Why bitcoin so expensive?

Because you’re poor.

What exactly do they mean by “excessive speculation”? How do they think they are going to control price swings in bitcoin?

“excessive speculation and fraudulent activities will be met with severe consequences.”

 
I don’t think the major powers will ban it. I think they will use it to identify tax cheats and money launderers. It will get banned in small countries though. Here’s a little tinfoil hat shit for you. You know the US government just took down BTCe in scamcashistan or wherever the hell it was located. The US gov starts looking at the books and realizes how prolific money laundering is in bitcoinland. They contact their G20 buddies and let them know that they may need to take down a couple of exchanges in their countries too. I think it’s a little too coincidental that all of the countries considering closing exchanges lately are G20 members.

It can’t be a “great scam” because everyone thinks it’s a scam. Bernie Madoff ran a “Great Scam”. It was around almost 30 years and everyone though it was legit. If bitcoin is a scam it’s a shitty scam because too many people recognized it too quick.

It’s not really that weird. I’m surprised it’s taken this long. You know the US government just took down BTCe in scamcashistan or wherever. The US gov starts looking at the books and realize how prolific money laundering is in bitcoinland. They contact their G20 buddies and let them know that they may need to take down a couple of exchanges in their country too. I think it’s a little too coincidental that all of the countries considering closing exchanges lately are G20 members.

LOL isn’t it funny that they credit same day when the price is plummeting and three days when it’s skyrocketing. I guess they want you to get in there and buy to prop up the price.

Yeah, let me know. You’re right the limit is the same. I get my coins from a Coinsource ATM in North beach, SF.

Oh no, you’re not alone. Just the fact Roger Ver supports it is enough reason to know it’s a shitcoin. I wouldn’t buy a baked potato for ten cents from Ver if it came with a free Mercedes.

The concept you’re talking about was best described in the mid-19th century by P. T. Barnum, “There's a sucker born every minute".

The end of 2018? If it doesn’t stop falling like a rock today it will be there before February.

Maybe 3-7 days. It’s taken a different amount of time for me every transfer. There’s nothing “fast” about bitcoin. The time involved is the reason most people get screwed over when an exchanges gets closed and raided by the feds or steals the money and runs away. They have to leave money on the exchange all the time.

Debit card/credit card = immediate.
Btc transaction = 10 minutes, 20 minutes, ?
Withdraw cash from a bank = 90 seconds
Withdraw cash from a bitcoin exchange = 3 days, 7 days, two weeks, who knows

This report is already being discussed here: https://bitcointalk.org/index.php?topic=2753936.0

Bitcoin is a currency that’s controlled by supply and demand like a commodity. This makes the exchange rate of bitcoin incredibly fragile. Bitcoins exchange rate is pegged to the US dollar unlike all other currencies (including the dollar) which are pegged to, minted by and controlled by a national government.

If you understand what controls the value of fiat then you will understand that bitcoin has no such protections. The value of the dollar decreases when there are more dollars in circulation, and increases when there are less of them. One of the main controls of the value of the dollar is the interest rate. What we call "the interest rate" is basically the rate central banks charge to lend money to banks overnight. This is set by central banks or governments, and ends up determining how much money banks will charge for lending money generally. The interest rate controls the value of the dollar, by controlling how many dollars are in circulation, by making people more willing or less willing to borrow money. If the Government wants to decrease the value of the dollar, for example to stimulate exports (since foreigners will get more dollars for their currency with a weaker dollar), it can lower interest rates and even simply increase the amount of money held by the central bank (quantitative easing), almost at the stroke of a key. This is a simplification of one aspect a government uses to control the value of a currency.

Bitcoin has no such controls. I’ve heard fools repeat the idiotic notion that bitcoins fixed quantity (21 million) controls inflation. That in turn means bitcoin is deflationary. That’s an insane concept because inflation and deflation are constructs of a vibrant national economy and do not apply to commodities (remember bitcoin is a currency that acts like a commodity). Deflation is when consumer prices fall over time. This may seem like a great thing for shoppers, except that the cause of widespread deflation is a long-term drop in demand. It means that a recession is probably underway. That brings job losses, declining wages and a big hit to your stock portfolio. As a recession worsens, so does deflation. Businesses lower prices in a desperate attempt to get people to buy their products. NONE of this applies to bitcoin because it’s not fiat (money controlled or minted by a government).

So what is bitcoin price controlled by then? The simple answer is consumer confidence but that’s not entirely true either. As with most commodities, bitcoin is manipulated legitimately by day trading and illegitimately (illegally) by insider trading. Market manipulation runs rampant in the bitcoin world. The only thing controlling the bitcoin price is consumer confidence, trading and market manipulation. That means the bitcoin exchange rate will bounce up and down like a rubber ball forever and you can never trust where it will land.

I don’t think the OP wrote the article so it’s not his title. If you clicked the link you would see the title is “bitcoin continues to split”. Although, I agree it’s a stupid name and a stupid article. Altturds continue to use the name bitcoin to confuse and draw people into investing in the wrong coin. That’s the same thing Bitcoin Cash did. As far as I’m concerned Bitcoin Cash is just another shitcoin.

He might be wrong because he’s 135 years old and the last car owned was a Ford Model T.

A conscientious exchange!  Now that’s news. If you don’t mind me asking, which one is it?

Customers waiting for network 6 block deep confirmations.

LOL

Oh ok, I understand you now and I agree with you. Stopping transactions would likely have no effect on miners anyway. If enough people did it long enough then I suppose it would reduce the fee cost but that’s not likely going to happen. What most people don’t understand about miners (and I was one for years) is that they also make transactions. I used to exchange and spend a portion of my mined btc every month on electricity, equipment upgrades, loan payback for the equipment I bought, space rent and repairs. Mining pools also send btc to their pool members (thousands of people) sometimes daily as payment for their share of the work they perform for the pool. Even if every non-miner stopped making transactions there would still be transactions happening.

Most of the countries that have come out against bitcoin are really a joke because they can’t have any effect but Indonesia is different.

Indonesia has the largest economy in Southeast Asia and is one of the new emerging market economies of the world. The country is also a member of G-20 major economies and classified as a newly industrialised country. It is the sixteenth largest economy in the world by nominal GDP and is the seventh largest in terms of PPP.

Here’s the reason they can’t afford to lose control by allowing the widespread use of bitcoin. In the aftermath of the financial and economic crisis that began in mid-1997 the government took custody of a significant portion of private sector assets through acquisition of nonperforming bank loans and corporate assets through the debt restructuring process and the companies in custody were sold for privatization several years later. Since 1999 the economy has recovered and growth has accelerated to over 4–6% in recent years.