Not only friends, top notch finance proffesors here in my hometown also believe bitcoin is just bubble scheme. I try to describe blockchain to people and how its changing way of currencies, they just keep ignoring.
BTC is a bubble like all banks and a pension fund. If there are no new users, all this will burst |
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Don't know if there's an official source for this news but anecdotally, this happened to me.
I transferred to BTC Markets on 23/12, received the funds back in my NAB account today 28/12 with no explanation.
Thank you banks, for reminding me why I like crypto in the first place!
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I believe the worry is if lets say 70% of the hash rate is gone, the difficulty adjustment is once every 2016 blocks, so worst case right after you adjust the difficulty, 70% of the hash rate evaporates. now you are stuck mining the next 2016 blocks at 30% of the hash rates. Eventually we will get through it and difficulty will retarget. Everything after that will be back to normal. But it'll be a painful couple weeks\month until the difficulty adjustment happens.
Now if the fees skyrockets, then there would probably be other miners joining in to rack in the fees. I think we will see miners shipping their equipment to other countries to continue mining.
Bcash has an easier time with this scenario since they implemented DAA which adjusts based on the last 144 block average. They would be able to retarget difficulty faster than bitcoin will.
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The initial version was created by satoshi nakamoto, yes. They became inactive and many developers have come and gone. Developers used to largely be the open source developers that were passionate about Bitcoin. Bitcoin Core (the one there was before the fork) is largely funded by a company called Blockstream.
Bitcoin is, like any open source project, ongoing and constantly being improved. Just because a project has well defined code doesn't mean it can't be improved. Hard forks like this have happened in the past, however they were less contentious and didn't create separate currencies like this.
The 1mb blocks of Core are almost always full with 100k+ transactions always waiting to be added to a block and fees being upwards of $5 right now to send any amount of money. A large group of Bitcoin supports wanted a block size increase to handle this, some wanted SegWit, and some wanted both (albeit with a lower block size increase). The block size increase obviously solves both the throughput and fee issue without being complicated, SegWit solves it by allowing transactions to be done off chain and SegWit transactions taking less space. The combination obviously does both.
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I found this extremely funny... Good on him for seeing the potential here, but wow this is a backwards frame of reference.
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Unfortunately nobody can predict the future and I'm not givving market advice.
My impression is that the market is bullish in the long term.
Coinbase and GDAX will allow BCH trading/buying soon again which opens it up to millions of users.
In addition we know that BitPay will enable Bitcoin Cash early 2018.
There is a risk that some GDAX and Coinbase users who have now received their BCH will dump it but if so I don't think that that downwards pressure can persist long.
tl;dr The best time to invest in BCH was in October/November.
The second best time is now.
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You must understand that the majority of the media is controlled by the same powers that control the western central banking system. Bitcoin being a finite, decentralized, transparent system is inherently against the current centralized private banking regime. As such, there are countless articles that cast negativity on Bitcoin, but fail to make any strong arguments. These articles are propaganda at best. It is crucial to read critically during these times.
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1. BTT Username MisterPrada 2. ETH Address 0x1B07bC89FeaC73829419db048b764975B3135d5a 3. Telegram username @SavushkinTimofey ( https://t.me/SavushkinTimofey) 4. Date Joined the Telegram 06.02.18 |
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Who are going to be the people that put forth the money to make BTC's valuation go back up? This crash has scared all of the people to death who jumped in over the last 6 months. I think it's going to be a very long road to get the value up again, if it ever does. No one is going to trust BTC for quite awhile.
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I disagree. We have seen worse dips in the past, that is true, and if it was just one dip I would agree with your post. But the market has been having those dips one after the other for quite some time now. You can't compare the situation now to the past as so many things are different now. There are several things that are going on for quite some time now (most of them are related to countries how try to manipulate the market or regulate it) that causes bitcoin to bleed hard. Also you have to consider that last year was crazy for bitcoin, especially the end of the year, and now the market corrects himself. I still think there is a good change BCT will reach ATH again by the end of the year, but I wouldn't say that with complete certainty like you do.
I think that cryptorines will not die because it has become very popular. Hodl guys hodl |
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HODL baby! I had some friend (who doesn't own BTC or invest) that was telling me to realize some of my profits as he was watching the charts hit $18k yesterday...
