"Don't See Bitcoin As Money But Digital Gold"
Is all really lost if you bought crypto at ATH prices? It really depends on how you look at your situation. Being 50%, 60%, 70%, 80% or even more down on your crypto portfolio definitely sucks. However, did you invest only a small amount or did you go and mortgage your home to buy crypto? There are some crazy stories floating around the internet about people who did that and won, while others lost a lot. A friend told me a similar story about someone who invested in Monero at less than $10. The guy mortgaged his house to get more investment capital. Monero almost hit ATH prices of $500. Needless to say, he made a ton of money. I’m not pointing any fingers, I’m just thankful I did not do the same. We all can learn from our mistakes and we definitely should, or else we’ll just make them again. Age matters If you’re between the age of 20-30 then taking high risks on investments isn’t that bad. You can still make up for any losses you occurred further down the road. When you start a family, need to pay a mortgage or have other pressing matters that need funding, you need to be much more risk-averse. It’s all about learning Whether you bought at ATH prices or not, investing in crypto might be the first time you ever invested in your life. This means you’re learning a whole new set of skills such as trading on an exchange, reading technical charts or even researching ICOs. Even if you lose on your first crypto investment, you still have the skills you learned. You can improve them and take them with you for the rest of your life. Some financial principles apply in multiple markets. Only invest what you can lose People love saying that, YouTubers and off course bloggers like me as well. The fact remains, it’s pretty solid advice. No one can say for sure what will happen with crypto tomorrow. You probably should not invest money into cryptocurrencies you’ll need in the future or take out a loan to do so. If you did, make peace with it and don’t do it again. Pay it off as soon as possible. Don’t put all your eggs in one basket This is a basic financial principle that most are taught. However, it’s so easy to forget about it and almost go all in! It’s like your gambling. The fact is that if you diversify your portfolio you limit your risk. I had one friend who used all his investment money to buy Ripple at $3. In a few days time, it lost almost half its value meaning that his investment decrease by 50%. If he was diversified, the blow might not have been so hard. Moving forward I’m preaching to myself here as well because it’s really easy to get caught up in the hype of a project or the market. It just takes a few crypto YouTube videos about a new coin that’s set to 10x before you can blink your eyes and you’re investing in it. Also, another thing to keep in mind is that “apparently” we’re very early in this market and that institutional money is still trickling in. Like you haven’t heard that one before. It’s probably one of the most famous sayings in crypto for 2018 besides the invest only what you can lose one. Either way, HODL and hope, who knows you might be able to see prices go back to ATH levels again in the near future. The question remains, will you sell when you break even or wait to actually make some profit? Again, this is not financial advice – only my opinion. Take it as you will.
By: Aulia Adam - November 14, 2017 Normal reading 6 minutes
"At the beginning of its appearance in Indonesia, Bitcoin was not able to "bless" BI even today. "... Bitcoin and other virtual currencies are not legitimate currencies or payment instruments in Indonesia."
Beginning in August, Bitcoin set a new record: for the first time, the price of 1 Bitcoin was more expensive than 1 ounce of gold. That time was equivalent to 4 thousands of United States Dollars (US), or around Rp. 55-56 million.
The observers are split. Some consider it good, as an improvement, others think that the trend will not last long. In fact, until now the price of Bitcoin is still soaring - it reached Rp. 90 million.
The number of enthusiasts also grew. In Indonesia, according to Bitcoin Indonesia, the biggest exchanger company here, there are around 550 thousand people who have joined investing. Even though only 50 thousand people were recorded in 2015.
Introduced Bitcoin, in 2009, as a global digital payment instrument without geographic boundaries, began to disrupt into commodity goods — used as investment assets. Interest that grew well finally forced the Indonesian government, inevitably, to interfere in regulating its circulation.
As a currency or payment instrument, Bitcoin is rejected. This means that it is invalid if it is used as a payment instrument. However, the circulation is not prohibited at all. As long as it is used as a commodity, like gold.
Bank Indonesia is more "open" to blockchain technology, a crypto currency transaction system that was born together with the Bitcoin currency, seven years ago. It is said that the technology can overhaul the banking system that is now centralized to become decentralized — making it safer, cheaper, faster, and more transparent.
What about the fate of Bitcoin in Indonesia, now?
Tirto met Oscar Darmawan, CEO of Bitcoin Indonesia, to explore the symptoms of the disruption of Bitcoin's function. The 31-year-old man has known blockchain and Bitcoin technology since 2012, when he was introduced to his friend.
"I was initially skeptical. But try to understand, try to explore. (As a result) I was amazed, "Oscar said.
"It turns out that there is a peer to peer money technology, how a digital asset can run on its own without a third party," Oscar said.
In his office, at the Epicentrum Walk Office, Jakarta, Oscar received journalists Tirto, Aulia Adam and Terry Motahhari. He discussed how disrupted Bitcoin experienced, and the darkness of the market in Indonesia.
Bank Indonesia rejects Bitcoin, but wants to adopt blockchain technology. What is your response?
