i think we should first clarify that there are two different things here that shouldn't be confused with each other:
1. using exchanges as your wallet or conversely to store your coins.
2. using exchanges to trade and being forced to leave some funds there in open orders
the first one is obviously wrong and there is no argument there. and even if you found the most trustworthy and safe exchange out there you still should use it as your wallet because you do not control the private keys so you have no control over your keys.
but the second one is as mentioned earlier a necessary evil and we all use them. and we are forced to leave our funds on exchanges if we want to trade like opening an order and waiting for it to be filled.
We cannot ignore the fact that there are people out there that are introduced to Bitcoin and Crypto currencies by people and the first thing they would tell them is to open an account on a Bitcoin exchange. <Like Coinbase> Most of these users never take the next step to secure their coins and simply use the exchange as their wallet. So that is why I have mentioned that. The ideal scenario will be for people to be provided with information to store their coins on more secure platforms, but the exchanges will not do that for them.  Hardware wallet providers should actually partner up with these exchanges and sell their devices at a discount, to allow people to control their own coins. <Private keys> Until things like that happens, we should help educate these people in the "proper" storage of coins on platforms like this. |
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Personally, i always try to speak up whenever a newbie (or worse: a longtime member) admits to using an exchange as their wallet... Like you already said: this is not a good idear.
When i use an exchange it's usually
Deposit => wait for minimum confirmations => trade => withdraw
Usually, my coins are on an exchange less than 2 hours before they're transferred out to a different wallet (hardware wallet if my ledger or trezor support the altcoin in question, a desktop wallet if they don't).
As for your question wether or not we need these services: i personally think they're a necessary evil. P2P trading isn't without risks either, and i personally think it's a lot more hassle to setup a P2P trade compared to doing a quick trade on an exchange with a good reputation.
I follow the exact same strategy, but it is cumbersome and you might miss some good trades whilst you wait for confirmations. < Last year, I missed a lot of good trades, because the confirmations took hours to confirm and in many instances these exchanges were overloaded and not accessible, when the price was at it's peak > I just figured that there must be some better way to do this. Something with less risk and more user-friendly than these decentralized exchanges. < Let's Brainstorm a bit, there must be a better alternative > |
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In recent years we have seen several Crypto currency exchanges being hacked. Do you trust these companies to secure your coins?
Do you feel that we need other alternative platforms to trade coins? < Not just decentralized exchanges >
A lot of people use exchanges as their Wallet and they store all their coins on these platforms. <24/7> This is definitely not the way to use Crypto currencies.
Some people will deposit some coins on the exchanges when they want to trade and then they will withdraw the coins or the fiat to reduce their loss, when these exchanges gets hacked. <This is highly recommended> Take Note, I said when these exchanges gets hacked, because it is always just a question of time, when it will happen and not if it will happen.
So please, indicate where you stand on this and if there are a better solution to trade or exchange coins?
Do we need these services or should we keep to Person2Person trading?
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Your merchants that are Bitcoin enthusiasts, will probably hoard some coins, depending on their liquidity and profit margins. They have to pay their expenses first and then decide what percentage of their Net income must be hoarded in Bitcoin.
Some of the Payment processors give you the flexibility to indicate what percentage of your coins must be converted to fiat and what percentage of the coins you receive must be kept in Bitcoin.
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In the beginning when Bitcoin was introduced, everyone was talking about the multi-function coin, which can be used as a currency and a commodity and also for smart contracts. The smart contract thing never really took off and other coins like Ethereum focussed their development to specialize in that and it basically because the default platform for smart contracts. I am not saying Bitcoin cannot be used for that, but there are better coins out there now, which might be better suited for that.  |
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Can I ask why do you want to use a desktop wallet? If you only want to store some bitcoins for daily use and you have limited storage capacity, rather use other methods. For example : Online wallets / Paper wallets / Hardware wallets. https://www.ccn.com/why-choosing-the-right-bitcoin-wallet-is-important/https://www.coindesk.com/information/how-to-store-your-bitcoins/I use a combination between the different types of wallets for different reasons : 1. I store 80%+ of all my coins on Paper wallets <Most secure method for me> 2. I then store about 15% on Hardware wallets, because it is convenient and also safe. 3. About 1% is stored on a desktop wallet for experimentation. 4. Lastly, about 4% is stored on online wallets to give me easy remote access to coins, when I need them. Hope my strategy works for you too.  |
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One of the key advantages that I picked up on, was that stolen or lost cards cannot be used without the owner of the card being present. The person cannot access the funds on that card, without the fingerprint or biometric data, so that is already a pretty good advantage over traditional methods, like credit cards and debit cards. <Where a pin number can be observed, when you use it> This will stop card skimmers from duplicating your card and stealing your funds. https://www.telegraph.co.uk/news/2017/03/17/can-spot-tiny-hidden-camera-atm-photo-police-warn-new-fraud/Hope this will take off in the future.  |
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I've been attempting to decipher his tweets about this but have come up cold. His latest one posted his phone number for some reason.
