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Bitcoin (BTC) (Read 33522 times)
SolidSnake
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Re: Bitcoin
Reply #45 - 12th Sep, 2017 at 8:26pm
 
moneymarketing wrote on 12th Sep, 2017 at 7:22pm:
I have cable but it is capped so I need to keep an eye on it

Wow.. why do people do that to us.. I think I'd pick even a slower connection that's unlimited than a super fast but limited anytime..

In Greece our mainstream speeds are currently at 50 Mbps vDSL (@ €30/month), it's not available everywhere.. but at least all cable connections are unlimited.

We only have limits in mobile data and I still thing it's outrageous and kind of ancient..
I mean.. we don't live in caves anymore.. so why should our connections be limited?   Grin
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Re: Bitcoin
Reply #46 - 13th Sep, 2017 at 1:26pm
 
SolidSnake wrote on 12th Sep, 2017 at 8:26pm:
In Greece our mainstream speeds are currently at 50 Mbps vDSL (@ €30/month), it's not available everywhere.. but at least all cable connections are unlimited.


Same here. I think operators in EU countries follow simillar guidelines, thanks to the EU's regulatory framework for electronic communications.

Sucks to be on the other side on the Atlantic, sometimes  Tongue
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Re: Bitcoin
Reply #47 - 13th Sep, 2017 at 6:47pm
 
ruicarlov wrote on 13th Sep, 2017 at 1:26pm:
Same here. I think operators in EU countries follow simillar guidelines, thanks to the EU's regulatory framework for electronic communications.

Sucks to be on the other side on the Atlantic, sometimes  Tongue


Canada has been slow on this because we are dominated by a few big carriers and the small ones that buy from them. You can get unlimited but I'm on an old contract and I don't want to spend the extra money because I don't need it (you get tight fisted when you get older )

I could actually move to a higher data contract for cheaper but then I'd need to go with a smaller carrier which means having a tech show up at my place, changing over my emails and all the other hassles of moving service. So I'm thinking if I move my place I'll go with a better contract

Until then, I'll stick with my dinosaur contract
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Re: Bitcoin
Reply #48 - 13th Sep, 2017 at 11:48pm
 
moneymarketing wrote on 13th Sep, 2017 at 6:47pm:
Canada has been slow on this because we are dominated by a few big carriers and the small ones that buy from them. You can get unlimited but I'm on an old contract and I don't want to spend the extra money because I don't need it (you get tight fisted when you get older )

I could actually move to a higher data contract for cheaper but then I'd need to go with a smaller carrier which means having a tech show up at my place, changing over my emails and all the other hassles of moving service. So I'm thinking if I move my place I'll go with a better contract

Until then, I'll stick with my dinosaur contract

Well.. if you don't need more then there's no reason to pay for more.. Smiley
A dinosaur contract makes sense in this case..  Grin

So.. to stick to the topic.. I see the Bitcoin price has dropped below 4k, so my cash will probably be stuck in BTC for a while..  Cry
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Re: Bitcoin
Reply #49 - 14th Sep, 2017 at 8:49am
 
SolidSnake wrote on 13th Sep, 2017 at 11:48pm:
Well.. if you don't need more then there's no reason to pay for more.. Smiley
A dinosaur contract makes sense in this case..  Grin

So.. to stick to the topic.. I see the Bitcoin price has dropped below 4k, so my cash will probably be stuck in BTC for a while..  Cry



It may not. It has been quite resilient.

So here is a mental exercise for you. I think you have said in the past you might be interested in trading. So lets use this BTC example. Your BTC has dropped. You have some cash. An equal amount as you put into the BTC trade.

What should you do with it and your BTC stake? It can only go up, down or nowhere (sideways).

What should you do with your cash and your stake based on what you think you should do in all three cases?

In other words if it can go up, what do you do (buy, hold or sell which stake, cash or BTC). Down, what do you do? Sideways, what do you do?

I taught myself this exercise for trading as a way to force my decisions
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Re: Bitcoin
Reply #50 - 14th Sep, 2017 at 3:13pm
 
Lol.. thankfully there was a backup plan for me..  Tongue

I simply deposited my BTC to FC.. even at the lower value.. my loss was $10 but the moment I deposit that, I achieve a new clicker level so I get an instant $10 bonus.. so my loss is covered by the bonus..

And I'll still benefit from investing it in shares there, so I'll get another 20% off it.. so it's not that bad after all..

