Crypto Currency Thread

Author
Discussion

dimots

826 posts

26 months

Monday 3rd December
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James_B said:
Are you dishonest or just stupid? I said I’d bet £100. I’ve happily upped it to a total of £200 now. You have a week after the fixing date to pay up, as you promised, in USD, but we both know that you are full of st and never will.
You offered £100 to anyone who would take your bet. The only people you wouldn’t lay against were me and Condi. As you have no chance of losing why are you welching now?

selmahoose

3,305 posts

47 months

Monday 3rd December
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James_B said:
Go on then, I’ll take you up on it too. If Dimots pays up as he promised too then you win, if he doesn’t then I do. He proposed a deliverable forward in USD against Bitcoin settled on the price on the 12th December this year.

We’ll both need to actually know who we’re dealing with in real life to have a decent chance of enforcing the bet, and the cutoff is him making good on it within a week.

Dimots, what time of day GMT are you taking the fix?

Selmahoos, can you send me a PM so I know who I’m dealing with, and are the terms OK for you?
1) the bet was never specified as offered to one only so you're only part-honouring the bet you (foolishly) made.

2) the bet I would prefer is £1000 and to charity and your post appears to now be accepting it and you should clarify this on the forum.
Given your vehement determination that it is dimots (and not you) who is the welcher, I think it unlikely you will pass up the chance to have your chosen charity benefit from the higher amount, but we will see.

3) whether you are up taking the £1000 or sticking to £100, when I win the payment will be made to the charity I choose which will be Jairah Funds (google it). You can take your own time to verify Jairah and its integrity - not that that's got any bearing on the bet.

As a weasel, you will believe all of humanity to also be weasels, so you won't be inclined to accept my production of their sort and account numbers so you will instead use their website to deposit the £1000/£100 - whichever amount you prefer.


Edited by selmahoose on Monday 3rd December 21:00

dimots

826 posts

26 months

Tuesday 4th December
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Hasn’t he gone quiet? smile

Badda

930 posts

18 months

Wednesday 5th December
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James_B said:
Badda said:
I'll take it please. A no brainer.

Thanks James.
OK, done. Can you drop me a pm and we’ll exchange real email addresses?

Cheers.
Will do, if I win the bet. If I lose, you won't need it. smile

Busterhighmen

281 posts

85 months

Wednesday 5th December
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Without going back numerous pages, as frankly I can't be bothered... Can someone point out where it was specifically said the bet is in USD? Or was it just the price difference was referred to as USD?

Not sure what the issue with receiving BTC as payment is, you can quite easily sell via Coinbase for the current value of it.
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dimots

826 posts

26 months

Wednesday 5th December
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Busterhighmen said:
Without going back numerous pages, as frankly I can't be bothered... Can someone point out where it was specifically said the bet is in USD? Or was it just the price difference was referred to as USD?

Not sure what the issue with receiving BTC as payment is, you can quite easily sell via Coinbase for the current value of it.
It was never stated. The bet was simply on the difference between price (measured in USD) on 12 June compared to six months time. I expected it to be the same or slightly higher, wasn't anticipating it to be this low but many factors are at play that couldn't be predicted. C'est la vie!

As for how it would be settled, I have NO DOUBT that if I had insisted on settling in USD to a UK bank account Condi would have had some questions about that. It was simply the thread's resident aholes who chimed in there.

Personally, I think settling in btc is fair and fun. I will actually be very happy to send the btc just so Condi can appreciate some of the good things about using bitcoin. The anonymity is one huge benefit - we need never exchange personally identifiable information to make the payment - the other is he can visit an ATM and take out cash instantly, he can split it into different wallets, he could secure some offline on a paper wallet for example. It's fun and it's amazing when you learn how it works.

Yes I sound a bit evangelical but I don't care biggrin

Oh...and PLEASE everyone take up James_B's offer. He will pay £100 to anyone who thinks I won't settle this debt. He called me a 'welcher' for offering to pay in btc rather than USD. I disagree and suggest in response that he will welch on his offer to pay £100 to everyone who thinks I will pay up.

Easy money. Take it!

