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BitcoinZAR

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Everything posted by BitcoinZAR

  1. Bitcoin has made strong returns....litecoin has done better (upcoming halving for litecoin soon.....), and ethereum has done bad. They all went up in USD value, but because they are pinned to bitcoin price, you need to look at the BTC price, not USD price. 1 year change to BTC they are all down, with LTC being the closest to outperforming bitcoin Look at the top 5 performance to BTC...
  2. It has been just over a month since this thread started. It seems that the price has started to go up and is approx 46% up over the last 30 days. Today (01 June 2019) the price is around $8500 You can see over the last month the trend is up, but there has been some big jumps and drops in price along the way. Anything can happen in bitcoinland, it might still tank horribly short term, but I still think mostly sideways to upwards for the rest of the year overall, possibly increasing in volatility closer to the halving
  3. I cant view it because its behind a paywall that I wont pay...but ja, I dont trust those guys one bit
  4. Some interesting stats and information. A closer look at the way the bitcoin price is following the stock to flow model A chart showing the bitcoin halving time periods and how the price has reacted in the past Historical Bitcoin Prices in USD if you went back from today. Basically from todays price, if you have been in bitcoin for longer than 1 year, you are probably in profit. 2 years or longer, and the % profit starts to go up quite a bit:
  5. I think we might have seen the bottom already ($3122?), and expect the price to range sideways for a while longer, moving over to a bull market. I guess maybe between about $6k and $10k for a few more months. I just keep adding to my stash.....I am permanently bullish at these price levels anyway. If the price goes down, I buy more, if it goes up, I just get less for the same money.
  6. There is a hype cycle because the supply gets cut in half, and people who trade know this and make money off the fact that the supply will be decreasing. Think about it....You know for a fact that in 4 years time there will be 50% less bitcoin being mined each year, and then 4 years later, again 50% less, going on and on forever. Even if there is no more demand than there is today, when you cut the supply in half, but keep the same demand, the price should surely go up a lot. People who trade bitcoin know this, and they start buying up bitcoin in advance, with the purpose of selling it later at a big profit. This causes the hype cycle to repeat itself over and over, with higher highs, and higher low prices too. It costs so much, because there is so much demand for it. If nobody wanted it, the price would be zero, but everyone wants it, and the demand is reflected in the price.
  7. I have ordered single units as replacements which came without having to pay extra duties. Buying bulk means you definitely have to pay the duties, and also the fee to the courier company to 'process' your order and delivery. I am out of stock of Ledger Nano S devices and most likely not ordering bulk again, unless I can make it worth while. Bulk orders are not priority to them, so they sometimes take months to arrive, while the price of bitcoin changes drastically during that time period, which means your profit can disappear completely. For the end user, its faster and cheaper to just order directly from Ledger now, especially since they added free shipping for small orders to South Africa, and you might not need to pay duties. Bulk orders you still need to pay for shipping, so that is additional cost for resellers too. The time, expenses, and possibility of losing money means its just better to refer customers to them directly.
  8. Right now its cheaper to just buy direct from Ledger than from any retailer in South Africa because you get free shipping.
  9. An interesting post that predicts a bitcoin price of $55,000 after the 2020 halving: https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  10. Locally I prefer to use luno and iceCUBED. Internationally I use Bittrex, Binance, Bitstamp, Cex.io, Kucoin among a bunch of others I am registered on
  11. Today marks 422 days approximately until the next bitcoin 'halving', where the amount of bitcoin that is able to be mined every day is cut in half forever. The approximate date will be 24 May 2020. After previous bitcoin booms and busts in the hype cycle the uptick in the price has started to show improvement around 500 days before the halving. We are past that point, so I am hoping that there will start to be a slow steady increase in price again like there has been before. Lets see if history will repeat itself once again. The Bitcoin block mining reward halves every 210,000 blocks, and this time the coin reward will decrease from 12.5 to 6.25 coins approximately every 10min in May 2020. Usually there are guys who anticipate the increased demand and the price increase that responds to the demand, who buy in advance so that they can sell when the real frenzy starts at a great profit. I would bet that if things go like they have gone in the past, people will buy up bitcoin leading up to the halving, and might even dump a bunch before the actual date, before other guys get a chance to do the same thing. Lets see how it all plays out...The price of bitcoin on 28 March 2019: $4098 (according to coin market cap) EDIT:
  12. Just thought I would put this out there....I have a Telegram chat channel where we talk about bitcoin mostly, as well as other cryptocurrencies. If you want to ask a specific question, or would like to just chat casually about bitcoin / crypto with other people in South Africa, check it out. The channel is informal, and it is not a trading signals channel or anything really technical. Its mainly for casual chat about crypto. If you are on telegram, come and visit! https://t.me/bitcoinzarchat
  13. Good to be back! Finally managed to log in again, was having trouble for ages. When you rise fast, you drop fast too...who knows how low it will go, possibly even as low as $1000....all I know is that in time it will go back up again, and we will have new highs. My guess is that the next bear market will be when the price dumps down to the $20k mark. The next halving is getting closer, and I would expect that the price will range for a while longer before starting to pickup again running up to the halving event. Personally I just hold my main stash and dont bother trying to play the market much. The reason being that for me to cash in my main holdings on the way down, it would mean moving them to an exchange and selling, which opens up a can of worms. I expose myself in terms of how much bitcoin I have on that address and other addresses that have transacted with that address. Secondly, that can be seen as a taxable event, if I am 'cashing out', which I dont want to do right now, and thirdly, if I did cash out my main stash then I would now be sitting with a ton of cash on an exchange which I dont trust all that much. If I have to wait months to buy back in, I will be constantly worried that I have a lot of money on the exchange that is at risk. I prefer to keep my funds locked down as bitcoin, secured on my hardware wallet offline, where nobody knows that its mine. I am a reckless, but patient, and i'll wait it out a few more years before worrying about changing it back into government money. By that time, maybe I wont need to...who knows. I am still buying bitcoin....I do every month because its my long term savings plan. Now with the lower price, I just get a ton more than I was when it was closer to $20k. Win win in the long term.
  14. 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
  15. 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.
  16. 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
  17. The exchanges I use regularly are: luno.com, ice3x.com, bittrex.com, bitstamp.net, cex.io, binance.com, kucoin.com and cryptopia.co.nz
  18. The guy who created litecoin, Charlie Lee, has publicly warned people that this could be a scam. Beware. https://twitter.com/SatoshiLite/status/960197866546282496
  19. 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.
  20. I think I'll wait a couple more years to get some property....see how this all plays out.
  21. 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.
  22. I'm all in. (i'm reckless and have a high risk appetite...don't be like me.)
  23. Interesting video for those wanting to learn more about Lightning network for bitcoin [video=youtube]
  24. 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.
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