It did confirm 10 hours ago.
So it took a bit more than 24 hours to confirm.
At least it confirmed! Transactions with old inputs have more chance of being confirmed with low fees than transactions with newish inputs. |
|
|
|
Well since their bolivar is going down I wouldn't be surprised that they'd exchange them for bitcoins to avoid losing even more value. Now the only problem I'm seeing now is that since their currency is being devalued at the same time btc prices are going up, how will they even get a bitcoin? Are there really people out there willing to buy bolivars for bitcoins? Could be people speculating the currency would recover?
Anyway, it's nice to know that bitcoins are being used to relieve these people of hardship. I just hope that the government don't start on a crackdown on bitcoin use in the country.
As far as I can tell the only way they can get bitcoins is to mine them (I think they have very cheap electricity). Or mine an alt (easier difficulty) and change the alts into bitcoin. But their govt is cracking down on miners. It's well nigh impossible for them to buy bitcoin as their currency is worthless, it can barely purchase a loaf of bread. |
|
|
|
|
Poloniex has delisted it - you can still trade it on Bittrex, but I think to all intents and purposes this coin has died.
|
|
|
|
i sometimes do not understand what is up with people who have bought bitcoin. they all keep saying we believe in bitcoin, hodl,... and then with the stupidest news which is a lie and an FUD they start dumping and running away!
No matter how much their brain knows that they shouldn't panic, people can't help being gripped by emotions. And this is magnified if they've put most of their money into bitcoin. People should only put money in that they can afford to lose. And diversify all their other investments. Otherwise the roller-coaster ride that is bitcoin will turn them into nervous wrecks. |
|
|
|
Long time lurker, first time poster. I made a very silly mistake of buying coin at $1160. I use bank transfer which takes days to process, so there was nothing I could do when the collapse started just 2 hours after my purchase. I've also had a fair bit of coin that I bought at 800 months ago. When the price began to dip under 1000, I thought I could just sell the coin I bought for 800 to break even. But I held on expecting a recovery. And now we're at 780. There was a lot of hype on this board which certainly impelled me to buy. But I'm starting to think BTC is unrecoverable at this point. I don't see a rebound. I don't mind holding onto my coins for another 6 months, but if it's just going to drop to 600 and stay there for another 2 years then I might as well sell now. What do you guys think?
I think it will go back up, but it might take a year. In the meanwhile, you might be able to recoup some of your losses by lending out the bitcoin on Poloniex. The lending rates are about 0.02% a day, which is about 7.5% per annum. Search the forum for more info on how to do this. |
|
|
|
everybody knows that China has been reporting fake volumes and ridiculous numbers for that matter. but what i don't get is why people still think China controls the bitcoin price an allow other whales to use that false information to their advantage when they want to buy cheap coins.
It is because the press report "90% of bitcoin trading is done by the Chinese", and the general public then think, "do I want to invest in something controlled by China" So the fake volume thing is a problem, because it is controlling perceptions and indirectly holding back bitcoin. |
|
|
|
|
Because bitcoin is such a small market in the grand scheme of things, it is being controlled by pumper-dumpers. That is why it is moving up and down so rapidly.
With hindsight, a clue we were in a pump was the way bitcoin didn't react to the Fed interest rate hike and just kept going. Every other currency fell against the dollar, including gold. Turns out now that we were being kept high artificially, and the current price is probably the correct one.
|
|
|
|
The reason, in my opinion, is more related to psychology. After the USD ATH was not broken, the more the price got down, the more the sentiment is going in the direction "the rally is over". For example, people that bought in the $400s, can still sell with decent profit. "Bad news" liike those from China help the shorters to make profit themselves and to exaggerate the downwards movements.
Maybe 5000 CNY is a turning point, maybe even the $720 area where the "medium term uptrend" would be broken. We'll see.
You are right - it was a bad sign that the USD ATH was not broken. It broke a pattern that we've had in the last eight years, where each surge in price burst through the previous ATH. I wonder what this means for bitcoin's future now that pattern has been broken. |
|
|
|
|
My advice is don't margin trade. When you are risking only your own coins then you can afford to be patient and wait till the right moment to sell. But with margin trading, the clock is ticking and you can incur big losses.
Console yourself that with your first trade, you sold at $870. You incurred a loss, but it is nothing like it would have been if you hadn't closed it. bitcoin is currently at $780.
|
|
|
|
|
The dollar isn't going to crash. It has been on an upward tragectory since 2014. In particular the Fed is raising interest rates to curb inflation, and other countries arn't, so expect to see the dollar continue to climb.
|
|
|
|
|
There arn't any fees on the chinese exchanges, so coins can be sold back and forth endlessly to paint the tape.
|
|
|
|
Its indeed china they are always pump and dumping it every time, its really annoying if I have to be honest.
