Since China holds half of the bitcoin's global hash power
i am curious about whether we have any actual data supporting this. i tried searching for it once recently but i could not find anything apart from news sites making claims without proof. all the data or evidence we have are mining pools but pools doesn't own hashrate they just link people together. See the following long article from Wired: https://www.wired.co.uk/article/bitcoin-mining-china-ban-crypto-cryptocurrency-wechatIn April they had 70% of the world's crypto-mining capacity. I recommend reading the article in full because it details how they use cheap electricty, actually migrating their operations to the mountains in the winter because excess rain means excess hydroelectric power which they can buy cheap. It also explains why the Chinese govt is cracking down - some of these local authorities have actually flooded valleys to create cheap hydro to attract bitcoin miners, in the process ruining eco-systems. |
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It is interesting to see that United States transaction volume is more than the next 3 ranked countries together. 24.5% vs. 21%
I'm sure that China is much closer to US, it's a shame that we can't get metrics on that. Who accounts for the other 50-60%? - probably China IMO
It's to do with population. The US has 330 million people, Japan has 122 million people, and South Korea has 52 million people. What is interesting is that the US, Japan and South Korea are all rich developed countries and all have produced regulations for exchanges and have set out the tax regime for cryptos. The developing countries are interested in crypto but haven't got the money to invest in it. Europe is missing in action (like it is for all technological advances). |
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I've heard his name numerous times on the forum, but sad to say I still don't really know who he is. He's made some wild predictions about bitcoin, correct? Did he make a specific prediction that was supposed to have come true by now?
MacAfee is the man who made a very popular antivirus software and firewall in the 1990s. He left the company that bears his name in the mid 1990's and then moved to Belize where he appeared to go batshit (posting videos of himself snorting coke onto youtube and so on). I think he managed to lose a fortune of about $100 million on living a wild life and then started shilling for dubious alt coins, and of course making wild predictions about bitcoin. Basically everyone should ignore him - whatever brains he had have been well and truly fried by now. |
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The TA might be favourable (though it's not clear that TA works well with such thin markets like crypto), but there isn't any fundamental reason why XRP should rally. Does anyone in the real world actually use Ripple? |
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I don't know about Litecoin politics and development but the previous Litecoin halving before the last one saw the price of LTC rally from the $4 lows. However, this last halving event saw the price dump. So, I don't think it looks good for LTC. I believe the innovation hype made it rally and not the halving of supply.
Halving events are only part of the equation. Yes, it means the supply of new coins is reduced. But that doesn't say anything about the demand for the coins, especially as most of the coins have been mined already. If you are a litecoin fan, then you'd be better off trying to increase the ecommerce side of things and the overall use cases for the coin. |
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Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
With cryptocurrency in general (i.e. all the coins we have) it would look much the same as now, except rather than use a credit or debit card, you would use a QR code to pay with the cryptocurrency of your choice. If bitcoin was the only cryptpcurrency and indeed the only currency in existence, we'd be in a deflationary recession as everybody would be hoarding the scarce currency and nobody spending. We have been spared that fate because a) fiat is in abundance and b) other cryptocurrencies are in abundance. |
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It's only good if wins publicity and attracts people to buying some of the remaining stellar. Otherwise it's a useless gesture. |
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The US Federal Reserve wants to hire a manager to oversee conventional payments but with some new responsibilities for that role. In a post posted on the Fed's Web site on Monday [1], in addition to traditional tasks, new roles will be assigned to him: Facilitating and contributing to innovations research including digital currencies, stable coins, distributed ledger technologies, and broadly financial/digital innovation in retail payments. Read more and source ---> https://www.coindesk.com/us-federal-reserve-hiring-retail-payments-manager-to-research-digital-currenciesCan this news be linked to the openness of the Federal Reserve thinking about the creation of digital currency, even if it is stable and central? As it can replace the cash dollar? Federal Reserve Bank of Dallas President Rob Kaplan has said that the reserve has been studying the potential impact of a Libra-style stablecoin and is “actively looking at and debating” issuance of a digital currency. Read more and source ----> https://www.coindesk.com/top-fed-official-says-us-central-bank-actively-debating-digital-dollarI think it's more about trying to work out the economic implications if cyptocurrencies take off. They have a good idea of the speculative effects of bitcoin. But they don't really know the effects of what a corporate stable coin would look like, and I guess they want to try to model it and understand it so that they're well armed if one should materialise. |
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The Argentinian Central Bank is now putting restrictions on the purchase of bitcoin: https://u.today/bitcoin-trading-volume-hits-new-ath-in-argentina-after-central-bank-banned-purchasing-crypto-withIn order to preserve its foreign exchange reserves, the Central Bank of Argentina (BCA) barred its citizens from buying cryptocurrencies with credit or debit cards on Oct. 31. From now on, cryptocurrency investors are only able to transfer funds from their bank accounts. To give you an idea of how worthless the Argentinian Peso is, Google says 1 Argentinian Peso = 0.0000018 bitcoin. Thats right: 1 Argentinian Peso = 180 satoshi. |
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I'm not sure internet native is the best word usage here. I would say it's a race to find the best, most anonymous most transparent and easiest to use currency for online payments.
I reckon the world would slowly turn into one with 2 payment methods, which make up the majority of transactions across the world. One for online purchases, like items from Amazon or buying in game currency for a game and the other one to be used in real life situations.
Anyway. If there was truly a race as described, Bitcoin would be winning it
That's kind of already the case, isn't it? People either use creditcards (Visa/Mastercard), or they use Paypal. Paypal has maybe 5% of the entire online purchasing market. Bitcoin and other cryptocurrencies are barely a fraction of 1% of online payments. We've actually gone backwards in terms of adoption as a payment in the last few years. |
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Since all this while that mining altcoins have not been profitable like before i don't bother to keep mining coins so i just lock my mining rig in a room and now that bitcoin halving is knocking on the door i think its a good time to start mining even if its not profitable? i believe if bitcoin surge over 30k altcoins will take the ride we've been waiting for, anyways, what do you guys think? good idea or bad ?
