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Posts posted by JamesYellen

  1. I do not think that amount of money will make a major difference to your bond assuming 20 year bond. Keep the stocks, we are in a terrible time now, but in the greater scheme of things this 5 - 7 year period will be a blimp when you retire, the time in the market assuming you continue buying as per usual should reward you in the longer time.


    If you have a shorter term goal then yes the rules of the game has been significantly changed. Bitcoin and or Ethereum is always a option...


    Do not sell the TFSA stocks.

  2. [video=youtube]https://youtu.be/-J1qZPD4RD4


    Paul Sykes: At Large


    Paul Sykes was a heavyweight boxer and weightlifter from Wakefield in England, he had ten professional fights but his entire adult life was marred by alcohol abuse and both petty and violent crimes. All ten of his fights came during a period of rehabilitation and relative sobriety between 1978 to 1980, in his sixth fight he knocked American David Wilson out cold and continued to punch him. The American was put on a life support machine and spent a month in hospital.


    Sykes spent 21 out of 26 years incarcerated in 18 different prisons – mostly for violent crimes – in a period spanning the 70’s, 80’s, and 90’s, and was considered one of the countries most difficult prisoners. Upon his release from Hull prison in 1990 producer Roger Greenwood followed him in order to make this documentary, Paul Sykes: At Large. The film reveals Sykes to be a very intelligent but clearly unhinged individual.


    In the years which followed this documentary Sykes failed to control his drinking and his physical and mental health further declined, he was given an ASBO by Wakefield council at the turn of the century after a string of incidents of disorder whilst drunk. He died in 2007 from alcohol related liver disease. He was survived by two sons, both of whom are now serving life sentences for two separate murders.

  3. Thanks for the information so far. Much appreciated.

    I had also toyed with the Demo money for a bit, I had put an amount into Kumba Iron Ore months back, and its sitting with a 346% profit. If only that was real hey?

    I'll be cautious going forward and will not do anything stupid. Hopefully.


    One note of caution, however I am sure you know that.


    Some sectors should not be considered for people starting out. Most notably, Resources. Do not touch those with your real money until you are comfortable with cyclical stocks and consciously understand that those are not buy and hold stocks.



    Welcome to the forum as well :)

  4. @BitcoinZar you guys are stunning! 


    Thank you for the detailed post. Great addition to the forum. I am starting to like this place more and more. 


    Now to get Luno and others here too so we can discuss and collaborate. I came to this forum as r/Bitcoin started to get a bit derailed and ego chambered to a degree.

  5. @BitcoinZAR would you mind writing/posting a proper tutorial on how to get started with hardware wallets? I think so many South African's are innocently storing there bitcoins in Luno, blockchain.info and other online exchanges and wallets, not knowing the risks involved.


    (I also get so many PMs asking for advice on hardware wallets and proper storing of bitcoins)

  6. In my small mind this does not seem to be good news...but we live in hope. what do you guys think ?


    So over the fiat currency story !!!


    Bitcoin is Myspace before Facebook came along. Bitcoin is Altavista or Webcrawler before Google came along. Bitcoin is Netscape before Chrome came along. AOL before broadband internet.

    Tech is full of examples of dominate early players being pushed into obscurity due to a better, more accessible alternative.


    Out of all the crytocurrencies, Bitcoin has got a massive lead. I hope it succeeds, but the bickering about Segwit vs. BU is hurting the community.

  7. Accepting a new fork might be the only life saver at this point in time as bitcoin's biggest flaw is the transaction fees, it will become it's own biggest competitor. Until super quantum computers become a thing solving all the transactions enabling one government to own most of it and then it leaves your computers working on "the answer of what true love is" with only the values of "your" and "mom" to work off into.


    Then there is this:



    We all want to peak behind the curtain and see what people really think, but in a public setting, they are usually guarded and engage in marketing speak. So we went undercover.


    The following conversation took place on the 16th of February 2017 when it became clear segwit had stalled. Bitcoin Unlimited, at the time, had gained some momentum, but the mood was uncertain.


    Considering the apparent rejection of segwit by miners, we began by wondering what Bitcoin Core developers plan to do now.


