In part, yes, if bitcoin is utilized properly and volatility is already eliminated from the ecosystem. Bitcoin can act as a hybrid reserve which a country can use in times of crisis. Also, knowing that bitcoin can be accepted anywhere without the need to convert to a local currency, there wouldn't be much hassle in buying stuff across the globe as long as there are merchants willing to receive bitcoin as a payment. Through bitcoin's flexibility and nature, it can work as an excellent currency across borders, though just up to some extent.
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This is not actually the first time an expert voiced out his/her opinion regarding bitcoin and its adverse effects on the economy and society. However, these experts also fail to weigh in the positive impact of bitcoin in the society if ever it becomes mainstream. All eyes are focused on the negatives while completely ignoring the positives. Mining does not threaten our very existence; petty trash talks from different political leaders do. Over-harvesting of natural resources does more harm than bitcoin mining.
Someone hasn't done their homework clearly.
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Where have you been when we're being bombarded by sell orders and reached the recent bottom of $5700? Basically, it's just the same thing going on for months now. Also, we have never reached $20000 in most markets, only Korean exchanges reached that certain price point. While your point stays true, it is incorrect to assume that the next trends would be the same, knowing that the rise to the most recent ATH was nothing but FOMO and pure speculative hype and the events we are witnessing now are the effect of weak fundamentals coming into play. Most people right now are banking on the ETFs, though I for one would like to stay away from that thinking knowing that ETFs are, after all, a separate entity from the actual bitcoin market.
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It still is possible, though it requires tons of work and effort in order to gain something in the process. It's just like regular investing anyway, you work, keep something for your investment, buy shares/stocks once a goal is reached and play with it. Everyone outside the bitcoin ecosystem thinks that it's impossible to get in to bitcoin while in reality it's fairly easy. Just work hard and shell something for bitcoin investments and you'll be fine.
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Anyone is free to choose in whatever they want to do with their coins. There are no written restrictions on what things could you use your bitcoins to, or to what purpose would you want your bitcoins serve. There shouldn't be a community divide on that as bitcoin excels as a currency and as an investment. Those questioning are the ones who haven't used bitcoin as both, thus picking sides on the only thing others should use their coins. Freedom is what separates bitcoin from fiat, so there shouldn't be anything to question about someone's preference on where they should use their cryptos.
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Why would one want to halt a helping factor in which people could pick a lesson or two? Anxiety often forces people to learn things in order to prevent greater downfall, though at some point most people just give it up. However since investments involve money, it would somehow make the investor think of what other things could they do whilst the price is in a crash. It forces us to think rational and think smart. There's really not much we can do to alleviate that anxiety of theirs TBH, and why should we?
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Yes, it can be a disaster while bitcoin can't replace banks fully. There's a lot of things banks can do while bitcoin can't and vice-versa. Short-term, people will see bitcoin as an excellent investment tool while banks are slowly losing deposits from people, keeping their (banks) profits at the minimum. However, knowing how a government largely depends on banks to help them stimukate the economy, it is a no-brainer that despite bitcoin's valiant effort to overthrow an obsolete system, people will still use it. A short disaster for banks but over time, when banks and bitcoin, along with other crypto co-exist, the interest division would not hurt the banks at all.
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We've been to $8k ranges but the advances of the bulls were stopped abruptly by the delay of the SEC's decision about the ETFs. Moreso, the bulls had also given up their grip on the matter, resting a bit before a possible hype build-up following an expected positive decision from the SEC. As of now, any advances made price-wise is nothing but natural market volatility and movement. The fluctuations are quite normal as of late, and nothing special signifies yet another bull run. $8200 will just be a regular high not until enough hype is built.
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If a certain group of people declares that they have found a shipwreck, it should be a case of a 'finders keepers' rule (at least that's what I believe in), however it would be extremely dumb to publicize your discovery and create a 'startup' out of it since many would surely seek for the treasure themselves. This is an outright case of fraud wherein the group just want monetary gains and public deception was the best way to get the funds out of gullible people. ICO operators such as this one think that they can game the system for too long when in fact the government are already doing preventive measures for such scenarios to happen.
Just get the treasure if there really is one (which I'm sure there aren't) and be done with it.
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is there any way to prevent this case in mobile version?
Assuming that this was almost 3 months ago, it could have been sorted out already by the Facebook Messenger team however there's a huge possibility that the same tactics of deploying malware is still available and easily spread throughout any platforms. If FB can't handle virus links of pornographic material, how would one be sure that they can handle much more complicated scheme that can be done by just using the app? The best reminder for cryptocurrency users is to not click on any malicious link be it on a safe website or any platform.
