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Check out Part 2 of our first Skycoin Official AMA with Synth

Enjoy Part 2 of 2 of the Skycoin Official AMA with Synth for March, 2018. Part 1 is posted here.
 
How will skywire stop centralization such as massive skywire node forwarding servers, like with the current internet?
There will be more competition between pools in Skycoin than there is in Bitcoin. If that problem occurs, then we will deal with it, we have strategies and models in place to handle this potential scenario.
 
How will it stop whales building humongous skyminer pools in massive cities such as New York that will forward all the nodes in that city?
If a whale wants to come in and invest 1 billion dollars, to take control of the internet service for a whole city, then it will only make Skycoin grow faster. If it becomes a problem like what is happening for Bitcoin right now, then we have plans in place to handle the issue.
The miner pools can only be so abusive in Skycoin, because if the pools are too abusive, then other people will switch to smaller pools that give them a better deal.
 
How do you solve mining for bandwidth? What is to stop an attacker putting two routers next to each other to print money?
This is of the reasons why Skycoin will work and we do not think we have any viable competitors. We know how to solve this problem.
The short answer is that we are not paying users for bandwidth. Users are paying each other. So if you put two routers next to each other in a loop, then you are paying yourself for your own bandwidth! So you are not printing money. It is the same as moving money from one of your wallets, to the other wallet.
Skycoin does not “print money”. There is zero inflation. It is a closed loop economy.
Our mathematical models show that if the network is not running in closed loop, that you can always game the system and eventually botnets will take over all of the rewards.
There is another way we found, which uses a bandwidth credit system and later we can build futures and derivatives markets. Since bandwidth is scarce, but is wasted if not used our algorithm allows a certain amount of fraud (acceptable loss ratio) to be factored in but mathematically guarantees that the fraud stays below a certain threshold. There is a maximum amount or upper bound a node can get away with, before it detected and the other nodes stop working with the node.
Basicly, eventually the nodes have a reputation system and nodes prefer other nodes who follow the rules over nodes that try to engage in bandwidth fraud.
We have a simple working solution for the testnet, then we will start building up the full solution, which will also improve the network performance a lot by directing most of the rewards at trustworthy nodes with a high uptime, lower latency and higher bandwidth capacity. The node reputation system will take a bit of work, but will allow us to do a lot of new thing with QoS and routing.
 
Since the people using Skywire resources depend on those resources to report what happens to the outside world, how do you stop adversarial actors from defrauding users using information asymmetry between the users and the blockchain? How do you do this without an enormous amount of overhead?
Adversarial actors are a major problem in any system where anything of value is concerned.
If you do not have a solution for fraud, then bots will come in and steal all the money. Imagine you are running a poker site with 100,000 humans on it. Then someone floods the poker site with 1 million bots (who are better at poker than humans). The bots are going to steal all the money from your users and they will leave (because they are only losing now and the game is not balanced anymore).
If you tell people “I will give you money for running this computer program”, there are people who control 15 million computers and they will just run the program on their botnet. All of the money will goto the bots.
Skywire solves the bot problem by a sort of peer-to-peer whitelisting protocol. We do not let people flood the network with bots. Each node maintains a peer list and if you want to peer a human has to add the peer on both ends by hand, so it’s harder for a botnet to come in and try to take over.
People, because they are social, will peer with people they know personally (their own social network or communities). It’s designed so that people with high quality, hand curated peer lists will have a significant advantage over someone who peers with 10 million slow botnet computers, running on laptops running windows XP. Also people who own dedicated hardware will also have much better performance metrics and will be rewarded more than botnet computers.
The overhead for the record keeping is only 2% to 6% of the total bandwidth in the network, depending on how long the sessions are and the specifics. So the overhead is at the same level as for the existing internet.
 
Why did you use Orange Pi’s, that have their NIC on a USB 2.0 bus, for the hardware in the Skynodes?
Ideally, for security, the NIC should not have DMA (Direct Memory Access). USB 3.0 is a nightmare. USB 2.0 is bad and USB 1.0 is actually better (more secure, but slower).
The NIC drivers or firmware usually have a lot of dangerous security problems.
We are designing a custom PCB and there are several security, cost, design issues that do not have a clear best solution. The NIC is on the USB 2.0 bus, primarily because that is what the chip supports and because of cost.
 
What is to stop the cable lobbyist and the FCC who have already proven they will go against the will of the people from banning skywire? Couldn't they stop people from getting access to the backhaul and outright outlaw the entire concept? When I asked on the Telegram everyone dismissed the concern and said 'its impossible to stop us, look at the darknet'. And while that is true, for skywire to work don't you need widespread normie adoption? What percentage of people would actually run this if they banned it?
There are many, extremely wealthy and powerful groups that are being squeezed out by the FCC and the internet monopolies. There are some surprising large and powerful players that will support (publicly or clandestinely) any project that gives them some breathing room from the telecom squeeze out.
We want them to try to ban Skywire. That means we are winning.
You have to understand the context of the FCC and the cable companies.
The cable companies were forced to be very aggressive and remove net neutrality and start using mafia extraction tactics against companies like Netflix and Google, because of earnings pressure. The cable companies all have declining revenue because people are using the internet for video and are “cord cutting”. The CEOs and management are desperate to keep their stock prices up and slow down the earnings decline.
The CEOs of the cable companies are under extreme pressure to increase earnings in the short term, but are using tactics that will create a lasting long term backlash. The CEOs will increase earnings, they will see their stock prices go up, they will cash out their options and retire to the Hamptons. The backlash will be the next CEOs problem.
Skywire is global and the FCC only matters in the US. In Europe there is much more diversity in ISPs and you wont see the type of battle and resistance they will put on in the US.
The cable companies are dying. They are the dinosaurs whining and moaning before the meteor impact. Fighting technology innovations like Skywire is part of the process of the demise of these telecom monopolies, but it is not something to worry about.
If they are attacking us, it means we are winning. We will be ready.
 
Do you have an estimate for when coin hours will have value and be tradable?
We are working on getting the exchange up, but it will need to wait until the testnet. First we will make coinhours tradable, then we will open them up for exchange.
 
How, in simple terms, do coin hours prevent spam?
The more they spam, the more scarce and expensive the coinhours become. If someone spams or attacks Skycoin, the Skycoin price will actually go up.
Since there are only a finite, scarce number of Skycoin and each Skycoin generates a fixed number of coinhours per hour; then coinhours become scarce and valuable. They put a price on transactions.
An attacker or spammer has to ask “Should I just sell my coinhours for money or should I spam and lose money?”. Eventually the spammer will use up all of his coinhours and then will have to buy them from someone else to keep spamming. Eventually they will even drive the market rate of the coinhours up, until the spamming becomes so expensive that they run out of money or give up.
 
