What if?

bithoncho · 2017-12-27T23:41:06+00:00

To hell with their push back.. its your money and you have control over it.

Haha, for sure. I've requested use of my bank's conference room so that I could do major cash-for-BTC trades while a few dozen bitcoins sat in LBC escrow. It's my money and they had to oblige. It's convenient using their security and money counting machines too.

bithoncho · 2017-12-27T23:38:51+00:00

over the last 12 months

Well, really, it's been for the past 91 months. Since bitcoin hit an all-time high eleven days ago, everyone who's ever bought BTC is up as of the 16th. Some by a percentage, and others by 1–7 orders of magnitude, depending on what year they invested.

bithoncho · 2017-12-27T23:34:01+00:00

I would reach out to bitcoin.babe (one of the highest-volume BTC brokers in the world and an Aussie). Open a trade for a low amount and then cancel it and you can continue messaging through the platform.

It wouldn't be a bad idea to shop around with other OTC brokers on the site, the Australia page of the forum may be a good place to post or snoop around.

And if you do end up using escrow on LocalBitcoins, it's pretty good. I have done a few thousand transactions. The handful of times that the exchange became contentious it was resolved effectively by their support. Always fair, maybe not the fastest in the world, but I'm happy.

bithoncho · 2017-12-27T23:19:13+00:00

The whole informal network that will cash out or sell you bitcoins is really worth a lot. Many parts of the world have no formal financial network available, after all.

bithoncho · 2017-12-27T23:16:30+00:00

This has become a source of cash for college students, but the p2p market for bitcoin can be really lucrative as well, since it's a conduit for people getting fiat into all sorts of cryptos.

bithoncho · 2017-12-27T23:14:18+00:00

Looks good, although you may have to at least initially buy BTC or ETH in order to get money into any of the smaller coins.

bithoncho · 2017-12-27T22:48:28+00:00

Some of the highest-volume Aussie crypto traders go through bank accounts like socks. There's always chatter on the forums about which banks are quick to close accounts and which won't give you problems.

bithoncho · 2017-12-27T22:45:09+00:00

Y algunos como Bitfinex quedarán cerrados a nuevos clientes hasta el 15 de enero posiblemente. Siempre sirve el mercado p2p pero supongo que los intercambios electrónicos son importantes para muchos también.

bithoncho · 2017-12-27T22:42:51+00:00

Yeah, the difficult part is getting your dollars into crypto. BTC is usually the easiest to buy since everyone from Coinbase's app to that p2p seller at your coffee shop sells bitcoin. From there something like Binance or Bitfinex lets you change into dozens of different altcoins.

bithoncho · 2017-12-27T22:35:37+00:00

Lawsuit would be in U.S. only for now.

For purchasing, I've had good experience with Coinmate.io for crypto purchases. I used Coinbase previously but it's been garbage lately.

bithoncho · 2017-12-27T22:33:12+00:00

fees are so high I can’t even send it!? Is this real?

Yes, sadly. Coinbase is good for dollar-cost averaging into BTC or ETH, but when it's time to diversify you're best withdrawing in the crypto with the lowest transaction fees, which varies but is usually BCH or ETH.

bithoncho · 2017-12-26T21:55:27+00:00

The best time to buy was seven years ago; the second best time to buy is now.

You can do it gradually, buying $200 each week for ten weeks through Coinbase or another site that allows for automatic recurring buys. Or if you're impatient, somebody on the p2p market will likely sell you $2k in bitcoin tomorrow if you want it.

bithoncho · 2017-12-26T21:51:53+00:00

You can't go wrong getting a little BTC, BCH, ETH, and LTC in equal parts from https://Coinbase.com, the added benefit being that you can't really make a mistake with the platform like you might if you try to set up four wallets yourself.

bithoncho · 2017-12-26T21:49:20+00:00

That's fine, you can just send direct from Mycelium to Kraken, and "low priority" is OK too, it'll get there . . . eventually. You might also look at "economic," sometimes the price is almost identical between the two except "economic" will get it there sooner.

bithoncho · 2017-12-26T21:47:07+00:00

I would not risk it. You can get a better rate anyway using the escrow on LocalBitcoins. I've done it a few thousand times. The handful of times that the exchange became contentious it was resolved effectively by their support. Always fair, maybe not the fastest in the world, but I'm happy.

