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The truth is, Bitcoin is the king not only because of the network effect, but because it is actually the best cryptocurrency out there - it has the longest development history, it has the highest number of developers and most of them are professionals, Bitcoin is the safest network out of all cryptocurrencies - only Bitcoin can be entrusted with hundreds of billions worth of value. Altcoins often promise some flashy features, but at the same time they are buggy and have to go through official hard forks often - this is why people aren't actually adopting them as a currency. With money people want stability and security first, and that's exactly what Bitcoin gives them.
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Like mineral gold, mining the digital currency isn’t free. For hardcore miners, the bottom line is cheap electricity. That is what made Chinese province Sichuan a bitcoin mining capital one day. The wave of prohibitive measures taken by Chinese government against cryptocurrency initiatives in the country has recently reached miners. Today, on the 14th of November, local newsmedia posted an article, which reveals that Sichuan governmental hydroelectric power company issued a decree, where it declares energy consumption for mining operations out of law. .. https://en.bitnovosti.com/2017/11/14/chinese-officicals-ban-using-state-energy-for-mining/This is not really an anti-Bitcoin move, as we've seen in the past years how other countries were also forcing to close mining operations that were using state electricity. The reason for this is very simple - state electricity is subsidized, meaning it's cheaper than the market price, so when it's used for mining all the profits go to the miner, with very few benefits for the government, since in some cases miners don't even pay taxes if Bitcoin is not properly regulated (or those taxes are very small). |
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This is a problem only in your country, because in many other countries you can find exchanges with very loose and nearly non-existent KYC policies, when you just send money from your bank account while paying only your bank fee (which is like 1%). In your situation you should keep looking for a good buying opportunity - check Local Bitcoins and your local Bitcoin communities for example, or look for other routes to buy it online, for example via payment systems like PayPal or Skrill. Of course it's all much riskier than going to exchange, so split your sum into chunks and choose your trades very carefully.
Sadly, Bitcoin-only economy is still very small, you can earn it mostly by freelancing and it can be extremely hard to spend on your daily needs, depending on where you are trying to do so. This is something that is expected to be solved by itself in the future when we'll reach mass adoption.
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This is not an ordinary "price" swing. The end is near for legacy Bitcoin.
Currently Bitcoin is sitting at $6600 which is only 13% lower than the ATH. Meanwhile, BCH has crashed 3 times lower from its short-lived, artificial ATH, because it wasn't actual users who switched from BTC to BCH, but merely individual manipulators with big pockets who decided to attack Bitcoin regardless of decision of their comrades to cancel another attack called SegWit2x. People were declaring Bitcoin dead hundreds of times already, yet with every year its value keeps increasing and userbase growing. |
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This is a real coordinated attack. Roger Vermin moved 25k BTC to Bitfinex to put on a public show. Some mining pools have ceased mining BTC and there's services asking for Bitcoin cash to confirm Bitcoin transactions in the case of https://pushtx.btc.com/ (try it for yourself). $700m worth of stuck BTC in unconfirmed transactions (including $900+ of mine  ). https://www.cryptocoinsnews.com/700-million-stuck-115000-unconfirmed-bitcoin-transactions/Legions of dump btc and buy bitcoin cash comments everywhere online. And they keep trying to pump Bitcoin Cash but the market keeps telling them to "fuck off", each peak lower than before, It took me 7 tries to dump the Bitcoin Cash I'd been holding on Bittrex, so I think they may be in on it too. This is not organic it all, it's a planned coup. A few people will be like "yeah, no shit Sherlock" but many people still don't know about it. Your comments gentleman, is there something I've missed? The good news is the mining difficulty of Bitcoin cash will soon rise massively so they cannot sustain it for long. You are very right about pointing out the influx of pro-BCH and anti-BTC comments today, it's quite obvious that they are a part of this coordinated attack since all of them are coming either from fresh accounts or accounts with very low activity (which means that they were farmed or bought). They are simply just paid shills trying to create an illusion of community support for BCH and around August 1st we've seen the same thing - lots of accounts suddenly posting FUD and then going silent when there's no more need for them. |
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OP, you are assuming that the price follows the hashrate, but it's wrong and in reality it's the opposite and what is currently happening is that people like Roger Ver and other big blockers with big pockets are frustrated over B2X's cancellation, so they have pumped BCH with their own money which they will lose because people will dump their BCH if they have it unclaimed since the fork day. Bitcoin is still in its early days, the market hasn't matured so the price can be shaken relatively easy, especially if it was near ATH after a big bull run but you can't really say that miners control the price.
