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Cryptocurrency

Discussion in 'Channel Zero' started by JesusMachine, Dec 13, 2017.

  1. NightmareOnElmStreet

    NightmareOnElmStreet Veteran Member

    Joined: Apr 17, 2006 Messages: 8,389 Likes Received: 511
    damn I didn’t know you had to worry about what state you were in!? Wtf. I got coinbase via ravens link and I for damn sure haven’t noticed them asking for all that stuff you mentioned. Is that what they’ll ask for when I try making my first transaction? Appreciate the responses also Man! I got myself a ProtonMail acct and coinbase so far. Loot ready to buy a little off my buddy in PayPal. Ethereum I guess. I’ve alsi been listening to this crypto 101 podcast that has been extremely informative for a noob level guy like myself.
     
  2. misteraven

    misteraven Administrator

    Joined: May 7, 1999 Messages: 8,901 Likes Received: 376
    Yeah man, here you go... This is what we sent to people in response to the last few WOBF tees. Its honestly as basic as it gets, but will earn you and (and myself) a free $10 on a referral once you fund it to $100. Seems all teh exchanges are cancelling the referral bonuses so no idea how much longer they'll keep giving away the 10%.

    I also have a simple tutorial I sent to some close friends. If anyones interested in that, DM me.

    ---------------------


    How to open a free crypto (Coinbase) account:

    1. Go to Coinbase using our referral code - http://bit.ly/12ozCB and sign up. It’s fast and free. When you connect a credit card or bank account and add $100, you’ll get $10 free. You can always transfer the money back to your account.

    2. Once you have an account and have added $100, purchase enough Bitcoin (BTC) to cover the cost of your order.

    3. Hit us up for our private crypto address. You must send the cost of the shirt ($40 for short sleeve or $50 for long sleeve plus $6.50 for Priority 2 day shipping. Add your name, address and what your ordering to the notes when you send.

    4. Email us that you’ve done it and we’ll email you back a confirmation and ship same day or the next day at latest.

    5. Highly suggest going to the 12ozProphet forum and participate in the Crypto discussion to learn why this is a big deal… http://bit.ly/12ozCrypto

    Peace,

    12ozProphet
     
  3. misteraven

    misteraven Administrator

    Joined: May 7, 1999 Messages: 8,901 Likes Received: 376
    Oh come on... Surely you have some wild tales of buying property and exotic sports cars in Monaco from early bitcoin riches?

    Tell me your personal assistant's, personal assistant is actually posting this on your behalf from your lux private helicopter?
     
  4. misteraven

    misteraven Administrator

    Joined: May 7, 1999 Messages: 8,901 Likes Received: 376
    Yeah the USA based exchanges ask for a bunch of personal info to register. Its mostly to track capital gains once you convert from crypto back into dollars. You dont get taxed (usually) on stuff you buy (at least by the IRS) though even that is a great area. In any case, the plan is to only start in coinbase. It's easy to buy BTC, ETH and LTC there. Plus the free $10 covers a fair bit of the transaction fees (though Coinbase is typically highger than other exchanges, its still very low compared to most financial transactions). Once you get started on there, shift your crypto around... Learn to send to yourself on a different exchange like Binance or Bittrex or to a private wallet. Learn to destroy and recover, buy, sell, trade and shape shift. Start with a $100 and then play with it a few dollars at a time until you learn whats it like and how it works. Once you get to this point, start researching altcoins... Learn who's behind them, what the origin and purpose of that particular coin is. Track its history and start comparing it to others. Start filtering news and watching how certain news and outlets affect the prices. Start buying / trading a few coins and look at the percentage of your wins / losses. Once you feel confident, start putting more money into it and develop a trading strategy that works for you. Never invest more than you can afford to lose and don't be greedy. Try to pull your investments out once you get rolling so if the entire situation goes to hell, you can at least say you arent any of your own money.

    Asl questions, learn, give back.
     
