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spets1   Australia. May 25 2017 19:02. Posts 2027
If you guys got any bitcoin or other cryptocurrency questions shoot them out. I'm following the scene quiet closely so would have answers to most I reckon.

going to colombia soon

do you think i might get arrested?
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holaLast edit: 28/05/2017 06:07

NewbSaibot   United States. May 25 2017 23:09. Posts 4744

So I understand that in the world of bitcoin you have a BTC address and that exists in the history of the blockchain as evidence of how much value you hold. But then I hear people say things like "keep your bitcoins on an external drive". How can you keep cloud money on an external drive? I mean, it's in the blockchain. What exactly are you copying out of there that only exists on a thumbdrive for example?

listening to edzwoo has made u a nit... *sigh* - Zalfor 

Zadan   Canada. May 26 2017 00:03. Posts 962

is it too risky to jump in now?


spets1   Australia. May 26 2017 05:47. Posts 2027

re Newbsaibot: It works exactly like a lock up box.

- Exchange: exactly the same as if you got a lock up box at a storage facility with their lock. So they have the key to open that box. And if you want to make a withdrawal they open it for you and give you the contents. Lets say FBI or criminals/hackers come and force them to open it. Then poof your moneys gone. See a short presentation how it works + Show Spoiler +



- External drive: this means that the lockup box is locked up but only you have the key to open it. This key is saved on your external drive. Whilst the lock up box is still there for anyone to try to open. Only you have a key. And thanks to mathematics/encryption there are mathematically so many combinations to open that lock, it isnt feasible to open it. You can google how many years it would take to pick the right combination (i think its billions or trillions)

Re Zadan : This is myprediction for crypto market
https://i.imgur.com/RaAmzn5.gifv
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We have recently broke all time high back from 2013 and Im hoping it will go couple magnitues over before correcting. But if I knew I would be selling all my belongings and investing or selling my stack and waiting for that dip. But I do believe outlook is positive. I fuckn hope so! Do your own research.

holaLast edit: 26/05/2017 07:30

Dogan0s   United States. May 26 2017 19:34. Posts 902

Yo spets been lurking following your blogs for ....a long time now (makes me feel younger lol)
Last week saw your predictions about bitcoin going up and so "buy litecoin"
I 've been keeping an eye on cryptos for a while now but feels like we are now living crazy times considering the volume and the attention they get nowdays.

My only question would be , go for one crypto or split our capital in a few ?
Like go all in in ethereum or buy some lite coin ripple or w/e .
If you could only choose one , which would it be ?
Thanks bro , never came for crypto advices but for the chicks you post lol


k4ir0s   Canada. May 26 2017 19:53. Posts 3292

What's the purpose of multiple cryptocurrencies? If BTC continues to succeed will the others lose traction and fail?

I understand that btc is experiencing slow transactions and that SegWit will solve the issue. Has SegWit or something similar been used for other cryptocurrencies? Why hasn't it been implemented with btc yet?

Sell me some btc? I've been wanting to buy some, but all sites I come across either charge ~15% fee or require a long deposit/withdrawal process.

I dont know what a dt drop is. Is it a wrestling move? -OlyLast edit: 26/05/2017 23:57

Dogan0s   United States. May 26 2017 20:08. Posts 902


  On May 26 2017 18:53 k4ir0s wrote:
What's the purpose of multiple cryptocurrencies? If BTC continues to succeed will the others lose traction and fail?

I understand that btc is experiencing slow transactions and that SegWit will solve the issue. Has SegWit or something similar been used for other cryptocurrencies? Why hasn't it been implemented with btc yet?




this too


NewbSaibot   United States. May 26 2017 22:56. Posts 4744


  On May 26 2017 04:47 spets1 wrote:
re Newbsaibot: It works exactly like a lock up box.



Ohhh ok, so people arent really moving their BTC anywhere, they just store the key on an encrypted device they have. Just confused me the way people kept saying "store your bitcoin on a thumbdrive.

listening to edzwoo has made u a nit... *sigh* - Zalfor 

Bigbobm   United States. May 27 2017 22:21. Posts 5488

I have 50 LiteCoins on a hard drive that has heads that failed. I'm being quoted ~$700-$900 to extract the files, so I can have access to the coins. I didn't write the address down.

