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Thread: Profit taking?

  1. #51
    Iridium
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    Re: Profit taking?

    Ares, thank you. That was by far the most informative breakdown of bitcoin and crypto currencies I ever read. The reference to tcp/ip protocols as an example, I understand more now, being an obsolete tech guy myself.

    One thing I do like about bitcoin, is that it's people that give it value. People that really want an honest and government free way of exchange and store of value. With 21 million bitcoins as a max possible, for it to be worth over $10K a coin...that's a lot of people speaking right there, dumping dollars and other currencies to go into this.
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  2. #52
    Bitcoin Miner Ares's Avatar
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    Re: Profit taking?

    Quote Originally Posted by Hitch View Post
    Ares, thank you. That was by far the most informative breakdown of bitcoin and crypto currencies I ever read. The reference to tcp/ip protocols as an example, I understand more now, being an obsolete tech guy myself.
    It helps it try and compare Bitcoin to a protocol because once you read the code you'll see that that is how it operates. Step 1 equals step 2, to step 3 and complete process. Everything in that order has to be accomplished in that specific order and it does not allow for any variances. Reading through Satoshi Nakamoto's writings on the blog he (they?) first published it said it took them over 2 years to work out the methodology to complete. Reading the white paper as well as his (their?) writing you'll see a lot of thought went into it. He took a lot of careful considerations to solve the double spending problem.

    One thing I do like about bitcoin, is that it's people that give it value. People that really want an honest and government free way of exchange and store of value. With 21 million bitcoins as a max possible, for it to be worth over $10K a coin...that's a lot of people speaking right there, dumping dollars and other currencies to go into this.
    There is, when Bitcoin first got above 1k 90% of the volume was with 1 exchange (Mt. Gox). Now with the current run up in price to a little north of 11k, you'll see that the volume is pretty evenly distributed around the globe. https://coinmarketcap.com/currencies/bitcoin/#markets

    This shows that a lot of fiat currencies are flowing into Bitcoin and other crypto currencies at the moment. Likely in preparation for when the CME starts allowing future trading for Bitcoin on 12/18/2017. I can't remember the guys name, but he's projecting $40,000 per Bitcoin by the end of December 2018.

    Trace Mayer first recommended his readership to get into Bitcoin back in 2010 when it was just 25 cents a coin. If you have the time, give this article of his a read. He's been at this a while, he's a gold bug as well as a guy who detests governments in general.

    http://www.runtogold.com/the-great-b...arket-of-2017/

    It's a very good read and goes into far more detail about the advantages that crypto currencies have. There is also a YouTube video of him from October of this year where he discussed that eBay who dominated the mid to late 90s early 2000s had 2 network effects that were driving it. He said Bitcoin has 7 network effects. Like I said he goes into a lot of detail and is extremely informative.
    "Paper is poverty, it is only the ghost of money, and not money itself." --Thomas Jefferson to Edward Carrington, 1788
    "The greatest threat to the state is when the people figure out they can exist without them." - Twisted Titan
    "Some Libertarians are born, the government makes the rest."
    "Voting is nothing more than a slaves suggestion box, voting on a new master every few years does not make you free."

  3. #53
    Unobtanium EE_'s Avatar
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    Re: Profit taking?

    Quote Originally Posted by Ares View Post
    It helps it try and compare Bitcoin to a protocol because once you read the code you'll see that that is how it operates. Step 1 equals step 2, to step 3 and complete process. Everything in that order has to be accomplished in that specific order and it does not allow for any variances. Reading through Satoshi Nakamoto's writings on the blog he (they?) first published it said it took them over 2 years to work out the methodology to complete. Reading the white paper as well as his (their?) writing you'll see a lot of thought went into it. He took a lot of careful considerations to solve the double spending problem.



    There is, when Bitcoin first got above 1k 90% of the volume was with 1 exchange (Mt. Gox). Now with the current run up in price to a little north of 11k, you'll see that the volume is pretty evenly distributed around the globe. https://coinmarketcap.com/currencies/bitcoin/#markets

    This shows that a lot of fiat currencies are flowing into Bitcoin and other crypto currencies at the moment. Likely in preparation for when the CME starts allowing future trading for Bitcoin on 12/18/2017. I can't remember the guys name, but he's projecting $40,000 per Bitcoin by the end of December 2018.

