If you put $1,000 in bitcoin 5 years ago, here's what you

I hate my Fucking Mining Rig - Short Story of my mining adventure (Don't really hate it)

Wanted to write a short write up on my journey of Crypto mining for some of the newer people and people who want to get into it. Not trying to discourage anyone from starting, but want to show the progression of a newbie.
So I am a good with computers and learned of Bitcoin when it was about $7 a coin. Laughed at the idea of some computer doing some math and getting some BS currency. Million dollar mistake on my part, but hindsight is always 20/20.
Anyways, Learned about ethereum in May. Bought some at around $180 and bought all the way up to $330. Now to the mining rig. Ran all of the calculations and with a 180 hashrate and 900 watts I was gonna get 6-7 Eth per month. Shit was gonna be profitable in under 3 months. I was gonna be a fucking crypto allstar and be rich as fuck!
Bought all of my parts literally the day before they were nonexistent. Literally bought the last RX480's from Amazon. Here is a list of my parts.
Asrock board Pentium dual core processor 4 Gb of ram 128 gb SSD 1200 watt Rosewill PSU 6 Sata to Molex PCI Risers (Junk) 6 RX480's - 2 Asus Strix, 4 Gigabyte Total cost - Roughly $2,500 (Pennies compared to my future ROI)
Please keep in mind that I am not posting every single miner issue that I ran into such as fucking with Wattman for a few weeks before learning about Trixx and Afterburner.
I've built computers before, so that part wasn't hard. Set everything up and get windows 10 running.
Problem 1 - Computer doesn't see all of the cards. Had to run the drivers a few times and tweak some shit, but got all 6 cards seen.
Miner hurdle (See what I did there) but off to the races. Let's get this bitch running so I can begin planning my retirement.
Get Claymore running, Got Trixx to overclock. Ran my cards at -96, 1200, 2200 fans at 85% (Cause I'm cool like that.) Major stability issues from the start. 1 card (Asus) would crash all the time. Didn't know about the watch dog feature in claymore that would restart my rig when a card crashed. Great feature but my computer would go into this state of having power, but not loading the operating system. Even if it did restart, most of the time claymore would get stuck right before setting the dag's and would just lock up. (Claymore program is awesome by the way, this was my rigs fault)
Could not get this fucking Asus card to stop crashing, even on stock settings. Sent the bitch back RMA style. Asus said something was wrong and sent me a new one.
Awesome, lets get this bitch running. I need to start looking at sick houses in Costa Rica to move to once I am rich as Fuck!
New card makes things better for a few days. Not 100% stable but better. Go to vegas for a driving thing (Race cars - Future rich guy stuff) and this mechanical demon starts crashing every few hours. Luckily I had Google remote desktop installed so I could log on and restart it or change settings in Trixx. Had to have my GF unplug it and plug it in a few times.
Get back home, fuck with this thing but still random crashes on random cards. Decide it is the PCI risers. Contact seller who will send me some more for free. Slow boat from china took two weeks to get them. They arrive but still some of them are bad. Can't seem to piece together 6 good ones.
Did some research online (Ethereum Forum and Reddit) and decided to get some new style of risers V007 6 Pin to Sata ($70) and they take a month to get here. Plug them all in and they seem to be working much better. Decent stability, But I ain't got time for fucking stock bios. Let's ramp these bitches up and get 32 MHs per card at 600 watts from the wall!
Actually flashing the bios was pretty easy. Thank you 6 pound 9 ounce baby jesus! Long story short had some major stability issues and bounced around with some different timing straps before finding the right ones. (Uber 3.1 for Samsung memory)
So now that we've got some good hash speeds and decent stability let's ramp this private ATM up a little bit by dual mining some Decred. Get dual mining up and running. go to sleep. Wake up the next morning expecting to see myself on the top 100 forbes list. look at my mining rig stats on my phone and see that it died roughly and hour after I went to sleep. Walked toward my rig on the red carpet I had just installed and saw that it was off. Flicked on the light to check it out. No light, WTF? Well I'll be god damned, no power in this whole fucking room. Checked my breakers and sure enough this metal motherfucker tripped my breaker.
No worries though. I'm smart as fuck. I'll just undervolt the shit out of it to get the power down. No way in hell I am just mining ether. I'm going balls to the wall!
As you can expect I had many days of stability issues and tripped breakers. But fuck it, I have homeowners insurance. Burning it to the ground will be covered. (Didn't happen)
My surge protector must be maxed out. Let's buy a bigger one ($25). Same issues.
Fuck Decred, I'll mine SIA, less power. Damn I'm smart.
Rig is more stable with Sia and no tripped breakers. Family medical emergency, have to fly north for a few days. But my rig has been fairly stable and I've got remote desktop if anything goes wrong.
Arrive at airport, check mining stats, rig is down. No worries remote desktop. FUCK, not responsive, no way to remote into the rig and no way to remotely power it off and on.
Lost 4 days of mining. But no worries the difficulty is only, Holy shit that's high! But the price of Ether will make up for it. Ether crashed to the $200's. Oh well, maybe a 10 room house in Costa instead of a 12. No sweat.
Get back to my house and this whore of a machine is just sitting there in a computer coma. It's on but it's not. LED lights glaring at me like "Fuck you human, I ain't doing your stupid math problems!" Fuck you machine, I'm your master. You will do my math problems and you will fucking like it.
My AMD Drivers seem to disappear and the computer goes into a coma like state. Someone on Reddit suggested using the 16.9.2 drivers. Installed and they worked better.
Still random crashing. This shitty PSU must be maxed out. Fuck you PSU, I'm getting you a little brother (EVGA 750 gold $120.)
What do you mean you have to jerry rig a second PSU so it starts without being connected to a motherboard? 2 more hours of my life wasted.
But finally some stability. On my way to being fucking rich. I start looking at people in bentley's and can only laugh. You dumb fuck, I'm gonna be way richer then you. Gonna get a Bugatti for each day of the week.
Damn this difficulty is a bitch. Fuck you Genesis Mining and your pallets of GPU's. You're killing me smalls!
But anyway, on my way to rolling around in my fuck you money!
Fuck you dag file 135, you're killing my future millions. Fuck you dag 138, you dropped me to 167 mhs.
Thank god AMD was there to save my ass with their dope ass blockchain drivers.
download, run DDU, Restart, install drivers, restart, run pixel patch, restart. Perfect, I'm in the money now! I can taste the caviar and champagne already.
Now my cards only run 4 Mhs each. WTF? Try a bunch of the other new drivers. Same shit. Roll back to 16.9.2 and they run fine, just at 167 instead of 180.
Someone on a forum said he had the same issue and did a fresh install of windows 10 and it worked.
So I'll just reformat my SSD (Windows wouldn't do a fresh install within the operating system. Fuck you Bill Gates! Gonna buy you once I get this thing running at 180.)
Format SSD, plug back in, throw in my gangster ass boot USB drive. Ramdisk error. Fuck you Bill Gates! Reformat SSD multiple times, lots of forum reading. Install windows from another computer through command prompt (I'm a coder now as well.) This shit has got to work, I did it in command prompt bitches!
Same fucking error. Now down to an 8 bedroom house in Costa and only 6 Bugattis.
Let's try unplugging my 6 cards and see if that works. Thank you 6 pound 9 ounce baby jesus. Windows installed.
New drivers work and I'm back at 180! Raking in the cash now.
With those speeds my Asus cards crashed. Had to dial down the hashrate to 177.5 for them to be stable. So now going to use some commands in claymore to run the Asus cards at lower speeds while letting my other cards mine harder.
I wrote this to let people know that mining isn't all Bugatti's and caviar. These machines are fickle little cunts that do what they want. No system is the same. So when you post on a forum, people will give you advice on what may work. But what works for them, may not work on your rig. In the end it's up to you to figure it out.
I have spent countless hours after work and on weekends working on this bitch. Hell I've probably spent a few hours just staring at it and thinking about all of the ways I could destroy it slowly.
While I love Etheruem and do value the knowledge gained, I would have made more money just buying Eth and holding.
The guys you see on youtube building sick rigs with crazy specs have been at it for a while. They have worked through the process and know how to solve all of the problems. You have not and will have to work them out on your own.
My whore of a rig will pay for itself soon. But I would suggest that if you want to start building a new mining rig. Check the difficulty chart and make sure you have tons of free time to fuck with it.
I'd post my wallet address for donations since I just saved you $2,600. But I am afraid hackers will steal my monies :)
Hope you enjoyed my mining life story from the past few months.
submitted by dank4us12 to EtherMining [link] [comments]

