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Do you have any proof though? I know an article came up about Mt. Gox being able to manipulate the market, but it handled around 85% of Bitcoin transactions at its peak. None of the current exchanges even come close to that.
I'm not saying that this doesn't happen, just that there hasn't been any proof that it has. I'm fairly sure it's going to be a lot harder for them than Mt. Gox, not to mention that with the current prices, it's going to be quite a gamble.
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“From the viewpoint of an economist, it is not a fair and transparent decision to outright ban economic activity. Whether it is excessive speculation or not, the gain or the loss is the responsibility of the investor.”
Thank you. This is what everyone else had been thinking the whole time. It's reassuring to see that South Korea has strong institutions, and it seems like regulations are going to be handled in a fair manner. I'm sure the massive backlash helped, but that's just the citizens doing their job calling out their government. That being said, the market could do without the uncertainty and its repercussions, so it's best if this issue just comes to pass. |
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Wait, let me make this clear. This guy, on December 2016, predicted that Bitcoin would be worth $2000 in 2017? It reached nearly 10x that lmao. That tidbit about him isn't even worth mentioning because that adds nothing at all to his credibility. He was off by around $18,000 lol. That means his words amount to exactly nothing.
Either way, the only way I see $100,000 happening is if the Lightning Network rolls out and turns out to be a success. Things don't look good otherwise.
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Nah. It's not like the banking sector is a monolithic entity that plans on crushing Bitcoin. It does threaten the current status quo, but banks simply have to adjust like they always have. Take Goldman Sachs for example, which has been very open to adopting cryptocurrencies to avoid getting left behind by the times. I'm sure majority of them aren't big fans, but I don't think they're taking concrete steps to kill the crypto market, and there hasn't been any solid evidence to make me think otherwise.
Either way, this is most likely normal market correction. Where we currently stand is where we stood at around the first week of December, so you could look at it as having erased the explosive growth that the media frenzy brought. I'm sure theories like this which promote a world vs. Bitcoin war perspective doesn't help though.
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I know this gets repeated over and over, but that's probably because new waves of newbies have to learn the same lesson. Still, Bitcoin as an investment is extremely volatile, and they likely have never experienced such swings before. It's quite hard to blame them, especially the ones who have never really invested in any market.
You're also not the only one who thought about buying the dip, because pretty much everything recovered from their funks, and Bitcoin is back at $11,000. I don't take this as an indication that the slide is over, though, and I still think there will be tough times ahead both in value and transaction fees. I plan to keep HODLing on though.
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No one can deny that this is happening, but no one can prove it either. I am personally of the belief that Bitcoin is currently far too small for a country as big as China to bother with. What's clear is while they could have been contributing to dips with all their internal FUD, they never put out news that may help Bitcoin's value rise. If they're truly manipulating Bitcoin for their own gain, then it would make more sense for them to go both ways, no? Either way, this is all conjecture at this point, and I could be completely wrong.
Also, I don't think this recent slide was caused by China. The market was largely lukewarm towards news about their mining restrictions, with some even thinking that it would be good for Bitcoin in the long run. This is probably just normal market correction, given that Bitcoin grew by more than 100% in less than two months.
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Where in world are people actually using BTC for purchase vs rest of us who invest and trade.
i know there are small business in USA like coffee shops for now
also know in Venezuela since their currency crashed people buying things amongst each other using BTC
where else in world is it being used as a currency?
in my country especially in Bali, bitcoin use as a payment at a local store but unfortunately, I don't have the experience about this and maybe later if I am visiting Bali, I will take the chance to pay a cup of coffee with bitcoin. but in the rest city, I don't think that bitcoin is used as the payment. but personally, I use bitcoin to withdraw to fiat and sometimes I used bitcoin to buy electricity tokens with bitcoin. I heard in Jogjakarta, bitcoin is used as a payment for a coffee but unfortunately, I cannot find that cafe. I hate to break it to you, but paying in Bitcoin is already banned in Indonesia. It seems to be especially strict in Bali. You may read up on it here: http://www.thejakartapost.com/news/2018/01/15/bank-indonesia-police-prevent-bitcoin-transactions-in-bali.htmlIt's interesting how you mentioned Bali, and that's exactly where the crackdown is. Is Bitcoin trading really that proliferate there? I know Bali attracts a lot of tourists all over the world, and they may be foregoing buying your national currency because they can get away with Bitcoin payments. That could be why your government is upset about the whole thing. It would be great if we could have a local's input on this. |
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Japan is known for being technologically advanced, so it's no surprise that the country as a whole embraces new technology. They know that technology must be nurtured, not feared.
