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Lots of people have their savings in bitcoin (that is, they are living on the fiat earned in their jobs and their bitcoin money is savings they don't need).
In economic crashes, people start to draw down their savings in order to live, if they've lost their jobs. So I would see lots of sells, which would push the price down. At the same time there might be a few cash rich whales who wait at low prices, hoping to scoop up cheap coins.
This happens every recession by the way - the poor use up their savings and sell assets (including houses) to live. A few rich people take advantage and buy stuff cheap. For example most of Joseph Kennedy's wealth was built after the Wall Street Crash when people were selling their land at firesale prices and he was scooping it all up for a song.
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Very nice to see addresses that have lots of ins and have no outs yet. They maybe just new ones or a real hodlers.
They are the cold wallets of the exchanges. Nothing at all to do with hodlers (or satoshi). The more exchanges, the more you see these concentrations in addresses, |
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Utility - Is Bitcoin still useful compared to other payment options or commodities? What use case, gives Bitcoin the edge over other options?
The answer to that one is No. Steam, Microsoft, Dell, Stripe have all disabled bitcoin. And they are not going to re-enable it. But Steam has announced that it still believes in crypto and will announce the ability for alts to be used as payment. Lots of alts are being enabled across the board - there is a huge competition to become the main crypto used for payments. We don't know which alt will win. But we know bitcoin won't be one of them. |
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Are you joking or are you unable to count? Miners are paying VAT, which makes it 20 + 17 = 37%, or 42% if you're in the higher bracket (earning more than the average). Does paying even the lower 37% seem reasonable to you? In my view it's a robbery. Please explain how can you see having to share 40% of your income with the government that isn't helping you earn those money in any way. You're paying all the property taxes, power bills and so on anyway, so what is justifying those rates in your opinion?
How many miners are there in Israel? Not many, the electricity is expensive. The majority of people affected by the new taxes will be traders, and the tax is reasonable for capital gains. |
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Bitcoin
It is not tangible, right. But you omitted something: is USD tangible ?
USD is even worse: its supply and public debt are determined by a few individuals, by just writing a number on a computer !
At least BTC supply is "democratic", it is done by an algorithm.
Democracy has nothing to do with algorithms. Democracy is about the community having a vote. With bitcoin, teh community has no say, they've been protesting about fees for about a year and the small elite that controls bitcoin ignored them. Bitcoin fees have now fallen - but only because transactions are at 2016 levels. People have switched to using alts. Voting with their wallets. I guess that's a form of democracy. |
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I don't think this will pass. The way Swiss citizens get to vote on such things is really wonderful to see but they're an educated bunch and I think ultimately they'll realise that this helps to stimulate the economy. With the strict regulations they have in place such as Basel III and the reserve requirements etc it should be safe to assume that banks can operate with relatively little risk and still stimulate the economy through that. I don't think it will pass either. But at least they will have had a debate in public about the meaning of money and the meaning of debt. |
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It seems to me that someone has decided to profit when the price approached 12 000$,taking into account the opportunity to buy under 6000$ level recently -100% profit looks very good.
Or it could be nervous people relieved that it hit $11,500 and who cashed out thankful they'd got out with a small profitl. We saw this in early 2017, when bitcoin regained £1,000 and the bagholders from 2014 thankfully cashed out. |
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It's nice that a tax was introduced (becuase it means cryptocurrencies are legal now) but 42% is really much. As such, I'm wondering whether this legislation will help because people may still try to avoid the law due to the high rate. Governments have to come up with reasonable rates, otherwise regulations will not work.
I'd prefer it to remain in the gray zone than be forced to give away half of my earnings (as a miner). Historically, Jews always knew how to make money and were seen as greedy people so it doesn't surprise me that their government is following the same path. That's why I'm against regulations. They never bring anything good for the people. A government involvement always means that you'll get robbed while they're trying to make you feel happy, like you're doing a good thing, contributing and all. It's not 42%. It's between 20% and 25%. In other words some people will pay 20%, some 21%, and so on with a max of 25%. It's pretty reasonable. Only miners pay more, and I doubt that there are many miners in Israel because electricity there is expensive. |
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Do we know how much of what Samsung, Apple, Nvidia etc are producing is going into cryptocurency mining? I found the following article which indicates that some miners are making their own miners, as are some independent hardware stores: https://www.reuters.com/article/us-crypto-currencies-mining-analysis/computer-shops-embrace-lucrative-business-outfitting-cryptocurrency-miners-idUSKCN1G502LScores of miners from around the world are traveling to places like Hong Kong’s Sham Shui Po and Singapore’s Sim Lim Square to buy the rigs, which the shops’ hardware geeks expertly build behind counters in their cramped boutiques.
