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It's also worth taking into consideration the fact that banks have to take up significantly more real estate, which needs development in the first place to be functional and operating, compared to the bitcoin network which has much less demand on real estate and farms or individual nodes can be run from essentially anywhere.
Is it really comparable, though? It's a flawed debate either way.
Just to name one flaw, where are the statistics on how electricity used by these two different networks is produced? E.g., whether bitcoin mining uses renewable energy sources more, or not?
Obviously, bitcoin energy consumption is an issue. But, I feel like it much less of an issue than people make it out to be. It has significantly less ecological affects than say, gold or silver mining, even.
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OH the team was verified at Ico Holder..lol.
Just checked, and that is positive. If you click on the Linkedin profile that is beside the company CEO's profile, it doesn't even work. Yet, the CEO "David Saville" (which we now know is something completely fabricated and made up from scratch), is verified? Jeez. These ICO rating agencies have the responsibility of protecting their users, and just from this one example, they're not doing their job. Now, I wonder how many more fake accounts are being "verified" on these platforms to mislead investors. That's why you always do research, independently. These ICO rating sites aren't always trustworthy, since they're not regulated at all. Just by glancing at their MVP product, and their overall site design and statements, it's clear that they are shady, if not a scam. |
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This is actually a huge issue.
Essentially, now, Wechat has the power to ban any accounts which is suspected of crypto dealings. This is probably worse than even the ICO and exchange bans that we saw previously. It's a direct shot at the p2p exchange activity that is going on on platforms such as LBC.
It will be interesting to see what Chinese bitcoin users and traders will use in the future, after this official statement comes out. Perhaps, there will be a reversion to offline p2p trading, with either cash or bank transfers as the medium. But with China becoming increasingly cashless, having Wechat actively trying to flag transactions is definitely detrimental to users there.
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Gold bugs are literally defined as people who hold gold and view it as the best investment possible, regardless of the state of the gold market. This is something that is extremely irrational, and probably deep rooted. Thus, it's extremely hard for one to just "give up".
Though, I do think that with cryptocurrencies as a viable alternative store of value, especially bitcoin, it would only be a matter of time before gold perma-bulls start converting some of their long term holdings into bitcoin. I've seen many youtubers do so over the past few years, and this trend will continue, but will take time.
It may ultimately not even come down to gold's market cap, but rather, the rise awareness of better alternative store of values like bitcoin that has the exact same properties as gold, that makes these gold bugs shift their investment stance.
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No idea why you should be asked for ID for purchase of a good.
Apparently, it's because of mounting regulatory pressure from the country which they are running from, which is understandable. The regulation of crypto businesses and markets are happening on a massive scale at the moment, and that basically means stricter KYC across the board.
If it was actually the regulators asking them to do this, then it's totally understandable that Bitmain is taking this step to prevent them from being flagged as a business. But I don't really see anyone else doing this, especially if you're just trading hardware P2P.
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Thanks, for giving me so much hope  I have already kept sending message to them, this was my last resort. Be patient. Being an admin of a forum of such size is hard. Besides, are you sure that the signature checks out? I tried verifying it online and on electrum, but both methods didn't work. Also, did you read the hacked account recovery thread thoroughly? Send one PM to Cyrus. If Cyrus doesn't respond after two weeks, you can try sending a PM to me instead. When sending a PM, use a template like this: I'm fairly certain that based on your statements in the OP, you've sent multiple PMs instead of just the one that is supposed to be sent. That could well be the reason why you're getting ignored. Also, did you follow the exact template as posted on the thread? You did not include a link to an unedited post which you posted that address in the signed message you have here. As a general rule of thumb, if you're getting ignored, it usually means that you've done something wrong. |
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Very bad news for BTC holders. BTC price is not moving upwards in August 2018. Looks like the rest of the days of August will be in downtrends for BTC price chart. The red is dominating green for all altcoins. Looks like another panic month for longtime holders.
