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All good points but how many individuals to you think actually do that and put in the work? Hardly any, and that is why scams continue to happen because people are simply too lazy to do work yet want easy money. Scams will never stop working for this exact reason, people are just too dumb in general to work for what they want.
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It is a sad phenomena that people automatically expect their coins to double and triple in value just like that but that is what some people expect! If every investor thought like this, the market would get dumped all the way down because not every moment is a moon moment. All I gotta say to these people is they are going to get burned one day with this mentality, it simply will happen to people who are impatient and greedy.
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I will believe it when I see it. I will be heading to China not too long from now and if their is zero cash in circulation believe me I will be able to tell. I don't think any society should be cashless though, not unless their is another system in place that functions on a higher level *ahem* Bitcoin *ahem*.
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They are allowed to burn extra coins if there are any, they can't create new coins just out of the blue. Not unless it specifically states that in their TOS, but if it specifically states that then I would not touch that ICO with a 10 foot pole.
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I don't know one person who said "I hate whales" as of yet and if they are screaming that, they clearly don't know what is happening here. Whales are our friends of course, it is best when we can go right alongside them to the moon  . As they saying goes "don't hate the player, hate the game". |
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Freedom of payment - any amount of money can be paid and received instantly and anywhere. No bank holidays, no borders, no imposition. Bitcoin allows its users to completely control their money.
Very low fees - there is no handling charge or very little handling fee for the current payment of bitcoin. The user can include the handling fee in the transaction to obtain processing priority and receive the transaction confirmation from the network faster. In addition, there are merchant processors that help merchants deal with transactions, convert bitcoin into legal tender daily and deposit funds directly into merchants' bank accounts. Because these services are based on bitcoins, they can provide a much lower fee than PayPal or credit card networks.
Reduce the risk of merchants - bitcoin transactions are safe, irrevocable, and do not contain customer sensitivity or personal information. This avoids the loss caused by fraud or fraudulent withdrawal, and there is no need to comply with PCI standards. In places where credit CARDS cannot be used or fraud rates are too high, businesses can easily expand new markets. The net result is lower costs, bigger markets, and less administrative costs.
Security and control - bitcoin users are completely in control of their transactions; Businesses cannot force fees that may or may not be found in other payment methods. Paying with bitcoin doesn't have to be tied to personal information in transactions, which provides great protection against identity theft. Bitcoin users can also protect their money by backing up and encrypting it.
Transparency and neutrality - all information about the money supply itself is stored in a block chain, and anyone can check and use it in real time. No individual or organization can control or manipulate the bitcoin protocol because it is password protected. This makes bitcoin's core believed to be completely neutral, transparent and predictable.
All these and we still lack many things. The bitcoin value is still unstable and we can not use it for routine purposes. I am not sure if you are thinking about this issue on broad sense but I think it is the reality now. Just imagine how many merchants are really their in the world who accepts the bitcoin payment processor right at front desk? You may say thousands of there but I think thousand is not the great number when we talk about the global acceptance of the bitcoin. It has to be far more than that, it must be legal tender everywhere which government doesn't allow yet. Not in the developed countries and neither in the developing countries. I am not saying all the negative stuff about the bitcoin but the thing is these are disadvantages of the bitcoin over the advantages that you have mentioned. We need lot of work to be done yet. But can't we admit the system that Bitcoin has in place today, is much much much better than the old traditional banking system? Sure it isn't perfect but Rome wasn't built in a day right? That known we should be humbled that we are witnessing such an event in history, one that could change the way we do finance forever. The change is happening, but it will happen slowly over time. Give it another 5-10 years and see if there aren't more advantages than disadvantages, I would bet all my money that there will be more advantages in the near future. |
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Love the indepth analysis of what a whale is and their function to this industry, thank you for that. There is no doubt that if G20 nations impose some sort of restrictions on the industry in July then that will effect us short term. But as you alluded there will always be a handful of corrupt individuals looking to play the system, and for that we should not fear Bitcoin's price dipping so low. Granted we don't want to be associated with drug dealers and criminals, but because you can't censor the system that is what you get. Of course if G20 was smart about it, they would regulate it and legalize it that way criminals would be few in the overall picture.
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I agree with your analysis and point of view because we know that right now the market direction is trying to be good and I can say that if we can start buying from now then we can easily get the best average price for the bitcoin and once we got the bitcoin with some good entry point then we can easily hold it till the trend lasts in the bitcoin price chart. Even i am expecting a new impulse move in action soon and this time it's going to make a new record high for sure.
You are absolutely right, if we make a purchase now, we can hold bitcoin as long as we want without fear of losses, and, most likely we have already seen the lowest mark. But, certainly, we should have made a purchase at 6200-6500 ... The drop was expected before the G-20 meeting, though few expected such a deep fall on the market. I myself didn't expect it but I would welcome it with open arms. Last time we dropped below 6k it was only for a brief period perhaps an hr or two. Would feel more confident about this rally if we want back down to 6k then lifted off after that. Of course if we rally now, I won't be upset just not as confident as other situations. |
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Not traded on Huobi but I did notice on BitZ, OkEX, Upbit, Coinone there was fishy activity. Funny enough most of those exchanges are top exchanges, I wonder if any of them would be top if we took out the wash and fake volume present.