I think the statement of Bank Indonesia is correct, it is correct. There are only misunderstandings in the media and the public. So what Bank Indonesia said was that Bank Indonesia did not accept Bitcoin as a payment instrument. That is rejected. In Indonesia we must understand, the US dollar for payments is illegal, just like Bitcoin. The legal one is only rupiah.
So, the Bank Indonesia statement clarifies that all transactions in Indonesia must be in rupiah. Not Bitcoin is rejected. So using Bitcoin to own, sell, or consider Bitcoin like gold, it's not a problem in Indonesia. Even a strong US dollar is considered illegal for payment instruments.
Does the statement interfere with the Bitcoin market?
If we see the Indonesian market is not disturbing. In the Indonesian market, almost no one uses Bitcoin for payment. Abroad, like in the US, Microsoft accepts payments with Bitcoin. Wikipedia, all accept. However, the most use of Bitcoin is not for payment instruments, but for saving asset classes.
What is that? Saving asset class is an asset classification, where people use it to store wealth, which is not connected with the ups and downs of a country's economic performance, for example, gold. Why is gold? because the gold price has no effect on a country's economic performance. So that person thinks that Bitcoin and gold have similarities.
If it is likened to gold, how is the formation of Bitcoin prices?
We must know the formation of Bitcoin prices. Price formation is based on demand and supply. When there is new demand and supply, a price is formed. This means that if the demand increases, the price goes up. Demand decreases, the price drops. So, if there is a company that offers a definite profit of 20 percent per month, we need to be careful. So if someone can guess with certainty, it's already entered the realm of an investment company.
How is the mechanism of buying and selling Bitcoin in your company?
The Bitcoin.co.id mechanism is bringing together buyers and sellers. So the person who wants to buy Bitcoin, he determines himself how much is the purchase price? What he wants. Then people who want to sell, determine their own selling price. Later people who sell and buy determine their own prices, so the middle price is formed. So that the price of Bitcoin is printed, between buyers and sellers, just like stocks.
Is there a type of Indonesian Bitcoin company?
Pretty much. It has grown a lot. But only we are registered with the most users.
Are there other 550,000 outside users? Is there an institution that calculates the original amount?
Usually if Bitcoin players play in other places, they have already registered in our place first. In order to be thought to have something to do with Bitcoin — part of marketing. So choose the name Bitcoin. This is the same as you sell airline tickets, but the name of the place where ticket is sold.
Does it mean that in every country is different?
Can vary a little. So in Japan, in Korea, in Indonesia the price can vary. But usually the price is different. Why? Because if the price differs to a lot, in Indonesia it is cheaper than in Japan, what happened to people in Japan bought Bitcoin in Indonesia and then brought to Japan for sale. Because this is all based on the internet.
There was once the term Bitcoin Bubble, and Bitcoin is predicted not to survive as a means of payment. According to you?
That's a good prophecy. The problem is that Bitcoin is now identified as gold. Gold is a lot of functions because people are happy with gold. People like to buy gold, just like stocks and property, or commodities. I think the bubble is happening in all commodities, not just Bitcoin. It's just that if you say the bubble now it's still not, because the bubble happens when everyone has already bought it and suddenly there's no price ability to go up, it's just called a bubble.
Bubble issue is an interesting word, why? We are talking about gold, people rarely say gold is bubble, even though sometimes the price goes down, why? Because gold is a bubble item that permanently rises continuously until people don't call it a bubble. However, if Bitcoin, because it's a new product, it's only 9 years old, people say bubble.
The question is, is Bitcoin high because the demand is very high, I think it's true. Bitcoin demand is indeed very high, so the price goes up very large. However, is this a bubble that will break in a short time? I don't know either.
Does the emergence of other crypto currencies such as Etherum, Ripple, Dash, and so on affect Bitcoin?
What is interesting is that, if we look at coinmarketcap, the market is now worth 200 billion US dollars. If you say the emergence of the coins makes Bitcoin go down, not really, because the market value continues to rise.
Why is that?
Because the one who uses Bitcoin is still very little. Those who use it are still early people. Just like gold, in ancient times gold began with a bubble issue. When everyone used to hunt for gold mines in America. Until now gold is still in demand.
All cryptocurrency (crypto currency) are competing to create their own technology. How have I told Bitcoin. How is Etherum? More interesting. If in Bitcoin, only the currency can move, Etherum does not. In addition to Etherum moving, people can make the system above the user. So social media without servers. That's why Ethereum is supported by Microsoft.
The Ripple concept is more extraordinary — it creates a system that can swift without a switch. Create a system that is connected all over the world. So that Ripple is supported by Google. Which technology is better? I myself don't know which one is better. Depending on the market that decides.
What about Monero? Reportedly used by hackers?
Monero is very interesting. Monero is indeed one of the blockchain developments for anonymity. Monero can indeed be used by criminals. When we talk about Bitcoin, it's a transaction that is far from that. If we talk about Monero, we are talking about a breach that cannot be traced, just like cash.
The name of our company is actually Bitcoin, but there are many other coin-coins sold too. We are not connected to the Bitcoin payment system. So this must be remembered. Many people still don't understand, so we think our company is a payment company or investment company. Even though we are like Bukalapak, we are like Tokopedia.
