It could take decades for 200 million people to invest $1 each. That's the only downside.
I was moreso questioning BittBurger's remark that price would not move if large populations bought only small quantities of Bitcoin. Of course you would be dreaming if you thought an Indian exchange would suddenly have 200 million users. Mt. Gox only reached 1 million users just a few days ago. How many users does btcchina have? I'm pretty sure it's not even close to 1 million. Even at 1 million, that would still be less than 0.1% of the population here. |
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$300-450 is a good price for china not being able to buy coins.
No offense to India, but I have a handful of friends that live there and I have been told that majority of that country is very poor with a small middle class and a handful of the wealthy. I don't think the majority would put to much into bitcoins.
The rich in India will have a major impact. The poor will do what they can to hang on. What exchange will the Indian rich use? Is it easy to wire money in and out of India or are their restrictions like China? There was a thread on the forum about an exchange in India that had just launched. Guarav Burman is also bringing an exchange to India that will have credibility. http://economictimes.indiatimes.com/tech/internet/dabur-scion-gaurav-burman-bites-into-bitcoins/articleshow/27574053.cms$300-450 is a good price for china not being able to buy coins.
No offense to India, but I have a handful of friends that live there and I have been told that majority of that country is very poor with a small middle class and a handful of the wealthy. I don't think the majority would put to much into bitcoins.
The rich in India will have a major impact. The poor will do what they can to hang on. There is nothing stopping 200 million Indians from buying into sub-1 BTC quantities of Bitcoin ... however this will not do a thing to increase its overall price. Because of BTC's nearly infinite divisibility, theoretically an entire country could buy in mBTC's at a price of $650 and the value wouldn't go up even $1 USD. Don't you think it would be better for the future of Bitcoin to have 200 million people invest $1 each into Bitcoin rather than one person invest $200 million? How would the price not move in either case? |
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It's been a long time since I've heard of anyone buying or selling Bitcoin with Paypal, but if I remember correctly, Paypal decided not to allow users to purchase Bitcoins using their service. I could be wrong though.
Last two places that I was aware of where you could actually use Paypal to purchase Bitcoins were on eBay and on Virwox. There's a good reason that major exchanges and most people on this forum will not accept Paypal for Bitcoins.
There would be nothing illegal about selling Bitcoins using Paypal. You should know that you will be scammed however.
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You can ignore this and the wallet will work normally. Can be a bit annoying though and hopefully the dev makes this small fix in the next update.
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You may find it in your process manager. Look for any process that is using up the bulk of your processing power. Sometimes they're named to look like a legitimate system process.
They are not always detected by anti-malware. They can also be persistent, meaning even if you kill the program, it will just come back.
Typically, silent miners are installed on systems by botnet operators only after infecting your system with a herding application. So if you find that your system has in fact been mining coins without your knowledge, there is a high probability that your system has already been totally compromised. If so, you'll also probably find any wallets on your system to already be emptied as well.
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Bitcoin uses double-SHA256, which is not broken if SHA256 is compromised. But other financial and banking protocols (credit cards, wire transfers, etc) all use algorithms way, WAY weaker than SHA256, so they're in big trouble.
So, when SHA-256 is compromised, everybody will flee from fiat to Bitcoin.
And then, it will take several more years before before double-SHA256 is broken in any way, so we'll have plenty of time to switch to SHA3.
Bitcoin wins.
This, along with the fact that if SHA-256 is compromised, there are FAR more valuable targets than Bitcoin. 1) SHA-256 compromised as in there is a quick way to discover the nonce required to produce the valid block hash.
Assuming the discoverer is malicious and stupid:
2) Attacker zip through blocks, providing instant confirmation for his malicious activities.
3) Attacker tries to sell all the coins.
4) Exchanges freeze.
5) No one needs convincing that the hashing algorithm is really broken.
6) Bitcoin algorithm switched
7) Everyone agrees to rewind to a block before the attack
8 ) bitcoin continues.
Assuming the discoverer is malicious and smart:
2) Attacker zip through blocks at 5 minutes interval to avoid detection.
3) When this has happened for a while, more and more people will become suspicious
4) 5 - 8 will happen.
Assuming the discoverer is benevolent:
2) Research claims SHA-256 compromised
3) demonstrates this by zipping pass a few blocks.
4) 4-8 in the stupid attacker case happens.
I have left out the other serious implications of the complete breakdown of SHA-256.
If someone malicious or dishonest broke SHA-256, why would they mine blocks when they would have the private key to every wallet? |
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It's been shown that NSA cryptographers have authored backdoors in their algorithms in the past. Either that, or they're just not that bright. The only thing is $10 million is an extremely small sum to pay. I can imagine there are people that would pay far more for something like this. I'd say it could've been $10 million to RSA and perhaps another $10 million directly into the pocket of RSA's Head of Engineering.
