this is something that's been threatened for years, but hasn't really happened in a big way.
so let's assume for a moment that the decks are cleared for any forex or stock trading firm to get into bitcoin. no weird hacks like gbtc, no crappy exchanges, no regulatory holdups - there's the market, go play.
there's a pathetically small amount of coins available to buy. many people here seem to assume they're all gonna pile in and outbid each other until it's in the millions. i find that extremely weird behavior for professionals.
how do you think it would play out?
Having a "pathetically small amount of coins ot buy" is actually a good thing. If there weren`t any HODLers,the bitcoin price would still be around 200-300 USD. This is not "extremely weird behavior", because most of the btc holders are NOT professionals. They don`t have the knowledge and skills to trade and they don`t want to take the risk. That`s why they hold. You do not need to be a professional trader to see the difference between a low price and a high price. We advocate the trading principle of buying low and selling high. < Something that most people should be able to do > At some stage most people enter exchanges to buy and sell coins, so they gain trading experience from that. People HODL because they are lazy. If you trade frequently, you should make more money than simply buying once and playing the waiting game. If everyone HODL coins, you will get a situation where there is zero demand < people stop buying, because there is no supply > and that would push down the price too. ^grrrrrrr^
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the most rigged PROVABLY FAIR HI-LO game, is at FreeBitco.in using same strategy at other sites, on FreeBitco.in, always lose
Your basic Martingale strategy are not going to work on Freebitco.in < They have counters in place, I also tried it > They also have a very high house edge, which will lead to lower yields on variations of the Martingale strategies. On this site it is purely based on luck, they are not amateurs, so they know what strategies can wipe their bankroll and they implement counters to protect it. If you say the provably fair system is rigged, then you should substantiate it with fact or proof? Let's see what you come up with to proof it. ^smile^ Is this really possible? A luck based game? Isn't it just the right time to when you will bet? I do this strategy sometimes where I look at how the numbers are coming up. If it goes full of high rolls for like 10 - 20 times then there will be a possibility that it will roll low for that number of times too. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) Just my own opinion. If the game is Provably Fair, then it should not be predictable at all. I tried similar strategies with no luck at all. I even tried to test if the game was rigged on bets with higher bets. Let's say, you bet 50 small bets with 0.0000001 BTC and then bet 1 bet with a higher bet, say 0.00001 BTC and repeated this to see what the system does with that. The outcome was inconclusive, because, 5 higher bets was losses and 5 was winners. ^hmmmmm^ Some dice sites rig the higher bets in their favour, so you win on the small bets and lose on the higher bets. If I pick up that they are doing that, I just move on to the next site.
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The issue is mtGox users have had their money taken for years. Will it even be returned? If so, how will this process occur.
I'm sure many people have left the crypto community for life because large amount of money was stolen from them and they don't even know about this news.
The forfeiture laws in the USA will most probably be applied and most of that money will go to the US government. They might help some of the victims in the MtGox hack, but it will only be a small percentage of their losses. < most of that money would be gone > The US law enforcement agencies have a reputation that they misuse their powers, when raids are done and legitimate money will also end up in their pockets. < even if you can produce proof that it was legitimate >
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OP, you make a very valid point. We did not call Bitcoin Unlimited, "BugCoin" for nothing. They also tried to hide their mistakes in proprietary code, which is not a good thing. The Peer review of Bitcoin Core code is much better and they have a track record of producing solid/legit code.
The problem is, most people running the code have no programming skills or experience and will not be able to tell the difference between good or bad code. We just hope the Core developers will highlight all their mistakes and expose them for what they are.
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Very real chance. Likely IMO. BCC will have real utility and use over BTC. Everyone needs to pay close attention. Less people support segwit than it appears.
You should rather say, less miners are interested in SegWit. They know that BCC is just a temporary patch for scaling and within a few months, we will have a repeat of the problems we had. They benefit from situations like that, because they get higher miners fees from a congested network. SegWit also apply counter measures for network spamming. < Making it very expensive >
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the most rigged PROVABLY FAIR HI-LO game, is at FreeBitco.in using same strategy at other sites, on FreeBitco.in, always lose
Your basic Martingale strategy are not going to work on Freebitco.in < They have counters in place, I also tried it > They also have a very high house edge, which will lead to lower yields on variations of the Martingale strategies. On this site it is purely based on luck, they are not amateurs, so they know what strategies can wipe their bankroll and they implement counters to protect it. If you say the provably fair system is rigged, then you should substantiate it with fact or proof? Let's see what you come up with to proof it. ^smile^
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I learned something new the other day. The earliest known version of Monopoly, known as The Landlord's Game, was designed by an American, Elizabeth Magie, and first patented in 1904 but existed as early as 1902. Magie, a follower of Henry George, originally intended The Landlord's Game to illustrate the economic consequences of Ricardo's Law of Economic rent and the Georgist concepts of economic privilege and land value taxation.
She wanted to demonstrate the flaws in a Capitalist economy, where only a few people succeed and become filthy rich and millions suffer in poverty. We are seeing this now, where we have a few filthy rich people and a much smaller percentage of people in the middle class <declining daily> and Billions of people living in poverty. The middle class has to carry the biggest portion of the tax burden to help the poor and they are slowly moving from middle class to poverty.
