 Show Posts
|
|
Pages: [1] 2 3 4 5 »
|
All of a sudden bitcoin jumped from 6.5k to almost 8k today. I believe those who made panic selling are very disappointed now. This is the reason why i said bitcoin investment is not only about risk taking. Am pretty sure no old member sold thiers at that cheap. Sometimes experience counts. Never think bitcoin is gonna die
Hmm!! this is pretty funny i do not know how to comment on this. Considering i just made points early couples of days ago. Referring to Bitcoin usage to be largely focused on investment rather than it actual purpose. Well. congrats to those who held their coins through out the red zones. Now is the time to smile and rejoice. To those who participated in panic sales.. My sincere condolence. More grace to your investment in your next attempt. To Bitcoin, Welcome back on to a desirable level that makes investors smile. Hope you keeping soaring up high and never land on lower grounds |
|
|
|
I agree that Bitcoin demand must stem from utility rather than its potential for price growth for true adoption. That has always been the end game, which is why everyone is racing towards a solution for scaling and why it's such a hot topic within the community. That being said, if it could be used for both, why shouldn't it?
It's currently widely used as a store of value because it's pretty much perfect for the role as it currently is. It's easy to store, it's easy to transfer, it's easy to secure, it's liquid, it's immune from local economic instability, and it has a ridiculously high return potential. It's hard to blame people for using it as such.
On the other hand, its utility as a payment system is still flawed from its lack of scalability to its volatility and less than ideal user experience. Its utility isn't being ignored just because; its utility is being ignored because there are numerous other options that are (subjectively) better and easier to use. Once this area improves, which it will, I'm sure more people will be using it. People tend to forget that Bitcoin is essentially still in its infancy and still has a lot of room for improvements.
OMG! I am so glad you contributed to this. Please allow me to quote to you "It's currently widely used as a store of value because it's pretty much perfect for the role as it currently is. It's easy to store, it's easy to transfer, it's easy to secure, it's liquid, it's immune from local economic instability, and it has a ridiculously high return potential. It's hard to blame people for using it as such. " " People tend to forget that Bitcoin is essentially still in its infancy and still has a lot of room for improvements." Our goal should be focused on securing Bitcoin's future so that the ordinary person can have a lasting experience. |
|
|
|
Hypothesis 1: If the world fails to accept Bitcoin, chance are Bitcoin might be just as it is now or it will be run off by another coin that is universally accepted and effectively utilized.
what makes another altcoin accepted while bitcoin isn't?!!! newsflash, if bitcoin fails to be used altcoins don't have anything on bitcoin to be used in its stead. they will fail sooner and faster than bitcoin if your hypothesis is right. This is exactly what will make another Altcoin thrive globally should Bitcoin fail to serve it purpose.
1. When the coin serves the basic needs of the global population at a stable price regardless the market demand.
Who wouldnt like to purchase a coin whose market price remains same and serves it purpose over decades.
Something Alt coins should learn from.
Generate a coin whose utility is valueless, whose market price is fixed, whose profit margin is nominal and stable.
2. When the coin can easily be purchased by ordinary people and used for it supposed purpose.
Why buy a coin because the price was low at year A, and hope that the market will be pumped so you sell it at year B?
It appear all coins are following in the steps of Bitcoin. That therefore explains the cycle, and the reasons for outrageous changes on exchanges.
If people fail to accept cryptocurrency may be it because of the concept of buy and sell, make profit and scam inherent. let make crypto more fun than just buy and hold, sell and make profit.
I should be able to purchase a particular coin in the crypto market not because i wish to keep it and make profit out of it later, but because i wish to it for it main purpose.
|
|
|
|
There's no such thing as intrinsic value, and Bitcoin isn't just store of value or just currency, it has many uses and people around the world are using it according their needs. Preserving value, investing, hedging, medium of exchange, long distance transfers, shadow economy and so on - there are many uses for Bitcoin and they all give Bitcoin subjective value.
I am not disputing the fact that Bitcoin has several uses. However, i strongly disagree that "there is no such thing as Intrinsic value"when it comes to Bitcoin. Bitcoin has intrinsic value, i believe it is exactly that, which attracts individuals and cooperates organisation to purchase it.