It's better than keeping it locked in BTC whether it goes up or down.. its value only goes up this way (provided the system continues to work).
My initial goal was to use it as a way to benefit from the 15% bonus from the BTC deposit promo, but failed to catch it due to my lack of knowledge.. but I'm ready for the next time now.

Some of the benefits are that I now know how BTC works, what the risks are, plus that I got it without suffering a loss due to the price drop using FC as a way out. Smiley

Now as to your question, I remember the method of splitting my budget in smaller amounts and buy at steps when the price drops while selling as the price climbs. Smiley

For now it seemed reasonable enough to bail while I still can.  Tongue
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« Last Edit: 14th Sep, 2017 at 3:18pm by SolidSnake »  
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Re: Bitcoin
Reply #51 - 14th Sep, 2017 at 6:41pm
 
SolidSnake wrote on 14th Sep, 2017 at 3:13pm:
Lol.. thankfully there was a backup plan for me..  Tongue

I simply deposited my BTC to FC.. even at the lower value.. my loss was $10 but the moment I deposit that, I achieve a new clicker level so I get an instant $10 bonus.. so my loss is covered by the bonus..

And I'll still benefit from investing it in shares there, so I'll get another 20% off it.. so it's not that bad after all..

It's better than keeping it locked in BTC whether it goes up or down.. its value only goes up this way (provided the system continues to work).
My initial goal was to use it as a way to benefit from the 15% bonus from the BTC deposit promo, but failed to catch it due to my lack of knowledge.. but I'm ready for the next time now.

Some of the benefits are that I now know how BTC works, what the risks are, plus that I got it without suffering a loss due to the price drop using FC as a way out. Smiley

Now as to your question, I remember the method of splitting my budget in smaller amounts and buy at steps when the price drops while selling as the price climbs. Smiley

For now it seemed reasonable enough to bail while I still can.  Tongue


It sounds like you have it quite under control.

Just don't panic and think long term. I think this is still a buying opportunity but governments are starting to react which means they are quite threatened by this. That's a great sign. Usually they ignore us  Smiley
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Re: Bitcoin
Reply #52 - 19th Sep, 2017 at 1:01am
 
So.. it did climb above $4000 again.. Smiley

It's funny how quickly things change in the currency exchange market..
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Re: Bitcoin
Reply #53 - 19th Sep, 2017 at 1:27am
 
I still believe it is going to 50K  Money Cool
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Re: Bitcoin
Reply #54 - 19th Sep, 2017 at 1:33am
 
SolidSnake wrote on 19th Sep, 2017 at 1:01am:
So.. it did climb above $4000 again.. Smiley

It's funny how quickly things change in the currency exchange market..



This is actually called price discovery

http://www.investinganswers.com/financial-dictionary/economics/price-discovery-3...

It is healthy but it is very rare in the markets because the Central Banks have been working for the last 20 years or so to eliminate it and manipulate markets completely by money printing and purchases and creation of debt

All the gyrations are actually the manipulators trying to manipulate. If they weren't playing their games, the price would probably be a lot more stable
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Re: Bitcoin
Reply #55 - 30th Sep, 2017 at 12:00pm
 
So, after using Payza for a second Bitcoin transaction (it all went smooth this time), I've got to a point that I need a better middle-man that doesn't rob me every time I send btc to someone..  Grin

I'd like to keep BTC as an option but Payza keeps 0.001 BTC (~$5) on every payment which is kinda outrageous when dealing with small amounts..

The fees are a bit less if I receive money in BTC and then convert to USD within Payza balances but I won't be able to withdraw for long without depositing through BTC as well.

So, what's the best bitcoin processor that has the lowest sending fees so far?
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Re: Bitcoin
Reply #56 - 30th Sep, 2017 at 5:43pm
 
SolidSnake wrote on 30th Sep, 2017 at 12:00pm:
So, after using Payza for a second Bitcoin transaction (it all went smooth this time), I've got to a point that I need a better middle-man that doesn't rob me every time I send btc to someone..  Grin

I'd like to keep BTC as an option but Payza keeps 0.001 BTC (~$5) on every payment which is kinda outrageous when dealing with small amounts..

The fees are a bit less if I receive money in BTC and then convert to USD within Payza balances but I won't be able to withdraw for long without depositing through BTC as well.

So, what's the best bitcoin processor that has the lowest sending fees so far?


