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The reason why Bitcoin works and why it makes sense is because it can penetrate in niche markets where banks do not want to serve. A good example of this is the dark markets. It is flourishing and prosperous thanks to Bitcoin. Without it as an underlying medium of exchange, such a market online will not be possible.
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The halving was already priced in because it was an expected event months before it was going to happen. In part, you are right. The speculation on the halving is, in my opinion, the reason why the BTC price went up the whole first half of 2016. The halving itself is not too important for the price: As I've pointed out several times in this forum, the only thing it did is that it lowered the growth of the money supply, but this growth is still is about 5% per year. Bitcoin's fundamentals have changes since 2013 due to the growth of the dark markets and the increase in its use for criminal activities. The demand has grown. Let us all agree with that simple assumption.
I don't know if criminals are the reason, but that the demand has grown cannot be negated. At blockchain.info there are some interesting charts: block size, transaction volume (in transactions) and total paid transaction fees have grown strongly in 2016. All three are indicators of demand growth, but most notably the last one, because it means that the transaction volume growth was not due to spam increase (like in previous peaks) but because of real transactions because people are agreeing to pay slightly higher fees now. Compare the amount of commerce and trades that has happened between the dark and criminal underground markets and the legitimate markets since the beginning and we can assume that a majority of that activity is in the dark markets. The reason is because Bitcoin has no need to be present in markets served by the banks and it is the only thing and everything that will support illegal, underground, dark markets. |
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Bitsane admin, when are you going to add Ethereum Classic in the exchange? I see that Bitcoin and its "silver" Litecoin in the site. I also see Ethereum but where is ETC? That coin has the potential to bring in more traders in the site especially if it is allowed to be traded on margin because Poloniex does not offer margin trades for ETC.
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So after the first halving in 2012, there was a lag of a few months before we started seeing the price rise and ultimately reach its ATH. Many, including myself, predicted we would see something similar with the second halving. After the second halving earlier this year, there also wasn't any immediate significant rise in price. There was also the Bitfinex hack which would have a negative effect and possibly caused an even longer lag period. Could we now be seeing the effect of this year's halving with the price starting to surge after months of sitting in the 600's - 700's? Are there other factors which might be involved?
I do not know why you are making things up. The halving was already priced in because it was an expected event months before it was going to happen. Bitcoin's fundamentals have changes since 2013 due to the growth of the dark markets and the increase in its use for criminal activities. The demand has grown. Let us all agree with that simple assumption. |
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If many people are very unhappy with Bitcoin because it is slow and has low transaction throughput, why not support Litecoin? It has 4 times the speed and 4 times the allowed transaction throughput. Roger Ver should start supporting it instead of advocating for his hard fork.
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This on-going bitcoin rally is amazing for everyone who believes and I hope this won't just be another fake rally like we had in the past though it looks very different this time because bitcoin's fundamentals are getting much much better than in the past and the acceptance of mainstream people about how bitcoin works really makes this recent rally very special.
Do you have any evidence that the fundamentals got significantly better in the last six months? I see this current price rise as a speculation pump, yet again. No more than that. If someone has the data from the growth of the use of Bitcoin in the dark markets that would be a welcome gesture so that we could show everyone that the fundamentals have truly changed. We also have been seeing more and more news about people's computers that are infected with ransomware. Bitcoin's use case as an "X for ransom" currency is growing and will grow more in a serious way in the future once kidnap for ransom groups use Bitcoins. The whole point is yes, Bitcoin's fundamentals have changed since 2013. |
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I think we all know on some level this is worthless, simply a gambling toy. At least with gold you can melt it down and make something pretty.
No, we don't know that, it has value - the electricity and processing power invested into creating it. As for gold, you can also melt bronze and make something pretty, so the value of gold should be about $1 per pound by your own valuation. GOLD PLATES THE CONTACTS ON THE HARDWARE THAT MAKE BITCOIN POSSIBLE. NO GOLD = NO BITCOIN I would love to see gold at the price you suggest because the miners wouldn't be mining it. Bitcoin would be no more. That is a desperate argument against Bitcoin. Sorry Sir Alpha Goy but you have lost and no one is listening to you anymore. The people in the community are listening to what matters more and that is the market. It is telling us to hold because we will be having a good ride. It will also be good to buy the dips on the way up at +$1000. Enjoy your gold. |
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It is people like OP that helped Bitcoin's price to go up really fast lately. They keep saying that Bitcoin is over and done. They also say the price "should" go down. The minute they realize they are wrong they hurry up and buy at market because they are scared they might miss the big move. They did not realize that they are the big move and the whales dump on them.
