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Bitcoin & CryptoCoins for Kenya
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mic_mic
#281 Posted : Friday, January 30, 2015 10:40:57 AM
Rank: Member

Joined: 12/30/2012
Posts: 545
Location: NBI
Watch this Video!

WSJ (Wall Street Journal) video about investing in Bitcoin

http://www.wsj.com/video...C-98EE-EA5364F6D9CB.html
BITCOIN TRADERS KENYA Whatsapp group +254 705 299 429
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mic_mic
#282 Posted : Friday, January 30, 2015 10:53:35 AM
Rank: Member

Joined: 12/30/2012
Posts: 545
Location: NBI
Hi EVERYONE.

I've been running this thread for 6+ months now. I would like to get some feedback on whether to CONTINUE or DISCONTINUE this thread.

Please respond ny clicking YES / NO on this question

It will take you only 5 seconds.

http://goo.gl/forms/pUVjwCVb7E

Thanks!
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derick
#283 Posted : Friday, January 30, 2015 2:38:13 PM
Rank: Member

Joined: 1/10/2015
Posts: 411
mic_mic wrote:
Hi EVERYONE.

I've been running this thread for 6+ months now. I would like to get some feedback on whether to CONTINUE or DISCONTINUE this thread.

Please respond ny clicking YES / NO on this question

It will take you only 5 seconds.

http://goo.gl/forms/pUVjwCVb7E

Thanks!


Keep it up
Your income is directly related to your philosophy, Not the economy.-Jim Rohn
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mic_mic
#284 Posted : Saturday, January 31, 2015 10:08:46 AM
Rank: Member

Joined: 12/30/2012
Posts: 545
Location: NBI
Argument against 'What is bitcoin backed by'

Bitcoin is not just a currency and should not be evaluated only using such crude questions as "what backs it", but for you I will. Bitcoin is an entirely new asset class it has qualities typical of scarce commodities. Yes it's designed to be a currency -but a sound currency based on scarcity.

Gold was once used as currency because of it's scarcity and many things are valuable simply because they are rare, like some vintage baseball cards and certain precious stones. But scarcity alone is not the only reason Gold or bitcoins have value.

Gold is valued as a commodity. Commodities are not backed by anything except their intrinsic usefulness. As well as being scarce, gold has intrinsic use as a conductor, wheat is useful as food, oil is used for fuel, etc... So, if Bitcoin, the commodity has a usefulness then it too has intrinsic value. That intrinsic value is described in this quote:

As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
– boring grey in colour
– not a good conductor of electricity
– not particularly strong, but not ductile or easily malleable either
– not useful for any practical or ornamental purpose

and one special, magical property:
– can be transported over a communications channel

If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.

Maybe it could get an initial value circularly as you’ve suggested, by people foreseeing its potential usefulness for exchange. (I would definitely want some) Maybe collectors, any random reason could spark it.

-Satoshi Nakamoto Aug. 27, 2010

Consider the essential qualities of currency; scarce, divisible, durable, portable and difficult to counterfeit, and you'll see Bitcoin is not just currency.. it's money, backed by usefulness.
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mnandii
#285 Posted : Saturday, January 31, 2015 10:24:32 AM
Rank: Elder

Joined: 10/11/2006
Posts: 2,304
derick wrote:
mic_mic wrote:
Hi EVERYONE.

I've been running this thread for 6+ months now. I would like to get some feedback on whether to CONTINUE or DISCONTINUE this thread.

Please respond ny clicking YES / NO on this question

It will take you only 5 seconds.

http://goo.gl/forms/pUVjwCVb7E

Thanks!


Keep it up


The crowd is not showing interest now? Remember when bitcoin was selling for >$1000 the huge interest that there was to the point of people selling their houses to buy bitcoin. That was a good time to sell.

Now the price has plumetted >80%, no one is interested in discussing bitcoin an the few who are have negative attitude toward the currency! NOW is the time to buy. This Feb I want to accumulate my fair share.
Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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mic_mic
#286 Posted : Saturday, January 31, 2015 11:01:59 AM
Rank: Member

Joined: 12/30/2012
Posts: 545
Location: NBI
mnandii wrote:
derick wrote:
mic_mic wrote:
Hi EVERYONE.

I've been running this thread for 6+ months now. I would like to get some feedback on whether to CONTINUE or DISCONTINUE this thread.

Please respond ny clicking YES / NO on this question

It will take you only 5 seconds.

http://goo.gl/forms/pUVjwCVb7E

Thanks!


Keep it up


The crowd is not showing interest now? Remember when bitcoin was selling for >$1000 the huge interest that there was to the point of people selling their houses to buy bitcoin. That was a good time to sell.

Now the price has plumetted >80%, no one is interested in discussing bitcoin an the few who are have negative attitude toward the currency! NOW is the time to buy. This Feb I want to accumulate my fair share.



Good to see you here @mnandii! As you can see, not much conversation goes on here, but i suspect that will change after the next bull trend.

