I really hope a big gaming company like blizzard would use crypto-currencies as their in game currency in the future, if Blizzard would use crypto-currencies instead of gold for one of their famous game Diablo, I believe there will be a lot more players playing it as there is a potential to earn some money while enjoying the game with friends.
This is a really bad idea, people should stop trying to apply Bitcoin and blockchain to literally everything and instead ask the questions "does it solve any problems?" and "how does it compare with other solutions?". So, lets imagine WoW or Diablo switched their gold to Bitcoin. First, from where it would come? Does that mean that Blizzard now have to reward each player for every killed mob with some dust amount of BTC? If so, they would quickly go bankrupt as they would just be giving money away instead of making them. Second, why should they put their in-game economy on the blockchain, if it doesn't give any benefits to anyone - players would have to face transaction fees and delays, and the company would lose their ability to control the market and punish scammers and cheaters. |
|
|
|
Akin to how metals and other commodities are extracted, digital currencies follow a similar pattern through an activity defined as “mining”. The process describes the efforts undertaken to unlock more units of a digital currency. These activities involve the solving of increasingly complex mathematical problems for which miners are compensated with a certain amount of the digital currency for their efforts. More @ http://www.investopedia.com/-/what-happens-if-china-bans-bitcoin-mining-3-scenariosUnlike with precious metal, creating new coins is only a secondary goal of mining, while the primary goal is to secure the network from double spending attacks and create consensus. If you would close some gold mines, it would have no effect on properties of gold, while closing mines in Bitcoin would mean that attacking the network will become easier. Usually hashrate follows the price, but there's some minimum amount of hashpower needed to make attacks imprtactical. I'm sure that even without Chinese miners there will be no prtactical double spending attacks, as they would still be too expensive to execute and would result in a future loss for atackers, by making their equipment produce less value as the result of Bitcoins crash after successful attack. So, whatever would happen if China will ban mining, Bitcoin network will continue to operate as usual and that's what really important. |
|
|
|
I have notice last few months, when Bitcoin goes down, almost all alt follow the same path and goes down. And when Bitcoin goes up, and almost all coins goes up too.
Is it because most of bitcoin holder also hold Altcoin? or is it the valuation somehow connected to bitcoin. So lets say bitcoin fall so badly next month, what going to happen to Ether & Litcoin? could they hold their strong position or they will also face the market cap loss? This is very interesting to see next few months.
If you want to better understand connection between BTC and altcoin prices, try switching from USD to BTC prices back and forth. You may notice that BTC price of alts is usually random and doesn't react to the USD price of BTC, or their BTC value crashes if BTC value in USD crashes. This means that USD value of alts is strongly pegged to BTC - their BTC value doesn't adjust to the value of BTC. This means that even though Bitcoins marketcap is only 67 billions out of 142 billions of total crypto markets, it's actually playing a key role, and if it would go to zero, alts would sink too. That exception that I've mentioned before - the case when alts drop when BTC drops can be explained by the fact that some people sell their altcoins for BTC and then sell BTC for fiat, because they simply can't sell alts directly for fiat, hence causing their BTC price to drop. |
|
|
|
They prevent Bitcoin from becoming a true bubble, which would be disastrous. The level of incomprehension regarding Bitcoin is still very high. Jamie Dimon's recent comments show that, like Warren Buffet before him (as of a few months ago anyway), Dimon has no knowledge of how Bitcoin functions as a crowdsourced, decentralized, economical, sustainable, and fast method of immutable data-registration. If these guys don't know, it's a given that lots of recent easy-money chasers don't know either. A friend of mine says his grandfather was taught to drive a Model T by an elderly uncle who sat in the passenger seat with his hand on the emergency brake and yelled Whoa! Whoa! if they went faster than a trot. That's how a lot of people hold their bitcoins. They sit with their hand on the mouse and yell Sell! Sell! at the first hint of trouble. But that's good. Bitcoin can never become a bubble that way because it won't get high enough fast enough. It will slide and even crash from time to time, but since it has real utility (as opposed to tulips --- and the liar loans Dimon's company, J.P. Morgan, was fined $13 billion dollars for selling) Bitcoin will continue to climb after Buffet and Dimon have had uninformed say and momentarily clogged the exits with butts and elbows. As for rumor-mongering China, Bitcoin's Long March will continue there too.
Just sit back and hodl. If you can't hodl here, you are in the wrong game. Try the stock market.
