I have never liked Coinbase and with freaking out, I guess they are investigating it. Being an utterly centralized system, they are working on bringing something new to the Bitcoin/crypto community. Hated them when no Segwit, realized large scale operations takes time for implementation. They are yet to implement batching, but they are rolling it out. Isn't BTC to USD volume one of the top, and isn't it Coinbase/Gemini one of the major exchanges, guess they have got no reason to compromise their credibility, too legit for that. Would be vouching for a decentralized exchange, but for the time being it ain't really practicable, not convenient. I guess they are a bit slow, but do respond. PS: 13 million users, 900 negative reviews on a not trustworthy reviewing trust pilot, what to say? PSS: Not a US citizen. https://techcrunch.com/2018/02/16/visa-coinbase-not-at-fault/ |
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Guess, HODL, Lambo, moon should be on the top...  ...Whales don't have to be a owner of large sum of cryptocurrency/Fiat will do the job, a slight correction in fork vs chain split...Fork might be done within an existing system for improvement/development...not really a community split. Source code...branching off comes within a fork, Opposite is chain split...Branching off with a source code for one believe's in building a new community ...Rest is accurate. |
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Bitcoin had one hell of a ride last year and anyone might have been tempted to invest, it was like the ride would last forever, and newbies who were cutting their losses invested on something because of FOMO, neither technology nor rationale obviously missed to notice that between parabolic uptrends, Bitcoin has gone through some major downswings, be it 2011 or 2013 or this year, but with each uptrend and downswing there is a point where Bitcoin stabilizes than the last one and if a newbie invests on uptrend without having any idea about the following downtrend and next stabilization point, I guess who to blame?
Bitcoin solved the Byzantine General’s problem and at that time its prize was zero, but value proposition was there from that point on. So basically what Bitcoin is today is because that value proportion is gradually expanding. So I guess the advice would be to grasp the zero price value proposition (where you can put the price what you are expecting and value is technologically driven, 9 years, developments, forthcoming implementations) rather than exponentially rising your emotions and then panicking.
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Over the years, our enemies has used all sorts of labels to categorize Bitcoin users. We were labelled as Drug addicts and Drug lords <Silkroad> or a bunch of Paedophiles exchanging Bitcoin in Dark markets for child porn and Money launderers and tax evaders, but it turned out that we are no different than any other person using any other payment network.
I have no doubt, that a small amount of people in this community could be involved in these activities, but when they paint a scarlet letter on a whole community, based on the small amount of people that are doing this, they should turn the mirror on themselves and do a bit of introspection.
We should not allow these people to ostracize us for the actions of a small group of people that are using this technology for criminal activities. It is time for the Bitcoin community to stand up for their rights as law abiding citizens and to educate these fools, with facts.
Show the world that Bitcoin is used more for legal business than illegal transactions in Dark markets.
It is sad to hear that there have been instances that bitcoin has been used in stupid and illegal things what you have said. This wasn't the goal of the developers when they came up with the idea of bitcoin in the first place. These kinds of news and instances just proves the doubters and causes some interested people not to jump into bitcoin. This is the sad fall back of decentralized currency. Since no identities are provided in the wallets it can be used in such transactions. The goal was quite simple, create something that can be used by anyone, anywhere, anytime, be it for legal or illegal purposes and this is where the value of Bitcoin lies. A person indulging in anything illegal would use whatever is convenient for them, be it Bitcoin, cash, credit cards or other methods. There is no blame game, criminalizing, banning when anything apart from Bitcoin/cryptos are used for illegal activities, the whole Bitcoin as a currency used by criminals is a fallacious argument. |
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World's major IT companies like Google, Microsoft and Adobe is run by Indian CEOs. Also one fourth of NASA engineers are Indian. Where have you been all these years? India is a supreme place for qualified professionals and that's the reason why Indians are the preferred employees among many European and US companies.
It's just because of our government, we are not getting proper opportunities. The government is run by such people who doesn't have the brain power to understand the blockchain technology. But Indians are pretty much active in this sector and making good amount of profits as well. Even though the government have taken the midway for now, but eventually will accept Cryptocurrency to be traded within India and provide a tax framework for us. It will take some time, but will happen for sure.
