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65 - error08
Give it a shot
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We can talk about bitcoin going down to $5K if bitcoin at $6k but at this moment bitcoin still resists over $8300 despite the recent drop from $8600. Although there are some TA predicted bitcoin will fall to $5K or 6K by the end of the year, but the prediction still too early to put aside some factors that might cause bitcoin to be the opposite, probably going to 5 digits.
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Since bitcoin is the main coin, no wonder if altcoins following the bitcoin market. People tend to buy altcoins during bitcoin bull runs due to cheaper price to gain profits, if bitcoin in the bear phase, ther is no reason to keep money in altcoins hence altcoins loses most of the value. Nevertheless, some altcoins really have advantages compared to bitcoin in terms of scalability, anonymity, etc, which can be consider the reasons for those coins to rise up again following bitcoin.
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If it's going to dip again, then that's a good time to buy more. Experienced traders don't take this as a bad situation but good opportunity to acquire more Bitcoin. Cause they what's Bitcoin capable of. It could drop a little then soon recovers. Anyway, I think the reason if the price dipped is the rejection of ETF by SEC. People are hyping this news and we saw some good pump at the price. I smell long red days coming. So always watch the market. For those newbie traders always use the stop limit function to prevent losses.
But bitcoin remain persists at $8300, probably the new resistance point. Although bitcoin ETF was expected to be rejected, but a little bit hype could encourage the price jump over $8600. The market seems pretty sturdy at the moment, not surprising if bitcoin trying to break through the price wall again. |
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They are pretty easy to catch out and if the service communicates with your bank
Bank secrecy laws should prevent that. I mean, isn't it usual that KYC is always associated with any money transactions much especially to fiat transactions involving banks?
Legacy banking institutions are usually laxer on KYC compared with some cryptocurrency services. Of course, it makes absolutely zero sense to try to pass fake info or dox if you want to send or withdraw fiat money to your bank account registered in your name. Indeed, the exchanger will allow deposit and withdrawing if your KYC profile and bank account registered in the same name, there is no shortcut in this matter regarding fiat currencies due to AML policy. It's better to buy bitcoin from someone trusted here, there must be some people who willing to do that. But only with a trusted person. |
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I highly doubt that you'd be able to start trading with such a low amount of money.
The only way that I can foresee you getting somewhat of a decent return back in terms of dollar amount would be derivatives trading, and you'd be doing that on leverage. You could experiment with it, but it would essentially be almost like gambling for a beginner.
But with such low capital, OTC trading or LBC trading will be extremely difficult. I suggest that if you want to go down that route, save a bit more money irl first and then come back.
I completely disagree. He doesn't have to make thousands of dollars in profit just starting out to see if he's any good at it. That's gambling in itself. Let the man start out with a low amount of money, see how he does, and if he does good, keep building up that bankroll as he can or as he makes money from trades. If he doesn't end up doing well, then at least he didn't lose a whole lot. He can make it imo, for someone with $300 trying to earn 33%-83% within a month. Let's see, he started this thread on August 29th, bitcoin price at that time was $9400-$9500, imagine if he bought bitcoin at that time and then it gradually increases to $10,600 as the peak at Sept. 3rd, that's already 33% profit in just 4 days if he made the right call at the right moment. I would like to hear directly from OP how is it going? |
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Here are some generalized questions that you can begin investigating on your own to help you understand some of the pieces better:
What is a transaction input?
What is a transaction output?
What are the contents of a typical output script?
How is the transaction output script converted into a bitcoin address?
What is a transaction ID?
What makes a cryptographic hash useful?
What is SHA256?
What is a Merkle Root?
What is RIPEMD160?
How does mining work?
What are the components of a block header and how are they generated?
What limitations exist on various components of the block header?
How are digital signatures created and/or validated?
What happens when a new Bitcoin Node is synchronizing?
How is a private key created?
What is WIF?
What's the difference between the various bitcoin addresses (Those that start with 1, or 3, or bc1).
What do the following acronyms stand for and what does each actually mean: P2PK, P2PKH, P2SH
What commands are available in Bitcoin Script, and how can they be used?
A lot of things to read and learn, although it just the basics, but really help to understand how it works. Bitcoin coding languages is too much for average bitcoin users, might be suitable for people who want to run the bitcoin core and-or for miners. Thanks a ton for the list. |
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Since the breakout failed let's hope it can hold a bit. don't think bitcoin will drop to $8000 in the next 24 hours, it still persists at $8300 for a while refused to go down further, there still a slight hope it can rise, mmmm I mean fluctuate between $8200-$8500, testing the resistance level to take place. Consider it as a daily routine in the bitcoin market, everything that goes up will go down.
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Cash is best asset when Economy is Down!
But fed USA and ECB Europe just printed more money, the Frankfurt and even paris Property prices are going up as the real Boom is about to start all over Europe.
Countries like Ghana... Yes its different story
Cash will be the worst during the crisis due to inflation, if a country keeps printing more money, it will be less valuable. To have cash during a crisis isn't a good option as gold will be the number 1 commodity whose value will remain persist. For bitcoin, I'm not sure whether it will spike up during an economic recession or tumbled, we will know if the global recession really happens. |
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Satoshi Nakamoto being anonymous helped a lot. Maybe bitcoin developers already knew that a crackdown is coming. Being decentralized in nature, there is nothing governments can do to shut down on bitcoin. Not even banning miners and considering it illegal since there are many forms and ways miners can do, the world is big.
