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Economy / Economics / Re: Is there any chance of having one global currency?
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on: October 23, 2018, 11:30:28 AM
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Whilst it would be good to have one global currency, I don't think banks and other institutions with vested interests would allow that. Plus it would take away control from national governments, so I doubt all the nations would agree to it.
There are also powerful nations that are enemies of one another, and they are even less likely to agree to a global currency.
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Economy / Speculation / Re: The falling can't be real
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on: May 29, 2018, 02:13:55 AM
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We are going back to the scenario of year 2014 when bitcoin is really falling down hard and that is like the worst thing to expect for the bitcoin holders and investors right now because there is a lot of people bought bitcoin when the price was above 8,000 USD and now it is going down and down and there is no sign of strong support for the price which looks like a doom month for a lot of us.
Imagine those who bought at 16,000. |
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Bitcoin / Bitcoin Discussion / Re: Antbleed: A remote shutdown backdoor in antminers
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on: May 28, 2018, 11:27:36 PM
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So if I understood it correctly, bitmain has a remote kill-switch (effectively, since they can brick the machines with the firmware change) on 70% of hashrate? fanastic. What are we supposed to do now, other than change the PoW algo immediately? Core Devs should be having a meeting with non-Bitmain miners right now proposing a roadmap to change the algo and leave Bitmain isolated. I don't think even the BU camp is stupid enough to keep supporting Jihan and his rigged miners anymore.
Anything but open source mining machines should be totally banned from the network. Ideally we should go back to 1cpu=1miner with a new PoW, but how do we guarantee that we will not end up like this again? at least we'll set a precedent I guess.
Anyway, I hope Core Devs are already on this like I said before. We can't go no longer than a week sitting under explosives.
That is really worrying. I guess people should now consider this on top of the standard 51% attack possibility |
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Bitcoin / Legal / Re: New laws of Malta on ICO
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on: May 26, 2018, 03:44:11 PM
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The Government of Malta has just published 3 draft laws on local regulation of ISO.
In comments in the press met the description of these laws. And it says about the requirements for white paper. I can not find - will someone help?
When will Binance move to Malta? I heard they're going to create 200+ jobs there, |
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Alternate cryptocurrencies / Altcoin Discussion / Re: NEO is going to be at the focus point.
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on: May 26, 2018, 02:30:24 PM
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NEO has its own game to play and to be honest, china has a very huge population and they like to support their own product.
With a few pointers in place, NEO will definitely be something that is worth to look at for long term.
I have it and am still holding it
People have been saying similar for many months in the past now. However maybe when the market matures, the Chinese government will become more favourable to cryptocurrencies. |
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Economy / Economics / Re: Is it digital gold?
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on: May 17, 2018, 06:20:35 PM
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Bitcoin is like digital gold ........ is it correct? It is a transferable asset but not duplicable ..... do you agree? What are the points in favor and those against this statement? I would like a very analytical and specific arisposal.
Bitcoin is partly like gold because a lot of effort and resources need to be spent to extract each bitcoin. However paper money of $10 costs almost the same to print as $50, so paper money isn't like gold at all. |
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Other / Beginners & Help / Re: Pump and Dump
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on: May 15, 2018, 09:10:22 PM
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Is pump and dump illegal or not?
if not can you share a link of it ?
The USA SEC ruled that P&Ds are illegal and are offering bounties to report the members of P&Ds. The bounty is applicable if they are convicted. So yes, P&Ds are illegal in the USA. Knowing the EU and UK regulations, P&Ds even in cryptocurrencies would be illegal, even if not regulated. |
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Economy / Trading Discussion / Re: Top reasons that leads to fail in trading
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on: May 13, 2018, 11:19:52 AM
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Greed is a common problem. If you give a person a mountain of gold, he'll want another one and on and on. He won't be satisfied and if he loses it, he will be in regret.
It is hard to know what price and rate of profit to sell at e.g at 1X, 2X, 10X etc. This varies for each person and depends on their goals in live and what they want to achieve. Without determining this for oneself, one can't have a strategy for when to buy and sell, so one ends up going more on gut instincts and emotions.
Many also fail because they use TA and assume that past performance/trends prove future performance/trends. Such people tend to see what they want in the historical data, when actually the comparison is more complicated because the causes of the historical trends/performance are different to what is happening now. This is also bad for the market because it becomes a self-fulfilling prophecy.
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Economy / Economics / Re: A cryptocurrency with volatility can't be used as money
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on: May 13, 2018, 11:07:15 AM
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If the value of the money decrease, that means the value of the merchandise decrease.
I think it's the reverse--if the value of, say, fiat decreases the price of good goes up. I'm thinking of hyperinflation situations in particular, where the price of stuff can go up crazy amounts. You've seen those wheel barrels with Zimbabwe dollars in them, right? Well yesterday it cost 100 dollars to buy X, whereas today it costs 10,000 dollars for X. The value of the money went down quite a bit, and as a result the price of X is high. The example of buying a flat I think is correct--if the flat was valued in bitcoin only. As far as volatility being an impediment to bitcoin being a currency, I agree with that as well. When it's going up, that encourages hoarding of it, and when it goes down you can't spend it fast enough. You can still use it as money, of course, but the volatility is definitely a negative attribute as far as that's concerned. But that also makes it great for trading. That's true, and the post below also made the valid point of the price (hopefully) normalising later on. This is more applicable to when a particular cryptocurrency gains mass adoption so the actual usage is the main driver behind price, instead of speculation. When you think of shares, the more established a company becomes, the more stable is the price. However like shares and fiat (FX markets), cryptocurrencies will continue to have some traders that affect the price through speculation. For example when a large company announces a new venture in a new country, the price increases be a decent %. Or when a country gets downgraded in terms of its credit rating, the price of that local currency/fiat depreciates (falls), as less people demand it. This doesn't make that fiat currency be inappropriate for use as a currency or money. One can also think back to the old days where people would use other things as money, such as wheat or dates. In such cases, the price would be affected the demand and supply of wheat, leading to sometimes large changes in the price. However they remained being used as money for centuries. The issue with fiat is that authorities can print lots of fiat almost at will, which can lead to sharp changes in price, even in the short run. This cause doesn't occur with bitcoin. |
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Economy / Economics / Re: Is small business ready to sell for cryptocurrency?
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on: May 11, 2018, 07:43:28 PM
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The fundamental way that small businesses can use blockchain technology is by accepting cryptocurrency as a form of customer payment. Blockchain can help bring products and transactional services to market quickly and inexpensively, and get rid of the traditionally high costs of security, data storage and other overheads. It can speed up the exchange of property, manage the overall execution of business contracts, streamline overall contractual enforcement, track and verify identities, and many more.
So if this small businesses get to understand this they will thrive faster
Blockchain and cryptocurrencies should be targeted at those industries where the benefit is the most apparent and clear (e.g. identity). It is also about how much pressure that the customers exert on the businesses to accept cryptocurrencies as a form of payment. If lots of customers demand or request it, then many businesses will offer such services. |
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