My point exactly is that, in spite of the several uses of Bitcoin, the most dominating use is "Investing" or "Store of Value". One major reason why most people purchase Bitcoin lately is not because they wish to transfer money over a long distance or use it as a medium of exchange. But rather, because they wish to hold the coin and wait for "green season" to sell it and make outrageous profits. From this, i believe Bitcoin has uni-directionally been channeled to serve as an investment currency/coin, whose demand is solely contingent on investor/traders interest to purchase more coins to keep or sell coins at high prices to gain profits. If Bitcoin is global perceived as a coin relevant for investment, i bet only rich individuals and cooperate organization will be the able to purchase/invest in it. The ordinary person can not / would not be able to purchase even one hundredth fraction of the coin to conduct basic transfer of money over a long distance etc.... |
|
|
|
|
In opinion, Bitcoin future is contingent on its Universal Adoptability and Utilization.
Hypothetical assumptions
Hypothesis 1: If the world fails to accept Bitcoin, chance are Bitcoin might be just as it is now or it will be run off by another coin that is universally accepted and effectively utilized.
Hypothesis 2: If the world accepts Bitcoin and fails to use it for it actual purpose, chances are Bitcoin's will lose its intrinsic value and might turn out to be of those useless and dead coins in the crypto market.
Either way Bitcoin future might be in jeopardy.
To secure the Bitcoins future and its intrinsic value, i believe our efforts should be geared towards global adoptability and utilization of the digital currency. Efficient Utilization of Bitcoin will mean that we understand the difference between Bitcoin as currency and Bitcoin as a store of value.
These two are the basic ways that Bitcoin can be used. But then it appear one is overrunning the functionality of the other.
In the sense that people are aggressively focused on Bitcoin as a Store of value than Bitcoin as a currency that offers the most efficient means of transferring money over the internet via a decentralized network with a transparent set of rules.
When the world views Bitcoin largely as a store of value, its important functionality as a currency may lose it essence. As such, Bitcoin may appear to be "Scam".
And with "scam", the world obviously dislike anything that appears to be "Scam". Hence global adoptability will become quite impossible. And when global adoptability becomes impossible, hypothesis 1 is strongly confirmed.
Hypothesis 2 is strongly confirmed if variable (Bitcoin as a store of value) in Hypothesis 1 persist regardless universal adoptability.
The consequence is Bitcoin might lose its intrinsic value. Hence the future of Bitcoin might be in great Jeopardy.
To avoid these, I believe the decision to secure Bitcoins future and its intrinsic value is ours to make.
If Bitcoin Bitcoin continues to be treated as store of value than as a currency necessary for transferring money over the internet. The cycle of praying for Bitcoin price to fall so that we buy and Bitcoin price to rise so that we sell, will obviously promote price Volatility of Bitcoin and many undesirable outcomes.
|
|
|
|
Many people are waiting for the market recovery to sell their coins but I bet you,as soon as market recovers ,they will feel reluctant to sell.
During the Bull run period, my decision to sell my Altcoin will depend largely on my expected market price. if currently, the price of my Alt coin "A" is 0.01. And my expected market price for my Alt coin "A" is 0.5$. I might usually be reluctant to sell my that Alt coin during the Bull run if it happens that the coin rises to 0.05$. Although there is obvious spike in market price of that coin, spike in market price is not up to my expectation. hence my reasons for being reluctant to sell. My point is, bull run may come alright. but if traders expectations are not meet most traders will obviously be reluctant at selling their coins and will decide to hold. Bull run does not always mean profit. In my opinion, it basically mean you have held me for so long, sell me out and regret later. Or don't sell me at all and regret for not selling me. it puts you in the position of being restlessly indecisive if you have not prepared for it. And account for what is basically term panic sales. Be smart. |
|
|
|
Assuming that the scenario that you are proposing becomes true even if the likelihood of that happening is very low, the whole ecosystem of cryptocurrencies will change, however the cat is out of the bag and the Pandora box is open and there is not going back, we can use the fall of bitcoin as a lesson of what not to repeat when a new and improved decentralized currency emerges.
Very said. i agree that we ought to take lessons from flaws. I appreciate your contribution South Park. thank you |
|
|
|
and so my point and question is: Regardless what will cause Bitcoin to extinct- whether elementary, apparent or emerging flaws- what will be the fate of Blockchain technology.
Prompt
Will Blockchain technology continue to thrive to support other Altcoins? or the whole concept of decentralization will die with Bitcoin?
