I saw a tweet by icodrops stating the president of Switzerland said LIBRA has failed in its current form and needs reworking to be approved. Here https://twitter.com/ICODrops/status/1210889995805954054?s=19. I really hoped for Libra to scale through these regulatory hindrances since it will bring more exposure mainstream to crypto, even though it's highly centralized. I'm looking at the usability and acceptability of crypto here and not otherwise. |
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It's really heartbreaking to know that people trust easily online, thereby falling prey to scam easily. I would rather pay some Lil bucks to learn than sending my funds for such purpose. When will people ever get wise? Well, this serves as a lesson. I think the reason why he easily scammed his victims is because of his online presence and also trust built with followers. Sometimes before their exit scam, they do a Lil genuine move to build trust, then hit the major scam and disappear. It's a pity though.
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Many argue that ETH skyrocketed back in 2017 because it was the major coin used in ICOs since many new projects took advantage of its smart contract and ease to create ERC20 tokens. However, I still believe ETH can touch 1000$ in future but not so soon, it will take time. Generally crypto market has been down, not only ETH and if there is a major adoption of crypto, we all know it will begin from Bitcoin and then ETH before other altcoins.
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Let’s talk about a simple yet important currency valuation perspective; cryptocurrency or fiat. This valuation approach starts with the interpretation of an essential concept that has been put conveniently within the definition of the word cryptocurrency-a subtle definition that has been lost on many investors, sadly. Looking at the word cryptocurrency more closely, we see that it is a compound word-that is, two smaller words combined to create a new word with its own meaning: CRYPTO: a word cryptography abbreviation; the art of writing or solving ciphers and codes; CURRENCY: something used as a means of exchange; money. Cryptocurrency is generally defined as a compound word as a digital currency that uses encryption as a mechanism for validating and verifying transactions. So what is it that lends itself to a new perspective on valuing altcoins within the term cryptocurrency? What Is Currency?Currency is a medium of goods and services exchange. In short, it’s money, usually issued by a government in the form of paper or coins, and generally accepted as a method of payment at its face value. In the modern world, money is the main means of exchange, having long since replaced bartering as a means of exchanging goods and services. A new form of currency entered the language, the virtual currency, in the 21st century. Virtual currencies like bitcoins have no physical existence or support from the government and are traded and stored in electronic form. Read more DoggBitCoin.ComFirstly, I will say your topic didn't relate much with the body of your post, nice read but you didn't actually talk about "In 2020, how to value an altcoin" rather general knowledge on cryptocurrency. Everyone keeps having high hopes about 2020, personally I think it will also be a great year for crypto enthusiasts. I hold just 3 altcoins at the moment including ETH, and hoping they do well next year. Bitcoin remains my major holding and I expect a boom come 2020. |
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A higher percentage of people joining crypto investing is just all about the money.
They think it will be their miking cow.
It is not. They are not looking at the future hence the it will not be fruitful.
We all need that money to live but there should always be a goal.
Withdrawing everything just so you think you have won is not a better prize.
Very candid opinion here I must say, a greater percentage of crypto enthusiasts are only concerned about price movement and speculations. I wonder why many do not even care about the future of crypto, I'm not saying making money from crypto is bad but at least have genuine interest in what you make money from. Sometimes projects which do well in development still get affected by the bearish market and investors still talk ill about them because price dumped, a good example is PUNDIX. At least let's be concerned about making crypto better and also encourage good projects no matter the price movement. |
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I guess entering 2018 and now 2019, it's really hard to make money in this market unless you can ride the pump and dump schemes of most projects. And the only catalyst for this market is to wait for the bull run after halving, circa 2020++. Right now I would say that we should ride out this bear market but then prepare to invest when the bull run arrives.
