Hey, so I've been thinking, with all this talk about mass adoption flying around and nocoiners calling bitcoiners a cult, maybe the truth is somewhere in the middle. There is definitely something religious about believing that Bitcoin will be the world currency at some point, but I also don't think that it will die off if the majority decides not to bother with it.
I think I am going to share the same view with you concerning the similarities between bitcoin and religion which might make bitcoiners pass as cultist and at the same time establish the difference between the two. Both are based on faith that this is the true way and every other way are just the wrong way. The difference however, is that, in the case of core bitcoiners, they do have some pratcial evidence to support their own position which can hardly be refuted compared to those those practicing religion. But these two paths, boom or bust, are not the only ones available, aren't they. We already have a Bitcoin economy, although I would argue that it is disproportionately small in comparison to Bitcoins current marketcap. Why not just expand on it? Why can't there be a future in which bitcoin exists as an alternative to fiat money?
Why does it seem like everybody is so adamantly pushing for one of two extremes? Isn't it more likely that the truth will lay somewhere in the middle?
Studying current phenomenon, that is what will eventually happen as the bitcoiners will eventually accept that the reality is different from what they envisaged or else, it won't come to pass. Countries would develop blockchain and others would even go to the extent of recognizing it as a means of payment, but will not abandon their own currency which among other reason is their sole identity and that is one of the things being faced now with the continuous implementation of the KYC rules. |
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I actually got in, in 2016 and the hype was pretty much there too. I could remember that during the time, bitcoin price was below $1,000 and all attention was always on getting the price to $1000 but because of the insatiable needs of human being, we tend to ask for more. The moment $1,000 was touched, then next is $1,500 and on like that. This was what happened till mid 2017 where price was hovering between $3000 and $4000 but took a downturn because of the uncertainty about the upcoming BCH fork.
The height of the hype was witnessed towards the end of 2017 when the price of BCH was on the rise, other forks were coming out which a lot of people believed its an avenue for free money couple with the mass publicity of various social media platforms, We left the below $10,000 to above the $10,000 region. While this was going on, a lot of speculations were fueling the rise but several people even on the forum were talking on exercising some cautions on the basis of the increase although deep down, every one was smiling. But unfortunately, its not something that will last forever and that is what we are seeing now.
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The continuous decline in Bitcoin prices may make investors very nervous and many people have lost confidence in Bitcoin as well as crypto.
This is a very normal psychology and nothing strange in life, in any field, there are two emotional state is governed by FEAR and GREED.
Especially in the financial market, not just the crypto market, when prices are rising, people often feel GREED, focusing only on positive trends and never thinking about trends. Negative, when the price goes down, then the person feels FEAR, then focus only on the negative trend and never thought that everything would be positive again.
Talk about this for people to imagine that believing in a current trend is only relative and timed, so look at the market trend with an objective eye (out-of-game) so that If not, then it will not be absorbed in the psychological game of the market. Finance is a game of psychology!
What do you think about this?
You have made some good observations and identified the driving force behind the activities of most people in the crypto market and the resulting effect that we all see in price. Its unfortunate that despite the series of awareness that is going on in attracting only people who are conscious of the dynamism of the market, its just being saturated by people who belong to the two classifications above. There is actually nothing we can do about it as everyone is free to pursue his/her own interest in the crypto world. The problem I however always have is when there is a miscalculation as a result of that decision, instead of just accepting and moving on, they tend to blame other people for the turn in events. |
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Here we go again. For Op propagating this news, as a Jr Member, I am sure you must have some knowledge about bitcoin and also must have read several news about it in the course of your journey into the crypto world. This is not the first time I am reading this but surprisingly, its coming at a time when the price is witnessing a nose dive and this is just to combine what it is about.
Admitting that the people here to have the right information and we are the gullible ones. Do you think the same can be said of several countries that have continued to develop the blockchain technology with so much resources that even despite the fact that they could be allies to the United States ( the origin of CIA and NSA) based on your analogy would then willingly compromise their security system and makes it vulnerable.
The point is, this kind of conspiracy does not hold water any longer and I wonder what the author of the article would say should in case the price of bitcoin is now on the increase. Maybe the credit will then go to either Mi6 or KGB or Mossad.
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Wallets like Coinomi used to offer the option of switching between different altcoins. I think the underlying engine behind this was Shapeshift. This was popular, in spite of the high fees. I wonder if these options would now be removed, given the change in Know Your Customer norms of Shapeshift.
