Greetings; how would one gauge the likelihood or probability that BTC will see a correction at a certain price? my concern is that if many people believe it could happen that would influence it happening.
There are hodlers, spenders, traders, institutionalized investors, and then there are speculators, somewhere between traders and hodlers. Strong speculators hodl when the price is going good and still hodl when there is a dip and utilize it. Weak hands/speculators sell when they have got 5% to 15% on their investment and sell, other weaks follow and then there is a correction and then these weak hands speculate when is the right time to buy bitcoin? Bitcoin touched $5000 so a correction is obviously natural. If I go by recent stats, I am assuming bitcoin would again cross $4600 - $4700 in a couple of days, just an assumption. |
|
|
|
Whatever coin comes to existence, it will never ever replace bitcoins.
Even if it has better features, btc will remain the leader as it's what came first and what people actually care about.
All other altcoins don't have any usage in real life. They are only traded against bitcoins for profits.
I still can't understand what kinda "features" you're talking about ? Btc already has all that it needs. If there are some issues, they may can be solved by applying improvements by the devs.
It's what introduced the blockchain technology to the world and all the others are just copying it in one way or another.
Lol this takes me back to a company called Nokia, remember them ? . Now these guys were the pioneers of cellphones and held the largest market share with their symbian os cellphones. Along came a new comer and announced that they would too launch a cellphone to market, that company was apple. They were ridiculed and scoffed at and continuously frowned upon for their Idea of a cellphone. Nonetheless apple launched their phone and the rest was History, where is that pioneer that thought nothing could ever replace it ? Never say never........ Symbian vs iPhone vs Android - Communication, Bitcoin vs alts - Currency. Two different categories, though hypothetically have a similarity. Nokia failed because they were too adamant to change their system through which they got dominancy and iPhone/Samsung tapped into it and it was a bit too late for Nokia to realize/act upon it, fruitless. Do you know what was there before mobile phone? Telephone, Graham Bell. And in this context, bitcoin ain't iPhone, Samsung, or Nokia, it's telephone, you still use it, no matter what mobile you use, right? Bitcoin already has Segwit, next would be LN, and then further implementations could be added according to necessity. As far as the bitcoin ecosystem including the users, nodes, developers, and miners say never say never it is never say never. |
|
|
|
The ‘creator’ of Bitcoin, Satoshi Nakamoto, is the world’s most elusive billionaire. Very few people outside of the Department of Homeland Security know Satoshi’s real name. In fact, DHS will not publicly confirm that even THEY know the billionaire’s identity. Satoshi has taken great care to keep his identity secret employing the latest encryption and obfuscation methods in his communications. Despite these efforts (according to my source at the DHS) Satoshi Nakamoto gave investigators the only tool they needed to find him — his own words. Using stylometry one is able to compare texts to determine authorship of a particular work. Throughout the years Satoshi wrote thousands of posts and emails and most of which are publicly available. According to my source, the NSA was able to the use the ‘writer invariant’ method of stylometry to compare Satoshi’s ‘known’ writings with trillions of writing samples from people across the globe. The NSA then took bulk emails and texts collected from their mass surveillance efforts. First through PRISM (a court-approved front-door access to Google and Yahoo user accounts) and then through MUSCULAR (where the NSA copies the data flows across fiber optic cables that carry information among the data centers of Google, Yahoo, Amazon, and Facebook) the NSA was able to place trillions of writings from more than a billion people in the same plane as Satoshi’s writings to find his true identity. But why? Why go to so much trouble to identify Satoshi? My source tells me that the Obama administration was concerned that Satoshi was an agent of Russia or China — that Bitcoin might be weaponized against us in the future. Your words are your fingerprint. The moral of the story? You can’t hide on the internet anymore. Your sentence structure and word use is MORE unique than your own fingerprint. If an organization, like the NSA, wants to find you they will. Source Here. I am amazed at the capability of NSA to trace an unknown guy through his own words. Indeed, Satoshi Nakamoto wrote many things about Bitcoin and cryptocurrency in general. Through the use of modern technology, they are able to identify the man...though of course the details are not yet released for now...maybe in the coming decades we would really know who can be the man or woman behind the name Satoshi Nakamoto. For now, we the ordinary mortals could only speculate on his