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 Bitcoin and other Cryptocurrencies v2

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klthor
post Mar 20 2017, 09:29 AM

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QUOTE(kmarc @ Mar 20 2017, 08:08 AM)
Miners won't be happy. Would they have a say in this matter or even adopt the slash?
IMO, prices are not going anywhere because I think everybody now knows SEC is not going to approved the 2nd ETF. Maybe a bit of pumping but I think that's all. I have not bought any BTC recently as I'm still hoping the prices might drop a bit more. Draining my BTC reserves to buy altcoins instead. Hmmm... maybe I should
get a bit to trade for the upcoming pump (which may not occur!).
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slashing reward for eth ? miner will switch over to substitute ETC i suppose. and when supply for eth drops, prices goes up and miner will come back.... however i have really bad feeling on eth price now, i was in eth since the price of 8usd ish and it rise to 22usd and then poof dao hack and drop back to 10usd ish and slowly getting it price up till 20usd and went crazy within 3days and stable at 40usd now..... bad feeling is, something is gonna happen and hammer down the price soon. i wish itcould reach 80 usd, profit is good smile.gif but based on my guess, its speculation and after speculate its profit realisation.....
klthor
post Mar 20 2017, 11:18 AM

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QUOTE(kmarc @ Mar 20 2017, 09:58 AM)
If ETH were to crash, the problem is nobody knows when!!! Even for DASH, majority expected it to crash when it was around USD 50-60 due to supposedly weak fundamentals and a few other issues. However, it keeps on going up and up and up until all those shorts lost a lot of money.

I'm no expert in this but it's seems ETH is fundamentally better in many ways (wait for WooTZ to come!!!) compared to DASH.  If dash can hit 100, why not ETH? My opinion only. wink.gif

Of course, also depends on individuals risk appetite. I'm in for the long run and aiming for 4 to 5 digits gain (which is only possible in cryptoland) so minor-moderate correction (of a good coin) is not really a problem for me. If we are only at the infancy stage of cryptocurrencies (which many believe, esp altcoins), the bull has much leg to run!!!! My aim is to collect many types of coins and HODL!!! Again my 0.00002 ETH opinion. biggrin.gif

Each should have their own strategy and do their own research. The only thing I would like to say is that there is never ever such an opportunity to earn a fortune than in cryptocurrencies for us normal working people. You could say, the chance of a lifetime and a very good chance at that! Of course, possibility of crash and burn is there. smile.gif I'm already a late comer and is only one month 6 days old! biggrin.gif
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like u said, it all depends on ur risk appetite. oh and eth already doubled from 20 usd to 40usd now.... which i felt the cashing out might be very soon. fundamental wise, its all talk from fanboy.... most of the people buy/hold for speculation. 90% people out there do not know what eth can do or dash can do. there is no fundamental in crypto as far as i know.... every new coin claimed to be the next BTC by fanboy. but most of the alt coin arent worth to hold, if u join earlier... you might heard of zec which died within weeks....

This post has been edited by klthor: Mar 20 2017, 11:22 AM
klthor
post Mar 20 2017, 11:47 AM

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QUOTE(WooTz @ Mar 20 2017, 11:42 AM)
Read this first before saying it's speculation.

» Click to show Spoiler - click again to hide... «


I've been following all forms of fundamental trends around ETH for over a year now. Hashrate, address growth, redditor subscription and activity, developer growth and  EEA style adoption etc.

But nothing screams flippening like seeing actual long time bitcoiners converting most if not all their coins to ETH.
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isnt this speculation ? it has nothing to do with what eth can be use as. just simple buying eth selling eth. this fella felt sad because he did not keep eth thats all. i couldnt even find a simple explanation in what u share, its just a sad story of a guy who didnt keep his eth. thats all. it proves that 90% of people hold eth for speculation, to gain. not to use it, so there is no fundamental talk it in.
klthor
post Mar 20 2017, 11:47 AM

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double posted. stupid mouse.

not to waste this post, the fundamental im looking for is people understand the usage of eth.... software companies using it as fuel, but when fuel become so expensive... do you still use it as fuel ?

