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1  Bitcoin / Bitcoin Discussion / Re: On most altcoins disappearing on: January 27, 2020, 02:13:25 PM
I do think altcoins disappearing will be a net positive for bitcoin in the long term. I think that it will make people realize that 99% of projects are just purely fluff, and what mostly matters is bitcoin. People are just creating blockchains for literally anything that it's beyond stupid. Think about all those scams that left a bad taste on people's mouths.


Altcoins exist because they fulfil a need that bitcoin fails to fulfil. For example, I move money from exchanges using alts simply because the withdrawal fees on bitcoin are too large. There are never any mempool backlogs on alts either, so you can move coins like Litecoin or Doge swiftly and then exchange for fiat on exchanges like Kraken.
2  Economy / Economics / Re: New York City Stores Must Accept Cash Council Says on: January 27, 2020, 01:13:47 PM

Cashless societies being progressive leftist movements. It is curious to see one of the most progressive and left leaning states in the entire USA adopt policies which buck the trend. Ditto with leftist progressive california mirroring these anti cashless society paradigms.

I don't suppose they're doing this to make life easier for illegal immigrants who may not have access to debit cards or bank accounts?


No - they're banning cashless retailers because of the very real risk that if credit card terminals are hacked, or the electricity grid is hacked, the whole economy goes down.

In the UK, we've had several instances of banking IT going down, which means no-one can use the cards from the bank. If you have no cash at hand, you can't pay for food and petrol during the downtime.

You must always build fail-safes into a system - and cash is a fail safe.
3  Economy / Economics / Re: Centralized exchanges have become the banks of the cryptocurrency world on: January 27, 2020, 12:36:05 PM
It's difficult for a small community coin to grow if there is no "purge" event.

Yes I agree. What needs to happen is that a lot of these shitcoins need to die a death, freeing up the space for the good coins.

But - and this is the connundrum - as long as a coin is listed, it's alive and will be kept alive by various pump-and-dump artists. So really we need some of the exchanges to die as well, taking some coins with them.
4  Economy / Economics / Re: Centralized exchanges have become the banks of the cryptocurrency world on: January 27, 2020, 12:03:22 PM
Centralized Exchanges are the banks of the crypto world, if you let them become that. In my mind, if you build a great coin with great features (think of something like XMR), then you're going to get the exchanges to accept you without having to dump tons of money on exchange fees. This is the thought process of 'if you build it, they'll come'



But that is not what is happening, sadly. You can have the best coin in the world, but they won't list it unless a) you pay them money or b) you have proved there is so much volume on a Dex, that they list it anyway to get a cut of the fees on the trading volume.

In order for b) to happen, you need a huge community. It's hard to build a community in the cryotocurrency world because there is no central place any longer where you can gain followers. It used to be this forum, but it's now fragmented into several subreddits, twitter, facebook and elsewhere.
5  Economy / Speculation / Re: Corona Virus will Impact the price of Bitcoin ? on: January 26, 2020, 11:40:32 AM
The corona virus has been attacked in many countries. Many People have died and many more people have been attacked this virus. so do you think situation with corona virus will impact the price of Bitcoin.

It will affect over-the-counter bitcoin purchases in China. Remember China has no exchanges (because their govt declared them illegal), so all bitcoin purchases are done secretly in person, or by travelling to HongKong.

Because this virus has not been contained, everyone will be at home, and they won't be thinking about bitcoin at all.
6  Economy / Economics / Re: Venezuela Is Now More Than 50% Dollarized, Study Finds on: January 26, 2020, 11:28:01 AM

However, each and every country has a black market. And the black market plays a very vital role not only in terms of the country's economy but also in terms of the people's access to whatever is declared illegal by the current government. Foreign currencies are always offered in the black market. This would solve any government's ban on specific foreign currencies.

Not all countries have a black market denominated in a foreign currency. I doubt the Americans, Swiss, British or eurozone countries bother with foreign currencies at all. You would only trade in a foreign currency if your own currency was inflationary and retailers were reluctant to accept it as a result.
7  Economy / Economics / Centralized exchanges have become the banks of the cryptocurrency world on: January 26, 2020, 11:14:33 AM
https://www.ccn.com/the-dark-side-of-becoming-the-next-bitcoin/

Quote
Your favorite altcoin’s path to becoming the “next Bitcoin” is a lot more treacherous than you think.