On telegram you wrote coin hours are meant to be volatile if I'm not mistaken. Will this be a problem in the future?
It depends. By shuffling volatility from Skycoin, to the coin hours it makes Skycoin more valuable as a store of value and as a currency for transactions.
We want people to spend coin hours. If Skycoin is going up everyday 5% a day, why would you spend it? If we priced the bandwidth in Skycoin, the whole network would shutdown because everyone would just be hoarding their Skycoin instead of spending them! That is why we introduced coinhours.
Coinhours solve the problem of hoarding and gives people a currency which they are encouraged to spend. Skycoin is a better store of value because there is no inflation, while coinhours are better for transactions because they have an inflation rate that encourages people to spend them.
The market cap of the Skycoin coinhours could actually be higher than the market cap of Skycoin under some conditions.
Everyone is very excited to see what the price coinhours settle at. People are betting on the market and cannot wait to trade and speculate on the coinhours (either dumping them before they go down to zero, or hoarding them incase they go up 500x). I was surprised at how excited people are about the coinhours.
 
Are there any more coins launching on skyledger soon you can talk about?
Kittycash.com, mdl.life, SPACO, solarbankers.com, and more...
I have been so busy with Skycoin I cannot even keep up with the new ICOs.
We are opening up the platform now and more people will be launching coins that I could possible keep track of. We should probably have a registry to track the Skyledger ICOs.
 
Will it be easier to launch coins on skyledger in the future? Any other skyledger updates?
Yes. We have a script now for launching new coins!
In 30 seconds you will be able to: Create your coin Have your ICO software running to collect money Have the coin automatically listed on an internal exchange (instead of waiting 8 months to get listed on some mega exchange) Have mobile, desktop and hardware wallet support Skyledger is getting a rebranding and its own marketing team. We have several flagship coins in development, that will help alot for Skycoin marketing.
 
Synth mentioned months ago in the telegram chat that Obelisk was still in development, when and how will the algorithm be tested and release? How are the actual transactions validated if obelisk is not the algorithm used?
We have done several simulations. There are several peer reviewed academic research papers published about it. There are open source simulations in the github repo.
The exchanges are worried about us enabling the full consensus algorithm without enough testing. We have to do a lot of testing before we turn everything on.
Currently the exchanges forced us to use a masternode dev check-point system. Over time, we are going to make extensive changes to the node and keep minting on the checkpoint system, while rolling out everything. Then after extensive testing, will roll out everything in stages.
The testing of the new features and stages, needs to be done on a smaller coin (other Skyledger coins) before being rolled out to Skycoin. Skycoin’s market cap is too large and we have to be cautious about bugs and not rolling out new code before its tested.
The dev check-point system is a compromise that allows us to test new consensus algorithms, while protecting the exchanges. If the exchanges lose money from a bug and lose $200,000 in Skycoin then we have to pay them for the lose basicly.
The exchanges are all short-staffed because of massive user base growth. They are taking weeks sometimes to upgrade the Skycoin node version, after we release a new version. We have to carefully coordinate our release and upgrade schedules to minimize exchange downtimes.
The short answer, is; we can roll out everything in a few weeks (if we had to). Everything is tested and ready to go. However, because of the exchanges are overloaded, we have to roll it out carefully in planned stages, with a months notification for any changes.
I think everything will be in place by the end of the year, but the Skywire testnet is taking a lot of development resources, so we will push it back if that means Skywire gets launched faster.
Also, then we are always improving things. So even after it “done”, its not really done. It always need more developers working on it and improving everything. We think “one second transaction are fast enough”, then someone comes in with a video game they want to put on blockchain and suddenly we need 200 ms. The demands are endless.
When all of this work is done, it will also mean that we have the best blockchain platform. So we need to have a marketing event built around this. It may not make sense to do it in the middle of Skywire launch mania, because we can only handle so many things at once.
News like this, we also have to make sure we release it into an upward market, when a lot of people are paying attention to innovations in blockchain technology. It would be wasted if we released big news or features, when people were not paying attention.
 
What's in store for Skycoin this year?
To many things. Everything. All at once. Its crazy.
We are opening a hardware incubator, which is the most exciting thing for me. I think we will not see the real applications of blockchain until we get blockchain into the physical world.
 
Where do you see this project in 5 years, where in 10 years? (What is your long term goal?)
We are moving so fast. I could not imagine that we did as much as we have, in such a short time. I cannot even keep up with how many things are in development now.
The goal this year is to demonstrate real world applications of blockchain technology. To bring blockchain to the physical world and make it tangible.
The goal in five years is to make blockchain obsolete and to create what comes after blockchain. We are experimenting with a thing we have started to call the “Fibre”. I do not think innovation will stop at blockchain.
The third generation of coins is going to be post-blockchain and want to be a leader in this area.
 
How long before I can buy a coffee with Skycoin?
As soon as I buy a coffee shop, lol.
 
When the community try to bring more people to skycoin, specially those with big money, we have to face the fact that the time locked distribution is not auditable (or it is?) is there any strategy to calm the doubts about the distribution method (the developers hold the majority of the coins/ are the only ones able to mint coins)
One of the advantages of blockchain is that all of the transaction are public. So the distribution schedule is auditable. Skycoin’s distribution is completely public. The distribution addresses are also public. So it is very transparent.
There is an api endpoint here with the distribution addresses and information updated in real time https://explorer.skycoin.net//api/coinSupply
 
In your blogs you are talking about the possibility of a ninja announcement that burns 80% tokens. That means it will be only 20 mil sky. So, in which circumstances devs would do that?
If we can find a closed loop, economic model for Skywire, that does not require a 15 or 20 year distribution period. Then we will burn the coins. Then the distribution would be capped at 30 million instead of 100 million.
Right now, we need the coins held aside for infrastructure investment, to grow the network and maintain the project.
There are some future components, that could eliminate the need for infrastructure fund and enable the network to be self-financing. Even if we get these components in place, what it means is that the infrastructructure fund will just allow us to grow even faster! So we might still not burn the coins.
You cannot underestimate what it will mean if we are investing 100 million dollars a year of coins into growth. This is the fuel that drives the growth of the ecosystem, so it does not make sense to “burn” the fuel. If there are more projects we can invest in, to grow faster, then we should do that.
 
In your opinion, what is the best exchange for buying Skycoin right now, and why? And on what other exchanges will Skycoin be listed, and when?
C2CX is good. Cryptopia is also good but withdrawals are slow.
We will be listed on larger exchanges this year, but cannot give details. We signed contracts but the exchanges grew from 1 million users to 8 million users in a few months, so their technical teams are overloaded. Listing a new coin can take 6 months after signing the agreement now. We are doing all we can to expedite the process.
 
Will the Kittycash platform be advertised across cat loving forums and the like?
LOL.
 