People don't say it enough, but Japan's government also plays a huge role, being supportive of crypto in general. There are regulations, yes, but they're not overbearing, and they don't spout FUD like "stricter regulations will come". I'm sure it's easier to get into Bitcoin as a newbie if you don't have fears that the government will make life hell for you in the future.
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There is always risk in putting all your eggs in one basket. It's one of the most horrible things you can do finance-wise, but having all your wealth in fiat is still substantially less risky than having all your money in crypto. The only exception to that is if you're living in an economically unstable country. The true risk is in not diversifying. Fiat has its merits, crypto has its merits, and you're not limited to one choice. Worst shitcoins ever. Totally controlled by a bunch of thieves.
They also happen to be the safest modes of investment. The government papers will not crash unless the government collapses, whereas you can't say the same thing for crypto. Just depends on how much risk you are willing to take, if you want to play it safe, there is nothing wrong with governments papers. Remember:  It looks horrible, but fiat is inflationary by design. It's natural as far as the modern economy is concerned. Bitcoin's chart would look much better I bet, but save for a complete economic overhaul, fiat has to be inflationary. |
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How to run the Bitcoin system? That kind of doesn't make sense.
If you're asking how to run a full node, simply download and run Bitcoin Core. It doubles as a wallet and is coincidentally the safest one not counting hardware wallets. You would also be contributing to the safety and integrity of the whole network.
If you simply want to start using Bitcoin, get a wallet (avoid online ones like the plague), buy from an exchange or a third party person, and you're good to go.
As for how Bitcoin and the blockchain works, there are plenty of materials online that can explain it much better than I can, so you can start by just Googling your questions.
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It doesn't matter if it's needed. They're going to implement them anyway. Crypto has a legit chance of changing how the world and the economy works, so I'm sure governments are going to want to make sure things don't spin out of control. All we can hope for is that the regulations are fair, and don't compromise the growth and evolution of the technology.
The only way to stop these regulations is if crypto dies a premature death, but that's not likely at all so...
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This isn't much of a surprise at all. Once the media got a hold of Bitcoin going from the $6,000 range to the $10,000's, everyone picked up the story and everyone got into a rush to invest. This is also around the time the massive transaction traffic jam started, and the rush brought the price up to the all-time-high levels. December was a busy month. It's a little sad how the value has gone down so much, yet we still have around the same levels of transaction backlog. the Wikipedia report recognizes some of bitcoin’s shortcomings that emerged during the year – stating that bitcoin “prov[ed] totally unsuitable as a means of payment” due to the controversy surrounding the scaling issues that have plagued BTC throughout the year.
I wonder what Wikipedia report this is referring to. I checked the Bitcoin page on Wikipedia and it made no mention of Bitcoin being unsuitable as a means of payment. I also googled for some Wikipedia reports floating around and didn't find anything. Typical bitcoin.com shilling then? Lol. |
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I think this confirms what i've been saying for some time now.
Bitcoin has had its time.
Losing capital really fast now and no signs of recovery.
Technical capacity is not there.
Community support is not there.
Media support is not there.
Economic support is not there.
So many altcoins that solve the problems of this giant cluster f*ck that is Bitcoin Core.
We may very well be entering a long term bear market, but even so, I don't think it's because of the bolded part. Everything is down, and some are even struggling harder than Bitcoin. If Bitcoin Core were the problem and alts were the solution, we should be seeing Bitcoin sliding with alts surging (granted, that happened some weeks ago, with Ripple surging, then Ethereum surging). I'm not calling it quits with Bitcoin just yet. |
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The thing is, most shops that accept bitcoin implement systems that automatically converts the bitcoin to FIAT at point of sale, so they're pretty much unaffected by these huge price swings.
But then gold and silver as payments at shops/stores is more safer Lol what? If you want a safe option, why look further than fiat? Fiat should be just as safe if you're in a country with a healthy economy. What mjglqw was trying to say was that most companies which accept Bitcoin use payment services like Bitpay, which accepts their clients' Bitcoin, converts it to fiat, then sends the fiat to the companies (well that's one of their payment schemes, at least). It's all digital so it's a pretty easy process, and doing something like this with gold or silver, which are physical, would be a logistical nightmare. |
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There's no way this is going to happen. Everyone has a different approach, from some countries that want nothing to do with it, along with some that are optimistic of its future. Countries have reached deadlocks over smaller issues.