Lemming Train

820 posts

8 months

Wednesday 5th December
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dimots said:
Busterhighmen said:
Without going back numerous pages, as frankly I can't be bothered... Can someone point out where it was specifically said the bet is in USD? Or was it just the price difference was referred to as USD?

Not sure what the issue with receiving BTC as payment is, you can quite easily sell via Coinbase for the current value of it.
It was never stated. The bet was simply on the difference between price (measured in USD) on 12 June compared to six months time. I expected it to be the same or slightly higher, wasn't anticipating it to be this low but many factors are at play that couldn't be predicted. C'est la vie!

As for how it would be settled, I have NO DOUBT that if I had insisted on settling in USD to a UK bank account Condi would have had some questions about that. It was simply the thread's resident aholes who chimed in there.

Personally, I think settling in btc is fair and fun. I will actually be very happy to send the btc just so Condi can appreciate some of the good things about using bitcoin. The anonymity is one huge benefit - we need never exchange personally identifiable information to make the payment - the other is he can visit an ATM and take out cash instantly, he can split it into different wallets, he could secure some offline on a paper wallet for example. It's fun and it's amazing when you learn how it works.

Yes I sound a bit evangelical but I don't care biggrin

Oh...and PLEASE everyone take up James_B's offer. He will pay £100 to anyone who thinks I won't settle this debt. He called me a 'welcher' for offering to pay in btc rather than USD. I disagree and suggest in response that he will welch on his offer to pay £100 to everyone who thinks I will pay up.

Easy money. Take it!
Plot twist! Dimots and Condi are the same person. scratchchinscratchchinscratchchin

DonkeyApple

31,755 posts

105 months

Wednesday 5th December
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You settle in the currency the market is quoted in. That’s why USD.

However, if the recipient is GBP based then you simply agree the GBP at a spot rate and deliver in GBP.

This is really simple stuff but it has highlighted that some of the strongest and most vocal proponents that BTC is a currency don’t actually understand how currencies work in the first instance.

So here is a question for some: If both parties agree to settle in BTC, how is the amount of BTC calculated? What is it that determines the value of BTC? wink

dimots

826 posts

26 months

Wednesday 5th December
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DonkeyApple said:
You settle in the currency the market is quoted in. That’s why USD.

However, if the recipient is GBP based then you simply agree the GBP at a spot rate and deliver in GBP.

This is really simple stuff but it has highlighted that some of the strongest and most vocal proponents that BTC is a currency don’t actually understand how currencies work in the first instance.

So here is a question for some: If both parties agree to settle in BTC, how is the amount of BTC calculated? What is it that determines the value of BTC? wink
I simply send btc from my wallet at the current rate of exchange to whatever currency is requested. Same as GBP to USD conversion from a bank.

What is so confusing for you?

Lemming Train

820 posts

8 months

Wednesday 5th December
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dimots said:
I simply send btc from my wallet at the current rate of exchange to whatever currency is requested. Same as GBP to USD conversion from a bank.

What is so confusing for you?
What is with your constant crying about only sending the money if you can be anonymous? What have you got to hide/worry about? There's also the small detail that BTC is anything but anonymous as many traders on the DNMs have found out to their cost after the authorities analysed tand traced he transactions on the blockchain.

Behemoth

1,898 posts

67 months

Wednesday 5th December
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DonkeyApple said:
So here is a question for some: If both parties agree to settle in BTC, how is the amount of BTC calculated? What is it that determines the value of BTC? wink
If terms and conditions are not fully laid out, you'll never get consensus between adversaries. The adversaries here are not Condi & Dimots - I think they'd come to a quick gentleman's agreement.

To your question, this is yet another area of difficulty. Was an exchange mentioned? https://awebanalysis.com/en/coin-details/bitcoin/m...

Bitcoin is an asset very much in its infancy, even gestation & I don't know why people remain surprised that key infrastructures are still building out.

dimots

826 posts

26 months

Wednesday 5th December
quotequote all
Lemming Train said:
What is with your constant crying about only sending the money if you can be anonymous? What have you got to hide/worry about? There's also the small detail that BTC is anything but anonymous as many traders on the DNMs have found out to their cost after the authorities analysed tand traced he transactions on the blockchain.
I don't share personally identifiable information online with strangers. That includes email addresses and banking details.

dimots

826 posts

26 months

Wednesday 5th December
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Obviously exchange prices vary, I would suggest using the result on a Google search for "bitcoin usd".

