Yes, basically many people are sceptical of Elon Musk's actions and there are also so many who respect Elon Musk because the several times he tweeted about Cryptocurrency it has always been a topic of conversation among retail or institutional investors, I also did not escape that when it was time for Elon to buy Bitcoin or as its father Dogecoin, and it has an impact on the market, so back to each perspective, in my opinion.
Indeed, so far I have not seen Elon Musk preaching or alluding to crypto in his tweeter account, maybe what you are saying is true, he has lost his interest in crypto.
Elon Musk is quickly losing influence after his acquisition of Twitter. His actions on the platform are often criticized by mainstream media. You can already see Tesla stock falling in price by a large margin. It won't be long enough before people stop following him soon. Who cares what Elon Musk says about Bitcoin or any other cryptocurrency, especially when Blockchain is all about decentralization? While I'm confident BTC's price will rise, we're going to have to wait a long time before the current bear market comes to an end. I'm in no hurry to see this happen as long as Bitcoin works as intended. Just my opinion  |
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I doubt that US is going to let this war end anytime soon. The plan was always to recreate what happened to NATO over the past 20 years for Russia in Ukraine. All sides are predicting a very dire 2023 because of this specially since we haven't seen any signs of deescalation from neither US nor Russia.
The US must be getting some sort of benefit by prolonging the crisis between Russia and Ukraine. If it wanted to end the conflict already, it would've intervened directly without hesitation. Perhaps, the US and its allies are letting Russia continue with the war to help accelerate their plans of a global economic reset. Ever-increasing inflation rates, and a severely-disrupted global supply chain will pave the way towards the introduction of CBDCs. That means the elimination of Fiat in its physical form (paper money) and possibly the elimination of national debt will happen soon. The future is widely unpredictable, so we can only hope for the best. Just my thoughts  |
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PoS fails in its eventual need to custodianise to syndicate(combine value) the stake to meet the thresholds. making places like coinbase a central point of failure of PoS (as we are seeing with ethereum that is highly staked and custodianised in coinbase
Exactly. Due to the flawed design of PoS, big exchanges holding large amounts of users' funds will be able to dictate which transactions go in or out on the Blockchain. It's like giving the power back to traditional banks. A better approach would've been to use a hybrid consensus mechanism (PoW + PoS) that would help keep a balance between decentralization and performance/cost-efficiency. Something like how Peercoin does today. I don't think Bitcoin will ever change its PoW consensus algorithm, especially when it hails itself to be the most decentralized cryptocurrency in the world. It's fine just the way it is. Governments won't like it, but Bitcoin really doesn't care. I won't be surprised if sometime in the future, BTC remains the only PoW coin will the rest switch to PoS due to fears from getting scrutinized by the government. Who knows what lies for the entire crypto/Blockchain industry? Just my opinion |
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The time to mine a new block is on average 10 minutes, independent of the number or speed of the miners, the difficulty gets updated roughly every 2 weeks to keep the time between two blocks roughly at 10 minutes.
So there's no such thing as the network becoming too slow.
Also, there's lightning which runs on top of Bitcoin and makes transactions almost immediate.
You're right about that. What we really need to worry about is the rate at which market prices decline. If by the next Bitcoin halving, prices are much lower than what they are right now, then I'm afraid there will be a mass exodus of miners on the Bitcoin blockchain. That would severely undermine the network's security, making it much more vulnerable against 51% attacks. Many are saying things will settle during the course of 2023, especially when central banks will stop raising interest rates. But I'd take this with a grain of salt, since there's no indication the Russia-Ukraine war nor the COVID-19 pandemic will come to and end soon. As long as these cataclysms harm the global economy, don't expect BTC to reach a new ATH in price. Who knows what the future holds for the cryptocurrency? Just my thoughts |
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Russia's war in Ukraine will go on for about another six months, according to the most optimistic forecasts, and should end in Russia's defeat. It is already quite clear that Russia cannot win the war it started. But it can still drag on and this will really lead to a further aggravation of the economic situation in the world. In order for it to end quickly, it is necessary for the states to unite and force Russia to stop its aggression.
As for inflation, it is an important companion of the economy of states and plays both a negative and a positive role.
The world can't stand much pain for long. Ever since the COVID-19 pandemic emerged, things have been going south at a very fast pace. The Russia-Ukraine war have aggravated the situation. I think that's the reason why inflation won't go down easily. Central banks may try to keep raising interest rates, but if the war and the pandemic doesn't come to an end, they will ultimately fail in trying to lower down inflation for good. I just hope things go back to normal soon, as poor people are becoming poorer over time. It would be totally unfair to see the rich becoming richer, while the poor gets left behind in the dust. Who knows what the future lies for the global economy? Just my thoughts |
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It is definitely near the impossible level, but it did get close for a while and that is the weirdest period. I mean think about it, we are talking about a situation where it was nearly impossible levels and then this happened, how could we move away from it at all?
