It is quite weird, because earlier in the year Indian exchanges had one of the highest bitcoin prices compared to worldwide bitcoin exchanges, indicating that capital is leaving the country fast and government obviously does not want you to use bitcoin. But now, they are trying to legalize it. I think that Australia and Japan's decisions have affected the Indian government's thinking a lot, they do not want to get left behind in this world where technology is king, and if you are behind on the latest updates, then your country will suffer. This is an extremely good move, and i believe that a country that will probably exceed China's population by mid-century legalizing bitcoin is great news. Although the article says that it's going to be regulated by the government instead of being a self-regulated market, and that could be a cause of concern. We don't want intervention from governments. |
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I don't think that a lot of people have actually read the original article from marketwatch. If not, please do actually read it before you comment on this, becasue clearly you are demonstrating no idea why this article in question is even being discussed. I believe in bitcoin. Some points in the marketwatch article is legit, but a lot of it is exaggerated, fabricated, or just outright FALSE and misleading. I commend the author of this article for responding strongly, although a few more points could have been added. The article focuses too much on the idea that bitcoin is a medium of exchange, but not so much on the idea of bitcoin is a store of value as well. - Bitcoin have short term fluctuations, we don't deny that - Fiat currencies are pure garbage, as they are controlled by a single entity. (somewhat touched on in the article)Bitcoin has no one controlling it that can just say alright, lets do this, without consensus from the community - Bitcoin has a 21 million coin cap, meaning that bitcoin is a long term store of value. |
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Just received reminder bitcoin dropped a lot, the price of the last week is very unstable, leading to other competing currencies continued to fall, there is no bottom line of that kind of fall, I would like to ask you tycoons on how to look at the future market?
Bitcoin is decentarlized, and if something is decentralized you are going to have a lot of volatility. There is no way that you will be able to change this, until merchants are able to accept bitcoin at face value and not fiat value of bitcoin. Foreign exchange markets are realtively stable compared to bitcoin because governments are actively manipulating their currency. exporting countries in particular are slowly but steadily trying to depreciate their currency. If a country's national country rises too much, the central bank is able to dump a whole bunch of their newly printed, fresh fiat onto the market, driving the price down. If it goes down too much, the country can sell parts of its reserves. With crypto, you don't need to worry about government intervention, but short term volatility is the compromise. If you don't think that you can cope with the fluctuations, simply sell any portion of your bitcoin for cash, and keep the rest so that you don't get affected as much. |
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It has more to do with the attitude of the exchanges. Along with the miners, the exchanges have also become greedy. They increased the withdrawal fees by as much as 1,000% when the minimum mandatory fee for instant conformation shot up. But now the mandatory minimum is back to normal rates, and the exchanges are not ready to decrease their fees.
which exchange did increase the withdrawal fees by 1000%?!! are you sure you are not making a mathematical mistake while calculating that percentage? all the exchanges i know increased the fees about 2x and to 0.001 BTC which is not that bad since the transaction fees are nearly as much. and i think they raised it by that much to be safe and don't have to change it another time if it went up more. I remember that Bittrex last year was able to offer 0.0002 BTC withdrawals and that seemed quite high to me. Right now as you said the industry standard seems to be somewhere around 0.0008 BTC up to 0.002 BTC. In bittrex's case it was quite a dramatic increase, although it wasn't 10x it was indeed 5x. This alongside with the exploding bitcoin price just doesn't really go well together. I would argue that transaction fees don't affect traders all that much. If they are transacting tens/hundreds/thousands of bitcoins at a time 0.001 BTC is literally nothing and does not affect their buying power whatsoever. These traders are the people that ultimately decide the price of bitcoin. Although, if there was a decrease in transaction fees, then traders should be more willing to buy in as they see the community being able to actually use the coin for micropayments, making bitcoin more useful in a sense. |
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Is anyone having problems with Poloniex? They seem to be having some kind of technical issues on their site and their chat box is down too. I hope it is just a minor issue that will be fixed quickly.