The market hasn't been at its best this year but we traders still make little gains at least on weekly basis. Just waiting for bullrun to come is not really the best idea IMO, even though to be extremely safe its ideal. I do take reasonable risk, reason why I trade with little profit; sometimes I take 10% profit for example and I always set my stop loss. Also I trade mainly on USDT pairs, even though I'm holding BTC. |
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Original Post: https://bitflate.org/post/2019/11/24/bitcoin-will-not-be-a-medium-of-exchange.htmlBitcoin is "good" money. It’s too good that "bad" money will crowd it out of circulation.Bitcoin is digital gold. It’s the number one Store of Value in cryptocurrency. But it doesn’t do much for us besides Store of Value. Some Bitcoin supporters argue HODL is a use case. More use cases will come. There is a narrative: Store of Value first, then Medium of Exchange. In this narrative, it’ll take time for Bitcoin to gain widespread adoption. Once it reaches critical mass, possibly hundreds of trillions of dollars, people will then use it as a currency. This narrative is convenient and used to justify Bitcoin ever rising price. Nobody knows exactly when Bitcoin will reach critical mass. I agree with Store of Value use case. But I don’t agree that Bitcoin will have other use cases. Bitcoin is currently worth more than 100 billion dollars. We see few indications that it is being used as a currency outside of crypto world. Bitcoin is a valuable commodity. It will not be used as a medium of exchange. Gresham’s law: bad money drives out good moneyThis principle states that more valuable commodity (good money) will gradually disappear from circulation. It will be replaced by less valuable commodity (bad money). For example, if people are currently using silver coins as money, the government decides to switch to copper coins. Government decrees that both coins have same value. In this situation, people will hold on to silver coins and use copper coins. They will spend the bad money (copper coin) and keep the good money (silver coin). Bitcoin supporters tout it as the good money, the "goodest" money. Hyperbitcoinization will eliminate all bad money. It is misleading to label money as good and bad. Any form of currency has some use if it is in circulation. Fiat money makes the good/bad distinction fuzzy. These bad currencies are in circulation because they are just easier to circulate. The good, sound, and hard money is simply harder to circulate. We should classify money as the desirable (good) money and the less desirable (bad) money. There is a spectrum between desirable and not desirable. In this spectrum, Bitcoin is highly desirable, gold is desirable, USD is desirable, Euro is next, Venezuela bolivar is not desirable. Gresham’s law continues to apply to the spectrum. The less desirable money will drive out the highly desirable money. Bitcoin world domination does not reduce price volatilityBitcoin needs to reach critical mass for world domination. This is a future outcome that Bitcoin supporters often pitch. In this future, Bitcoin price will become less volatile. It will be suitable as a medium of exchange. This argument derives from micro view of Bitcoin economics. If Bitcoin market cap is hundreds of trillions of dollars, a few hundred billions exchange will not affect price. The flaw of the argument is it assumes Bitcoin is micro and local. Bitcoin is permissionless and global. It is accessible by everyone. Bitcoin supply is fixed. But its demand is unpredictable. Humans are fallible. We may go into wars and induce recession. We may achieve productivity breakthrough and grow fast. The future is unpredictable. Another factor is high fee. When Bitcoin no longer gives out block reward, miners will need to raise fee. When a transaction has high fee, bitcoin owner will need to have substantial gain to justify high fee. Otherwise, he/she will do better by HODLing. Bitcoin price will continue to be volatile. Bitcoin will not be a medium of exchange because of price volatility."Bad" money always exists to prevent "good" Bitcoin circulationBitcoin is decentralized money. It exists because many of us believe it has value. It is unlikely that everyone on planet Earth will unify into one single belief. There will always be other kinds of money. These money won’t be as desirable as Bitcoin. Therefore, people will put them in circulation and keep their bitcoins. Bitcoin will be a Store of Value. We will use other "bad" money as currency.Bitflate is a cryptocurrency with constant inflation of 7% per year.I think the major challenge presently retarding people using BTC in everyday real life is firstly laws forbidding it, and secondly volatility. The volatility aspect is the reason why many organizations or businesses might decide not to choose BTC if crypto ever gets adopted mainstream, instead they might consider using stable coins. Bitcoin has always remained store of value and will make much sense if it's use in everyday life increases in future. |
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for a while in the present year it is indeed the best binance exchange in my opinion, whether in the future there might be a popping exchange that will be better than binance.
like in 2012 - 2017 the best exchanges are polonixe and bittrex and now they are defeated by binance, huobi, okex
The reason why Poloniex and Bittrex are no longer top exchanges presently is because Binance "stole the shine" from them with very good strategy and development. So it's a combination of hardwork and smart work from CZ and his team. Even though Binance remains my best centralized exchange, and BNB is doing great in many ramifications, BNB can never be king of all coins in future as purported by OP. |
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Well maybe ill do what you gonna do. I will go for stable coins because i dont wanna lose anything. If the market still like this in 2020 well i think its actually a bad news. Well we can only predict what will happen & dont forget to prepare for anything that will happen.
