Just to pinpoint the discussion, the financial watchdog has released a set of press releases with a very positive statement on cryptocurrency. Read the article below, https://cryptoslate.com/cryptocurrency-market-bounces-back-positive-g20-watchdog-statements/While the article summarises the statements, if you are willing to read the entire press release, just scroll down to the end of the article and you will find a link. This kind of positive vibe was badly needed for the market to cheer on something. |
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Google has announced this few days back and that's not a good news for the community. Because a major potion of the cryptocurrency advertising is done through Google's ad distribution service. However, on the other hand it will open up a whole new sphere of business in the online advertising field. But the market will certainly take a hit in terms of attracting new visitors, but I don't expect any hit on cryptocurrency pricing.
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When we talk about regulation, it can't be be done in a decentralized way. Regulatory body needs to be the supreme power holder. Even if we implement the idea of union, that will also need some leaders to make decisions. So decentralized regulation can't exist in reality.
But I agree to the point that we will need some sort of self regulatory body in near future, especially in ICO market which will be responsible for due diligence of any new ICOs. Otherwise the entire market will loose credibility slowly.
To achieve this goal, the community leaders should act. We as a common people scattered worldwide, can't achieve any significance.
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Are crypto currencies' are far better alternative to banks? Though many critics still favoring banking system so what is your response?
If we are looking forward to "one world one currency", bitcoin obviously looks like a better option. But as per the current socio-economic scenario, banks are looking good. But as you know, nothing can be flawless in the world, I won't be surprised if conventional banking system is phased out slowly. Anything can happen in future. If we see majority of the governments adopting bitcoin, crypto banking system will not be a far fetched dream. |
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Do you use Bitcoin for purchases? ...and if so, what type of products/services are you purchasing with Bitcoin?  I haven't yet bought any goods using bitcoin till date because I believe in the future value of bitcoin. So I am mainly an investors for long term and like to accumulate more bitcoin as I can. However, you can purchase anything with bitcoin from Amazon. There is a website called Purse.io which offers this facility. Try to visit the website and you you can pay with your bitcoin for anything you want to buy from amazon. |
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We need to have services like Jumio or Onfido in this field. Where the investors will verify their identity and get an ID number. Now they can pass on that ID number to the ICO companies they are investing. The ICOs will be assured about the identity of that person but will never have the documents in their hand. That is one solution that I can see to overcome the KYC risk as of now.
I agree, but decentralized. Get fiat/crypto conversion exchanges (that you already give your KYC anyway) to work together on a common KYC standard that they all benefit from and contribute to. This is how I think it should be done. Working out a common standard is a big pain and some company or the community leaders will have to take that initiative to work out a common ground. Being decentralized in nature, it will still have to face credibility issue similar to what we are facing now with ICOs. That's what the pain point is. We are OK to provide our KYC data if we are absolutely sure about the identity of the opposite party and his intention. This is hard to achieve. |
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Galileo Galilei once said, “All truths are easy to understand once they are discovered; the point is to discover them.” Discovering truth about cryptocurrencies (cryptos) and showing that they are not money but faith based schemes that are bound to collapse, is the goal of this article. The first step toward achieving this goal is to explain why economic relations between people, where transfer of ownership rights is taking place, cannot be based on faith, and how, in that regard, cryptos differ from tangible goods and fiat money. After that, we will know what money actually is, and what it represents. Given this knowledge it will become clear why cryptos never were, nor ever will be money. The rest you can read here: https://cryptofraud.wordpress.com/Very well written argument! I am just surprised that you've taken the pain of creating a whole blog just to prove this point that cryptos are never money and will never be. So it clearly shows that you don't believe in cryptos and trying to infuse us with your belief. I agree with your one point, that crypto is a faith based currency without any inherent value in it. But doesn't the public trust has a value in it? Let it be intangible, but still it has a value. When you go to a very nice restaurant and the restaurant serves you well, it creates a value for you. So you would want to go back to them and tell your friends to visit them because you were well treated by that restaurant. So the restaurant is creating value for you by serving you well and you are spreading that value to others because you believe that your friends will also get the same treatment if they visit that restaurant. Isn't it a faith based value you are creating for them? Same with the crypto currency. Here we are creating value for the crypto currency by believing in the technology. Remember the entire market exists for the consumers only. Consumers are the main factor behind any product and services. If there is no consumer exists, probably gold will also not have a value. Today gold is valuable because we consumers believe in it, otherwise it is just a metal like iron. So crypto is no different. It can be intangible in nature, but it offers immense values to the consumers. Just to reiterate what Galileo Galilei once said, we haven't yet discovered the true potential of blockchain technology. Once it is discovered, it will be impossible to stop crypto from reaching the moon. Only a fool without any technical knowledge will compare Ponzi with crypto market. So I will gracefully ignore your argument and because it holds no value to me. Good day! |
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Excellent news and a very timely one! I hope to see some bullish trend in the market very soon. It is now proved that cryptocurrency can't be ignored anymore. The way it is spreading worldwide, Governments will have to accept it at some point of time in future. But I am surprised to see that such kind of comments came from USA because they are not really a very crypto friendly country, especially in terms of ICO. But better let than never! I already see 2018 will be the year for crypto currency adoption.