There is indeed something wrong, in fact a lot is wrong with their site at the moment. For one, they are not responding to any sort of support request. At least all I can hear on this forum and crypto oriented skype chats is that their support requests are just getting ignored even though poloniex continues to update the situation in the notice board. Secondly, trollbox was intentionally taken down. This isn't a good sign at all - they don't want visitors to be able to see the problems that they're experiencing. No support crew, selectively scamming users, trollbox taking down. That's what poloniex's situation right now is. It sounds an awful lot to me like Cryptsy and Mt Gox, Bitcoinica as well.... |
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Hi everyone,
I have recently sold a large part of my BTC portfolio as I was spooked by a various sources telling me that BTC was heading for plummeting prices following 1st Aug and hard fork. They have also said that July will be incredibly unstable in terms of price as we approach the deadline. I a now sitting on cash and waiting for the best time t go back into BTC
Given that the price of BTC has risen every day this week and feeling that I sold unnecessarily and am considering buying back in. can you feedback to me.
1) Is the 1st Aug really going to be that bad and should we expect volatility in July as we approach the date?
2) Would you buy back in now or wait sitting on cash for a better price entry point in the coming weeks?
Thanks all
Matt
Your question is really good. I personally think that the potential activation of segwit is going to benefit the bitcoin network, although the aspect of a hard fork on that day or soon after that date is pretty daunting to most bitcoin users as well. To answer your questions: 1. I don't think it'll be that bad. Even if a hard fork happens if you hold your own private keys you are going to get coins on both chains that have forked(bitcoin core and bitcoin unlimited), so therefore, bitcoin value is probably going to stay the same when you add the two together. Still though, it could bring some negative news to bitcoin as there is no consensus anymore of which bitcoin is which, as the battle is pretty close when looking at miners but not so close when looking at nodes. 2. I'll sell 70%, and hold 30%. Right now bitcoin is retesting 3000 which means that if you dont' hold at least some you might lose out on some profits. |
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I will cahnge signature as soon as i am accepted, thanks Darkstar. Username: timerland
Post Count: 493
BTC Address:1K2xCE24pxQSWfiw4q5X1nKpAV7PWFKFcf |
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I sold about 10% of my stash. I'm not sure whether the bubble has burst or not, but I decided I'll take some profit (bought at sub $100). We might see $5000 or $10000 in the next few days, but I'm pretty sure the price will go down to $1500 (or even lower) at some point in the next few months or next year, and that's when I'll buy more. If that doesn't happen then it's fine, I'll invest in something else.
What do you think of my decision?
You really have some balls to hold from $100 straight to $2500 right now. That's a lot of tough market conditions that you have ridden through, and i commend you for having so much trust in bitcoin to actually hold for this long. Even myself haven't got the patience nor the courage to do this. I think that your decision was a smart one. I don't think that we have seen the peak of this though, although the correction came and everyone started panicking. Wouldn't be surprised if price recovered to $3000+. Selling 10% sort of gets you the opportunity to sell more if bitcoin was to go up again. I do think that BTC prices are probably going to drop drastically after this bubble does pop, but that would present a very interesting investment opportunity that most people probably don't wanna miss. |
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it's been a month since I requested the withdrawal , their shitty support haven't responded yet probably they are just ignoring me
at this point I think that Poloniex won't pay me also there is no way for me to contact them or get in touch
beware guys !!
Wow, really? They still haven't responded to your request? That's just completely crazy cause I've been following this thread, i thought that they would at least follow up with your support request. You trusted your money with them thinking that they would be professional with you, but obviously they are not. I was going to recommend you use the trollbox to complain, but i see it's gone now as well  Everyone else, DON'T USE POLONIEX!!! |
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OK, so now when a newbie looks at 1 BTC says: " I will never be able to own that! Too expensive!" - yes because people are willing to have 1 coin but how about if we make people understand that even owning 0.01 BTC can bring good wealth to their lives in the near future... I mean yeah it's great to own 1 BTC or more but that doesn't mean it's not great owning 0.1 BTC right?
No, not at all. Owning 0.1 BTC probably puts you into the top 1% of all bitcoin holders actually. The argument is the same though - people like whole numbers, and owning 1 bitcoin is something that is almost religious. The value of one bitcoin is definitely out of reach of many people right now and i can only think that it'll increase in the future by even more. The value of 1 bitcoin should remain one bitcoin. But i believe the usage of the unit "bits" in exchanges and wallets will actually benefit the bitcoin ecosystem as it is easier to deal with large numbers than with decimal points all the time, and it makes you feel like you're owning a lot more bitcoin than just "1 btc". Even if it's psychological, it'll make a difference. |
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If bitcoin shall continue to grow globally, this must also mean that the price will always, at least for many years, be steadily increasing. So it may look good as an investment. But in the long term the goal is, I suppose, that it shall be used as money? But why would people use it as money when the price is always increasing? Or do they have to wait until the investors are done?
