Mercer Posted January 16, 2018 Share Posted January 16, 2018 @Mercer I was talking to Julio / @psm026 the other day and for fun we tried to look up what BTC would be worth today if he'd spent $1k on it while we were in NYC. It was on our radar at the time, but we were all too caught up in shit to pay attention. Anyhow, we couldnt find pricing for that date so we looked forward +3 years to 2013. That $1k would have been worth around $1.133 million. Fucking nuts man. I've got a close friend in DC who dropped a grand on a single Bitcoin in Dec. 2013. Got discouraged when his investment dropped to $500 in a week and kept dropping. Eventually he stopped checking, and counted it as a loss, never cashed out though. He was shocked to see the news on how high it got in Nov. cashed out about a half a Bitcoin at a 1800% gain. Quote Link to comment Share on other sites More sharing options...
Guest Posted January 16, 2018 Share Posted January 16, 2018 Still hodling the little amount of coins I have (i have the big 3). Which is the easiest and best exchange. I'm on coinbase now but want to get into the alts. Heard Binance is good. @Mercer @misteraven Thanks for the knowledge (wisdom and understanding). I'm about to cop some more during this dip. Are you guys HODLing? @Mercer Haven't seen you in IG for a minute. I'm assuming it's because you're getting all this CREAM. My handle is CLICKCLACKONER. 1 Quote Link to comment Share on other sites More sharing options...
Guest Posted January 16, 2018 Share Posted January 16, 2018 Yikes... I'm TEAM HODL tho. Who's shopping this fire sale today? Might cop some LTC if it goes under $150 and maybe some more BTC. Quote Link to comment Share on other sites More sharing options...
Mercer Posted January 16, 2018 Share Posted January 16, 2018 What up Click Clack. Still doing my thing. Hope all is good with you. As far as crypto goes, I lost a good bit today (understatement) mostly hodling ETH, XMR, & BCH. Still riding out this dip till the wheels fall off. Would have been worried about this a year or two ago, but zero fucks given at this point. Got some fiat deposits sitting on mine/wifey's GDAX waiting on "the bottom" whatever that is. Might pick up more ADA on Binance, thinking it's got serious potential as a good ETH hedge. I just asked for more OT at work because I'm guessing this is going to be a 1 or 2 month bear market opportunity. Also thinking BTC might not ever fully recover from this and lose the throne. As far as IG goes, I got shook down by IG once they started rearranging people's feeds. Long story but here goes. I wrote a "likebot" automation script when I started blowing up on there in 2013. It basically clicked a like automatically on any post hashtagged #NYC. People would get a random like, check my page, and I'd get 20-30 new followers a day (when I could keep the bot running). It stopped working after a couple months, but by then I was well over 3000 followers. Flash forward to 2016, IG/FB wanted me to pay them, just so my posts would be able to be viewed by the people already following me. A lot of my C and even D list instafame friends got the same deal offered to them. We'd post something that started to trend, then get a message "Have all your followers view this post by promoting..." Didn't want to actually monetize my account so it just wasn't worth it. To be honest, it wasn't even worth looking at anymore by that point, I'd only be able to see 3 day old posts or advertisements in my feed so I just faded out. They kind of ruined it for small time content creators. 2018 is the 12ozProphet comeback year, we're all old now and can trade tips/tricks on old people stuff now. What mops can handle rough surfaces, and won't fuck with my rheumatoid arthritis? Which adult diapers work best for racking? What color Vapormaxes will best match with a chrome wheelchair, and gray pubes? My best guess is the Navy Blue flyknits, Wonk Saggin DLO. 1 Quote Link to comment Share on other sites More sharing options...
Mercer Posted January 16, 2018 Share Posted January 16, 2018 So glad XRP tanked extra harbody. No pity for anyone who got FOMO scammed into buying it. There's literally zero present/future use cases for it. 1 Quote Link to comment Share on other sites More sharing options...
Mercer Posted January 17, 2018 Share Posted January 17, 2018 When is a good time to buy? There are no mistakes, just happy little dips. Scoop profits, rinse, and repeat. Quote Link to comment Share on other sites More sharing options...
