|
Your parents are correct, investing in shitcoins is too risky. Even buying Bitcoin in bull market is risky, you're either get rich quick, or get poor quick if you buy at ATH and it enters bear market. The best time to buy Bitcoin is in bear market, because you can be almost 100% sure that once a new bull cycle starts, the price won't fall to such lows ever again. You can't say the same about alts that can crash to the ground at any moment.
|
|
|
|
This contention has been refuted by the lightning network and the technology behind the second layers.
You can only claim that when LN will be fully released and adopted. BTC, on the other hand, is still in its early stages of being capital. It is currently too valuable to be used for daily transactions.
Money can't be "too valuable" to be spent. Just replace the BTC that you have spent. And saying "it will be more used in the future" isn't a valid argument, it's just a promise. In practice, the only way to avoid it is to destroy the internet, which would have disastrous economic implications in and of itself.
In practice, outlawing Bitcoin and closing exchanges would kill Bitcoin's future as a global currency. This issue will be resolved by the introduction of the Schnorr signature.
Schnorr signatures won't turn Bitcoin into a privacy coin. |
|
|
|
|
This isn't really healthy even if you're loving it. Watching the price is a waste of time, just use some service for price change notifications to keep track of important price changes. This bull run could last for many more months, do you really want to waste hundreds of hours watching charts pointlessly?
|
|
|
|
Trading volume is the measurement of trading activity, not liquidations, and on April 24th Bitcoin had 86 billions vs DOGE's 16 billions, so clearly Bitcoin has more interest. Liquidations are irrelevant here, it just means that DOGE's price changed very sharply and more leverage was lost compared to Bitcoin at the same time. You can only really proclaim an "altcoin era" when alts will become independent from Bitcoin. So far, this never happened. |
|
|
|
I would say that most probable outcome from this would probably be software moving towards something else, basically a fork, and doing it properly so that miners can't reach them. Think about it this way, miners only care about profits, they only care about how much money they could make, people build machines and mine eth with gpu, then they use their processor, their hardrive, their ram anything in there to make as much money as possible as a side income as well, it is really efficient in that way.
On one hand, these companies could develop some algorithms that would help them detect crypto mining and ban such users, on the other hand it would cost them resources, and it's simpler to just shut down the free tier, as they were doing it just for community. Also, it could become an arms race - miners will be using some tricks to obfuscate their mining, companies will be using solutions to detect it. At least Bitcoin doesn't cause too much problems, because it's mined on its own dedicated hardware, but altcoins are only causing problems to many industries. People used to advocate GPU or CPU mining because it's supposedly more decentralized, but practice shows that regular people don't care about mining even if they have the hardware, so mining is still done by farms. |
|
|
|
So, here's the article - linkFor those who don't know, CI stands for Continuous Integration, it's a service for developers that automatically runs tests each time they make changes to the code, to check that new changes didn't break something. Some services are offering free tiers for beginner developers, small personal projects, free and open source projects, etc. Here come the crypto miners. Because you can configure these tests anyway you want, it's essentially running code on someone's server for free, and some people put crypto mining scripts into their "tests" and then just run them over and over again. The article says that one such account can make $77 per month. So, not only altcoin mining is causing GPU shortages, it's now also hurting software developing industry. |
|
|
|
This apply not only for bitcoin but also stocks, gold, silver and other materials, bonds. Everything. The question is. What is better? 39% of profit or guarantee loss holding your money and letting it to be devalued? And now when we agreed that it affect all assets. Bitcoin is the only one out of them that you can simply withdraw to wallet and said "I forgot password". Or move it to new address and say "It was wrong address, I don't know who is in charge of it now" And now knowing that bonds market = 120T, stock market = 70T (taxed 39-50%) and bitcoin = 1T (taxed 0% because you can say you lost it) tell me... Is this news bearish or bullish for bitcoin? Michael Saylor - owner of $4,5b worth BTC: "At the end of the day, if you push me to far, i lost it, its gone, i'm sorry ... TAX THAT" https://twitter.com/btc_archive/status/1385324038034182154?s=21First, the authorities are going to ask about the addresses of your lost coins, and they will start monitoring them for a chance that they wake up. Second, you can't openly spend those coins, since you're commiting tax evasion, you'd had to launder those money, and good luck laundering them when you're being scrutinized for claiming that you lost your assets. It's just like committing insurance fraud - sounds easy in theory and very risky on practice. |
|
|
|
|
The main characteristic of taxes is that they are collected by government whether you want it or not, and taxes are a portion of your profit or income. Fees are different from that, they are formed on free market, they are determined by supply and demand for block space. And you aren't paying them to "bitcoin community" they all go to miners. The purpose of fees is for filtering legitimate transactions from spam. If you imagine that there was no fee mechanism and miners would be selecting transactions at random, then it would be trivial to destroy Bitcoin by submitting millions of useless transactions, so that real users would have some tiny 0.00000001% chance to get their transaction confirmed.
|
|
|
|
 I also found a Satoshi reference recently. I was playing a new game called Wasteland 3 and while exploring I found a room with a hooded guy named Satoshi in a room full of computers, who was talking cryptic technobabble. He isn't playing any role in the plot, just a fun little Easter egg. Maybe Bitcoin isn't fully mainstream yet, but it's already a part of the nerd culture, that's for sure. |
|
|
|
To my knowledge, not all defi use stablecoins anymore, if not most majority no longer do. I've seen all kinds of wrapped bitcoin directly on ether and other currency pairs now. And I think on many of these liquidity platforms, the stablecoin pairs no longer have the biggest volumes. Just looking at a glance right now the top 5 on finance (yes, I chose that just to avoid saying U or S heh) are all alt-alt or alt-wrapped ETH.
