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Darin

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Everything posted by Darin

  1. Interesting - you would think that at the minimum, the UK Dinar would have provided better success. Why 'currently' sell if you won't be willing to buy back. Exchanges at an airport & a local bank do not surprise me though. I'm doing good, like to lurk from time to time. Being here daily is similar to trying to watch a pot of water hit a boil, just feels like forever w/o much change.
  2. Ya, doesn't seem like a promising coin by any means. The buy/sell gap is rather entertaining graph to read on one of their exchange sites. 100% premined was likely their biggest mistake. It doesn't encourage any miners, it doesn't do well in spreading the coins around, etc. They tried to copy previous coins with an "e-drop". What this basically is, is a large portion of coins dropped to a single or multiple entities. This has been done & has caused success (short-lived, however) for two coins, Aurora coin & Spain coin. Both of these coins were supposedly designed to give their countries people "X" amount of coins on a certain date. What made this appear successful, was that the total of those "X" amount of coins were not available prior to the drop but only what was mined beyond "X" amount. So as an example, if 55 million coins existed, and 50 million went to the country and 5 million was in circulation, the buys/sells on that 5 million would be higher. So the demand in reality is much smaller than 55 million, as in reality it would be 5 million. So a lot of pump/dumps occurred. Anyone involved in the 5million that was available may have made some nice profits, considering if they sold prior to any sell-offs. Digital currencies will likely grow and continue to implement themselves into online services, online stores, and beyond. However, with over 100 different coins (mostly being clones/scams/etc) not all will survive. I would imagine in due time, only 3-5 will remain. Once those 3-5 that remain are determined, their values could be on the up-rise. I would imagine from those 3-5, BTC & LTC would be of the two. Out of those two established - if you wanted to try another alt coin, I would advise to check the following for each coin before making a dive into the digital world 1) Are there online services, online stores, etc. accepting payment of 'said coin' 2) How many exchanges offer that coin to be exchanged 3) How easy can you acquire it & sell it 4) The community, what type of community is behind it & how big is that community.
  3. 82-Pages? These LOP threads always get so much attention, it is really pretty sad at times. I didn't read all 82 pages, but I did try to skim through it (read mostly the first few pages). For the most part, it was TL,DR. Keep'm, you continue to bring valid opposing views or points to consider, but you seriously need to work on your delivery. Your delivery comes off more "troll-ish" than serious. It would be of my opinion, that you would not do well in a sales role. However, you are more analytical, which probably explains your technician profession. With all that said, a little voice of reason. While we may all be interested in what a larger exotic foreign exchange company would do in the event of a R/D, we have to put ourselves in the shoes of a dealer. 1 - They're a business, and they have a primary goal of making money. For them to make profits, they need to have a supply that meets demand. No demand & a large supply, their inventory is hard to move & their profits/sales decrease. A lot of demand & no supply, they may not be able to meet the needs to supply the consumer. 2 - It would appear that with my first point, it doesn't really answer the question Keep'm proposed, but that is actually quite opposite. If it was "common" knowledge that in the event of a R/D that Iraq were to close its borders for the extended time of exchange that they allow, this would cause fear to any potential buyer, consumer, or investor. 3 - Why would point #2 be relevant? Well two reasons actually. 1.) No business wants to be holding large amounts of dead - stock. If the events were to occur as explained in point #2, all dealers are potentially stuck with a large amount of useless paper. 2.) This type of knowledge would also decrease the demand significantly. No demand would lead to no sales. Even the risk takers will be doubtful and if they were to take a plunge, they would not be throwing much money down. With those 3 points above, a dealer would have to consider responding to any questions requesting information on their actions if an event occurred such as listed in point #2. -- They would not want to say that they would 'not' allow exchanges -- They would want to implement a CYA strategy (cover your rear-end) in how they answer -- The 'wording' used would likely be subjective, so that they could not be held accountable. A simple answer would be something listed below as an example: "At any change in the current dinars value, we still plan to provide exchange services." If you look at the above response, you would notice that a response like that limit themselves to the current