The CEO of uPlexa (UPX) told CCN.com about the financial and ethical minefield faced by upstart altcoin projects in the cryptocurrency industry. Kyle Pierce – the project’s co-founder and lead developer – paints a miserable picture of an industry that may already have been taken over by its worst people.

The “king-making” ability of centralized exchanges is no secret. The CEO of DigiByte (DGB) claims he was asked for $300,000, plus 3% of his 58th ranked altcoin’s entire coin supply, to get listed on Binance.

The demands made of the 1,371st-ranked uPlexa were equally outrageous. According to Pierce:

    We’ve had offers for 50% of the premine to get listed on an exchange. 50% of our premine that’s allocated to exchange listings, marketing, hiring, founding team, core members, security audits, etc. They somehow believe that one hour of their time is worth nearly 6,000+ of our current man hours into this project.

Pierce says the saturation of centralized exchanges is making matters worse. Over 1,500 exchanges now compete for the same territory. As that number increases, the desperation of each rises accordingly.

    There’s 1500+ centralized exchanges that offer the exact same service, and they’re starting to lose volume. So they artificially boost the volume and hire VA’s to go around soliciting every team member of every project in hopes to quickly make a quick buck before their watering hole dries up.

These exchanges have become a choke-point for the cryptocurrency industry. The only way to get listed is to play their game. That means new cryptocurrency projects have their development plans dictated to them before they’ve even begun.

    For projects who did not participate in the IEO/ICO stages and have no funding, it is nearly impossible to get listed on an exchange. So, firstly, not only are people predominantly trading on centralized exchanges in a decentralized area, but the exchanges that are making huge sums of money are killing off the potential for real-world technologies to get noticed/adopted.

Another exchange told Pierce they would be happy to list his project, if only they moved away from “the whole privacy thing.”

There is a lot more in that article about the perils of launching a coin.

The only solution it seems to me, is to build a community and then get that community to use a decentralised exchange. The only reason Dex's arn't being used is because there isn't volume there - but that can be solved if an entire community decides to use a particular Dex.
8  Bitcoin / Bitcoin Discussion / Re: How I Crypto on: January 26, 2020, 10:34:26 AM
#HowICrypto

Have fun with it and hashtag #HowIcrypto where you use social media.

I use cryptocurrency every single day, I mostly use a middleman like Bitpay to process all of my transactions. So even though I might not be buying bread with USD, I used my Bitcoin to make the purchase. This makes it nice for me since I run my business in the crypto space, I can get paid from someone in China instantly and buy food at the store within 5 minutes. I love that about bitcoin, what about you?
Wow, this is very encouraging. And you're not overpaying by using BTC instead of fiat? Or perhaps you do pay significantly more, but you are alright with such sacrifices for the greater good of promoting Bitcoin?
Also, perhaps you could give some advice on how to use Bitcoin every day to pay for regular stuff? The only things I saw were very distant from what I usually buy, and I did not feel like wasting money on something I don't need for the sake of spending BTC.

Bitpay converts using the spot price. So at the time you buy, you are paying the same as if you had bought in fiat.

Of course if the price of bitcoin then goes up, you have overpaid. But if it goes down, you underpaid.
9  Alternate cryptocurrencies / Altcoin Discussion / Re: Gold backed Tether coming. on: January 26, 2020, 10:02:50 AM
As ERC20 And TRC20.

Tell me about it.

100% either a scam or a misunderstanding since it is impossible to have a gold backed "Tether". Learn from history, have you ever heard of the "Liberty Dollar"? Warehouses full of gold get raided by the Feds. Simple conclusion: ERC20 and/or TRC20 backed by pure BS.

Tether has a questionable and controversial history that is I am quite wary of this so-called TetherGold but knowing that people behind Tether has this capacity to pull things and make them accepted by the market and be successful then I would not wonder if this new option (a gold-backed at that) can soon be as popular as the one backed by the usual fiat money. Seems to be that there are many people who are interested anything connected with gold, certainly a good market can be waiting for this one. 

