BITCOIN has suffered its worst day since February as the price tumbled, prompting fresh fears about the long-term viability of cryptocurrencies. So why is BTC falling?  In December, the crypto reached a record high of $19,511 (£14,588), the culmination of the hype over the alternatives to traditional currencies. Today, the price of BTC dropped as low as $6,498 (£4,858). This brings the downward slide for the year to more than 50 percent already. Why is BTC falling? Experts are citing various reasons for the massive drop in BTC’s value this year. There are the issues of regulatory concerns, dwindling transactions, sky-high power consumption, and criticism from the world's established financial industry. However, bitcoin and other cryptocurrencies have seen a sharp drop since South Korean cryptocurrency exchange Coinrail was hacked over the weekend. Coinrail, which is thought to have lost around £28m in the cyber attack, tweeted to confirm the hack on Sunday. Shortly after, bitcoin saw its value tumbling by 10%. This latest attack highlights the lack of cybersecurity and weak global regulations of crypto markets. Coinrail said in a statement that its system was hit by “cyber intrusion” on Sunday, causing a loss for about 30 percent of the coins traded on the exchange. The statement added: “Seventy percent of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]."  “Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies," the statement continues. “For the rest, we are looking into it with an investigative agency, related exchanges and coin developers.” Korean police have begun an investigation into the incident. Bitcoin has been further hurt by damning reviews from industry leaders. Bill Gates, Berkshire Hathaway's Warren Buffett and JP Morgan chief executive Jamie Dimon, expressed their scepticism of Bitcoin and cryptocurrencies again last week. Warren Buffet has called BTC “probably rat poison squared.” A few big names, such as Twitter's Jack Dorsey and Apple co-founder Steve Wozniak, have thrown their weight behind crypto, but supporters from the finance world are a rarity right now. In May, the crypto sector found itself under increasing government scrutiny when the US Justice Department opened a criminal probe into illegal trading practices that can manipulate the price of Bitcoin and other digital currencies. Courtesy: www.express.co.ukThis article pretty much sums it up for me. The regulators, the hacks, the ico's, etc. All of these factors are contributors to the decline in the price. When people are in doubt, they fear. When they're in fear, they panic. When they panic, they usually start selling. Supply and demand is the name of the game, so if you bring the trust back, people will lose their doubt and possibly reinvest. |
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As I have seen from a website about China's nabbing crypto thieves. So, being a computer genius has a lot of advantages to get rich so easily with cryptocurrencies if they will not be caught. Unlike us who makes clean living by trading, mining, investing and bounty hunting, they tend to get easy income in their professional thieves way. Might be this is the reason why bitcoin's value is going down. Just my thoughts.. Check out the link about this news I have red. https://sg.news.yahoo.com/china-nabs-crypto-thieves-social-120041067.htmlAs with any new innovation (especially a financial one), there will always be pimps, hustlers, thieves, etc. It comes with the territory. In the digital age, it is to be expected. Whenever there is good done, always expect the bad to be not so far away. It is the truth, but an ugly one. Some people just want a fist full of dollars, while others just want a few dollars more. (Ques music from The Good, The Bad and The Ugly.) |
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Do we need to regulate crypto so that more countries will allow it?
This here is where you will meet a heavy divide. On one hand, you have the founding members who have been here since day one. They believe in the original concept and plan for Bitcoin to remain independent and decentralized, straying away from the modern model of the financial system. These day one guys/gals make up the original core of the community. On the other hand, you have your causal investors who see the use in innovation, as well as the potentially profit this platform can bring a few years down the line. These members want to comply with the already existing laws and regulations, hoping to gain acceptance from the governments in order to navigated the scene legally. It really is a power struggle. I'm not 100% sure, but this may have been the cause for the forks. Not everyone was looking to turn profit with the split. Some supported it with the beliefs that hold true to the original idealogy the project was founded upon. If you look way back then and start to compare the scene to now. Who would have known it would have made it this far? |
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Starbucks has just reissued a statement regarding its acceptance of Bitcoin. They seem to be cool with learning about crypto and may eventually get directly involved, but unfortunately Starbucks won't be accepting Bitcoin anytime soon. It seems they have made a slight correction. It is right on time as well, because news like this could effect the market prices if I'm not mistaken. Here is a link to the article below. https://qz.com/1348825/starbucks-is-not-accepting-bitcoin-but-it-is-getting-into-crypto/ |
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Hi, let's remember bitconnect!
This was the most popular cryptocurrency pyramid, in which many lost their money. So, I'm one of them.
I was a fool and I believed that I could make a lot of money. In the end, I lost all my money.
I wonder how many such fools like me? Are there people who have earned on this?