You can't ignore the reasons of hypotethical Bitcoin death, because that's the key to your answer. If Bitcoin would die because it would turn out that all the consensus algorithms (PoW, PoS, DPoS, etc.) are inherently flawed, then decentralized blockchains would become impossible. There are also centralized blockchains that will probably be unaffected by it because they have some hard-coded centralized consensus. On the other hand, if Bitcoin would die because some other coins will be overall better, than there's no reason why blockchain technology should be affected. But this is all highly hypothetical, because at the current moment Bitcoin is the best blockchain application in the world, it's one of the few that are truly decentralized and working, while 99% of other blockchains exist only on paper. Impressive! That so interesting. From this its very clear that the cause of Bitcoin hypothetical death (type of flaws in Bitcoin consensus algorithms) will determine the magnitude of effect on Blockchain technology. Obviously the death of Alt coin have had no effect on Blockchain technology. Hence, my hypothetical death of Bitcoin was not related to other coins overrunning Bitcoin. Bitcoin undoubtedly is the best Blockchain application in the world. its functionality is overwhelming. I appreciate your responses hatshepsut93. it is breath taken learning from you. Thank you |
|
|
|
why would bitcoin die? you can't just ask a question and leave the most important part out. if 1 person dies in the middle of street would the human race end? did that 1 person die of heart attack or the T-Virus? the second one can end the human race  it is the same for a cryptocurrency too. altcoins are dying every day and nothing in the world changes. but if it is a flaw in the technology then the technology dies and everything with it. well said. the T-virus really got me laughing. well that aside, while i may agree with you that the death of one person will not wipe the human race. i refer you that human race is not dependent on the life of that individual. hence, his or her death will literally have little or no effect on human race. i am not however, oblivious of the fact that many Alt coins are dying and nothing in the world has change. Bitcoin on the other hand is not like any ordinary Altcoin. it was purposely created to run on the Blockchain technology. therefore, would Blockchain technology (flawless) out leave its usefulness if Bitcoins extinct? or it will still serve its purpose regardless the existence of Bitcoin? |
|
|
|
You got it all backwards.
If the so-called blockchain technology will fail to get adopted by the industry in general, it would have absolutely no effect on Bitcoin. Why? Because Bitcoin is already stable from day one, it never failed in all these years and it is always working as intended - enabling global electronic transactions without centralized middleman.
If Bitcoin will fail, the effect it would have on blockchain industry will depend on the exact reasons of Bitcoin's failure: maybe it will be minimal or maybe it will be devastating if there are some fundamental flaws.
While i may agree with you that i may have gotten it all backward. my point is not actually focused on the "adaptability of Blockchain technology" by global industries. My point is focused on the unforeseen technical challenges that Blockchain technology might pose in future. I refer you that Blockchain technology is not absolute in its nature. The flaws incumbent in the technology, however, yet unseen may inevitably have tremendous effect on all/most projects run on this technology. Hence my point is- a technical cliche in Blockchain technology for just a minute might amount to the loss of billion of investors fund, should that cliche is not identified and settled on time. Obviously Bitcoin has shown quite impressive stability since its introduction. But records shows that the price of Bitcoin keep falling form it $20,000 to roughly $6000 and still falling in this recently periods.Well, i'm i saying that Bitcoin is not serving its functionality regardless its current market price? No! that's not what i'm saying... This is what I'm... Bitcoin Obviously, over the years has faced and continue to face many global challenges which undoubtedly have had significant effect on the price of Bitcoin. But then, have this identified challenges been addresses yet? Not at all! and so my point and question is: Regardless what will cause Bitcoin to extinct- whether elementary, apparent or emerging flaws- what will be the fate of Blockchain technology. PromptWill Blockchain technology continue to thrive to support other Altcoins? or the whole concept of decentralization will die with Bitcoin? |
|
|
|
|
While appreciating the difference between Bitcoin and Blockchain a while ago, i found out that these two are no much of a different at all.
Reasons?
The major reason is that, the survival of both are hugely contingent on the survival of Either. if Blockchain dies Bitcoin and all other coins die too. if Bitcoin dies aint sure what will happen to Blockchain.
Refresh
Blockchain was built because of Bitcoin as a digital currency. With the intention of aiding the smooth use of Bitcoin.
Now, i want to believe that Bitcoin just as man can not live with out breath of life (Blockchain). Hence, in events when Blockcahin is down, Bitcoin suffers greatly.
This is evident in many real life crypto trading scenarios. in events when Blockchain has some technical problems transaction either go to halt or resort to delay.
My thought
And so i got thinking. Since it is significantly obvious what will happen when Blockchain goes down, it is not entirely clearly what exactly will happen should Bitcoin loss it value or dies.
My question?