Repost - I hate my Fucking Mining rig! (Not really)(Long)

Wanted to write a short write up on my journey of Crypto mining for some of the newer people and people who want to get into it. Not trying to discourage anyone from starting, but want to show the progression of a newbie.
So I am a good with computers and learned of Bitcoin when it was about $7 a coin. Laughed at the idea of some computer doing some math and getting some BS currency. Million dollar mistake on my part, but hindsight is always 20/20.
Anyways, Learned about ethereum in May. Bought some at around $180 and bought all the way up to $330. Now to the mining rig. Ran all of the calculations and with a 180 hashrate and 900 watts I was gonna get 6-7 Eth per month. Shit was gonna be profitable in under 3 months. I was gonna be a fucking crypto allstar and be rich as fuck!
Bought all of my parts literally the day before they were nonexistent. Literally bought the last RX480's from Amazon. Here is a list of my parts.
Asrock board Pentium dual core processor 4 Gb of ram 128 gb SSD 1200 watt Rosewill PSU 6 Sata to Molex PCI Risers (Junk) 6 RX480's - 2 Asus Strix, 4 Gigabyte Total cost - Roughly $2,500 (Pennies compared to my future ROI)
Please keep in mind that I am not posting every single miner issue that I ran into such as fucking with Wattman for a few weeks before learning about Trixx and Afterburner.
I've built computers before, so that part wasn't hard. Set everything up and get windows 10 running.
Problem 1 - Computer doesn't see all of the cards. Had to run the drivers a few times and tweak some shit, but got all 6 cards seen.
Miner hurdle (See what I did there) but off to the races. Let's get this bitch running so I can begin planning my retirement.
Get Claymore running, Got Trixx to overclock. Ran my cards at -96, 1200, 2200 fans at 85% (Cause I'm cool like that.) Major stability issues from the start. 1 card (Asus) would crash all the time. Didn't know about the watch dog feature in claymore that would restart my rig when a card crashed. Great feature but my computer would go into this state of having power, but not loading the operating system. Even if it did restart, most of the time claymore would get stuck right before setting the dag's and would just lock up. (Claymore program is awesome by the way, this was my rigs fault)
Could not get this fucking Asus card to stop crashing, even on stock settings. Sent the bitch back RMA style. Asus said something was wrong and sent me a new one.
Awesome, lets get this bitch running. I need to start looking at sick houses in Costa Rica to move to once I am rich as Fuck!
New card makes things better for a few days. Not 100% stable but better. Go to vegas for a driving thing (Race cars - Future rich guy stuff) and this mechanical demon starts crashing every few hours. Luckily I had Google remote desktop installed so I could log on and restart it or change settings in Trixx. Had to have my GF unplug it and plug it in a few times.
Get back home, fuck with this thing but still random crashes on random cards. Decide it is the PCI risers. Contact seller who will send me some more for free. Slow boat from china took two weeks to get them. They arrive but still some of them are bad. Can't seem to piece together 6 good ones.
Did some research online (Ethereum Forum and Reddit) and decided to get some new style of risers V007 6 Pin to Sata ($70) and they take a month to get here. Plug them all in and they seem to be working much better. Decent stability, But I ain't got time for fucking stock bios. Let's ramp these bitches up and get 32 MHs per card at 600 watts from the wall!
Actually flashing the bios was pretty easy. Thank you 6 pound 9 ounce baby jesus! Long story short had some major stability issues and bounced around with some different timing straps before finding the right ones. (Uber 3.1 for Samsung memory)
So now that we've got some good hash speeds and decent stability let's ramp this private ATM up a little bit by dual mining some Decred. Get dual mining up and running. go to sleep. Wake up the next morning expecting to see myself on the top 100 forbes list. look at my mining rig stats on my phone and see that it died roughly and hour after I went to sleep. Walked toward my rig on the red carpet I had just installed and saw that it was off. Flicked on the light to check it out. No light, WTF? Well I'll be god damned, no power in this whole fucking room. Checked my breakers and sure enough this metal motherfucker tripped my breaker.
No worries though. I'm smart as fuck. I'll just undervolt the shit out of it to get the power down. No way in hell I am just mining ether. I'm going balls to the wall!
As you can expect I had many days of stability issues and tripped breakers. But fuck it, I have homeowners insurance. Burning it to the ground will be covered. (Didn't happen)
My surge protector must be maxed out. Let's buy a bigger one ($25). Same issues.
Fuck Decred, I'll mine SIA, less power. Damn I'm smart.
Rig is more stable with Sia and no tripped breakers. Family medical emergency, have to fly north for a few days. But my rig has been fairly stable and I've got remote desktop if anything goes wrong.
Arrive at airport, check mining stats, rig is down. No worries remote desktop. FUCK, not responsive, no way to remote into the rig and no way to remotely power it off and on.
Lost 4 days of mining. But no worries the difficulty is only, Holy shit that's high! But the price of Ether will make up for it. Ether crashed to the $200's. Oh well, maybe a 10 room house in Costa instead of a 12. No sweat.
Get back to my house and this whore of a machine is just sitting there in a computer coma. It's on but it's not. LED lights glaring at me like "Fuck you human, I ain't doing your stupid math problems!" Fuck you machine, I'm your master. You will do my math problems and you will fucking like it.
My AMD Drivers seem to disappear and the computer goes into a coma like state. Someone on Reddit suggested using the 16.9.2 drivers. Installed and they worked better.
Still random crashing. This shitty PSU must be maxed out. Fuck you PSU, I'm getting you a little brother (EVGA 750 gold $120.)
What do you mean you have to jerry rig a second PSU so it starts without being connected to a motherboard? 2 more hours of my life wasted.
But finally some stability. On my way to being fucking rich. I start looking at people in bentley's and can only laugh. You dumb fuck, I'm gonna be way richer then you. Gonna get a Bugatti for each day of the week.
Damn this difficulty is a bitch. Fuck you Genesis Mining and your pallets of GPU's. You're killing me smalls!
But anyway, on my way to rolling around in my fuck you money!
Fuck you dag file 135, you're killing my future millions. Fuck you dag 138, you dropped me to 167 mhs.
Thank god AMD was there to save my ass with their dope ass blockchain drivers.
download, run DDU, Restart, install drivers, restart, run pixel patch, restart. Perfect, I'm in the money now! I can taste the caviar and champagne already.
Now my cards only run 4 Mhs each. WTF? Try a bunch of the other new drivers. Same shit. Roll back to 16.9.2 and they run fine, just at 167 instead of 180.
Someone on a forum said he had the same issue and did a fresh install of windows 10 and it worked.
So I'll just reformat my SSD (Windows wouldn't do a fresh install within the operating system. Fuck you Bill Gates! Gonna buy you once I get this thing running at 180.)
Format SSD, plug back in, throw in my gangster ass boot USB drive. Ramdisk error. Fuck you Bill Gates! Reformat SSD multiple times, lots of forum reading. Install windows from another computer through command prompt (I'm a coder now as well.) This shit has got to work, I did it in command prompt bitches!
Same fucking error. Now down to an 8 bedroom house in Costa and only 6 Bugattis.
Let's try unplugging my 6 cards and see if that works. Thank you 6 pound 9 ounce baby jesus. Windows installed.
New drivers work and I'm back at 180! Raking in the cash now.
With those speeds my Asus cards crashed. Had to dial down the hashrate to 177.5 for them to be stable. So now going to use some commands in claymore to run the Asus cards at lower speeds while letting my other cards mine harder.
I wrote this to let people know that mining isn't all Bugatti's and caviar. These machines are fickle little cunts that do what they want. No system is the same. So when you post on a forum, people will give you advice on what may work. But what works for them, may not work on your rig. In the end it's up to you to figure it out.
I have spent countless hours after work and on weekends working on this bitch. Hell I've probably spent a few hours just staring at it and thinking about all of the ways I could destroy it slowly.
While I love Etheruem and do value the knowledge gained, I would have made more money just buying Eth and holding.
The guys you see on youtube building sick rigs with crazy specs have been at it for a while. They have worked through the process and know how to solve all of the problems. You have not and will have to work them out on your own.
My whore of a rig will pay for itself soon. But I would suggest that if you want to start building a new mining rig. Check the difficulty chart and make sure you have tons of free time to fuck with it.
I'd post my wallet address for donations since I just saved you $2,600. But I am afraid hackers will steal my monies :)
Hope you enjoyed my mining life story from the past few months.
Edit - Had an Asus card die on me and replaced it with a 1070ti. Nvidia is so much easier!
My rosewill 1200 watt PSU melted the 8 pin port and cable. Had to drop $300 on Amazons last 1300 EVGA.
But my rig has well surpassed it's cost and is still mining away like a champ. Eth for life!
submitted by dank4us12 to EtherMining [link] [comments]