I've hear Euros rave about bitstamp. Not being a Euro I don't know how it would be for you. I've also heard good things about Kraken

I use coinbase but I wouldn't recommend it. I've heard some horror stories on reddit about withdrawal issues. I don't know if it is accessible to Euros

Edit: I'm not so concerned about withdrawal and transfer fees at this point because I quit using BTC in commerce. It is strictly an investment for me now. I only use it in commerce if there is no other option. It is way too volatile to use for that. Plus the fees as you say and if I do turn it into cash I'll need to declare it on my tax returns like all good former boy scouts

BTC is still going through its growing pains so I suggest treating it very cautiously
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« Last Edit: 30th Sep, 2017 at 6:27pm by moneymarketing »  

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Re: Bitcoin
Reply #57 - 30th Sep, 2017 at 8:56pm
 
moneymarketing wrote on 14th Sep, 2017 at 8:49am:
So here is a mental exercise for you. I think you have said in the past you might be interested in trading. So lets use this BTC example. Your BTC has dropped. You have some cash. An equal amount as you put into the BTC trade.

What should you do with it and your BTC stake? It can only go up, down or nowhere (sideways).

What should you do with your cash and your stake based on what you think you should do in all three cases?

In other words if it can go up, what do you do (buy, hold or sell which stake, cash or BTC). Down, what do you do? Sideways, what do you do?

I taught myself this exercise for trading as a way to force my decisions


Actually, this is a good time to revisit this theory.

Since the price has returned to its value this shows why these are good questions to ask yourself as a trader.

So the price is at $4300.

Let's say you had bought at $4300 and the price dropped to $3500. Do you buy, sell or hold?


If you say hold, then you are really saying you don't believe the price will go down further. If you do think the price will go down further, then you should really sell and then determine if you want to buy in later at a lower price. That makes sense right?

So if you don't think the price will go down further and you want to hold, then what you are really saying is that the price will stay flat for a time or will go up again. If you honestly think the price will go flat for months or years, then you should sell and put that money to work someplace else. Otherwise, inflation will erode its value and you will lose potential gains somewhere else (otherwise known as opportunity cost)

If you think the price will return to its original value at $4300 where you will breakeven, then what you are really telling yourself, is that you should buy. Because, with a stake at $4300 and a stake at $3500, the value of the two back at $4300 will give you a gain over that time. Not only will you have lost nothing, you will have gained.

If you just wait for your stake to return to its original value, you would have lost time and money due to inflation

So to recap.

If it goes down and you don't want to buy more because you think you can lose more, then you should sell your original stake.

If you want to hold thinking it will stay there you should sell and invest somewhere else.

If you want to hold and wait for breakeven you should buy more. Your breakeven will be lower and your old breakeven will give you a gain

So if you had bought more when it dropped below $4000, you would be sitting on a nice gain as it is now at $4300.

So assuming you bought and are sitting on a gain, do you now sell, hold or buy more?  Smiley

And thus the cycle starts again

So you see, being a trader is about asking yourself the right questions. Most people, when their stock drops ask themselves the wrong questions
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Re: Bitcoin
Reply #58 - 1st Oct, 2017 at 12:19am
 
I've recently come to realize that I'm not much the guy that works well with stock trading.. so I kind of avoid getting myself in that position.. Grin

Especially with such a new "currency" like bitcoin I definitely don't wanna lock myself in..
If it was like EUR vs GBP vs USD.. where there is a history to study and form a strategy because they don't fluctuate that much, i could think about it.

However I now know that there are much more profitable ways to invest my money in with less risk.. so there's really no reason to get into it.

BTC maybe prove to be a huge bubble after a few years.. we can't know for sure..

I personally doubt it though - I think it will eventually dominate more markets due to its country border-less nature..
With very little control from authorities.. or banks it's a "power-to-the-people" thing that attracts a lot of attention.

So I think the future lies there, but since my funds are limited, I'd like to support it but I'm not the one to risk it further.. I prefer to put them to better and more stable use.

I feel like using bitcoin just to prevent fees, cause the main reason I withdraw is to re-invest.
Most of the times on FC I cashout just to put the cash back in and benefit from the bonuses.

If there is a processor that has lower fees than Payza for this specific purpose I'd like to use that instead.
If I need to cashout, to withdraw some funds to my bank account I'd probably not use Bitcoin, unless there is a very good option with very low fees.

Which is what I'm looking for right now.. Smiley
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Re: Bitcoin
Reply #59 - 1st Oct, 2017 at 2:57am
 
I think you probably want to check out bitstamp if it is available in your country
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