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Unfortunately, that's how bitcoin policy is in India right now. Every bank is forced into not co-operating with these exchanges, and these are just the effects that is seen by this restriction.
I really still don't understand why the Indian government has chosen to be so hostile on these bitcoin businesses, especially when they know that people could just as well trade with p2p methods instead of using these exchanges.
I've heard news about a potential appeal against the regulations imposed on these exchanges, but haven't heard anything from that since. Given the Indian's government's willingness to ban these types of things, including the cash crunch, it wouldn't be surprising if these restrictions continue to be in place and more exchanges shut down in the future.
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with broker being taken down by the SEC, do you think binance and bitmex next? For those who don't know, Binance and Bitmex isn't not US friendly. I know Binance had an ICO for their coin and it worries me. Any opnions on this?
I don't think that 1Broker getting shut down will have anything to do with the future of Binance/Bitfinex/Bitmex. Sure, there will always be a risk that the US agencies will somehow want to disrupt the services of these crypto exchanges, but I don't think that because of a forex broker getting shut down this risk is going to get higher for them. As others said, these two companies aren't even located in the U.S.. Perhaps they'll stop US signups from happening at some stage, but that would be it. |
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I completely agree with this.
When mainstream media picks completely bullish on bitcoin, you pretty much know that the bull run is nearing its end. When mainstream media goes bearish on bitcoin, you know that market sentiments are truly bearish and that mainstream interest are dwindling, which signals undervalued coins.
Currently, we're really in an accumulation stage in my opinion where prices are extremely low, and even though it might go lower from this point, it's probably going to bottom out within the close vicinity of the current price level. And the fact that all the weak hands in the market is gone is a testament to that.
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Even though the stats on localbitcoins may be a bit skewed based on the fact that they are based on Argentine Pesos, which is depreciating at a rapid rate at the moment, the general trend is still there of adoption of bitcoin as a safe haven within this country. It is interesting that people are taking notice now that bitcoin has the potential to be a store of value in financial crises, especially when the fiat currency is depreciating at such a rapid rate, due to the fact that its supply is completely limited and can't be debased the same way fiat can. Argetina, Venezuela, etc. are all examples of this, where average citizens can benefit from adopting bitcoin to hedge themselves against their own country's currencies. But the central bank could also hold bitcoin as a reserve currency as well - and potentially, we could see a surge in adoption of bitcoin as a reserve currency worldwide. |
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Since you only have to do transactions to put a balance on coinbase and then can spend it over multiple transactions, does that help scalability?
I firmly believe in keeping your own private keys but I think it's an acceptable cost to give up ownership of a small fraction of your bitcoins and trust coinbase so you can do a few everyday transactions.
I don't know where exactly to draw the line but it would be 0.5-10%. Obviously a lot less if you have a large amount of bitcoin.
Are those services good for the ecosystem in total? How does it all work? Who gets the processing fees from the merchants running the Point of Sale?
Essentially, I think that you're suggesting the fact that people use third party hosted wallets instead of actually storing your own private keys on a desktop wallet like Electrum. Even though yes, you might save a few mBTC on transaction fees, it's really not going to be that different considering that to save on transaction fees you actually need others to have coinbase accounts as well to conduct the off chain transfers. Besides, bitcoin transaction fees are extremely low right now that I don't even think it makes that much of a difference. But the real question you need to ask is why would anyone give over control which is one of the major benefits of bitcoin, of decentralisation? Bitcoin debit cards doesn't help scalability on-chain scability at all. |
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The thing is that these financial experts do not always make correct predictions. Right now, there are still no apparent bullish signs in the short term. This is not the case in the long run obviously as adoption increases, prices will naturally increase since bitcoin's supply is limited and hard coded within the system. But this prediction that they have made is not realistic in my opinion given a timeframe of only a "few months" to a year or so, which seems far fetched for now as we see all this bearish sentiment within the market which doesn't seem to be going away any time soon. The ETF decision, if approved, could have a bullish impact on the market, but even that was postponed. |
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A lot of crypto fans and investors are now worried about continuous bearish trend for Bitcoin price and other cryptocurrencies this year 2018. And now beginning to doubt their initial commitment to the Bitcoin ecospace. A lot of people have forgetting the core idea behind the invention of Bitcoin. Most of us have forgetting that Bitcoin was created to challenge the established FIAT system where money can be printed without control and no regards for inflation.