I believe the huge hype we had along with Elon promoting it to nearly hundred million people, it all caused the price to go up more than it probably should. I understand increases but this was just way too much and that's a bit of a problem. This caused tons of people to lose a lot of money as well, look at the price right now, it's nowhere near the level where it should be and that's an issue.
That's certainly true, mate. DOGE went to the moon like crazy just because of Elon Musk's endorsement. It should've never been worth more than a cent (USD), especially when the network supply continues to grow exponentially over time. At current rates, I'd say Dogecoin is extremely overvalued. If it goes to $1, it will only be for a short period of time. You'd be lucky to sell at such prices if you've managed to accumulate a hefty sum of coins during the bear market. "Meme" coins like Dogecoin and Shiba Inu are highly unpredictable, so don't invest more than what you can't afford to lose just to be safe. Just my opinion |
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Out of the 116 fiat currencies tracked by Fiat Market Cap, Bitcoin already has a larger market cap than most of them. At today's price, Bitcoin is sitting at 28/116 which puts it in the top 25% of all currencies. https://fiatmarketcap.com/Bitcoin in might not be "The World Currency" today but it is already larger than most of them (by market cap) and used in more countries than most of them. Let's see what happens over the next decade. Very nice observation. I believe Bitcoin has the biggest market cap because of its ability to be used across borders without restrictions or limitations whatsoever. It lives on the Internet, after all. Even if governments disapprove of Bitcoin, that won't stop it from reaching a wider audience in the future. If there's Internet access, it'll be possible to use BTC as an alternative to existing Fiat currencies. For a new kind of money that's been with us only 14 years, I'd say this is impressive. Imagine how big Bitcoin will become a decade from now. If people continue to adopt it as their own, it shouldn't be long enough before Fiat loses traction for good. Who knows if we're closer to "hyperbitcoinization" than we've previously thought? Just my thoughts |
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I bet you that your predictions would turn out wrong. Paper money has been in existence and use for over a century(that’s a 100 years). We have gotten familiar and used to the paper money that any other means of payment would be scrutinized thoroughly and initially would be distrusted by most people.
Paper money will almost definitely still be in existence and use in 10 years. Besides, what other means of payment is as widespread, known and accepted as the fiat system? None that I know of.
In 10 years from today, we would still be using the fiat system. There may be other new and innovative means of making and receiving payments, that doesn’t mean the fiat system would be completely abolished.
In a decade, things will remain most likely the same way as they are right now. But set yourself forward 4-5 decades from now, and paper money will no longer exist as a standard means of payment. Our society is advancing quickly by making good use of technology. With CBDCs, governments will be able to reduce waste and gain more control over people's finances. They won't be able to do that with paper money, though. The advent of crypto/Blockchain tech has raised the bar of the way we pay for goods and services. Central banks and mainstream governments became interested in the tech after the industry grew quickly in popularity. Exactly when will paper money cease to exist, is a mystery. I wouldn't worry about this, as long as we've got decentralized cryptocurrencies at our side. Just my opinion |
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El Salvador has legalized Bitcoin in its country through legal tender. He was the first to legalize Bitcoin in his country and simultaneously set up several Bitcoin ATM. Statistics from the country's finance department show that they currently have 2,300 bitcoins in their coffers. The government of the country is very much in danger due to the extreme fall in the price of Bitcoin. Here if Bitcoin goes from 200k to 500k dollars but El Salvador will not be able to become the first richest country in the world. El Salvador will never come to the top of the world leaving behind many developed countries. This is completely ridiculous.
I wouldn't say El Salvador is at a loss, since the government hasn't sold a single Bitcoin yet. It is accumulating to sell once market prices go all the way to the moon. But I don't think El Salvador will become the richest country in the world, especially when developed countries wouldn't want to miss a piece of the pie. It could become the richest country in Latin America if it plays its cards right. Everything will depend if Nayib Bukele stays in power. If another President is elected, then you can say bye-bye to the Bitcoin experiment for good. Who knows what the future holds for the country? Just my thoughts |
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I feel like the general public's view regarding cryptos has always been more negative than positive: many people simply don't understand how they work, many other people missed the bus, or at least they think they did, so they just hope everything is gonna sink because they're jealous. Without even mentioning all the bs coming from the governments...
