I tried to sign up with my bitcoin address. However, it did not allow segwit addresses and it didn't allow bitcoin addresses with no balances. That makes no sense to me imo, as most crypto businesses would let you sign up even without an address with funds in it. Besides, the site apparently demands deposits to come from the exact address that one signs up with - not always possible if using a hosted wallet like Coinbase, and someone could easily mistakenly send money from another address, leading to loss of funds.


So according to the about section, this is just an investment game where you attempt to buy land at cheap prices and sell it later in hopes of someone else paying higher for it, right? Are there actually any utility value associated with the land? If not, it's quite a boring game and I doubt that anyone would be interested. At least have some feature where you can develop the land or something to increase the commercial value of it, before selling, or a virtual economy of some sort like Second Life. Otherwise, it's intrinsically valueless.

Also, who owns the land at the start? Do you own the land and sell it to buyers for a profit? Again, if that is true, then I really think that people will doubt your trustworthiness, especially with you holding all the land in the beginning and all the proceeds of the initial sale go to you.

I think that based on the fact that various ETFs have already been rejected multiple times in the past, this current rejection doesn't really matter as much or have as strong as influence on the market price as people may think.

However, prices are still obviously correcting from the recent rally. Right now, the prices stands around only $7.5k from the high of $8+k, a 8-10% correction.

I don't think that this is caused by the ETF rejection, it's just the bear market. Markets have grown very insensitive to news along the lines of this. It's very unlikely to see bitcoin all of a sudden go into a bull market even with the ETF being approved, as a matter of fact.

Very interesting stats indeed.

Can't say that I'm surprised though, because bitcoin is obviously mostly used by younger generations right now. It's part of the reason why I believe that it's got a bright future ahead of it. Assets and investments that younger people invest and hold belief in currently tend to gain more value in the future, as their own financial capabilities increase.

However, this does highlight a huge issue that bitcoin has, which is its accessibility to non-computer-literate people, or not so competent computer users. Even though this is an issue, we can already see this being combated through the development of new more user friendly and intuitive services or clients. If bitcoin does go mainstream, there would definitely be no problem with older generations accessing it, I'm sure.

If there are no official comments on bitcoin, or a particular crypto market, then it can definitely be considered to be legal. Bitcoin is decentralised, after all.

An unregulated market does not mean that something is illegal - it just means that there is no overarching regulation that is put in place yet. The government is most likely taking a neutral stance, or simply not bothered to come up with regulations.

Unless your government explicitly states that bitcoin is illegal, you should be fine with trading with it in private, conducting bitcoin transactions, or even using exchanges to trade. But due to the lack of regulation, there may not be local regulated exchanges to choose from, so do be careful when choosing your exchange.

The sample is also taken in already established investors with at least moderate amount of wealth stored in investments.

Still, the rates of bitcoin ownership are extremely low. I'm fairly sure that if you expand the sample to the entire population, the rates of bitcoin ownership will be even lower than the poll suggests, meaning that we're well and truly still in the very early adoption stage.

The main theme here though is that people know about bitcoin, they are interested in it, but don't know enough or don't yet understand the reasons to hold bitcoin. This is a lot of potential, IMO, as all of these people who are interested in bitcoin will most likely take it up as an investment actively sooner or later.

It's nice to see that bitcoin's (or, just cryptos' in general) benefits are being acknowldeged by an organisation as large as the G20.

However, an acknowledgement isn't really needed and at the end of the day. An official statement from the G20 doesn't really mean much in terms of tangible regulations or government attitude towards crypto regulation. We're still yet to see how some individual countries go with crypto regulation, whether they will reverse certain restrictions or go along with it.

Also, they still seem to see crypto and bitcoin as some sort of threat instead of actively exploring its full potential. Sure, there are tons of ICO scams around, but that is not representative of bitcoin itself. They're just completely unrelated.

At best, Bit Money is copying core content of what their project does from other projects that have been potential scams in the past. So that alone warrants a huge warning bell straight away. Either it's plagiarism of ideas, or they're all owned by the same person.

However, looking into their site, there is no clear indication of what their team is. Their site is very poorly developed as well.

