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Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 17121. (Read 26586303 times)

legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
"Diversification is key to any long term sucessful wealth"

Good thing he did`nt take this advise 5 years ago.

I wouldn't have given him that advise 5 years ago. Only when when ONE MAIN investment (which is also of high risk) reaches to a point in which it would be somewhat lifechanging if it failed entirely. Otherwise, not that much need to diversify.

Everyone's portfolio is different. For example, I am still diversifying INTO Bitcoin.

And yes, sometimes you need to exchange potential profits for lower risks/safety to protect your wealth in the long term.


I was warned to diversify back in 2010 by old system investors.

“Diversification is protection against ignorance. It makes little sense if you know what you are doing.”

-Warren Buffett
sr. member
Activity: 373
Merit: 250
The pin is rapidly approaching the balloon

Can't wait for JJG to jump in and tell me again how I'm misreading the market.


You were at least 7 hours off. Tut tut

I'll try to do better next time Cheesy
legendary
Activity: 1358
Merit: 1016
The pin is rapidly approaching the balloon

Can't wait for JJG to jump in and tell me again how I'm misreading the market.


You were at least 7 hours off. Tut tut
sr. member
Activity: 658
Merit: 282
"Diversification is key to any long term sucessful wealth"

Good thing he did`nt take this advise 5 years ago.

yeah. screw that. i'm staying put and waiting to see what happens. nothing else interests me in the slightest. if it all goes down in flames then i can live with that.

You already have the right nickname for it to go all down in flames  Grin
sr. member
Activity: 373
Merit: 250
The pin is rapidly approaching the balloon

Can't wait for JJG to jump in and tell me again how I'm misreading the market.
legendary
Activity: 2352
Merit: 1064
Bitcoin is antisemitic
Just out of curiosity, how would you do that swap from Bitcoin to Gold without it being a taxable event?

Was just looking into it as a like-kind exchange (IRS section 1031). Doesn't look very promising.

Vaultoro. Maybe Bitgold/Goldmoney too.
newbie
Activity: 26
Merit: 0
 Its always smart advise. This is one of those rare times to be proud of dangerous investing.
legendary
Activity: 1512
Merit: 1012
legendary
Activity: 1862
Merit: 1530
Self made HODLER ✓
"Diversification is key to any long term sucessful wealth"

Good thing he did`nt take this advise 5 years ago.

I wouldn't have given him that advise 5 years ago. Only when when ONE MAIN investment (which is also of high risk) reaches to a point in which it would be somewhat lifechanging if it failed entirely. Otherwise, not that much need to diversify.

Everyone's portfolio is different. For example, I am still diversifying INTO Bitcoin.

And yes, sometimes you need to exchange potential profits for lower risks/safety to protect your wealth in the long term.
legendary
Activity: 3766
Merit: 5380
Satoshi was a talented coder, who didn't exactly seem like a visionary in economics and finance. He succeeded perfectly in creating a secure public ledger, that brought forward the idea of innovative and effective financial solutions. Bitcoin isn't a solution itself to any important financial or economic problems. It lacks a proper identity. It's not a proper currency, because it lacks the mechanism of price stability and it's not a proper asset because it lacks much use outside of speculation. It's value is mostly fueled by greed or by financial transactions the need the increased anonymity. I don't think that these things will hold the value high for very long. I see that the future is in development through alts. First we'll see first proper assets, and then in years to come, we'll hopefully also see the coming of a proper currency. Alts have the advantages to bring forward new radical change that is needed to increase the complexity of the system. Alts can bring forward fast development, while bitcoin development is stagnant in even the simplest technical changes.

See, this is the problem with bitcoin, people keep trying to conceptualizing it into this "currency" thing. You're right, bitcoin is not a currency. It's a payment network.

To ride on the payment network with a certain amount of fiat value, you have to purchase aka "reserve a ticket" (buy some bitcoin) that equal that relative fiat value. Right now tickets are cheap, so you have to buy more tickets to transfer more fiat value on the network. But as the total amount of reserve tickets available are becoming more scarce by being temporarily removed from the network through rising demand (thus cost value rising for those remaining) and through halving, you'll need less reserve tickets in the future to transfer same amount of fiat value. The amount of reserve tickets are basically limitless.

People are buying reserve tickets, not a currency. The power of the Bitcoin network grows with the amount of "reserve power" able to transfer the equivalent fiat value. Of course this only works if fiat value transferred in always outpaces fiat value coming out.  Which it should if rising demand > falling supply and fiat purchasing power continuing to fall over time.

Of course I'm over-simplifying and discounting miners (i.e., ticket creators) and speculators (i.e., scalpers), but you get the analogy.
legendary
Activity: 1288
Merit: 1087
"Diversification is key to any long term sucessful wealth"

Good thing he did`nt take this advise 5 years ago.

yeah. screw that. i'm staying put and waiting to see what happens. nothing else interests me in the slightest. if it all goes down in flames then i can live with that.
legendary
Activity: 3416
Merit: 1912
The Concierge of Crypto
I don't have cryptosteels, I will probably make my own version instead of buying one. However, it is a lot easier to pass through any airport with paper wallets without arousing suspicion, and you can probably keep it on your person. The typical bitaddress type of paper wallet has 7 addresses that can fit on standard size A4 or 8.5 x 11 inch paper.

But then, I don't travel as much as Elwar, I've only been to maybe 5 countries in the past 10 years.

