Bitcoin is digital while physical currency is just normal. Bitcoin is digitized in a way that people nowadays can transact much faster by just clicking using decision-wise app. This coins are easily convertible to any kind of altcoin.
Fiat currency happens much more digitally than physically, so this isn't a point of differentiation over fiat. In fact, Bitcoin is more limited in that it can only be transacted digitally while fiat can be transacted digitally or physically. Further, on the digital front, digital fiat transactions are much faster than bitcoin and more universally accepted, so the list of things Bitcoin actually improves on over fiat is actually quite small, if indeed there is anything at all. |
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Before the scam artists, billions of dollars and wild speculation, cryptocurrencies were set out to empower people by decentralization - a term misused and underappreciated by many. Bitcoin has provided us with the first stepping stone in what will be an uphill battle against the corruption, oppression and greed of financial institutions and governments alike. We've come a long way, but the battle has only just begun. As long as we rely on centralized exchanges as gateways, we continue to deprive ourselves of a truely decentralized means of exchange.
It is only a matter of time before the technology catches up to our needs - and when it does, governments will shake.
Decentralized exchanges will need to find ways to integrate atomic swaps, smart contracts and fiat currencies in order to compete with today's exchanges. Decentralization will make it virtually impossible for governments to regulate and allow users to transact completely anonymously while spending almost nothing on trades.
Progress becomes increasingly important with every hack and shut down of centralized exchanges.
Let's do our best to raise awareness and support decentralized exchanges. Don't underestimate the change.
What does a decentralized exchange even look like and what application does it have? Exchanges are centralized out of necessity, someone to take the initiative to create the infrastructure that allows market makers and market participants to conduct trade. How does that function in a decentralized mechanism? Outside of this central question, this post is contains the unfortunate meaningless fluff about shaking governments and yada yada that is typical of this community in particular and which it would be better off without. |
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Oh my gosh! Bitcoin is crashing! - Who has not heard that in the last few weeks?
Well, I am the "Glass is half-full" kinda guy. I see a Fire Sale of bitcoins, where they see a crash. Since December the price went down with almost 60% <Most people are dumping coins left, right and centre and everyone is running for the hills... The end of the world is coming!
Not me. ^smile^
I am like a kid in a Candy Store. If I had enough money, I would have bought all the sweets at the Fire Sale! ... not just that, I would have bought the shop, closed the doors and kept all the sweeties for myself.
Unfortunately, my funds are limited and I can only afford to buy the sweetest candy as my fiat income is paid weekly. <Yes, believe it or not, some of us still have to work to pay the bills>
A lot of people said, "I missed the boat, because I did not buy early enough." Well NOW is your chance. Get it whilst it is still HOT!
DO NOT buy on credit! Buy responsibly, like I do. Pay those bills, skip a few Mc Donald hamburgers and buy some bitcoins!
!!!See you at $20,000!!!
The scary part of this is people who see a bubble price and then a crash and then think that the bubble price was the fair value price and not an outlier or the market being irrational, and therefore think the crash is the error and that it's guaranteed to return to the bubble price. Dream your dreams, hope your hopes, but don't let blind optimism lead you astray. Repeating a mistake after a wake-up call is completely on you. |
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US senators undecided in their attitude towards crypto-currencies and their regulation
The crypto community can breathe a sigh of relief: the long-awaited meeting of the us Senate devoted to cryptocurrencies and their regulation took place in a very positive way. The head of the SEC, Jay Clayton and the Chairman of the CFTC and Christopher Giancarlo told about the plans of their departments, the protection of seniors, the education of librarians and their own children, preferring the bitcoin stock market.
Just 9 years have passed since Satoshi Nakamoto released his "white paper" (WhitePaper), and bitcoin has already become the subject of heated debates senators on Capitol hill. Both cryptocurrencies and the technology behind them are slowly but surely changing our lives. They also require support of state structures, development and Federal supervision. Therefore, the main conclusion for the cryptocurrency community following the results of the historic meeting: there is no question of any ban on operations with cryptocurrencies or trading in crypto assets.
This writes Forbes - source of authority.