identity. Controversy theories, Russia or China. Capability of NSA, let me add another controversial statement, he/she might be an NSA agent himself/herself, inside job, http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htmIf Bitcoin was a planned approach by a country/state/government, it didn't play out well. What we have got is a decentralized currency, something governments don't want. So better to conclude someone was working on its own to get better of the flawed monetary system. If Satoshi has been anonymous for 8+ years do you really think a couple of jumbled words would be enough to identify his identity. Yeah, an ordinary mortal like me has the tendency to be repetitive in using sentences or words because of lack of vocabulary, easy to identify, but I don't think the same applies for someone who wants to remain anonymous, is good with cryptography/mathematics, and kick starts a whole new evolution in the money system. You can draw all the comparisons. Open-source, decentralized cuts off the government involvement. Even Satoshi wouldn't have expected bitcoin to touch $5000. |
|
|
|
It is a similarly inappropriate and premature classification of Bitcoin as money by the Department of Justice that has resulted in innocent Bitcoin traders being thrown in jail. Something to back it up. Bitcoin as money or asset, both are premature classifications. At some point in time, you simply can't prevent governments from imposing their regulations on bitcoin on how they see it, be it money or asset. As far as bitcoin being not a legal tender being used to convert into a legal tender, Fiat, there is a problem. I don't think it is simply avoidable. Bitcoin lacks the characteristic of monetary instruments or financial products which S. 1241ʼs Section 13 attempts to regulate. Decentralized. Section 13, Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017. Financial crimes, again the centralized Fiat vs decentralized bitcoin. Tax evasion, cyberterrorism is terrorism, the ransomwares, dark web. It would most certainly stifle technological advances and would in fact over-criminalize any legitimate use of Bitcoin in normal business activities. Yeah, agreeable to an extent. Something like this would stifle bitcoins growth in the US, and yeah it might not differentiate/discriminate between legit vs illegitimate bitcoin users. But, I personally don't agree with the first two quotes. Bitcoin is decentralized, but involve Fiat, governments would interfere, it is the truth. Bitcoin already has a bad reputation for being the currency of criminals, with each ransomware, hack/scam/money laundering, dark web shutdown, the media magnifies it, why legit users take the brunt or stifle the adoption of bitcoin being a currency used for illegal purposes. Not a government agent, but a bit blunt and it is the fact/truth. If the governments needs to stop to interfere then there has to be no BTC to Fiat or local currency conversions. And if something like that needs to happen, BTC has to evolve into a major global currency where all transactions are in BTC, not dependent on Fiat. |
|
|
|
Dear Bitcointalk community, we all love Bitcoin because it has some great features, but what will happen when another cryptocurrency will be used as much as Bitcoin? Mainly because it has all the things Bitcoin offers but better? I wrote an article about this idea on Steemit and I would like to hear the opinion of some Bitcoinveterans. Please tell me what you think and don't hold back your criticism. https://steemit.com/crypto/@lumining/the-next-bitcoinBitcoin is basically a revolutionary idea based on blockchain technology and all the cryptos after bitcoin are just reproducing this technology. Bitcoin obviously has the first comer advantage. Do agree that some of the cryptocurrencies integrated additional features, be it enhanced privacy, smart contracts, niche coins like targeting real estate, cloud storage etc, but global recognition is entirely different from what extra other coins are offering, first comer advantage. The basis of all cryptos is blockchain technology and if I am right bitcoin can be tweaked to add additional features. First comer, cryptos based on the same technology as bitcoin, so basically if bitcoin fails, all other cryptos would fail. I might be wrong, hope not. When gold standard was abandoned and Fiat system took over did gold lost its value? No. |
|
|
|
I don't think there is a correlation between the bitcoin and the demonetizatiom of money. In India the government make several plans to bring out the black money, but the same is not possible as majority of the black money holders were the one who moves the government accordingly.
The main agenda of demonetization was to flush out black money, stop the circulation of fake currency notes and thus prevent corruption to an extent, but like you said half of the Indian government is corrupt so in this case it was a failure. The other purpose of demonetization was to digitalize India, digitalization through demonetization and in this sense demonetization was somewhat a success. People started using digital payment systems. So bitcoin is somewhat correlated with demonetization.
