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1981
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Economy / Economics / Re: Is it possible to live without banks?
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on: November 17, 2020, 07:50:50 PM
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With the world's economy collapsing, people are looking for alternative safe-haven assets to use in times of turmoil. Interest in crypto has sparked a lot ever since the stock market went on a decline. If people decide to use crypto, precious metals, and physical cash, will it be possible to live a normal life without a bank? In my case, I'd be willing to exit the banking system in order to have true sovereignty over my money. After all, that's what crypto is all about. If you could live your normal life without the need to ever interact with a bank (having a bank account to make transactions, etc), it'll be a blast. With the world shifting towards the online realm for e-commerce, virtual meetings, and more, it seems likely that people will be using decentralized money more thoroughly. There are still people using credit/debit cards, but that may change soon as Fiat becomes hyper-inflated. What are your thoughts?  Actually, many people live their lives and never cross the threshold of banks. They did not have bank accounts and did not use loans. However, it should be borne in mind that if we use cash, then we are actually using the services of banks. After all, paper money is issued by the central bank of the state, and I see no reason to refuse it. |
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1982
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Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple the next bitcoin?
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on: November 16, 2020, 06:23:02 PM
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I can’t even understand how ripple can bypass bitcoin, by what signs. To the level of price or capitalization, ripple can never be compared to Bitcoin. Ripple compares favorably with the speed and low cost of transactions. However, a centralized cryptocurrency cannot be the leader of a decentralized cryptocurrency. This is completely absurd.
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1983
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Alternate cryptocurrencies / Altcoin Discussion / Re: Ethereum 2.0 is launched
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on: November 16, 2020, 05:48:23 PM
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This is the hardest part of the process, if we can handle this, rest should be a lot easier. Also we have to realize that we are moving from proof of work to proof of stake for the second biggest coin in the market
It is a 0x00000000219ab540356cbb839cbe05303d7705fa contract address from Ethereum to collect 32 Ether from 16384 validators required. Until this time (08.00 UTC+7 Nov 15), the amount of Ether collected is around 81k Ether, or this is only about 15% of the target. There is still 15 days to meet the target to trigger eth2 genesis. I think that the probability of hitting the target 524k Eth is very difficult to measure with the remaining time. This could be another support by some people who want to keep using Proof Of Work as the Ethereum blockchain network consensus algorithm. Maybe there will be a slight delay if on December 1, 2020 if the number of validators does not meet the target. And I am more and more curious about it. What do you think will happen if the target is not achieved? If the target for the deposit contract is not achieved, the launch of the zero phase of improvements will be postponed at least until the beginning of January next year. Of course, December 1 is a more convenient time, since by the end of the year we expect to see a good growth rate for Bitcoin and the entire cryptocurrency market. At the same time, the launch of the zero phase would give another impetus to the acceleration of this growth. |
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1984
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Bitcoin / Bitcoin Discussion / Re: What if China wants to takeover bitcoin? (Assuming controllable majority of hash
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on: November 16, 2020, 07:34:39 AM
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While impossible to do, the Chinese government has little or no interest in bitcoin. They are finishing testing their digital yuan, creating a legal basis for its circulation, and most likely will take measures to protect it.
It is impossible to seize the bitcoins that are mined on the territory of China by the government. In addition, the Chinese government demonstrates to the whole world that it solves problems in a civilized manner and therefore such gangster methods are excluded in this case.
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1985
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Bitcoin / Bitcoin Discussion / Re: Quantum Computer Will Destroy Bitcoin
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on: November 16, 2020, 07:11:47 AM
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Quantum computers are still not as close as you think, so don't think about it now.
In theory and in practice, such a threat still exists. When it becomes reality, it will be too late for many to panic. They will simply be at a loss to consider their empty wallets. However, the first thing to be wary of is the big whales. In this case, they will be the first to be targeted by attackers. Let's hope that by that time they will find how to secure the cryptocurrency from this problem. |
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1986
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Alternate cryptocurrencies / Altcoin Discussion / Re: Yearn.Finance (YFI) hits $28k
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on: November 15, 2020, 03:10:17 PM
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The YFI token was released in July and in two months, thanks to well-organized hype, has risen in price to unprecedented heights - more than forty-three thousand dollars. On November 5, its price dropped to almost eight thousand dollars, after which its price began to slowly rise and today is 17,737 dollars. However, this token is unlikely to reach the previous price heights.
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1988
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Alternate cryptocurrencies / Altcoin Discussion / Re: Lebanon to launch digital currency in face of economic and financial turmoil
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on: November 15, 2020, 02:41:40 PM
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Now about 80 percent of states are working on the issue of their national digitized currencies and this must be recognized as a positive moment in the reorganization of the efficiency of the financial system of society. Digital technologies are increasingly penetrating all areas of human life. One of the most significant developments in the field of the emergence of stablecoins of central banks of states is expected to be issued by the Chinese government of the digitized yuan in the near future. This national stablecoin is already completing testing and the country's government is preparing legal documents for its circulation. These documents could have far-reaching implications for the existence of other stablecoins, as the digitized yuan is declared property of China and therefore prohibited from being used by others as collateral for any other stablecoins.
