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    • N
      new2crypto Regular Member last edited by

      cannot decide if I should get 1 or 2 btc now or not … or just keep buying my two favourite alts :-\

      Just keep thinking that come this time next year we may have $4000 btc 8)

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      • K
        Kevlar Spammer last edited by

        I’m with George on this one. I remember how the last time I sold all mine went back in April, thinking 100 dollars was a lot.

        [img]http://i.imgur.com/KfrqBNw.jpg[/img]

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        • T
          TheTribesman last edited by

          I’m mining, buying, and holding on for 3 reasons

          2x daughter student loan repayments (they’re 17 and 12 - 17 year old starts uni next year)
          1x Interest only mortgage!! (10 years to go)

          I’m in for the long LONG term, my brethren! :)

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          • N
            Nexistenz last edited by

            The question I have is, what would this do to alt-coins that are pegged to BTC? Granted they would actually have to sell, but wouldn’t a drastic increase in BTC value inflate alt-coin values proportionately? Look at what happened in November with the BTC -> alt-coin. Don’t get me wrong, I’m for a value increase but how long would it be sustainable, and what kind of crash would we be looking at if BTC turned more tulip-like than it already is?

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            • T
              Tuck Fheman last edited by

              [url=http://www.businessinsider.com/why-bitcoin-and-other-cryptocurrencies-will-inevitably-become-tools-of-the-rich-powerful-and-criminal-2013-12]http://www.businessinsider.com/why-bitcoin-and-other-cryptocurrencies-will-inevitably-become-tools-of-the-rich-powerful-and-criminal-2013-12[/url]

              [url=http://www.baltimoresun.com/news/opinion/readersrespond/bs-ed-bitcoin-letter-20131204,0,3966705.story]http://www.baltimoresun.com/news/opinion/readersrespond/bs-ed-bitcoin-letter-20131204,0,3966705.story[/url]

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              • M
                mnstrcck last edited by

                Tuck, I don’t think he really understands how Bitcoin works.

                Bitcoin exists as “closed system” - which means, for Fiat, there is an Entrance and an Exit point. An exchange usually acts as the means for the IN and OUT.

                With current guidelines [KYC + FML], moving huge amounts of money into and out of Bitcoin would raise flags [and not only that but it would be very evident in the rates]. Doing so anonymously would actually be very difficult. A Russian mobster would show up at BTC-e owners door with a briefcase full of money and a gun; “Dmitri, you must sell me some Bitcoin. I buy at 20% loss.” - Dmitri now has all this dirty money. Now HE needs to clean it.

                So now Russian mobster has a lot of Bitcoin. But he needs cash. How does he cash out? Well, he can hire 100 people and use localbitcoins to sell for cash. But this is extremely time consuming, impractical and requires a lot of trust. Sure, 50,000USD - 150,000 USD, not so bad. But 1, 10 million?

                Most criminals have much more effective methods of cleaning money already. And, as I mentioned above - and the ENTRANCE point, the money stays dirty. Moving such huge sums as he proposes would be currently theoretically impractical.

                OFF TOPIC:

                Another easy way to cash-out your Bitcoin is to create a “front” merchant store using BitPay - then simply pay yourself out for imaginary products. BTC > USD > Bank Account in a very short period of time. Small transactions keep eyes off.

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                • T
                  TheTribesman last edited by

                  [quote name=“unkunku” post=“43997” timestamp=“1386977675”]
                  [quote author=TheTribesman link=topic=5878.msg43947#msg43947 date=1386970536]
                  I’m mining, buying, and holding on for 3 reasons

                  2x daughter student loan repayments (they’re 17 and 12 - 17 year old starts uni next year)
                  1x Interest only mortgage!! (10 years to go)

                  I’m in for the long LONG term, my brethren! :)
                  [/quote]

                  Be careful, crypto is really the end road when it comes to volatility. If you hold for the long term there’s a slight chance you will lose it all, question one has to ask oneself if it’s worth it. I would suggest to develop a trading strategy such as e.g EMA crossovers. Your profits will be lower in a bull market compared to if you buy & hold, but if it all goes to shits ( there’s after all a slim chance that it does ), you will retain the majority of your profits compared to losing it all.
                  [/quote]I hear you, but my strategy is that I’m not investing any more than I’m prepared to lose. Even if the entire crypto market goes up in smoke my family will still eat, the mortgage will still be paid off, and my kids will still be educated. I was always told never to speculate with more than you can afford to lose.

                  If the market goes up then my family will be winners. If it drops through the floor, it’s only me who’ll be the loser.

