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961  Bitcoin / Legal / Re: Bitcoin not the choice of criminals anymore on: August 16, 2018, 08:14:42 AM
So I searched around for more sources about this, and it seems like this drop in percentage of criminal use is being taken out of context:

That’s not to say that fewer criminals are using bitcoin to fund their illicit activities. Infante said that the volume of criminal transactions has “grown tremendously” but that the ratio has rapidly shrunk as cryptocurrency has matured into a more mainstream asset class. Illicit activity, she said, has been replaced by another use case: speculation.

The decrease in the percentage of criminal use doesn't mean criminals don't use it anymore, it just means it's being used far more for legitimate purposes.

If nothing else, I guess that implies that adoption is growing, so it's still good news. I do wonder how they're able to determine which transactions are criminal in nature though.
962  Bitcoin / Bitcoin Discussion / Re: Is it just me, or are most of us actually just forgetful, greedy bastards? on: August 16, 2018, 07:18:35 AM
I wouldn't say people are forgetful. They just have recency bias:

https://bucks.blogs.nytimes.com/2012/02/13/tomorrows-market-probably-wont-look-anything-like-today/

It's fairly normal to fall for it, and the phenomenon isn't unique to crypto because it's been observed in the stock market since forever. People in crypto just tend to go crazier because the crypto market is a whole lot crazier. I can't really fault them for it, but I do like pointing it out.
963  Alternate cryptocurrencies / Altcoin Discussion / Re: Scam Coin's.... What should be done? on: August 16, 2018, 06:38:55 AM
1. Take the source code off existing scam and turn it into a valuable asset so everybody who invested get the returns and more community joins in.

The source code is going to be worthless because most of them use open source code as their base. I don't think any scam coin will put significant effort behind their development so they'll only be making a few changes. Their focus would be on marketing.

2. Keep up a system which keeps track of the developer and should compel them to regularly communicate so it dont get marked as scam.

This doesn't actually stop them from disappearing abruptly. I don't think anything outside physical surveillance would work, and not even legit teams would be willing to subject themselves to that.

All we can really do at this point is to tell people not to fall for flowery promises to kill their profitability. Considering how prolific scams still are though, despite all the information we might need literally lying at the tip of our fingertips, it's never going to happen.
964  Bitcoin / Bitcoin Discussion / Re: Buy Bitcoin, US Dollar Will Become Worthless: Warns Kim Dotcom on: August 16, 2018, 06:10:12 AM
Sound advice to blunt the impact of domestic unrest, but if and when the USD becomes worthless we'll have more pressing problems on our hands. I don't see that happening outside a complete global economic collapse, in which case you may want to stock up on goods instead.

Then again this is Kim Dotcom so of course he's exaggerating for media mileage lol.
965  Other / Beginners & Help / Re: How to avoid phishing sites on: August 16, 2018, 02:53:40 AM
I don't understand why my wallet ERC-20 stolen by a hacker  Huh

I'm guessing you use MyEtherWallet? You can run it offline to avoid being compromised in the future. They have guides for keeping an offline copy and creating and signing offline transactions (which later need to be broadcasted online):

How to run MEW offline
How to make offline MEW transactions


It's inconvenient, but definitely a lot safer.
966  Economy / Economics / Re: Is Bitcoin in a DotCom recovery phase? on: August 15, 2018, 01:13:16 PM
From the article:
Quote
Despite bitcoin's aspiration to be a safe haven asset, the cryptcurrency has not seen a rally with the stumble of the Turkish lira.

Now this is also something I'm curious about, I mean we did see an increase in volume on Turkish Bitcoin exchanges, but this hasn't resulted in the overall increase in price.

I actually tried to get to the bottom of that here:

Quote
Koinim, Turkey’s largest exchange, has reported a 63% increase in Bitcoin trading volume, while the BTCTurk and Paribu exchanges have said their volumes are up 35% and 100% respectively, according to CoinMarketCap data.