This will also spill over to Bitcoin later, because the filthy rich will buy all the coins to store their wealth and the rest will play with the scraps for it to retain it's value. < Bitcoin Whales >
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I doubt it, there are different things going on now that will push down the price. The negative sentiments regarding BTC-e and the arrest of the owner and the lost coins and also AlphaBay coins that are not being used. We normally see a cool down period when exchanges gets hacked or coins seized or even illegal markets being closed. I think we might see $3000 in about 2 months from now, when the scaling issues has been dealt with. $3600 is very optimistic. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif)
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There is absolutely no bad news at all for bitcoin, in crypto world, almost every day brings a new drama for bitcoin. But, till now, bitcoin has proved to be awesome and has fought with every issue, always survived everything like that. So if today is a bad day in any regard, tomorrow will be a better one. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) I think the OP was referring to Bitmixer closing down, BTC-e owners arrested and possible the trading platform will itself close. AlphaBay being shutdown by the government. And the feared Aug 1 date is just 5 days from now. But I agree that bitcoin has already proven its resiliency in facing this kind of adversity and will come back even stronger. It will survived no matter what roadblocks or bumps comes along the way. AlphaBay closure should not be classified as bad news. We should encourage actions like this, because it is more damaging to us that sites like this is using Bitcoin for illegal activities. The voluntary closure of Bitmixer.io is sad, because I think it did more good than bad. The BTC-e thing is still hanging in the air, but it looks like a money laundering front and that is also not good for Bitcoin's reputation.
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Money and power goes hand in hand and Bitcoin is money. Money also bring out one of the worst behaviour in humans : GREED and GREED is the one thing that makes people crazy. Since the beginning of this experiment, people have tried to take control of it. People like Mike Hearn / Jihan / Roger Ver / Gavin / Craig W and lots more.
Governments banned the technology and Alt coin developers have copied the technology. Banks are trying to create their own private version of it.
We have GREEDY people fighting for control. This will never end, because people are driven by GREED. ^grrrrrrrr^
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I only use them, when I want to convert some bitcoins into fiat and to trade when the price takes a dive. I always move my coins out, if I am not trading. Just look at what happened with BTC-e now and previously to MtGox. The exchanges are simply not safe to store coins.
If I were you I would move everything to cold storage, where you have 100% control over the private key. This enables you to make the call, if it comes down to it.
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"BTC-E, Alphabay, Hansa is busted due to some illegal operations." Yes, and in most of these cases they left evidence linking their identity to online email addresses. We know these webmail service providers, work closely with law enforcement. They also re-use email addresses between different services, so it becomes even easier to track them.
Bitcoin is pseudo-anonymous, NOT anonymous. ^hmmmmm^
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So you are saying Bitmixer closed a highly profitable business, because they were part of the heist/hack? Why would you close a highly profitable business that generates income daily, to pull of a 66k bitcoin heist? At some time Bitmixer.io had a pool of over 2000 coins in circulation to mix coins for daily profits. The owner of Bitmixer.io closed his site, because he acknowledge that his site might be used for illegal activities too and this bothered him. Will Cellphone companies close their doors, because people use Cellphones for crime? Nope! The internet is used for criminal activities daily and nobody is shutting it down. Why? The reason is simple, the legal use of the internet, far outweigh the illegal activities that are done with it. ^smile^
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It was fun whilst it lasted, but now it is gone and replacements will take it's place. < See my signature for more info > This is just the nature of the Bitcoin beast, you take down 1 and 10 will take it's place.
Bitcoin mixing services is just a Add-on service to protect your privacy. If you used cash, you would have had more privacy than the pseudo anonymity that Bitcoin provides. You have a right to protect your information and to protect your wealth. If you misuse this right and you are asked to explain yourself by the authorities, then you should account for your actions, if you did something illegal.
My neighbour or the hacker who compromise my data, should not know where my wealth is and how much wealth I have and how I spend my money. < Mixer services gives you that ability to hide it from them > ^smile^
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Bitcoin is only pseudo anonymous and by far not anonymous enough on it's own. If you want to make sure that your financial matters is private, then you have to take extra measures to protect it. I use mixer services to protect my financial privacy, because it secures my funds.
People will not know my private spending habits and how much money I own and I have a basic right to protect that information. If you keep cash in a safe place, do you have to explain that to anyone? Why should Bitcoin not be the same?
I do not use Bitcoin for illegal activities and if I am asked, I can account for every cent I own and what I paid for taxes.
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Someone watched the ground breaking documentary, " A Billion Lives " - [ The United Nations' World Health Organization projects that a billion people will die prematurely from smoking this century. In the next 20 years, there will be nearly 1.6 billion smokers around the world. This documentary takes a critical look at the history of smoking, and the corruption that's led to the current situation where safer, healthier alternatives are banned or heavily restricted in most countries.] I also watched it and think that this too might happen with Bitcoin, if governments decide that it is a threat to their power and control. < I have seen funny videos on Youtube, where custom officials in the US were searching people's luggage for physical bitcoins, because the people wore Bitcoin T-shirts. > ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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Calling Bitcoin "shit" might be your first mistake. Bitcoin is one of the biggest technological breakthroughs in the financial system, in this century. The disruptive change that it brought to the financial world and to some people's lives, will be remembered in History books for years to come.
Satoshi left, because he was pushed by Gavin's decision to speak with the government/authorities. He might still have been with us, if that did not happen. ^grrrrrrr^
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I have to go with trading. I have been buying Bitcoin and Alt coins on the dip and selling on the high for years now, and I have made the biggest profits from this. The other methods are too risky and some are based on luck with bad odds. Through years of trading and due to high volatility in the price, I have been able to reach ROI and even doubled my investment capital.
You should definitely go for trading as the best method to earn more bitcoins.
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I think it is best if you or ChipMixer decide on that, because you know what you regard as constructive posting and if you motivate your choice, other people will learn from that and strive to do the same. Many signature members on this forum have no idea what constructive posting is, so this disqualifies them as judges.
Let this be a learning exercise/tool at the same time. ^smile^
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