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It was bound to happen - it was a classic bubble, it went up too fast. The only wonder is that it took this long for people to cash out. This doesn't mean ETH is dead, but people should sit on their hands and wait for the price to settle - and that will take at least three to four weeks.
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No surprise there, they've been hit by the oil price and are trying to stimulate the rest of their economy because thy don't really want to dip into their sovereign oil fund. (The Saudis have been dipping into their sovereign fund to compensate for low oil prices, and now 20% of it has gone).
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I'd say it's demographics. As people get older, they spend less, so societies with an aging population tend to slow down.
If you look at Japan- when their median age passed 42 in 1991, they started to slow down and have had about zero growth ever since. I think last year the median age in Japan went up to 47 and their overall population started falling. But in the 1950's, when Japan's median age was about 22, they were booming - young people spend, especially on new technology and clothes.
Another country with a high median age is Italy on 44, and it is also flat.
China is approaching this danger point with their median age being 38 - and they've already started to slow.
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I was looking for something to spend btc on that isn't illegal that would make using bitcoin worth it, like are there "extra content if you use bitcoin" subscriptions or anything cool like that?
I'd say remittances to places like the Philippines. People used to have to do it with Western Union which I think charges at least $25 per transaction. Sending by bitcoin is way cheaper - and if you have to do remittances monthly or weekly, at the end of the year, the saving on fees is a substantial sum of money. |
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I haven't made a bitcoin transaction in a while. Just did one, expecting delays, with all the hype going on. 7 confirmations in 28 minutes. Surprised? Ah, yep.
28min?!! i hope they kept your coffee hot while waiting for the payment to confirm!  LOL. This is the real problem with BTC. Ideally all the confirms should be done in five minutes, if that. |
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At this point keeping your money in a bank isn't for making interest on it, it's to keep it safe along with not making it look fishy that you have a ton of cash. Even if negative interest rates become the norm, I don't see people minding enough to consider doing something like just keeping their cash in a safe (especially things like retirement money).
This. During the Greek crisis, some people pulled money out of the bank and kept it at home, and burglaries exploded. Most home insurance policies don't cover large amounts of cash at home. Most don't cover BTC either, so make sure your wallet is backed up and keep a copy in a safe. |
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I have used Kraken with out too many issues, also btc-e awhile ago but I think they do not allow US customers anymore. I am going to checkout yobit because I have heard it is ok. I try not to keep coins on any exchange for too long though, no matter how good they are.
kraken is the best out of all exchangers. mostly because of all the different features that it offers. i used to use btc-e for trading bitcoin but i switched to kraken as soon as i found out about it. Kraken is good because it allows you to send money to and from it easily if you are in Europe. But in the last few months it has started to return 500 errors, which indicate server capacity problems. I guess all that ETH trading took them by surprise and they didn't upgrade their server capacity fast enough. |
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On-topic: Poloniex offers stop limit orders, I'm not the best trader, so I don't know if stop limit would work. For those who want to know, here's how the Poloniex stop limits work: Most trades on the exchange are Limit Orders - i.e. they only execute on the exact price you set. With a stop limit order, you input two prices - a trigger price (say your coin has fallen below this price, which is the trigger), and then once triggered, it executes your second price, which is the limit price. So say you are trading doge, and you put in a stop limit of 55,54. The trigger is going through 55, at which point it place a limit sell order of 54 and execute it when that order is matched. |
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I think the Russians were bleeding money. The oil price being below $40 is putting a lot of stress on them and Putin has announced cuts to public spending. Very had to cut spending when you are wasting money on a war.
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That map is quite interesting.
I would sum up Bernie with this pic.
Unfortunatelly politicians are like this, they say what people want to hear.
Well, socialists ideas are quite new in the USA. And all candidates are fucking old. Don't know why people don't have the balls to vote for a 25/30 years old. He would be much better with lots of new ideas to deal with things. If I recall correctly, Senators are required to be at least 30, and president/vp is required to be 35 Same in France, there is a minimum age... Which I don't understand. Why? I bet I'd do a much better job than all those old stupid corrupted old faggs... But doesn't really matter. People wouldn't vote for a young, it would seem too dangerous for them. much better to give power to the same old white rich man... In Britain the minimum age is 18 to get into Parliament. The youngest ever Prime Minister was William Pitt the Younger who became PM when he was just 24 in the late 17th century. See https://en.wikipedia.org/wiki/William_Pitt_the_YoungerHe was a very good Prime Minister too. |
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The thing is, the blocksize thing is such a small change. If BTC is having such drama over such a little thing, how will it cope in future with more stressful demands (and these will certainly present themselves). I would have thought common sense would have prevailed by now, but this thing has been dragging on for years and seems like it will continue on for years.
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Try poloniex. It's pretty liquid for doge, they now have maker-taker fees for trading, and on withdrawal I thing they charge 2 doge.
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Why are people surprised at this? Just look at the way the ruble has fallen - it has sparked a capital flight as people try to get their money into something safer before the ruble falls even further. Bitcoin is one method of getting money out, so they're clamping down on it.
BTW, this is nothing compared to what China will do if the yuan goes into freefall.
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Bitcoin might have been decentralised in the past, but now the mining is controlled by about seven Chinese guys who can do deals in a room, with the added vulnerability of being behind a firewall and under an authoritarian govt that cracks down on anyone who challenges them.
True decentralisation would be mining spread evenly around the world, so if some of them got taken out, the others would survive and continue. PoS at least means that the staking wallets are decentralised, which is an improvement on what has happened to BTC.
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I think it's not about what's stopping people from using bitcoin but rather what is encouraging them to use bitcoin, I think if there are discounts or the like then it would be more encouraging for them to use it.
That's actually a very good point. Credit card adoption went through the roof starting in the mid 1990s when card providers were offering cashback on the sales. Before that people preferred to use cash. Soon as cashback was offered, people switched all their spending to the card to get the maximum cashback they could. |
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Almost every time bitcoin price will be stable. The price often jumps low and high to certain extent and finally will be circulating around a value for long time, as now its circulating between $410 to $415.
This. It's getting ready to break out, only we're unsure which direction, lol. I personally think there will be some sort of pump before the halving. |
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