Search found 4559 matches

by grayfox
Wed Nov 22, 2017 3:42 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

OK, so I decided to repeat the experiment using Litecoin. It is basically the same process as with bitcoin. 1. Download and install a Litecoin Wallet from the App Store on your iPhone. 2. Buy some amount of litecoin from an ATM. 3. Spend litecoin at the Crypto Cafe. Litecoin requires a different wal...
by grayfox
Wed Nov 22, 2017 2:11 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

Anyway... when somebody dies, what are the chances of his heirs finding and being able to cash in his bitcoin? Nobody is going to report abandoned bitcoin to the state treasurer. If you keep the keys yourself, it depends on where you keep them: 1. Paper or metal wallet: they only need to find the w...
by grayfox
Tue Nov 21, 2017 7:31 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

This is where Litecoin and other alternatives come in. Litecoin is similar to bitcoin except its fees are low and it finds a block every 2.5 minutes. Its price has been quite stable over time compared to bitcoin (relative to crypto currency standards). If you had gone with litecoin instead of bitco...
by grayfox
Tue Nov 21, 2017 3:28 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

Other areas of inquiry: Not Market Timing, but Mempool Timing! One concerns the Mempool . It seems like a patient person could monitor the Mempool and carefully time his transactions/fees. One may be able to get away with as little as 5-10 satoshis/Byte. The wait might be days or weeks or months for...
by grayfox
Tue Nov 21, 2017 2:45 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

OK, at this point I have made only two bitcoin transactions. They both cost around 5 or 6 bucks (4.94 and 4.69 EUR). One took 7 minutes and one took 7 hours. Is that enough data to draw a definitive conclusion? Probably not. At this point I should collect more data, do more transactions, calculate m...
by grayfox
Mon Nov 20, 2017 2:50 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

One thing I am learning is that there is a different set of knowledge to buy and use bitcoin than there is for understanding the theory behind it. A few months ago I watched the Khan Academy videos and read a bunch of stuff about bitcoin and blockchain. (See thread: What is Bitcoin? ) So I have a pr...
by grayfox
Sun Nov 19, 2017 4:55 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

:?: How Did my bitcoin transaction go so fast? :?: Everyone's complaining of slow bitcoin transactions. The very first time I spent bitcoin, the transaction was confirmed within 7 minutes, and was included in the very next block. On the other hand, when I bought bit coin from the ATM, the transactio...
by grayfox
Sun Nov 19, 2017 3:20 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

RECAP: I wanted to BUY&SPEND bitcoin to see if it might have any usefulness for a normal person like me. First, I had to download and install Mycelium Bitcoin Wallet on my iPhone, so that was the first day. Then I bought 50 Euro worth of bitcoin at a Bitcoin ATM. It took 7 hours before the transact...
by grayfox
Sat Nov 18, 2017 4:29 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

Inside the coffee shop. I asked the barrister if I could pay with bitcoin. "Of course." I ordered an Americano and huge piece of Banana Bread cake. The prices are in local fiat currency, not bitcoin. The total bill was 3.51 Euro. The barrister entered into an iPad or something which showed the amoun...
by grayfox
Sat Nov 18, 2017 3:55 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

OK, I was out and about yesterday. One thing I did was check out a couple of other locations that had Bitcoin ATMs. You can find a Bitcoin ATM near you on the Bitcoin ATM Map . I saw that there was Bitcoin ATM about a 15 minute walk at a big Electronics store. I stopped by, and they had the same kin...
by grayfox
Fri Nov 17, 2017 2:30 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

At about a quarter to eight in the evening, I check the iPhone for about the millionth time. 0.006531 BTC Success! :sharebeer The transaction was confirmed. I looked on Block Explorer and it had 1 confirmation. Actually, it is never really complete. If you are selling something, they recommend that ...
by grayfox
Fri Nov 17, 2017 2:14 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

RECAP: I bought 0.006531 BTC, or 6.531 mBTCm for 50 Euros from a Bitcoin ATM in a Coffee Shop. I was waiting for the transaction to complete. I didn't seem like it would happen instantly, so I went home. I checked iPhone periodically. I just kept the Mycelium App open and pushed a refresh button ev...
by grayfox
Fri Nov 17, 2017 1:43 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

nova1968 wrote:
Thu Nov 16, 2017 3:34 pm
Some people place more emphasis on being tech savvy vs saving money. Taking $2 out of your wallet or a credit card may be an easier way to buy a cup of coffee, but then again I've always been a late adaptor.
Impossible. They only take bitcoin or Litecoin.
by grayfox
Fri Nov 17, 2017 1:41 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