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The stock market is overvalued in the USA, just type into google USA stock market crash, stocks overvalued. This coming stock market crash will cause people to want to find other ways to invest their money and gold is not efficient.
Trump has cut taxes for big wall street companies but this is a temporary fix and ven with that temporary fix the market is dropping.The stock market is very overvalued and now is negative for 2018 because of the dropping.The stock market is full of hot air and it will crash. When this happens what could happen to bitcoin prices?
If the stock market crashes, crypto market will follow it. I don't expect investors to use cryptocurrency as a capital protection investment because of the current stand of USA on cryptocurrency. Precious metals like gold and silver have been used for such purposes since a long time and this time there will be no exception. Because cryptocurrency market has not yet earned such credibility to provide capital protection. It is not matured enough yet. So don't expect that people will move their funds to crypto market, if stock market crashes. That ain't gonna happen. |
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This is kind of surprising and happy news to me because I have personally checked the agenda of G20 summit which has started from today. I couldn't find any specific agenda for cryptocurrency in the list of agendas. But if this is really going to happen, that's a good news for the entire market. I am happy that cryptocurrency is being noticed by the major governments and the policy makers. Lets just hope that the direction of the discussion stays positive. |
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We all read countless good articles about bitcoin, why it will prevail. Today I decided to add one more very important factor that no one has discussed yet. Ok, let's say one day bitcoin drops to $1k. Any billionaire with half a brain will use that opportunity to corner the market and make a killing. Bitcoin market cap will become cheap enough for any billionare to make a fortnune , here is how. Ok, on one side we have crypto market that is esentually unregulated, and on the other side we have a GBTC stock that tracks bitcoin. 8 million avg volume, 8.5 million short interest, 181 mil shares outstanding. We all know that market order of say 500-600k bitcoins (with the right press coverage) will move price dramatically. Hell, 1 million bitcoins will cost $1 billion, think about what's going to happen. Here is what smart investor would do. He would accumulate gbtc units and wait for the right moment when the price is cheap enough to place a huge market order on crypto exchange. Bitcoin will rise dramatically, but gbtc will rise even more as short sellers will be forced to cover their short positions. For those who are not familiar with term "short squeeze" can do some reading https://www.investopedia.com/terms/s/shortsqueeze.asp Investor than unloads gbtc units with huge profit and liquidates his bitcoin position while the market is on "hype" mode. Guys, believe me, someone will corner this market if price becomes low enough. As long as we have gbtc and bitcoin futures, bitcoin will NEVER become worthless. It's pretty much guaranteed. That's what any wise people would do. You don't need a billionaire to do it. I am a very small player in the market and I am buying bitcoins now because the price is super cheap. Only if the rest of the community would understand the opportunity! |
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I'm not a religious person, but this sounds good:
Therefore all things whatsoever ye would that men should do to you:
do ye even so to them: for this is the law and the prophets
I don't believe for a minute governments and banks are protecting the common man.
They've set out to destroy their competitor, Bitcoin, and they're doing so by regulating it out of existence and spreading FUD.
I wish we could return the favor.
Don't forget why we got into Bitcoin in the first place.
Remember the 2008 crash, the LIBOR fraud, the rigged forex and derivatives markets, the RBS GRG & HSBC scandals and the inflationary monetary policies to bail out the TOO BIG TO FAIL banks.
I loved your optimism. This is one kind of thinking we should all have now. But I am afraid that we are not well organized and also we don't have such power to fight against banks and governments. So we can't do much. However, if majority of the bitcoin investors think like you today, we probably didn't have to see such pathetic price today. Banks would want to destroy bitcoin because it is directly affecting their business and governments would want to protect the banks because they fund the various activities of government. The best we can do now is to keep faith on bitcoin and buy more at dip. |
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What happen n the market? is this the end ?
Definitely not the end! You can term it as a bad time we are going through. A lot of investors have started panic selling to recover some of their invested amount and hence the market is going more in to red. However, it is an opportunity to the true bitcoin enthusiasts. Also it offers an opportunity to those investors who have invested after the bitcoin reached at peak, it is a great time to average out your investment amount. If you have invested into bitcoin when the price was super high, it is the only opportunity window to reduce the buying price of bitcoin for your portfolio. I'm sure, such opportunity is a rare one and if you are not buying at this price, you may not have the same opportunity again. |
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Bitcoin has been hot, but many bosses think it is a big bubble. If you want to ask how the red currency will fare in 2018, some of the weaker bitcoin institutions think it won't be long, and prices will fall in 2018. The famously bold bank of Denmark has made a startling prediction: it will be back in its original form after it has shot up to $60,000, falling back to $1,000.
