Bitcoin is a decentralized consensus sytem that is primarily viewed as digital value. While this is true...

Bitcoin is a decentralized consensus sytem that is primarily viewed as digital value. While this is true, Bitcoin is muc more than this. Watch this: youtube.com/watch?v=YIVAluSL9SU

If you want to dive deeper and understand it on a technical level watch this: youtube.com/watch?v=t5JGQXCTe3c

Cred Forums I encourage you to become aware with this technology. Let's examine it simply as an instrument of value.

- Highly resistant to government confiscation
- Canan cross borders with impunity
- Cannot be influenced by central banking policies
- Enables revolutionary financial instruments (peer-to-peer lending/banking)
- While not innately anonymous, you can achieve anonymity

What are the political implications of this technology? Do you think it can success on a global scale?

I am a bitcoin/blockchain expert AMA

Other urls found in this thread:

ledracapital.com/blog/2014/3/11/bitcoin-series-24-the-mega-master-blockchain-list
youtube.com/watch?v=GGwHIHBsjbU
coindesk.com/bitcoin-venture-capital/
ledgerwallet.com/
youtube.com/watch?v=lskpNmUl8yQ
bitcoinmagazine.com/articles/bitcoin-is-not-quantum-safe-and-how-we-can-fix-1375242150
map.bitlegal.io/nation/GB.php
en.wikipedia.org/wiki/Illegal_number
library.oreilly.com/book/0636920032281/mastering-bitcoin/toc
fiatleak.com/
en.wikipedia.org/wiki/M-Pesa
youtube.com/watch?v=vl3bUzfn2lg
en.bitcoin.it/wiki/Anonymity
github.com/JoinMarket-Org/joinmarket
hobbymining.com/mining-hardware/
twitter.com/NSFWRedditGif

Start with bitcoin 101 if you don't mind steve

fuck off... bitcoin is a joke.. I'll give you a pizza for 10000 bit coins

Where is the intrinsic value coming from?

I have 1 BTC. How can I sell it?

ledracapital.com/blog/2014/3/11/bitcoin-series-24-the-mega-master-blockchain-list

Good list of areas that digital tokens could influence.

1. is there any info on how many early adopters/miners have made a fortune (managed to liquidate into regular currencies) when btc went to the moon?

2. which, if any, altcoin would you recommend at this moment to those who missed the original btc train

Bitcoins themselves are just a system of value. Value is merely something we agree on. Bitcoin is valuable due to its speculative utility, its ability to avoid capital controls, and its mathematically confirmed scarcity. Currently 1BTC is around $615 USD. Bitcoin has been the best performing currency the majority of years in its existence.

You can buy them on exchanges such as Bitfinex. Or in person.

TRANSACTIONS

Bitcoin works differently to the money you know and transact with on a day-to-day basis. Bitcoin is not physical. Do not think of Bitcoin as a coin. Think of it as an accounts ledger. On this ledger you can see Bitcoin assigned to you (your balance), Bitcoin assigned to everyone else, and every transaction ever made. The Bitcoin ledger is entirely open and public.

Unlike a normal accounts ledger, your Bitcoin are not held against your name, they are held against an address. Think of an address as a locked mailbox that only you have the key to. In the following example you have 3 Bitcoin held in the mailbox 1a7h6j. You also have the key to open this mailbox securely in your possession.

Lets say you want to transfer 1 of your 3 Bitcoin to Bob. You would simply use your key to unlock your mailbox, take out 1 Bitcoin, and put it in Bob’s mailbox 1h9f2d.

Once this transaction is complete your mailbox now has 2 Bitcoin as you gave 1 Bitcoin to Bob. As Bob has the key to the mailbox 1h9f2d, he is now in control of 3 Bitcoin.

THE NETWORK

When a Bitcoin transaction occurs, such as the example above, the message of that transaction is propagated to all computers within the Bitcoin network. The Bitcoin network is simply a collection of computers connected together that propagate and process Bitcoin transactions.

China is home to 90% of bitcoin trades and 70% of mining, good luck.

PROCESSING TRANSACTIONS AND CREATION/MINTING

Some computers within the Bitcoin network exist specifically to process transactions. These computers are called miners.

Each mining computers will collect 10 minutes worth of transactions into a block. Once collected, all of the mining computers will attempt to solve a complex maths problem. The first miner to successfully solve this problem is allowed to put their 10 minute block of transactions into the ledger.

This process can be thought of as writing the transactions into the ledger and then laminating over the top of it. For their work the miner is also given a reward of Bitcoins.