    Adam Back, executive director and President of Blockstream, told us the plan might be to “maybe talk with some miners, see if we can debug what the issue is.” When we pushed by saying miners seem to have made their decision in regards to segiwt, Back replied by stating “I’m sorry, but I can’t help people who make nonsensical decisions. You realise what the alternative is?”


    It is worthy to bear in mind this is a real-time two ways conversation. We interjected to point out that it wasn’t about people, but bitcoin, a, at that time, $16 billion market.


    Back replied to state that “bitcoin as a default continues with a 1MB block and no segwit. For holders that appears stable.”


    The obvious question we asked is whether Back is “happy with 1mb forever?”


    He replied to state in a way that implies he would be happy “if a few miners abuse a monopoly-like position to block something that most of the ecosystem wants.” He further added:


    “What are the tech alternatives if they have decided they don’t like segwit for no particularly rational reason that anyone has heard? Just tech feasibility, no judgement. Say developers accept this aesthetic or ego or whatever choice. Then a new approach has to be implemented. It will take 12 months minimum. Design, development, testing, network validation etc.”


    “I won’t engage in arguments or pass judgment, I’m sure they have their reasons. We are where we are. Where do we go now?” – we asked.


    “I like to understand motives and reasons.” – Back replied, “is it a rational proposal to delay 12months to no gain?” – he continued. “In the mean time fees go up, some usecases leave bitcoin that didn’t need to, lightning is delayed. It seems to me it is within the capabilities and means of the bitcoin ecosystem to fix this problem. They just need to get their act together and talk with Jihan.” – Back said.


    We kept pressing by re-iterating our question: “does bitcoin end here at 1MB or is something else coming along?”


    Back replied by stating that “there are lots of things coming in stages including lightning and high transaction throughput and bigger block via some kind of fork. It’ll take, in my opinion, 2-3 years across all those things because software is complex. It’s kind of unfortunate if one stubborn or miscommunication or whatever problem delays progress by a further 3 months.


    Bitcoin underwent many optimisations of similar nature over the last 8 years. I’m flexible but developers are bounded by the reality of software physics. They can’t do 12 months of work in 1 month. No one wants to break bitcoin by bungled untested fork to fix it.”


    After some back and forth repetition, we pointed out that ethereum coded their hardfork in weeks. They did so more than once. In response to the DAO incident and in response to a DDoS bug. We pointed out that Adam Back has 13 developers under his command. It can be done in days.


    “Their s*** was on fire.  They had to undo it. It was bungled. No one transacts on ethereum. No one cares. Few people who are smart attacked it. Different ball game. Take a look at segwit. The design was figured out in outline August 2015 I think. Alpha code December 2015.” – Back stated.


    We asked if “4MB plus segwit in 12 months” can be proposed and merged. Back replied by stating “no one in the tech community will accept that 4MB multiplied by 2-4 by segwit (4-16mb worst case) is safe. They will want to do weak blocks first (as the roadmap says) and in order to do that they would like to see the effect of segwit. It is not just a technical effect but an economic usage effect so it’s not entirely predictable.


    I think people often think we’ll just do “xMB and segwit too, or do segwit as a HF and call it a day.” Not realising that each word of their what-if configuration is a months work for a team of dozens.  And often negative work, resulting in a worse or riskier solution (a number of people have proposed such variants, it is just more complex than it looks). And this isn’t even getting to the root cause of why centralisation is such a problem.”


    Putting forth the other side’s argument, we asked “why should I think you do not want capacity limited to 1mb?”


    Back replied by stating “the opposite, but there are tradeoffs to security and permissionlessness. So, here’s one concrete thing: I proposed the use of schnorr aggregated signatures in 2013. It’s now implemented in library form. That makes transactions 27-41% smaller so more transactions per block.”


    Pressing on the 1MB point, we stated that “many blockstream employees have said they are fine with segwit never activating and, basically, 1mb forever,” to which Back replied by saying “it’s a reaction to the impression that some people are thinking to blackmail developers. They are explaining that it’s the wrong tactic.”