~~ Can Bitcoin regulation help to solve this problem?
Direct regulation of bitcoin isn't possible, taxable to an extent, KYC/AML. Fiat is still better to hide wealth. Bitcoin is the most transparent payment system, everything is publicly available. If the majority of the population of any country starts using bitcoin more than any other mode of payment then I think it is possible to solve the issue of corruption in that country. For something like that to happen Bitcoin would have to go through numerous regulations including consumer protection laws for bitcoin users. Is something like this is possible with a decentralized currency? |
|
|
|
Hello,
I work for a company since 2 years ago and they pay my salary via Neteller every end of the running month, I've been using XAPO as my BTC wallet because I can use my money on Neteller to add funds to Xapo and transfer the USD to BTC instanly on XAPO, then I use to sell the BTC all the time sending to external address paying a very low fee.
Now the fees on XAPO to send BTC to external adress are ridiculous, Is there any other good wallet on the internet where I can add funds easily with Neteller and tranfers to BTC with small fees for transactions to external addresses ?
Apart from Xapo, other alternatives would be BitPanda or CoinCorner. LBC rates would obviously be high. I think to add $50 through Neteller in Xapo would cost a procession fee of around $3. Don't know about BitPanda fee, but CoinCorner charges 5%, might be higher than Xapo. https://www.coincorner.com/FeesI have used Xapo, but not these two so do your research before using their services. |
|
|
|
Is it just me?
Save using gift cards, or the rate app portal, I basically have no choice but to use a bitcoin debit card if I actually want to spend my BTC. I have never actually seen a real store that actually accepts bitcoin. At least a brick and mortar. I live in NC, near the SC border. save the Research Triangle, bitcoin is still absolutely unknown in these parts. Is it better in more metropolitan areas, or is this pretty much the case across the whole US?
In India Bitcoin adoption is rapidly increasing and the government is even planning to legalise it, but still merchant adoption is somewhat nil. Unocoin, India's one of the leading bitcoin exchanges have partnered with a couple of online stores to accept bitcoin and recently one of the restaurants in a metropolitan city started accepting bitcoin, that's it. Only one physical store accepting bitcoin in India. |
|
|
|
Yeah, a unique name which is easy to pronounce and a professional logo does have an impact, gives a good first impression, but the growth of a cryptocurrency isn't dependent on its name alone, but its utility, concept, what idea/community does it support/represent, what industry does it target, what is the growth prospects of that industry. For example, Dogecoin was an apt name with doge logo for a coin which represented the doge community, Shiba Inus.So basically both name and concept matters. The name at that time was a joke. The whole coin was. And it's success was a fad. How can you claim the coin was successful when ow is dead buried and the coins are one by one finding their way to doggie heaven. And the coin had no "concept". What concept was behind it? It was a simple example about an old altcoin which still ain't dead and got some initial popularity because of its unique name, quite easy to understand, guess you didn't get it. Would have used some other latest cryptocurrency as example. When did I claim that Dogecoin was successful? So basically both name and concept matters, in the general sense. The concept behind Dogecoin was quite simple, it represented the doge community, nothing technologically unique about it. Yeah, it started as a joke currency, but still ain't dead, it isn't backed by technology, but only by the community. |
|
|
|
I feel that blockchain is here to stay but can't help thinking there might be a SLIGHT possibility that BTC wont get mainstream. In the UK, I don't know of one place that accepts BTC on the high street and I'm not a hermit.
I was filling the car up a few days ago and thought what it would be like to pay with BTC.
Maybe it will never be illegal in the UK or my government would have said so already but it may never become mainstream and ONLY niche.
The price we dream of for a BTC to be 5 figures is the day my mum has her own BTC account which she takes travelling and she 55 years old. Blockchain is staying but can it force its way into mainstream if given time. Will it happen or NOT. Is the fact that japan have adopted it and they are a developed country means that its ONLY a matter of time the west adopts it.
10-15 years is hard to imagine and so far down the road...
