Starting a digital currency might seem attractive to any government that doesn’t like how it’s being treated by the global financial system. That includes governments facing international sanctions. The U.S. attempts to enforce sanctions by blocking banks and companies that do business with the target country from the American financial system. Violators are traced via their transactions in the international banking system. But if a government had its own digital currency, its transactions might not be detectable to U.S. authorities. Bitcoin can provide an avenue around sanctions as well, but a government would struggle to get hold of enough of them to be meaningful.
This could be one of the main reasons why some countries would come up with their own cryptocurrencies, to avoid sanctions. The issuance of Petro was such an attempt and there have been reports that Iran and Russia are planning to create their own cryptocurrencies to evade international sanctions. Decentralized currency transactions might not be detectable to an extent, but government issued cryptocurrencies would still have all the centralized characteristics of fiat and the flow of exchange could be detectable to uncover sanctions violations. It wouldn't be wrong to assume that a few countries that are being affected by sanctions made by the US government would try to come up with their own cryptocurrencies. For the rest, state-sponsored cryptos would be more of a digitalization tool, cashless society and to have stringent control over the finances of their citizens. |
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I think by some standards my last post was borderline FUD, guess not expanding on it by replying to this thread  There have been reports/assumptions suggesting both correlation between Tether issuance and Bitcoin price movements and no correlation. A lot of FUD on whether issuance of Tether is organic to meet market demands or intentionally issued when Bitcoin market is falling. All these questions would have been irrelevant if Tether could simply validate their claims through an audit, without doing so they are blurring the line between FUD and fact, until then it is a real concern for the crypto community. Either they will prove they actually do have fiat reserve or carry on issuing Tether without an audit to the point where it's revealed they aren't backed by USD and are insolvent, collapse and it would be really bad. The crypto market needs more stablecoins with absolute transparency, more spread out so that collapse of any centralized pegged cryptocurrency doesn't have a significant effect on the market. Rather than centralized fiat-collateralized stablecoins, crypto-collateralized stablecoins are a better option, wouldn't be as stable as fiat-pegged, but decentralized/transparent, no manipulation, and a mutual commitment to keep the decentralized collateral/ecosystem intact. |
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I mean id not think government will take any support of any medium to bring down the crypto currencies. We know very well that they can just ban it whenever they want it and they can regulate it the way they want it. Futures, look like organisation who has taken step forward to bless their clients with the crypto integrated exchanges and it would be far fetched to believe that they are bringing down the crypto or helping the government to do so. Any thoughts?
Why ban when can regulate. When a new source of taxation is found it never means, in practice, that the old source is abandoned. It merely means that the politicians have two ways of milking the taxpayer where they had one before.
H.L. Mencken There have been some well-documented studies to prove that the Central banks have a long history of manipulating/suppressing gold prices. Why? It’s all about Dollar Hegemony and money control”. When money flows into Gold, Silver and Bitcoin it shows that governments are bankrupt and their “Fiat” money is worthless. If these assets rise, all money will supply dry up and move into these assets. If aptly put: Their objective (central banks) is to deprive the independent observer of any reliable benchmark (gold) against which to measure the eroding value, not only of the US dollar, but of all fiat currencies. Equally, they seek to deny the investor the opportunity to hedge against the fragility of the financial system by switching into a freely traded market for non-financial assets. Gold is a reliable benchmark and by suppressing its price, it's easier for central banks to hide inflation and currency debasement, decline in the value of fiat currencies, losing trust in the contemporary monetary system. On the other hand, Bitcoin, freely traded market and on top of that a financial asset so it’s possible that the governments/central banks might try to suppress Bitcoin price, far fetched to believe, just a conspiracy theory.http://www.gata.org/node/8303PS: This article might sound like a grand conspiracy theory, but shared it since I think there is quite a bit of truth in it.
