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! 

There are always two sides of a story. I don't know how you have concluded that 99% of traders lose their capital, but that's definitely not true. Probably you have heard stories from loosers only that's how you have concluded.

I agree, day trading is risky. Probably more risky than any other types of trading. But it is extremely rewarding as well. But don't conclude that people only loose money in day trading. They also make good amount of money out of it.

Don't get confused by the technical jargons by the technical people. Understand one simple thing, mining will reward you only if you can find a block. If you can't find a block, your mining is of no use.

So in pool mining, you have a better chance to find a block as compared to solo mining.

Hope this helps!

I strongly condemn such illegal things on crypto market. Such kind of incidents are only lowering down the reputation of cryptocurrencies in general. The criminals get the benefit of the privacy factor inbuilt in crypto and usually gets away with their wrongdoing.

I am happy at least here police have been able to identify them and brought them under justice. No criminals should be left alone in crypto space! Common people usually try to avoid dirty water.

I have seen a lot of people relied on TA and ended up making wrong decisions. Because you have to understand that TA was created a based on a real world market like equities which is strictly regulated by the respective governments and regulatory authorities. It's not really a free market like crypto where we see worldwide participants. So it's really hard to predict a global mindset through TA. I have said it in many accessions.

With the upcoming halving, the bitcoin price has to increase. Otherwise majority of the small miners will have to close out their mining operations because it will cheaper for them to buy bitcoins from the market than to mine it. That is obviously not an ideal scenario and that may kill the spirit and willingness of the small miners who are very very price sensitive. If you really want to thrive in crypto market, get out of TA mindset and get your own intuition in place.

Contrary to the common interest of mass - I like to play crash games. Probably it is one of the games I understand better and also helps me relaxing my mind when I am not trading. Unfortunately, the crash game is not in your list so I couldn't vote. I am not a full time gamer but whatever little time I spent on gaming, I spent on crash games like Bustabit. Yes, dice is also a good game to relax but I don't find it much exciting. Hope you will consider creating crash games as well.

No one really knows! But I believe the current surge in price is fueled by the "Fear of Missing out" of FOMO as correctly pointed out by LeGaulois. People who are expecting big bull run post halving, have started buying out of FOMO which is currently pushing the price higher. So a correction may come for a short period of time by the normal rule of market. But it may not happen as well. If we look at the history, we have see huge price surge post every previous halving. So people are trying to enter the market so that they can take out some big profit.

But anyway, we are speculating here and really not certain about what's going to happen! So keep mum and watch the market.