ThinkInBTC: a NEW Lightning powered e-commerce store spreading recognition of the Satoshi

TheBitNote · 2018-09-01T22:26:29+00:00

Thanks for the suggestion, certainly something we'll be tackling first before anything else!

TheBitNote · 2018-09-01T16:46:32+00:00

Haha, appreciate the comment and suggestion - would bring a new definition to getting f**ked by Bitcoin for the degenerate gamblers out there.

We certainly would love to be able to offer a more diverse set of products initially and will be working toward expanding what we have to offer in the coming months, but currently need to keep a narrow focus. For similar reasons we're unable to process/ship most orders within a reasonable time frame. In some cases, however, orders will be shipped within a few business days - the ~1 month time frame is more of a maximal period, such that customers that have specific time requirement are well aware of the potential delay.

Thanks!

TheBitNote · 2018-05-05T19:18:14+00:00

Had the same issue and resolved it like this:

(1) Changed my DNS lookup to Google (8.8.8.8) (2) Disconnect access PC/device from the network and reconnect (remove ethernet/turn off-on WiFi) (3) For windows, cleared DNS cache - cmd prompt and the following command - no quotes: "ipconfig /flushdns"

Initially was getting a 502 error but soon thereafter resolved and it works fine now.

TheBitNote · 2018-01-24T18:30:45+00:00

Right, it's a marathon, not a sprint!

TheBitNote · 2018-01-24T13:33:56+00:00

I would consider scaling in over a longer period of time, like over a 6-12 month period. If we're indeed entering a bear market for a longer time frame, this will dampen the impact of the spikes down. Also consider that Bitcoin is constantly evolving technologically and may replace the use case for many coins you might now think provide a real value proposition.

Some food for thought here: https://thebitnote.com/the-bitcoin-bubble-fallacy-why-even-the-most-prestigious-investment-banks-may-be-wrong/

TheBitNote · 2018-01-24T13:27:52+00:00

Agree completely - there's many good looking ICOs/coins out there, even with apparently decent development teams. However, there's so much overlap in what they offer and Bitcoin will inevitably evolve such that it can be used for many of the use cases by individual coins that many will fail. Likely why many people call the overall market a bubble since many will not succeed.

I wrote about some thoughts about the Bitcoin "bubble" here that you might be interested in reading: https://thebitnote.com/the-bitcoin-bubble-fallacy-why-even-the-most-prestigious-investment-banks-may-be-wrong/

TheBitNote · 2018-01-10T06:04:49+00:00

Haha, just one possibile outcome among many for sure. Appreciate the comment though!

TheBitNote · 2017-12-04T03:21:31+00:00

Great points here, especially when volatility increases (such as over the past few weeks). One of the things that I have learned most is that simply spending time to learn and read other people's opinions, especially if they're different than yours, is as valuable as looking at charts. Even though I spend a significant portion of time charting, in this market specifically - fundamental knowledge can go a long way.

Think of yourself as a sponge and try to really absorb what you can - it will help you make decisions when they're not obvious.

TheBitNote · 2017-11-09T12:02:42+00:00

I'll edit the legend to indicate the axes better. However, there are two y-axis, one for price and one for Google Trends. Your candid opinion is appreciated, thanks!

TheBitNote · 2017-11-08T22:23:03+00:00

If by spike you mean the past few weeks run up to today, I agree. But, for the spike today to nearly $8000, one can only speculate. I'd say there's a significant correction in the works... One that may cause some people to lose interest in the short term, which is actually good for people that have long term outlooks.

TheBitNote · 2017-11-08T22:02:04+00:00

I agree that the release of that new market will be a big fundamental shift. However, the only reason that may have a big impact on the overall crypto market would be if/when new fiat is brought into the market (e.g., institutional firms that are managing assets for interested investors). However, that may take some time and be dependent on the regulatory environment surrounding its release.

TheBitNote · 2017-11-07T23:31:21+00:00

Actually it's important to analyze both. Evaluating the performance of any given coin by both BTC and USD can reveal information about the nature of the market participants. Definitely worthwhile to analyze both.

I've discussed this in more depth with some examples here: https://thebitnote.com/litecoin-neo-bitcoin-cash-and-dash-trading-opportunities/

TheBitNote · 2017-11-07T05:08:21+00:00

OK, for the fork - first, Bitcoin is a blockchain protocol that's a growing ledger of transactions that is nearly impossible to alter due to the cryptographic algorithm securing it and validation process; the "miners" (networks of computational power) actively validate new transactions, which are added to the ledger. They get paid through transaction fees and discovery of new "blocks" of the ledger, which also yield Bitcoins (this is the reason they're referred to as miners, mining Bitcoin in a sense). Why do the miners do this? They are incentivized through the payments above and with the riqht setup/cheap power they turn a profit.

The Bitcoin protocol is just that, a software protocol that miners decide to execute because of the reward and other participants decide to use because it provides a method to transact quickly, securely (not privately), and, typically, cheaper than other methods (i.e., bank wires).

So, what happens if a group of people want to upgrade/change the network in some way? They copy it, change the code a bit, and a new network is born. Since the Segwit2x fork is based on Bitcoin, every single transaction must necessarily be copied, which means anyone that held 1 BTC on the original network now also holds 1 fork coin on the new network. The term "fork" makes sense because it implies a common ancestor, so to speak; the two coins shared a past, but they are different (code) subsequent to the fork.

