• 300 Savage's picture
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  • Serious Drop In Bitcoin value

  • 300 Savage   •   Sun, Jul 16th, '17 21:20   •   40 replies, 644 views

Bitcoin prices have dropped this past week. almost 65% and still dropping almost 5% today..I lost a few dollars not soo bad..

How are you all holding up..and what are your plans now that the price is so low?

Comments

  • Greg's picture
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  • Greg
  • 2 months ago

The most important preparation for a hard fork is to make sure you control your own private keys. With or without a hard fork, we usually recommend users control their own keys anyway, making it much more difficult for malicious companies or governments from seizing or freezing your bitcoin. Now with a potential hard fork coming it is absolutely imperative that you control your own keys. Storing your coins in a custodial wallet such as Coinbase (where you don't have control of your own private keys) will result in you being forced to follow the fork that Coinbase chooses, rather than having duplicate coins on both forked block chains. If Coinbase chooses the wrong fork, then you are out of luck, the guarantees I mentioned earlier in this piece wouldn't apply to you, and you could lose all of your money. The easiest way to control your own private keys is arguably through the use of properly generated paper wallets. We have an easy to follow beginners guide on generating cold storage paper wallets that you should follow, and store the majority of coins on those paper wallets before the hard fork occurs. By doing this, you will have complete control of both the bitcoin1 and bitcoin2 that are connected to your private keys and you won't have to depend on wallet developers to upgrade their code.

https://www.coinprices.io/articles/the-hard-fork-no-need-to-worry-bitcoin-upgrades-harness-free-market-consensus

  • PJ's picture
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  • PJ
  • 2 months ago

Hell. I wouldn't even know how to find bitcoin. I've seen sites but wouldn't know which are scams or not.

  • Carlos Danger's picture
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  • Carlos Danger
  • 2 months ago

What happened to the good ol days of using cash or bartering pot? Fuck me

  • Pale's picture
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Ah, I remember always equating things I was buying to pounds of herb,lol. Unfortunately they are not worth what they used to be.

  • Greg's picture
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  • Greg
  • 2 months ago
  • @Pale

I bought by the finger, one finger width, 2, etc. Basically, you bought by volume not by weight. A 4 finger bag was like $20

  • Rustyhooker's picture
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  • Rustyhooker
  • 2 months ago
  • @Greg

You bought back when a lid was literally...a lid. Lol!

  • Carlos Danger's picture
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  • Carlos Danger
  • 2 months ago
  • @Greg

That's fucking awesome!!!! I caught the tail end of that era. A few years before this indoor weed. Back when everything had seeds!!

  • Manshit's picture
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  • Manshit
  • 2 months ago
  • @Greg

Four fingers, wasn't that a lid?lol

  • Greg's picture
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Yup!

  • Pale's picture
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  • Pale
  • 2 months ago
  • @Greg

A pound used to be worth about 5k, so on the grow forums I used to moderate whenever we would by something like a truck or snowmobile we would just say that truck costs me 4 pounds or whatever lol. Now it is about 2500 a pound, still for what it is I guess it is better than nothing but I do miss the good ole days. :)

  • Carlos Danger's picture
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  • Carlos Danger
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  • @Pale

In states where it's gone commercial the street value is rock bottom. More and more low end growers had to upsize their programs just to make what they were making with half the tree. It's put more folks at risk and it sucks cuz trying to work with dispensaries sucks balls cuz them fucks are the greediest cunts on earth. So it's forcing folks to risk crossing state lines and wham! Now here something that has been legalized and the growers still end up having to do something illegal just to support their families and keep their programs afloat.
It's why I voted against legalization to begin with. I saw this bullshit coming

  • Pale's picture
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I have been preaching against the current legalization initiative here. We have a huge mom and pop economy that has sprung up around MMJ and these dumbasses want to hand it over to well healed political donors and corporations. The way it is here now no one can really get rich off it but everyone can nicely supplement their income if they are willing to do some work and learn.

I can only hope that the greed and taxation leaves the door open for the grey/black market to exploit that like I am hearing is happening in other legalized states.

