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  1. #41
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    Well done Jinx, I managed to pick up a small parcel in the mid-low 40's, so a nice double up for me.

    Are you holding solely ETH or delving into other crypto also?

  2. #42
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    Quote Originally Posted by heisenberg View Post
    Well done Jinx, I managed to pick up a small parcel in the mid-low 40's, so a nice double up for me.

    Are you holding solely ETH or delving into other crypto also?
    For me I'm around 85% pure ETH, 10% into ICO's which are pretty much just IPO's hosted by Ethereum (can go into more detail if anyone wants). 5% into sh*tcoins that could make 500x return.
    No bitcoin for me, it's made some decent gains but nothing like Ethereum and just doesn't have the technology to validate the market cap.

  3. #43
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    Quote Originally Posted by Jinx View Post
    5% into sh*tcoins that could make 500x return.
    What service do you use to buy other coins?

  4. #44
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    Curiosity.

    We've just had a big worldwide ransomware hacking scare, with the hackers wanting to be paid in bitcoin into a specific "electronic wallet".

    Once you know which wallet the ransom went into, what's the mechanism for tracing outgoings from that "wallet".

    Possible? Impossible? Hard? Easy?

  5. #45
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    Quote Originally Posted by GTM 3442 View Post
    Curiosity.

    We've just had a big worldwide ransomware hacking scare, with the hackers wanting to be paid in bitcoin into a specific "electronic wallet".

    Once you know which wallet the ransom went into, what's the mechanism for tracing outgoings from that "wallet".

    Possible? Impossible? Hard? Easy?
    If you could only transfer the bitcoin around to other bitcoin addresses it would be possible. However with things called 'mixers' that jumble up a bunch of bitcoin and redistribute it and the ability to transfer the bitcoin into other cryptocurrencies like Monero (which allows 0 trackablity) it's pretty much impossible to track these ransomware demands. However it's important to remember these ransomware attacks are done with NSA secrets, so before blaming bitcoin for these attacks there's another thousand or so things we could blame.
    Last edited by Jinx; 15-05-2017 at 11:59 AM.

  6. #46
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    Quote Originally Posted by Jinx View Post
    If you could only transfer the bitcoin around to other bitcoin addresses it would be possible. However with things called 'mixers' that jumble up a bunch of bitcoin and redistribute it and the ability to transfer the bitcoin into other cryptocurrencies like Monero (which allows 0 trackablity) it's pretty much impossible to track these ransomware demands. However it's important to remember these ransomware attacks are done with NSA secrets, so before blaming bitcoin for these attacks there's another thousand or so things we could blame.
    Who's blaming anyone for anything? I'm just curious. I said that.

    It's very hard to track individual banknotes. It's easier to track electronic transactions through the global banking system. So it's natural to wonder how the much-touted "distributed ledger" performs.

    Don't be so touchy, imagining stuff where no stuff exists. . .

  7. #47
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    Quote Originally Posted by GTM 3442 View Post
    Who's blaming anyone for anything? I'm just curious. I said that.

    It's very hard to track individual banknotes. It's easier to track electronic transactions through the global banking system. So it's natural to wonder how the much-touted "distributed ledger" performs.

    Don't be so touchy, imagining stuff where no stuff exists. . .
    I wasn't trying to be touchy at all, sorry it was taken that way!
    If you read news reports about this ransomware debacle it's often framed in a way as to blame bitcoin/cryptocurrencies for these attacks and I was defending them from that angle, not from yourself at all.

    Please ask as many questions as you can! I'm so happy to share my opinions on this stuff.

    Edit - reading though my post how did you even take offence?! The most demanding thing I wrote was "It's important to remember"
    Last edited by Jinx; 15-05-2017 at 04:35 PM.

  8. #48
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    Anyway! Price currently at $91 usd per Ether.
    Been sideways trading for a week or so, a decent buying opportunity (imo) before the Enterprise Ethereum Alliance meeting on the 22nd of May which will surely give the price a bump.

    Still maintaining 800x returns from the first time I posted about it! Maybe at 1000x returns I'll host a learning night about this tech! It's going to be internet 3.0!