LastBoyScout Posted January 17, 2018 Share Posted January 17, 2018 Keep in mind that though every transaction is stored in the blockchain in the form of a hash... And that hash is created dynamically from the signature that in turn was verified by a private key that literally nobody but the owner knows... Even the addresses for private wallets are rotated with every transaction. So if 10 people send crypto to my jaxx wallet, its in fact recorded to the blockchain as distinct hashes that describe the transaction with no easy way to describe the sender or recipient since its just long fuckin alphanumeric strings with very little context. Plus I can always print out the key and literally hand that to someone. I can see them hacking communications and hard drives and watching spending patterns long before they'll ever be able to decipher the blockchain. There are some companies already specializing in and using AI for blockchain forensics and I’m sure would be happy to sell services to the feds. But they will going to go after the big fish not people making a few grand here and there Quote Link to comment Share on other sites More sharing options...
misteraven Posted January 17, 2018 Share Posted January 17, 2018 Still hodling the little amount of coins I have (i have the big 3). Which is the easiest and best exchange. I'm on coinbase now but want to get into the alts. Heard Binance is good. @Mercer @misteraven Thanks for the knowledge (wisdom and understanding). I'm about to cop some more during this dip. Are you guys HODLing? @Mercer Haven't seen you in IG for a minute. I'm assuming it's because you're getting all this CREAM. My handle is CLICKCLACKONER. Yeah man, its an exciting time and this convo was way past due. Wish we'd done this 5 years ago and we'd likely be having this discussion over pina coladas off the coast of monaco instead of here on the forum. Better late than never and glad to see the activity on the forums. This is how shit got big back in the days. The two big exchanges I'm most aware of are www.binance.com and www.bittrex.com - keep in mind most registrations are free, so I suggest registering an account on as many as you can as they often close down registrations at the popular ones. In fcat, been considering registering several and selling the logins for crypto for the desperate traders that show up late. And glad to see you back brother! 1 Quote Link to comment Share on other sites More sharing options...
misteraven Posted January 17, 2018 Share Posted January 17, 2018 There are some companies already specializing in and using AI for blockchain forensics and I’m sure would be happy to sell services to the feds. But they will going to go after the big fish not people making a few grand here and there Yes, indeed but keeping in mind that every transaction is recorded, including those that are a fraction of a cent. It simply wont be cost effective to pursue and that assuming you can still track it back to an individual which I find unlikely. Plus you got altcoins like Monero that are specifically engineered for keeping transactions private and no doubt the first time anyone gets nailed in a public way, all the coins will simply adopt that feature or lose ground to the ones that do. Quote Link to comment Share on other sites More sharing options...
misteraven Posted January 17, 2018 Share Posted January 17, 2018 Those wondering about the lows we're seeing... There's a lot of bad media out there looking to discredit crypto and hold off its acceptance for as long as possible. News that South Korea was in the process of banning crypto, that Russia would be heavily regulating and that the USA was considering banning is what tanked it this week. When you consider how this is going to rock the establishment, you can see how they'll no doubt pull out the big guns to try and fight this. There's no holding back the tech and you new jacks should see this as an opportunity to get down and make up for lost time. 1 Quote Link to comment Share on other sites More sharing options...
Mercer Posted January 17, 2018 Share Posted January 17, 2018 Yes, indeed but keeping in mind that every transaction is recorded, including those that are a fraction of a cent. It simply wont be cost effective to pursue and that assuming you can still track it back to an individual which I find unlikely. Plus you got altcoins like Monero that are specifically engineered for keeping transactions private and no doubt the first time anyone gets nailed in a public way, all the coins will simply adopt that feature or lose ground to the ones that do. The IRS was willing to spend 20 million, to collect 6.7 million in taxes. By their logic it creates a "deterrent" resulting in more people paying without direct enforcement. If you have an account on any exchange that trades cryptocurrencies for fiat, you're not anonymous. Because of KYC laws, they can see when you transferred from your bank into the exchange, and what wallet address you sent it to, or when you cashed back out into Fiat. It's a safe bet that it would cost them pennies on the dollar to let Bitfury (company known to do such work) process the data for them, and serve it up to the IRS so they can send you a notice. I've been fucked by underestimating the IRS before. Taxes are a bitch, but penalties suck even more. I'm obviously not adverse to "gambling" fucking with crypto. That said, I think it's a pretty safe bet to claim anything done through a KYC exchange, especially in you have transactions over 4 figures. Quote Link to comment Share on other sites More sharing options...
LastBoyScout Posted January 17, 2018 Share Posted January 17, 2018 Yes, indeed but keeping in mind that every transaction is recorded, including those that are a fraction of a cent. It simply wont be cost effective to pursue and that assuming you can still track it back to an individual which I find unlikely. Plus you got altcoins like Monero that are specifically engineered for keeping transactions private and no doubt the first time anyone gets nailed in a public way, all the coins will simply adopt that feature or lose ground to the ones that do. If the transactions are private in monero how do you know the system isn’t being gamed, it’s the public ledger keeps the BT honest. Quote Link to comment Share on other sites More sharing options...
