Category Archives: Bitcoin (BTC)

Bitcoin hit $300 today but didn’t last long

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With positive news over the past few days helped Bitcoin up back to $300, but didn’t last long. However the good news is it’s still on the positive side.

If anyone purchased Bitcoin a few days ago at $200 a pop, they would have profit $100 per pop today when it got to $300. Talking about volatility huh? 🙂 that’s Bitcoin for you, it could $1000 one day and could 1 cent another day, for now. Eventually it will get better and not as much volatile.

Bitcoin can only go up in long term because there are limited # of Bitcoin available, and probably a lot already been loss due to data storage destroyed without a backup. Hackers hacking Bitcoin is a different story, they would sell it or have it in their possession in which they can cash it anytime.

Based on data averaging of people’s prediction on Bitcoin price, in three years Bitcoin should be at or > $1000 in three years. I think this is realistic and possible.

Lastly, be careful of SCAM, people are taking advantage of Bitcoin and operates many scam on the internet. Be vigilant, stay away from too good to be true, stay away from HYIP concepts, stay away from unknown business lack of background check.

 

 

 

Just another Bitcoin Cryptocoins mining pool?

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Throughout the years, my experience with Bitcoin and Altcoin (cryptocoins). A typical Mining Pool, such as GHASH.io BTCGuild, and many more, simply a Mining Pool that allow computers or miners equipment such as ASIC to connect and mine the Cryptocoins.

Typical Mining Pool, has many users connected their computers or mining equipment such as ASIC with combined hash rate to mine Cryptocoins. The higher the hash rate, the higher chances of hitting a block to get the Cryptocoins. The Cryptocoins found or generated will be divided evenly to the members or users connected to mine for that duration of time. A simple calculation to get your fair share, based on your combination of hash rate and the time you spent on the pool. The payout normally is immediate to the members. The owner of the pool make money by fees 1-2% of your earning or withdrawal. Pool owner cannot cheat easily because the hash rate and  value of the coins are transparent.

Multipool. These types of pool will mine the most profitable coins every so often it will check the price based on an exchange price. Some multipools have different logic than other, some are robust, some aren’t so robust and required manual intervention from the operator. However the payout is the same as typical mining pool, in term of fair share that is. The owner of the pool again make money by fees 1-2% of your earning or withdrawal. Pool owner cannot cheat easily because the hash rate and  value of the coins are transparent.

Contract Mining. This is complicated, I can’t never really understand how it work, maybe because I haven’t tried yet. From what I’ve observed. Mining Contract have a duration, and price per Hash Rate at the time you have to pay in full, and the hash rate is your. Your hash rate yield your earning, and you should be able to withdraw your earning. So let say you purchased 10gh/s $10. You earn based on that 10gh/s, should be simple as that. Your earning could be 25 cent some time and sometime 1 cent and sometime $1, again simple.

Ming Pool, Contract Mining, and Exchange. Now this is complicated, and I would stay away if you don’t know what you’re doing. Basically a mixture of Mining, then trade your coins to other coins back and forth. Or you can also buy contract, so basically your earning is going in a circle, you try to make more money or more coins based on what you have. Some may succeed, a lot will fail despite the price of Bitcoin up or down, just a lot of poor decision, or bad luck.

SCAMMING – these are the Mining Pool with lots of flavors including a static amount earning set in stone even if the value of Bitcoin Cryptocoins dropped. To me, basically the owner operator willing to a take loss? NOT if they’re loosing they will close and run away. So if they succeed, because Bitcoin value rise skyrocketed they will remain in operation for long time right? WRONG again, they will try to attempt to stay long, but they already have goal and will run away once they reach that goal and seen proper time to exit with all the money they got from investors including Bitcoins and other cryptocoins.

Why a Mining Pool would fail? – a mining would fail when the cost of operating is higher than the amount of money they make from fees, mostly caused by Bitcoin price dropped. So let say the pool have 2% fee, so $10 would be 20 cent profit. Oh but wait! it’s not dollars, it’s actually the value of the Bitcoin or the coins being withdraw or payout. So the 20 cent could be 20 cent for now at the moment, but if Bitcoin value dropped, the 20 cent is no more, it could be 10 cent or less; however if bitcoin rise skyrocketed then 20 cent will be 25 cent or more depend on the value of Bitcoin and how long the operator is holding the coins. So the Mining Pool will fail when the hash rate dropped, and also when Bitcoin value dropped, because the money from fees is not enough to cover for the operating cost. Simple.