Miners within the Bitcoin network therefore perform two functions. Firstly, they collect block of transactions and compete to process it. Secondly, the winning miner is awarded Bitcoin for their work. This complex process can be thought of as rules to a game that miners play in order to win Bitcoin. This is how Bitcoin are created.

The purpose of the complex maths problem is this: the randomness of solving the maths problem ensures that no single miner can process all transactions indefinitely. Therefore no single miner has control over the system. This creates decentralized security via consensus.

>PROCESSING
Processing times could potentially climb to hours or even days, making the digital currency inconvenient for many users who can get almost instant confirmations on payments through their credit-card providers or online money-transfer services like PayPal. In its current iteration, the bitcoin network can handle about seven transactions per second. Visa Inc., the world’s largest payment processor, is capable of more than 24,000 per second.

you need to burn off real energy to obtain bitcoins

however, that doesn't mean people will value the limited coins.

While this is true, this is due to the rapid development of mining hardware. As most hardware is made in China, and the constant development to get smaller asic chips has been on the march. The mining advantage has been for those closest to where the asics are made. Now that the development is slowing the distribution will globalize.

Watch: youtube.com/watch?v=GGwHIHBsjbU

Correct. Bitcoin is not ready for prime time. And I totally agree with this.

However it is an extensible protocol. Look how far ethernet has come for example.

In fact the energy and operational costs to create the coins give them value. There is a real cost to create them. Furthermore the speculation and unique fiscal properties give it value.

>he could have had them for pennies

1. Its impossible to know. But since the ledger is open, you can see old coins move (as all coins are dated).
2. Ethereum is promising. But I think it's likely a data layer will be built on bitcoin to create smart contracts.

Please do.

...

How much btc do you think DPR has hidden away?
A £million worth?
Surprised there's not a race on rn to hack him and steal it

How do you get started with a wallet? What are the best practices with managing them?

I remember that hot/cold wallets were a thing, but now, it seems that BTC services aren't using them and trust some other company to manage their money (Bitfenix). Why did they do so, before the hack?

DB is totally fine though...

Impossible to know.
But I'm highly confident they would have some. There is a lot of government and investor interest in this tech. For example there has been 1.3 billion in venture capital money in companies so far: coindesk.com/bitcoin-venture-capital/

People have been trying to hack it since its inception. The protocol itself is constantly proving itself as it hasn't been compromised. Also if you hack it, it will lose all of its value. It's also public so its easy to see when its been hacked.

Bitcoins themselves have been stolen from traditional systems. But the Bitcoin protocol hasn't been hacked.

A wallet is a just some software/hardware/online site that stores your private key.

What OS/device do you want to store it on? Also it depends on your risk profile. Use a phone app like you would use a real wallet (don't put a lot of money on it).

I hugely recommend ledgerwallet.com/

When transferring bitcoins between addresses, send a small amount first to confirm you go the address correct.

Bitcoin is worthless.

You can tell people all you want it's worth $600 and try to sell one to them for $300. But they don't know what is it, they can't use it anywhere, and 99% of others don't know what it is and don't want it.

It is not a currency, but niche bullshit.

>Why did they do so, before the hack?
Bitfinex was legally forced to move away from cold/hot wallets. Regulation forced them to change their coin management. Also we are still waiting on exact details on the finex hack. I think the CSO did a vid on it, I haven't seen it yet.

Coinbase is pretty good and been around for a while. The support is really good as well.

Ive been in and out of BTC since I started mining in my bedroom in 2011 and found that its most always better to go with the more mature platform even if there is a larger fee. I have lost a few grand from hacks on unprepared wallets and services.

Value is perception. Nothing has intrinsic value.

Bitcoin is much more than value as well. It is a protocol of trust that enables a wide range of revolutionary tech. People invest in it for the speculative potential. Watch the vid in my OP.

So it is worthless?

As worthless as a dollar.

That sucks man. I've been very lucky with Bitcoin myself. Always kept my money off exchanges/off the internet in general.

>As worthless as a dollar.
At least bitcoin has mathematically provable scarcity, which is even better than gold.

How I feel when people laughed at the tech in 2011. How I feel when they laugh at it now.

youtube.com/watch?v=lskpNmUl8yQ

hurr durr what is quantum computers

I understand, I read Nakamotos white paper on the trust system. BTC taking over was a matter of time due to the system of trust and availability coupled with exchanging and being as dividable as it is. It was brilliantly designed from the ground up and the work to improve the block chain as been great as well.