There's a wise old saying that goes something like this... " Fool me once, shame on you! Fool me twice, shame on me!" I too have been scammed before, as have many of us. So much dedicated work put into different bounties, only to never be awarded for some of them. Many months were wasted, but not for nothing, not in vain! It was from my pain of loss that I learned from my mistakes and found strength. We all play the archetypal fool, it is apart of the growth we gain from the experiences. The end goal is to stop being the fool and start being the magician (wiseman). |
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Hello there..i never took bounty campaign seriously and never given regular work to it...but recently i have lost my day job  and i have some credit card bills and loans to pay...close to 10k usd...yes i am looking for another day job but i am planning to give enough time to bounty campaigns as well... I need guidance from experienced bounty hunters that is it possible to earn close to 1 bitcoin in 1 year with my member rank...and how much work per day will it require...is it possible as i am in some trouble in my life with these loans...can bounty prove to be a life saver from me... 1 year 1 bitcoin is it possible ?? If possible (I know everyone's situation is different), bounty campaign rewards should be viewed as supplemental income, never become too dependent upon them, because they aren't guaranteed. This market and scene is the equivalent of the wild wild west of the United States of yesteryear . Almost anything goes and there isn't always a sherif (central authority) available to stand up to the thieves and rebelrousers. Here in crypto world, many live by their own codes, but here within the community, we try to live by peer to peer universally fair laws. It certainly is possible to make a whole Bitcoin, possibly in less than a year. I don't have the gull to pull it off, but if your motivated to earn, if you grind hard enough, study the market, brush up on your investment skills 101, you just might be able to earn enough from a bounty campaign to reinvest back Into the crypto sphere. I myself, have never earned any where close to a Bitcoin, I'm more of a speculator. The first step to financial success is to head here. Study hard, strive to learn the ropes, put your understanding into practise and become a wise investor. www.investopedia.com |
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Tim Draper: More Secure in Bitcoin Than the Money Sitting in Wells Fargo
Venture capitalist Tim Draper is bullish on Bitcoin and believes it will reach $250,000 in the next four years.
During a debate hosted by Intelligence Squared and the Adam Smith Society, Tim Draper was asked how Bitcoin compared with his previous tech investments in Hotmail, Skype, and Tesla. He replied bullishly, saying, “Bitcoin will be bigger than all three combined.” However, Draper didn’t leave it at that — he thinks it will be bigger than the iron age, the Renaissance, and the internet and says that the nascent technology will affect the entire world in a faster and more prevalent way than ever imagined.
The Debate: “Bitcoin is more than a bubble and here to stay.”
Backed up by Patrick Byrne (CEO of overstock), Draper took on Financial Times journalist, Gillian Tett, and Professor of Law, Eric Posner, both of whom argued that Bitcoin is indeed a bubble and strongly contested Draper’s claims. Posner and Tett called into question the “strengths” of Bitcoin, arguing that they could be regarded as weaknesses. Posner suggested that the pseudonymization of identity enabled by the technology makes Bitcoin transactions the perfect vehicle for sophisticated criminal transactions. Tett focused on the risk involved with trusting computers with finance as they can be hacked, are prone to faults, and that Bitcoin is a “terrible store of value.”
These arguments won’t be anything new to anyone who has studied the space, and the rebuttals of Draper and Byrne won’t come as a surprise either. The pair acknowledged that Bitcoin was imperfect and drew attention to the fact the technology was designed to be open source so that unforeseen problems can be managed by the community. Byrne also pointed out that although Bitcoin has been “hacked at” more than anything in history, but unlike banks, it has yet to be defeated.
Draper was more brazen in his responses and implored the crowd to use fiat if they were looking to facilitate their own criminal activity as many Bitcoin criminals get caught. The venture capitalist responded to Tett’s admission that she invests in several different fiat currencies by saying, “I’m so much more secure in my Bitcoin than I am in the money that’s sitting there in Wells Fargo.”
Who is right?
The short answer is it’s far too early to tell, but it is good to see the subject being discussed in this manner. Before the debate, Gillian Tett remarked that if both sides of an argument aren’t heard in the same room, on the same day, then the conversations can “go past one another.” It’s probably safe to say she’s right here because, although there is no shortage of media on either side of the argument, real debate on the subject can be difficult to find.
If crypto is going to head down the road Draper expects, its advocates need to be able to argue their case outside of the crypto community, and debate should be welcome as it not only gives both sides the ability to speak but also the ability to listen.
Draper’s comments are to be expected
As crypto enthusiasts, it’s easy to agree when figures like Draper sing the praises of Bitcoin, but we shouldn’t let confirmation bias get in the way of the issues. Draper is a successful investor, and he hasn’t arrived there without making mistakes. He could be wholly right, wrong, or somewhere in between — the latter is most likely. Draper allegedly owns 30,000 BTC, so he has a vested interest in Bitcoin’s success. That does not mean he is wrong, but it does mean his comments should be taken with a pinch of salt. Well-reasoned arguments are far more convincing than hype and chest beating because they allow people to make up their own minds.
