The main problem for many countries is the devaluation of their local currencies comparing to USD essentially which worsen the economy especially if most of goods are imported. Bitcoin is a good and relatively stable investment if the price keeps at this level.
Yes, and the funny thing is, people are simply ignoring that for some reason. If you looked at Bitcoin as a long-term investment and you invested a few years ago, then inflation or the devaluation of your local currency would be a non-issue for you. You would have used Bitcoin as a safe haven against that and the value of your bitcoins would have increased in value. Fortunately a lot of people realized it and they invested their local currency in Bitcoin and they are not feeling the pressure of inflation or hyper inflation. The devaluation of their local currency is actually a bonus for them, because they get more of their local currency for the bitcoins that they sell now.  |
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What kind of feedback are you getting from the users that left you? I think one of the things you would need to look at is to find the reason why people are moving away from your service. It might be that some new service is offering something that you are not offering.
I would suggest that you send out emails to the "dormant" account holders and to pay them for their honest feedback about your service. Once you found the reason why they left, you can address the problems.
There is no sense in acquiring new users, if they are just going to do the same thing. Solve the issues and then market the platform.
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These guys are really getting desperate now, by digging up stuff that happened 2 years ago and this was not anything that could not be solved with a little tweak and a quick update of the code. I wonder what they would have said, if they looked at the history of Alt coins like Bitcoin XT and also problems in other well known Alt coins. Bitcoin <BTC> has one of the best Opensource software developer teams in the world at the moment, so FUD like this is actually very strange.  |
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Satoshi showed more vision than everyone anticipated. He started out with small block sizes and he made provision for "block size" increases as and when it was needed. <That is vision> He also knew that oversized block sizes was overkill, so he kept it small from the start, to prevent the Blockchain from being spammed with unnecessary junk! It needed to grow with adoption and also hard drive sizes & cost. This is one thing that Satoshi was not, he was the vision master.  |
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As a Crypto enthusiastic for two years, there is something that still worries me when thinking about the future of bitcoin, and is his mass adoption, I see with concern that in my circle of friends that many people have already lost interest in bitcoin since the madness of last December. For us, bitcoin is the future of transactions, but I think many people are confused and thought its value is only superficial, without seeing the great potential it carries.
Now my question is, what could we do as individuals or company to promote mass adoption? In my case I have a webshop with several methods of payment in cryptos offering bitcoin-related merchandise, I am also planning to offer free webinars to help beginners interested in taking their first steps in this world, but what do you believe can be done to continue promoting the massive adoption of bitcoin?
Your friends might not have been interested in the technology. They saw you making huge profits and they wanted to emulate that and now this is not happening, because the price is falling and as a result, people lose interest. We call these people speculators and their interest in Bitcoin is purely for profits. You are an example of a true Bitcoiner. Someone who sees the real potential in this technology and someone who are actively involved in making it better. If I can suggest something.  If you want to grow Bitcoin adoption more, please give discount to people that are paying for things at your webshop/website. Other people who might want to pay with other payment options, could possibly be persuaded to use Bitcoin as a payment option, if the discounts were good. |
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#Pursuer already explained it, but I just want to add that most people want to use traditional fiat trading principles to a technology that is totally different from the rest. In any way, if we accept that Bitcoin's price is linked to Supply & Demand, then the price has to go down if there are more BTC in supply, than there are a demand for it.  We will also never know the true status of Bitcoin's supply & demand, because most of these statistics are based on data that was acquired through regulated platforms and a lot of people are not even using these platforms. |
