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9641  Economy / Speculation / Re: Can Bitcoin sustain a high price? Does my math check out? Is this valid logic? on: June 21, 2018, 01:41:00 PM
You're right, the market needs to constantly pump in billions of dollars every year just so the market could stay afloat within $50k ranges, however, there are no definite sum of money that needs to go in the market in order for the price to maintain its throne. There are times wherein a huge selling pressure is present and there are also times that the market seems calm and all are in the green. Methinks that $50k is definitely reachable, though the word sustainable isn't.

As for the block reward being halved, always remember that machine prices adjust according to what's the current bitcoin price, so again, there's no general way of getting the average expenses mining operators might face in the next ~2 years.
9642  Economy / Economics / Re: SEC documents detail scores of fraud allegations against Coinbase on: June 21, 2018, 01:24:01 PM
Maybe I'm not reading too much but this is just one of the few times I encountered a complaint against Coinbase. I still remember reading about their 10 BTC raffle back in 2015 wherein a 16-year old dude won, and back then, Coinbase was the most prominent BTC/USD exchange among others. Personally, I never used Coinbase or anything, but my colleagues in the US who used the said exchange conveyed that their (Coinbase) customer support takes an awfully long time to respond to their clients' queries, and that's already a bad thing. As for deposits being lost in the wind, this is the first time I encountered such. I don't think regulation is to blame for non-professional practices by a certain service but perhaps the management itself. After all, regulations are created to ensure that no illegal things or wrongdoings are done by the service to its peers.


Man I miss Circle.

You're not alone. It's easier to use Circle than any other established exchanges present nowadays.
9643  Other / Beginners & Help / Re: Where do bitcoins come from and what gives them their value? on: June 21, 2018, 01:04:33 PM
During the inception of bitcoin, it literally has no value whatsoever. People just chose to give it some value and so history begins. Others thought that it could be a great speculative asset and so trading of bitcoin starts, with exchanges being set up and enthusiasts putting some real money onto it. The value of 1 bitcoin became something significant that enthusiasts started to think that they could 'farm' it on a large scale via mining, so dedicated miners, called ASICs are created just for mining bitcoins. From then on, people are buying and selling bitcoin up to the point that it reached such heights that people back then never thought would be possible. Right now, the cost of mining 1 bitcoin + supply and demand are the main factors on determining bitcoin prices.
9644  Bitcoin / Bitcoin Discussion / Re: Bitcoin ATM Introduced in Kenya for the First Time on: June 21, 2018, 11:48:47 AM
That's sound like a joke, the Kenya, seriously?! Why not in Netherland or Spain or I don't know ... danm, does the Kenyans has a computers? I don't want to be rude but Kenya seems in much more stronger need for agrocultural and factory investments that an ATM.

Actually for a country that's financially-oppressed by gangster-like people, keeping their assets in something discreet seem to be a nice move. It also saves them from inflation that might happen in their country and enables them to control their money at will. It might sound like it's not a necessary thing to do but for starters, saving your money from an economy spiraling out of control is always the best move, and Kenyans might have the shot for that. A third world country like Kenya 'might' not seem to need crypto, but looking at another angle, this could totally help them.
9645  Bitcoin / Bitcoin Discussion / Re: Why is Bitcoin difficult to understand? on: June 21, 2018, 07:30:32 AM
TBH if a user only intend using bitcoin on general transactions like sending and receiving, the user doesn't need to know about the inner workings and technicalities accompanied by it. The option of sending or receiving money by just scanning a QR code is actually good for the average Joes who wish to use the cryptocurrency. Also, fiat with its inner workings and technicalities is also difficult to grasp, but do people need to know about it? No, because as long as the paper/coin is able to hold value and is transferable, they can use it in exchange for goods and services, just like what bitcoin does essentially.
9646  Economy / Speculation / Re: South Korean exchange hacks causing Bitcoin price drops, but less consequential. on: June 20, 2018, 03:22:43 PM
I see it as this, the market is just tired of seeing the same hack issue every now and then and it just continues on its merry way. We've been bombarded by these 'x exchabges i hacked' for the past 2 or 3 years and every time an exchange goes off, the effect on the market goes less severe as time goes by. It could be that there are just no scared-ass holder of the coins left in the market and everyone now is just busy accumulating despite the bad news and such. But from what I see, negative news or positive news, the price doesn't move that much; are we past the phase of bitcoin being moved by shoddy journalism and news? I hope so.
9647  Economy / Speculation / Re: Bitcoin Price Jumps as Square Case gets a BitLicense from New York State on: June 20, 2018, 02:58:50 PM
Probably one of those scenarios that seem to be a big news but tends to deliver nothing on the current price. Personally, I think Square gaining its bitlicense is a big news albeit the slump of a reaction the market expressed. Effects aren't really seen or observed overnight but rather on a long term. This move will benefit traders and non-traders that wants to acquire bitcoin and uses Square cash at the same time. No big jumps for now but once people got the hang of it, gradually over time, people will see that this is indeed a positive news and something to be celebrated.
9648  Economy / Economics / Re: Economic and Bitcoin Market Talk - Ex-JP Morgan host on: June 20, 2018, 02:33:40 PM
There certaibly is an audience for such, knowing that podcasts for weird, edgy shits are available to the public lol. Methinks that this is actually a good idea, and instead of listening to some religous bullshit or conspiracies of some sorts, trading strategies and insights about the markets would probably help the average Joe trader create his own ideas and tweak his strategies on trading. This will be beneficial and inspiring, for sure, and a lot of people would gladly listen to the words of financial experts and proven traders.
9649  Economy / Economics / Re: When the government forbids cryptocurrency on: June 20, 2018, 02:16:05 PM
Your name seems Vietnamese to me, but the recent bans point out to india prohibiting banks to meddle with cryptocurrency-related affairs. The general public interested in bitcoin seem to be the most affected with the recent sanctions and as such, it's likely that people would just forget about procuring bitcoin since it might not be worth the hassle after all. P2P trades aren't restricted, so LBC is still a viable way to go., but bank transfers to an exchange? It would be difficult to trick the bank.