Long term holders would not panic in these situations. In fact, it's an excellent point for accumulation right now with prices down so much. We've seen the $6k support hold up relatively well, and even though I don't think that it's going to be the bottom of this bear market, it's going to be very close to the bottom from this point onwards until the recovery comes in. It's almost impossible for bitcoin to fall under $3-4k, simply because of the huge buying pressure at those levels. Besides, these price movements are expected in a bear market. It's not anything out of the ordinary. The market sentiment is still bearish, obviously, and bullish prospects aren't really in the question right now. And that too, is completely expected. |
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As we know for sure that global market is counted in multi trillion dollar industry and this keeps getting higher in value day by day and year by year, I doubt that crypto currency may at a time will disrupt this industry,
The doubt is but obvious because crypto currency as a whole including BTC + ALTCOINS together is not even amounting to the trillions or so and thus it is just little toy in a big toy shop. It may not even impact it because it is global stuff, and traded all over the world at the same time and hence also gets too much diluted over the time.
This is why crypto may not have any impact over the global Economy whatsoever.
Any thought reading this?
Even if bitcoin does not necessarily influence anything in the macro level, which it is right now with many companies and investment firms deciding to get into the field of bitcoin investments and commerce, it has the potential to help individuals around the world on a microeconomic scale. Whether it's helping citizens from third world countries connect with employment opportunities worldwide, or people in economically unstable countries using bitcoin as a safe haven to store their wealth, especially with the unbanked population. All of these things are benefits that bitcoin brings, not just limited by borders either, but worldwide. It really comes down to what you define the term "disrupt". Yeah, bitcoin's not going to replace the traditional, fiat economic system altogether, but it's still something that can make an impact globally. |
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If you're looking for loans with these irl items, then you're probably much better off just going to a physical bank branch or some sort of loans service locally.
The paperwork dealing with real estate as collateral varies based on which country you are based on, and obviously it is improbable that anyone would be able to go to such lengths just to secure and verify physical collateral like this, when they are situated in an entirely different country. Same with cars.
If you really need bitcoin loans, then perhaps p2p lending platforms will work. However, I don't really know any that are particularly legit or active at the moment. You may be able to get some loans with domains on the forum lending board, but even domains are reversible, meaning that most lenders do not accept that as a valid collateral.
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Pegging their national currency to Petro doesn't really do much to help.
It still relies on the price of oil to rise or at least stabilise in order for this to function. Also, don't forget that Petros are state owned, which means that they can essentially issue as much as they want if such drastic measures are called for.
The hyperinflation crisis has been going on for ages now in Venezuela, and has no signs of stopping any time soon. I don't think that this is a viable solution by simply pegging it to another central bank issued currency, but bitcoin could definitely be useful to Venezuelans who want to store their wealth in the long run without having to worry about inflation.
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Listen to this episode of the BitcoinNews radio show. We discuss how fiat currency is going to inevitably collapse due to debt and money printing, and we strongly advocate using Bitcoin since it’s the best alternative to fiat. https://anchor.fm/bitcoinnewscom/episodes/Bitcoin-News-Radio-Show--14th-August-2018-e212tcAlso read... Will Bitcoin Accelerate the End of Fiat Currency? Bitcoin has worldwide infrastructure and demand, giving it value anywhere you are on Earth. It is a solid alternative to fiat currency with a fixed supply, so it won’t ever be devalued by money printing. There is no central organization leveraging Bitcoin to pay for budget deficits, unlike all the fiat currencies. The mere fact that Bitcoin is a true alternative to fiat currency may very well accelerate the worldwide collapse of fiat currency some economists have predicted, including the US dollar. Full in-depth analysis https://bitcoinnews.com/will-bitcoin-accelerate-the-end-of-fiat-currency/Bitcoin Is Better Than Gold Ultimately, if fiat currency collapses it is clear that Bitcoin is in a much better position to become the top global currency, due to Bitcoin’s advantageous characteristics. This makes Bitcoin much more ideal for international commerce and finance than gold. Read more at https://bitcoinnews.com/bitcoin-is-better-than-gold/I think the articles and radio show explain perfectly how Bitcoin will be the dominant currency in the future, and are good to show to people so they understand why Bitcoin is so important. I honestly don't think that bitcoin is going to completely replace fiat currency. Even if governments decide that they want to support cryptocurrencies, they will only support those that allow them direct control over the economy. For example, we can already see this with the Venezuelan national cryptocurrency of Petro. The advantages of bitcoin over fiat and even gold is quite obvious in my opinion, and everyone knows that. It's just that the governments and the central banks will simply be unwilling to give up such degree of control over the economy. Bitcoin will probably be the dominant global currency in the future for e-commerce and store of value, but individual fiat currencies will still exist imo. |
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Good thing that you noticed before you went and believed in him.
