Those who blame bounty hunters for the dumping and prize crash - they probably don't know much about bounties. Usually 3% - 5% of total coin supply is distributed to bounty hunters. If dumping of that minuscule amount of tokens drags down the price of the token and never comes back to track, then you have to understand that this is the fate of the token.

Just one pro tip- don't invest in any IEOs for a long term. Just invest and get out as soon as the trading commences. You will usually see profit.

The article says,


News ref: https://news.bitcoin.com/indian-crypto-boom/

At least some positive thing to hear during this lock down and utterly frustrating situations.

I understand it's a fun thread. But there are certain things I think, that will make bitcoin even better.

1. Fixed transaction fees - the current transaction fees is really dynamic and depends on a lot of factors. That's why whenever we see higher colume of transactions, the fees also goes higher. We have faced in back in late 2017. So if a fixed fees mechanism can be derived, that will be great and probably encourage a lot of merchants to adopt bitcoin as a payment method.

2. Increase the halving time by at least 8 years - we all know that bitcoin mining is a very costly affair nowadays. A person investing heavily on mining equipments, needs to see profit to continue operations. Increasing halving time will immensely benefit the miners who are mainly the backbone of the network. The current mining ROI is not enough to sustain an operation for a long time. Increasing halving time may help the miners.

Otherwise all are good at this moment!

I don't think so unless some people want to keep it as a collector's item or if someone is willing to pay more for virgin bitcoin. Otherwise it's not really a big value addition as such. I am sure the miner will be very cautious before selling bitcoins after the reward reduces. Because the mining business is very price sensitive and there is a chance of many miners going out of the business post halving.

We must not take it seriously. I mean, if you follow him in Twitter and see his tweets, you will understand the reason for not taking him seriously. Just yesterday, he spoke about cannibalism and how he enjoyed eating human.

I have a reason to believe he is a drug addict and majority of the tweets he does under influence. Let's take his tweets as a fun, nothing to be serious about!

It's true that bitcoin or crypto in general, is getting better visibility during this time. But people are still investing in traditional assets because the uncertainty is higher than ever. It may be uncertainty about income flow or job stability or whatever it is, bitcoin has not seen significant increase in adoption. On the other hand, gold investment has increased to a solid level because it is still considered as a safe heaven.

Also, I don't think cryptos are getting the kind of attention they deserve yet. Probably people have more time in hand so they are just researching about it to know about the market in a better way, while the adoption is still not increased. However, there is no official data to prove the same but I believe cryptos deserve much more attention than what they are getting now! 

So you support the hackers who are siphoning out millions of dollars from the pocket of legitimate owners to their own pockets and hiding behind the wonderful privacy feature of cryptocurrency? Human will definitely demand freedom but to what extent? And at what cost?

The cryptocurrency is just 11 years old and can you count the number of frauds it has been associated with? Can you count the billions of dollars were associated with such frauds. All these are happening because a computer algorithm is providing "privacy and freedom" to such scammers!

Bitcoin will never grow if the reputation is not taken care now. Mark my words!

"Future of Economy" is too heavy for bitcoin to carry. It doesn't have the power to carry such title and it is absolutely not possible for bitcoin to become the future of economy. Bitcoin simply can't be scaled to that level.

It is great if you see it as an asset/commodity only. It makes it easier for bitcoin to carry and makes sense too!

Here are my thoughts,

1. Mostly a scam business. I haven't yet found a reliable cloud mining service other than genesis-mining. However, I am not entirely sure if they are going to be a scam in near future or not.

2. Mostly malware. Such kind of sofrwares steal your computer resources to mine for themselves in most of the cases. If you find any exception, do let me know.

3. Hardware mining is the only option which is legit. However, the set up cost is overtly expensive for an aspirational miner unless that fellow has a rich dad.

For an individual, mining is not really an option for making money. Rather trading is a better option for them.

Here are my speculations,

1. Unlikely to happen. People have already burnt their hands once in 2017 due to FOMO. I don't think it will come back again now at least at this price level. However, if we see the price sky-rocketing past 15k, it may happen. But since a lot of people have already experienced this earlier, they will be super cautious this time. But the price increase must happen to keep miners at work.

2. If the price drops post halving, we won't see panic selling at scale. FUD articles were always a problem and it will remains as it is. But the chance of panic selling is grim. Rather, a lot of miner will be forced out of business due to the drop in price. It will be cheaper for them to buy from the market instead of mining bitcoin. It will create issues with the network. Transactions will take longer to confirm as well as it will be expensive just the way we have seen back in 2017. The effect will be disastrous for the entire bitcoin community.

3. Nah! It doesn't make sense at all! Bitcoin is a speculator's heaven. If it stabilizes, speculators/traders will have to find another asset to continue with their day trade. And if it happens, the demand is bound to fall because we haven't yet seen a significant mass adoption of bitcoin in real-world. The stabilizing price will definitely pave its way but that won't happen overnight. Definitely not an ideal scenario.

