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Transferring Cryptocurrencies are always scary due to the fact that it is intangible and people are not too sure on how the funds are being transferred. Some wallets show the details of the transfer and because of these wallets, we can be sure that our money is safe but if we are transferring it Blindly then that sure is scary. We should stay patient and ask the administrators if able if there is a transparent way to view the transfer of funds.
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There is one simple and quick way to determine that Bitcoin is scam, and that is: market price evaluation. In the case of legitimate market instruments, one can easily evaluate whether they are overpriced or underpriced in the market. However, in the case of Bitcoin this is impossible.
Examples:
If a bond with a face value of 1,000 dollars, a coupon of 5% and maturity in 2 years, is priced at 500 we immediately know it is underpriced. If priced at 2,000, we know it is overpriced. If an egg is priced the same as pizza we immediately know it is overpriced because these items are used for satisfying human needs and we empirically know that the utilization capacity of egg is lower that that of pizza. If a guy was granted a loan in the amount of 1000 units of fiat money and used only his Dacia Logan as collateral, but then he manages to buy a brand-new Bugatti Veyron for that money, we immediately know that one unit of his money was overpriced because the utilization capacity of Dacia Logan is lower than that of Bugatti Veyron. And finally, if the book value of a stock is 50 dollars we know that if it is priced at 10 it is underpriced, if priced at 1,000 it is overpriced.
As we can see, in all these examples we have objective, neutral and price independent factors that set up the level for determining whether something is overpriced or underpriced.
How can we do that for Bitcoin? What objective measurements set up the above mentioned level? How would we know if Bitcoin is underpriced or overpriced? Well, it is impossible to know this. Bitcoin is not a company, so it cannot be evaluated through book value or earnings. It is not a debt asset like bonds or fiat currencies, so it cannot be evaluated through face value or collateral. Bitcoin is not good or service, so it cannot be evaluated through utilization capacity. In short, it is impossible in principle to know whether Bitcoin is overpriced or underpriced. And that simply confirms the fact that there is nothing behind Bitcoin. There is no underlying value for evaluating the investment into Bitcoin.
This can be best seen through the comparison with fiat. Although, at first sight, it seems that fiat currencies have no underlying value, this is not true. Why? Well, because today's dollars or euros are debt based assets, i.e. they are products designed for people who want to consume goods and services today and return them in the future. These people are called borrowers. When the banks grant them loans, new dollars or euros are put into cirtualtion, which are then used for access to the pool of goods and services that gets filled via economic activity of the general population. But since borrowers have to repay their debt with salaries they received for their economic activity - for their contribution to that pool of goods and services, this reduces their purchasing power, i.e. access to the pool. In this way they return goods and services back to the general population. All this is backed by collateral, and in case of borrowers default, their land, cars, houses and other property will end up in the pool of goods and services for the general population to buy with fiat that borrowers put into circulation. Now, are miners - those who put bitcoin into circulation, and in that way also receive goods and services from the general population, obligated to return goods and services back to the general population? No , they are not. Is bitcoin backed by land, cars, houses and other property of Bitcoin miners? Obviously it is not. So fiat currencies are debt assets backed by collateral and this is their underlying value. Bitcoin on the other hand has no such value, and it is a scam - fake money/asset, designed to extract goods and services from the general population.
That is why one can invest into Bitcoin only on the basis of guesses, opinions, beliefs, or conjectures about its future value. These are then spread through advertisements and propaganda to attract new investors. And this is exactly how investment scams operate - in the absence of underlying value, all kinds of manipulative tactics are used to attract new investors.
Bitcoin is therefore a classical investment scam. It's just that it's well masked as a market instrument.
The statement is somehow misleading and might give people the idea to stop supporting Bitcoin. Some users have already used Bitcoin as their front on their Business to give people hope because if they are only given the Good Side of Bitcoin, then people will already believe it. Some investors do not have enough knowledge to know what is true about Bitcoin. If you are defaming Bitcoin and telling people that it is an scam, then why do you keep using it and why the effort to defame it? Can you gain something from it? Everybody here in the forum must have gained something from Bitcoin not just Financially but also the Knowledge it gave us about Blockchain Technology. |
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It has become clearly evident that bitcoin will dominate the world as the global number 1 cryptocurrency, that's is OK with me.
BUT...
what I am finding really frustrating is all the retail, and institutional money that will only ever flow into bitcoin and will never, ever touch any altcoins.
Sure bitcoin is the master, the supreme, the original crypto, but for gods sake, its now the only cryptocurrency.