dinar, but they also don't give any absolute answers. Saying that they 'still plan' to offer exchanges services would not be a guarantee. This would not hold them accountable if they were to back-pedal. The perception of that response would be positive & reassuring to those who question the business. Lets take it a step further. Lets say they were to do an exchange "Guaranteed" and go through all the hoopla of verifiable documentation to provide further 'peace of mind', that still may not work in the favor of the IQD holder. Why? Because they can set their own buy-back rate and could buy the paper back for pennies. My opinion of advice to give to hesitant holders, buyers, or sellers. If you are worried that what you hold is "too much to lose" but you don't want to remove yourself from the dinar completely. Reconsider how you play role in their value. If I was in that position, I would take my dinar, sell back to a dealer (even taking a hit on the fees) but re-invest through a reputable broker into the ISX. I would probably split the funds up. As an example, 50% in a checking/savings account (IQD value held) - 25% in a strong promising stock - 25% in a potential boomer. The 50% held in account, if generating interest could grow to when you do decide to withdraw, you've made gains. It puts the largest amount in lower risk, thereby preventing a complete loss unlikely. The 25% may make gains as their economy grows (whether it be the promising stock or the boomer, or both). Overall - why would the method above be better? Instead of being a holder of their exported inflation paper, you are taking the value and investing it into their economy, thus actually potentially helping it further. But that is just my $0.02
  4. Holding your coins in an online exchange is the equivalent of putting your money in a safe with the safe door wide open. If someone were able to get into your house, you would surely know if they were looking to steal that your safe contents would be missing/stolen. There is money to be made in cryptos. History has shown us that.... But I would recommend anyone interested to spend a lot of time learning & reading about them. Back-up your wallet, put it on a cold storage (USB, etc) and make sure your computer is always malware/virus free. Encrypt your wallet..... Most wallet features allow for encryption & if your super paranoid, use an encrypting program to even encrypt that file as well (double encryption). Upon encrypting and setting a paraphrase, be sure to write that password down & do not lose it. Don't save it on a text file or on your computer. Make sure that the pass phrase is complex & difficult to decrypt. The dinar coin doesn't look too promising for a start. It hasn't even touched the top 100 of alt-coins. (referencing coinmarketcap.com). Looking at the exchange, it appears to be going for about $0.001 per coin. There is 20million coins in existence (max supply). Reading the shout-chat, it appears someone who runs chats, videos, or calls looks to be the creator of the coin. Other issues: It appears to be 100% pre-mined. So to acquire the coin, you have to directly look to an exchange to make a trade. Now, I think a coin that represents a specific country or area can be a good thing, if done correctly. If the creator of dinarcoin was smart, he would go the way of Aurora Coin and look to do some sort of disbursement to those that verify that they're middle eastern or something. I think they're only on that one exchange so far? I've only seen two sell orders actually happen - unless I read it wrong. It'll be fun to watch it, but my prediction is a flop. Reasons: 1). 100% pre-mined 2). It appears to relate to IQD very much & I am sure Iraq doesn't give $0.02 about crypto's right now 3). Their current website seems rather shoddy. #3 can change in time..... I think the creator of this coin may have thought that they could create a coin, hold a vast % of it, and cash out for BTC if it gains any traction.
  5. I was shocked, but with crypto's new coins come & go. (some are lucky to stay) Max coin is 20,000,000 (sha-256 based) seems that its a close copy-cat to BTC I'm a little enstranged on why the call it "IQD" when more places in the middle east use "dinar" as what they call their money. IQD is obviously related to Iraq This could be an interesting & fun coin to mine while its new & diff is low - Speculation alone may pay out... dumber things have worked out Wonder how long until the GURUs exploit this. *SMH* you know that'll come in time
  6. I've been reading a lot of good things about dogecoin lately. They really appear to desire to get a good image associated with that community. They're known for tipping They've done a lot of donations (some big, some small) They're different in comparison to other coins as they are somewhat inflationary (although 10k block rewards for life after the 600,000th block may not seem like much) I think they're inflation % is still less than BTC They've grown rather quickly - and they're hitting media mainstream (i.e, some guy selling his house for dogecoin). Other coins don't seem to really get that much attention. Some other interesting ones are vert coin and a few others.