Unless you can provide proof of the existence of this "cartel" and identify its members, then you have posted nothing more than a grand conspiracy theory. Furthermore, even if some of the article contains truth, that does not mean any of the rest of it does. Definitely,this article is more about a grand conspiracy theory than facts. There is no proof of existence of this cartel, with gold price manipulation, finger can be pointed at Goldman Sachs, Deutsche Bank, UBS, HSBC etc, with Bitcoin there is no substantive evidence, just a theory, but like mentioned, shared it, for not fudding, but thought there is a bit of truth in this article. |
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This Bitcoin manipulation cartel article was published on Medium in February, strictly not sharing this to spread FUD, but simply to get an insight into the possibility of a coordinated effort to suppress Bitcoin price by a cartel (Government/financial elite). Since Bitcoin market is highly speculative, this cartel might just be a conspiracy theory, obvious/natural price correction/bear market after a bull run, low Bitcoin futures trading on CME, but if you look at the market behavior since the launch of futures, the possibility of a cartel functioning to suppress Bitcoin price can't be completely ignored. There are some comparisons made on how the cartel suppressed precious metals market through futures.  What is Cartel?
Cartel is collection of entities that work together to attain certain goal on behalf of the financial elite. Their goal is to control-the-price or suppress-the-price of a particular asset as desired by their ultimate boss (mostly government). Who is Government’s boss? It’s the financial elite.
They consist of Government agencies, big banks, Regulators & Media. They all work in a perfect synchronization to pull coordinated attacks to attain the goal of price-suppression. See what happened on Jan-30–2018 and Mar-07–2018? (many bad news hitting the market within hours of each other as Bitcoin was sitting on a critical support at 10K). Once 10K was broken the Cartel took over and started shoring Bitcoin like HELL. Today we almost hit 8K. (and we are again below 8K when this post was updated on Mar-18)
Why do they do this?
It’s all about Dollar Hegemony and money control. Bankers and governments have recognized that Bitcoin and Crypto in general is a threat to their existence. What do powers do when they see anything as a threat or enemy? You got it, they try to destroy the enemy (by all means). Therefore, It is extremely important for the Financial-elite to stop bitcoin’s rise so their show can continue.
Why only Gold, Silver & Bitcoin?
Why not Stocks, Bonds, ETF, Index funds, Mutual funds etc? The answer is in the previous question. “It’s all about Dollar Hegemony and money control”. When money flows into Gold, Silver and Bitcoin it shows that governments are bankrupt and their “Fiat” money is worthless. If these assets rise, all money will supply dry up and move into these assets. World will know the King has no cloths. When money stays in Stock and bond markets it supports Dollar trade. Therefore, it is very important that stock and bonds markets remain intact and have been kept elevated artificially.
In fact, you know what? There is a counter-party to Cartel in stock market and it is called — Plunge Protection Team — PPT. Cartel’s job is to keep Gold, Silver and Bitcoin markets suppressed while PPT’s job is to keep the stocks and Bond markets elevated.
Most of the Crypto community does not even believe Cartel exists or there is any kind of coordinated attack going on at Bitcoin. At the most they think it’s Whale or manipulators. They consider everything as “Coincidence”, and that is because it follows Technical Analysis (TA). Of course it will follow TA. The Cartel is investing trillions of dollars behind such efforts, do you think they don’t have highly paid chartists on their payroll? They pay $700 pa for their chartists. How may on Twitter-Bull have that income level?
So why did Bitcoin start going down exactly on the evening CME opened? It’s “Coincidence” according to the Bitcoiners. At 20K they were pitching for 100K, but now they say the correction was due anyway and we are seeing that normal 50% dip. This correction will soon be over and we will be going to 20 first and then the moon…so they say. First they said the correction is because BCH was listed at Coinbase, then they said its Tether subpoena, then they said No, No its Mt. Gox selling. Later on Mt.Gox changed his dates of selling. Market is still falling.
Cartel Feeds on FUD and Propaganda.
An EPIC war is being waged against Bitcoin. Eventually people’s money will WIN. But for now its going to be uphill task for bitcoin.
One day Cartel will lose control of the markets. That day will be EPIC. The prices of Bitcoin (and Gold/Silver) will rise astronomically.
