Hello everyone,,
To my understanding people deposit money into banks and the banks use that money to give out loans. But with Bitcoin everyone is essentially their own bank, meaning there wouldn’t be anyone to give out traditional loans. My question is where would people go to get loans in a Bitcoin economy and how might those loans work?
For a loan economy to even thrive, there should be the availability of collateral which cannot even happen without verification of such collateral and that is the challenge with bitcoin usage and its applicability to work effectively which is what we are facing with the KYC. However, we have seen economies developed because of the availability of credit facilities for both individuals and corporate entities. For me personally, the idea of a bank even negates the essence of the autonomy of bitcoin because it means all of us have to gather our bitcoin for it to be loaned to an individual after he must have fulfilled some obligations. |
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Fake news is an epidemic that can destroy anything. Even in our socio cultural relationship, fake news can destroy existing relationship and the amount of time the people who make up such stories one begin to wonder why such cannot be devoted into proper reportage. We have seen fake news led to civil wars in many countries. The good news about the art of journalism is that one can sue any news house that allows its platform to be used for such reporting but in crypto, everything goes without anybody to be made responsible.
Even though we are likely not to do anything about it, it should be condemned by every concerned individual in the crypto hemisphere so they know the implication of half baked reporting.
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The thinking or perception is about the family one founds himself. For me, its just that everybody does not care most importantly those who could have some say especially my parents. But for my siblings, they are more open minded to technology because they are millenials ready to access new technology. While other people have used crypto as a means to perpetrate crime, it has equally been used to uplift the lives of people which is the part that needs to announced to people who are ready to express some misgivings about dealing with crypto...
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Bitcoin mixers have a long history since they came into inception some time ago. They've been a viable alternative for people looking towards privacy within their Bitcoin transactions. While Bitcoin mixers are far from being perfect, they're still one of the best solutions for obfuscating transactions from third parties. The only concern would be that mixing services are centralized as they're provided by a middleman. In effect, this brings a single point of failure greatly defeating the purpose of privacy. We've seen how Bestmixer got shut down by the authorities. They claim that Bestmixer encouraged money laundering activities which resulted in legal action. The truth is that Bitcoin mixers can be used for both good and bad things. Money laundering is mostly done with Fiat than with cryptocurrencies like Bitcoin or Ethereum. Still though, the perception of worldwide governments against mixers/tumblers seems to be different nowadays. Which makes me wonder whenever Bitcoin mixers will be considered illegal by such entities within the future? If governments ban mixers/tumblers, then they could easily do the same to privacy-oriented cryptocurrencies like Monero and Grin. It's all a matter of power and control over people than anything else. What do you think about this?  You have actually bring another angle of discussion to the mixing part of crypto hemisphere. Of course there will be series of opposition from the part of government if they realize that the services being provided is making it difficult for the tracking of people who engage in illegal activities. At the same time, it would be fool hardy to focus on the mixing services as a way of crime control rather than the exchange sites where controls should be established. When the exchange sites promoters are made to be responsible for the coins in their custody, they are expected to take it serious and ensure that maximum security is done to that effect. |
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With the sudden 700+ Point plunge of the Dow Jones and China's sudden devaluation of the Yuan what are some aspects of interest do you have that might reflect upon the current and the future of the Digital Currency Market?
While we might see some relationship and people drawing up some connection between fiat and crypto and the effect in whatever the outcome would be, I personally don't see the effect being that significant when the price of crypto was hovering around the $5kish fiat market and its supporters where mostly doing well and this temporary succour that managers of the economies are putting in place to ensure the effect on their own part is adequately taken care off does not have any say in what the market decides what will be the price of crypto. |
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Read the fine print.... " Most specific of all the conditions is probably the part of the ruling that requires that “the value of the crypto-asset is pegged to one or more fiat currencies.” This suggests that only stablecoins will be usable as payment for salaries, significantly reducing the number of virtual assets that will not raise any violation issues. " They are paving the way for their own asset backed GovCoin by doing this, because their own GovCoin will have to be pegged to their own Fiat currency.  We will see a lot more countries that would be doing the same soon, because it reduces the need for physical cash and the need to print more Fiat currencies. <It is expensive to produce physical cash and coins.>  By pegging it to Fiat currencies, they are able to manipulate it and that gives them control over that Crypto currency. You have taken time to read through... Any news coming from government or its agencies purportedly supporting crypto should not be taken literally or made to mean blanket support for bitcoin or any other anonymous coin because no government would do such. Its like giving up your absolute right of power to others. The point government would make is to give you reasons not to go out there looking for other cyptos when they have provided one for you and this would then justify their clamp down if you fail to abide with that which they have provided for you. Its that simple... |
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I see that a lot of people are pointing accusing fingers against ChipMixer which to me is misconception and a campaign of calumny against the services ChipMixer is offering and moreso is diverting of attention from the real culprit here which is Binance that fails to put necessary security measures in place to protect other people's asset. Its just like blaming the church for receiving tithe from people who came to worship there. Another point to note is that, if the hackers didn't use ChipMixer they would surely use another service...
