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Cryptorials: Learn How To Make Money Trading Altcoins

SilverCity

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REALIST NEWS - The feds took down BTC-E Bitcoin Exchange


He says "if you don't hold it...."

SC
 
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Cigarlover

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I'm not sure what a hard fork means but sounds like some will be getting forked hard.
 

Uglytruth

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HUGE shot across the bow of young people that believed it was secure........
They just learned a life lesson.
 
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REALIST NEWS - The feds took down BTC-E Bitcoin Exchange


He says "if you don't hold it...."

SC
How can the feds take down an exchange based in Bulgaria? How is it that they have any power in another country?

Seems like just the opposite to me. Fork happened and for every BTC one has, they now have an equal amount of BCH

BTC is $2731.
BCH is $442.
How can Bitcoin still have value with this kind of game played? Whatever stick a fork in it.

700+ cryptocurrencies, but only a couple are really “worth” anything. Dozens of bitcoin wallets, 75 bitcoins exchanges, you can buy the damn things, you can mine the damn things.

The mining of gold or silver and then having coins minted by US Mint as was done in the past I understand. Bitcoin “mining” is simulated mining. Both metals and bitcoin require mining to come into existence, yet I simply cannot see any similarity in value. How is it a Bitcoin that has no intrinsic value is currently worth double the dollar amount of a 1oz gold coin?

Not that I am averse to avoidance of taxes there are questions. Sale of gold and silver require capital gains taxes to be paid, would not the sale of bitcoin also? Seems both capital gains and sales taxes need to be paid if you buy something with bitcoins.

Generally you can’t buy something with gold and silver without selling the metal for fiat dollars, yet there are retailers that will accept bitcoin as payment. It is simply beyond my comprehension.

After reading this thread and researching this shyt yet again, I still cannot bring myself to dip my toes into the confused turbulent water. Don’t want to be but I guess I’m an old fart.
 

Joe King

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How can the feds take down an exchange based in Bulgaria? How is it that they have any power in another country?
I'm not sure, but that's a good question.


How can Bitcoin still have value with this kind of game played?
Supply and demand?

Both metals and bitcoin require mining to come into existence, yet I simply cannot see any similarity in value. How is it a Bitcoin that has no intrinsic value is currently worth double the dollar amount of a 1oz gold coin?
Again, supply and demand. The "value" of a bitcoin is derived in the same manner as the value of Ag and Au. Their price is also determined by supply and demand.
As for intrinsic value, many people confuse intrinsic value and extrinsic value. An items intrinsic value is based on the value of that things actual use, while its extrinsic value is based upon its value to others.

Take a bar of gold for example. If you are going to make use of the gold itself, say to make gold foil, then that is intrinsic value. Ie: you "value" it due to the fact you can actually use it.
...but if its only use to you is to eventually sell it to someone else due to the fact they'll give you money for it, then that is extrinsic value.

Extrinsic.PNG


Correct me if I'm wrong, but the "value" of your Au is wholly determined by external factors, is it not? Or are you in the gold foil business?
...and that's not to say gold has no intrinsic value, because it does have both and that's what I believe is most peoples sticking point on Bitcoin. Ie: they think that to have any value, a thing must have extrinsic as well as intrinsic value. I will readily admit that "a" Bitcoin has little intrinsic value in and of itself, but it does have substantial extrinsic value.
So I ask, what is the problem with having some things that have intrinsic value, some with extrinsic value and some with both? No one is saying go "all in" on any of it.


Not that I am averse to avoidance of taxes there are questions. Sale of gold and silver require capital gains taxes to be paid, would not the sale of bitcoin also? Seems both capital gains and sales taxes need to be paid if you buy something with bitcoins.
Anyone liable for taxes should pay what is legally owed. That includes on gold silver, bitcoin or any thing else. If you've taken action that incurs liability, to not claim it is tax evasion.
That point comes when cashing out from btc into US Dollars.


Generally you can’t buy something with gold and silver without selling the metal for fiat dollars, yet there are retailers that will accept bitcoin as payment. It is simply beyond my comprehension.
Because it can be done online.
Using gold and silver as actual money may sound like a good idea, but until the gov mints coins in those materials and with realistic denominations, it would be too risky for merchants to accept Au/Ag for goods and services. Ie: they'd need to be experts in identifying it so as to not get ripped off and they would be exposed to prices fluctuations. With btc, merchants who accept it generally convert it within moments of the sale. That's hard to do with gold and silver.
 
