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Interesting bit of trivia concerning bitcoins....https://www.wired.com/2013/12/fbi_wallet/
INFORMATION AND COMMUNITY FOR EXPATS IN INDONESIA
Cryptocurrencies
- Thread starter Bad_azz
- Start date
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I was thinking of waiting for a crash, then place it in cold storage.
Still getting the hang of the whole thing tho, probably do a test next week when I'm more free.
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Sounds like a great deal for those Bitcoin collectors to sell without having to return to fiat currency.
Great mansion in Notting Hill UK for sale....but can only be purchased with Bitcoins....
http://www.dailymail.co.uk/news/article-4976528/Notting-Hill-mansion-sale-pay-Bitcoin.html
Great mansion in Notting Hill UK for sale....but can only be purchased with Bitcoins....
http://www.dailymail.co.uk/news/article-4976528/Notting-Hill-mansion-sale-pay-Bitcoin.html
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The Bank of Indonesia has said it will no longer recognize bitcoin as a method pf payment causing Toko Bitcoin and Bibayer to shut up shop in Indonesia.
https://news.bitcoin.com/indonesian-bitcoin-payment-processors-shut-down-exchanges-unaffected/
https://news.bitcoin.com/indonesian-bitcoin-payment-processors-shut-down-exchanges-unaffected/
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I just saw this for those who want a remote job in the CC world...
https://www.exodus.io/jobs/#cco
https://www.exodus.io/jobs/#cco
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So it seems BTC has weathered the BTG split so far... & prices are hovering around $5900 each as I type.
Another fork is due later this year, I wonder if this week's split has been a case of dipping the toe in the water on the markets. If so, then the next split (although very different) might not cause much concern for the markets.
So would this be the time to buy in , or not?
Some project prices to go as high as perhaps $100,000 a coin (oh I hope so
- and then I might sell mine)
Some, usually those with vested interests in the continuance of fiat markets, predict it will dive into obscurity...
I guess the not knowing, and the (thus far) BTC proving the critics wrong is all part of what makes it addictive fun.
I feel almost as if I am rooting for the little guy- mainly because I like that it is clean & green, it is not banking on oil prices or earth-raping mining such as minerals markets.
I like that it is decentralised, and transparent.
When people such as Saudi princes refer to it as a "bitcoin thing" & then offer up their opinions & advice naysaying it, I tend to look for the whys & wherefores behind their comments, as they are so obviously tied into oil prices & gold, they aren't likely to want anything to destabilise their financial control.
When one of the founders of PayPal speaks out, I tend to listen and respect their comment more, because I believe he at least knows what he is talking about in these matters:
https://www.coindesk.com/peter-thiel-bitcoin-like-reserve-form-money/
Another fork is due later this year, I wonder if this week's split has been a case of dipping the toe in the water on the markets. If so, then the next split (although very different) might not cause much concern for the markets.
So would this be the time to buy in , or not?
Some project prices to go as high as perhaps $100,000 a coin (oh I hope so
- and then I might sell mine)Some, usually those with vested interests in the continuance of fiat markets, predict it will dive into obscurity...
I guess the not knowing, and the (thus far) BTC proving the critics wrong is all part of what makes it addictive fun.
I feel almost as if I am rooting for the little guy- mainly because I like that it is clean & green, it is not banking on oil prices or earth-raping mining such as minerals markets.
I like that it is decentralised, and transparent.
When people such as Saudi princes refer to it as a "bitcoin thing" & then offer up their opinions & advice naysaying it, I tend to look for the whys & wherefores behind their comments, as they are so obviously tied into oil prices & gold, they aren't likely to want anything to destabilise their financial control.
When one of the founders of PayPal speaks out, I tend to listen and respect their comment more, because I believe he at least knows what he is talking about in these matters:
https://www.coindesk.com/peter-thiel-bitcoin-like-reserve-form-money/
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that part of the conversation was a few pages back Anglian...
it will likely end in tears ... but for whom?