What will the value of legendary kittys be in 2019?
People are spending 1 or 2 Bitcoin per legendary kitty now. Kitty Cash had to stop selling legendary kitties, because fifty people were trying to buy each kitty and too many people were trying to buy them at once.
 
When will SKY be listed on new exchanges?
We were listed on four new exchanges this month. Wolfcrypto, Next, and two other exchanges. I cannot even keep track of it.
We signed contracts with the largest exchanges, but are still waiting for technical integration and we signed contracts not to disclosure information about specific exchange listings.
The exchanges are very overloaded right now, with technical problems from user growth and also from hundreds of coin ICOs that all want to be listed at once. Millions of people per month are registering on the Bitcoin exchanges now and the exchanges are overloaded. It can be a six month waiting list for listing now, after contracts have been signed, so we are just waiting at this point. However, big exchanges are coming soon.
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Bitcoin Tower Defense is nearing Launch (www.bitstrat.com)

A few weeks back, I posted a public beta link (www.bitstrat.com) to a project I've been working on. I wanted to allow Bitcoin gamers to stop gambling with their money on chance games like dice, high card, blackjack, wheel, etc. I wanted to let players to play strategy games to win Bitcoins fairly, using strategy and skill instead of random chance.
It seems the Bitcoin gaming environment is plagued with chance games, where everyone knows they will lose in the long term. It is the player's choice to participate of course, and although it's certainly fun for a little while, it normally ends in disappointment. Saying this I know many gamblers will claim they usually win, that they love those games, etc.
The quest to develop a skill game that uses no chance is not an easy one. There are a few hurdles involved in strategy games. Turn based games with limited moves are usually easy to bot, allowing programmers to quickly make ideal moves and beat any human by making less mistakes. An example of this is Chess. Chess games would quickly become matches of who has the best CPU to calculate moves faster and more deeply. There are also skill games that have been completely solved like connect-four. It is known that a player can follow an ideal strategy to always win or tie in connect four just like in tic-tac-toe. There are games like Poker that are mixed skill and chance. But these still have an element of chance, and legally they are casino games, which are not only illegal to host, but also means that players can end up with crappy hands too often and lose money due to chance.
For these reasons, Tower Defense was chosen - it's easy to pick up, but hard to master. It is real-time, so it's hard to bot. Your strategy depends on what the other does or might do. It's a constant battle to make the other player waste their money while making better decisions yourself. There are trade offs between early game and late-game strategies, and I've seen great players get beaten when someone uses a new strategy on them.
The beauty is that there are no internal sources of chance. Everything is under the control of the players, everything behaves 100% consistently like Newtonian physics in sports. Your game will perform the same every time, under the same conditions.
A month ago it was launched for beta test, with many bugs and frequent crashes. I have since posted it on numerous forums and play-tested with with friends. Got a ton of great feedback, polished it up enough for me to finally be proud of its current state.
It now features: - Game auto-save in case of server crashes - Balanced game play (more or less) - Added security features - In-game and lobby chat - Spectator mode with chat - Player rankings - Sound effects - Better graphics - Updated user interface, with shortcuts
With just a little more testing, I want to finalize the game engine and switch on real BTC wagers. I hope this isn't considered a double-post of my last post ~3 weeks ago.
-rs
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[Table] IAmA: We made BET RAISE FOLD, a documentary about the boom and bust of online poker in the USA - ASK US ANYTHING!