Wind_FURY = Another troll-bear account, probably Kwukduck alt. First of all I am not a bear or a troll. I am a forever bull who likes to but the dips. Second I am not a Kwukduck alt account but I think you are an alt account of someone because you are registered last 2013 and yet you have very few posts. Maybe you are a bought account. Third I made a mistake. I do not mean to answer against the OP, my post was directed towards Sir Alpha Goy. Please check the whole thread and our posts against one another. |
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I have heard that bitcoin is not supported in some countries. But why ? Is it because bitcoin is risky ? Some countries even declare 6 months jail if her people use bitcoin. Is it fair ? I mined few cryptos and have left mining. It was fun and challenging too. But I never got any clear answer. What does my gpu actually do ? I pay electric bill, my room temperature goes high and I get paid. With actually no skill on pc hardware and software. Whole thing is still pretty unclear to me
I have never heard of such news because there are no laws that make Bitcoin illegal. There are other laws at present used to make the conversion of Bitcoin to fiat illegal. But laws making Bitcoins illegal per se, there are none. Please cite any news or articles and please post them in the OP. |
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bitcoin price will be around 4000-5000 USD per coin one day and that is already a couple of 100% rises and it will only happen slowly. i think something around 100% rise each year (give or take) is a good estimate of the future rises.
The thing with that is BTCBTCBTC will lose it's purpose, at least when when it comes to doing microtransactions. No it will not. Bitcoin will never lose its purpose as long as the dark markets are around. If you can give a good alternative to Bitcoin to be used by drug vendors, internet criminals and scammers, ransomware hackers and other underground markets that are not served by the banks then that it might lose its purpose. I think the ZCash is more suitable for the dark market. Maybe but Bitcoin is doing a good job as an avenue for value transfer and as a censorship resistant type of currency. In fact the Zero Coin Protocol can be added as a layer on top of Bitcoin as an optional feature if people want anonymous transactions. So Zcash has a good use case as a testnet for Bitcoin. |
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I have a question for those holding Bitcoin.
Is your Bitcoin really worth "x" amount of $$$? I do not know. All I know is I can sell them at $780 per coin right now. Should I care? Yes you should care. Depending on how many suckers there are to buy Bitcoin will depend on whether or not you can sell all your Bitcoins for $xxx.xx. If there is a Bitcoin run you absolutely should care. If whales dump hard you should care. If the IRS comes a knockin you should care. I could go on... Nope. That is not happening. IRS? Whales dumping? Neither of that will stop Bitcoin now. You know why? The Efficient Market Hypothesis, that is why. Bitcoin has already penetrated market niches that the banks will not serve and Bitcoin is doing an excellent job making those illegal markets efficient. In fact, it is strict regulations that are subsidizing Bitcoin making its value grow. |
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You must be a holder of free coins. Opinion dismissed,
Or a person who has no plans on giving up on Bitcoin so my opinion holds more worth because I am trying to back up what I say with action. What is your opinion on Bitcoin based on the questions by the OP? Please tell us. My opinion is that no global currency is going to take bitcoin seriously. Why? it has no backing and doesn't scale to any level that is relevant. Do we care? No. All I know is I can sell Bitcoins at more than $800 per coin at current prices. All we also know is the use of Bitcoin is growing in the dark markets and other criminal activites. What do "they" take seriously? Fiat money? That is more stupid. |
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It is people like OP that helped Bitcoin's price to go up really fast lately. They keep saying that Bitcoin is over and done. They also say the price "should" go down. The minute they realize they are wrong they hurry up and buy at market because they are scared they might miss the big move. They did not realize that they are the big move and the whales dump on them.
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Well, I rent hash power on nicehash and I spend 0.01 btc. after spending all of it, I only got 0.0004 in return. is renting hash power profitable? then why many people still renting hash power on them. am I doing something wrong?
First ask yourself why Nicehash are renting out hash power. Did it not occur to you that their rigs are not profitable for themselves? The purpose of renting out hash power is to transfer their risk to you. You are the hedge in their risk of their mining operation. So the answer to your question is a simple no. I get all your point. and thanks for a heads up for me not to rent hash power again. but the question right now is, why are there still people renting hash power on them spending like 1 bitcoin or more. I just dont really get it. Occasionally during certain times they can be profitable but the majority is no, it also depends on how they are paying. They don't have to be mining bitcoin and can be renting the miners for an altcoin that just launched trying to get a lot of coins at low difficulty, essentially they are gambling.The more reason not to give them your money. They are now truly passing all the risk to their customers if they are essentially gambling in altcoins which are all ponzi schemes. The answer to why there are people still buying? I ask you, are they really buying? How do you know? What if they are all paid shills in the forum trying to scam you? |
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You must be a holder of free coins. Opinion dismissed,
Or a person who has no plans on giving up on Bitcoin so my opinion holds more worth because I am trying to back up what I say with action. What is your opinion on Bitcoin based on the questions by the OP? Please tell us. |
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bitcoin price will be around 4000-5000 USD per coin one day and that is already a couple of 100% rises and it will only happen slowly. i think something around 100% rise each year (give or take) is a good estimate of the future rises.