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CFNN (Crockett Fake News Network) Top Story

“The Affordable and Secure Anti-laundering Money Act”

The United States Congress today passed legislation which goes into effect immediately named “the affordable and secure anti-laundering money act” which will be for the financial security of all US citizens. This act will “save the fed” and allow for the continuance of government as you know and love.

This act immediately bans and requires the following:

Bans all cash (all citizens have one day to return all cash on hand to the rightful owners, the fed, after which possession is a felony. The face value of all remitted cash will be credited to your current bank account)

Bans credit card companies from allowing the purchase of bitcoin.

Bans all US companies from accepting bitcoin for new transactions.

Requires the use of a US government authorized cryptocurrency for all banking transactions (Note: Citizens may obtain an electronic wallet from your current bank account website. All funds must be transferred from your bank account to your electronic wallet).

Bans conversion of bitcoin to US government authorized cryptocurrency.

Bans the conversion US government authorized cryptocurrency to Bitcoin.

Bans movement of goods within/into/out of the country without verifiable origin of money documentation. All shipped packages now require a scannable barcode which must link the blockchain ledger to the government authorized cryptocurrency. Auditing for financial impropriety will never cease.

Requires a $100,000 fee payable in US government authorized cryptocurrency to respectfully give up your US citizenship.​

Many other countries around the world are on the verge of requiring similar changes in order to stop the use of bitcoin in criminal enterprise around the world.


CFNN (Crockett Fake News Network) Top Story
 
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Re background for the above scenario.

I have read in many places that banning bitcoin would never work because it would be difficult to enforce, bitcoin is true freedom because there is anonymity, very difficult to track, bitcoin will destroy governments and central banking. Anarcho-capitalists unite.

So, by making it hard for bitcoin users to use their bitcoin it would effectively be akin to a ban. I’m sure holes can be poked into the scenario, but my inclination is it could be done.
 

Uglytruth

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Anything like a Crypto mutual fund to invest in them? I would think of it as a total lottery ticket.
 

solarion

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The problem I have with crypto currencies is they represent massive counterparty risk.
How do you figure that? I mean there are some cryptos that clearly do represent a counterparty risk *cough* Ethereum *cough*, but it's a specific case only.
 

Usury

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So how will trading BTC change with the CME listing them on the futures on the 18th? And how can we get in on that action? Anyone here have any experience/insight into commodities futures trading?
 

Joe King

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So how will trading BTC change with the CME listing them on the futures on the 18th? And how can we get in on that action? Anyone here have any experience/insight into commodities futures trading?
AFAIK, and in a nutshell, futures trading merely allows one to bet on what they think the future price will be?
 

solarion

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Right, but the CME likes to pretend there's a link to the actual commodity underlying said asset. Silver = 5000 Oz Gold = 100 Oz etc. Of course not much metal actually changes hands, but it's a cute shell game.
 

Usury

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That's a good point. EXCEPT I'd rather trade physical gold. There's not any physical BTC to trade.
 

solarion

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There's not any physical BTC to trade.
True, and if there were then bitcoin wouldn't be worth anything. Still their silly futures will likely have to be linked to some quantity of bitcoin and people can presumably stand for delivery if they wish.
 

Usury

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True, and if there were then bitcoin wouldn't be worth anything. Still their silly futures will likely have to be linked to some quantity of bitcoin and people can presumably stand for delivery if they wish.
Good point...wonder how delivery will work? Or will they force settlements in USD?
 

solarion

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Good point...wonder how delivery will work? Or will they force settlements in USD?
Time will tell. They always keep open the option to settle in fiat...which of course makes suspect the notion that they're a commodities exchange at all.
 

Buck

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Price discover generally leads to a more stable commodity
(LOL, so we'll call BC the commodity, right)

It will allow for a window of price stability and that will allow for trading to occur
It's difficult to trade while the valuation is jumping $2000 then dropping $1000 in an hour or so

Once stability has been achieved, each and every transaction will still have to be chained and each and every link will require someone to solve for "x" and the way I understand it, it costs a lot to mine, which involves solving for "x"

This doesn't seem like common sense on these crypto things, at all


between you and me:
That whole story of "drug dealers use bitcoin" was rubbish all along
There is no anonymity on anything block-chain but there will be fee's as best as I can figure it out
Fee's, lot's of Fee's
 

solarion

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There is no anonymity on anything block-chain but there will be fee's as best as I can figure it out
Fee's, lot's of Fee's
These two parts of your post are just plain incorrect. The rest is pretty meh.