I think that the scam goes like he transfers you money on that phishing site, then once you receive the money he'll tell you to send him real BTC on-chain to him, while you wait for your withdrawal to clear. All the while the victim thinks that he is going to get 0.1-0.2 BTC profit from this.
I've seen this a couple of times outside of your case as well. Hopefully people don't fall for this anymore, but there seems to be a few different phishing sites in play here, using sort of the same templates both on their site and for the "bait" in communication.
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They removed their team apparently from their site, because I couldn't find it anymore (or perhaps I'm looking in the wrong places?)
Anyways, this is stupid. The MVP was so minimal that essentially nothing was working, and probably could have been developed in a few hours. Their entire ICO is based on an idea that has been done by previous ICOs multiple times. Even if it was legit which they are not, gaming ICOs are a saturated field which nobody cares about anymore.
Always do your research before you invest. On their front page they even have a bunch of icons of "technology" that they use to create their product apparently, which is obviously there just for show.
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If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?
It's very unlikely and pretty much impossible for bitcoin or any other decentralised cryptocurrencies to be declared officially as some sort of official global currency. Governments around the world will simply not be willing to give up their control over their respective economies. If there was to be a global currency, then it would be centralised, and is essentially fiat currency, except run on a blockchain. That would pretty much be the same as right now, and not change anything in terms of how the basis of the economy operates. If you're referring to the mass adoption of bitcoin around the world, then I believe that it's possible. Economies around the world wouldn't be affected much, as I think that it's very likely bitcoin will simply be an alternative currency form to fiat, that co-exists with fiat. It wouldn't need the fiat economy to exist. |
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Interesting read.
Obviously, if there was a world currency that is put into place by a central entity, it would need some world government to make it happen. We don't see this yet, so it's very unlikely that we'll see fiat currencies all of a sudden disappear and be replaced by a global fiat currency.
If this was ever put in place, it would essentially take away a huge chunk of control from individual governments as well, as they no longer have control over the currency supply.
I'm not that optimistic on the idea, but if there was a force from higher above pushing this to happen, it will happen eventually. But imho, BTC is going to be the only safe, decentralised asset to hold in the long run.
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as per title how you recon the market is affected by individuals in countries like turkey, venesuella, brasil, argentina, russia, china, india (etc) which currently experience major currency devaluations against the dollar? normally it would be rather common practice to hold dollars as a hedge against the central bank's fiat denominations. though in countries like india they prefer gold. so now that an alternative is present how much buying pressure would it create to perhaps affect the bitcoin trend?