LOL assuming? Below is the hashrate evolution of Bitcoin. It is a fact that the production cost of a unit ultimately dictates the price.No, it's not, the value is always determined by supply and demand, production costs is simply the bottom line for value, because no one would produce something at a loss. But you can't simply put a lot of work into something and expect to sell it at higher price, buyers don't concern themselves with production costs, their price is based purely on their feelings. And with cryptocurrencies the price change always precedes the hashpower change because miners are following the most profitable chain at the moment - it's never the opposite, like you are describing, that miners put more work and the price rises. SegWit2x futures were trading at a fraction of Bitcoin's price, despite being backed by 90% of hashpower - by your logic, they should have had 90% of Bitcoin's price. |
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OP, you are assuming that the price follows the hashrate, but it's wrong and in reality it's the opposite and what is currently happening is that people like Roger Ver and other big blockers with big pockets are frustrated over B2X's cancellation, so they have pumped BCH with their own money which they will lose because people will dump their BCH if they have it unclaimed since the fork day. Bitcoin is still in its early days, the market hasn't matured so the price can be shaken relatively easy, especially if it was near ATH after a big bull run but you can't really say that miners control the price.
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Hello everyone, recently there has been a lot of panic on this forum due to the big price change of Bitcoin (as it always happens). Understandably, many people are confused and worried as they have lost thousands in their value, especially if they have bought higher than the current price. But as someone who has been into Bitcoin for 1.5 years (not too long, I know) I want to advice to newcomers to simply relax. Huge price swing were always a part of Bitcoin, so there's nothing extraordinary here and the worst thing you can do is to make panic trades. Basically, there are two main approaches to Bitcoin trading - you either hodl it, meaning you never sell it until it reached "the moon", or you are actively trading it to get profit from volatility. So, if you believe in Bitcoin's technology and don't have experience as a trader, I suggest you to not touch your coins - Bitcoin always tends to increase in its value in the long run.
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The number of unconfirmed transactions on the BTC network is increasing rapidly. It is now 115,000 and rising - I have never seen it that high. Are miners switching to BCC/H due to the huge price increase of the last 48hrs and the cancellation of Segwit2X ?
We've seen this before, miners are mining whatever is the most profitable at the moment, so because of BCH's pump they have switched to it, but after all the difficulty adjustments and price changes they will switch back to Bitcoin when it will return to being more profitable. All this situations with forks and spam attacks needs to be sustained with money - some people think that if they will disrupt Bitcoin, users will switch to their altcoin, but sooner or later it will become too expensive for them and their attacks will stop. And I think it's a good test for Bitcoin that can demonstrate to everyone how strong and resilient Bitcoin is. |
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BCH is just being artificially pumped by big whales who were supporting SegWit2x at first, but now that it's gone, they decided to wage their war on Bitcoin with BCH. But this will only make them lose their money, because there's still a lot of unclaimed BCH coins, since many people didn't bother to go through the process of claiming since BCH price was just 5-7% of Bitcoin's price. Also, Coinbase haven't released coins to their customers yet and when it will happen this coin will crash hard. Without users support any altcoin is doomed, and there's no reasons why anyone would support it, there are better alternatives with cheap fees like Litecoin.
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This is good news . In effect, there are only 2 distinct groups - the big blockers and the small blockers. All others are variants of these ideas. It is best to have two major branches and let the market decide their worth. No other distractions.
There's no difference how many forks claiming to be Bitcoin are out there, because Bitcoin is the coin supported by Bitcoin community. Sure, at some point the whole community can change their definition of Bitcoin, but without it it's just a minority of users forking themselves off to an altcoin chain. Bitcoin Cash has been created for a reason: it is like Ethereum now. Jihan and Roger can now wake up and change it the way they like.
Don't be surprised when they will change even the number of coins in circulation.
BCH is worse than Ethereum, because Ethereum is at least innovative project, even if it will fail, while BCH is just a copypaste of Bitcoin which could have been made by anyone. |
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To all those who say "Bitcoin Cash" or "Bitcoin Whateverthenext" is the real Bitcoin. Yes we got it.
Here's a friendly reminder.
BTC is Bitcoin. BCH is a parasite altcoin brazenly feeding off the original Bitcoin brand.
You may wash your brain over and over and believe whatever you want, but BCH is and remains a shitcoin alt.
Have a great one
There's no point in arguing about what chain is the real Bitcoin, fork supporters have already made up their mind and you can't convince them back, especially by being rude. Most of discussions about forks should be aimed towards the newcomers to help them avoid getting into the bad company of forkers and buying some alts thinking that it's the real Bitcoin. But on its own, it's a choice of a user to follow whatever chain they want and there's nothing wrong with forking Bitcoin, until they try to hijack its name while having almost not support from the community. |
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Well, we've already seen more than 30% of hashrate going to Bitcoin Cash for a short time, it was a little disruptive, but nothing serious to even damage Bitcoin's price. But what this BitPico group can achieve is merely creating the worst altcoin in existence, because it doesn't have replay protection with Bitcoin's network. Miners would be able to sell their coins freely, because their mining rewards won't be affected by this, but it will be the problem for users so the price won't be able to grow. And SegWit2x futures were never even close to 30% of Bitcoin's value, so it's unlikely that mining this coin would be profitable at all. In my opinion, this sounds like some kind of trolling or FUD.