Yeah, Satoshi suddenly disappeared after Gavin Andresen said he was going to talk at the CIA, see it's coming? Satoshi know the right thing to do to avoid any attempt to crack down bitcoin. Now the US is trying to regulate it to assert control on stake holders. The autocratic Chinese government knowing it cannot control bitcoin did massive bans. Binance for example left China, stood still and now its one of the biggest crypto exchange in the world.
Even if many countries tried to hold bitcoin development, it's unstoppable and there are some bitcoin-friendly countries such as Malta and Liechtenstein. Cryptocurrency will thrives there. |
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I thought ethereum fees already surpassed bitcoin a long time ago, it's been a few days since I spend higher fees on ethereum transactions, but for my bitcoin transaction fees just $0.1 since last months when I sent bitcoin. Since segwit transactions arise, the fees become cheaper. Ethereum is really reliable, not only because of its low fee but also because of having a fast transaction when sending funds to another.
But even though ethereum past bitcoin in number of transactions, we cant still deny that bitcoin is still better in many terms such as its capabilities.
You don't know what we're talking about, right? It's not the number of transactions, but "transaction fees" |
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After yesterday jump to $8600, bitcoin stay still over $8500, could be the new resistance level to before reaching $9K. Another reason regarding Bakkt futures trading volume as @bakktbot tweeting updates on contract traded seems increasing. Contracts traded so far today: 205 BTC
Last traded price: $8,610.00https://twitter.com/search?q=%40bakktbot&src=typd |
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What can I understand about TA in trading is a probability-based on mathematical analysis, market history, and market sentiment which affect the price. Yeah, nothing is 100%, but I have made profits by learning some TA provided in some "places" and following some which really have the highest quality of winning streak.
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You are mixing terms "cash" and "fiat" in many places in your posts, it makes it really hard to properly answer your question. Cash means physical money, fiat means government-issued money not backed by anything.
Should cash exist? Yes, because electronic payment methods rely on the Internet, electricity and special devices, and those things can't be always available, especially in remote places.
Should fiat exist? Crypto is technologically incapable of handling all fiat's transactions in the world right now, even with Lightning Network. So, it's kinda pointless to discuss whether crypto should replace fiat until it's actually possible to do so.
I use the word Fiat because it has a very close link to cash issued by governments. The word “fiat” is Latin in origin and refers to an arbitrary order issued by a government or other authoritative figure. When applied to paper money, fiat currency refers to the scary notion that our dollar has value only because the government says it does. <-- Source: https://americanmonetaryassociation.org/why-the-dollar-is-called-a-fiat-currency/So let's not split hairs on the actual difference between the two, because it can be any physical currency that is issued and backed by the respective governments.  Let's just focus on the discussion and question if these currencies should be replaced.  If fiat refers to printed paper money which worth nothing but the government says it has, I prefer don't use it. But it can't be replaced as long as the government still exists due to fiat currency backed by the government itself. Should fiat still exist? Yes it should, but in the different forms such as printed on gold or silver in place of fragile paper. |
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It has been set on the stone since the beginning, SEC will not accept bitcoin ETF.
They have good reasons to reject it, market manipulation, fraudulent, illicit activities, all the same reasons.
However, there are some ETF proposals submitted to SEC, even bitwise will refile their bitcoin ETFs application soon.
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Indeed, but this event and hype have become a pattern that always repeated. I'm pretty sure bitcoin price will hold a bit and rise at least to $8500 And here we are, I even didn't check the market price for the last 12 hours but recently woke up, the price of bitcoin has reached $8600 and now sitting at $8550. Well, it might not correlate to ETFs at all, just the usual market movement to break the barrier instead of hold on the resistance level. The question; where it headed next? whether bitcoin will be stuck at $8500 for days, rise up over $9000, or get back to $8000. Need to check some TA analysis. |
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Just consider it as business bankruptcy which inflicts a financial loss to many people.
This news is exaggerating what happened in India as it just one bank not all of them, and 80% of the losses have been covered by the bank assets. That is the role of the government to make sure everyone gets what they are entitled to. This is an example of why we shouldn't saving too much money in a bank, just put enough to meet your daily needs and pay your bills, the rest of your funds invest in some assets like bitcoin.
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Indeed, but this event and hype have become a pattern that always repeated. I'm pretty sure bitcoin price will hold a bit and rise at least to $8500 although we know the ETF proposal will be rejected again. If the market still stuck at this point for 7 days, the price will drop again for sure. |
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Can we truly have a fully decentralized system? For example, we control our own money, properties, internet etc.
We already have a decentralization bitcoin system. Everything that goes under a government must comply with applicable rules, so it can't be fully decentralized under centralized states. |
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Bitcoin is uncensorable and incredibly easy to move around, so oppressive governments cannot block holders from doing what they want with their money.
But the government can block miners, exchanger, and banks to facilitate transactions so that people can't convert their bitcoin into cash. If governments really ban bitcoin, there is nothing people can do to avoid that, even bitcoin can't help citizens in authoritarian regimes. Luckily in some countries ruled by dictatorship like in north Korean and Vietnam don't ban bitcoin. |
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