39 year old plans to sell everything he owns to buy bitcoin.
- Thread starter peilthetraveler
- Start date
Bitcoin bull haha...
The reason for the jump was based off China opening up their cryptocurrency exchanges once again
Don't think they have.
Actually, his timing was excellent. The reason for this current rally is:
"People want to get in before the hard fork. If you have Bitcoin, and you own your private keys, you get the same amount of coin in the new fork."
This is like money for nothing, sex for free. Your holdings suddenly double. We are living in the future folks!
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A little explanation: (if your bitcoin is at an exchange, the exchange gets the forked new currency)
"
The fork copies the blockchain history.
Whatever mathematical rules allowed you to access your 5 coins on address ABCDEFG, now also work on the new fork, which also has 5 coins associated with address ABCDEFG.
The chains don't work together...(usually)...but the math still works the same.
So...if you have your own private keys, you instantly have access to both chains, and both sets of coins.
If you don't control your keys, and they are on an exchange...the exchange gets a copy of your keys, to which they can do whatever they want with.
Some will be offering both tokens to trade, and my understanding is "WEX" the new BTC-e, will not be providing 2X coins after the split."
"People want to get in before the hard fork. If you have Bitcoin, and you own your private keys, you get the same amount of coin in the new fork."
This is like money for nothing, sex for free. Your holdings suddenly double. We are living in the future folks!
----------------------------------
A little explanation: (if your bitcoin is at an exchange, the exchange gets the forked new currency)
"
The fork copies the blockchain history.
Whatever mathematical rules allowed you to access your 5 coins on address ABCDEFG, now also work on the new fork, which also has 5 coins associated with address ABCDEFG.
The chains don't work together...(usually)...but the math still works the same.
So...if you have your own private keys, you instantly have access to both chains, and both sets of coins.
If you don't control your keys, and they are on an exchange...the exchange gets a copy of your keys, to which they can do whatever they want with.
Some will be offering both tokens to trade, and my understanding is "WEX" the new BTC-e, will not be providing 2X coins after the split."
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That will be the losing bet of the Century.