Crypto markets are seeing strong positive momentum bolster a persuasive recovery, as Bitcoin (BTC) breaks above the $7,000 price point and all but 3 altcoins amid the top 100 cryptocurrencies post strong gains on the day. Growth among the top ten largest assets ranges between 4.5 to almost 20 percent, as Coin360 data shows. Bitcoin (BTC) is trading at around $7,016 at press time, up around 4.2 percent on the day, according to Cointelegraph’s Bitcoin price index. The top coin has seen several days of recovery since its brief price dent August 22 in the wake of toughened anti-crypto measures in China and a fresh series of disapproval orders for several Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). See more for yourself here. I would be careful of saying that this is a "persuasive recovery" at this point in time. There was definitely a sharp jump in the price of bitcoin. There is no definitively one reason why this rise occurred. It's probable that this is just one of the short term pumps that will not convert into the actual recovery from the bear market. And based on historical figures from previous bear markets, I think it's safe to say that we've got several months before markets finally start recovering. Prices are in a constant incline in the past week in general though. I'm doubtful that bitcoin will be able to cross the $10k resistance at any time this year, due to the strong resistance there. Be cautious and don't FOMO buy in this rally. |
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Diminishing transactional volume could also coincide with greater tax requirements and reporting.
This could well be the case, as more and more regulations become effective on crypto transactions, especially through these central payment processors. Wouldn't come as a surprise if that was a contributor in some of the downfall in volume. However, I think that the consumer sentiment in bitcoin has drastically decreased as a result of the falling prices, which is probably the largest reason as to why the transaction volume for commercial activities has fallen. Volatility has nothing to do with this - bitcoin holders are just less likely to cash out their coins and buy goods, when prices are this low. They'd rather hold it and wait for the next bull market, which sort of reflects the speculative nature that bitcoin holds still at this stage. |
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Everyone knows already that bitcoin is a form of money. In fact, I'd argue that bitcoin is a much better form of money than even fiat currencies, as it is able to store its value in the long term, which is something that fiat currencies has proven to be terrible at due to the fact that every government that issues it is able to debase it whenever they want, and lead to inflation. This news pretty much just means that bitcoin is acknowledged officially as a functional form of money, which is definitely a positive. I'm not sure what tangible benefits this recognition brings. Perhaps some legal consequences/benefits would follow in Europe with bitcoin-related cases. But other than that, I think that it's just an investigation that recognised the benefits of bitcoin, which is honestly a great thing even if there are no apparent tangible benefits. |
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The data may be biased. Not saying that they are, but there definitely may be bias in collection.
The demographic of the respondents may have well been selected in one way or another to produce results that coinbase wants. And it's understandable if this was to be the case, since they are one of the biggest bitcoin exchanges and wallets, and they want to shed a positive light on bitcoin. Don't get me wrong though - all I'm saying is that don't trust blindly in these stats without verification.
If the data was true, then it certainly surprises me that this many students own crypto. The more surprising figure would actually be the fact that close to 50% of top 50 unis actually offer crypto courses. We're still in the early adopter phase at the moment, but are working our way closer to mainstream adoption right now.
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2fa active what is the problem ? is there anything happening? your account is now frozen! Login, virtual withdrawals, trading and credit card purchases are disabled. IP address: 35.204.18.249 Not my addressDate and time: Aug. 28, 2018, 5:01 p.m. Please contact our Support team at support@bitstamp.netBest regards, Bitstamp team It could be that some one has tried to log into your account unsuccessfully too many times, and Bitstamp is just warning you about it. It could also have been just an automated warning triggered by someone trying to get access to your account remotely, from an unfamiliar IP. Either way, I think that your best bet is to just contact support. Since you got this warning, and that you have 2FA on, it's very unlikely that the attempted hack actually was successful. Don't panic, and contact support, and wait for a response. Since Bitstamp is a decently legit business, I think that you'll be able to get a response and get your account unlocked provided you can potentially show proof of ownership for the account (which they may or may not ask). |
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I had a terrible experience with Poloniex before they were purchased by Circle. Anyone use the exchange recently, any feedback?