Also they have an idea to launch their own digital currency named Lakshmi.

It's kind of hypocritical for the Indian government to propose such a project while their citizens think that crypto altogether is bad because of them. There's a huge possibility that this crypto they're planning to launch would flop and not be supported by the locals.
9650  Economy / Economics / Re: World Governments Are Probably More Enthusiastic About Blockchain Than Perceived on: June 20, 2018, 01:55:00 PM
They won`t be so enthusiastic,when they find out how much it will cost to implement the blockchain technologies and much electricity will be consumed.Again,the only one,who is going to make the big profits from this treand will be the big online corporations.The tax payers will be ripped off again. Sad

The application of blockchain that they'll use would probably not include bitcoin's traditional PoW scheme as you know it. Blockchain isn't limited to just coins and whatnot, it could also be used in logistics, banking and finance.. you name it. They'd be keen on developing such a tech considering how cheap and easy it is to implement and have a robust system compared to their obsolete systems which are, up to now, still prone to hacks and thefts. Blockchain might be the greatest innovation of the 21st century and might be the invention that the world is waiting to spark yet another industrial revolution.
9651  Bitcoin / Bitcoin Discussion / Re: new delhi,india : Bitcoin gold sold as bitcoin to uneducated investors ! on: June 20, 2018, 01:30:15 PM
This all boils down to the buyers, especially if they haven't researched about bitcoin one bit. The address format is entirely different, also, they will know it depending on the wallet software they use. They can first check the internet about the difference of the two yet they can't, which shows negligence on their part. Let's be honest, it's still fraud at the end of the day, but if you haven't done anything to prevent such and put the blame into others, that means you don't deserve the justice for whatever happens to your money in the end. This has been a long-standing problem and people still can't do a single research before buying.
9652  Economy / Economics / Re: Crypto being unregulated is a strength and an advantage on: June 20, 2018, 01:05:41 PM
At first, I kinda like the idea of ICO after the successful bout of ETH, but afterwards, many wanted to replicate the success by creating their own coin without providing any real value to its peers. In short, they masked profit-grabbing through ICOs and let people think that what they're doing is innovative and right. With ICOs being unregulated, people could just create it without a hitch, grab other people's money and get away with it. It becomes the safe haven of a money launderer if not watched over so no, I don't think cryptospace being unregulated is a strength for most people. Maybe for the dev of the coin, sure, but for peers and consumers? Certainly not.
9653  Economy / Speculation / Re: 3 reasons the crypto markets are in a dive and Tom Lee is moving the goal post on: June 20, 2018, 12:42:04 PM
This is just another typical bullish dude who later realizes that such goals are clearly unattainable right now due to the present market conditions and moves his predictions to a more unsure date. Let's face it, no matter how hard we want the market to go crazy again, it isn't gonna happen. As he stated, there was a parabolic move that took crypto to uncharted heights, and afterwards, a blow-off happened that left us with the current prices which still is unstable. Also, I wouldn't blame regulations for adding fire to the flame. If anything it increases consumer's confidence on the asset knowing that they are somehow protected by their 'constitutional rights' upon buying the coin. It's just the market adjusting and consolidating, at least on the way I see it.
9654  Bitcoin / Bitcoin Discussion / Re: What will happen if bitcoin to fiat exchanges are banned ? on: June 20, 2018, 12:23:30 PM
We're far from being place into such a situation given that the governments would surely benefit from allowing cryptocurrency exchanges in their own soil. Number one would be the taxes and number two, they will at least know a place wherein people might be hiding their wealth. So, assume that all countries ban exchanges altogether and the only thing left is P2P trades which will be very difficult. I think that will spark the creation of a decentralized P2P exchange in which the governments would have no authority at given that no central body really runs the operation; just a website wherein people can directly trade btc to fiat without a hitch. Generally this could work, though at large-scale trading, methinks that this will probably not be viable in the long run.