The emergence of DLT might eclipse the impact of other innovations, but for now, the emphasis is not on critics to prove the crypto community wrong. It’s up to those who champion DLT to convince the world they’re right.
Originally published at cryptodisrupt.com
If your bank is apart of, or connected to the federal in any way, then I believe you might be FDIC insured, for at least up to $250,000, depending on where you bank. I don't think crypto has any where near this level of trust yet, but then again, cryptocurrency is mostly decentralized, with no protection. It always takes a 3rd party money transmission service, like Coinbase ect, to protect you from fraudulence, usually with insurance services that will reimburse you for your trouble, if the circumstances are found to be in your favor. |
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These platforms have very big drawbacks. First, a lot of people are involved in the Bounty campaigns. The second is a limited number of projects
I think limiting the number of people will significantly improve the rewards you receive, which is fine with such automated programs Precisely, the forum should possibly raise the bar on privileges allotted to certain membership levels. I think some amenities should be reserved for "Members" and up, as for signature space and other amenities that are abused at the lower tier levels. I've been here since 2014 but because of my lack of activity, I am currently stuck at the senior member level. I'm fine with that, I find solace in taking on new challenges. Even though the merit system seems broken, it still forces you to improve your quality of posts. When it comes to merit, your're put on trial by a jury of peers. Even if you were to post something that greatly helps the members of the community, you have to rely on hope, faith and belief in your fellow man, just at a chance to potentially progress. Just my two cents! |
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Can someone explain how artificial intelligence will effect blockchain/crypto projects from now on? What is the importance of artificial intelligence?
Artificial intelligence means that the blockchain will be able to think and run itself. Most of the processes that require a programmer or troubleshooter will simply be automated. A computer is a much more efficient calculator than human beings could ever be. Artificial intelligence can easily be scaled, meaning its dynamics can be reproduced at the micro or macro levels on a scaling spectrum. It will be artificial intelligence executing smart contracts and what ever else process that can be replicated digitally. |
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This is a known fact if the price goes up it will surely go down. What happens if the price of Bitcoin falls to $1000 in 2018, will this be considered as a Worst Case Scenario or something else?
The worst case scenario for Bitcoin? That's a really tough answer to give, as there are several determining factors that could easily spell the end for any crypto currencies. Here are a few that I can think of off of the top of my head. 1. Regulation: To many regulations can really hinder the blockchains innovation, severely crippling progress for growth, both economically and socially. 2. Tax: The governments can easily kill crypto simply by taxing it to death. No one would bother with using a useless medium as an investment vehicle. 3. Adoption: Bitcoin and other cryptos simply take a back seat, as a new medium that's backed by a central authority, one that the common man will trust. Unless crypto becomes easier to use, people will use something else, following the path of least resistance (mediums with simpler interfaces). |
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If you take an assessment, a lot of citizens are not yet informative what is cryptocurrency is....like bitcoin and other altcoins. One proof is that others can be deceived by swindlers because of lack of knowledge regarding crypto currencies. . They invest with the wrong people because of considering in unfounded information and hearsays. Educating people regarding crypto will not make them to mislead. Educators can teach about crypto inside school especially in economic subject/s because it has a big role nowadays. As Tom Emmer stated, “ People tend to fear what they don’t know. If people sailing the oceans at the time of Columbus had believed the world is flat, we wouldn’t have had the great discoveries of the New World.” ( https://bitcoinmagazine.com/articles/venture-capital-working-group-seeks-select-cryptocurrency-safe-harbor/) Bitcoin is still relatively within its infancy, as its economy is just starting to take off. Education is fundamentally for Bitcoin and other cryptocurrencies to thrive. As of right now, only the technically literate and keen venture capitalists are benefiting from cryptocurrencies. The rest of the world has a lot of catching up to do. It won't be until the interface is so simple, that even children, or your grandparents can use it. There is a lot of leg room for crypto to grow, so as long as regulations are stern but fair. |
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Great read, it really opens up the door, giving you a glimpse into the crypto airdrop scene. Airdrops are can be lucrative, but there's no way to know for sure which drops will he successfull. There are so many different airdrops, that it is hard to keep count. |
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I was reading godlikeproductions in 2011 and there a man from UK posted a thread saying he is selling his house and buying £450,000 worth of bitcoins After 6 months to 18 months, he posted there, he has earned some $20,000,000 from Bitcoins.  Good to see that someone got in on the innovation earlier on. I had come across Bitcoin around the time they were $100 a coin. I figured the best thing to do in order to learn about Bitcoin, was to watch and study it. I waited until Coinbase opened to begin my first investment. Wasted my 1 coin on pizzas and other fast foods like an idiot, years later I find the forum and the price moons, now I kick myself every time for not going all In before it skyrocketed. |
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That means 75% has an understanding involving the risks associated with speculative holding of Bitcoin. It means that a lot of people are hip to the volatility problem that plagues the platform. Once things become more stable, I'm sure more people will begin to trust Bitcoin.