I personally believe that bitcoin is infinitely better as a store of value than national fiat currencies. The reason is simple. You've got a government controlling the supply of fiat currencies, and inflating that supply whenever they want means that the value of fiat currencies will always drastically decrease in the long run, as a sort of an "invisible tax". Bitcoin is different in that its supply isn't manipulated by a central bank, nor is it controlled by anyone. As such, I do believe that bitcoin has the potential to serve as a hedge against fiat inflation in the financial world in the future, which would obviously result in increased adoption. |
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I think that they're probably more effective as a means of revenue for the government, than it is to reduce people's consumption of certain things. Obviously, there are going to be decreases in demand as prices goes up, but probably not by that much. I feel like that a lot of the decrease in consumption of alcohol and cigarettes have really been mostly a result of education, instead of the sin taxes. For example, now that plain packaging laws are instated in my country, as well as education of the harms of cigarettes, demand for these products have drastically gone down. Yet, long term smokers are going to continue to buy into their habits, regardless of the price. Should crypto be taxed @ exceedingly low rates due to it driving economic progress, creating value and providing critical utility to neglected demographics. All of which undoubtedly contributes towards ennobling man and benefiting society? Depends on the use. If it's normal income, just in the form of BTC, it shouldn't be taxed any differently imo. For other uses like mining or capital gains, I think that lower taxes should be implemented, as a lot of the tax rules in many countries result in double taxing of crypto as a result of the tax system not being designed for crypto at all. But, it doesn't mean that governments will do this. In fact, there is pretty much no chance that they'll show such positivity towards crypto taxation. |
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This is a news story about a man who installed 35 solar panels on his home. http://www.anonews.co/man-still-has-to-pay-tax-for-energy-he-generates-himself/This man pays electricity taxes on every watt of energy his house consumes, even though he is self sufficient & produces more energy than he consumes from the power grid. Should he pay taxes for a service rendered by the state which he does not utilize? Crypto taxes are a hot topic in this section. This news story could in the future apply to crypto mining. Imagine if someone bought enough solar panels to power their bitcoin mining operation. And the state charged them for every kilowatt hour of energy their bitcoin miners consume, even though their operation is fully powered independently outside of state generated or regulated electrical grids. This news story reminds me of this case where uganda tried to tax its citizens for using social media websites like twitter and facebook: https://bitcointalk.org/index.php?topic=4614685.0What are peoples thoughts on this? You're right. It's similar to the Ugandan tax on social media in that the government is taxing something that is not even generated by them, or even regulated or controlled by them. This man is generating all of his energy and being self sustained. Not only that, he is generating energy in a responsible and renewable manner. Yet, the government is taxing him on something that is not even maintained or owned by the state/public. It's essentially a tax for using a thing that is generated completely responsibly... What? The concern with crypto mining is definitely there. I think that it's unlikely the government would change their attitude towards crypto mining power generation and the taxes involved with self-sustained electricity generation. It's absurd, but it'll probably stick since cryptos are only going to continue to grow and would be a big revenue source for the government. Obviously though, the mining operations would probably just move overseas, at an increasing pace, if these taxes continue to be put in place to disincentivise people from generating their own power to mine/use in general. |
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After the blockchain-based Crypto Petro Dollar, the Venezuelan government probably has a new idea to get foreign currency into the country. It wants to set up and build up a central bank for cryptocurrencies. Another crazy idea or does the idea have potential? For more details read this article on CCN. What potential does this have? At best, this is just going to be one of countless other government plans to centrally control cryptocurrency issuance within their country. Basically, it's fiat 2.0, and instead of it being printed on paper, it's just going to be stored, operated, and managed by the government on a blockchain. Essentially even more control over the economy and money supply by the Venezuelan government. I don't see this as beneficial to any individuals or citizens of Veenzuela or other countries. Petro was pretty much only to the benefit of the Venezuelan government to collect investments, and get foreign currency in. This central bank is probably just to maintain official control over Petro or whatever else they've got in the future. No point whatsoever. |
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I agree with the $5k short term prediction.
We could see price levels of even lower, downwards to probably $3-4k if the $6k support was broken. However, I don't think that this bear market as well as the collapse of the $6k support would be able to bring anything close to a 95% fall in value from BTC's peak back in 2017.
Personally, I think that we're nearing a bottom, and recovery will most likely start next year.
I just think that there will just be way too much demand for coins below the $3k level by both speculators and long term bitcoin holders for prices to ever regress back to $1k. I just don't foresee it even in the worst case, most bearish scenario possible. Buyers are already starting to accumulate on a massive scale at the $6k zone, let alone below $5k.
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