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  1. I bought some bitcoin and Ether a few months ago and have been enjoying the ride up in price. Anyone else here that is in the cryptocurrency market? It just went over $6,200 per Bitcoin.
  2. This article is somewhat different. I do not agree with the author's conclusion but he could be right. Governments Crack Down on Cryptocurrencies Currency January 11, 2018 Paul Mampilly After hitting $20,000 in mid-December, bitcoin prices keep drifting lower. Looking at the news, it’s clear to me why this is happening. On Monday, the Financial Industry Regulatory Authority (FINRA), the organization that regulates brokers, advisers and financial institutions in the United States, announced that it was going to focus on cryptocurrencies. FINRA is a big deal if you manage money or if you are a financial adviser … you have to follow its rules and subject yourself to its examinations. Merrill Lynch, one of the biggest financial broker and advisory companies in the U.S., banned any cryptocurrency investments in its accounts. The Chinese government this week announced a plan for an orderly end to bitcoin mining. That’s right after Visa Europe canceled cards that allowed users to access bitcoin. This comes right after the South Korean government started requiring real names for all cryptocurrency transactions. The government also banned banks from opening accounts for virtual currencies. The Indian government is waging war on bitcoin and cryptocurrencies by choking the flow of cash to anyone who’s trading these assets. If you’ve been in markets long enough, you can see a familiar pattern here… Putting the Squeeze on Cryptocurrency Investments This rapid-fire set of announcements looks to me like a coordinated squeeze on cryptocurrency investments. And it reminds me of a similar squeeze that I personally experienced before where I lost money. PartyGaming. Sportingbet. PokerStars. 888 Holdings. You’ve never heard of these companies, even though they were once highfliers in online gambling through poker. The thing is, online gambling is illegal in the United States. And most of their customers were U.S. citizens. These companies skirted around U.S. law by operating their websites from places like Costa Rica, the Caribbean and the United Kingdom. For a while, the U.S. government tolerated this activity. Then, on October 2, 2006, the government lowered the hammer. It secretly added rules into a transportation law called the SAFE Port Act. These rules made it illegal for American banks and credit card companies to process payments to online gaming companies. By doing this the government chopped off the lifeblood of these businesses — money flow. You see, everyone gambling online used credit cards or bank transfers to fund their betting. If you made it illegal to process transfers to online gambling companies, you starved these companies of their source of cash. Overnight, 90% of their sales disappeared. Instantly their stocks crashed. They never recovered. A Big Threat to Government Power So here’s why this matters to bitcoin and cryptocurrencies. I believe that governments are looking to crack down on bitcoin and cryptocurrencies because they see them as a threat to their monopoly power to issue currency. Governments around the world derive great power from their ability to issue their national currency. It’s completely against their interests to have a new currency compete with their monopoly in issuing currency. The fact that people are using bitcoin and cryptocurrencies to transfer wealth, avoid taxes and for illegal activities is also a big threat to government power. If everyone shifted to bitcoin or cryptocurrencies, then the government’s tax collection would go to zero. And it could lose its ability to enforce law and control the economy. The bottom line: Bitcoin and cryptocurrencies represent a threat to a government’s power. Cutting off the Money Flow The U.S. China. South Korea. Europe. India. These are substantial markets for bitcoin and cryptocurrencies. These governments know banning bitcoin and cryptocurrencies can cause social and political unrest. Instead, they are going to squeeze them dry using the same technique they used to get the online gaming companies: They are going to starve the cryptocurrency exchanges of money flow. Cutting off the money flow from new clients and cash will slowly dry up the trading and liquidity in bitcoin and cryptocurrencies. The government will keep squeezing until these markets are no longer a threat to them. Now, those who own bitcoin and other cryptocurrency investments are going to dismiss this threat. They believe that bitcoin and cryptocurrencies are going to stay strong even as governments put the squeeze on these assets. I believe they are wrong. And my experience with online gambling stocks is just one example of how harshly governments will act when their powers are threatened. Regards, Paul Mampilly Editor, Profits Unlimited
  3. Last Thursday, I was pondering the huge backlog of unconfirmed bitcoin transactions and noting the fees (> $40) and began to feel somethings gotta give. As it currently stands, bitcoin cannot cope with too much popularity and increasing popularity is what drives the price higher. So I made a spur of the moment decision to dump my 5 BTC to cash. The next day I was rather glad that I did. Got out at close to $AUD25k per. The same BTC I had bought about a month ago for $AUD10k. I have a few BCH and am mining various other crpytos and converting to BTC but for the most part my big time bitcoin investing is done. Since April when I started buying and later selling, I've made around $AUD135k in profit and that's enough. I think the easy money is finished and given bitcoin's unresolved scaling issues, I can't see it soaring much higher. But who knows? I sure don't. It was a gamble that paid off but a gamble it remains. I have built two 8 gpu mining rigs that net me around $70 a day (after deducting $10 for the watts). That's also a gamble albeit a smaller one. But it gives me something to do and an interest in life which is what I need right now. I think I was lucky to sell when I did, but then maybe next month, I will have cause to regret it. But I have just enough skin in the game to continue enjoying the ride even though I'm no longer in the running for a million dollar account balance.