Do anything but please DO NOT sell your Bitcoin to the Cartel. In fact, ADD more as they DUMP it on the market.
https://medium.com/@super.crypto1/4th-dimension-bitcoin-manipulation-cartel-can-it-be-burnt-no-way-c53de65c166aPS: This article might sound like a grand conspiracy theory, but shared it since I think there is quite a bit of truth in it. |
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How much time would it take to create an account on BitcoinTalk? Max 2 minutes. In an anonymous environment, chances of getting scammed is high and you are literally asking to be get scammed when you're dealing with someone without registering/going through the feedback/simply believing. The guy already has -63 rep and have open scam accusations since 2016. Scammers aren't banned, there is system in place to give negative feedback to prevent further scams, to warn against a potential scammer. You can move this thread to scam accusations, https://bitcointalk.org/index.php?board=83.0Another negative feedback would be added to Embroiderymate's profile. PS: Account farming is frowned upon. |
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In January, Elite Fixtures conducted a research on the cost of mining a Bitcoin throughout the world. Since Bitcoin hit $20000 last year, the whole mining sector has expanded a lot. Bitcoin price and difficulty are positively correlated. Although miners are moving to locations with surplus hydropower and relatively moderate climate like Iceland, Quebec, according to this research, based on difficulty, utility company data, and different mining equipments there are a few other countries where mining is absolutely profitable and a few not at all suitable for mining. The break-even cost of mining a Bitcoin is as low as $531 to a staggering $26,170. 1. Venezuela came in as the cheapest nation at $531. 2. South Korea comes in as the most expensive country for mining a single coin at $26,170. 3. The United States came in as the 41st cheapest country for mining at $4,758. The cost to mine one bitcoin in 115 different countries based on average electricity rates according to government data, utility company data, and/or world reports from IEA, EIA, OANDA, etc. For the mining rigs, we used the AntMiner S9, the AntMiner S7, and the Avalon 6. We were able to calculate the numbers on how many days it would take to mine one coin and how much power that would use. Based on the mining difficulty when this study was finalized in early January 2018, the AntMiner S9 would use 17,773.344 kilowatts and take 548.56 days to mine a coin. The S7 would use 45,889.008 kilowatts and take 1580.2 days, and the Avalon 6 would use 55,294.344 kilowatts and take 2194.22 days for a single coin.  https://www.elitefixtures.com/blog/post/2683/bitcoin-mining-costs-by-country/ |
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Since Arun Jaitley's budget speech, a few major banks had suspended accounts of top Bitcoin exchanges. Although the Indian government has been issuing warnings since 2013 to avoid investing in cryptocurrencies, so far the stance has been somewhat neutral to borderline negative, but with no clear directives from the government/RBI, some banks especially the private sector banks are barring exchanges from using their services and banning crypto purchases via cards, can call it an organized effort or precaution/aggressive approach in the absence of any clear mandate. Exchanges are forced to use services of smaller banks and it's business as usual, but this uncertain regulatory stance from the government is affecting trading volumes and entry of new investors into the crypto market. This will continue until the government comes up with clear regulations on cryptocurrencies and exchanges.
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1 million is somewhat a realistic figure, but definitely not attainable by 2020. There are scaling solutions in progress, but the challenge lies in how these solutions are accepted and how they help evolve the Bitcoin ecosystem to become a major part of the global financial system. Recently, FSB’s initial assessment about cryptocurrencies was that they don't pose risks to global financial stability at this time because the combined global market value was less than 1% of global GDP. If 1 million then 21 trillion (may be a lot less, lost coins) market cap, the GWP is approximately 78 trillion and for Bitcoin to reach somewhere the magic figure of 1 million then Bitcoin should be a dominant currency in the global economy, maybe hyperbitcoinization. Gold market share, global payment processing market share/ecommerce, stock market, remittances. The valuation should be sustainable.
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After 21 million, Bitcoin = Antique, so what is it now, a collectible? Might be since deriving its pricing from scarcity and desirability, belief that as time passes others would want it thus increasing the demand, but as far as valuation, there is much more to Bitcoin than defining it as a collectible/antique, technology/real world utility. Once 21 million coins have been mined, don’t know, I guess at least not antiques, but somewhat stable currency with a bigger community.