Coinomi would eventually change their position in this. Its either they ensure that they implement their on KYC in other to align with Shapeshift's new found ideology or they remove the option all together but really I don't see this as a challenge because from the option on Coinomi which give room to buy directly with your ATM cards, by default you will have to put the details of your card linked to your bank account which is then linked to all of your bank accounts and details. I wonder what KYC could be deeper than that of the banks. It's scary how much personal data these exchanges have on people -- their withdrawal logs combined with KYC is a treasure trove for police agencies.
It's not scary at all. People sign up for that so they have to swallow all of it. Exactly my point, they are on their own before you choose to do business with them which put them in the position of strength in this equation. Its either you comply of you move elsewhere. This might take a turn on their inflow in the short run but they will stabilize because the ideologies of those involved in crypto has been neutralized from those who value so much about their privacy and those who care less about that but the income is paramount to them. |
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Unfortunately, its a sad truth in the ICO market. I was even expecting that the percentage should be higher than that but surprised that people still trust ICOs or they are deceived in putting their money for ICOs which shows the awareness about scam ICOs is still a battle that needs to be renewed to achieve the intended result where only the serious ones get to raise funds to finance their viable projects.
The implication of this is simple, people who engage in activities like this are actually causing more harm to the entire crypto market. PWC is a reputable organisation, the population in which they are interpreting data from is representative enough (above 4000), the result even proof what active crypto followers had in mind just that they don't have the figures. It only points to the direction that, crypto cannot be trusted to flourish on its own with the micro-managing influence of people in government and that is why most of the policies that are against the real purpose of crypto go through with little or no resistance which is not speaking well for everyone.
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I won't say its a form of addiction to me though because addictions are always hard to break. In my own case, its more of anxiety when I first got into crypto and I manage to have some satoshis saved up. Its was an experience I don't want to go back to. I tend to check my wallet every hour to be sure its still there, monitor the bitcoin price every now and there in other to follow my 'wealth' movement and decide whether its time to sell or rejoice. At the point every of the four factors up there apply to me on a large degree.
But now, you tend to exercise some discretion now and take things more slowly and see things unfold. Its then safe to assume that since there is no addiction to making money, its bitcoin anxiety that is being interpreted as addiction and mostly common to new entrants into the market.
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Vorhees wrote:
“Membership requires basic personal information to be collected. Today, Membership is optional, but it will become mandatory soon.
No one should be surprised by this that its what will happen eventually. Any business that will still want to stay relevant in the crypto world, will have to either fall in line or stop its services because it will soon be swimming in the pool of fines while the directors are looking at jail times that their lawyers will even advise them to accept plea bargain to get a reduce sentence. Thats how far and powerful the institution called government is. Yes, that last detail sucks. We would prefer if the collection of personal information was not a mandatory element. We still firmly believe that individuals, regardless of their race, religion, or nationality, deserve the right to financial privacy, just as they deserve the right to privacy in their thoughts, in their relationships, and in their communications.”
Vorhees states in the post that there are three reasons for the decision – an increase in users asking for account-based features, the relationship between tokenisation and accounts, and of course, regulation.
“The practice of requiring customers to hand over personal private information is one we’ve struggled with since inception,” he said. “To the extent that digital asset technology remains a legal grey area, we need to be prudent and thoughtful in our approach as we navigate the regulatory environment.” Everything in this section is a mere looking for excuse to justify the shift in what they initially hold so dear and that the new position not to look so bad. The promise of more benefit as a member is just to add some compensation and to serve as motivation for people to adapt to the new system. The move has unfortunately been met with immediate criticism throughout the space, with prominent figure Andreas Antonopoulos voicing his disapproval: Very disappointed that @ShapeShift_io is implementing KYC. Just goes to show that any centralized entity will be pushed in that direction, which is why LN, atomic swaps and Decentralized Exchanges are the only way to resist surveillance economics. — Andreas M. Antonopoulos (@aantonop) September 5, 2018 Securities and defense litigation lawyer Jake Chervinsky posted an entire thread on Twitter discussing the matter, stating that regulators were silently invading crypto: 0/ A few thoughts on @ShapeShift_io's decision to start collecting users' personal information through a mandatory membership program. In short, this is how regulators silently invade crypto. Thread. https://t.co/ygiGzraE8q — Jake Chervinsky (@jchervinsky) September 5, 2018 Chervinsky stated that ShapeShift has historically enabled users to trade with total anonymity, referring to CEO Eric Vorhees as “a