I've similarly had terrible experiences with poloniex before, with all the awaiting approval withdrawals to laggy interfaces. I haven't really used them ever since their legacy account system was completely wiped out and you now had to verify yourself before you can actually deposit, trade, and withdraw within the platform. There was simply no point, as the only advantage that they held over other exchanges at the time was convenience and anonymity, which is now gone. I'd say that they haven't really improved by that much because of the fact that I've seen people still complain about the speed of their customer service (which has always been extremely bad), and constant issues. I would recommend you not to return to using them. |
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I was just talking to Ebay customer service. Seems that ALL BANNED PAYPAL users who sold crypto are now allowed to make purchases IN EBAY using our credit cards. REFUNDS will also be returned to the original source of payment. Effective this FALL, by invitation ONLY a small group of members will be using their banking accounts directly, and will be reporting back to ebay any problems for improvements. Paypig used to share the same building...ebay kicked them out, they now have their own building (so I'm told). There is no need to change your listed email on your account in ebay. Within a year or two, Ebay will be handling all their own business. Minus our enemy the pig. If you know someone who was given the BOOT by paypig...TELL THEM to call Ebay and get the 411, then crack a beer to the Crypto Gods  It does means that a lot of people are able to purchase from eBay again even though their paypal accounts were initially frozen or limited. However, I've always thought that eBay accepted the use of credit cards directly anyways? This new policy doesn't seem to be that new at all. Even with a limited PP account, you could just purchase with credit card instead of going through the paypal account payments. This new policy doesn't really help out buyers in the case that paypal is the only payment method available either. If it wasn't able to be done in the past though, it doesn't really make sense for ebay to not do this earlier. Any logical business would probably want to accept as many customers as possible instead of filtering out potential customers? |
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I'd think that they are probably insolvent in one way or another.
They are generally a very shady company, when it comes to their legality. And this is obviously proven by the fact that their predecessor, BTC-e, was shut down by the US and their domains seized by several of the departments there.
I would not be surprised if the recent withdrawal issues causing many coins to be overvalued on their site was a result of insolvency, more legal troubles, or a combination of both. Either way, with their level of transparency, or lack thereof, you shouldn't be using them period.
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This is definitely the bottom of the market for now with some serious support and buyers waiting at that level to swoop up cheap coins, and many people believe that it's going to be the lowest trough that we'll see within this bear market. I personally feel like that we'll probably see lower levels in the next few months, perhaps even into the next year, before the bear market finally ceases and the bull market finally comes. Just based on historical data alone, prices usually fall around 80-85% before bottoming in a bear market. We're close to that figure, but not there yet. For that reason, I do think that we won't see much lower prices than $5.8k, but we may see further dips in the near future. |
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in the future, will there really be a need for fiat currency? Government can collect taxes in crypto, determine how to allocate it, and spend it in crypto. Ppl can receive salaries and do all commerce using crypto. Loans can be done in crypto. Fundraising can be in crypto. Sure, problems have to be worked out in terms of scalability, does it have to be completely decentralized, etc, the value has to become more stable. But theoretically, is there any reason to have fiat in the future?
It has been established that governments can now do taxation without representation by printing more money (which is a tax on everyone holding the currency), instead of trying to get a bill passed that allows it to increase the tax rate. With crypto this would be no more. All increased taxation would have to pass a vote.
From an economic standpoint, the idea that a country can stimulate its economy by adjusting interest rates is tenuous. There is just as strong an argument that lowering interest rates has caused speculation and bubbles, with calamitous results. In a crypto market economy, capital will flow from where it is needed less to where it is needed more.
The thing is that governments will be unwilling to give up their control over the economy that easily and letting its citizens just used decentralised cryptocurrencies to conduct their transactions instead. Hence, it's very likely that fiat currencies will continue to exist, as long as the government and central banks exist. They will always want to keep a hand on the economy. An economy purely run on cryptocurrencies without a central bank can definitely be done. However, the question is whether it would realistically happen. And right now, chances are that in the future we'll see fiat continue to exist. Even if the government decides to shift to cryptocurrencies, it will be in the form of a centralised crypto that they can adjust the supply of. |
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Blockchain is a good technology that will be use as a tool of transparency to every transaction being done. The government should know and develop a system like this on their system. This will eradicate corruption or transactions being made under the table because there will be a transparency on every transactions and how much money is involve. The budget of the people will be obviously utilize to its intended purpose. Would you agree with this idea?
I don't really think that the blockchain will necessarily prevent corruption, even though it does provide a place for immutable ledgers to be kept. The blockchain would only be implemented in one part of the government system. Corruption can still be done outside of the blockchain's records, between persons. For example, how would you stop bribery if they're not going to get noticed anyways? While a public ledger of transactions could be kept, it would also invade the privacies of the individuals within the country unnecessarily. Besides, cash will most likely not be replaced by such national currency that easily. Corruption will occur regardless of what currency, system, or database people use. |
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China has pretty much never been anything close to pro-bitcoin.
This is just another policy introduced to try to stop the spread of decentralised cryptocurrencies as an idea, all the while trying to promote centralised, local developed blockchain projects. The trajectory that they are going in at the moment has been the case for many years now, and this is just a stepping stone in the overall direction that they are going in.