Some miners only buy components: a motherboard, graphic processing units, fans, power adapters, a display card and a memory card. But even if the vendors assemble them on the spot for a small fee, the finished product is usually still a relative bargain.
“It’s 30-50 percent cheaper to buy equipment related to cryptomining in Hong Kong than in Europe,” Russian bitcoin miner Dima Popov said. Hong Kong, for instance, has no sales tax and is closer to component suppliers.
Popov buys display cards, motherboards and power supplies in Hong Kong and mines cryptocurrencies in Russia, where electricity is cheaper and the climate is more suitable.
The demand for the rigs has added a new dimension to Asia’s tech shopping hubs whose once bustling business fizzled out in recent years hit by waning demand for personal computers. Storefronts that once catered mostly to locals, selling phones and other consumer gear, are now greeting foreign visitors searching for hardware that might make them rich. |
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It will not be long before banks start dealing with Bitcoin and maybe other cryptocurrencies as well. I guess they are waiting for crypto regulations from country where they do business. Because of curent (none) regulations, some of things you spoke of are not possible. Also do not forget that banks make a lot of profit, so why would they change something that is good for them.
Given that Japan and Switzerland are ahead of the rest in legalising and regulating bitcoin, if we see any movement on banks starting to accept crypto it will be in those countries. Conversely, if the banks there don't accept crypto (don't open wallets etc), then it won't happen anywhere else on earth either. |
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Im not Surprised that Japan as a Bitcoin Capital in the world, coz as we know bitcoin originated on this country (am i right?) also the satoshi is so japanese thing/name (just sayin).
Not suprised but I am amazed on how their government accept the cryptocurrency, as I see in news, japanese stores also accept bitcoin as a payment!, I hope my country will do the same!
But for now! I keep cheering on Japan and its way for cryptocurrency!
Don't forget MtGox was also located in Japan.The Japanese have loads more experience with exchanges, regulation and what might go wrong in cryptocurrency than any other country on earth. |
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Did they pay in BTC? I would like to help FUD cryptocurrencies too if they did lol. Anyhow, theres nothing to worry about. BTC and some altcoins have become so resilient, that its now impossible for them to stop. Its like their Pandora'x Box. It would be better for them to start adopting it. I think the Youtuber got Polish Zlotys - poor chap, he was scammed! |
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How would you solve volatility problems in new currencies? Backing it with something?
Volatility decreases the more people who use it. You can see it clearly in the fiat world - the small no-name currencies can move wildly (which is why most of their govts opt to peg them to the dollar). The huge liquid currencies move by perhaps 1% a day, it's a big event when it moves by double digits After Brexit the pound moved by 10% and the entire planet was having hysterics about it, because it was such a rare event. |
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Berkshire Hathaway is Warren Buffet's company... https://squawker.org/technology/bitcoinbuffett/A “noxious poison,” that’s how the Vice-Chairman of Warren Buffett’s investment firm Berkshire Hathaway recently chose to describe Bitcoin and its related technologies. Seemingly not one to mince words, the number two at the world’s third-largest public company also called the general interest in Cryptocurrencies “totally asinine.” These strong declarations following only a month behind his famous boss’s own statement that Bitcoin “definitely will come to a bad ending.”
Given all this hate towards Cryptocurrencies coming from Berkshire Hathaway, one would reasonably assume the company wanted nothing to do with the technology. That is why it’s strange to consider that one of the largest of Berkshire’s many wholly owned subsidiary companies, BNSF Railway, has just become the first major railroad to join the Blockchain In Transport Alliance.
The alliance has a stated goal of helping member companies apply digital-ledger based technologies to improve efficiency and reduce costs in the freight and logistics space. The groups own information guide states that, “Members of BiTA understand that Blockchain isn’t just an industry disruptor, it’s technology that will revolutionize the way people do business.” The group has also stated its firm belief that “10% of the global GPD will be stored on Blockchain by 2025.” Strange for a company whose owners have called the technology “disgusting”, to join up with a group so obviously for it. |
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so what you mean by that is abondoning bitcoin entirely and using alts end-to-end instead. The thing is I still believe in bitcoin and I would rather find some way for it to adapt then just throw it away and have it replaced.
Also, the scaling in the alt space is done by having multiple alts and multiple blockchains. Any single alt will run into the same throughput problems as bitcoin did, the moment it is as successful as bitcoin.