  5. misteraven

    misteraven Administrator

    Joined: May 7, 1999 Messages: 8,901 Likes Received: 376
    No idea how they can possibly enforce this in any way. Suggest trading on the international exchanges and then buying silver / gold at http://www.jmbullion.com when you're ready to convert to start spending some of your gains or better yet stacking your savings. Obviously the international exchanges aren't backed by any government regulation, but then again, whats that really matter? I wouldn't leave my millions floating on them, but then again, not sure I'd leave my millions in a bank either.
     
  6. misteraven

    misteraven Administrator

    Joined: May 7, 1999 Messages: 8,901 Likes Received: 376
    Lot of news about NEO this weekend. Mainly an announcement about some clone of the lightning network or something allowing for easy, cheap and fast private transactions for NEO. Wish I'd gotten down with it a while ago but still thinking it's not too late.

    That being said, there's definitely two ways to look at all this... The long term safe plays like buying blue chip stocks and being happy with the dividends or buying the shit coins and putting your chips down vegas style, LOL!
     
  7. LastBoyScout

    LastBoyScout Dirty Dozen Crew

    Joined: Jun 5, 2003 Messages: 2,194 Likes Received: 37
  8. misteraven

    misteraven Administrator

    Joined: May 7, 1999 Messages: 8,901 Likes Received: 376
  9. LastBoyScout

    LastBoyScout Dirty Dozen Crew

    Joined: Jun 5, 2003 Messages: 2,194 Likes Received: 37
  10. NightmareOnElmStreet

    NightmareOnElmStreet Veteran Member

    Joined: Apr 17, 2006 Messages: 8,389 Likes Received: 511
    at the risk of sounding even more n00b retarded than I already do, I gotta ask how the fuck is all this extra precaution and anonymity supposed to do any good if coinbase has ALL of your information?? It feels hella weird thinking about punching in my debit card info and giving my id to coinbase to sign up, (I'm almost fully registered). Did y'all open separate bank acts specifically for this purpose?? Is using your normal ass checking act normal? My buddy's agreed to sell me some ethereum. But Im on full standby atm. HALP. ME. UNDERSTANDS.
     
  11. misteraven

    misteraven Administrator

    Joined: May 7, 1999 Messages: 8,901 Likes Received: 376
    Doesn’t really matter what you spend. They focus on the money you make. Obviously if your spending wildly outweighs your income, they’d wonder what the deal was and come ask. That said, dropping money every so often buying crypto isn’t going to raise any interest. Converting your crypto back into dollars is what they want to know, especially if more dollars come out of it then when you put in (capital gains).

    As mentioned, drop a $100 or whatever you can afford. Learn how it works, transfer it off Coinbase. Once it’s off their exchange, it’s gone for all intents and purposes. You could have shot it to a dozen friends to cover coffee and beers since verifying that fact is a waste of time, considering the dollar amount and complexity of tracing it.

    Once you’re doing big things, it most likely won’t be on Coinbase. Also by that point, you won’t have questions like this, so don’t sweat it. Buy some crypto, mess with it. Like I mantioned, transfer a few bucks to a private wallet. Try and destroy it and then restore it back. Send a dollars worth to a friend. Send half to yourself on an international exchange. Trade it for some altcoins. Just start using it. Learn.
     
  12. Mercer

    Mercer Moderator Crew

    Joined: May 2, 2007 Messages: 10,649 Likes Received: 1,064
    Now I'm starting to think instead of Casek, AOD was the guy that had Symbols beef and was mining bitcoin 2012ish??? Not sure though. I distinctly remember some sort of crossfire snafu where "fuck this I'm mining bitcoin" was mentioned. Had to be one of the libertarian leaning guys, It's bothering me now.
     
  13. Hua Guofang

    Hua Guofang Dirty Dozen Crew

    Joined: Oct 29, 2013 Messages: 1,844 Likes Received: 405
    George Soros From Davos: Bitcoin Is A 'Typical Bubble'

    https://www.forbes.com/sites/gurufo...vos-bitcoin-is-a-typical-bubble/#32857b5f29d0

    Legendary investor George Soros joined a chorus of well-known investors calling bitcoin a bubble this week, making his remarks in a speech at the World Economic Forum in Davos, Switzerland Thursday.

