A report have it that out of 21million Bitcoins, 16.8 million coins have been mined (investipedia). This means 80% of the coins have been mined. That means we have fewer coins available till 2140 (when all the coins would be mined). The question is, What will be the value of bitcoin? What is the current rate of mining? Will the price go up too high because the remaining Bitcoin is small?
The bitcoin price isn't solely dependent on the amount of coins that are left to mine. The stage of the bull/bear market cycle that bitcoin is currently in, as well as recent news which all influence the current supply and demand of coins will still matter and influence pricing the most. Bitcoin's value comes with its enforced scarcity, much like gold and silver. I personally believe BTC and gold have a lot in common, in terms of their economic characteristics. In the long run, as long as adoption and usage rate of BTC as a currency outpaces the inflation at which bitcoin's monetary supply grows (which should happen almost every year from now on, for a long time), then prices will naturally rise. So you're right, to some degree. |
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This is a common misconception that people have about bitcoin.
Bitcoin can be divided into insanely small fractions of itself, so whenever the value of bitcoin rises due to more adopters, it would simply mean that a smaller fraction of bitcoin is worth the same fiat amount.
And if ever need be, BTC can definitely be changed to support even more decimal places.
The maximum cap that bitcoin has got in place is actually an extremely attractive thing, as it is something that fiat lacks, and what makes bitcoin a good store of value in the long run.
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Is this really what the EU is requiring crypto exchanges to do by law including the collection of a lot of these completely irrelevant questions, or is Bitstamp just collecting this info for their own benefit? Can someone clarify? Because pretty sure that anywhere in the world you won't even be asked these series of questions when opening a bank account. It's definitely ridiculous that so much info is required of you for a KYC procedure. I wouldn't risk a single cent with them, to be honest. The worse part is that if they collect this much information from the beginning, they could probably suspend your account balance at any given time and ask for even more personal questions like where your last deposit came from. That's the biggest problem, them freezing your balance and holding your coins hostage while collecting more information from you, which is a real possibility. |
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In a Tweet on May 3, Sherman-Founder of Bitcoin Foundation Charlie Shrem announced that this month the Bitcoin market would mark an important turning point.
May 2018 will be Bitcoin's "last time" at under $ 10,000. That was Shrem's statement, which made the digital money community flutter. From less than $ 6,500 in the first quarter of this year, BTC / USD prices rose by over 30% in April and have kept rising ever since. Previously, there was a long-term trend analysis indicating the beginning of the 'hold' phase for Bitcoin. Right from the first week of the month, we have seen one of the most obvious signs that an uptrend may begin soon. Currently, Bitcoin has been traded at $ 8,397.10 and Ethereum at $ 700.10.
With Shrem's strong statement, do you believe from June 2018, Bitcoin and Ethereum will change drastically and the value will start to increase rapidly?
Bitcoin could stay under $10k for a long time, as it has for a few months now. There are absolutely no guarantees as to if next month all of a sudden we will go into a period of full on bullishness, and people get hyped up. In fact, $10k has demonstrated to be quite strong as a resistance level. It'll be hard to even break that $10k level to begin with within 1 month, let alone act as support for the rest of BTC's lifespan. As much as I'm a bitcoin bull in the long run, I don't think that there are any reason ta say that bitcoin can't dip below $10k again during a period of bear market. That's just an absurd proposition to make right now, imho. |
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https://www.youtube.com/watch?v=NBVDqAHQ4-MLooks like Bitcoin is working: The people whose empires depend on Bitcoin not going up, are scared and have to show up national television to trash it. This is a good indicator to start looking for an entry point if you haven't already. Noobs will get shaken out of the market with fake news like these, and smart money will jump in when the opportunity is right (that's once all the noobs have sold and there's only hodlers). Remember: Bitcoin IS working. 21 million coins, unhackable, uncensorable, unconfiscable. What anyone says on any TV or website is irrelevant, only these fundamentals matter. Just like how McAfee is predicting that bitcoin will rise to $1 million within 2-3 years, guaranteed, I'd treat what Gates and Warren Buffett are saying with the same grain of salt. Listen to their points, and make your own judgment. Charlie Munger has even went to say that trading bitcoins is the same as harvesting baby brains, I mean what the hell? If Buffett and Gates wants to be bearish on bitcoin, let them be and have their opinion, or spread FUD on the market, w/e. Bitcoin doesn't need their support (although it'll definitely be appreciated) to succeed as a decentralised currency. People have called bitcoin a ponzi in the past, so this is nothing new. |