Whatever his point is, HitBTC certainly sounds like a shithole without 'killing people'.
Mr. Soon to be Dickless are making a spectacle of himself in public. They should take away his "Internet" privileges when he is under the influence of some of the drugs that he is using. The guy was a legend, but he is now fallen into a stage of his life where he is turning into an embarrassment for himself and the people around him. Nobody is taking any of his statements on Twitter seriously anymore, because it is incoherent ramblings at times.  |
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Why would one of the biggest players in the Adult entertainment industry, decide to go with a virtually unknown Alt coin like Tron (TRX) and ZenCash (ZEN)? The only logical reason for this, must be that they bought a significant amount of these coins, before they announced this decision.  <Check the price, prior to the announcement> or these developers are paying massive kickbacks to Pornhub for listing them. Why would you ignore Bitcoin with the biggest support base? The advantage of the anonymity features of these coins can be easily countered, if mixer services were used by these customers. They could even have bought one of these mixer services and received additional income from the mixing of the coins.  << Tron and ZenCash are not privacy-focused cryptocurrencies >> a good point,they started to accept cryptocurrencies back in April it went pretty unnoticed since it was some godforgotten currency Verge (ex dogecoindark) https://www.theverge.com/2018/4/17/17244916/pornhub-cryptocurrency-verge-xvgthe only reason to accept it is to either worry about their customer's privacy or to get some monetary reward from the deal since there are coins that offer more privacy and that are way more popular- XMR,for example,the getting paid to list is the only viable explanation Yes, the decision on what currency would be used was highly controversial, because if "privacy" was their main objective, then they would have gone for one of the privacy focussed coins, like : Dash / Monero etc. The other possibility could be that they did not do proper research and just went for the company that offered them the highest kickback to use their currency on their platform. |
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Many people disregard the fact that Bitcoin can be used both as a currency and as a commodity and then they complain about the volatility. A lot of people work around these problems by using centralized solutions to cancel out the impact of the volatility, when they use it as a currency. <Using third party payment processors to convert BTC to Fiat> I think volatility can be used to your advantage, if you know how to play the game. |
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The people who usually panic are the ones that are into Bitcoin for the quick profits and the people who thought that this was a "Get rich quick" scheme. These speculators are also the ones that cause most of the volatility, because they are continuously buying and selling when there is a drop in the price. The long-term hoarders are the people who are buying those cheap coins, when these people panic. |
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Ah, Thank you for the valued contribution to this discussion and the good resources that you linked too. I think once we dig a little deeper into this, we will see that this is not just a conspiracy theory, but rather an accurate reflection of what is going on at the moment. I gave you 1 sMerit for the constructive resources that you provided to this discussion. |
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The Bitcoin at the end, should be replaced with a picture of a basket with a bunch of Alt coins/GovCoins. The governments of this world will never use Bitcoin as a reserve currency, because they cannot control it. They will either create their own GovCoin or they will take over a project from an existing Alt coin like Ripple or Ethereum, where the developers can be influenced. Still a good representation of what will happen in the future.  |
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The biggest reason I'm bullish on price is because in the next block-halving we're going to have less inflation than the USD.
11. Soon to have less inflation than fiat
Let me explain. I always think of and calculate inflation at about 3%.
This is a hidden tax. One of the things bitcoin is meant to hedge against is inflation. Current inflation is about 3.91% (More if you subtract the lost coins).
In less than 2 years, we will see the historic moment when bitcoin finally has low inflation. And in less than 6 years it will be half of that!
Ah, I forgot about the Block reward Halving. Thank you for that, I added it to the list, even if it is only +/- 2 years from now. It is something that are commonly over looked and it always have a influence on the price. The 50% cut on the supply side will reduce the overall supply of coins and this will increase the scarcity of coins and if the demand is still the same, then the price should increase. < A lot can still happen, but this is one of the things that are positive > |
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Wow. It's amusing to see the number of people who posted here and didn't even bothered reading what is OP's question.
Hello All
I want to learn about all the function of blockchain technology, I can Read and understand English much enough( I'm from India).
But I can't find what I'm looking.....
Anyone here! for teach something..
