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Everything posted by JamesYellen

  1. New Member 0 Member 10 Active Member 100 Padawan 1500 Apprentice 5000 Knight 10000 Jedi Master / Sith Lord 50000
  2. Joe's wife will inherit all the money in his bank account and the physical stuff in the house and storage that he owns. His children will each inherit one bitcoin. His investment money will be handed over to his wife to manage, but when the children turn 21 they are each entitled to 20% of the funds and his wife 40% ^Is that possible?
  3. Joe is an interesting person who does not play by the rules. He is the sole owner of his business, but he has an informal agreement with his brother-in-law to lease the premises, but instead of paying a fixed rate Joe instead pays his brother 5% of the Net profit for that month, that way Joe feels he is covered if there is a bad month and wont then miss a payment creating family issues with his Brother-in-law, his Brother-in-law is a wealthy man with plenty of land and agreed to the 5% out of principle because Joe refused his offer to use the premises free of charge.
  4. The knee-jerk approach of governments around the world towards Bitcoin and Blockchain leave room for a lot of questions. The actions of the regulatory agencies as it concerns this disruptive technology shows an element of panic and confusion. Just recently, the governor of the Central Bank of the UAE reversed an earlier statement by the government which contained “all virtual currencies and transactions thereof are prohibited.” There is no ban on Bitcoin In a statement to Gulf News clarifying the regulation, Mubarak Rashid Khamis Al Mansouri, Governor of the Central Bank, said: The UAE is not an isolated situation because we have seen similar developments in Nigeria, where the Central Bank, after advising the public against investing in digital currencies returned a few days later with a circular requesting banks to produce nominees into a committee that will produce the policies and guidelines that will guide Blockchain regulation in Nigeria. A number of reasons have been identified for the perceived ‘back and forth’ behavior of government towards Bitcoin and Blockchain. Bitcoin price will skyrocket Michael Vogel, CEO of Netcoins sees the inadequate understanding of Bitcoin by the lawmakers as one of the major reasons for the sporadic reversals in government position on Bitcoin. Perhaps from the government’s perspective, it is easier to ban than regulate or perhaps they realize after the fact that a ban would be difficult or impossible to enforce. Vogel points out that regulation or lack thereof continues to be a delicate matter and a strain for those looking to use Bitcoin legitimately. He says that in some ways, a wait-and-see approach to regulation is good because over-regulation can stifle innovation. However, a lack of legal clarity can also make it difficult for Bitcoin businesses to operate. Vogel concludes: The government is afraid Simon Dixon, CEO of BnkToTheFuture.com describes the actions of government as a ‘dilemma.’ Dixon says that the initial reaction of governments usually reveals some level of emotional response in the form of fear and panic. Therefore, their initial reaction is most often knee-jerk. He also explains that what usually follows is that these governments then dig deeper only to realize that their banks want to explore Blockchain technology- a code word for Bitcoin. Then their central banks realize that digital currency can help them rage war on cash. In the end, they flip-flop their announcements realizing that Bitcoin may be something they have to put up with to achieve their goals of creating a worse version of Bitcoin and supporting their banks with their 'Blockchain' buzz-word. However, Dixon notes that this development is not new in the ecosystem as it has been a pattern across the globe. He says: Source: https://cointelegraph.com/news/bitcoin-price-will-skyrocket-if-it-becomes-worlds-reserve-currency-by-2020
  5. https://techcrunch.com/2016/12/28/the-price-of-bitcoin-is-creeping-back-toward-its-3-year-high-of-1000
