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Binance digged and found a new way to make insane amounts of money. Now it is time for the herd of Asian shit exchanges to follow in order to claim 'their' slice of the pie.
If these were attempts to contribute to decentralized exchanges as a whole, I would welcome this hype, but this circus is a shitshow that will turn actually decentralized exchanges into the next meme. These exchanges have done nothing but spoon feed get rich quick minded gamblers with the garbage they are easily triggered by.
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If something ever replaces Bitcoin, crypto as a whole is fucked. Whatever that replaces Bitcoin will be replaced too at some point and this will continue until crypto has become completely redundant as a whole.
Good thing for Bitcoin is that more and more people start to see it as a digital form of Gold, and the best thing is that more and more people actually buy Bitcoin because of that instead of it being a quick flip investment.
I am not a huge fan of Gold, have also been trashing it when it comes to its usability as money, but there is no comparison in its own field. Gold is absolute in every possible way as precious metal, and that for thousands of years now. I can respect that.
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I don't really care what they think. POW is one of the factors that give bitcoin its value and makes the network more robust. The more it costs the better.
The more mining costs, the more miners have to sell, that's how things are. Despite PoW being the best option for Bitcoin where we are today, it's horrible that we basically are paying retarded Asian companies to take care of Bitcoin's security. They fucked up badly in 2017 which resulted in the fees to explode and confirmations take much longer to come through because of slower block times and Bitmain mining empty blocks. Don't forget that they also used people's hashrate for their silly ego hash war with BSV. It's much better to see smaller individual miners have more control over the hashrate they point to whatever large pool. |
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I don't think that crypto and banks will benefit from each other.The banks might benefit from crypto/blockchain adoption,but the crypto world doesn't need banks as a entry/exit point(I don't know what do you mean by entry/exit points.  ). If you don't know what banks functioning as fiat entry/exit points are, how do you know the crypto world doesn't need it? With entry/exit points I am referring to exchanges with bank accounts allowing people to deposit and withdraw fiat. Without this we would never be where we are today, because the far majority of the people buy their coins by sending fiat to an exchange, which they need the banks for. |
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Just look at previous cases with respect to HitBTC KYC, and the lengths that they ask you to answer questions at, that relevant legislation probably doesn't even cover.
Hitbtc is an exchange known to ask 1001 different questions, all an attempt to annoy people long enough so that they drop their account with the funds inside. It's horrible that people have to go through this, but they chose to register there and deposit funds, and that while Hitbtc has been a shitcoin exchange with tons of problems since the very beginning. In most cases, people (luckily) hold very little funds in their account there, so the loss isn't all that significant, but if you have tens of thousands of people dropping their account with a few hundred $$ worth of funds in it, then it adds up to a solid amount after a while for Hitbtc. Another thing is that due to their withdrawal problems, it might even be an exchange that operates a fractional reserve system. Horrible exchange this is. |
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Yup, i will only accept that a bull run is actually starting when i see bitcoin jump from 4K - 4.5K - 5K - 5.5K - 6k continuously without falling back to 3k or 3.5K.
I wouldn't put too much faith in that to be honest. When the market confidently breaks and closes above $6000 on the weekly, preferably the monthly time frame, then the bear market has come to an end for me. However, this still doesn't mean we will see a bull run pop up. On top of that, too many people are too well prepared for a bull run, which means that they have bought in already or they firmly kept holding their bags. In other words, there is too much selling pressure that we have to deal with every few hundred $$ we go up. The previous bull runs were so intense because people didn't see them coming and they basically were forced to buy into the momentum in order to not be a sucker that keeps waiting for the price to tank, just like how people kept waiting for the price to pump last year while it kept going down. |
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Bitcoiners call banks useless and banks call Bitcoin useless. The mud throwing battle continues.  In the end, both will end up benefiting from each other; banks in form of custody and trading desk fees (perhaps insurance too), and Bitcoin in form of fiat entry/exit points. Just think about it, if Bitcoin from their point of view was legit as useless as plenty of banks claim it is, they wouldn't get involved at all, but they do. That being said, with the Italian economy sucking balls, the Central Bank Of Italy has other problems to focus on.  |
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Lol. Binance single handedly is making sure that Ethereum & Co are much less of an interesting option to build on.
Did anyone pay attention to how little use the dApps on Ethereum experience? It's piss poor and only a matter of time before Binance takes over even the last bit of Ethereum's use. Tokens are only out to achieve one thing, which is to get listed on Binance and access their massive pool of liquidity.