Will the concept of decentralization die with it because Bitcoin failed?
what will happen to people funds stored and distributed on the Blockchain?
|
|
|
|
|
While people are increasingly developing interest in Blockchain and Bitcoin, many often inadvertently use these words interchangeable to mean the other.
why?
Because, people often think both words are the same. however, they both are entirely different in terms of meaning and functionality.
How?
Blockchain is basically an accounting system developed purposely to keep accurate and transparent records of a distinct desirable digital currency (Bitcoin). therefore one can say because of Bitcoin, Blockchain was developed. Right?
So just picture blockchain as the accounting technology on which any transaction using Bitcoin as a currency can be traced.
Now that this is being said, Bitcoin is basically a digital currency designed purpose to provide seamless peer to peer transaction without any middlemen and with little or no transaction fee. this coin is then stored in a secured wallet called the Bitcoin wallet of a particular holder.
which means that, without a bitcoin wallet an individual can not possess or keep Bitcoin.
Final words
Therefore, without blockchain, an individual can not conduct any transaction with Bitcoin as a digital currency.
|
|
|
|
Bitcoin has come a long way and come really come to stay. As a matter of fact, anytime some people who know nothing about bitcoin are introduce to bitcoin about how bitcoin works, they channel all their attention to whoever is passing the information to them by listening attentively. However, after developing the interest in bitcoin, they quickly revert their interest in bitcoin the moment they hear of the volatile nature of bitcoin, thereby, deciding not to invest into it anymore. Guys, what are some other factors that scare people from investing into bitcoin?
Aside market volatilty of Bitcoin, i believe one major factor that scares people from investing in Bitcoin is the increasing scam associated with it. the more scammers increase in the Bitcoin market, the more dangerous and vulnerable investors become. and since no investor wish to fall prey to scam, anti-scam measure must be put in place to solve this major issue. |
|
|
|
I was making a list for my team on how to stay away from Crypto scammers, and thought I would just share it here as well.
Here are the type of Crypto scammers that I have encountered
Type 1. ICO as a SCAM - (More info contributed by: tosindesign)
There are ICOs that are only designed to get your money. Once the ICO is over then the pages are taken off the net and the makers of the ICO disappear with the money. The last case we reported was LoopX, but this is not the only case.
How can you protect yourself?
1. (by: tosindesign) Generally there is no 100% protection here. A good indication for a scam is there is no team mentioned on the website or whitepaper. Although everything is very superficial and promised a lot, but after reading the white paper is not clear how that should be possible.
2. (by: GeckoTrader) One of the best things to do to avoid ICO scamming is to learn and back read all information about that ICO. As they always say " More knowledge is power"
3. (by: GeckoTrader) The team should have been communicating to the community.
4. (by: GeckoTrader) Always they should have an update from their company. If you sense something fishy do not hesitate to ask question from them. In that means you can confirm whether they are legit or just a bunch of scammers.
Type 2. Scammers who sell FAKE COINS (name / coin code is same but coin generating contract is different)
How to protect yourself: Check the contract address of these coins, if it came from the same contract address
Type 3. Social media scammers - Would post like "I will send you 50 ETH if you send me 5"
How to protect yourself: This is an easy one, they all are scammers. Dont even respond.
Type 4: Identity theft scammers - These guys will contact you as CEOs of ICOs or Social celebrities, usually banking upon the names of a famous person
How to protect yourself: Try pinging them from an another ID of theirs (say if scammer pinged you from Telegram, drop them a message over their facebook ID) and ask them to check that message. This would work as a Two-Factor-Authentication for that personality.
Type 5: Malicious code Trojans - Like Wordpress or Chrome plugins, that would use your machine to mine for crypto currencies, using your machine for the same
How to protect yourself: Try not to do plugins or replace them with cloud powered services, OR, Install only trusted plugins, with loads of reviews maybe. I wont be surprised if these trojans take shape of free downloadable games or cracked softwares downloadable for desktop or your mobile.
Type 6: Online Seed Generators (contributed by: tosindesign)
For some wallets (eg the IOTA Wallet) you have to set your own seed. In the case of IOTA, this is an 81-digit password that must consist of uppercase letters and at least one 9. Since some did not want to generate a password themselves, they resorted to online seed generators. These generate you by mouse click an 81-digit seed. However, as it turns out later, a few of these seed generators also stored the generated passwords, The stored seeds were then later used to steal the assets of the investors concerned. You have to know that the seed is something like the master key that allows all credits to be transferred. A thief does not even have to have access to your computer on which the wallet is installed. The seed is enough to access your balance on another computer.
How can you protect yourself?