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I read an article in which the concerned person says that the ICICI bank in India just held his 1,00,000 dollars if I'm not wrong for almost 21 days without releasing the funds.They have just delayed by asking him to provide proof of his link with the sender and other blah blah blah formalities.The user blames that the bank deliberately did used his funds for other purposes and had delayed in releasing him.He has said that he would dedicate himself for promoting bitcoin. He says that "I really wished I could throw a punch on the banker's face".I feel that almost all the bankers deserve this punch. Here is the link below. " https://www.reddit.com/r/Bitcoin/comments/8ilzmu/this_is_why_bitcoin_should_be_the_only_global/That's the ultimate problem with having a third party holding your funds. You are essentially handing over control to whatever you deposit with them, even though it technically still belongs to you, they can do anything with it if they even suspect any little thing without any proof. And you'll never be given a fair chance. Bitcoin is completely different to that, it takes away the trust needed for a third party to hold your funds. Your bitcoin address is hence pretty much a perfectly trustless bank in itself. Traditional banking systems are filled with stories like this, and you never see the inconveniences in BTC. As more people start to lean about this, adoption for Bitcoin will surely rise over the long run. |
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Both of these are common things that bitcoin outsiders say, especially that "bitcoin has no intrinsic value". I think the myth that bitcoin is a ponzi scheme has been debunked so many times that there is no need to respond to that any more.
Gold and silver have intrinsic value because of its natural scarcity, and the fact that it has served as a reliable store of value and currency for many centuries, if not millenniums. But more importantly, its supply can't be manipulated by a central authority, the way that fiat can, and thus can serve as a effective store of value.
That's why fiat depreciate over time, and gold/silver tend to hold its value. Same thing with bitcoin, nobody can ever mess with the 21 million cap. And that's why it's a long term store of value, much like precious metals.
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There are actually a few that's still actively being promoted by people on youtube all the time, presumably either by people trying to gain referrals or just shills of the site. No way you were going to get these kind of returns.
These types of cloud mining sites don't mine anything, have no proof that they are mining, and only are using cloud mining as a cover story to their ponzi scheme.
Or more likely, they are just going to take your money and not even bother giving early investors some money. You should never trust random strangers over the internet with money without sufficient reputation, period. Let alone someone promising you such unrealistic returns.
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This scam has been analysed and exposed multiple times before, and the owner of the site has got a pretty bad reputation on the forum already (as seen by his terrible trust ratings). There was absolutely no point in testing the site to see if it's legit, since its offerings are simply not what a legitimate business would offer. But at least you did test, and hopefully with a small amount. I'll second the OP's remarks. I was scammed as well... made a purchase, sent the coins, everything cleared and no product. Reached out to the vendor (BitProduct), got 1 DM back, then all silence thereafter. Of course, lesson learned... let my voice be a 2nd warning. If BitProduct makes good on my part, I'll report back but I've already moved on.    Don't expect anything from a scammer, and move on as you said. Learn your lesson, even if they deliver you the promised gift cards at too good to be true rates (which they will never do), they will likely be fraudulent. |
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We all know that McAfee took a bet that Bitcoin would be $1m by 2020 He has once again said on record that he stands by this claim but this time he goes even further and says he believes it will be a MINIMUM of $1million Here is the short video interview for those who might want to check it out. https://www.youtube.com/watch?v=ZPOP0T-DLiE He not only re-iterated it, but did so clearly. And he has even said in the interview that he has already won the bet, either that's how confident he actually is about bitcoin going to $1 million, or he's just spreading a prediction that he knows won't be fulfilled for the sake of publicity. In my opinion, it's probably the latter. He is hyping bitcoin up as an investment scheme for absolutely no reason. Only way I can see BTC going to $200k, let alone $1 million that he is promising is if USD depreciates drastically within the next 2 years which seems unlikely in such a short period of time (at least there aren't any indicators right now to say that's going to be the case). |
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The unfortunate side of this is that people will have to turn to the more shady platforms to trade <Peer-to-peer> anonymously. You can still use these platforms for smaller trades, but it is risky in countries where Bitcoin is being "banned". <Like we saw happening when China temporarily closed the Bitcoin exchanges> I have built up a "trusted" network of friends for these Peer-to-peer trades over time and I can even trade with them, without using escrow services, but newbies will unfortunately not have that privilege.  Yes, there are definitely shadier alternatives that I'd rather not use, but people may be forced into using. A lot of current casual buyers/sellers may also have to turn to centralised exchanger services with no escrow protection, which is a big concern. For whoever that doesn't know yet, Localbitcoins gave out an entirely new and updated terms and conditions a few days back as well: https://localbitcoins.com/gdprThese restrictions don't really affect newbies yet, though. They still have a chance to trade without significant volume. Although key word is *yet*. We don't know if Localbitcoins is going to follow current guidelines forever. |
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I actually feel like that bitcoin prices may go up in real value, despite the economy crash.