Bit remiss of me to comment at such a late stage of the thread, plus I haven’t read most of it, but maybe I’ve missed it, somebody starts Bitcoins, somehow they increase in value, is that by buying everyday currency say US dollars or any other currency, I’m puzzled how the Bitcoins increase in value, what is the increase based on, if the currencies decrease in value does the bit coin decrease, I did Forex some years back I made quite a bit of money and got my original investment back, are Bitcoins a similar investment
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Here is my understanding of it all:
Value is placed on things because of desire to own, supply and demand; be that gold , potatoes, a piece of paper with a famous person's head & a number printed on it or a digital "coin".
I think the fact that cryptocurrencies are decentralised- as in not controlled by banks or governments , and that all transactions are transparent on the blockchain is what makes them so popular, .
The fact that governments & banks are / have been inconsistent / corrupt/ irresponsible with fiat currencies (regular money in layman's terms) is what adds to the popularity of CCs and consequently ups their value.
The fact that the markets for these currencies is relatively new (& quite exciting) is why some people are making a lot of profit from them... a Bitcoin started out at the worth of peanuts less than 10 years ago (January 2009) & that to buy 1 now would cost over 5000 USD speaks of its success, so far.
The banks and governments globally have heavy investments in finite stocks, such as oil, gold, other minerals... is not in their favour and at some point humanity is going to need something more modern to trade in. The above mentioned stocks all involve some type of environmentally unfriendly process for mining.
Bitcoins are digital entities and can be mined, digitally. They are in essence mathematical problems. There are finite stocks of them too and as their number gets mined out their value is likely to rise because people will want to buy them from people who already have them. They can be bought and sold relatively anonymously, & this is what makes them attractive to people who are somewhat nefarious. This does not mean that the coins are illegal, or purely for naughty deals. It just means that they are a pretty secure route to move cash around and as such appeal to those who wish to move funds around without being snooped on.
Now BTC might fall flat on its face one day, yet historically it seems to be showing that it is strong , popular and able to cope with the adversities of the financial markets.
The fact that banks hate it, governments hate it are all testament to its success. BTC is trying to equalize wealth by making it available for the chap in the street to buy in & get mining... BUT because it was successful mining "farms" set up where some of the big boys got together and pooled resources making them stronger players in the mining arena. Effectively cutting the lil guy out (again) ... so these forks are (allegedly) to try and get the equilibrium back to what it was in the early days... critics will say it is forking to create a market for new software sales to potential miners... (i am foggy on that bit, still learning).
Gosh... I didn't intend to write an essay- but that is what I believe I have learnt to date.
Value is placed on things because of desire to own, supply and demand; be that gold , potatoes, a piece of paper with a famous person's head & a number printed on it or a digital "coin".
I think the fact that cryptocurrencies are decentralised- as in not controlled by banks or governments , and that all transactions are transparent on the blockchain is what makes them so popular, .
The fact that governments & banks are / have been inconsistent / corrupt/ irresponsible with fiat currencies (regular money in layman's terms) is what adds to the popularity of CCs and consequently ups their value.
The fact that the markets for these currencies is relatively new (& quite exciting) is why some people are making a lot of profit from them... a Bitcoin started out at the worth of peanuts less than 10 years ago (January 2009) & that to buy 1 now would cost over 5000 USD speaks of its success, so far.
The banks and governments globally have heavy investments in finite stocks, such as oil, gold, other minerals... is not in their favour and at some point humanity is going to need something more modern to trade in. The above mentioned stocks all involve some type of environmentally unfriendly process for mining.
Bitcoins are digital entities and can be mined, digitally. They are in essence mathematical problems. There are finite stocks of them too and as their number gets mined out their value is likely to rise because people will want to buy them from people who already have them. They can be bought and sold relatively anonymously, & this is what makes them attractive to people who are somewhat nefarious. This does not mean that the coins are illegal, or purely for naughty deals. It just means that they are a pretty secure route to move cash around and as such appeal to those who wish to move funds around without being snooped on.