true bitcoiner who speaks passionately about financial privacy & separating money from state.” The lawyer went on to point out that the US government wouldn’t stand for that separation, calling the concept of anonymous crypto exchanges a “genuine nightmare” for regulators relying on financial surveillance. Chervinsky believes that FinCen, a bureau of the US Treasury Department, has threatened ShapeShift with enforcement action. In 2013, FinCEN issued guidance saying that all the regulations governing money services businesses apply in full to crypto companies, and offered an insight into the shadowy world of forced regulation. “Unfortunately, this is how regulation often gets done here in DC. Regulators accuse a company of violations based on a weak-but-plausible theory that might fail in court, but would be too expensive/risky/damaging for the company to fight in public, so the company cooperates.” Users on Reddit didn’t take the news any better than those on Twitter, with comments such as “Shapeshift is dead to me,” “Shapeshift has lost its moral compass,” “So sad. Time to move on,” and “Goodbye forever!” Shapeshift responded to one commenter asking if ShapeShift thought the users were stupid, referring them to a recent tweet by Eric Vorhees which simply said: What I write is being watched very closely. Please give us time. — Erik Voorhees (@ErikVoorhees) September 4, 2018 Source: https://www.ccn.com/crypto-exchange-shapeshift-sees-criticism-for-mandating-memberships-with-kyc-norms/There is nothing anybody can do about it. Eventually, if you cannot comply with their new rule, its better to avoid using their service because the mandatory statement means its going to be enforced. Apparently, when your dream or project gets to certain point, every believe, view and philosophy you hold dear are just temporary. |
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And now the major pullers in the crypto space and bent on not allowing everyone move on from this point of ETF to face another thing. When I read the news about the acquisition by Coinbase a part of me was trying to understand the relationship between what Coinabase is doing and what BlackRock is also dishing out to its customers but alas its a strategic one which would either bring a good outcome or further worsen the already bad situation. There are two outcomes to this
1. If ETF is eventually approved because of this, it would mean that the committee are bias to favor Coinbase as I don't see any change in circumstances from the last rejected one and the one putting forward by Coinbase and undue favor to a party would not augur well for the entire market.
2. If the outcome is is like the others (negative) it means for once again we are giving the ETF committee the power and relevance that they can play with crypto and someone else will still come tomorrow to ask for their approval.
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Under upcoming 5MLD cryptocurrencies and cryptocurrency exchanges are considered “obliged entities”, and face the same CFT/AML regulations applied to financial institutions under 4MLD. Practically, this involves an obligation to perform customer due diligence (CDD), and submit suspicious activity reports (SAR). Read more what are the other requirements under 5th Anti-Money Laundering Directive: https://complyadvantage.com/blog/5mld-fifth-anti-money-laundering-directive/Do you think 5MLDs regulation of crypto-exchanges will encourage or discourage the mass adoption of virtual currencies?Reading through the provisions of this policy, the implementation when it comes to effect in 2020 will be hard to ignore because some provisions are there, that would more or less unravel the anonymity behind the use of crypto and any crypto entirely. Its a big step forward towards the eradication of anonymous transactions. For those who don't have anything to hide or have nothing to do with suspicious activities, they might not have any problem while those who are conscious of their privacy even though they don't have any link to terrorist activities, they might have to start considering other options. Some of the provisions include for those who are lazy to read up Prepaid cards issued outside the EU are now prohibited unless they were issued in a territory enforcing legislation equivalent to the EU’s AML/CFT and KYC standards. Obliged entities must review the way they handle prepaid card payments, and put mechanisms in place to identify (and refuse) transactions using cards from non-EU sources – which may involve significant revision of existing systems and procedures.
Also a limit on transactions 5MLD sets an even lower limit of €150 – this limit also applies to the amount which can be stored on the cards. Similarly, online transaction limits are reduced to €50.
For those in countries without adequate data, you are also taken care of Companies dealing with customers from high-risk third countries will be required to perform enhanced due diligence measures – specifically focused on addressing the risk posed by deficiencies in those countries’ AML protections. The measures include:
Obtaining information on customers and UBO – including the reasons for proposed transactions, and details on the source of UBO funding and wealth.
Reporting transaction details to senior management – and obtaining approval for establishing or continuing the business relationship.
Increasing controls on business relationships, and selecting transactions which may need further scrutiny.
Source: https://complyadvantage.com/blog/5mld-fifth-anti-money-laundering-directive/ |
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I just want to ask if it is workable to issue a token that will serve as stocks for building an apartment. Is it feasible? We say it can take up to 6 years for ROI.
We have vacant land that I want to build apartments on.
Any thoughts?
I'm just really having a hard time getting over it that they're just sitting there not making profits.
Please discuss with me if you are interested.
I will provide more info on this thread.
