This is a complicated question. The reason why banks exist is because they can do credit creation (by issuing loans.) This enables a bank to lend out more “money” than reserves (at the central bank and other assets.) Bitcoin is like “gold” and if it becomes more common in everyday transactions it would mean that banks would have to build up bitcoin reserves, in case they start having accounts denominated in bitcoin. This in turn enforces central banks to hold bitcoin in case banks have to be bailed out (if bitcoin becomes very common.)
However, in parallel there’s more development happening around the bitcoin network. Although the bitcoin network cannot handle much transaction volumes, there’s work that enables decentralised high speed transactions using the bitcoin network as a settlement layer. These technologies are named lightning network, lumino, sidechains, etc. This enables high capacity transfers completely outside the banking network. If peer-to-peer lending networks enables alternative ways of people getting loans, then the need for banks may almost diminish. At least how we view “banks” today, i.e. credit creation. These institutions will of course not disappear but transform into something else. Perhaps into something like investment funds.
Banks are just going to adapt if bitcoin becomes king, it is very likely that you will find a way to pull their trick on bitcoin the same way they do in fiat and then they will keep doing what they do best stealing people’s wealth by providing a service no one really needs. Bitterly Truth, we can now monitored and control our money so why bother ourselves in engaging in banks and other banks activities. Our bitcoin wallet have features that are useful like banks and having low transaction fees are much more better than in banks. Yes, but it seems that people are blind and kept ignorant about how the economy really works, so as long as they can exchange their dollar for products and services they are fine with things as they are which is a shame since things could be a lot better thanks to bitcoin. |
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It is USD 27 Bn.  Alts have been the major driver in this rally. Bitcoin dominance is at an all time low. it's recovering a little, but yes, most of the new money in crypto is moving into altcoins, so that's quite a bad sign for bitcoin since it's a sign people trust altcoins more than bitcoins. And it's also a sign that if we stay in our current direction, bitcoin won't remain the market leader for long. Action is required right now or else we lose our advantage over altcoins. I think it is a sign that other useful altcoins have emerged, and that do things bitcoin does not so I don’t see too much of a problem with that but I agree that something must be done to try to keep the leadership of bitcoin in the world of crypto. |
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The disclaimer is that I'm a core fan -- I believe bitcoin should remain named bitcoin and that all changes should be done within the system. Everything else is mutiny. Ergo, BTU will fall to the wayside, just as Classic and XT did after a bunch of crying and much ado about nothing. In any case, my blog also has some decent beginner's guides to bot trading and arbitrage if you'd like to take a look. The main theme is hot to capitalize on BTC investment groups in the most prudent manner possible: http://bitcoinautotradingreview.com/Thanks for taking a look! The price at the time I’m writing is close to 1200 so it seems we have finally got over the nasty rumor of a fork and finally the price has recovered , it has not reached the previous all time highs but we cannot ask that of bitcoin every day, don’t you think? |
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When ripple is pure shit, why the 3th largest bank + 89 other banks already joined ripple?
You need to understand why people use bitcoin to being with, many do so in order to get away from the fiat system and everything that entails, if a coins is backed by many banks then that can only mean that it follow the same rules as fiat and since that is the case then not many people in the community support ripple except maybe as an investment. |
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Maybe he is even in the open already who knows but in my own opinion, if he eventually shows himself and we believe him, which is a determining factor of the effect such outcoming will have, I think its going to be negative in the sense that then people who want to remain anonymous will become sceptical that its might no longer be possible since the creator of the anonymity is back.
I don’t think he is someone we know, I think he has been successful in avoiding revealing his identity to the world and there is a big chance that we are never going to know his identity and I think that is better for us and for bitcoin. |
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As a concept, an altcoin is created aiming to fill a gap that BTC has. From this point of view, an altcoin worth is related to the usefulness of its new feature.
IMO, taking this as a start point, ETH, Monero, Zcash, BOSCoin e a few other have good and strong features that add value to the user and have a better chance to succeed in the crypto world.
Yes, an alt that does something that bitcoin already does is not really necessary and as such it will never receive the kind of attention needed to be able to gather enough investors so it is better to invest in those projects that actually fill a gap that bitcoin does not. |
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Ethereum is a very solid alt, it has defects like almost any altcoin but without a doubt it is a good investment if you wait for the moment and buy cheap after that the only thing to do is to wait for the price to get higher and get profits.
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In my opinion , mining bitcoins at this scenario is really profitable. Day by day , its price is increasing. I dont have much capital with me. Otherwise I would have tried mining bitcoins. Trading bitcoins is also profitable. But I think bitcoin mining is more profitable compared to trading bitcoins.
Mining bitcoins not only requires money, it also requires very cheap electricity and it requires experience, if you really want to try mining then it could be better for you to try to mine altcoins first and see if you are profitable there. I think it is better to mine the altcoins. There are many of them and more profitable. Well the equipment providers has sold almost all the miners they had, or are using them to mine themselfes, bitcoin is a high cost investment required to make a decent ammount. The trading might bring good results, as well can make us loose part of our capital, thats why even looking easy has some reasons to play with carefull, while equipment is maybe a better investment, with a longer roi data. Its an one time investment to make in buying equipment which can give you lifetime income but if electricity cost is higher then its not an affordable business to make as electricity cost will all eat away your profits and will not give you results in your favor so if I have to choose then I would go with trading. Miner equipment gets faster and faster so it is not like you can buy a piece of equipment and keep profiting form it for the rest of your life, since the difficulty also will keep goring so you may end up not making any money out of your investment. |
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Google made a mistake and though you meant thousands of coins but anyway although that price is very far away I think anyone will like that price to be true since that would mean that to be a millionaire you will only need one bitcoin.