How much coffee can you buy with 0.006531 BTC? How many euros would it take to buy that amount of coffee at a regular coffee shop? Ron Coffe and cake is about 4 Euros. At the current exchange rate, 4 Euros would be something like 0.00063200 BTC (0.63200 mBTC) But I will have pay a miner's fee on to...
by grayfox
Thu Nov 16, 2017 2:27 pm
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

Once finished buying bitcoin from the ATM, I hung around the coffee shop for a while, checking the Mycelium App every few minutes to see if the transaction had completed. My Balance still showed 0 BTC, and still said "Receiving 0.06531 BTC". I couldn't send any Bitcoin to buy coffee or cake until th...
by grayfox
Thu Nov 16, 2017 12:04 pm
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

RECAP: I want to buy and spend some bitcoin to see how well bitcoin works as a medium of exchange. A neary coffee shop that only takes bitcoin and Litecoin has a bitcoin ATM. So I will change some cash into bitcoin and buy coffee and cake. Sounds pretty simple. So it turns out that iPhone Apps can ...
by grayfox
Thu Nov 16, 2017 10:43 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

I think I know what happened. When I opened App Store on my Mac, it said Updates Available. I looked at the Updates and there was a new Security Update. So I did the update. It looks like it also updated Safari 11.0.1 and iTunes 12.7.1. Now when I connect my iPhone to the computer, and open iTunes, ...
by grayfox
Thu Nov 16, 2017 5:05 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

OK, every other App that I installed on my iPhone, I installed from iTunes. I would google for the App name. There would be an Apple page with a button GET NOW or something like that, which would download it. Then I would connect the iPhone to the Mac and install the App in iTunes. Now when I google...
by grayfox
Thu Nov 16, 2017 4:50 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Re: Buying and Spending Bitcoin

I had not heard of Apple Pay . Apple Pay is a mobile payment and digital wallet service by Apple Inc. that lets users make payments using an iPhone, Apple Watch, iPad or Mac. Maybe Apple doesn't want people using other electronic payment methods like bitcoin so they make it hard to get a different W...
by grayfox
Thu Nov 16, 2017 4:22 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 63
Views: 5228

Buying and Spending Bitcoin

Elsewhere, I wrote that bitcoin has slow transactions and high fees, making bitcoin practically useless for buying stuff. In other words, not a good medium of exchange. But how do I know this is actually true and not just a bunch of exaggeration? The fact is, I only know this second hand from other ...
by grayfox
Tue Nov 14, 2017 3:12 pm
Forum: Investing - Help with Personal Investments
Topic: Bitcoin: Significance of 12 transactions per second?
Replies: 28
Views: 2959

Re: Bitcoin: Significance of 12 transactions per second?

Just wondering if anyone has a good understanding of the significance of the 12 transactions per second thing announced about Bitcoin recently? Is it true? Does this mean Bitcoin can't scale? Can Bitcoin Cash scale? Properties and functions of money: 1. Medium of Exchange - must be widely accepted ...
by grayfox
Thu Nov 09, 2017 2:21 am
Forum: Investing - Theory, News & General
Topic: Novastar Financial Inc. (NFI) Div & Yield:22.40(488.00%)
Replies: 5
Views: 1286

Re: Novastar Financial Inc. (NFI) Div & Yield:22.40(488.00%)

Wow! 488% yield!! How did this work out? Let's find out. Novastar Financial (NFI) was a Mortgage REIT that was in the subprime loan business. Back in 2005 it was making money hand over fist. As a REIT, I believe it has to pay out most of its earnings. Back in 2005 it was yielding about 16%. What a g...
by grayfox
Thu Oct 05, 2017 7:22 am
Forum: Investing - Help with Personal Investments
Topic: Help with private investment opportunity
Replies: 47
Views: 2635

