Until now, the price of ETH has been growing quite well, but if that amount of ETH is released on the market, the price of ETH will probably drop sharply. Perhaps people should be cautious before deciding to buy eth around this time.
Surely the owners of those coins won't want to dump all the coins at once and tank the price? What incentive do they have to cash out at the moment (and draw attention to themselves)? |
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That's really high. How can they give fixed returns like that? What kind of business do they run? Are there a million users or what?
I feel safer with Compound, to be honest. The rate is not that good but at least I know how they get the interest.
Scams? The rule of thumb is that a return is usually about 2% lower than they can lend it out for. So a bank may give you interest of 0.5% on your deposits while lending the deposit out at 2.5% If someone is giving you 12% on your deposit, they'd have to be lending it out at 14%. Which is impossible because no-one would borrow at those rates. Which means this is a scam to entice the greedy to deposit their coins, and then vanish with them. |
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But i quote from Alan Greenspan "The Federal Reserve is an independent agency and that basically means uh , There is no agency of Government which can overrule actions that we take"
So how does this make sense?
Nobody can overrule the actions the Fed takes. But they can force out the board members and replace them with people who can change the actions at the next Fed meeting... The president appoints Fed board members (including the Chairman of the Fed) and Congress has to ratify the appointments. So they can effect change if they badly want to just by changing the personnel.... |
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Still, I will allow myself to criticize Bitcoin a little. It does not fit the ideas that Satoshi Nakamoto stated. From a decentralized payment system, Bitcoin has turned into a speculative manipulated tool. Payments in Bitcoins in the form in which it is now, it is a utopia. While 10 years is not such a long time for the cryptocurrency industry, I think the next 100 years will definitely bear some good fruit and the digital currency will be ubiquitous.
Yes but the IDEA that you could have a decentralised payment system lives on, and many experiments are underway via altcoins. My guess is that an unassuming uncomplicated alt like Doge will eventually win as a payment system and bitcoin will remain a store of wealth like gold. |
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As someone who can't be bothered with technical aspects (I don't even run a node), I mostly see these forks as just a money grab. Oh, your crypto forked, now you have the same amount of two different coins...
Investors probably don't mind suddenly getting a bit more money but I can see why exchanges are getting tired of possible upcoming forks, it costs money to prepare to accept new coins. Our local exchange didn't even started supporting BCH until late last year.
You nailed it - that's what they are, a money grab for both the investors and developers (who have a lot of coins). But they are destroying the eco-system being built around cryptocurrency by introducing a lot of expensive maintenance for all the support companies. |
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It seems to me that the Federal Reserve has the ability to print vast quantities of money into the economy simply by making it appear out of thin air. But this causes Inflation.
Is there a committee or organization that overlooks what the federal reserve does? Or are they higher than government and other entities?
Because lets be realistic , if you had a money printer , wouldn't you just go absolutely nuts with it and distribute back to the population at interest?
Yes. Congress. The Ways and Means Committe of the House of Representatives is responsible for overseeing the Fed and requires them to give public testimoney and answer questions regularly. Regarding inflation: it's not as simple as simply printing money. Inflation is the the quantity of money multipled by the velocity of money. (Velocity of money is how fast the money circulates in the economy). It's been noticable that since the Great Financial Crash, velocity has colllapsed. People are paying down debt which means money essentially disappears rather than circulate. It's only when people feel confident enough to go on spending sprees will inflation return. |
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This is only a big deal because people are using exchanges to convert their coins into fiat. And of course governments have the right to control fiat and how it is used.
If we had real adoption where you could buy stuff with cryptocurrency, pay your rent with it and so on, you could by-pass the exchanges altogether.
We're looking at a failure to get adoption because of people's obsession with converting their coins into fiat.
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Here is the news from Coinfloor (UK exchange): https://www.coindesk.com/uks-oldest-crypto-exchange-to-delist-ethereum-and-focus-solely-on-bitcoinCoinfloor, the U.K.’s longest-running cryptocurrency exchange, plans to delist ethereum next month, citing an unclear future of hard forks and the need for onerous technical support for the second-biggest coin by market capitalization.
