We saw a flash crash from $1024 to $986, then we are back to $1015. This could have been triggered by the fact that apparently Bitcurex went offline and 2300 BTC disappeared, flash crash happened, then we are recovered.
It is such an immature market when rumours of hacks can cause a flash crash. Can you imagine reports saying "The Dow dropped on rumours that the NYSE was hacked". It is silly stuff.
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I prefer that Bitcoin stays in this range for some time, and then start a slow climb, but I think we'll see some big spikes on the road ahead...
Me too. People also need to prepare for those who bought at $1000+ selling in relief (the drop from $1000 to $800 will have spooked them and they will be glad to get out).
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The dollar price of the altcoin has an effect. Sometimes the alt will decrease against bitcoin as bitcoin increases against the dollar, to keep the alt's dollar price steady.
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Yup. Better to just promote a normal coin and stay under the radar.
Monero's price doesn't seem to have moved on this news though.
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Every time I see someone refer to a rally as a "pump", it makes me want to grit my teeth.
Pump and dump is a fraudulent stock market manipulation technique. It has nothing to do with Bitcoin.
To be fair the move in December from $700 to over $1000 was a pump. The current move is a rally, and should prove that now that the Chinese are not main players, bitcoin should start behaving more normally.
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Every electronic ticket machine in Switzerland sells XBT, and accepts CHF and EUR cash as payment. Apparently people have been using it for remittance purposes instead of Western Union, and WU decided to try to do something about it:
Ummm.. The issue is not changing your CHF into bitcoin. It is the person on the other side having to change their bitcoin into their local currency. Are there bitcoin ATMs in South Africa, Philippenes or Brazil? If there are not, it doesn't work for remittances.
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Doge is on a downtrend to 1 satoshi. It just needs a year or so to get there because of all the diehards out there.
In dollar terms doge is staying steady at around $0.0002 and has been for months.
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The correct answer is the difficulty in converting the bitcoin in the target country.
Say someone is sending money from the United States to Zimbabwe. There is a Western Union shop in both countries. But how would they convert bitcoin in Zimbabwe currency?
Bitcoin either needs to be adopted everywhere so people don't need to convert it, they can just use it to pay their bills. Or it needs exchanges in every part of the world so the recipient can sell it for local currency.
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As a transactional currency, it has no chance unless we can reach consensus on a scaling path. 3 transactions per second is a joke.
As an investment, all we need is for the SEC to get out of the way and allow ETFs and options on those ETFs. That will give bitcoin the liquidity it needs to be taken seriously by the people who have enough capital to take us to the next order of magnitude. It will also make bitcoin available as an investment vehicle to anyone with a brokerage account or self directed IRA.
Well we shall get a decision on the Winklevoss ETF on March 11th: http://www.etf.com/sections/features-and-news/decision-bitcoin-etf-coming-march-11Lets hope it is favourable.
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The correlation between oil and USD is close to 0%.
What % of total US debt are the Saudis holding? And what is forcing USA to ever repay their debt? In 2014 the Saudis had reserves of about $750bn, and it is safe to say much of that was held in US bonds. However, since the oil price collapsed from $130 to about $40, the Saudis have been selling their bonds. It is estimated that it dropped to $555bn by August 2016 It has probably dropped further since then. But their sales arn't having any effect on the dollar which has strengthened since 2014. It goes to prove that the big Wall Street bond funds are more important than overseas sovereign funds.
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Yeah, it is bad that they stopped accepting bitcoins. I used to order couple of articles per month for my blog from Fiverr and some SEO services, always used bitcoins on Fiverr, no Paypal or debit or credit card. They did charge around 10% for bitcoin deposits, do not know why they suddenly stopped accepting bitcoins. I do not think it would affect them in any way, but for users like me it is a bit disappointing, still XBT is there No wonder people weren't using the bitcoin payment system! Why do merchants add these charges when the whole point of BTC is to reduce costs?
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The answer is: It is too soon to tell.
First we need to see what a Trump budget has to tell us. If it is expansionary, then the Fed may raise rates faster than they were going to.
If interest rates rise in the US but not elsewhere, then the dollar will strengthen. People like holding their money in currencies where you can get interest.
So it all hinges on Trump's first budget, but he hasn't even got his Commerce secretaruy confirmed yet, so we have a while to wait.
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Does useful innovation improve adoption ?
Sometimes. Steem brought a lot of people into the crypto space who were writers and came from Medium (a blog platform). Many had never ever used cryptocurrency before. Steem was easy for them in that it uses usernames to move money instead of long addresses - but many of them then went on to learn how bitcoin worked and so on. Doge also brought in a whole bunch of people who simply liked memes, and who also liked the whole Jamaican bob-sled sponsorship, the Nascar sponsorship and so on. The big innovation from Doge was to abandon the limited coin thing and embrace inflation (which meant that people didn't hoard and happily tipped and spent). So yes, sometimes alts bring in people who bitcoin couldn't reach, and some innovations really do help adoption.
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The main reason Litecoin is still alive is that the Chinese exchanges only list bitcoin and litecoin (no other alts).
Now that volume has reduced on the Chinese exchanges, the jury is out as to whether Litecoin will continue to thrive.
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According to the following article it is because hardly anyone was using bitcoin: http://www.coindesk.com/freelance-market-fiverr-drops-bitcoin/When reached for comment, senior PR manager Sam Katzen confirmed that Fiverr was dropping the option.
He told CoinDesk:
“Our removal of bitcoin as a payment option was due to an unfortunate lack of interest." We shall see this more and more - people hoard bitcoin instead of using it, because of it's deflationary model.
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How did Poloniex become the biggest altcoin exchange despite being hacked?
Was it the services or? Asking to learn
Mintpal died and then Cryptsy died and lots of traders then migrated to Poloniex because was one of two big exchanges still standing (the other was Bittrex). Poloniex had a slight edge over Bittrex in that it allowed margin trading for some coins.
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All markets no matter how volatile will experience periods of relative stability. I see no reason to worry about the recent stability as this is perfectly normal.
This. People are just resting and having a think. There arn't any new developments that can move the price, and until something happens (either breakthrough on blocksizes, breakthrough on the Winklevii ETF, or perhaps an economic crisis in some part of the world), the price won't move much.
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