True bubbles happen there's too much unrealistic expectations which isn't the case with Bitcoin - the technology is sound, it has been working for 8 years already, it is revolutionary and it can be very useful. All this can be a base for some pretty good value, like $20,000 per coin in a next year, so we are still very far from the bubble territory. Dips will happen from time to time for various reasons, it's the nature of the market, but overall trend is what's important, and right now it's still healthy. As for hodling, you don't have to only hodl or only trade, you can easily do both at any proportion you want, if you feel like you are good at trading you can trade with 20-30% of your coins or even higher, if you are a newbie, you should do it only with smaller amounts and less frequently. |
|
|
|
|
I agree that China has no effect in the long run, because it's quite expected that the government that bans Google and Facebook and tons of other services will be against Bitcoin. But it's really hard to predict their impact in short term, right now the price almost rebounded to the previous level before news from China, so it's possible that Bitcoin's price will just ignore China, but on the other hand we had a huge crash in 2014 and a long bear market without any real good reason - so if China will for example ban mining, Bitcoin might again enter bear market for a long time. But the price is only one aspect of Bitcoin, and the network itself can't be affected by any laws and regulations, so it will continue working as usual and developers will continue making improvements.
|
|
|
|
I understand a country banning mining is bad news and bad for the business
but...
lets for a second assume it happened and lets exaggerate and say bitcoin lost 99% of its hash power.
This will only mean we'll try to solve some very high difficulty blocks with low hash rate, but it will adjust after a couple of blocks and blockchain will continue as usual. Why would this effect the price?
If anything the hash power will be more distributed across globe, which is more ideal.
Am I missing something?
Because hashpower is what secures Bitcoin, right not the amount of resources you need to spent to successfully execute a double spending attack is far bigger than any potential gain from such attack - this is how it was possible to create a decentralized system in the first place. So, big drops in hashpower make the network less secure, although there seem to be no linear correlation, for example, during the recent mining switching between BTC and BCH, Bitcoin at some point lost more than 30% of its miners, yet there was no price drop. But if China will ban mining and Bitcoin will lose a high percentage of its hashpower, the price drop would definitely be huge. And what's worse, the government might seize mining equipment and attack Bitcoin with it, so we'll have to react with an algo changing hard fork. |
|
|
|
|
The market is still very bullish, sometimes we have dips due to FUD and overblown speculation, but the real bear market can be called only after the price has been decreasing for a very long period of time. If you'll look at Bitcoins history, it's clearly seen that the real bear market was in 2014-2015 years, so it can be assumed that the current bull market will also last long. Also it's important to look at fundamentals - for Bitcoin it's adoption, technology improvements and legal status. So far we have mostly had positive news - more companies accept it, countries like Korea and Japan move towards embracing it, SegWit was successfully and smoothly activated, LN might be coming soon and the negative effect of China turned to be quite small. So it's very unlikely that it's a bubble, as there are clear reasons for the price growth.
|
|
|
|
|
So far the possible ban of mining was just a baseless rumors and quite possibly fake, but we can theorize about what effect it would have on Bitcoin's network. By Bitcoins design hashpower goes hand in hand with Bitcoin's value, and although usually it's the value that influences the hashrate, the opposite link is also possible. If hashpower would radically drop due to Chinese mines closing down, Bitcoin's network would become less secure after difficulty adjustment, so technically someone malicious would be able to launch double spending attacks easier (even though we might actually never see them on practice even in this scenario). But as Bitcoin markets are very speculative, traders will view this as a very negative news and would try to profit from it by shorting Bitcoin, thus causing the crash similar to what we've seen recently. But in the long run it would be a great test for Bitcoin, and if it will pass it, it will continue growing, as people will see how resilient Bitcoin is.
|
|
|
|
-- Fraud is Rampant. We have no way of telling what's going on since Bitcoin and its sister cryptocurrencies aren't on exchanges and are completely unregulated. Bitcoin is a bit less anonymous than cash. Sure, new people might be easily scammed if they are not careful, but there's just as many if not more scams in fiat world. -- The sky's the limit on price. Bitcoin hit $4,000, then receded after Chinese officials said they were going to shut down some Bitcoin offerings (along with Dimon's comments). Bitcoin is not the same as stocks or other assets, it's unregulated, it's traded 24/7, it had near-zero starting price and it's a technology with giant potential. The fact that it is growing quickly still doesn't mean that it's a bubble. -- The Valuation Dilemma. How do you value something? With stocks, you can look at past and future earnings, dividends and sales. With currencies, it's what they are worth relative to other currencies. With bonds, it's the ability of an issuer to pay back investors. Bitcoin can have many sources of value, not only the value tied to its usability as a currency. It can has value as "digital gold", it can has value as the first global money of the Internet - the ability to send it to anywhere on the globe with no restrictions, and of course the value of decentralization - the guarantee that your money can never be seized by government or disappear due to a bank run. |
|
|
|
|
I've been dealing with BitPay 2 times already and this 15 minutes policy is really dumb, but all my transactions went in time so I can't tell you how to solve problems with their refunds. However I can tell you and any other people who read this thread about my method for using BitPay. You will just need some online wallet with batch withdrawals, I was using Poloniex because I had a little bit of funds there, but other services would work too. The general idea is to wait for a time when a next Bitcoin block should appear just in a few minutes, then create a BitPay payment, then make a batch withdrawal request to BitPay's address. 15 minute timer will start, but because of the nature of batch withdrawals you can cancel your requests at any time, so if your timer will be running out, you can cancel your withdrawal and start again. Online wallets pay very high fees for their transactions so they always get included in first new block. I hope someone will find this method helpful!
|
|
|
|
|
I have a feeling that this is just an artificial coin for mining, pumping and dumping, similar to Bitcoin Cash. There's no real demand from Bitcoin community for this kind of fork and Bitcoin users won't be switching to it, so it's not different from any other lazy altcoin. There's also no urgent need for mining decentralization or algo switch in Bitcoin, because Bitcoin is based on economic incentives, and miners can't dictate the rules.
|
|
|
|
There's no question that it's been a good investment, particularly if you bought at the right time.