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more accurately:
first it was UASF, then it was UAHF which meant creation of Bitcoin Cash, then it was bitcoin gold and afterwards it was plans for bitcoin silver, and eventually it will be at least a dozen more forks like this in the future because of UASF and all those who were saying forcing a fork with no consensus is fine!
at least these SegWit2x guys finally admitted what consensus should mean for bitcoin.
Well, SegWit2x was a bit different, because it was an attack - it always presented itself as the "true" Bitcoin and just an upgrade to Bitcoin protocol rather than an entirely new currency. Although Bitcoin Cash is also close to it, since many of its supporters call "the real Bitcoin" and "original Satoshi's vision". But in both cases, OP is right, we as community are the one's who really control Bitcoin and miners or big companies don't actually dare to force their forks upon us because they know that they depend on us and not vice versa. |
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Since the announcement of the cancellation ppl are using their bitcoins to buy altcoins, that's why the price decreased (and not plummeted, it is still 7138$ right now). Look at the long run. I still believe bitcoin is the safest crypto to invest in though the cancellation of the fork will definitely benefit the altcoins in the short term
This is wrong, price of altcoins has no direct impact on Bitcoin's price. During this spring we had a huge altcoin rally which led to many of them increasing in their price more than 10 times and Bitcoin's marketshare dropped to historical low of 35%. By your logic Bitcoin's USD value should have crashed, but in fact it was the opposite - it was growing in $2,000 zone. Bitcoin's price decreased mostly because the market operates on a "buy the rumors, sell the news" principle. Some traders knew that SegWit2x will be cancelled before it was announced, so they were the ones to likely sell to grab their profit before others can. And keep in mind that Bitcoin is so close to ATH, that any small drops can be viewed as natural volatility. |
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Just wondering, who is accumulating Bitcoin via using it as a method of being paid, so instead of being paid in dollars or any other amount you ask client to pay you via Bitcoin especially merchants and freelancers. I think it is cool to be paid via Bitcoin because it appreciates so its like you can earn twice if you sell high.
Many people forget that Bitcoin is very easy to buy, so they often regret like "I wish I mined Bitcoin" or "I wish I was paid in Bitcoin". But the truth is, the only important thing is current USD value of money you have. This means that it's always better to earn more in fiat and use it to buy Bitcoin, rather than earn less (when converted to fiat) but directly in Bitcoin. So, you should only think about working for Bitcoin if it provides the same or higher amount of value at the moment you are paid. |
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Yet again we have a proof that Satoshi's economic consensus design is able to withstand many attacks. SegWit2x has been called off not because NYA signatories are good guys who want to have united community, so they conceded because of lack of support from users. No, they have cancelled it because without user support it would be economic suicide - miners would waste their power on cheap altcoin, businesses would stuck on an altcoin chain with little to no users, and there's no way people would abandon Bitcoin just because fees on other chain is lower and blocks are bigger - if that's what people wanted, they'd do it with any other alts years ago.
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I think botnet is a bad phrasing in this case - if it's open and users have to give their permission, that there's no "bots" - it's simply a novel method of monetization, when people can support sites and apps by mining, instead of watching annoying ads. "Illegal botnet" is when sites and apps use hidden mining scripts, so users don't even notice that their resources are being hijacked. Maybe in the future it will be actually illegal and big sites won't be able to get away with it like they do now.
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I have never met one single person in my whole entire life who owns gold as a form of investment. Not one. Ergo this is not surprising to me.
The time to get a real boner is when the same searches are coming out of the White House.
There's a lot of barriers for buying gold or even getting into stocks, so it's more of a thing for the middle class and the rich, while with Bitcoin you can invest even tiny amounts and pay relatively small fees. Sadly, a lot of people who are not familiar with Bitcoin think that you can only buy one whole coin and that it became too expensive for most people. So, lets hope that there are some good results on "how to buy Bitcoin" in Google that explain all the details, especially about security. |
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I would think that Bitcoin is less anonymous than cash. And in comparison with digital fiat, Bitcoin is also only pseudo anonymous. A unit of exchange being anonymous has never stopped people from using it successfully. Perhaps there is confusion about where anonymity would hurt transactions. In terms of doing digital business, I think the quest for secure digital identities is already on its way. If that can be solved adequately, we should see a new economic wave now that the Internet has found its economic layer with the rise of independent cryptocurrencies .
You are absolutely right, being pseudonymous and keeping immutable public ledger makes Bitcoin much less private than cash - every technique for investigating money flows for cash also applies for Bitcoin, but on top of that you can trace transactions, and in some cases it is even possible to nullify effects of mixing. But the fact that Bitcoin is digital and can't be sent to any place in the world might make it harder prosecute people, especially if local police will refuse to cooperate for some reason. |
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