This post has been edited by klthor: Mar 20 2017, 11:51 AM
klthor
post Mar 20 2017, 12:01 PM

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anyway, like i have said before. im one of those who benefited from higher eth price. i just felt tat it is not right to keep quiet while every1 rushing to eth like a gold mine. it can collapse anytime but at same time double or triple your money.... fundamental, there isnt any if you ask me. but if there is fundamental, the impact is extremely less because 90% of the people do not know what is eth. if fundamental matters, etc price should be more or less the same price as eth because it is the same thing (maybe i missed something as im not really a technical guy).
klthor
post Mar 20 2017, 12:09 PM

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QUOTE(WooTz @ Mar 20 2017, 12:01 PM)
Okay, this gets thrown out a lot.

ETH is programmable money, it is already better than Bitcoin today for transactions, it will become a better store of value once PoS is live. Just look at what DASH is doing with their masternodes.

The gas price dynamically adjusts to the price of Ether, even if each ETH is worth $10000 the fees will remain affordable.

Don't tell me Fortune 500 didn't do their due diligence before announcing an alliance. Their reputation is on the line you know?
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the moment you said programmable money, it is out my understanding on eth. the fuel i mentioned is not the gas price to transferring eth around. the rest i will keep it as it is. but anyway, keep it this way... pump eth to a higher level.
klthor
post Mar 20 2017, 12:09 PM

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This post has been edited by klthor: Mar 20 2017, 12:09 PM
klthor
post Mar 20 2017, 12:13 PM

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QUOTE(WooTz @ Mar 20 2017, 12:11 PM)
You see. you don't get it.

Stop looking at the price and try to understand where we're going with this tech.

This isn't about just a company, or a country or continent, this is planetary scale, and scalability allows billions to be a part of it.

A redditor mentioned this a few days back when we touched $55. Don't count your dollar profits/loses, focus on accumulating ETH as much as you can.

End of the day we don't need USD once the tech matures.

A house would be valued at 500 ETH for all we know.

Mainstream media will eventually report this once further advancements are made, the key is you grab some before the others.
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a house will be value at 500 eth. you are using it as a currency instead of a fuel for software. anyway, i have achieve my objective. you guys out there, the day we do not need to use RM, USD had arrived. good luck my friends, turn all your RM into ETH before dooms day.
klthor
post Mar 20 2017, 12:19 PM

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QUOTE(kmarc @ Mar 20 2017, 12:17 PM)
Humans practically speculate on everything they can get their hands on!!!! Sometimes I just wonder why nobody is doing anything about it but I guess when money is involved, nobody cares.

Anyway, to each its own. No need to fight! Whether you are right by pulling out or others are right by holding ETH doesn't matter. At the end of the day, I'm not going to brag if I'm right as it doesn't achieve anything. Let's all make money during this crazy times!!! biggrin.gif
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thats what im trying to say, dun get pulled in because of some 'fundamental' points. its all speculation AKA gamble.
klthor
post Mar 20 2017, 12:19 PM

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This post has been edited by klthor: Mar 20 2017, 12:19 PM
klthor
post Mar 20 2017, 12:38 PM

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QUOTE(WooTz @ Mar 20 2017, 12:28 PM)
Circle and alphabay is using it tho. Bitpay will also eventually capitulate.

Still papers meh?

And  bitcoiners gradually stop using it this month, that's why mempool so chill, all run off elsewhere liao.

Don't be emotional when the transition occurs, think why it's happening now.

Why miners chill during 2012-2016, then now suddenly rushing to fork and core vs btu began?
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mining is extremely profitable around late 2015 to early 2016 before dao hack. even eth at 40usd cant even get half of what i earn in early 2016. i believe in dao, but ended up being silly (i still have a few of them, do you want it?) . from there i learn we can not believe 100% on what the dev said as we have min knowledge on everything. including what is dao, what is eth, wat it can do and dev never going to tell us the weaknesses of the coin. or maybe they dont even know the weaknesses that is why dao hack happens (which is not really a hack, some1 just abuse the weaknesses within dao). eth never meant to be a currency, it is a fuel to begin with.
klthor
post Mar 20 2017, 12:56 PM

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QUOTE(WooTz @ Mar 20 2017, 12:48 PM)
We have had formal verifications since then, google if you're curious, we will get another DAO eventually, with escape hatches and all. It's programmable money, it can be anything it wants, keys to car, house, locker also can.