Even though this is localised right now, and only limited in Chaoyang, this may well expand in the future into other provinces. There are some merits to it though. Most projects who host these events are usually shady in one way or another, whether pyramid schemes or shady projects with no legitimate backing or even viable long term product to offer. Obviously, there will be a major impact on the mainstream crypto economy in this district, but these events can still be hosted privately, outside of public hotels and all that.
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Hey, so I've been thinking, with all this talk about mass adoption flying around and nocoiners calling bitcoiners a cult, maybe the truth is somewhere in the middle. There is definitely something religious about believing that Bitcoin will be the world currency at some point, but I also don't think that it will die off if the majority decides not to bother with it.
Thinking back to the first time I got in contact with Bitcoin, I didn't really think of it as being the "future of money". I kinda drank the kool-aid with the last massive pump. Not that I thought that would be the beginning of Bitcoin taking over, but maybe as a foreshadow of what was to come.
We tend to see things black and white and this is no exception. I have the feeling that even amongst bitcoin maximalists, there is a sentiment of "the whole world or nothing at all", that either at some point, Bitcoin will be the one money to rule them all or it will wither and die eventually. Being who they are in their somewhat religious state, they obviously didn't really bother too much with option two.
But these two paths, boom or bust, are not the only ones available, aren't they. We already have a Bitcoin economy, although I would argue that it is disproportionately small in comparison to Bitcoins current marketcap. Why not just expand on it? Why can't there be a future in which bitcoin exists as an alternative to fiat money?
Why does it seem like everybody is so adamantly pushing for one of two extremes? Isn't it more likely that the truth will lay somewhere in the middle?
Who said it can't happen? The people saying that bitcoin will go to the moon, or it will die (i.e. only two possibilities are available) are clearly misinformed. There are many roles that bitcoin can play in parallel with the fiat system, that involve mass adoption, without necessarily having to take over or replace fiat currencies. In fact, that's the most likely scenario in the future, with bitcoin being used worldwide in parallel with other fiat currencies. It could serve a particular niche market, like those who want to facilitate international transactions, or store their wealth; or it could be used as an alternative currency for online purchases. Who knows. But there are much more than just boom/bust. What you are suggesting is completely possible and even probable. |
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many countries allow gambling, liquor,tobacco,horse racing then what is the problem with crypto currency .while it is related to advancement to technology and more secure and reliable system specially for banking system.
It's not really black and white like that. The benefits of bitcoin are obvious, yet most governments around the world are still extremely anti-bitcoin in their policies and regulations. An analogy can be with marijuana, and tobacco. While studies have found that marijuana is significantly less addictive than tobacco and don't have a lot of the bad health detriments that tobacco has, governments still legalises tobacco because of the tax revenue, and most countries still don't have a legal recreational market for marijuana. Same for bitcoin, while it can benefit everyone as a store of value and medium of exchange globally, certain governments don't support bitcoin and some even go to the lengths to ban it because they are afraid to give up control over the economy, and monetary supply. Either that, or they have an irrational fear of bitcoin's illegal uses (which has been debunked many times). |
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Do you mean something like when Zimbabwe had a massive hyperinflation crisis, so that they essentially replaced previous issues of currency with a certain exchange rate (e.g. 1:1 million), to consolidate the currency supply?
If that's what you mean, I don't really get why bitcoin would be affected much at all.
Bitcoin is has a limited supply, and is decentralised without any central government control, which means that it will store its value relatively well compared to debased fiat currencies in such events of fiat volatility. I'd expect that in such "currency reform" events, prices wouldn't be affected much in real terms, as it will simply adjust in nominal terms to correspond to the adjustments in fiat value.
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History often has a way of repeating itself. The current price pattern in the bitcoin market is eerily similar to the one observed in the run-up to a major rally that occurred on April 12. To start with, bitcoin charted a long-tailed candle on Aug. 14, similar to the one seen on Apr. 1, signaling the sell-off from the July 24 high of $8,507 has likely run its course. Further, the leading cryptocurrency has spent the last seven days trading in a sideways manner around $6,400. Back in April, the cryptocurrency traded around $6,800 in the first 11 days before rising sharply above $8,000 on April 12. More importantly, during the bitcoin price consolidation of early April, the BTC/USD shorts on Bitfinex jumped more than 44 percent to print a record high of 40,719 and fell sharply on April 12, meaning the big spike in BTC was likely fueled by the unwinding of short positions. Interestingly, the short positions on Bitfinex currently stand at $38,640 – the highest level April 12 – and are just short of the record high of 40,719, as seen in the chart below. Read more: https://www.coindesk.com/rally-ahead-bitcoin-is-repeating-price-action-seen-in-april/Comparing right now to April could be reasonable - but then, April's bull rally really didn't turn out to be anything major. Prices essentially collapsed again after the $10k resistance proved to be stronger than most people had expected, back in April. So even if this comparison is legitimate, i really doubt that a bull market will come out of such deeply bearish sentimented markets. Also, we don't know if the support at $6k is going to hold or not. Even though the bottom is pretty much close to the level we're at right now, prices could take a further dip before recovery comes. It's way too early to say that we'll see prices going up, and sentiments shifting to more bullish. |
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Today I had an interesting encounter with one of the economists I know. We discussed what Cryptocurrency and Blockchain were and the value behind them.