We'd all prefer that, but that ship has sailed - when segwit2x was abandoned, the market gave up on bitcoin and simply moved on. Merchants disabled bitcoin, they enabled alts. Exchanges enabled alt/fiat trading. Markets are like that - they can't be controlled by any one org, and if you fail to address prblems, they simply work around you. What has happened can't be undone - as long as the alts deliver, they will increase adoption. If anything we're seeing an acceleration of this as more and more exchanges enable alt/fiat trading. |
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- Never use the same email address and password for all exchanges and crypto-related sites such as this forum.
This one is crucial. Bitcointalk was hacked in 2015, and loads of people ended up getting hacked on exchanges because they were using the same email address and password on the exchanges as they were using here. And after Cryptsy went down, there were phishing emails for other exchanges send to email addresses held on Cryptsy - so either these were sold or hacked. Also - don't boast about how much crypto you have. You are just inviting someone to dox you. |
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Hello guys.
I'm very very far from making some kind of cash-out, but i was just wondering... How do you handle the thing of being forced to give your personal informations to exchanges to be able to convert your cryptos in fiat and transfer them on bank?
For how i see it there it's a very high possibility (if not certainty) that exchanges are selling the informations given by their costumers... and anyway there is alway the risk that they get hacked.
Knowing this, why you handled your ID and documents to exchanges? making some money it's enought to compesate the risks for you? do you use some alternative way to cash out your crypto?
For me, giving bank coordinates should be enough to allow people to cash out... The worst that can happen in that way is having your bank account hacked, but in these cases the banks give some warranties and some kind of protection/indemnity...
I don't see the necessity to provide an exchange with photos, ID, bills etc...
What do you think? do you think this system will change in the near future? what alternatives do you have?
You have two choices here. Either you can cash out slowly - that means not going for full verification, but the lower tiers that only require a name and address and bank accounts, but which limits how much you can take out each month. Set up several of these types of accounts on several exchanges, and then patiently cash out over a period of months. The second option is to sell in person, which is risky. |
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China has the greatest influence on bitcoin. It has the biggest population in the world.
It has a small impact on bitcoin because the biggest population of the world decided bitcoin was a threat to it and banned it. Most of bitcoin's gains came AFTER China banned bitcoin, which mean's China's impact was minimal. The real action in the east is in Korea and Japan. |
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So BTC crashed to $6000 after a series of bad news, FUD etc. Seemed to be like a bubble burst for real.
But, the reversal from $6000 until now is already 100%. And the trend is still up, up... with this current growth rate BTC will hit $20000 again in early March, and $100000 around July.
Remember that a lot of the movement from $14,000 to $6,000 was down to speculators. Korea was making noises about regulations, the French and Germans stated that they were worried about bitcoin and wanted it discussed at the G20 etc. So speculators were shorting bitcoin, especially in the lead up to the US Senate Hearing on bitcoin. That hearing was positive, the superpower had decided that bitcoin and cryptocurrency was a good thing. Some speculators bought. And those who were short closed their trades - and in order to close a short, you have to BUY. The combination sent bitcoin surging upwards. It had fallen too far because of excessive shorting, and all that has happened is that the shorts have unwound and we are where we should have been. |
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The block size increase is not going to happen - Segwit2x was it's last chance and no-one is going to bother with another campaign.
Scaling is going to happen via alts. [...]
Basically scaling is happening very fast - by by-passing bitcoin and using alts.
it is something that I've never understood very well. It would seem that to convert bitcoin to altcoin you first need to have your bitcoin in an exchange. And provided you don't keep your founds online (which is not secure to say the least) you need at least one bitcoin transaction to do it. So I don't understand benefits of transacting through alts, really, if sending bitcoin directly is one transaction too Unless you ment abondoning bitcoin completely and using alts only (?) Once bitcoin started hitting scaling problems in mid 2017, loads of exchanges enabled the ability to buy alts with fiat. For example on Kraken, you can buy Bitcoin Cash in USD or EUR, Ethereum in USD, EUR, CAD, JPY, and GBP, Ethereum Classic in USD and EUR, Litecoin in EUR, and USD, Zcach in EUR, USD and JPY and so on. On the Korean exchanges, pretty much most alts listed can be traded directly for Korean won. You can now by-pass bitcoin entirely. All that is left is merchant adoption of alts, and this is accelerating - lots of merchants have enabled ethereum, litecoin and bitcoincash. And Overstock allows people to use Shapeshift to purchase goods with about 12 alts. Scaling is happening in the alt space. |
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