Never use an online seed generator! When generating an 81-digit seed, all you have to do is push 81 random keys on your keyboard.
Type 7: Phishing website attempts (contributed by: tosindesign)
Scammers would copy exact replica of the websites (wallets, exchanges) and try to get you to login, thereby recording you password. For example, the page Blockchain.info was copied to get the logins. You have to know that Blockchain.info also offers a wallet service where Wallet could save your bitcoins. If Google users searched for “Blockchain info” in some countries, they ran a Google ad that led to Blockchaina.info, a cheat site that has nothing to do with Blockchain.info. The site was a 1: 1 copy of Blockchain.info and was only designed to get login information from users. There are also similar attempts to MyEtherwallet.com and other sites.
How can you protect yourself?
Never click anywhere on a link to a page where you want to log in. The best way is to bookmark the pages and just go over the web pages. In addition, you should always look for the SSL encryption. There will not be a page that stores important data from you and is located at http: //. All pages should now be encrypted SSL and have a https: // domain (although the pages can also be accessed at http: // they will redirect to https: //). The SSL certificates will also show you every browser, for example by a small lock symbol.
Type 9: Used Ledger Nano (contributed by: tosindesign)
At ebay and in other marketplaces there are always offers to buy the Ledger Nano a bit cheaper. This is particularly interesting now, where the Ledger Nano S is sold out and will be available again in one month. There have been cases in the past when users bought a used ledger on ebay and the seed from the ledger was already filled out. Anyone who has not owned a ledger to date will hardly register the difference. Of course, the previous owners have also noted the seed in these cases, which then allows them to get access to the crypto currencies that the new owner stores on the Ledger Nano S.
How can you protect yourself?
If you want to use a hardware wallet like the Ledger Nano S, buy it directly from the manufacturer and make sure that it is still original packed. The enclosed note on which you can write down the seed should never be filled.
Type 10: Airdrops that ask for personal information (contributed by: StarKay)
There are hyped up airdrops that may ask for KYC information, that may end up being used by scammers / hackers.
How to protect yourself:
Think of your personal information as an investment as well. Research who you are giving your information to and why that ICO will need it
Type 11: Identity theft via Social Media - (contributed by: darkangel11)
You have to realize what they want from you. In the end it's always your money, while in the process they may want some personal data, a phone number, whatever they can get into.
How to protect yourself: Never willingly give anything. Don't share your real social media accounts with random people, keep your email addresses to yourself and if you have to use them make sure to have burner emails. What are burners? Not necessarily emails created for every forum and project. Just emails that don't contain your personal data and that you're not using for online shopping, banking and so on.
Please add more below, or share your story.
i am particular about ICO scam. i am pretty sure it is the main reason why most investors are hesistant in investing in most promising ICO projects. i may attribute ICO scam largely to the lack of appropriate regulatory body that will license and regulate ICO's of crpto projects from beginning to the end. the lack of regulatory body along gives scammer the chance to find their way through ICO rating and then into the public, causing detrimental effect in the crypto market. To really address this issue, i believe appropriate regulatory body should be set up to duly assess a given project in the crypto market before pushing/ licensing it to commence its initial coin offering event. such body should be responsible for monitoring the funds collected during every ICO and ensure its safety. i am sure this will give most investor the assurance that at least the project he is investing in has undergone due diligence check up by ICO regulatory body and has also be fully licensed, as well as under the full observation of ICO regulatory body. |
|
|
|
|
Hello bounty manager.
Have applied for facebook and blog campaign recently but it appears that the spreadsheet has not been updated since my submission.
Do I need to reapply again or wait till it is updated?
Thank you
|
|
|
|
Hello, I have been trading for some months now. I have had some losses but now I recovered and I have the same I started with. The hardest part for me is finding the right coins to buy. I have been around signals telegram groups and tried with some scanners, but havent had much success. What would you recommend?
if you wildly aware of the kind of trader or investor you wish to be. the next step is finding the right coin to invest in. obviously there innumerable coins now n the crypto market. almost all seem right. but then the right coin is one whose project has a vision. a visionary coin remains valuable no matter challenges it may face. a closer look at the market price graph of such coin explains it all. the next you might wanna take not of is the volume of the coin in the market. when the coin you wish to invest in is so much abundant in the market and demand is low. chances are that the coin will continually be dumped. ad this will affect your investment. as such, always go for coins whose market volume is small to minimal. go for a coin whose price increases with demand. |
|
|
|
|
#Report( 6/21/2018)
#Report(7/2/2018)
|
|
|
|
|
