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Showing 14 of 14 results by pipelight1
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Board Beginners & Help
Re: will the bitcoin reach $1000 one day...?
by
pipelight1
on 29/11/2013, 04:40:57 UTC
I said forcibly broken, I was not referring to anyone supporting it. Government control, corrupted bitcoin foundation, corporatisation of the network. The utopian dreams of satoshi hippies will not go on forever, it's my view that the ceiling will be removed far sooner than anyone anticipates.

Just a hunch, nothing more Wink

In order to break the 21 million limit, all users and miners would have to agree to switch to the new fork.  If only one country forces everyone to switch, the blocks they mine will be rejected by all other wallets and all other miners, making their currency into an altcoin that isn't part of the bitcoin system. Even if most countries switch, and some small country with a few miners remains, that small country will still be the only one running and mining Bitcoin, while the rest of the world will fork off.

So, basically, the only way to break the 21 mil limit is to create an altcoin, which we already have many of.

You don't think it is possible for Bitcoin ITSELF, the founder and the one that overseas it, allows it to be mined, etc. to put in a mulitple ? It is just like a Reverse Split on a stock. 4 for 1. Or better yet, to stablize it he could Lock the FLOAT. Then split that allowing for no more to be mined. I know in the backgorund he is laughing at it all. Can't believe he pulled it off. At anytime I am Positive he cant put a stop to the mining, allows who he wants to figue it out, etc..... It is not centralized, insured, anything... So somewhere is a room full of techies laughing it up and cashing in...
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Board Beginners & Help
Re: Awesome ROI this month
by
pipelight1
on 29/11/2013, 03:54:49 UTC
Measuring a return in dollars is silly.  You could have simply bought Bitcoins instead and made even more profit with lower risk.



I am lost ? Is he talking about mining it ? He is saying he got a great Return on Investment on his Bitcoins and you are telling him to do that same exact thing ? Of course you want to measure your return in dollars. You have to compare it to something and until Bitcoin is taxed, or regulated, or insured. Dollars are the only thing that counts. Bitcoin is a great investment if you are in it to make money. But buying it to use.... Too complicated, and to time comsuming. Plus, as it goes up, more hacking will step in. And once it peaks, and fall X % it will have trouble.

Not to be a downer. But it is going to take time and a BIG reset. Before it is stable. I also heard where they think the Govt (central bank) Banks, may be buying it up to take it off the market (so to speak)... Once it gets really hard to buy, and no one knows why the supply is empty. That when they will dump them into the open market driving down the price. Just a therory I read...

No one really knows what will happen.... I am playing it small ball. Take the winnings and roll it into more. That way I am playing with their money... Good luck to ya..
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Topic
Board Beginners & Help
Re: Stay away from Coinbase
by
pipelight1
on 28/11/2013, 16:28:45 UTC
I sold a few last night on Coinbase. 
It says it would take 2 business days to deposit the money - so their estimate is on Monday.
I'll let you know if it goes as smoothly as they say it should - so far so good.

I got my "ONE" coin at the price they set and responses to emails right away. Alex, seems to be a great guy and gave me answers. That is all I know. I am affraid to open my Wallet as I don't want money stolen.  Will just wait for a while. Maybe when it hit 4K... Smiley  Grin
For those of you looking for a stock ride. Try DSS (Document Security Systems). They filed suit against Apple. The stock belongs up around 3 bucks. 2Bucks on earnings alone. Soared yesterday after the announcement "of course". But dont let that deter you, look at their chart, read the threads on IHUB and you will see this has a Huge markman coing up in February which will drive it up 2 to 3 times what it is now. Patent plays like this are huge. ANd you can use your bitcoin profits in Cash via Etrade to make another Taxable fortune.
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Board Beginners & Help
Re: will the bitcoin reach $1000 one day...?
by
pipelight1
on 28/11/2013, 15:47:32 UTC
sold my 2.6btc  at the price of 250each n then withdraw on mtgox =_= been 3 weeks still see no money and now price at 1180 on my local market FML~
That was your mistake. Never withdraw fiat from gox.

Please tell me what "FIAT" is ? And why can't it be withdrawn ? Let's take Coinbase.. If you bought 5 coins there 6 months ago and they are just sitting there in your wallet. Should I be able to go to coinbase and sell my coin ASAP ? I ask because that is my situation. I hold less, but am curious because I bought for invesment purposes only. Thanks for your reply.