It's not like the Indian government is underestimating the power of Blockchain technology, in fact they are adopting it, IndiaChain, a blockchain network for digital certification of educational degrees, land records, electricity distribution, and it will be linked to IndiaStack, Aadhar project and then there is BankChain, a consortium of Indian and international banks. Obviously all these implementations would take some time, but if it gets rolled out, it would make India the biggest player in Blockchain implementation. Since the 2013 warning and the recent budget speech, one thing is quite sure, the government has no idea on how to implement a cryptocurrency framework and the result, warnings, tax notices, and getting some banks to suspend the accounts of exchanges. There is a new committee working on formulating a draft law, report is expected to be submitted soon. |
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It is true that the comparison with fiat currency draws its estimated value.
As BTC is becoming more and more used, the markets take to a compulsion of accepting BTC as a form of currency in exchange of the good and services. It is indeed interesting to note how Bitcoin in spite of all criticism is only proving to be that of a great success.
Like gold, Bitcoin's supply is limited and durable, digital gold and like fiat, its divisible and portable, currency, it's the potential future of Bitcoin, but now realistically what gives it value is its price, more of speculation, people investing expecting its price to go up, so IMO it's entirely true that currently Bitcoin derives its value from the possibility to trade it for fiat, not a realistic value. The real valuation/usefulness of Bitcoin is in its properties as money, store of value, medium of exchange, and unit of account. |
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It takes banks decades to innovate. They have enormous bureaucratic hurdles to overcome. They have endless committees to appease, including the Federal Reserve’s “Faster Payments Task Force.”
And most importantly, given that most banks are still using absurdly antiquated software, any new systems they develop have to be carefully designed for backwards compatibility.
Things move so quickly that one year in crypto is like 7 years for any other industry. In an open source crypto environment where new innovations are pulled off rather quickly through collaboration and transparency for the greater good of the community, the banks are going to have a hard time innovating themselves, catching up. Banks/governments do know they simply can't shut down Bitcoin/cryptos, staying competitive is the only option. |
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Here's is an old article on Why Bitcoin Value vs. The Dollar Doesn’t Matter. https://www.ccn.com/why-bitcoin-value-doesnt-matterSo the Bitcoin value versus the dollar right now is irrelevant, since Bitcoin is not going to replace the “World’s reserve currency” regardless. Ask Bitcoin industry leaders like Andreas Antonopoulos and Cameron Winklevoss, and they’ll tell you the price doesn’t matter. As Andreas once said on a Joe Rogan Podcast, the Internet’s value is not measured in its ability to replace a number of fax machines. So why measure Bitcoin in dollars? They are totally different ecosystems. Like comparing apples to oranges, literally. Two different ecosystems, it's not about replacing, but not being absolutely dependent. Bitcoin is heavily dependent on the fiat system, the crypto gurus with several thousands of dollars prediction, the cash flow is there, but it's mostly about expectations to withdraw thousands in fiat at a point in future. There is no circular flow of income, for buying Bitcoin, fiat is needed, but again converting it to fiat, there would be no Bitcoin economy, it would be like using unlimited supply of fiat to buy Bitcoin to cash it out for more unlimited supply of fiat. I guess if the Bitcoin economy grows to the point where it not only acts as a stable store of value, but also a reliable medium of exchange where almost everything can be bought using Bitcoin, it would have an independent value, where the price/supply/demand is decided more based on investments, goods and services rather than fiat conversions. |
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Does blockchain.info keeps my private key(s) in their wallets of database? I am referring to the wallets on their website.
What other private information do they use?
Your encrypted wallet is automatically backed up to our servers. To safely store your wallet, we add another layer of security by encrypting your wallet a second time. Securely storing your wallet on our servers ensures that you can access your wallet from any (and all) of your different devices.
Your password acts as your decryption key to both lock and unlock your wallet — your wallet cannot be accessed without it. Because we don’t know or store your password (we can’t even reset it), only you are able to unlock and decrypt your wallet.
