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One point of concern is that, who would act as a node if Federal Reserve launches a cryptocurrency? It is evident that Fed won't employ common people like us to run a node from our homes, so who would that be?? If Fed itself choose to act as a node and retain the power to control the network, it's not decentralization! So Fed issued cryptos will just become a digital representation of the fiat money with a tweak! In this process, they will cut out their close allies, Banks!
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The answer is legal status of bitcoin!
Facebook is a stock market listed company, while the legalities around bitcoin is pretty much confusing around the world. There are handful of countries like Japan and Germany which have legalized bitcoin. On the other hand, bitcoin has no legal status in majority of the countries! Facebook wouldn't invest billions in such situation because they are answerable to their share holders.
Simply put, Facebook is trying to introduce a centralized and fully legal cryptocurrency worldwide. With bitcoin, they will run into legal issues more often than they can think off! Hence Libra came into the picture which will be fully controlled by a central authority and complied with international as well as local laws. Scaling isn't an issue!
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Days back the available number of cryptocurrencies reached 3000+ while the trading pairs have gone above 20750, and today it has got increased to 3025. If the same continues we can expect the number of cryptocurrencies available in the market to be above 3500+
Is this a healthy thing for the growth of cryptocurrency network or is it degrading the value of the system as large number of cryptocurrencies are available with zero trading volume and without any product backing.
It's the true danger of a decentralized network, where anyone and everyone can participate without the fear of being identified or restricted! It's not a great scene to have 3000+ cryptos available in the market where 99.99% of them doesn't have any real-world utility! It is only making the situation worse and investments are getting divided among many! We certainly don't need one crypto to buy food and another to buy movie tickets! The market is just going to be over-crowded with thousand of scammers in disguise of a crypto creator! |
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I'm a person who would like to do some work for Bitcoin, so I monitor freelancing sites occasionally, and at this time I feel like the freelance market in Bitcoin is nearly dead. The Services board is 99% listings of services rather than people who are looking to buy some; XBTfreelancer is empty or has 1-2 projects most of the time; cryptogrind has mostly just ridiculously underpaid projects or again service announcements (shouldn't they be banned there?), and there's also not much available projects overall; workingforbitcoins has very little traffic, just a few projects per month.
It was theorized that Bitcoin will help alleviate poverty by allowing people to work online without any restrictions, but on practice this just isn't happening. In your opinion, what is the reason for this?
It's very much true! While the freelancing market is flourishing exponentially, bitcoin as a payment method is not growing. Majority of the well-established freelancing websites like freelancer or peopleperhour are only relying on Paypal as a payment method. The reason is not the number of jobs, rather the availability of bitcoin to the mass. Due to the confusing/no legal structure around bitcoin, common people are still not willing to use it as a payment method. Whoever small population is using it, they are more interested in bitcoin as an investment vehicle! If we keep aside the legal factors, the only possibility for bitcoin to be used as a payment method is the stability of price. If bitcoin remains volatile like today, it's highly unlikely that it will be used as a currency for purchasing goods and services. We can see a lot more service purchaser in any field, only if the price of bitcoin becomes stable! |
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If you spin it around, you can also say that US is intervening with the market to kill Bitcoin. It would be interesting if any of the media go with that narrative and see how the US would react.
They didn't kill it - they just popped the bubble because they were worried about people borrowing to buy bitcoin in 1920's style (when people borrowed to buy stocks). If the bitcoin price stays stable for a while - say a range of $7,500 to $8,500 - then it becomes a stablecon by itself and starts to have currency uses. My 2 satoshis! It's no killing! Bitcoin market is far more complicated and it is not possible for a derivative exchange to kill it! If killing bitcoin were so easy, no one would have used it at the first place! US just tried to control the abnormal price increase by allowing accredited investors to short at the peak of its price! I am still doubtful about the effectiveness of such method because none of these derivative exchanges deal in physical bitcoin. So no money transfer were happening from the regulated economy to crypto market. Then how come it is expected to impact? The bubble busted due to heavy profit booking from all levels of investors. Usually that's how it happens in normal stock market! |
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There is the first Proof-of-Person Blockchain. No money for stake or equipment needed, just an average laptop.
You can easily join mining of the first human-centric cryptocurrency at idena.io and share your opinion.
