The Bitcoin Thread

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d7e7r7 said:
Those who have Bitcoins locally... Is there anyway to get Bitcoins without having to provide proof of identity? In my mind this kind of contradicts the whole point of Bitcoin being anonymous...
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The easiest way to do it all online:

1.) Buy BTC with your BitX account (not anonymous).
2.) Create account at coinbase (no ID required to register).
3.) Send coins from Bitx -> Grams Helix Light -> coinbase wallet.
4.) Pay with your coinbase wallet (anonymous).

Grams Helix really just swaps your coins out for other coins, effectively severing the trail back to your BitX account. You pay a 3% fee.
Coinbase also have a nice Android / IOS app and makes a good wallet.
 
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saor said:
The easiest way to do it all online:

1.) Buy BTC with your BitX account (not anonymous).
2.) Create account at coinbase (no ID required to register).
3.) Send coins from Bitx -> Grams Helix Light -> coinbase wallet.
4.) Pay with your coinbase wallet (anonymous).

Grams Helix really just swaps your coins out for other coins, effectively severing the trail back to your BitX account. You pay a 3% fee.
Coinbase also have a nice Android / IOS app and makes a good wallet.
Click to expand...

/tag for future reference
 
eg2505 said:
is this grams helix wallet a BTC mixer?
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Yep. The entire process is automatic so you never have direct access to the funds stored in Helix. Once they're tumbled they get sent to your wallet.

They claim to also issue 'clean' coins that haven't got a trail yet, but I don't know how common an occurrence that is. Grams have active support on reddit as well as via their own website. They do suggest when using Helix that you bookmark the processing coins page so that you have the unique url to log a fault should something go wrong. Once the process is done there's a button to remove your transaction from their system.
 
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saor said:
Yep. You just can't manually access it - the entire process is automatic.

They claim to also issue 'clean' coins that haven't got a trail yet, but I don't know how common an occurrence that is. Grams have active support on reddit as well as via their own website. They do suggest when using Helix that you bookmark the processing coins page so that you have the unique url to log a fault should something go wrong. Once the process is done there's a button to remove your transaction from their system.
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nice, so no need for darkweb dealings to get BTC mixed?
very useful if you want to buy anything slightly dubious.

alos very nice if things go tits up in SA, put your wealth in BTC sell it, convert to USD and live someplace else.
if push comes to shove, many will do exactly this.....
 
Is BitX.co.za completely above board - they are a deposit taking institution, but doesn't seem to be a SA registered bank. Even though they claim to do KYC, etc - but they are incorporated in Singapore?
 
I'm thinking about buying around 1K of Bitcoin, is there any potential to make any money buying when the price drops and then selling them when the price goes up? Also what about purchasing Bitcoins for Rands and then exchanging them for Dollars and then buying more Bitcoins and then exchanging those for Rands?
 
Defiler said:
I'm thinking about buying around 1K of Bitcoin, is there any potential to make any money buying when the price drops and then selling them when the price goes up? Also what about purchasing Bitcoins for Rands and then exchanging them for Dollars and then buying more Bitcoins and then exchanging those for Rands?
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yes! thats exactly what I did with mine, right now is a great time to buy as due to a BTC halving going on right now, you can make some serious cash now....

I used it last year, and the price spiked near the end of last year, and I even remember asking here if anybody knew why,

i still do think its the safest and cleanest way to move money between countries with no pesky tax laws and odd exchange rates to bother with...

especially in a depressed economy like in SA right now....
 
Holy smokes.
It's at 9230 right now!
I wouldn't say now is the time to buy, unless you think this peak is gonna hit 12000 or something crazy. The time to buy was a month or two ago at around 6900.
 
saor said:
Holy smokes.
It's at 9230 right now!
I wouldn't say now is the time to buy, unless you think this peak is gonna hit 12000 or something crazy. The time to buy was a month or two ago at around 6900.
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yeah, I saw, but its gonna fall quite soon ,to something funny....
thwen buy when its cheap and then sell...

its like any other share, buy low sell high...
question is can you hang on:p
 
eg2505 said:
yeah, I saw, but its gonna fall quite soon ,to something funny....
thwen buy when its cheap and then sell...

its like any other share, buy low sell high...
question is can you hang on:p
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I'll be surprised if we see a peak like this again any time soon. Not impossible tho, but I sure am kicking myself for not buying this time round.
 
Buying now would definitely be on a peak, unless of course it has more upward momentum - who knows with BTC, it can be very unpredictable.

Main drivers seems to be devaluation of the yuan and one of the biggest European bitcoin miners went bang (KnC Miner), plus the imminent halvening (~ 50 days now).

BUT: Australian authorities are about to gradually dump R200m worth of seized bitcoins (online drug dealers) onto the market over the next few days so might want to hold off investing too much right now.
 
dude#73 said:
So, anyone heard of Ethereum (ETH)? Thoughts?
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New kid on the block. ASIC doesn't work so only GPU miners work which is how it got so popular.
Halfing coming soon. About all I know.

Nice community though, a lot better than the bitcoin folk.
 
dude#73 said:
So, anyone heard of Ethereum (ETH)? Thoughts?
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There seems to be some consensus that Eth is the most serious contender with Bitcoin - e.g.: http://www.coindesk.com/microsoft-ethereum-3-million-developers/

What is interesting though is the BTC/ETH trade which is very active. Seems that since the exchanges for buying Ethereum with fiat are more limited, ppl buy BTC to trade ETH but playing off the two has become a big arbitrage game.

Also, worth looking into the DAO which as far as I can fathom is a kind of decentralized Kickstarter based on Eth - https://daohub.org.

A lot of ppl have converted a few of their Bitcoins into Eth as a hedge.
 
1: I have NO idea about any of this and from what I calculate, Bitcoin is/will be unfeasible with the halving coming up.

2: http://www.bitmart.co.za/?v=68caa8201064 <----- These guys make some pretty bold claims saying an Antminer S7 can make you ZAR 4000 a month (excluding electricity costs...). But that sounds pretty dodgy for overpriced hardware that can be imported for a quarter of the price. I'm estimating that a running an ASIC with a 1600w PSU should cost me about R1600 on electricity alone?

3:What is Ripple? can it be mined as well? heard it was the best after bitcoin, but that was before Ethereum.. How do you set up mining?
 
Do you guys think bitcoin is a good option for sending money overseas?
I'm traveling to the USA tomorrow and was thinking of buying a bitcoin or 2 and then selling them for cash in the US, using localbitcoins.
 
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