  7. I know the feeling - hindsight is 20/20 I think an article circulated on DV after it topped $30 & crashed... Who would of thought even than was a great time to buy right? Mining can be a fun hobby - but it really depends on a lot of factors Low difficulties can be good (achieve coins easier) Higher block rewards (large rewards) Good balanced pool (too small of a setup vs a large pool means you're getting a small % of shares - too small of a pool and no blocks are being found) Than luck is a factor over all (finding blocks) If you have a decent setup and start mining on a fairly new coin & rake in a large # of coins, the value sometimes has gone up and people who were early adopters have made money. If you have a pretty well built setup or rig and lets say its paid off, you can make money on a daily basis just running it. There really is pros & cons to buying vs mining. If you have more of a long-term goal in mind; buying is the way to go... If you were hoping for quicker/faster returns (although smaller ROI%) mining may be the answer. Mining; you don't have to worry about the risk of $ put in with the exception of a little bit of your time & electricity while buying can get you more coins, you have to keep in mind the risks involved... Regardless, prices fluctuate all the time and patience can really pay off. If we all bought BTC when it was $0.08, who here would of held to present day? The select few who forgot about it or those so greedy that patience & time was no issue to them.
  8. Well, I tried to warn you.. Hopefully you didn't lose too much... If I was you, I'd throw more at it through a legitimate exchange & recoup your losses. Doesn't seem the MtGox took a big chunk into the market value as I would have predicted. It wasn't the coins fault.... It was purely the exchange... I think most people realize that. Which is why it didn't take the beating some would have expected. That is sad & hilarious at the same time.
  9. Doesn't seem that it wants to hit that point ($400 level)... Either way, the news gives BTC a negative connotation for those not to aware of how they work. But if $500 level is as low as it'll go with recent bad news (& something of that serious nature) there is obviously a lot of support for it.
  10. No doubt - online exchange storage is not the smartest move... You should only be there for their purpose, which is a trade. Little background on MtGox, it used to be an online trading site for Magic the Gathering Cards... It later picked up BTC to trade & was sold to Mark in 2011. On a side note, if it were to hit the $100/mark, it most definitely would be worth buying up. Pretty sure the buying support of the coin won't let it fall that low. However, I'm surprised it hasn't fallen lower.
  11. I'm curious to hear from FIB, I think he put in a buy order on MtGox - hope he took my advice that it was an extreme risk.
  12. I feel sorry for those people. Some used MtGox as an online storage. Most people knew that MtGox had issues back in April of 2013 I'm surprised the value hasn't fallen much lower, given the recent news. I think the Asian market is providing a lot of support. And it also seems that a MtGox is not giving up... Who knows what the issue is... Either way, a slight blow to confidence to cryptos as a whole.. BTC has plummeted in the past and history shows that it always rebounds. Probably why they're not panic selling.
  13. Hard to mine BTC & be profitable. Script-based coins, different scenario. As listed in above scenario - you invest in an alt coin & it fails entirely to become worthless, initial investment is lost. Mining, you can switch coins.. Most miners dump their rewards quickly anyways (paying for costs, upgrades, etc). I'm thinking the concept is to transfer BTC to the machine so you can withdraw FIAT Probably pretty handy if you wanted to get cash to spend where crypto is not accepted
  14. Mining is essential to keep the block chain going. It can be a tough decision to make, but if done wisely, mining can get your initial investment & than some back. Pros/Cons Mining - you aren't set to one coin (you can switch to what is most profitable at one given time). Once your original investment is gained back, everything beyond that is profit. If cryptos were to suddenly crash in an overnight sensation... You still have computer gear you can sell off (GPUs to gamers). Cons - can't take advantage of surges in value if they present themselves (i.e., blahblah coin went up 10 times in value) Buying, holding, trading: - Day trading can be tricky and not ideal for newcomers. You can't really follow traditional market trading strategies. But you are easily able to trade if you wish. I.e., if you wish to convert btc to ltc or vice versa or any other promising alt coins. You would get an initial larger volume buy buying them straight up. If the value surges you win (much more than if you had mined since you hold more volume). Id say if your not great with computers - buying is likely the better way to hold as a speculative investment. If you're PC savvy, you could possibly setup yourself to mine instead. New coins emerge all the time - some may surge in value. Think of penny stocks in this sense..
  15. Strange... Trading is one thing while hoarding is another. Are you spending any of your alt coins? Are you mining at all, if so whats your setup?