Two questions: what's behind the heavy volatility over the past two weeks, and assuming I have to pay $900 to recover my files, what are the chances those 50 coins are still valued > the cost of repair. Follow-up I guess, is there any value in going long on Litecoins?

Its time to stop thinking like a bitch and think smart like a poker player - ket 

spets1   Australia. May 28 2017 06:29. Posts 2027

re Dogan0s:
my advice is to diversify a little in few top 10 currencies. Best is to do your own research and pick ones you like. Myself I think the best one is Ethereum. The breakdown I would do is probably something like: Ethereum, Litecoin, DASH, Bitcoin, Monero, and some others that you like.

re k4ir0s:
-I dont think if BTC keeps being successful others will fall. The market always needs competition, therefore a few cryptos will always be present, just like few country currencies. Also different cryptos offer different advantages/disadvantages. This stage is highly experimental and diversity is good for the whole system to grow and pick the best fit to gain most.
-Segwit has been deployed on Litecoin so very interesting what that will lead to. They are currently fighting within bitcoin between miners and old developers/programmers to see if segwit will get implemented or there is another solution (bigger blocks) to be implemented instead to scale the network. meanwhile other coins are gaining on bitcoin whilst this is unresolved. See my previous blog on a bit about inhouse fighting: https://www.liquidpoker.net/poker-forum/1150213/Bitcoin_Anarchy_WAR.html

- buying bitcoin : Best bet is to do some googling depending what country you are in. I think USA likes exchanges like coinbase, gemeni or bitfinex, im not sure. I could sell you some but then I would have to charge at least 5% on spot price because fees would get up to there by the time bitcoin is transferred to you.

re NewbSaibot :
Yes essentially its like storing a key to a box who nobody else can open. A box = bitcoin address

re Bigbobm:
right now litecoin is worth $25 bucks => 25*50 = USD1250. So its profitable if you recover it. If it was me I would recover it and store it away hoping that it multiplies in value.
The volatility is because there is a lot of hype around cryptocurrencies at the moment. A lot of news came out of the development process and businesses getting involved. Due to exposure, money started flowing in from speculators and created a bubble. So it popped now and took price back to about USD2k. Good time to buy i reckon.

hola 

dnagardi   Hungary. May 29 2017 21:56. Posts 1447

my friend recently showed me that he is very interested in buying this mining machine:

https://www.aliexpress.com/store/prod...zuHODkMYK5dfoJ-zsAu4kITgHRRoC_C7w_wcB

he asked what I think of it. I told him that it is probably a bad idea investing his money into something he hasnt got a clue about. But now that you brought this up, I wonder what do you think about that one?


spets1   Australia. May 30 2017 04:34. Posts 2027

re dnagardi: to be honest I dont know much about mining as I have never tried it. It maybe good decision as your friend may mine altcoins that may become expensive in the future. However mining somewhat established coins, say in top10 by marketcap is probably not efficient, ie you will spend more on electricity than you will get coins. But if he is interested I say go ahead to him. I am sort of sad that I never decided to learn it.
Bitmain is however the best manufacturer for the bitcoin/litecoin mining. Maybe best to buy from their website (google bitmain)

hola 

Bigbobm   United States. May 31 2017 02:05. Posts 5488

I built my machine from scratch ~2.5 years ago, but only ran it for 4 months before the price of Litecoins dropped a bunch, and I converted the PC to an entertainment center. Now that the price has rebounded, I've made a decent return on it. I've gotta second what septs suggested. To be perfectly honest, you've probably missed the boat on mining anything with a decent market cap. If you're interested in learning a few things, you can build a rig and mine some alt coins, and maybe convert it to a gaming desktop or something down the road. If it all flops, you can essentially chalk it up to you just bought a new computer and learned a bunch along the way.

Its time to stop thinking like a bitch and think smart like a poker player - ket 

 





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