BITCOIN versus GOLD

rockhunter62 wrote:https://finance.nine.com.au/2017/11/14/07/25/bitcoin-rebounds-after-value-dropped

Saw this today.

Cheers

Doug

Yes it has clawed back $1000 since the drop in just 3 days

Last sale AUD$9,143 . Going up, you can only buy a lot of the other currencies if you have Bitcoin .

Bitcoin last sale AUD$10,750 USD$7,990 . Prices from Independent Reserve .

The price in Coinjar is $11127.78

http://www.cmegroup.com/trading/bitcoin-futures.html
http://www.cmegroup.com/notices/electronic-trading/2017/11/20171116.html#pageNumber=1

Reason BTC price went nuts was a statement released from CME group yesterday that live practice trading will commence as of Monday 20th November. This is huge as the 2 largest futures groups in USA if not the world, will commence trading in December.
We are talking billions and billions of dollars entering the BTC market.
If you own BTC, then time to don the space suits, strap in and hold on on as price wise , its going to the moon. This is the beginning of real money not pouring in but a tsunami in epic proportions. Hold on and sit back as it is going to be an entertaining ride.

elrodeo wrote:http://www.cmegroup.com/trading/bitcoin-futures.html
http://www.cmegroup.com/notices/electronic-trading/2017/11/20171116.html#pageNumber=1

Reason BTC price went nuts was a statement released from CME group yesterday that live practice trading will commence as of Monday 20th November. This is huge as the 2 largest futures groups in USA if not the world, will commence trading in December.
We are talking billions and billions of dollars entering the BTC market.
If you own BTC, then time to don the space suits, strap in and hold on on as price wise , its going to the moon. This is the beginning of real money not pouring in but a tsunami in epic proportions. Hold on and sit back as it is going to be an entertaining ride.

Thanks for that info mate

Now where did I put that space suit????
Man I've enjoyed the ride this far man am I looking forward to the future as I'm earning about .4 of a bitcoin a week

Bitcoin has broken the 8K US mark twice now....go rc go...and congrates to whoever is onboard this train...cheers

It's not a train, it's  a rocket !    In my o pion it is not  to late to get  on board !   I bought  0.234  Bitcoin  on 12 th. Nov.  for  AUD$8,500.01   per Bitcoin.     It is now over  AUD$11,000 .That is 29.4 % ? get that from the bank !

adrian ss wrote:So you made approx 500 dollars in six days?
So do you have to declare that to centre link as income so they can reduce your pension and take your health care card off you and cancel your chemist script benefits.

Doesn't that make it $2500 in six days?

Wayne.

I am loosing 50 % of my money on another crypto currency. A lot more than $585 . I just have to hold it and hope it goes up.

Did you see on ABC T.V. news last night , Bitcoin got a mention in the finance section ?

adrian ss wrote:So you made approx 500 dollars in six days?
So do you have to declare that to centre link as income so they can reduce your pension and take your health care card off you and cancel your chemist script benefits.

As the current tax law stands on crypto currency earnings, you only have to declare and get taxed on any earnings converted to fiat currency.
As it stands now, any earnings in cryptocurrency to fiat of value of $10,000 or more is deemed taxable.
There are so many avenues to put your earnings in crypto currency e.g buy bullion , set up self managed super fund in crypto (available in Australia) buy property etc through peer to peer transactions. Until converted to fiat, no tax, zippo.
You can be totally honest with centrelink and let them know what your crypto portfolio is doing but again no change to your pension etc until converted to fiat.

Now big warning..if you do convert to fiat, make sure you allow for possible taxes that need to be paid and over payment/s of pensions etc to be repaid.

I am no tax expert, I have an very good accountant that does that for me, but I have been involved in btc and crypto currency as a miner and supplier worldwide of mining rigs and as a full time trader from the early days of btc. I have a tax fund set aside for payments which correlate to earnings for the day when it's time to cash out but I also invest elsewhere. There are programmes that you can download that tracks all your earnings and makes tax reports so you know exactly where you stand.

Thing is the naysayers will never get or understand BTC or cryptocurrencies and will be left behind whilst others grab the reigns of opportunity. When paper money was introduced in countries around the world there was outcries that it was a scam, ponzi blah blah blah, now people dont want to let go out it.
We live in a modern world that is rapidly changing and the ability to adapt and change with it is where people make success of opportunities and others fail.