  9. #49
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    Hi, any idea where I can find information about how to go about purchasing Ethereum? Thanks

  10. #50
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    I purchased mine through independentreserve.com - NZD friendly, cash upload and ether withdrawal in 2-3 days, only downside is relatively low volume, you'll generally pay ~$5 more per ether. I had no problems with it - purchased my parcel and then withdrew to wallet

  11. #51
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    Quote Originally Posted by da3m0n View Post
    Hi, any idea where I can find information about how to go about purchasing Ethereum? Thanks
    Hi da3m0n, welcome to the forum.

    independentreserve is currently like a 7% premium. Could use cex.io or localbitcoin but either way there's fees. Just do a comparison of all

  12. #52
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    What a feeling

  13. #53
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    Quote Originally Posted by heisenberg View Post
    What a feeling
    Yup...bugger stock returns. So for anyone wondering Eth price is now $190 usd. Meaning if anyone put $100 in eth the first time I posted they'd have roughly $1500.

    As I always say, please post questions about the tech/pm me. Happy to help all understand how this tech is going to change the world!!

  14. #54
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    Hi Jinx, thanks for posting about this, the returns sound too good to be true! So a bit suspicious as to me the concept is still quite puzzling...

    Is the idea people use these currencies to pay for things online, or is it mainly being traded? If the former, how do sellers keep up with the value in normal currency terms (seems like very high inflation?)? And if the latter, then how can it be valued realistically?

    How do new currencies emerge, can anyone create new ones provided there are enough followers?

    How does the 'mining' work, is it like trying to crack a code? Is it actually contributing to something or solving a computational problem, or just a game of sorts that's rewarded with a coin?

    Also, how do you mean this will be the internet 3.0 - is it another major change to how people do business etc. or more directly related to the internet?

    Apologies for the basic questions, just trying to get my head around the concept still...

  15. #55
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    Quote Originally Posted by Elles View Post
    Hi Jinx, thanks for posting about this, the returns sound too good to be true! So a bit suspicious as to me the concept is still quite puzzling...

    Is the idea people use these currencies to pay for things online, or is it mainly being traded? If the former, how do sellers keep up with the value in normal currency terms (seems like very high inflation?)? And if the latter, then how can it be valued realistically?

    How do new currencies emerge, can anyone create new ones provided there are enough followers?

    How does the 'mining' work, is it like trying to crack a code? Is it actually contributing to something or solving a computational problem, or just a game of sorts that's rewarded with a coin?

    Also, how do you mean this will be the internet 3.0 - is it another major change to how people do business etc. or more directly related to the internet?

    Apologies for the basic questions, just trying to get my head around the concept still...
    Hi Elles,
    The returns do indeed sound too good to be true but at least the fact I was talking about it at $12 proves a point! A place to get started - though a big document: https://www.ethadvisor.com/bgei.pdf you should be able to CTRL+F any specific information you're looking for but I can answer your questions

    Bitcoin is a currency - Think of bitcoin like decentralised money. Ethereum is currency + everything else decentralised, it allows messages to be sent over the blockchain (https://en.wikipedia.org/wiki/Blockchain) and almost anything else you can imagine to be done in a way that doesn't allow anyone else to restrict your actions (there's no 3rd parties). It also does Smart contracts, which is the first time in the history of the internet that we can do this type of thing. For example, You could make a smart contract that queries this forum to see if I reply 10 times - If i reply 10 times then the smart contract sends me $10. There is currently no way to do this without a centralised third party which we must both trust - unless we use Ethereum!

    New currencies emerge as fast as anyone can copy paste source code - However this doesn't mean new currencies actually have purpose. Ethereum has real use case and solves real problems that's why it has a market cap of 16 billion dollars and rising daily.

    What mining is and how it works is a very 'googleable' concept but pretty much it's just solving a very complex puzzle in order to secure the network and ensure it's trust-ability.

    What I mean about the internet 3.0 thing is by default the internet is a centralised system, everyone's computer talks to a server, everyone's information is stored on some central sever, everyone's messages, emails, texts, bank details can be read by someone. Now I'm not some type of anarchic anti government spooker - there is need for some type of centralisation. But if I want to message my buddy about our freaky sex moves that isn't something that Facebook should have permission over. Ethereum and decentralisation in general is a natural progression forward for the internet and most organisations.

    Most of this stuff is pretty googleable, the Ethereum reddit is very open and useful and I'm willing to answer more questions.

    Some more info for all readers. Yesterday was the EEA (Enterprise Ethereum Alliance) announcement. Over 80 massive companies were annoced to be joining the EEA, here are just a few of them: Microsoft, Samsung, Toyota, Mitsubishi asset holdings (2.5 trillion in assets), National Bank of Canada, State Street, Deloitte, Germany as a whole, The Depository Trust & Clearing Corporation (clears 1.7 quadtrillion dollars annually.....). The list goes on - Big smart money is finally catching on. Link to more EEA joining members: https://www.reddit.com/r/ethtrader/comments/6ck8if/for_immediate_release_eea_adds_86_new_members/


    0xb7c5db338d5ac624b50e7b529da0a5f8278a9ac1 For anyone that wants to make a smart contract that pays me to reply :P

  16. #56
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    Not sure about this cryptocurrency thing - sounds somehow like a pyramide schema to me.