Not a problem: bitcoinmagazine.com/articles/bitcoin-is-not-quantum-safe-and-how-we-can-fix-1375242150

I personally think BTC itself could fail. But blockchain tech is pandoras box. People like to laugh at it, but they don't understand the profound technical achievement and the consequent consequences of the coming decentralized future.

If one were to get their salary as bitcoin, how would that work in respect to taxes?

Would you be paying a % based on their value on the day you received them? Their value the day you pay?
How does it work for something which a lot of people would regard as having no worth?

1)Forking bitcoin is almost impossible.
2)China has enough hash power to get 51% hashing power and rewrite the ledger
3) a government can shut down internet strategically to take control of the ledger
4) Huge players have way too much control , its not truly decentralised

If you think you can outsmart banks that have a stake to keep bitcoin out you are deluded
Look what happened to every exchange ever and the media shilling after with
>Bitcoin enthusiasts learn why there are financial regulations
Who do you think those hacks were done by?

You are going against powers you cant comprehend and bitcoin people dont seem to understand that

...

Assuming you're from the UK and not on a vpn: map.bitlegal.io/nation/GB.php

It depends on the country.

>blockchain tech is pandoras box
essplane hombre

1. And yet not impossible.
2. Easy to see if they did it. Also economic disincentive not to do that. And mining will disperse with time.
3. Bitcoin is global not national. All it takes is for one nation to keep using it for it to remain. It is incredible resilient.
4. Evidence? Impossible to know. Also huge players own all the gold, and yet we still use that.

Bitcoin is more than value. You should watch the vid in my OP.

I work in ITSec/Finance and consult for governments and big banks on this tech. There is incredible interest.

I thought I heard that there's a limited length of the Bitcoin blockchain. Is that true?

The trustless system is being implements on contracts such as stock, mortgages, etc. Anything that a 3rd party bank would do a blockchian can do as well and it would put a value on the underlying currency that Is used to sign the contract. Namecoin is a great example.

Bitcoin is the first iteration of blockchain technology. Even if bitcoin itself fails, better and more applicable examples of the technology can be created. It is an idea.. now the idea is out it will never go away.

The technology is too profound to be ignored. Its implications are huge (the inventor of HTML, TCPIP, and many crypto experts are frothing at how huge it is)

How did you get in there? What should I do to follow your path, senpai? Where to go? How to begin? Tell me Senpai.

There is a limited number of coins. 21 million. But each coins is divisible into 8 decimal places. There are 2.1 quadrillion of the smallest unit.

What can you even buy with bitcoin?

Could block chain be used to secure electronic voting?

yes

en.wikipedia.org/wiki/Illegal_number

you can put one of these numbers in the transaction, now everyone who has the blockchain is holding an illegal number

just kidding. he means that a money not controlled by governments OR a ceo is a very important concept

Is there anyone working on this?

By luck really. I have been working in ITSec for years in big finance/startups.

The industry is growing and I expect it will be huge eventually.

You can get super technical here: library.oreilly.com/book/0636920032281/mastering-bitcoin/toc

It's pretty easy to develop on Ethereum too. Just learn it well and apply for jobs, its such a nascent industry if you can talk the talk youd be hired.

Will Bitcoin ever be commonly used? Why would I use Bitcoin over burger bucks?

Will it take a financial/government collapse for it to become used?

>>- Highly resistant to government confiscation
true, if the server is overseas it will be problematic. if they locate the wallet server its easy.
>>- Cannot be influenced by central banking policies.
not directly, but bitcoin responds as a metal does. its a counter dollar. When dollar goes down bitcoin goes up. just like gold, silver and platnum.
>>- Enables revolutionary financial instruments (peer-to-peer lending/banking).
true, but one money traded hands there is no way retreaving the money back, so mistakes have no cntr Z.
- While not innately anonymous, you can achieve anonymity
true, you can get anonimity using other cryptos. The way to do it is : find a real anonymous cryptocurrency that does not keep track of transfers, buy it with bitcoin. sell it and then get the money into another bitcoin wallet. if you do that with 2 or 3 anonymous cryptocurrencies it will hard as fuck to track you.
>> Do you think it can success on a global scale?

i have all my savings in bitcoins. Its not much tho. I traded cryptos and lost some money. I know enough about crypto to understand it has it problems. You could say Bitcoin is like gold, and has it intrinsic value linked not to something tangible, like gold does, but to the internet and the working computers that make it possible. there fore bitcoin does not exist out of thin air. it has it value backed by labor of inumerous machines over the world. Mabe we should go even further and like its value to silicon. But thats really uninmportant, because i dont belive in intrinsic value. What i belive in is : if people trade the currency and buy stuff with it it has value, how much is another story. Another important thing is that China own 95% of bitcoin trades. you can get this idea just looking at this site : fiatleak.com/ . So china is invest hard on Bitcoin, an uncentralized currency, China as we know is a Very autoritarian country both on politics and economy. (i will continue on it.)