In 2010 no one heard about Bitcoin, it was just a small community of enthusiasts, so it shouldn't be strange that it increased in value so much - it grew from near-zero to thousands of dollars per coin. On traditional markets this doesn't happen because assets have some initial price, so when people unfamiliar with Bitcoin look at charts, they think that it's a bubble, because for them it grows too much and too fast. But still Bitcoin remains somewhat risky, so it's advisable to invest only sums that you can afford to lose. |
|
|
|
|
This is true because Bitcoin not only the first cryptocurrency, but also the best cryptocurrency - it is the most decentralized, the most secure, has the most hashpower, it's being run for the longest time and process the most transactions, and it also has the best team of developers and contributors. All this means much more than its market share, as all altcoins are actually pegged to Bitcoin. Bitcoin can easily survive without altcoins, but if Bitcoin will for some reason die, alts will die with it.
|
|
|
|
Do you think China issue has halted the pace of bitcoin reaching new record high?? How much time do you think required for bitcoin to forget China issue and pick-up the pace to touch new levels???
The timing for their decision to close exchanges was extremely accurate, it was the same day when Bitcoin reached its all time high, and quickly after that the wide public started getting rumors that China will close exchanges, which eventually got officially announced. So, the question is - was that a coincidence and if not, did China decided to intentionally crash Bitcoin for some reason? And its hard to answer that, because we have no direct information from the Chinese government and their motives can be really hard to read. |
|
|
|
|
I think the most impressive thing about Bitcoin is the fact that it was created by a single person and without any funding. Today even small projects have multiple people or teams working on them and they involve investor funds, but Satoshi managed to do everything on his own! And what is also remarkable, that many people before him tried to create cryptographic currency since 90's and failed, but this didn't discourage Satoshi from trying, even when other people told him that this won't work.
|
|
|
|
Experienced people, what can you tell for beginners before buying bitcoin?
After all, the right first steps - this is the key to success, in any case.
First, I would recommend learning in-depth about Bitcoin, here's a good list of resources: http://lopp.net/bitcoin.htmlSecond, choose how you will be storing your coins - hardware wallet/paper wallet/software wallet or online wallet (not recommended!). Also develop your backup plan so you won't lose your coins if your wallet will fail. And third - hodl. Bitcoin trading is very risky, you can lose money on both buying and selling, so if you don't have skills and experience, better just be a long term investor. |
|
|
|
|
I doubt that many miners will answer this invite, as Bitcoins legal status in Russia is still not decided and so far very mixed signals were coming from Russia, so it can be a pretty big risk to setup new mines there, as they maybe closed very quickly. On the other hand opening new mines in China also may be risky, so Russia might be a viable alternative.
|
|
|
|
|
Perhaps the Chinese government views mining as beneficial because it's a good method to dump their spare electricity from hydropower plants and also keep in mind that majority of asic manufacturing is also in China. If Chinese exchanges are closed, miners are forced to sell Bitcoin of foreign markets essentially exporting it and bringing more foreign currency into China. Maybe this even was the reason for closing exchanges in the first place.
|
|
|
|
Very interesting, but it probably has already been priced it, because regular users are the last to get the rumors and news. But in the long run it might give Bitcoin a good bump as this is what we are all waiting for - more and more companies to start accepting it, especially the big and popular ones.
I just saw this. I will stay skeptic until confirmed news. I mean it's possible. Remember when the fake news about Steam accepting Bitcoins appeared? Nobody was believing that Steam was going to accept Bitcoin, then it got confirmed as fake, but eventually news arose again and guess what, everyone said it was fake news again, but it happened for real. So what this means is, don't think it's fake because it may actually be true and if it's true we are going $10,000 easy.
"China bans Bitcoin" was also a fake news for a very long time, I think what is happening is that when people in government or some company start discussing possibilities about Bitcoin, it leaks thus creating rumors, which at some point might turn into news. |
|
|
|
|
Bitcoin is probably the only payment system that can bring at least some stability to unstable regions, as all centralized payment systems just refuse to operate there. For example, some people in Venezuela managed to live off Bitcoin as their country suffers from economic crisis, so it's quite possible that the same might be done in warzones. And Blockstream made a very smart move by launching their satellite, as they effectively gave Bitcoin an edge over traditional digital payment systems by extending its reach even further. So, maybe the Bitcoin revolution will come from third world and not the first.
|
|
|
|
|
Show Posts