That being said, this is quite true. Countries should be able to monitor most movements within their country through their local exchanges, but there are still ways to move coins in and out, of which they can do little about. It would be much harder to go after these with the help of the other countries involved.
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I came across an article earlier claiming that it was due to the trading volume decline. Here it is: https://finance.yahoo.com/news/apos-why-bitcoin-ethereum-plunging-164800404.htmlIt says that Japan and South Korea, which is usually responsible for a large bulk of global trades, is down to only a combined 30%. I don't know if that explains it, but people really shouldn't read too much into it either way. The explosion of growth meant that correction was imminent. We're currently experiencing it. I have no idea why so many people are panicking when Bitcoin was barely worth $1000 same time last year. |
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This is just about the worst advice you could heed lol.
You have to stay updated and educated, especially if large amounts of your money is at stake. Knowing what is going on in the world is crucial in decision making, especially in the crypto market where news can make or break the prices.
That being said, you probably should drown out opinion pieces. News articles != opinion articles. Take in objective facts, then form your own conclusions. You really shouldn't be trusting anyone for any investment advice but yourself.
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It's not fake news. Even if you price transaction fees in satoshis, ignoring its USD value, it's still priced much higher than it was. The current recommended fee by bitcoinfees is a whopping 510 satoshis per byte. A few months ago, it was possible to have a 5 satoshis per byte transaction confirm in a few hours. Now you need around 150 for the same effect.
Fact of the matter is, there are way too many transactions that users are going on a bidding war for confirmations. It's real.
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This message is from South Korea. A few month ago, I was interested in Bitcoin and I searched and googled cryptocurrency. It was amazing and surprised. After that, I got to know lots of cryptocurrency coins. I thought that cryptocucurrency will be the center of the 4th industrial revolution. As time goes by, value of cryptocurrency has increased. I started invest in value of bitcoin, Ethereum and some altcoins. However, as I purchased coins, coin markets are down likes ski slope. In Korea, a lot of people purchased cryptocurrency on speculation. I was so sick of speculation. However, cryptocurrency was a hope and light of the middle class. Some people made a lot of money. Cryptocurrency speculation was overheated in Korea. Compare with cryptocurrency world market, Korea market is very higher. We called it Kimchi premium(korean market coins are 30% higher than world market). However, if someone makes money, someone must lose. I heard that only top 1% control cryptocurrency market. It was so sad. If it is true, the value of cryptocurrency was not fair as new currency. I invested in bitcoin, ethereum, etc for their value and future. However, because of overheated market, I also became a speculator. I had invested in all the mountains such as money for marriage, house and parents' money. After, I lose everything, I regret and figure out that how I was stupid. Still a lot of people believe that cryptocurrency will make people rich. People believes that high risk makes high return. It migh be true. I hope that people should invest in value of cryptocurrency not for money. I want cryptocurrency help change people's mind. And someday, I hope bitcoin, ethereum and altcoins are settle in world currency. Also, please don't make same mistake just like me.
Please advice me and help me that how can I recover some money?
Thanks for reading and please advice me.
How exactly did you lose your money? Did you sell your coins at a loss? Neither Bitcoin nor Ethereum has crashed to nothing, and they're certainly still much better off than they were a year ago. What you have to remember is that you haven't lost a dime until you sell at a loss. I believe the price will rebound, but that's just me, and I'm financially secure either way. The lesson to be had here is that you should only invest what you can afford to lose. Cryptocurrency is driven by speculation, so you're basically gambling. No one should be gambling their life savings or other people's money away. As for the advice part, if you still have your coins, HODL, and sell once you break even or get a small profit. The entire market is down, but it's bound to rebound eventually. If you have already sold at massive losses, the best advice I can probably give you is to stay away; you obviously aren't cut out for this. |
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Lol. Weird time to start accepting Bitcoin with the fees being as high as they are and with the value sliding. I'm not complaining though. I didn't know he did a 180 way back on October, and his comments regarding stocks and Bitcoin really makes some sense if you think about it. It seems like a fresh take on the investment scene.
Him turning bull is really good for Bitcoin though, with Shark Tank's popularity and even added publicity through Mavericks tickets.
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