*edit*
MicroSD cards are also very small.
sr. member
Activity: 420
Merit: 257
2560. now we´re talking. Those little, horny asians, they save my ass every time  Smiley

legendary
Activity: 981
Merit: 1005
No maps for these territories
newbie
Activity: 26
Merit: 0
 "Diversification is key to any long term sucessful wealth"

Good thing he did`nt take this advise 5 years ago.
legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
Just out of curiosity, how would you do that swap from Bitcoin to Gold without it being a taxable event?

Was just looking into it as a like-kind exchange (IRS section 1031). Doesn't look very promising.


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Please tell me you have backups of your cryptosteels and it is not that if they lose, destroy or otherwise take it apart you won't lose access to your bitcoins.
If someone got my cryptosteel they wouldn't be able to get the key without knowing the order I put the key in. I still get paranoid about someone getting it and figuring out my pattern. I have a few different backups.



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If I had nowhere near that amount in Bitcoins I would start diversifiying *ASAP*. Real state, gold, whatever.... but don't put all your eggs on the same basket.

Diversification is key to any long term sucessful wealth.

I will likely diversify once I settle down somewhere. Crypto is ideal for mobility. I should be able to buy some seasteading real estate/stock in the next year. I'm thinking that might be the next big investment.

What I won't do is ever let my gains be taxed. I hate funding ISIS with my tax dollars.
legendary
Activity: 1862
Merit: 1530
Self made HODLER ✓

I don't see much problem with it (other than a perhaps over hyped paranoia of how powerful governments are at manipulating commodity prices). You prefer gold and silver. They are decent and historically fairly stable. A pretty safe investment. I do not discourage buying gold or silver. I was actually looking at some gold websites to see if that could be a "like-kind" transfer of my bitcoins if the price skyrockets in bubble fashion and I want to move out for a few months without tax implications.

Just out of curiosity, how would you do that swap from Bitcoin to Gold without it being a taxable event?


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However, how would I sell my gold back for bitcoins? Where would I store my gold? How can I move it to a new country?

As time has gone on I have realized that we spend a lot of money on protecting our property. We pay police, state governments, national armies to protect our property. Gold requires spending money either through taxes spent on a safe place to live where you can store your gold. It is a constant cost to keep people from taking your wealth.

Bitcoin does not have this cost. No government is required to protect my string of digits and letters. I can hold my wealth without needing a safe, home security system, local police department, national military, etc.

Maybe I can help you with that: Safes are probably one of the unsafest ways to store wealth as they are not really hidden just merely somewhat "protected". Gold can be melted and hidden as if it were some ordinary hosehold item. Also, and as you probably prefer to deal with the original bars my suggestion would be to bury them on your own home. I mean bury in a way that, even if you are forced to disclose where it is at point of gun it will take some time, tools, and a hell lot of noise to unbury (you need neighbours for this to be of any use). That's something you could also do with with other valuable items.  You need a home and also you would be leaving it behind on your travels... nothing is perfect.

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For some of my bitcoins I recently purchased some crypto-steel and stored some bitcoins on those. I just moved from Afghanistan to Korea spending a few weeks in Thailand, Cambodia, Vietnam and French Polynesia. By moving, that meant bringing my crypto-steel with me (not trusting it to some post office). So here I am traveling with these metal squares through various security. I spent about 15 minutes in Dubai trying to explain my crypto-steel to security (I had them wrapped in metalic tape to ensure nobody tampered with them). I finally had to unwrap one enough to show what was inside (I also had full chemical gear so that was part of the inquisition as well....long story). I ended up checking my bag in with the crypto-steel from there on out and was paranoid every minute that they were not in my possession. Every hotel I went to had to have a safe. I ended up in one hotel without a safe and I only left briefly to eat. I ended up using a bus instead of going on airplanes when I traveled due to the difficulty. Flying from Vietnam to French Polynesia I decided to keep the crypto-steel with me to avoid the worry I had before. I had to explain to a Vietnamese security guard what they were, I used pictures on my phone and was ok after 5 minutes (I was surprised when he said "oh, Bitcoin!").

Please tell me you have backups of your cryptosteels and it is not that if they lose, destroy or otherwise take it apart you won't lose access to your bitcoins.

I I think it is very funny that you not only are passing cryptosteels on the x-rays... but, COVERED WITH METALIC TAPE?? That's probably the most suspicious item you can carry on except maybe for a GUN or a pack of real explosives lol

Also, I have always worried if they could consider that carrying bitcoins in international flights is something that should be declared or not. Probably not, but...


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If I had as much money as I have in bitcoins, in gold I would be carrying around 100lbs(may be way off) in gold from country to country. I can't imagine being mobile with gold.

That's a hell lot of gold, around 2.5mill$ in value. Exactly the same ammount that this guy tried to cross borders with: http://www.reuters.com/article/us-italy-gold-idUSBRE85H1Q920120618

If I had nowhere near that amount in Bitcoins I would start diversifiying *ASAP*. Real state, gold, whatever.... but don't put all your eggs on the same basket.

Diversification is key to any long term sucessful wealth.
sr. member
Activity: 420
Merit: 250
.....

Korea is used to red candles.  Their currency devalued by 50% overnight in the '98 asia currency crisis:



The USD will probably have an event like this in the near future where they devalue the dollar vs gold by an astronomical amount overnight.  #physicalsilverbitchez

Arbitrage opportunities in South Korea are too much, as we can understand from the graph, we can open accounts from the South Korean stock exchanges.
Of course each country has the conditions of stock exchange, maybe Arbitrage is not possible.
hero member
Activity: 703
Merit: 502
Whats with GDAX/Coinbase... $100+ price difference between the major exchanges.
The exchanges it's quite quick to get fiat to , bitstamp, gdax etc are way ahead of those it's hard to get fiat to btc-e , Bitfinex etc - fiat drought at some exchanges.
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