Lots of things. Dell and sSeam accepts it for example. I like to buy digital products/services like VPN for example.

Steam*

To prove the theory, yes.
For actual use? no. It would take power away from anyone who wants to rig a vote.
You have to remember that your government hates you.

Paypal as well.

Time will tell. I am confident digital value in the form of blockchain technology will be used.

Bitcoin is more secure than credit card purchased, can be anonymous purchased, is great for capital flight.

A recession of government collapse would certainly kick it off.

Yes. And yes people are working on this.

you can buy gold from a precious metals broker dealing with reputable mints (LGD) in my cunt

there are some ATMs that convert BTC to local currency withdrawals

you can buy server capacity, VPN and other services online without having to use CC or payjew

I believe there's a bar in my capital city that accepts BTC as payment for drinks

Samefag, continuing :
So about china : this is a major problem about bitcoin Since china makes 95% of the bitcoin trades, they have a huge power over bitcoin now. Another problem with bitcoin is that it cant be largelly used like common money. Think for instance that to use bitcoin you need a eletronic device to hold data, or a computer like thing to operate trades. so its ok that people in the usa get easy bitcoins. But it will never reach some places on a village in africa. And yes it is important, since if there are people out of the economy less trades are going to happen and bitcoin gets less attractive and people will go look for fiat money.

You're right, governments can influence its price. But less so than fiat, is what i meant.

The one way nature of bitcoin is both a positive and a negative. It's possible it will end up being insured etc in the future.

Good points.

How long would you estimate does it take to learn all that into a stage of proficiency to apply somewhere? When not into informatics so far, but generally well-abled? Is it worth the effort when I just finished my Economics master?

It's weird to see BTC atms. I remember reading about it in 2011 and thinking it was crazy. Now governments are enabling and regulating it. ATMs are popping up. I work in the industry now.

It's advancing insanely quickly.

If you're an econ expert don't learn the technical. Learn the economic implications. Like how it can be a form of value for the billions of unbanked 3rd world nations. Or have it can create a new version of peer to peer lending. Or how you can create decentralized autonomous organisations (an e-company where you can democratically vote on where to spend the orgs funds).

it'll be addressed sooner or later, e.g. prepaid anonymous cc like smartpaycard is allowed for up to 250€ per card per year value (iirc) until they have to be supplemented with actual user's personal data (as per EU law)

since BTC is officially not considered currency, this rule does not apply but for how long remains to be seen, the same goes for VAT

well for the first time i think it should better to learn the technical stuff. This is one lesson i learned on The Dao crash. Reading the coin code is important so you can check for it integrity. Mabe in the future investors will employ coders just to check for cryptocurrencies attributes and integrity.

Many say China's volume is fake. Also the accounts there could be from anywhere. So for all we know its the CIA buying them up and transferring to cold storage.

Bitcoins are likely to reach Africa: See mpesa en.wikipedia.org/wiki/M-Pesa

Where estimates that 50% + of Kenyas cash is a digital token.

All you need is a phone to store and transfer bitcoin.

This is good advice. Dont bother too much with the details and history of bitcoin itself but lean about the system the blockchian works on and what it would mean in the context of systems that requre trust.

Bitcoin is a joke. Dont be fooled people.

Yeah I stayed very clear of the DAO. Cool idea but too new. Also I don't know what ethereums future will be. Data layers can be built on bitcoin to enable smart contracts. Bitcoin is more than value, it is a protocol later (much like tcpip, in which ideas can be built on)

i did not think about that. it makes sense tho. but why store it in china? is china like a safe heaven for fraud ? ok, i saw this M-pesa thing, they can transfer money with sms. but still i would have to check the number of cellphones in the world to be shure how many familys in the world has access to cellphones. is it that common on counties liven under the line of misery ?

Most of the big banks and big consulting firms disagree.

The inventor of hashcash for example has a BTC company. There are huge names in the industry.