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Why would people here in China get rid of their Bitcoins if they feel that it might be more difficult to obtain them in the future? I certainly would not sell and would be hoarding them instead!
If you can't spend bitcoin due to the big Chinese firewall and your too poor to go abroad what are bitcoins worth? You would hoard them but you are referring to a free country. China is not a free country. What empoweoqwj said. Also, I live in China. Firstly, the great China firewall cannot block p2p networks so I will always be able to send and receive Bitcoins. Also, we have access to VPN. Secondly, I can open a bank account abroad in just about any country in the world and wire funds from my account here in China to the offshore account. These government regulations are only a nuisance here. Certainly not a Bitcoin killer. |
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Sentiment along with fundamentals sure do play a part in price action as it does in any market. However, over the last couple months, technicals are becoming increasingly useful in trading the majors such as BTC/USD and LTC/USD. This is due to some larger and more experienced traders now invested in crypto currencies. You can check my past forecasts based purely on technicals and see how they've played out here: https://bitcointalk.org/index.php?topic=191485.msg3951933#msg3951933They were very much spot on. Ninety percent of my trades are based on TA, the others on fundamentals. Seemed like the thread had no interest so I don't think I will be continuing to contribute to it further however. |
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Why would people here in China get rid of their Bitcoins if they feel that it might be more difficult to obtain them in the future? I certainly would not sell and would be hoarding them instead!
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This article is only true if altcoin prices were not linked to btc value... unfortunately they are ..
What do you mean by "linked"? |
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and the browser doesn't close. popped up 2 times to stop you from leaving.... this is blackhat marketing.
Same thing happened - I'm running a malware scan just to double check. These are losers, don't bother looking. Off topic, but a malware scan will not necessarily identify viruses installed on your system. Botnet operators constantly re-encrypt their bins and update the installations on zombies to make them undetectable by virus scanners. Best thing is to either reformat, or disconnect your system from the Internet. Once disconnected, wait about two weeks then update your virus definitions by USB (not by connecting the system to the Internet) and hope that any viruses on your system have since been identified by anti-malware companies. If you connect to the Internet first, chances are the virus will update itself before your definitions, rendering your scanner useless against it. Sorry. |
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Those hold values all together because of forex
What? I'm going to assume you're trolling at this point. The only reason altcoins are called altcoins here is because this forum is Bitcointalk which was created to discuss Bitcoin. Hence they are "alternates" to Bitcoin here. Bitcoin can be an alternate to Litecoin for example. The crypto community has not changed the definition of alternate as far as I know. I encourage you to actually look up the definition. |
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It gets its USD value from BTC
That's the definition of "alternate" coin, it will never be a primary, ever. Actually, it's impossible.
Please take a look at the LTC/BTC chart here: http://bitcoinwisdom.com/markets/btce/ltcbtcCertainly not 1:1 Bitcoin has the largest market share of all crypto currencies. When users gain/lose confidence in Bitcoin, the same will generally be true for alts. That may be the correlation you're speaking of. Secondly, I'm not sure what you mean by a primary, but I'll assume you mean most adopted, or trusted, or highest market cap, since I'd assume you know that some altcoin exchanges allow you to trade alts against alts. If an altcoin was developed in some way to make to make it superior to Bitcoin by design, then of course the market could gravitate to this new coin leaving Bitcoin in the dust. |
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Not being able to send funds from my bank account here in China directly to btcchina is merely a nuisance. There are other ways to easily move fiat to an exchange.
I also believe that, aside from the hype-factor, China's impact on Bitcoin is being overly emphasized While btcchina is transacting substantial volumes of btc, I'd suspect a large portion of the trades are also made by foreign entities. Without btcchina revealing the true figures however, that's just a guess.
Bitcoin will succeed with or without China, and regardless of any laws about owning Bitcoin, those that want to acquire Bitcoin's will always find a way.
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It doesn't matter how strong your password is when you have a Trojan running on your system.
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Well for someone that doesn't trust digital media, taking out a pen and paper and quickly writing down your keys will be the safest thing to do.
I haven't actually used software that will print fancy pictures beside my keys, but I suspect that any program that works for bitcoin will work for most other coins. The structure of the .dat files don't usually change.
For QR codes, there are a lot of apps for generating those as well.
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A paper wallet is just your private and public keys written on a piece of paper. Anyone can do this with any coin today.
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as far as i know, fiatleak is bullshit. for every transaction they show the amount o BTC bought, regardless the price. so it will always show BTCs flowing in, no matter if everybody is selling...
Well if someone sold, than someone bough right? I think that volume shown is just BTC changing hands inside btcchina. [...] sure! thats what i meant and thats why fiatleak is senseless! This isnt true. Exchanges don't actually send coins through the blockchain for every transaction. |
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It's all about the fee you add when sending  Higher the fee, faster your transaction goes Actually fees apply to the first confirmation only. Also, it mainly applies to Bitcoin at this time. |
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