Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
Although I think it's impossible to declare Bitcoin illegal in the USA, let's imagine what would happen in that case. Most US citizens are law-abiding people so they would stop using Bitcoin in case it was declared illegal, but most likely they would sell their coins first. Then the price of Bitcoin would drop 50% or even more IMO. I think a brutal crash would happen too... it sucks to admit it, but that's how it is. The price is at the mercy of a big country banning it, if they ban it, even if it has no relevance at a functional level (since bitcoin will be working no matter what they do), it would have a psychological impact and the price would crash. But after they ban it... that's all, they have used their biggest card. So bitcoin will keep growing in the long term without the fear of the ban. Thats why i think they will never fully ban it. |
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It is bouncing between $870 and $930, and with luck will stay in that range for a while. It is known as consolidation.  Seems like a good trading range, but notice how after the price is stable for a while, there a big dump has happened, then it climbs back slowly throught a couple of days. Let's hope that this time we don't see another big red candle when the next PBOC statement happens which is a matter of time. I hope that people playing this game eventually get burned because a rise happens instead of a crash. |
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I've seen a lot of threads on this forum, speculating about the price of bitcoin regularly. We make guesses but what are they based on? It might be a chart with previous fluctuations but we know that if something happened once it doesn't mean it will happen again. And yet I guess it is us, the btc users, who actually control the price by believing in it bieng worth something. What do you think?
People want to make money fast, that's the basis of speculation, and they want to make it without effort. Buying cheap and selling higher is what can achieve this goal. The price is the reflection of market participants, there not necessarily any sense to be extracted from it, there are too many variables. George Soros has good books on this (even if you dont like the actual guy, he is a bright mind) |
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I don't think anyone is expecting to become filthy rich in btc itself, or by speculating on btc ^^ Most people here, at least that's my case, are seeing btc as a new opportunity for new businesses thats all. I don't even really care for the btc price. Yeah the higher the better, sure. But the important is the new features that btc brings, not its price  This is delusional. Price is important as fuck, it doesn't matter how good the technology is if it's not translated in the price. People that say price doesn't matter don't live in the real world. Bitcoin price has to go higher overtime, otherwise its a failure. yup. for better or worse you're right. anyone with a modest amount of bitcoin, sub 100 say, won't be getting a life changing gain within a realistic time span.
at the same time it's gambling pure and simple and the alt market is just as rancid as it ever was. personally i'd prefer to avoid a life changing loss and stay out of it.
Indeed, the altcoin market is disappointment after disappointment, but sometimes, some projects can deliver massive gains. XMR went up to 2000%, the technology is decent, the devs are decent, but the main point of the coin was the anonymous hype phase. I remember how they pumped it claiming all those darknet markets would accept it. Now this is over, and i just don't see this coin giving massive gains again. Same for ETH. Smart contracts hype is over after DAO disaster. So I don't see any other decent new coins that are insanely undervalued in my view. How do we get rich then? Ok guys sell your bitcoins for some extremely speculative altcoins! I mean Bitcoin itself is already a big risk! So sell your precious bitcoins if you're really that greedy!I will appreciate that and pick them all up.  Most of the "top" alts with some potential already have huge whales! And a huge part of them is also big in Bitcoin! You're looking for the needle in the hay stack if you ask me.Great way to burn your bitcoins.Good luck! I will take the other path.vI have patience and no problems with holding BTC for 10+ years. And what is rich and what is not is also a subjective opinion. A payed house + a good job will make you a enjoyable life. That is something a majority of people nowadays do not have. Good luck paying a house 100% unless you are holding a big amount of BTC. There's not much to be done but wait for the pump again. If you are holding ICN which a lot of those holder think can be the next big thing, you could profit more than what you have with XMR. ICN team is doing pretty much decent. Their token value has doubled in less than a year compare those who promised and funded but have never showed anything still after years. Long term investors wants to get out already due to the disappointment after disappointment. Also, as far as I know, in order to get the dividends paid in ICN you need to hold them on their online platform, this seems like a scam to me. "Let us hold the coins so we can run with them at any given time". Doesn't sound convincing to me. Plus is an ETH token, and ETH is a mess. Sounds like an oxymoron right?! Maybe he's just looking for new alt bagholders and waiting to buy their dumped bitcoins. I don't trust anybody in this space!Especially here where many people have an own agenda running. When someone advises me to get rid off my bitcoins and go with shitcoins, I can guarantee you I will do the opposite and therefore buy even more BTC when the personal financial situation allows me to do so. I keep asking about Iconomi, if to get dividends you need to hold the coins in their platform or you can store them locally, still waiting for an answer. If you can't receive dividends while holding private keys locally, then there you have it: it's another scam. They will set a trap and get your BTC. |
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same thing is happening right now...