11 Top non-answers from Andreas Antonopolous' AMA

Taken from this article: http://www.coindesk.com/11-top-responses-andreas-antonopoulos-reddit-ama/
On bitcoin's scalability
There are many competing proposals to address scalability. For the most part I don't think scale is an issue right now, though it might become an issue quite quickly. Bitcoin's consensus algorithm requires a very conservative approach to change, so I certainly think it is best to solve problems when they are actually problems and not before. Optimization and scaling should be done much later in the lifecycle of a technology, right now we're in the experimentation stage. However, it is important to continue to research possible optimizations and make sure that no design limitations are introduced.
Don't worry, it's not a problem until it becomes a problem. No need to worry about the known issues until shit hits the fan. Very strange reasoning from a so called security expert. Does he use the same logic for security issues? Oh there's a bug in the software that can be exploited? No worry, just leave it there until someone actually uses it to steal 5 million dollars worth of bitcoin.
On favoring bitcoin over altcoins
It is actually very difficult to bootstrap a successful currency that is necessary to back the security of the network. It took 3 years for bitcoin to evolve to a level where attacks against the consensus algorithm became very difficult. Bitcoin has a tremendous "network effect", in my opinion, which may give it an insurmountable early-mover advantage. In technology it is often not the best technology that "wins", but the one that achieves broad enough adoption and recognition early enough. Good enough beats best if deployed broadly.
So bitcoin is not the best solution but they were first so screw everybody else.
On the cause of bitcoin's recent price drop
Sentiment disconnected from fundamentals driving a tiny pool of liquidity into a whiplash reaction. Bitcoin continues to work at a broad range of prices and is dynamically adapting to the price change. Bitcoin will remain, in my opinion, a relentless anomaly that refuses to go away - a black swan that cannot be ignored or extinguished.
If you string enough buzzwords together, it will look like a serious answer to the untrained eye. Also, obviously it's because something is disconnected from the fundamentals.
On why 'average' people should use bitcoin
To experience the future of money. To gain a glimpse into an exciting technology. To learn about how money could be in the future and also become aware of how limited money and banks are today. For the "other 6 billion" who don't enjoy international, control-free banking as we do, bitcoin represents an opportunity to become part of a global economy which up till now did not exist. For those users, bitcoin is more than just a curiosity, it might be a doorway to connect to the world.
i.e. To enjoy the true euphoria that is the libertarian utopia.
On where he sees bitcoin in one year
It's still far too early. Bitcoin is at the same stage as the Internet in 1992-1993. At that time, it took UNIX command-line skills to send email. No way near ready for mainstream adoption. However, while it took almost 20 years from the day I sent my first email until my mom used her new iPad to send her first email, bitcoin is likely to be adopted on a much more accelerated schedule. After all, there is no need to deploy much infrastructure - you can just download an app. Overall, I expect people will be surprised by how fast the technology and adoption evolve, rather than the opposite.
So the first part is a blatant lie. Then it gets confusing since the first web browser was released in 1991 and the world wide web was first created in late 1989. So after 6 years, bitcoin is in the same place where the web was after 2-4 years. Six years after the web was made, we had computers with browsers in our schools. I have a bank statement which I printed from my online bank from 1998. It took a new electronic money transfer service that lets you easily send money with a smart phone app the banks introduced in late 2012 exactly 2 years to reach 2 million of a 9 million population. If bitcoin was considered useful, it would have been huge by now. We see now proof of any major growth and no, it's not like the internet. 6 years is starting to look rather embarrassing. Google had a market cap of 23 billion USD after 6 years.
On the centralization of mining
It ebbs and flows. I don't see it as a problem, I trust the market to dynamically adapt. The consensus algorithm creates a set of incentives that reward good actors and punish bad actors. So far, it is working better than anyone expected.
It doesn't ebb and flow. It is steadily centralizing because of economy of scale. Apparently, moving the control of the entire network over to a handful of Chinese miners is working as intended. I asked him what mechanisms there were for decentralization and what incentives there was for small scale miners. I did not get a response from Andreas. I got a couple responses from other people that failed to understand the question. Anyway, it seems like Andreas is taking the same approach here as with scalability. It's not a problem now so lets ignore it until there's only two miners left.
On non-user friendly bitcoin addresses
When I first used the Internet, I had a list of IP addresses folded up in my wallet. Those were the days before DNS. My first email was sent to an IP address. There are already many active proposals to replace and hide addresses. I expect they will disappear just like IP addresses are hidden from most user's view.
Someone else will solve it probably. Just post it in the wiki and it will sort itself out. Because why make something user friendly from the start when someone else can solve it later?
On non-reversible charges
Non-reversible charges can be addressed in a number of ways. I recently did a presentation in Sydney Australia where I talked about using automated escrow with multi-signature addresses and time-locked transactions to achieve simple consumer protection and chargebacks on the bitcoin protocol. It's programmable money, the possibilities are endless.
So no chargebacks are no longer a selling point and to solve that, lets introduce a third party in the equation and make the transactions even slower.
On bitcoin's volatility
I expect bitcoin's volatility will decline in direct relation to the size of the currency market. As bitcoin is adopted more broadly, it supports a bigger economy, more people rely on it and price things in it, it becomes harder and harder to "push it around" for speculators. That of course assumes transparent markets (exchanges) that are not manipulated.
Well so far, bitcoin exchanges and other big players have been far from transparent. There's also been quite a bit of manipulation because it's relatively easy and there's no one to stop them from doing it. I guess it's true that the price would stabilize if you got enough people using it. How that will happen remains a mystery and there's no real sign of any major growth in users. The daily volume in dollar have been pretty munch constant since March 2014. The only reason bitcoin volume is increasing is because the value is decreasing.
On VC investments in the bitcoin in 2015
I think the investments in bitcoin startups and the related ecosystem will grow even faster in 2015. Most exciting technology is not only attracting investors, but also some of the smartest techies, devs and designers I've ever met.
It seems like quite a few comapnies could use a new injection of VC money since they seem to be bleeding money. Companies are closing down because of low profitability. Others refuse to reveal any relevant numbers but it seems like it's very hard to make a profit. Based on the claimed transaction volume and fees, bitpay are burning through that VC money they got at an alarming rate. Luckily, they don't wast it one useless stuff like a football game... As it stands, I doubt we'll see a large influx of new VC money. Once investors see that companies in the bitcoin space are starting to go bust, they'll probably stay away because there's no money to be made. You need an actual growth or a great promise for growth to attract investors. Bitcoin fail on both points right now.
On the first (and last) thing he bought with bitcoin
First: I bought a pound (lb) of coffee, for about $1200 in today's money, in 2011 ;-) Last: A physiotherapy session for about $80, yesterday.
That's just too easy...
TL;DR: A whole lot of buzzwords and hot air...
submitted by Zotamedu to Buttcoin [link] [comments]

Do you think the price of 1 Bitcoin limits its success?

