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Well for now, they decide the rules. Banks can give the excuse saying that there won't be any employee to process the transaction but the fact is that all these money transferring is already fully automated.
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Like they say if they don't adapt, change and enhance their technology to catch up with the latest trend, eventually their monopoly is going to be disrupted. But looks like they are more interested in adapting blockchain technology into their own systems rather than bitcoin itself.
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It's very clear from here that the fiat we are holding on is losing its value and if by definition, that the "real" money is supposed to hold it's worth, it's clearly nothing more than just a currency. Fiat gets printed and the same amount you are holding today will only be worth the fraction in years to come. btc on the other hand, strives to overcome this by introducing fixed amount, it doesn't get printed, nobody controls it, you need energy to mine new bitcoin, thus a value is always there.
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Which is why right now I'm moving towards hardware wallet. Unlike a paper wallet which eventually needs a software, hardware wallet has its own internal program so you can be sure you are safe and secure over there. Plus all the communication and keystroke during the whole generation process is basically encrypted or put it in another way, it is less immune to viruses and malware.
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That will only further erode people's confidence that they have in bitcoin. With that size of funding, I don't know how it can ended up becoming a failed business model but obviously there must be something happening within that we did not see.
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One thing noted here is that he dares to challenge the organization from where he comes from within. Overall, I think he made a right decision because by keeping mum and staying put or just pretend that nothing happened, will mean whatever brewing inside will only get worse and then continue to rot. What he has done by giving up the position in the foundation is a selfless thought and he knows that the best way to help bitcoin out of the mess and prevent one entity from pulling the whole community down with the sinking ship is by bringing up the issue in an open forum and make his views cleared and be heard and with the hope that things can change.
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It's good to see bitcoin gaining traction and popularity in almost every parts of world. Whether it is developing country or developed country alike, people regard bitcoin as a form of solution and alternative to the current financial mess. From what I can see, the growth has been on a steady natural climb and although there is really not a lot of people knowing much about bitcoin, but I can see that changing drastically few years down the road.
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Good and bad. If it drops to $100, that is really a golden buying opportunity that I wouldn't miss but psychologically that would damage the trust people have towards bitcoin because they will see it as not a stable investment. Also if it touches 100 level, essentially that means a massive drop from its high of 1200. But anyway, whichever direction it moves, I would say I'll be prepared for it.
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It's difficult to predict where it might be heading right now. Though there is every possibility for it to breakout from its current downtrend pattern, there is also a chance for it to go down even further before going back up again. Question is, whether the dump that we saw early of the year was the major turning point. Nobody would know that for sure, so we just have to keep out fingers crossed.
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To incorporate some form of legislation would require bitcoin having certain characteristics. First there is no issuing party, nor does it have company registration number and in certain laws regarding fraud, you will need that as a proof. Also to certain extent, some government doesn't even recognize its existence as a legal tender. So all these come together that prevents it to be part of the fraud protection.
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When it comes to volume, I would say Kraken is there. The customer support seems to be great with quick response time. The fees are also reasonable as higher volume will mean lesser fees. And the fact which I liked the most is that it is based in US.
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Even if your electricity is free, leaving the laptop on for 24/7 will not even net you enough btc to pay for the transaction fee. Unless you want to continue mining for the sake of educational purposes, you might be better off just buying bitcoin and earn it by providing services
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So who is the good guy in this story? Learning something out of this I would say whenever there is a fortune to be made, even the most noble person can turn into evil. That is why it's difficult these days to find someone who you can trust and rely on.
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It's about time. I remember reading an article about Philippine nannies and the high number of workers based in foreign countries. Imagine what's the difference it will make if every one of these people make a switch from using the standard money remittance services going over to bitcoin.
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Just a theory, but I have a gut feeling that if we witness another bubble cycle, the majority of traders will underestimate the peak, possibly by a significant amount.
Why?
IMO the last two bubbles were nothing in the grand scheme of things. Even in the runup to 1200 USD, I would have guessed that maybe 1 in 10 people would have heard of Bitcoin. I think that figure could well be closer to 5 in 10 by now.
We have the two largest stock exchanges (NYSE, NASDAQ) giving credibility to the technology, and people seem to be educating themselves more so than they would have tended to a few years back
We will hopefully have the BIT providing access for institutional investment.
Wall street want their slice of the pie. But the pie is too small right now. So they're gonna have to make it bigger.
Why not load up now, drive the price to tens of thousands of dollars, and then cash out for ridiculous profits before repeating the whole thing.
This wouldn't even be market manipulation - simply buying an asset deemed to be undervalued, and then selling at profit. Natural market forces would drive the bubble thus nobody could be accused of manipulation, and it would be very easy money.
Am I missing something, or is this whole thing a lot more simple than most people are willing to believe?
Sound nice but rather not. When it went from 1200 to current price right now, I just wonder what's the effect in terms of loss of reputation. What does people see in bitcoin? As a reliable currency? It will be good for those people who are looking to make a nice profit. But if you consider long term the negative effect is more profound and less people is going to trust bitcoin. As in previous thread, I've made it clear that we don't need wall street. These people are just there to make money and they don't care what the decentralization, low cost cross border transaction and the rest means to them. |
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Well it hasn't been much of a problem for fiat because in banks you can just open a joint account and if anything happens to me, my other half can still access the fund. This way, there must be a mutual trust because in this scenario, both parties have the right to access and spend it. For bitcoin, I guess, it's asimilar thing. The private key is also held by my partner, so if something happens to me, she can still have it. Again, it's a question of trust over here.
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I don't why the concept of foundation exist in the first place. If we are so firm on decentralization, should it be that no organization or anyone for that matter should claim to have control over bitcoin in the first place.
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I thought it would be more exciting if it is closer to the expected halving date but never mind, here's my guess: $524 In a year's time anything could still happen, so it's more like a blind guess to me.  Any rules or precaution put in place to prevent cheating? I mean with the way things are going, after the closing date, members can still change the numbers. |
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Even though very much unlikely what could happen is the complete meltdown of the network due to hacks or attacks. But I see more damaging is the loss reputation for example exchangers getting closed down causing people to lose trust in bitcoin or either some pyramid schemes finally collapse. Even though it has nothing to do with bitcoin's fault, people tend to misinterpret or see things different.
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It looks more like this to me. What do you guys think?  But I agree with OP that the couple of weeks ahead could be very exciting. If you look at the graph, the market has not really confirmed on the direction it is moving. It's either we will see the worst of the worst or finally something new with a reversal in the pattern. |
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