We bring together sellers and buyers, because without us, Bitcoin is far more dangerous. With us transactions are safer, because without us, Bitcoin transactions are people to people. However, with companies like us, we help to make Bitcoin transactions much more in line with local regulations.
OJK had closed 14 companies at the end of last October. Four of them are crypto currency companies, such as World Coin Digital. What is your response?
I really agree. I strongly agree with OJK, because all we have to know is that all that was closed by the OJK yesterday were companies that offered bogus investment. So if you look at the website, they offer profits in a day or two up to what percentage. A month or two increases by what percentage.
That's already a bogus investment. In fact, if we look at Bitcoin, Litecoin, Etherium or whatever, nobody knows the price can go up or down. Our company will bring together Indonesian buyers and sellers. We never gave this view to go up or down, because we also don't know personally.
Do you make special communication with Bank Indonesia about Bitcoin?
I think Bank Indonesia has understood enough. In Indonesia the people of Bank Indonesia are the smartest people in Indonesia in terms of economics and technology. They really understand how Bitcoin and Blockchain technology. So the statement from them is always correct, and I support it very much. They just say they can't pay. We can see in the rules, that Bank Indonesia does not prohibit the use of Bitcoin. If it's used it's okay, unless it's made for payment.
So what Indonesian people generally use Bitcoin for?
For investment if now and save his wealth. If there are people who buy gold why? Because he could just like to save gold or want to make a spaceship, because gold is one of the heat-resistant materials.
Indonesian people buy gold why? Because they believe that saving gold has a good future. So if you talk about Bitcoin, don't talk about Bitcoin on a currency scale. Because if you talk about Bitcoin in the context of a currency, then our mindset will be limited, our mindset will be difficult if you think of Bitcoin as a currency.
Later thoughts will arise, then who is the part of the country that is responsible? Then who is the central bank responsible? Then what is the inflation? Then what are the rules? That's if we think of it as a currency. Now if you imagine Bitcoin as digital gold. All questions will be lost. Bitcoin.co.id always considers Bitcoin as a commodity. Since the first interview in 2013, I always said that Bitcoin is digital gold.
Is there a gap to using Bitcoin as an effort to avoid taxes?
Can. Of course, I can. But when the user makes a transaction, for example Oscar transfers to Adam, Adam will certainly know my account number. However, because this is digital, all digital traces are recorded. We can check all of the person's transactions.
So you can say that putting wealth in Bitcoin is no secret?
We can see here (blockexplorer.com) [Oscar opens a blockexplorer site]. It can be seen here, he can trade from here to here, before he got funds from here. Even we can see the balance. If you make a transaction via Bitcoin, there is a digital trace. And we must know the mindset of bad people - criminals - is as much as possible never leave a digital footprint.
If you don't want to leave a trace, I suggest using diamonds, because when using a diamond the size of a wallet for example, it might cost trillions of millions. The reason for each item could be tens of millions of rupiah. Diamonds when moving, from me to Adam, no one can see, and no one can prove. Right, no?
So if there is an assumption that this system is not safe is wrong?
I don't think it's wrong, because it's still an experiment. So we must know, that this is still an experiment. So, is this 100 percent safe? I also don't know personally. However, to date, Bitcoin transactions have been tested by one of the safest transactions. The proof, by knowing someone's account number, we still can't break the contents.
What is needed to make an account?
Register online. ID card, photograph yourself, we want to prove whether the cellphone number is valid or not.
Why do you need personal data?
Because we want all players to be identified. Prevent crime. So we make rules to prevent money laundering without the government asking. So we are implementing a clean Bitcoin ecosystem in Indonesia.
Is there a guarantee that the data is safe?
Yes, it's stored on our server only. Let me someday, who knows the government needs it.
Also read articles related to BITCOIN or other interesting writings Aulia Adam
(tirto.id - Interview)
Reporter: Aulia Adam
Author: Aulia Adam
Editor: Suhendra
Who is the person behind the competition? All the details are already mentioned on the website, but I’ll do a quick recap for you. He/she calls themselves Pip and wants to remain anonymous. This is for safety reasons. This part I completely understand. Who knows what syndicate or dark web types would arrange a kidnapping, hack, theft or who knows what if they knew who this person really was. Pip says he’s been mining BTC from the early days and is at a point in life where money is not a problem. To be able to give almost $2 million away and still say money is not a problem says a lot. Either he does not care about money or has much more BTC stored up. I think the second option is the biggest possibility. I’ve heard stories about how easy it was back in the day to mine BTC compared to 2018. This post gives a brief history of BTC mining. Has anyone cracked the code? For some reason, I get different sites or information on my mobile phone compared to my laptop. When browsing on my iPhone, it says that the 310 BTC has already been cracked together with a 0.1 BTC and 0.2 BTC. There is only a 0.31 BTC left. There is a note that more competitions could be launched in the future. Keep an eye on the site.
ROBUX GRATIS EN ROBLOX :VVV
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