  • Greg's picture
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  • Greg
  • 2 months ago

BTC is going through the roof. Presumably because some think the hardfork will be delayed for a few months or that the soft fork is more likely. LTC went through a soft fork a year back when it deployed SegWit (coin did not split) and ETH had a hard fork (coins split into ETC and the new ETH)

Coinbase and other brokerages are suspending trading at the end of the month. Coinbase has this posted on their site.

BTC Buys/Sells/Withdrawals will be Temporarily Disabled on July 31 due to a potential fork of the bitcoin blockchain, all BTC buys/sells and withdrawals will be temporarily disabled beginning on July 31.

Furthermore, you do not want to have your BTC stored on any online site that has NOT declared that they will support the new coin created from a split. Some sites like Coinbase may not provide you a way to get control of your new coins. Unless you have the private keys you'll be SOL.

This article will help you in understanding where you should park your bitcoin.

http://www.coindesk.com/bitcoin-exchanges-advise-caution-scaling-proposals-collide/

So, you wait for the first and you're out of the woods? Not quite.

If a Fork should occur, you'll have 2 coins where you had 1 BTC can become BTC and BTU.
Like a stock split, your total value will remain the same. I.e., $100 in BTC will become $50 in BTC + $50 in BTU.

Once there are wallets that will "see" the BTU, the same seed you use for your BTC will allow you to recover the BTU. So you're good to go now right? Not quite.

Any BTC that is on the blockchain before the split, will also exist on the BTU blockchain. They are linked.
So, if you send me $5 worth of BTC (because I'm so awesome) to: N0tAr34LB1tC01NAdDr3s5S0d0Nt53Ndm3AnY you'll also be sending me $5 worth of BTU. A process will be set up to unlink the two coins, when and how that occurs is not clear to me at this time.

This email just arrived as I typed this post:

Dear Coinbase Customer,

We are contacting you to make you aware of recent developments in a number of proposals for technical changes to Bitcoin. All BTC stored on Coinbase will remain safe during these events described below.

The User Activated Hard Fork (UAHF) is a proposal to increase the Bitcoin block size scheduled to activate on August 1. The UAHF is incompatible with the current Bitcoin ruleset and will create a separate blockchain. Should UAHF activate on August 1, Coinbase will not support the new blockchain or its associated coin.

The User Activated Soft Fork (UASF) is a proposal to adopt Segregated Witness on the Bitcoin blockchain and could result in network instability. It is scheduled to activate at the same time as the UAHF.

To ensure the safety of customers’ funds, we will temporarily suspend BTC deposits, withdrawals, and buy/sell starting approximately 4 hours before activation of either fork.

• If you do not wish to have access to UAHF coins, and do not wish to access your BTC during the fork, you are not required to take any action.
• If you do wish to have access to UAHF coins or access your BTC during the fork, you should send your BTC from Coinbase to your external address by July 31.

For more information on these potential Bitcoin forks, please refer to this article:

https://support.coinbase.com/customer/portal/articles/2844217-uahf-uasf-faq.

Thank you,

Coinbase Team

  • Pale's picture
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  • Pale
  • 2 months ago
  • @Greg

So it has went up what like 800 in the last week. I was kind of hoping it would stay down for a bit but it is what it is. I'll take it. Come on 10,000.00

  • SenseiMiagi's picture
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  • SenseiMiagi
  • 2 months ago

Buy more IMO while its cheap.

  • Greg's picture
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Buy a little bit more but get all the private keys for your accounts. Some online accounts like coinbase do not share the private keys with you. Best thing is to move all of your bitcoin to an offline wallet like Electrum.

Have a cash reserve ready to buy more after the fork.

When we have the fork (not if) that will be a chance to buy more, like a stock split, all your coins will be worth 50%. of what they were before the split but you'll have more of them. If you have 1 BTC before the fork, after the fork, you'll have 1 BTC (classic) and 1 BTU (ultimate).

The reason you want your private keys is because not all online wallets have said they will support the new coin. So you're at there mercy as to whether they convert all of your coins to one coin (their choice) or if they will ignore the coin altogether making you lose out.

