Thise who criticize bitcoin for being energy intensive, they don't look at the whole picture. If we compare the energy consumption of bitcoin with energy consumption of the mints worldwide, bitcoin's energy consumption won't even be comparable! Knowledgeable people work in silence, while stupids are usually the one who shouts out of nowhere!

Bitcoin is certainly 100 times better currency for any kind of remittances, be it domestic or international. But due to the confusing legislative structure of bitcoin, people are afraid to use it. Banks are also opposing it because they see a potential revenue loss from the crypto adoption. But the users like us know what's best and we will have to carry forward the legacy.

Short term profit seekers are mainly crypto speculators who are also an essential part of the eco system. However that is indeed not going to help in long term. There are two major things that can help,

1. Legal framework: A clearer legal framework is what sets the way forward. If a country has a clear terms related to crypto, it gives confidence to their citizens to use crypto the way it should be used.

2. Merchant adoption:
This is the second most important thing that can really decide the fate of crypto in longer term. Cryptos are not investment and it ahould be used the way a currency system should be used. But the merchant adoption can only come with clear legal terms.

These two aspects can really help the entire ecosystem to survive and thrive for long term. Speculators and investors are just two small factors that keeps the ecosystem going!

Is it even making sense to you?? Isn't it possible without cryptos as well?? Any terrorist group can capture a region and start their own currency system even in fiat, why do they need crypto for that??

What is your ground of expression??

Thank God that at least china has started the tradition by court rulling. Eventually every country will have to declare the same! Because the kind of transparency blockchain can provide, there is no other technology parallel to this!

Even Indian information Technology ministry has ordered the energy and power sector to explore the use of blockchain for the betterment of service. Moreover, this news was confirmed by Indian Prime Minister's Office.

So there's no doubt that blockchain is going to rule next few decades to bring transparency on the table.

Majority of the websites that support native language are using Google translation and that is the reason why they don't appear properly.

Also English is the major language that is spoken worldwide. Definitely the regional dialect affects the pronunciation, but the grammatical structure remains same. So English, as a language offers the most visibility compared to other languages. To maintain a global standard for their brand, it is important for them to maintain the most spoken language of the world.

Also thr wide varity of native language is another big thing to manage. If a particular website targets only Chinese clients, it makes sense to have a mandarin version of the website. But if they want to target the entire south east Asia, it makes sense to use English only instead of using 25 different languages.

My two satoshis!!

Having a lot of exchanges will not solve the purpose of sustainable growth. The volume is very important parameter as well. Also I am very much worried to see a lot of Chinese exchanges coming to the market. Majority of them do not have proper support system and proper ethical operational guidelines.

You will see almost all of them won't allow you to withdraw money unless you complete KYC verification. Here you need to remember that China is biggest black market of PII data and a breeding ground of black hat hackers.

So it is always better to use old and reputed exchanges for trading instead of rushing towards the new ones. You will never know what they are going to do with your data!!

Fact check:
NASDAQ haven't yet acquired it. The have just submitted the bid and expressed interest to buy Cinnober. That's a big milestone yet to be achieved.

On 25th April 2018, NASDAQ CEO said in an interview that they are actively exploring options to enter into cryptospace. This acquisition is going to be their first step into crypto economy. Indeed a cheering news.

Question:
Will SEC allow NASDAQ to operate in cryptospace? Because SEC is reportedly very worried about the safety of public money!! I hope you get the sarcasm!!

It's true that majority of the governments can't control bitcoin or any other cryptos at its raw nature. But on the other hand they have few more mechanisms in place to take the entire game to a different playing field.

To stop such an advanced technology, they can resort to primitive techniques like regulatory interrogation.

Lets assume, you earn 60k USD from your day job. You have also earned 20k USD from bitcoins or any other crytpo related method. Now while filing your tax information, you have shown the entire 80k income in your tax sheet. The tax authority can immediately pitch in to know from where that extra 20k came from. If you don't have a convincing reason, you will land in trouble.

I am sure majority of the governments will resort to such techniques once they will understand that cryptos can't be stopped technically.

I am in complete agreement with OP here. If proper regulation is framed by a government, it will help in cryptocurrency in many ways but most notably in two ways,

1. Confidence boost to the local merchants for using cryptos as a medium of exchange.

2. A major percentage of conventional investors including corporates will enter the market.

These two changes will have a long lasting effect in crypto market and we will be able to see a sustainable growth along with it. Japan and Germany have already shown the way.

Majority of the ICOs are now asking for KYC documentation even to the bounty hunters. But the main reason for it is to remain compliant with the existing anti money laundering law.

Having a strict kyc guideline is now a requirement for majority of the ICOs. But such guidelines are directly against the nature of cryptocurrency. While a cryptocurrency is meant to be anonymous, such KYC guideline is actually ruining that basic fact. But if it helps a startup to continue their business in the cryptospace, we will welcome the change for sure!

Thise who need to use crypto for illegal business, they will anyways continue doing that by using fake KYC. So absolute achievement is not possible, but to some extent it can cut down the illegal activities.

I can't entirely disagree with your statement. To see the long term growth of crypto, adoption is necessary. But such adoptions should come from the brands like walmart or spencers where people can buy their regular supplies. It should not be from brands like Rolls Royce or Ferrari. Obviously those will be wonderful additions but won't help the crypto growth.

But this kind of adoption won't come without regulation. So I support regulation on crypto when it comes to increased adoption rate, even though regulation is directly against the nature of cryptos.

We already have the grounds ready for such adoption. We already have projects like bitpay or coinpayments which merchants can use to enable crypto payments in their store. But regulation is one factor that is stopping the merchants from adoption. So I will consider the absence of legislative framework as the biggest weakness of crypto space.