This is entirely not the fault of most of us but it is because of the Bull run Bitcoin has enjoyed so far especially in 2017 where price reaches as high as $20,000. We all got greedy and forgot about the initial ideals behind bitcoin. We all want to cash in the same Fiat currency bitcoin is trying to challenge. This in my opinion is one of the reason why bitcoin price fell this year. We do not fully trust the crypto space yet.
Bitcoin is here to stay and will remain dominant for the future and I still consider it as the most secured investment in this digital age after gold. Below are some of the reasons why I think Bitcoin is a safe investment
1. Bitcoin has already achieved mass adoption though this is subjective . A lot people will now accept bitcoin payment without worrying about how to exchange it.
2. Bitcoin is limited in supply , only 21 Million Bitcoin can ever be created. Out of which 4 million is already lost making it 17 Million.
3. Bitcoin remains dominant in the coinmarketcap with 55% of the entire marketcap
4. Bitcoin current price is still higher than what it is this same time last year
Please I will appreciate if anyone can add reason why they think Bitcoin is a safe investment.
I wouldn't say that it's the safest investment available in the short term, but I think that it's probably one of the most viable long term store of values that are currently being undervalued. If you look at the characteristics of bitcoin, you actually see a lot of resemblance with another safe haven asset class which has been recognised traditionally, which is precious metals, especially in gold and silver which has been used as currency for centuries. The defining aspects that make both precious metals and bitcoin good long term store of values, and thus I guess "safe investments" would be the fact that it is decentralised in terms of its supply as well as the hard limit on the supply. Bitcoin holds an edge in terms of the actual profitability in the long run compared to gold, which has already been used for centuries, though. Since bitcoin's demand is still climbing as adoption grows, and there is still the same limit on the amount of coins that are able to be in circulation within the supply, it's honestly simple economics that bitcoin would be at the very least, an effective hedge against the inflation that takes away value from fiat currencies daily. |
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We all know at the moment bitcoin is not a legal currency in the world and it has many political barriers but still it continues to grow for years among general public and the business world so my concern is how far it can go or how far governments and other significant organizations will allow bitcoin to continue its journey without being accepted as a legit currency?
You can State what do you think because your bitcoin investment depends on that
Bitcoin is a legal currency in the majority of the countries around the world. I think what you mean by your post is really that bitcoin is not the recognised legal tender currency per se of any country worldwide, nor is it officially endorsed in the overwhelming majority of countries. But still, most governments at the moment take a neutral stance of bitcoin and regulate some businesses, without directly restricting the access of it. I'd say that there is no problem with bitcoin not being legal tender in the long run because it's independent from fiat in the first place, that's what it's designed for. I honestly don't think it'll affect adoption whatsoever. The only concern would be if governments outright ban bitcoin use in their jurisdiction, but even then, these restrictions are hard to uphold because bitcoin itself is decentralised. |
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The first mistake that you made was trusting a person which just approached you out of the blue with an investment opportunity. Even if he was the real Placebo1977 or whatever, you simply can't trust anyone just based on their chatting history alone.
The real yobit investbox is on yobit.net, and requires you to deposit into yobit itself before you can access their investments. And even that in itself is fraudulent and I'd stay the heck away from.
In this scam, the scammer literally asks you to send directly to his address if I'm not mistaken, which is not something that exchanges would ever ask you to do, even in the case of yobit which can be considered a scam in itself.
But 5% per day is just so unrealistic that even HYIPs (aka ponzis) don't offer that kind of returns to you. And yet, the scammer asked you for more and more money at this rate, which you should have been suspicious of. But oh well, you've already been scammed and there is pretty much nothing you can do to get the money back. Hopefully you do settle your debt situation, though. Even with legit investments, I would never take out loans to fund them.