They're just drawing even more attention from regulators with this proposal. Besides, does anyone trust that they have gold to back their coin? If not, no-one will use it.
10  Alternate cryptocurrencies / Service Discussion (Altcoins) / Re: Same order in Buy and Sell order book - Explain please? on: January 25, 2020, 01:07:01 PM
Can someone please help me understand what's going on in this order book? This is a screenshot of the XRP/USDT order book from Poloniex today. I have often noticed that there is a sell order and a buy order of almost the same size (usually quite large) and I think it is the same person doing it (either manually or using a bot)



The prices are different.

If you have a buy order of 100 units at price 1, and a sell order of 100 units at price 1.10, then your profit is the difference less trading fees.

This is how market makers make their profits.
11  Economy / Economics / Re: 6 Bankers Accused of Earning €30M in Bonuses From German Fraud on: January 25, 2020, 12:47:49 PM
Is this news shocking at all? No it isnt.We have seen already in the past about these Bankers got involved into any fraud or shady bonuses and this isnt a new business or new thing.

I personally blame the German government for having such a stupid tax code with such huge loopholes.

They all know that banks and others will exploit loopholes, this is what they've been doing since the dawn of time - so design the legislation to prevent them!

The loophole was open from 2001 to 2012 - so legislators were asleep at the wheel if they didn't realise that a) a loophole existed and b) didn't rush to close it.
12  Alternate cryptocurrencies / Service Discussion (Altcoins) / Re: Where can i buy something with Litecoin? on: January 24, 2020, 12:41:46 PM
Where are you located?

If you are in the UK, you can buy gift cards with Litecoin on the following site:

https://www.cryptodechange.com/

Scroll right to the bottom to select the currency you want.

They sell supermarket gift cards, so in theory you can buy all your food using a card you paid for with litecoin.
13  Economy / Economics / Re: !!!!World Economic Forum in Davos 2020!!!! on: January 24, 2020, 11:43:18 AM
Davos is not what it was - loads of leaders are staying away. Partly because there is a feeling that Davos gives millionaires and Wall Street close access to leaders of governments, and it's not a good look for leaders to be seen to be lobbied by rich people.

President Macron has not turned up, Boris Johnson has not turned up.

Not sure what the worth of the forum is if decision makers in governments are not going.
14  Economy / Economics / Re: 10M Bitcoins Haven’t Moved in More Than a Year, Highest Since 2017 on: January 24, 2020, 03:25:40 AM
Much more scarier is the fact that this too high of an amount didn't circulate in the market which is bad for a currency in the rise like bitcoin. Hopefully things change for the better on this coming halving because if it doesn't end well bitcoin might collapse, which will pretty much mean certain death for the cryptocurrency world.

I think this is proof that bitcoin is no longer a means of payment, or a currency. It's a digital asset.

If there is to be a currency, it will likely be an alt that is inflationary that people are happy to spend (like doge or steem).
15  Economy / Economics / Re: Dollar Vigilante Ed Bugos on Iran, Gold, Bitcoin, Monero & US National Debt on: January 24, 2020, 12:56:38 AM

The US dollar’s role as a reserve currency has become obsolete and the incentives to keep capital in America are not so great anymore, comparatively speaking. As the speculative bubbles of the last decade unwind you will see a dollar crisis like no other that will drive gold to $5k, or $10k, maybe higher if someone like Sanders ever got in and turned America into Venezuela.



I disagree with the above.

Here is the IMF data on reserve currencies:



which comes from the following article:

https://wolfstreet.com/2020/01/02/us-dollar-as-global-reserve-currency-chinese-renminbi/

The dollar is very far from being obsolete, mainly because all the other currencies are performing worse.
16  Economy / Economics / Re: Winklevoss-Led Gemini Exchange Now Has Its Own Insurance Company on: January 24, 2020, 12:38:28 AM


Actually CME is using CME CF Bitcoin Reference Rate for daily settlement and CME CF Bitcoin Real-Time Index for marking to market during the day (basically the same methodology, par some details).

Quote
CME CF Bitcoin Reference Rate & CME CF Bitcoin Real-Time Index
CME CF Bitcoin Reference Rate (BRR) and CME CF Bitcoin Real-Time Index (BRTI), a standardized reference rate and spot price index with independent oversight are accelerating the professionalization of bitcoin trading. CME CF Crypto Currencies Indices have been generating BRR and BRTI rates since November 2016 with several bitcoin exchanges and trading platforms providing pricing data, including Bitstamp, Coinbase, Gemini, itBit, and Kraken.