Re: Help with private investment opportunity

Okay here is where I am at: Age 23 60k income (could increase to 100k-120k if I can move jobs, the market was/is tough since I graduated, but I've been interviewing and have come close to landing a better job) 97k in taxable (stock funds) 13k in roth ira (stock funds) 87k in cds (for future downpay...
by grayfox
Sun Oct 01, 2017 4:31 am
Forum: Investing - Theory, News & General
Topic: Guy proves that Buy The Dip strategy works (via backtests) any rebuttals?
Replies: 65
Views: 6668

Re: Guy proves that Buy The Dip strategy works (via backtests) any rebuttals?

https://www.reddit.com/r/investing/comments/6y4lv1/btfd_buy_the_dip_philosophy/ I like the analysis this person did and how he came to conclusion that Buy The Dip strategy actually works. Yes, it is market timing, but he also posted cold, hard facts of how it outperformed SPY. What would be your re...
by grayfox
Sun Oct 01, 2017 3:53 am
Forum: Investing - Theory, News & General
Topic: Which bogleheads have a "high need to take risk"?
Replies: 51
Views: 4645

Re: Which bogleheads have a "high need to take risk"?

Which bogleheads have a "high need to take risk"? I don't think anyone "needs to take risk" per say. However, they may be circumstances where someone would absolutely need a high return to meet some goal. And high return is usually accompanied by high risk. But not always. An exceptions would be if...
by grayfox
Sun Sep 24, 2017 6:30 am
Forum: Investing - Theory, News & General
Topic: Bitcoin Return and Investing Ideas
Replies: 40
Views: 3541

Re: Bitcoin Return and Investing Ideas

I took the gamble because I can afford to lose. 75% bitcoin, 20% etherium, 5% litecoin for about .4% of portfolio that is 3 funder. I have invested for 10yrs using disciplined boglehead principles. Bitcoin could be worthless garbage but maybe not, especially the idea behind it. I recall sitting in ...
by grayfox
Sat Sep 23, 2017 6:29 am
Forum: Investing - Theory, News & General
Topic: Bitcoin Return and Investing Ideas
Replies: 40
Views: 3541

Re: Bitcoin Return and Investing Ideas

A positive real return for bitcoin due to the supply being limited to 21 million sounds kind of iffy to me. For one thing, the limit is only imposed at about year 2140 A.D. So for the next 120 years, the supply of bitcoin will increase. From https://coinmarketcap.com/ Circulating Supply is now 16,58...
by grayfox
Fri Sep 22, 2017 1:21 am
Forum: Investing - Theory, News & General
Topic: Bitcoin Return and Investing Ideas
Replies: 40
Views: 3541

Re: Bitcoin Return and Investing Ideas

One theoretical source of return though is this (I had forgotten about it). There is a hard limit of 21 Million coins. There are 2 deflationary pressures: Bitcoin market growth and loss of currency (lost keys). This means that if the markets that utilize it continue to grow (which they normally sho...
by grayfox
Fri Sep 22, 2017 1:11 am
Forum: Investing - Theory, News & General
Topic: Bitcoin Return and Investing Ideas
Replies: 40
Views: 3541

Re: Bitcoin Return and Investing Ideas

You can earn interest on bitcoins. At least that is what google searches indicate. So there is apparently a form of return that is not what we normally refer to as speculation. That sounds more like a loan, i.e. a promissory note, bond or something like that, only instead of lending dollars, the lo...
by grayfox
Thu Sep 21, 2017 12:32 pm
Forum: Investing - Theory, News & General
Topic: Bitcoin Return and Investing Ideas
Replies: 40
Views: 3541

Re: Bitcoin Return and Investing Ideas

Speaking of the value of bitcoin, this blogger presents some ideas about How to Value Bitcoin . One way to value Bitcoin is to think about what markets it might affect the most and what share it could take in each of those markets. He thinks that bitcoin could be applied in four markets: remittance,...
by grayfox
Thu Sep 21, 2017 9:50 am
Forum: Investing - Theory, News & General
Topic: Bitcoin Return and Investing Ideas
Replies: 40
Views: 3541

Re: Bitcoin Return and Investing Ideas

You did stock source analysis. Now we can extend that to ETFs and options and it gets cloudier. Then futures, futures options and finally short vix futures, and vix options. We are deep into weird multi-order derivative territory now but vix options do have value. Bitcoin is a pretty deep derivativ...
by grayfox
Thu Sep 21, 2017 5:31 am
Forum: Investing - Theory, News & General
Topic: Bitcoin Return and Investing Ideas
Replies: 40
Views: 3541

Re: Bitcoin Return and Investing Ideas

:?: Where is the source of Bitcoin's Return? Looking at the numbers, there has been a positive return if you held bitcoin. Using the numbers from coinmarketcap.com: Apr 28, 2013 $134.21 Sep 16, 2017 $3,625.04 the value of 1 Bitcoin in USD has increased 27x in 4-1/3 years. And, except for a few downd...
by grayfox
Thu Sep 21, 2017 4:59 am
Forum: Investing - Theory, News & General
Topic: Bitcoin Return and Investing Ideas
Replies: 40
Views: 3541

Re: Bitcoin Return and Investing Ideas

30sep16 wrote:
Thu Sep 21, 2017 1:37 am
You can get price history back to July 2010 here:
https://www.coindesk.com/price/
Thanks. I will try to take a look at their data.
by grayfox
Mon Sep 18, 2017 1:21 pm
Forum: Investing - Theory, News & General
Topic: Bitcoin Return and Investing Ideas
Replies: 40
Views: 3541

Re: Bitcoin Return and Investing Ideas

Here are summary statistics for daily and 30-day return Stat Daily Return 30-Day Return MIN -23.37% -48.43% MEAN 0.30% 12.26% MEDIAN 0.19% 4.30% MAX 42.97% 466.07% SD 4.31% 46.99% Back in 2/2014, I calculated the Monthly Total Return for S&P500 from Shiller Data. For comparison, Bitcoin 30-Day Retu...
by grayfox
Mon Sep 18, 2017 6:05 am
Forum: Investing - Theory, News & General
Topic: Bitcoin Return and Investing Ideas
Replies: 40
Views: 3541

Bitcoin Return and Investing Ideas

If you go to https://coinmarketcap.com/ and then click on Bitcoin, and then click on Historical Data, and then choose All-Time, you can see the daily bitcoin prices for everyday going back to April 28, 2013. Bitcoin actually started in January 2009 when Satoshi Nakamoto released the open-source code...
by grayfox
Sat Sep 09, 2017 5:36 am
Forum: Investing - Theory, News & General
Topic: China drops the Hammer on Cryptocurrencies
Replies: 23
Views: 3156

Re: China drops the Hammer on Cryptocurrencies

More FUD about bitcoin diving down the price: Will China Ban Exchanges? - Some quick analysis

After recovering from the last sell off, all crypto coins down sharply on Sept 8th.
https://coinmarketcap.com/currencies/bitcoin/#charts
by grayfox
Mon Sep 04, 2017 3:32 pm
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 238
Views: 29876

Re: What is Bitcoin?

I started another thread China drops the Hammer on Cryptocurrencies . I would invite posters to discuss that subject, its effect on market prices, etc., on that thread, and stick to the theme of this thread which is What Is Bitcoin , where we are discussing the underlying technologies behind blockch...
by grayfox
Mon Sep 04, 2017 2:03 pm
Forum: Investing - Theory, News & General
Topic: China drops the Hammer on Cryptocurrencies
Replies: 23
Views: 3156

Re: China drops the Hammer on Cryptocurrencies

All down double digits. See CoinMarketCap.com . Right now (4.9.2017 17:13 UTC) the 10 biggest cryptos: Bitcoin -7% Etheruem -16% Bitcoin Cash -15% Ripple -12% Litecoin -17% NEM -12% Dash -12% IOTA -21% Monroe -14% 7% is a single digit. Victoria That only shows the past 24 hours. From bitcoin's rece...
by grayfox
Mon Sep 04, 2017 1:40 pm
Forum: Investing - Theory, News & General
Topic: China drops the Hammer on Cryptocurrencies
Replies: 23
Views: 3156

Re: China drops the Hammer on Cryptocurrencies

Here is a short summary on YouTube (runtime: 13:35) of what is going on with the Chinese ICO ban: Daily: China's Official ICO ban and what it means This guy is worth listening to because he is bilingual and can read the Chinese new stories, and he understands the culture and government in China. He ...
by grayfox
Mon Sep 04, 2017 1:22 pm
Forum: Investing - Theory, News & General
Topic: China drops the Hammer on Cryptocurrencies
Replies: 23
Views: 3156