It seems like a very unique idea. But what's the utility of this blockchain in real world? Also I understand a turing code needs to be solved to work as a node in idena network and I also understand that the frequency of solving turing code will reduce as the network grows. What's the current frequency? Also i see that it is not completely decentralized. Because if I am inviting someone, I will retain the full right to expel that person from the network. Any specific reason for that? |
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If you are saving 2-2.5k each month and investing only $250 to crypto assets, then you are in good shape! Cryptos are not really an investment. Even though a lot of people considers cryptos as an investment, it is a currency system in reality! So it is a very risky venture!
However, since you are investing a good amount of money every month, and investing only 10% of your total investment into cryptos, you should face much issues! Just add ETH in your list even if you don't trust it much! That would make your list complete.
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The market for Altcoins has been bad recently, and many Altcoins have died and lost a lot of money. What kind of Altcoins do you think will die?thanks for sharing
Almost all kind of altcoin without any real world utility will die out eventually. Which literally meana, 99.99% of altcoins will die sooner or later. So do a research on the background of an altcoin before you put your hard earned money into it. Try to assess their revenue streams because without revenue no business can sustain! Try to look at the partnerships they are having because good partnerships are a key factor to the growth of their business. However, always verify their partnership claims from the partner's website or by contacting them! If these parameters look good for an altcoin, they may survive for some time! But it is always better not to invest in an altcoin. |
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Quantum computer is expected to have the capability to break a 256 bit encryption within seconds. However, it has not yet become a reality, only a certain degree of it have been achieved!
Now, I would agree to the point you are trying to establish! Having an weapon doesn't always mean it will be misfired and used against the humanity! So even if the quantum computer is built so capable enough to break the encryption of bitcoin network, it is least likely to be used for this purpose!
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I found in privacy policy of one particular exchange that it transfers data about me to credit organizations. Actually the same is true for banks.
In what cases do they do this thing? If I make big enough trade volume at exchange, say $50,000 for year, is this information transferred as well? I suppose it happens only if you do margin trading or something... don't know much about it, except that you take loans from brokers...
Yeah I realize $50k is not big for you
Passing information to credit agencies is a regulatory and licensing requirement for majority of the crypto exchanges! In a regulated environment, every financial information goes to credit agencies. I say agencies, because there's usually more than two credit agencies available in every developed or developing nation! It requires to asses the netwoth as well as credit worthiness of an individual. Every transaction you make, is passed to the regulators as well as to the credit agencies! That's the downside of a centralized economy! We all are dealing with such nonsense! |
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Cashaa going to lunches the banking services platform to Indian crypto users it will help Indian crypto users facing banking restrictions imposed by the reserve bank of India. The service allows users to deposit up to 1 crore rupees per month to purchase cryptocurrencies.
Please understand the risk of using a centralized exchange service like Cashaa! I am not demotivating anyone but just want to sketch out the risks. 1. Cashaa is a company based out of UK. It's very easy to identify an user using their service because it involves foreign remittance! As per RBI guideline, every foreign company doing business in India, must provide the details of their client's identity and funds! Like Paypal does! 2. It is evident that Cashaa is a registered crypto exchange. Anyone sends or receives funds from a known crypto broker, immediately brakes the rules of RBI, thus their account can be immediately banned without any second thought! I see that Cashaa roadmap is showing that they are going to open an office in New Delhi. I wish them all the best! I would be very happy if they are able to bring some changes in the current crypto scenario of India. But I will personally still prefer p2p trading without going through a centralized exchange until crypto is fully legal in India! |
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Well, let's be honest here. What did you expect? It obviously failed to point out the impact simply because nobody knows until it actually happens. I'd rather have an article being neutral and accepting that there's really no way to know for sure that's going to happen rather than an article claiming that X is guaranteed to happen. Point taken! No one really knows what's gonna happen to bitcoin in case recession hits the world economy! It's completely my assumption that bitcoin will score high during an uncertain economic situation. What we all can do is speculate! Also, you're assuming that the masses actually trusts bitcoin. The masses still looks at bitcoin as an investment vehicle instead of an hedge in economic uncertainty.
An asset can be an investment as well as hedge for an unforeseen event! Take Gold as an example! Gold has been used for both purpose since centuries! You can ask a common people, why they invest in Gold, you will get the same answer! But I think Franky has given the most realistic answer. A lot depends on the purchasing power, if we are speculating realistically! |
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That's loss for ING only, if they can risk a multi billion dollar client! I don't know whether Facebook will be able to launch Libra or not, but if ING decides not to accept Facebook as a client, Facebook is not going to be a loser!
Come on! It's a multi billion dollar company. Other big players will be more than happy to accept Facebook as a client! Being too defensive usually ruins major opportunities! That's going to be the case for ING!