Verified? (This bot cannot verify AMAs just yet)
Date: 2013-12-09
Link to submission (Has self-text)
Questions Answers
Do you think online poker will go through another boom when it is fully reintegrated in the United States? What is the biggest way that most online poker pros have maintained their way of living post Black Friday? Do you have any other docs in the works? I really enjoyed Bet Raise Fold. I think it would be v hard for it to "boom" (like explode out of nowhere like it did in the 2000s) again, but it will surely grow, and I'm optimistic that it will grow to be an even larger industry than before (over the long run, could take a decade or more). like Yoda says, "hard to see, the future is." totally applies to the future of online poker - there are so many known and unknown variables at play at all times.
How much of 2M2MM was staged? It was a very entertaining show to watch.. any chances for another season? Hmm, hard to say. all reality TV is staged to some degree. from what I understand/gleaned from the production team working on the show (they were all vets of the reality TV world, worked on shows like Amazing Race and Ghost Hunters), 2M2MM trended much closer to the documentary side of reality tv than most. that said, I often compare the experience of 2M2MM like being an actor playing myself - and I think everyone who participated would prob agree w that. the plots of each episode were set up in advance (though we'd argue vigorously with the prodco to make sure if anything was "set up for the show" it'd be something we normally might do in real life). the most staged stuff would be like the house wars vs aejones/luckychewy (situation set up for the show), or aspects of the Benyamine match (Erica Schoenberg is at the pool specifically for our scene, it's not a chance encounter), or Dani and Chewy hunting for girls for the Connect 4 Charity episode. the completely real stuff is all the poker action - our bankrolls and emotions on full display for the world!
The Tilt Room was set up for the show, too - maybe my greatest invention all time. smashing watermelons with a sledgehammer is an awesome way to de-tilt (but very wasteful!!! smashing pottery - more responsible way to fill your tilt room, ppl)
Did you guys ever wake up Emil? On 2M2MM, the production team famously had to break down two doors of his (he won the master bedroom and it was so ballin it had two doors he could lock to keep people out) to wake him up for a shoot towards the end of filming.
We did wake him up, and he had a piece of that action - so it was a more pleasant awakening than the times we'd prank wake him by telling him all the pizzerias in NY were on strike or the house was on fire.
Actually, did Viffer ever find out about his pot bet bluffing tell? I heard he went into lockdown and wouldn't come out until he had fixed it :)
Who would be in your team of poker player super heroes and who would their x-men or avengers counter parts be? Maybe best question anyone has ever asked.
Ashton Griffin - Wolverine.
Ben "Sauce" Sulsky - Beast.
Ziigmund - Thor.
Dani Stern - The Incredible Hulk.
Vanessa Selbst - Jean Grey.
Aaron "aejones" Jones - Iron Man.
Jennifer Harman - Storm.
Erik Seidel - Captain America.
Chris Ferguson - Gambit.
Not a superhero but Howard Lederer is totally Kingpin. (actually, Kingpin might have to be Ivey...)
ROSENKRANTZ - Do you still play poker as a main source of income? When you do play do you play online outside of the US or live? Nope - i actually don't play much poker at all, outside of WSOP. i'll play in home games now and then but it's mostly a social thing. was thinking about making an extended trip to Montreal to visit Martin, hear him play music and grind online next year... i miss playing online poker a TON. what's more fun than stacking n00bs with AA.
Check-raising stupid fucking tourists? Stacks and towers of checks I can't even see over!!!
Do you think that you could persuade the Alamo Drafthouse in Denver to have a showing? If these three screenings (Yonkers, Austin, KC) are profitable for them, or I can show them we have a strong group of people in Denver who'd come out, it's a possibility...
Yo Krantz, where is the information on the one in Yonkers? I live in Queens would love to go and show my support. Oh man, thanks for the support - it happened last week though :/
How often do you play live/online (hours per week/month or whatever)? What stakes? Also, you guys toss money around like toilet paper. Send me a couple grand so i can make a tilt/lockdown room and go pro. Thanks, man! If you surf through some of the other posts in this thread you can read some more, but since Black Friday I don't play much poker live or online. If there were legal online poker in my state right now, I'd probably dabble in small and mid stakes and try to build up a bankroll playing NLHE/PLO cash (shorthanded and heads up) and the occasional tournament!
2M2MM was in 2009, 4+ years later and all that toilet paper is more valuable to everybody :)
With your experience in documentary and financing, can you get "I BET YOU" tv series back in production? phil laak craziness needs to be serialized. If I ever run into him, I will plant the seed. should have run 6 seasons and a movie.
Do you think bitcoin will change the future of online gambling? I'm still trying to wrap my head around bitcoin... i have these handy videos bookmarked to watch as soon as i get some free time! Link to www.khanacademy.org
Link to www.youtube.com
Do you see the games remaining as reg-infested and hard as they are now? Is there a point where everything about NLHE is basically known and therefore the skill level of most pros will be capped? Not if the sites figure out how to bring in more casual players - a priority for their businesses as the US market legalizes and the global market matures. Hard to say what the games could look like in 5 years... I think there will be fewer pros/regs. Also think NLHE will always be the most popular game even though basic strategy is pretty well known to anyone who wants to put in the time.
Hi, Jay. Great movie, really enjoyed it. Thanks! My plans are really to throw myself into writing and producing with the same focus and intensity that I gave to poker during my early 20s. I'd like to write and publish some books (fiction, nonfiction, poker, nonpoker), write and produce more movies, TV, games... I'm inspired by artists like Joss Whedon, Ray Bradbury, Hayao Miyazaki, Bill Watterson... entrepreneurs like Tim League, Burnie Burns and Felicia Day and the folks at VHX and Pixar and Valve... Basically, I want to build a career in popular entertainment, telling smart, resonant stories to larger and larger audiences. And I want to work with the best people I can while I do this.
What are your plans for the next 1-5 years? I also plan to win the WSOP Main Event, but that could take 6-7 years because you gotta get lucky!
Are you still friends with the cast from 2M2MM and do you and any of them still rent a house in Vegas for the summer? We are great friends! I actually lived with Emil and Brian in a house this summer while I was out at the WSOP premiering BRF. We worked out a ton (Brian is REALLY into Olympic weightlifting these days) and watched lots of movies. There was a movie theater room in the house and those guys have eclectic wide ranging tastes in film so it was really fun. One of our favorites was this Norwegian crime thrilleblack comedy called Headhunters: Link to www.imdb.com
Also I was one of the many backers on Kickstarter for BRF. How tedious was it putting everyone's name in the credits? Dani, Brian and Emil lived together in Toronto for awhile post Black Friday but now Dani has a serious girlfriend, a dog and a cat and they're all living in different countries (well, Dani and Brian live near each other in Mexico but Emil's in Finland)
As poker players, do you feel like you've lost an appreciation for money? Who do you think is the most overrated poker player nowadays? I definitely lost any conception of the value of the dollar during the height of the online poker boom. Post Black Friday, 3 years later, I feel like I have a much healthier and more reasonable relationship with money. I think any serious poker player has to divorce himself from the value of money in order to risk it with complete and utter disregard for anything but the expected value of the play. If I had to answer the overrated question... I'd say wcrider (sp?) is overrated. Not skill wise - I have no idea how good or bad he is objectively - but I've read a few of his forum posts on 2p2 and he is clearly young with a huge ego, and you just can't be the best in the world with an ego the size of an elephant (though it can give you some huge competitive advantages). But see how subjective a question like this is? For the most part the idea of underrated or overrated players is worthless, variance is a way bigger factor than anyone understands... the only person who can truly and accurately "rate" a poker player's skill is the player themselves!