If we do the math, we end up with:

Koinim: $144,577.3
BtcTurk: $1,679,437.03
Paribu: $3,343,241.5

Those were the (very) rough starting numbers before the reported growth, which led to these numbers from a few days ago:

For some perspective, here are the listed exchanges' Bitcoin 24h trading volumes as of this moment according to Coinmarketcap:

Koinim: $235,661   
BtcTurk: $3,367,240
Paribu: $6,686,483

There may be other Turkish exchanges, but I just assumed that the article in the thread quoted listed the most relevant ones. Their starting volumes are pretty low, so even significant changes in percentage points still result in low numbers. It's great that some Turkish citizens are finding solace in Bitcoin, but it's not like everyone started buying up as some articles may want you to believe. It's definitely not enough to raise global prices by a substantial amount.
967  Economy / Economics / Re: Man generates his own electricity, still pays electricity taxes on: August 15, 2018, 12:40:15 PM
I have to admit, this was so ridiculous that I had to fact check. And...wow. I understand that HST is a consumption tax, but that shouldn't be applicable in this situation where he's not really taking anything from the state. Shouldn't its tax base be the money spent anyway? He didn't spend anything for his electricity. 0 multiplied by whatever should be zero. I wonder, does this happen anywhere else?

I did find this in the linked article though:

The provincial government did say it has commissioned a review of the electrical grid, which could lead to changes to the net-metering program.

...so they also probably realize how stupid this is.
968  Other / Beginners & Help / Re: Dead Coins on: August 15, 2018, 12:17:12 PM
The lesson here is to not get tempted by ICOs and to simply stick with Bitcoin if you just want cryptocurrency anyway.

The lesson here is choose the right ICO to put your money in. The ICO market will die if all people have same thought with you, ICO investing is not wrong, the wrong thing is you invest in scam and shit ICO. Be a smart investor and you will earn a lots, better than just hold Bitcoin, the market doesn't have only Bitcoin.

I should have made myself clear: what I meant was to not get tempted by quick returns promised by (most) ICOs. I acknowledge that there are legitimate projects, but statistics still paint a picture wherein the odds are heavily stacked against prospective investors. Most people should bother with them. Case in point: the site OP shared.

I was talking about Bitcoin from a utility perspective. I agree about taking advantage of the diverse market if you're an investor.
969  Bitcoin / Bitcoin Discussion / Re: In Venezuela, Cryptocurrency Is an Oppressor and a Lifeline on: August 15, 2018, 11:34:14 AM
Sadly, they have nothing to lose at this point.

The Bolivar has nothing more to lose. The people who are clinging to life despite their economic hell still have everything to lose.

It’s a great step taken by the Venezuelans. The merits of using bitcoin a lot. Anyone can buy anything using bitcoin at any time without paying extra fees. Thumbs up to the Venezuelans for taking this step.

Lol what? The article says the government is actively trying to shut down exchanges because access to crypto apparently threatens their control over the economy. They're obviously grasping at straws because we all know that ship has sailed. VPNs still work though, so that's great I guess.
970  Bitcoin / Bitcoin Discussion / Re: Bitcoin is 'useless as a payment mechanism and ridiculous as a store of value on: August 15, 2018, 09:01:55 AM
isn't this old news? i do realize that the shitty news sits are posting it now but the news itself (the quote) sounds quite old. i remember that Paypal CEO said this exact same thing a couple of months ago...

in other words it seems to me like news sites are running out of FUD to post during drops and are going back to re-posting the same stuff again Cheesy

This one seems recent. This same person has apparently taken a shot at Bitcoin before though, dated April:

https://www.cnbc.com/2018/04/26/fmr-paypal-ceo-says-investors-are-drinking-the-bitcoin-kool-aid.html

It doesn't matter either way. Everything that can be said has already been said so I doubt anybody cares anymore. People see them on TV and simply forget about them. Only the really famous people a la Bill Gates and Warren Buffet can make an impression on the general public at this point, and even they can't seem to trigger a sell-off.
971  Bitcoin / Hardware wallets / Re: Hardware Wallet Can Hack Too! We are not safe then? on: August 15, 2018, 07:21:47 AM
It doesn't look like anyone knows what happened yet, so you probably shouldn't panic. I take it you own a Trezor? One thing you can do to alleviate your anxiety would be to split up your holdings by sending some to cold storage. Electrum, Bitcoin Core, etc. can generate wallets offline so it's pretty trivial for as long as your computer is clean.