Furthermore, their idea has probably been repeated thousands of times as a "loan financing platform on the blockchain". Either that, or their business model is so vague that I couldn't even understand it. It's most probably a scam of some sort, but at best, it's a worthless project that no one should be investing in.

I don't think that it is a prospect in the next few months.

Given enough time though, it's a no brainer. But $10k, as both the major resistance, and a huge psychological barrier, is most likely only going to be hit once the recovery starts, which could be a while. I'm fairly sure that you're asking this question in the context of the "near future", so no. The bearish sentiment continues to dominate the markets at the moment.

That said, I do think that it is a great opportunity to stock up on coins or long positions on BTC right now, because prices are extremely cheap I believe if you look at the bigger picture here. Start buying regularly right now in bearish conditions is definitely a good idea.

I don't think that ETF rejection is really the primary reason, although it is definitely one of the catalysts in the current dump in the market.

I still believe that this is mainly just because of the fact that the markets are still in a period of bearishness right now. Although people have said that we're seeing the resurgence of bullishness in the market, I believe this is only going to be a temporary thing.

Expect markets to move mostly sideways instead of vertically in the next few weeks, with dips here and there. That's just how a bear market is. Even if ETF did get approved it would be very unlikely that bitcoin would all of a sudden break out into a bull market, imho.

I probably don't feel as confident in this being the start of a new bull market as a lot of people do, mainly because of the fact that the last major bear market in 2014 simply lasted way longer than just a few months.

I still think that $10k resistance is going to be strong, and it's unlikely that the bull market will come straight after a period of such pessimism within the market. We'll probably see more consolidation before seeing the actual recovery.

But when the bull market does actually come, I think that 1-2 years is usually the norm based on historical evidence. However, with the new institutional investors coming into the markets, the next bull market timeframe could be elevated as a result. It's too early to tell atm as I said, it could not even be the start of the bull run yet, and this could just be a temporary adjustment upwards.

Cloud mining is pretty much this area that has been used for scam thousands of times by now, and people still don't seem to take their research seriously. This is a very obvious case of a fraud, in my opinion.

No way are they even actually mining, with all of the shills on bitcointalk as well as the statement that they are the biggest cloud mining company when there's probably at least 5-10 of more well known cloud mining sites (and even them are not perfectly safe or guaranteed to be legitimate). Their entire site seems unprofessional, and pretty much completely uncharacteristic of a company that would actually mine, you would think.

Obviously, you've also got the fake testimonials. At worst it could even be considered identity theft. To me at least, this site is just too much risk for no reward for anyone to invest in it, but it's pretty much guaranteed to be an exit scam at some stage.

It's quite the opposite - it's because bitcoin is a decentralised and independent currency that it's got intrinsic value. Its supply can't be modified like fiat can essentially be printed into existence by the government/central bank.

Bitcoin's utility as a decentralised currency is what makes it valuable. People know that it's an international medium of exchange that has a decentralised supply, which means that it's a great long term store of value. That's where the demand comes from. Same principle as gold and silver.

On the contrary, fiat currencies are actually intrinsically worthless - its supply can be increased at any time by a central entity, and we see this with Venezuela and and Zimbabwe as recent examples.

The big difference here is probably decentralisation.

Even though bitcoin does not give you interest or anything like that, there is no central manipulation of the money supply, nor can anyone debase the currency essentially. Bitcoin's emission curve is strictly hard coded, and can't be changed.

Fiat is completely different. Your savings as you said, are probably going to be depreciating faster than the interest that you are getting from banks.

Hence, it's probably wise to invest in a well established decentralised crypto like bitcoin, or invest in actual dividend producing stocks, if you want to preserve wealth and not lose wealth through inflation.

I think that one of the niches that bitcoin will address is exactly what gold and silver are currently serving - people who want to preserve their wealth in the long run. Obviously, bitcoin cannot replace the cosmetic utility that gold/silver has.

That's why I think you're probably correct in saying that silver is probably seeing or going to see a reduced role as a "safe haven" asset, especially after bitcoin gains more adoption. It's just so much more convenient to use bitcoin, and it offers decentralisation and a limited supply asset just like silver and gold.