Will there be any new videos on TheMicros? I so hope so. The major problem for us is the economics... the cost of animating those episodes is pretty big in terms of money and time. The sponsorship model worked great pre-Black Friday, but post Black Friday and the market for an animated poker show is completely different. John and I have thought about Kickstarting it, but I'm not confident we could raise enough money to do it the way we'd want to (if we come back, we want to come back full throttle, with regularly scheduled content and season long storylines... we don't want to just put up an episode or two here or there). There are a few options I've been thinking about, but they're just ideas at this point.
There's a big possibility we'll come back soon with regular comics, though. You can check out some examples of what these would look like on our Facebook page (there's a photo gallery of the ~12 comics we've done so far): Link to www.facebook.com
Hey all, what are your thoughts on regulated poker, putting Delaware politely to one side, is there half a chance of it being successful in New Jersey, without interstate compacts? By successful, I probably mean will we see guy n girls like you in that state playing for a living? Will there be the liquidity to sustain a more than a handful of full timers? I think it will be successful but it will not explode overnight, it will take time and nurturing like any good crop... growing the igaming business in NJ, the companies' priorities are not necessarily directly in line with catering to guys/gals like us who want to play for a living. So I don't think you'll see many full timers playing exclusively on NJ sites. See Joe Tall's post in this thread for more insight into this, it's pretty good!
Probably too late but I'll give it a shot anyway. I tried to/try to study and it felt like pulling teeth. I became interested in applications of game theory for a few months and the challenge of reeducating myself in basic maths was interesting... but even then I didn't feel as energized or excited about thinking about poker as I did when I was able to play and compete consistently. I decided recently that I'd just take a break until I was able to play consistently again (I have been thinking about a trip to NJ or out of the country to grind for a bit, but it's just an idea right now).
Any words of advice here? I'm tired so this is kind of rambly and I'm just talking some of this out loud for the first time, but I hope this helps a bit. Post Black Friday I've done a lot of reevaluating my relationship with poker and the expectations I have of it and it's done a lot to reverse feelings of anger, sadness and frustration at the US situation (and at the game in general).
What was the biggest thing you guys have bet on beside poker? Games of NFL Blitz, trick pool shots, what LuckyChewy thinks the distance from the Earth to the sun is, whether [name redacted] can get those strippers to come ride the inflatable dolphin, oveunder of how long they can ride it for before falling in pool... countless thousands have been won and lost on these diabolical problems.
off, great movie! It was well worth the wait. My question is this, what is the craziest, most extravagant thing you purchased with your poker winnings? Thank you! whitelime reminds me of a night in NYC at a club called Arena (who knows if this place still exists), where we went heads up against NYG running back Brandon Jacobs in a bottle-buying war. the bottles came equipped with sexy bottle babes and sparklers. we lost the bottle war to BJ (in hindsight i think we lost the battle, too - huuuge tab)
I want to first thank you for establishing an amazing training site in DC. It has helped my game immensely. For the questions: would you consider yourself more of a filmmaker or poker player at this point? In a podcast slowhabit noted poker helped his entrepeneurship immensely and vice versa. Do you see any similar parallels b/t poker and film-making? Thanks! I'll always consider myself a poker player, but in terms of profession I suppose I'm trending towards the filmmaker side of the coin. But all of the creative work I do will be influenced by the unique way I see the world - a viewpoint heavily influenced by poker. It's an insanely beautiful game: a complex blend of strategy, tactics and human emotion. Being a poker player isn't a profession to me, it's something I can't help... at this point it's part of the fabric of my identity.
I don't think we would have ended up with a movie this good (or maybe not a movie at all!) if Taylor and I didn't bring our backgrounds in poker and entrepreneurship to bear to make as many +EV decisions as we possibly could over the entirety of the project. In a lot of ways filmmaking is an entrepreneurial pursuit, in a lot of ways producing a movie is like multitabling high stakes online poker. You're juggling tons of variables, managing human relationships, analyzing risk, making high pressure decisions...
I talk a lot about this stuff in this podcast with Jared Tendler: Link to www.mentalgamefish.com
I really enjoyed the movie and showed it to my family. But their reaction across the board was: "But they only portray people who win in the game!". What do you think of this reaction? Isn't portraying mostly the pros or winning player missing a big slice of what online poker is. We were originally interested in finding a losing player... posting what Ryan posted earlier about this: "Yes, we were planning to follow someone exactly like that. However, we found it more challenging than we expected to find a compelling, losing player who was willing to go on camera. For example, I spoke briefly with grimstarr (online poker veterans will know who this is) about appearing in the film, but there were too many complications involved." After Black Friday it became pretty much impossible for us to add another character, winner or loser. We also felt like the downsides of poker had already been given a lot of treatment in the cultural representation of the game... but nothing had been done to authentically show the lives of modern professional poker players during the poker boom. Still, we did have many conversations about the losers, about the pros who are staked, etc... what we should or could convey about that aspect of the game... ultimately we decided we needed to stick to our core characters (especially after Black Friday) and their experiences. We did make an effort to explore the psychological consequences of losing as a professional, and the risks that you take on when you do play this game for a living... hopefully that sequence in the last third of the film can show that even the winners are losers, and they lose often! Basically, a lot of the energy for this project's conception was to showcase what it was like to be an online pro player, and dispel misconceptions that the public has about poker and online poker. To show the injustice done to the industry as a result of the UIGEA... to show what caused the boom... historical events like this, put into context in a digestible way. That was the driving motivation in making the film and selecting Danielle, Tony and Martin - and after Black Friday, their stories were all that mattered to this particular film. Hope this sheds some light on our thinking.
Hey Krantz! Play tons of poker, think about it with a truly open mind and engage in critical discussion of poker with tons of players of all skill levels. Tenacity and fearlessness are your words to live by (and maybe "breathe," for when you're tilting).
What advice would you have for an online player from the us that plays on bovada to move up the stakes. Currently grinding double-up sit n gos and crushing ? I really love this post about training and practice. If you want to move up and become better, work hard and work smart: Link to forumserver.twoplustwo.com
Jay, I asked you on twitter during the months leading up to the release about selling autographed pictures of some online pros in the movie on kickstarter to raise money. You replied saying it was a good idea and you'd look into it. I was thrilled, but become really bummed when I saw that the signed movie poster costs $200. I wish I could afford it, but I just can't. I graduate from university in a week and still don't have a job offer, so this is above my price range. Since you have 18/20 left, is there a chance of a price drop for them in the future? We actually only managed to get about 5-7 signed posters total and ran out! but email me your info at [email protected] and i will see if we can find some way to get you something cool! (i remember your tweets!)
In the home game you had on 2m2mm, did Andrew robl ever tell you what his other card was? He showed you a jack he hit on the river.. He didn't - I tried to get it out of him, but he wouldn't say. based on what I know of him i'm 95% sure it was a good fold (5% he made a sick bluff and is so buddha he doesn't need to brag or show it on TV)
I loved BRF by the way and my dad liked it too. It helped him understand "my world" a little better. You gotta learn the language of filmmaking, and you gotta experiment (in poker terms, you can't just study - you hafta play hands!). So try to make a little short documentary about something (this is what we did - FROM BUSTO TO ROBUSTO ended up being essential practice in learning to make something as big as BRF) and take it all the way through from preproduction to marketing and distribution, even if it's just on the tiniest scale.