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IMO, as long as a country doesn't break the rules regarding fraud and whatnot, it's fine to create their own crypto, especially if it saves them from a potential economic disaster looming. However if the country uses crypto as a means to circumvent sanctions and regulations, they should be called out for it, and those in charge should be held liable for such actions. No one should be above or manipulating the law no matter how bad the shape of the economy is for a certain country.
Another important note to consider is the willingness of the other party to receive a payment in crypto irregardless of the trade valur they are working with. If the other party does not accept such a proposal, nothing will be completed and accomplished.
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IMO, bitcoin doesn't thwart the growth of any other cryptocurrency but rather help it gain some traction even though all eyes are focused on bitcoin. Also, if the coin is worth buying and worth checking out, people will go the extra mile to support whichever crypto they are interested or invested at. Time and time again, people have proven that market capitalization and currency dominance are somewhat unimportant statistics that could go out of the scene. Every coin has their own phases of growth and increased interests, so there's that.
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I don't know what exactly will an ETF do to bitcoin fundamentally-wise but I'm pretty certain that there'd be a huge speculation spike once more in bitcoin come the approval of the ETF. Everyone is banking on the said event yet most people know little about what it really does. It doesn't give institutional investors direct access to the market but rather touching bitcoin from a pretty safe distance, which is, as far as the word's definition is concerned, involvement nonetheless. Confidence is what it primarily gives to the investors, giving them hope that a fruitful run is on the way.
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It's quite surprising that one of the SEC commissioners has the guts to go against what the majority thinks. It just proves that someone in the government sector believes that there is something good in pushing ETFs for bitcoin, aside from the price increases and speculative gains that the public could acquire. By agreeing to the ETF, it exposes bitcoin to the public and urges merchants and consumers alike to build a working economy and to break the exclusivity of bitcoin from being just a speculative asset into a fully-functioning currency. I commend whoever this commissioner is for her bravery to voice out her opinion on the matter.
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Bulls, as of now aren't really doing anything after the SEC delayed their decision regarding the ETF until Aug. 10. Bitcoin lost momentum after bulls gave up a crucial support level @ $7500, and it seems that they're doing it on purpose since there's really not much incentive to do a push, knowing that almost everyone has banked their future positions and moves on the approval of the ETF. If it gets approved, pushes will be there together with the FOMO that is really what's moving the price to higher highs.
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It's about time, i'd say. The Philippines' crypto scene is looming with scammers and fraudsters alike that it's time to tighten the rules regarding ICOs which these fraudsters use as a front for their operations. It's not really bad to have regulations set specially if it's for the betterment of the scene. It eliminates the fraud and opens an opportunity for genuine people wanting to learn.
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Everyone seems to be banking on the ETF decision and I'm pretty sure, disappointments would largely follow if the SEC decides to not approve the CBOE ETF. While the reconsideration process handed everyone a breathing room, we still aren't sure whether this time, SEC will favor the ETF. Prices seem to have calmed down a bit after the delay has been announced, suggesting that the bulls are also banking on the said decision. Moreso, aggressive buy orders have been removed in the market, with only a little remaining to hold the price together.
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A huge room for profit is still there for miners, and given that most mining companies align the prices of their machines with the current price, it's not surprising that most operators are stacking up their investments knowing that bitcoin can still go nuts at any given point. People who say 'mining is dead' basically don't understand the economy of the mining scene. Of course, miners won't let the price reach a certain level wherein profitability is no longer possible. They control the flow of new coins, and if anything they have one of the largest stakes in this whole industry. It's normal that they expand their operations since the prices are low and it is their leverage since the machines are also cheap. A clever move, I'd say.
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Bearish sentiment is now looming over the market after several delays on the ETFs were imposed. My take, people will not actively speculatte until the decision date is closer. Suddenly, the price steam has waned and is now slowly dying. $7400 has been a struggle today and yesterday. After the descend from $8000, prices appear to not have any strong grip on whatever level they may be, suggesting that the bulls are retreating and waiting for another hype opportunity to produce momentum.
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Number 4 is relatable, as I always actively avoid sticking to my plans once I see that there's still a huge room for additional profit and improvisation of technique. It's not really 100% guaranteed that the plan will work, and it's unavoidable to see opportunities along the way and not getting it. Most of the time, not sticking to my trading plan leads me to more profits than I initially visualized but there are also times that I lose instead of gaining something. Much of these errors are somewhat relatable since we've all been there at some point
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