by
ablelester
on 03/08/2018, 16:59:08 UTC
Quote from: Razick on July 28, 2018, 12:33:07 PM
Quote from: mbah on July 26, 2018, 07:49:11 PM
ICO scam will never be able to stop popping up. that can be done when this is encountered by reporting the circumstances that happened in order that the ICO will not get support. Indeed it is difficult sometimes to distinguish a scam also and not.

I agree, there is no way that we can stop ICO scams from popping up and they are just getting more and more sophisticated as time goes on.It is not harder to tell which of the projects are scams as the scam projects often even look better than the legit ones. What we can do is to pass information around when we come across scam projects to prevent others from falling for them.

Scams will always exist. There's nothing we can do about it. But we can help each other to avoid them by spreading awareness and education. People need to have better understanding of how greed can lead to poor decisions. Instead of thinking about how much money you can make, think about how much you might lose if you are wrong.

The most important thing is trying to be realistic about the outcomes of the ICO. What does it really mean? Is it something that you could see yourself trying to do yourself? These questions help investors to check in with themselves and approach it rationally.
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Board Marketplace
Re: A tool to avoid scammers
by
ablelester
on 02/08/2018, 14:46:43 UTC
Quote from: nabinkhadka on July 25, 2018, 12:34:47 PM
My tool for avoiding scammer is to staying away from things and people that sounds to good to be true. people usually fall under scam because of very less research in that specific field   and of course being too much greedy. A basic research could save you from scam.

Yeah this is very true but very easily ignored as we get blinded by our hopes for profits. If it seems like it's a very easy way to make money, it's probably not a safe way to do so. That's why we need to ask ourselves before doing these things if we are just being greedy, or if it is a rational, logical decision we are making. That key question in the moment before making the payment is what people who get scammed fail to ask themselves, and it leads them to follow their own greed down into the void. That's why research, like you said, is very important. It gives a clear head.
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Topic
Board Bitcoin Discussion
Re: Bitcoin Payment Processors
by
ablelester
on 01/08/2018, 14:06:53 UTC
Quote from: JollyGood on July 27, 2018, 02:01:03 PM
Quote from: Gurjasmeet on July 26, 2018, 03:53:39 PM
I think if do bitcoin payment processors, it will be very helpful step .because bitcoin currency increased many countries & they adopted it day by day.no doubt it will be must in future l hope so,

If you what you say is true then the way to achieve getting there is to maximise the potential and make it as less 'technical' as possible so any person with any skill set can have their own private option to offer Bitcoin as a method of payment at checkout.

With already available plugins for Woocommerce and other carts that merchants use by paying a percentage of transactions fees for their service, they simplify things for the e-shop owners. With "btcpayserver" is removes the need to pay a percentage of your profits or transaction in fees to crypto payment processor companies but you need a small amount 'technical' know how to install btcpayserver and be prepared to pay for the hosting of that server as it will sync the whole Bitcoin blockchain.

The more simple the BTC payment processing process becomes the more merchants will leave traditional crypto payment providers such as those I listed in the OP.

I never even thought of that. Integrating it into woocommerce is the easiest and most practical solution because it can fit right into the website. It just has to be forwarded to a crypto processor or sent off to a server in Amazon and there you go! I'm glad it's getting easier to collect money online with bitcoin. The only thing is, it might be better ensure a steady stream of income through bitcoin before going through the process of setting it up.

What about just putting a wallet address online and then moving everything cold on a daily basis? I've seen a few people do this as a "donation" link.
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Board Speculation
Re: Monthly USD returns since 2011
by
ablelester
on 31/07/2018, 15:58:49 UTC
But who would buy on the first day and sell on the last day of the month? What a silly way of picturing it. I'm sure somewhere, some journalist is painting a dreary picture about the doom of bitcoin with that data. That's not a reasonable investment strategy.

The images of the crashes are interesting though because it shows how quickly bitcoin moves when it decides to correct. You can even see these kinds of movements on the smaller timeframes too. They are just sudden violent jerks in one direction, oftentimes followed by a quick retrace as everyone rushes in to buy the dip.
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Topic
Board Marketplace (Altcoins)
Re: Tips in margin trading
by
ablelester
on 30/07/2018, 18:11:39 UTC
And watch your exposure. Start with small trades so you can be comfortable with that amount of risk before moving up. High leverage means your position value changes much quicker so you have to be careful about how big that position is.