it is called resistance and as long as it is there price will stay up and then starts going up. and this resistance is from the buy orders that traders who sold on $940 recently is forming, they want to buy back again at $900 or lower to make profit by their short positions. The resistance in the price continues, if the traders who try to make profit even with the current price without holding their bitcoins long for a increase. No power holds the price to sustain around $900, the difference or increase from the current price tag keeps counting when the market gets increased circulation with stabilization in the economical situation of countries using bitcoins efficiently. We can never know if there is a big group of whales keeping the price at a certain range... it is a possibility, but it falls a bit in the realm of conspiracy theory. I would not be able to claim that I know for a fact it is or not happening, we can only ride the waves as small traders. |
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yup. for better or worse you're right. anyone with a modest amount of bitcoin, sub 100 say, won't be getting a life changing gain within a realistic time span.
at the same time it's gambling pure and simple and the alt market is just as rancid as it ever was. personally i'd prefer to avoid a life changing loss and stay out of it.
Indeed, the altcoin market is disappointment after disappointment, but sometimes, some projects can deliver massive gains. XMR went up to 2000%, the technology is decent, the devs are decent, but the main point of the coin was the anonymous hype phase. I remember how they pumped it claiming all those darknet markets would accept it. Now this is over, and i just don't see this coin giving massive gains again. Same for ETH. Smart contracts hype is over after DAO disaster. So I don't see any other decent new coins that are insanely undervalued in my view. How do we get rich then? Ok guys sell your bitcoins for some extremely speculative altcoins! I mean Bitcoin itself is already a big risk! So sell your precious bitcoins if you're really that greedy!I will appreciate that and pick them all up. Most of the "top" alts with some potential already have huge whales! And a huge part of them is also big in Bitcoin! You're looking for the needle in the hay stack if you ask me.Great way to burn your bitcoins.Good luck! I will take the other path.vI have patience and no problems with holding BTC for 10+ years. And what is rich and what is not is also a subjective opinion. A payed house + a good job will make you a enjoyable life. That is something a majority of people nowadays do not have. Good luck paying a house 100% unless you are holding a big amount of BTC. There's not much to be done but wait for the pump again. If you are holding ICN which a lot of those holder think can be the next big thing, you could profit more than what you have with XMR. ICN team is doing pretty much decent. Their token value has doubled in less than a year compare those who promised and funded but have never showed anything still after years. Long term investors wants to get out already due to the disappointment after disappointment. So you are telling me to get in while you tell me that long investors want to get out because it has been a dissapointment? Why would i get in then? Also, as far as I know, in order to get the dividends paid in ICN you need to hold them on their online platform, this seems like a scam to me. "Let us hold the coins so we can run with them at any given time". Doesn't sound convincing to me. Plus is an ETH token, and ETH is a mess. |
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this is one of those times that i am really glad that i am not an American. with all their debts and all the economical problems. and many are forecasting a economical crash for US.
the only thing that makes me happy are my investments, i have already bought enough gold and lots of bitcoin to be set for the possibility of going to the moon.
The entire western economy is going to crash. It's already begun, most people just don't see it yet. Yep, with the DOW breaking 20K and the S&P 500 hitting ATH, Joe blue collars everywhere will believe that Trump is going to save them all and readjust all their life savings back into the over-inflated stock market. At exactly the wrong time. After the Fed starts to up rates, look for the crash near the end of the year... Joe Retail is always the one left holding the bag. Trump voters are so dumb that they think there is no bubble, and S&P will keep growing as long as Trump is in office because he is a genius businessman. This is like 2008 all over again... we are at the peak and people are still delusional enough thinking there will be no backlash. This is going to be a shitshow for the US and then world and bitcoin holders will be making massive gains. Gold holders too, but not as much. |
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Let's not forget Indians, there're many people too and they are cornered by their goverment - Bitcoin is only mean of salvation for them
Bitcoin looks like an excellent escape route for a lot of people in several countries all over the world including India, but how are they going to access the bitcoins in the first place? They need dealers, they need to buy them first to move them. I don't see how they can do it without the infrastructure being built. With local black marketplaces the volume can never be big enough. |
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Everytime PBOC makes a statement the price crashes no matter what, it's pretty annoying, but those regulations should be good for bitcoin the long term. Even tho it's not clear to me if what they were doing is illegal, at least in china. I know that in other countries those people would already be in jail, but im not sure if that's perfectly ok to do in china so maybe the exchange owners get no repercussions. |
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Most people involved in the bitcoin economy are libertarians so they hate any regulations and coinbase is always crewing people around with regulations, but I think those people on coinbase are delusional. What do you expect if you want to have a bridge between the traditional system and the bitcoin system? they are going to be forced to comply with all regulations if they want to stay in business.
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i think it is not just because of trump bitcoin will break more than $2000, because there is many factor that we can see that giving big affect for bitcoin price as we can see before that in economic sector will give impact for bitcoin price.