Please research further on smart contracts.
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nah i dun need uncle google to teach me what is eth, i know what a smart contract is and what it does. i used to be a fan boy, but now im a casual guy. eth promises to go POS (and delayed over and over again) which is what i used to think wow thats great... but now, i think POS will create even more problems (do not ask me why, its hard to explain to fan boys). so which alt coins give me more profit i will go to them aka mere speculation method. if they re-announce dao, i will jump in for a few if the price is ok. but again, its mere speculation and gamble again.... not believing in dao can make the world runs on itself.
klthor
post Mar 20 2017, 02:29 PM

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QUOTE(kmarc @ Mar 20 2017, 01:22 PM)
Cool. Are you targeting any altcoins at the moment?
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actually, the current situation isnt good for btc...and all atl coins are linked to btc except for a few which trade directly to USD. i will go for those which can directly trade to USD. investing in cryto from malaysia includes lot of 'variables', so try to minimised these 'variables'.... example, RM to USD, USD to BTC, BTC to crypto. its a double edge sword anyway. at least i would prefer those which can turn into usd without going tru BTC market.
klthor
post Apr 26 2017, 04:01 PM

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QUOTE(wengherng @ Apr 21 2017, 01:11 PM)
You know what, I am actually thinking to move all my coins away from Poloniex now.
You can never be sure what is going to happen when there is a lawsuit. They might temporarily suspend their services, or worse.
I don't need that kind of risk.
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interesting, poloneix kena sue? sorry can read the passage as my office block it.... currently im mining directly into my poloneix account, trade it into btc and lend out the excess i have. if poloneix closing down, i might need to shift my eth and btc elsewhere or hold it myself. yeah too lazy to hold these coin in my own wallet ....
klthor
post Apr 26 2017, 05:48 PM

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QUOTE(wengherng @ Apr 26 2017, 05:10 PM)
Not so easy to do that, considering that I do not live in Malaysia.
Haha.
Anyway, it's very easy to get updates from Google these days......I'm just lazy.
Nah, I don't think Poloniex will close down, it's not that serious yet, but in any case, you shouldn't be holding your BTC and ETH stashes on an online exchange anyway.
Too dangerous.
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im not investor, i just happen to mine directly into poloneix, trade it, hold/lend out until i feel like cashing out to pay my bills. not much, just roughly RM1,000 worth of coins. unless i plan to hold for long run, else im just too lazy to hold inside my wallet and transfer here and there all the time.
klthor
post May 8 2017, 12:27 PM

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QUOTE(wengherng @ May 8 2017, 11:25 AM)
If you are serious into investing with cryptocurrency, it is strongly advisable to get a hardware wallet.
Ledger Nano S is a good one that you can look into.
Check out a few pages earlier, Jack2 is organising a group purchase to get better discounts, you can contact him by PM if you are interested.
Actually, for newbies, I would recommend starting off with online exchanges like XBit Asia, Luno, Coinhako, etc. depending on where you are.
More systematic and structured, and you don't have to worry about scammers (though price might not always be the best).
Localbitcoins is OK but you just need to exercise caution to protect yourself.
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is luno avaiable in malaysia? im looking for more channel to sell off my eth or btc. and roughly what is the charges compared to xbit asia? i heard from my friend that coinhako is kinda expensive.
klthor
post May 15 2017, 03:05 PM

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QUOTE(archangel22 @ May 15 2017, 02:14 PM)
No one can tax Bitcoin bcse no bank, no government, no private establishment can control it. This is very difficult for bankers and gov to accept. They have a different paradigm. And that paradigm only result in rich getting richer, poor getting poorer.

