Hello All,
I'm new to crypto but not new to the banking/gov game.
What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it?
They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.
I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.
Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros) have met a swift end.
Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.
Either way I see it going higher i'm just trying to get my head around why it has not been stopped.
Thoughts?
I really don't think that the whole "banking system" is just behind bitcoin. Why? Because they have all responded negatively to bitcoin. If they create something, then obviously there should be some sort of motive, right? What is the motive for them to create bitcoin, then they are earning hundreds of millions of dollars by having a centralized banking system? It really does not make sense for me. And no, they are stopping people from using bitcoin. China's central bank hates BTC, banks are freezing bitcoin related accounts every single week. Government is tracking down people doing p2p trades. So it's really unlikely that it is what you say. |
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It is sort of a grey area in most countries at the moment, it is definitely possible though for someone to move large amounts of bitcoin into fiat without having to provide any sort of ID, or have any connections at all. Go to localbitcoins, and you'll see so many buyers ready to buy your bitcoin with cash.
Obviously you're taking a risk of getting tracked down by authorities but it's a relatively minor one.
I don't think that this is the reason why bitcoin isn't getting dumped back to $2000. It's because people are buying bitcoin as soon as it crashes, because they know that if they wait later there might not be more chances to do it.
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Banks will never go well with bitcoin... The source If anyone is interested to read more: http://www.cnbc.com/2017/06/26/barclays-bitcoin-regulators-fca.html
I sadly don't believe that the banking system will ever adopt bitcoin, If they start doing so, It would be for a particular reason they hide (most likely to eventually control bitcoin). The maximum that could happen right now is making bitcoin legal in some countries. Agreed. There is a direct conflict of interest for the central bankers to start accepting bitcoin in their business model. Have you heard that bitcoin traders were basically denied bank accounts in australia a few years ago, and existing bank accounts were frozen? If not for the laws in place, then that would have been the end of bitcoin trading in that country. As people said, the main point here is that they're not even saying that it's going to be bitcoin. It may be any altcoin, developed by whoever. Might even be the bank themselves. |
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Unfortunately, if you did not follow the precise instructions on the actual trade, then you probably won't be able to reverse their ban.
Panful does this so that nobody gets scammed. It says clearly on the trade info that you have to purchase this with cash. If it wasn't purchased by cash, obviously the gift card can be carded, stolen or a range of things which can indeed lead to the card being suspended.
At least (apparently) you are getting your money back in 12 months... Most bans are permanent, and without compensation, so you are lucky.
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I have full records written in a book with full details of my login accounts of all my working sites with full details. Even the desktop wallet details are also their , so if any day i am having problem or suddenly i die then my family can get help through this book. But even i dont have problem because most of the bitcoin what i am earning are mostly converted to fiat currency. only i am holding the altcoins which i believe that in future their value will be 10x time then now.
Bad idea. Sharing your password with anyone is not a good idea, even though they might seem trustworthy right now. The whole notion behind bitcoin is that you don't need to trust anyone for your bitcoin to be stored, as opposed to a bank account. Of course this offers complications such as when you die, nobody has access to your coins, but this is a necessary sacrifice to make to get the anonymity of bitcoin. As I said, nlocktime is an extremely good way of letting your loved ones have access to your coin when you do die. Obviously it's not something that everyone wants to confront but it does need to be addressed eventually. All they need is a bitcoin address, and the raw tx, unsubmitted. They can submit it once the block height is over a certain number. |
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If you check today and yesterday posts regards the crash in crypto market you can find many panic members that sold or wanted to sell their entire poftfolio in lose.
Almost every oldschool crypto forum member advised not to do so, not only that the biggest advise was to buy now when prices are low.
So let it be a lesson to learn.
Half of my portfilion is back to Green mode, and tommorrow we might even see major corrections and probably new records on weekend.
Go against the herd, buy low sell high, never buy high sell low. If you made a mistake of buying high in the first place, then don't panic. Wait for the next pump cycle to come by. I know that it may seem like it's the end of the world when everything is red every single day but eventually, there will be optimism. And when there is optimism, wait for it to nearly peak and sell just before it becomes mania to be safe. Though I'm bearish with the altcoin sector in general right now, so not sure how long this green portfolio of yours will last. Either you have excellent choices, or is just lucky because my portfolio is still red :| |
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Lol, talk about crypto-rubles.
It is really an insult to crypto's name... It is obviously going to be centralized, as Russia obviously does not want to let go of their tight control on capital within the country. Why would they change the strategy now? Crypto-rubles or w/e it's going to be called in russian is going to be just a centralized shitcoin that will only serve as an immutable database for central bankers - nothing else.