I'm sure you learned so much throughout the course of making the film, so if you could go back to give yourself advice from when you just started BRF, what would you say? Thanks! It's awesome to hear about friends/family enjoying the movie. I'm heading out to host this theatrical screening in Austin but I will get back to you on your question tonight. OK, I'm back. I'm glad you love FCH because my first bit of advice is to read the ebook he just released: Link to www.amazon.com
I am curious on roughly how sales are going? How did you choose how to distribute the film. Really enjoyed the film. Direct sales through VHX were great. Not tens of thousands of people but very strong for an independent documentary. The decision to distribute the film through a combination of Kickstarter, VHX and Tugg (skipping film festivals in favor of debuting at the 2013 World Series of Poker) was made mostly as a result of talking to other filmmakers, studying the success of Indie Game: The Movie (Link to www.indiegamethemovie.com and reading Think Outside the Box Office (Link to www.amazon.com)
If we could go back and do it again I don't think we would have done much differently. The biggest change I'd have made to our strategy would have been to organize a ~6 city Tugg tour of the film to build hype before the online release, and to incorporate Kickstarter earlier in the production (it would have been really fun and cathartic to share the ups and downs of the whole production process with backers!)
Just rewatched 2M2MM a few weeks back...LOL at Jay's roller skating penalty stunt. Question about the doc...how did you decide on profiling Dunst, Alexei and Danielle? Who else was a finalist to be featured? Still got those roller skates!
Why does ansky keep knocking me out of ftops!! Pretty sure this stems from his anger issues. see 2M2MM Mach 5 snap call argument for evidence. he HULKS out when he sees your SN and smashes your soul!
Not so much a question as an obvious point. Loved the film, loved being a part of it and helping out. I really don't have anything else. If anyone here hasn't seen the film yet, do so asap. It really is an incredible piece of work. Love you too, bro! and not just because you're also named Jay. it's because the goddamn FORCE IS WITH YOU.
Given that Jay's poker training site, "Deuces Cracked" ( Link to www.deucescracked.co ), actually make Duck merchandise ( Link to img651.imageshack.us ), and your username is PERSIANDUCK i think you guys should form the first poker supergroup and call yourselves "THE MIGHTY DUCKS". Those ducks are collectors items!!!
I assume this question was targeted at Jay or Tony/Danielle/Martin, but the most extravagant thing I ever purchased was an $800 couch. Still had the wrapper on it and everything. Where'd you get $800?
Jay,The Texas Legislator will go back in to session in Jan of 2015. I expect that there will be hearing for both live and online poker. Since your living in the Austin would you be willing to testify at the State Capitol in Austin in front of the Texas State Legislator to help bring poker to Texas. I love comedy but have 0 appetite for politics. I don't believe I could say anything that would be more helpful than what we've said in making Bet Raise Fold, and I don't believe that anything but money will help bring poker to Texas :)
Very tedious, but well well worth it. Thanks so much for supporting the project! Yes, huge thank you for backing us!
Krantz, in a deucescracked video where you commentated with ariel about his match against tie53, bit of a famous hand. Q67hh-Tss, Tie53 check raises a committing size on the turn. we fold Q6. Do you still think this was a close fold with Q6 or do you appreciate now that it was probably wrong. Don't recall the specifics of that hand but I think past Jay/past Ariel were probably right and no one, not even me from the future, would know better than them :)
Last updated: 2013-12-13 16:03 UTC
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[Table] IAmA full-time Bitcoin day-trader, blogger, and explainer. I was a pro TCG player. Here until Midnight EST. AMA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2014-02-20
Link to submission (Has self-text)
Questions Answers
Let's say someone was looking for a stay at home computer job, would you recommend doing what you do? Is it something you can hop into, or is it something a lot of time must be put into before considerable income comes? You handle risk and pressure well, and you don't let your emotions guide your decision-making. Professional Poker and TCG players often develop this skillset.
You have experience working with stocks, bonds, derivatives, foreign exchange, or other financial instruments. If you have a strong mathematical background, that would also likely fulfill this.
You can invest significant capital into trading while remaining financially secure if it all suddenly vanishes.
You are capable of constantly monitoring a situation, waking up in the middle of the night if an alarm goes off, etc. It requires serious dedication.
You are good at keeping up with news, understanding market psychology, and "feeling" shifts in attitude and perception among other market participants.
Of those, I'd be most cautious if you don't meet no. 3. Going bust is a real possibility--day-trading a volatile commodity is inherently extremely high-risk. Nos. 2 and 4 are the easiest to learn or force through routine. No. 1 requires a person who approaches things in an emotionally detached manner. No. 5 is something that comes with investing enough time.
Second question: I'm answering this after that big block of text because this answer will come off like a get-rich-quick scheme. Yes, you can hop into it very quickly, and you can start making very high profits very quickly. I put in a small initial investment to test the waters, and made 10% on it in a few days. If you have the right skillset, composure, and resources, yes. It is a potentially very lucrative and exciting stay-at-home job. It is not for everyone, though.
As much as it would be beneficial for me (being in the industry and all), to tell everyone it's easy and that it will help them provide for themselves I feel that people need to know the real risks that are involved. Regardless, that's all a little irrelevant. We're not playing the house, and we're not flipping coins. We're playing other investors, and we're making actual decisions. You keep saying things like "98% lose money" and "Go onto any FOREX forum, and you will see from the users posts that they pretty much all lose money" but you don't back it up. Cool, yeah, it's a zero-sum game with a rake: a little more than half of the players will lose. That's expected. They'll probably complain about it, too, huh?
Retrospect can have a very positive effect. Got any real account trading statements I can have a look at? Let's see how fast you can come up with excuses not to show me ;) I only have and need one: I have chosen not to disclose my personal valuation for privacy reasons. Same reason I've had all along. I instead publicly disclose my trades, as they happen, on my website. The posts are timestamped, and the ones that are the start of a position contain the price I entered at. Go check the posts, then go check the charts, then go check my archive. But feel free to continue to arbitrarily call my credibility into question--that makes your argument better!
What leverage do you use? In Australia the leverage is typically 100:1, perhaps that's why your not seeing how risky I deem it to be. First, our argument so far has had nothing to do with risk. Second, I told you I am leveraged 2.5:1, two posts ago. Third, you realize I'm trading Bitcoin, not ForEx, correct? And that no one in their right mind would offer 100:1 leverage on Bitcoin due to its volatility?
What's your last year's hourly salary? A year ago I was finishing up college and extricating myself from the TCG business I'd co-founded. I took very little in take-home pay over that period, but kept part ownership of the continuing business. Money isn't just about the number on your bank account--it's also about residual future income.
How many hours a week are you typically on a computer? On a computer, probably 50-55, if you add in time I spend on my phone, I'd say 65-70. Day trading takes constant watchfulness. I imagine it's like an easier version of taking care of a baby.
What are your favorite to sources of news besides waiting for it to get to the front/hot page of /Bitcoin when it's several hours old? I have an IFTTT for /BitcoinMarkets and /Bitcoin that notifies me early on about some posts.
What's the weirdest thing about your mom? She started a bookselling business online in her 50s and makes more money than me.
Or.
She's a little old lady who loves gadgets and technology.
What are your thoughts on Dogecoin and other bitcoin competitors? Do you think any have staying value? LTC.