    Trace Mayer first recommended his readership to get into Bitcoin back in 2010 when it was just 25 cents a coin. If you have the time, give this article of his a read. He's been at this a while, he's a gold bug as well as a guy who detests governments in general.

    http://www.runtogold.com/the-great-b...arket-of-2017/

    It's a very good read and goes into far more detail about the advantages that crypto currencies have. There is also a YouTube video of him from October of this year where he discussed that eBay who dominated the mid to late 90s early 2000s had 2 network effects that were driving it. He said Bitcoin has 7 network effects. Like I said he goes into a lot of detail and is extremely informative.
    Can you explain for simple minds how a typical bitcoin transaction goes. (from home pc)
    Say you are transferring money to me.

    1. go on bitcoin site?
    2. type in a code number?
    3. ?
    4. ?
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  4. #54
    Bitcoin Miner Ares's Avatar
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    Re: Profit taking?

    Quote Originally Posted by EE_ View Post
    Can you explain for simple minds how a typical bitcoin transaction goes. (from home pc)
    Say you are transferring money to me.

    1. go on bitcoin site?
    2. type in a code number?
    3. ?
    4. ?
    Here is a video that walks you through a Bitcoin transaction.



    Link to video: https://www.youtube.com/watch?v=71pM14enWik

    It's a pretty straight forward process, once you do it a couple times you'll get the hang of it relatively quickly.
    "Paper is poverty, it is only the ghost of money, and not money itself." --Thomas Jefferson to Edward Carrington, 1788
    "The greatest threat to the state is when the people figure out they can exist without them." - Twisted Titan
    "Some Libertarians are born, the government makes the rest."
    "Voting is nothing more than a slaves suggestion box, voting on a new master every few years does not make you free."

  5. #55
    Unobtanium EE_'s Avatar
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    Re: Profit taking?

    Quote Originally Posted by Ares View Post
    Here is a video that walks you through a Bitcoin transaction.



    Link to video: https://www.youtube.com/watch?v=71pM14enWik

    It's a pretty straight forward process, once you do it a couple times you'll get the hang of it relatively quickly.
    That didn't explain it all. All the guy did was click withdraw?
    The video left out signing on to the site with account #, typing in code/codes? This is the part I want to know about.
    TRUMP WILL WIN BY A LANDSLIDE!
    You can forget about making America great again, it ain't gonna happen.

    The NWO is here, and you all stood in line for it!

  6. #56
    Bitcoin Miner Ares's Avatar
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    Re: Profit taking?

    Quote Originally Posted by EE_ View Post
    That didn't explain it all. All the guy did was click withdraw?
    The video left out signing on to the site with account #, typing in code/codes? This is the part I want to know about.
    That depends on the wallet you get. If you download the Bitcoin Core wallet that is about the most secure way you can use and store Bitcoins outside of a hardware wallet. You do not need to use a password to receive Bitcoins. You click the button under receive and you copy the address and send that address to someone you want to receive Bitcoins from. That is your "Public Key" and is used to receive Bitcoins.

    If you do get Bitcoin Core you'll need to leave it running so that it's always in Sync with the network. It's about a 145GB download as it downloads every single block which started in January 2009, and a new block gets generated on average of 1 every 10 minutes, so it's a lot of blocks since 2009.

    It will ask you during the installation to encrypt your wallet, this is your password to lock the private key. This is only used to Send Bitcoins. So if you send a Bitcoin you would use someone else's Public Key, paste that into address, and select the amount of Bitcoin you want to send, hit Send and it will ask you for your password to unlock the Private Key to sign the transaction to submit it to the blockchain.

    This is all transparent to the user.

    There are other wallets, Hybrid wallet (Blockchain.info) which you can access via a Webpage, or your smartphone. There is also a purely web based wallet for your smartphone like Mycelium. They all work essentially the same. Send / Receive.

    You can also use client based wallets such as Exodus, which I used before I got a hardware wallet. It's easy to install, setup, and use and is very straight forward. I also like that it displays your assets in whatever currency you would like to use and provides you a graph to track your assets.

    It's what is called a multi-coin wallet as you can use it for multiple coins.

    https://www.exodus.io/

    This would probably be about the easiest wallet to use, and doesn't require you to download the blockchain to use. Your private key is secure and it does encrypt the wallet.
    When it installs it will generate a 12 word passphrase, these words are a way to generate your private key. You write these down on a piece of paper and lock it away in your safe. This is in case something ever happens to your computer / wallet you can recover your crypto assets.
    Last edited by Ares; 2nd December 2017 at 08:22 PM.
    "Paper is poverty, it is only the ghost of money, and not money itself." --Thomas Jefferson to Edward Carrington, 1788
    "The greatest threat to the state is when the people figure out they can exist without them." - Twisted Titan
    "Some Libertarians are born, the government makes the rest."
    "Voting is nothing more than a slaves suggestion box, voting on a new master every few years does not make you free."

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