Mousem40

1,618 posts

153 months

Wednesday 5th December
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Yeah good luck with all of that. Try selling BTC with Mempool the way it is. 3 weeks ago I sold both BTC and BCH. BCH took seconds to get the sufficient confirmations and go through. BTC took between 30 minutes and 6 hours, so which rate are you going to use, the current rate or the rate in 6 hours when it goes through? rolleyes

Behemoth

1,898 posts

67 months

Wednesday 5th December
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Mousem40 said:
Yeah good luck with all of that. Try selling BTC with Mempool the way it is. 3 weeks ago I sold both BTC and BCH. BCH took seconds to get the sufficient confirmations and go through. BTC took between 30 minutes and 6 hours, so which rate are you going to use, the current rate or the rate in 6 hours when it goes through? rolleyes
It seems pretty empty right now, but anyhow following this kind of fee guide has always had my tx in the next block if I absolutely needed the next block:

https://twitter.com/CoreFeeHelper

dimots

826 posts

26 months

Wednesday 5th December
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Ok just done a test. Withdrew from Bitstamp to Electrum. Took a few seconds and it's in my wallet. Where did you experience delays?

Edit: Ok I see the you are waiting for full confirmations, which again is a variable figure. You can spend 0 confirmation btc. I have 3 at time of writing in Electrum.

Edited by dimots on Wednesday 5th December 13:41


Edited by dimots on Wednesday 5th December 13:41


Edited by dimots on Wednesday 5th December 13:44

aceparts

3,687 posts

177 months

Wednesday 5th December
quotequote all
my 2p is that crypto will end up right there, at 2p

Mousem40

1,618 posts

153 months

Wednesday 5th December
quotequote all
Behemoth said:
Mousem40 said:
Yeah good luck with all of that. Try selling BTC with Mempool the way it is. 3 weeks ago I sold both BTC and BCH. BCH took seconds to get the sufficient confirmations and go through. BTC took between 30 minutes and 6 hours, so which rate are you going to use, the current rate or the rate in 6 hours when it goes through? rolleyes
It seems pretty empty right now, but anyhow following this kind of fee guide has always had my tx in the next block if I absolutely needed the next block:

https://twitter.com/CoreFeeHelper
Behemoth/Dimots - These were transfers from my Trezor to Coinbase Pro then to GBP to my account (The GBP to my account was super quick BTW). I set the fee to maximum every time. 0.1 BTC took the 30 minutes before I saw 6 confirmations on the blockchain - and CBP let me sell it. Full BTCs took the 6 hours, so just giving a heads up to people that at certain times there are still huge delays with BTC (and I wasn't selling during a panic in the market, it was on a small dip off a recent high)

DonkeyApple

31,755 posts

105 months

Wednesday 5th December
quotequote all
dimots said:
DonkeyApple said:
You settle in the currency the market is quoted in. That’s why USD.

However, if the recipient is GBP based then you simply agree the GBP at a spot rate and deliver in GBP.

This is really simple stuff but it has highlighted that some of the strongest and most vocal proponents that BTC is a currency don’t actually understand how currencies work in the first instance.

So here is a question for some: If both parties agree to settle in BTC, how is the amount of BTC calculated? What is it that determines the value of BTC? wink
I simply send btc from my wallet at the current rate of exchange to whatever currency is requested. Same as GBP to USD conversion from a bank.

What is so confusing for you?
Nothing is confusing to me about this. wink. However, why don’t you think about the metric you are going to be using to calculated the BTC amount and explain why the complexity of a route to settlement that deviates from basic principles? biggrin

The clue lies in how you are calculating the loss or gain.

dimots

826 posts

26 months

Wednesday 5th December
quotequote all
DonkeyApple said:
However, why don’t you think about the metric you are going to be using to calculated the BTC amount and explain why the complexity of a route to settlement that deviates from basic principles? biggrin
Not a very well constructed sentence. Too difficult to infer your meaning. Please try again with an explicit statement.