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                  • M
                    mnstrcck last edited by

                    [quote name=“unkunku” post=“44029” timestamp=“1386981020”]
                    …give me a fucking brake.
                    [/quote]

                    Here you go:

                    [img]http://i.imgur.com/b79AKJp.jpg[/img]

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                    • T
                      TheTribesman last edited by

                      [quote name=“mnstrcck” post=“44035” timestamp=“1386981398”]
                      [quote author=unkunku link=topic=5878.msg44029#msg44029 date=1386981020]
                      …give me a fucking brake.
                      [/quote]

                      Here you go:

                      [img]http://i.imgur.com/b79AKJp.jpg[/img]
                      [/quote]
                      That’s not brakes. That’s brake pads. ;D

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                      • T
                        TheTribesman last edited by

                        [quote name=“TheTribesman” post=“44034” timestamp=“1386981365”]
                        [quote author=unkunku link=topic=5878.msg43997#msg43997 date=1386977675]
                        [quote author=TheTribesman link=topic=5878.msg43947#msg43947 date=1386970536]
                        I’m mining, buying, and holding on for 3 reasons

                        2x daughter student loan repayments (they’re 17 and 12 - 17 year old starts uni next year)
                        1x Interest only mortgage!! (10 years to go)

                        I’m in for the long LONG term, my brethren! :)
                        [/quote]

                        Be careful, crypto is really the end road when it comes to volatility. If you hold for the long term there’s a slight chance you will lose it all, question one has to ask oneself if it’s worth it. I would suggest to develop a trading strategy such as e.g EMA crossovers. Your profits will be lower in a bull market compared to if you buy & hold, but if it all goes to shits ( there’s after all a slim chance that it does ), you will retain the majority of your profits compared to losing it all.
                        [/quote]I hear you, but my strategy is that I’m not investing any more than I’m prepared to lose. Even if the entire crypto market goes up in smoke my family will still eat, the mortgage will still be paid off, and my kids will still be educated. I was always told never to speculate with more than you can afford to lose.

                        If the market goes up then my family will be winners. If it drops through the floor, it’s only me who’ll be the loser.
                        [/quote][img]http://1.bp.blogspot.com/-f8_p8krliMA/UDOx7uqx2YI/AAAAAAAAAb0/NvyZNH1Isbs/s1600/2468191-frustrated-face-meme-5315_super.jpg[/img]

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                        • T
                          Tuck Fheman last edited by

                          [quote name=“Kevlar” post=“43895” timestamp=“1386962849”]
                          I’m with George on this one. I remember how the last time I sold all mine went back in April, thinking 100 dollars was a lot.
                          [/quote]

                          In that case, I was the guy buying yours at $100-$129 and thinking I was probably being trolled by market hype. ;)

                          Hell at $33 I thought I might be throwing money away.

                          All my AFK friends are kicking themselves for not believing me when I told them how high it would go.

                          ^ See how that works. When I tell friends about cryptocurruncies they’re all going to the moon. No negative stories [b][i]ever[/i][/b].

                          But when I’m on the exchanges about to click BUY, I’m expecting the price to drop 33% a few minutes later. :-\

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                          • T
                            Tuck Fheman last edited by

                            [quote name=“mnstrcck” post=“44027” timestamp=“1386980923”]
                            Tuck, I don’t think he really understands how Bitcoin works.
                            [/quote]

                            Refer to the 2nd link. ;)

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                            • P
                              PhantomSTi last edited by

                              That Business Insider article was a train wreck. I haven’t read more douche baggery in a long time. I think I’d rather follow financial advice from 4chan and the trollbox. Hell, even the comments were atrocious. I mean, people associate truthers with Bitcoin? How in the hell was was that even relevant? Straw man argument much?

                              Dear god I need a stiff drink after that.

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                              • P
                                PhantomSTi last edited by

                                Reminds me of that Senate hearing about Bitcoin too. All I remember from it was, “child porn”, “criminal”, “drugs”, and “child porn”.

                                I’m gonna take a cold shower lol.

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                                • M
                                  mirrax last edited by

                                  When exactly US goverment has to pick up the can? The one they kicked down the road while ago? The one full with national debt ;)

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                                  • M
                                    mnstrcck last edited by

                                    There’s only three things - basically just one thing - that will stop Bitcoin and Alts:

                                    1. Zombie Apocalypse
                                    2. A solar flare that sends us back to the dark ages.
                                    3. An asteroid - but we won’t miss it much.

                                    All other “threats” are moot.

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                                    • T
                                      TheTribesman last edited by

                                      [quote name=“mnstrcck” post=“44163” timestamp=“1387010684”]
                                      There’s only three things - basically just one thing - that will stop Bitcoin and Alts:

                                      1. Zombie Apocalypse
                                      2. A solar flare that sends us back to the dark ages.
                                      3. An asteroid - but we won’t miss it much.

                                      All other “threats” are moot.
                                      [/quote]Some brand spanking new internet technology that none of us saw coming?? It’s possible. ???

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                                      • P
                                        pyxis last edited by

                                        [quote name=“mnstrcck” post=“44163” timestamp=“1387010684”]
                                        There’s only three things - basically just one thing - that will stop Bitcoin and Alts:

                                        1. Zombie Apocalypse
                                        2. A solar flare that sends us back to the dark ages.
                                        3. An asteroid - but we won’t miss it much.

                                        All other “threats” are moot.
                                        [/quote]

                                        I agree, ‘basically just one thing’ because
                                        We can still use bottlecaps for number 1. ;D
                                        We can still use child miners to hash on paper for us for number 2. :o
                                        For number 3 if anyone is still around they can use the paper wallets as TP. :P

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