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1989
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Economy / Economics / Re: Bitcoin will replace oil and Gold
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on: November 15, 2020, 07:48:11 AM
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Bitcoin will replace oil and Gold Sure. Very soon we will melt bitcoin for semi-conductors and jewelry, and will burn it in car engines to move stuff around  Yes, when bitcoin replaces our water and air, then perhaps it will be able to replace our oil and gold. Considering that we will hardly be able to breathe bitcoin and drink it as well, it will also not work to replace gold with it and hang bitcoin for women instead of jewelry. Cryptocurrency is nothing more than an alternative means of payment, which can exist only along with the currency of states and will not replace anything with itself. These are all children's fantasies. |
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1990
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Economy / Economics / Re: Why has crypto failed to break through still?
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on: November 15, 2020, 07:34:22 AM
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Why are governments still in control of the money printing process? how has cryptocurrency failed to make a dent?
Are we as a community too scared to challenge the status quo?
It has been and will always be so. The government will always control the monetary system in its territory. Cryptocurrency cannot radically change anything in this regard. It creates an alternative for the current payment system, but it will exist in parallel with traditional currencies, but not replace them. As long as states exist, they will control the financial system, since it is in fact an important part of the political system of the state. Any attempt to deprive states of financial control will be severely suppressed by the state's repressive system. |
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1991
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Bitcoin / Bitcoin Discussion / Re: Can people rebel against bitcoin?
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on: November 14, 2020, 05:42:25 PM
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There have already been studies in the United States and Europe on the use of bitcoin by criminals. Among the use of cryptocurrency for criminal purposes, bitcoin accounted for only a few percent. Bitcoin is actually very little used by criminals due to the fact that it is not completely anonymous and under certain circumstances can be traced by law enforcement agencies. However, even if it were often used for criminal purposes, it is only a means of crime in the hands of malefactors. For example, many people are constantly being killed with the help of kitchen knives or cars. However, it never occurs to anyone to prohibit the use of cars or kitchen knives. Therefore, this problem is contrived.
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1992
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Alternate cryptocurrencies / Altcoin Discussion / Re: Time that there will be no new altcoin projects anymore
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on: November 14, 2020, 07:47:45 AM
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Since the creation of Ethereum and other smart contract-based and token creation platforms we have seen the number of newly launched projects token created, we now have thousands of dead tokens and coins but many are still create it seems many tokens just come and go.
Do you think we will have a time that there will be no new tokens created and people will stop investing and supporting new tokens or coins?
I do not think that will happen. Just as the circle of life goes, there will always be new projects to compensate for the dead ones. I have been observing the crypto space and it's clear that people will keep on investing as far as they know they can get some gains from it. That is why DeFi grew very popular this year. Yes, new projects will always appear. Humanity is constantly evolving, it cannot stop in its development. Therefore, a new application for cryptocurrency will always be provided. New tasks and new opportunities for solving them constantly appear before a person. It will always be as long as we exist. |
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1993
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Alternate cryptocurrencies / Altcoin Discussion / Re: We need more decentralized stablecoins
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on: November 14, 2020, 07:34:34 AM
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We will definitely need to have more decentralized stable coins in the future because when global adoption happens and making it as a replacement to fiat then the demand will be sky-high.
Around the globe, every individual will soon be needing these coins, and bitcoin and other existing decentralized stable coin may not suffice the need of everyone, for we all know that bitcoin has a limitation on the number of coins that can be mined. Centralized stablecoin has no difference with fiat that is subject or being controlled by a financial institution which is far different from the main idea of decentralized currency.
The Chinese government is now drafting documents on the legal support of the circulation of its digitized yuan. They declare the digital yuan to be the property of China and prohibit its use by others as a means of providing other stablecoins. It is possible that other states, over time, may also follow China's example. Then stable coins of various forms of ownership, except for state ones, will be outlawed. Decentralized stablecoins will have to look for other ways of collateral. It could be gold, cryptocurrency, or something else. |
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1995
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Economy / Economics / Re: Need of the hour : Use the Crisis
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on: November 14, 2020, 06:42:20 AM
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Hello everyone I am quite aware that we all are going through a tough time. With the third wave of the virus , the lockdown have caused chaos worldwide. I do think that the only possible solution we have is to: Use the Crisis in our favour. Think about all the things that can be done to start a new business, earn from home. As for me I believe we have to rely less on the government but more importantly start small businesses, this is the only way that we will be able to go though the pandemic. -start small businesses Example: Food service , tutoring kids through zoom etc.. -go with small investments and look for what people are looking, if you are living in an area with students living in hostel , 24*7 food service is going to get you like 100-200$ per 2-3 days ( Tried and tested  ) -only apply for those jobs which do have favourable conditions for the workers ex- free insurance etc. What is your business idea ? During this pandemic? You think it would work ? Why/why not ? Let's share ! Small businesses have been hit hardest during the coronavirus pandemic. Public catering is exactly the type of business that is closed in the first place when there are complications in the fight against this virus. If the coronavirus interfered with our usual occupation, then it would be better to do more cryptocurrency. |
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1996
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Economy / Economics / Re: China is looking to get rid of the US dollar
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on: November 14, 2020, 06:27:58 AM
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China is looking to get rid of the US dollar
Having all your eggs in the same basket is bad. China is diversifying. Not just now, they are doing this for more than a decade. They mainly buy God and other currencies. Eventually will switch also to Bitcoin, but that will probably be closer to end of this decade. The Chinese government is very competent in the field of finance for their country. Their yuan is strengthening and, together with the digital yuan, will soon be able to claim to replace the dollar. It must be remembered that the dollar is printed almost uncontrollably and has no collateral, so the world should not rely on its value. It only provides the US government with unlimited financial power and advantages over other countries. States will not switch to bitcoin. They will focus on their digitalized central bank currencies. |
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1997
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Economy / Economics / Re: Technology is rendering the fiat money system of the 20th Century obsolete
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on: November 14, 2020, 06:01:30 AM
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The fiat of a thing seem more of an old era currency, but we still make use of it today, it will take time before it can be completely eradicated, because many people still depend on it as they make use of it daily, people depend on both the paper and and digital aspect and I do not see it to be obsolete for now. With time, it is very possible it will become obsolete, but this will take long time to achieve, when CBDC will be the fiat of tomorrow which will make use of blockchain technology to operate, and this is happening already as many countries now creating their own cryptocurrencies.