I a gree with you . it was too strange to mention that trump is the main factor determining the price of bitcoin. bitcoin certainly influenced by many other factors that are much greater. many possibilities that could happen. Trump will give us great moments during the next 4 years. His policies will be very controversial. They may be good for the americans, but the rest of the world will not be happy with it, and even if america is the 1st world power, they are not living in isolation, we are all on the same planet and the entire system is collapsing. |
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Anything lower than the last ATH should be a failure by 2018. So we are looking at at least 1400+ stable floor, we will need to do something to push the price there. Segwit is definitely needed for the next big increase, and also a killer app like the supposed mega 2.0.
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So you guys really think from hundreds of millions potential programmers, coders or maybe hackers only a few could fathom the genius of bitcoin?
There are thousands of computer science and basic coding language MIT graduated with PhD, and even more people with even greater knowledge but without any academical degree, are they to be considered retards?
It's a super really small niche the coders that are qualified for proper bitcoin development. You can count them with both hands probably. Sure Bitcoin Core got tons of contributors but there are clearly like 10 coders that are the ones that do most of the stuff, and very few come up with really ground breaking stuff like segwit, mimblewimble, confidential transactions... actual game changing BIPs. Its great to have people finding out bugs and fixing them but the actual innovators are even a more reduced number. |
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You can expect that any countries with strong communist ties like china or russia are never going to adopt something like bitcoin. But the rest of the world is no different, bitcoin is just not something a government is going to ever be interested in in general, it offers nothing that they could benefit from, I think bitcoin will always remain something radical and outside of the system in nature. Maybe tax havens find a niche in bitcoin, other than that I dont see it happening.
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As we all know that bitcoin has progressed a lot since it was released and here in 2017 we saw the price of bitcoin was 1000+ USD which is 5x of the price was in 2015.
So what do you think it will be in 2018.
The growth will be exponential, growth in bitcoin is never a nice smooth sail, the FOMO kicks in and we see tons of people getting in and driving the price higher. It is impossible to predict how high a bubble goes... this is basic knowledge in trading, you can never guess where the top is. It can be 10000 or it can be 100000 with bitcoin. In a year everything is possible. |
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Kinda feel the price will drop quite a bit, will probably cash out and buy back in after the dust has settled... The chinese exchange fees look like its going to be a bubble popping but just my opinion... But why the insane mempool size?
you biggest mistake is that you think there is a bubble right now, but you are in a big mistake. there is no bubble. the bubble bursted a while back when price went down from $1160. this price is not going to go down tht easily because of the way it was risen. besides the fees on chinese exchanges and the situation over there is the best thing for bitcoin because they can no longer fake anything and most things are real now. with all that said, if you think otherwise by all means don't hesitate. someone has to give the whales the cheap coins they want  I think this is the case too. The thread of "you will sell at the bottom" is accurate. Well maybe not at the bottom but it's going to be a disappointment for most sellers when the price starts going up again. The damage of the PBOC is already priced out, the fake chinese volume was overrated, and fees are a good thing on exchanges to avoid stupid shit happening to the price. This is bullish. |
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Chinese exchanges have accounted for 42 percent of all Bitcoin transactions in 2016 year. I search more about this topic on internet, China is growing and their economy is growing every year. China, up until about 50 years ago, was a small-time player on a global scale now they are strong force. I found this real time the influence of China on current bitcoin trading: http://fiatleak.com/ First minute all bitcoins are going just to Chinese, then US a bit and couple times in Russia. Looks like Chinese are dominating! The fiatleak website has already been proven as not accurate a million times before, i dont know why people keep posting it. I dont remember why exactly fiatleak isnt accurate, but i remember reading a convincing explaination. Bottomline is, that site cannot be trusted. We don't know the exact numbers, but in any case, its clear china is dominating the bitcoin game when it comes to hashrate and exchange volume. |
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Side chain features won't be adopted or successful, because it's centralized.
Dude where the fuck do people like this come from? Im sick of hearing people talking bullshit segwit, blockstream, sidechains, lightning network... all day, all night. I mean are you kidding me. "Side chain features won't be adopter or successful, because it's centralized". Are you shitting me? This doesn't even make sense grammatically. Sidechains are a great idea, altcoins will have a hard time justification their existence. Any project backed by bitcoin as a sidechain is better than some obscure ass blockchain that nobody supports. |
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Dollar is going down again..
Is this positive for bitcoin price?
MOON ?
It's clear that the Trump hype is quickly starting to face. Trump is going to be a DISASTER. He is a master conman and has tricked all those people into getting him ellected. And before some Trump supporter calls me a Hillary supporter or something... no, Hillary was trash too. Trump is a great businessman but he is not fit for politics, he is too impulsive, he is going to fuck up badly during the next 4 years and this is good news for bitcoin and gold holders so it's not like im going to complain about it. |
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