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I got this image from an article titled whose problem does Bitcoin solve published in 2015, a bit old. Technology/Internet money/Blockchain/Internet of Things. Bitcoin futures was sort of a mainstream moment and the Wall Street is already looking for their cut. Financial refugees/corruption/remittances/unbanked. Cryptoanarchists/privacy/freedom of speech/political freedom/economic freedom/no regulation. Libertarians/no central banks/no monopoly money/stateless. Middle class/debt/debtors/institutionalized to fiat system. Internet money/ecommerce/micropayments/and like the owner of Square tweeted yesterday Bitcoin can become the single global currency of the internet. Wall Street/Institutional money/mainstream financial asset/manipulation can't be ruled out. Cryptoanarchism, not necessarily dark web related/illegal, more about stateless society/counter-economy which is self-regulated with absolute freedom. Distrust in central banking/no debt based money/no flawed monetary policies/financial crisis/free banking. Middle class/people invested into Bitcoin to make rich off it/few people paying off their debt with Bitcoin/few people taking loans to buy Bitcoin. Internet money and Wall Street is a work in progress. I don't think it would be wrong to assume that a good number of Bitcoin users tend to have a cryptoanarchist or libertarian mindset, but still voluntary. With each bull run, FOMO brings in new users maybe with no ideologies, just don't want to miss out, but as the market swings towards bear mode, they panic/leave, obviously speculation, apart from Cryptoanarchism/libertarianism/speculation, an average Joe is yet to find/see a solution in Bitcoin and I guess when that happens Bitcoin would be mainstream, but it would be the biggest challenge, to get an average user interested in Bitcoin and retain.  |
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When we talk about the value of X, we are not referring to the technology which is used to exchange, transfer or store X, but we are referring to the practical utility of X. If X is some tangible good, this practical utility is the ability of X to satisfies some human want or need. If X is representative money, this practical utility is the legal ability of X to restore ownership rights of some tangible goods. Bitcoin has none of these abilities, and thus it has no value - it is just an empty numerical value.
Bitcoin technology is simply means to transfer or store numerical values. There is nothing valuable is the ability to transfer or store numerical values. The whole system is just a modern day ponzi scheme.
Cryptocurrencies have value because people think so, true, the same with fiat. I guess you would have heard about Cowry money or Rai Stones, in the same sense these empty numerical numbers are perceived as money/valuable by the crypto community. At that time the Island of Yap had no fiat system or any currency so they came up with Rai Stones and agreed to give it value and used it as a tool for trading goods and services. Now every country have their own monetary system/policies so today simply empty numerical numbers shouldn't make much sense or have value? Isn't it? There has to be something that makes it different/unique. It's the decentralized Blockchain technology and you don't want to refer to how a distributed ledger based peer-to-peer value transfer system has no utility, not including the unique properties of a few cryptocurrencies. There is value in the ability to save, move, or store numerical numbers in a decentralized, censorship-resistant, trustless, peer-to-peer system. Speculators will abandon when/if price of cryptocurrencies drop sharply, but the ones who believe in creating value in a decentralized environment, don't think would let the cryptocurrencies collapse soon. |
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The first committee set up by the Finance Ministry to look into cryptocurrency regulations weren't in favour of cryptos, but the second one set up in December and headed by secretary of Department of Economic Affairs is hoping to come up with a proper regulatory framework for cryptocurrencies by the end of this financial year. There is a bit of uncertainty now, but guess there wouldn't be any immediate actions taken and things ahead look optimistic, I would say it is safe to invest. Banning Bitcoin isn't going to be as easy as banning beef |
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How do you think the G20 crypto meeting will impact the crypto space tomorrow and tuesday? It seems very likely that the effect will be negative, in which case we may see an ever bigger dip?! Thoughts?