My thought: As per the basic mathematics, the price of bitcoin must increase. The miners will need that money to stay afloat because mining is a very price sensitive market. If miners are happy, we won't see network congestion or increased fees. But if the miners are moving out of business, the effect will not be great for all of us. We definitely don't want to pay $50 fees in $200 transaction and wait for 2 hours to get it confirmed. Let everyone be happy!  

To Be honest, I have tried this copy trading method in a platform called FBS. I had some idle money lying in my payeer account which I had used for this and the result is just not up to the mark. I had followed one of the most copied trader from FBS platform with over 200% return on investment. But I saw my money disappeared within just a single day. Ideally the copy trading function should work proportionality with the amount I have invested. But I simple didn't get a wind about what happened to my money and didn't understand the trade patterns either. Since the amount was low, I didn't spent much time understanding this.

Do you recommend E-toro for copy trading? Probably I will try with a small amount of money.

 

It doesn't really matter if the owner is selling off his holding in the market, but Ripple is not worth holding. Even if the owner does the opposite of selling. If you are aware of Ripple's business model and their escrow releases, you would want to immediately come out of Ripple. Read the below link from Ripple website,

https://ripple.com/insights/explanation-ripples-xrp-escrow/

Now do some Google search to know the ground realities. I am sure you will understand why Ripple is not good for HODL. It can be a good asset for speculators but definitely not for long term HODLers.

It's not just US. I belive majority of the countries will have to go through similar kind of situation. Even World Bank has predicted that the world economy growth will be only 2.5% in 2020. So we all have to be prepared for a disastrous time ahead. We will see job losses and less government spending in the upcoming quarters and we will have to live with it.

To get back on track, the economy has to open for business first. Consumer spending will remain low because people won't have money in hand unless they find a suitable job and that's true for every country. Unless the economy opens up for business, the current situation will worsen further.

I don't think China has declared any policy change regarding crypto usage in recent times. If yes, can you please share a link of the news?

What has happened is that, China is launching their own digital Yuan. The government employees of China are first to test that and slowly the same will be implemented across the country within this quarter.

CBDC of China will not help China in becoming the financial center of the world. It is not designed for this reason. CBDC in China is designed to reduce the government cost of printing money and to impose holistic administrative view on people's funds.

So what is the alternative you propose? Except stable coins, all other cryptos are dynamic. Can you find a single crypto that is not volatile like bitcoin?

I agree that the price volatility is one of the major bottlenecks for bitcoin's mainstream adoption. But the same price volatility makes it a speculator's heaven. Do you still have an alternative?

Quote from the article,


Well, I too somewhat agree to this analysis. If the price of bitcoin stays at the same level even after halving, it will very difficult for a lot of miners to continue their mining operations. Simply because they will start making losses and some of them will be forced out to business. Transactions will be slower and expensive for this reason which will eventually slow down the network and the number of unconfirmed transactions will rise. All these will happen only if the price doesn't increase.

If price increases post halving, then I don't expect such things to happen because then majority of the miners will be able to sustain their operations. However, if I look at the halving history and pricing trend, it is very much possible that bitcoin price will increase and we will not have to face such situations.

However, we don't really know the outcome and we are simply speculating at this moment. Let's wait for few more days!

Lol! You are thinking way too far. Income tax doesn't raid small people like us. But yes, if you are holding few millions worth of bitcoin, you can expect ED to knock at your door. However, if you have shown your bitcoin earnings in your tax return file and if in any case you receive a scrutiny letter from Income Tax department, you are good. If you haven't shown that income, there is a chance of judiciary actions against you. So it's always better to show that amount which you have converted to INR throughout the financial year. It's always better to be safe than sorry.

What do you mean by UNWSF?


Nothing that we are aware of! Crypto market is unregulated and there's no way some single entity can control any attributes of it. It's a free market so it doesn't follow a certain set of rules either. So the price of bitcoin is controlled by anyone.

There are many challenges in cryptos, like slow transaction confirmation, low merchant adoption, volatile price and so on. But what exactly you are trying to know?

Yes bitcoin is legal in India. Initially RBI tried to ban it by sending arbitrary notice to banks but our Supreme Court disbanded that notice and paved the way for cryptocurrency in India. However, we don't yet have a specific guideline or tax related information available and I don't think anything will come out in foreseeable future fur to the current situation.

However, the Indian crypto exchanges have started functioning again and you can safely invest in bitcoin using their services. So go ahead and make the difference!

US would indulge into any war with China in foreseeable future. No matter whatever Trump says or yells! US very well know the power and capability of China - they are not Iraq or Afghanistan. China is the 2nd most powerful country in the world and technically very advanced as well. That's the reason why Trump says a lot of things against China but does nothing! If US really wants to defeat China, they will only be able to do it by weakening their economy. US can order all homegrown company to shift their base of operations from China to other countries. This way they will be able to start impacting their economy. But if US really wants to attack first, the defeat will be certain.

Also US have to remember, that a lot of south Asian countries will support China if there is a war. Because China has invested billions of dollars into their economy. So they are somewhat bound to offer help to China in case a war happens. It's easier said than done!