Actually there are numerous blockchains built around increased anonymity.
The fees to transmit wealth via cryptos is far far lower than fiat. This is why expensive services like Western Union rightly see cryptos as a threat to their very existence.
 

Usury

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Be a shame if some big powerful PTB bid on contracts and then took delivery until they were all gone....hmmm.
 

goldielox1

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The way COMEX futures work is there is a contract month. The price of that futures contract is the market's expected price for the good on that date. Thus a March 2018 Btc contract might be valued at $10,000 (even if current btc price is significantly higher or lower than that). One can either buy or sell a contract depending on what direction one expects that March price to be. The price would fluctuate based on the currect btc price as well as news that might affect the btc price in the future.

Volatility isn't an issue because the contract would likely be sized to reflect the volatility. e.g. The number of btc in a COMEX contract would be lower if the volatility is expected to be higher. Also the margin would be higher as the btc volatility increased. The gains and losses to your account are market to market on an instantaneous basis by your broker and a daily basis for the broker. If your margin drops too much you would be forced to close out your contract.
 

Usury

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Sounds a little like options...which I've always found to be a scam as the house seemed to price the premium on those at just enough to offset any gains.
 

97guns

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I took a position on litecoin this morning and I’ll be dumping stock to add more, buddy of mine has been trying to get me on board for a while but I couldn’t bring myself to invest in virtual. I do think it is the future, the Economist cover and the way I see things going made me do it

 

Nomis Elpmis

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pay dirt

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Which is the best independent wallet to use? Looking for one that can store the most variety of cryptos.
 

solarion

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I'd share, but it seems to upset freedom loving folks here at GIM2 when we discuss cryptos.

Definitely avoid Bitcoin Cash(BCH) and Litecoin(LTC) as only a total degenerate gambling POS speculator that kills babies in their spare time would ever even consider those.

...likewise only a dog eating piece of shit would ever even consider a position in Ethereum Classic(ETC).
 

IrishSean

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I'd share, but it seems to upset freedom loving folks here at GIM2 when we discuss cryptos.

Definitely avoid Bitcoin Cash(BCH) and Litecoin(LTC) as only a total degenerate gambling POS speculator that kills babies in their spare time would ever even consider those.

...likewise only a dog eating piece of shit would ever even consider a position in Ethereum Classic(ETC).
I agree with you on eth classic, btc cash, and I even feel that etheruem is crap (way better technology coming), but I'd be interested to hear your take on what is wrong with Ltc? Thank you.
I'm still very bullish on BTC (lightning network coming), XVG (digital cash with wraith technology coming), EOS (ethereum killer) and IOTA.
 

solarion

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solarion

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I like Litecoin. I've always liked litecoin...I'm just sick of taking shit here for recommending stuff that goes up 10,000% in a year cuz it didn't take gold with it.
 

IrishSean

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I like Litecoin. I've always liked litecoin...I'm just sick of taking shit here for recommending stuff that goes up 10,000% in a year cuz it didn't take gold with it.
Some of us respect and appreciate your opinion. Thank you again sir.
PS I love ltc but am always open to hear others opinions on it. You scared me for a second, started questioning myself if I was a baby killer...
 

Uglytruth

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Competitor to ebay? DYODD https://www.openbazaar.org/ Keep an eye on this as you might be able to short ebay if this catches on. Rumor is it's a part of Amazon.........
 

solarion

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andial

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I like Litecoin. I've always liked litecoin...I'm just sick of taking shit here for recommending stuff that goes up 10,000% in a year cuz it didn't take gold with it.
That can't be it, all I have heard here is "metals going down is good this way you can buy moar!"
 

goldielox1

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I like Litecoin. I've always liked litecoin...I'm just sick of taking shit here for recommending stuff that goes up 10,000% in a year cuz it didn't take gold with it.
It's like asking a homeless guy to give advice on how to win the lottery after he got a winning scratchers ticket at the liquor store.