Surely out of the 2000+ altcoins, some of these will be almost as powerful as bitcoin.
The altcoins have been smashed of late, purely by the greed of bitcoin, sucking up the global fiat money.
Every altcoin has been sold off and money shoveled into bitcoin. WHEN IS THE PAIN GOING TO STOP!
I have lost so much money on my altcoin HST decision token, purely based on the greed of bitcoin.
Please as an altcoin investor, please stop hurting us, this is so damn cruel.
We create our own mistakes and we should learn from them. If you already knew that Bitcoin was gonna suck it all up, then why invest on some Alternate Crypto? Carelessness will be our greatest loss involving our personal assets and learning from those mistakes will surely earn us more. As an altcoin investor, you should not have only invested PURELY on Alternate Coins because it might be better to invest on Bitcoin first before any other Alternate Coins. You should also spread your investments into different Crypto's because not all of them might decrease in value at the same time. |
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There are actually a lot of storage for Crypto. The most basic wallet that you can use is MyEtherWallet and it will really teach you a lot of things. You can also read some topics in the Beginners and Newbies Threads which really helped a lot when i was starting to learn about the forum. Be careful on using exchanges as storage of Crypto because you can never be too sure if it will last long.
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It is actually effective to use several storage for our digital asset or for our own Cryptocurrency. I think the best way to keep it personally is by owning a Ledger where you can carry at all times. Some users cannot fully trust the website that they are using because they might have been scammed in the past.
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Bitcoin has been confirmed as the best safe haven currency in the world with the following reasons.
1) If they is a military war, someone can easily move out of their respective country with Bitcoin. Cash, gold, silver is much harder to deal on.
2) The only one Currency not controlled by a government or bank.
3) I will have to ask a general question? Why many governments are classing Bitcoin as a property & not a Currency.
My advice is keep buying Bitcoin and don't look back. Also don't forget LTC.
Having a moniker like "Safe Haven" is really alarming. First of all, we know Bitcoin is integrated by using Blockchain Technology which has a high security system but all of other Cryptocurrency is also integrated using Blockchain but they are having news about being hacked, scammed and lost of data. We can never be too sure and that is why we need to stay careful about picking or choosing the Cryptocurrency that we will support and follow. We can still call Bitcoin safe because it is only hacked thru the carelessness of users. |
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It's been a decade since Bitcoin emerged as a decentralized digital currency for the people. While it's no secret that Bitcoin and other cryptocurrrencies have some drawbacks, they're still a great alternative to Fiat when it comes to making payments without a centralized entity in charge of our funds. With latest advancements such as DAGs, smart contracts, Layer-Two scaling solutions, Dandelion Protocol, Zero Knowledge Proofs, and more, it's becoming more evident that crypto will someday replace traditional payment processors like PayPal, Apple Pay, and Android Pay. Yet, Blockchain technology is still struggling with user adoption and regulatory compliance. Nonetheless, do you believe that there's hope for Bitcoin to beat traditional payment processors or will those same payment processors adapt to the Blockchain in the future?  There are already some businesses that uses Cryptocurrency as their mode of payment and the results were great. It reduced long lines and P2P transactions that sometimes lead to misunderstandings. Blockchain Technology is still being learned in most countries and they will have a hard time on how to integrate it into their systems. Bitcoin may beat traditional payment methods IF it is able in every country that has access to Internet. Learning about Bitcoin and Blockchain Technology was worth it because of the fact that it can be future developed if studied well. |
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Hey  I once came across a time when I was unsure where the market is going to take us , thus I brought at a very high price , unfortunately the price came down as quickly as it climbed up. The reason I believe I haven't lost even a single penny is because I believe you cannot loose when you don't encash.Therefore I still believe holding for the long term can actually help you . This has been my personal experience and i have lost a lot. It may still be true that you wont lose a single penny if you dont cash out the money you own as an digital asset BUT HODLing too much might have a bad effect. The prices may change drastically and the value you are keeping might fall to nothing. HODLing might still be useful but you need a lot of patience and keep supporting the Cryptocurrency that you are rooting for. |
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Who knows Bitcoin will the Number one in the future? Does anyone know that's bitcoin will still work in the future? I think here a new coin will get the first place in the crypto market. Any coin takes this place. Need more popularity and marketing with a good opportunity.
So, My question is, Will Bitcoin remains the king of Crypto Market in the future?
