Bitcoin

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Bitcoin

Postby Nonc Hilaire » Sat Dec 12, 2015 4:14 pm

I just put $25 into Bitcoin so I can play around and learn how it works. Anybody else toying with this?

Right off, it appears to be primarily a way to park money out of the banking system and to transfer funds internationally. Investmentwise, it looks like a young ponzi scheme but with a defined end game.
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Re: Bitcoin

Postby noddy » Sun Dec 13, 2015 3:42 am

i am avoiding bitcoin because no matter how you shake it you are doing tax avoidance and the only thing my government really cares about, and always cracks down on with furious vengeance, is tax avoidance.

stick to baby slavery, nuclear weapons and drug smuggling, its far safer.
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Re: Bitcoin

Postby Nonc Hilaire » Sun Dec 13, 2015 4:58 am

noddy wrote:i am avoiding bitcoin because no matter how you shake it you are doing tax avoidance and the only thing my government really cares about, and always cracks down on with furious vengeance, is tax avoidance.

stick to baby slavery, nuclear weapons and drug smuggling, its far safer.

U.S. uses standard capital gains tax treatment for gains and losses. Most retail transactions are actually converted to currency first and sales tax collected. Might be an issue in countries with a VAT though.
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Re: Bitcoin

Postby noddy » Sun Dec 13, 2015 5:51 am

to bust someone for tax evasion you need a paper trail.

the bitcoin economy is not integrated into the government monitoring, it is purely for tax evaders.

its largely ignored at the moment because it its not much worse than a barter point system at the local swap meet but even those get stamped upon every now and then to prove the point.
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Re: Bitcoin

Postby Nonc Hilaire » Sun Dec 13, 2015 6:54 pm

noddy wrote:to bust someone for tax evasion you need a paper trail.

the bitcoin economy is not integrated into the government monitoring, it is purely for tax evaders.

its largely ignored at the moment because it its not much worse than a barter point system at the local swap meet but even those get stamped upon every now and then to prove the point.

Bitcoin uses ACH to transfer into and out of currencies so taxable events are being recorded. There are even VISA cards to make the transfer simple, so the government is doing some low level monitoring too. Banks don't want deposits anymore, so I expect interest to grow.

I think Travelex and American Express might eventually have some competition, but overall nobody is going to want to hold serious assets in the ether for long periods.
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Re: Bitcoin

Postby Nonc Hilaire » Mon Dec 14, 2015 4:00 am

Forbes: 10 Arguments in Favor of Bitcoin as of Dec 2015

http://onforb.es/1J08prp
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Re: Bitcoin

Postby Typhoon » Mon Jan 04, 2016 2:51 pm

Apparently the banks are looking at the block chain model that underlies bitcoin to develop such a currency.
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Re: Bitcoin

Postby Nonc Hilaire » Mon Jan 04, 2016 6:42 pm

Typhoon wrote:Apparently the banks are looking at the block chain model that underlies bitcoin to develop such a currency.

The blockchain is secure and publicly transparent, but I think it will prove too clumsy for a currency. Even now it is really a way to transfer between currencies and not a real currency at all. The big companies who use it trade back to cash daily.

The real opportunity for blockchain technology is in online voting, but I doubt those in power want true democracy.
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Re: Bitcoin

Postby Typhoon » Sat Jan 16, 2016 7:39 pm

https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.i9ba30ss5

The resolution of the Bitcoin experiment


Why has Bitcoin failed? It has failed because the community has failed. What was meant to be a new, decentralised form of money that lacked “systemically important institutions” and “too big to fail” has become something even worse: a system completely controlled by just a handful of people. Worse still, the network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result there’s no longer much reason to think Bitcoin can actually be better than the existing financial system.

Think about it. If you had never heard about Bitcoin before, would you care about a payments network that:

Couldn’t move your existing money
Had wildly unpredictable fees that were high and rising fast
Allowed buyers to take back payments they’d made after walking out of shops, by simply pressing a button (if you aren’t aware of this “feature” that’s because Bitcoin was only just changed to allow it)
Is suffering large backlogs and flaky payments
… which is controlled by China
… and in which the companies and people building it were in open civil war?