The Financial Stability Board (FSB) monitors and makes recommendations about the global financial system and in a letter addressed to G20 Finance Ministers and Central Bank Governors on March 13, the FSB’s initial assessment was that crypto-assets do not pose risks to global financial stability at this time. Among the 20 countries that make up the G20, 4 are pro-crypto, 11 neutral, and 5 against cryptos and with FSB's neutral stand, it's kind of expected/possible that the cryptocurrency agenda in the G20 meeting on today and tomorrow would be along these lines, no new regulations or possible regulations by a neutral/against nation, but IMO the overall outcome wouldn't have any significant negative impact on the market. http://www.fsb.org/wp-content/uploads/P180318.pdf |
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You being a member asking this question sounds a bit dumb, quite simple, all country's have their own currency, centralized currency, fiat controlled by their governments. Isn't it obvious why Bitcoin was created, decentralized currency, not correlated to any other fiat currency/assets (to an extent) or restricted to any country or government or monetary policies and can be used globally as a medium of exchange, standalone decentralized currency. What is the real and context of this question  |
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No one can control a decentralized crypto. Flow of fiat can be monitored. New form of money isn't subjected to existing guidelines...then it wouldn't be new ....The government has control over fiat...crypto to fiat (no freedom)...illusion...cryptoeconomics (freedom) |
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lol...binary options, synonymous products...additional...cryptos. Prologue to G20, guess the time for the community to stick together.
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Amazon's unconventional business model of using supply-chain management software to create a virtual book warehouse and factory outlet mall synthesized into a single website was a bit unusual and since then it's business model has been criticized and called a bubble, even though a $474 company now. If it was unconventional business model for Amazon, it is Bitcoin's lack of intrinsic value due to it being structurally built to remove any third party mediators and authorities is the ungraspable bubble theory for analysts. Yeah, there is a fundamental difference so not comparing a company with a cryptocurrency, but in terms of technology, more about technology dependent on the Internet/online, there is a slight parallel between Amazon and Bitcoin. I guess the growth is sustainable, but likely there would be periods when investors would get overexcited Amara’s Law: We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run. This is part of the reason we get bubbles. We get overexcited about a new technology and we drive up prices beyond any reasonable valuation. Bubbles can go on for years. I guess the growth is sustainable, but guess there would be periods when investors get overexcited. https://hackernoon.com/with-greater-perspective-the-crypto-bubble-isnt-a-bubble-it-s-a-bc8de7b55f30PS: Guess it was for fun's sake post, got a bit carried away |
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Anyone knows what happened to https://www.xbtfreelancer.com , I have money in that and from yesterday site is down. Does anybody have some info about this? They are legit, your money would be safe. They have posted an update on their Twitter page, their server seems to be down, in the process of checking with their hosting provider. https://twitter.com/xbtfreelancerPS: This post doesn't belong to this section, move it to service discussion. |
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Oh Bitcoin is going to die again?  That's bullish! Add it to the stupid articles on 99bitcoins.com Man why you link to such dumb articles? This article reads the same like one of those 90s one, where it was written so often how the internet is going down. The more often I read that the more Bitcoin I wanna buy! More of it please! There have been around 263 Bitcoin has died dumb articles, but IMO this article at least have a bit of logic and hypothetical criticism about what once all the coins have been mined, the cost of mining, and Bitcoin re-creating the market mechanisms of gold thus encouraging hoarding, speculation, discouraging transactions and in the end not being able to break the monopoly of the banking system over central currency and credit. 2140…Too far to answer. Energy consumption is a solid obstacle in the path of Bitcoin/cryptos. World renewable energy production increased by record levels in 2016. With all the mining going on, the GPU market is expanding and in somewhat that sense it wouldn't be wrong to expect that the renewable sector/solar industries would grow enough to meet the energy demands of Bitcoin/crypto mining. Too early to answer. |
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The two exchanges, Bit Station and FSHO didn't have enough volume to bring the price south. It's more of a SEC and Binance after-effect. Mt.Gox and then Coincheck, 16 licensed exchanges and the Japanese Financial Services Agency (FSA) suspending the ones that are having issues with customer protection and anti-money-laundering measures is overall good for the crypto community to prevent another big hack. I don’t think this news had any negative impact on the market, positive in the long-term. its any link/ news for this information?
https://www.coindesk.com/japans-fsa-announces-suspension-of-two-crypto-exchanges/ |
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