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BitcoinZAR last won the day on May 4 2017

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  1. BitcoinZAR

    The Bitcoin thread

    Hows everyone still doing with their bitcoin? Holding? Trading? Buying more? Out of the market? I have been trading a lot with my trading stash, growing the bitcoin in the accounts. I have buy and sell orders set and also stop limit orders set at certain prices. On good days both the buy and sell orders have been hit with all the volatility
  2. BitcoinZAR

    Is platincoin scam? It is good platform.

    This looks very much like a scam. "Platincoin" is not listed on any exchanges...you buy directly from the people issuing the 'coin'...and they guarantee you 10% interest. How they guarantee that is unknown, but since they are issuing the 'coin' themselves, it is assumed they will simply give you 10% more of the same token that you are holding, so by inflation. Give you more while the value drops by 10%. I cant really work it out since they have very little information about anything technical. At first glance I would just run away. All the information on their website is not verifiable in any way, as they are not on any exchanges where people are trading, so everything could just be made up.
  3. BitcoinZAR

    Is Bitcoin Really All That???

    This video from a bitcoin meetup in Munich is really good, and answers a lot of questions people have about bitcoin. It is a long video, but you dont need to watch it, you can listen to the guys talking, so can play it in the background. The second guy is the main speaker, but the first guys talk is interesting too https://youtu.be/Ogo48C5fXjk
  4. BitcoinZAR

    Best Exchanges To Trade Crypto ?

    The exchanges I use regularly are: luno.com, ice3x.com, bittrex.com, bitstamp.net, cex.io, binance.com, kucoin.com and cryptopia.co.nz
  5. BitcoinZAR

    Litecoin Cash Token ICO Started

    The guy who created litecoin, Charlie Lee, has publicly warned people that this could be a scam. Beware. https://twitter.com/SatoshiLite/status/960197866546282496
  6. BitcoinZAR

    What do you think of my investment move?

    From what I have read so far on dimcoin, it looks like a bad investment to me, so I personally would not touch it. I dont see the potential for this coin, and the website, video or reddit groups etc dont really give much or enough information to satisfy me. I tihnk there are better looking alt coins that are cheap and with more potential to be used and grow in value. Dimcoin looks like it started at aroudn $0.25c and is now about $0.005c each, so does not have a good track record so far, or for some reason the amount of coins being sold has far outpaced any demand for them.
  7. I think I'll wait a couple more years to get some property....see how this all plays out.
  8. Cant take my land, coz I dont have any land. Would like to know though, if you do have land, and a bond at the bank, do they take that over when they take your land? If someone is going to take your land, do you keep paying the bond? Maybe my questions sound a bit dumb, but I have never had land or a bond.
  9. BitcoinZAR

    The Bitcoin thread

    I'm all in. (i'm reckless and have a high risk appetite...don't be like me.)
  10. Interesting video for those wanting to learn more about Lightning network for bitcoin [video=youtube]
  11. BitcoinZAR

