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It is quite important to maintain a sense of realism and judge things as they are, rather than as they appear. In the case of cryptocurrency, if one looks at the money supply of an established but by no means big country like the UK, which stands at around 1.7 trillion as of July this year, one can see that cryptocurrency, with a combined market capitalization of 134 billion, is nowhere near the money supply of a single country, let alone that of an important player in the world economy, as no doubt it will occupy such a position in the future.
This is a good point. Another way to put it in context is that the value of all the gold in the world is about $7 trillion. There's still a ton of room for growth for both Bitcoin and the crypto market in general.
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The FUD from last week dropped the price of Bitcoin and the whole crypto market for a relatively short amount of time, suggesting that it was just that - FUD. Prices still haven't recovered all the way but the bounced back extremely fast off the short term lows, which is a good sign long term.
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We integrated Doge as the second coin (after Bitcoin) on our commenting platform because it's perfect for tipping. The fees are tiny and the transactions are fast.
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If you want a deep understanding of how Bitcoin works (it's actually much more complex than it seems on the surface), I recommend this free course from Princeton. In addition to being extremely informative, it gives an appreciation for how brilliant the design of blockchain is and how much potential it has beyond cryptocurrency. https://www.coursera.org/learn/cryptocurrency
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People in China can still invest in existing crypto like Bitcoin and foreign ICOs, which hopefully they will more now that they can't invest in local ICOs.
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The only upside I can see is that maybe if there are no native Chinese ICOs, Chinese investors interested in crypto have no alternative than to put their capital in international projects (assuming they don't shut down the Chinese exchanges as well as local ICOs). Overall though there's no way to spin this as anything other than a huge blow to the industry.
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I used to think Dogecoin was sort of a goof, but I'm finding that it's great for microtransactions like tipping so it's quickly becoming my favorite altcoin.
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Whenever you see a pullback like this you have to zoom out a bit and put it in context. If a coin is down 10% today but it's up 20% for the week and 30% for the month, there's nothing alarming about that (unless you bought yesterday).
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OP what do you have in mind when you say backers? Do you mean the team, or investors, advisors, partners, something else, all of the above?
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This reminds me of the "computationally impractical to reverse" link from a while ago. It's probably just coincidence, but it's fun to speculate about. In October 2011, writing for Fast Company, investigative journalist Adam Penenberg cited circumstantial evidence suggesting Neal King, Vladimir Oksman and Charles Bry could be Nakamoto.[69] They jointly filed a patent application that contained the phrase "computationally impractical to reverse" in 2008, which was also used in the bitcoin white paper by Nakamoto.[70] The domain name bitcoin.org was registered three days after the patent was filed. All three men denied being Nakamoto when contacted by Penenberg. https://en.wikipedia.org/wiki/Satoshi_Nakamoto#Other_speculation
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Hello Mr. Greenberg,
Prediction markets were shut down in the US a while back but now they seem to be doing well on blockchain.
I would like to add prediction market functionality to my website but I don't know if it's something I could get in trouble for.
Is there some legally safe way to offer prediction market services?
Thanks!
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Since bitcoin is decentralized, the only important aspect that can really be regulated is when it's converted to fiat. The worst a government could effectively do is shut down the ability to exchange bitcoin for the national currency. Unless a lot of governments did that at the same time, it couldn't really hurt bitcoin since you'd still be able to use it even in countries where it's regulated and it would retain its value since people in unregulated countries could still convert it to local fiat.
Governments would have to be really stupid to do that though because they'd be killing the blockchain ecosystem in their country and all these startups with so much potential would move to other places.
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In addition to posting, you also have to wait a certain amount of time to go up in rank. Every two weeks you can get up to 14 activity points.
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Same reason VCs keep investing in startups even though the vast majority of them fail.
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Anyone know what was behind the price spike yesterday? I read that the BCH rise was due to a lot of volume in South Korea but I haven't seen an explanation for what happened with Dash.
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Andreas Antonopoulos especially if you like podcasts. He's been on Joe Rogan a few times, always informative.
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Something people often overlook when comparing Paypal to Bitcoin is how much easier it is to get started using Bitcoin. With Paypal you have to give up all kinds of private information and to really use it fully you have to tie it to a bank account. Even if you don't care about privacy, the hassle of getting started compared to Bitcoin is a factor.
Then on top of that there issues when sending money internationally, chargebacks being at Paypal's discretion, Paypal being able to freeze your account for any reason, etc. The difference between Bitcoin and Paypal is already comparable to the difference between something like Netflix and Blockbuster, and Bitcoin is only going to keep getting better.
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Joe Kennedy got out of the market when he got a stock tip from a shoe shine boy. That's one way to tell when a market is at a peak - when people who normally don't invest and who don't know what they're talking about get excited. There were signs of that during the crypto boom earlier this year but it doesn't feel like we're there yet this cycle. It's actually the opposite - right now there's still negativity about things like the SEC ICO report and that goofy article from Forbes yesterday.
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If you made a coin a share in a company it would classify it as a security, which you don't want to do especially if you're in the US. What you have to do is give the coin some use within the context of the product you're building rather than make it an equity share. This is a good starting point if you want to learn more: https://www.coinbase.com/legal/securities-law-framework.pdf
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