    Let's look into historic currencies: They originally tended to work, because they represented something which was limited, was (relatively) easy to transport and transfer and people wanted to have it. This description fits e.g. on gold, silver, pearls and Mongolian tea bricks ...

    Governments decided at some stage that they should circulate a fiat currency which is backed by them (or better by the value their economies produce). If you accept NZ$, US$, Euro or whatever, you basically accept a minute share of the representative GDP as payment. These currencies are still limited, are easy to transport and transfer and people want to have them (because they can buy stuff with them).

    Cryptocurrencies are backed by nobody. Yes, they seem to be sort of limited (within one currency), but let's be honest - you only can buy stuff with them if you find a greater fool to buy them from you. The big problems I see are that the number of cryptocurrencies is unlimited (which will reduce their value) and they have no backup.

    Why do you expect their value to only go upwards if you can produce an unlimited amount of cryptocurrencies? Feels sort of like the introduction of ostrich farming in NZ: The initial price for a bird was (I think) $50k. Now they have more birds than they need and you can buy one for $100 or so. Big difference: An ostrich you can at least kill and eat. Try that with your cryptocurrency.

    Obviously - all this would change if some trustworthy organisation would choose to back some cryptocurrency (turning it basically into legal tender ...."), but why would they want to do that?
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  17. #57
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    Quote Originally Posted by BlackPeter View Post
    Not sure about this cryptocurrency thing - sounds somehow like a pyramide schema to me.

    Let's look into historic currencies: They originally tended to work, because they represented something which was limited, was (relatively) easy to transport and transfer and people wanted to have it. This description fits e.g. on gold, silver, pearls and Mongolian tea bricks ...

    Governments decided at some stage that they should circulate a fiat currency which is backed by them (or better by the value their economies produce). If you accept NZ$, US$, Euro or whatever, you basically accept a minute share of the representative GDP as payment. These currencies are still limited, are easy to transport and transfer and people want to have them (because they can buy stuff with them).

    Cryptocurrencies are backed by nobody. Yes, they seem to be sort of limited (within one currency), but let's be honest - you only can buy stuff with them if you find a greater fool to buy them from you. The big problems I see are that the number of cryptocurrencies is unlimited (which will reduce their value) and they have no backup.

    Why do you expect their value to only go upwards if you can produce an unlimited amount of cryptocurrencies? Feels sort of like the introduction of ostrich farming in NZ: The initial price for a bird was (I think) $50k. Now they have more birds than they need and you can buy one for $100 or so. Big difference: An ostrich you can at least kill and eat. Try that with your cryptocurrency.

    Obviously - all this would change if some trustworthy organisation would choose to back some cryptocurrency (turning it basically into legal tender ...."), but why would they want to do that?
    "Cryptocurrencies are backed by nobody" They are backed by cryptography. You seem to be arguing from inside a bubble, ok in NZ we have a nice little government with a nice little government backed currency. Try Greece, try Nigeria, try Venezuela. These countries fully endorse cryptocurrency now because their governments couldn't do their job.

    For Ethereum at least there will be forever some small amount of ETH issued to maintain the network (after Proof of Stake) but how is this different to the NZD or USD? These currencies are 'spawned' by governments at their discretion, at least cryptocurrencies use math and reliability to distribute currency.

    Also for your example about eating cryptocurrency.... I have a debt card I can use anywhere anytime that uses my crypto assets so......


    "all this would change if some trustworthy organisation would choose to back some cryptocurrency" Did you read my above post?
    "Microsoft, Samsung, Toyota, Mitsubishi asset holdings (2.5 trillion in assets), National Bank of Canada, State Street, Deloitte, Germany as a whole, The Depository Trust & Clearing Corporation (clears 1.7 quadtrillion dollars annually.....)." Are these not trustworthy organisations? The reason they are adopting Ethereum instead of issuing their own is because they don't have the technical skills to make anything better then Ethereum.

    No offence BP, I have A LOT of respect for you in regards to stocks. But when it comes to cryptocurrency not growing up with technology like the internet is a huge disadvantage. The younger generation don't care about borders or government backed concepts (this coming from a 21yo political science graduate). They are constantly connected to people all over the world and the ability to transact with these people is going to be hugely important. Try explaining to a young person that you can message anyone in the world at any time but to send money you have to wait 3 days for an international money transfer.