But yeah, it hasn't been proven that remote attacks are possible on uncompromised hardware wallets yet so I personally wouldn't worry. Someone was probably able to access his seed physically.
972  Economy / Speculation / Re: Bitcoin might be $5000 short term, $1000 longterm if support is broken - Sosnick on: August 15, 2018, 04:52:24 AM
-snip-

that is the whole reason why you buy now instead of waiting to hit some bottom that you have in mind. at least you buy something if not with all your money. and who is to say you aren't going to wait for a new bottom as soon as the bottom you have in mind now was reached?

for example back in 2015 i remember price was stuck at $220 for a long time and every time the bottom was tested it didn't break but people were saying the bottom is $100-$50,... and said you shouldn't buy then. you know what $200 was not the bottom, price fell to $150 which is a 25% drop but all those who were waiting for that bottom could not buy because it was only a short time (about an hour if i am not mistaken) before price jumping back up and starting the rise. so unless they left their money on exchanges for months they couldn't have bought the bottom.
and psychologically when you miss something like that you don't just buy back at $250, now you have a sense of being right so you wait for that price to be repeated so you end up being forced to buy at $400 instead.

(the funny part is that we are talking about making $19,850 profit per coin versus $19,800 profit per coin Cheesy)

Those are valid points and I agree completely.

I would just like to point out, however, that your scenario only checks out ($50 difference per coin) if the buyer was only going to buy a fixed number of Bitcoins anyway. If you were planning to spend a fixed amount of money, let's say $1000, on $150 per coin as opposed to $200 per coin, you'd have ~1.66 more Bitcoins, which is a whopping ~$32k difference.

I personally don't wait for the bottom because I do dollar cost averaging as I said, and I'm shitty at predictions in general, but I see the merits in trying to catch the bottom. A little difference can be massive down the line, so I can't fault the mentality even if it's essentially gambling.
973  Economy / Speculation / Re: Bitcoin might be $5000 short term, $1000 longterm if support is broken - Sosnick on: August 15, 2018, 03:35:01 AM
There's a long crypto winter ahead of us. No point in buying now for the long term IMO.

?? no point of buying for the long term? you are HIGH or something ? its the only point to buy BTC for the long term.... offcourse every day askink when MOON when this price why that dumb when recover etc is pointless cause nobody does know whats going to happen ,but when youre willing to invest in BTC than buying DIPS and low prices or the thing that you wanna buy if not than maybe its better to look for something else and never look to BTC again ........

Well they did say now, which suggests they expect prices to drop further. Buying the bottom is better than buying the dip, just much harder to execute, so I can understand where they're coming from.

I personally believe we haven't seen the bottom yet, but I do dollar cost averaging anyway so I guess it doesn't matter.
974  Other / Beginners & Help / Re: Dead Coins on: August 15, 2018, 01:53:31 AM
Lmao I checked the site out and browsed the first few coins on the list and they're pretty much all scams. It's ridiculous. The lesson here is to not get tempted by ICOs and to simply stick with Bitcoin if you just want cryptocurrency anyway. If you're looking to get rich quick, you're in the wrong place -- just ask the victims of these scams.
975  Economy / Economics / Re: The new world currency in 2018? on: August 14, 2018, 02:55:34 PM
What do you think about the new world currency Phoenix in 2018 year?
Maibe its this coin Phoenixcoin https://coinmarketcap.com/currencies/phoenixcoin/

If this is going to happen, it's certainly not going to be the Phoenixcoin lmfao. It's basically a Litecoin clone and its development seems mostly dead. The writer of the article seemed to have named this new world currency "phoenix" arbitrarily so it's not connected with the coin. Either way, it's a pretty interesting prediction, and it does seem like something somewhat similar to it was developed: the Euro.