There is a reason stocks generally split when they reach a certain price point. Primarily, it makes the stock appear more affordable to retail investors. It occurs to me that if there were 100 or 1000 times more bitcoins in the market, it would have encouraged more widespread adoption. It would also encourage more investment and make the value of bitcoin seem less ambitious in its growth period. The average consumer sees the price of a bitcoin, not the market cap, and thinks $1200 is a lot, even while the total value of bitcoins remains modest. It's silly and illogical maybe, but that's psychology for you :)
I can pay for a soda with 1 dollar / euro / pound but with BTC one has to think in tiny fractions of the currency or Satoshis. There are 100 cents in a dollar, 100m satoshis in a bitcoin, making the maths frankly harder and less intuitive to the average person. If/when BTC hits say $1m, satoshis would replace btc as the dominant unit of measurement and would be valued at 1 cent, which would then give it a more intuitive value. But this widespread adoption would IMHO happen sooner if the total supply of bitcoins was much greater to begin with.
Am I crazy?
submitted by geekfeveruk to Bitcoin [link] [comments]

Sellachi LLP vs MtGox, Discussion of fee

note: I am just trying to help the people who got goxed not advertise any particular law firm. Resources are posted first:
x post from: https://bitcointalk.org/index.php?topic=507274.0
background history on Selachii LLP:
http://imgur.com/XJg8Rxe source: http://wck2.companieshouse.gov.uk/ & search Selachii
'bitcoinsolicitor' on reddit i assume = Selachii representative
link given by selachii to confirm their background/experience:
http://www.sra.org.uk/solicitors/firm-based-authorisation/abs-registe597443.page
links to other related threads:
http://www.reddit.com/MtGox/comments/1zn09i/selachii_trustworthy/
A concerning review on selachii directors brought to our attention by http://www.reddit.com/useDonutmuncher:
"I read the whole thread on http://www.consumeractiongroup.co.uk/forum/showthread.php?367574-payday-loan-taken-out-2-years-ago-now-capital-credit-management-Lasker-International-taking-my-money/page4 when the Selachii directors were (allegedly) involved in debt collection.
It appears Richard Howlett (Capital Credit Management) was working behind the scenes with Simon Taylor (Lasker Int) to get debts paid back but denying they knew about each other. They both are directors of Selachii now. "
Selachii's letter to everyone:
Selachii LLP London 7th March 2014 www.selachii.co.uk
Selachii LLP have now received enquiries from more than 1,000 potential Claimants following the collapse of the MT Gox Bitcoin exchange. We have retained the services of Nigel Power QC and Daniel Rogers of 7 Harrington Street Chambers to pursue these claims. There are obvious advantages in costs for group action or actions to be pursued against Mt Gox (and/or Tibanne KK and Mark Karpeles) for fraud, negligence and/or breach of contract in Japan, the USA and/or England. Because of this, Selachii LLP are in advanced talks with Japanese and US lawyers with a view to combining resources and keeping costs to a minimum.
As Mt Gox have filed for bankruptcy protection in Japan, it is important to realise that establishing liability against the company may not necessarily result in the recovery of damages, a position which will be carefully monitored. As in all litigation, there is a cost risk for a Claimant if that Claimant were to lose the litigation. However, we are examining options for Insurance policies that would protect Claimants from such costs. Further and detailed advice from Counsel regarding appropriate litigation insurance and also the prospects of success of any claims will be forthcoming to clients in due course. However, more detail regarding the losses is required in order for us to provide this advice and guidance to clients.
A questionnaire has been prepared which will give sufficient information for every potential claim to be assessed quickly. Counsel will provide a full opinion on the merits and advice as to how matters should be taken forward by the 24th March 2014, or 7 days after receipt of the questionnaire, whichever is the later date. The fee for Counsel and Selachii LLP to initially build a case, obtain evidence and undertake fact finding will be 2 BTC per claimant.
This fee will also include:-
(i) The written Opinion from Counsel referred to above, with regular updates as your case progresses. (ii) Management of your claim generally (iii) Negotiation with Lawyers instructed by Mt. Gox (and others) (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
It is felt that at this stage, it will only be viable financially to claimants to join in the class actions if they have 7 BTC or more.
We would be grateful if each client who wishes to proceed would return the signed questionnaire and terms of business (with certified ID as per the questionnaire) by email and post. The claim will then be processed when funds on account of 2 BTC arrive (address TBA).
It is important for claimants to understand that a claim will only be issued if negotiations fail. If it becomes necessary to issue claims, consideration will be given to the filing of class actions in whichever jurisdiction is deemed appropriate for your case. At that stage a further quotation will be provided (if necessary) for the costs relating to litigation, although consideration will also be given to proceeding on a contingency fee basis.
My questions:
Sorry but i think this should be discussed, many young people in bitcoin are likely very new to the legal world:
The pricing is 2 BTC for initial legal costs = $1200, if you get near 1k people that is over 1 million dollars before we get started. Fully aware this would cost huge amounts with individual cases.
1.) Approximately how much extra could be charged from selachii if the MtGox case goes further?
2.) Is the 2 btc refunded if MtGox open for business in say a weeks time & have the ability to pay everyone back?
3.) Why 2 btc? (Dont always have to round up to whole bitcoins if pricing things in bitcoins guys Smiley). There is no price break down for the 2 btc.
Note: I will personally find 2btc amazing value with some kind of result or guarantee btw
4.) Will selachii be waiting to see MtGox's plan for rehabilitation before charging any clients?
5.) Will clients be asked to pay 2btc before knowing insurance policy details/potential success of any claims?
I really think you should hold off on charging 2 btc until we know more from Mtgox or another idea would be charge for an application admin fee & any any initial legal work up to this point. The negotiation cost could come later.
Anyone else have concerns please post.
So everyone knows, im assuming 'bitcoinsolicitor' is connected with Selachii LLP https://bitcointalk.org/index.php?action=profile;u=212314
Selachii response:
The pricing is 2 BTC for initial legal costs = $1200, if you get near 1k people that is over 1 million dollars before we get started. Fully aware this would cost huge amounts with individual cases.
Yes we have been contacted by approx 1000 people. We have people who have lost 1 BTC or less and others who have lost many thousand. For some people unfortunately our proposal will not be viable.
We may release a second proposal for smaller claims at a later date.
1.) Approximately how much extra could be charged from selachii if the MtGox case goes further?
This is impossible to accurately answer. If there are enough validated claims from a certain jurisdiction then there may be enough funds to issue a claim if necessary. If further funds are required then a new proposal will be provided.
Please note that the fee is not just for a potential group action and includes the following:
(i) The written Opinion from Counsel referred to above, with regular updates as your case progresses. (ii) Management of your claim generally (iii) Negotiation with Lawyers instructed by Mt. Gox (and others) (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
2.) Is the 2 btc refunded if MtGox open for business in say a weeks time & have the ability to pay everyone back?
Please see above. If Counsel have started work on your matter and advice has been provided then no refund would be due. It would be brilliant news if everyone was paid back by Mt Gox in two weeks Smiley
3.) Why 2 btc? (Dont always have to round up to whole bitcoins if pricing things in bitcoins guys Smiley). There is no price break down for the 2 btc.
Why does no one query this with fiat currency pricing? Often services and products are for sale for £10 or £100 or £9.99 or £99.99. Rarely do you see fixed fixed service prices at £9.34 or £913.45 etc
Obviously we did have a choice here when pricing our service.
We could have said £749.41 GBP (which is an odd number Smiley) and let people choose to pay with GBP or BTC.
FYI you can still pay the fee in GBP / Pound Sterling.
Note: I will personally find 2btc amazing value with some kind of result or guarantee btw
Thank you - we think so too. It is not cheap to retain the services of a QC and Barrister to work on these matters. However it is simply not possible to guarantee success in any type of litigation.
4.) Will selachii be waiting to see MtGox's plan for rehabilitation before charging any clients?
As per above
Please note proposal includes:
(iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
5.) Will clients be asked to pay 2btc before knowing insurance policy details/potential success of any claims?
The 2 BTC is for:
(i) The written Opinion from Counsel referred to above, with regular updates as your case progresses. (ii) Management of your claim generally (iii) Negotiation with Lawyers instructed by Mt. Gox (and others) (iv) Engaging in the Bankruptcy proceedings (v) Liaising with law firms in USA/Japan and any other relevant jurisdictions in respect of issuing class action proceedings.
It is not possible to advise of individual success of claims until Counsel have reviewed full details. This is why we have asked for the 'Information Questionnaire' and any documentary evidence of losses.
Insurance will only become relevant if a claim is issued. If this needs to happen a quote will be provided. The cost will be shared between claimants. More claimants = less to pay
I really think you should hold off on charging 2 btc until we know more from Mtgox or another idea would be charge for an application admin fee & any any initial legal work up to this point. The negotiation cost could come later.
What do you think is a fair fee?
Thank you for your questions and comments.
submitted by MarkKarp to Bitcoin [link] [comments]