9655  Bitcoin / Bitcoin Discussion / Re: McDonalds has the same market cap as Bitcoin! on: June 20, 2018, 11:56:01 AM
The difference between the two is that McDonald's bring something 'physical' for our short-term consumption while bitcoin prepares us for the 'future' by keeping our money intact even with the severe inflation happening all around us. Bitcoin has a long way to go, and with the positive reception from the IMF, among other countries, I can say that bitcoin has somewhat proven itself on some of the most well-known financial institutions. The market capitalization alone doesn't speak much, tbh, but to be ranked with one of the most known companies, I'd say it's pretty impressive to say the least.
9656  Bitcoin / Bitcoin Discussion / Re: Will it be illegal to trade cryptocurrencies in India after July 7th on: June 20, 2018, 11:35:41 AM
I wouldn't say illegal but rather prohibited on banks and institutions that the RBI and the government have official connections with. Besides, people can still go P2P if banks wouldn't be allowed to transact with exchanges after all so it's still good. The problem is, it will remove the convenience part on the people who wish to buy bitcoins and might discourage them on giving it a go, but persistent users would surely find a way and possibly create a better platform wherein they can trade their fiat to bitcoins without having to rely on bank transfers and third party, or in other words, a decentralized exchange. The future is still bright for Indians since no official bans were in place, so business as usual, just no bank transfers for bitcoins.
9657  Other / Beginners & Help / Re: Which do you think is safer? POW or POS? on: June 20, 2018, 11:01:03 AM
In PoS-based coins, there are no miners but rather stakeholders that help validate and process transactions in the network. The larger amount of coins you have staking in your wallet, the larger the reward is for you because you are processing a huge numbers of transactions by just leaving your wallet idle. However in PoW-based coins, this is done by miners with their dedicated machines on hashing out tx in the network. On paper, both of them are secure and both also has its faults. The former can easily be gamed by a single whale controlling a huge portion of the coins while on the latter, a 51% attack from the miners can decide the fate of a coin.
9658  Bitcoin / Press / Re: [2018-06-20] BTC to fall after massive $30 million HACK heist in South Korea on: June 20, 2018, 10:38:34 AM
Usually when a hack is publicized, the effects would already manifest in the market within minutes, but apparently this one one hasn't and it's been hours. Glad to know that Bithumb would take responsibility of the losses their users may have incurred during the said hack so all is good. One thing though, it might be best for exchanges to overhaul their security systems after one has been breached given that hackers may have already known the inner workings of their systems. It could be a pain for the operators but in order to prevent hacks in the future, one must ensure that their assets are secured. This is not the first hack on exchanges, and surely, this wouldn't be the last.
9659  Economy / Speculation / Re: South Korean exchange hacks causing Bitcoin price drops, but less consequential. on: June 20, 2018, 09:26:04 AM
It's like the norm for the current ecosystem nowadays. Exchanges will be hacked every now and then and then there will be quite an effect in the market for a little while and then it will just shrug it off. Bithumb is the largest South Korean exchanges IIRC and also one of the exchanges to hit $20k during the bull run, so it's a shame still that they got 'hacked' despite being known for their intelligence regarding cybersec and datasec (SoKor in general). Surprisingly though, not much fuzz was made about the hack this time, and it looks like a typical Wednesday for traders since there seems to be not much effect on the markets for now.
9660  Economy / Speculation / Re: This price drop has occured before on: June 20, 2018, 08:34:00 AM
The amount of money invested in infrastructures, services and machines dedicated to bitcoin is also one fact that everyone should rely to. I think the amount of time and effort invested in bitcoin is enough to  speak about why bitcoin wouldn't go bust in the next coming years. Many people wouldn't like it and wouldn't permit it since they'll lose an important profit-maker in their lives. It can crash as hard as it could but always remember, it wouldn't get there if not for people who pushed it hard in the first place, and think of the industries relying on the coin's performance over time, so yeah, fear-mongering and FUD will remain as is since bitcoin is here to stay.
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