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When bitfinex got hacked, price dropped about 10%. And from all I can remember bitfinex was not reachable completely. That was an event that happened without any warning.
Today, only fiat transactions are canceled, bitfinex is reachable, and the users had time for over two days to react on the news in a way they think is best for them.
Due to that I don't think that the influence from the events these days will come near the 10% of the hack.
And I think as well that bitfinex could even survive without any fiat transactions at all.
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When you put all your money into one investment, you are completely depending on the success of that single company.
To me it makes more sense if you spread the risk. Different companies, different economy fields, maybe even different currencies.
I think it is very important that every investor has some kind of safe backup plan from the start, in case something goes not as expected.
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I think we all know that cloud mining does not work.
But in case somebody really has not heared that yet, I would like to repeat it:
Cloudmining does not work! Do not invest your coins there! You will never get the amount back you have given them!
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Bitcoin can be used for payments. There a service providers such as bitpay.
That is the big strength of bitcoin.
I do not know of a payment provider that would accept an altcoin.
And as long as that does not change, I do not see an altcoin overcome bitcoin.
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Let us assume the whole world adopts the bitcoin system but when we're stuck at 3-5 transactions/s how'd you manage and handle increasing demand?
Let us assume the whole world only does 200 transactions/s and paying $100 as a fee/tx but can miners handle more than 5 transactions/s?
That is the problem with bitcoin no matter how many people invest/ use it the system is limited.
Only in dreams everything will happen overnight. Bitcoin is a very good example for getting itself versatile by keeping updated to serve people accordingly. I believe, one day bitcoin system will be adopted by more than 50% of world population at those times definitely bitcoin will scale more than what visa will be scaling then. There are devs continuously working on improving bitcoin and we never need to worry about it. The current situation is just hiccup any system will undergo and definitely bitcoin will come out of this. Japan may set examples for rest of countries to adopt a decentralized system. I am expecting when 60k merchants from Japan adopting bitcoin payments, we can expect prices to reach $3000 to $5000 levels. For those merchants in Japan accepting bitcoins, we need customers willing to pay in bitcoin as well. My hope is that Japanese people will use the possibility to pay that way and not only hold their coins as a form of investment. When the given payment option is not used, merchant will remove it again. And that would be not a very encouraging signal to the rest of the world. |
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I don't understand why the general population is so adamant in using physical cash, when the government is incentivizing the usage of digital payments. The government is doing the right thing. Just hoping that the population will support them.
What are you talking about dude.Does the governments around the world put a cap on the money you withdraw from the bank,your hard earned money,no one tells me how i am going to spend or use my money and if you are honey dicking someone so be it,that does not mean that everyone have to adhere to the restrictions as no one is asking for a loan,people are trying to withdraw their own money and the government want to restrict that,that is terrible. As far as I know, there was no restriction on online transfers and payments through cheque. So why do you want to withdraw physical cash and make the payments? Why can't you use digital payments or online transfer? I think for many people in India it's not possible to use bitcoin. After all we are talking about a country where about 30% of the population still can not read or write. And for those who can, it's still a long way to use something like a computer or a crypto currency. Those people need to have something in their hands, so there is no way around cash money for them. |
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I think it's relatively clear that people prefer big amounts, even if they can only claim once a day.
After all, most people who use faucets consider it as kind of work.
And they need time for their work. Solving a low paying faucet takes about the same time than solving a high paying faucet.
If the time they need to do the job does not fit the payout, why would they do it?
And then you must keep in mind that you need the same amount of electricity to run your computer for high and low paying faucets.
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I am not so sure about bitcoin crowdfunding.
Due to bitcoins anonymity, giving my coins away makes me always feel uncomfortable.
With crowdfunding, you usually have to support startup companies who have no reputation.
In most cases all you can do is gather information from the internet and their website.
There are just too many possibilities of fraud.
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I think that 2017 could be good for bitcoin, but it does not need to be that way necessarily.
Bitcoin has some challanges that have to be mastered. Solve the blocksize porblem for example.
And Bitcoin still needs to grow. It can only do so by gaining more users. And for more users, bitcoin needs more trust.
I do not think regulations would be such a bad thing, especially in matters of exchanges.
When people feel more secure, they might be persuaded more easily to try bitcoin.
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I like to dream. Instead of throwing around random numbers let's talk about how much adoption and demand would be required to drive the price from its current $1,200 to $47,000 per coin.
What kind of shifts in behavior and mindset are needed?
How can each of us do something to get us there...small actions now could have huge effects in 12 years. If each of us convinced 10 people to buy some bitcoin and each of those people convinced 10 people to buy some bitcoin, the growth becomes exponential.
Ok, I'll try this one.. All it would take is a failure of the Euro.. the US$ to get into trouble and the 10 TRN bond market to have a few hiccups and hell, you're there. These things havce been predicted to happen for ages now.. i think withing the next 12 years there is a high chance of ALL of them happening. At this point you are in the top 5% of the world. That is my estimate as to how many people even know about bitcoin, nevemind owning some. When bad things happen to our traditional currencies, there will be a stampede to find other assets. Bitcoin is one such asset. I think as well that the real potential of bitcoin lies in the big number of people who have no idea about it or do not use it yet. And it does not even matter how much one of those is willing to invest. It would only take a few percent of the world population who use bitcoin from time to time to reach a price level we could never even dream about. |
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Actually, a big fraction of what I own in bitcoin is stashed in a few online wallets.
The reason is because I do not own that many bitcoins.
If I had a bigger amount, I would use a paper wallet (probably more than one paper wallet).
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I never believe in predictions. Even the weather is hard to predict. The Church has long predicted the end of the world and he can't come. I'll wait for a new prediction just for a laugh.
