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 Bitcoin Thread v1, and other cryptocurrencies

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wengherng
post Feb 21 2017, 11:30 PM

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QUOTE(kmarc @ Feb 21 2017, 05:42 PM)
Hehe, not wise to reveal things on internet. Let's just say my first transaction's profit based on current price already paid for my hardware wallet. Not important because as mentioned, I'm cutting big tree with small knife, like what we used to say in stock trading. Of course, the big tree can still fall on us!!!! biggrin.gif

Oh ya, definitely cannot join millionaire club! sad.gif what about you tongue.gif
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Well, let's just say I set a target for myself to join the million club first.
Then slowly build up from there.
But even now I am still a long way away from achieving that first step.
sweat.gif

wengherng
post Feb 22 2017, 12:31 AM

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QUOTE(kmarc @ Feb 21 2017, 11:59 PM)
Cool. Hope to meet you in the BTC millionaire club one day!  thumbup.gif
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At current prices, it would take just over USD 23k to join the prestigious club...... shocking.gif
Damn, I'm not saving fast enough!
wengherng
post Feb 22 2017, 10:48 AM

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QUOTE(kmarc @ Feb 22 2017, 06:45 AM)
Let's just pray it doesn't crash. Security of bitcoin is still my main concern though because as mentioned, I have decided to go all in and am prepared to lose the investment. Yeah, like you, I'm also not "investing" fast enough!!! Don't even need to think about DCA as the price keeps on going up.

Bitcoin at RM 4959. I hate you!!!!!
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We're now in a different era compared to 2013. With so many international companies and financial institutions adopting blockchain technology and investing so much into it, I honestly do not think bitcoin will crash.
Correction, maybe......but not crash.
Several countries like Japan and UAE have already started to accept bitcoin as a legitimate currency.
This will mean more regulation controls over its usage, but will massively increase its adoption to the general population, which I see as a good thing.
Exciting times ahead.


QUOTE(jack2 @ Feb 22 2017, 09:08 AM)
Happy happy...

Last week I bought 1BTC at 980usd...
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Good for you.
I added some too, at around USD 1040.

wengherng
post Feb 22 2017, 11:08 PM

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QUOTE(kmarc @ Feb 22 2017, 07:41 PM)
thumbup.gif

Say, why are you all using USD? You're buying with MYR right?
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You can use whatever currency you like to benchmark your profits and losses.
I personally use USD just for easy benchmarking, because I buy not only using MYR but also other currencies.
wengherng
post Feb 23 2017, 01:03 AM

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QUOTE(kmarc @ Feb 22 2017, 11:15 PM)
I see. Anyway, bitcoin on upward trend again. Hope it drops a bit........
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The next two and a half weeks is going to be very interesting indeed.
11th March is the final deadline for the American Securities and Exchange Commission (SEC) to decide on their approval or disapproval of the first bitcoin ETF, and I predict that until that day, we'll still be seeing quite a bit of volatility yet.
If they approve, then it means that they are legally and officially opening the gate to hundreds of millions of US dollars to be flowing into the bitcoin market capitalisation, in which case the price will soar.
If they say nothing (i.e. do not approve or disapprove), then after the deadline, it is considered as an automatic approval, in which case the price will soar.
If they explicitly disapprove (which, unfortunately, is currently the general expectation), then there will probably be a dip, in which case, we can take advantage to buy at the dip and average down our investment cost.
Previously, the SEC Chairman was Mary Jo White, who is sort of a conservative and will probably push to disapprove it.
However, as she had stepped down as Chairman at the end of the Obama administration, and we don't yet know when the replacement is going to be sworn in, there is now a real possibility that the deadline will pass without an official ruling, meaning the application might just be automatically approved.
Exciting.
cool2.gif

wengherng
post Feb 23 2017, 11:37 AM

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QUOTE(kmarc @ Feb 23 2017, 06:50 AM)
What a second. I thought it was March 31st? If it is truly March 11th, then I'm really a late comer and running out of time!!! sad.gif

Is it true what some say, the even if SEC reject the ETF, future ETF application will be made and as such, the potential for bitcoin to rise is still there?
Drop a bit so that can accumulate more wink.gif
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To my knowledge, there are at least 3 different applications to the SEC for a bitcoin ETF, which the SEC has been stalling for a few years now.
The Winklevoss twins' one is probably the most high profile at the moment, and the final deadline for this application is 11th March.
I'm not too sure about the other two.
SEC approvals are done on a per-application basis, so even if the current 3 ETF applications are rejected, future applications can still be made, but they will have to go through the same vetting and approval process, which could take years.
Personally, I think that at some point, with so much global attention and financial investments being directed to developing the blockchain technology and bitcoin in general, I believe that an approval for a bitcoin ETF will be inevitable, the only question is "when".

