Jump to content
The Corroboree
qwertyuiop

The Currency Revolution - With Bitcoin

Recommended Posts

"every" is a HUGE over generalization. HUGE.

They can't/don't track face to face transfers, they likely don't track (and even if they did, not much info would be available) cash/branch deposits, they obviously have (if they want them) bank-to-bank transfer records but again, when you're not dealing with main exchanges, you're just sending/receiving $ from some random dude which I imagine happens hundreds of thousands of times a day.

  • Like 2

Share this post


Link to post
Share on other sites

If you had the actual bitcoin number if it exists can you see where it is in regards to mt gox . is it possible to trace a bit coin

and prove rightful ownership or is it like a serial number on a bank note .

Share this post


Link to post
Share on other sites

Everything gets tumbled into shared wallets and shit inside of gox. Without their internal records, I doubt it. Further more, I highly doubt someone who just stole coins is going to give them back to you, even if you can prove ownership.

  • Like 1

Share this post


Link to post
Share on other sites

(AP)—Vietnam's communist government said trading in bitcoin and other electronic currencies is illegal, and warned its citizens not to use or invest in them.

A central bank statement late Thursday didn't spell out penalties for those who disobeyed the instruction, but it said that virtual currencies are linked to money laundering and other illegal activities.

The collapse of a major bitcoin exchange in Tokyo this week has drawn renewed attention to the currency.

Late last year, China banned its banks and payment systems from handling bitcoin. Thailand earlier put a blanket ban on its use.

Currencies like bitcoin are unnerving financial regulators in Asia and elsewhere because they are outside of their control. Established banks don't like them because people can send the money around the world with any fees.

There are a few websites that claim to offer bitcoin in exchange for Vietnamese dong, but it's unclear whether they have done any trading so far.

Aside from an investment and buying goods and services online, bitcoin could be used by Vietnam's diaspora to sends home remittances if the currency were to take a broader hold.

http://phys.org/news/2014-02-vietnam-bitcoin-transactions-illegal.html

Share this post


Link to post
Share on other sites

got out of Mt Gox about a month ago. Alarm bells started ringing in November when I tried to make a withdrawal in AUD. when the transfer hadn't succeeded by January I had the AUD deposited back, purchased BTC and then transferred to another trading house. Sadly BTC's were only 70% value in the new trading house, so I lost hundreds. But it could have been much worse.

fingers crossed my 2TH miner will be shipping shortly, before BTC disappears up its own arse.

I can't decide whether to declare my earnings or not. Something i'll discuss with my accountant. I mean it's hardly a business, more like a very risky gamble... or hobby.

Share this post


Link to post
Share on other sites

oh the delicious, continuously running irony in this thread is enthralling. thankyou to all who contributed and continue to contribute

Share this post


Link to post
Share on other sites

http://www.coindesk.com/australian-tax-office-explains-bitcoin-tax/

profitable enterprises including mining are expected to pay tax basically

Why?

Gina & Clive arent required to cough up. Or is only small profits that are taxable, just not huge profits?

  • Like 2

Share this post


Link to post
Share on other sites

latest thoughts?

 

bitcoin just spiked dramatically.

 

wondering if folk still think this is a durable/uncrackable currency and a worthy hedge.  also recommended btc vendors.

 

Spike illustrated here (for now):

http://www.xe.com/currencycharts/?from=XBT&to=AUD&view=1M

 

Is it appropriate to select a wallet from here:

https://bitcoin.org/en/choose-your-wallet

 

Are wallet phone apps okay?

 

Sorry to ask questions I could find the answer to myself but I think we all appreciate the mental investment involved to be all over this topic.  Its easier to recruit advisors who have already made that investment :D

 

Tanks in advance

Edited by ThunderIdeal
added link. And more questions
  • Like 1

Share this post


Link to post
Share on other sites
On 18/04/2014 at 2:27 PM, shortly said:

Why?

Gina & Clive arent required to cough up. Or is only small profits that are taxable, just not huge profits?

 

Oh! I only just got this.  I meant bitcoin mining.

 

It was discussed elsewhere, but putting GST on bitcoin is inconsistent (no other currency has gst) and frankly shocking.  Dont submit to this blatant theft.

Share this post


Link to post
Share on other sites

I'm over BTC to be honest. I still love the blockchain as technology but the experiment, in my eyes, has failed. The community is (largely) a bunch of backstabbing, bitter, ungrounded, assholes. Additionally, the decentralised nature is pointless when development is still centralised 1 and core devs can be so easily fooled 2.