    “Doesn’t that suggest developers are blackmailing miners?” – we asked, to which Back replied by saying “no. What they did is develop a proposal that they had every reason to suppose would be acceptable to all. It’s up to the ecosystem as to whether they like it or not. The ecosystem evidently does like it. And miners role is to do what the ecosystem, which includes users and investors, wants or ultimately the ecosystem can and will fire them. But none of that is for developers to meddle in their view. That’s between users, ecosystem companies and miners.”


    “You say ecosystem, but if there was a token vote and 90% showed one preference, don’t we still need developers to merge and then miners activate?” – we asked.


    “Not really. It could just be activated by companies. People are content to wait for miners to do the right thing for a while. If that doesn’t happen presumably another activation method will be used.”


    This conversation took place exactly ten days before, on the 26th of February 2017, a Litecoin developer proposed a new flag day soft-fork activation method which gained some attention and ultimately led to Bitmain mining with Bitcoin Unlimited. At the time, we were not aware, so asked if by “another activation method” Back meant the so-called nuclear option, a Proof of Work fork.


    Back responded by stating “no pow change. Just activate it.” We pointed out miners are needed for transaction validation as well as developers to merge, but Back responded by saying “consensus rules are enforced by economic full nodes. If economic full nodes say with near unanimity this is what we want and we’re turning it on, miners will follow.”


    “I think the miners are quite bitcoin invested (directly) as well as indirectly. They do not actually want to hurt their investment.”- Back continued.


    We argued that would be network suicide: “Developers propose, miners judge, in the very most extreme circumstances users over-rule. When it comes to users to decide, it’s basically over, their only decision is selling it down to zero, unless two coins, but…”


    “How so?” – Adam Back asked. “segwit is opt-in for miners also. They don’t have to create segwit blocks, if they do nothing different, nothing breaks. It’s a misunderstanding of what miners job is here. Miners are only paid to ensure transaction processing and signal for rules users want. Users set the rules.”


    “I’m sure you’ve read the whitepaper.” – we said. “No, it’s more technical and subtle. If a miner changed the rules, they would not be mining.” – Back replied.


    “There are no fast rules, we don’t know what would happen.” – we argued. “It’s true that things get grey at the edges, but it is assumed that no one wants the nuclear option in MAD.” Back replied.


    “You appear to,” – we said, “or, your employees.” “No and no” – Back replied. “We’ve all (those much involved with coding on bitcoin) behaved extremely professionally and courteously under fire doing mission critical and not lost our cool, nor been particularly forceful in calling out bad behavior.”


    “I hope you all understand it is not for you to order anyone. You serve. You made a proposal. It is rejected. What now?” – we asked.


    “Right. Well it was not rejected. It was accepted by most of the ecosystem.” – Back said. “23% for three months, that’s rejected.” – we replied. “That’s one guy. His view can change over a meal. Those 200-500 CEOs, VCs and investors can’t manage one plane ticket to China and a meal between them?” – Back asked.


    “It’s not just one guy, F2Pool, Bitmain, BW.com, HaoBTC, BTC.TOP, ViaBTC, plus others.” – we pointed out.


    “It is just one guy. It’s all the same guy!” – Adam Back said in one of the more interesting statement of this undercover interview. “He has 80% of the ASIC production, ViaBTC, he’s an investor in. He’s not overtly blocking, e.g. with his own pools, but as a proxy war, the view and some evidence is that this is indeed what is happening.” – Back continued.


    We asked for evidence. “I do not actually know you, to know that the conversation won’t be on pastebin at the end of the day… but there is evidence. Anyway, say it’s 2-3 guys. Still people can go talk to them.”


    “Are you seriously going to defame Jihan Wu in a private conversation without providing any evidence?” – we asked.


    “I will not provide you with evidence because I have no idea who you are.” – Back replied. “Or because you have none,” – we returned. “Fine ask a dozen other people.” – Back told us.


    Bitmain has denied they have backed ViaBTC. BTC.TOP has stated none of their hashrate share is from Bitmain. Sources suggest part of the reason why Bitmain began mining Bitcoin Unlimited is because of what they see as unfounded accusations.