My suggestion is: don't be greedy and buy bitcoins with money that you cannot afford to lose, or with money that you will need in the near future. As I said, if the applications are rejected, there could be a price dip, and it might take months before it recovers back to its original level.
On the other hand, if you're in it for the long run, and you believe in the technology and how it could revolutionalise the financial world, then I think now is a good time to invest, as technically speaking, cryptocurrency is still in its infancy stages.

wengherng
post Feb 23 2017, 05:58 PM

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QUOTE(kmarc @ Feb 23 2017, 02:01 PM)
I see. I was actually targeting 31st March.  sweat.gif

Meaning bitcoin is here to stay and not going away anytime soon. 

Yeah, cannot be greedy. If bitcoin keeps on increasing before the EFT ruling dateline, I might offload a certain percentage to recoup the original amount. Definitely in for the long-term barring any unforseen events.

Still wondering how each country will handle bitcoin transaction in terms of money laundering and ill-gotten gains......  hmm.gif As previously noted, bitcoin prices dropped recently due to China's clampdown on bitcoin exchanges. However, looks like it is only temporary......

Some recent news on the ETFs:
http://www.forbes.com/sites/laurashin/2017...f/#61cc9a193d84
https://www.wsj.com/articles/irrational-exu...etfs-1486350601
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The bitcoin prices affected by China's uncertain policies against bitcoin are purely reflective of the general public's interest in it.
It just means that there are so many people interested in it and putting money in it, that when the government announces certain hints of potential changes in regulations, the public panics and scramble to sell it off.
But as you can see, the China government's influence over the price seems to be waning now, and although there are still sudden price dips when announcements are made, the volatility is nowhere near 2 - 3 years ago. In fact, in just one month, the price of bitcoin has recovered back to the level before the PBoC public announcement in January.
Money laundering is always a problem, but it is no different with any currency vehicle......especially cash.
wengherng
post Feb 23 2017, 11:36 PM

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QUOTE(kmarc @ Feb 23 2017, 07:13 PM)
As usual, valuable info!  thumbup.gif notworthy.gif

From the time I entered bitcoin about a week ago until now, BTC already increased by about 10%! Actually, anything below RM5000/BTC I was prepared to accumulate. Now that it is above that, I'm slightly hesitant. Will see the trend. You still accumulating?  smile.gif

Edit : Bitcoin at RM 5140.....  sad.gif Wait I go cry first... will come back later....  cry.gif  cry.gif  cry.gif
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Even I am surprised by the sudden rally today.
I tend to think this is just euphoria, a kind of adrenaline rush by the general population as the price inches towards the All Time High (ATH).
My prediction is that we will break the ATH of USD 1165 soon, and when it does, there will be a lot of opportunists who will say "This is it! We've broken through the barrier! We've achieved what we wanted to do!" and then promptly proceed to sell off to lock in their profits, during which we will see a mild price correction.
But, this is just my personal prediction.
The price could just as well suddenly go haywire and hit the moon.
biggrin.gif


wengherng
post Feb 24 2017, 11:10 AM

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QUOTE(kmarc @ Feb 24 2017, 08:27 AM)
#%@F%JGA@%#WS%FF@%&*@$

No, that's not my cursing. It's my bitcoin address, can send some bitcoins please?  bangwall.gif

RM5281!!!!! Resistance (was there ANY resistance???) of USD 1165 easily punched thru. Most of the time in stocks, when resistance is broken, historically the value would hit a new high. Until another event causes it to dip/drop/crash. The only question is when. And the other question is whether to chase or sit back.  cry.gif It's getting a little scary for me and I'm not even halfway there yet!  cry.gif

My previous opinion was that the price now should have been much higher. Just because of China's clamp-down that it is at current levels. Here, my new excellent statistically analyzed one-arrow one-minute MSPAINT chart.......  whistling.gif It's off the charts but if I take my ruler to measure, I think it will be at the RM6500-RM7000 level....  laugh.gif

[attachmentid=8520876]

Even though it is sky high at the moment, I think (MY opinion only) it will still go up, at least until near the time the first ETF decision is made. That gives another 1 - 2 weeks for it to rise. From then on, the trend would depend on the outcome.

