You ficad at luno.
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The Bitcoin Thread
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Idiosyncratic
Expert Member
Quick question, why would anyone use the Luno exchange if you can buy/sell instantly with Luno at decent rates? I've never quite understood the exchange aspect....
Oh, and Luno isn't gonna give my crap to SARS, no? I have so little BTC at the moment it isn't worth complicating my stuff
Oh, and Luno isn't gonna give my crap to SARS, no? I have so little BTC at the moment it isn't worth complicating my stuff
The instant buy sell/generates a quote based on the exchange. Ultimately you still transact on the exchange, it's just an easier way of doing it.
C4Cat
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I never joined Luno
If you use the instant buy/sell, then you pay 1% fees. If you use the exchange then there are no fees.
Hi Guys
I'd appreciate some feedback on my below questions, I'm looking to possibly build a rig to get into this but I have a few concerns:
1)Is it still profitable? If I build a rig and convert the upfront cost to $ I'm looking at roughly $2 700. Based on this calculator , if I input a best case scenario of 180MH/s and 0 cost incurred on power, over a 12 month period I'm looking at a projected return of $2 031 which includes projected difficulty increases. This puts me out of pocket, does this seem correct?
2) The initial investment needs to be paid off, what are the tax implications for getting the money back into the country and back into my account?
3)Is Ethereum the only worthwhile altcoin to GPU mine right now? Alternatives?
I'd appreciate some feedback on my below questions, I'm looking to possibly build a rig to get into this but I have a few concerns:
1)Is it still profitable? If I build a rig and convert the upfront cost to $ I'm looking at roughly $2 700. Based on this calculator , if I input a best case scenario of 180MH/s and 0 cost incurred on power, over a 12 month period I'm looking at a projected return of $2 031 which includes projected difficulty increases. This puts me out of pocket, does this seem correct?
2) The initial investment needs to be paid off, what are the tax implications for getting the money back into the country and back into my account?
3)Is Ethereum the only worthwhile altcoin to GPU mine right now? Alternatives?
Idiosyncratic
Expert Member
Great, thanks!
Just be aware that if you use the exchange and force a buy/sell you still pay 1% fees. For example if the highest sell order is R16999 and you place a buy order at R17000, then the order will go through immediately and you pay 1% fees.
You ficad somewhere if you see an exchange unless you are part of the 0.164% who gets paid in bitcoin from a laundry wallet.
C4Cat
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What you're pointing out is that the ZAR side of the transaction is not anonymous, rather than the bitcoin side.
If I pay somebody for something using bitcoins, or get paid for something in bitcoins, that can be anonymous (or not, if I choose to give my personal details).
I use localbitcoins.com (as I've mentioned before) and pay cash for the bitcoins so it could be anonymous - though I use my normal email address so the person selling the bitcoins to me knows who I am (or could find out pretty easily) - anonymity is not important to me as I'm doing nothing illegal but I could choose to be anonymous if needed.
There is a bigger issue here, which relates to the blog post by Mike Hearn on why he thinks bitcoin has failed http://fusion.net/story/255949/bitcoin-failed-says-mike-hearn/
For me, if bitcoin is going to just mimic current payment methods, except you have a central exchange instead of a bank, then what's the point. Again, for me, one of the big appeals of bitcoin is that it's decentralised and requires no intermediary bank or central exchange to do transactions. If you have to fica at an exchange like luno and all your transactions go through the exchange it kindof defeats the purpose, for me. Plus, it's no longer as decentralised as it could be - as Hearn points out - "Chinese miners, just two of whom control more than 50% of the hash power." "In order to ensure your transaction goes through, says Hearn, you sometimes have to pay Bitcoin miners a transaction fee that's higher than what merchants pay for credit cards, which undermines one of Bitcoin's primary appeals."
And for me the appeal of an exchange is I can buy/sell when I want without having to deal with a different person each time. I'm happy to provide a few personal details to the exchange in return for convenience.
C4Cat
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Sure, but you lose one of the big advantages of bitcoin over other currencies. It becomes just one more currency and you're still dependent on central institutions to process your transaction, so for me, what's the point? I'll rather buy dollars or yen or whatever if I just want to trade currencies and if I'm using it as a payment method, I might as well use mastercard, it's even more convenient
jacosmit
Expert Member
Ooh, good news. So my ~$7 worth of Bitcoin i mined in the first week may still be recovered.
I just started with this on Luno, actually just playing around to see how it works out.
I'd like to here what you think of my strategy.
I transferred R1000 in to my Luno account and plan to buy on the low and sell on the high to see if I can eventually make a bit of profit.
I'd like to here what you think of my strategy.
I transferred R1000 in to my Luno account and plan to buy on the low and sell on the high to see if I can eventually make a bit of profit.
Lunomoney
Luno Representative
Welcome aboard!
To make your life a little easier, I'd definitely recommend setting up price alerts on our app so you're notified when the price gets to what you want it to get to.
Or if you're feeling adventurous, setup a limit order on the exchange at a price you're happy with and wait
jacosmit
Expert Member
BTC price has dropped in the last week a bit. Here's to betting on a swift rise again.
GreGorGy
BULLSFAN
Welcome aboard!
To make your life a little easier, I'd definitely recommend setting up price alerts on our app so you're notified when the price gets to what you want it to get to.
Or if you're feeling adventurous, setup a limit order on the exchange at a price you're happy with and wait
Yeah - I'd say avoid adventure. Those little price alerts are a godsend though - they have been extremely kind to me.
Hi Jaco how's the mining going? I also started on Nicehash last week with a GTX1050 and using Luno as my Bitcoin wallet.
Curious to see if I get a payout tomorrow sometime.
jacosmit
Expert Member
Going really well, approaching the $12 mark and payout is apparently this Saturday (22nd). Hope my missing ~$7 get paid too from the first couple of days...
I bought a USB miner called GekkoScience 2pac and waiting to see if I can add a second one before he ships it to me. One stick does an estimated 15Ghs at stock rates...
Awesome. That USB miner looks interesting. Let us know how it runs once you get it please.
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