This

It's like krillin trying to Frieza
Yes he's ridiculously strong and with effort could nuke a planet , but he's going aginist a gut who has been casually busting planets his whole life.

You can't outjew Jews

I must admit I lied. It's not economics, but business economics. Maybe you got the wrong impression. I'm into Gold and Gold Hedging and Derivatives. I don't care about third worlders. I don't want to (((improve the world))). I only want to make money. What are your suggestions on financial economic applications?

China has less regulation to its a good place to buy it from.

Btc is great for remittances. International transfer would be so easy if it were mainstream. Don't need to go through a 3rd part with crazy fees like western union.

Easy capital flow. It's the ultimate free market tool. Likely to enable globalization, which I know Cred Forums loves.

Brazil banks were looking for ethereum tech before the Dao hack . the news went silently later. Then i saw this article that Santander was develloping some stuff using blockchain tech. I dont know what they are looking for. since blockchain suposed to be uncentralized and oppened. Seems like the current global transfer is kind of like that they share the transfer info to all the other banks in the world. so they probably keep track of transfers. Using the blockchain would make it open to everyone. I really dont know how are they going to use it.

Bitcoins #1 function is as a store of value. It's gold 2.0. Imagine it as an investment tool. Could consult for hedge funds/etf.

Learn about its risks and benefits. Big money wants to know all about that.

I replied to it. We will see. Its certainly possible. But while BTC could fail, anything could take its place. Can't destroy the idea.

How do I get more proficient in Cyber Security? Are there classes/course I could take?

I was considering minoring in Computer Science but I doubt that will do anything.

Formal education is what I'm referring to.

bitcoin still have alot of volatility. the big advantage of bitcoin against gold is that you can still use bitcoin ecosystem to purchase stuff. but due volatility its risk is way higher than gold. Some say that in the future this volatility will diminish. Right now it can be a solution to use bitcoin in places were the inflation is rampant like Venezuela, and some other 3d world countries like brazil and argentina. Mabe not argentina now, last time i checked they had it under control.

ITSec is a booming industry. Good money and good work.

Certs: CISSP, CEH, OSCP.
Degrees Focus on: networking/security/dev

Okay. But then I have to know all the technical details and safety too, right? I have no problem with understanding the principle, the actual workings and so on, I'm just not a programmer nor informatics guy. And yes, I'm the newfag from that cyber security thread.
So would you say consulting would be possible even if I don't understand ports and Tails and all this hacking stuff?

I think bitcoin will go to an all time high price next year. Its super bullish right now. Not so volatile right now, but likely will get worse. No risk no reward though.

It's better than gold as its easier to transfer.

Once it hits an all time high again, the world will take serious notice. It's not going away. It could cause a dot com like bubble of investment and ideas.

After it gets more mainstream probably. For now its the realm of tech experts.

Here is another example of an application. Its more than money: youtube.com/watch?v=vl3bUzfn2lg

Good shit, thanks mate.

Do you recommend any guides for Anonymity 101? Like I said, I'm new to all this, but ITSec is really interesting to me.

I do agree with what you said just here,
blockchain will destroy the banks and fiat

Just not bitcoin, and nothing thats there right now, needs to fix some other problems

im a programmer but i never read the cold myself. the thing is a program : when it first lauches it will probably have bugs. check The dao hack for instance, it was brand new and had an exploit that let this hacker to freeze 60 mil into a single wallet. so as an user, you should act like a normal user. If the software is new, and you get in early you can profit faster than the other users, but the risk is way higher since the crypto can have an exploit. So Letting the coin evolve for a while is a good thing. Take the bitcoin life history and look at the prices, and it crashes. to me its code is flawless, all the crashes were related to wallet servers security, and the state trying to make bad propaganda on bitcoin.

I got in on KnCMiner's second batch of Jupiters and mined about 70 BTC before my electricity expenses exceeded my return. I ended up about $40K USD in profit. I dumped the bulk through a company called SnapCard. They would accept BTC and order stuff to your address. I think they only charged 2% if I remember correctly. I also was not stupid enough to hold them in an exchange. I used a program called Amory running offline on a RPi, a method known as cold storage.
Good times they were!

well. lets hope it happens. i will keep buying it for my whole life. unless it goes defunct. I hope im wise enough to perceive the changes.

en.bitcoin.it/wiki/Anonymity
Coin tumbling/mixing services on TOR are the way to go. Don't do huge amounts in case the service is dodgy/goes down.

There is also this: github.com/JoinMarket-Org/joinmarket

>muh speculation

Please take your money elsewhere if you are just trying to make a quick buck.