Note : My 0.0000000002 BTC opinion only......

Hmmmmm..... was just thinking, if BTC keeps on going up and maintain at high value, there would be a threshold where mining would be viable again. Anybody knows what that threshold might be?
Wow! Didn't realize bitcoin is so extensively discussed.  thumbup.gif

I just checked out some of the links of bitcoin mining farms and those on youtube. The first thing I thought was CRAZY!!! However, in this day and age, technology seems to be the one that make quick millionaires and multimillionaires. 8-5 traditional jobs just doesn't cut it anymore.  sad.gif

I really new to this and I just can't comprehend why you need to mine bitcoins to make it into "currency" which is used for transactions. Just.... can't.... brain... this.... Why not just create a new digital currency for the whole world to use?  hmm.gif Yeah, some equate it to like gold mining but instead of shovel, you use computers. My first thought, man-made craziness.....
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Your excellent statistically analyzed one-arrow one-minute MSPAINT chart is amazing. biggrin.gif
Unfortunately for me, despite me thinking that I'm so well-prepared and analytical, I also always seem to be buying at the highs.
I've never lost money in the long run, but my investments could definitely have been much better than what they are now. sad.gif


wengherng
post Feb 25 2017, 12:00 AM

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QUOTE(Nocomment25 @ Feb 24 2017, 10:02 PM)
Guys I got a surprise.. bitx or luno, can fund your account and buy bitcoin in malaysia.. check it fast!!
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Not really a surprise......BitX has been here for quite some time.
Just that around November or December last year, they ran into some trouble with the banks, and their bank accounts were frozen and later closed, hence nobody could deposit or withdraw in MYR.
It is only recently that they rebranded themselves into Luno and got themselves another bank account, and started accepting RM deposits and withdrawals again.
As mentioned, you can use Localbitcoins or Remitano, and also there is another exchange called XBit Asia.
wengherng
post Feb 26 2017, 12:36 AM

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QUOTE(Napoleon Hill @ Feb 25 2017, 09:05 PM)
Help me  guys!!

Anyone here who knows about deuscoin??
Is it the same as bitcoin? another cryptocurrency?
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Nothing much is known about this new altcoin (i.e. alternative cryptocurrency) except that it just started on 1st Jan 2017, and is less than 2 months old.
They claim to be based on Litecoin, but their website does not offer any further information on the use, technology, security and as far as I can see, it does not bring anything new to the industry (unlike for example , Etheruem with it smart contracts, Monero with its zero knowledge concept, etc.).
Also, they claim to be mining-free, but 1 million coins are created every single day, with a halving duration of 50 days (don't ask me how these coins are created without mining, or who creates them).
Furthermore, there is a thread on Bitcointalk where some forummers have already alerted that the founders are the same scammers from the infamous Bitkingdom saga.

Read about it here:
https://bitcointalk.org/index.php?topic=1731787.0

At the moment, it is not known if they are legit or not, but personally, until more information is released, I would put them on high SCAM alert.
Too many useless and pointless altcoins are being created everyday, with the sole purpose of scamming the naïve population eager to jump on board the cryptocurrency bandwagon.
wengherng
post Feb 26 2017, 03:19 PM

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QUOTE(effectz @ Feb 26 2017, 09:19 AM)
I heard about sbxcoin too. Very suspicious about it.
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There are dozens of altcoins in existence, with more being created every now and then.
Most of them are just rubbish, bitcoin-wannabes that bring no substantial innovation to the table.
I wouldn't trust my money on anything out of the top 5.
wengherng
post Feb 27 2017, 04:37 PM

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QUOTE(kmarc @ Feb 27 2017, 10:37 AM)
Didn't managed to get some Bitcoins last weekend when it was low. sad.gif looks like on the uptrend again.....