They're not undecided. Not one person came out and said this is a thing that shouldn't be regulated. Everyone acknowledges it should be, and some states have already taken the initiative because the federal government has been slow to act. New York especially, where there are already requirements to register if you run a crypto business (the Bit License). The SEC has shut down some ICOs, and indicated it considers all ICOs to fall under the jurisdiction of existing securities laws. That tells you all you need to know about how they're going to proceed, they just haven't started in a major way yet, but it's coming. |
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Both could be attributed to economic slowdown in china, and the yuan devaluation which naturally follows. What economic slowdown , they've just increased exports by +11.1%. China’s 2017 economic growth fastest in two yearshttps://www.ft.com/content/9bf532a8-66de-37bf-b515-03589957ada4 Of course I don't trust a single number that comes from China but you can't say there is such a terrible slowdown. And you have to take into consideration that the us markets are at ATH , they've grown in such a way it was obvious a correction would have to come, it was just stupid to watch those numbers going up and up and up.. More problematic than numbers coming out of China is absolutely anything published on zerohedge, which deals in conspiracy theories and other discreditable ideas. They've been calling for a devastating worldwide economic depression for the better part of 10 years. Their ideas are protectionist nonsense and anything they have to say on trade is tinted through a useless worldview. It's been noted the site is run by a known fraudster who was barred from the financial industry for insider trading. |
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Bitcoin will teach about volatility, but not really saving. If the value of your savings is swinging wildly from month to month, you're not learning the value of saving. The point of saving is to put money away and have it retain that value over long periods of time so it can be used when needed. If stored in Bitcoin, you're teaching the opposite lesson that the value you sacrificed to save could be worth more, but could be worth less, and that's the opposite lesson of saving. That's gambling.
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As a matter of fact we know online currency is popular in virtual community cause they uses of virtual currency is common for online based work. This digital currency is not so much popular for those people or local people who are not related to online based work. They have no idea how online currency increase economical condition day by day.
But from few years people are more interested about digital currency and online based activities only because of its several benefits.
Now a days we can hire skilled worker from all over the world and also can provide different work at the same process cause they don’t worried about money and payment system.
So on above this conversation common people are more interested for online currency.
Let's not kid ourselves. The vast majority of people who have jumped on the crypto bandwagon in the last year have done so not because they're interested in utility of crypto but because it looks like there was easy money to be made. Price of Bitcoin is blasted everywhere when it was on a tear up to $20,000; you couldn't escape it. That easy money FOMO kicks in and more people pile in. Eventually the momentum couldn't sustain itself and it crashed. But don't forget the impetus was scoring easy gains, not because people saw the use case for crypto. |
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When they really need to. But they'll fight it hard! Apple's business model is to lock everything down -- very closed indeed. This does not align with the goals of bitcoin, at least, how I perceive them.
tl;dr Apple = closed. BTC = open.
To be honest this thread and your theory will come sooner or later, because as you can see the bitcoin gaining more popularity than last year , and I think that apple will cooperate with bitcoin as a paying. Because bitcoin is still not illegal on some country so I think this is why apple still not accepting the bitcoin. Apple were wise enough maybe they still studying it finding the pros and cons, once any of their competitors tries iy, they might think of using it too. Their competitors do plenty of things that Apple doesn't, like open the platform for development for example. That's far more consequential than something dumb like accepting crypto. Apple isn't going to do anything that doesn't benefit Apple, and if you think getting involved in crypto to please a fringe minority matters to a company worth $850 billion, you're just wrong. Wishful, but wrong. |
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How do you guys think? Do we need regulations in the crypto world? Should only ICO be regulated or legit coins (not "security tokens") too? Can we implement regulations mechanisms in code so that corrupted governmental institutions couldn't manipulate the industry? Can we still have free market with governments' regulations across the world?
Please, share your thoughts. I'm a bit confused about what's happening right now.
Regulations are good and will increase trust and accountability in the system. Bad actors will be held reposonbile for bad actions. Look how many exchanges fail due to being run by incompetents or fraudsters. Imagine how much better it would be if those operators faced legal repercussions for not taking adequate cybersecurity precautions that get their customers funds stolen. Regulation is not the enemy. |
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I agree with OP and am concerned about the "scams attract regulators" part of the OP here, but I've been resigned to the fact that governments are bound to regulate crypto eventually--it doesn't matter so much whether every other transaction is a scam or not. If bitcoin and other cryptos actually do catch on and attain wide adoption, that in itself is going to get the notice of regulators. And I suspect that even if crypto doesn't get widely adopted, it's still going to get some laws made and restrictions implemented. That's just the nature of lawmakers. Their job is to create laws, so they will. It sucks and I'm against it, but it's going to happen.
