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I'm usually on the other side of the game - I prefer to invest in bankrolls instead of betting against them, but Bitcoin's price still affects my decisions. When the price grows, I divest my funds, because I don't want to risk more than certain amount of value. This includes both the risk of losing some of my investment because of lucky whales, and all my investment if casino will get hacked/seized/exit-scam. But many other investors chose to keep their investments regardless of price, it can be seen on the bankroll size charts of certain sites, there actually is no strong correlation between their bankroll size and the price of BTC. You can also gather statistics for betting volumes and see if and how they correlate with Bitcoin's price.
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What will happen if China bans CryptoCurrency?
In short term, it will seriously crash, probably below $3,000. It will then recover to some new level, because Bitcoin panic is always overblown. In long term, new miners will start emerging in places with cheap electricity, because if all Chinese mines will be forced to close, mining will become very profitable, even though the price will be lower. If other major countries won't follow China, then Bitcoin will return to growth after some period of time. |
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Storage space isn't the biggest factor that holds back block size increase, right now it's the latency - the bigger the block is, the longer it will take to propagate, because of longer validation time by each node and longer sending time. This would mean that conflicting chains would start appearing more often and double spending attacks would become easier, so we would have to require more confirmations before we can start trusting incoming transactions. |
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China would be very foolish to ban Bitcoin, they have very strong position because of Bitmain and cheap electricity for miners. They can even use it to their advantage, for example by delaying transactions of their competitors, while putting their own transactions at higher priority. This is why I don't believe China will actually ban Bitcoin, more likely it's just another FUD manipulation, and if you like some tinfoils, maybe the Chinese government actually buys Bitcoin and owns Bitmain.
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USA went to war with countries which tried to trade oil for other than USD, China is a major global player and war with China will be catastrophic, like WWIII catastrophic. Maybe others will follow and we see EUR/oil markets also. Bitcoin/oil would be awesome.  USA won't go to war with nuclear countries or even just countries with strong military, it would be very wasteful and ultimately pointless. But they would definitely retaliate economically. Eventually oil will drop in its value because of emergence of better energy sources, but bitcoin should definitely aim to replace Dollar as world's most used currency, because its independent from any state. |
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Free market pricing is essential for Bitcoins network, because it's built on economic incentives. Bitcoin's hashpower moves to a certain equilibrium - the amount of resources required to secure the network related to the economic size of the network. When the price grows, it sends a signal to miners to increase their hashpower, since the network needs more security. If the price falls, miners can drop some of their hashpower, so they won't waste more electricity than it's needed to secure the network. If you will fight speculation, you will disrupt one of the important mechanisms that keeps Bitcoin healthy.
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I think most traders know by one that "China bans Bitcoin" is just a classic FUD and an obvious attempt at insider trading, so only noobs believe in it and panic. We can see that any dips caused by panic sells quickly recover. Now, lets imagine China would actually ban Bitcoin - would it be catastrophic? Obviously no, it's only one government, and it's not even the strongest one economically. Such ban would harm Bitcoin mining, but it will open opportunities for mining in other countries, so Bitcoin will continue to grow in the long run.
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Are you mainly here for the profits?
No. I'm here for the first ever attempt to build global, nationless economy that is entirely permissionless, meaning you don't have to ask anyone for permissions to do business with other people, wherever they are. Right now there are many artificial borders that exist to divide people and control them, but Bitcoin breaks many of them, and this is why I believe in it. It's much more efficient to have united humanity, since it brings down many unnecessary costs and reduces risks of war. |
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Good job, your wallet looks great and it's much more cooler than a typical paper wallet.
Now, I don't think that "Cold Storage" is a correct word here. By its function your wallet is the same as paper wallet, just made with a different material. Cold storage refers to an electronic device - it can be some specifically designed device like Trezor or Ledger Nano, or it can be some spare smartphone/laptop/computer. This device must have key management software on it, so you can generate addresses to receive transactions and also sign transactions. It's called cold because it's never connected to the Internet to avoid any security risks, and you spend coins by creating signed transactions offline and then broadcast them from a different device.
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Adi Shamir is one of the inventors of RSA. Shouldn't he know better?
Bitcoin is built on cryptography and economics, and Adi Shamir is an expert only in one of those fields. If he criticized the underlying cryptography of Bitcoin (which is not RSA by the way), that might have been a bit worrisome, but since he talks about economics, his prediction is as good as of any other random mathematician. All this negativity towards Bitcoin comes from people who don't realize the value of decentralized digital money, and sadly it makes them think that Bitcoin is a bubble. |
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I don't think that the global crackdown on cash will help Bitcoin. Governments are doing this to grab even more control over financial system - cash is hard to trace, it's hard to mute and reverse transactions and even hard to find it. Digital centralized money is very convenient for governments, as they can easily check balances, seize funds, tax and block transactions. There's a common argument that people will move to crypto because of cash restrictions, but governments might just start restricting it for the same reason they restrict cash. This can dramatically hurt adoption, as most people are trying to abide with the laws.
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Bitcoin market is so volatile because there are so many speculating day traders who will grab every opportunity to get some profit. The ICO ban was viewed as news that can negatively impact Bitcoin's price, so a lot of traders saw it an opportunity for shorting, and it caused some panic. But most traders actually still had strong belief in BTC and they understood that the importance of those news was exaggerated. I hope people who panic sell will learn their lesson and start hodling instead of speculating if they are bad at trading.
