I have been asking this all the time. Let's say LN had finished its testing phase and ready for implementation, would the public adapt to it? I mean the mining pools, common investors, trading platforms.
it is a cool technology with a lot of benefits, so yes they will adopt it and adapt their setups to match LN requirements. i don't think mining pools need it. the common investors, specially traders, and also gamblers, and generally those who make a lot of transactions too often will be the biggest fans of Lightning Network. for example one of the obstacles a trader faces is that they can't leave their coins on exchanges because of risks but also transferring bitcoin to an exchange takes time so you can miss a lot of opportunity. with LN this will be instant and with nearly no fee. and by the way it is already being adopted! there are nearly 250 LN nodes which started nearly a week ago |
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After a company invents a new technology which is favored by a lot of people, you know the price of its stock is likely to rise. When a company is involved in lawsuits, scandals or the like, you know the price its stock is likely to fall.
why does the price go up and down in these cases? it is simple because of the supply and demand. the first case when a company invests something it creates an speculative incentive for investors to want to buy that stock in other words it increases the demand for that stock. so price goes up. the second case, a scandal, makes people want to sell their stock so it increases the supply (sell pressure) and removes the demand so price drops. you just have to figure out what are the things that create the demand for bitcoin and the incentive to buy or sell. for example in bitcoin the demand is mainly the adoption. as it is a new technology, people around the world find out about it and when they do and want to start using this currency, that creates more demand. there is also lots of different positive news. like Japan adopting bitcoin. bitcoin implementing a scaling solution (both big news from 2017) the same with drops. for example when and exchange is hacked (eg bitfinex in 2016) it creates fear among investors and increases the sell pressure. |
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have you thought about taking on some investors?
you said you are starting a "local exchange", so there are people where you are building that exchange that are familiar with bitcoin and have some. put up and add locally and invite them to either sell you bitcoin locally (face to face or something like that) or become share holders (aka investors) of your business.
i am sorry but you won't find anybody around here who is willing to trust a random person on the internet.
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people are making too big a deal out of CME futures now. whereas it has been around for a while now.
when they made the announcement last year, everyone was talking about it and then it was forgotten completely until a couple of days ago when the price took the dip! then they all started talking about it.
it is not going to change anything. the recent drop had too little to do with this.
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If no one will Hodl the price will surely dump, Hodlers play a huge part for the bitcoin price to rise, just imagine if everyone is selling and dumping would you think the price of bitcoin will go up?  price does NOT go up because people are holding bitcoin. price goes up because they are buying more bitcoin! if people only held bitcoin price would have stayed the same. |
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and found I had missed the best chance to get it.
at any time that you check bitcoin price you will find yourself wondering about the missed best chances to buy bitcoin. even if price is dropping or even if it is rising! price will be higher than last month 90% of the times. for example you could buy bitcoin at $6000 in December (which is last month). so maybe it is time for you to take some action instead of sitting idly by! |
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how do you imagine then the communication with the so-called real world for the sake, e.g., of making deposits or obtaining a loan? How can the whole system function properly without cryprocurrency banks, which are anyway somewhere on the border between the real and crypto worlds?
maybe you should list the things that you think a bank is offering but lacks from bitcoin and is required for the "functioning properly" so we can discuss them instead. you already mentioned two things. making deposits. deposits where? i don't get it. you control your money when you use bitcoin, you have access to them at all times and you don't need to put it with some third party and use it when they allow you. obtaining loans? i'd say this is not a necessity for "functioning properly". there are people who never take a loan and hate doing so. and it is not a required thing in our lives. and even if needs be, you can always take a loan from someone else without a bank in the middle. |
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airdrops are rarely profitable specially when they do it based on the amount of bitcoin you own in which case it depends a lot on the amount you hold!
most of the times the payment rates are too low and with their low prices you don't get anything. you are better off claiming faucets!
i once got 100000 coins of some shitcoins just because i was a Hero Member and it was worth 0.0001BTC which didn't even cover the exchange withdrawal fee!
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you know what, the funny thing about investing in bitcoin is that it doesn't matter how many people and who says it is a good or even bad idea to invest in bitcoin. nobody listens until it is too late.
if they say it is good, nobody buys.
if they say it is scam, nobody sells.
but as soon as a rise starts they rush to buy.
and as soon as a dip starts they rush to dump.