The company will also delist bitcoin cash, the splinter currency founded two years ago in the aftermath of bitcoin’s heated scaling debate. Starting Jan. 3, Coinfloor will support only bitcoin, whose eleventh anniversary happens to fall on that day.
The plan comes ahead of the launch of ethereum 2.0, tentatively planned for early 2020, which will begin the process of shifting the network away from the energy-consuming proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS).
Coinfloor’s decision suggests that nurturing a team with the specific expertise to follow the technical trials and tribulations of coins like ethereum may be too expensive for smaller crypto players, particularly if this constitutes only a small part of their trading volume.
From the point at which it starts next year, ethereum’s platform upgrade “could take years to complete,” said Obi Nwosu, founder and CEO of Coinfloor. The complexity of the operation “means for a period of time there could be two versions of ethereum running.”
According to some ethereum developers, it’s likely to be years before the old ethereum PoW chain is fully merged into the new PoS network, leading to current discussions around ways to create a secure bridge between the two chains. Developers really love doing all these forks - but they are a massive nuisance for everyone else. The exchanges, the online wallet providers, the payment processors, all of them have to do a shedload of work to accomodate these changes. That's why I think coins that don't change much (bitcoin, doge) will end up being the winners. People just want something that works smoothly and that you don't need to do a lot of work to maintain, so that they can focus on the eco-system around the coin. |
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You need a shock to the system to cause a recession.
Past recessions were caused by oil prices rising in the 1970's as OPEC suddenly jacked up prices, by Paul Volcker raising interest rates to 20% to wring inflation out of the system, lots of people losing money in the dot com boom, 9/11 caused a mild recession, and finally the sub-prime crisis where liquidity drained from the financial system and banks wouldn't lend to each other.
I'm not seeing any huge shock building now. Just normal stuff where badly run businesses fold and new businesses start up. It's not fun for the businesses that go bust of course, but it's not a shock to the economy either, it's just normal capitalist stuff.
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The majority of people in Venezuela are too poor they won't be able to afford to buy bitcoin. The economy there has collapsed so people can't even earn enough to buy food.
The only rich people are the ones connected to Maduro's regime, and I guess they are carefully trying to hide their money in the form of bitcoin so that when the regime finally collapses they can get out unscathed.
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Is a 51% attack legal to do? Or is it illegal?
It's legal, and it's usually done to destroy a coin. In the early days when alts were first being released, many were killed off by 51% attacks by bitcoiners who hated the thought of alts existing and thought that bitcoin should be the only crypto. That's the reason why the only alt with sha256 is bitcoincash which didn't fork till 2018. The other alts adopted scrypt, which meant the bitcoin miners couldn't easily switch to mining alts and destroying them. Back to the topic of discussion: it's unlikely that the top miners in bitcoin will attempt a 51% attack, because that would mean destroying their own business. |
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I hate to say this but I have to; it is not about all about splashing the fees.
Though I am a big advocate for lower transactions fee in exchange trading and all that but it's a pity that most exchange with lower fee has the worst service; they most likely use lower TX fee to attract customers. So as a user, you will come to realise that you need a good service after all more than lower fee.
Spot on. Also, good security on the exchanges costs money. It's no good demanding low fees, and then wailing when the exchange gets hacked and coins are lost, because they weren't making enough money to invest in hacker-proof security. |
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Weihai, a port city in Shandong province of eastern China, has a stern warning for investors: make sure you are really investing in blockchain innovation and not cryptocurrency masquerading as blockchain. The Weihai Local Financial Supervision and Administration said Friday investors should be more cautious because illegal crypto issuance and trading are on the rise, according to a statement from the authority. https://www.coindesk.com/chinese-city-warns-investors-crypto-isnt-blockchainChina has a large population that runs on trend and hypes. As the president Xi Jinping talked good about blockchain technology, most of them assumed he's talking about bitcoin and other cryptos so they just jumped into it predicting an easing environment to trade crypto in China. And now it's taking a great deal of effort for the authorities that Xi was talking about a home grown crypto centrally controlled by the CCP. This. They like gambling and get-rich-quick schemes more than other cultures, and probably thought their government had changed their minds and were legalising bitcoin and cryptocurrencies again. |
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Of course, they do. Just as all the people who live in a country with stringent currency controls.