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there are too many projects about exchanges now, and everything looks the same.
do you think there are currently too many crypto exchanges? and when the platform was released did anyone use it?
if seen at this time, there are still many exchanges that do not have trading volume. then why are they still making projects about exchange?
The exchange sites will continue to be on the increase because when you look at it, its one endeavour that really does not require physical actions in other to run it effectively. With proper processes in place, in terms of infrastructure and controls you are good. Just an admin office to handle the paper works which will only be necessary when activities increases. For me I don't see anything wrong in it just that the control around it. People trust exchange sites with their hard earned resources and they should be able to live up to that expectation. |
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In case you guys are not yet informed, the US Federal Reserve is launching its very own real time payments system - The FedNow. What do you guys think? Is this a crypto killer? Or is it a sign of the weakening federal reserve and perhaps signaling the increasingly failing trust in the traditional monetary system by the common public? What are the implications of this payment system? Is it a payment processor for a consortium of companies? Or is it another Paypal - but only gov. backed? The full PR can be found here : https://www.federalreserve.gov/newsevents/pressreleases/other20190805a.htmWhile it is scheduled for a 2023 - 24 release, I am sure this payments system could have a decentralized core, but would it be blockchain-based? Looking forward to interesting reactions to this news. I don't see it as a crypto killer even though that is the end means of project like this because the thinking behind it would be '' the reason why our teeming youth population are goping towards crypto is because they wanted something digital and by the time we create something similar for them, we can be able to still have our control over the situation'' However, this to me might not work as expected because a lot of people that have already been involved with crypto would take it as a substitute because of the control which it wont offer... |
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It will not stop because there is no law or regulation that is fully air tight because at the time when its being formulated, the drafters and the deciders can only think to the extent of how far their mind can carry them to block all necessary loopholes at the time and because times and season are changing someone is looking at the loopholes to perpetuate another crime. And the funny thing is that, at the time organisations are considering the cause of action, they know the law but when they then put everything into perspective and the cost of the likely fine if the regulator find out they have err on the side of law, its still profitable and businesses afterall thrives on risk. Which is why it wont stop...
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Please before you contribute to this thread, do understand Bitcoin and blockchain are two different things don't mistake the benefits of one to the other. Bitcoin needs a blockchain to function but the blockchain don't need bitcoin (no disrespect). Try to stay on topic so i can get some key points to strengthen my debate if there'll be a need for one in the near future as the awareness of the technology is increasing rapidly (yearly) in the country. Considering bitcoin is just another currency, what can it offer that my local currency can't to improve the economy of the nation? Already done some research and understood the benefits of blockchain to a country's economy but I'm yet to understand that of bitcoin. Enlighten me please.
In my opinion, in other to have a good starting point for argument it is essential to understand how blockchain can benefit any economy before then trying to localise the issue to specifics of the country. In today's economy especially in Africa, the secrecy that surrounds the award of contracts and workings of government is something that have made corruption festers beyond imaginations and has cripple the economy and the country as a whole to an appalling point. So, if the only thing blockchain can bring is about the transparency, then 50% of problem have been solved and that is a great benefit that can happen to any country of the world irrespective of location, ethnic or developmental strides. |
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Did Satoshi ever mention anything about the taxing of Bitcoin?