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on 29 august 2018 i withdrawed 20050 usd from bitfinex to my local bank account i demanded express wire they took 200$ just for this then waited it to come next day but nothing happened then 1 week passed then 2 weeks , by that time i mailed them about situation and opened ticket they didnt even response, after 3 weeks they replied there is a problem at international transfers and suggested to wait money to come then resolve fee problem, infact main money is not around i cant ask my fee but stiuation is very wierd, i think they have still problems with wire transfers but also their support is very bad  (when money came i ll update) Bitfinex has a very bad reputation when it comes to USD withdrawals. It was probably just last year (or even this year?) that they've had major issues with one of the banks that they worked with to process these transactions. They're also pretty shady in terms of their association with Tether, which is why I personally don't use them anymore even though they are still pretty popular. Your delay is definitely not the first time that they've had the issue, but the attitude that is shown by support by your account at least is pretty unprofessional. They don't seem supportive at all with your issue. Guess all you can do now is wait, and keep communications with support until they send through the wired funds. 1 month for a withdrawal that was supposed to be completed within hours is not something that is acceptable, but since you chose to use them, you'd unfortunately have to put up with this. This is a warning to all others looking to use Bitfinex as well, I remember back when I used them, I had a crypto deposit delayed for days as well. |
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I had a little conduct and review of why some other countries are not accepting cryptocurrency system which in fact it could be regulated with some terms and agreement regarding on how it will be going to use. After some time of browsing I read an interesting article regarding the emergence of “sovereign” cryptocurrencies - back by governments - contradicts everything that blockchain stands for and hoped to fix. The issue has talked about a certain country Iran that decided to develop its own national digital currency in response to reimposed US sanctions, according to Press TV, the country’s state sponsored media. It states that a domestic digital currency would “help” the country bypass U.S. sanctions, including a universal ban on the purchase of US dollars. The digital currency will be developed in conjunction with the Central Bank of the said country. The idea is that there is a real surge of interest in fiat-backed cryptocurrencies, with numerous startups jumping in to compete in this space that includes Tether, Vault (backed by JPMorgan, Morgan Stanley, and Goldman Sachs, among others), Basis, DAI, and Carbon are a few of the players. This is why I have thought so much why the US congress declined the ETF for cryptocurrency last August 2018 becase of the issues of ETF (Exchange Traded Fund) with the possibility to abuse its use between the sovereign cryptocurrencies and the purchasing power of US dollars. The US congress definitely do not want to have any bypass on buying purchase of US dollars. You can read the full details in this article: https://venturebeat.com/2018/08/11/sovereign-cryptocurrencies-serve-governments-not-people/I think that you're only referring to nationally issued, fiat backed cryptocurrencies here, just like the Venezuelan Petro which is one of the most infamous examples of these. Obviously countries like Russia, India and Iran have all expressed interest in doing the same thing. There is definitely a worry that they are using this to bypass sanctions from the US, no doubt about it. So in a sense, there is definitely the worry from the US that all this national cryptos are popping up, which is separate from the traditional fiat that these countries have. But the main concern that I have is that people would be misled into thinking in those countries that this is what crypto is. It's not, these are centralised tokens that are pretty much fiat 2.0 on a blockchain, there is no difference whatsoever to fiat except on a different medium. Adopters should keep in mind that only decentralised cryptos are those that are worth using, otherwise, it defeats the purpose of bitcoin and crypto in the first place as you mentioned. |
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When it came to Tom Lee, nothing negative would convince him from abandoning his end of the year prediction of bitcoin reaching $20k - $25k. A new high.
Whilst that prediction is definitely possible if we see some sort of major bullish outbreak near the end of the year, I'd never bet on that becoming reality. We're still deep in a bear market and even though markets have recovered a bit, it's very unlikely we'll see prices go over 5 figures any time soon. That's just my take on the matter. He's been extremely bullish in all of the reports covering him, so it's really no surprise here. I've stopped following Tom Lee and his speculative articles for ages now. “The question you have to ask yourselves is, ‘Now that crypto is down here, is it appropriate to be bullish or bearish?’ And I just want to absolutely point out it is a mistake to be bearish when you’re already down. This is like looking at stocks in December 2008 and deciding you wanted to become secularly bearish, even though the bear market was ending.”
This is probably the rational thing to do, though. Buying in this bear market when prices are already so low is definitely going to be a good investment, given sufficient time. |
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LOL, right after I said we won't hear anything this week, the SEC issued the statement. Is it just me, or did the market pump a couple hundred bucks when the ETF postponement news dropped? Sure doesn't seem like the market cares about the ETF anymore!  So I'm hearing we're waiting 180 days now? That's the word in my trading chat anyway. The Coindesk article doesn't say. It sure is. I think that the news was that the decision would be delayed until February, wasn't it? It's interesting that the markets have actually gone on a bull run when the news of the delay was released. Prices are actually up a decent bit (around 4% from 24h ago) after the news of the postponement. This essentially means that there is no hype surrounding ETFs anymore after all these rejections. Since markets didn't get hyped up in the first place, there was no emotional impact when the postponement hit, meaning that prices did not move downwards. Not sure if this rebound was at all related to this SEC decision, or just a natural adjustment up from the $6k support. |
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Just today saw that the news from a couple weeks ago of Goldman Sachs delaying their crypto trading desk was incorrect! Granted I'm a bit late to the party but that is very good news that they are still going ahead with it! I bet someone just wanted to buy the dip, and it did indeed dip, crashed like $1000 off that news! I'm looking forward to in a few years when the market is many times larger and you can't just cause a serious correction with a single piece of incorrect news.