Then DeFi is even more useless than I thought, it's just a tool for automatically speculating on crypto, it has no real economic applications. There's no good way to build a market with high liquidity and frequency that is at the same time decentralized. Decentralized exchanges as they are now are good for users who occasionally buy or sell crypto for fiat, but they aren't suitable for traders. |
|
|
|
|
Bitcoin's growth has slowed down in the past months, so MA-based indicators are turning bearish now. We are currently trading at levels of 99d MA, and the Pi Top indicators suggests that we have passed the top of this cycle. But maybe it's all just a stop on the long road to 6 figures, because this chart doesn't look the same as the previous endings of bull market - there was no huge upward candle followed by instant crash.
Everyone should keep in mind that there are no strong rules on this market, yesterday's patterns are not guaranteed to repeat today.
|
|
|
|
|
Bitcoin didn't change anything, people were always looking for increasing their wealth ever since the society was established. Merchants were trading goods and making profits thousands of years ago, stocks have existed for hundreds of years, and the same things that you observe in Bitcoin community can be found in any other investment circle.
Also, you can't blame Bitcoin for making society more materialistic, because Bitcoin isn't even widely known. If you start asking people on the streets, hardly anyone owns Bitcoin, most just heard about it a few times, and some people don't even know what it is.
|
|
|
|
|
I can see a money launderer buying an old empty address or better old coins together with private key to claim that they have owned Bitcoin for a long time. Or some scammer buying an address from very early days to sign a message and pretend that they have been in this field for a decade.
Maybe some addresses have collectible value, like addresses that have received coins from prominent people, but the more you sell such address, the less valuable it becomes, because essentially the ownership becomes shared rather than transferred.
|
|
|
|
I just received products that I ordered and paid using bitcoin,it feels exciting to see how bitcoin creates trust among sellers and buyers,i took a chance to give it a try and to my surprise ,it came through,am going to be doing subsequent transactions using bitcoin, we are indeed changing the world
Sooner or later, you'll encounter a scammer that will take your money and disappear, if you're not careful. Will you say that "bitcoin divides people" or "bitcoin creates distrust among people"? Bitcoin is just a tool, it has some properties that make it different from traditional payment methods, but scamming happens with fiat channels too, so every time you send someone a Visa transaction or bank wire, you also trust them that they will uphold their end of the deal. |
|
|
|
|
Bitcoin gets mentioned on television from time to time, when there's crazy growth, it gets reported on news programs, it gets mentioned when criminals use it or when some interesting story happens, like someone losing or finding a lot of old coins. Also Bitcoin gets mentioned in movies and TV shows, or even educational programs. There are some good Bitcoin documentaries, I'm sure at least some of them have aired on some TV channel.
Old people are generally pretty bad with technology, and considering how unforgiving Bitcoin is, its better they stay away from it. Their computers are ridden with malware and they become victims of scammers very easily.
|
|
|
|
|
I think it's not a coincidence that CWS decided to continue his patent trolling now, the selling point of his shitcoin is big blocks and supposedly low fees, and Bitcoin fees are at ATH at the moment, so CWS hopes that frustrated noobs will turn to BSV and accept him as the real Satoshi. When people get emotional, they turn blind even to the most obvious facts, and CWS knows it.
|
|
|
|
|
Doge is a bubble that is currently deflating, it's not going to recover after already going from less than 10 sat to 770 sats. It's absolutely overvalued, it didn't have any technological upgrades in years, some companies are talking about it just to promote themselves and they could easily drop Dogecoin support once the market turns bearish and demand for Doge payments drops. And Elon Musk is just trolling, in case it wasn't obvious. Dogecoin is a joke that some people took seriously, unfortunately for their wallet.
|
|
|
|
|
Wasn't there like 2 days between the hashrate and price drops? If there was some connection, it would have happened immediately. Like when that fake rumor appeared about the US investigating money laundering with cryptocurrencies, the price started dropping very quickly. Bitcoin's price isn't strongly connected to hashrate, we're still very far from 51% being viable economically even after this decrease, which is going to be only temporary anyway.
|
|
|
|
Now I don't want to hype up that thing people call defi but there is a lot to be said about Automated Market Makers... As they seem to have solved the problem of order books which is or was the downfall of dexes like Counterparty (I try not to remind myself of it but heh).
I can't speak to how secure their implementations are but some sidechains seem to be revving some talk...
DeFi uses stablecoins and stablecoins are centralized. Yes, it's better to be able to instantly swap BTC for a stablecoin rather than wait for bank wire / Visa or Mastercard transactions, but if stablecoins will become much more popular, they will be easily regulated and start having the negative features of exchanges - KYC, frozen transactions, seized funds, and as they become more centralized, we'll start seeing hacks and inside jobs. You can't have a stablecoin without some company claiming to have $1 in their bank account for every token. |
|
|
|
How does Bisq rely on traditional fiat payment systems? Bisq can run by exchanging alt to alt too, it's not just fiat you can exchange.
The world still runs on fiat money, so alt to alt markets are irrelevant. The most realistic alternative is atomic swaps, although we're still far from a working product. Nowadays it's so much harder to get a bunch of devs create something they will not profit off. Satoshi's gesture was epic and probably something only he and a very, very few more people would do (Laszlo's pizza?).
You can't make atomic swaps with Visa or bank wire. The markets would function very well off CEXs, especially if LN is implemented so that txs happen on the second rather than the first layer of the network. Rather than having so many withdrawals and deposits to CEXs, all could happen directly within your wallet.. not congesting the network anymore either.
Yes, it's great that it's possible to trade alts via LN and smart contracts, but price discovery is happening when BTC is trading against fiat money. This is where the problem comes - DEX can't have the same amount of trades per second as CEX, because every DEX trade must be fully settled, which on CEX it's just swapping numbers in their database. |
|
|
|
|
Show Posts