I don't really think going for stable coins at this point is the best option, unless probably you've already converted your holdings to stable coins before now. 2020 looks very promising in many aspects, halving is coming, regulations are creeping slowly, blockchain adoption is on the rise etc. For me I'm holding more of BTC in preparation for 2020, if it's not favorable, it won't hurt me much since BTC doesn't fail in the long run after all. |
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Hello Bitcointalkers,
What is your best investment in the crypto space since 2018? As the 2019 year is ending, so, we can have a discussion about it. For me, my best investment was the Counting House ICO in 2018. The sale price was 1100 CHT token for 1 Ethereum and later it's price hit more than 3 USD per coin. I am still finding a project like Counting House, but haven't seen yet.
My best investment so far was QNT which gave me almost 4x of my investment. Quant protocol really pulled up with development and partnerships attracting many investors. Well, I already sold off my holdings and made profit, hence I'm not following the project as at now. |
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Knowledge is Power. You learn a lot from the different sessions of this forum and this guides many who cares from making mistakes. I was also guilty of this, until I fell into some errors that drew my ears to read more. I have falling into fake projects, scams before I got back to my senses and today I'm still learning and getting better.
So true, going through various sections of this great forum will expose one to learn new things even on daily basis. The section to alert everyone about scam has really helped me personally when I want to delve into any project. We keep getting new ideas and learning from this forum. |
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A lot has been said about IEO. Many seeing IEO as a way out in cryptocurreny, hmmmm..... is that it? don't be fooled. Many of the so-called big exchange have enriched themselves through IEO. Why do you think some projects from nowhere conducted their IEO on these so-called big exchange, it will shock you to know that a reasonable amount of these tokens are going to the exchange and the exchange is ready to dump on you the moment the token is listed or after some pump. They encourage you to hodl but they will not hodl. It is all about pump and dump. You may want to argue because you have benefited one out of many times. Have you asked yourself, how many were able to buy at IEO, they want you to come and buy on the exchange after making it look like a sold out, why sold so little at IEO when you have buck of it in store? Professional scam.....Believe me, there is more to IEO on big exchange than you can imagine. Be wise.
When you say IEO is "professional scam", I will only agree with you for exchanges which lie about the status of the token sale, some will say the tokens sold out while it barely hit softcap and this will create FOMO. Hence when trading begins, traders will set huge buy orders, and the exchange will take advantage to sell the remaining bulk of the tokens. I still believe there are some genuine exchanges, which won't toil with their reputation. |
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Definitely, I will not invest on something like that. I don't get the idea why people do that. They are not investing with the extent of their own knowledge. I mean, they should have been investing using their own not asking from anybody or just pinpointing where to invest. That's what beginners in cryptocurrency follows but that's wrong.
Some people see influencers they follow on social media as "demi god" hence they buy all coins suggested or hyped by the influencer. Others follow channels on telegram claiming to be TA experts hence they invest blindly without personal due diligence. Well, nowadays investors are much wiser. |
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The scam project does not kill the altcoins it just shows that people are still weak to know what the scam is and is not. But this has been done in recent years and so today people (investors) know what to do with the scam icos today that are still taking good luck today. People have learned from their mistakes and now scammers will find it difficult to fool people today,
When you say scam projects just "shows that people are still weak to know what scam is" I don't really concur because some scam projects are highly sophisticated scam. Take for instance, the team showcased an MVP and attend popular blockchain/crypto events and at the end tend to scam, will you still blame investors who thought the team is real? . Well people are wiser now, that's true, atlesst the rate of scam has reduced significantly compared to 2018. |
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As of now, there are various cryptocurrencies with unique features that enables people to earn some money along the way. Most cryptocurrencies are PoS-based which allows anyone to earn money depending on the number of coins held on the wallet. I've toppled across several PoS coins that are highly rewarding, yet extremely risky because of the constant flux of prices within the crypto market. On the other hand, mineable coins like Bitcoin and Ethereum are also highly rewarding, but somewhat complicated to get ahold of if you're not accustomed with setting up miners on your own. The cloud mining approach seems to be much easier than mining at home, but most of the services available today are complete scams. Signature campaigns are a great way to make some money with crypto, but are not easy as they sound (since you're required to make quality posts over time). Which is why, I want to know what's the easiest way to make money with crypto today? Any recommendations or suggestions will be highly appreciated.  Aside mid term trading which is my number one means of making money in crypto, I do host online paid classes on blockchain and crypto for little income anyway, sometimes free will donation from my students who learn technical analysis in trading. Also recently I earned XLM from airdrop, keybase, which means there are still quality airdrops but hard to come by. |
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Bitcoin ATMs are established by ordinary people who want to earn money on the selling and buying of cryptocurrencies. this does not tell us about the popularity of cryptocurrencies. the authorities of any country can start cleaning these ATMs at any time.