I was surprised as well, and didn't know about it until today. Source of the news is here: http://fortune.com/2018/09/07/bitcoin-goldman-sachs-cryptocurrency-trading-fake-news/Seems like markets did react extremely negatively to that initial FUD which turned out to be completely false, and prices are indeed somewhat recovering now (though I don't necessarily think that it's due to this news getting debunked per se). Either way, I don't think even if they did launch the trading desk would it have a lasting effect on the prices. The maximum it will do to the markets would be a short term price hike in my opinion. It simply doesn't affect any on chain transactions, it's a completely speculative product. However, Goldman Sachs (GS, -0.84%) now claims the report was “fake news,” on the basis that the trading desk plans never had a timeline.
Also, remember this. They don't have a timeline in place, so there are no guarantees that they're even going to launch it in the first place. |
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It was only very recently that people moved to centralised, fiat currencies.
Most of the world used some kind of commodity currency or commodity backed currency, usually in the form of precious metals like gold and silver. These are actually decentralised since no one can centrally manipulate their issuance.
Only in the 20th century did fiat currencies become a real global phenomenon (you could argue that gold certificates and silver certificates were already somewhat fiat before that), so bitcoin is really a reversion to decentralisation which has been proven to bring stability in value over many centuries. It's not a new concept economically, but it sure is digital.
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It was earlier Venezuelans benefited from bitcoin and now its Palestinians turn.With no official bank and official currency,they had been suffering these uch days to transact money abroad and vice versa. But now, bitcoin has come as a blessing to them. Now they could have money transactions easily and fastly with other parts of the world. Its said that “Bitcoin, in their opinion, is cheaper, safer, and quicker,”. Nothing works with Palestinian banks. Bitcoin wallets are alternative banks.” https://blockmanity.com/news/palestinians-sending-money-across-border-using-bitcoin/It's not a surprise that in a country without much of a working formal banking system, people would try to find alternatives to use in terms of storing their wealth as well as a platform to actually transact on. Citizens in Palestine is probably just one of the many countries, including the aforementioned Venezuela, that would benefit from the adoption of bitcoin. When an economy collapses or becomes dysfunctional, or plagued with hyperinflation, bitcoin's true values will be reflected and embraced by that society. It's good to see some practical usage of bitcoin here, and it sure does make a lot of sense for them to send cross border payment with BTC, as it is extremely convenient and much cheaper than WU or other alternatives. |
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One of the first promises that they make on their ANN thread is that of high returns. It literally says that people who invested have gotten 31% P.A. returns, which is way too high to be something legitimate even if they pay out to initial investors. Also, if their ICO development has just started, who would have invested in their platform before that?  Apart from that, these are all good finds. Every single picture matches up with a stock photo perfectly, there is no doubt of that. Everyone should be as diligent as OP is when researching about investing in such projects. |
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There are definitely prospects of large institutional investors entering, even though the bear market is still present.
And we've already seen in fact a lot of them express their interest or launch plans to form investment products. However, we're actually yet to see any of them release major investment packages, including the trading desk idea of Goldman's which they backed out of.
It's important to note though that these institutional investors are likely going to be speculating on bitcoin price rather than doing anything to practically help the bitcoin network, which is reason to not get too excited for their entry.
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Given that the total market capitalisation of all of the cryptos combined is barely 1/5th of 1 trillion USD at the moment, it's really hard to see the entire crypto market seeing that much growth any time soon. Tim Draper has been historically extremely bullish on bitcoin, so there is pretty much no surprise that he has come out with this yet again. I'm not saying that it couldn't happen, given that 15 years is an extremely long time and we have no knowledge of future bull markets that may hit. But it sure does seem like yet another prediction where no actual analysis is put in but instead, an arbitrary figure is made as the supposed target in 15 years in order for him to gain publicity and stay relevant. Obviously his $10k prediction was right, but that doesn't guarantee that he'll be right again. |
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Obviously, the countries who will be at the forefront of crypto adoption will be the ones where regulations are mature but still supportive of bitcoin (without disrupting the actual use of bitcoin).
For now, this seems like countries like Japan (if they don't decide to put any extra taxes on bitcoin), Canada, Australia etc.
What you noted with Venezuela, Russia etc. having support of crypto is misleading because planning on issuing or supporting a centralised cryptocurrency issued by themselves is literally the same as supporting their own national fiat currency. It's not actually support bitcoin at all in terms of regulation or whatnot.
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