People get caught up in short term trends and completely forget the bigger picture. I was just reading up on bubbles and found this great chart on the price of GOLD over history. Have a look




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  | | Edit by user: Saturday, January 31, 2015 11:32 AM | Reason: Not specified
mic_mic
#287 Posted : Saturday, January 31, 2015 11:11:13 AM
Rank: Member

Joined: 12/30/2012
Posts: 545
Location: NBI
mnandii wrote:
derick wrote:
mic_mic wrote:
Hi EVERYONE.

I've been running this thread for 6+ months now. I would like to get some feedback on whether to CONTINUE or DISCONTINUE this thread.

Please respond ny clicking YES / NO on this question

It will take you only 5 seconds.

http://goo.gl/forms/pUVjwCVb7E

Thanks!


Keep it up


The crowd is not showing interest now? Remember when bitcoin was selling for >$1000 the huge interest that there was to the point of people selling their houses to buy bitcoin. That was a good time to sell.

Now the price has plumetted >80%, no one is interested in discussing bitcoin an the few who are have negative attitude toward the currency! NOW is the time to buy. This Feb I want to accumulate my fair share.


Mnandii, i see from your post history you make use of EW?

If you've been looking at my charts here, you'll see we've been tracking a final wave 5, abc correction then a major trend reversal. Have you had a look at BTC charts for YOUR EW counts? Curios that's all.

BITCOIN TRADERS KENYA Whatsapp group +254 705 299 429
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mic_mic
#288 Posted : Saturday, January 31, 2015 11:42:16 AM
Rank: Member

Joined: 12/30/2012
Posts: 545
Location: NBI
1 Week bitcoin price chart

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mnandii
#289 Posted : Saturday, January 31, 2015 12:28:46 PM
Rank: Elder

Joined: 10/11/2006
Posts: 2,304
mic_mic wrote:
mnandii wrote:
derick wrote:
mic_mic wrote:
Hi EVERYONE.

I've been running this thread for 6+ months now. I would like to get some feedback on whether to CONTINUE or DISCONTINUE this thread.

Please respond ny clicking YES / NO on this question

It will take you only 5 seconds.

http://goo.gl/forms/pUVjwCVb7E

Thanks!


Keep it up


The crowd is not showing interest now? Remember when bitcoin was selling for >$1000 the huge interest that there was to the point of people selling their houses to buy bitcoin. That was a good time to sell.

Now the price has plumetted >80%, no one is interested in discussing bitcoin an the few who are have negative attitude toward the currency! NOW is the time to buy. This Feb I want to accumulate my fair share.


Mnandii, i see from your post history you make use of EW?

If you've been looking at my charts here, you'll see we've been tracking a final wave 5, abc correction then a major trend reversal. Have you had a look at BTC charts for YOUR EW counts? Curios that's all.



Hi. Yes I use Elliott Waves. My conclusion for buying is actually base on wave counts from Elliott Wave International(EWI) via Ewaves flash newsletter www.ewaves.com.

EWI was the first financial newsletter to discuss Bitcoins via Prechter's Eliiott Wave Theorist when the price of one bitcoin was USD 6 cents. Two yearr later the price rallied to the all time high of above $1000. That's when pple started to notice bitcoin. Another newsletter at that point warned of a major reversal (the -88% drop) in price. That happened. Now bitcoin is poised to rise in a major third wave which should take prices beyond $1000 by many multiples.

Guys should read that ewaves flash newsletter!

Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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mic_mic
#290 Posted : Saturday, January 31, 2015 12:40:31 PM
Rank: Member

Joined: 12/30/2012
Posts: 545
Location: NBI
mnandii wrote:
mic_mic wrote:
mnandii wrote:
derick wrote:
mic_mic wrote:
Hi EVERYONE.

I've been running this thread for 6+ months now. I would like to get some feedback on whether to CONTINUE or DISCONTINUE this thread.

Please respond ny clicking YES / NO on this question

It will take you only 5 seconds.

http://goo.gl/forms/pUVjwCVb7E

Thanks!


Keep it up


The crowd is not showing interest now? Remember when bitcoin was selling for >$1000 the huge interest that there was to the point of people selling their houses to buy bitcoin. That was a good time to sell.

Now the price has plumetted >80%, no one is interested in discussing bitcoin an the few who are have negative attitude toward the currency! NOW is the time to buy. This Feb I want to accumulate my fair share.


Mnandii, i see from your post history you make use of EW?

If you've been looking at my charts here, you'll see we've been tracking a final wave 5, abc correction then a major trend reversal. Have you had a look at BTC charts for YOUR EW counts? Curios that's all.



Hi. Yes I use Elliott Waves. My conclusion for buying is actually base on wave counts from Elliott Wave International(EWI) via Ewaves flash newsletter www.ewaves.com.

EWI was the first financial newsletter to discuss Bitcoins via Prechter's Eliiott Wave Theorist when the price of one bitcoin was USD 6 cents. Two yearr later the price rallied to the all time high of above $1000. That's when pple started to notice bitcoin. Another newsletter at that point warned of a major reversal (the -88% drop) in price. That happened. Now bitcoin is poised to rise in a major third wave which should take prices beyond $1000 by many multiples.

Guys should read that ewaves flash newsletter!



+1 EW is a tool every active investor should have in their toolbox.
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