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Author Topic: The future of cryptocurrencies  (Read 2005 times)

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Jake007

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Re: The future of cryptocurrencies
« Reply #30 on: October 12, 2017, 05:02:41 PM »
Every time you use "bitcoin" you are increasing the cost of the item/service that you are purchasing by introducing a third party into the transaction. 

I quoted this for context.

This is false/fake news. You are not increasing the price of anything. There are very low fees involved within a bitcoin transaction. Visa charges 3%. Bitcoin does not. There are also no credit charge backs with bitcoin like there are with credit cards.

Real... you have no idea what you are talking about.
 

Real

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Re: The future of cryptocurrencies
« Reply #31 on: October 12, 2017, 05:05:09 PM »
Again, you are naive.

Look closely and you will find that business charge one price for bitcoins use, another for credit card/debit card, and another for cash.  Unfortunately many now charge the same cost for both credit/debit card and cash and the transaction fee is already added to the cost of the goods/service.
 

Jake007

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Re: The future of cryptocurrencies
« Reply #32 on: October 12, 2017, 05:08:21 PM »
Yes I can convert bitcoin into USD no problem on sites like Coinbase however if I convert too much it gets reported to government and I pay taxes on it. It is treated not as a currency but an asset like stocks. If buy bitcoin at $1000 and sell at $5000 dollars I would have to pay tax on it.

However if you dont convert it and just spend it... such as buying gift cards at Gyft website then I dont pay tax. Many stores like Overstock, Newegg and others accept bitcoin as payment... even Expedia does. And now theres a push in the bitcoin community to get Amazon to accept bitcoin.

You can already use Purse.io to buy stuff on Amazon with up to 20% discount... you can use foldapp.com to buy Starbucks with 10% discount and Dunkin Donuts 20% discount.
 
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Jake007

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Re: The future of cryptocurrencies
« Reply #33 on: October 12, 2017, 05:09:07 PM »
Real... go to Overstock.com or Newegg.com ... the price is the same no matter which way you pay for it.
 

Real

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Re: The future of cryptocurrencies
« Reply #34 on: October 12, 2017, 05:11:42 PM »
Jake,

You need to read more on the subject.
 

Jake007

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Re: The future of cryptocurrencies
« Reply #35 on: October 12, 2017, 05:17:35 PM »
No thanks. Ive been doing bitcoin since 2011 running 4 computers with pricey GPUs mining several bitcoin per day. Im good thanks. If you saw my reddit profile Ive been into bitcoin for a very long time, not to mention my bitcoin related websites.
 
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Reyth

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Re: The future of cryptocurrencies
« Reply #36 on: October 12, 2017, 05:23:17 PM »
Hey Jake thanks for your informative posts.  Coinbase now accepts US users?  I think I tried them a while back and they didn't?  I am just asking because I would like to know.  I use Paxful myself.
 

Jake007

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Re: The future of cryptocurrencies
« Reply #37 on: October 12, 2017, 05:26:11 PM »
Coinbase has always accepted US users, however... without checking... I think some states are blocked do to regulations...NY for example is probably blocked.

Ive heard good things about Paxful... I havent used them myself but the site looks pretty good. I think my sister uses them and likes them.
 

Reyth

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Re: The future of cryptocurrencies
« Reply #38 on: October 12, 2017, 05:29:19 PM »
A warning about online Bitcoin xfer sites.  My account was hacked by somebody in Russia because I used a vulnerable password, thinking that nobody would bother hacking my account.

Be sure to use the most complex rules available for password creation as recommended by Microsoft and other industry professionals.
 

Jake007

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Re: The future of cryptocurrencies
« Reply #39 on: October 12, 2017, 05:40:31 PM »
For anyone interested in my techniques I use technical analysis for trading bitcoin. You can complain and say bitcoin has no value... and who cares... who cares if its a tulip craze or not. One guy might not like classic cars and thinks they are a waste of time and money, yet some people make a business buying and selling cars or classic car parts. Hey, whatever works.

