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04-30 11:04 - 'PSA: make a rule that forbids asking questions like "should I buy/sell now or wait? Should I sell before halvening? Will the price go up/down"' (self.Bitcoin) by /u/CryptoIsus removed from /r/Bitcoin within 115-125min
I bought $2000 USD of Bitcoin when it was at 9k. Now that it's at 17k, should I sell back enough to recoup the $2k or just leave it? I plan on buying more. Should I get some money back and then buy it again?
Remember when Bitcoin was to be ruled by "math not men"? Whether you support bigger or smaller blocks, and whether you're "short" Bitcoin (you want the price to go down, so you can buy), or "long" (you want the price to go up, so you can sell) - you should still support *decentralized* governance.
Why should you support decentralized governance? Because otherwise, the people involved in these centralized "meetings" (ie, the miners and the devs jetting around the world, making "important" decisions on things like "max blocksize" without your input) will become "insiders" - who can easily manipulate the price to make profits - behind your back, and at your expense. The potential for manipulation In the past, I've communicated with several experienced old-time traders and consultants from Wall Street regarding Bitcoin. And many of them say they won't touch Bitcoin with a ten-foot pole because it's quite obvious to them that (in the absence of regulation), a new asset class like Bitcoin is horribly vulnerable to all sorts of behind-the-scenes manipulation. They've seen it all before. They know all the ins and outs of how people with "insider information" can rig the market - and they can already see plenty of warning signs and alarm bells showing how easy it would be to pull off this kind of market manipulation in Bitcoin. Now, I'm not in favor of government regulation for Bitcoin. I believe that it should be as self-regulating as possible. But the only way to do this is if we get the governance and the software right. Basically, what this probably boils down to is "baking in" a bit more governance into the software itself - so that things can be decided by everyone in the market as a whole, rather than by a small group of people at a private meeting. Ethereum said "code is law", and Bitcoin said it would be governed "by math, not by men". But now look where we've ended up. In the case of Ethereum, the promise was "code is law" - but then they discovered that the DAO code could be hacked, which raised difficult questions about how to interpret what the "law" really means. In the case of Bitcoin (for those of us who remember that far back), the promise was to be "governed by math, not men". Now flash-forward to the present. After being stable for weeks, the price abruptly dropped by $30-40 today. This was apparently due to broken promises from some meeting in Hong Kong in February, followed by another "friendly", "invite-only" meeting in Silicon Valley today - where previously promised solutions weren't delivered, and it was explicitly forbidden to offer any new ones. So now, we're getting a vivid reminder that the "max blocksize" limit (as it currently stands) is a constant, hard-coded in a program, by a centralized group of programmers and miners - who are all fallible human beings, possessed by normal human drives and foibles and obligations, such as fear and greed, ego and hubris, payments to make and mouths to feed. This means that a handful of insiders can easily manipulate this "max blocksize" number - deciding whether and when and how it will get changed, and how much, and how often - so they could potentially manipulate the price - depending on their own personal preferences. For example, they could be "long" on Bitcoin and want to sell - or they could be "short" on Bitcoin and want to buy - or maybe they're just not terribly bright - or maybe they're into bike-shedding - or maybe they're just having a bad day - or a bad life. Whatever the reason, in the end, they're going to keep on injecting their central planning and their personal preferences into your store of value, your medium of exchange. And as long as you continue to accept this idea that they have the right to jet around the world, dictating how you can use your monetary system today - they're going to keep right on doing it. Now, most of us do accept that certain parameters like a "max blocksize" could probably change at some point in the future - depending on the needs of the market, and the capacity of the hardware. Our mission right now should be to make sure that the process for changing such a parameter is as decentralized as possible. Currently, that's far from being the case. But - no matter what you personally think or hope that number should be - you should support the idea that the process for determining that number should be as decentralized as possible. Today, a bunch of devs and miners flew to an invitation-only meeting to (not) talk about setting this number. You weren't invited to this meeting (or the previous one in February) - but the following "colorful" cast of characters were:
No matter who you are, you probably don't want a tiny, centralized cast of characters deciding on Bitcoin's monetary policy for you. Like the title of this posts says, it doesn't actually matter whether you support bigger or smaller blocks, or whether you're "short" or "long" on Bitcoin. It doesn't matter whether you're using Bitcoin to accept payments for your business - or doing "dollar cost averaging" to buy a little every week to put away for the future - or using cold storage to save for your retirement or for your kid's college education - or trying your hand at using "technical analysis" to do some day trading to see if you can outsmart the market. It's hard enough trying to deal with day-to-day events and budget for your future and analyze the market and understand the economy - without also having to factor in stuff like: whether u/btcdrak and u/maaku7 and u/luke-jr and u/adam3us and u/kanzure might happen to be "long" or "short" on Bitcoin - or whether some of them might be simply clueless or out to lunch or got up on the wrong side of the bed