 

The nerd inside me likes Etherium but I don't think it will take off unfortunately.

 

Mobile wallets are OK but make sure you use a strong passphrase and keep it locked at all times. Keep backups too. Lost phone = lost coins.

Avoid web wallets.

Prefer desktop wallets.

 

Price speculating on BTC is 99.5%  speculation and bullshit. Haven't followed to can't really comment (read: relay other people's speculation) on it this time.

 

The huge debacle recently about block size increases. Caused a huge divide with threats to fork.

The Craig Wright is 'Satoshi' thing. Pretty much outed as a fraudster/liar but Gavin (core dev) swore black and blue it was legit.

  • Like 1

Share this post


Link to post
Share on other sites

Thanks atom

 

I only want to gamble on crypto for a fiat windfall I can convert into dogfood to stock my fallout bunker.  Okay its more of a culvert.  

 

Winning!

Share this post


Link to post
Share on other sites

Good luck. I hope you can afford many cans of the old Dinki-Di :) 

  • Like 1

Share this post


Link to post
Share on other sites

I said to myself a few months back that the next bitcoin price run would peak out at $730, but who knows. It looks like this may be the case but who knows what will happen. Its not dropping real fast. Could be a slow bleed due to full blocks or could jump up a few more times. Supposedly the Chinese are reacting to a falling yuan, so new money doesn't know the current market cap.

 

Investing in both bitcoin and ether is the way to go. And if btc starts crashing out on the reward halving coming up, bail into ether before it locks up or burns to the ground.  if the price of btc goes up with the halving the price of ether should go down giving good oppertunity to buy ether. However ether is not dropping as much as i had hoped on this btc run. I wish i'd brought ether in the croudfund round $$$$$.

 

 

Share this post


Link to post
Share on other sites

Cashed my coins out when it hit $1600 aud a coin, never looked back. 

Share this post


Link to post
Share on other sites

round 2?

 

also, how long did you have skin in the game before the fiat windfall?

Share this post


Link to post
Share on other sites

I mined all my coins for about two years. I sold all the mining gear when I herd they were developing  the 100 gh/s miners, I figured the difficulty would go up to fast and all my mining gear would be worthless, it was to expensive to keep playing the game. I was right though and it did. There's no point in converting btc to currency, it's not for that. You can buy anything with btc already. No round two for me. I reckon the boom is over, and people keep buying fiat with there btc so what's the point.

Share this post


Link to post
Share on other sites
On 29/05/2016 at 3:05 PM, rahli said:

I said to myself a few months back that the next bitcoin price run would peak out at $730, but who knows. It looks like this may be the case but who knows what will happen

 

 

aaaaaaand its out of the park

 

860AUD

 

Appreciate your thoughts rahli and will certainly apppreciate your ongoing thoughts

Share this post


Link to post
Share on other sites

The most consiquential way to take part in the bitcoin discussion is to invest.  Words are free, bitcoin is now au $880. Tomorrow it could be $910....... or $730.  invest a few grand and you will be accutely aware which way it goes. But there is no way of knowing before hand.  in saying that, these rises then leveling of price, then rise and level are a lot more stable the the rapid consistent rises which end up plumiting back down when they passing the majority psychological market head cap.

 

 

  • Like 1

Share this post


Link to post
Share on other sites

This thread is currently over a 6 year period, can someone point me in the right direction for getting involved with bitcoin at this present moment? I'd like to be able to buy bitcoins, accepts bitcoins, store bitcoins, pay for goods/services with bitcoin, can I mine bitcoins?? I'd like security but dont want to pay big fees.... Thanks in advance :-)

Share this post


Link to post
Share on other sites

Grab a mobile wallet here if it please you 

 

https://www.cryptocompare.com/wallets/#/overview

 

I recommend setting up a coinjar account and buy your coins there.

 

Mining is a very serious operation so the answer to mining is probably no.

 

You shouldnt need to pay anything more than miniscule fees for transactions although when you buy you lose about 5%.  Coinjar is amongst the best value.

  • Like 1

Share this post


Link to post
Share on other sites

Thanks :-)

 

Hold the door!

Share this post


Link to post
Share on other sites

The problem with bitcoin is that its difficult to buy. Fuck turning up to a bank in-person or meeting some stranger in McDonalds to exchange bitcoin for cash. I just want to make a bpay payment or electronic funds transfer using online banking to get the coin.

  • Like 1

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×