That's not to say that silver and gold can't go up in the short to medium term, as I think that they have gone without a bull market for a while and the next one could really emerge at any time. But if you were going to invest in silver or gold, you might as well start accumulating bitcoin in this bear market which has the same functions, except better, more divisible, more portable, and just a lot more practical as currency.

Just because they've made healthy returns on their investment, doesn't mean that you should instantly believe what they say. Otherwise, you'd be taking Tim Draper's $250k by 2022 prediction very seriously.

Personally, I believe that a bull market could potentially emerge by the end of 2019 just like it did between 2015-2016. But is it going to hit $67k? I doubt it. The halving in 2020 is probably going to have a more bullish effect on the market compared to anything that goes on in 2019.

I think that if given until 2021, this could well be realised, since market sentiment is generally a lot more bullish around a year after the halving. However, I don't see prices recovering that fast and all of a sudden entering a phase of crazy returns, at least it has never happened before. I'd say that it's very unlikely.

Is there really a clear and defined correlation between bitcoin dominance and bitcoin's bullish or bearishness?

The only reason why bitcoin dominance diminished last year during its bull run was because of the overheated ICO and alt markets, which is something that is extremely irrational. I think that there is every possibility that as people realise half of the new projects out there are completely useless, they'll shift towards investing in bitcoin instead of any of the ICOs, leading to a bigger BTC dominance.

So unless we know the exact sentiments of the market at the time of the bull market, it's impossible to predict. I certainly don't see it going under 35% any time soon, even in a bull market with overheated alts, but there is tons of possibility that dominance could go up further in the near future to potentially 50-60% in a bull market.

I'd say that bitcoin's $6k price level was definitely close to the bottom, if not the definitive bottom.

I'm just uncertain as to whether the bearish sentiment in the market would continue longer before the bull market actually comes. Right now, even though we've seen some small bull runs, I think that it's safe to say that we're nowhere close to a bull market yet.

The lowest BTC can go is probably $4-5k within this bear market, in my opinion, under which there will just be too much demand for prices to keep falling. But whether this rally is going to be the start of a recovery or just temporary and will correct is unknown at this stage.

What happened? How did you lose all your cryptos on yobit?

It would be nice if you could provide screenshots and stuff like that. Were the funds just stuck in withdrawal, or your account frozen etc.?

Can't say that I'm surprised though. Yobit is one of the most notorious exchanges that are still operating to this day. They can pretty much be classified as a scam and nothing more by this stage, because of their completely broken site and unresponsive support.

If you want testimony, then just search "Yobit scam" on the forum, you'll find hundreds of scam accusations about them. But please, describe your own situation so that others know what's going on as well.

The thing is this - most of the fiat exchanges are indeed going to ask you for identification papers.

All the ones that do not require stringent verification are going to charge you extremely high fees, or have extremely high spreads. For example, Virwox. It's convenient, and it's anonymous, but be prepared to pay up to 15-20% extra or even more above market prices.

For that reason, if you are getting your IDs in the near future, I'd probably suggest waiting till then.

Otherwise, Localbitcoins and Paxful would be my go to places to trade because they are P2P and have a ton of payment methods available, and inbuilt escrow protection. Especially paxful, since LBC recently has instated some new ID requirements after you hit "significant volume".

Any wallet that lets you hold your privkeys, and has a decent history. It could be a hardware wallet like Ledger, or it could be a paper wallet that contains an encrypted private key of yours that you throw in a safe somewhere.

It could even be a open soucre desktop wallet client like bitcoin core or electrum, they are all pretty safe. They're not perfectly trust-less as people have said, but they are definitely way better than centralised providers.

The thing is that the chances of you getting hacked through one of these wallets is much lower than the chance of a centralised wallet service suspending your account or facing regulatory pressure to freeze your account balance, or simply going insolvent. Bitcoin's primary selling point is decentralisation and trustlessness. Use this to your advantage, and use wallets with which you hold your own funds with instead of having to trust a third party.