    “Cryptocurrency is a misnomer and is a typical bubble, which is always based on some kind of misunderstanding,” the financier and founder of the $26 billion Soros Fund Management said.

    “Bitcoin is not a currency because a currency is supposed to be a stable store of value and the currency that can fluctuate 25% in a day can’t be used for instance to pay wages because wages drop by 25% in a day. It’s a speculation. Based on a misunderstanding,” he added.

    Soros earned a reputation for making masterful calls based on macroeconomic conditions over several decades through his storied Quantum Fund, which produced average annual returns of 20% through its history. Seth Klarman, founder of the Baupost Group, also deemed bitcoin a bubble Thursday, calling cryptocurrencies “tulip bulbs for the digital age” in a fourth-quarter letter. Ray Dalio, founder of Bridgewater Associates, called the bitcoin a bubble in an interview with CNBC from the World Economic Forum in Davos on Tuesday.

    Other high-profile investors have taken the opposite position. Bill Miller, chief investment officer of the Miller Value Partners hedge fund, told Consuelo Mack in a WealthTrack podcast that he had about 50% of the fund in bitcoin in December.

    Soros went on to comment on blockchain technology and the crash of bitcoin during his speech:

    “There’s also as very innovative blockchain technology, which can be used for positive or negative purposes. Currently it’s used mostly for tax evasion and for people and the rulers and dictatorships to build a nest egg abroad,” he said.

    So recently there was a just now a … conference where instead of discussing conditions in Russia they mainly discussed bitcoin because that’s what the rulers were interested in. So this will have a big effect on the valuation of bitcoin. Normally when you have parabolic eventually it has very sharp break but in this case as long as you have got dictatorships on the rise you will have a different ending because the rulers in those countries are going to turn to bitoin to build their nest egg abroad. So I expect instead of an abrupt break to have a rather flat top over.

    But it’s nevertheless a bubble typical which is always based on a misunderstanding like the tulip mania. But the blockchain technology can be put to positive use and we use it actually in helping migrants to communicate with their families and to keep their money safe and carry it with themselves."



    ....aaaaaaaaaaaaand GO!!


    [​IMG]
     
  14. misteraven

    misteraven Administrator

    Joined: May 7, 1999 Messages: 8,901 Likes Received: 376
    Dudes like him will be part of the set that loses from something like this. Granted he has enough money for a thousand lifetimes anyways, but crypto is the biggest threat to the establishment in many millennia.

    Soros is a complete sack of shit. World will be a better place when that dude is rotting in the ground, though seems he already has his son well into the training stage to continue.
     
  15. Mercer

    Mercer Moderator Crew

    Joined: May 2, 2007 Messages: 10,649 Likes Received: 1,064
    When you've been deep in crypto as long as I have you start to see patterns. Remember, this is a huge threat to people who have profited the most from legacy financial systems. Even if they actually understood how cryptocurrencies worked, they'd never endorse them or encourage their popularity.

    Anyone who calls Bitcoin "a bubble" is usually just parroting someone else who's made the same mistake. Many people unfamiliar with cryptocurrencies try to understand this new financial asset by drawing comparisons to something they already understand. It's human nature, when someone sees a person that looks/dresses a certain way, they naturally make assumptions about the person based on past experiences with others that looked or dressed in a similar fashion. This false comparison to tulip mania, or other bubbles is favored mainly by people who do have a deep understanding of existing financial assets, and economics, but very little understanding of cryptography, and computer science.

    Sure, bitcoin is a bubble, one day it will be worth "nothing". The real question is when that will happen. Tomorrow, next week, In a couple of years, a few generations from now?. As someone who has a better grasp on how it works, the needs it can fill, and the actual forces behind it's exponential growth in popularity, I feel it will be worth "something" much longer than the US dollar, the Euro, the Yen, and other legacy Fiat currencies.