We can blame mainstream governments with their propaganda against Bitcoin. People are led to believe it's a scam or a fad, when it's really all of the contrary. With declining market prices because of a weakening global economy, less people will be inclined to invest into Bitcoin for the long term. We need to wait until the next bull market, to see renewed interest into Bitcoin. If you really want to make money, investing during a bear market would be the way to go. As I've said many times before, weak hands will sell but strong hands will buy and "hodl" no matter what. No one can tell what will happen in the future due to the widely unpredictable nature of the crypto market. Just invest based on facts (not someone else's opinion), and there should be nothing stopping you from becoming filthy rich with Bitcoin in the long run. Just my thoughts |
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The thing is, the first ever problem with centralized exchanges were mt.gox, something that had nothing to do with crypto at its starting concept, that became a huge bitcoin exchange and got "hacked", don't know if that's true or not but that's the issue.
I personally need to explain to people that we moved on from mt.gox and still kept using it, dozens more crashed and got hacked and so forth, maybe over a million bitcoins (which is huge in a 21 million max supply currency) was lost from users, and yet we are still using it. Why? Well my simple understanding is that even if the money is gone from one user, it is at another user, and if not, then it's gone and leftover bitcoins are more valuable.
Undesired events like the Mt. Gox and FTX collapses can't be avoided due to the risks of centralization within the crypto/Blockchain industry. But I believe this will make crypto stronger than before as decentralized solutions gain traction in the mainstream world. Decentralized exchanges may not be popular now, but they will be when centralizing forces continue to minimize trust among traders and investors alike. There are already solutions in the works, to make DEXs as fast and cost-effective as their centralized counterparts. With L2 off-chain scaling, self-custody, and even Zero-Knowledge Proofs, DEXs could rival CEXs within the not-so-distant future. Who knows what would be of the crypto market in the long-term? Just my opinion |
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Are there still really decentralized networks in DeFi? In my opinion, this is already more fiction than truth. In most protocols, the main supply of tokens is owned by a few addresses who can control the protocol, or manipulate the prices. Anything PoS is no longer decentralized. In addition, PoS is very prone to all kinds of attacks and exploits, which happen almost every day.
I think the only truly decentralized "De-Fi" network is Ethereum Classic as it's the only smart contracts platform that uses good-old PoW. The rest are just centralized shitcoins with PoS as their consensus layer. It's a pity to see many "De-Fi" platforms sacrificing their decentralization just to obtain performance and cost-efficiency. They've decided to please the government by doing the switch to PoS without considering the long-term risks of doing so. With a single point of failure, we should expect more losses in the long run. I'd only trust "De-Fi" platforms that are truly decentralized and have been tried and tested by the developers. As I've said before, ETC is a good option. It's just that dApps are virtually non-existent on it. Maybe someday developers will have a look at it? Just my thoughts |
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These look great. Something very creative from your part. I like it. If I had some BTC to spare, I'd buy one without hesitation. Good job, Humble Bitcoiners! |
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It is the governments that work against the adoption of bitcoin. There are countries taking adequate measures in favour of bitcoin mass adoption. Last year the countries to top the list favouring bitcoin mass adoption were Brazil, United Arab Emirates, United Kingdom, El Salvador and Central African Republic. These countries amidst all the opposition and different problems have been working on developing framework to support bitcoin usage. Governments fearing cryptocurrency is the only problem.
Exactly. The main obstacle against the mainstream adoption of Bitcoin has always been governments. Some of them have embraced the cryptocurrency with open arms, but the vast majority of them are highly skeptical about it. We can't expect people around the world to adopt Bitcoin as an alternative to Fiat, when there's strong opposition against it. This happens when a monetary system (such as Bitcoin) is decentralized and censorship-resistant. You can bet governments wouldn't be against BTC if it was centralized. While I believe adoption will continue to grow over time, it will be at a slow and steady pace. I'm pretty sure, Bitcoin has all it takes to become the payment system of the world. Who knows if Bitcoin beats Fiat sometime in the future? Just my opinion |
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There are successful people out of investment on memecoins. A market shouldn't be of a same product, it needs to provide variety to its users. One such variety in cryptocurrency is the memecoins. These are for short term, if lucky you'll be profiting and if not you just need to ignore. Dogecoin to be used by Elon Musk might happen, but this isn't gonna make big push in the market.
You've said it yourself. "Meme" coins are only good as a short term investment due to their highly-unpredictable nature. You can't expect much from them especially when they were created as a joke (even the supply is enormous). I think Elon Musk was just trying to pump Dogecoin's price by pretending to integrate it into Twitter. With how quickly Twitter is falling, don't expect DOGE to be used as a means of payment anytime soon. I wouldn't worry about this, since there are better coins out there with a proven track record of development and innovation. Who needs Dogecoin when we have Bitcoin as the best decentralized cryptocurrency in the world? Just my thoughts |
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Bitcoin will recover and rise again that's something everyone knows, there is no need for Elon to predict or confirm, so it's not a big thing to discuss. We are investing with our own money so stop doing what Elon says because he doesn't want to help you but wants to take your money.