I don't think there's much "we" can do about the scams other than to do our best not to fall victim to them. Unfortunately, I've seen people's greed straight up run-and-tackle their rationality and skepticism at the 1-yard line, and I expect that'll keep happening as long as crypto exists.
Regulation is a good thing. It will cut down on the scammers and will hold those responsible after the fact if they try anyway because there will be no anonymity for projects and those who run them. Scams are possible when there is no accountability, regulation creates accountability and raises trust in the system all around. |
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As far as i know bitcoin has a high volatility given the fact that it is in demand in the market but i did not expect hat it is so high that it can really go from 1-100 and 100-0.
I want your insights about this volatility of bitcoin.
Bitcoin's high volatility rate has been due to its high adoption rate and high conversion rates; it having a sharp price decrease and also a sharp price increase - within a short period of time. The high volatility of bitcoin is due to the fact that it is in its initial stages. Although there has been a long time since it was introduced still people are not sure whether to adopt it or not. However as the time is passing by, more and more people are believing in it and making their investments and there will be a steady increase in its value. The sudden rise at the beginning was because it was just introduced and everybody just wanted to give this cryptocurrency a try and that caused the values to boost up in no time. Could be in its final stages for all you know. I don't believe this myself, but it illustrates that volatility doesn't come from its stage of development but from its use as a speculative asset. Traders, gambler, and speculators make Bitcoin volatile because they're trying to amass as much money in as short a time as possible. Add FOMO and headlines about about each new price level and it drives irrational trading activity. That's where the volatility comes from. |
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[snip]
To add; market caps are meaningless. You just need to dump the price down of a leading exchange, which in current thin market can be achieved with a fair number of coins, and the market cap tanks with tens of billions in value, and that just because of a few million value dump.
But if it's an outlier, the market will recover quickly and it won't be an issue. The more liquid a market is and the higher the trading volume, the better an indicator market cap is. And we've reached the point now where Bitcoin market cap is a good indicator. |
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When they really need to. But they'll fight it hard! Apple's business model is to lock everything down -- very closed indeed. This does not align with the goals of bitcoin, at least, how I perceive them.
tl;dr Apple = closed. BTC = open.
Apple is the epitome of centralization. They value control so much they close their App Store to publishers until the programs can be reviewed. In a trusted company, this is a good thing because it ensures all programs in their platform have been vetted and meet their minimum standard for quality control. But it's an indication they absolutely will not embrace blockchain because they cannot control it. The alternative is an open environment like the Android platform, but there is also a high degree of infiltration there by as actors who peddle virus-laden apps. It's a perfect analogy to scammy operators in crypto. But they still accept dollars or whatever currency of the countries their regional offices reside in, right? From my perspective, if Bitcoin or another cryptocurrency gets accepted everywhere on par with fiat currencies and people actually start to buy stuff with it, they won't let profits slip and they will undoubtedly embrace blockchain in the end. Especially if their tough competitors like Google and Microsoft take serious steps toward embracing crypto. Yeah but those currencies are also stable. I don't see them willing to sacrifice profit margins to chase the fringe crypto crowd. They don't even do so to placate the majority on much more consequential matters to their business (headphone jack being a perfect example). I just don't ever see Apple being in the position where they need or want to change. |
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Very good points. I'd like to add:
5) Banks can't steal it from you. You may think they can't steal cash either; that's not true. With central banks printing money by the hundreds of billions, and commercial banks creating money as debt like there's no tomorrow, they're effectively lowering the relative worth of your money in their advantage. Remember: stealing 5% off your deposit, or increasing the total money supply by 5% by creating it out of thin air, has essentially the same effect.