The market is still unpredictable due to price fluctuations and different aspects affecting the economy of the Cryptocurrency Industry. Bitcoin is undeniably one of the best Crypto ever created and because of its milestones, it continues to be the best Cryptocurrency. Having satoshis and HODLing satoshis will be profitable in the future because Bitcoins price again is steadily increasing. It may remain as one of the best crypto but we can never too sure to Alternate Cryptocurrencies. |
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I believe there are some people in the community who are in the standpoint that "Bitcoin isn't successful" unless they can use it for "almost-zero fee" coffee transactions. But is it truly a failure?
I always thought of Bitcoin being free in someway because of its versatile ways on how we can get our hands on it. There are a lot of ways where we can gain Satoshis. People saying that Bitcoin is not successful are those people who have at least lost a lot while they are earning for more Cryptos. They might have created many mistake and might not want to take the blame for it. We can already say that Bitcoin is one of the beat Digital Asset there can be and Blockchain Technology is a revolutionary technology which created even more opportunities to the e-commece. |
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Hello,
Suppose I would expand my BTC portfolio to 10 or 15 BTC.....how would you store such a big amount of coins?
Ofcourse I would use a hardware wallet, but if I store them all on 1 wallet and I lose the wallet, or the house gets on fire and it burns, then I have lost those coins forever? Or are there still ways to get to the coins somehow in that case?
Would you advise to store let's say 15 BTC on 3 different hardware wallets (5BTC each), or would you spread it out even more? Ofcourse I'm not gonna buy more than max. 3 hardware wallets but in that case maybe 15 different laptop wallets (Electrum, Jaxx, Exodus etc.) with 1BTC each on it is safer?
I'm looking for the safest way to store a big amount of BTC and to minimize the risks of losing a big amount.
Having at least 1 BTC is already scary and hard to be kept. You really need to create a firm decision on what will you do about it. HODLing it in one safe storage or wallet is one solution. Having more than 1BTC will make you a prime target for scammers and people that wants more money. One solution is buying a Ledger where you can keep it personally. |
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The Reserve Bank of India (RBI) has published its official document on a draft framework for fintech regulatory sandbox entitled “Draft Enabling Framework for Regulatory Sandbox.” The document explicitly excluded crypto assets like bitcoin, demonstrating a lack of intent to regulate the local crypto market. “The entities may not be suitable for RS (regulatory sandbox) if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner,” From: https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=920#S1Full News Source: https://www.ccn.com/india-bitcoin-shuns-crypto-from-fintech-sandboxDo you think Bitcoin being legalized will still happen for Indians? I'm guessing for that they would have to allow exchangers returning to online business again. This is actually a big hit for those Cryptocurrency Users living in India. At least 4/10 Cryptocurrency users live in India because there are a lot of knowledgeable users in the country. The people of India have a wonderful mind that creates unique ideas in different fields of knowledge. Crypto Users in India will be very much affected and may lay low for the time being because their assets might be confiscated forcefully if they keep showing that they own that much asset in terms of Bitcoin. |
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And it will remain so for a long time.
No government, no parties can effectively ban it and put their hand on it. They would have to ban internet first. Not likely.
That would be the end of free world we know.
Its not actually Bitcoin's strength that they cannot crack, it is actually the complicated and wonderful design of the Blockchain Technology. It is impossible for the government to ban it because they cannot even find its roots. They know its integrated into Blockchain Technology but they cannot actually hack into Blockchain because of its Security features. It is truly a remarkable invention and it actually helps people in need. |
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This is actually what happened to Bitcoin and it was a great start for the Cryptocurrency Industry. Bitcoin's past is a mystery because of the fact that no one knows who actually created it. The creator of Bitcoin might have made a big mistake or they created one of the best invention at that time. What is happening currently is what we can call an redemption stage. We saw a big drop in the value of some Cryptocurrency but now it is slowly rising up AGAIN, which is actually too good to watch because every HODLers are happy. The Future of Bitcoin and the whole Cryptocurrency Industry will still remain unknown. We cannot create wild speculations because some of it are out of our own mind to be thought of. |
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I would like to instantly learn about the technology that involves Cryptocurrency. I would gladly learn about Blockchain Technology and its applications. I would join different campaigns and watch the values of Alternate Cryptos fluctuate. I would also correct my past mistakes by trusting on what my instincts tell me. The Cryptocurrency Industry opened a lot of opportunities that I can take to earn and learn more. It taught me how to invest properly and spread those investments to lessen the risk of losing everything.
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I hope everyone is ready for it, because it's going to be the biggest test in your HODLING abilities, and resolve.
What would transpire is the biggest socio-political/socio-psychological attack that the community would ever see, and it would involve state-level actors/governments.
Prepare yourselves. It's coming.