Sad, that these nublets don't understand HODL and think they can just walk into the BTC space and give trading advice without ever doing it themselves.
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just stop worrying about it, and it goes away. Is not important Relax. LN is almost ready
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I personally feel the only publicity bitcoin needs is honest, grassroots word-of-mouth publicity spread by art, truth and good will. People need to know what it is, how it may help them, how it is still an experiment and how no-one and no 'expert' outside of science and engineering really have much clue what's going on, and that even the scientists building it will tell you even they can't honestly predict anything; any more than they could predict where the internet would lead. Oh, and also that the price is just a distraction. But what do I know? I'm no expert!  |
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It's actually funny. If you cash out a lot of crypto, you'll be taxed heavily and could foreseeably have to cash out additional crypto to pay the tax bill, for which you'd be taxed again, and so on, all the way to oblivion.
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Exactly. We're here so far down in the weeds talking about LN, atomic swaps and layered solutions - and John & Jane Doe are just now learning about this "Bitcoin thing". We're way overestimating the ability of the average punter entering this space and their care factor about the BTC/BCH war. They'll look at the market caps, see that Bitcoin is blowing the rest of the competitors out of the pool and drop their hard earned cash down on the safest, most well known and most recommended crypto out there.
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Canada is really the heaven for Bitcoin development. there are many corporations in the world accept Bitcoin now. I strongly believe that bitcoin will become the international payment tool in the world
it is unlikely that it will be bitcoin due to high fees. Bitcoin will be occupied by other crypto, but by that time the government will come up with how to control the Crypto currency. Consequently, the Crypto currency will not differ from ordinary money |
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Bitcoin and Atcoin is same profitable for today. Different ways can be used but in the last almost same earnings. Bitcoin is expensive until now and other altcoins is pursuing bitcoin. I only see that they are just the same when you used to convert, Bitcoin sell to buy altcoins, or altcoin sell to buy Bitcoin?
I believe that both are the same profitable, both are possess a good status in the market though both different from each other when it comes to their value. And yes it's true, today bitcoin is too expensive to afford by an ordinary individual even me I admit that I can't afford it by buying using my savings. Indeed, both bitcoin and altcoins are profitable but they only differ on volume, price and rate of volatility. Compared to other cryptocurrency bitcoin is above the rest since it known as mother of all coins. Bitcoin has a higher rate of volatility, volume and even price that is why it is worth to invest upon it. yes, investing in bitcoin will be less risky than investing in altcoins, however this will be less profitable |
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Bitcoin has a lot of brand recognition, history and mythos behind it (who really is Satoshi?). Since the price started at essentially $0, you have a lot of stories of "Bitcoin millionaires" that pop up every time a major price point is hit.
Bitcoin is also comparatively easy to grasp. Even if you don't understand blockchain, the concept of online payment systems and transfers has been around for a while. Most of Bitcoin's adoption to date has been about encouraging retailers to accept it, making Bitcoin ATMs, etc, as well as the more fanatic members encouraging everyone to buy and hold (most people can get away with just buying some Bitcoin on coinbase and never even knowing what a Bitcoin address is.) Unfortunately its hugely deflationary price makes it mostly useless as a currency and instead just a speculative instrument.
Ethereum is a whole other beast, and people are still just focused on it as a currency/store of value. It is trivial to simulate the primary aspect of Bitcoin on Ethereum (i.e. a fixed-supply easily-transferable digital good) (see eBitcoin or the dozen copycats). However Ethereum's value is not tied to its usefulness as a currency, but rather as a gateway to interacting with the Ethereum ecosystem. Its utility therefore isn't really tied to its price or volatility, and it's been repeated many times that ETH is not meant to be a currency.
This concept is a bit harder to grasp, and is much less flashy than "digital gold". Mainstream adoption will only come once Ethereum has some killer apps that are easily adopted by the majority.
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There's a lot of people saying that this is a form of manipulation by the Chinese government. Arguably, a government wants to have control over their currency. Cryptocurrencies are unregulated, and the government may want to crack down on illicit transactions, or currencies that might threaten their own currency.
If you think China is acting in good faith, they are trying to protect their citizens from being scammed. If you think China is acting maliciously, they are trying to manipulate the price of Bitcoin and other cyrptocurrencies for their own benefit.
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