When it comes to the issue of tax, it goes beyond the vision or decision of any individual. Its about the government running effectively. Any individual promising to cut on tax is just making such promises as a politician and nothing more because that is the machinery that keeps the country running. On whether Satoshi talks about it or not is beyond him and also would be contradictory to everything we have read about what bitcoin or crypto is all about. Again, a dream is only your dream before it being a success the moment that is done, a lot of interest groups would start showing face in ensuring how their interest would be protected and ensure they put in place processes to achieve that which in this case, government is not an exception. |
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The two companies operate in different space and the only thing they have in common is the objective to make money other than that, their differences is crystal clear. Whether one would outshine the other is now dependent on how each of them can push for its adaptability to the general public who are going beyond their platforms to carry out their activities. However, before they both start competing with each other, they need to first cross the hurdle of government regulations and oversight activities which is very much more important at this time of development. |
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For me, I am just imagining how to sell 500btc with or without the 3% discount at once without having a sting with government authority because how do you explain the inflow of minimum of $5,000,000 in your account just like that. If that should even happen in my country, an automatic bar is placed on the account then you have to explain where the fund is coming from. Do it in bits and hopefully you can get the 500btc you looking at.
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The arrival of IEO's has cause more harm done good in the sense that many do not seek to make their own research about projects that's are involve in IEO, everyone is made to believe the exchanges are in control and are bound to think the exchanges are in best position to know better and hence expect that the due deligence be done by them, but trust me most of this exchanges are rather soiling the space and aiding most of this projects to mislead investors....
Agreed or Disagree? Argue it out
I would agree and also disagree. For one, you cannot blame other people for your own personal failure to do the right thing. In the crypto world, its a silent rule that everyman for himself and every invention or initiative geared towards making the market a better place should be welcome with open hands just like the IEO initiative amongst others. Eventually, the market is still evolving and we should be ready to evolve with and make the most out of it. |
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Currently, the price of bitcoin is still hovering around the $10k but its not certain that its going to be sustained or be constant into the future. Either way, that is the position that is currently prevailing. Anyone can make a prediction on what the price will be or when the support will be. Its largely dependent on the market participants and not someone sitting behind his computer reading the charts and believing he is an authority in crypto predictions. |
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It really pains me to see investors complaining about how they lost their hard earned money or savings in a project. But the bitter truth is that most of these people are lazy to do their research and they just get in a project for the promised ROI or because some analyst hyped the project for them.
The main reason why you should consider putting your money in any project (either ICO, IEO or STO) should be because you are totally convinced that the project have an innovative idea with a working product that solves an existing problem (very important) and with a very good and experienced team to lead it to success.
An example is a project I won't mention, a lot of people got into it not because of their personal research but because one analyst ranked it in "Hall of Fame", of which if they had done their research they would have realized it was a ticking time bomb. And it exploded 15 minutes after the tokens were unlocked.
The place of research in crypto investment decision cannot be over emphasized but times without number, a lot of people still falls for the same thing all over again and just like you have rightly said, its due to laziness but sometimes its due to capacity of what is available to the prospective investors because majority of investors are average users of the internet whose only source of information is through Google and the perpetrators knows that so they put in place what they want those investors to see and blinded them with those few things against seeing some other review that are from those who can do a more detailed investigation on such project. |
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which fork happened in 2018 feb to july?
At least 11 forks in hat period are in this list. Probably there are more, since the list ends after May (+1 unknown date) and last edit is in June 2018. I wonder how Op thinks someone would willingly give him access to Private Keys within the time frame he is looking at without going to claim the fork for himself. Aside from the forks too, I don't see how its going to happen that you would trust some random dude online with your wallet private keys in the crypto world when you know for certain, anything can happen. All the best in your search... |
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They just create some kind of hype once or twice in a month or week and make their profit with fake exchanges and forget about it, I am talking about the developers of those kind of altcoins which are not performing and these are totally waste for crypto market and also creating confusion for new people who are entering in crypto world so what's your opinions. Useless altcoins must be remove from crypto market if it happens then it would be great and very beneficial for crypto world.
The real question is who will remove those shit coins. The reason is because there is no overseeing body to regulate the way things are done in the crypto industry and that is an issue we have to deal with. For example in the capital market, there are rules and when a stock is not doing well or management under investigation their stock is suspended but when it comes to this crypto market its free for all and it will continue to be so. The onus on the the investors or the traders who are usually at the receiving end to be very observant when dealing with such coins. |
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