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All of them makes huge sense to me. All are old beside Binance. Binance was just super lucky with its timing and also works good. So is not just luck, but still a lot of luck. You cant fail with any of these exchanges.
Binance had some luck with the momentum they had going for themselves, but the most important aspect is that where their brave compliant competitors did everything to not break any laws where they offer their services, Binance just didn't give a shit and entered as if it was their right to settle there. IIRC, Japan has been the only country actively trying to make Binance comply, but for whatever reason, Binance chose to halt their services in Japan and exit entirely. Such a large and successful exchange has no problems financially covering all the costs, so there must be other (potentially shady) reasons they didn't want to register and get themselves audited. On the other hand, they are very important for Bitcoin because all the altcoin and ICO shit there increases the demand for Bitcoin because that's what most people use to trade. |
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Though he has no good image in crypto community yet we don't know if he is raking money behind the scenes because his company is getting well known. Good or bad publicity will make a difference to his company's financial status. And that is the important aspect at the end of the day.
I doubt he is making money, unless he purposely is trying to make himself look like a fool to do the exact opposite behind the scenes. In the end, I do believe that the reputation of Fundstrat is suffering from this because who's going to take them serious when one of their main characters is wrong each and every time? The worst part for him was when during a CNBC item he was asked why he keeps on doing this to himself and whether or not it's better to stick to the legacy market. Ouch. Ah well, the good thing about Tom Lee is that we can use him as counter indicator. |
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Well, ETF approval will take place just before the bull run is about to start. Investors and whales will have collected a lot of bitcoins and altcoins by that time. They will give the EFT approval news and it will be start of bull run. Maybe we see more than 1000$ increment of price of bitcoin on a single day when this news become viral.
How do you know it will be approved before the bull run? It's empty speculation based on nothing but wild thoughts. The SEC has been very clear with how they look at this market, and there is no way that we can satisfy them without players such as Bakkt and Nasdaq entering the space and actually generate solid volumes. Bakkt has to deal with regulatory doubts and concerns when it comes to the custodial part of their service, which will very likely need a couple of more monthe to satisfy the CFTC. In the 'worst case' scenario it could take all the way till next year with how Bakkt doesn't seem to enjoy much priority within the CFTC board. |
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I'm sure this is happening gradually over time. I used to see whales dumping 1K-2K BTC at a time, several times daily, on Gox back in 2013. You never see that kind of volume anymore.
These were the good times. I remember seeing Chinese exchanges do crazy shit back in their +1 million BTC daily volumes. Orders of 10,000BTC were absorbed as if they were pocket change. I think the main reason we don't see these dumps anymore, or much less frequently, is because of how investors are afraid of exchanges freezing their funds for whatever nonsensical reason. Right now they dump a few hundred BTC on exchange A, few hundred on exchange B, and so forth. It's a smart way to deal with the risk they expose themselves to, because the times of freedom are long gone. |
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Your video is giving me lots of positiveness to continue holding my bitcoin stash regardless of some FUD spreaders are talking about the possibilities of $1850 in coming days.
If your confidence got such a massive boost to hold your Bitcoin, then you very likely don't understand what you are holding. I am very much confident that bitcoin had already bottomed and now getting ready for another crazy rally like how it has done in 2017.
If you are so confident that Bitcoin did already bottom out, why did the fud you referred to bother you? On top of that, wouldn't it make more sense to scoop up some more coins? If I believed the bottom was in, I wouldn't wait a second and buy as many coins as I can with the free to spend fiat I have. I can't wait to begin to see a bull run in the price of my bitcoin and other crypto I already have in possession this year and I think I can boldly say when lambo because we are going to be rich soon.
Get rich quick mentality. I see. |
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Interesting article but some questions come to my mind while reading it. First of all, why CMC need to show crypto trading volume so high or inflated? The increased fake volume will not bring any additional advantage to their site but these fake numbers can be used for manipulation purposes from my point of view.
It's CMC's job to show whatever data the API of an exchange pumps through. What they do on a less frequent basis is exclude some exchanges if they are too obviously manipulating things, but we can't really expect them to combat each and every exchange because it would obviously affect their income significantly. What people need to understand is that CMC is free to use, so if you think they aren't doing a good job providing accurate/honest data, then simply skip them. |
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Cryptocurrencies as they are won't work in the real world, especially with the focus on investment and earning rather than making a usable transaction system. A £1.50 transaction (on testnet at least) ends up over £2 with network fees. The fees are fine if it's thousands but even then, it's free with the banking system. I can send a penny or £50,000 and neither cost me anything. Where is the incentive to use bitcoin when it costs more, takes longer to confirm payments, and if I snap another phone in half I've lost everything? Obviously if I actually used bitcoin then I'd have backups and multiple devices, but for most people that's just extra work when the system they know and use has none of these issues.
