The Crypto-Corner

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Sun, Nov 12, 2017 - 1:05pm
Nick Elway
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Sum of bitcoin and bitcoin cash

Plenty of volatility in bitcoin and bitcoin cash individually, but their sum is hanging around USD 7700. Sloshing?

https://www.zerohedge.com/news/2017-11-12/crypto-chaos-explained-bitcoin...

Mon, Nov 13, 2017 - 11:14am
Nick Elway
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Quote:Summary of events,

Quote:
Summary of events, Bitcoin vs. Bitcoin Cash:

--- The Set-up

* It's easy to mine Bitcoin in China - from chip production to cheap electricity – creating a huge concentration of mining power in its territory.
* This mining power slowly accumulated and concentrated into a few hands, partly due to government intervention. It's hard to make money in China without the authorities noticing.
* These hands, we’ll call them "Jihan" as a code name also belonging to one of their leaders, decided that with so much mining power, there’s no reason why they shouldn’t have more significant control over the currency itself.
* They created a new currency, Bitcoin Cash, which purportedly deals with one of Bitcoin’s classic pain points - its inability to scale up and support the increasing throughput on the net.
* The way they tried to achieve this relies on a further concentration of mining power and network control - foregoing some of Bitcoin’s defining characteristics as a decentralized currency.
If anyone has any doubt about this move not being cold and cynical, remember this: Bitcoin Cash is not going to be as decentralized as Bitcoin, and its creators know this full well.

--- The Propaganda

* After Cash was issued as a split from Bitcoin, Jihan and his friends waited until anyone who wanted to sell and get rid of the currency does so. The price collapsed, and most of the larger crypto community ignored the coin.
* The Chinese miners were instructed to continue mining the coin, even at great financial loss, to support a pretension of value and use, minimally sustaining its life. When the price troughed, those who were in the know about the plan accumulated it in large quantities.
* Our plotting friends waited for the Segwit X2 split. They knew there would be a lot of confusion, that Bitcoin's mining power would be split between the two networks, and that the scaling and fee debate would be at the front.
* The split did not come, but the machine was already calibrated and ready. The scaling debate raged on, with those who do not understand the mechanisms enabling Bitcoin to work in a decentralized manner accepting Bitcoin Cash as a real alternative – all as part of the planned PR campaign. If “Bitcoincom says it’s true, it must be so!

--- The Manipulation

* In recent days, since the news of Segwit X2’s demise, the price of Bitcoin was expected to decline. With the value of the S2X coin, previously factored into Bitcoin, priced between $1000-2500 in future contracts, evaporating, it was only a matter of time. To push this along, a timed sale of Bitcoin, from the huge stock available to the conspirators, struck the market in force.
* The people involved have tremendous financial power. Just as it was easy to push the price of Bitcoin down, such was it easy to pump the price of Cash up.
* Concurrently, massive Chinese mining power has switched to work on Cash; at present, hashrate is almost equal between the two networks. Meanwhile, the missing mining power for the Bitcoin network has made it much slower.
* The Bitcoin network is also undergoing a spam attack. Anyone trying to send Bitcoin is forced to wait long hours even using high fees; there’s now a queue of more than 100,000 transactions awaiting approval.
* Many Chinese exchanges are listing BCH, Bitcoin Cash, for trading against Altcoins as the base currency in an attempt to make it the new standard, as BTC has been to date in all exchanges.
* Anyone who sees and experiences the above, all the while seeing the enormous and rapid price change, gets struck with FOMO and hurries to buy Bitcoin Cash.
* The price increases, Jihan and his group of friends cash out making ridiculous profits after having spent many resources on this plan for the better part of 2017, and laugh in everyone’s faces.

***

In a few hours, Bitcoin Cash’s mining difficulty will increase fourfold; To still be profitable to mine, Cash will need to be priced at a minimum of 40% of Bitcoin. It will be interesting to see what the miners do at that point, when Bitcoin becomes more profitable to mine again. One po
ssibility is that this will mark the end of the pump and everything returns to normal (although it is doubtful that Bitcoin price will continue increasing any time soon), but it is also possible that the strong reaction by the market and community may lead to a situation sustainable enough to lead the manipulators, who perhaps were initially only interested in a masterfully coordinated pump & dump, to try and take the reigns all the way and push their centralized Bitcoin onward. Someone did pay more than half a Bitcoin for a silly clone of it today, after all.

Bitcoin does not have a mechanism for quick mining difficulty adjustments, common today in most of Alts (and soon in Cash). If miners continue abandoning it, the network will be sluggish, or even paralyzed completely, for months ahead and until the next automated difficulty update. This is the nightmare scenario of this attack – a slow death to Bitcoin while a currency that looks like it to most, but is actually controlled by a handful of conspirators (or the Chinese government?.. ) takes the lead.