I’m going to hazard a guess that the answer is no.
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Re: Bitcoin

Postby YMix » Sat Jan 16, 2016 8:46 pm

A deregulated structure turns into an oligopoly and is ruined by the desire for short-term gain? Completely unexpected.
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Re: Bitcoin

Postby Nonc Hilaire » Sun Jun 12, 2016 5:07 am

Up about 40% in the past couple of months, supposedly on Chinese buying it to transfer funds out of the country.
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Re: Bitcoin

Postby Alexis » Thu Jun 30, 2016 3:13 pm



Food for thought.

Two answers to Mike Hearn:
- Whiny Ragequitting
- Point-by-Point Response To Mike Hearn’s Final Bitcoin Post

I predict that between the Hearn crowd and the Bitcoin crowd, one is much more in the right than the other.

No, don't congratulate me. Predicting comes natural to me. :)
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Re: Bitcoin

Postby Typhoon » Sun Jul 03, 2016 2:56 am

Nonc Hilaire wrote:Up about 40% in the past couple of months, supposedly on Chinese buying it to transfer funds out of the country.


ST | Bitcoin's just a bit confused

Virtual currency that was to exist beyond govt control now in the hands of Chinese firms


Yet despite the talk of a borderless currency, a handful of Chinese companies have effectively assumed majority control of the bitcoin network. They have done so through canny investments and vast farms of computer servers dispersed around the country.

The US delegation flew to Beijing because that was where much of the bitcoin power was concentrated.

At the time of the meeting, more than 70 per cent of the transactions on the bitcoin network were going through just four Chinese companies, known as bitcoin mining pools - and most flowed through just two of those companies. That gives them what amounts to veto power over any changes to the bitcoin software and technology.
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Re: Bitcoin

Postby Nonc Hilaire » Wed Jan 04, 2017 11:38 pm

Bitcoin is approaching the price of gld in USD. Curious market. You can't sell short.
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Re: Bitcoin

Postby Typhoon » Thu Jan 05, 2017 4:00 pm

Nonc Hilaire wrote:Bitcoin is approaching the price of gld in USD. Curious market. You can't sell short.


Image

Bitcoin lost ~ 20% of its value in four hours today. This would be a "currency" move of an unprecedented scale.

May be related:

Bloomberg | Bears Scramble for Yuan as China Chokes Flows, Aids Currency

given the one of the main uses of Bitcoin recently has been as a means to move funds out of China.
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Re: Bitcoin

Postby Nonc Hilaire » Thu Jan 05, 2017 5:16 pm

Typhoon wrote:
Nonc Hilaire wrote:Bitcoin is approaching the price of gld in USD. Curious market. You can't sell short.


Image

Bitcoin lost ~ 20% of its value in four hours today. This would be a "currency" move of an unprecedented scale.

May be related:

Bloomberg | Bears Scramble for Yuan as China Chokes Flows, Aids Currency

given the one of the main uses of Bitcoin recently has been as a means to move funds out of China.

It's still well above the moving average, and the high was well out of the upper bollinger band. Any sensible trader sold into that signal and would have shorted if that had been possible.

Because there is no short market to fake bitcoin is trading predictably and one can sell when it is overbought and buy on the rare occasions it is oversold. It's gambling not investing, but so far the bitcoin game is perfectly predictable to old school technical types.

Decent charting at bitcoincharts.com. I'm following the bitstampUSD chart. I've taken about 60% in profits off the table in the past ten months or so selling high and buying low.
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Re: Bitcoin

Postby Typhoon » Fri Jan 06, 2017 7:09 pm

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Re: Bitcoin

Postby Nonc Hilaire » Fri Jan 06, 2017 9:37 pm


When the price plummets like that, I bet many would prefer a modest fee!

It still isn't a good entry point. Fundamental analysis is just repackaged hindsight. Bitcoin holders are really just parking the value of their fiat money outside the system and picking it up later. How the heck do you find any fundamentals in that?