It's the gamblers mentality. Just think, if the coin was moving up in a slow controlled way, the chinese govt wouldn't have noticed because they have other things on their plate. It's the big sudden moves where it goes parabolic and is clearly a pump, and all the newspapers write excited articles about it, that then provokes them to start investigating. |
|
|
|
What ? I am suppose to respect idiots who add ETH and not LTC ?
Litecoin has the same flaws bitcoin has: both the mining and trading are centralized behind the Great Firewall of China and subject to the whims of China's authoritarian govt. I think Coinbase believes that bitcoin won't make it, and is looking for a bitcoin killer. Litecoin isn't it. |
|
|
|
|
Suppose Chinese investors have hastily sold their coins for yuan due to this scare (causing the price to tank). They arn't going to put the money in alts, they are going to withdraw their fiat and lie low. The ones who held bitcoin and sent it to their own wallet are also laying low, they don't want to be accused of dodging capital controls.
|
|
|
|
|
In western democracies inspections and regulations they ARE good things.
But the Chinese govt rules are extremely opaque, which is why the exchanges are nervous. Some new rule could be pulled out of someone's backside and they could be found in breach of it. There is no accountability in their system. That's why the price fell.
|
|
|
|
I see this as a positive move for Coinbase, from their point of view they will be gaining the extra income via the fees, my only hope is that they do not get over excited and add a lot of bad coins like other exchanges such as Yobit.
eth was a bad enough move. they're a big company with tons of legit funding with regulation up the ass. the last thing they should be doing is aiding speculation on shit created by nobodies for their own personal gain off the back of a bunch of fevered kiddies. there's a weird disconnect between the company themselves and the products they plan to hawk. very, very few of the potential products are mature and unsullied enough to touch. They are not "aiding speculation on shit" - they are sensibly preparing for the demise of bitcoin. Bitcoin is now centralised in China (both mining and trading), and the Chinese govt now has influence over it. In addition, the whole blocksize thing STILL hasn't been resolved, so bitcoin can't scale. At some point an alt will appear to take bitcoin's place, and Coinbase is just preparing all it's systems (trading, merchant payment systems etc) so it can smoothly deal with whatever new coin becomes the #1. It is a sensible business decision. |
|
|
|
Are the Chinese dumping Bitcoin?
The price moved from $900 yesterday to $800 today on the news that the exchanges were being inspected. The problem with bitcoin at the moment is that it is centralised in China, that's where all the mining happens and that's where the bulk of the trading speculation happens (though they don't actually use bitcoin as a currency in chinese online shops). That means that the Chinese govt now has power over the coin. And that in turn means that western investors are holding back "Do you want to put your money in a currency controlled by China?". Either bitcoin diversifies globally again, or an alt will take it's place. |
|
|
|
Here is Brian Armstrong's blogpost: https://blog.coinbase.com/completing-our-transition-to-becoming-a-digital-currency-company-not-just-a-bitcoin-company-6bcc44ca40ee#.weif1pwrmCompleting our transition to becoming a digital currency company (not just a Bitcoin company)
As we kick off 2017, I think it’s important for Coinbase and GDAX to continue supporting more crypto currencies. We are no longer just a Bitcoin company. We are a digital currency company.
This past year, we started the process by adding support for Ethereum. This was a major step. In 2017, you’ll see us continue that trend.
...It’s incredibly difficult to predict the future and the digital currency industry is no exception (take the above for what it is, pure speculation). Rapid change seems to be the only certainty. For this reason, you’ll see Coinbase and GDAX continue to support more crypto-currencies in 2017. As the most popular retail exchange (Coinbase) and institutional exchange in the U.S. (GDAX), we want to make it easy for people to use all types of digital currencies. Our goal going forward is to not play favorites, or support one digital currency more than any other, but simply to make it easy for customers to buy and sell whatever digital currencies they want. In this way, we can help support growth of the entire digital currency industry. |
|
|
|
Some exchanges have responded. See the following:  It is very hard to work out exactly what is going on. |
|
|
|
It's China. Here is some more news: Don't know if it is enough to stabalise things. This is why you should never do pumps boys and girls - it's too eye-catching and you attract the attention of people in power. We'd have been better off with a slow move up, rather than a 30% increase in a month. |
|
|
|
|
Show Posts