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Don't go as far as saying trading Bitcoin is easy because this is why many others get involved and then get upset when it doesn't work out there way. Instead acknowledge that you are skilled at finding good entries and acknowledge that this a tough game at best and at worst a slaughterhouse. I just think we are doing a disservice to those who are entering by telling them it is easy therefore, don't undersell your skills and don't underestimate the markets because your skills are great and the markets are tough.
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Yes, simple regulate all the exchanges and therefore because they will have somebody to answer to nobody will pull this. Quite sad that this is kind of activity still rampant and it needs to be stopped ASAP!
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OP but how did they do this to you? Could you please tell us so we can try avoiding for ourselves. It sucks big time that this happened to you  , but unfortunately we have no recourse unless we live in New Zealand which most of us do not. |
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Well no one really knows, no one can tell what is going to happen to Blockchain tehcnology in the next 50 years, it could be a success or there could be a new technology that has replaced it. Well let's just all hope for the best.
The blockchain is probably going to be around for a long time, what we do not know is if it's going to be around for a long time is bitcoin, there are many coins trying to take its place and there are many governments trying to destroy it or to replace it with their own currencies, that is what we really do not know the future of bitcoin. It will be a long time but there will come a day when even this technology becomes outdated and there comes a new technology that usurps Bitcoin and cryptocurrencies. Obviously we have zero idea of what that will be, but I imagine the disruption will happen before 50 years is up. Not saying cryptocurrencies won't exist but I believe their role won't be as prominent in society as some believe today. |
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I never have been a proponent that regulation is a bad thing, in fact I have been wishing it comes earlier because the big investors will come after that. It is the back and forth that I don't like, the media manipulation which I don't like, but then again who is to blame for this manipulation? Yes the media writes these stories, but it takes two to tango. You need somebody on the other end to eat it up, and sadly in crypto most people aren't thinking for themselves and they eat up whatever propaganda is being fed to them, makes me wanna cry  . If we didn't succumb to weak thoughts or feelings, I don't think the markets would be as volatile as they are now. |
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He has a point though, 1.5 Billion for something that doesn't have anything to show for is ridiculous. But its the nature of this market that this works as everyone is heavily speculating and prices shoot up and crash down. So it can still be profitable ''investing'' but thats with every token/project, they all promise the world to you but seldom deliver. He did a splendid job discussing cryptos, I always love it when people discuss the potential of this space rather than the minor negatives that exist. Amen to being out of the woods on the drug dealer and porn discussions. Look at us talking about billion dollar valuations like they are nothing. Just last year to be in the top 100 at the beginning of the year you needed a 1m whereas now you need 129m at time of writing. Obviously we can't make another astronimcal leap like that but I could certainly foresee the #100 spot needing at minimum 500m by the start of next year. |
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The trustee is not allowed to liquidate any more btc until Sept 28, 2018.
Actually? That is fabulous news for us, could you please link a source for that. Don't want to spread misinformation moving ahead, the crypto market needs less of that as far as I am concerned. |
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You make it sound like this isn't something we haven't been doing for the last 50 or 60 years. Ever since the inception of credit cards our money was digital right then and there, it didn't change when Bitcoin came along. The only thing that changed is peoples understanding of money, and if they realize enough you would see we are already in a digital ledger cash system. Bitcoin is much more than just digital cash, digital cash is just the surface of what Bitcoin is all about.
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Yes, there are now a lot of ICO projects that require KYC, which causes some inconvenience to some investors because they do not want to provide their information, they want to be anonymous when investing in this market. But I think this is a good thing, KYC will help ICO projects become more transparent, reliable and resistant to economic offenses money laundering.
I don't agree with KYC at all and it is one thing to get investors do it, but recently I have heard now this is the case for some bounties too. It is off putting because that certainly how cryptos were when they started, and we certainly owe it to the true nature of crypto to stop this. I won't participate in any KYC in crypto, unless it is to withdraw my funds (even then I believe it is horsecrap). |
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If it is true then it is overall good for crypto in the sense more people will shift their attention to it. I doubt anything can become of Pacquiao's token although I wouldn't put it past the Filipino people they love that man to the core they do!
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That is generally why most people deploy the hodl method on most if not all their coins. I can only confidently let something go if I know it has reached its potential and that is a hard thing to do with new assets. You are playing a guessing game (somewhat) and the last thing anybody wants is to lower their holdings moving forward. We all realize what a gold mine this is, and are basically trying to not screw it up. I wonder if the trying to not screw it up adds more pressure than is necessary on us, making us trade worse. Would be an ironic but vicious cycle if true.
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