Now BTC might fall flat on its face one day, yet historically it seems to be showing that it is strong , popular and able to cope with the adversities of the financial markets.
The fact that banks hate it, governments hate it are all testament to its success. BTC is trying to equalize wealth by making it available for the chap in the street to buy in & get mining... BUT because it was successful mining "farms" set up where some of the big boys got together and pooled resources making them stronger players in the mining arena. Effectively cutting the lil guy out (again) ... so these forks are (allegedly) to try and get the equilibrium back to what it was in the early days... critics will say it is forking to create a market for new software sales to potential miners... (i am foggy on that bit, still learning).
Gosh... I didn't intend to write an essay- but that is what I believe I have learnt to date.
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I think, in answer to your question re the value going up and down...
Cryptocurrencies are not tied to other currencies. So if the price of the dollar drops, but people stop buying /trading USD currencies and start buying BTC at the prices on the CC exchanges, the value goes up.
If too many coins get mined in a short space of time the value could go down.
If some big announcement from a government says they are going to shut down all the exchanges in their country (see what happened with China) the CC markets get jittery- possibly people who don't really understand it - start selling out , again flooding the market & driving the prices down.
Financial markets are always a bit jittery and therefore a simple rumour could drive the value down by nudging people to sell out...
This then puts the goods back on the market at a cheap price for those with available funds and will to buy back in at cheap prices.
Then they can sit back and watch their funds double in the space of 2 months ( again : see China).
This is kinda what happened back in Aug/Sept when the prices were driven down to around $3000.
Anyhow, I am a novice in these things and will happily bow down to greater knowledge and corrections from others if they see fit to post.
As it stands just now BTC is a very strong alternative to fiat currencies. The question is should we buy in when the prices are at pretty much an all time high, with the belief that they will only continue to go on from strength to strength, or do we sit back and wait for another jitter to dip the prices significantly to enable us to buy in cheaper...
Personally, I think that BTC is continuing to show strength despite all the naysayers. The more strength it shows the more it will likely become mainstream and trusted and valuable. because traders / investors will look at its track record and see that , yes it took a hit but recovered with avengeance.
Cryptocurrencies are not tied to other currencies. So if the price of the dollar drops, but people stop buying /trading USD currencies and start buying BTC at the prices on the CC exchanges, the value goes up.
If too many coins get mined in a short space of time the value could go down.
If some big announcement from a government says they are going to shut down all the exchanges in their country (see what happened with China) the CC markets get jittery- possibly people who don't really understand it - start selling out , again flooding the market & driving the prices down.
Financial markets are always a bit jittery and therefore a simple rumour could drive the value down by nudging people to sell out...
This then puts the goods back on the market at a cheap price for those with available funds and will to buy back in at cheap prices.
Then they can sit back and watch their funds double in the space of 2 months ( again : see China).
This is kinda what happened back in Aug/Sept when the prices were driven down to around $3000.
Anyhow, I am a novice in these things and will happily bow down to greater knowledge and corrections from others if they see fit to post.
As it stands just now BTC is a very strong alternative to fiat currencies. The question is should we buy in when the prices are at pretty much an all time high, with the belief that they will only continue to go on from strength to strength, or do we sit back and wait for another jitter to dip the prices significantly to enable us to buy in cheaper...
Personally, I think that BTC is continuing to show strength despite all the naysayers. The more strength it shows the more it will likely become mainstream and trusted and valuable. because traders / investors will look at its track record and see that , yes it took a hit but recovered with avengeance.
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I am highly skeptical mining will ever again be practical for "the little guy". It will always be a balancing act of generating more value than is spent on the machines and the electricity to run them. The two main factors are investment scale (bulk purchasing of computer components, even purpose-built hardware) and electrical cost to run the computation (climate also factors into electrical cost since the machines need to be actively cooled). It only makes financial sense for the "little guy" to mine bitcoin if they have a spare computer lying around and are getting free electricity.