    “What happens if Jihan denies it?” – we asked. “I would not approach things in a accusatory way face to face. That is not clever in Chinese (or western) culture. Clearly he would have influence so if some people chose to go talk with him, they could ask for his help in activating segwit.” – Back stated.


    “Is it so difficult, after two years of debate, to accept others have different views, including much of the industry, and despite your own interests, they have their own interests, especially miners, who have invested far more than you.” – we asked.


    “At this time it appears that most of the ecosystem supports segwit as a next step and would sooner see it activate asap. My interests are simple: what is best for bitcoin, in my view.” – Back said.


    “Didn’t the Digital Currency Group recently publish a pretty damming article, do you listen to no one?” – we asked.


    “I listen to everyone who is willing to say what it is they think.” – Back replied. “But you don’t and you know it,” – we returned.


    “Again, back to the well what technically else can be done. I do think a lot of the developers approach things in a selfless way. Propose, if it isn’t liked, then ask questions and propose something else, but these are not free choices.”


    “2-3 weeks for ethereum developers. Are bitcoin developers so incompetent?” – we asked.


    “The competence level is the other way around. Again look at evidence. Segwit pre-alpha was implemented between August 2015 and December 2015. Released to testing May? 2016. Signaling started from a few months ago.”


    We responded by saying “it [the other way around] seems like not,” but Back told us “reason is confused,” courting a bit of sarcasm on our part “says you? Master Adam” which was met with an interesting response.


    “Look there are lots of smart people, but there is also a lot that almost no one knows about security details in bitcoin incident response. So it’s a common theme that a VC or someone will think that they can just rustle up $10m and hire some top developers, how hard can it be. And they are very wrong.”


    We pointed out that “miners are making no choice” to return the conversation towards a potential solution. “I would like to look said miners in the eye and see what they are actually willing to say about their decision.” – he told us.


    We pointed out he has done so many times. “No, once more. The last conversation ended with them saying they would activate segwit and yet now it is not happening so something unexplained to what was said is going on. My interests are bitcoins, and I know much more about the protocol and security than they do.” – Back said.


    The conversation diverged somewhat in a back and forth regarding the above last sentence, we raising skepticism and Adam Back telling us it is not difficult to imagine he knows better than miners. We pointed out we don’t need imagination, which interjected “post-facts.” We pointed out post-facts don’t exist. There are facts, post-facts are called lies. A statement Back agreed with, then proceeded to say:


    “I do get a few too many people look at me like I’m Satoshi and supposed to rescue things. I think things would not be nearly so bad if more people acted like men and got involved and spoke their minds. Un-constructive behaviour can survive better if people do not step up and call it to account.”


    We pointed out that statement can be applied both ways and returned to the underlying matter to ask for the third and last time whether ethereum developers, who coded, deployed and activated a controversial hardfork in weeks, as well as, later on, a non-controversial hardfork in the same sort of time frame, are more competent than bitcoin developers. This time, we finally received a response. Back said:


    “I cannot tell developers what to do. If they are ethically against a given coding proposal as bad for bitcoin they will simply refuse. It depends what the change is but nothing that large in network load will be accepted as a simple one off change, because the networks decentralisation is already near breaking point. So they will want to implement related changes to make it decentralisation safe.


    Developers are servants, but not slaves. If they are asked to do something unethical, they say no. Personally, I prefer extension-blocks which are not even a [hard fork], rather a further soft-fork like segwit to get more scale. So would that be rejected because it’s not a hard-fork?


    It is hard to do good protocol design and science if people will block and fight based on irrational criteria. It is also hard to do design and development work when it is unpredictable what will be accepted, which is kind of how we got here… 12 months work and then stall for the short term.


    Anyway, the next thing to watch is Litecoin, they are a dry run and it may shift thinking… I am more positive than all of this. Let’s see Litecoin activate. A few companies go talk with Jihan and other miners. See if they can work something out.”


    Litecoin’s segwit stands at around 20% after more than a month with BTC.TOP’s founder saying major Litecoin pools will not activate segwit.


    Returning to the conversation, we stated: “Yes, you can’t tell developers much, and that’s a problem. Obviously you could fire them, but, conceptually, it is a fundamental intellectual problem.”