 

 

Jack Ma and Bitcoin

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To me, Jack Ma is like the American Rockefeller and Henry Ford. Except Jack Ma is from China, and as of this day January 2015, he is the richest man in China. Around the world who’s the richest? well you might surprise, one thing is that person is not from the USA. 🙂

Jack Ma owner of Alibaba, and in China Bitcoin are not being accepted, it was actually banned in 2014 or so, or maybe it was never legal, just that China didn’t say anything about it until it was banned.

Alibaba as a large legal operation company operates under compliance and so far they’re stay away from Bitcoin at this time. However in the future that may change. I strong believe as many others that Jack Ma Alibaba will adopt and accept Bitcoin. Alibaba can accept Bitcoin today if they want to, I don’t see why not, or cannot, just go through a big exchange and having that exchange responsible for the transactions into cash. Just that perhaps Alibaba cannot hold on to the Bitcoin, or have Bitcoin possession, but surely they can have cash. By accepting Bitcoin convert it to cash at the end of the day.

Bitcoin will be back in the $1000 in 3 years? off course! no doubt, or even higher. Sure Bitcoin caused problems but if look back in history, any new technology will always encounter issue, eventually it will get fix and back to mainstream.

Making money online invest in HYIP how to tell when the program is ending

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Throughout the years, I have invested in many HYIP in the past and I haven’t done much lately. What I learned was, most of the HYIP program online start out with payout to everyone consistently for a short period of time without any much marketing. It is by word of mouth referrals commission and so on. The operator are sometime monitors each individual account manually to see when the investors will stop investing or see if it’s from the same person and so on. For many other HYIP, it’s simply they’re watching their balance of in and out.

For most HYIP. If the IN is $10, and the out is $10, they will continue to operate normally. If the IN is $10 and the out is $15, they will start to make up stories such as having payout problems due to technical issue, bank issue, and so on, so that they can delay payout or payout in very small amount. If the IN is $10 and the out is $5, off course they’re profiting and at this stage they will plan a get away, meaning withdraw all the cash to their bank and at the same time making up stories for delay in paying whatever advantage they can take, even pay pennies to the investors just to keep them calm as their getaway plan is in progress.

How to tell if the HYIP is ending? – short answer is when you see the HYIP is very active, such as more promotion, increases in commission referrals, bonus payout, live chat live activities, and off course creating more websites and announcement of expanding its operations; basically whatever advantage available to get more investors going in during the last minutes. Paypal and Credit Card bank are just gimmicks. The real pocket money they will steal are from investors that paid by virtual currencies such as Bitcoin Dogecoin Cryptocoins EgoPay Money Perfect and so on, these are not traceable and only have one way transactions if from a non legitimate business.

There are projects similar to HYIP and bias people would right away call it a HYIP. However project goal is to really want it to work and longevity, but disaster could happen such as the falling of Bitcoin value will impact its operations, or the money from its investors were gambled and loss all, or the money was put in an unknown investment program to yield higher profit but failed, so as a result the project couldn’t make payout and had to abandoned. These projects are half HYIP and half new technology. If the technology failed, the program failed. If the technology succeed then the program skyrocketed.

Latest interesting article on Bitcoin analysis

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I came across this article:

Everyone knows that the fall in oil prices gutted Russia’s ruble, which lost more than half of its value in 2014. But Bitcoin fared even worse, falling 76 percent. And unlike the ruble, which Moscow can rescue through manipulating interest rates and instituting capital controls, Bitcoin’s lack of a central bank means there’s nothing to stop it from sliding even further.

The paragraph above makes sense? well kind of. To me, I don’t think Bitcoin is 100% not traceable. I believe that if you research hard enough eventually you can trace it. People with data mining experience can probably do this, but so far I don’t if blockchain have track the IP address of the Bitcoin transaction, if it does, then mostly it’s traceable faster. If no IP, still possible but would required data mining connecting one Bitcoin address to another. However most of the methods mentioned would require permission, such as asking the blockchain.info to provide detail of the Bitcoin transactions, but still I don’t know possible.