So Gemini is only one of the 5 venue used to compute an average whose value is used to settle the future.


Chicago Board of Exchange (CBoE) is a different futures provider than the Chicago Mercantile Exchange (CME)
17  Economy / Economics / Re: Winklevoss-Led Gemini Exchange Now Has Its Own Insurance Company on: January 23, 2020, 01:53:01 PM
Regarding price setting, it turns out that the Chicago Board of Exchange is using the price on the Gemini exchange for their futures contracts:

https://fortune.com/2017/12/12/winklevoss-twins-bitcoin-futures/

Quote
The Winklevoss twins are co-founders of the Gemini exchange, which Cboe Global Markets Inc. is using as the basis for the daily settlement for the bitcoin futures that began trading this week.

If a whole eco-system is built up which uses Gemini for price-setting, they'll eventually get their ETF approved, also using Gemini for the price.
18  Bitcoin / Bitcoin Discussion / Re: As expected THE LIAR, CLOWN 'John McAfee' backs down from $1M claim on: January 23, 2020, 01:34:03 PM
It is not a big surprise because John McAfee himself proved that he is a pathological liar and a scammer throughout his time in this space as he promoted many scams coins in the market in the past and it is a known fact that he charged $105,000 USD to promote any scam project and the countless number of investors who fell victims to his promotion. Take a look at the tokens he promoted Shivers, bezop, Simmitri, Docademic, latium, Cpollo, SAFEX and you come to a conclusion on how to trust him.
Why this person is still being discussed, as if he has a certain weight in the cryptocurrency world and can influence the market through his actions.  If every cryptocurrency user already knows that McAfee is a fraudster, then it is better not to pay attention to his statements or actions.  Or does he have an influence on what is happening?

Because he's famous in the tech world for starting the McAfee antivirus software in the 1990's.

Sadly, bitcoiners are desperate for famous people and gurus to endorse cryptocurrency, so when people like McAfee make claims, it's big news and plastered everywhere. Of course endorsements like his do more harm than good, but that's what comes of being dependent on celebrity endorsements.
19  Economy / Economics / Re: Venezuela Is Now More Than 50% Dollarized, Study Finds on: January 23, 2020, 12:59:32 PM

If a nation can use another nations money that way, what stops all other nations to do it as well? It would be too much centralized in every single nation to be ruled by USA, sure venezuela is a small sample size and USA won't even care but if you for example make %50 of people in Europe to start using dollars instead of Euro, that would be a demise of all european union and all nations withing since USA would basically control them. So it doesn't look all that bothersome to people since its venezuela and they might actually take advantage of this situation yet I still think we should try to stop and eleminate this idea before it spreads to all other nations in trouble, that would make it very difficult to reverse.

Nothing apart from the government banning the use of foreign currency.

China bans use of anything other than yuan, and in addition imposes capital controls so people can't easily convert yuan to dollars and take the money out of the country.

Many other countries have capital controls too.

Places like the UK don't have any bans in place nor capital controls, so in theory a retailer is free to accept any currency they want  - but Brits use their own currency as they have a deep attachment to it (as it has served them well for coming up to 1000 years).
20  Bitcoin / Bitcoin Discussion / Re: Peter Schiff's Bitcoin wallet mystery is solved on: January 23, 2020, 12:39:05 PM
i've seen this dude's name mentioned recently a lot and i don't get why people have been talking about him when his actions are the common mistakes that a lot of newbies have been making and nobody talked about any of them. basically that is most of the topics created in tech support board!
not to mention that he NEVER owned any bitcoins because when you don't have your private keys and all you have is an "account" on a "server" then you don't own any bitcoins even if that "server" is blockchain.com and it lets you have your keys.

He's a libertarian radio personality who is a gold-bug and has been campaigning against bitcoin for years because he fears that it's convenience as digital gold will depress the demand for actual gold.

The surprise was that he owned any bitcoin at all. And then he was obviously trying the trope of "see how easy it is to lose bitcoin".

That's why he got so much publicity in the mainstream press.
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