Why can't people use bitcoin when its value is increasing? That's something for you to think about. People use currencies when they are depreciating. Right now this is the case for essentially every fiat currency. People use gold, which arguably is always going up in fiat terms in the long run. There is no rule that states "we can't use a currency that appreciates in value". Bitcoin arguably isn't as much currency as it is an asset, just like gold as well. In fact bitcoin isn't even deflationary. It's disinflationary which means that the supply will go up, just like fiats but in a controlled manner so nobody can abuse it. Bitcoin goes up in fiat terms because fiat monetary base expands so much. But its true value in the long run is pretty stable in theory. |
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From what I have heard Desktop Wallets are supposed to be good because "you are in control of your own keys". But I have never seen a private key when I have downloaded a desktop wallet. Sometimes you get to make a seed, which I think is the same thing (?) , but often you only get to backup a file. Is that file your private key then?
As long as you are in control of your own private keys you are good to go. You don't even need a desktop client per se. A desktop client is just a UI that makes your life easier so you don't need to create raw transactions yourself and stores your private keys for you. To see your private keys you have to export the keys first. A paper wallet would work as well. In fact it's probably more secure than a desktop wallet because everything is offline and you don't need to worry about viruses infecting your wallet. Or, you could try a hardware wallet. The seed you're talking about is BIP39. As long as you have that seed, you have control over your private keys as well because you can import that into any other wallet and it'll reflect your balance. |
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It's good news that a bank is acknowledging bitcoin, however in practice redirecting to someone to coinbase for a purchase of bitcoin isn't really "supporting bitcoin". If they really supported bitcoin then they could add bitcoin banking options, and treat bitcoin like a foreign currency. You can buy bitcoin with coinbase in the US, but are US banks supporting bitcoin? Think about it. They merely act as a money storing and transmitting service for people who trade bitcoin, nothing else. They can add coinbase api too to their website. But I'm not trying to say that this is bad, it's good. However banks are something that bitcoin was created to rid of in the first place. We don't need the SEC or banks to acknowledge that bitcoin is good to have a successful blockchain. |
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Bitcoin is a blessing to some of us here. We can testify, how since the beginning of this year that, we have make alot of return on our investment in bitcoin. I foreseeing bitcoin touching $4,000 before the end of October this year. Hope you join us in this less risk investment.
I don't necessarily think that bitcoin is going to hit $4000 this year, but it'll be very close. Bitcoin is indeed a blessing though. It has been an opportunity for many of us to free ourselves from the inevitable economic collapse that will be caused as a result of the fiat debt cycle. Fiat currency base is expanding at an ever growing rate, whilst there is only 1800 new bitcoins on average produced every single day, and it takes hard work to generate these bitcoins. Instead of saying that bitcoin will hit this and this by the end of x month, i think that a better approach would be just to simply say that bitcoin will be going up in the long run. It's a fact because fiat is inflationary whilst bitcoin is disinflationary. There's a fundamental difference that makes bitcoin a good long term investment. |
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I should say it is a luck. Many investors will invest if bitcoin has proven a lot therefore,the bitcoin increases. Others may put down the name of bitcoin because they haven't experienced yet the benefit of being a bitcoin member but once they experience it, for sure they will slap their faces that it is genuine. Though you have to wait the increasing point because it isn't stable at times but then it is paid of once you achieved its challenge to wait. Patience is truly a virtue.
It's not luck. It's called speculation. I agree though that it's probably not because bitcoin has suddenly having a surge of new users but rather existing investors buying more and more of it to pump the price per bitcoin up. The reason of bitcoins price increase is basically just because of the simple understanding of supply and demand. Thats the main reason, bitcoins supply has a limit of 21 million and there are already 16M in the rotation so as we reach the limit, the demand gets higher while supply is becoming low that makes the price pump.
