Governments can issue regulations as they please. No doubt about it.
The promise of Bitcoin was to leave governments unable to enforce any kind of regulations using technology and decentralization.
The problem with that promise is that it is enormously expensive for consumers to run Bitcoin nodes. Therefore everyone uses third parties, there's not that many of them and there's absolutely no way for them to stay resistent to regulations.
So as I see it, there was a time when governments couldn't enforce their regulations to decentralized currency. Now they can.
What do you think? Is the Bitcoin promise broken?
That's somewhat true! Bitcoin can't be controlled by the regulatory authorities! But they can certainly provide a framework to use cryptos within the mainstream economy and to mitigate the risk of illegal use of it. I think it is very important to curb the illegal usage of cryptos. The deepweb is one of the examples of illegal crypto usage and it is rising alarmingly. It must be stopped before it gets out of the hand! So even if the bitcoin promise is broken, it's better to have some sort of legal framework around cryptos. It will fuel adoption as well as make things smoother for crypto users for longer term! |
|
|
|
banks will try find some ways that they'd still be used by people despite the fact that the wallet itself can function like a bank already. so what does the bank do again this time, they will still ask money for storing your coins to them?
although there will be users who will be embracing banks to also accept cryptocurrency deposits, it will really be unlikely for the people to use banks especially the ones who knows why satoshi created BTC.
I don't think banks will start accepting crypto deposits! The German parliament suggested banks to use cryptos for their own reserve fund and also to participate in the crypto market to generate income! But it's highly unlikely that banks will start accepting crypto deposits from the mass! There's no issue in embracing cryptos in mainstream banking system, but there will be strong protests from the banking fraternity! It's not always easy to embrace your strongest enemy! |
|
|
|
It is quite possible to prove
How? You've already given the answer yourself! Satoshi has mined the first bitcoin block which we also call as genesis block. If real Satoshi wants to identify himself, he can simply use his key to sign a message! That's it! Unless and until the key is hacked by a hacker (which is highly unlikely), there's no way to impersonate! What do you think can be a irrefutable proof other than this? |
|
|
|
Imagine that Motorola - the first company which manufactured a truly wireless communication device in 1983, designed its production system so that it can produce only 10,000 mobile phones a year. Now, does that mean these phones would have been more scarce every single day because the population is almost required to increase its demand? And would that mean the price of Motorola phones will rise to $1,000,000? No. Why? Because people will simply associate and produce their own wireless communication devices, as these devices are just chips, resistors, transistors, capacitors, inductors, and diodes joined together the right way. And it s not only Motorola that is capable to put electronic components together.
In the same sense, bitcoin is just numbers associated to addresses that are transferred through the network from one address to another via some protocol. And it is not only Satoshi Nakamoto who is capable to design such paying system. This system is not Michelangelo's Pietà or Leonardo da Vinci's Mona Lisa. It is just numbers, addresses, database, and protocols. Everybody is capable to create that. So, no rational reason exists for bitcoin to cost 1,000,000 dollars. There is no reason for people to enter into fast, transparent and cheap payment system for $1,000,000, or even $10, if they can enter it for $0.001(altcoins) or if they can associate and design their own crypto payment system.
Bitcoin is simply a mega-bubble that diminished people's ability to think rationally. Bitcoin can only go down to the price of an average coin. Just like Motorola's phones have prices of average phones.
Whenever you compare two things, always compare apple to apple! Then only it would make sense to the educated class of people! Your example sounds very similar to a recent comparison between Tesla Truck and Ford F15. Where Tesla is 4WD truck and Ford F15 is a 2WD truck! So it makes no sense for the people who knows about cars! If you are so pissed off about bitcoin, why don't you donate your coins to a charitable organization and let them help some poor people with it? |
|
|
|
I think it is not appropriate to list ETH as one of the most popular PoS coin in 2020 because it has not made its transition yet,
There might be a possibility for it to delay it again just like this month.
I don't see any issues in listing ETH as one of the best pos coin of 2020! The istanbul fork is all set to happen in January 2020 through which ETH will migrate to pos from current pow algorithm! There might be some delay, but that's definitely going to happen within the first quarter of 2020 as confirmed by Vitalik in multiple occasions. To OP - it's an excellently written article! You have captured every possible details which will definitely help newbies to start with staking and create a passive income stream for themselves! Just bookmarked it for future reference! |
|
|
|
|
Lol! I love your self declaration in the last paragraph! Thanks for letting us know that you aren't planning to start your own terrorist group!