In regard to decentralize currency nobody can save it, whether it’s going up or down. Bitcoin for example can go down to $0 and nobody can save it, but chances are it will not be at $0. It can go up to $10,000 and no one can stop it. It is up to the community of Bitcoin users, it is decentralized, it is not being controlled by anyone or group or agencies, it is by the Bitcoin users communities. Well with that said, a multi millionaire investors can briefly distrupt Bitcoin value for a brief moment only.

As we’ve already seen, Hackers stole 19 thousand Bitcoin from Bitstamp, decided to sell it little by little, the price of Bitcoin crashed, then people and investors panic and start selling also, causing Bitcoin price to crashed even harder, then eventually selling stop and the price stabilized, but at a very low price, it will takes time for investors to jump back in again, and hope they don’t sell. The price will go up again.

There are still hopes for Bitcoin! off course

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Let face it. Over the past few days Bitcoin droppped 50% of its value or so. Then yesterday Washington post published an article in regard to Bitcoin. The article title Revealed: Bitcoin is a ponzi scheme. Many Bitcoin enthusiast saw it, and didn’t even read it because the title already point out to a writer whom is a bias.

I myself didn’t read the whole article either, but did read the comments and reactions from some people responding to that article. Those whom responded to the article doesn’t appears to know much about Bitcoin either, I think they got influenced by the article, and these are smart intelligent people I believe because they can read and comprehend, just not thinking outside the box.

To me, based on my knowledge and experience. I don’t think Bitcoin will ever go away, even if it’s at 1 cent which is next to impossible to happen ever. Today if bitcoin fall to below $100 this will cause a surge in many will buy Bitcoin and will make the price go up again. I will be be a little generous and say $25-$50 is the lowest it will go if Bitcoin ever crashed again. At the price of $25 to $50 a Bitcoin, this will cause a big surge in Bitcoin buying from everyone! and perhaps even the one that don’t know much about bitcoin, but does know that it once at $1100 +

It is sad for the miners, and off course sad for the data center or business that charge fees based on bitcoin % not USD or EUR or whatever paper currencies. Let say if 1% of bitcoin for 1 btc is .01BTC, and price the for BTC dropped so does that 0.01BTC fee, and if the business cashing out daily for sure loss of profit and will most likely have chain reaction throughout its business process of making a profit. Take example CEX.io could not make earning to pay for data center maintenance because they’re paying in USD, so had to end Cloud mining service in the data center because of no profit, they will resume when Bitcoin hit $320 again.

Bitcoin rallies! make up one day loss can it continue to make up the loss?

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It does seems strange that when bad news came Bitcoin price skyrocketed. Just like this morning, Washing Post posted an article http://www.washingtonpost.com/blogs/wonkblog/wp/2015/01/14/bitcoin-is-revealed-a-ponzi-scheme-for-redistributing-wealth-from-one-libertarian-to-another/ indicating Bitcoin is a ponzi scheme, which is straight bad news right? Well yes indeed it was, but then guess what? Bitcoin price skyrocketed, well not really, it is making up a day loss, hope that it will continue to make up the loss, talking about volatile!

As I have mentioned on previous blogs and also in the bitcoin related chat room and forums. Bitcoin cannot go below $25-$50, it is impossible, because at that price we will see a surge on people buying Bitcoin and will cause the price to go high again. Well I guess I was close enough. Bitcoin hit $150 lowest since beginning of 2013, then went up 30%. Bitcoin at the moment maintaining its $200 position as people are pouring in to buy bitcoin, let’s hope the momentum keeps on going.

Cointellect hasn’t been making payments for days and counting

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The news published by Cointellect are misleading, not to the point on reason why Payout cannot be made. Like many people know, at the beginning of any HYIP project, payout are fast and consistent. As time goes by, trouble emerges, this is the time to stop investing and pull out.

Many people hope that Cointellect is not the coingeneration.com. Coingeneration.com had done similar project which claimed itself as not HYIP, it is same as Cointellect today. However not within 6 months coingeneration.com fall apart and uses whatever advantage it can take to make up stories and delay payout for them to withdraw all the money to cash and ran away. That’s exactly what happened with coingeneration.com, and they started dgstock.com scam again, then started btc-o-matic.com also another scam again by coingeneration.com. Now cointellect, many people also speculated from the same scammers that ran coingernation.com, we don’t have proof, although the similarities are there.