From technical perspective, Bitcoin would have LN and this has to drastically increase the transaction capacity. Instant transactions, low fees, user adoption. Bitcoins volatility might be stopping some merchants from accepting it, but as bitcoin price increases and user demand for bitcoin as a payment option rises, more merchants would start accepting it, merchant adoption. I think the biggest barrier that is stopping bitcoin from going mainstream is a good number of people don't understand the technology behind bitcoin or how it works and then there are some misconceptions. It would take some time for people to grasp what is bitcoin/blockchain technology. Another good number of people even don't know bitcoin exists because they don't have internet access, maybe in the future, Blockstream Satellite will overcome this barrier, global adoption. I believe in the coming years more countries would legalise bitcoin and it is possible for bitcoin to attain global adoption in the next 10 to 15 years. According to Andreas Antonopoulos bcoin mainstream adoption will take 15 to 20 years, https://youtu.be/y3cKBDBabtA |
|
|
|
Yeah, a unique name which is easy to pronounce and a professional logo does have an impact, gives a good first impression, but the growth of a cryptocurrency isn't dependent on its name alone, but its utility, concept, what idea/community does it support/represent, what industry does it target, what is the growth prospects of that industry. For example, Dogecoin was an apt name with doge logo for a coin which represented the doge community, Shiba Inus. So basically both name and concept matters. |
|
|
|
Hey,
thanks for your reply and interest. I agree, quite high volatility has been here and will be here, but from a personal standpoint I am a bit worried about the price rise as I do not understand the reason for that at the moment.
But back to the question: What would be indicators which would let your alarm bells ring?
Thanks for the help,
Marcel
Obviously, bitcoin is volatile because of fluctuating supply and demand. Being limited in supply and increased demand, price rises. If more people are selling BTC than buying, price goes down. Speculation + supply/demand = volatility. Bitcoin has always been volatile and will be, from $1 to $4800, any alarm bells ringing? Numerous times it had been said that bitcoin is a bubble and would burst soon, equal number of bullish predictions have been made, governments legalising bitcoin, institutional investors getting into bitcoin, mainstream adoption. Where to find the indicators in all these  There has been no other currency that has shown an exponential growth like bitcoin and this triggers the bubble warning, but the fact is there hasn't been something like bitcoin before in the history of money so it would be difficult to find indicators which would accurately predict how bitcoin volatility will play out. |
|
|
|
Will that be an end of bitcoin? If all mining operations becomes illegal all over the world. Why authorities are against bitcoin mining?
Lets discuss
What if bitcoin mining becomes illegal world wide is the same as what if bitcoin is banned or proclaimed illegal world wide, by each and every country. I don't see that happening, not possible. There are rumors that North Korean government is mining bitcoin. The Russian government had recently announced a state backed mining operation. So it's more like why authorities are favoring bitcoin mining, as a reserve. |
|
|
|
The dark web is the World Wide Web content that exists on darknets, overlay networks which use the Internet but require specific software, configurations or authorization to access. The dark web forms a small part of the deep web, the part of the Web not indexed by search engines, although sometimes the term "deep web" is mistakenly used to refer specifically to the dark web.
Every affair in the dark web will use Bitcoin as a method of payment. In the dark web there are various illegal businesses such as the sale of illegal firearms, drug trafficking, assassins and hackers.
What are your thoughts on this Bitcoin abuse?
A small percentage of bitcoin is used in the dark web for illegal purposes and then for ransomwares, money laundering, and other financial crimes. Why bitcoin is being used for all these illegal purposes, because it is pseudonymous, still not anonymous. The government recently took down Alphabay and Hansa and then the BTC-E money laundering case. It has been quite some time since Bitcoin is being labelled as a currency used by criminals. From a legal usage point of view, bitcoin is secure, transparent, decentralized and protects your privacy, but still trackable if the government wants to and sooner or later governments would be going hard on people/businesses using bitcoin for illegal purposes. So I don't think bitcoin would be a popular currency for illegal usage in the future. |
|
|
|
the bitcoin fee you have to pay depends of the number of bytes of the transaction ( and seems to be independent of the amount of the transaction) but when you perform a sending transaction in blockchain the number of bytes is not displayed so you don't know the number of bytes.So you don't know how much fee you have to pay.