Was doing some research on ant miners.... so difficult to get these "critters" biggrin.gif in Malaysia. Anybody doing mining?
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Still two weeks till 11th March.
I believe we will still be seeing quite volatile price swings in bitcoin until then.
At the moment, I'm still undecided whether to buy more bitcoins before then, or buy Ether.
wengherng
post Feb 28 2017, 02:00 AM

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QUOTE(kmarc @ Feb 27 2017, 05:59 PM)
Yeah, looks like it. I'm holding back some bullets too. See how's the trend.

Ether? Going to check it out! tongue.gif biggrin.gif
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QUOTE(Napoleon Hill @ Feb 27 2017, 08:50 PM)
alright thanks dude  thumbup.gif what's up with Ether?  hmm.gif i still dont get it though
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Have been looking at Ether for months now, and positively kicking my own arse for not getting in sooner.
Was actually looking at getting in around end December 2016, but decided to get more bitcoins at the last minute.
Turns out, that was precisely the time of the lowest point of the Ether dip (around Christmas time), and it has rebounded nearly 100% as of today.
Can you imagine my feeling right now...... cry.gif cry.gif cry.gif vmad.gif vmad.gif vmad.gif had I followed my gut feeling, I could have made 100% profit in two months...!!!
But it's gone up so fast now, I'm not sure if it's the beginning of a bubble......I believe the pace is just unsustainable.
Although, for the long term, I still think that Ethereum will be here to stay, considering the advantages it brings to the financial world of the 21st century.

wengherng
post Feb 28 2017, 03:36 PM

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QUOTE(kmarc @ Feb 28 2017, 11:48 AM)
I see. Many things to learn. Hope not too late to join the bandwagon especially newer crytocurrencies.

Just learnt paper wallet from you. Still need to do some research to see whether viable for me or not. Maybe print out many copies and hide everywhere.....  biggrin.gif

Which crytocurrencies are you investing in?
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Paper wallets are probably one of the safest types of wallets, and is great for long term storage, where you definitely are not thinking of selling or trading in the near future, because in that sense they are not as versatile/convenient as a hardware wallet.
However, bear in mind that you bear the risk of physical damage like water and fire, and the ink becoming illegible due to humidity, etc. And it is a very bad idea to print multiple copies and hide everywhere, as someone might just stumble on it and remember that anyone who has access to the private keys, has total control over your cryptocurrency.


QUOTE(-CoupeFanatic- @ Feb 28 2017, 01:51 PM)
I too, have many things to learn. Well, there's no perfect timing. The perfect time to buy was years ago, the second best time is now. $1000USD/BTC now is like $1 USD/BTC in Apr 2011. Not persuading you to buy, but just an example. No one knows what the price will be in the future.

Most of my holdings are still BTC, but i do have ETH, STEEM, BBR, DASH, XMR, PASC, XRP and some others. Try poloniex.com you'll see a variety of altcoins in the market.

Hope I helped  icon_rolleyes.gif
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You have XMR? Respect!
If you had held them since beginning of last year, your holding would have seen a 2000% profit during the height of its price in Sept 2016!
notworthy.gif



wengherng
post Mar 1 2017, 12:12 AM

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QUOTE(-CoupeFanatic- @ Feb 28 2017, 05:46 PM)
My altcoins are on poloniex exchange, I don't hold them long term sad.gif only long term on btc.
I held and sold most of them when alphabay announce their support for monero. Right now i don't have much, but not selling it just yet. DASH and XMR just seems much superior to BTC on paper, expecting them to one day surpass BTC, but definitely not in the near future smile.gif
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Interesting......why do you say that DASH and XMR seem superior to BTC, in your opinion?
I'm genuinely interested to hear your thoughts on this.
wengherng
post Mar 1 2017, 02:29 PM

