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If it was capital flight from China, the move would have happened several months ago.
IMO this is the halvening pump. We saw something similar just before Litecoin had it's halvening (though that pump ran out of steam as the momentum traders took profits).
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From seeing these surges in the last couple of years, my advice is that if you are now currently in profit (you bought lower than the current price), it is wise to take some profits. Don't sell all, but enough for you not to feel bad if the price plummets again.
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The only reason it is viable for companies like McDonalds to use robots instead of workers is because interest rates are so low. The cost of capital is practically free, so cheaper to borrow to build a bot than hire someone. But when interest rates rise again (as they always do), that equation changes. Bot adoption will slow down and only be introduced where the Return on Investment is greater than the cost of borrowing. So fear not, people!
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Greece needs to leave the euro. There was public support for this last year, but their government chickened out. All that has done is make the pain much worse when they actually have to exit a few years down the line.
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if you cant mine profitable at 400-500 USD per coin, you should go out of business.
Agree in some way. Electricity can be very cheap in parts of China, they obviously have lots of financial issues if they can't continue to turn a profit in this climate. KNC were based in Sweden not China. I think electricity is expensive in Sweden - they are trying to go fossil free, but that raises the bills. |
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This does mean that all bitcoin mining is now done in China. That is a risk, especially with their authoritarian govt that is trying to stop capital fleeing the country...
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http://swedishstartupspace.com/2016/05/27/knc-miner-declares-bankruptcy-chinese-competition-too-tough/Breakit has previously reported on the company’s difficulties with increasing competition from China. In February, the company laid off somewhere around ten full time employees, which constitutes a fifth of it’s total workforce, to cut costs. The parent company, KNC Group, along with its seven subsidiaries has now decided to file for bankruptcy as a result of the changing marke
...The company raised $3 million (28 million SEK) i december last year but has apparently still been forced to shut down. The money was used to build a new server center. With the new center the company was able to make 80 quadrillion calculations per second. However, because of the declining price, the increased capacity would not result in any substantial increase in revenue.
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Bitcoin still won't be any use to them if they can't buy toilet paper no matter what type of money they have. We're a few decades away from it ever being considered any type of safe haven by a decent number of people, if ever.
Some rich people will have got their money out into either dollars or bitcoin. The poor are stuffed as usual. |
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Were your passwords similar for both the email and the bittrex account? And did you use a similar password on one of the failed exchanges (Mintpal, Cryptsy etc).
I'm pretty sure that the stuff on the failed exchanges has been sold on, so if your email and password on active exchanges is similar, change them.
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The alt space is a laboratory of new ideas, and it is fun to see what they produce and what succeeds and what flops. If only bitcoin then copied all the successful ideas!
But in general this is how things innovate. It is a bit like Henry Ford saying, you can only have black cars, and General Motors coming along and allowing colour. Ford would argue that there was no need for GM and it hurt him, and it did. But the customer benefited.
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because it's fast and the people wants a "normal" e-currency with instant transactions.  This. It is literally that simple - people just want something that works well. yes we all want something better that now,bitcoin have many problem on transaction or supply,or maybe price. but,have you think etherum will answer all bitcoin problem?or etherum just gonna be one of many crypto that have cheap price under bitcoin? Because of the quick blocks, they arn't going to experience network congestion. Yesterday there was a period where just one bitcoin block was found in an hour, which increased the backlog. With Ether making blocks practically every minute it's not going to happen to them. And all the end user cares about is whether something works. They don't want to hear excuses or explanations about why their transaction hasn't gone through. They just want stuff to work. |
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If we were to bring the same rational to the realm of cryptocurrencies, it is not likely any of the new coins (including Ether) is going to be successful in the near future unless there is an ecosystem around them. Building an ecosystem is unlike constructing a new building. It requires a vision and fulfillment of a need. So, if Bitcoin as a cryptocurrency is able to fulfill this need, where will other coins stand?
Because all cryptos are based on bitcoin, it is a simple matter of simply switching the bitcoin infrastructure to the new crypto. So Bitpay could start taking Ether, the bitcoin wallets could start taking various cryptos as well and so on. We've already seen the start of this with Coinbase adding Litecoin and Ether - they have 2.7 million users, who can now easily switch to another crypto if they want. To bring up the MySpace/Facebook analogy again - both were functioning on the internet and were internet compatible, which is why the migration from one to another was so easy. If they were operating on a separate closed network, the migration would have been harder. Because the basic bones of all cryptos are the same, it is simple to adapt bitcoin's infrastructure to a new coin. The users are all on the same internet, they are all on the same social media (reddit), they are all familiar with how the basic wallets work, the basic structure of all the alts is the same, it is simply a case of using a different address... |
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http://www.bloomberg.com/news/articles/2016-05-23/here-s-one-way-of-saving-the-winklevoss-twins-bitcoin-etf-dreamWhen the Winklevii filed for a physically backed bitcoin exchange-traded fund nearly three years ago, it created a stir. Their zeitgeist-capturing ETF filing garnered more press attention than all 139 new ETF launches that year combined but soon ran into a wall in the form of U.S. securities regulators.