  6. Bitcoin Investment Trust (BIT) wants to be listed on NYSE Arca, according to a registration statement filed Friday with the U.S Securities and Exchange Commission (SEC). This is the second proposed Bitcoin investment trust listing on the exchange. The first, Solidx Bitcoin Trust, has yet to be approved by the SEC. Using Solidx as a model, it could take the Commission until October to make a decision whether to approve or disapprove BIT’s listing. As Donald Trump prepared to be inaugurated as the 45th President of the United States on January 20, Barry Silbert filed a registration statement with the SEC seeking an initial public offering (IPO) for his flagship fund BIT. BIT’s shares are to be listed under the symbol GBTC on the NYSE Arca. “This is an initial public offering of the Trust’s Shares,” BIT’s registration[/url] https://news.bitcoin.com/wp-content/uploads/2017/01/gbtc-1-300x174.jpg[/img] statement reads. The shares “are designed to provide investors with a cost-effective and convenient way to invest in Bitcoin.” Grayscale Investments, LLC is the sponsor of the Trust, Delaware Trust Company is the trustee, the Bank of New York Mellon is the transfer agent, as well as the administrator, and Xapo Inc. is the custodian. The annual fee for investors will remain at 2 percent. The proposed maximum offering is $500 million of the Trust’s shares. Silbert’s Grayscale Investments, LLC simultaneously announced that it “has ceased its ongoing private placement and will no longer issue shares of the Bitcoin Investment Trust through its previous 506© private placement.” However, BIT’s shares will continue to be quoted in the secondary market over-the-counter on OTCQX under the symbol GBTC while the registration with the SEC is pending approval. GBTC currently has assets under management of $164.21 million as of the end of December 2016.
  7. Perhaps the ZarX exchange poses a bigger threat? To be honest I don't know know the reason either, I think the admins has been trying to get hold of ZarX but they(zarx) are not responding.
  8. 1 Bitcoin is worth R12,791 So the three bitcoins will be worth R38,373 How does this work in the will? Should the value matter concidering a bitcoin is like a virtual piece of gold or jewelry in that if you leave your wife 1 gold bar she inherits the gold bar although that gold bar's price fluctuates it does not change the fact that she gets 1 physical gold bar.
  9. I really like these Sygnia funds, it already seems like a very viable route if you are not up for the DIY ETFs.
  10. I think the best would be to rush 1 through 3 so you can start with 4 as soon as possible so you can take advantage of the power of compounding. For example, if you invest R1,000 and earn an average 10% return annually, your investment will grow to R1,100 after the first year. After the second year, you won’t just earn another R100 but R110, for a total of R1,210. And the third year you will earn R121 for a total value of R1,331. On a small scale, this doesn’t seem like much, but assume you invest R1,000 per year for 30 years and average a conservative 8% return. Instead of having R30,000 in a checking account, you will have accumulated more than R132,000. Compounding returns are critical to investors because they allow you to turn small principal contributions over a long period of time into large nest eggs. Keep in mind that Albert Einstein called compounding interest “the most powerful force in the universe.” So in essence how to start investing rush till 4. Maybe we should have some beginner course on how to invest similar to what we have going here: https://www.platinumwealth.co.za/forum/Thread-Part-1-Wills-and-Testaments-101-Gather-information with the guide on how to create a will by creating a scenario for a dummy user. With the likes of easyquities making it available to start out really small it would be ideal to create a tutorial for new comers perhaps bundle it up for a more diversified offering by including an Unit Trust from the likes of Sygnia, after reading what @Magda Wierzycka had to say I realized it’s time to move my unit trust across from my existing broker. @Platinum Wealth perhaps you can contact easyequities and ask them to allocate a dummy account for you or a member willing to do this then you take screenshots and guide the user step by step through the process. Seems Sygnia is willing to engage on the forum so same to them ask them if they are willing to help mainly by demonstrating what the process would be to open an account and what sort of account access you will get and how the “dashboard” looks like and create some form of balanced scenario for the average joe who does not earn top 1% figures. I see 22seven being mentioned here on the forum perhaps that should be included if Sygnia can be synced up with 22Seven like easyequities can. Perhaps the beginners guide should be focused around a core etf portfolio since the etf in itself would be more diversified and less prone to fluctuations compared to a single stocks portfolio the idea here being to get average joe in the right mindset since a lot about investing is a mindset as well and he has to be trained shown what swings can happen.