Unlike some wallets Blockchain doesn't have a fixed default fee. You can select regular or priority transaction fee or you can set a custom fee per bytes. Select customize fee and enter sat/b, it is displayed.  https://bitcoinfees.21.co |
|
|
|
Mining empty blocks is also a spam, transaction backlog especially if you are the biggest mining pool. Antpool spammed at a loss, giving up more than $100,000 in transaction fees in the last 24 hours. Good to see their last 5 blocks are all above 999 KB. Obviously from an incentive point of view, spamming at a loss and letting other pools benefit from it isn't as attractive as incentivized spamming.
empty blocks are not an attack, they are a efficiency method.. and yep BTCC and other BSCARTEL pools do it too.. https://blockchain.info/block-height/481930its about starting a new block before validating the last and not adding tx's until the last block is validated.. because bad things can happen if you add the wrong transactions the pools then do actually add tx's to the block once validated,, but because they start sooner sometimes they get the LUCK of having a solution before getting to add tx's thus its about efficiency and luck. not intentional attack. it might be worth people doing research and learning bitcoin.. instead of reading propaganda scripts  Yeah since there is block reward, why pools should care about tx fees, that makes some sense and with this logic every pool should mine empty blocks, why waste time on tx fees And then there is the hypothetical question, what would happen when all the bitcoins have been mined and no block rewards? Its all messed up Empty blocks from 2015 to 2016. The number of transactions is somewhat proportional to the number of empty blocks. I guess you are right about the efficiency/luck angle. Compete to get block rewards instead of tx fees especially Antpool, BTCC, and F2Pool. In this context, it really wasn't about propaganda, it is quite evident that there is a transaction backlog, it might be intentionally caused by the mining cartel or it might be just unintentional, profitable approach by the miners. It was about Antpool mining a good number of empty blocks yesterday, guess the pool was really out of luck yesterday. Thanks for the clarification. This is how I learn new things. |
|
|
|
My parent , especially my mom , she always tell me to stop doing bitcoin otherwise i will go to jail or doing bad things to social ! I don't get it ! Old generation seem very lack of experience in Bitcoin ! Why they keep telling us to stop when they even don't know how to check a simple email on ebay ! How to explain them guys ?
There is argumentum ad populum, a faulty reasoning where people conclude that something is true because they heard from someone that it is true and that someone heard from another anyone that it is true. In case of Bitcoin, it still ain't that popular, bitcoin to the moon on the third page, hackers demanding ransomware in bitcoin on the front page. So these negative events, dark market shutdown, bitcoin ransomware do have a negative impact and this impact is worse when people don't try to understand what bitcoin essentially is. Old generation is institutionalized by the fiat/banking system. Bitcoin is a bit technologically advanced for them to understand and psychologically what we don't understand, we don't approve of. Maybe in the next 15 to 20 years it would be much easy to explain bitcoin and bitcoin technology. Right now it's a bit tough, but still you can explain it to your mom that using bitcoin and going to jail or doing bad things to social/your social life/society isn't the same. Just a suggestion, don't use your parents money to invest on bitcoin. |
|
|
|
spam attacks dont cost much
imagine a pool like BTCC
they create a load of transactions themselves and then only put them into their own blocks. the fee's go back to themselves.. hence cheap-free
they then cause other pools to take up the backlog of non internal spam.
Mining empty blocks is also a spam, transaction backlog especially if you are the biggest mining pool. Antpool spammed at a loss, giving up more than $100,000 in transaction fees in the last 24 hours. Good to see their last 5 blocks are all above 999 KB. Obviously from an incentive point of view, spamming at a loss and letting other pools benefit from it isn't as attractive as incentivized spamming. |
|
|
|
When people talk about Bitcoin price, they usually refer to its price expressed in dollars. I really don't understand why...
US Dollar is going down in price, US economy is collapsing. There are many other countries which has more Bitcoin users, like Russia, China, Japan, Philippines and the whole Eurozone. Even ICOs are forbidden in the USA. It's not a so Bitcoin-friendly country, its national currency is not so strong. So why price Bitcoin in $?
There could be many other more appropriate currencies like EUR, CNY or RUB...
Its not only BTC to USD, almost all currencies are compared against USD because USD is the world’s primary reserve currency, a lot of countries hold reserves of the USD. |
|
|
|
|
Show Posts