It's funny how countries like China and Russia say that they will develop their own blockchain product but restrict access all altcoin and bitcoin trading platforms. Russia even said that they will track all bitcoin transactions by 2020. Strange...
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I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
If you are planning ahead, then I would say that an nlocktime transaction would work for you. This is a decentralized means of essentially letting your relatives have access to your bitcoin. All you need to do is to generate the nlocktime transaction in bitcoin core, tell whoever you trust/want to have your belongings after you die the transaction, conduct all incoming transactions on the address on which the transaction was generated, and you're set to go. So they can only access your coins when it's at a certain block number, for example, block 900,000. The transaction isn't valid before that time. If you spend the coins, then obviously the transaction will not work. |
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Now is the time to buy the dip and fill yer bags.
It's probably not over yet. I would say that the market will always over adjust, and right now it has adjusted, though still probably not quite enough. i wouldn't be surprised if bitcoin were to go down to a level that is say, $1800,$1900. Something along the lines of that. When it does happen, as you said it'll be a great opportunity to buy in. Always go against crowd sentiment. |
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I mean, Snapchat's first investor. That's not just some guy living in his mom's basement(sounds strangely familiar to me), that's probably the investor of the MOST SUCCESSFUL messaging tool of the decade and revolutionised how people use IM.
But still, take it with a grain of salt. Others experts have predicted that bitcoin will drop down to $100, some said it'll be $100k by the end of the year. I mean, predictions are just predictions. $500k does seem a bit hard too achieve.
I would say though that if he changed the figurefrom $500k to $75k, i will root for him all day. By 2030 there would be 3 more halvings that have happened, each halving will bring around a triple in price. $75k is not hard at all.
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In some features cryptos are better than fiat and vice versa but as of now fiat completely dominates cryptos in terms of the number of users and popularity.
this question has been asked a countless times and honestly superiority is not a problem to me as long as cryptos keeps improving because their coexistence can and will create
more opportunities like for example it created another way of trading.
This is because bitcoin currently have no real publicity. Even though that there may be some media outlets covering bitcoin there is simply not enough for people to understand what crypto really is, what it standns for and why they should switch from using fiat to crypto. Crypto is definitely better than traditional fiat currency. There is no doubt about it at all. Decentralization, limited amount of coins, anonymity and fungibility. The ignorance of the public and blindly trusting in the government is the reason why bitcoin hasn't taken over as the world reserve currency] yet. |
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I apologize if this question is in any way naive.. I'm not really any kind of economics expert. I was just wondering what might happen to the world economy since there are so many new people getting rich off these cryptocurrencies... Just based off speculation or holding the right coins a lot of people have gained in wealth in the past years. And it doesn't seem to be slowing down.
So, you have a lot of 'new money' propagating even 'newer money'... and so on and so on, until a lot of people are pretty rich. Does this mean that there is a huge depression ahead of us? Surely just making more and more money can't go on forever, can it?
I'm sure I'm not seeing the big picture here so please, could someone explain it to me?
Not really, at least for now. Right now the players in bitcoin is very limited. I think the true bitcoin whales, ones that hold more than 1000 BTC which equates to quite a nice chunk of money individually is probably less than 200. Speculation of bitcoin simply means that some people lose, some people win. So whales are basically playing each other, in a pvp game, if you like. Honestly, bitcoin price does not matter that much. The most important thing is who and how many people are using it? If bitcoin can help the unbanked in third world countries with instant, safe and costless transactions, but is only worth $100, that would be fine. |
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I was reading some articles today which pointed towards such a conclusion, just curious what others think about this notion.
What I would say is that bitcoin is less of a bubble than ethereum is. Ethereum has risen 5-6x in bitcoin terms when bitcoin has risen 6x at least itself in the past few weeks. So this indicates that ethereum has basically shot up from the $10-20 range to all the way up to 400+. The question is, how can ETH not be a bubble? It was less than 10 billion of breaking bitcoin's market capitilaziton when it was having network congestion issues due to a few ICOs. If the network is so fragile, then what will happen during mass adoption of EThereum? Bitcoin on the other hand even though has scaling problems, has a much wider community. The price right now is high, but not unjustified. After all, Japan, Australia, and now INdia are all legalizing BTC. That accounts for at least 1/5 of the world population already that legalizes bitcoin. |
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its a win win , but how do i verify the btc ownership ?
and fb linking ? why is that necessary ? i dont have a fb account.
To prove it all you need to do is sign a message or send a small transaction i think. At least thats how byteball and clams worked, i can't see any other way of proving that you own the coins without sending it to them directly. A free $40 for anyone interested. IT really doesn't matter whether you like Stellar or not, i would take $40 per bitcoin i own for free anyday. |
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I think that it is clear that Bill Gates does not care about his net worth, or at least as much as we'd think he would.
