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    • Paul

      New Members: Click Here   03/09/2017

      Hello. If you are a new member, and feel a bit apprehensive about posting in the "open" forums, or, just wish to get your "sea legs" prior to posting in the open forums, feel free to post anything you wish to talk about, in the Newbies Forum. No one will bother you, or give you any sort of grief. Everyone there is happy to help you get answers to your questions.

poby

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poby last won the day on September 23 2010

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1,666 Really bored when not online.

About poby

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    Born to be mild

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    Male
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    small planet somewhere in the vicinity of Betelgeuse
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    No option.
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    aka Cheap Ass Charlie

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  • Philippines
    Current resident

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  1. What exactly is "submissive" in this context? I've been shacked up with Mrs for over 8 years and from the start until now, I make all the decisions in regard to money, where we go, when we go, what we watch etc. But I wouldn't call her submissive. She simply accepts I'm the captain of the ship and is happy to let me make the decisions. Is that submissive? If not, what exactly is submissive in practical terms?
  2. I'm in Australia. I use https://www.cointree.com.au and https://www.independentreserve.com and some others. You have to provide the usual ID stuff. Which is silly really as there is nothing to stop you anonymizing the coins after you buy them.
  3. By the end of April I had invested a total of just over US$10k in the two largest cryptocurrencies (bitcoin and ethereum). 24 days later and my US$10k is now worth US$19k. The price has skyrocketed in the past few weeks. I bought for the long term like 10+ years so while it’s certainly nice to see a large paper profit, I have no idea if my investment will pan out in the long term. Experts are a dime a dozen but nobody can say with any real knowledge what the price will be in the future. One silicon valley dotcom billionaire is recommending putting 1% of your assets into it. He reckons in 5 to 7 years a bitcoin will either be worth zero (20% chance) or 1 million dollars (50% chance). But his guess is as good (or bad) as anyone else’s. Japan has announced bitcoin to be a valid currency for purchase of goods and services and there’s a Japanese airline that recently announced they are accepting it for payments. Other countries including Russia are looking at legalising it for commerce. The criminal element kept it alive for many years but this year it seems to be taking off as a mainstream currency. There seems to be a lot of positivity and tail winds behind it that suggest it will continue it’s rapid ascent. In April when 1 bitcoin was trading at around US$1300 I was thinking maybe it might be worth US$3000 by the end of the year though I thought I was being overly optimistic. As I write this the price has just cracked US$2300 so my dream is looking a little less fanciful. However, it could all fall in a heap at any time so I’m not counting my chickens. It’s tempting to sell now and lock in a huge profit but then it would really annoy me if it continues to rise. Also it’s kind of fun checking the price daily – especially as it seems to keep rising. But I suspect a correction is coming. It’s gone up too much too fast, mostly I think because people are buying it because... people are buying it. In other words it’s a tulip bubble. But whatever happens, I’m committed to holding for the sooner of either 10 years or until 1 bitcoin is worth $1MM. The latter I think is very unlikely but it’s like a lottery ticket: a small price to pay for a dream. Considering it’s recent meteoric ascent, I’m no longer recommending anyone invest in it substantially. I won’t recommend an investment I’m not prepared to invest in and at the current price, I’m happy to hold but won’t buy any more. But if I didn’t own any, I would probably buy 1 bitcoin and put it away for 10 years and see what happens but I wouldn't invest any more. It's a gamble (like all investments), but win or lose, it's something in life to be interested in. Which is something I need.
  4. Well the Bitcoin and Ethereum I bought a few weeks ago for $13k are now worth over $18k so that's around 40% return in a few weeks! Bitcoin et al cryptocurrencies seem to have a bit of a tail wind with good reasons to buy. There are equally good reasons to sell. Lots of experts making lots of predictions. Some say 1 bitcoin will be worth $500k by 2030, some say it will be worthless. Investing of any sort is a form of gambling. The outcome is never certain. It's about making informed educated guesses. I'm hanging on for the ride. I don't invest more than I can afford to lose, that's my golden rule.
  5. Yeah the days of bitcoin mining with GPUs is long gone. The only way to do it now is with a dedicated ASIC that is designed purely to mine bitcoin and will never have any other purpose. To make matters worse, The economic life of an ASIC is only around 2 years as newer faster models hit the market causing mining difficulty to increase, making the 2 year old ones no longer viable. But mining other altcoins like ethereum, monero, dash, etc are viable as their design is ASIC resistant and GPUs are ideal. The same obsolescence occurs but the cards can be sold with some value as a 2 year old upmarket video card is still useful for advanced gaming. Also, only the cards need to be replace as the replacements cost is somewhat less than buying an entire ASIC. I'm thinking of building my rig in July when we go back to Australia. A 6 GPU rig generates over 1kw of heat and needs a lot of cooling. Good for a cold Melbourne winter. Not so good in the hot humid condtions here. It's a gamble but the worst that can happen is I lose the $3k hardware investment but allowing for selling the used GPUs, it's probably more like a $1500 loss. And every day I successfully mine, eats away at the capital investment until after around 12 months it's fully paid for. After that it's all profit. At least until mining difficulty increases and reduces the income to equal electricity cost. IF things continue as they have over the past few years, I should get at least twice back in profit what the rig cost to build. But if not, well it will have been fun while it lasted.
