Bitcoins - fad or trend?

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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sat Mar 18, 2017

Dipped below $1,000 for a time. Will it stay or will it go?
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Proverbs 21:19-20 Better to live in a desert than with a quarrelsome and nagging wife. The wise store up choice food and olive oil, but fools gulp theirs down.

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Fabio
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Re: Bitcoins - fad or trend?

Postby Fabio » Sat Mar 18, 2017

The emergency hard fork is causing this drop, I'm guessing. What's everyone's next buy point?
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Sat Mar 18, 2017

A case could be made for both $840 and $720. Just Bitcoin being Bitcoin, enjoy the ride.

You do realize that people with SERIOUS money are trying to scare you out of your coins, right?
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Re: Bitcoins - fad or trend?

Postby Altima » Sat Mar 18, 2017

Meanwhile I'm trying to get 1 bitcoin. Anyone has any for sale? :D
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Re: Bitcoins - fad or trend?

Postby Fabio » Sat Mar 18, 2017

Bucketeer wrote:A case could be made for both $840 and $720. Just Bitcoin being Bitcoin, enjoy the ride.

You do realize that people with SERIOUS money are trying to scare you out of your coins, right?


I'm loving the volatility
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iron-pyrite
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Re: Bitcoins - fad or trend?

Postby iron-pyrite » Sat Mar 18, 2017

Question, after a hard fork does the coin ever become reconciled again? Or will there forever be more and more different blockchains?
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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Sat Mar 18, 2017

Altima wrote:Meanwhile I'm trying to get 1 bitcoin. Anyone has any for sale? :D

You don't just buy through Coinbase whenever you get the itch? You have to know a specific person who wants to sell?

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Re: Bitcoins - fad or trend?

Postby Altima » Sat Mar 18, 2017

This is a good read if you're wondering about the hard-fork issue:

http://bitcoinist.com/prepare-bitcoin-hard-fork/
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Sun Mar 19, 2017

iron-pyrite wrote:Question, after a hard fork does the coin ever become reconciled again? Or will there forever be more and more different blockchains?

That can go either way. With Ethereum, there are 2 coins (ETH & ETC). ETH is Ethereum. ETC is Ethereum Classic.

I think there is a low-probability of a coin being re-joined, after a hard fork. If there was a consensus, it never would have forked.

If you buy Ethereum from an Exchange, you will only receive ETH.
Last edited by Bucketeer on Sun Mar 19, 2017, edited 3 times in total.
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Sun Mar 19, 2017

Long John wrote:
Altima wrote:Meanwhile I'm trying to get 1 bitcoin. Anyone has any for sale? :D

You don't just buy through Coinbase whenever you get the itch? You have to know a specific person who wants to sell?


Always better to buy off the chain, if you know a seller.
Gentlemen prefer Engelhard.

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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Sun Mar 19, 2017

When Ethereum hard-forked, people holding Ether (ETH) became holders of 2 coins (ETH + ETC).

A market developed for ETC, it was selling for approx 1/10 the price of ETH after the fork. I believe that most people sold ETC and bought ETH with the proceeds. People still trade ETC, it is still being developed (I guess), but it is an anomaly.

A hard fork is a confusing situation for most people, and best avoided if possible.
Last edited by Bucketeer on Sun Mar 19, 2017, edited 2 times in total.
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silverbender
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Re: Bitcoins - fad or trend?

Postby silverbender » Sun Mar 19, 2017

Bucketeer wrote:
Long John wrote:
Altima wrote:Meanwhile I'm trying to get 1 bitcoin. Anyone has any for sale? :D

You don't just buy through Coinbase whenever you get the itch? You have to know a specific person who wants to sell?


Always better to buy off the chain, if you know a seller.
My only option has been ATM with a hefty premium.
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Sun Mar 19, 2017

Bucketeer wrote:A case could be made for both $840 and $720. Just Bitcoin being Bitcoin, enjoy the ride.

You do realize that people with SERIOUS money are trying to scare you out of your coins, right?