People still have hope that cointellect is not another coingeneration.com scam, it appears to be at the moment because it cannot make payout. Most think because of the Bitcoin value dropped and cointellection are not making any profit to payout. Cointellect not being transparent about this financial difficulties on making payout, some speculate that cointellect are hoping for cryptocoins such as BTC to rise so they can make payout. If these assumption are true then cointellect is another HYIP similar to coingeneration.com except with real mining pool, although manipulated earning.

Don’t expect cointellect to live long, it will fall apart fast if Bitcoin price don’t go up to at least $320 anytime soon. Expect more stories to be published by cointellect given reasons why they cannot make payout. It’s becoming like coingeneration.com

 

Many Cointellect members did not get paid doesn’t matter mining or contract mining

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This has been confirmed by many members of Cointellect. Whether you’re mining on Cointellect mining pool with CPU, ASIC, GPU, your own computer, or purchased a mining contract, you will noticed that you’re not getting paid. Your requested paying has been pending for 2 days and continue to stay on pending.

Cointellect published a news sort of explaining what happened, but it is no surprise that any business into cryptocurrencies are falling apart. Whether it’s a legitimate business or simply doing something extraordinary similar to HYIP, small or big, all get impacted by the crashed of Bitcoin down to $100s soon.

Let be fair. Let not just pick on Cointellect as example having difficulty running their business, although it’s probably not legit, HYIP to be exact, but other business a little bit more legit such as CEX.io Cloud mining had to shut down it’s operation, well brought it to a halt to be exact.

Cointellect.com hasn’t been making 100% payment, payment were selective, and relationship with cryptopay appears to be falling apart, payout via Paypal also got cancelled. Dogecoin payout pending for days and continuing. Most likely Cointellect will not be able to make any payout soon when Bitcoin hit $100s in a couple of days. Sad but this is reality now.

So what now? Everyone should be going out and get a real job! whether it’s working at mcDonald or Movie theater, it’s better than online. Although I’m sure many of us learned a lot from this experience of trying to make some money or make a living online, apparently it’s not working isn’t it? 🙂 Well that just my 2 cents. Will keep on blogging. Stay tuned.

Cointellect mining pool problems again but they’re not alone

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Many smaller mining pools already closed due to the falling price of Bitcoin, where the owner operator no longer making a profit. One of the biggest Cloud Mining Pool CEX.io closed or halted Clouding mining due to loosing profit because of the falling price of Bitcoin heading to $100 and CEX.io being transparent saying that the price of Bitcoin need to be at least $320 for it to continue Cloud Mining operation again. At least CEX.io appears to be transparent and honest about it.

With CEX.io closing its door on Cloud Mining purpose, we don’t really know what the future hold for CEX.io in general. Ghash.io is also with CEX.io same company that is. Ghash.io appears to be still up and running, but we don’t know how long because the pool profit based on % of fee transactions, but again with the falling price of Bitcoin that could ending ghash.io mining also.

It’s no surprise many small pools ran by individual already closed, website down, no longer existed. Bigger pool are struggling to pay its monthly maintenance. They’re paying via cash such as USD currency not Bitcoin or other cryptocoins that is why it is so hard to stay alive due to the falling price of bitcoin.

For Cointellect Mining Pool I’m very sure they’re struggling as well. Do not be surprise if Cointellect Mining Pool, including Cloud Mining Contract disappear because again due to the reason of falling price on Bitcoin, I’m sure they’re struggling as well how will they alive for the next weeks as Bitcoin price continue to fall below $100.

I’m not going to the detail of how Cointellect Mining Pool and Contract Mining work, although similarities exist with ponzi scheme activities on the mining contract, but I’m sure they’re struggling to stay alive too. The bottom line with Cointellect Mining Pool anyone whom are using it, do not get surprise if you can’t mine, can’t connect, get error, not responding, work rejected and so on, it is to profit loss due to the falling price of Bitcoin. Cointellect Mining Pool had to take action to prevent loss and hope for longevity. Cointellect not being transparent but many people like myself here can figure out that they too will struggling through this falling of Bitcoin price. For many that already invest lots of money with Cointellect mining contract, let’s hope cointellect can survive through this wave of bitcoin price falling apart, most likely will be below $100 soon. Wall street analyst indicated the price at this moment for Bitcoin should be around $140, but by the end of 2015 could be below $100, not likely that it will go up again anytime soon, sad but that’s reality of Bitcoin at the moment.

Hope for the next 10 years Bitcoin still exist, that’s all of us can hope for, not hoping it will reach $1000, but hope for existent of Bitcoin.