    “Right, but bitcoin developers are servants (to bitcoin users) and not slaves. I can’t tell them what to do, and if I tried they would say no, and I would support their absolute right to do so. The concept is just that they must do what they think is ethical.” – Back responded.


    “Indeed, but it’s more complex, because they do have power to merge code and if they don’t things could get messy, so a complex intellectual problem” – we said in turn.


    “Which doesn’t mean one can’t try to formulate pragmatic compromises and see if they could be persuaded of the merit of it being in bitcoins best interest long term. See, even bitcoin classic, u/maaku7 on reddit wrote an very principled and clear explainer of why he would reject a change pushed by political force and lobbying.” – Back said.


    “Yes, but he’s just one guy, with no real stake in the system. If bitcoin goes down, he just gets another job.” – we pointed out.


    “Right, I take bitcoin failing deathly seriously. That must not happen under any circumstances. It is too valuable for humanity. You do know I got complained at on all sides for my last attempt to broker peace.” – Back said in response.


    Back suggested a 2-4-8MB compromise around two years ago, a compromise that was expected to be announced at the bitcoin scalability workshop. In a surprise move, segwit was announced instead.


    Some, at that point, speculated he was over-written and had no real say. A conclusion that was supported by what happened after the Hong Kong agreement. After around 17 hours of closed door discussions, with no journalists invited, between almost all miners and many Bitcoin Core developers, as well as business representatives such as Adam Back, an agreement was reached to merge a 2MB hardfork code into the Bitcoin Core client three months after segwit is merged.


    That agreement seemed dead in the water just months after it was reached following a prominent Bitcoin Core developer’s insult of those who signed the document. Now, more than a year later, there is no doubt the promise to miners made by Adam Back and many Bitcoin Core developers has been breached.


    Source: http://www.trustnodes.com/2017/03/13/undercover-interview-adam-back-blockstreams-president

  8. Those SEC dinosaurs are holding on tight to their paper currency, they don't want bitcoin to list that ETF and shine. I was hoping they'd allow it and i could join the bitcoin revolution through the ETF because i'm still trying to learn how to mine and everything . (GREAT THREAD)


    Hey Groovy, don't mine it. You will not make money those days are long gone. Open up an Account with Luno.com (South African Company), eft money to the account and then buy/trade bitcoin. You can also look at bitfinex.com if you want a more professional trading platform for a wider range of crypto currencies. 


    The average home miner will struggle to be profitable or recoup the cost of mining hardware and electricity.


    Profitability is highly unlikely given the current circumstances. The situation may improve in future once ASIC mining hardware innovation reaches the point of diminishing returns. That, coupled with cheap, hopefully sustainable power solutions may once again make Bitcoin mining profitable to small individual miners around the world.


    This would also greatly improve the decentralisation of the Bitcoin network, hardening it against legislative risk.

  9. [video=youtube]https://youtu.be/FGyKN3YvoFc


    We live in an age when technological innovation seems to be limitlessly soaring. But for all the satisfying speed with which our gadgets have improved, many of them share a frustrating weakness: the batteries. 


    Though they have improved in last century, batteries remain finicky, bulky, expensive, toxic, and maddeningly short-lived. The quest is on for a “super battery,” and the stakes in this hunt are much higher than the phone in your pocket. With climate change looming, electric cars and renewable energy sources like wind and solar power could hold keys to a greener future...if we can engineer the perfect battery. 


    Join host David Pogue as he explores the hidden world of energy storage, from the power—and danger—of the lithium-ion batteries we use today, to the bold innovations that could one day charge our world.

  10. [video=youtube]


    This film, titled “Not Business As Usual,” takes a provocative look at capitalism and the price of success. According to Jay Coen Gilbert, co-founder of B Lab, twentieth century capitalism has one rule in its operating system which is that the purpose of the corporation is to maximize shareholder value exclusively, even if that means that there are significant unintended consequences.


    It’s amazing how consumers have an unshakeable trust in the products they buy without bothering to check the ingredients or the manufacturer. History has taught us that on many occasions a product that was deemed “harmless for human consumption” turned out to be toxic or poisonous. Yet consumers continue to blindly buy whatever is placed out there and businesses make a whopping profit.