Cryptocurrency is in its infancy and has a long and definitely a turbulent road ahead. Governments and banks will not sit idly by whilst seeing their potential profits disappear of to the pockets of the peasants. Crypto currency is firmly here to stay and blockchain technology is being adopted in am ssive way. More than likely btc will not be the king of future crypto but you will see mass adoption and the potential tsunami of money coming from Wall St in the no too distant future will see prices skyrocket into the unknown. Keep in mind there is a flip side to that money..Shorting !! but money to be made there as well and when price of whatever crypto gets driven down well that's time to buy up for the ride back up. If your a smart trader then win/win.

So in finishing, let me make it very very clear. I am not telling you to invest, that's totally your choice, but what I will say, if you do invest , then do it wisely an never invest more than what your prepared to lose.

Anybody ever seen a Bitcoin? Just curious

They do not exist in the physical cense . Any body says they have a physical one are trying to scam you . Best thing to say is that it is a bit of code in cyber space . There are only 21 million of them .

was listening to an in depth talk show on bitcoin ..
a lady rang up ... if I loose my password to access my bitcoin ..
how do I retrieve my password..

the expert basicly went silent and said you have lost your dollars then

Minermike wrote:They do not exist  in the physical   cense .  Any body says they have a physical one  are trying to scam you .    Best thing to say is that it is a bit of code in cyber space .  There are only 21 million of them .

Hi Minermike, it could be they are refering to bitcoin stored in a physical wallet? I heard that in the US someone was shot while meeting a potential buyer.

Hotrocks wrote:Anybody ever seen a Bitcoin? Just curious

They seem to exist in many a server. Like the internet one doesnt have to 'see it' for it to be real...

Yes you can have a physical wallet but it is only holding the codes. You can increase your security by having a usb stick , unless the stick is in your computer you cannot move your Bitcoin i.e. buy or sell .

My Bitcoin is with my exchanger in Sydney , they are holding it at no cost . So as long as I have got my password for their web site , I have control of it . If I lost my pass word , I could get in touch and prove who I am and reset the pass word. It is when you move your Bitcoin into your own priv ert wallet that problems can come with loosing the passwords. You really need back up for your computer so if it crashes big time , you have the back up to reset it or a new computer .

Mike,
A bit confusing,
You say to back up.... if I back up, then haven't I duplicated the Bitcoin?
How do they overcome this apparent flaw?

Only to back up your passwords  and details  for access .  I am thinking of a  case were your hard drive crashes  and cannot be fixed .

The code for your Bitcoin cannot be duplicated , it is unique .

Interesting, so if you have a hard drive crash, you've lost your bitcoin and even having something like a raid array of hsrd drives wont save you

Bitcoin vs Gold.... well Bitcoin vs Anything....does it?
Why does Bitcoin not feature on the evening TV finance reports.
We have the Au$ compared to other international currencies, commodities, oil prices, coal, but no Bitcoin
Am sure someone will have an explanation??
Mike

Dash is trading very well. Up 20% recently. Anyone trade crytos on the plus500 platform? I just have a practice account among many other practice accounts. Learning the craft until im comfortable to take the plunge one day with real money. These broker setups are a derivative which track the underlying product. They are CFD (contracts for Diffence) you do not own the underlying product yet can utilise leverage whereby you only need a small margin. A lot of dodgy practicrs in the industry but a few are multi billion dollar business suitably regulated with segregated customer funds in our banks.
Cheers

bicter wrote:Interesting, so if you have a hard drive crash, you've lost your bitcoin and even having something like a raid array of hsrd drives wont save you

You could use multiple storage like usb dongles and cards just keep them away from the gpx and zed coils...
I would buy a cheap computer for an air gap where it doesnt touch the web. I will add a link for a proper airgap system if i can find the article as ransomware is real...

https://www.schneier.com/blog/archives/2013/10/air_gaps.html.

This is an old article but this site is excellent for security related info. Try and do a search and read the comments for great info. Just remember that there may be many a blackhat on the site. Dont mention Bcoins...if you do post there.

In the last week Bitcoin has been mentioned on the ABC and SBS T.V. news. It will get more of a mention in the future , it is here to stay . Do a Google search and read more .

The problem is that most of the financial 'experts' the main stream media brings on to comment
didn't study whats going on these days because it wasn't in the books when they went to Uni.

They are just trying to keep up with it like the rest of us.
Its a level plaing field....