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Bitcoin has dumped by $800 in last 7 days after climbing by $2000 in last 15 days. So, the current dump we're seeing is a healthy correction in the market and somewhat necessary as well.
Although, the next movement of Bitcoin will be highly crucial for current trend. Bitcoin, as we all know, is highly manipulative. So, only invest what you can afford to lose in crypto market. When do you think Bitcoin could hit $20K?
I think that one the regulations become a bit clearer, the price should approach the $20K mark again. Whether that will happen again this year, who is to say? I do believe that the market is within a self correcting process right now. In order for Bitcoin to become more stable, we need solid regulatory guidance. |
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hey bounty managers why did not calculate signature campaign stakes. 2 weeks passed? that is not a rocket science right?
Although you are right brother about the spreadsheet needing to be updated, you should never bite the hand that feeds you. There is no "Better Business Bureau", nor anything of the equivalent when it comes to this part of the crypto space. This is a highly unregulated market, whereas I mean to say, though you shouldn't kiss anyone's ass to receive what you worked hard for, on the other hand, we are all at the mercy of the bounty campaign managers and the company who employed us. In many instances, bounty hunters have been booted out of campaigns for less, or have never received their pay period! Just saying brother, we should be patient. There really isn't any choice but to wait it out. Your not the only one on this boat, if I had any merit left to give, I would give you some, just to help vent the frustration, but don't give up! |
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I don't like this kind of discussion: bitcoin was born to free us from governments and taxes!
I think it is necessary to work in this spirit and find a way to escape the state robbers.
Unfortunately people are scared, and do not have the courage to go to a different society, free from ties and corrupt politicians.
But I think that the bitcoin - used correctly - is really the key to a new world: if we really can take away from the states the monetary power, what else will remain to them?
I am not sure if Bitcoin would work well enough on it's own. Bitcoin is more of a median point, or interface, more so than a currency. It could not have been as successful as it is today if it didn't start to become regulated. Bitcoins value is affected by supply and demand, the more people that want in, naturally, the higher the price travels. |
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Hello all members! I am a bounty hunter, as well as many of you   And I heard that bounty hunters dump the coin price at the ico end. So I was wondering, if the team doesn't want its coins to be sold on exchange date and thus be dumped, why they reward bounty hunters with their token, not FIAT. Because they anyway accept fiat for selling the tokens, so the coin won't be dumped by bounty hunters, and bounty hunters are satisfied too. Because those who need money, they have it, those who want tokens, can buy it at exchange etc. Ico's are offerings of shares in order to raise Capitol for building a business from the ground up. In an initial coin offering, shares of a company's token, or coin etc, are offered instead of fiat because of the next to nothing cost of the initial startup. It's's easier to give digital coins away that are made up from lines of code, than to just hand over hard earned cash to pay bounty campaigners. At the time of inception, new coins and tokens have little to no instrinic value, because without a market availabe, the coin has no life on the trading block, at least until it becomes an active coin. |
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The U.S. SEC rejected a revised proposal for a Bitcoin ETF backed by the Winklevoss Twins. The market immediately took a dive, with Bitcoin and a majority of altcoins posting 4-5% losses on the day. The rapid move downwards led some to ask “was this decline really warranted or was it all an overreaction?” Full article on NewsBTCPardon me, but correct me if I'm wrong. I heard there were other ETF proposals presented to the SEC, not just the recent two from the Winklevoss brothers. This article below here sheds some light upon the situation. Mathews this is the reason behind the speed recovery. https://bitcoinmagazine.com/articles/sec-puts-decision-5-bitcoin-etfs-till-september-2018/amp/
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Market manipulation is rampant in the cryptocurrency market, this has been evident in recent times where the price of BTC which has the highest market dominance over other altcoins gets manipulated for selfish reasons especially by people who want to profiteer from the system and this is done by so called whales. They either force the price down to get weak hands to sell off cheap or pump the price to certain prices.
With the ETF application rejection of the Winklevoos twins yesterday, the main reason given for the rejection was market manipulation. They could not guarantee that the price of BTC wont be manipulated due to the unregulated nature of the market. What can be done to fix this? Should the SEC come in full swing and put some regulations in place? What will be the impact of this on the over market itself?
Only time will tell, but as far as my opinion goes, I think clearer guidance from the government and regulators will help the price to stabilize some. Bitcoin has always been volatile due to its intrinsic nature. The price really is in a frenzy, every statement that the financial regulators make will most likely cause a fluctuation in the market prices, at least that's what it seems. |
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