    This happens because the mentality that “people who are successful have stuff” has shaped the minds of generations since WWII. And so people get into the habit of accumulating a lot of unnecessary items because big companies have consistently encouraged them to do so. Most people are convinced that in order to look and feel successful they have to have a lot of possessions. For businesses and manufacturing companies it has become all about making a profit. Never mind the effect of this on society or the environment.


    The inevitable questions we need to analyze are: in today’s highly competitive market does it make sense to expect businesses to operate according to universal values? And is it realistic to expect a company to lose money just to accommodate business ethics?


    Not Business as Usual intentionally exposes the changing landscape of businesses around the world due to the rising tide of conscious capitalism. Local entrepreneurs who have found inventive ways to bring humanity back into business, share their stories to prove that there is a better way. Watch this documentary now.

  11. After falling $100 on Tuesday morning, bitcoin’s price continued its decline on Wednesday. The price, which peaked at $1,285 on Monday according to the exchange Bitstamp, dropped 1.5 percent the next morning. Within thirty minutes of this decrease, the digital currency had fallen to $1,160. The price then climbed to $1,229 before taking another downturn.


    Related: Don’t Miss the Fine Print on that Bitcoin ETF


    There are numerous dynamics at play in the bitcoin market. The People’s Bank of China (PBOC) recently stated that the digital currency needs to be strictly regulated. Exchanges there announced last month that they would cease withdrawals until March, only to extend the wait further.


    In the past year, according to Google Trends data, search interest for the term ‘buy bitcoin’ has steadily increased. In early February, it began a steep climb indicative of a future increase in buying interest.




    The forthcoming SEC announcement about whether or not a Bitcoin ETF would be allowed could have also played a role in recent price movements. Some have suggested that the declines resulted from insider trading and speculators betting that the Bitcoin ETF would not be approved.


    According to people “familiar with the matter”, and anonymous source Bitcoin.com has been in contact with, the ETF decision could come as early as Friday, and perhaps even earlier. Others say the decision might arrive on Monday.


    The hedge fund Global Advisors Bitcoin Investment Fund (GABI), in a letter to subscribers, noted this week that it believes there is only a 25% chance the ETF will be approved.


    Despite the recent lull in price and uncertainty over the Bitcoin ETF, many analysts remain optimistic about the future of the price of bitcoin.


    Increased regulation from Chinese authorities, demonetization in India, recently passed legislation in Japan, as well as the general decline of the value of fiat currency, are all seen as impetuses to bitcoin’s price rise. Analysts share a wide range of future price predictions.



    “I think you’ll see rapid growth in adoption”


    “In terms of price this year, I think [bitcoin] will go up to $3,000. As it becomes more pervasive and more generally accepted, I think you’ll see rapid growth in adoption”, Adam Davies, a consultant at Altus Consulting, told CNBC in an interview on Tuesday. “People are unsure about what is going on in the world, and digital currencies unlike the U.K. pound sterling have been hit badly because of Brexit, so people are looking to divest into bitcoin. There is a definitely upward trend. So the drivers will be hedging against currency fluctuations and insecurity in the markets”.


    Clif High, an analyst who some have called a modern-day Nostradamus, predicted that the recent price decrease is no more than a minute lull. “Bitcoin is gonna be $13,008 by February of next year”, predicts Mr. High. “Bitcoin is simply escalating. And bitcoin doesn’t explode [in price] until 2019”.


    In a study of the effects of Bitcoin halvings on the bitcoin price, Bitcoin.com found that it would not be unreasonable to anticipate a more-than-$10,000 price per bitcoin in the period of time following the 2016 ‘Bitcoin halving’, in which Bitcoin miner rewards were reduced by one-half.


    Bitcoin’s price increased 120 percent in 2016, making it the best performing currency the second year in a row. If last year is any indication, bitcoin’s price could reach $2,200 by the end of 2017.


    What do you attribute the recent bitcoin’s price action to?


    source: https://news.bitcoin.com/bitcoin-price-consolidates-on-etf-news/

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