Another simple but important tip to remember is to either stop or drastically reduce your position size if you experience a big loss. Your first big loss will be a bit of a shock, and it might come tomorrow, or it might come a few years later. That shock will impact your ability to make rational decisions, so check yourself before attempting to "win it back" with another big trade. Chances are that pattern of thinking will ruin you.

That also brings up taking losses. Small losses are good, and some professional traders make up to 80% of their trades as losses, but make 10x more money with their winning positions. So don't be afraid to close out if it's not the right one.
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Board Economics
Re: BTC HOLDER Criteria
by
ablelester
on 29/07/2018, 21:31:11 UTC
There's a bit of overlap between the three as well. I'd say that it's for investment use but I also have the curiosity to dig out the facts and figure out what lies beneath it. I'm not so sure that many people are in it for strictly that reason, because if they wanted to research and learn about the coin, chances are they'd probably want to invest in it too.

What about transfer of money? Some use it as a method to send money from one place to another without having to pay large amounts of tax in the receiving country.
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Board Marketplace
Re: Advice to convert BTC to USD via western union
by
ablelester
on 28/07/2018, 22:19:20 UTC
Yeah your best bet would probably be localbitcoins.com as it's easy to track reputation and trustability there. I wouldn't go through Western Union if I were you though because they charge very high commissions. On localbitcoins you can even get cash in some countries so that might be the best option. Some exchanges can send wire transfers (Bitstamp is one of them). Or there might be a local exchange that can help you.

I've also heard good things about bisq because of its security and it's decentralized, but I haven't tried it myself.
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Topic
Board Bitcoin Discussion
Re: do you hear about the recent hack?
by
ablelester
on 28/07/2018, 06:25:38 UTC
Yeah, these exchanges are held liable if the country allows them to operate there. Assuming the country has a reasonable degree of rule of law, you can retrieve your money back because it's their responsibility to ensure security of the exchange. That's why they go through so many measures (but many still aren't strong enough by the looks of it)

Keeping money on the exchange is never guaranteed however, so it's probably best to keep whatever you don't see yourself spending or trading in the next week or so on a cold wallet. That way no one will even know it's there.
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Topic
Board Bitcoin Discussion
Re: Bitcoin Payment Processors
by
ablelester
on 26/07/2018, 12:09:19 UTC
Quote from: Ctn on July 26, 2018, 11:54:16 AM
Dont you guys think that we need a payment processor which will bridge between the bank account and the virtual payment system. I mean there is no system in place where we can send the money directly from our bank account to the crypto accepting party. For example there are PayPal, nettler etc who are able to transfer the funds directly from our bank accounts even when there is no balance in those wallets. I want to know about any processor which has this kind of codes in it. I mean say im paying at the crypto services and I want to use my DApp but have no balance in it then that wallet should be able to retrieve the money from bank, convert it into the desired coins and then pay it. Then there is fun.

Yes exactly, this is what we need. For now all I can do is give a BTC address on my website and then have it sent by wire transfer to my account... but this is slow, clumsy, and expensive. It's a shame that payment systems like Square and Stripe don't accept it.

The problem is, they'd probably take too much in commissions. Square takes 3.5% on card payments, so they might take 7% on BTC. Whereas if you just sent it to a wallet or exchange, collected it until it's a few thousand, you could get away with fees as low as 0.1%
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Board Marketplace
Re: A tool to avoid scammers
by
ablelester
on 24/07/2018, 20:01:44 UTC
One more tool in the toolbox, thank you very much.

It's a good thing to see the major players in the field, and influencers certainly can point in the right direction. It's not a bulletproof shield though, and people should be aware the while it is helpful, they also have to take care to avoid scams through other ways as well. A bit of common sense while using the internet goes a long way.

Although if one has enough time on his hands, he can build himself up to become an influencer. After a long and arduous climb to the top, building enough trust among followers, that person could very well execute a large scam. You never know how long someone can be scheming to do something like this.