misteraven Posted January 17, 2018 Share Posted January 17, 2018 The IRS was willing to spend 20 million, to collect 6.7 million in taxes. By their logic it creates a "deterrent" resulting in more people paying without direct enforcement. If you have an account on any exchange that trades cryptocurrencies for fiat, you're not anonymous. Because of KYC laws, they can see when you transferred from your bank into the exchange, and what wallet address you sent it to, or when you cashed back out into Fiat. It's a safe bet that it would cost them pennies on the dollar to let Bitfury (company known to do such work) process the data for them, and serve it up to the IRS so they can send you a notice. I've been fucked by underestimating the IRS before. Taxes are a bitch, but penalties suck even more. I'm obviously not adverse to "gambling" fucking with crypto. That said, I think it's a pretty safe bet to claim anything done through a KYC exchange, especially in you have transactions over 4 figures. No doubt, but again when you crypto can be fractionalized up to 21 decimal places so you can literally trade for a thousandth of a cent, coupled with exponential growth in interest and use, it's a losing proposition. They won't see a return anywhere near that. Plus like I said, several coins are being developed to keep it altogether anonymous. That said, I'm not advocating anyone breaking law (disclaimer). And yes, you are correct, they'll raid the exchanges that convert to fiat. That said, they have no jurisdiction outside the USA and would need international cooperation to hit those exchanges. And as you know, once it shifts between personal wallets that are even connected to exchanges or services, its lost into the void for the most part. And as stated, you can shift the crypto to a lot of stuff besides fiat as well. Government (at least the legislative part) is clueless about tech. Best they can hope for is to listen to the discussion and nail people that way. just don't see them fishing through hashes trying to decrypt whats happening and then trail it back to a source. Especially when it's hopping all over the place, including internationally. Quote Link to comment Share on other sites More sharing options...
misteraven Posted January 17, 2018 Share Posted January 17, 2018 If the transactions are private in monero how do you know the system isn’t being gamed, it’s the public ledger keeps the BT honest. Consensus is reached when the majority agree to the transaction logged at which time it gets recorded to the new block in the chain. Because the signature is what connects the public and private keys, with the private key never being seen outside the owner, there's no way to confirm it without seeing it. Also, you guys know that the address changes after each transaction so you can't even run an algorithm to match that up. Needle in the haystack my dude. Quote Link to comment Share on other sites More sharing options...
misteraven Posted January 17, 2018 Share Posted January 17, 2018 @LastBoyScout Oh yeah, the public ledger is the block chain. That's all it actually is for the most part. Quote Link to comment Share on other sites More sharing options...
misteraven Posted January 17, 2018 Share Posted January 17, 2018 Just a helpful hint to those of you getting down and even some of you OGs... Dont use a freakin gmail to trade. Be smart and setup something like http://www.protonmail.com where your shit isn't going to be read by bots and reported to the alphabet agencies. Quote Link to comment Share on other sites More sharing options...
Guest Posted January 17, 2018 Share Posted January 17, 2018 Yeah man, its an exciting time and this convo was way past due. Wish we'd done this 5 years ago and we'd likely be having this discussion over pina coladas off the coast of monaco instead of here on the forum. Better late than never and glad to see the activity on the forums. This is how shit got big back in the days. The two big exchanges I'm most aware of are www.binance.com and www.bittrex.com - keep in mind most registrations are free, so I suggest registering an account on as many as you can as they often close down registrations at the popular ones. In fcat, been considering registering several and selling the logins for crypto for the desperate traders that show up late. And glad to see you back brother! Good to be back. Site looks great. My wife and I always do the quick maths on what coulda, shoulda, woulda... Good idea with the making multiple logins. I was reading on another forum, some dude is building a bot to arbitrage trade. That seems like free money to me. Haven't sold anything for FIAT yet, just been buying at the dips and holding. Fucked up last night tho, bought a fraction of btc at 11,400 and that shit went below 10,000 last night and today. I'm tight but at least it was lower than the last time i bought. I need time for research for the alts but work is getting in the way. need to work to buy coins. catch 22. Asia is about to wake up in an hour. Are they buying or selling??? Quote Link to comment Share on other sites More sharing options...
misteraven Posted January 17, 2018 Share Posted January 17, 2018 Yeah man, I feel you. And thanks for the kind words regarding the site. I scooped some BTC at 10.4 which I pretty pleased with. I believe BTC is a long term play really. Obviously its the blue chip stock of crypto and I'll be surprised if in 10 years we wont see it up above $250k. I think the get rich quick opportunities are in the new coins that pop up at a fraction of a cent. Most will go nowhere, but then some will turn into NEO. Not offering financial advice, but personally I'm taking a sort of VC approach to it... Watch for the new alts, quickly research what team is behind it, if its a straight fork or has some new feature or plan and then spread some money around. Nothing big, but maybe $100 - $500 between about a dozen or so of them. I'll keep a close watch, pull my investment as soon as I see a good rise and let the profits run until I feel like dumping. Honestly I expect most to straight fail, but my guess is that there will always be one or two that will push from a fraction of a sent to maybe a few dollars or more. Its still the way early days of crypto and I seriously doubt we'll see opportunities like this once it stabilizes. Lot of people comparing it to .com and like that, there will always be amazing opportunity, but this wild west shit where you can become a millionaire in a short period of time... Cant see that lasting. Quote Link to comment Share on other sites More sharing options...