Betting in CND $ or Euro or British Pound?

Hi everyone, new canadian player here (so far, I'm 15 in 20/ 75%), things are going very well (a YUGE shout-out and massive thank you to some gamblers here that influenced me on a few winning bets), I do my lessons and listen to the pros but I got one big question. Currently, I'm betting in canadian dollar. I did some calculations and came up with this :
Let's say I start with a bank management of 1000$ CND, I make a profit of 1200$ CND, I end up with 2200$ CND.
Let's say I change idea and bet the same amount of money on an european bookie. 1000$ CND as of today is worth 697 euros and we take 5% for additional fees, 662 euros. I make 1200 euros, I end up with 1862 euros.
Converting 1862 euros in canadian, this gives 2676$ CND. Let's take an additional 5% for conversion fees n the 1862 euros, I have 2544$ CND.
Thoerically, if my calculations are correct, I made 344$ CND more by betting in euros.
My question is, should I? Do pros living outside of the EU bet in US, CND$, AUS$ or they bet in Euro or British pound? Is it more profitable to bet in your country's websites or go international? Will bookmakers allow me to do this because if I can come up with such a plan to make a quick 344$, they sure can come to the same conclusions too! Is it legal, will I get my account limited or suspended because of this?
I should add that currency fluctuate so if CND$ crash, obviously, the 344$ will go out in smoke but theorically, this sounds like a good way to make additional profit.
By the way, 2 more questions, is it true you don't pay tax on sport betting earnings in Canada? I read that on some website but don't know if there's any thuth to it. Will I pay taxes in the EU if I bet on an european site?
And finally, I read about Bitcoins. Is it more profitable to bet in CND/Euro/BP, Bitcoins or it's the same?
Thanks in advance for the answers!!
submitted by NoriyasuSeta to sportsbook [link] [comments]

So... The insurer whose "solvency" is most dependent on maintaining the fiction that the riskiest assets in Exter's Inverted Pyramid (derivatives) are actually worth something - is now paying the devs who write the code for the solidest asset in that pyramid (Bitcoin). What could possibly go wrong?