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When it comes to how Bitcoin will be affected by a recession, there are really two possible scenarios: Either Bitcoin thrives or it takes an incredibly hard hit – what will actually happen remains to be seen. The case for a thriving Bitcoin market during a recession: Underperforming fiat financial markets could fuel Bitcoin adoption. So the article has failed to point the impact on bitcoin in case of a recession! We all know there are only two ways, either it goes up or down! Chance is, that bitcoin will see new height in case there is a recession! Recession usually impacts the trust of the mass! In case the trust factor comes to play, precious metals and bitcoin are expected to see heavy demand! |
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HTC has finally listened to the mass and this 1S series is much cheaper than the previous one, i.e. Exodus 1. But running a full bitcoin node is easier said than done. Here's the catch, Running a full bitcoin node on a phone comes with its limitations. HTC recommends that you connect the phone to Wi-Fi and plug it into a power source while it’s running the full node, and you’ll also need to buy an SD card with a capacity of 400GB or more if you want the phone to be able to hold a full copy of the Bitcoin ledger. The Exodus 1S will also not be able to operate as a mining node. Reference: https://www.theverge.com/2019/10/21/20924520/htc-exodus-1s-full-bitcoin-node-blockchain-phone-budgetDoesn't really makes sense! |
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Hi,
I want to write off how i have faced many doubtful people with many negative thoughts about BTCF and i realize these are the people who runs after things they cant get. As long as it is cheap they will Think it is a scam and as soon as it goes up in price everyone will want to buy it and soon it is not a scam anymore.
People on forums as these they are absolutely arrogant and ignorant people.
Btcf is running on stellar lummens and the creator account is locked so the coin will always remain on 21 million coins and people are being negative towards things like these and there is no good reason for it. Coin is a coin and you buy for making your own ass rich so don't say otherwise.
I can't really agree with your thinking perspective! If a coin is really great why it would need to use the name of bitcoin? They can use an unique name for their coin! That's the first concern! No originality! Secondly, I believe their website url is " https://www.bitcoinfinal.net/". It's down currently! Thirdly, the trading volume is as good as zero and the price is down by 52%! What potential do you see here? |
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Reports of a possible exit scam from Celsius Network.
Be careful out there and stay well clear for now.
Do you have any proof to support your statement? I am sure I haven't heard any such news in the market about Celcius! I am not saying that they don't have the potential to become a scam, but I don't think they haven't yet shown any sign of that! Most probably a rumor! |
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"If stablecoins were to become widespread, it could potentially lead to new risks regarding money laundering and terrorist financing. It is our job to ensure the new risks in connection with stablecoins will be adequately addressed."
Direct quote from Xiangmin Liu, president of the Financial Action Task Force (FATF), said that both the stablecoin and the companies that issue them would be subject to global standards on cryptocurrencies and traditional financial assets, Reuters reported. Cryptos are indeed a risk if you look at it from a regulatory standpoint! Anything and everything that is not regulated or hard to regulated, is a risk according to the strictly centralized government system! Another matter of fact that, the FATF is currently being headed by China who are already infamous for their strict measures against cryptos! So what else can we expect? They think that Stablecoin do a better job on the store of value and serving as a mean of payment.
However, they think that it should subject to regulation set out by government, which I think kind of defeat the original purpose of crypto...
Again the statement comes from the standpoint of current economic definition and regulatory perspective! Since stablecoin is backed (in most of the cases), it seems like a better store of value to the regulators! But if we see it from a crypto perspective, they are just a digital representation of fiat currencies to help people in trading or capital protection during bearing market. It's just a vehicle to bypass the risk for many of us! |
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Let's discuss the potential effects of stable coins which are bound to usd or eur. We usually use them to avoid the volatility or short bitcoin in a way. There are many stable coins in the last year. By writing threat, I didn't mean issues like tether's issue. I mean, they are not coins, they are just usd and eur.
Can you give me a valid reason for these stable coins becoming a threat to the crypto economy? I don't think so! These stable coins are made for good reasons! it helps immensely in trading, especially the day traders are benefited the most from it. It is an arguable statement, if these are coins or not! But they are definitely a digital representation of fiat currencies like USD or EUR. It certainly helps protect your capital during a bearing market. I personally don't think they are any threat to the crypto economy rather it helps in growing the crypto economy by allowing the traders to have a straight forward calculation and faster execution! |
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My first attempt. I will keep on updating this post with new designs this weekend.  My second submission:  |
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