Agreed. Price of bitcoin in the long run thereotically will always be bullish because of this reason. There will only be this much bitcoin in existance but there is an infinite amount of fiat currency that can be printed. Therefore, bitcoin is a good "store of value". But this isn't the reason why bitcoin is up in the short term, short term is always about hype and media. |
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What I see in altcoin markets is that usually in the short term there is a lot of volatility and a lot of newbie traders think that it's good to just trade that short term volatility. But really the big profits are in the long run. Usually a coin has its own pump/dump cycles(dogecoin comes first to mind). When you hold for the long term you will usually experience a lot more profits as demonstrated by this altcoin pump.
Another good point you mentioned is never margin trade. I think that this is one of the most common mistakes, newbies thinking that it's good to take out a loan to trade with so they get more capital. It will only mean that you'll lose more and win more, plus you have to pay interest. So basically can't do margin trade for the long run and have to stick to the short term which is more risky.
Great article OP, keep it up.
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I think that the case is pretty clear cut. Ledust seems like a bitch at best and scammer at worst.
This is just another reason why you shouldn't trust people on primedice. Especially if they have a VIP tag attached to them, i believe that makes them even less trustworthy than normal members because they have gambled so much BTC.
I don't know why he would just attempt to take over your channel like this though. Does he have any financial incentive to even do this? Or is he just doing it because he wants to be recognized in the community? Also are any of the mods in charge of this discord channel right now or is it still in his hands?
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The historic odds favor Golden State as they did last year. I believe GSW hadn't lost 3 games in a row last year but the Cavs won the championship. Watch history repeat itself, Ty Lue has decoded them and the Cavs will repeat last year's feat, God willing.
Dont worry GSW will win this series no matter what. I really didnt expect cavs to win game 4 but they did it. They turned the impossible into possible and i cant wait to see the next game. The could win the next game as well but in the GSW is going to win , all the fans of cavs can hope high but they will be dissapointed Let's not forget one thing: they only played this game from 3-1. I played very well in the last game. Cavs is my hope, but I think I will win Golden Golden League this week. But it will be very good to win the Cavs to watch a more enjoyable final series.  What are the odds of it happening 2 times in a row? GSW are a much improved team this time around with Kevin Durant in the line up. Le Bron has been great throughout the playoffs and am sure that he'll try his hardest to stretch the series to a few more games but, I dont think that will happen. With Steph and KD firing in all cylinders, they will win either the 5th or in 6 games. I dont think we'll see a game 7 this time around. It sucks that NBA have such powerhouses these days and the teams are not even close to being competitive against the big teams. Stephen Curry died in last game and the Cavaliers learned how to make 3 pointers, they surely have good chances today Stephen Curry and co rested through that game and are ready for the kill tomorrow. There's not going to be a repetition like last year but a total ass whooping in game 5. I think that it's definitely going to come down to a game 6 at least. All the warriors bandwagons said that a sweep was inevitable. But obviously warriors got thrashed in that game 4, with 49 points in the first quarter which is amazing. I don't think that Cleveland is going to win the championship though because warriors are a very strong team. There is little chance for lebron and kyrie to carry his team to a victory when the other team has 2 mvps on the same roster as well as 4 all stars. Therefore I'm going with warriors in 6. |
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How can you not enjoy this gold rush?
It is simply amazing for me that bitcoin price has risen its value over 100% in just a month, that is simply unbelievable!
To be honest, I think that this has come to end, and even when bitcoin price is somewhere about 2500$ per one right now I still think we will only have falls right now.
If you really want to make profits on a longer term, then I would just stay away from buying BTC right now, just to get it on better price. Indeed, many more users have came to our tiny world, but still bitcoin and cryptocurrencies overall are not so famous to just pay almost 3000$ for 1 BTC!
I have sold a big part of my BTC already, and im really happy about this. Im going to buy more of them probably, if the price will go below 2000$.
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I think that the biggest difference about investing and trading in cryptocurrency world, is that "investing" means that you are going to hold some specific crypto for a period of time, just to get an money from the price increase, or also doing the same thing when doing some different investments with the bitcoins you hold: you can always just have e.g 10 bitcoins for holding purposes, and invest them in the same time in some company! If they will pay you up with some % every week/month/year but just in bitcoin, then you will earn from this interest plus the change in price of the cryptocurrency.
Trading, is more like buying and selling some cryptocurrency in a good moment. If you have some system for that, you will also make money but this is way harder than just holding crypto. You have to make correct decisions every day, and you have to accept the fact that the risk factor plays a really big role in this game.
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