    The actual worth of a financial asset is driven by a shared mass hallucination. Gold isn't worth anything. If you're cold, hungry, or need shelter, gold won't keep you warm, feed you, or keep you out of the wind and rain. Outside of some minor industrial applications in an advanced economy, It's only value is that it facilitates trade. Sure, it's shiny, and makes for catchy jewelry, but no more so that costume jewelry with almost no financial value. Without the mass hallucination that gives it a universally accepted value, it's worth less than salt, or even fire wood by weight. The same can be said for all precious metals, the currencies that are backed by them, and other financial assets like fiat, stocks, bonds etc.

    The Mona Lisa might keep you warm for a short period of time, if it's broken up into small pieces and burned. That's it only real value without shared mass hallucination. As human beings, almost all of us share the same thought patterns when it comes to things like great works of art, that will almost universally lead to a priceless valuation of a Da Vinci painting, once the human understands exactly what makes the painting important.

    To deny bitcoin's value as a financial asset, while ignoring the same forces that give other "worthless" financial assets their value merely shows a lack of understanding. Once someone understands the combination of cryptography, computer science, and economics that gives bitcoin it's value, and have lead to it's meteoric rise, they usually don't make the mistake of calling it a bubble, ponzi, or a fraud.

    Unlike cash, and other existing financial assets decentralised cryptocurrency cannot be seized or confiscated without direct compliance by it's holder. It's uncounterfitable, the transactions are immutable & irreversible, and it's use cannot be stopped without shutting down the internet on a global scale. These advantages have never been achieved by any other financial asset. They are based in fact, and some of the main driving forces behind it's adoption. It will become more stable with scale, and adoption, it's still under 1 trillion.

    Soros's line of bitcoin denial went out of fashion sometime in 2016. The thing with tax evasion, money laundering, dark web applications is: yes, there's a small kernel of truth there. There are a minority of cryptocurrency users that are use it for nefarious purposes. At the same time, there are even more people using cash for those purposes. It would be just as ridiculous to say we should ban the use of cash because (fact) the vast majority of drug dealers on earth still use cash. Terrorism was funded through the use of banks, do we call for the ban on banks? It would be harmful overall to get rid of systems like banks, cash etc. just to stop bad actors that would inevitably use other means.

    Addressing the common misconception that "blockchain is a great technology, but bitcoin isn't" is even easier. Again, only shows a clear lack of understanding by the person making the statement. There are great advantages in using the legacy technologies that currently run our financial systems. Most of those advantages have to do with appeal to authority. Banks can reverse fraudulent transactions, governments can freeze, or confiscate ill gotten funds. None of those advantages are compatible with blockchain technology. If one wanted to create a State/Establishment endorsed financial asset by using an immutable ledger, they would lose 100% of those advantages. They might as well just use bitcoin itself, it's way more secure because it's got a massive amount of computing already power behind it. I'm not going to waste a bunch of time explaining this point further, but think about it. If you wanted a digital currency that had some sort of central control, the last thing you'd want to use is any form of immutable ledger.

    Large governments have already tried banning it with very limited success. They might be able to affect the price, and shut down public institutions dealing with it like exchanges, but they don't have enough control to stop it's adoption. I've struggled with understanding this until I watched what China was doing over the last couple of years.

    Besides, governments are sluggish when it comes to adopting, and understanding new technology. If you do enough business with government agencies in 2018, you still might need things like fax machines because that's how they are. Adaptation, and advancement get slower the larger a government is. Small local governments can evolve almost at the pace of a large business (if properly run), State/Provincial governments are much slower at adaptation, and by the time it scales to a Federal government in countries large enough for international influence, adaptation in most cases essentially grinds to a stop compared to the rest of society. By the time governments large enough for international influence start working together internationally to stop the advancement of cryptocurrency, my money is literally betting it will be too late. We might even be there already.

    Never forget the motivations of Satoshi and why he invented bitcoin. It's doing exactly what it was designed to do.
     
    Last edited: Jan 27, 2018
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