I too heard theories like this where big whales are blamed for manipulating the market. However, I have my own theory because I fail to understand this game. Lets assume, you hold 1000 bitcoins and you are an active trader. If the bitcoin price increases, your net worth will increase. If it decreases, your net worth will be decreased. So, as a whale how would you want the price to be decreased? No one has given me a justified answer to this. Fake order volume is happening across the exchanges, but why as a whale, I will want the price to be decreased? It will be affecting my net worth. I fail to understand this mentality.


No one knows it for sure. Everyone can speculate only and can't tell you the fate of the market in any way. If someone is saying that market will bounce back to 20k level by the end of the year, ask proof of that claim and that person will fall silent! So use your own brain and monitor the market trends very closely. That's the only thing we, as a common people can do!

Simply not understanding how I will be controlling my funds even if it's within the smart contract?? Once the fund is gone out of my wallet, it's gone! How will I have control over it?? The mention of smart contract is just an eye wash!

The website looks like a cheapest ponzi scam I have seen in last 6 months! Very poor design and poor explanation to make people believ in them. The thread should be closed and removed!

You seem to have confusion between blockchain technology and cryptocurrency.  You need to understand that both are different things. Blockchain is a technology and bitcoin is a successful use case of blockchain technology.

India had never decided to adopt bitcoin, it was blockchain. Indian power ministry had decided to explore blockchain in the power sector and ordered research and development activity for the same.

Also, India haven't yet ordered a complete ban on cryptos. They have just announced that cryptos can't be used as a legal tender in India. P2p transactions are still alive and thriving in India. I hope this help you to understand the difference now!

I started to agree with your points until the below paragraphs.


What essentially you are proposing, is non-compliance with government regulations. If you want to see it happening, you will probably have to start a revolution against government, like Renaissance, that happened between 14th and 17th centuries in Europe.

At the current situation of the world when majority of the countries are dependent on each other and the world is controlled by a handful of powerful countries, such idea of revolution is nothing less than a daydream!

Such revolution will bring no impact on cryptos unless and until we can buy our daily goods using that currency. A currency will only succeed if it is used as a medium of exchange. This can be only achieved through compliance!

The correct word is optimistic! I am optimistic about the future of bitcoin and pessimistic on the approval of ETF. I doubt ETH approval will happen so soon. SEC is probably going to delay it till mid November before passing a final judgement.

However, I encourage you to read the below mentioned thread to understand why ETF approval is NOT a good news to the market.

https://bitcointalk.org/index.php?topic=4941563.0

Hope this clears your mind!

Why do you think fiat is dead? How do you determine that the economy is dying?

Now lets assume that you are the owner of a Domino's Pizza store and your business is going well not just because of the quality but also because there is no other option to buy pizza at your block. You don't have to worry about your business because there is no competition. You are happy and everything is going well for you.

Now assume, Sbarro decided to open a new store in your block. Not just that, they have started to offer their great New York Cheese pizza at a bare minimum price. People started visiting their place and you can see some of your old customers have also started visiting their store and your business is going down as a result. You are not happy now and you try to find a way to deframe that store by saying, they don't use fresh dough or fresh veggies or fresh meat to prepare their pizzas unlike you.

Same thing is ongoing here in crypto world! Banks are facing the heat in their remittance business because cryptos offer a much better value propositions. Banks or governments doesn't really care about your money or the safety of your money. But they can't simply state that in a literal sense. That is the reason why they are showing that they are worried about the safety of your money, when the main reason is they are loosing their business big time!

In this world, no one cares for your money! So you are the one who should be thinking about taking care of it! 

Can you please share the amounts of profits you are getting from these investments on weekly basis? I have not explored this market very well and I want to invest. So I want to know the profitability beforehand.

I have just checked yolodice and their website says,

over 666BTC already invested
over 290BTC in profits so far

So that's a profit of around 44% they have generated for their investors.

The bustadice website says,

Total bankroll   Ƀ 4,356.83587780
Onsite bankroll   Ƀ 1,503.10693987
Offsite bankroll   Ƀ 2,853.72893793
Investors' total profit   Ƀ 607.15138002

So it is around 14% of profit if I compare between total bankroll and investor's profit. These statistics are too good to be true! So I will appreciate if you can share your profitability here with us!

You misunderstood the whole thing. "Do no harm" is mainly a legal terminology to resolve internal conflicts that is used in contracts or SOWs between two parties. If you ever get a chance to see a signed SOW between two corporates, you will find this clause. This particular legal clause is used extensively all over the world.

I have just read the article and it doesn't cover the idea very well. The major questions now are,

1. Who will be the beneficiary of this clause?
2. Who will get the benefit of doubt?

"Do no harm" is only useful if executed properly and ethically, otherwise thise words have no value!

While I agree with your statement, I want to reiterate that speculators are also an integral part of the crypto ecosystem. Without speculators, we wouldn't have seen such an active crypto market, even though it leads to high volatility!

Speculators and speculation are two major pillars of the crypto economy and we can't deny their contribution to the growth of crypto.

The entire economy is profit driven and crypto is no exception! Today if I invest in a real world company equity, I obviously have to look at the past growth. I would not invest in a company equity if I see a company has a high debt to revenue ratio or if the equity price has shown a steady decrease over past few years. Why?? Because I want to make profit out of my investment. So the role of profit can't be denied either.

We are moving according to thw free market rule so there is no way to stop it. We are at a very nascent stage of the crypto economy and it will take some more time to stabilize. Speculators or investors don't have the power to make the market stable! Instead the increased adoption percentage can help here! Let me know if it doesn't make sense!