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I'd say "Don't take any chances".
Pull your money out and use another exchange. If and when they enable fiat withdrwals, then by all means use them again. But better to be safe than sorry.
The problem with mt gox was that despite a long lead up with signs things were going wrong, some people just didn't want to believe there was a problem. Back then there weren't many exchanges you could use, I think there was only bitstamp and btc-e as alternatives, and some people ironically were worried about btc-e simply because they were run by anonymous russians, whereas they "knew" Karpeles and felt they could trust him.
Don't put faith in people, instead look for certain signs in the operation. Fiat withdrawals being blocked by banks means that someone has reported them for fraud (wires arn't blocked for any old reason). Fiat withdrawals blocked for other reasons might mean the exchange has spent people's money. If the fee for bitcoin withdrawals rises sharply, it means they discouraging withdrawals because they are short of coins and may be hacked.
Be careful out there!
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So if it spends 24 hours at 68% what are the implications ?
Seems like walking on egg shells at the moment.
The potential of what activation could mean if only people would wake up !
Happy to ditch BTC any day for some forward progress.
It'll need to go above 80% for a bit to make up for it in order to hit the target. |
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I am always surprised that Bitcoin has rebounded in Japan, after the Mt Gox fiasco. Increased regulation means that the government has learnt its lessons. Japan is after all the world's fourth largest economy and increased adoption in Japan is good for the world.
The main reason i think for the spike in volume is simply because the exchanges in China cannot be trusted as they have shut their door on the user by not allowing them to withdraw and with Japan legalizing the coin people will be trading in the exchanges in japan and so is the reason we are seeing a spike in the volume . This. It's mainly displaced volume, not Japanese interest. P.S. Even when Mt Gox was located in Japan, the bulk of it' users were westerners, the Japanese weren't interested, and nothing much has happened to change that, even though Japan has made btc legal. |
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See the thing that they'd have to think about at this point in time is that without Bitcoin they wouldn't or may not have that revenue at all, so in a business mind I'd rather get my name out there through the bitcoin hype get some business from normal users and bitcoin users and then I'd be fine.
I think they got a lot of free advertising through the time when they were first accepting Bitcoin and that really did help them as a whole. So, I think they did a good job with using Bitcoin to their advantage and really helping them out as a whole.
So Bitcoin did help them I think it built them up completely and put them as a direct competitor to Amazon, if they're on a different scale.
Good point. I wonder how many bitcoiners gave Overstock a look for the first time because of that campaign, and maybe did a token bitcoin purchase, and then continued to use them but with credit card purchases. |
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Poloniex is starting to lag with the increased volume, so they need to fix that quickly otherwise their exchange will get ruined. Bittrex though functions smoothly, so it helps to split your trades between the two, just in case polo goes down.
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At most it will take two weeks. But if they can get the number of segwit blocks considerably higher than 75%, then they'll hit the target sooner.
It seems to be varying between 75% and 81% - so I'm guessing it will take about ten days.
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No reason. Steem just pumps from time to time (I suspect the steemit team tries to keep the price up so that earnings are paid in steem dollars rather than steem - that way steem doesn't get dumped on the market).
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If they do actually go ahead with it, all that will happen is that exchanges switch to the UK and Switzerland, as those places will be outside the EU.
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thanks for the share, i just saw this and came to share this same thing here. Charlie Lee has been really hard at work for the past few weeks, always ready and always watching. he even replies to the major tweets right away, right the one he did to bw.com and convinced them to activate SegWit. the developers are also working on the integration of Litecoin with OpenBazzar platform. I'm looking forward to how quickly this is all going to happen. It will be interesting to watch. The price seems to have stalled though. And the number of transactions is still low, see: https://bitinfocharts.com/comparison/litecoin-transactions.htmlOnly 4,539 transactions in the last 24 hours. It is worth developers working on the lightning network on a coin that hardly anyone uses? This is something ive been wondering about myself for a while. so it gets segwit and lightening, then what? Is it going to be used. Or is it just something to make a quick killing on. Ive read on some other thread that segwit and lightening on litecoin. Is a test run of sorts for bitcoin (cannot find the post or the thread) Some say bitcoin wont get either. My opinion is that when segwit is activated it will be used for a pump - to make a quick killing, as you said. I don't think anyone is going to actually use the lightning network. |
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and on top of that (in my opinion) you have to trust two different exchanges with your money which is twice the risk  Exchange risk is THE biggest risk in the bitcoin space. More people have lost money due to an exchange going bust (Mt Gox, Mintpal, Cryptsy etc) than for any other reason. |
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How can this be?
I confirmed the numbers as I posted.
I'm lacking some basic fact, as otherwise arbers would knock these prices to the same figure in an instant.
Please help me understand this.
Thanks.