Yep. Time will tell. I am super optimistic.

If it really does take off the implications will be as profound as the internet itself.

tfw i heard about bitcoin early on and thought it was dumb and didnt get any

There was also a lot of flux in BTC price due to the nature of how coins are mined. One of the microsoft big wigs bought a ton of it in early 2010 and the historic charts show the value spike and crash after it was sold as a pump and dump after people were changing to mining in mass due to the "free money" aspect of it and it went through a sort of hyperinflation.

well im not. bitcoin is brand new and those bankers fuckers will try to destroy it or crash it to get into the game. So dont go all in on it, keep some stuff on metals.

Thanks for all the info man, really appreciate it.

Will continue to lurk the thread, you're doing God's work

Could go to 10k for all you know.

If someone stole my wallet, used my credit card to buy bitcoins and my credit card company did a chargeback, would they lose their coins?

No worries mate. The industry is crazy right now. Watching it evolve is incredible. BTC certainly could fail, but I don't see blockchain tech going away ever.

i wish i would have gotten some when it was cheap as fuck

i remember the time people in Cred Forums were making fun of bitcoin. i cant remember the date tho. they had this topic : YOU CANT EVEN ORDER PIZZA WITH BITCOIN!

Bitcoins cannot be confiscated from the person who has them unlesss the private key that controls them is taken. There is no charge back. There is no central body. It is decentralized, more so than the internet itself.

So, no.

i thought it was bullshit too. I guess i should have to look more into it.

This.
The market is controlled by perception, especially now that fiat currency exists.

We perceive a pound to be worth a pound or around 1.3 dollars.
We perceive a good to be x amount because of demand (another perception).
Both those perceptions also lead to the value of PPP of every currency.

The market runs (mostly) on perception, and memes can change perception.

Basically, memes can change the market, and likewise the economy.

I got in at double digits. The more people deny it's inevitability/potential the longer I have to get them cheap.

but the owner of the device the wallet is stored can make it impossible you retrieve your bitcoins.

damn ... how much do you have?

You can backup your wallet unlimited times in unlimited locations.

So when the police raid a bad guys house, even if they get the wallet, the bad guy probably has backups all over the place.

Good to see Bitcoin is getting some positive attention again. For a while there it was a bunch of nocoiners shouting "lol ponzi scheme".

I trade Bitcoin and its alts on Poloniex. So far this year I have made over a 1000% return. Because more and more people are buying into this, it's incredibly easy to profit from trading.

Unwise to ever share that with anyone.

i dont even know how to do it? is it easy ?

ok mister bitcoin millionaire. im jelly.

Nice man. I trade sometimes myself, but tend to only follow the weekly charts.

I thought ponzi scheme till I studied the tech non stop for 6 months, constantly trying to break it. When I realized I couldn't I finally got it.

Yeah, all wallet apps have easy backup options. It's just a file.

>speculation

You couldnt really expect someone who owns a company that makes money on bitcoin to be impartial when it comes to declaring the negative. Unless he plans on shorting said investment.

>quick buck
my motivation for seeking alternative means is my local tax office terror applied to pretty much any income

I rode out the gold train since early 00s but that was only like 400% tax free ride that has since ended, I want moar of that again in some other market that is not stock market because point #1

i lost alot of my money yesterday in a bad trade.

True. There are also plenty of others who have endorsed it as technology. Everyone has self interest though.

BTC is in a huge bullish channel right now.

If it breaks a new all time high, and I think it will, countries will get serious about it. I'm most excited to see if China uses it for bulk capital flight (in the inevitable bubble pop that is their economy/housing market).

Ok I'm out all. Peace.

why do you think is a joke ? i buy stuff all the time with it. most of my games i bought from steam. i use Advercash as a bitcoin prepaid international card. So i can virtually buy anything my wallet can hold. So explain to me why should i stop using bitcoin and get back to Fiat money ?

I lost a lot when i started trading too. It feels badman but it really makes you think harder on how to not let it happen again and you develop winning strategies.

You won't win every trade, but if you can come up with a good strategy and win 51% of the time or more, that's all you need to profit long term.

>internet goes out
Worthless, I prefer to have my money in tangible assets

do you use risk manegement strategies ? i went too afraid and didnt place a stop i lost like 20%.

as punishment i placed all my money into bitcoin loans on a 0.05% interest rates. low as fuck for 2 days. so i dont gamble like a madman again.

risk management is necessary. There are many different ways to manage risk, depending on the strategy you choose. What you need to remember is high risk = high reward, low risk = low reward. find a balance that you are comfortable with, and stick to it. Remember the idea is to win 51% of the time or more, so if you're consistently making high-risk trades, you will most likely not do well, it is the trading equivalent of going to the casino.