Issuing a token is a complex one because you then have to start getting to design a website, write a whitepaper, face the cost of proving your legitimacy, forming a team, followed by the pressure on you by buyers of the tokens to list on exchange sites for them to trade in which at the end, you get dragged into what you never set out in the first place. I have actually seen a business model such as this though where there are different categories of investment that can be made to the real estate project. You can decide to own a flat or co-own a flat with other investors depending on your financial capability among other factors to consider. However, to pull off this idea, I would suggest you start from your immediate environment because getting people to trust you with money is serious work after which when you can then think of expansion which can be looking at a global market and that is where the community comes in. |
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Hi, everybody.
I have an idea to create a new service: crypto marketplace for goods, where as well as on ebay you can buy and sell goods for cryptocurrency. Users will be able to conduct transactions using smart-contracts.
What do you think about this idea?
I will surely be interested in such idea and its going to be a cool one. But I am sure you must be aware that it might not be easy for it to be acceptable to the crypto market without some serious work in doing publicity because people still trust the established fiat market place such as Ebay, Amazon, AliExpress, ChinaBrands etc more because of the controls they have put in place to ensure customers are getting their goods. Its not enough to create a site without ensuring that the ancillaries to ensure that the objective of the site is also put in place. For a market place like this, two things you need to get right is 1. The Escrow: Since you wont be able to control the habit of both the buyers and the sellers of the platform. This should be as a matter of that could quickly run down the site if any bad review should come from that end. 2. Shipping Logistics: This is another serious concern that you need to get right as the market will not be localised, the shipping options and then number of days, the insurance to protect the items purchased. All of that needs to be gotten right while other challenges are dealt with as they arise. |
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I want to believe this matter has been resolved because I won't keep quiet should my funds not get completed after a transaction such as this especially from a service provider that have proven they can be trusted over time.
@Op, you will do more good by coming to update the thread on progress made so far and also to clear the doubt of people coming to read the thread for the first time and made conclusion on the kind of service @Chipmixer is providing to the market.
For future purpose, before creating a thread on a service, the best thing is to first search for the announcement thread of the service because that is where response can be gotten fast.
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While the use of blockchain to sanitize democracy through voting, the issue of rendering government obsolete is the part that comes with so much negativities that would overshadow the benefit that would accrue from such implementation. We might not agree with all of government propositions but the benefit of its existence, outweighs it eradication. Government exist for several reasons among which include
To curtail the excesses of humans. I cannot for one reason go ahead and start arresting armed robbers because I don't have the authority to do but government in place would ensure that. Remove government from the equation and everything is anarchy and a free for all party. The strong will exploit the weak which is a natural attitude of the humans. Today, one of the drawback witnessed in the crypto market today is lack of regulation in which the only body that can enforce that in a decentralized society is the existence of a constituted authority.
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As the title says, we know it is inevitable that Bitcoin trading is gonna get taxed sooner or later (better later, tbh ) so i am asking you , what TAX are you expecting? 19% ? 20%? 10%?
When it comes to the fixing of the right tax rates, except in the process of law making that makes room for public opinion, that is when our thoughts really matter but for every tax laws, it is expected that the sponsors of those laws and the law makers that will decide on it, down to the head of government that will assent to your bill before making it as laws, will have to put into consideration of of the tenets of a good tax system and that is "convenience" by putting themselves in the position of the tax payer if he would be willing to pay at the rate they are fixing and not just the projected revenue based on the percentage they have set. For me, I think the rate should be between 10% and 15% but with conditions in that all cost incidental to the earning such revenue should be allowed to be deducted before levying such rate. For example, it will be unfair for me to be charged on a marginal say $100 (difference between the amount I bought and sold) without allowing me deduct the transaction fees for miners by transferring from my wallet to the exchange sites, the one the exchange sites deducted for trading and the withdrawal fees I paid for getting it back to my wallet. |
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I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.
This would be either temporary, either some smart Iranians will do that arbitrage until the price evens - more or less. Interesting is the timing. Unless this is old news, it's surprising that Bitcoin spikes in Iran while it falls badly in the rest of the world (although this should be temporary too, I hope). Edit: I've read the story and the comments and it looks like the 24k price is incorrect. Any proper news agency would apologize and correct that kind of article...First thing I do when I see topics of thread with controversial subject like this coming at this time when the whole market is still trying to recover from the crash of over $1,000 that has happened in the past few days (above $7,000+ to now $6,000+). and now its just giving some unimaginably hope. Unfortunately there is no regulation in the crypto media because I am sure the article itself is borne out of shady and lazy journalism of a blogger who sits behind the computer to dish out content with the sole purpose of attracting traffic. That is the motive and nothing else. For those claiming arbitrage potential and errors with decimal places, let me dispel that with a scenario:
Let's say you own 1 Bitcoin, and you sold it in Iran so you could earn from arbitrage. Localbitcoins says the rate per Bitcoin is currently 874,755,539.52 IRR, so let's say you ended up with 875m IRR.