The thing is, bitcoin is by nature, a hedge against fiat currencies. And in a full on economy crash or hyperinflationary scenario, fiat would lose at least part of its value if not most of its value. The entire fiat system could even become dysfunctional.
Bitcoin would be the clear alternative currency to use, and in a way, it forces people to adopt it in order to trade. Obviously, these are extreme scenarios. But the fact that BTC is indeed a hedge against fiat makes it a great long term investment.
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https://localbitcoins.com/gdprMost people knew this was coming but here's the confirmation anyway. ID verification will be required when you hit certain volume limits. Thank the EU rather than them. I presume this'll speed up decentralised options. Yeah, the rules are really tightening surrounding trading platforms. I've already been identified as someone with significant trade volume and been asked for my ID. It's honestly disappointing to see a platform previously known for its anonymity all of a sudden requiring so much in terms of KYC, even though it is the EU regulations to blame. They are still using pretty vague terminology in their terms and conditions, and nobody knows when you'll be asked for ID verification. You're right, this will probably prompt faster development for decentralised trading options for sure. |
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I'm just reading an article in the newspaper. Klaus W. Wellershoff (a last chief in UBS Bank) says that's impossible to use a currency with volatility as money. If the value of the money decrease, that means the value of the merchandise decrease. For example : if you buy a flat with bitcoin and few years later the bitcoin value decrease... Your flat lose his value as well.
What do you think about this argument?
Wait, your example doesn't even make sense. If you buy a flat with bitcoin, then bitcoin prices drop, how exactly does it make the apartment price drop as well? There is no direct correlation here whatsoever, so I don't know what you're getting at. Bitcoin is a better currency than fiat, and fiat is being widely used. So what's the issue? Earlier on the adoption cycle, like right now, prices can be extremely volatile, sure. But as time goes on, this volatility drops. Also, there is a wide variety of ways people can fix the value of their BTC during a trade, so that they are not affected by any exchange volatility. I honestly don't see why BTC can't be money just because it's not pegged to a fiat. |
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In five years from now who would have more gains? I think bitcoin will..5 years of holding to the moon and many dips.
Average Berkshire returns have been around 20% p.a. according to a quick google search, since its inception. If we assume that Berkshire is going to perform the same way as it has on average since its founding, then there would be around 140% returns within 5 years. And that is extremely optimistic, considering that some say that the stock market is due for a correction soon. BTC can comfortably achieve another all time high within the next 5 years, especially 2020-2021 due to the halving. My money is on bitcoin, especially because Berkshire actively antagonises bitcoin which would put them in a very bad position looking forward. |
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Imagine that some respectable country would go far beyond legalizing cryptocurrency and start one of its own. It would surely be no scam and it would probably have a strong support, but would there be any drawbacks to the currency and the state itself? Would it get more attention than some of the biggest coins now?
Hell no, why anyone would choose to use a centralized, government issued cryptocurrency over a decentralized, community based crypto like bitcoin is completely beyond me. I would say that 90% of the community here would agree with me on this. If a government did decide that they wanted to issue a crypto of their own, they will certainly retain all the necessary controls over this currency economically, just like they do with fiat currency as they are able to manipulate whatever aspect of it they like. What's the point of using a centralized crypto? I don't get it. It's literally the same as what fiat is right now, except on a blockchain. |
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To the surprise of nobody, Warren Buffett isn’t interested in Bitcoin at all.