It's really hard to see the accuracy of every speculation. Just try to following the market that will be more reasonable for us rather than following the prediction. It will always be just speculation. We cannot vouch for that and it is just personal opinions of different person. If I will believe with that it might need deep facts that can back up the speculation. Or I would rather use my own instinct so that I would not regret it or will not blame anyone. There are just too many variables in the market to make any prediction where it is going. Everybody somehow must make his own decisions on how he reacts based on his informations. After all, that is the only thing an average bitcoin holder can do: react on the market. |
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as long as there is no affect the price of bitcoin and sump they all do not realize it.
I think we already have an effect on bitcoin price. It went up during the last 24 hours. People buy bitcoins with their fiat they have on bitfinex, because that way they can withdraw their money. This increases the demand and the price goes up. And as long as the price goes up they do not sell. |
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I don't believe that the bank problem for bitfinex can't be solved.
When they pay, they will find a bank they can cooperate with. Afterall it's money that can be earned for the bank.
From how I read the article, bitfinex had no problems with paying out bitcoins, only delays with US dollars.
And those delays most likely were intensionally created by Wells Fargo.
At least Bitfinex filed a lawsuit against Wells Fargo, accusing them for pressuring its banks into blocking its outgoing wire transfers.
But recently Bitfinex dropped that lawsuit again. The reason for that remains unclear.
Right now I see no danger that bitfinext could go bankrupt. They have the money, they just can't move it at the moment.
What you have written sounds EXACTLY like what people were saying when MtGox started having problems with fiat withdrawals. Be cautious and withdraw your coins. If it later turns out that things are fine at bitfinex and they enable withdrawals, then you can start using them again. The crypto space is so shady that it is better to be safe than sorry (as the victims of mtgox, mintal, cryptsy and others will tell you). I must admit that I was not around at Mt.Gox times. From all I know they had not much more than Bitcoin and fiat, did they? At Bitfinex bitcoins and every other cryptocurrency seems to be intact, both in withdrawls and deposits. So I still don't think that bitfinex is in danger. After all it's just a problem with payments in fiat money they have. And even if (and that is a very big if) it might come to delays with a cryptocurrency, that would not have the same impact as Mt.Gox had. Just remember the the Bitfinex hack last year. The influence it had on bitcoin price was measurable, but really not catastrophic. But of course, if somebody feels uncomfortable with the situation, play the safe card. |
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I think bitcoin can be used as the instrument for corruption. Today bitcoin stays not so known and not so many people knoe about it. But in nearly future when bitcoin will be spreaded on our daily life and more people will talk about it politicians or businessmen can start to use bitcoin for their financial operations. The main factor here is that with bitcoin you can hide your indentity and such corruption money making can have place to be very often.
your right as of now a little bit percent chance to bitcoin use instrument for corruption because many people don't know about bitcoin as of now but in future i predict that bitcoin used for corruption like paper money. I think more likely politician will go to bitcoin if they know how bitcoin works and keep it safe for money trail. So I think bitcoin can be used in any forms not only in illegal activities like corruption it has good use as well. Its that it is more evident that bitcoin is used for scam Ponzi scheme and illegal activities. I think as well that bitcoin, if used for corruption, it will be used when the amounts are high. Like for higher ranking politicians, or for industry bosses. But those will do their corruption with or without bitcoin, so bitcoin't won't lead to it. And when it comes to ordinary people, I do not think they would use bitcoin if they have corruption in mind. They woould still use good old cash. So to me, bitcoin does not lead to corruption. |
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I don't believe that the bank problem for bitfinex can't be solved.
When they pay, they will find a bank they can cooperate with. Afterall it's money that can be earned for the bank.
From how I read the article, bitfinex had no problems with paying out bitcoins, only delays with US dollars.
And those delays most likely were intensionally created by Wells Fargo.
At least Bitfinex filed a lawsuit against Wells Fargo, accusing them for pressuring its banks into blocking its outgoing wire transfers.
But recently Bitfinex dropped that lawsuit again. The reason for that remains unclear.
Right now I see no danger that bitfinext could go bankrupt. They have the money, they just can't move it at the moment.
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I think bitcoin currency of future, as a digital currency that has a higher value than real currency, and has a function that is equivalent to official currency
Bitcoin is defiantly the money, but these days people use it as a commodity as they compare the price of Bitcoins to USD. The same thing we use to calculate the value of Gold with the Dollars. The fact is more people are treating it as investment instead of currency but if we want to see bitcoin as more stronger in future then we should use it as a currency and should spend it whenever possible to help the circulation of coins. If more people are treating it as investment then that means the price that we see now is just manipulated. I don't think that will be the real scenario, I still believe more people are spending than investing. Bitcoin is both right now, a form of investment, and a possible form of payment (so money). Unfortunatelly I see the trend that more and more coins are used as investment or for trading into other crypto currencies. I do not think that is a good developement, because it seperates bitcoin from the rest of the economy. My hopes are that price becomes kind of stable and people use it more as payment again. |
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During the last few months I have not bought anything using bitcoin.
So I would like to ask, how long does a transaction take you guys here when you put let's say 50k satoshis fee on it?
When I look at the size of the mem pool it's not as bad at the moment as it was some time ago.
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It's like with every other investment as well: your decision.
You will find those who predict a price increase, and you will find thos who say the opposite.
The investor should listen to the arguments each side provides and determine by himself which ones seem to be more reasonable.
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I do not have a big amount saved in bitcoins.
Those I have are for the case that over the next one or two decades a very big price increase will come, like it did in the last decade.
And I want to be on board this time.
But I am very well aware that this might not be the case, I did not invest more than a few bitcoins.
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