Guest Posted January 17, 2018 Share Posted January 17, 2018 after all this my profit margin is still at 99% so I guess I shouldn't be upset. I have such little stake that it's hardly life changing. Quote Link to comment Share on other sites More sharing options...
misteraven Posted January 17, 2018 Share Posted January 17, 2018 That said, I was considering making a 12oz altcoin. Mainly I'd like to research and understand the deeper workings on the tech side, but who knows, if I can think of a feature and somehow build it, perhaps it'll get some attention. Anyone have an ideas of a shortcoming or feature we can exploit to differentiate a oontz coin? Anyhow try forking a coin or messing with actual blockchain? Also, I'm running a bit of a social experiment on the @12ozprophet instagram... Last batch of shirt we dropped sold out in minutes and I've had tons of people hitting me up since. I did some reprints to fill orders that slipped in when our server got borked at launch and wound up with some extras. Anyhow, I offered them up for no markup but you have to pay in crypto... Got dozens of emails asking how to set it up, dozens more begging to pay in Paypal (including a few offering a good bit over the price I've offered it at). So far only one kid actually paid in crypto amongst the dozens that have been sending emails asking how to set shit up. Anyhow, the very interesting (if not not quite conclusive) lesson is that so few people are up[ on this. Most have heard of it, but so few are actually buying / trading. You'd assume our audience is young and up on shit, good with social, savvy, etc... Trend setters perhaps. Yet very few seem to actually be up on this. I've heard a stat somewhere that about 2.5% of the USA is dealing in crypto and honestly I'm not believing that at all. We might be passed the days of sub $1k BTC, but this is still the early formative years of crypto so stake your claim! Quote Link to comment Share on other sites More sharing options...
Hua Guofang Posted January 17, 2018 Share Posted January 17, 2018 Not really correct. The dollar isn't backed by anything. In fact, its a note of debt. That's just another way of saying what I said (without going into the rest of your post regards the Fed, etc.). 1 Quote Link to comment Share on other sites More sharing options...
misteraven Posted January 17, 2018 Share Posted January 17, 2018 That's just another way of saying what I said (without going into the rest of your post regards the Fed, etc.). Ha! Not quite... You related it to the size of our GDP. Got nothing to do with that. Just some dudes behind closed doors working in cooperation with some massive banks and huge players to do what they think will make them the most money and keep the game going for longer. Quote Link to comment Share on other sites More sharing options...
misteraven Posted January 18, 2018 Share Posted January 18, 2018 Anyone buying TRON or RDD? Thoughts? Quote Link to comment Share on other sites More sharing options...
misteraven Posted January 18, 2018 Share Posted January 18, 2018 Oh yeah, and VERGE? Quote Link to comment Share on other sites More sharing options...
Mercer Posted January 18, 2018 Share Posted January 18, 2018 That said, I was considering making a 12oz altcoin. Mainly I'd like to research and understand the deeper workings on the tech side, but who knows, if I can think of a feature and somehow build it, perhaps it'll get some attention. Anyone have an ideas of a shortcoming or feature we can exploit to differentiate a oontz coin? Anyhow try forking a coin or messing with actual blockchain? The best way to do this is to Create an ERC20 token. 30-40% of the top 100 cryptocurrencies are ERC20 tokens. They're basically a cryptocurrency that's built on top of the Ethereum blockchain using a smart contract. You should research it, but pro's: you get the benefit of being on the 2nd largest, and #1 most decentralized distributed ledger network in existence. You won't have to worry about security, hardware, or starting a network of miners from scratch. The tokens can be distributed to anyone with an Ethereum address. In the future, if you can come up with a utility for the tokens, create a market for them, and get some traction it could blow up. If not, it would still be fun to own some oontz-coin or whatever. I'm a proud hodler of Dogecoin, and cryptokitties, not because I, or anyone else thinks they're a good investment. It's just for fun, like digital collector items for nerds like myself. I've got a "friend of a fiend" that works at Consensys, a Brooklyn based company that specializes in writing smart contracts for Ethereum, which is probably the most reputable one out there if interested. 1 Quote Link to comment Share on other sites More sharing options...
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