They can't arb "in an instant". It takes about an hour and a half these days for bitcoin deposits to confirm due to the transaction backlog. And it takes time to wire fiat to the exchanges too (about 24 hours, and remember that the fiat people don't work on weekends or bank holidays like good friday). Add in that Kraken is primarily a EURO exchange, and therefore most bitcoin trading there happens in euros (because SEPA makes it easy for europeans to transfer fiat to and from the exchange), and the issues with kraken's btc/USD pair is likely down to liquidity. In other words, not many people are trading BTC/USD, which is why it is lagging. All the trades happen in the BTC/EUR pair. |
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What sort of idiot would spend their coins on the sort of stuff you can buy at overstock? Anyone who'd use an asset that has increased for than 5x in 2.5 years and has a questionable transaction time for day to day purchases is out of their mind.
Get in your head guys- Bitcoin is now a commodity.
There's far better options out there in the altcoin or traditional payments space for these sort of purchases. I for one think that is a very, very good thing overall.
Yes. It's likely to be inflationary alts like Doge or Steem that make the breakthrough for spending simply because a) people don't mind spending them and b) they have low/zero fees and confirm quickly, no need to wait an hour or longer for six confirmations before you buy your blender or whatever. |
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Just wait till hyperinflation of USD sets in
Bah. People have been predicting the end of the USD ever since it came into existence. And the precious metal permabulls--and bitcoin permabulls--love to predict the imminent end of the dollar, and we'll all be living in our bunkers, etc., etc. It may happen, but more likely it won't within our lifetimes. And there's no guarantee that bitcoin is going to be the go-to currency in such an event. We could very well end up using the Mexican Peso or the Canadian dollar. This. The dollar has been rising since 2014, and the Federal Reserve is the only central bank in the world that is raising interest rates. It remains the strongest currency out there. They're not going to allow inflation to rage, not after the pain they went through in the early 1980's to curb it. |
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We all can see that on internet there are a lot of online shopping sites which have a lot of customers even bitcoin users also need paypal to shop online while they do not know that with bitcoin they can shop online easily without any exchange but they do not know about these sites. The reason is that these online shopping sites do not advertise their sites they even do not advertise on here which is the biggest bitcoin community and where they do not need any higher budget for advertising but can start a smaller signature campaign.
Companies in general are just resistant to change, there are many red tapes involved with trying to implement a "new payment system" like Bitcoin, and requires ton of training of staff to get them to understand what's going on too. Not as simple as just "oh hey let's setup bitcoin payments today". Even then, for the common man, Credit Cards are WAYYYYY easier to use than Bitcoin right now, even if you have a bitcoin debit card. And hence most people don't see the need to switch, coz in fact their existing way of doing this is already better! Sure BTC has lower fees and all, but we must not discount exchange fees, currency exchange loss, and other fees. Companies will implement bitcoin if they think it will make them profits. However, it is clear from cases like Overstock, that despite implementing bitcoin payment, and getting MASSIVE publicty about it, bitcoiners themselves refuse to use the service. According to Overstock less than 1% of their revenue is through bitcoin. See http://www.coindesk.com/into-the-war-room-overstock-looks-back-on-bitcoin-embrace/The problem is that bitcoiners like the idea of shops enabling bitcoin, but they refuse to spend their coins, they're hoarding in case bitcoin goes to the moon. It means bitcoin is a failure as a currency, and has turned into an asset (because of fixed number of coins). I expect that when an inflationary coin becomes popular, people will then spend it - but that future belongs to an alt like doge or steem. |
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The CEO of Overstock looks back at their decision to add bitcoin as a payment method in their online store in 2014: http://www.coindesk.com/into-the-war-room-overstock-looks-back-on-bitcoin-embrace/But despite all the excitement that move generated he had this to say: While bitcoin is responsible for less than 1% of our annual revenue, our experience integrating it with our website allowed us to understand the true potential of blockchain technology. Obviously he is really excited by blockchain tech etc etc etc - but the standout for me was that despite all the publicity and the hype, less than 1% of their revenue is paid for using bitcoin. At this rate this coin is never going to be used as a currency - the community is too small, and only a fraction of that community is willing to spend bitcoin as opposed to hoarding/saving it. |
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bitcoin price is going down .well i would not agree on you to sell all the bitcoins .yes now is the time that you buy some bitcoins.
well wait till august if you can ,the price of bitcoins is going to touch 2000$ .well then it would be the best time to sell all your bitcoins.
I'm not sure what is exactly happening with the bitcoin prices because two major bitcoin exchanges are trading with big gap. But certainly we can say it is not the right time for profit booking but it seems prices are recovering from fluctuations and we can expect prices to break $1200 and $1225 levels again. Holding and adding up more investment are actions right now recommended because bitcoin prices are just showing usual fluctuations and in long-term perspective it is so stable for another rally. Bitfinex is unable to processs fiat USD withdrawals (Wells Fargo, who were processing them, has started to block them). That's why the bitcoin price is higher than on other exchanges - people are buying bitcoin to get their money out, as bitcoin withdrawals are still working. |
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If services like Bitpay start allowing alts, then Yes, I can see alts overtaking bitcoin. We've already started to see the major exchanges like coinbase and co start listing alts, it is only a matter of time till all the surrounding services allow alts as well, and then the market can decide.
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