Buying the next DIP?

Discussion in 'Digital Currencies' started by BuggedOut, Jul 18, 2017.

  1. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    I reckon there's time for maybe one more wave of panic selling before July 22 comes around and we see the initial signalling support for SegWit2x. For me, this is the time to have your reserves on the sideline ready for that big scoop at what might be a capitulation low.

    Once SegWit2x gets signalling support I expect a lot of the FUD about chain splits will dispel and sentiment could again turn positive. This week could very well be the last good buying opportunity for a while.

    Good luck and DYOR :)
     
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  2. Eliassamaha

    Eliassamaha Well-Known Member Silver Stacker

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    Can I ask if I buy bitcoin and it splits in 2 will I have twice the coins ?
     
  3. willrocks

    willrocks Well-Known Member Silver Stacker

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    Yes, on different chains. One chain will become dominant.
     
  4. Eliassamaha

    Eliassamaha Well-Known Member Silver Stacker

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    Oh I see like ether n etc
     
  5. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    It's a simple question with a not-so-simple answer. Have a read of this thread that outlines the possibilities :-

    https://www.silverstackers.com/forums/index.php?threads/bitcoin-uasf-bip-148.84728/

    The short answer is : Probably, yes. But in a split scenario you need to be very careful. Make sure you have your BTC stored in a wallet where you control the private key. If a split happens it will take time for wallets to show both coins. If you have say 10 x BTC before the split, after you might have 10 x BTC1 and 10 x BTC2 both accessibly by the same private key. Until your wallet shows both coins if you try and send/spend them, you'll probably send/spend them both.
     
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  6. leo25

    leo25 Well-Known Member Silver Stacker

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    As buggedOut said, in order to keep your bitcoin on both chains (BTC1 & BTC2) you need to have the private key. The issue with most exchanges is when you deposit to them you don't have the crypto anymore, instead you are just given an accounting credit (this is needed in order for things to run fast). So if there is a chain split the exchange will get access to BTC1 and the new BTC2 and you will still have your credit with BTC1 only. (though the exchange can be nice and give you BTC2 too, but don't count on it) But remember in that event BTC1 will have lost value, as it's value will now be split among the two.

    This accounting method with exchanges is also the reason why the cypto market can be just as manipulated as say the gold market. Just like with gold, if everyone only used gold it can not be manipulated, but since most people buy gold on paper markets it can. If everyone used bitcoin directly it can not be manipulated, but since most people use it in exchanges where it's just an accounting then it can. As long as everyone doesn't want to pull out at once then the exchange can do funny things, if too many people withdraw the crypto at once then you get a mt.Gox event.

    So this is going to be a very interesting test on the exchanges over the next 3 months (if people panic and want to withdraw crypto). If they settle in cash then its not an immediate issue for the exchanges, as they can always borrow more cash to fill the gap. Also I'm sure not all exchanges are doing dodgy things, but some definitely are.
     
    Last edited: Jul 18, 2017
  7. dozerz

    dozerz Well-Known Member Silver Stacker

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  8. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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  9. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    BIP91 is now signalling at 75%. It only needs to get and hold 80% for us to activate SegWit2x and avoid a chain split.

    Bitcoin has rallied from a low of $1830 USD to $2392 USD (about 30%) in the space of about 48 hours.

    It's starting to dip again now, but now that people are waking up to the reality of the situation regarding SegWit2x I don't expect the next dip(s) to be quite so severe. It's frustrating for me to get the fundamentals right but miss the timing on the major low, but still reckon it'd be worth buying what little dips we get from here. The last few weekends have been jittery so there still could be a decent opportunity in the next few days.

    DYOR
     
  10. JOHNLGALT

    JOHNLGALT Well-Known Member

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    I believe in Casper, the friendly Ghost
    The Tooth Fairy.
    Santa Clause.
    The Phantom.
    Batman and Robin, etc.
    Hope my post is not off topic. _JLG.
     
  11. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    Go troll somewhere else.

    If you're not interested in the topic that's fine. You don't need to spam threads with rubbish, it just makes you look like an a$$hole.
     
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  12. southerncross

    southerncross Well-Known Member Silver Stacker

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    If find the cynic's hilarious to be honest. It's not real currency, it's not Gold or Silver, It doesn't exist etc etc. Unicorns and Tooth Fairy's and so on.

    Yet every day they use a form of currency backed by nothing more than their faith in a fractional reserved Banking system, They actually trust that the Gov't and Banks wont screw them over and that inflation or deflation is A O.K with them whenever it is needed despite the harm it causes them personally.

    Gold and Silver.... Less than 15% of Gold is actually used for anything with an actual purpose other than jewelry, Science and Medicine make up most of that. The next 8-10 Trillion dollars perceived worth is subject to the very same conditions that any sort of Fiat Currency is prone to, It is a store of FAITH that you actually hold something worth whatever you placed into it by hard work or luck. Even if you do hold it what does it do ? Can you eat it, burn it, protect yourself with it, jump on a plane and take it with you easily ? Move it near instantly anywhere you like safely ?