When wallets are created that will support the new coin you can reclaim them and convert some or all of them to whichever you like or to hang on to both. Like ETH and ETC, one will most likely outpace the other as the favored currency.

Online services will have a way to unlink your coins so that you do not double spend. (what you do with one coin happens with the other).

Uncertain of what I'm talking about? confused? So is everybody else. That is why the price is dropping as everyone is jumping ship until after the fork.

  • exoticnfit's picture
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  • exoticnfit
  • 2 months ago
  • @Greg

Is this not assuming that the with the fork split the new currency actually holds?

Some of what I read seems to indicate many like Coinbase will not support the newest currency and that is how a new currency stays or dies. Whether or not it will be supported and if so temporary or long term.

I'm just excited to see BTC crash as hard as it has (because when things crash that is when you buy) but I am hoping it will be an even bigger one within the next day or two.

Btc seems to be enduring well and even with a monstrous crash will likely bounce back to where everyone is hoping. This hopeful next crash will just allow investors like myself who wanted to see it prove itself and then crash an opportunity to be more confident that when it goes back up it will be able to handle the long haul

Many are just really unsure where the heck to keep the BTC they have safely and thus pulling out.

As a new comer to btc I am specifically here with the hopes of seeing another major crash in order to then capitalize (modestly) with some buying and then seeing btc continue its growth period.

It makes for some interesting research that is for sure and I appreciate all of you on here that share what you know and links.

  • 300 Savage's picture
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The word is wait until the 1st week of August to see what happens...we will see!

  • Pale's picture
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The last I heard the miners all agreed to go with the Segwit deal. There won't be a fork unless I missed something.

  • Greg's picture
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  • Greg
  • 2 months ago
  • @Pale

There is a potential for upto 3 forks 2 of which most don't believe will survive (they'll wither and die for lack of support from miners and investors).

There is a hardfork Coinbase seems to be confident is going to happen as well as Ledger, Electrum, Trezor, and other wallets. BItcoin Cash is supposed to split the chain (BCC). If you follow the guidance outlined in the links below you're apt to make a few bucks out of the event. Above all else, make sure you have your private keys or you will lose out.

https://electrum.org/bcc.txt
https://www.bitcoincash.org/
https://www.bitcoinabc.org/
https://blog.ledger.co/securing-your-free-bitcoin-cash-stash-d50aff765688
https://hackernoon.com/bitcoin-august-1-fork-5d8249407f3a

  • SenseiMiagi's picture
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  • SenseiMiagi
  • 2 months ago
  • @Greg

Agree, it is a bit confusing. However if you are positioning with a "long" mentality, all the specifics may not be as important as the long term trajectory. I spent all my bitcoin, and dont have extra cash ATM to jump back in, but seems like a good time to grab and hold some for long term.

Im of course no expert. Just a meathead rolling the dice :)

  • Pale's picture
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  • Pale
  • 2 months ago

I just ride. It will go back up.

  • Greg's picture
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  • Greg
  • 2 months ago

Segwit is coming. People are worried about the fork. Also, as BTC drops, ETH is dropping, mostly because those ICO that made their target fund raising goal are seeing their funds disappear.

  • TrenAllDay's picture
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  • TrenAllDay
  • 2 months ago
  • @Greg

I read an article, I think it was forbes if I recall correctly, that ETH is going to start to skyrocket. So this looks like a good time to buy in...

  • twistedsister's picture
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I had bought 10 etherum when they were 12 bucks a piece and my old lady stressed me out when they rose and sold at 27 but damn I wish I'd of held on to em...
I say buy litecoin

  • TrenAllDay's picture
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daaamn it was around $350 i believe, too bad you didnt sell then. i bought some and im just going to leave them and forget it. i also opened an account for my wife and bought some there, those def wont go anywhere.

  • twistedsister's picture
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That's smart bro good investment for you two

  • TrenAllDay's picture
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Supposedly it's going to reach $100k in 10 years, so a few hundred dollars now is worth the risk for a possible few hundred thousand down the line. Drop a few hundred, I'm sure your old lady will be happy later on haha

  • 333's picture
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Bitcoin or eth?