Bitcoin has been under $20k for a while, but hitting $20k isn't too hard for bitcoin. I think no need to wait a few more years for it to hit 20k, bitcoin can hit 20k in 2023 is entirely possible.
Agree. Bitcoin will inevitably recover, as central banks continue to harm the mainstream economy. With collapsing Fiat currencies, Bitcoin could emerge bigger and stronger than ever. Who cares what Elon Musk says anyways? His wealth (and popularity) is fading away after his acquisition of Twitter. Eventually, investors and traders will move on and focus solely on Bitcoin's developments in the mainstream world. I'd say this is just the beginning of a long journey ahead for Bitcoin. You ain't seen nothing yet. With a finite and predictable monetary supply, it's possible BTC will get past its latest ATH of $64k per coin. Who knows if we become the next Bitcoin millionaires? Just my thoughts |
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free crypto  if they have a value i think it's really hard to receive for free and "the era of airdrops" with decent coins is definitely over, and probably won't come again, (except for some coins that will be distributed but I think we are in the order of 1 to 1000). I'm sorry for the bounty hunters but now the effort doesn't pay off as it did in 2017. Free coins make no sense (it's like free FIAT), nobody has an interest in distributing a product for free if it is valid or it has a value. I don't think the era of airdrops is over, especially when there's more to crypto than meets the eye. Just wait until the crypto winter (bear market) ends, and new projects will emerge with attractive rewards for new users. While you won't earn that much from airdrops, they're still a great way to get some "loose change" in the process. A little here and a little there would certainly make a difference. But I'd suggest the OP to consider getting a crypto-related job or getting into the mining/staking business if he's serious about making money. There are a lot of opportunities out there on the crypto/Blockchain space. Who knows if you get lucky someday by being an early adopter of this revolutionary technology? Just my opinion |
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Investing in crypto, we shouldn't talk about utility or use case here, given the fact that apart from bitcoin being widely adopted as a payment method, there aren't any accepted altcoins widely accepted and used in real life. Doge or potential altcoins are similar, as they are both made for profit and then disappear from the market.
The funny fact is, Doge is a joke, a coin with no utility as many say, but it has outlasted any of the top altcoins to date. EOS, LISK, NEM...all are topcoins, but now I don't see anyone talking about them anymore, but doge is still here and we still talk about it every day.
That's certainly true, mate. Altcoins are only relied upon as a means for profit, not a payments tool like Bitcoin. You can see why some countries adopted BTC as legal tender instead of any of its variants. The situation is worse with "meme" coins like DOGE and SHIBA due to their ever-growing token supply. I'd be a miracle if Dogecoin goes to $1 and holds that position for a long time. Unless devs start burning the coin's supply or introduce some sort of deflationary mechanism, I don't see DOGE going anywhere soon. Imagine what would happen with Dogecoin's market price after Elon Musk abandons it. I'm pretty sure it will go back to less than $0.01. No one can predict the future, so we can only hope for the best. Just my thoughts |
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Bitcoin is not the only project using POW so far, but the only thing the government is targeting is bitcoin, it shows that they know they can't control it, and they don't want to see it grow to threaten their power, not because POW is a waste of energy and a major cause of global warming.
Indeed, we cannot know the future of bitcoin if the government really wants to get rid of POW completely to secure their power, but let's hope it can last and will not be changed.
Of course. But I believe Bitcoin will eventually become the only PoW cryptocurrency, as altcoins face heavy pressure from mainstream governments. The vast majority of them switched to PoS, so I wouldn't be surprised if PoW chains like Litecoin and Dogecoin do the same sometime in the future. The goal of the government is not to make crypto "carbon-neutral", but rather centralize it for their own benefit. Switching to PoS will give the power back to the government. I'm sure BTC devs won't let that happen, for the sake of the network's decentralization and censorship-resistance. The future is widely unpredictable, so we can only hope for the best. Just my opinion |
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Even decentralized cryptocurrency exchanges' own tokens or defi projects' own tokens are competing to be on Binance. We really live in a great contradiction... Of course, there are several logical reasons for this, but by now decentralized exchanges should have been more popular and had market dominance. However, there is no such image in the market. I want decentralized exchanges to be in a better position, but I don't have optimistic forecasts about them when I'm realistic...
Everything is turning centralized these days. You can thank the government for that by introducing fierce regulations across the crypto industry. It's this reason why decentralized exchanges can't succeed in the mainstream world. Centralized players dominate the industry by a large margin, so DEXs will only remain as an alternative (rather than a replacement) to those who need it the most. Not even cross-chain atomic swaps will save the day. People want convenience, so they will choose centralized exchanges even if that means trusting a third party to help secure their crypto funds. It's a dark future ahead for crypto/Blockchain tech. Only those projects that remain decentralized will be able to stand the test of time. As long as there's resistance against full centralization, we should have nothing to worry about. Just my thoughts |
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