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When you are thinking about preparing for some future disaster, you have to evaluate expected value (EV) of your preparation. The value of some disaster can be represented as its probability multiplied by it's damage. This will give you the optimal amount of resources you can allocate to counter this disaster. In case of WWIII the damage will be huge, but the probability of it happening is small, so if you will spent to much preparing for it (like building a bunker) you will probably just waste your money. Same with Bitcoin - if there is no cheap solution to making Bitcoin resistant to WWIII, then we shouldn't bother doing it, especially if it would mean sacrificing some of our decentralization or security or capacity.
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This should be a good reminder to people who think that Russia is interested in Bitcoin because of dumb news like "Putin to mine Bitcoin with his surplus of electricity and $100 million dollars invested in mines". Russia has always been sending mixed signals about Bitcoin because there's no official position on it, so their officials tend to let themselves speak whatever they want and also Russia prefers to wait and see if it will be able to use Bitcoin to its own advantage - like to circumvent the sanctions, for example.
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you have only ONE bitcoin and will always have ONE bitcoin no matter what is going on in the world of cryptocurrencies.
what you additionally have is an airdrop. there are actually a lot of them. at least 8 of them are currently running and you can claim them as long as you (1) hold your private keys (2) had any balance in those addresses prior to certain block heights.
the active airdrops that i can remember are as follows:
BitCore
Byteball
Bitcoin Cash
Stellar
Holding Bitcoin prior to a certain block height isn't the only requirement to be eligible to claim an airdrop, usually it is also required to register your address during a certain time frame, which is done by proving that you own that Bitcoin address by signing a message. If you haven't claimed your coins during an airdrop, then you won't be able to claim them in the future. This makes Byteball and Stellar different from Bitcoin Cash, and the later should be called "airdrop by fork" to emphasize that you can claim it at any time. |
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Bitcoin’s “scaling war” has come and gone without a hiccup and bitcoin has soared right past our buy up to price.
I believe bitcoin prices are headed much higher and by the end of the year it will reach $ 6,000
The scaling debate isn't over yet, with SegWit2x hard fork still being planned for November, though it looks lit it's falling apart now. But I think investors are very bullish now, and every sell seems like a risk, since Bitcoin has showed a big amount of strength by quickly recovering from all recent dips no matter how big they were. So, I agree with your $6,000 prediction and I would very like to see a slower but more steady growth instead of some crazy volatility. |
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Bitcoin is indestructible from technical point of view - you would need to get control of all computers in the world to erase the blockchain and prevent people from restoring it. Also no one can take coins from you if they don't know the private keys, and no one can stop you from sending/accepting new coins. But I believe that mining would be the weak point in case of all out war with the governments - if they will go after miners, hashrate will go down, meaning that the network will be less secure, and it won't be able to sustain big economy because of the ever-present risk of major double-spending attack.
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The goal of cryptocurrency is to replace current financial system with its banks and regulators, so we wouldn't need to exchange our crypto coins for fiat - instead we would just use crypto for all our transactions. It's not entirely possible for technical reasons (though we are getting close) and some major players from legacy financial system might heavily resist it. But cryptocurrencies are still very-very young, maybe it will take a few dozens of years before they will become the most widespread form of money in the world.
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This is a serious discussion. I mean, after I've seen how bitcoin (and other cryptos as well) got dumped badly after an irrelevant law that makes ICOs illegal. I can only imagine now what would happen If more countries do the same thing and It could get worst by make itself bitcoin illegal. Whether we like to admit it or not, most of people would sell everything they have once its made illegal, some may continue to fight the central banking but the sad reality is that as soon as people start making profits, they will dump it and move on.
They will never be able to stop it completely, because that was the design of cryptocurrencies, but governments can easily prevent mass adoption and just push crypto into black markets. This was always the risk for investors and users. But Bitcoin didn't get crippled by recent news from China - it was already correcting after reaching $5,000 ATH, the FUD caused a big dip, but now it's back on track - $4,350 is probably only a 3-5% lower from where we would have been without FUD. It's a short term damage, nothing special. |
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Cryptocurrency is representing a dream...a dream when we can get away from the control, power and influence of the government most especially with finance and economy. This includes minimizing the control of central banking on matter on matters of policies and economic direction.
However, correct me if I am wrong, the battle has not yet started and it looks we the many Bitcoin or crypto enthusiasts are on the losing side. We have just witnessed how a single pronouncement or a news can drastically affect the value of the Bitcoin market.
Now, what would happen if many of the big governments would one day declare Bitcoin to be illegal? Will it mean that realistically it is the government who is winning in this battle? Or is there really a battle in the first place?
Tell me your convictions and dreams regarding Bitcoin.
There will be no battle - if governments wanted, they'd banned cryptocurrencies right from the beggining when the first exchanges emerged. Even now there's no sign that they are under a threat - China is just an authoritarian communist government, they hate freedom and always try to ban everything that expands it. And yet they haven't banned cryptocurrencies themselves - only ICO's, because so many of them are just scams. Soon Bitcoin will continue to grow just like before. |
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