Deutsche bank has previously said the bitcoin crash would be one of the major risks of 2018. Ahead of the launch of bitcoin futures, deutsche bank warned that the bitcoin boom could pose a serious threat to the broader market in 2018.
I am not particularly worrying about what banks have said, because it is expected that they will talk foul about it. The way people have moved billions of dollars to bitcoin, it affected their business. Instead, the current concern is the falling price and market cap. The MtGox trustee sold few hundred millions of bitcoins to the open market. It significantly increases the supply in the market which the demand stays same, can be one of the reasons to it. However, that should be temporary only and should not have a long term effect. Once the supply is back to normal, things are expected to come back to normal. |
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The topic of G20 2018 appears to be primarily on cryptocurrencies in aspect to money laundering. I highly doubt this is going to affect our situation as far as tokenizing inventory located in the USA is concerned.
I doubt there will be any discussion on crypto currency. I have just gone through the agenda of G20 summit and I sadly I could not see any single agenda is based on crypto currency. So no discussion will be held unless some country proposes it explicitly. However, the kind of attention crypto currency is currently getting from the various governments worldwide, I will be disappointed if no discussions are held on this topic. Summit has started from today so we will get full clarity within few days. However, from your main thread, what I understand that your company is looking to liquidate a portion of your physical inventory assets using crowdfunding and generate more liquidity capital for advertisement and inventory expansion through ICO route and your company is based in USA. I would suggest you to drop the idea of ICO if you are planning to start from USA. SEC has cracked down a numbers of ICOs in recent past and they do not seem to stop doing this. AriseCoin, RE Coin, DRC are just to name a few. The main list is actually quite long and a little google search will reveal the whole list. So if you want to run your company's business with ease, drop the idea of ICO crowdfunding method, or else move to a crypto friendly country like Germany. |
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In bitcoin's pyramid scheme, criminals have exploited the greed of people's ignorance and dreams of the currency. The essence of pyramid selling is a ponzi scheme, where a bitcoin is not fundamentally different from a tulip or a box of cosmetics. Bitcoin is not a pyramid scheme in any angle. If you are thinking so, then you don't have much knowledge about the blockchain technology. But since you are thinking it as a pyramid scheme, you are welcome to transfer your bitcoins to me. I promise to take good care of them. In the event of an hacker blackmail, criminals use the anonymity of the currency, trying to escape legal sanction, COINS and cash here, there is no essential difference between just more convenient, lower cost. Do you think criminals activities did not happen when bitcoin wasn't there? Criminals will always be there, in every form and every true sense. But that doesn't mean to discourage the common people like us. In money laundering, drug trafficking, and terrorist crimes, criminals use the anonymity and high mobility of bitcoin to hide the flow of funds, which is the same as the effect of using cash.
Again same question. Do you think these crimes can't be done through cash? Obviously yes! Criminals will always try to use new technology to hide their trails. But what about us, the common people? Should we stop using it because some drug mafia has started using bitcoin? Speak sense! |
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The Lightning network has developed to another phase, it's in beta now, and it's good news also that Twitter is counting on the Lightning Network's advantages. It doesn't mean that we'll pay with bitcoin at the groceries store next week, but it's a good sign that the technology has the possibilities. If the development continues, the time of the daily payments for bitcoin is not far away anymore...
It is indeed a great development. LN can solve scaling issue of bitcoin network once and for all. As per the last development, it was being tested in the testnet, but since 15th March it has moved to the beta phase. And as correctly mentioned, once it is fully implemented, bitcoin will look more appealing to the store owners worldwide because it will eliminate the waiting time as well as cut down the transaction fees to the lowest possible level. |
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hi folks let me tell you what i think is going on right know Prices falling while value is increasing can only mean 2 things: 1. Either the price went up too much last year and is now correcting, or 2.: people don't get the value yet and we will see a strong price increase in a few months most likely is second option We will soon find out! tell me what do you think  I frankly did not get your statement. You have said that "right now prices falling while value is increasing". What do you mean by value here? Secondly, how do you fix the parameters for bitcoin's value? It is obvious that we haven't yet discovered the full potential of bitcoin and the blockchain technology. A lot of things are expected to be discovered with time. So a huge potential of bitcoin is still out of our reach. It can work like magic in our daily lives. Who knows, the price can also reach to such a level, which we can't even think off. So if you believe in the technology, would suggest you to keep buying bitcoins at every dip and HODL. I am sure a lot of long term investors are doing the same. |
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I am sure, you want to ask, If the Communists come to power on the whole planet, WOULD they ban bitcoin or not?
I think yes! Communism is built on the idea of strict centralization and Bitcoin is directly opposing that idea of centralization. So probably they would want to ban it.
But again, not all communists are same and a lot depends on the person who is holding the power. While we have seen communist countries like China and North Korea, we have also seen another communist county like Russia. So over generalization of communism is not a good idea.
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