How can you set up BitCoin, and how do you preserve your anonymity when doing so. Is that possible in germany too I don' quite know the laws about it here.

the easiest way to preserve your anonymity is to buy bitcoin in person with cash. websites like localbitcoins.com can help you find people who are looking to sell bitcoin for cash. You show up with the money and your wallet address, they send their bitcoin to your wallet, you fork over the dough, and you never have to see them again.

i dont really know in germany. Here in brazil the only way to do it anonymously is buying it from a person in real life. i never did it tho. Here if you want to transfer money into a bitocoin broker site you need to identify yourself. but once you turn your money into bitcoins you can erase the transfer trail. so the government knows you stored your money into bitcoin but it will never know what you did with it. So if you find a place that accept bank transfers or cash payments without id then its the best way to do it. By the way cover your transfer tracks using another coin: make an account on poloniex and buy a real anonymous currency transfer to another wallet, create another polo account sell it for bitcoins and then transfer into another bitcoin acc. if you do that twice it will be virtually impossible to trace your money.

THIS KILLS THE KIKE

Its a joke in the aspect that its some kind of end all solution to fiat currency. Sure it works if you need to order some shit on the darkweb.

The problem is it can just as easily fall prey to speculation just like any other market. Eariler in this thread it was touted that a lot of big names are heavly invested in btc. Well you wanna know what happens when the george soros' of the world decide they wanna dump btc for the fun of it. Your precious bunch of 1's and 0's become worthless.

In the event of a global currency collapse (low low chance) tell me who the fuck would want a bunch of made up numbers as collateral for some food to feed your family?

The barrier to enter in to the market is so high now that is not even cost effective anymore. So at that point youre buying into the market at cost and youre just another nobody at the will of the market forces hoping to make the right trades.

There is no easy answer to questions of global economics in relation to longevity/viability of any specific currency.

Personally i have much more faith in tangible assets.

I keep all my money in leafs and such

That's fine and it really just comes down to a matter of opinion. tangible assets can fluctuate and crash in value as well. Bitcoin is still very young and volatile and prices fluctuate heavily.

Though entering into the market is not as profitable as it would've been several years ago, the entire crypto market is worth just over $10 billion (Netflix alone is worth over $40 billion).

I agree the odds of it completely replacing fiat are low, but there is still much potential from my point of view, and more and more people are starting to think the same thing.

I love the idea, even though they seem disruptive to all sorts of stuff like taxes and governments, they give everyone more power and even anonymity.

I hope bitcoin will be yhe first in a long list of disruptive user techs that would get us out of this lame ass world.

Crawl back into your oven kike

How do I begin mining bitcoins?

Thanks to your kike money ideas of your past humans as a whole can only evolve by using your fucking paper cotton kike paper..

Thanks a lot for keeping humanity as a whole down.

I remember the first time I heard about this and one Bitcoin was worth cents. I could be millionaire today.

However, the ship has sailed and I know for a fact that the bitcoin market will crash anytime soon.

Short answer: You don't, unless you want to waste a lot of money.

Long answer: hobbymining.com/mining-hardware/

you know for a fact, eh? May I see your crystal ball?

>>Its a joke in the aspect that its some kind of end all solution to fiat currency.
The barrier to enter in to the market is so high now that is not even cost effective anymore. So at that point youre buying into the market at cost and youre just another nobody at the will of the market forces hoping to make the right trades.
i just want to use it as a fast way to buy stuff without having to deal major devaluation of my currency due inflation.
>> The problem is it can just as easily fall prey to speculation just like any other market. Eariler in this thread it was touted that a lot of big names are heavly invested in btc. Well you wanna know what happens when the george soros' of the world decide they wanna dump btc for the fun of it. Your precious bunch of 1's and 0's become worthless.

95% of the trades are made in china, it could be soros doing all the trades, but this is as much possible as to Cred Forums be one guy.

>> In the event of a global currency collapse (low low chance) tell me who the fuck would want a bunch of made up numbers as collateral for some food to feed your family?