  11. They are still the same bitx just went with a brand makeover. https://www.luno.com/en/about
  12. I will be buying some more if the price reaches R9000 ever again. Right now I am buying Ethereum, not a lot, but enough in order for it to be worth something if it gets the same traction.
  13. Joe owns a small bakery which he is the sole proprietor off but his brother in law has a 5% ownership in the business since the bakery is on his premises in a up market retail area. Joe also has a BitX account with 3 bitcoins in, his username is "AverageJoeImNot" and his password is "gogojoe". Joe's bitcoins are worth R12 000 each.
  14. Souce: https://www.theguardian.com/business/2016/oct/02/german-business-leaders-offer-support-to-deutsche-bank
  15. The Banker's Guide to Art - BBC Documentary 2016 [video=youtube]https://youtu.be/ovQNNxnvodM Documentary taking an inside look at the high-stakes and sometimes murky world of art collecting. In recent years, the value of London's art market has soared to unprecedented heights, driven by the nouveau riche of the financial world, whose money has poured into the bank accounts of dealers, galleries and auction houses.
  16. Come to think of it that might be a good thread to start, Your Will and Testament, concidering if anyone is like me, this thought has not cross my mind until just now I guess I am still at that age where I feel indestructible, but I will now need to think about this not so much who gets it, but more how does a will work in this modern society where everything is password protected.
  17. When I first bought my bitcoins it was R6 300 per bitcoin, 2015 has been a heavenly year since I was able to pick up a lot of bitcoins between R2 600 and R3 900 a bit coin is worth right now R8 875, just last week it was over R9 000 when our ZAR was out of whack. Since I earn in ZAR I now try to buy bitcoin when it goes below R7 000 because my intend is to have a lot of bitcoin and then go aboard since if our currency tank then my bitcoins will not save me in this country due to the currency being worth none, but 10 bitcoins should in my mind be worth more in value overseas than what it would be worth here I think. As for my will.... Never thought of that, I don't even have one, something I should probably give some thought sometime.
  18. I have not considered it as an investment just yet, let me rephrase that; I have been buying bitcoin little by little since 2014 just in case we have a doomsday scenario in South Africa and I need to get out of this country quick. Looking at our current political climate and the downgrade in December I am certainly glad I took this decision 2 years ago. I use Bitx.co to buy my bitcoins it is a South African company partly owned by Naspers I think in case anyone is wondering how to get some bitcoins.
  19. Here she is! This is the thread about everything Bitcoin! Introduction to Bitcoin Forget most things you've heard. People discover Bitcoin in a variety of ways, but usually pick up some sort of misconception like "Bitcoin gives free money to people with computers" or "in order to use Bitcoin I have to use a program that wastes electricity for nothing" along the way. Here is a good summary to help you understand Bitcoin in general, by focusing on what Bitcoin is and what problem it solves. These two things are not typically well explained on most websites, and it is difficult to appreciate just how effective a technology Bitcoin is until they are understood. What Bitcoin is: An agreement amongst a community of people to use 21 million secure mathematical tokens--"bitcoins"--as money, like traditional African and Asian societies used the money cowry. Unlike the money cowry: there will never be more bitcoins they are impossible to counterfeit they can be divided into as small of pieces as you want and they can be transferred instantly across great distances via a digital connection such as the internet. This is accomplished by the use of powerful cryptography many times stronger than that used by banks. Instead of simply being "sent" coins have to be cryptographically signed over from one entity to another, essentially putting a lock and key on each token so that bitcoins can be securely backed up in multiple places, and so that copying doesn't increase the amount you owe. Because bitcoins are given their value by the community, they don't need to be accepted by anyone else or backed by any authority to succeed. They are like a local currency except much, much more effective and local to the whole world. As an example of how effective the community is at "backing" the bitcoin: on April 4th 2011 30,000 bitcoins were abruptly sold on the largest Bitcoin exchange, consuming nearly all "buy" offers on the order book and dropping the price by nearly 1/3. But within a couple of days, the price on the exchange had fully rebounded and bitcoins were again trading at good volumes, with large "buy" offers slowly replacing the ones consumed by the trades. The