DOGE.
NXT.
VTC.
Coins that offer something different or that have a strong community to them can be valuable prospects.
LTC is the first-mover scrypt coin - DOGE has the most non-techies interested in its success and is spreading quickly as a result - NXT is a cool generation two coin that has a lot of features BTC doesn't have - VTC is ASIC-resistant
Ok, let me spell it out to you. The retail forex market only makes up 5% of the total forex markets liquidity. The other 95% is from hedge funds and institutions. Therefore, 99% of the retail market losing their money is very possible, as that only makes up 4.95% of the whole market. Is it possible that 4.95% of the market generally loses? Yes. How is that infeasible? Nope. That's a false equivalence. It is possible that 4.95% of the market loses. It is not feasible, that, say, 99% of people with blue eyes lose. What, exactly, in empirical terms, is the difference between retail investors and hedge/institutions that causes this INCREDIBLE disparity? Would you care to respond to my above empirical argument that demonstrates that a zero-decision system is flipping a losing coin? Do you consider it feasible for 99% of people playing a 45-55 game to lose?
Are there options and/or futures markets for Bitcoin? Not really yet, but there will be more prominent ones soon. I hear about a new one pretty regularly, it seems, but nothing that seems truly legitimate has come out. I'm certainly excited for them, though.
Eventually, once Mr. Lawsky and co. get things sorted out, I'm certain we'll see a big-name investment bank start offering them.
From the time you started trading until today, what is your overall percentage return? In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
Ben, i told you I'd be here and asking about Hearthstone first. If there's one class that needs a bit of tuning, up or down, which is it and why? I think Mage needs basic, class-level tuning. I'm not sure what needs to be done exactly, but I don't like what the Mage class power does to gameplay. I've thought some about how different it would be if it could only hit minions, and I'd want to know if Blizzard had tried that out. The Mage power is too versatile, and over the long-term I think it will prove to be problematic.
What's your favorite card? Lord Jaraxxus is my favorite card. He has a truly legendary feel to him when you play him, but your opponent can still win, even though he's very powerful.
So, where do you think we go from here? I'm currently short, but I don't expect to be so for a lot longer. I don't think we'll get past 550. I also don't expect this drop to hold on for a really long time.
I haven't seen a good, substantive rationale for what the MtGox situation really has to do with Bitcoin price. Yes, it looks bad, it certainly doesn't help with our legitimacy, but is it really worth the incredible price declines we continue to see? I don't think so. I think we are seeing these impressive declines because the price on MtGox (which is a reflection of trust in MtGox relative to Bitcoin price, not just Bitcoin price) has been declining heavily. I don't expect it to continue forever, especially not with things like the Winkdex and the accompanying ETF launching.
MtGox is basically dead to me, for now at least. The sooner everyone stops paying attention to it, the sooner we can all get back on track, which I, for one, will be quite happy about.
Do you think that it's a good thing for a game when the developers of that game discourage certain playing styles (e.g. mill decks or decks that try to win in unconventional manners) whether in hearthstone, MTG, or other TCGs? It can be. I don't want the developers metaphorically over my shoulder outlawing strategies, but I don't mind if the strategies that are "less fun" for your opponent (Draw/Go, Mill, or Hard Combo from MTG, for example) are also less powerful. Most players prefer a game where the best decks are also among the most fun, because it means that they are playing against fun decks more often. Clearly the 2-cost 3/3 will be played most often. If you fix this by making both 2-cost guys 2/2s or 3/3s, or by making one a 2/3 and the other a 3/2, then you've done something--but it's not that interesting. If you instead make the 2-cost 2/2 have text that says "While you control the 3-cost 3/3, this gets +2/+2" and you give the 3 cost 3/3 text that says "While you control the 2-cost 2/2, it has Taunt" you now have more complex cards that reward players for doing something other than just playing the best stand-alone card.
Which do you think is a better option to encourage diversity in TCGs; improving/buffing cards/decks that hardly see any play versus weakening/nerfing cards that are overwhelmingly played? This is obviously a very simplistic example, but I hope it makes the point. Games are more fun when you give players more relevant choices: buffing and nerfing cards tends not to do that as well as promoting synergies does.
Where/what is the actual money behind bitcoin? If it does exist. You might need to rephrase your question for me to understand what you're asking. If you're asking why a Bitcoin has value, the answer is the same as any other good: because someone is willing to pay it.
If you're asking why someone is willing to pay that amount, my answer would be utility.
I just got started on Bitfinex (using your referral link) and am a little intimidated. What types of trades would I recommend I try as a beginner? From there, just keep careful watch, and see what happens. Be neutral and objective toward your own hypothesis, just like in science. Don't be biased by your hopes, be focused on the reality.
So far I've only done a liquidity swap offer to try it since it seemed (nearly) risk free. Have you done any liquidity swap or is it too low in profit? If I'm not going to be able to check my computer for a day or two, or I'm uncertain of what's going to happen the next few days, I do use the liquidity swap function. It's actually very profitable, relative to traditional investments. And you're right, it is low-risk. I'm a fan. Good job selecting it if you were intimidated--that's a good place to start. As far as actually starting trading, do science. Start with a hypothesis. If you were up at 5 AM today when MtGox published their announcement, a good hypothesis might have been something like: "This announcement is going to be a blow to their credibility, and might panic the markets. We'll probably drop by some amount as a result." Invest based on it, figure out around what price you want to take profits, and at what price you'll cut your losses and get out. Stick to those determinations unless something substantive changes. The time you tell yourself you can afford to not close your position because it will "rebound" back to where you want is also the time you lose your shirt.
Is it true that you like Balloons? No, I <3 them.
Lol to the question about your mom... Ben, from my understanding Bitcoin is anonymous, does this mean that you can avoid taxation when receiving payment? Bitcoin isn't anonymous. That's actually a common misconception. It's actually pseudonymous, like Reddit. You end up with an online identity--a wallet address--that you use with Bitcoin.
If I walk up to you on a street corner and buy Bitcoin with cash, then I'm pretty much anonymous. If I buy it from a large institution like Coinbase or some other company, they will have records of the address my Bitcoin was bought for. As a result, you can trace them down, generally speaking.
As for avoiding taxation, that's a general no.
What do you think Bitcoin's biggest hurdle is and how do you think it can be overcome? Are there any misconceptions about Bitcoin that you think people have? The biggest hurdle for Bitcoin to overcome is governments. Governments have a variety of reasons not to want an alternative currency. We seem to have done pretty well on that front here in the US, but for other countries (China) that is not the case. Past that, the other major hurdle is something I consider an inevitability: consumer adoption. Business adoption has begun in earnest, consumer adoption hasn't. It will when enough businesses take Bitcoin to give it sufficient utility for the average customer.
What trading platform do you use to daytrade Bitcoin? What is the standard margin that Bitcoin brokers offer? what's the typical ask/bid spread? I primarily use Bitfinex.
Very few Bitcoin brokers currently offer leverage, Bitfinex offers 2.5:1. Over time, I anticipate it will become more like current Forex, where 10:1 or greater leverage is common.
It varies by exchange depending on their fees. Huobi charges 0% fees, so their spread is generally tiny. Some exchanges can be as wide as 1.5%. Typically, I see spreads between .5 and .7%.
Do you invest in any other type of cryptocurrency? if so, which is your favorite besides bitcoin? I currently have no other holdings, but I've held DOGE and LTC at points and am considering VTC and NXT. DOGE is probably my favorite, because if the community can keep this up for a little longer it will snowball into amaze.
