Topic Wiki

Editor’s note: I know enough about this topic to be dangerous, but I’m not a true expert so please feel free to add to or edit anything in this wiki that will improve it. The FAQs contain many oversimplifications but that is intentional to make the information relatable to the audience. Thanks!

Frequently Asked Questions

What are blockchains and bitcoins and what is the difference?
A blockchain is the fundamental element in a crypto currency system. A blockchain is an accounting ledger. Each block contains a bunch of journal entries (i.e. a chronological record of transactions) that gets encrypted (by miners) but can be downloaded and read by anyone on the network. Why the blockchain ledger is secure and how we can vouch for its integrity is a slightly more advanced topic.

An accounting ledger typically keeps track of money, and a blockchain is no different. But the only type of money that it can accurately track is digital money that lives on the blockchain network. So dollars, euros, etc are out. The digital money that lives on the blockchain is called a crypto currency, and the most well-known one at this time is Bitcoin.

Currently there are a few major blockchain networks: the Bitcoin Network, the Ethereum Network, and the Litecoin Network. Each one has its own currency, which are Bitcoin, Ether, and Litecoin, respectively.

I’m just a simple DDFer and not an accountant + cryptographer + hacker all at the same time. Can you make this a little simpler to understand?
Let’s try an analogy. There is a certain website called Dansdeals.com and it has quite a following. Some of the followers are just users/readers but others are more active and produce value for the website. When they provide value, they earn currency for their work – called “EQP” and “HT”. So we have something we will call the Dansdeals Blockchain Network that is simply a record keeper of various ongoing deals and it issues a native currency that is fractionable (10,000 EQP = 1 HT). This is similar to the Blockchain network recording financial transactions and issuing bitcoins. The ones who work for the network (miners) earn bitcoins and everyone else needs to buy it to participate.

The analogy improves if you imagine that the Dansdeals website visitors have to pay a small amount, let’s say 5 EQP, in order to access a deal or a code that is recorded on the network. If the website has 30,000 followers who love deals, but only 1,000 active members who earn EQP, then you can see that there is a need for a marketplace to be created where you can buy EQP for later use.

Of course, websites are not networks, and this analogy is far from perfect. But useful.

How much is a Bitcoin worth
No one knows. A few people are speculating its worth based on the potential that Bitcoin will one day become a major world currency that people use in their daily lives. Most people though are speculating its worth based on what the next new investor will pay them for it (google “Greater Fool Investing”).

Even if a crypto currency becomes dominant, who says it will be Bitcoin? Maybe it will be Schmitcoin?
This is completely possible. Bitcoin and Ether are the most likely at this point, but their long term survival is not at all guaranteed.

So why all the fuss about Bitcoin? Shouldn’t we wait for Schmitcoin and its cousins to come out?
You could, but you don’t want to ignore how hard it is to start up a network from scratch. It may be that as little as one person can create rival code to compete with the existing digital currencies and blockchains, but one person is not a network. You need a lot of highly technical and motivated people to join you and also to invest their time, energy, and money in making that network run. It’s a highly specialized group of people, and most of the people who would fit that profile are already tied up with an existing network. So it’s not impossible, especially in the long-term, but even if it does happen it would be unlikely to pop up overnight and so Vegas odds for Bitcoin are way shorter.

Let’s go back to the Dansdeals analogy. Imagine that Dansdeals is not the only such website, and there are other websites in existence that provide similar services. For the sake of the analogy let’s call them MMS and OMAAT. They too have big enough followings to survive independently, and even though each one offers a slightly different flavor that differentiates them, anyone on one of the networks could also get their most important needs met on one of the other networks. In this analogy, do you think it’s worth collecting EQP/HT or not? After all, Schmansdeals.com could open up one day and all the business could move there.

The argument for the difficulty of starting up a rival blockchain network is much stronger than in the analogy (especially if we start to include “smart contracts” in the discussion), but the basic idea that you need a critical mass of follows to be successful and compete with existing rivals is the same.

« Last edited by yuneeq on December 25, 2017, 01:05:21 AM »

Author Topic: BitCoin Master Thread  (Read 347308 times)

Offline joe1234

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Re: BitCoin Master Thread
« Reply #520 on: December 19, 2017, 10:57:33 PM »
What’s up with bitcoin cash? It went up to $8k and back down to $3k within 1 hour!

Offline yoohoo

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Re: BitCoin Master Thread
« Reply #521 on: December 19, 2017, 11:43:27 PM »
What’s up with bitcoin cash? It went up to $8k and back down to $3k within 1 hour!
never went that high. Was a fluke on Coinbase only.