Taxation in BTC can happen. But ONLY if Im willing to be taxed. I simply cant see how gov can tax me. How do they know whether I own/still own Bitcoin or not? biggrin.gif

Why would I 'cash' Bitcoin when I can use Bitcoin as cash?
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you must be living in the future. the last i remember, i cant use bitcoin in AEON to buy my groceries, the last i remember i cant use my bitcoins to buy my honda, the last i remember i cant use bitcoin to buy my house from sime darby, the last i remember i cant use bit coin to pay TNB bills and other utilities, the last i remember i cant pay UBER using bitcoins, the only thing i can remember paying using bitcoins are some games from steam. and man, no offence ... you talk like JJPTR. so now BTC can JJPTR?
klthor
post May 15 2017, 04:12 PM

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QUOTE(wengherng @ May 15 2017, 03:45 PM)
I think you misunderstood his statement.
Basically, what he is saying is that he could explain that the BTC was received a long time ago, when the price was maybe USD 100, and it has appreciated until now (whatever the amount is when he wants to cash it out to buy stuff, like for example when 1 BTC = RM 1 million).
The government cannot ask you to prove where you got the BTC from originally, and there is no legislation to declare such "income" like angpao, donations, etc. so effectively, LHDN can query you, but there is legally nothing they can do to tax this money.
Also, most importantly, there is currently no legislation or legal regulation by BNM or any other Malaysian government department, regarding the buying, holding or usage of cryptocurrency.
It is not recognised as legal tender, nor is it recognised as a property/asset, so it falls through the crack and is not considered as something that can be taxed.
Unless the government or BNM changes the ruling in future (and they probably will), at the moment you will not be taxed, even if you sold all your bitcoin and converted them to your millions of ringgit.
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as far as i know, even profit from trading in share market (bursa) is taxable in income tax if the 'badges of trade' condition are met. if you are trading btc and the badges of trade requirements are met, you deemed running a business.

QUOTE(wengherng @ May 15 2017, 03:50 PM)
There are actually a few countries where you could do all those......but unfortunately for us, Malaysia is always slow to catch up.
It will probably take another couple of years before we can start to do any of that.
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as far as i know, there are quite a few. but mostly tech company like microsoft, dell, steam and maybe amazon.
klthor
post May 15 2017, 04:56 PM

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QUOTE(wengherng @ May 15 2017, 04:36 PM)
Oh? This is something new for me.
I know in the income tax declaration form, when you do your filing, you have to fill in the dividends received from the stocks you own. I've done this in the past, but then over the past few years, most companies have already switched to single tier system, meaning they will withhold the tax for the dividend on their side, so the stockholders do not need to separately declare their dividends received anymore (no double taxation).
I read from LHDN that if the source of profit is a realisation of capital investment, then it is exempt from tax, but if it was from the nature of trade, then it is subject to taxation.
In this case, I would say that it depends on how you argue with the authorities on the nature of the profit.

But, in order to do that, the first question to ask is, is cryptocurrency considered a legal tender or an asset?
Then, the hardest part will be to determine, what is the amount of profit? How would the authorities be able to determine at which point I bought the BTC, since they are almost always bought in fractions and there would have been thousands of transactions, both in and out, amongst the thousands of fractions of BTC that I own?
Not saying that it is impossible to do, just that I think LHDN would have a hell of a time working out the details of the regulations and legislation, before they can even think about issuing it, never mind trying to enforce it.

Meanwhile, I could just as easily sell my BTC at an international exchange for USD and TT the money back in multiple smaller transactions, or whatever.
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google what is 'badges of trade', this is what we use to determine capital in nature or trade in nature. do not have to link all those dividend thing out, i remember reading the star article back in 2012 or 13 stating LHDN may consider share trading as section 4 (f) or something if the condition are met. google it too.

crypto currency currently is legal or not, so far its kinda grey area just like uber. do you think you need to pay tax for driving UBER? you can believe whatever you want to believe, but IRB can go extra miles if the tax money is huge. remember the RM120 mil frozen recently ? that tan sri only owe LHDN RM20 mil.
klthor
post May 15 2017, 05:09 PM

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QUOTE(WooTz @ May 15 2017, 04:35 PM)
Actually, a beta is currently available on android.

The future is actually occurring now.

https://www.tenx.tech/wallet.html
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i too hope that we have a secured cash less economy. however the future is not happening now, at least i cant pay my 99.99% bills with bitcoins now. but i can pay 50% of my bills cashless, but i do agree it may come. judging at the increasing stores accept samsung pay, i wont be shocked with some1 come out with a pay wave bitcoin wallet but not now.
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