You have a point here, it's not all about installing those ATMs but how well it's utilized. When I first saw that news on cointelegraph about bitcoin ATMs exceeding 6000 installations, I was really amazed but still I know local authorities will restrict the use to an extent. Well, we need more news about practical use and adoption in real world so it's still OK. |
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Hello Everyone, I see many of us face the problem of finding wallets for storing AltCoins that we trade. I am adding here the list of articles I have found for altcoins. Will Keep on Adding/Editing this list When I find More Coins. Nice work here man, but I prefer using reliable and reputable universal wallets like Trust wallet and atomic wallet, rather than using too many wallets to store my crypto holdings. This is helpful because some coins are not yet embedded in reputable universal wallets, I will share to my crypto group, thanks. |
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I read people's post on this forum saying even if regulations find its way to crypto space scams will never seize to exist and they keep comparing it to real life criminals even when we have COPS ,POLICE FBI, COURTS crime rate is still increasing, well this is my answer to all of you, in crypto space we don't have COPs or Police to hunt down scammers, accepted, but what do you think will happen if there is no cops, police, courts in real life? criminal activities will grow alot with no boundaries, it will be the same thing with crypto space, if there are laws that can jail scammers at least they will start hiding and there will be FEAR, unlike when there is nothing to fear off scammers now, scammers have too much freedom compare to real life criminals where there is something to tackle them.
Even if tight regulations come to crypto, scams will still exist that's right. The first way to tackle scam is using one's common sense, knowing how to spot one and avoid it. Regulations will only reduce the scam rate, but not entirely curb it. And mind you, regulations still has its downsides, remember this is crypto and decentralisation should be upheld. |
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Recent data shows that ERC20 tokens on Ethereum are gaining more and more market share relative to the main project.
Could we see a resurgence of ERC20 tokens on Ethereum?
After 2017, many of them were associated with failed ICOs and no use-case. Many thought that the hype around ERC20 tokens was largely dead. After all, 2018 was a rough year for Ethereum and its token ecosystem. However, ERC20 tokens have bounced back in 2019 despite all odds.Click here for the full news linkWe all know that we’re still waiting for the altcoin season to come, and mostly are coming from ERC20. I don’t know if you guys agree with me or not, but despite the ERC20 tokens are gonna have a resurgence, there’s no guarantee that their prices would lift of as well. It still depends on the project and the number of supporters, interested investors, partners, etc. The gain was just on the number of ERC20 tokens, not the price and I believe it would not impact well. 2017 was indeed an altcoin season where we can see the price surge of those tokens, but it also creates opportunity for scammers to ride in the trend as well. Most ICOs have failed back then and turned to shitcoins, and it still contributes to the number of ERC20 tokens as of today. Many new projects will always launch ERC20 tokens, and it will continue that way for sometime. Initially everyone thought it's to ease ICO purchase using Ethereum smart contracts, whereby you deposit ETH and automatically get the ICO token. The craze continued even after the ICO era, probably because most start-ups are either reluctant to create their own coin from onset or take advantage of the ease to create ERC20 tokens. Most of the shitcoins I hold especially from airdrops are ERC20 tokens, this is due to the ease to create one. The reason why some good new projects opted for their own blockchain & coin is because the more ERC20 tokens, the more crowded the Ethereum blockchain will be which still need scalability improvements. |
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I've gone through the article on cointelegraph and it's very impressive, individual retirement account (IRA) is the way forward for retirement savings plans. It's good to know that over 30 digital currencies will be made available and Bitcoin, and other major cryptos are already embedded. Looking forward to seeing more of such innovation. |
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