I'm just watching the charts. I'll post when the entrails again auger for success.
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Re: Bitcoin

Postby Nonc Hilaire » Thu Jan 12, 2017 3:27 pm

Bitcoin is approaching support levels and at the bottom bollinger band.

Good time to buy $20 worth of bitcoin just to motivate yourself to understand how it works. First you need to sign up with one of many bitcoin 'banks'. This bank is called a wallet. Comparing fees, stability etc. is step one of the learning experience.
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Re: Bitcoin

Postby Typhoon » Fri Jan 13, 2017 12:30 am

Nonc Hilaire wrote:Bitcoin is approaching support levels and at the bottom bollinger band.

Good time to buy $20 worth of bitcoin just to motivate yourself to understand how it works. First you need to sign up with one of many bitcoin 'banks'. This bank is called a wallet. Comparing fees, stability etc. is step one of the learning experience.


I would need an overseas site, one not based in the USA, preferably in a country near the top of the honesty list.

Any suggestions?
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Re: Bitcoin

Postby Nonc Hilaire » Fri Jan 13, 2017 3:13 am

Typhoon wrote:
Nonc Hilaire wrote:Bitcoin is approaching support levels and at the bottom bollinger band.

Good time to buy $20 worth of bitcoin just to motivate yourself to understand how it works. First you need to sign up with one of many bitcoin 'banks'. This bank is called a wallet. Comparing fees, stability etc. is step one of the learning experience.


I would need an overseas site, one not based in the USA, preferably in a country near the top of the honesty list.

Any suggestions?

No idea. There should be plenty in Japan and Singapore. You want to be in a country where you bank because you will need to bank transfer in and out. I'm sure there are Japanese bitcoin blogs who can advise.
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Re: Bitcoin

Postby Nonc Hilaire » Fri Feb 24, 2017 7:54 pm

Chart is topping. Whoever said they don't ring a bell at the top never traded bitcoin.
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Bitcoin now legal tender in Japan

Postby Nonc Hilaire » Sun Apr 02, 2017 7:53 pm

Bitcoin has finally gained the recognition of a mainstream currency along the lines of other fiat currencies. The privilege follows the implementation of a new law in Japan which categorizes Bitcoin as a legal payment option within the country. The much-awaited law went into effect on April 1, 2017 (beginning of a new fiscal year in many countries).


http://www.newsbtc.com/2017/04/02/japan ... pril-2017/
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Re: Bitcoin now legal tender in Japan

Postby Typhoon » Thu Apr 06, 2017 2:51 am

Nonc Hilaire wrote:
Bitcoin has finally gained the recognition of a mainstream currency along the lines of other fiat currencies. The privilege follows the implementation of a new law in Japan which categorizes Bitcoin as a legal payment option within the country. The much-awaited law went into effect on April 1, 2017 (beginning of a new fiscal year in many countries).


http://www.newsbtc.com/2017/04/02/japan ... pril-2017/


Thank you for posting this bit of news.

You beat me to it :wink:
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Re: Bitcoin now legal tender in Japan

Postby Nonc Hilaire » Thu Apr 06, 2017 3:19 am

Typhoon wrote:
Nonc Hilaire wrote:
Bitcoin has finally gained the recognition of a mainstream currency along the lines of other fiat currencies. The privilege follows the implementation of a new law in Japan which categorizes Bitcoin as a legal payment option within the country. The much-awaited law went into effect on April 1, 2017 (beginning of a new fiscal year in many countries).


http://www.newsbtc.com/2017/04/02/japan ... pril-2017/


Thank you for posting this bit of news.

You beat me to it :wink:

Not a currency in the US, just a capital asset. Currency would mean no capital gains tax.

I'm still trying to get a conceptual handle on btc. It's kind of like a closed-end mutual fund composed of every currency. I'm trading the bollinger bands and getting a trade signal about once a month. So far, all profitable trades. It's easier than the 80's. Sell signal approaching.
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