https://en.wikipedia.org/wiki/John_Exter
Exter's Pyramid
Exter is known for creating Exter's Pyramid (also known as Exter's Golden Pyramid and Exter's Inverted Pyramid) for visualizing the organization of asset classes in terms of risk and size.
In Exter's scheme, gold [and now Bitcoin?] forms the small base of most reliable value, and asset classes on progressively higher levels are more risky.
The larger size of asset classes at higher levels is representative of the higher total worldwide notional value of those assets.
While Exter's original pyramid placed Third World debt at the top, today derivatives hold this dubious honor.
I like to think that the graph in the link below provides a nice, updated version of "Exter's Pyramid", although the layout isn't exactly triangular (but the sizes of each asset class are actually more accurate):
http://www.businessinsider.com/all-of-worlds-money-in-one-chart-2015-12
Note that Bitcoin is the safest asset in the system - and derivatives are the riskiest.
And there is very, very little Bitcoin - versus a shitload of derivatives.
But if you hold Bitcoin (ie, you hold your private keys), then you have absolutely no counterparty risk. Versus if hold a derivative, it could be totally worthless - depending on whether the counterparty behind it is "solvent" or not.
And I would think that the battle between "people who hold Bitcoin" versus "people who hold derivatives" will shape up to be a million times more massive than the battle between savers and borrowers that we've already seen in the world.
In other words, an insurance company like AXA, which is more dependent on derivatives than any other insurer, is probably freaked out that they'd lose over a trillion dollars if Bitcoin were to succeed.
So... Can people start to see why I'm so freaked out about AXA funding Bitcoin development via their "investment" in Blockstream?
The insurance company with the biggest exposure to the 1.2 quadrillion dollar (ie, 1200 TRILLION dollar) derivatives casino is AXA. Yeah, that AXA, the company whose CEO is head of the Bilderberg Group, and whose "venture capital" arm bought out Bitcoin development by "investing" in Blockstream.
https://np.reddit.com/btc/comments/4k1r7v/the_insurance_company_with_the_biggest_exposure/
http://www.actuaries.org.hk/upload/File/ET210513.pdf (see where AXA is on the graph on page 5)
https://duckduckgo.com/?q=axa+blockstream&ia=web
It's really poignant to see some clueless people wondering what AXA's "business model" might be for investing in Bitcoin.
Those clueless people need to wake the fuck up and face the reality of how bankers continue to print trillions of dollars to enslave the world.
AXA has absolutely zero interest in becoming some kind of two-bit Red Hat earning chump change in "support fees" or even "transaction fees" from being the maintainers / developers of some kind of open-source cryptocurrency sidechain code.
I can pretty much guarantee you: that is not their "busines model" for wanting to control Bitcoin development via investing in Blockstream.
As of 2007, AXA already had 1.123 trillion Euros in AUM (Assets under Management).
http://www.wikinvest.com/stock/AXA_%28AXA%29/Assets_Management
That's over a million million Euros.
And as of 2014, one half of AXA (just their "AXA IM" part) had AUD 891 billion of Assets under Management.
http://www.professionalplanner.com.au/cut-and-paste/2015/03/06/axa-im-reaches-record-assets-under-management-34877/
So, for a giant insurer like AXA, "investing" $55 million in Blockstream is like dropping a fraction of a penny on the ground.
And any paltry few million dollars - or even billions of dollars - which AXA might make or lose from Blockstream / Lightning or whatever, would still be pretty insignificant bordering on immaterial when compared with the half a trillion or so dollars of derivatives which are on AXA's balance sheet - and which they must desperately try to continue to prop up, by continuing to keep people believing in the whole charade of the worldwide derivatives casino.
That's what is at stake here. The very definition of the worldwide accounting ledger itself - not a few entries in it. And as we know, Bitcoin provides an entirely new - and transparent, and unforgeable - ledger.
That's why companies like AXA want to control Bitcoin development. Not to make millions or even billions of dollars on fees. But to to continue to prop up the so-called legitimacy of their legacy accounting ledger containing hundreds of trillions of dollars. (Remember, the derivatives market is a ledger with entries currently totally $1.2 quadrillion dollars - ie, 1200 trillion dollars - and that ledger itself is what Bitcoin's very existence is threatening to "uber".)
AXA does not give a fuck what happens to the $55 million that got invested in Blockstream in that second funding round they participated in back in February 2016. The only purpose of that money is to sprinkle a few hundred thou around per dev per year to control useful idiots like Gregory Maxwell and Adam Back and outright lunatics like Luke-Jr - to let those economically ignorant coders keep on toiling away on their idealistic pie-in-the-sky mathematical cypherpunk daydreams, while the Bitcoin network goes into paralysis due to artificially small blocksize due to doctrainaire dolts like the current crop of "Core" devs.
AXA does not give a fuck if Blockstream or SegWit or Lightning succeeds.
The only reason AXA is interested in Bitcoin is because Bitcoin is real money, and AXA's balance sheet uses a legacy ledger based on the fiction of fantasy fiat money - and Bitcoin threatens to destroy all that.
AXA knows that it must destroy Bitcoin - or else Bitcoin will destroy AXA.