Lets say I buy 1 bitcoin at $1000.
Price goes up to $2000 and indicator says to sell.
Current value is $2000. Price of BTC drops to $500.
Indicator says to buy bitcoin again.
I now have $2000 to buy bitcoin at $500.
So I buy 4 bitcoin.
I now have 4 bitcoin with total value of $2000.
Price goes up to $4000.
My portfolio value is now $16,000
Indicator tells me to sell.
Price of BTC drops to $1000.
Indicator tells me to buy.
I now have 16 bitcoin.
Price goes up to $5000 ;)
My portfolio now has a total value of $80,000
Not Bad huh?

Thats exactly how I do it. I use a couple of highly modified technical indicators Ive grown to love over the years and have become pretty good with them. BUT you can do what I do with simple MA (moving averages).

Here is a live bitcoin chart... hopefully it shows you the 1 day chart...

https://bitcoinwisdom.com/markets/bitfinex/btcusd

Whenever the blue line goes above the yellow line, I hold bitcoin. Whenever the yellow line goes above the blue line I hold USD. Its that simple. SUPER SIMPLE. Now you wont be able to time the very bottoms and tops of the price with a simple MA indicator, but it gives you an idea how how I trade. The indicators I use help me time the market better for larger profit. I trade on a 1 day chart meaning I dont day trade.
 
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Reyth

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Re: The future of cryptocurrencies
« Reply #40 on: October 12, 2017, 06:33:13 PM »
Kewl.  It reminds me of trading commodities. :)

The major difference that now occurs to me is the lack of Options (insurance) and Limit Loss (regulated closing of the trading market).

What is the biggest downward move in a single day ever recorded for Bitcoin?
« Last Edit: October 12, 2017, 06:47:38 PM by Reyth »
 

Jake007

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Re: The future of cryptocurrencies
« Reply #41 on: October 12, 2017, 07:29:04 PM »
Probably $600 drop about a month ago... or do you mean percentage. If I was asking the question Id be interested in percentage drop. Offhand I dont know the answer. Id take a wild guess of at least 20% in one day. But we've also seen 30% increase in a day or two also.
 

scepticus

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Re: The future of cryptocurrencies
« Reply #42 on: October 12, 2017, 07:47:19 PM »
Jake
Who cares. Jake ? The sucker who bought High only to find that it can head South at bewildering speed and his " investment " with it   ! THAT is what happened in the Tulip Mania- The South Sea Bubble etc. 

Your posts clearly indicate that Bitcoin is for speculation . I think that it will blow up-  you don't .  Fair enough .
Time alone will tell .The unwary punter needs to be aware that volatility implies Risk and the Extreme volatility of Bitcoin means Extreme Risk .
 

Jake007

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Re: The future of cryptocurrencies
« Reply #43 on: October 12, 2017, 07:58:34 PM »
I think you are missing my point. I personally believe in bitcoin for a variety of reasons. Does it have risk? Yes. What if there was a solar flare that wiped all computers from working? No more bitcoin. But thats such a rare scenario it doesnt stop me. I have stops in place, I have trigger points which will tell me its time to move to USD or back into BTC, etc. Take the chance. Dont gamble it all. Do your due diligence. If someone puts their life savings ito something they had better have spent countless hour researching and becoming an expert. Same with stocks... you dont blindly buy a company hoping it will go up... you research it... how are the fundamentals? What kind of debt do they have? Do they increase their dividends? and so on.

Many people hold gold for speculation as well. Ohhh North Korea is going to launch an attack gold price will go up... or fear mongering by mainstream media about whomever is president (doesnt matter who). Its all speculation if you want to look at it as such. Stocks during Trump, guns during Obama, water filters in Michigan... RED or BLACK! Whatever you want to say can be turned into speculation probably.

The difference is some people take chances and others sit on their hands.
 
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scepticus

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Re: The future of cryptocurrencies
« Reply #44 on: October 12, 2017, 08:11:18 PM »
I play roulette, Jake, and I realise that I am "speculating" so I don't " sit on my hands " .
 It is a matter of our Risk profile. I am not prepared to speculate on Bitcoin because I think the risk is far too great . You and Mr. Perfect don't .
Stocks and Shares have something tangible behind them , Bitcoin doesn't  so I think your comparison there is invalid.
Still. Your Money - Your Choice  !
 
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