Since then, the twins have made several adjustments to their filing as seen in the list below—presumably in an attempt to address the U.S. Securities and Exchange Commission's concerns. They even picked an exchange (Nasdaq) and a ticker (COIN) and hired prominent ETF lawyer Kathleen Moriarty of Kaye Scholer LLP. Still, no approval has been forthcoming from the SEC in the intervening years.
If the ETF dream is dead, or at least in regulatory limbo, there is an alternative path for the Winklevosses to explore in the form of a bitcoin exchange-traded note, or ETN. An ETN is legitimate enough for most investors, and it would likely have better tax treatment than an ETF. It would still need SEC approval via a rule change, but that's been done before, namely with VelocityShares, whose founders have received rule changes over the years for currency ETNs, volatility ETNs, and leveraged commodity ETNs.
ETNs are not held to the same standards as typical ETFs since they are unsecured debt obligations, or a promise to pay the holder of the ETN the total return of an index (in this case the "Winkdex," as seen in the chart below) on a set maturity date, which is typically 30 years in the future.
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because it's fast and the people wants a "normal" e-currency with instant transactions. This. It is literally that simple - people just want something that works well. |
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http://www.zdnet.com/article/mt-gox-trustee-wraps-up-claim-reviews-millions-in-refunds-available/Mt. Gox's trustee has finished reviewing the thousands of claims made against the bankrupt company and will award $91 million in compensation, far below the amount claimed by angry former investors.
mt-gox-file-claim.jpg
The status of every claim made against the now defunct Bitcoin trading post has been determined, and the status of each claim -- whether valid or void -- has been issued.
Varying amounts of compensation are now destined to land in the bank accounts of former investors on the Bitcoin exchange, but there are not enough Bitcoin assets to fully refund past users.
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Recently I've seen many people banned for even suggesting that ETH is not a good coin. Pumpers though are freely allowed to hype. It's clear to me that Polonex is welcoming pumps that push up their volume and won't let anyone touch it.
I'm sick of hearing Polinex is a great site, it's scammy and all they want is your trade, which is ok but let's not think Polinex isn't going to let bias cloud their judgement.
Well if you think Eth is a bad coin you can short it - no-one stopping you. Not sure why you need to convince all and sundry in the trollbox though. Why do you care so much about what other people are doing? |
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There are several bitcoin exchanges in South Africa: https://www.bitx.co/in/za/en/https://ice3x.com/Most of the south african exchanges are linked to Kenya via the Mpesa/BitPesa network and the ice network is linked to Nigeria. (Basically the former British Empire countries are all connected - South Africa, Kenya, Nigeria - but the ones that were outside the Empire are not - so it depends where in Africa you are operating). |
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@Alyssa85
thank you for your answer and the links. Interesting reading.
In my model I am more or less happy with first & last mile transactions, my challenge is the buying and selling of the bitcoins. I am thinking I need a robust exchange that will allow me buy and sell BTC regularly as well as make regular withdrawals and deposits.
Still looking for suggestions.
thanks guys......
ozoro
You really need two liquid exchanges at both ends. Where are you based? In Europe, the best exchange is Kraken which allows you to deposit in euros. In the USA, Bitfinex is liquid. I don't really know much about the exchanges in Hong Kong or Singapore. I think one of the HongKong exchanges got hacked (gateway). I suppose you could investigate the Chinese exchanges, but I'm not sure they allow withdrawls in fiat outside their country. |
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It looks like the pumper is having difficulty finding people to dump at a high price. ETH does not rebound much at all and I think this selloff is going to continue further. Bitcoin halving is coming so I think ETH holders will cash out. The price of ETH could go below 0.02 in June.
Not sure why you think the bitcoin halving will have a negative effect on ETH (or other alts). Its more like the opposite - those who have been hodling bitcoin in the hopes of a price jump on halving will likely bail into alts when that jump doesn't come. |
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Is it even for real? It all looks like a big joke and the price is way to low for a coin.
Is the coin even worth anything at all? Do you use it?
The price is way too low in my opinion, I mean 4k dogecoins for just 1 € ? Sure looks like rubbish to me.
It is at #7 for market cap. See https://coinmarketcap.com/It's a nice little coin - great for microtransactions precisely because it is so cheap and the fees are so low. The majority of tipping on reddit takes place in doge for that reason. It's niche is social. |
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