  18. #58
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    Overall I'm 50/50 on Cryptos many things I really like to the blockchain tech ....but as long as we have Governments I just don't see it being allowed to get mainstream aka pay my TAX in it ....not saying some time in the future Nations won't take up Cryptos as long as they can control them and centralise them..

    I remember Don Brash on talkback radio where he stated the Fiat NZD gets it value backing from us NZD'er accepting it has value and in turn paying TAX with it = "legal tender"

    which when you think about it both Crypos and fiat legal tender are completely faith based .....the amount of different Cryptocurrencies can just continue to expand ...but as we know Bitcoin have a huge amount of faith in it's value so it commands a high value ...other new Cryptocurrencies even if they have great blockchain tech can be next to worthless >>>

    IMHO Crypos are more so a investment than money/currency as is the likes of Gold/Silver (5000yr+ old value)

    http://www.economicsdiscussion.net/m...iscussed/12710
    Last edited by JBmurc; 23-05-2017 at 01:16 PM.
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  19. #59
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by Jinx View Post
    "Cryptocurrencies are backed by nobody" They are backed by cryptography. You seem to be arguing from inside a bubble, ok in NZ we have a nice little government with a nice little government backed currency. Try Greece, try Nigeria, try Venezuela. These countries fully endorse cryptocurrency now because their governments couldn't do their job.

    For Ethereum at least there will be forever some small amount of ETH issued to maintain the network (after Proof of Stake) but how is this different to the NZD or USD? These currencies are 'spawned' by governments at their discretion, at least cryptocurrencies use math and reliability to distribute currency.

    Also for your example about eating cryptocurrency.... I have a debt card I can use anywhere anytime that uses my crypto assets so......


    "all this would change if some trustworthy organisation would choose to back some cryptocurrency" Did you read my above post?
    "Microsoft, Samsung, Toyota, Mitsubishi asset holdings (2.5 trillion in assets), National Bank of Canada, State Street, Deloitte, Germany as a whole, The Depository Trust & Clearing Corporation (clears 1.7 quadtrillion dollars annually.....)." Are these not trustworthy organisations? The reason they are adopting Ethereum instead of issuing their own is because they don't have the technical skills to make anything better then Ethereum.

    No offence BP, I have A LOT of respect for you in regards to stocks. But when it comes to cryptocurrency not growing up with technology like the internet is a huge disadvantage. The younger generation don't care about borders or government backed concepts (this coming from a 21yo political science graduate). They are constantly connected to people all over the world and the ability to transact with these people is going to be hugely important. Try explaining to a young person that you can message anyone in the world at any time but to send money you have to wait 3 days for an international money transfer.
    Hmm - I don't see how the speed of a transfer has anything to do with the currency you use. If I transfer NZD to Europe than the equivalent amount is over there the other morning.

    But let's go back to cryptocurrencies. What they essentially are is shares in a (hopefully) limited pool of "securities".

    Well, I do understand shares - and their price is determined by a) people's moods / hypes and feelings (that bit is typically measured with TA - i.e. they are going up ...) and b) by their fundamental value (i.e. earnings potential or saleable value of whatever is in the pool).

    Obviously - I do see the hype value of cryptocurrencies (similar to tulip bulbs or e.g. WYN shares still some months ago), but I don't see their fundamental value. What is the underlying value of a Bitcoin or this funny Ether-thingy?

    If I own a share which falls out of fashion, than I still can either sell the assets of the company or enjoy the earnings of the company. However - what is a Bitcoin worth if nobody wants to buy it because everybody can create their own cryptocurrency? Can you help me to identify it?
    ----
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  20. #60
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    from Agora Financial’s Chief Technology Officer, Ray Blanco some concerns about Bitcoin:
    “I look at bitcoin right now, I see huge risk. Blockchain advances all get figured out in the years ahead regardless. Bitcoin itself, it’s doomed. The end is near. Soon as Congress has a reason, they figure out how to shut it down. You mark my words. Too many banks have too much to lose. And if we know one thing, it’s that big banks and Congress are part of the same beast.”


    https://coinmarketcap.com/currencies/2

    some 800 odd listed ....crazy how much money is invested if you took the total value of just the top two and were able to use every USD in value you could buy every oz of Silver Bullion above ground on earth worth some 50 billion USD... silver that is used for thousands of applications ... (Silver is an essential element in the electronic gadgets that are a growing part of our digital age.)
    Last edited by JBmurc; 23-05-2017 at 11:55 PM.
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