  4. I thought I would post some pics of my two babies, RIG1 and RIG2. Together they are making around $70 day while using about $10 if electricity. The frames are my own custom design made from aluminium square tubing. Silverstone 1500 watt power supply ASUS Prime Z270 motherboard (7 pci-e slots plus using one of the 2 x M.2 slots in pci-e mode) I3 7100t cpu (TDP only 35 watts!) 8GB DDR4 Ram 120GB M.2 Hard drive 8 x Gigabyte GTX1070's (RIG1) and 8 x GTX1070t's (RIG2) The one with it's guts spilling out is RIG1, the prototype. I didn't have enough PCIE power splitters so used the sata and molex to power the risers which is less than ideal. Now that I have lots of the right cables to make it neat and nice, I'm loathe to shut it down to fix it. Each rig pulls around 1kw from the plug. I would love to build more but I only have 7.2kw available in my little unit and I need some electrons for other stuff.
  5. Not sure if others here have added their coins, amount, cost, and date of transaction, to a live portfolio? Here is the site I use: https://www.cryptocompare.com CryptoCompare allows you to set up multiple portfolios. I have three separate portfolios that I created, for each of my coins. One is for day trades, one is for up to 3 months, and the last is for long term holdings. If you haven't started a portfolio on a live updated site, how do you keep track of the current values of each of your coins?
  6. We all want to be on the NEXT Bitcoin, rather than getting on the train once it has left the station. Many reports say that Ethereum, ETH, is the future big gainer. Here is the Ethereum 101 primer < click for link I want to know what the LinC gurus think? Of course a person can buy both and be a winner no matter which one comes to the top but I don't have risk tolerance for that. I want to take a shot at being one of those guys who puts $500 on the right number and has it hit big. Is ETH the way to go?
  7. @Thomson should be pretty happy right about now. Bitcoin broke $8,000 / coin.
  8. I am having issues trying to find an exchange I can use here. Does anyone who invests in cryptocurrencies have leads on an exchange I can use? I tried Coinbase. But, after attempting to upload my identification credentials over twenty times (not kidding), I gave up. I have contacted them directly, but have no idea how long it may be before they contact me back, or if I will even get my account sorted through them.
  9. 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.
  10. 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.
  11. Australian-founded bitcoin exchange Igot appears on the verge of collapse, with dozens of customers and clients claiming to be owed hundreds of thousands of dollars. The company, which buys and sells bitcoins on behalf of customers, has for months been unable to completely deliver on those bitcoins or refund their money. Its owner Rick Day admitted to the ABC that he was struggling to pay customers. "I am well aware that customers are affected and customers are really unhappy with this but I would like to show each and every one that we have not lost their money. We have not run away with anything and we will return the money," Mr Day told the ABC. That, according to bitcoin investors, is little comfort. Egyptian-born Akram Bekzada invested with Igot in 2014. He has been trying to withdraw $13,000 worth of bitcoins since October last year. "I think Igot are not being transparent. They are not really speaking up about what is the issue that's holding our money back," he said. "A lot of times they give reasons that don't stack up. A lot of times they say we have a problem with cash flow and then they say we cannot transfer bitcoins or we cannot cancel the transaction and transfer bitcoin." Perth millionaire Zhenya Tsvetnenko's company Digital CC is owed $180,000. Digital CC is taking action in the WA Supreme Court to windup 13th Pty Ltd — the business entity of Igot. Source
  12. According to Newsweek, the enigmatic founder of Bitcoin, Satoshi Nakamoto, has been tracked down. Despite being the alleged creator of a digital currency that has attracted the attention of United States Senate and federals bodies like the Department of Homeland Security, the Federal Reserve, the Securities and Exchange Commission, just to highlight a few; the man behind Bitcoin remains in secrecy, like his online persona. Newsweek reporter, Leah McGrath Goodman, spoke to the creator’s family members who described him as very intelligent, and good in mathematics; however, his life is shrouded in secrecy, partly due to his career choices, and also his taciturn personality. When the Newsweek reporter visited him on his residence, Satoshi Nakamoto responded by calling the police, and only in the presence of two law enforcement officers, he then carefully answered some questions posed by the reporter. "I am no longer involved in that and I cannot discuss it," he says, dismissing all further queries with a swat of his left hand. "It's been turned over to other people. They are in charge of it now. I no longer have any connection. "The report also speculated that he is sitting on an amassed fortune of about US$400 million, in the very digital currency, which he has created. However, cashing out on his windfall would entail revealing his true identity.(Source: Newsweek) http://www.hardwarezone.com.sg/tech-news-bitcoin-founder-tracked-down-possibly-residing-california-united-states
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