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Board Beginners & Help
Re: Bitcoin's difficulty is running faster than progress - what's the point?
by
pipelight1
on 28/11/2013, 15:40:47 UTC
As far as I can tell, the calculator seems to be working fine.

I think you aren't realistic. You are expecting your mining rig to be a money making machine for ever. The problem is everyone realizes the profitability of mining. As you can see in the calculator the difficulty is expected to rise with 110% every month. So after a year the mining difficulty would have risen with roughly 1500%, which would of course impact the profitability of your mining rig.

Some notes on the calculation:
- you are calculating with 0 $/kWh.
- you expect the price of bitcoin to remain at 1100$ for the rest of the year? Seems unlikely. Many miners expect to generate profit due to the future price of bitcoin.
- you should take in mind the mining rig still has value after the mining isn't profitable any more for you. Selling it will increase your profit even more.

Risks are of course potential pricedrops of bitcoin and an even steeper increase of the mining difficulty. No risk = no profit.

Even besides these points, you are generating 3800 USD worth of bitcoin, with an 3000 USD investment: a ROE of 25% + residual value of your rig. This profit is in BTC (assuming you don't immediately cash-out), so on top of this profit you would also benefit of the increasing value of Bitcoin.

http://mining.thegenesisblock.com/a/65573407e1

Dont mine, buy hold and sell...
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Board Service Discussion
Re: What is Coinbase status as of today
by
pipelight1
on 27/11/2013, 02:27:10 UTC
Coinbase status of today is minus one dumb customer.  They didn't do the little "we deposit dust in your checking account and you tell us how much" verification dance.

Just as well, speaking epnomously.

Now that it is moved no one will read it or answer it. Great Work !
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Topic
Board Bitcoin Discussion
Re: How many coins do you have?
by
pipelight1
on 27/11/2013, 02:00:00 UTC
zero.  I'm too dumb for bitcoin.

I with stupdi, but have one BTC and plan on keeping it until I am hacked.
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Topic
Board Bitcoin Discussion
Re: Do you know anyone in the REAL WORLD who has bought bitcoin?
by
pipelight1
on 27/11/2013, 01:53:29 UTC
Granted I live in Ohio, but I've never met a single person who has bought bitcoin. I haven't seen a store that takes it, and everyone I talk to thinks it's "risky" (which I don't agree with). Anyway, I'd love to hear if other people have met anyone in the real world who owns bitcoin (or any alternative currency) and if so, where do you live?

I think age is a huge facotr, age and tech savy people. I have not met anyone and I am 48. So I expect to meet no one. I don't work in the field. Hell, I still don't know how to use the one I have pending. I won't use it either. I will just sit on it and hope for my number.....

One thing about being old is I have seen things like this before. Not exactly like this, but at some point when the value is too high and the price falls backwards for a continuos 2 weeks to 40% down. No one will sell you one, because they wont be able to buy one to sell you. Up n up... then its over.

As I asked about coinbase and someone said they buy it when you buy it. But what if there seller doesn't sell to them ? What then, do you think Coinbase will be able to buy one at your rate or lower ? No one is going to take a loss. That is what everyone is missing.... Kind of the beuaty of it too. I know no one is going to take a loss. So as long as new buyers continue joining in it will continue going up... LMAO.... It seems no one has noticed this...

I also think once this one is tapped out another one will follow it up and then tap out and so on..
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Board Service Discussion
Topic OP
What is Coinbase status as of today
by
pipelight1
on 27/11/2013, 00:56:01 UTC
Yesterday people were discouraging their use since the transactions were slow. I see the site is still up and looks like there are no problems. Just wondering who the next trusted level is and how long will that last ? Doesn't that worry any of you guys ?

You buy today and XXX-coin has gone from holding 300K worth of coin to holding 22M worth. That person can now take all coin by faking a virus..

Also, everyone is forgetting, many of these sites got in early. They bought thuosands when they were dirt cheap. Now as the price moves up and lets say they finally sell all their original lot. How do they buy and sell to make money. If "they make a bad move" do you think they are going to eat it if they can pass the buck ? Or just cut and run ?

Or lets say xx--- coin is now out of their original coins. So they have none for sale. Are they only processing the buys ? Or are they playing the money. So they load up with 100 coins today at 900.00. But tomorrow it falls to 450.00 and you want to buy coins ? What then, he is not going to lose 50% just to satisfy customers.