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Not surprised to see it reach $1000 again what worries me a little bit is the problems up ahead that
might make a huge devalue on bitcoins price and if that happens who knows how much the price will drop
or how long will the price rise if the huge drop happens?
I think this is going to be the new base price for some time since there are still lots of doubt abut what will happen and what solution is going to win and take bitcoin into the future, so I think this volatility will remain for some time. I think the price is just above $1000 right now. But still a good price IMHO. I think the base price would be like $1100 until such time that the BU vs Core issue is resolved. But I think even with the current dilemma, pretty much the price is looking good and it might rise in a few weeks. We just need not to listen to FUD around the corner because you will panic and soon sell your bitcoin without profit. I plan to hold my bitcoin no matter what but I will be honest and say that when I first read about the rumor of a fork I was very fearful something like that will happen fortunately it was a rumor but you never know what will happen in the future. |
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This is a complicated question. The reason why banks exist is because they can do credit creation (by issuing loans.) This enables a bank to lend out more “money” than reserves (at the central bank and other assets.) Bitcoin is like “gold” and if it becomes more common in everyday transactions it would mean that banks would have to build up bitcoin reserves, in case they start having accounts denominated in bitcoin. This in turn enforces central banks to hold bitcoin in case banks have to be bailed out (if bitcoin becomes very common.)
However, in parallel there’s more development happening around the bitcoin network. Although the bitcoin network cannot handle much transaction volumes, there’s work that enables decentralised high speed transactions using the bitcoin network as a settlement layer. These technologies are named lightning network, lumino, sidechains, etc. This enables high capacity transfers completely outside the banking network. If peer-to-peer lending networks enables alternative ways of people getting loans, then the need for banks may almost diminish. At least how we view “banks” today, i.e. credit creation. These institutions will of course not disappear but transform into something else. Perhaps into something like investment funds.
Banks are just going to adapt if bitcoin becomes king, it is very likely that you will find a way to pull their trick on bitcoin the same way they do in fiat and then they will keep doing what they do best stealing people’s wealth by providing a service no one really needs. |
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I could not make any post last week, but I’m back for this week.
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This topic is dedicated for comparing technologies and will not be moderated and censored.
You can speculate and discuss, please stay polite.
Please avoid unnecessary fights.
Thanks!
Everyday it passes I like monero more, that does not mean it is better than other coins but everything I read about it, seems to indicate that monero is a good choice. |
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What do you think that will happen once the real Satoshi reveals himself (and proves that he created Bitcoin)? Will Bitcoin ever be the same? Will governments try to pursue Satoshi and put him in jail? This will be something interesting to know, once it happens (if it ever does) sometime in the future. Please feel free to share your thoughts here.  I don’t think that is ever going to happen and even if it did many will be skeptical that he is the real satoshi, there will be all kinds of conspiracy theories saying that he is not satoshi but an impostor. |
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There are some altcoins worth buying but it is better for you to learn how to do it yourself because you may end up hearing the advice f someone and when the advice turns out wrong you will try to blame that person instead of yourself.
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I think this theory of job loss is not valid, can some put an actual figure on the numbers on jobs that internet has created but the fear before was that job loss. To me fear is just that there will be need for new skill set that most people won't possess especially when new technology arise A technology can destroy some type of jobs but if the technology is good then it will create many jobs too, probably even more than before, but the skills you will need to perform these new jobs are different so you will need to adapt. |
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In my opinion , mining bitcoins at this scenario is really profitable. Day by day , its price is increasing. I dont have much capital with me. Otherwise I would have tried mining bitcoins. Trading bitcoins is also profitable. But I think bitcoin mining is more profitable compared to trading bitcoins.
Mining bitcoins not only requires money, it also requires very cheap electricity and it requires experience, if you really want to try mining then it could be better for you to try to mine altcoins first and see if you are profitable there. |
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Not surprised to see it reach $1000 again what worries me a little bit is the problems up ahead that
might make a huge devalue on bitcoins price and if that happens who knows how much the price will drop
or how long will the price rise if the huge drop happens?
I think this is going to be the new base price for some time since there are still lots of doubt abut what will happen and what solution is going to win and take bitcoin into the future, so I think this volatility will remain for some time. |
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Has there been any reported case of death, or heart attacks, caused by bitcoin exchange rate?
I don’t know of any but I will not be surprised if it happen already, if bitcoin lost a lot of value then you could get a terrible impression and get a hard attack, but it could also provoke heart attacks when the price skyrockets. |
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Bitcoin will not make banks disappear, banks are incredibly powerful not only they have control over the worlds money but also the governments so to be honest I think we are going to reach a truce since neither side can destroy the other. |
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