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QUOTE(-CoupeFanatic- @ Mar 1 2017, 09:30 AM)
Hardware support for altcoins are scarce. My advice to you is keep your BTC yourself, don't leave it on an exchange or online wallet as it is one of the most dangerous way to hold your BTC long term. The whole idea of BTC is to eliminate third party (i.e bank/financial institution) to hold your money for you. And if anything bad happens to the third party (insolvency/hacked), your BTC will be gone. There's no PIDM to help you reimburse your losses.
DASH has a much faster confirmation time (2-3 mins), and if you pay a higher fee you can use Instant Send for instant confirmation. They have a structured distribution to fund the ecosystem (45%-miners)(45%-masternodes)(10%-infrastructure). That's just an example, for me DASH is still highly undervalued based on their market cap.
http://bitcoinist.com/10-things-you-need-to-know-about-dash/
Despite the facts that are brought up here, I still don't hold much DASH. But there will be a time in the future where I'll exchange most of my BTC to other altcoin like DASH.

As for XMR, its more catered to those who value anonymity and privacy. BTC is only pseudonymous, not anonymous, which might be one of the main reason the price will soar much higher that it is now.
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If they can finally resolve Bitcoin's scalability issue, that should help to remove the backlog in the mempool and substantially shorten the confirmation times.
However, at the moment, confirmation time for Bitcoin can actually be quite instant (within 3 minutes) if you pay a higher transaction fee as well. I remember paying well in excess of 140 satoshi/B and got a confirmation in less than 2 minutes, and this was just last month.
At this point, to be honest, I'll take SegWit, I'll take Unlimited, I'll take whatever the hell they offer, as long as they finally make up their damned minds and just go with one, otherwise the whole system is choked and that definitely is not helping.
I don't have any experience with DASH though, so I can't comment on its real world applications and security. Does it also use a similar engine as bitcoin, i.e. elliptic curve cryptography and hash algorithm?
The only altcoin I have is ETH, and that's because I am very positive that the smart contracts concept is really going to be a game-changer in real world application.


wengherng
post Mar 1 2017, 04:35 PM

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QUOTE(-CoupeFanatic- @ Mar 1 2017, 02:47 PM)
I'm not really into the technical aspects of it, but so does the average traders. I just follow the market trends, make my money and get out when it's not profitable anymore.
Who knows, ETH might snatch the number 1 spot in the future. But as for now BTC is still king.
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Yes you're right, BTC will probably still reign supreme for the foreseeable future.
Even more so, if the ETF gets approved next week.
In my view, BTC and ETH complement each other in the real world, as they serve distinctly different needs.
I believe the next few years will continue to be very exciting in terms of blockchain technology adoption, both by the average Joe on the street, and also by large corporations worldwide.
Just several days ago, several large corporations formed the Ethereum Enterprise Alliance, dedicated to developing Ethereum and incorporating it into global business enterprises.
The members include JP Morgan, Microsoft, Intel, Accenture, BP, Credit Suisse, ING, etc. All big names, with big commitments, so I do believe the future is looking bright for Ethereum.

http://www.coindesk.com/big-corporates-uni...ereum-alliance/
http://www.zdnet.com/article/microsoft-int...chain-alliance/

thumbup.gif
wengherng
post Mar 1 2017, 11:27 PM

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QUOTE(kmarc @ Mar 1 2017, 05:28 PM)
Just bought some altcoins using bitcoins on Poloniex - ETH and FCT. Wanted to buy XMR but the website became very slow, can't even do anything. I don't have any strategy but I'm thinking I will just buy 100 of selected/recommended altcoins and keep in cold storage.....  rclxub.gif
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Congratulations on starting your exciting journey in cryptocurrency!
I won't comment on your decisions, but I'd still strongly recommend you to arm yourself with knowledge of the basics of cryptocurrency, its philosophy and concept, as well as the basic differences between the various altcoins.
I'm a strong believer in having an investment objective and educating oneself first, no matter what kind of investment vehicle.


wengherng
post Mar 2 2017, 10:06 AM

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Sold off some BTC yesterday late afternoon.
Set an automatic limit in the exchange, and left office to go for dinner.
Sale was confirmed right before the sudden run up around 9pm.
Absolutely kicking myself right now.
ranting.gif vmad.gif cry.gif vmad.gif ranting.gif

This post has been edited by wengherng: Mar 2 2017, 10:08 AM
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