I only ask because I want to hear opinions on it. This is what happens everyday with penny stocks behind the scenes. Someone always getting burned.
 
I can see the day it drops 50% and stays there for more than a day to be a hgue problem. That is when it is over. As long as it runs UP... Things are fine...
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Board Beginners & Help
Topic OP
Backing up in Coinbase once in your wallet ?
by
pipelight1
on 27/11/2013, 00:38:10 UTC
How is it recommended to back up ? Just using a screen shot ? Saving on paper and on your computer ?
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Topic
Board Currency exchange
Re: Cashing out of large amount of bitcoins
by
pipelight1
on 27/11/2013, 00:28:20 UTC
Just a question - how did you get $10,000,000 worth of bitcoins in the first place?
Please don't tell me you were the guy on the other end of the 10,000 Bitcoin pizza. >.>

And holy cow, good luck on taxes.

I would have to think they bought really early and the Taxes will be non existant consider the whole point is CASH !! What I am doing when the time is right. I would take a lose on %, maybe even 10& to do a cash deal..
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Board Beginners & Help
Re: All i read on this forum is CRASH
by
pipelight1
on 26/11/2013, 18:17:48 UTC
When I bought in I always took the view that it was a binary bet. I looked at bitcoin in 5 years as either being worth $10,000+ or $0. That said, I am a believer in its usefulness and am going to hang on for the next several years. In my opinion you need to take a view, put your money behind it and then wait it out. There’s nothing to be gained by trying to time the market imho. 

The more their worth, the more they will get hacked. As today's price lures many to buy and to steal. Just imagine those that lost thousands on Inputs (now what). Soon the wallets will be hacked daily and this is going to drive people away. Plus the fact that price fixing is happening now, different places, different prices... It may be worth it to someone that bought in early. But as I stated before, no one is going to buy one with all this trouble. Maybe parts, or even risk money they already made.
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Topic
Board Beginners & Help
Re: Stay away from Coinbase
by
pipelight1
on 26/11/2013, 03:50:38 UTC
If coinbase sucks (I have a pending transaction with them) what is everyone using to get USD to BTC? It seems like everyone hates every exchange so what is the go to place?  BTC-E seems risky and impossible.  Mt. Gox seems to have issues.  What are the real alternatives?

I can sell you some. But first you must cash a Money order I send you from my homeland here in Africa. I am the only surviving relative of King mumbi here in Kenya. And to my future friends i am willing to share such a large fortune. You will only need to cash this money order. You may keep a wealthy sum of many dollars for you and your family. Only send me a small % so I can give it to the poor... Smiley

Gonna stick with coin base and try to get to level II

Barry
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Topic
Board Beginners & Help
Re: Stay away from Coinbase
by
pipelight1
on 26/11/2013, 03:42:22 UTC
after clearing for your first purchase, do the transactions go a lot faster or do they still need to wait for the ACH payments (4 business days) to be final? i'm still waiting on mine, so i will probably find out.. in another week or so.


you might want to remove that picture.. unless you are okay with your first and last name to be available to the public.

Me too....

I am just looking for the investment... But the warnings on this site scare the shit out of me... Plus I am OLD ! How do I write Bitcoin into my will... :oP

I buy a coin and want to use it I dont want to do so without an easily reached method. It is way to much trouble to not have an online wallet. Say coinbase or such... I don't see what is the point of this. Maybe a chance to get in on a good investment. But if your not the owner of Virgin Airlines or the winklefoss twins what's the point. A stupid (if Large) invesment unless you are supper tech savy. These guys can afford to pay some of you guys to make their moves. The avg. guy is a long way to using these coins. Thus they will plummet at some point, then rebound slowly. Only insiders and those with lots of contacts may apply...

Everything  wrote about encryption is deep science to 99% of humans, and to me, I am an investor and have plenty of cash, credit cards, etc. Bitcoin is limiting the usage by allowing creative scam artists into the source. So I have to carry my favorite book with so I can turn to page 9 and get my password written backwards ? Oops, sorry, my wallet didn't open, let me try again, there we go... Here is your .00012 bitcoin for my coffee. WTF... It's Cold !

Wish I had better contacts in the South Florida area... cough cough...