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I just had a message from someone who is interested in trying the cryptocurrency markets... & once I had written my response, i figured it would be a good idea to post it in here, so that it can help anyone else who might be curious.
**disclaimer- I am no expert or pro, I am just a novice learning the ropes. I do not advocate that anyone goes dashing out to buy in to the CC markets- that has to be a personal decision and choice.
I do advocate that people use some caution and only "invest" the amount of cash they are willing to lose.
That said - here's what I did:
Number 1 - you have to have a wallet- there are several types, however I use Exodus on my desktop
I downloaded & saved my pass phrase in a secure, offline location.
Exodus is not the most secure wallet out there but well recommended by lots of people. https://www.exodus.io/
I wasn't prepared to pay for an external hard wallet- it just seems too faffy for my personality & small funds. Take a look at the websites for info about the different wallets available and get the one that suits your needs best.
Do not lose the password or pass phrase- if you do you lose access to your funds.
Once you have the wallet downloaded you will see a menu at the side- click on wallet & then click on bitcoin- it will show you SEND or RECIEVE, you click on recieve and copy that address - that is your unique blockchain address for your wallet and the one you give to the seller to deposit your coins into.
Then I went to the localcoins* exchange and found a TRUSTED** seller who would take a bank transfer- BCA is my bank... then once the transaction was complete... a few minutes later the coins were deposited. & that's pretty much all there is to it.
https://localbitcoins.com/
* you have to join this as a member to trade as far as I can recall- the joining up and making passwords is the most tedious part of the whole process- make good, long, complicated & secure passwords- there is no safety net- you are responsible for your own security - unlike storing in a bank.
** look how many transactions they made and the feedback they recieved- ideally someone who made over 50-100 with 99-100% feedback
Now I just sit back with the Exodus app open & watch the numbers go up & down.
I must point out that the secret is to buy low & sell high... just now BTC is at its highest price historically, however- it doesn't mean it won't go up ... it doesn't mean it won't go down either- so I shall assume you are an adult with a sound mind and enough caution not to go crazy with it.
The error I made was to buy three times in small transactions- I have only just now made back the cash I spent in transaction fees ... so if you wanted to buy 300 dollars, buy it in one transaction, not in 3 x 100 transactions
**disclaimer- I am no expert or pro, I am just a novice learning the ropes. I do not advocate that anyone goes dashing out to buy in to the CC markets- that has to be a personal decision and choice.
I do advocate that people use some caution and only "invest" the amount of cash they are willing to lose.
That said - here's what I did:
Number 1 - you have to have a wallet- there are several types, however I use Exodus on my desktop
I downloaded & saved my pass phrase in a secure, offline location.
Exodus is not the most secure wallet out there but well recommended by lots of people. https://www.exodus.io/
I wasn't prepared to pay for an external hard wallet- it just seems too faffy for my personality & small funds. Take a look at the websites for info about the different wallets available and get the one that suits your needs best.
Do not lose the password or pass phrase- if you do you lose access to your funds.
Once you have the wallet downloaded you will see a menu at the side- click on wallet & then click on bitcoin- it will show you SEND or RECIEVE, you click on recieve and copy that address - that is your unique blockchain address for your wallet and the one you give to the seller to deposit your coins into.
Then I went to the localcoins* exchange and found a TRUSTED** seller who would take a bank transfer- BCA is my bank... then once the transaction was complete... a few minutes later the coins were deposited. & that's pretty much all there is to it.
https://localbitcoins.com/
* you have to join this as a member to trade as far as I can recall- the joining up and making passwords is the most tedious part of the whole process- make good, long, complicated & secure passwords- there is no safety net- you are responsible for your own security - unlike storing in a bank.
** look how many transactions they made and the feedback they recieved- ideally someone who made over 50-100 with 99-100% feedback
Now I just sit back with the Exodus app open & watch the numbers go up & down.
I must point out that the secret is to buy low & sell high... just now BTC is at its highest price historically, however- it doesn't mean it won't go up ... it doesn't mean it won't go down either- so I shall assume you are an adult with a sound mind and enough caution not to go crazy with it.