Offline ludmila

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Re: BitCoin Master Thread
« Reply #522 on: December 20, 2017, 01:21:45 AM »
https://www.tradingview.com/x/iUdI24Nv/

https://www.tradingview.com/x/rhWnZI0Q/

https://www.tradingview.com/x/C2UJ8OYi/

Down over $3000 since the sell signal , I am short the futures which is down $1600 today, have a break even stop loss , down 4 days in a row ,an opportunity to make a fortune on the downside while many are still buying, if this was the top then the acceleration to the downside will be much faster than the crazy parabolic rise. I have nothing to lose , either ill ride it all the way down or break even if this was not the top.

see chart
https://www.tradingview.com/x/zWezC5nY/
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Offline henche

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Re: BitCoin Master Thread
« Reply #523 on: December 20, 2017, 01:32:14 AM »
I also have nothing to lose

Offline Mordyk

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Re: BitCoin Master Thread
« Reply #524 on: December 20, 2017, 02:43:15 AM »
Anyone here familiar with ripple?
#TYH

Offline joe1234

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Re: BitCoin Master Thread
« Reply #525 on: December 20, 2017, 07:53:12 AM »
never went that high. Was a fluke on Coinbase only.
Now it’s it’s gone from coinbase history... why is this not a big deal and a trust issue with them?

Offline yuneeq

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Re: BitCoin Master Thread
« Reply #526 on: December 20, 2017, 02:05:46 PM »
Now it’s it’s gone from coinbase history... why is this not a big deal and a trust issue with them?

It wasn't real.
It never went live on Coinbase yet.

Try buying/selling. I have been trying since yesterday they didn't open that feature yet.
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Offline lubaby

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Re: BitCoin Master Thread
« Reply #527 on: December 20, 2017, 02:13:15 PM »
Try buying/selling. I have been trying since yesterday they didn't open that feature yet.
If you have USD in your coinbase wallet, you can instant-transfer it to GDAX (Coinbase trading platform, same login) and buy it through there. It started properly trading on GDAX about 15 minutes ago.
« Last Edit: December 20, 2017, 02:17:13 PM by lubaby »

Offline joe1234

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Re: BitCoin Master Thread
« Reply #528 on: December 20, 2017, 02:28:12 PM »
It wasn't real.
It never went live on Coinbase yet.

Try buying/selling. I have been trying since yesterday they didn't open that feature yet.
People could have based their purchases on that knowledge... there wasn’t an option to buy yet, but doesn’t give them the right to make up numbers...

Offline yuneeq

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Re: BitCoin Master Thread
« Reply #529 on: December 20, 2017, 02:32:56 PM »
People could have based their purchases on that knowledge... there wasn’t an option to buy yet, but doesn’t give them the right to make up numbers...

Literally every single exchange that you could buy from was selling in the 3k's.
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Offline yuneeq

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Re: BitCoin Master Thread
« Reply #530 on: December 20, 2017, 02:33:37 PM »
If you have USD in your coinbase wallet, you can instant-transfer it to GDAX (Coinbase trading platform, same login) and buy it through there. It started properly trading on GDAX about 15 minutes ago.

Thanks, finally got my hands on some BCH!
Been trying to purchase since it was $1200.
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Offline yuneeq

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Re: BitCoin Master Thread
« Reply #531 on: December 20, 2017, 03:49:04 PM »
make 8x back your money!
Disclaimer: its a basic MLM scheme but as any MLM those who got in early made big profits.
I have a friend who already cashed out 8x.

Delete this crap
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Offline Emkay

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Re: BitCoin Master Thread
« Reply #532 on: December 20, 2017, 04:19:20 PM »
Thanks, finally got my hands on some BCH!
Been trying to purchase since it was $1200.
Really? Its not that complicated. Almost every exchange had it.

Offline yuneeq

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Re: BitCoin Master Thread
« Reply #533 on: December 20, 2017, 04:32:21 PM »
Really? Its not that complicated. Almost every exchange had it.

Did you recently try signing up to any of these exchanges?
I gave up after trying 5 different exchanges.
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Offline Emkay

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Re: BitCoin Master Thread
« Reply #534 on: December 20, 2017, 04:38:56 PM »
Did you recently try signing up to any of these exchanges?
I gave up after trying 5 different exchanges.
Yes. I have accounts with all. When it was at 1200 they weren't giving issues yet.

Offline yuneeq

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Re: BitCoin Master Thread
« Reply #535 on: December 20, 2017, 04:43:52 PM »
Yes. I have accounts with all. When it was at 1200 they weren't giving issues yet.

I asked if you signed up recently.
If you have an older account it probably worked but verification (along with most of their crappy sites) was broken.

I tried bitstamp, kraken, bitfinex, etc.
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Offline eli232

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Re: BitCoin Master Thread
« Reply #536 on: December 20, 2017, 04:45:31 PM »
try binance

Offline yuneeq

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Re: BitCoin Master Thread
« Reply #537 on: December 20, 2017, 05:04:11 PM »
try binance

I already got what I wanted but I'll try it out next if I need a new site.
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Offline Mordyk

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Re: BitCoin Master Thread
« Reply #538 on: December 20, 2017, 05:20:22 PM »
try binance
binance not letting me do the 2 step verification by scanning QR code.  how can i fix that?
#TYH

Offline ludmila

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Re: BitCoin Master Thread
« Reply #539 on: December 20, 2017, 10:10:48 PM »
Is anyone here really buying ? I added to my shorts in the futures market, when this fantasy became worth more than 15 ounces of Gold , it'll be crazy not to short , plus all sentiment indicators and technicals showing it started.
hourly chart
https://www.tradingview.com/x/uQptWZsa/
I was the Best,still the Best, and will always be the Best.
Pele Good,Maradona Better, George Best.