It is undeniable that paper money has already become a burden even for states due to the high cost of issuing and servicing it, but paper money should not be treated as unnecessary in the current digital age. High technologies are very unreliable for humanity during the current climate change and massive natural disasters. Now we have become very dependent on the Internet and other technical means. You can imagine what will happen if the Internet disappears due to some kind of global catastrophe. Physical money should exist as a backup system of payments for any unpredictable disasters. And it should be borne in mind that cash is the most untraceable. |
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1998
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Alternate cryptocurrencies / Altcoin Discussion / Re: Hidden team members or not make any difference?
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on: November 13, 2020, 07:21:43 AM
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There are various kind of old crypto projects that has no team but still they are among the best projects today, I believe this happened because many old projects followed the footstep of Bitcoin, bitcoin would have been in tougher situations if the team or ceo is public I believe but today it's a complete different story or should I say experience? Since the birth of ICO we've seen tons of scam projects that aren't scared of revealing their faces even when they knew they are going to exit scam on investors fund, so for me hidden team members or not still doesn't make a difference..
If the ICO team does not want to disclose their names, then how to check this project and make sure that it is not fraudulent? For investors, this will be of paramount importance as fraud is a major problem in this type of activity. In spite of everything, I would not risk investing in a project with an anonymous team. |
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1999
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Alternate cryptocurrencies / Altcoin Discussion / Re: BUY 32 ETH
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on: November 13, 2020, 07:11:14 AM
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It is not enough to just buy 32 ETH and you become validator, things are more complicated than that. First, your ETH will be locked for period of 2 years,and that is not insignificant at all.That means that you wont be able to get it back in case you want to seel.Once you send it to special contract adress,thats it. Next thing,you will need decent computer to be abelt o run the node. Here are the recommended specifications Operating system : 64-bit Linux, Mac OS X, Windows
Processor : Intel Core i7-4770 or AMD FX-8310 (or better)
Memory : 8GB RAM
Storage space : 100GB solid state drive free space
Internet connection : Broadband Internet connection (10 Mbps)
Power supply : Uninterruptible power supply (UPS) As you can see, computer will have to have UPS or uninterruptible power source because you will have to be online 24/7, 365 days per year. If not, you will get fine that will be deducted from that 32 ETH you deposited. So obviously to become validator you will have to meet some technical requirements so this wont be for everyone, but those whho decide to join will get average 15% profit per year,which is good incentive. With all this being set,I hope there will be some public pools that we will be able to join,for those like me who dont have 32 ETH or dont want to bother with all the other stuff needed to become validator. Yups, I also don't want to report to be a validator it's just that now it's a good idea to buy more Ethereum because everyone who wants to become a validator is required to deposit their 32 eth and it will hold for 2 years meaning the supply of eth will decrease. the law of the market is that supply is reduced the price will soar  Now I'm confused, I thought the 32ETH is all we need to stake ethereum but now I'm hearing about validating, I don't want to become a validator, I just want to hold my Ethereum in staking mode and earn more ethereum, now that things are more complicated what is the reason for switching algorithm? The technical requirements in order to be able to receive 15 percent of the annual income from their invested 32 ETH are quite significant and above all the constant connection to the network. I think that in the future, simpler staking should appear, but it will also be more risky. |
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2000
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Alternate cryptocurrencies / Altcoin Discussion / Re: Ethereum 2.0 is launched
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on: November 13, 2020, 06:51:26 AM
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It is hardly worth agreeing with the information that Ethereum 2.0 has already been launched. So far, a deposit in ETH has just been launched to raise funds for the further launch of the zero phase of these improvements. In the meantime, this is not very successful and therefore may result in a launch delay for at least another month. However, Ethereum 2.0 will be launched in the near future and it will be an important event for both the ethereum network and the users of this coin.
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