The error I made was to buy three times in small transactions- I have only just now made back the cash I spent in transaction fees ... so if you wanted to buy 300 dollars, buy it in one transaction, not in 3 x 100 transactions
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- Nov 6, 2016
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Some may be interested in today's Forbes article on Indonesian cryptos.
Indonesia Is Ripe For Cryptocurrency Disruption -- Could It Be Asia's Next Bitcoin Hub?
https://www.forbes.com/sites/lamsha...ld-it-be-asias-next-bitcoin-hub/#7609976b7309
Indonesia Is Ripe For Cryptocurrency Disruption -- Could It Be Asia's Next Bitcoin Hub?
https://www.forbes.com/sites/lamsha...ld-it-be-asias-next-bitcoin-hub/#7609976b7309
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An informative article re Singapore's stance.
https://www.coindesk.com/singapores-central-bank-outlines-icos-arent-securities/
Other news - A Russian Central Bank official seems to have good things to say about ICOs
Is this a good thing? Reverse psychology ?
I only had time to skim the article so I might well have missed important points, but can you imagine what will happen to the BTC price if the banks did get behind it (instead of being obtuse, petulant, conservative, afraid)?
https://www.coindesk.com/russian-central-bank-official-icos-have-huge-potential/
& Although BTC topped well over $7000 earlier this month ($7450; 8th Nov.) it took a hit when the segwit2 fork thingy was nixed.
It seems to be hovering around $6500* for now.
I am not great on the details of all this technology etc.
But my gut tells me that BTC is becoming less reactive to percieved negatives in the market- or in layman's terms: it is becoming stronger and more stable.
If we look at the reaction a few months back that caused the price to drop massively for a while (yet it did come back and then some), this month it kinda just bowed its head instead of dropping into a full curtsey.
Anyway, I now accept payment for work I do outside of Indonesia in BTC.
I would not have said that in August.
* As I type it has hit $6911+ (& this is why I find it to be fun- I just cannot keep up to date with it - as "date" doesn't seem to enter into matters, I should say I can't keep up to the minute with it)
https://www.coindesk.com/singapores-central-bank-outlines-icos-arent-securities/
Other news - A Russian Central Bank official seems to have good things to say about ICOs
Is this a good thing? Reverse psychology
?I only had time to skim the article so I might well have missed important points, but can you imagine what will happen to the BTC price if the banks did get behind it (instead of being obtuse, petulant, conservative, afraid)?
https://www.coindesk.com/russian-central-bank-official-icos-have-huge-potential/
& Although BTC topped well over $7000 earlier this month ($7450; 8th Nov.) it took a hit when the segwit2 fork thingy was nixed.
It seems to be hovering around $6500* for now.
I am not great on the details of all this technology etc.
But my gut tells me that BTC is becoming less reactive to percieved negatives in the market- or in layman's terms: it is becoming stronger and more stable.
If we look at the reaction a few months back that caused the price to drop massively for a while (yet it did come back and then some), this month it kinda just bowed its head instead of dropping into a full curtsey.
Anyway, I now accept payment for work I do outside of Indonesia in BTC.
I would not have said that in August.
* As I type it has hit $6911+ (& this is why I find it to be fun- I just cannot keep up to date with it - as "date" doesn't seem to enter into matters, I should say I can't keep up to the minute with it)
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- Jul 16, 2016
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BTC/USD
Last price:8010.0000
https://cex.io/btc-usd
This is rather exciting (You can tell that I don't get out much hehe)
But yes- 17th Nov the day BTC hit the $8000 dollar mark...
so who thinks it will hit $10000 before the end of the year?
Predictions anyone?
Last price:8010.0000
https://cex.io/btc-usd
This is rather exciting
(You can tell that I don't get out much hehe)But yes- 17th Nov the day BTC hit the $8000 dollar mark...
so who thinks it will hit $10000 before the end of the year?
Predictions anyone?
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