Do you really think entering into mining at this stage would fix things, As there is a huge investment behind a mining setup. Which coins do you all suggest for mining. The hashrate on Litecoin has dropped dramatically. So if you want to merge mine both Litecoin and Dogecoin, and you have a space ASIC, then now might be the moment to give it a try again. You can do it through a mining pool like Pro-Hashing. |
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I think this is a desperate move by Stellar. They are really eager push the price up again to attract investors. Having a 20B supply right now is a good call for them since the current market condition is not good and having tons of supply will just make their token more useless. I'm expecting more development rather than cutting the total supply. And also more marketing to attract more users of the platform. Mass adoption is what Stellar needs. If stellar just follows the marketing path of Ripple, They will surely surpass them since XRP is a very centralized token. They've done it to attract attention and get into the news. And it's working in that mainstream publications are covering their coin burn: https://www.bloomberg.com/news/articles/2018-11-20/bitcoin-rigging-criminal-probe-is-said-to-focus-on-tie-to-tetherWhether this interest can be built upon, sustained and attracts new buyers remains to be seen. |
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I wasn't aware of Tether's problems, but I'm not surprised. I don't really follow or care about stablecoins much, because I don't think they're interesting and they really aren't necessary. They generate a lot of discussion around here, but for the life of me I can't understand what all the hype is about.
The US justice department is investigating Tether and it's place in bitcoin rallies: https://www.bloomberg.com/news/articles/2018-11-20/bitcoin-rigging-criminal-probe-is-said-to-focus-on-tie-to-tetherIf it's not backed by dollars, then a rally based on Tether pretending that it is dollars is a scam. I wouldn't hold tether for anything in the world. If people want dollars, hold real dollars not a fake coin like Tether. |
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The news regarding Starbucks is quite huge and its possible impact could be significant to the market. It's one of the most popular premium coffee bars and has a great market of variety of people from the upper to middle class.
People seem to be obsessed with the idea of using bitcoin to buy coffee. I personally doubt many people will use this app because it's more convenient to use cash to make small purchases like this. I wish bitcoin start-ups concentrated on use cases where it's hard to use fiat but easier to use cryptocurrency. Such as gambling, remittances and so on. |
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Bitcoin is such a rigged market there is no way for AI to predict it. (AI needs stable predictable behaviour by market participants based on fundamentals).
Yes you can try to program it to respond to "news" and TA, but there is a lot of other stuff going on too (market pumps and dumps based on nothing but the whim of some whale).
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There were already altcoin projects in the past that are using gold as the back up assets. For some reasons, many of those ended up as failures. I guess something about the economy of their tokens were wrong. Or perhaps they were not able to come up with institutional partners. Or it could be possible also that their product does not have anything interesting.
It's because they didn't have the gold to back the coins. Holding gold is expensive (you need a secure vault). Just simply pretending that your coin is backed by gold is a scam and these types of projects fail. |
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The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
Very cheap electricity. See https://www.wired.co.uk/article/bitcoin-mining-china-ban-crypto-cryptocurrency-wechatChina has 70 per cent of the world’s crypto-mining capacity, and over 70 per cent of that capacity is nestled in the mountains of Sichuan, where abundant hydroelectric power makes the price per kilowatt some of the cheapest anywhere in the world. Basically, during the financial crisis, the Chinese govt poured money into infrastructure like hydroelectric plants, mainly to create work for people and prevent unemployment rising. But the result was overcapacity - these plants are producing electricity they can't sell. Then the bitcoin miners turned up and said, we'll buy some electricty if you do us a deal so it is cheap. Faced with producing electricity that is wasted, and getting a little money for selling it to the bitcoin miners, the electricity generators chose the latter. If the electricity plants find a better customer for their power, then the mining will move somewhere else. |
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i think steemit is different from other social media based crypto projects because steemit to me is like an article or blog making website where you need to write an eye catchy article to get notice and get paid . this is why i dont like steemit as its hard to earn on it if your goal is to earn an income but you dont have a real talent on writing original articles . i rather prefer those facebook a like platform but you can get paid on crypto just by posting a simple status and media uploads as they are more easier to do and also enjoyable .
Yes - steemit is more like Medium than like Facebook or Twitter. There was talk a while ago of making tipping bots so people could tip on twitter or facebook, but it all died because users don't like to tip even a few pennies. |
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It's not hugely surprising. The amount of coins per block has halved. But the number of transactions (and hence fees) has not grown to compensate for the halving. And electricity bills continue to rise. So for some miners it becomes uneconomic and they drop out - and as a result the hash rate drops. It's an interesting test case to see what happens to bitcoin next year when the next halvening happens. |
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We have seen some of the assets backed crypto coins in the market on the way and do you guys think this will be the future as this is directly based on national assets like gold and other products like charcoal and energy based products. This will help in growth of country's economy if not taken over by greedy corporatesand and and will it have government's support or soft corner in the regulator's eye as it will bring in some money from outside.
The problem with claiming that you have an asset to back your coin is that the regulators demand proof that the asset exists. Tether for example has got into trouble for not being able to prove it is backed by a reserve of dollars. The other asset backed coin - Venezuela's Petro - claims to be backed by oil. But no-one trusts the Venezuelan govt to make that oil available to give the coin value. People would be better off sticking with regular kinds of cryptocurrency. If you want assets like gold or oil, buy the gold or oil company shares directly. |
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