Here are some key points he brought up:
The dollar is backed by gold, the gold is the bareback of it. What is behind Bitcoin?
What inherent value does Bitcoin have?
We don't know how created it, maybe it's a government funded project
It's just speculation, the technology hasn't been tested yet.
My answers:
At one point, I think I lost because we value Bitcoin in Dollars. So, it's "backed" by dollar technically, even when we use Bitcoin to pay for something, it's calculated in $.
Bitcoin's core values are the following: Open source, censorship resistant, decentralized, peer-to-peer and verification of rules (everyone can be part and run a full node).
We don't know it, and it also can be some guy in his basement for all we know. It's core values prove that this is not government funded project, it can't be. How could they benefit? One of the interesting theories is that they released this untested technology to the masses and let them develop it further to then adopt it if it works.
Yes it is speculation, but internet was a speculation as well back in the days. I heard that when they sent out the first bits of information, the whole internet crashed. The technology needs time to adopt, and since there are so many programmers and IT experts around the world, we will see adoption of this technology even faster than ever before.
But here's the kicker that I have been thinking about since we talked: He believes the private/public sectors will adopt the Blockchain, the governments, businesses to further improve their systems. But it will NOT be an open Blockchain, rather a Centralized Private Blockchain. It will just be Database replaced with the word Blockchain, same principles. Non-censorship resistant and not open source.
I want to know what you guys' thoughts are on this. How would you counter these arguments? Let me know because this last thing has been bugging me the whole day!
With institutions arriving at the scene, a lot of them are definitely developing centralised blockchains either for their own use, or for investors to invest in. Some are technically not centralised, but the fact that if the founder goes rogue the prices of the token will plummet means that there is still huge central influence over the blockchain. In that sense, we're definitely seeing more and more of those projects, that are using the blockchain technology, but still retaining that control over the network. Bitcoin and other decentralised, public blockchains in contrast in my opinion are the only cryptos that are worth investing in, imo. And that's probably a sentiment shared across the community. Besides, these two things aren't really mutually exclusive at all. Private blockchains won't all of a sudden take over bitcoin's market share or anything like that. |
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Don't think that the problem here is bitcoin mining at all.
Bitcoin mining affects the environment significantly less than the construction of physical branches of banks or even the mining of precious metals which are used pretty much as nothing other than commodities which people hold value in with little industrial purpose.
What really matters is how the energy is being generated, as you said. If it's being powered by hydro, or solar energy, then there is really no harm done to the environment. Of course, this is not 100% right now, but even with coal powered energy, the benefits of maintaining a decentralised payment network like bitcoin far outweighs the minimal impact on the environment when compared to other precious mining activities, as stated above.
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Many of the problems in this country could easily combated by introducing bitcoin as a payment method on an individual level.
Unfortunately, the government has kept on pushing its regime's fiat currency, and even have gone to the lengths of creating an entirely new centralised coin which no one has any interest in, instead of trying to solve the hyperinflation problem altogether in a sensible manner.
And ultimately, this is the reason why bitcoin is so useful, and promising. There are no worries about a fiat currency collapse, bank runs, bank limits, etc. And it's practical - Venezuelans can use it on anything that has access to internet. Once they gain access, they have a place to store their wealth safely without worries, and also transact internationally without limits - huge improvements and benefits.
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It's quite simple. If you held bitcoin since 2008 you would have not only held the majority of your wealth without needing to worry about inflation at all, you'd also be sitting on a nice stash of profits. Same goes in the future as well.
In the meanwhile, the Zimbabwean dollar issued by Mugabe and the Zimbabwean government has been suffering from hyperinflation and just overall depreciation of its currency on a massive scale. I mean, just look at their 100 trillion notes. Absurd.
So tell me how exactly bitcoin is this bad guy that Zimbabwe is trying to make it out to be. Before they criticise bitcoin (which is completely undeserved), take a look at their own fiat's riduculous track record.
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