And before some brainwashed amateurish sophomoric loser wanna-be astroturfing troll from r\bitcoin wanders over here again and tries to spout some meaningless nonsense disruptive bullshit to sidetrack this serious topic (responses in the previous thread linked above included gibberish like "get a job!" or "MtGox!" or "but scammers!") - I would appreciate it if someone around here could divert about a half hour of their precious multitasking time and brainpower towards addressing the 800-pound gorilla of a question in the room, namely:
Do you think it's a good idea for the insurance company with the biggest exposure to the "legacy ledger" of derivatives in both $ and % terms (AXA - with $464 billion in notional derivatives exposure, over 50% of their balance sheet in this 2013 report - see graph on page 5) to be paying the devs who are in charge of "upgrading" our Bitcoin code - or do you think there might be the tiiiniest chance of some kind of conflict of interest there???
This could be the biggest issue in Bitcoin right now.
But it doesn't seem to get addressed head-on very much.
You don't hear the name "AXA" or the word "derivatives" used very much - although these might be the most important aspects of the issue here.
This isn't about earning or losing a million dollars here or a billion dollars there.
This is about redefining the very heart and soul of the world's ledger - which Bitcoin has a chance to do.
This is about that tiny speck called "Bitcoin" at the top of the chart in the link below:
http://www.businessinsider.com/all-of-worlds-money-in-one-chart-2015-12
organically growing and blossoming and eventually destroying that grotesque metastazising mass called "derivatives" at the bottom of that chart.
That is why AXA is interested in Bitcoin.
It's about the ledger itself - not the payment rails - not even the tokens - and certainly not the fees.
Trust me, no company with 1 trillion dollars of Assets under Management is going to pay any attention to some miniscule little runt like Bitcoin with a mere $7 billion in market cap - unless they think that miniscule little runt actually might contain the code which might possibly replace their whole precarious phoney fiat fantasy accounting ledger which pays their billion dollar bonuses and buys their mansions and yachts.
That is why AXA is "investing" in Bitcoin. To control it - not to earn some pathetic tiny fees from it.
And it's time we started addressing this issue seriously.
The main question is:
Do you want a massive, derivatives-dependent, legacy fiat insurance company like AXA controlling Bitcoin development??
Upvotes on these kinds of posts are certainly nice (and drive-by troll-snark is of course tedious and annoying).
But what I would really like to know is whether there is anyone on these forums who wants to spend some time seriously discussing things like:
  • the $1.2 quadrillion derivatives casino,
  • that other notorious insurance group (AIG) which engaged in massive and fraudulent derivatives shenanigans that almost took down the world's economy in 2008,
  • the massive and glaring conflict of interest in letting a company whose very façade of solvency depends on maintaining the fantasy legacy ledger which Bitcoin threatens to replace
  • etc etc etc
Do we want a corrupt derivatives monster like AXA (which is probably only steps away from becoming the next AIG) to be in charge of paying Bitcoin devs?
I don't have all the answers. I'm just some shmuck who spent a few years writing code for some major financial institutions, and I heard and saw a few things, and I watched how those scumbags almost brought down the world's economy in 2008, and I am fully convinced that they do not want something like Bitcoin to "uber" their legacy ledger.
So I am simply raising the question, and I really would like to know if anyone else has anything substantive to say about this:
Should the insurance company with the biggest exposure to derivatives (the riskiest asset in the world), which is totally dependent on maintaining the charade of the world's legacy fantasy fiat accounting ledger, be in charge of paying the devs writing the code for the solidest asset in the world (Bitcoin), which threatens to "uber" that very ledger?
Could there be a conflict of interest in this kind of situation?
Am I the only person around here who finds this absolutely outrageous?
Or does everyone just think it's fine and dandy - and maybe we could even just put someone like Blythe Masters or Jamie Dimon or Lloyd Blankfein in charge of paying Bitcoin devs?
Henri de Castries might not be a household villain name like some of those above. He's probably a more behind-the-scenes guy. But he is the chairman of the Bilderberg group, and he is the CEO of AXA, and he is going to move to HSBC this fall - and now he is paying Greg Maxwell's and Adam Back's and Luke Jr's salary.
And then we sit here and keep wondering why "our" devs keep ignoring us when we've been begging them for over a year to pretty-please give us bigger blocks so the Bitcoin network won't die.
Well, maybe there's more to the story than meets the eye here.
Maybe it's time for us to start to recognize the magnitude of who we might actually be up against here, and how they might have used social engineering to infiltrate and neutralize the Bitcoin development process, and how desperate they might be to maintain the so-called legitimacy of their make-believe legacy accounting ledger which Bitcoin is poised to replace.
Maybe it's time to stop bringing a pocket-knife to fight a SWAT team.
Like I say, I don't know what the answer will turn out to be. (Maybe a spin-off, but who really knows at this point.)
But I do think it's time for all of us to sober up and start asking some serious questions about this bullshit we've been getting from Blockstream.
We need to be realistic about who and what we're up against - and how many trillions of dollars they know are at stake - and how dirty and sneaky they're willing to fight.
And we need to liberate Bitcoin development from the people who stand to lose the most from Bitcoin - and put it back in the hands of people who stand to win the most from Bitcoin.
submitted by ydtm to btc [link] [comments]