Reason being, there is obviously no need for more money. More money is crucial to working class people like us, obviously, but to a billionaire and already #1 person on earth in terms of net worth he does not need more. Even if he spends 2 million dollars a year he can still live another 100 years without having to worry about earning anything.
He is far more interested in finding ways to benefit others, and obviously his image will be boosted as a result and his legacy can be carried on. As BTCNey said, he seems to show a genuine interest in using btc and getting others to use it too. I would say that he holds at least 100 BTC. I just don't think that he doesn't.
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https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-indiaThe government of India has come to the point where in they decided to legalize bitcoin. This is a good news to the community since it could spark another hike in the bitcoins value this coming months. But we can never deny that in every legalization and acceptance the use and coverage of bitcoin in India will be under the regulation of the state. Inflation =/= price increase. Obviously India has indeed legalized bitcoin, and i think it was a bit of a shock to everyone. But since other world countries such as Australia and Japan did this I think the Indian government has been pressured by requests from the btc industry to come to an agreement. I'm actually really surprised at how well the industry self-regulated before government officially legalized it. And this legalization is probably directly as a result of the industry being able to be strict on AML and KYC laws, even though they're not required to. Price seemed to be positively affected indeed as well. |
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I'm trying to summarize in as few words as possible, what is the problem with centralized currencies? Writing an article about why decentralization is important. I would like a good problem summary to start.
I would say:
- Someone always has the ability to counterfeit
- Controlled by centralized authority who can change the rules as they see fit
- Centralized authority can print more money
- People can have their bank accounts frozen
Ideally a sentence or two to summarize. Maybe something like "Centralized currencies can always be cheated by someone and manipulated in a manner that most benefits those in control, to the extent of locking you out of your account or taking away your money if you do not behave in the manner those people would like. When the people control the currency, the people decide the rules that govern it and no one person can touch your money without your permission"?
Anything else I'm missing?
Thank you!
Great summary. A lot is overlooked when people say that bitcoin is redundant and everything that bitcoin does can be done with a bank, plus more. The fact is that when you are using any sort of paper currency issued by a government you are trusting them with your wealth, just like if you stored your files on google drive you are trusting them with your privacy. Governments are designed to benefit the people but you have to ask yourself is your government really benefiting the people? Or just themselves and their close friends and family? A lot of the times, the second one is true. Switching to decentralized currencies, such as gold and btc would mean that governments cannot control your wealth, and therefore, how you spend it. |
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Interestion your point
No. There is no "final number of bitcoins". Bitcoin will come real close to 21 million but there will be always no coins being mined no matter how small. One of the major attractions of bitcoin is that the way it cannot be "printed" by a government, like the way fiat can be printed by a government and manipulated. With bitcoin, this 21 million cap is extremely important. If this was ever broken then people's trust in bitcoin will definitely fade alongside the restriction as well. The real limitations are scaling, definitely not the amount of bitcoins in circulation. The thing is that bitcoin can be divided into infinitely small units, which means that we don't need to create more bitcoins. If there was ever a shortage of bitcoins, then price would go up. When price becomes too high then people sell, driving the price down. When bitcoin does reach the stage where less than say, 0.01 of it is produced a day, then price would be extremely high. |
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There's only one more week of this crowdsale until it ends permanently.
I hope that many of you guys have already gotten your fair share of coins by investing ETH into it, because the early investors bonus were just ridiculously good. You can get somewhere around 50% more if you invested on angel day than right now. But still, if you are interested do not miss this opportunity. The crowdsale already have raised several million dollars, and these projects are rare. Usually as soon as these projects get listed on bittrex the price will be at least 1.5x the original ico price.
Good luck all!
Agreed, i think that it is an excellent window to invest still even though it might seem like the rewards per ETH you invest is quite low. In fact ETH has corrected a lot over the past few days, meaning that investing now could actually be better than investing last week because of the lower ETH prices(0.16 few days ago compared to 0.12 now). Don't miss out on this because the only other way to your tokens will be to buy it at a much higher price on an exchange  |
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Lucky you. I guess they don't have any more bitcoins in their account ..
Most probably. Or that they are just not bothered to pay you. Either way I think that there is very little chance that will will get paid back, unfortunately. Their excuse of being very busy with their Ico and thus not being able to pay you back was just a strategy to gain more time until their ICO launches and they can get a nice chunk of coin and most probably, run away with both your and investor coins. Seems like indeed they have paid CCN to do an article on them. So they probably do have coin but isn't willing to pay back people with it. I'm sorry that you had to go through this OP. |
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