Slightly more than 50% of Bitcoin is held by STRONG MONEY. Those people want YOUR Bitcoins, and they want them CHEAP. Relax and don't worry. Bitcoin will be fine, and you will be too.
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Sun Mar 19, 2017

silverbender wrote:
Bucketeer wrote:
Long John wrote:
Altima wrote:Meanwhile I'm trying to get 1 bitcoin. Anyone has any for sale? :D

You don't just buy through Coinbase whenever you get the itch? You have to know a specific person who wants to sell?


Always better to buy off the chain, if you know a seller.
My only option has been ATM with a hefty premium.


The reason is AML/KYC regulations, and taxes.
Gentlemen prefer Engelhard.

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silverbender
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Re: Bitcoins - fad or trend?

Postby silverbender » Sun Mar 19, 2017

Yep the basic desire to have anonymous funds even if they are not substantially large or already from previously reported income.
Last edited by silverbender on Sun Mar 19, 2017, edited 2 times in total.
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sun Mar 19, 2017

Coinbase is going to start charging the applicable fees for on-chain transactions staring 21 March...

"Network transaction fees: We will discontinue paying network transaction fees for on-chain transactions starting March 21st, 2017. Network transaction fees do not go to Coinbase, they go to the miners of the Bitcoin and Ethereum networks. Since our inception, we have been paying network fees on behalf of our customers to help support the growth of the bitcoin and ethereum networks. We now have over 6 million users worldwide, and this has become a significant cost. Fees will be assigned dynamically based on the current network conditions and will be paid by customers when they send an on-chain transaction. Transactions between Coinbase accounts will continue to be off-chain and free."

https://blog.coinbase.com/coinbase-spri ... .s0dxbxmbt
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Brick's
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Re: Bitcoins - fad or trend?

Postby Brick's » Sun Mar 19, 2017

Thanks for the post/link on the fork. Feel like I'm "starting" to get up to speed. This is a nice drop and a good thing In my eyes. Especially for folks looking for an entry point.

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Re: Bitcoins - fad or trend?

Postby bluejuice915 » Sun Mar 19, 2017

Hey guys.
So as you know, my dad & I are looking to get into the bitcoin market. I'm researching the wallets. I'm down to choosing between Electrum and BitCoin Core. Any insight into these would be much appreciated. And please confirm for me: "Hot Wallets" store your data and coins online, whereas "Cold Wallets" store them on your computer?
Thanks in advance.
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sun Mar 19, 2017

bluejuice915 wrote:Hey guys.
So as you know, my dad & I are looking to get into the bitcoin market. I'm researching the wallets. I'm down to choosing between Electrum and BitCoin Core. Any insight into these would be much appreciated. And please confirm for me: "Hot Wallets" store your data and coins online, whereas "Cold Wallets" store them on your computer?
Thanks in advance.


If I were buying in today I would buy something in the range of 80% bitcoin, 20% ethereum. A cold wallet is one that essentially isn't hackable because it isn't connected online. It is private keys stored on a USB or Trezor or KeepKey or written on a piece of paper. This is more secure. A cold wallet could be a computer that isn't connected to the internet. Hot wallets are potentially hackable because they are online, but are more convenient when it comes to spending. It is good to have both, with a majority position stored offline (cold).

While a company like Coinbase is more convenient, they want you to identify yourself and prove that identity in order to easily buy BTC and ETH. Some don't mind, others prefer to remain more anonymous or private.
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Proverbs 21:19-20 Better to live in a desert than with a quarrelsome and nagging wife. The wise store up choice food and olive oil, but fools gulp theirs down.

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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sun Mar 19, 2017

I just finished reading a book by Andreas Antonopoulos called The Internet of Money which is all about bitcoin. It is a summary of his talks on the subject from 2013 to 2016. It's only 123 pages and is a great read. I highly recommend it to anyone interested in next generation blockchain technology and why bitcoin is here to stay; and it also answers many questions in this thread more eloquently than I am able to.
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Proverbs 21:19-20 Better to live in a desert than with a quarrelsome and nagging wife. The wise store up choice food and olive oil, but fools gulp theirs down.


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