Warren’s strategy is to have an adequate but consistent return over a long period of time.
The key is that he knows he will be rich someday, but he is not in a hurry.
In cryptocurrency world, it is not possible to make a position and forget it for x number of years. Hence, it does not fit Warren’s style.
So what is your opinion?
Nope. I'm not surprised at all, to be honest. In the past, he has basically said the same thing when it came to precious metals. With bitcoin being very close to precious metals when it comes to its properties as money/asset/store of value, his opinion obviously doesn't differ much. It seems like that either Buffett is actually shorting bitcoin actively, or that he genuinely believes that bitcoin is not an investment simply because of the fact that it doesn't give you interest, or dividends. I don't think that he realises how BTC can essentially have the potential (i'm not saying it will one hundred percent, however) to become the backbone of the entire world's economy, as the whole world's reserve currency, tbh. |
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I am a new member in Paxful I deposit bitcoin and try to set trade
And the first trade I set wrong. (Set the wrong limit)
There are buyers open to trade with me (1.8btc). And press PAID. But in fact, there are no transactions at all.
I try to let the buyer cancel the trade. But the buyer is trying to open the link he sent to see before canceling the trade. I did not dare open it.
I have been waiting until the time of the dispute and open the dispute for help from the staff until now. 10 hours passed, not yet resolved.
Do I want to ask the user Waiting time for judgment How much time?
What should I do I'm afraid to lose money.
Thank You
They should be able to get back to you in a maximum of 1-2 days. Usually, it's less. I don't really get your situation, though, because you're being quite vague. Have you released the bitcoin from escrow yet? If not, then a full reimbursement after support verifies that you are in the right is pretty much guaranteed. Just wait some more in that case. If you did release the BTC from escrow, even though you didn't receive anything, then all Paxful can do is ban the guy and pretty much nothing more. |
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What does either of them have to gain by saying Bitcoin and other cryptos are a sham? They have more money than anyone else on Earth, and the fact is that cryptocurrencies have made many people wealthy. So how do we surmise that they have created an opinion that hurts the value, therefore taking away value and wealth from others, and to no value for themselves?
I believe that both of them have done a lot of good in the world. They have started programs that include health, education and research in some of the poorest places on Earth. The have brough food, access to clean water, and many other projects, like hospitals and schools.
But I believe that when one is enormously rich, one can believe that they know a lot about everything. They have the notion that they must be right most of the time, and that their opinions are based upon the idea that they became wealthy because they made a lot of smart decisions. And that is quite true.
But postulating on the value and longevity of something that fills a need but is not entirely understood is in my opinion not in their wheelhouse. I think that until crypto is understood and accepted by more people and institutions, people of power should not show ignorance? about something that is developing around them. We may be buying computers and software and stocks in the near future with coins that are being denigrated today.
Warren Buffett and Bill Gates both seems to think that bitcoin is not an investment because it does not produce dividends, which is absurd in my opinion at least. They've held similar opinions in the past about gold, silver, and precious metals, and this is anything but surprising for me to hear. I think that they completely overlooked BTC's function as a store of value, and also as a currency. They seem to think that investments have to produce some sort of dividends for it to be valid. Nothing is wrong with them commenting on BTC, if that's what they truly believe. Everyone is entitled to have their opinion, wealthy or not. I honestly wouldn't be surprised if both are currently taking a short position on BTC as they make these negative comments to make a profit as well. But if they actually believe in what they say - it's their opinion, but they'll miss out on huge profits in the future for not supporting BTC and crypto related businesses. |
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It's for sure an issue that people have to look out for.
Most of the victims to these types of phishing scams are newbies who do not have previous experience with dealing with an online, hosted wallet, and don't know which hosted wallet is even legitimate, let alone which one is a phishing site of the legitimate wallet.
I would advise everyone to not click on any google ads, it's just not safe practice. If you need to find a crypto wallet without the URL through a search engine, make sure that you cross-check the site's URL to see if it is the official site.
Though we can expect this issue to subside after Google does ban crypto ads in the next month or so, which is something that is positive that came out of that ban.
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