This is actually very helpful to those who are new especially those who are still in the process of learning. Learning how to handle pressure that tackles the Industry will be hard because it will attack us mentally. We have to stay disciplined and trust that HODLing our Crypto's will still be profitable. There are already a lot of threats lurking around the industry but it stays the same way because some users does not want to damage the industry and we should stay vigilant to secure the industry. |
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This is for members outside of the United States of America since things going in that country are all on the news but for those countries who are usually outside the radar of the mainstream media, I would like to get updates which can be good and bad, favorable and unfavorable with bitcoin. Here in my country, we have no problem with the government as regulatory bodies are not hindering the growth of cryptocurrency and in fact we have many more exchanges already approved and they can start doing business in 2020. Reading the news in other countries, I am feeling lucky to be a resident here.
What about in your own native land...how's bitcoin adoption been going on? Is there a bright future in there or maybe is it facing a gloomy and cloudy prospect? Let's talk...
In our country, there are plenty of users that are already knowledgeable on how to use Blockchain Technology. They have adopted it in different platforms but if we are talking about Bitcoin alone then people that are not knowledgeable or does not even know what Cryptocurrency is, thinks that it is a scam or fraud that will only take their money away. Bitcoin adoption in our country will take a lot of time because there are only few teachers that are willing to teach it to others. They are scared that people might get greedy and abuse it. They can also use it in scams that might take advantage of others so Bitcoin users in our country are very secretive. |
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********************NEWEST UPDATE********************* Ok bitcointalk! I have been hard at work over this last week. I have just put the finishing touches on my site! I will be posting a new topic soon about how to identify pricing bottoms by utilizing the creation cost. It needs a couple more revisions, but it will be ready today or tomorrow. Here is the link to my site again: https://www.amsinger.orgAs always I love your opinions and criticism. You need friction to make fire  Aaron P.S. The next client research will be covering the price volatility increases when bitcoin is high above the creation cost. ******************************************************* *****************UPDATE******************* Thanks so much everyone for your opinions and views! I am setting up a complete redesign of the site, and I will be back in around a week with all new research and probing bitcoin questions. The site will be down while I make all the upgrades and rebalance the scales. Bitcointalk is one of the few places where you can go to meet crypto people. I am honored to speak and share my data and views with you all! Love and hard work, Aaron ****************************************** Here is an overview of how to find and UNDERSTAND your risk while investing in crypto. If you want to see how it works click this link: I have previous posts on here explaining an optimal entry point based on fundamentals on Feb 7. This is an explanation of May 2 to May 27. Creation Cost - The variable cost it takes to create a bitcoin On May 2 BTC risk hit its lowest since February. BTC was 15.1% above its price floor This is a rare and likely profitable situation. The price floor represents the price at which whales start buying due to the natural cash flow of cryptocurrency. It represents the point of strongest buying capability in the market. On May 27, after the 59% price spike, the risk level increased to 55.5%. The price had virtually no support and due to the high price every miner and holder with any awareness of risk levels was selling and not holding. I created fundamental analysis in order to provide my clients the information that they need to measure risk and understand the crypto market. With the fundamental price floor you know automatically if the price is low or high. $3000/BTC was INCREDIBLY high 4 years ago, $3000/BTC now is a mortgage-your-house steal. With price floor and cash flow analysis my clients know when the market is high and when it is low. I truly hope that you find this information useful to you. I made this because of the pain I felt in Nov 2018. I needed to know why it didn't go to zero, and I found the price floor. Aaron Helpful Links: Understanding the risk in Crypto might take some time if you have just started Cryptocurrency recently. Users wont be able to understand it completely if they do not know what technology is being used and how the Cryptocurrency Industry works. There are always risk involving personal investment. Investing is already a risk if you do not know where will the money go. We have to be careful creating decisions because a lot of users are already losing big amounts of money due to carelessness. |
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Statements like this were never thought of and was given little chance to prove the fact if this was even true. Cryptocurrency was always criticized that it would not go any further but as time passes, more and more Cryptos are being made because they want a society that is cashless and that would be hassle free. It would avoid P2P transactions and that is somehow safer if you are scared to meet in person. Crypto is slowly being adapted to some places and would still be popular due to its help. |
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Protecting or keeping your Cryptocurrency safe is one of main problem in the Crypto Industry. We need to be cautious in accessing websites that might lead to phishing or scams that would endanger our assets. Keeping them outside the internet would be helpful if we own a Ledger but not everybody can afford one and that is why we need to add security measures to websites where we keep our Cryptos.
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