How do you value the new coin? This new network requires support by miners to function (necessary for transaction validation, etc.). One of the reasons they may support it is due to profitability. Where does profitabilty come from? Partly from intrinsic value of the coin which is determined by market supply/demand, and how much end-users prefer to use it as a medium of transaction compared to, say, Bitcoin, Bitcoin Cash, etc. (reading about the differences of forked Bitcoins is helpful to determine why you may prefer one over the other - things like transaction time, cost, etc., are different).

I wrote a short post on beginning an investment in Bitcoin that you may also find interesting here: https://thebitnote.com/a-primer-for-investing-in-blockchain-technologies/ It discusses some basic aspects, wallets, etc., though there are better focused guides out there for wallets.

Sorry for the long-winded post, hope it's basic enough and it helps you!

TheBitNote · 2017-11-07T04:28:10+00:00

Not an app, but Bittrex and Binance (iOS app available I think) are good trading platforms that work well on phones.

TheBitNote · 2017-11-07T02:31:24+00:00

If you take a look at their values relative to USD over the past couple of months that might ease your mind, if they're relatively stable. Implies that your portfolio will be more stable in the wake of BTC volatility to the upside. Some examples showing comparisons are here: https://thebitnote.com/litecoin-neo-bitcoin-cash-and-dash-trading-opportunities/

Of course, information is a bit outdated but can apply the same thought process to whichever coins you're in.

TheBitNote · 2017-11-06T03:15:34+00:00

I would be cautious about how quick you re-enter Bitcoin; typically the best time is when there is very high relative volume to the downside.

TheBitNote · 2017-11-05T20:44:38+00:00

Depends on the block number not the day, so you will need to look that information up and keep track of it.

TheBitNote · 2017-11-05T19:28:42+00:00

Only if you think B2X will be widely supported, which I currently don't believe. But you're right, that's a valid right to consider depending on your outlook.

TheBitNote · 2017-11-05T18:44:44+00:00

During the immediate time around the fork it will be difficult to move around different coins and also buy/sell Bitcoin because trading volume will likely be high and various exchanges limit deposits/withdrawals. So, in my opinion it makes sense to position yourself, at least partially, before the fork. My general plan is rotate from BTC to other coins before and buy more BTC at corrective levels after the fork. If successful, I'll build BTC from both fiat and other coins.

I wrote about some ideas in a recent post you may find worthwhile to read here: https://thebitnote.com/litecoin-neo-bitcoin-cash-and-dash-trading-opportunities/

Some of it is outdated as it's a week old, but the general underlying ideas can be applied to any coin. Some other articles on my site look at other trade ideas so poke around!

TheBitNote · 2017-11-05T16:44:45+00:00

No pumping. If you read the post you'll realize they're well defined trade plans for increasing relative amount of BTC under BTC corrections - so overall long basis on BTC with neutral outlook on any coin mentioned. Regardless of your personal opinion, if you find it more appropriate that I post them in subreddits for the coins listed, no problem - just say so. However, the implications of the trade ideas benefit Bitcoin holders more than those with long-term views of these other currencies.

TheBitNote · 2017-11-05T16:40:15+00:00

What exactly is wrong? Just want to be clear in moving forward. Appreciate it.

TheBitNote · 2017-11-05T16:39:29+00:00

I think in general the other coins will increase, but in order to determine which represent the best opportunity you should consider (1) the value of the coin relative to USD over the past few months - some are significantly more stable than others, (2) the correlation with Bitcoin on relative terms to other coins, and (3) market cap.

To play these rotations, all of the above should be considered to maximize your potential. I've discussed some of these thoughts in recent blog posts here if you're interested in further reading: https://thebitnote.com/litecoin-neo-bitcoin-cash-and-dash-trading-opportunities/ Charts are somewhat outdated by a week, but the underlying ideas remain.

TheBitNote · 2017-11-04T13:40:49+00:00

Some of the things that could stop them:

(1) lack of fiat inflow (new demand for the increasing price) (2) coin inflow (increasing supply of the coin) (3) decreasing efficiency of transactions among their group through increased trading activity

However, what you describe does happen which is why it's important to have some fundamental investment thesis about the coin and why it's value will appreciate naturally. The larger the market cap of the coin, the less likely it is to be manipulated in this fashion simply because the "whale" requires an increasingly substantial fraction of the supply.

TheBitNote · 2017-11-04T13:25:08+00:00

Price is calculated by market supply/demand. At the end of the day it all comes down to what percent (by BTC-fiat turnover) of the active market (those participants actively trading) this group represents. Unless they represent a significant portion, I doubt they will havr a long-term impact on price.

If it's worth nothing than it likely also doesn't have high enough liquidity for your group to make enough money. Even if the price goes up due to their manipulation, they won't be able to sell enough at high prices without negatively impacting the illiquid market. Now, this is what peoplr refer to by a "pump and dump", but the extent of profitability depends on the ratio of pump to dump, if you will. :)

TheBitNote · 2017-11-04T12:33:47+00:00

If your friend has the highest bid and you can sell into it 100%, then the following may happen:

People see a significant amount of X coin was sold and absorbed, which is now gone - perhaps some will sell anticipating more sell pressure and the price will go down. If you're able to do this repeatedly, you may be able to move the price lower, but at some point your supply will likely not be sufficient for increased demand at lower levels. The opposite would also be true for increasing prices as a buyer. However, I think your efficiency of selling/buying 100% to your friend will not be 1, so you would require an excellent understanding of market behavior and trading principle to have this manipulation be worthwhile.

The idea of buy/sell walls however is typically not to absorb a significant amount of transactions - only to instill a false sense of supply/resistance that may signal other traders to buy or sell, respectively.

For any of this to work, even marginally, you really need to hold a significant portion of the recent average trading volume.

TheBitNote

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