Can you trade me a Jace? TMS WWK, TMS FTV, Beleren, MA, or AoT?
Beleren. M10, M11, LOR, JVC, JVCJPN, or Book Promo?
M10 and if not possible then M11. Sure.
I've been reading your blog for quite some time and especially like your summaries for recent events. Keep up the good work! Do you use strict stop-loss orders for your trades? When do you decide to close a trade? Especially in situations where you can basically see you profit/loss grow by the minute. When is enough? Do you have a longterm bitcoin investment you don't touch or do you use everything you have for trading? I do use relatively strict stop losses, but they're not stop loss orders. My conditions usually aren't just the price hitting a certain point, but instead it sustaining for a brief period, or hitting it with a certain volume, or with a certain amount of resistance to retreat. I don't want my stop loss to be triggered by some idiot who dumps 300 BTC and temporarily drops the price 15, but only ends up really dropping it 3. I am very strict with myself about this, though, generally speaking--if I can't trust promises I make to myself, what good am I?
Let's say for example you have a sum x dollar and a sum y bitcoin on your trading account. How much % of x or y do you risk at every trade? I've seen a formula for the max. amount of investment and read numerous times that traders shouldn't risk more than one or two percent of their "bankroll". Do you generally have dollar and btc or just one of them at any given time? 100% of funds in every trade, so long as all funds are easily moved into the position. Common exceptions are lack of liquidity and funds being on other exchanges. My reasoning for being all-in all-the-time is that it's a profit-maximizing move. It is also risk-maximizing. My risk tolerance is infinite; most people's isn't. Only ever one. Generally BTC if I'm long, dollar if I'm short. I prefer to double-dip, as otherwise it would be in contradiction to the 100% plan. I use everything I have for trading. Again, profit-maximization, infinite risk tolerance.
I decide a closing price when I'm near either my stop loss or my profit aim. I place a limit order or multiple limit orders wherever I need to. I avoid market orders whenever possible. Enough is when I hit my goals or my loss tolerance. I decide these at the start, but I frequently re-evaluate them as news and market conditions develop.
What is a typical bid/ask spread for Bitcoin? It depends what exchange you're looking at, but generally .5-.7%.
What's the best way to popularize Bitcoin among the masses? Add your own but would love your thoughts on: -microtransactions developing nations -gift economy (tipping) I would suggest just running around shouting "You get to be your own bank" is probably the best way.
In all seriousness, though--we don't need to try. It's going to happen on its own from now on, as the news media slowly starts to pick up the story. People will start appearing on TV talking about it with more and more frequency. Things like the Dogelympic teams are great PR and help boost it up, as well, of course, but in general it's just going to follow the adoption curve of every other technology.
If it picks up in a few developing nations that have stable internet, it will be a massive revolution for them. Self-banking can do a huge amount of good for an economy like theirs. We might see reports on that. If a major newspaper decides to run a permanent paywall like what the Sun-Times tested recently, that could be big as well. The slow PR from tipping on Reddit is another way, to be honest. Every bit helps, but the cryptocurrency community is now large enough that we're going to do a significant amount of organic, word-of-mouth style growth.
Do you think that a magic game could beat harthstone? If they do a good job, absolutely. They have to focus on the right things. It needs to be mobile-available, easy to pick up and play, and fun.
Is there a good crypto currency to get in on now, before it explodes like bitcoin did? There are plenty of options. Check out coinmarketcap.com. Fair warning, there are plenty of horrible things there--treat it kind of like penny stocks. I like BTC, LTC, DOGE, NXT, and VTC.
Also, why is it such a pain in the ass to buy them with actual money? Like you have to have bitcoins to buy other crypto currency. It's such a pain to buy them with USD because no one has made a good system to do it on, like Coinbase. If you think there's a desire, go do it!
Well the way I look at it, is how the hell else would you be able to buy them? Not everyone has piles of bitcoins lying around and I really don't want to spend $600+ on a single bitcoin just to buy some other currencies. Ah, I see the problem! You can buy fractions of a Bitcoin using Coinbase--I think .01BTC (~$6) is their minimum.
The March 2013 appreciation was from American and European investors and November 2013 was mainly from Chinese investors. Which group of people do you think will be the next to buy (I hate using the word invest when talking about bitcoin) bitcoin for investment purposes? American institutional and hobby investors. That is, Wall Street and people who pay attention to Wall Street.
Which do you think will be a better long term (~5 years) investment, Bitcoins, Litecoins, Dogecoins, Fetch Lands, Shock Lands, or Original Dual Lands? Does it change for ~10 years? Either Bitcoin or Fetch lands for 5 years. For 10 years, Bitcoin. I'd be worried about the 10-year view for paper MTG.
Ive been mining Bitcoins for years now, i have a good sum im my wallet but i never plan to use them. Does this make me a bad person? Approximately yes.
Ben, I should've simultaneously copied and pasted all of my questions from the Spreecast over to here but here are a few... It seems like the conspiracy crowd has really latched onto the idea of Bitcoin as being a discreet form of currency. If Bitcoin is backed up by the internet why would people choose having a currency that's being tracked over say cash, gold, different commodities? Having a currency be tracked has negatives and positives, but it's overwhelmingly positive for the average consumer. Because it's tracked, you don't need to pay someone to move your money for you. There also are no chargebacks, which means merchants aren't getting scammed and passing those costs onto consumers. Theft costs everyone money. It's also very fast--transactions confirm in just 10 minutes, regardless of size or where it's going. Transferring dollars from here to China is very difficult--transferring Bitcoin? Just as easy as from anywhere else to anywhere.
My job is a mix of voodoo, intuition, science, and news. In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
No, just gambling. In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Anyway, how have the profits been from start to finish compared to the market? Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
Are you willing to disclose how much you have in your trading portfolio/what kind of profit you turn both % and $ wise? In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
What would you say is the easiest method of shorting bitcoin or any other coin? For shorting Bitcoin or Litecoin, check here.
For other coins, there isn't really a good way yet, to the best of my knowledge. A few exchanges have plans to add short-selling, but Bitfinex is really the only one I know of that has.
What did you have for breakfast today. Didn't breakfast, was delicious.
Hey Ben, I know next to nothing about Bitcoin. I went to /bitcoin after seeing this AMA on your FB, and I noticed that everyone is going apeshit over "Gox". I have no idea what that means or why everyone is so sad/angry/suicidal. MtGox (which originally stood for Magic the Gathering Online eXchange) was the first prominent Bitcoin exchange. They've been going through some rather rough times lately, some of which I was an early cataloguer of here. In short, everyone is freaking out because the exchange may be insolvent. It's not really a big deal to Bitcoin as a whole, but it's certainly an obvious blow to credibility. In my view, people are primarily upset because MtGox has been a part of Bitcoin for a very long time, and it can be hard to let go of what we're used to. I expect that they will either fix the issues or will go out of business officially very soon.
Please explain what happened.
Tell me every artist in your iTunes. Daft Punk, detektivbyrån, Kid Cudi, Matisyahu, The White Panda.
Spotify for life, yo.
Follow up question, what % are you in BTC vs Fiat and when you are on the losing side of a trade do you find your self dumping in more to get right or do you pull the cord Unless my positions are on different exchanges or in different coins, they're all always 100% of what I'll put into that trade at entrance and exit. As a result, I end up with a binary choice: stay or reduce/close. I very rarely reduce position size, nearly always preferring to just end the position instead.
Last updated: 2014-02-25 04:57 UTC
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BITSLER COM bot script BITCOIN IN 7 MIN 610$

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