Our white-horse knights coming to the rescue may be Wallstreet traders, who've been looking for a way to enter Bitcoin and financially take control over the currency. They an infinite capacity to buy Bitcoin, and will be happy to take it from anyone lost to the propaganda. They’ll give a fight to the Chinese, and perhaps save the fate of the decentralized currency. And while it’s not clear which of these two forces is more of a bad-guy in our usual stories, at least the Americans will support the real coin.

However, as befits a decentralized currency based on the good will of a community spread worldwide, the real way to prevent this catastrophe is to spread the above information. It is your duty to ensure that everyone understands that this is ugly manipulation, a hijacking of one of the most beautiful things happening in the world in recent times, and to explain in all directions why Bitcoin Cash, is not, and will never be, a real substitute for Bitcoin.

By Dor Konforty, CEO and founder at Synereo

https://www.zerohedge.com/news/2017-11-13/bitcoin-soars-erases-weekend-l...

Tue, Nov 21, 2017 - 12:30pm
Ten_of_Swords
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Free fractional crypto

Hey turds,

I've been quiet for some time, and after spending a little time making sure i wasn't getting scammed, I want to share a way to pick up loose change in the crypto world. It is little effort, and has worked for me without a problem.

First, let me say that you will not get rich doing this. It is a few cents a day, but like a change jar, it adds up and when you quit looking for awhile, there is more than you thought.

Second, it is zero cost and I ask for no money.

If you are interested, follow the link below to my blog. If not, I tip my hat to you and bid you a good day.

https://cryptodrip.blogspot.com/

Sat, Nov 25, 2017 - 1:01pm
mavens
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Has anyone ever used ShapeShift?

Just curious if anyone here has used ShapeShift to exchange crypto for crypto. Thoughts??? Reliability???

Tue, Nov 28, 2017 - 3:08pm
silver66
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Maybe I am over thinking

Hi Forum, coinbase has been suggest to me to buy litecoin and bitcoin however as a Canadian I can only buy and not sell on that exchange, which seems strange to me. I am not clear on how I buy on line and then transfer to a paper wallet I must be old school. Any help or direction to info for luddites like me would be appreciated I really thought I would go online put down 5K and then I would have my coins I have got a few PM's which have been helpful and I am slowly trying to get my head around the coins To me I buy some coins as a spec and if they rocket I turn into something real Thanks Silver66

Silver66 Rage against the dying of the light

Mon, Dec 4, 2017 - 9:15am silver66
Beez
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Quadriga or Coinsquare

And you just leave your coins at the exchange until you really know what you are doing and how to transfer to s paper wallet. You don’t want to screw up - you can lose everything. That’s what I’m doing anyhow.

Beez
Fri, Dec 8, 2017 - 2:59am
JackPutter
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If you bought on Coinbase, or GDax

and you are holding coins there, transfer to Coinbase and create wallets for your coins. If you use the wallet, it is one more step toward security. You do not yet have your own private keys though.

There are many tutorials on creating and using a wallet. I bought a Trezor hardware wallet and it's a little intimidating setting up wallets. The more you work at securing you Bitcoin (and online identity) the more successful you will be.

Fri, Dec 8, 2017 - 12:38pm mavens
Silver_Surfer
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mavens wrote:Just curious if

mavens wrote:

Just curious if anyone here has used ShapeShift to exchange crypto for crypto. Thoughts??? Reliability???

I see nobody responded yet. ShapeShift is ok, more convenient and more expensive than an altcoin exchange. Have used it only once myself though. In case you would like to try out altcoin exchanges: Bittrex, Poloniex and Cryptopia are pretty well known options.

Looking to trade crypto on leverage? BitMex is the biggest and most liquid crypto futures exhange that offers leverage up to 100x. Click here to get a 10% fee discount during the first 6 months. Please don't wreck yourself by actually leveraging 100x. Alternatives are 1Fox & 1Broker (1Broker has forex & legacy markets also).
Fri, Dec 8, 2017 - 12:43pm silver66
Silver_Surfer
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silver66 wrote:Hi Forum,

silver66 wrote:
Hi Forum, coinbase has been suggest to me to buy litecoin and bitcoin however as a Canadian I can only buy and not sell on that exchange, which seems strange to me. I am not clear on how I buy on line and then transfer to a paper wallet I must be old school. Any help or direction to info for luddites like me would be appreciated I really thought I would go online put down 5K and then I would have my coins I have got a few PM's which have been helpful and I am slowly trying to get my head around the coins To me I buy some coins as a spec and if they rocket I turn into something real Thanks Silver66

Personally I'm not a big fan of Coinbase because of their refusal to implement segwit adresses, which costs their customers money in transaction fees. If you have an account there make sure to e-mail them about it. Bitstamp and Kraken are my favourite exchanges personally. Do note that most, if not all exchanges will have connectivity problems. Some due to the enormous amount of new accounts being created, some occur at a bit too convenient times.

Instead of a paper wallet, a ledger nano or trezor might be a better option for you to keep your private keys under your control. If you have an old computer with Linux you could use a wallet like Electrum on there as well, you don't want to keep that computer connected to the internet though. (That's why you want to use an old computer for that.)