today. Remember how Bitcoin was supposed to be? If you remember back to when you first got into Bitcoin, one thing that we all did at least agree on back then was the promise that it was shield us from many human idiosyncracies in our previous monetary systems - all the centralized invitation-only committees run by shady central bankers, with their back-room deals, meeting privately with no transparency, setting monetary policy affecting your life, behind your back and without your input. So... we thought we had forever escaped terrifying economic curses such as the Keynesian Beauty Contest and the Greenspan Put and the Hank Paulson TARP and the Krugman Liquidity Trap and the Cyprus Haircut and the Brexit Slump etc. etc. - only to turn around and find out that we may have jumped out of the frying pan and into the fire, as we are now being haunted by even more terrifying curses such as the u/Btcdrak Scam and u/Maaku7 Macroeconomics and the u/Luke-Jr Pedantic Semantics and the u/Kanzure Transcript and the Adam Back Flip and the Theymos Dictatorship and the van der Laan Paralysis - all under the ever-present dismal shadow of the Tragedy of Gregonomics - and brought to you and paid for by the Fantasy Fiat of AXA. Is there a solution? As you can see from all of the above, the main problem facing Bitcoin right now is centralized governance. Of course, code inevitably does have to be (centrally) written by someone. But there are things we can do right now to minimize the amount of centralized intervention in Bitcoin's code and governance. Whenever possible, we can and should favor code which requires a minimum of centralized interference. Core/Blockstream have basically spent the past year or two tying themselves up in knots, and disrupting the community and the market - and maybe even suppressing the price - due to their stubborn, selfish, destructive refusal to provide parameterized code where the market can set certain values on its own - most notably, the "maximum blocksize". Meanwhile, code such as Bitcoin Unlimited (and also Bitcoin Classic, once it adopts BitPay's Adaptive Blocksize Limit) puts the "governance" for things like "max blocksize" back where it belongs - in the hands of the users, in the marketplace. Using more-parameterized code is an obvious technique known by anyone who has taken a "Programming 101" course. Everyone knows that parameterized code is the easiest way to let the market set some parameters - avoiding the dangers of having these parameters set behind closed doors by a centralized cartel of powerful people. We can and should all work together to make this a reality again - by adopting more-parameterized code such as Bitcoin Unlimited or Bitcoin Classic. This will allow us to realize the original promise of Bitcoin - where "The Users and the Market Decide - Not Central Planners."
What is the best bit coin wallet app? I don't need to buy it I redeem it from a site. Is giving them my bitcoin email safe? Yes right? And if I plan on selling it can I do it through the app coinomi or should I use coinbase or something else? And is it a good idea to get a hardware wallet? Thanks.
Tax question. If I make a lot of income during 2018 and have a large loss on crypto, should i sell the coin for a loss and buy back in, and could I write off that loss toward my income; or is it wiser to hodl if my timeline is a tear or more? /r/Bitcoin
Should you, risk your money by Holding Bitcoin on Aug 1 or is it better to sell on July 25-30, then buy back once all this craziness has happened?
I really do not know if I should sell all my bitcoins , since 90% of my wealth is in Bitcoin and I cant risk that big of a loss . ( I have spent 2 years , spending my entire check on Bitcoin, accumulating Bitcoin), And I am comtemplating if i should sell before Aug 1 or no .
[uncensored-r/Bitcoin] My friend have 6 BTC, what should he do? Sell, buy more or just hold?? explain with a reason please
The following post by jillmoney007 is being replicated because the post has been silently removed and some comments within it have been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7r8x2j The original post's content was as follows:
Dying to take some action because i also 3 of them are mine.
I bought $2000 USD of Bitcoin when it was at 9k. Now that it's at 17k, should I sell back enough to recoup the $2k or just leave it? I plan on buying more. Should I get some money back and then buy it again? /r/BitcoinBeginners
[QUESTION] First time actually considering buying bitcoin. Might start off small with about $300-$500. Should I buy now or wait for the dip before Christmas/New Years assuming people will sell in for Christmas presents and whatnot? /r/Bitcoin
So, should you sell your Bitcoin and take that loss? Perhaps. If you believe it’s going lower, you could sell now and buy back later for example, although you’ll have to do some maths to see KNOW buy&sell. It’s very easy to buy and sell Bitcoins. At first, it can seem complicated or a little intimidating but it’s quit simple. Bitcoin can be bought and sold by three different types of services. Buy and sell with individuals directly services Bank type services Bitcoin exchanges. Before buying Bitcoin understand these important Find an existing seller looking to sell Bitcoin Cash (BCH) or create a new buy order yourself. Open a trade with your chosen seller and they’ll send the BCH to the blind escrow account. Once you’ve sent the agreed payment via bank transfer or other payment method, the seller will confirm they’ve received the funds. Should you buy Bitcoin right now? For these reasons, you may be best served by waiting to buy Bitcoin until it can better fulfill its primary use cases as a store of value and means of payment. Bitcoin Halving makes a direct impact of miner’s source of income. Their profit becomes less, and mining becomes difficult. They should replace their mining equipment with efficient one also they should choose more efficient power source.If in case after 2020 bitcoin halving, if in case Bitcoin miners profit becomes much lesser than their expense then they might choose to sell their reward
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