You can start with bitcoin wikipedia for all info about bitcoin and the blockchain There are also tons of educational blogs about the basics and understanding the blockchain: https://hackernoon.com/the-ultimate-guide-to-understanding-blockchain-and-cryptocurrencies-f37cf4c0043You can use the forum to post and ask for guidance if you stumbled upon something confusing. Sir Jetcash is also posting some interesting stuffs that can help with your journey on learning the blockchain. The problem is that the content of the post does not address the topic of the post and a lot of posters does not care to read the content. Ok, back to OP's questions. Can you be a bit more specific on what you need to know about the Blockchain? The most simple information that I can give you is that the Blockchain is a decentralized ledger that keeps track of all bitcoins that are mined and distributed. This ledger is then stored on multiple computers all over the internet <making it decentralized> and this makes it more secure. Let's start the discussion with that and then wait for your response, to see what else you need to know. |
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Well wetsuit has to appease his largest youtube influencers (like trevon james, ya he someone u want pushing your service haha). Even going with new referrals wouldnt change who is going to win. How do you propose to beat someone with more youtube followers than god in 30 days? Lol. I cant wait to get to the end of this thing to hear all the horror stories of people getting raped. Its going to be better than the horror stories of bitconnect, like that one black dude in the car crying about the 30k he got scammed out of. These freebitco threads are going to light up like a christmas tree with "omfg i lost 40btc and won 10 bux! shit is so rigged!" Hahaha going to be fun, i have the popcorn ready to roll. Im wonering if the king of scams makes a video about freebitco (trevon james). He was a huge promoter for freebitco because of the referral income right up to the very day that he went to court for fraud. Since that day....... not a peep about freebitco lol. He still does videos on his personal channel but his main channel has been silent since that court date.
I think only the whales and largest yourtubers have a chance at this. The youtubers wont have to lift a finger and the whales will just make 2 accounts (a main and a referral of the main) and snipe the top 10 at the end with 1 roll or maybe a couple at most. The real winners will be the youtubers though because they put no capitol in like the whales will have to do.
Mate, you sound like a broken record. Are you using this thread to bump your Youtube views? I proposed this change to make this competition more fair, not to attack or to discredit the owner of the site. In my opinion, everyone should get a fair opportunity to win the prizes on offer and this should not just reward the whales and the people with massive referral networks. They already receive a reward bonus, when their referrals use the site. Hope everyone else share my view on this? |
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Why would one of the biggest players in the Adult entertainment industry, decide to go with a virtually unknown Alt coin like Tron (TRX) and ZenCash (ZEN)? The only logical reason for this, must be that they bought a significant amount of these coins, before they announced this decision. <Check the price, prior to the announcement> or these developers are paying massive kickbacks to Pornhub for listing them. Why would you ignore Bitcoin with the biggest support base? The advantage of the anonymity features of these coins can be easily countered, if mixer services were used by these customers. They could even have bought one of these mixer services and received additional income from the mixing of the coins. << Tron and ZenCash are not privacy-focused cryptocurrencies >> |
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I took one step back this weekend and I spend some time, thinking of the reasons why we should not panic about the drop in the Bitcoin price and this is what I came up with, : 1. The Bitcoin demand is still very strong and a lot of Merchants are still accepting it as a payment option. < I see more shops in my local area that started to accept Bitcoin > 2. Bitcoin ATM installations are on the increase. < Also in Africa > 3. Institutional capital has not even entered the market yet. 4. The Lightning Network <Bitcoin's scaling solution> has not even been fully implemented yet. 5. We are much stronger than we were last year. <Price wise> 6. Facebook has reversed their decision to ban Crypto currency advertisements. 7. Governments are not banning ICOs, but rather regulating it. 8. Most long-term investors are still optimistic about the future of Crypto currencies. 9. The Fiat system and the world economy is still struggling, so it is not just Crypto currencies. 10. We still see companies pushing innovation, by introducing new Apps & Games that supports Bitcoin. 11. The halving, the 50% reduction in block rewards on the Bitcoin blockchain, is only 2 years away. The reward for successful Bitcoin miners will drop from 12.5 to 6.25 BTC per block in May 2020. So, looking at the positive list above, why should we panic? If you can think of more reasons why we should not panic, please post them here and I will add them to the list. Let's focus on the positive things and forget about the dropping price. < Most of that is manipulation > |
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wow! that's amazing! I am very interested with your point of view. I always ask my self about the situtation now and I have the answer from you. So, if your idea is right, what can we do now? When does the market recover?
The answer is simple. DO NOT fall into their trap, by selling coins and exiting the scene, because this is what they want. Stay strong and hoard about 80% of all the coins you have bought. The other 20% of your coins must be used on a daily basis to support the merchants that are supporting Bitcoin payments. <If you are faced with two merchants that sells the same products or services, then buy from the one that supports Bitcoin> When you go shopping, ask the clerk if they accept Bitcoin as payment. < Even if they do not advertise it, because it creates Bitcoin awareness > If every Bitcoiner does that, then merchants will see that there are a demand for that. < Do this for services that are provided online too > Spread as much information as possible to people who does not know about Bitcoin. <The more people buying bitcoins, would counter these attackers that are trying to sabotage Bitcoin, by dumping coins> DO NOT vote for a political party that does not support Bitcoin. Your collective vote can influence the future of Crypto currencies. |
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