Are you for real ? government around the world keep printing money and devaluating their currencies, This will happen until we start burning money to cook our food, since energy will be expensive as fuck. And it will eventually happen. But i agree if it comes to live as cavemen not even gold will worth more than food. we will probably trade usefull stuff like cattle for grains.
>>The barrier to enter in to the market is so high now that is not even cost effective anymore. So at that point youre buying into the market at cost and youre just another nobody at the will of the market forces hoping to make the right trades.
There is no barrier to enter the market. and there is no usable meaning of "cost efficiency" in that sentence. If you say bitcoin is too expensive right now, make a short position and profit from its crash.

Wasn't there a problem with reusing the same address? As far as I know, best practice in your example would be to transfer 1 bitcoin to Bob and your 2 other to a new address. Not sure though, I hope someone with more technical knowledge can correct me.

grab a pickaxe and go to the ol' bitcoin mine

I can't say much because it would be inside information. But if you have bitcoins, sell it now while you can.

Glad I could help

Express an opinion about my post, please

what a nigger move...

his trying to cause people to sell so value is low so he can afford a fucking bitcoin

show us the analysis then.

i use this to mine 2 bitcoin per week

on that ? is it kill ? and did you sell it ?

shiteeet im currently using storj-share it needs more coding and updated

>bitcoin

fucking kill yourself.

bitcoin is the nigger of currency

95% of the bitcoin trades happen in china. also nice proxy, but wrong fake ip bro.

my brother invested in one of those stupid bitcoin mining companies in shēnzhèn, and lost everything. bitcoin is for niggers.

I'm guessing they don;t teach you about the dangers of stock trading in China 2.0

Bitcoin trading is a lot like stocks, its a flash currency you mong,

most stocks are propped up by real values, or at least accepted values of a commodity or wealth-holding institution.

bitcoin is backed up by how much fat basement neets are willing to pay for it. its digital beanie babies

>most stocks are propped up by real values, or at least accepted values of a commodity or wealth-holding institution.

lol sure

>bitcoin is backed up by how much fat basement neets are willing to pay for it. its digital beanie babies

As well as mathematical hashes. Its a cryptocurrency, don't go into it expecting to make money off it if you aren't exceptionally good with computers.

The same general thing applies to any market really, you have to know what you're doing if you want to have any success.

can anybody send me some Nazi Coins?
1HWFhoF9UskGCGodcHajig1LTn4auAL6hq

I want to make the kikes mad

Cred Forums needs its own currency called Nazi coins

So mathematical hashes indicate a value of something?

Well then, this post is going to be incredibly valuable, because here's a mathematical hash!

>Rw89cue6bp0ilspknCE95PrOR9HXPNElJHNPg7qkowhz4fX4/f+nE7WVZ8Cx0Rmd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a hash is not the value of bitcoin. it does not represent that. the value of bitcoin is like the value of the dollar, it worth what we belive it worth. if we in a consensus start beliving it worth shit and people stop accepting it, eventually it will die. in my oppinion the bitcoin value is more to its scarcity (limited ammount bitcoin) and the belif that the blockchain will remain woking even in a global economic crysis. if you have both and eletric energy and means to make trades it will keep its value.

Considering all monetary systems run on math, in theory, yes.

Considering this message is coming to you in a stream of 1s and 0s, yes.

There is a difference however, like I've said, of having something, and knowing what to do with it.

wait, did he buy hardware and built a factory or was him in a cloud mining ponzy scheme ?

I have a question ('cause maybe I'm fucked):

I went yesterday to log in my blockchain account and it asked me for a 2nd password, which I have totally forgotten, and apparently I can't do anything now in my wallet without that 2nd password.

So, I do have my address, my 1st password, the mnemonics and the .json file backup, but I don't have that 12-words method of restablishing my account: is there any way on Earth -other than brute force- to regain access to my wallet?

>Believe fiat money has 'intrinsic value'

yeah it does not. but we can tell it does to make this fag feel more safe:
Bitcoin intrinsic value comes from :
-silicon
-energy disponibility
-computional power (as in hash processed /second)
- also the existence of the blockchain to broadcast and keep copys of the trade history.
-encription.
-open source code that can be reviewed by anyone.

Now on USD :
you have a currency that is inflationary that let banks loan 9 dollars for each dollar they have stored. this system of loans keep scalating to other sectors of the economy like the housing system (subrimes anyone?) so the market and the government has a deal that is inflationary and no president will ever fix it because its political suicide to do so.
i will keep my bitcoins.

>(subrimes anyone?)

The infamous 'subrimes', who were exterminated during the 3rd Reich given the faulty quality of their rhymes.

Now, ladies and gentlemen, to something completely different: