Search found 4585 matches

by grayfox
Fri Dec 08, 2017 3:56 pm
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 97
Views: 9818

Re: Buying and Spending Bitcoin

RECAP: As an experiment, I bought 50 EUR worth of bitcoin and paid about 4 EUR for coffee and cake. After all the fees, I had only about 35 EUR left in my Wallet. I did a similar experiment with Litecoin. Those were the only transactions I did. So what do my wallets show now? Mycelium Bitcoin Walle...
by grayfox
Fri Dec 08, 2017 3:22 pm
Forum: Investing - Theory, News & General
Topic: Call the top! - Bitcoin
Replies: 50
Views: 3400

Re: Call the top! - Bitcoin

https://vignette.wikia.nocookie.net/mlp/images/0/04/Dr_-Evil-One-Million-Dollars.png/revision/latest?cb=20130727183557 I was at a restaurant this morning eating breakfast. At one of the tables, four blue-collar-type men were discussing guess what: Bitcoin! From their conversation, they were obvious...
by grayfox
Fri Dec 08, 2017 3:04 pm
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 97
Views: 9818

Re: Buying and Spending Bitcoin

Holy cow! Bitcoin market is going crazy. :greedy BTC price is now $15,814.20 which is down from the peak of over $18,000 yesterday. Meanwhile the Mempool has over 200,000 unconfirmed transaction in it. It started filling up on Dec 6 and by Dec 7 was over 200,00. Remember that only about 2,000 - 3,00...
by grayfox
Thu Dec 07, 2017 5:28 pm
Forum: Investing - Theory, News & General
Topic: bitcoin - is there any real value here or is it a pure Ponzi scam?
Replies: 215
Views: 14952

Re: bitcoin - is there any real value here or is it a pure Ponzi scam?

HOLY COW! Look at all the transactions stacked up in the Mempool ! "I'm giving her all she's got, Captain. The engines can no' take it!" The other day there was something like 30,000 transactions. Right now there are 211,000 transactions in the Mempool ! :shock: 200+ sat/B 33,000 The only transactio...
by grayfox
Thu Dec 07, 2017 10:30 am
Forum: Investing - Theory, News & General
Topic: bitcoin - is there any real value here or is it a pure Ponzi scam?
Replies: 215
Views: 14952

Re: bitcoin - is there any real value here or is it a pure Ponzi scam?

Of course there are fans of various cryptocurrency. Some people have faith in Bitcoin, some like Etherium, others believe in Bitcoin Cash. I have only tried two cryptos: Bitcoin and Litecoin. Only Litecoin was useful for me. Bitcoin was not useful. That was my experience. But nobody knows which of t...
by grayfox
Tue Dec 05, 2017 11:28 am
Forum: Investing - Help with Personal Investments
Topic: Want to sell my Bitcoin, but when?
Replies: 88
Views: 7619

Re: Want to sell my Bitcoin, but when?

I bought about $7000 worth of Bitcoin and Ethereum in July as an experiment and learning process. Well, it is now worth about $21,000. I had planned to buy and hold until July 2018 so any gains would be long-term, but the recent run-up has me worrying the bubble pop may come sooner. I can afford to...
by grayfox
Tue Dec 05, 2017 9:16 am
Forum: Investing - Theory, News & General
Topic: bitcoin - is there any real value here or is it a pure Ponzi scam?
Replies: 215
Views: 14952

Re: bitcoin - is there any real value here or is it a pure Ponzi scam?

Would you hold or sell? ie. if hypothetically holding 1% of your net worth in Bitcoin. Would you sell at 2X return? At 1 BTC = $20,000 ? Or hold indefinitely ? I am under the impression that most people jumping into bitcoin are completely unaware of the issues. I found out about them by watching Yo...
by grayfox
Mon Dec 04, 2017 9:06 pm
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 262
Views: 34793

Re: What is Bitcoin?

Thanks for the great info!
by grayfox
Mon Dec 04, 2017 8:07 pm
Forum: Investing - Theory, News & General
Topic: bitcoin - is there any real value here or is it a pure Ponzi scam?
Replies: 215
Views: 14952

Re: bitcoin - is there any real value here or is it a pure Ponzi scam?

So then, if you are investing in Bitcoin, you are not really betting on Bitcoin Blockchain, because the Core Developers have already decided that the bitcoin blockchain can't scale beyond the 5 or 10 transactions per second. You are betting on the Lightning Network LN, which has been in development ...
by grayfox
Mon Dec 04, 2017 7:43 pm
Forum: Investing - Theory, News & General
Topic: bitcoin - is there any real value here or is it a pure Ponzi scam?
Replies: 215
Views: 14952

Re: bitcoin - is there any real value here or is it a pure Ponzi scam?

alwayshedge wrote:
Mon Dec 04, 2017 7:30 pm

That is from 2016. There has already been a successful lightning transaction so no, it's not a dream.
a successful lightning transaction? As in one transaction?

I guess its working! :sharebeer
by grayfox
Mon Dec 04, 2017 7:23 pm
Forum: Investing - Theory, News & General
Topic: bitcoin - is there any real value here or is it a pure Ponzi scam?
Replies: 215
Views: 14952

Re: bitcoin - is there any real value here or is it a pure Ponzi scam?

Actually, it is true. Watch this panel discussion at MIT Bitcoin Expo 2016 Day 1 from March 5, 2016 Starting at 1:12:54 Those on the panel are some of the Bitcoin Core Developers. The guy explaining Ligthning Network on the right is Joseph Poon, co-author of The Lightning Network. I don't have a com...
by grayfox
Mon Dec 04, 2017 6:09 pm
Forum: Investing - Theory, News & General
Topic: bitcoin - is there any real value here or is it a pure Ponzi scam?
Replies: 215
Views: 14952

Re: bitcoin - is there any real value here or is it a pure Ponzi scam?

Those who are buying Bitcoin as a speculation should understand the present state of Bitcoin. Satoshi's white paper was titled: Bitcoin: A Peer-to-Peer Electronic Cash System . Bitcoin was supposed to allow anyone in the world to send any amount of money, including micropayments, to anyone else anyw...
by grayfox
Mon Dec 04, 2017 3:27 pm
Forum: Investing - Theory, News & General
Topic: bitcoin - is there any real value here or is it a pure Ponzi scam?
Replies: 215
Views: 14952

Re: bitcoin - is there any real value here or is it a pure Ponzi scam?

Everyone always talks about the high transaction fees of Bitcoin and they are high compared to the other coins. But the speed vs. cost of all the coins that I've used are still much better than the banking system. No non-"business days", no $35 wire fee, no Western Union, etc. The only thing that c...
by grayfox
Mon Dec 04, 2017 10:53 am
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 262
Views: 34793

Re: What is Bitcoin?

But WHY would you pay $7.70 for a transaction when you don't have to? It's like giving a waiter a $100 tip when you go out to eat and then complaining you can't go out to eat because it's too expensive. If you pay 10-11 satoshi per byte and it's not critical that your transaction clear ASAP, you ca...
by grayfox
Sun Dec 03, 2017 4:56 pm
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 262
Views: 34793

Re: What is Bitcoin?

I am not going to doubt anybody but I've sent dust transactions, moving spare change from different addresses to consolidate my Bitcoin for 15-20¢ which have been confirmed in the next block (under 15 minutes). I looked at the Block Explorer just now and here is a transaction that sent $1800 dollar...
by grayfox
Sun Dec 03, 2017 1:17 pm
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 262
Views: 34793

Re: What is Bitcoin?

We looked at the Lightning Network upthread. It's more complex than Blockchain, and I can't say that I fully understand it. But the basic idea is that LN rides as a second layer on top of Bitcoin Blockchain. 1. Do one BTC transaction to open up a payment channel. 2. Do all you spending on LN. 3. Do ...
by grayfox
Sun Dec 03, 2017 12:35 pm
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 262
Views: 34793

Re: What is Bitcoin?

Thought Experiment: Imagine that Bitcoin was used only in Ireland. Ireland's Population: 4.773 million (2016) Bitcoin Transactions per day: let's say 400,000 That means every person in Ireland could do 1 transaction every 11.93 days. Meanwhile, bitcoin is consuming 36% of Ireland's Electric Power. (...
by grayfox
Sun Dec 03, 2017 11:31 am
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 262
Views: 34793

Re: What is Bitcoin?

Nope, they are talking about a transaction. Do some calculations: Transactions 300,000 transactions per day x 365 = 1,095,000,000 transactions per year Energy Consumed (my estimate) 8.922 Terawatt-Hours per year x 10^9 = 8,922,000,000 Kilowatt hours per year Energy Consumed Per Transaction 8,922,000...
by grayfox
Sun Dec 03, 2017 11:13 am
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 262
Views: 34793

Re: What is Bitcoin?

I keep seeing articles that bitcoin uses more power than many countries: Mining Bitcoin Costs More Energy Than What 159 Countries Consume in a Year . Does Bitcoin really use more energy than, for example, Ireland? List of countries by electricity consumption Ireland = 25,000,000,000 kiloWatt-hours p...
by grayfox
Sun Dec 03, 2017 8:39 am
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 262
Views: 34793

Re: What is Bitcoin?

Everyone knows that miners use electricity to add transactions into blocks and add blocks to the blockchain. There are thousands of computers running 24/7 to mine bitcoin. Most of them are in places where electricity is cheap, like China. So how much electricity is bitcoin using? One Bitcoin Transac...
by grayfox
Mon Nov 27, 2017 1:23 pm
Forum: Investing - Help with Personal Investments
Topic: Interesting ride so far - Crypto-curriencies
Replies: 86
Views: 5443

Re: Interesting ride so far - Crypto-curriencies

I'm a staunch Dividend Growth Investor but decided in August to place 3.5% of my aftertax investment fund allocation into Crypto-currencies. My mix is 78.1% Bitcoin; 2.3% Bitcoin-Gold (hardfork) and 19.1% Ethereum. My original investment has increased 69.7% since the August 2017 entry date. Quite t...
by grayfox
Sun Nov 26, 2017 4:15 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 97
Views: 9818

Re: Buying and Spending Bitcoin

Keep sharing more stories about about spending bitcoin and other cryptocurrencies. Here is a documentary where filmmaker Morgan Spurlock tried Living on Bitcoin for a Week . At 1:00 in, Morgan Spurlock says: Some people say that it's the wave of the future. One day we'll be able to pay for everythin...
by grayfox
Sat Nov 25, 2017 5:45 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 97
Views: 9818

Re: Buying and Spending Bitcoin

If anyone is interested in the subject of Cryptocurrencies, I would recommend that you do what I did. Set up a wallet on your smart phone and then load some bitcoin or Litecoin onto your wallet. Then go and spend some. I would be interested in hearing about BH's experience doing this: 1. Which Crypt...
by grayfox
Fri Nov 24, 2017 2:43 pm
Forum: Investing - Theory, News & General
Topic: What is Bitcoin?
Replies: 262
Views: 34793

Re: What is Bitcoin?

I ran across another great series of YouTubes that explain bitcoin. It's called 101 Blackboard Series. The presenter is James DeAngelo. Here is one of the 36 videos in the playlist. Bitcoin 101 Blackboard Series James DeAngelo is great at explaining things. And he offered some insights that I have n...
by grayfox
Fri Nov 24, 2017 2:02 pm
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 97
Views: 9818

Re: Buying and Spending Bitcoin

RECAP: Immediately after buying ł 841.166 (ł1,000 = 1 LTC) for €50 from the ATM, LoafWallet showed that it was worth €48.37 at the then current exchange rate. I had lost €1.63, or 3.26%, in fees. This was in line with the 3% fee advertised on the sign. Note: Litecoin uses ł symbol, which looks like...
by grayfox
Wed Nov 22, 2017 10:48 am
Forum: Investing - Help with Personal Investments
Topic: Interesting ride so far - Crypto-curriencies
Replies: 86
Views: 5443

Re: Interesting ride so far - Crypto-curriencies

I'm a staunch Dividend Growth Investor but decided in August to place 3.5% of my aftertax investment fund allocation into Crypto-currencies. My mix is 78.1% Bitcoin; 2.3% Bitcoin-Gold (hardfork) and 19.1% Ethereum. My original investment has increased 69.7% since the August 2017 entry date. Quite t...
by grayfox
Wed Nov 22, 2017 3:42 am
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 97
Views: 9818

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: 3207

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: 1310

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: 2767

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...