But yeah, if we want to break worldwide barriers without ceding a sovereign country's ability to control their monetary supply and giving an international centralized body inordinate amounts of geopolitical capital, we can simply use Bitcoin alongside fiat. Bitcoin is the new world currency.
976  Economy / Economics / Re: Outsourcing for printing currency notes will lead to adopt cryptos finally ? on: August 14, 2018, 01:36:33 PM
If printing money alone is a big problem like taking measurements against counterfeiting then digital payment system must be the perfect solution to them.  Bitcoin and its descendants are having regulated money supply and big security against counterfeiting. But who will teach these governments about the prospectus of adopting cryptos ?

I don't think it's a big problem for them. Pretty much everything is outsourced to China because they have cheap labor and a lot of resources. These countries are certainly just trying to save money by outsourcing their work, not because they can't do the job themselves.

It's true that stuff like this won't be a problem with crypto which is a legitimate advantage, but a country will need advanced infrastructure and wide availability to even begin thinking about moving to paperless. I'm sure everyone knows that the future will be paperless and are building towards it, but it may not be necessarily be towards crypto but rather to digital fiat. Governments will want to retain their control towards fiat issuance after all.
977  Economy / Speculation / Re: Why is bitcoin regaining dominance? on: August 14, 2018, 12:06:34 PM
-snip-
Why should Bitcoin be surging?

People converting altcoins to Bitcoin doesn't mean they keep it in Bitcoin.

The guy I replied to was saying that the reason why Bitcoin dominance is growing is because people were moving money from alts to Bitcoin in anticipation of an ETF approval and a presumed bull run. That scenario does mean they keep it in Bitcoin.

I agree with the rest of your statement.
978  Economy / Speculation / Re: Why is bitcoin regaining dominance? on: August 14, 2018, 08:29:10 AM
I think people are turning their alts into bitcoin in the hope of ETF approval and bitcoin will rise and buy back their alts in much less satoshi than now.

That's pretty dead at the moment. I'm not sure where the optimism comes from.

If people have been dumping their alts (enough for this sea of red anyway) for Bitcoin, Bitcoin price should be surging. Instead, the $6000 support was broken for the first time in I don't even know how long. From those tidbits, one can probably conclude that money is leaving the market that and every coin is doing horribly, with Bitcoin much less so than alts.
979  Bitcoin / Bitcoin Discussion / Re: Bitcoin impracticable payment. What is the solution? on: August 14, 2018, 07:25:59 AM
this is not necessary at all. i think this way of thinking is only because bitcoin is new and different that what we are used to. but if you think about it when you go to a restaurant and pay with credit card for instance, the manager doesn't make you wait a month or so for the transaction to finalize. no, they let you go and maybe in a couple of hours or in a day the transaction was reversed and the restaurant loses money because the credit card you used was stolen one but that is the risk that a restaurant owner takes.
so why do we insist on having a different way of things for bitcoin?

Probably because it's a lot harder to steal/clone a credit card than it is to attempt a race attack double spend. Both payment methods are imperfect and I'm not saying one issue is worse than the other, just that I understand the overall wariness on 0-confirmation Bitcoin transactions.

Lightning doesn't have this problem as far as I know though, so it's probably a non-issue at the end of the day.

edit: spelling
980  Bitcoin / Bitcoin Discussion / Re: They want you to panic :-> on: August 14, 2018, 06:40:22 AM
I'm not saying manipulation isn't happening because I understand that you can never rule that out, but there's no evidence of it happening this time either. I'd say it would be more logical to attribute it on the bear market turning even more bearish.

I don't think there's any large scale collusion happening behind the scenes between whales (at the moment at least), and I don't think they're rooting for everyone to dump either. I don't see any reason to stage a crash because prices haven't exactly been at their best shape -- recent trends even suggest that more people are selling than HODLing, much less buying.
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