    When Bitcoin gets depleted

    That is two different questions and problems.... Approximately every 10min a new block is mined on the bitcoin blockchain, and 12.5 bitcoin are created. That is equal to around 1800 bitcoin created per day, and about 54000 every 30 days. Every 210 000 blocks that are mined, the amount of bitcoin that is created every ten minutes is cut in half. When bitcoin started it was 50 btc every 10min. After the first 210000 blocks (approx 4 years) that was cut in half to 25 btc every 10min. After the next 210 000 blocks 4 years later, that was cut in half to 12.5 btc, which we currently have. The next halving is in the year 2020 sometime, where it will be cut in half to 6.125 btc every 10 min. What this means is that by the time the amount halving every four years reaches zero, we will all be long gone as it will be in the year 2140. By the time there is no more bitcoin to be created, miners will still be incentivized to create the blocks by getting the bitcoin transaction fees as payment. If all goes to plan and bitcoin is worth a ton of money, the fees for all the transactions in each block should be able to make it viable for miners to create the blocks. If it is not viable to mine, many miners will stop mining, which means the reward for mining will be split between fewer miners, giving them each a bigger share, and making it profitable for them to continue. If bitcoin gets too expensive to mine, it means that the cost to mine bitcoin does not justify the reward that you get for mining. This happens all the time when more advanced mining equipment comes along that out performs older equipment. Miners need to upgrade their equipment to ensure that they stay profitable, or just turn off their machines. This also happens if the price of bitcoin drops dramatically....miners find that the amount of bitcoin they mined is worth less than the cost to run their equipment, and it is better to just turn off the mining equipment, or rather just buy bitcoin instead of mining it. The more people that mine, the less of a reward you get for your hashing power of your mining equipment. This is why your mining revenue will constantly go down as more miners start mining every day. More miners join every day hoping to make money mining bitcoin. The more that join, the higher hashing rate of the miners, and the quicker a block will get mined. Since bitcoin is designed for a block to get mined every 10 minutes, the algorithm needs to be adjusted every 2 weeks odd to make sure that it sticks to around 10min per block on average. The difficulty is adjusted every 2 weeks to make it harder to mine a block of transactions, which re-calibrates things so that its back to the 10min average per block. The increase in difficulty, means your miner is not as effective as it was 2 weeks before, so you get less bitcoin for your hashing power. This is why many people lose money when they start bitcoin mining, because the calculation they make for how much profit they will make, does not account for the ever increasing difficulty of the bitcoin algorithm, and the decline in their earnings over time. Just because you can earn X amount of BTC today, does not mean you can multiply that over 6 months to see how much profit you will make....it does not work like that. It is impossible to predict future price, and therefore future mining difficulty increases and decreases. New miners cannot predict the percentage increases in mining difficulty each month which directly correlates to close to the same percentage drops in revenue each month. Big jumps up in difficulty mean big drops in mining revenue for the same hashing power. If the price of bitcoin suddenly goes up.....it suddenly becomes more profitable to mine bitcoin again, and many miners who have turned off their equipment will see that it will pay them to turn it back on again. So the amount of miners mining, and the combined hashing power of the bitcoin network is linked to the price of bitcoin. When bitcoin dumps in price, it becomes unprofitable for many miners, and many will turn off their miners. You can see from the attachment the increase in the difficulty of mining bitcoin over the last year or so. On average it goes up every month, with big jumps when the price jumps. So bitcoin will always be profitable to mine for some people, and the ones who it is not profitable for anymore, will turn off their equipment...which will make the hash rate drop, and the profit go up....making it more profitable, so more miners join, and the scenario repeats.... There will always be people who can mine with free or really cheap electricity, or who have access to mining hardware at dirt cheap prices....so its not like bitcoin will stop being mined, that will only happen if bitcoin is worth less that the cost to mine it, and the last person left on earth mining it decides to turn off their mining equipment.
  12. BitcoinZAR

    How to buy Siacoin?

    I have a bunch of SIA, but also some STORJ that I got during their crowdsale a couple of years ago. So far I think STORJ is a lot further down the road than SIA but I think all of them have a great future. Found on Reddit: Pros and Cons of Storj and Sia STORJ Pros Very easy to use for individuals and corporations due to (1) variety of accepted payment methods, (2) Easy GUI interfaces Fixed price Pay as you go model. Due to its distributed architecture it is (1) easier to maintain and update, (2) can be scaled to accommodate network requirements. Faster transfer speeds than the competitors. Largest network. Cons single point of failure of the Storj Labs service (storj bridges). more subjected to vulnerabilities (e.g. DDOS) due to fragmented system. More expensive storage than SIA No storage marketplace for dynamic pricing SIA Pros Fully decentralized, not a single point of failure. Has a storage marketplace. Cheaper storage than STORJ. very secure due to blockchain consensus. Limited vulnerability risks. cons Requires a deposit of SIA coin before-hand in order to rent space on the network. Only allows the payment with the native SIA cryptocurrency. Lower ease-of use for both traditional companies and individuals. Requires the download the entire blockchain first in order to become a farmer, which requires allot of space and hours of synchronization. Difficult to scale and handle large data volumes due to blockchain limitations. Sia holds your money hostage if you're a farmer as collateral.
  13. BitcoinZAR

    Some bitcoin Q&A

    If you get 5% monthly, then over 6 months, that is 30% right? By just holding bitcoin, I got 500% increase in value over the last 6 months....by taking my bitcoin and investing it for 5% a month, I would have lost out on that....am I missing something?
  14. BitcoinZAR

    Cold storage wallets in Cape Town ?

    Hey guys FYI, just letting you know, if you want to purchase a hardware wallet, cryptocurrency is the preffered method of payment. If you are on Luno.com or ice3x.com, then you can pay through their website and not pay any fees. So it is possible to pay me bitcoin, litecoin or ethereum with zero fees using their system, to pay for a ledger nano or trezor. I get the funds instantly, and you dont pay any transaction fees...and courier delivers to you within 2 working days. You can also order direct from ledger wallet in France, but for now the shipping is only going to happen in March, so you would have to wait. Recently there have been posts online about a guy who had their cryptocurrency stolen after ordering a ledger nano s on ebay or similar website. The device was already setup with its private key when the guy ordered it. The seller initialized the device and then sent it off to the customer, so when the customer deposited funds, the seller was able to steal them. My devices are sealed from the factory, and you set them up yourself. I am an authorised distributor of both ledger and trezor companies. If you ever get a device that has already been setup, and already has a recovery seed from another supplier, simply reset the device to wipe it clean and start fresh.
  15. BitcoinZAR

    Understanding Bitcoin with Luno

    The CSV only exports 999 rows Not enough for me to do a proper monthly recon