Except it doesn't. The money supply is increased as the value of goods/services in the world is increased; that is the money supply increases as the economy grows. If they both expand at the same rate, money remains stable. The fact that inflation in the US is so low (roughly 2% per year) shows that the Fed mostly does a good job inflating the money supply in conjunction with the speed of the growing economy. If your premise were to hold true, inflation would be a whole lot higher and the US dollar would depreciate at a much faster rate than it does. |
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Can decentralized technology help the housing market? Yes. Decentralizing banking could have a positive impact on housing markets. For example let's say a crypto currency were designed to work with real estate transactions. Real estate loans could have their annual percentage rates reduced via free market competition introduced as crypto began to compete in what might be described as a centralized and monopolistic housing market run by banks. Reducing APR rates could create a more efficient housing market which might benefit consumers. How is crypto going to do that specifically? Nothing you said there is enabled by crypto, you're just talking about a new competition source for loans that's denominated in crypto. There are already non-traditional loan sources that compete with traditional loans, but the fact remains that centralized loans from a bank are already the most competitive means for securing a mortgage. Crypto isn't going to make a loan more competitive than that because the it's not about what it's denominated in (fiat or crypto), it's about the terms of the loan dictated by the lender. Crypto isn't going to magically make lenders want to accept a lower rate of return on the capital they loan out. |
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How low will BTC price reach?
Just to know what you guys think
So the majority decised that the lowes point of Bitcoin can be 5 thousand, and then it will start growing. If it is true, let us wato till %K time comes to buy more BTC Don't take the people who voted here for any type of consensus. You're looking at a subset of a subset of a subset of the crypto population. This poll is just for sparking a topic of conversation, anyone looking to make an investment decision based on it is setting themselves up for big losses due to how unreliable the information and any conclusions drawn from it are going to be. |
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Nop, somehow bitcoin generates good profit margin to investors, Without btc, alt-coins will never evolve in digital world, Bitcoins has also advantages in real world, It is very efficient to use and a good source of income:)
Currently it is not at all efficient to use so you can not say that. Long tx times coupled with large tx fees do not allow it to be used as a daily transaction currency. I am a big proponent of bitcoin and believe these fixes will be enabled but until they are, you should not expect Bitcoin to be used for easy transactions on a widely adopted scale. [snip] It's made large improvements recently. This has been my biggest complaint for the last several months, how useless and expensive it was for transactions, but the mempool has been cleared out and transactions are cheap again. I don't know if this is entirely due to SegWit or if a massive ongoing spam attack has ended, or both. But the most important thing is that transactions can be completed at a fraction of the cost of a few months ago. Whether that's as good as it was or is a long-lasting change, that remains to be determined. |
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It seems that we need to agree what "fiat currency crash" means: of course it's very unlikely that fiat currency could be soon replaced by bitcoin or another cryptocurrency, because there are still too many technical and structural problem to solve.
But as someone already stated, fiat currency crash happened along all history, in some case very recently.
This is the reason why it's called fiat money: fiat=trust=faith.
When trust stops, the currency crashes.
The same is true for crypto. The only reason any crypto has any value is because people trust that someone else will also value it. Why doesn't really matter, if it's for trade or store of value; it only matters that a large group of people consider it to be worth something. Once a large group of people do not, it will not have value any longer, just like fiat. There is essentially no difference here. |
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The current situation of the bitcoin market in the China and around the globe has changed speculation very dramatically. I believe that bitcoin will reach to prices of 5-6k and will play around it for long time. The lowered prices is actually opportunity for many investors so it might happen that they will put big money at this low and thus will keep the balance of in flow of money into it. The net result would be little stability for sometime as almost more than half of crypto investors will be investing money and slowly people who are selling the BTC will drop in number. So we might just expect it to drop by 2 k more but it won't go below that point for sure.
People have been calling every $1000 drop an "opportunity" but the only opportunity it's proved to be so far is an opportunity for those selling to get out at a better price. Bitcoin's price was always pure speculation. There's no reason to believe that Bitcoin will see the highs it did last year because the price was a bubble and dumb money was chasing a get rich quick fantasy. There will be far too many competitors in the crypto space for one crypto to have all the value in a future where fiat is replaced, and it remains highly improbable fiat will be replaced anyway, so everyone buying because someday this is going to be worth millions of dollars because it will be so limited was a stupid and unreal likelihood. Now that the shine is wearing off, perhaps reality will be allowed back into this space. |
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Just out of curiosity, all you adamant "every dip is a buying opportunity" folks, how is that working out for you? Did you follow your own advice and buy the dip at $17,000? Did you buy the dip again at $15,000? Were you buying the dips as they dipped below $12,000 and $10,000? Still confident at $8,000? Does $7,000 look like a good price now?
I've been warning this was a bubble, as have many others on this board and elsewhere. The signs were everywhere. Everyone raising questions about the sustainability of the price was not some big bank shill or someone threatened by crypto. Crypto is a great concept, but it was clearly a bubble.
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