Official exchanges say that you can buy $1 for 41,970.80 IRR. That would net you a whopping ~$21k! You've more than tripled your money! Mission accomplished, right?
Well no. Official exchanges are unlikely to sell you any USD because of economic and political reasons. So you're now stuck with a rapidly devaluing IRR.
If you really want to convert IRR to USD, you have to use unofficial exchanges, which offer a $1 for 140k IRR rate. If we use that instead, you're only going to end up with ~$6k, which is just about what Bitcoin is normally worth. The whole process will be pointless.
I hope people read this lol.
You have done a good analysis here which means the $24,000 claim is really a form of deceits and the greedy ones are actually going round looking for ways for them to sell their coins over there without taking into consideration on how it would be converted to bitcoin and for them to buy the same bitcoin over there, you will be paying above the amount you sold it for. |
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I've seen a lot of people talk about BTC gambling, but is it that there are lots of cryptocurrencies to gamble in and not only Bitcoin? Although I know the answer for this, and maybe a lot of people as well know the answer to this, but I'd leave the answers to those who are eager to enlighten those who have little knowledge and information about this.
So what do you think? What cryptocurrency should be recognized and should be gambled with?
Unfortunately, the matter of deciding which type of currency to gamble with, does not rest on the players alone but more on the platform providers and they will only implement new methods of playing if and only if the number adds up i.e the cost of setting up and the number of people that it will be using the method is enough to be incorporated in their own corporate plan or else, it will only be a suggestion that will be swept under "consideration". Casinos all over the years have always relied on chips, horse racing over the years have relied on tickets, some other gambling sites rely on their own form of coins that you are forced to convert whatever form of currency you have in other to play on the platform. So, in the case of crypto, the currency to me does not matter so far there is an exchange available that can be converted. Some gambling sites even have inbuilt exchange platforms that makes things super easy. The point of focus is the site itself and its reputation to be sure I am not getting scammed. |
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When it comes to political judgments, its always subjective despite the facts that surrounds it. Its only few people who are known to be independent in their opinion that would really see that great strides are being achieved by the government in power.
During the time of Obama when he made several improvements and claims about how better they have left the economy, to some people, he is the mistake of the century and the worst person to have been elected to the oval to manage the affairs of Americans.
The same thing is what is happening here too and based on the replies I have read, its divided. The core or those who have democratic views would not see anything positive in the economy while the core Republicans that even put him there and subscribed to those ideals, would argue that things are being done in achieving the American dream.
No matter the statistics, for every action, there will surely be a reaction in that for every positive strands, some other people are feeling the brunt of that decision and everyone would always speak based own personal experience.
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Reading the article has actually widen my horizon to life differently. I have always thought about retiring early though but this has actually proven that its possible. There is also a way to look at that quite a number of people are not happy with their jobs and would want to retire early but they cannot because they are yet to make ends meet. This is even common in developing world where basic things that makes life easy for someone who is not greedy is not made available.
I wonder if there is a similar movement revolving around bitcoin and crypto? I know there are many buying lamborghinis living beyond their expected means for their age group, due to being early adopters of crypto.
Perhaps in the future we'll see a crossover of sorts where FIRE adherants and crypto join forces. lol
For me, I thing crypto is the surest way for anyone who is serious about not working till forever. There is no point working till 60 or 65 when you have enough wealth to sustain you. With crypto trading and activities, one can retire from working 8am to 5pm every day and waking up early to work and the hours increased as you move up in career ladder but crypto, you have your life in your hands to decide when you want to trade, make money, take vacation then relax with family. What kind of life is more fulfilling than that? |
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I've decided to take leveling up from Jr. memebr to member more seriously.
I want to know: Do I have a more likely chance of getting merit by posting on topics that have 1-3 replies or topics that 6-10+ replies? If some replies have already been merited, do I have a greater chance of getting merit by responding to that topic or not?
I know there aren't rules and these are generalizations, but any tips/tricks would be helpful. Just trying to maximize my efforts like everyone else.
You see the issue of merits earning in relation to number of replies is not a cast and stone matter that one suggestion will just suffice in every case. Based on what you have asked, aside from controversy threads that you can see merit on page 7 others are usually distributed between page 1 and 2 because at that point reasonable thoughts would have been expressed and every other are just trying to catch up but its not impossible. Another way you should consider is bringing in quality content properly referenced (so you won't cause yourself problem) the express your own opinion in a concise and quality way. With that you are sure of being the FTC and credit for informing others too. |
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