I would do it too, under those conditions.
Yes. If the Chinese were not using bitcoin to get their money out, the Chinese government would not have closed down all the bitcoin exchanges back in 2017. You only do something drastic like that if you perceive a grave threat. |
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At the peak of the market during the massive bull run of 2017, the Ethereum Foundation liquidated 70,000 ETH. Ethereum co-founder Vitalik Buterin convinced the foundation to sell at that time.
The price of ETH peaked at $1,400 during January of 2018, which would have netted approximately $100 million from the sale. Buterin also disclosed a personal sale of 30,000 ETH at the same time.Full news hereHoly smokes! Now this is why their projects can keep up for a very long while. Charles Lee also sold all his litecoins at that time too, at the all-time high. In one sense it's positive - it releases coins into the market so that they're not all concentrated in the hands of the founders. But in another sense it's a sign the developers are letting go and cashing out. Imagine the effect if all the original coins satoshi mined for bitcoin were suddenly released and sold. The price would tank (and the price of eth and litecoin tanked so much precisely because so many coins were sold by the founders). |
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Dogecoin is #31 cryptocurrency at this moment according to coinmarketcap.comBitfinex now lists a shitload of shitcoins which I don't even bother to check at coinmarketcap. So are there any plausible reasons for not listing Dogecoin on this exchange other than having to eat their words as they had earlier called this coin ridiculous and not worthy of mentioning (let alone listing). Now it starts to look really pathetic on the Bitfinex part. Dogecoin is among the top cryptocurrencies which do have real application in everyday life even if this application in case of doges is mostly about gambling Most exchanges require the developers to pay for a listing. The only exceptions are coins with such a high trading volume that it's worth listing them even without a developer payment, as you can make money on the fees. Doge is now operating on autopilot - so there isn't anyone to pay for a listing. It's also got moderate trading volume, so not enough to tempt exchanges into a free listing. |
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There are few projects that working on developing stable tokens for daily use (buying something at store) but unfortunately none of them are interesting to me. Sometimes, I think we need that kind of coins but in the other time, I do believe that Bitcoin could be the only coin for this purpose (in the future) and then come idea that we don't need stable coin for daily use.
But why would you bother, especially with the fees etc? Surely it's just cheaper to use cash/fiat. After all stable coins are supposedly a digital version of cash. |
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I'm really not going to be surprised if this is true, but you might want to at least give us some proof(or at least some reasoning on why you think so) if you're going to make such claims.
It's well known that the Swiss National Bank (Switzerland's central bank) buys stocks - we know this because the SEC in the US forces them to declare all US stocks they own. See https://www.swfinstitute.org/news/76039/swiss-national-bank-almost-owns-100-billion-worth-of-u-s-stocksWhat happened is that their currency was rising against both the dollar and the euro in the years 2011 - 2016. So they printed swiss francs and sold the franc and bought the dollar and euro (that action weakens the franc against the dollar and euro). Then they had to decide what to do with the dollars they now had, and so they simply bought stocks in proportion, like an index fund does. They did the same for the euros they held, they bought European stocks (we don't know how much because the european authorities don't force them to publish holdings like the American ones). Other central banks are doing the same - everyone is trying to weaken their currency against teh dollar, so a lot of printed money is being sold for dollars and then parked in American stocks. |
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The only thing that will save Americans from their rising debt is either cutting spending (like cutting the amount they spend on the military) or by raising tax either through increased growth which automatically generates revenue, or by increasing taxes.
Bitcoin is just a token, it's neutral, it doesn't have any effect on spending or saving decisions. Only people can make spending or saving decisions.
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That's not 100% accurate, China is already like 70% Cashless, China isn't against the
Blockchain industry, China i simply against anything that make it it unable to trace your transactions, that's all. It's already Big Brother i watching you since decades, they won't let it go for Blockchain or anything else, it is what it is.
China has capital controls, so it is against anything that allows you to take money out of China without the permission of the Chinese government. Bitcoin, Tron, ETH and others are all decentralised and can be sold for dollars outside China. So China will ban anything that you can buy with yuan in China and then sell later for dollars outside China. |
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