... always too late.
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SHORTY, there may be 10 who started accepting when one has stopped. Overall the adoption is growing, not reducing.
?? Do you have any data to support that claim ? Last time I checked support was DROPPING with 5 of the top 500 online merchants supporting BTC payment in 2016, and only 3 left in 2017. i don't think those are "bit merchants" they are big "names" and there is a big difference if you ask me. and for the claims he made you can check their respecting websites to see they are accepting bitcoin payment or not and maybe they give some stats. the best stats that i have seen so far (since merchants don't really release their shit publicly) is the bitcoin payment processor called BitPay. they release it yearly i believe and last time they claimed "the merchants that are using their system have received $110M+ per month"https://blog.bitpay.com/bitpay-growth-2017/ |
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if you sell now or if you hold now and at the same time you are only thinking in terms of being a millionaire or a billionaire,... you ARE dumb no matter what.
because it means you just invested in bitcoin, the biggest innovation at least in financial/economical field and you never understood what you invested in. you might as well have bought a sack of potato and made the same profit!!!
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in my experience it depends on a couple of factors. 1. your age! if you are a teenager and your "savings" is small amount then invest all of it in bitcoin, why not! you are not paying for your living anyways  2. is it all the money you own in the world? then no. invest a smaller part of it to decrease the risk. as they say invest what you can afford to lose. 3. is it the money you saved up with a lot of efforts after a long time of working, or is it like a part of your salary, the new year bonus or something like that. obviously if it is the bonus investing it if you don't need it is better. you see it is not a simple 5% 10% ,... 100% answer. and if you can not decide on your own then maybe you should consult someone else, a friend or even a financial adviser maybe. |
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The bottom or support line nowadays is around 8k, is where everyone has placed their buy orders. 10k is where the market founds it stable, meaning there is a little buying and selling.
every time that bitcoin price takes a dip there are people who place their orders way too lower than the real support line because they think this is a gambling game which they need to get lucky to win instead of using their logic to make a correct move and win based on that.... |
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you are correct about SegWit but let us not forget that the programs for using SegWit are not ready yet. or for example BIP173 is still in "Proposed" status, it is not even final yet!
and i completely disagree with "batching withdrawals". you say this now because they keep repeating it on reddit. but the same people who are repeating this will start attacking Coinbase when they hold their withdrawal to "batch it with others"....
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how do you actually "prevent" people or your employee even from investing in bitcoin? i mean it is a decentralized market and holding it doesn't need anyone in the middle. you are your own bank and you buy it from others, you don't even have to use a bank for that!
besides it seems like this is more of a warning, as all the rest of the world have warned the newbie investors.
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this topic doesn't make any sense!
and it is really bad to encourage people to buy and hold bitcoin in order to become rich/millionaires. that has never been good.
instead you should first learn more about what bitcoin (a peer to peer digital cash) means and then encourage others to learn more about it and start using it as they should and enjoy the benefits of using a peer to peer digital cash which is decentralized and censorship resistance.
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this first time where everyone was super afraid of what may happen because of futures, the price could barely stand in $9k level. if i am not mistaken it only lasted 2 hours before the recovery was started and price reached back to current level and rising.
now all the FUDs are out and people know what happens in reality and they won't act as panicky as before.
so even IF there were any drops, it wouldn't be that low. although i doubt we can even see any drop!
and remember this drop was not even because of the futures. it was because they started the "government banning bitcoin" FUD.
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in one word: great.
this year we will have lightning network up and running for good and despite all the FUD that has been spread a bout this great technology for second layer transactions, it will be adopted. and the adoption is not something far far away! it is happening as we speak.
currently there are about 100 nodes running and they are growing the LN network super fast. of course it needs a lot more time but i expect in 6 months from now we will see everyone having a LN wallet and using it. with at least 50000 nodes.
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We will have to wait for the 14th of February when the next futures end. Last time they ended the market started moving just before.
same thing can not happen over and over again specially when there has not been that long ago! the dip because of fear of futures happened a couple of days ago and next time it won't be that big because it will be countered. not to mention that it depends on the market dynamics. we may be on a flourishing rally by then and people lose a lot of money investing in futures. |
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