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In my country the inflation rate averaged between 1% to 3% per year over the last 5 years. So whatever investments I had to make, I had to beat inflation for me to say that I am moving forward. I am one of the fortunate people who invested in Bitcoin, when the price was around $400 per coin. Since then I have been smashing inflation on my investments made into Bitcoin. <Even after taxes> In 2017 I obliterated inflation and I sold some coins, which was re-invested into other investments that also beat inflation. I can with all honesty say, that I am not bothered with inflation, even if it goes up to 100% for the next few years. Let's celebrate the fact that Bitcoin enabled us to beat inflation for the last couple of years. <Well most of us, because we have to take into account that a lot of people have hyperinflation in their countries> You make a good point about how investment returns should be calculated after inflation adjustment. I see a lot of people looking at their savings accounts as some way to invest in the long run, while in reality, they are actually losing money from inflation overall. It's also important to note that the CPI index generated by governments may not be reflective of the actual inflation going on. Bitcoin is a good hedge against fiat inflation given that it's completely independent from fiat and has a capped supply, which essentially means that in the long run, as long as adoption increases or stays the same, bitcoin should hold its value relatively stably. It's these properties that I think make bitcoin extremely useful for those in countries plagued by hyperinflation, as a safe haven to store wealth in. You know, it is also not just the inflation that are killing most people. The government take their share of taxes from the profits from the different types of investments too, so you need to add the tax onto the inflation, to see what your real profits was. In a lot of instances, people are actually losing money, by investing it in safe investment options with low returns.  These types of investments, always reminds me of the little mouse, running inside a wheel , in his little cage. You are running, but you are not going anywhere. Bitcoin returns beats inflation and taxes and breaks out of the little cage. |
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A legit ICO will never make themselves guilty of White paper plagiarism. It is the lazy scammers that are doing this and they are tainting the whole ICO scene with their laziness. A legit project will take the time to put something original on the table and they will never copy someone else's work. As an investor, I will look for originality in their presentation and something that will set them apart from other ICO's. Why would you market your product or service with someone else's work? A lot of people do not know how to do this and they get help from people who use basic ICO templates or copies from other people's work and inadvertently makes themselves guilty of plagiarism. |
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The key thing to remember with Private keys, is not to expose it to the internet. I have seen too many people storing Private keys on Cloud storage services and even in their web based emails, only having all those coins stored, ending up in someone else's pockets. Keep a laminated printed version <Paper wallet> stored in a dry/fireproof location and a copy of that private key, stored in a separate location. Avoid storing these private keys in safety deposit boxes at Banks, if you are planning to store a lot of coins in these wallets. <It is not as Safe as most people seem to believe> |
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Yeah, that is a lot of funds in a hot wallet, for an exchange barely known outside of Japan. Though I think the other vague details are quite typical for a recently discovered hack and most likely lost in translation?
What I've been dying to find out now is how those insurances are working out. One condition for the licence is signing up for insurance. With more than 5 hacks in 12 months at my recollection, one wonders if these policies will be at a huge premium for exchanges.
The large majority of these exchanges are not insured for large losses like this, because it will cost a fortune. They might be able to cover some of the losses or they will issue some random token to fund the damages, going forward. The problem is the loss in future revenue, when these exchanges loose MORE customers because of their bad reputation. They will have to find a way to pay for the damages and to improve their security and also to communicate and market themselves in a way to bring back people to their platform.  |
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There are a lot of wrong statements in your post. A lot of wealthy people worked hard for that wealth, and no luck was involved. They deserve to live a comfortable life. A lot of poor people are not poor because they were unlucky, some are just lazy.
A typical example of this was when the Berlin Wall was broken down. Some of the people who was living in East Germany was simply not used to working hard and they were lazy too. So when the Wall came down, a lot of them went into poverty, because they were too lazy to work or they were not used to the concept of hard work = higher income, like in the west.
The Communist system in East Germany made them lazy and some of them could not handle the change. So, Capitalism is not all bad, people are encouraged to work harder for a chance of a better life. <Why should you give that away to people who might just be lazy?>
I give more than 10% of my income to charities that are helping poor people find jobs and a way to sustain them until they reach that goal. <I do not give to charities, where people are not encouraged to uplift themselves.> Teach them how to Fish!