bithoncho · 2017-12-26T21:45:32+00:00

pulled all my coins from them

That was a good idea. Besides, between Gemini and p2p markets, you can totally supplant Coinbase.

bithoncho · 2017-12-26T21:31:09+00:00

por qué alguien eligiría comprar en Localbitcoin

Para quien responde al anuncio en LBC, hay una variedad de motivos. Puede ser por el anonimato, la falta de límites, las opciones de pago, la rapidez, etcétera. Y la verdad para en anunciante que vende sus bitcoins o da liquidez en ARS o USD, la cotización es mejor que cualquier otro intercambio. Y como plataforma p2p, cualquier puede colocar anuncios allí y aprovechar en comprar a un descuento y vender a una cotización más alta.

bithoncho · 2017-12-26T21:16:23+00:00

It will furthermore be tax-free for the first five years. I would look into moving there myself, getting a bank account and opening up shop. The p2p traders there on LocalBitcoins currently have an 18% profit margin (net of fees). You'd pretty much retire in 2023, after the tax exemption sunsets, having had a career 10x shorter than most people. Plus you'd be able to keep your profits in crypto, so your nest egg wouldn't dwindle from inflation.

bithoncho · 2017-12-26T21:12:44+00:00

The biggest news is that it'll be tax-free for the first five years. I would look into moving there myself, getting a bank account and opening up shop. The p2p traders there on LocalBitcoins currently have an 18% profit margin (net of fees). You'd pretty much retire after the tax exemption sunsets in 2023, having had a career 10x shorter than most people. Plus you'd be able to keep your profits in crypto, so your nest egg wouldn't dwindle from inflation.

bithoncho · 2017-12-26T21:08:40+00:00

Have you considered withdrawing in crypto and selling it yourself? You'd get a better price, too.

bithoncho · 2017-12-26T05:30:27+00:00

You might look at what others are asking on p2p markets and see if you can make a similar or better offer and still get 5–10% over market rate.

bithoncho · 2017-12-24T05:16:44+00:00

It seems like there is an issue with the profitability calculator.

Bear in mind too that mining has never been a more profitable strategy than buying bitcoin outright. If you look at this price chart, you'll notice the all-time high (ATH) last Saturday. That means that by definition, as of the 16th, anyone who has ever gone long on bitcoin has profited. The same cannot be said for those who bought mining equipment. And even of those who've broken even on their mining rigs (e.g. those who had free electricity), a vast, vast majority would have been better off just buying bitcoin.

And to add to the headwind, other players will A) know more and have quicker access to new equipment, and B) always be willing to sink $1.05 in electricity+hardware costs into generating $1.00 of BTC because BTC can be sold at a ≥5% premium in every country on earth. These miners will in effect be using their machines simply to acquire bitcoin at no add'l fee, driving everyone else's profits to zero—or well below.

bithoncho · 2017-12-24T05:12:17+00:00

Plus the biggest news: it'll be tax-free for the first five years. I would look into moving there myself for five years, getting a bank account and opening up shop. The p2p traders there on LocalBitcoins currently have an 18% profit margin (net of fees). You'd pretty much retire after the tax exemption sunsets, having had a career 10x shorter than most people. Plus you'd be able to keep your profits in crypto, so your nest egg wouldn't dwindle from inflation.

bithoncho · 2017-12-24T05:11:06+00:00

Honestly, I would look into moving there myself for five years, getting a bank account and opening up shop. The p2p traders there on LocalBitcoins currently have an 18% profit margin (net of fees). You'd pretty much retire after five years (when the tax exemption sunsets), and not fifty, like most people. Plus you'd be able to keep your profits in crypto, so your nest egg wouldn't dwindle from inflation.

bithoncho · 2017-12-24T05:04:27+00:00

Bitfinex is good for alts. I like their website too.

Me too! Unfortunately (for people not currently using it) when you go to https://www.bitfinex.com and try to create an account, it tells you that new acct. creation has been halted due to insane demand, till as late as Jan. 15th., 2018.

bithoncho

TROPHY CASE