ability of such a small economy (there were only 5 million out of the total 21 million bitcoins circulating then, or about 3.75 million USD worth at then-current exchange rates) to absorb such a large sell-off without crashing shows that bitcoins were already working beautifully. What problem Bitcoin solves: Mathematically, the specific implementation of the bitcoin protocol solves the problem of "how to do all of the above without trusting anyone". If that sounds amazing, it should! Normally a local currency has to trust all kinds of people for it to be able to work. So does a national currency. And in both cases, that trust is often abused. But with Bitcoin, there's no one person who can abuse the system. Nobody can print more money, nobody can re-use the coins simply by making a copy, and nobody can use anyone else's coins without having direct access to their keys. People who break its mathematical "rules" simply end up creating a whole different system incompatible with the first. As long as these rules are followed by someone, the only way Bitcoin can fail is for everyone to stop using it. This marvelous quality of not having to trust anyone is achieved in two ways. First, through the use of cutting-edge cryptography. Cryptography ensures that only the owner of the bitcoins has the authority to spend them. The cryptography used in Bitcoin is so strong that all the world's online banking would be compromised before Bitcoin would be, and it can even be upgraded if that were to start to happen. It's like if each banknote in your pocket had a 100-digit combination lock on it that couldn't be removed without destroying the bill itself. Bitcoin is that secure. But the second way of securing the system, called the blockchain, is where the real magic happens. The blockchain is a single, authoritative record of confirmed transactions which is stored on the peer to peer Bitcoin network. Even with top-notch digital encryption, if there was no central registry to show that certain bitcoins had already been "paid" to someone else, you could sign over the same coins to multiple people in what's called a double-spend attack, like writing cheques for more money than you have in your account. Normally this is prevented by a central authority, the bank, who keeps track of all the cheques you write and makes sure they don't exceed the amount of money you have. Even so, most people won't accept a cheque from you unless they really trust you, and the bank has to spend a lot of money physically protecting those central records, whether they are kept in a physical or digital form. Not to mention, sometimes a bank employee can abuse their position of trust. And, in traditional banking, the bank itself doesn't have to follow the rules you do--it can lend out more money than it actually has. The blockchain fixes all these problems by creating a single master registry of the already-cryptographically-secured bitcoin transfers, verifying them and locking them down in a highly competitive market called mining. In return for this critical role, the Bitcoin community rewards miners with a set amount of bitcoins per block, taken from the original limited quantity on a pre-agreed schedule. As that original amount gradually runs out, this reward will be replaced by fees paid to prioritise one transaction over another--again in a highly competitive market to ensure the lowest possible cost. The transactions are verified and locked in by the computational work of mining in a very special way so that no one else can change the official record of transactions without doing more computational work than the cumulative work of all miners across the whole network. In conclusion: All this mathematical technology may be a bit of a mouthful, but what it means in practice is that Bitcoin works just like cash. Bitcoin transactions are intentionally irreversible--unlike credit cards or PayPal where chargebacks can invalidate a payment that has already been made. And there are no middlemen. Transactions are completed directly between the sender and the receiver via the peer to peer network. Because of Bitcoin's intricate design, the network remains secure no matter where or how you process Bitcoin transactions. Which is incredible--no one else has ever tried to create a system that worked this way! All previous monetary systems have relied on trusting somebody, whether it was the king, town hall, the federal reserve, or banks. Bitcoin doesn't. It's guaranteed instead by the laws of mathematics, and that's why it has everyone from technologists to economists very excited. I'm sure you have lots more questions, so lets use this thread for that.
  20. Been watching TAS almost as if someone or something or group is trying to keep it at R2. Thought: Do you guys think EasyEquities would start to accept bitcoins as a payment method? I should probably create a new thread for bitcoins? Should we call it "The Bitcoin thread"?
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