The thing with that is BTCBTCBTC will lose it's purpose, at least when when it comes to doing microtransactions. No it will not. Bitcoin will never lose its purpose as long as the dark markets are around. If you can give a good alternative to Bitcoin to be used by drug vendors, internet criminals and scammers, ransomware hackers and other underground markets that are not served by the banks then that it might lose its purpose. |
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You have all lost your minds.
Fiat currency is a debt note.
Debt is for slaves and you love pricing your beloved asset in debt notes.
Every time you celebrate this you are celebrating the slavery to the system but you can't see it.
The more the BTC bot moves up the bids the more excited you get.
You have been hoodwinked and the IRS is waiting for you on the other side.
THIS IS CALLED SELLING OUT.
No we have not. We just like to celebrate so that trolls like you will be jealous. Are we going to convert our Bitcoins to fiat currency? Of course not! Are you crazy? We want to hold real and sound money. Unlike your debt notes that you love holding. Hip Hip hooray for Bitcoin! $1000 is only a few more steps away! |
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Then herein lies the real problem. Ask the banks what their definition of "blockchain" is and you realize and question if that is really a "blockchain" because the Satoshi definition is mostly the one for most of us. Before Bitcoin, did anyone really use the term "blockchain"?
If their definition of a blockchain, is a chain of blocks linked together then would that be enough to be called a "blockchain"? I think the breakthrough which is Proof of Word should always be there and should be inserted in that definition.
no satoshi was talking about blockchain in the full context of bitcoin. because the topic he was talking about was bitcoin. he never really thought much about altcoins back in the first days, so was not talking about blockchain as just a separate topic bitcoin is a patchwork quilt of many many things brought together. which makes bitcoin special. but blockchain and bitcoin are not on the same level. blockchain is a base level template. that needs building on sha256 was a breakthrough in 2001 cryptographic signatures (ecdsa) was a breakthrough in 1999 proof of work was a breakthrough in 1997... ripemd was a breakthrough in 1995 i could go on. if you want to start saying blockchain has certain things as a prerequisite.. then you start getting into deeper questions like if PoW is a prerequisite. then PoS coins are not blockchains? or if PoW is a prerequisite. then you cant leave PoW details blank otherwise its an empty gesture/useless to have included PoW as a prerequisite if PoW is a prerequisite. then what PoW .. MD5 hashed, sha1, sha2, sha3. if PoW is a prerequisite. then once you answer the detail of the hash required you then have to answer what length nonce is needed. if PoW is a prerequisite. then once you answer the detail of the hash&nonce length required you then have to answer difficulty mechanism is needed if PoW is a prerequisite. then once you answer the detail of the hash&nonce length& difficulty required you then have to answer difficulty retarget period. yep. by saying PoW is needed you then start tumbling down a hill of creating an altcoin by having to get specific purely to even say PoW is needed because PoW needs prerequisiteshowever blockchain is a blank template. where it can go in any direction.. PoW, PoS PoA, etc. the data within the blocks can be anything. the timing of the blocks can be anything. distribution variation, diversity. etc etc etc Ok I get your point. But I still do not get how a "blockchain" is more efficient and faster than the legacy systems they have right now like SWIFT. If you or someone can explain to me if there is a need for and how a "blockchain" or let us just call it distributed databases can make their systems more efficient and faster, I would be happy to listen. My whole point with my argument is banks do not need a "blockchain". It is only a buzzword used because Bitcoin is getting more popular. |
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Never did they consider the real culprit for the rise of Bitcoin. That is the growth if the dark market and the growing use of Bitcoin for criminal activity. Whoever wrote that article is only making up a story to make the "rara" cheer leaders of Bitcoin feel better. The writer may even be a supporter of Segwit.
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I have a question for those holding Bitcoin.
Is your Bitcoin really worth "x" amount of $$$? I do not know. All I know is I can sell them at $780 per coin right now. Should I care? What happens if lets say 5 big Bitcoin holders were to flee the market today? Then it will crash. They can do it now if they want. But will it be good for them to dump? No, so they hold. But I encourage them to dump. Please. Are there enough buyers to inflate the price back up? Maybe. We are seeing it happen right now. But who cares about the price. It can go down anytime and I see that as an opportunity to buy more. So please let the price fall everyone. What if a run were to occur on Bitcoin? A run? I do not what you mean but if that will make the price fall that is a welcome opportunity to buy more. Do you think that all investors would get the same amount of money for their coin? No. Some sell at lower prices, some at higher prices. With global currencies sliding in value consider this when building your exit strategy. Exit strategy? There is no exit strategy. Bitcoin holder for life here. As global currencies weaken the likelihood of liquidating your position for "fair market value" deteriorates.
Who cares. |
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