Absolutely ridiculous, this is the type of bootlicking that is destroying the world. THE MAJORITY of wealthy people get rich off the work of wage slaves. All the pfoits go to the shareholders and Executives. You are seriously dillusional, the hardest working people on this planet are dirt poor. Wake up! You are very brainwashed. Stop talking crap, because you are only making a ass of yourself. My father had very humble beginnings and he worked hard to build a very successful business. In the end he had 1040 people working for him and he paid them respectable wages. None of these people were slaves, they fed their families and they had a decent living standard. <He even provided free housing> If everyone sat back and just waited for a social hand-out, then poverty will never be eradicated. Some wealthy people built an empire to serve themselves and THIS provided jobs for other people. I paid for my own education and I did not go into the family business, because I wanted to stand on my own two feet and do it all on my own. I am currently employed and happy to participate in charities to create jobs for other people. Yes, some assholes exploit poor people and they pay them less than the minimum wage to work like slaves, but a LOT of wealthy people are not assholes and they provide very good job opportunities and uplift the lives of millions of people around the world. |
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In my country the inflation rate averaged between 1% to 3% per year over the last 5 years. So whatever investments I had to make, I had to beat inflation for me to say that I am moving forward. I am one of the fortunate people who invested in Bitcoin, when the price was around $400 per coin. Since then I have been smashing inflation on my investments made into Bitcoin. <Even after taxes> In 2017 I obliterated inflation and I sold some coins, which was re-invested into other investments that also beat inflation. I can with all honesty say, that I am not bothered with inflation, even if it goes up to 100% for the next few years. Let's celebrate the fact that Bitcoin enabled us to beat inflation for the last couple of years. <Well most of us, because we have to take into account that a lot of people have hyperinflation in their countries> |
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I think the strategy must be to pay off all debt first, because inflation alone, is a killer and if you have to deal with interest on loans and debt on top of that, then you are screwed when you have to go on pension. Kill the little jackals first and also the debt with the highest interest rates and then concentrate on finding investment opportunities that might beat inflation. Every year, where you beat inflation, you will be going forward. If you cannot beat inflation, then you will be moving backwards. |
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$60 Million sounds like a lot of money, but for big exchanges like this, it is not really a train smash. They will just have to fork out the capital from their own pockets and pay back these people. A good sign is that the exchange had the rest of their reserves in cold storage and that helped to prevent even larger losses. This just shows us not to keep large amounts of coins in exchanges, because they are famous for having poor code and not being able to stop these hacks. |
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There are some developers working on projects to make Bitcoin more anonymous, but it remains to be seen how people would react to it. I know for a fact some governments will not be happy with a more anonymous Bitcoin and they might even pull their support for it, if that happens. If you want some anonymity, then try using the "Mixer" service that I currently have in my signature. It is fast and cheap and reliable. We do not need anonymity as part of Bitcoin's core protocol, because there is enough services out there to help you to increase your anonymity. |
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There are a lot of wrong statements in your post. A lot of wealthy people worked hard for that wealth, and no luck was involved. They deserve to live a comfortable life. A lot of poor people are not poor because they were unlucky, some are just lazy.
A typical example of this was when the Berlin Wall was broken down. Some of the people who was living in East Germany was simply not used to working hard and they were lazy too. So when the Wall came down, a lot of them went into poverty, because they were too lazy to work or they were not used to the concept of hard work = higher income, like in the west.
The Communist system in East Germany made them lazy and some of them could not handle the change. So, Capitalism is not all bad, people are encouraged to work harder for a chance of a better life. <Why should you give that away to people who might just be lazy?>
I give more than 10% of my income to charities that are helping poor people find jobs and a way to sustain them until they reach that goal. <I do not give to charities, where people are not encouraged to uplift themselves.> Teach them how to Fish!
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Most wallets providers give you a Seed, when you install the wallet for the first time. You can use that Seed to recover the wallet or to restore it. Would it be possible for you to contact the wallet provider and then asking them if they can provide you with a method to restore your wallet, if the 2FA is problematic? You might have configured the wallet with a secret question or some email address that linked you to that wallet. They can change the 2FA to send the OTP to your email address provided and not to your phone. |
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So the general rule should be that all investments should be given a soft landing if consumers risk investment into high risk investments? What protection was there for the millions of people who lost money when the Banks caused a near economic collapse? The Banks are highly regulated, but the people still lost their money and their jobs and none of the Bankers went to jail. So looking at regulations to solve that problem, is simply ridiculous. The large majority of centralized exchanges are currently regulated and they have to adhere to KYC/AML regulations, so saying it is the "Wild West" is absolutely absurd and incorrect. |
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People are trying to force Bitcoin to become mainstream, before it is ready for mainstream use. We saw what happened before SegWit was around, people spammed the Blockchain and the result was high fees, due to congestion. The developers was already two steps ahead and they provided us with SegWit. SegWit took some time to find it's place and now tx's are much cheaper due to it's implementation and spamming the network became more costly and that stopped the "spammers" for now. As I said, the developers were 2 steps ahead and they worked on the latest scaling solution called the Lightning Network and the adoption and testing is now being done for that. Just give it time, scaling is already not an issue anymore. |
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I've just credited your account with some test funds. Hope to see a nice inquiry and that you will get some positive experience from using Bitfortip  @everyone The UI of the smartphone app is similar to Instagram, so it's very easy to use. Thank you, you have honoured your promise to credit my account and I immediately used it to fund my first request. Within a couple of hours I received 4 answers, but it was mostly people repeating the same answer. What is the possibility to have a split reward? Let's say, 3 of those people gave 3 different answers and all of those answers was helpful to answer your request? Can you possibly add a tipping service for other people? Lets say someone answered someone else's question and that question was helpful for you too at a later stage. I would like to tip that person later for his good answer. |
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