Looking to trade crypto on leverage? BitMex is the biggest and most liquid crypto futures exhange that offers leverage up to 100x. Click here to get a 10% fee discount during the first 6 months. Please don't wreck yourself by actually leveraging 100x. Alternatives are 1Fox & 1Broker (1Broker has forex & legacy markets also).
Sun, Dec 10, 2017 - 10:10am
mavens
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silver_surfer

Thanks for the reply... After stepping back and looking at everything, and given that I bought 95% of my HODLings in early 2017, I've decided to just sit on everything I originally bought and let them ride. Long story short, transferring coin to coin on shapeshift evidently is a taxable event. F that.

Mon, Dec 11, 2017 - 2:25pm
achmachat
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Mining and Libero

on the main thread Libero has been asking if anybody here actually mines Bitcoin and could confirm the high electricity requirements to mine.

I'm in one of the European countries where electricity is a bit cheaper than the surrounding countries, but to mine one Bitcoin it costs me around 1700USD of electricity. That's just the electricity for the miner.

Anybody else here mines?

Wed, Dec 13, 2017 - 5:58pm
Underdawg
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Mavens/ShapeShift

I have a Exodus wallet that has ShapeShift and I have used it several times. It is fast and the price is reasonable. The only problem is you can only swap coins that they have on their list, also you have to have some ether in your account to cover the swap.

Sun, Dec 17, 2017 - 2:33pm
Ubik Kosmil
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Anyone buying ADA?

I bought some over the last week and think it has great potential. Worried about the latest move being too fast though.

Mon, Dec 18, 2017 - 7:21pm
47 Protons
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I just found you all here!

Anyone still talking Crypto's here? :-)

Mon, Dec 18, 2017 - 7:51pm Ubik Kosmil
47 Protons
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ADA / Cardano

Hey Ubik,

Yea, I picked up some of those on the 12th. +252% at the moment. I would have to go back and re-read, but I liked their story. IMHO: I think it's really the access to buy that's lifting these tiny ones. All of those who "missed bitcoin" are the herd.

-47

Sat, Dec 23, 2017 - 3:25pm
Silver_Surfer
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Interesting tweet: Blockchain

Interesting tweet: Blockchain companies with the most VC funding contribute the least to the ecosystem. If we look at blockchain and coinbase's attitude towards segwit, this guy is definitely right.

Looking to trade crypto on leverage? BitMex is the biggest and most liquid crypto futures exhange that offers leverage up to 100x. Click here to get a 10% fee discount during the first 6 months. Please don't wreck yourself by actually leveraging 100x. Alternatives are 1Fox & 1Broker (1Broker has forex & legacy markets also).
Fri, Jan 26, 2018 - 8:28pm
apex101
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you guys still holding?

Any one in here get caught up in the bitconnect? Im curious if you guys have heard any thing or it was 100% scam?

hopefully you guys got out in time.

https://stockpicks4you.com/index.php/2017/12/17/easy-to-get-in-hard-to-g...

https://stockpicks4you.com/index.php/2018/01/09/putting-on-a-short/

Tue, Feb 20, 2018 - 1:56pm
Nick Elway
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Clif's not wrong yet

In order for Bitcoin to leave 13880 in February (and establish a new base) it will have to increase 2100 in the next 8 days...

I'm encouraged that it increased 3000 in the last 7 days.

Achamat McAfee stated in November that it is costing him $2000 per bitcoin to mine. He didn't mention the electricity/rent/hardware/maintenance breakdown of his cost.

Thu, Mar 1, 2018 - 1:09am
Nick Elway
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Clif sez give it another 30 days..

@clif_high Ack! Last day of February and haven’t seen anything close to 13888!

clif‏ @clif_high

Replying to @fluidityfindsme

so? timing is always a bitch....and i deal with a scatter-graph spread on data flow. First showing 13880 in modelspace on 2/11 and continuing through to 3/30. Some where in there....

_________________________________________________________________

IMO Clif has gotten so popular his forecasts are repeated to the point that whatever he says today may be echoed as reinforced in his next forecast, a feedback loop that has him "drinking his own bathwater".

----------------------------------------------------------------------------------------

Fundamentals: https://blockchain.info/charts/my-wallet-n-users?timespan=all&scale=1

IMO 4x value per year is a reasonable expectation as long as the number of blockchain.info wallets is doubling every year. (a mesh communication network's value is proportional to the square of the number of nodes..Metcalfe's law)

Thu, Mar 8, 2018 - 10:49am
tread_w_care
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resubscribed to talk Kinesis

The interview with Kinesis CEO Tom Couglin and Andy's endorsement got me off the fence. I'm curious if anyone else is dipping a toe, and does this warrant it's own thread? Would love to compare long term notes. I've been hesitant to speculate in any Crypto - until now. Sold absolutely on block chain, still skeptical of the 'top tier' coins like BTC and ETH.

New thread? Or is here fine?

"When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it." - Frederic Bastiat http://en.wikiquote.org/wiki/Fr%C3%A9d%C3%A9ric_Bastiat
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