  16. http://www.ibtimes.co.uk/cryptocurrency-news-round-mtgox-woes-continue-new-york-pushes-bitcoin-law-1437359 With their liquidity issues, some questioning whether they even have coins, and that reports are that some have not been able to withdraw for weeks/months.... I think you took a high risk. If the value was around.... 150 or so per average when you put in your buy order, if mtgox issues are resolved, you may make a decent profit.... But with cryptos, you could have easily done well in alt coins as well and not have to worry about putting money in & not being able to get it withdrawn. You'll have to keep us posted on your outcome.. I' would be putting $ on that you may have made a foolish move, but only time will tell. Most people who are buying at those low prices are doing so speculatively. I don't think the risk/reward is there. BTC has had their setbacks.. I think Russia labeled it illegal IIRC. China had their moments of issues. MtGox is another issue in itself. I think another bug was found, but quickly resolved. I sort of think BTC is hitting max capacity. Its sha based, so only big time ASIC can mine it. Their money supply is actually low... 11million or there about. Converting fiat to btc is not easy for first-timers. Transactions are taking a long time to be confirmed.... And the biggy is that with so many altcoins, it is easy for one of them to easily produce something better.. Most people may have heard of BTC, but others do exist.. Some may be aware of LTC (Litecoin) Peer Coin, Doge Coin, Quark Coin, Conye, and many more. I would label BTC to gold & LTC to silver. Who will be bronze or closely related to FIAT such as doge?
  17. Lots & lots of alt coins out in existence. Few tips: be careful with some of the wallets you downloads for new coins (sometimes they have hidden trojans/viruses) If you wanted to jump into a new coin, try mining it first and let the pool collect the volume until you are ready to transfer it to a wallet ((most respected wallets have their source codes published for everyone to view)) BTC/LTC are both on the low end...... Could possibly be a good time to buy? A lot of up & down of alt coins usually reflects on BTC. (I.e., if BTC is up, alt coins can be up, but when BTC goes down, usually alt coins follow). This may likely be a continuing trend until BTC hits a solid up-trend. Mtgox - don't let that exchange fool you. They're basically not accepting or allowing withdraws. I hear that they may file bankruptcy. I am confused though, why would you say that the Jamaican Bobsled team is sponsoring the electronic volt coin when dogecoin is what helped their teams funding? The Jamaican bobsled team isn't the only Olympic qualifier that the doge community helped fund to the Olympics. They also funded it for an Indian qualifier.
  18. I have 2mill I up for sale if interested.
  19. A very common practice amongst many is mining alt coins and exchanging them for BTC. Lets face it, it would be entirely too expensive to try to mine BTC unless you have an ASIC miner which isn't cheap by any means. If you were to invest in such equipment, the ROI% would take quite awhile to achieve. My recommendation is to seek out a script based coin (i.e. ltc, doge, etc). The ASIC miners struggle to compete with GPUs. You can upgrade your video card on your own machine to something like a r9 270x ($220 about) and get about 450 khash and make roughly $6/day +/- Some people build up some pretty extensive mining farms.... Seems that in most cases people get their investments back around 100 days give/take (depending on the coin your mining, etc). If you're not sure which coin to mine, join a multi-pool. They mine the most profitable coin at the time. Staying with GPU based mining, if for some reason that crypto's plummet & die, it'll be easier to offload a GPU vs an ASIC Converting from Fiat to Crypto can be a hassle.... But that is only because of anti-money laundering laws & some other weird laws. Two of that I know of off the top of my head (Coinbase & Vault of Satoshi) Coinbase is located in Cali while VOS is based out of Canada. For those that are unfamiliar with cryptos... The best/easiest way to explain it is digital cash and you can acquire it by buying it (exchangin fiat for crypto) or mining it (similar to panning for gold, except your computer does the work by trying to solve complicated equations).
  20. Its always fun to see some of the weird & interesting facts & their correlation Last year it was the head-coach brothers This year, the year of the mary jane LOL
  21. Looking to sell off some of my holdings... Keep it an even # of what remains Selling 2.1 million in 25k un-circulated notes Also have one of each (5000, 1000, 500, 250, & 50 note) $1,800 for everything. Prefer to deal locally if possible (If in western MN/eastern ND) Can send via mail w/ PP Post your e-mail & I can shoot you a msg.
  22. As big as this community has become, I would imagine if the dealers didn't buy back the exchange places that would deal with it would spread like wildfire. Weren't there even banks at one time not selling but willing to buy back? Enough demand, and I'm sure someone will setup a channel to meet that demand for a profit.
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