Anyway, we don't know if the terrorists are using cryptos for their funding or not because there's no way for us to know it! But definitely a chance is there and that's what is a big concern for the regulatory bodies worldwide and it's not a mere speculation! Money laundering and terrorism financing are two major risk areas that regulatory bodies are trying to mitigate before agreeing on a global crypto regulatory framework. FATF is actively working on this and they have also presented a guideline to the world leader in the last G20 summit in Osaka!
We, as commoners, certainly think that cryptos must not be used for illegal means because it will only earn bad reputation for cryptocurrencies. We want it clean and pure so that we can it as blessings and not as condemnation!
Hope it makes sense!
|
|
|
|
|
It's called ponzi scam! Must be avoided at any cost! No real world business generates that much income so there's no way you can get your invested money back!
Delete the thread immediately! I have already reported this to a moderator.
|
|
|
|
From the America history we can know that America was a Deflation economic system in few years. At that time USD was maintain and the prices was keeping a low average. This why we need a 'something standard' monetary system but not a credit credentials paper.
You can imaging that if some 'third world countries' become a 'Bitcoin standard' monetray system , and show the Bitcoin savings address, what will happen?
Bitcoin will not be issues over the maximum supply ,and nobody can make a 'fake bitcoin'. These country need to save x bitcoin to issue their monet, they will have a healty economics system, the other countries will happy to keep their money and want to trade will them.
People won't be afraid of inflation , and the prices will not go high in a long cycle times.
It is very very hard to happen for big economies like China, Russia or US! Because bitcoin is simply not capable of scaling up to accommodate the growing need of trillions of transactions! However, it may be possible for small economies like Malta, Marshall Island, Tuvalu, Kiribati etc. They have small population and even smaller economy. So bitcoin will be able to standardize their economies and work as a reserve currency for them! But countries with billion and near billion population, can't even think of cryptos as standard! It will be disaster for them! |
|
|
|
According to a new report by Adamant Research, an analytical firm, Bitcoin is creating a new economic class of people who are not reliant on traditional financial institutions. The study is entitled “Bitcoin Reformation” and shows parallels between Bitcoin and the Reformation period. Bitcoin is now a new economic class, and that’s pretty exciting That's true but that's not enough! There are groups of people who are willing to bypass the financial and regulatory agencies and use only cryptocurrency, but their willingness is not getting fulfilled due to the regulatory hurdles in majority of the countries! If someone is living in Japan, probably they can be classified under this new economic class because they can literally take care of their expenses using bitcoin. But for the remaining countries, that's impossible! Unless we have simplified regulatory framework around cryptocurrencies, this new economic class won't survive for long! |
|
|
|
i have invested in BMH " Blockmesh " 6 monthes ago the price was about 100 satoshis now the price as 3 satoshis  anyone have info about this token ? it's on Hitbtc and IDEX I have just gone through their website and it seems like they have planned to develop an app similar to whatsapp or wechat and had a plan to incentivize users for using that! So the concept was good! Now if you look at their app stats in google playstore, it has only 500+ downloads so far! So it is a classic case of marketing failure! I see people complaining about the crashes and bugs in the app and no one from developers side bother to reply! So another example is lack of willingness to create a great product! They are probably not a blatant scam but definitely a failure amongst the competition! Sell off your token while you have time! |
|
|
|
1099-k is applicable for US businesses an not for UK residents unless you conduct a business in US. I don't think this form is applicable to you. Please get in touch with Coinbase and question them about it.
Also 1099K only applies if you have more than 200 transactions and 20k USD plus volume. I doubt it is required for you to fill!