If crypto is going to become a viable transaction system for the masses, it needs to change and not be it's own "currency" that needs exchanging with massive price volitility.
It's clear that you aren't actually using Bitcoin on a daily basis. I do almost on a daily basis, and can tell you right now that I haven't paid more than $0.10 in fees for over a year, and that's me being generous. Me being less generous means fees of up to $0.05 and they almost always confirm by the first next block. Where people tend to go wrong is that they try to consolidate too many inputs at once but not include a fee to match the byte size of the transaction. Altcoins might not charge you anything for such transactions because barely anyone uses them, but Bitcoin's block space isn't freely available like that. As for the longer to confirm part, transactions through financial institutions never fully confirm. Usually there is a 180-360 day time frame where transactions can be reversed from the client side, but the institution can do so even 5-10 years later. |
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We can't blame them, they used that KYC/AML verification for having probably a reason. Is just because of the giveaways of a stellar lumen and it might protecting the airdrop of steller lumen project from possible abusers.
I think abuse of the giveaway is the lowest on the list of reasons they do this. It's more an attempt to gain more verified users hoping that you will become a paid user. If you think logically, most of their users only use their service without actually paying for anything. It means that blockchain doesn't earn anything, but actually has to pay up for you to use them. This is a convenient way to work around it, and it's non stressful for people because all they have in mind is their free money. People here are so easy to fall victim to smart marketing of services looking to increase their income. It's understandable that they do this from a business perspective, but less understandable when it comes to people exchanging their information for a few coffees worth of money.  |
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Nothing is worth exposing yourself to the risks of having your coins held by whatever party, not even when everything is insured. The thing with insurances or exchanges in general settling their debt, is that these always work against you. Lets say that you have 10BTC currently worth $4000 stored there and they get hacked or lose them. If the price fell back to $1000 they will refund you your Bitcoins. If the price went up to $20,000 they will refund you the $4000 they were worth per coin. Sure, you can say it's still better than nothing, but this better than nothing simply isn't worth the risk. This isn't even taking into consideration the hassle and the stress involving this whole process. Smart people find better ways to generate income. Dumb people will go for these platforms. |
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It's all subjective, so take it with a grain of salt. It's impossible to exactly measure the percentage of fake volumes.
What surprises me is that most of the more recent exchanges aren't doing any effort to obfuscate their fake volumes by having it look more organic. Some of these exchanges are being operated by well known public faces within the world of crypto, and some even operated well known fake volume exchanges before. In other words, they should know how important it is to present volumes that look as organic as possible.
CME is by far the largest actual dollar settled exchange in the space, so it makes sense to pay more attention to what happens over there.
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those predicting more drops at this point are purely idiots who are even dumber than those who were predicting a new ATH in 2017. these people are either trolling or are those guys who always go against the market trend because they are caught up in the previous trend which is already over I'm not sure if you understand how technical analysis works, but one of the more important aspects of it is that the trend is your friend, and the trend currently is definitely on the side of the bears. I don't think we'll see levels much lower than the current $31xx bottom if we haven't found a bottom already, but it might flash below it very briefly. I think that's actually very bullish too, because more coins get sold at lower prices, which is exactly what strong hands are waiting for. As for the 2017 part, the trend at that point was extremely bullish, so it made sense to expect higher levels. In all honesty, people right now make fun of those who held their coins, but the price at that point could very well rush towards $30,000-$40,000 with that sort of momentum. It would only require a 100% increase at the peak so it wasn't out of the ordinary at all. |
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The issue is the sellers are converting instantly to fiat, they aren't going to hold crypto. It will still take a long time for traditional market sellers to accept crypto and actually hold it. This is the gift and curse of being an early adopter, you experience the wild price dips but also the crazy runs.
Accepting Bitcoin through a payment gateway is the first step. Once the price is more stable and more places accept it, merchants will happily hold their coins, and another advantage is that it saves them the fees these payment gateways charge. Important here is that merchants need to be able to restock using Bitcoin. I think that will end up being a major breakthrough. The moment that happens, merchants will use their Bitcoins to buy whatever their store needs instead of having it be converted to fiat and then do the buying. Whatever the selling pressure is that is coming coming from payment gateways, it will be significantly reduced in that case. |
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