    And is it manipulated at all ? Subject to fraud or counterfeiting the exact same way that Fiat is? or the very same fractional reserve practices that play out with the banking system ? How much paper Gold and Silver is their out there compared to the actual physical amount held in 'trust' ?

    I get the whole yeah but when Fiat crashes gold will be to DA MOON, but stop and think for a minute about Gov't controls in that scenario... Do you really think that they wont just rinse and repeat what they have already done in the past ? Go look up Executive order 6102 just as an example. Go look at what they did just 9 years ago to prop up the TBTF Banks and assorted hangeronners with the public taxpaying purse , and the resultant multi million bonuses to the executives of said banks and assorted organizations.

    Every aspect of all that crap can not happen on the Blockchain, it is just flat out impossible for it to occur, it is a trustless environment meaning that there is no middle man between you and whoever you are dealing with any where on the planet. The contract you agree to is the contract you end up with full stop once it is initiated.

    Say you make a bet with someone, just like occurred here on silverstackers.com recently with the U.S election , on the blockchain there is no way of backing out of the bet anymore, with a smart contract on the Ethereum network the bet either exists or it doesn't. Once the outcome is reached the smartcontract pays out the winner within minutes. There is no middle man involved, fees are minimal and there is no welshing on a bet as happened here. The very same technology/contract can be scaled to do whatever you like from a real estate transaction to buying a car, making a share trade or anything in between.

    It cut's out the middle men and is trustless, you no longer have to worry about the deal changing anytime within the contract period. EG: You go for a home loan at the bank and the variable rate say's such and such and the fine print is saying something different, with a smart contract in place the Bank can't come back later on and change all that dependent upon such fine print. The terms you agree to are the terms of the contract full stop as the contract on the blockchain wont allow for anything else and just wont change full stop.

    Fiat and Gold/Silver are the market place of the banksters, they control and manipulate it at their whim on a daily basis, they control governments and every known market 24/7 except the internet and cryptos on a daily basis. Turning off the internet is their own Achilles heel though as they would then have no other avenue of control so they are caught in a catch 22 scenario themselves in this case, hence the current scramble to catch up.

    Bitcoin, Ethereum ETC are no different than any other store of wealth or investment vehicle in this day and age. If anything they provide a much greater security and shield against Gov't intrusion than any other type. They are not prone to the fractional reserve system for one, they are not able to be manipulated*, they are not subject to bailing others out, Contracts/agreements once set are immutable and they do not rely upon anyone else but yourself and those that you deal with to take place.

    Simple questions, do you trust yourself more than your Government and Banks to take care of your stored wealth and investments ? Do you trust yourself more than Facebook, Email, Ebay, Instagram, Snapchat, Whatsapp, to take care of your stored personal information ?

    If the answer to either is yes then you need to read up and educate yourself a bit more about Blockchain technology.

    * Whales can manipulate crap coins with ease, so just be aware that on some exchanges CRAP COINS are liable to be pumped and dumped with ease by deep pockets.
     
    Last edited: Jul 19, 2017
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  13. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    BIP91 signalling now over 80% and is in the process of being locked in :-

    SegWit2x.png

    This has got to be good news for all crypto enthusiasts.
    Hope to wake up tomorrow morning with the news that there will be NO CHAIN SPLIT
     
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  14. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    There she goooooeeees! BTC up 5% in the last 30 minutes and flying!

    Which one of you guys saw my post and started buying? :cool:
     
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  15. SilverDJ

    SilverDJ Well-Known Member

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    I did, thanks!
    :D
     
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  16. leo25

    leo25 Well-Known Member Silver Stacker

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    Now everyone can relax for 3 months, then the real test starts :) I'm happy I moved my ethereum to bitcoin yesterday.
     
    Last edited: Jul 20, 2017
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  17. Eliassamaha

    Eliassamaha Well-Known Member Silver Stacker

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    What's happening in 3month?
     
  18. leo25

    leo25 Well-Known Member Silver Stacker

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    This first part was for Segwit, it's a soft fork (safe) and more or less everyone agreed with it. The 2nd part is to increase the block size from 1MB to 2MB, this is a hard fork (not safe) and is where a lot of people disagree and therefor a lot can go wrong. (but i hope the 1MB people pipe down and go with the flow)
     
    Last edited: Jul 20, 2017
  19. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    3 months is a long time in crypto land, but my thinking is the hard fork in 3 months is less scary than this episode has been.

    Sure, we may end up with a coin split, but it is more likely to be managed without risk of a re-org (aka wipeout) attack.

    A bit like a divorce that is amicable rather than a bloody fight over who gets to keep the house. We will see.
     
  20. leo25

    leo25 Well-Known Member Silver Stacker

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    mm i can't say i agree, the core side seem like entitled kids that don't like to lose. So they might not play ball when the crunch comes. As of now core got what it wanted (Segwit) so they are happy. 2MB is just intention as of now and if the pull out then things can get nasty.
     

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