Thankyou avik, i have questioned them, the say "Your 2019 transaction volume exceeds the reporting thresholds" but they then just keep forwarding to there help page which states you recieve the k1099k See link https://support.coinbase.com/customer/en/portal/articles/2928251if you have exceeded the threshold of more than 200 transactions and 20k USD plus volume ? which is why im concerned as ive havent earn anything  Thankyou for the reply avik. In that case, you are not liable to fill 1099k form or w9 whatsoever! This is purely applicable for US nationals. Since you don't have any business in US and you are a UK national, you don't need to be concerned about this. You can still pursue their customer support for withdrawal of that tax notice by submitting adequate proof. |
|
|
|
|
1099-k is applicable for US businesses an not for UK residents unless you conduct a business in US. I don't think this form is applicable to you. Please get in touch with Coinbase and question them about it.
Also 1099K only applies if you have more than 200 transactions and 20k USD plus volume. I doubt it is required for you to fill!
|
|
|
|
The number of existing customer base of Ameritrade is huge, so it is expected to increase the liquidity in crypto market if they are able to roll out the products they are planning! But it is highly unlikely to see a big impact on the crypto market because a lot of people including institutional investors don't want to deal in physical bitcoins! They prefer to ride through the roller coaster and then square off their position to take settlement in hard cash! But such kind of adoption by the big investment management companies is definitely preparing the ground for a better future! Seems like the late 2019 is bringing good news for the community. |
|
|
|
Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins." He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users." Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-backWhat Adam is saying is technically correct! However, we need to look at the reality! The benefit of bitcoin is actually its biggest enemy to gain adoption. If bitcoin were not pseudo anonymous and easily trackable, governments around the world would have adopted it into the mainstream economy! Governments are protesting the inclusion only because they know that, its beyond their reach to control bitcoin! So Adam is right technically, but the reality is somewhat different! |
|
|
|
|
If I go by the law, bitcoin doesn't have a legal status in India! The central bank had issued a circular that clearly states that your bank can close your account if they find any relation with cryptocurrency! So it is not legal!
Now the better part of the story is that, a court case is ongoing in Supreme court of India against that arbitrary ban of RBI! Even though the court hearings are being delayed but still the matter is subjudice. There is no tax related framework is given as well. So the current situation is very confusing but people are trading in p2p mode!
|
|
|
|
|
If we really want to honor Mr. Nakamoto, the best thing we can do is to stop seeking his true identity! That's the best honor we can show to him because of his truly life-changing innovation towards the world of finance! Finding his trail is equivalent to insult the great Mr. Nakamoto!
|
|
|
|
That's interesting! I just tried to see wikipedia to know about the legality of cryptos in Ukraine and surprisingly, it is blank! The name of the country is in the list of nations but the description is just blank unlike any other countries. See the screenshot below,  The if bitcoin is being referenced in movies, I am sure the scenario is quite positive in Ukraine and common people are well aware of it! I wish it remains positive without any disruption! |
|
|
|
|
Well, I can't deny the fact that the problem is indeed real! Fake volumes with incremental price is a big challenge for a lot of traders and it's no myth! That's the reason why Coinmarketcap recently made a great change in the exchange ranking metrics and added "liquidity" as one of the key metric for ranking the exchanges!
However, the issues related to fake volumes can't be eradicated completely! Because few exchanges are directly involved in the game of making money! Regulation and proper auditing at certain time intervals are the only thing that can force eradicate such malpractices! Otherwise, we all will have to face these challenges!
Btw, these practices are more often used in cheap altcoins. For bitcoin market, billion dollars are needed to execute such tactics!
|
|
|
|
Well!! Crypto market is quite slow nowadays as a lot of crypto experts predicted their bitcoin predictions
Will Bitcoin Hit Again?
Why not? I mean nothing is stopping bitcoin to Hit the bull's eye again! But I would be more happy if it doesn't become a bubble again like it happened in 2017! Instead of such bubble, it is more welcoming for us to see the bitcoin is growing organically with the help of its growing adoption! Otherwise it would just make some people richer that others and will give some great profit to many speculators. Sustainable growth will not be seen! We want it to be Hit again but sustainable at the same time! |
|
|
|
|
Unfortunately, we have already seen several other ICOs in this field trying to solve the same problem! For example, Embleema, Medicohealth etc. How is your platform different than theirs? What extra you are bringing in to this market? And why do you need to create a coin for this business? Don't make blockchain and cryptos synonymous! Blockchain related businesses can survive without introducing a cryptocurrency!
|
|
|
|
|
Show Posts