  6. Yeah! I've thought of just buying more eth and btc cos mostly likely the price of both will double in the next 12 months or so. But it would be more fun to build a mining rig and watch it daily create money for nothing (and chicks for free). Maybe not as profitable as simply buying more coins but it's good to diversify and besides, I have too much time and not enough to do with it. Building a rig would be fun!
  7. Many countries already have varying degrees of cryptocurrency regulation. When I buy bitcoins in Australia, I need to have a registered account with full ID requirements. But then the first thing I do with my coins is send them to a bitcoin laundry to remove all traces of my fingerprints. The coins I get back from the laundry cannot be connected to me or my original purchase. I keep those coins secure in my totally anonymous offline wallet which is on an encrypted hard disk. The cool thing about my wallet is that I can throw away the hard drive and still be able to recreate my wallet (and the bitcoins within) using a 13 word passphrase I have memorised. The above doesn't mean I'm doing anything naughty with my bitcoins. I just don't like Big Brother keeping an eye on me. I don't think there is any way of stopping people from using bitcoins anonymously. It's like downloading copyright stuff. IF you careful, it's virtually impossible to be caught and there's virtually nothing the government can do about it. Current market value of all cryptocurrences is over 50 BILLION USD and growing at a rapid rate. While it's definitely a high risk investment, I can't really see how the government can stop it, or even regulate it in any meaningful sense. I think only a massive hack can slow it down (which has happened before).
  8. I'm invested in bitcoin and ethereum and I've been thinking lately of building a mining rig. Bitcoin home mining requires a dedicated ASIC that will likely be out of date in 2 years and be worthless. But most alt coin mining can be done with an upmarket GPU (graphics card). I've researched and to build a decent rig with 6 GPUs will cost me around $3000. Roughly what the latest bitcoin ASIC (antminer S9), would cost. But unlike the ASIC, the graphics cards will still have some residual value when they are no longer able to mine economically. Just for fun, I've been mining monero on my laptop and making around 20 cents a day. Probably using more than 20 cents in electricity but as a proof of concept, it's got me interested in more. It would likely take at least a year for profit to overtake the initial $3000 rig cost, so it's a venture not without risk. But once the hardware cost is paid for the rest is profit until the 6 graphics cards need to be replaced with newer faster ones. The only running cost is electricity which as mining difficulty increases, will likely make the cards uneconomic eventually. Even old cards would continue to be viable if you had a spare kilowatt or 2. (I don't) PROs 1. It's fun! There's the fun in building and tweaking it, and then there's the fun in having a box that sits there day in, day out, earning money. 2. ??? 3. PROFIT CONs 1. Largish initial investment. 2. Black swan event that makes home mining no longer viable especially if it occurs within 12 months. 3. Ethereum will change from POW to POS some time this year which means all those home miners mining ethereum will probably switch their rigs to mining other alt coins. This will mean a massive influx or processing power which will likely greatly increase the block difficulty resulting in much lower profits for all. This is my biggest concern.
  9. If for whatever reason they refuse to give her her license it's no big deal I guess. Just annoying. She has a full Australian license and as we are only spending 2 months a year here for the next 3 years I think she's allowed to drive with that. If we eventually move back here permanently, then she can just get a new license (as opposed to renewing an existing one) which might be easier, or at least might be dealing with different LTO drones by then.
  10. She was supposed to pick up her shiny new licence in a few months and they wanted to know why it's been almost a year. She told them why. That's when they started putting up roadblocks.
  11. About a year ago, Mrs renewed her license. We were only here for 2 months and of course that's not enough time for them to manufacture the actual license so they gave her a piece of paper to drive with and said come back in a few months for the licence. Well we arrived back a couple of weeks ago and bizarrely, they are demanding all sorts of paper that don't make any sense. You would think her Philippines passport would be enough but no, they need to see her plane ticket and proof of her permanent resident status in Australia. Not sure if even that is enough because each time she goes there, they ask for an additional piece of paper. It makes no sense at all to me. What possible difference can it make that she's been living in Australia? She can prove she is Philippines citizen and she can prove she has a licence receipt issued in Philippines.
  12. When I'm sitting outside our house and I see a dog approaching, I throw rocks at them. Dogs no longer walk past when I'm there. They must be quite intelligent or at least have good memories because the other day I see a dog walking towards me, he sees me and immediately turns around without me making a move. I mean he not only recognised me, but remembered me from a year ago.
  13. No expresss fee anymore, so only 2150 plus an extra trip.
  14. What exit visa? We only here for 2 months so unless something has changed since last year, all I need to do is a single 30 day extension. AFAIK, "exit visa" only needed if staying over 6 months? Or is this something new?
  15. I went to BI mandaue to renew my visa for 30 days yesterday. I was pleasantly surprised the cost was only just over 2100, almost a 1000 less than usual. But the downside is that I have to go back there again next Monday to pick up my passport with the extension. So now it seems a visa extension (without the express fee) requires 2 trips. Mind you, the amount of time spent waiting wasn't one iota less than before. We still had to fill in a form, give it to the receiver, wait for name to be called, take it over to the cashier, pay the fee and then wait ages for name to be called again. The only difference is that instead of being given back my passport we get a little receipt with a date stamped on it when we need to come back. Yeah it's almost a 1000 cheaper but I'm not sure it's actually better.