Re: China drops the Hammer on Cryptocurrencies

Here is the list of the 60 banned ICO's.
by grayfox
Mon Sep 04, 2017 12:56 pm
Forum: Investing - Theory, News & General
Topic: China drops the Hammer on Cryptocurrencies
Replies: 23
Views: 3156

Re: China drops the Hammer on Cryptocurrencies

A handful of the 1,101 cryptos are actually up over the past 24 hours. Tether +1.91% Bitcoin Dark +0.45% Rise +33.61% FairCoin +8,82% MonaCoin + 3.38% MoonCoin + 11.63% Bankcoin +12.68 bitCNY +6.25% OKCash + 61.04% E-Dinar Coin + 29.69% ATC Coin +33.77% DaxxCoin +49.70 EmberCoin + 4.36% and some oth...
by grayfox
Mon Sep 04, 2017 12:13 pm
Forum: Investing - Theory, News & General
Topic: China drops the Hammer on Cryptocurrencies
Replies: 23
Views: 3156

China drops the Hammer on Cryptocurrencies

China made a big move against cryptocurrencies by making ICOs illegal: China bans companies from raising money through ICOs, asks local regulators to inspect 60 major platforms This has resulted in sharp drops in the market cap for all the cryptocurrencies. All down double digits. See CoinMarketCap....
by grayfox
Mon Sep 04, 2017 11:44 am
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 238
Views: 29876

Re: What is Bitcoin?

Why is bitcoin topical for this forum? asks the poster with 8 out of 12 posts about bitcoin, all negative, while spreading FUD. Very curious.

Then I see that China just made a huge move against cryptocurrencies

Very curious.
by grayfox
Sun Sep 03, 2017 6:11 pm
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 238
Views: 29876

Re: What is Bitcoin?

Here's a chart of Blockchain Size . As of 2017/09/01 17:00, Blockchain Size = 131,085 MB which is about 131 GB. That is since Jan 2009, the beginning of bitcoin time. That's big, but not too big for the anyone to store, given 1 TB drives are about $100. Maybe a bit too big to store on your iPhone. A...
by grayfox
Sat Sep 02, 2017 9:52 am
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 238
Views: 29876

Re: What is Bitcoin?

Wow, that Lightning Network is very complicated. I hope that the engineers developing it are a lot smarter than me because it is beyond my ability to comprehend it. When designing things, I always believed in K.I.S.S. For non-engineers, that means Keep It Simple, Stupid. Design things as complicated...
by grayfox
Thu Aug 31, 2017 11:09 am
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 238
Views: 29876

Re: What is Bitcoin?

Here is something interesting called TenX . Not sure what it is, but it sounds like some kind of off-blockchain transaction system. Right now it supports Bitcoin, Etherium and Dash. TenX – Blockchain Payment Platform & Comit Network Token Sale? Is this trying to do the same thing as Lightning Networ...
by grayfox
Wed Aug 30, 2017 1:18 pm
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 238
Views: 29876

Re: What is Bitcoin?

Did everyone watch the Poon & Dryja presentation on Lightning Network? Does anyone understand how it works? I have to say that they lost me when they got to 3-Party Payments, Hash-Locked Contracts, and then Hashed Time-Lock Contract. Apparently a time element is needed for LN to work. Also, if I und...
by grayfox
Wed Aug 30, 2017 11:51 am
Forum: Investing - Theory, News & General
Topic: [Bitcoin] question
Replies: 128
Views: 10036

Re: Bit Coin question

Hi, is it ok I ask a little bit about cryto currency? I know bitcoin a bit more, its about $4500 right now per coin. But I see so many other currencies coming out. ~I was wondering, how do these currencies get created? i.e. how many bitcoins are there and who created it and why cant he created a mi...
by grayfox
Tue Aug 29, 2017 12:48 pm
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 238
Views: 29876

Re: What is Bitcoin?

Chart: Average Block Size, in MB vs Time The issue of block size was raised sometime around late 2012/early 2013. Some early bitcoin developers started warning that with continued growth, the 1 MB block size limit would be reached in a few years. In 2012, average block size was only about 0.1 MB an...