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What if you had $1,000 dollars to invest 8 years ago and decided that bitcoin was the way to go? How much money would you have now? In order to make this calculation as exact as possible, let’s say that you bought bitcoin in July 2010. The price of bitcoin then was $0.08 per coin. For $1,000 dollars at that time you could have purchased Selling 200 US Dollar you get 0.021812 Bitcoin at 20. July 2020 05:02 PM (GMT). Reverse Calculation Currency Converter by Date - Historical Exchange Rate Graph of change in 200 US Dollar to Bitcoin. Changes in the value of 200 US Dollar in Bitcoin. For the week (7 days) Date Day 200 USD to BTC mo bitcoins mo problems — If you’d bought $1,000 of Bitcoin in 2010, you’d be worth $35M Price of Bitcoin has doubled in 2017, and other currencies have jumped even more. Convert 1 Bitcoin to British Pound. Get live exchange rates, historical rates & charts for XBT to GBP with XE's free currency calculator. You can check the Bitcoin price in gold, by clicking here. What Determines Bitcoin's Price? Bitcoin’s price is measured against fiat currency, such as American Dollars (BTCUSD), Chinese Yuan (BTCCNY) or Euro (BTCEUR). Bitcoin therefore appears superficially similar to any symbol traded on foreign exchange markets.

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