When you access your wallet with your Wallet ID (a unique identifier specific to your wallet) and password, your browser uses our API to download your encrypted wallet backup, before safely decrypting it on your device. So I guess Blockchain.info basically does store or keep your private keys/wallet, but in encrypted format. When you access your wallet, the encrypted format from their database is sent over to the browser where it gets decrypted with your password, clientside. There have been many instances of Blockchain wallets getting hacked because of weak passwords/browser plugins. They are a web/hosted wallet, as far as you have a very strong password, I guess they are safe to use, but not the safest. https://blockchain.info/wallet/how-it-works |
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Not quoting CNBC or what a financial firm says, but obviously most cryptos will come down to zero. Blockchain, uniqueness, initial stage, experimentation, developments, adoption, simple cycle of a coin. If a project doesn't have something new to offer, rehashing the existing module with Blockchain is temporary, not a solution, but one's with real utility will get through.
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Why waited till Bitcoin to make you rich? Guess even before Bitcoin there have been a lot of windows to get rich quickly. Bitcoin = One of your chances to get rich. With all the richness floating around, SN might have been wondering if he ended up creating a penny stock. If Bitcoin is going down, it will be because of people who want to get-rich-quick with it, and if the dream gets ruined, it's because you invested on something you couldn't understand.
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ICO pre-sale or private sale are the same. Your family, friends, private investors can participate in pre-sale, but not open to public. Purpose of pre-ICO, to attract big investors by offering discounts/bonuses, to raise capital for marketing purposes before the ICO goes public.
Pre-sale: Family, friends, private investors.
Full ICO: Public/Anyone.
Bounty campaigns: Anyone.
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I recently read an article that Blockchain's first major use case is as the stock market 2.0 and with the way things are going it looks like Bitcoin and other cryptocurrencies are emerging into a new asset class, cryptoassets. Technology stocks always had a significant impact on the market, and being a new asset class, Bitcoin is still in its early phases, a few perceive it as a hedge against traditional markets, but for the rest, it's still a speculative asset, but as its value evolves as a commodity, it would have more impact on traditional markets.
If you look at things from commodity perspective, Bitcoin as being a mainstream financial investment, then institutional money is good, it's not just about futures, but recently Robinhood announced plans to enable Bitcoin trading, NASDAQ futures plan, similarly if some major firms allow Bitcoin trading, it would give Bitcoin much more credibility and legitimacy as an investment/commodity. I think institutional money might decrease volatility and give more stability and liquidity, but yeah, the downside is the possibility of manipulation along with somewhat a barrier for small investors to get into the market, and even though a disrupting technology, commodity adoption might have more speculation than technology/fundamentals. This is where IMO the currency aspect is necessary.
I like what you are saying. So it is not just about the manipulation, but more than that, it is about the credibility and legitimacy as an investment/commodity on global stock markets. In your opinion, what would be more beneficial to Bitcoin? Bitcoin Futures or Bitcoin ETF's? Being such a small fish in the pond, would institutional money suffocate Bitcoin or would it strengthen it's growth. I see a situation where big Wall Street traders will only replace the old Bitcoin whales. <Everyone has their price and these guys have enough money to grow a big carrot for these Bitcoin whales.> The CME Bitcoin futures are cash-settled, no physical delivery, betting on Bitcoin's price movements, it might or mightn't create an actual demand for Bitcoin. But in case of an ETF, traders don't have to buy the asset, but are buying ETF shares while the underlying asset is held by a trust and traders can redeem their shares for the underlying asset, there is actual demand. So definitely ETF's would be more beneficial than cash-settled futures. The US Senate hearing, although optimistic wasn't much forthcoming about approving a Bitcoin ETF anytime soon. Cash-settled futures market and Bitcoin market, different markets, but yeah manipulation/shorting is quite possible, institutional investors will directly invest into Bitcoin, unlimited supply of fiat and ideologically driven Bitcoin holders, that's something we have to see. I think it's too early to evaluate the effect of futures market on an unregulated Bitcoin market. |
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$100K is the magic figure for all Bitcoin enthusiasts. A lot of predictions have been made, mostly random without much substance. This article explains how Bitcoin’s substantive & technical road to $100K would, not an investment advice, but still better than random predictions. 1. Offshore bank accounts and the first unseizable asset. Bitcoin as a store of wealth. Assuming there are $13.5 trillion hidden in offshore bank accounts, if 2% of this wealth gets reallocated to bitcoins, that would make for a price of $16,038.43 per BTC. 2. Gold market share and decentralized store of value. The same utility, store of value and getting gold market shares. This isn't going to be easy, but if Bitcoin captures 5% of gold’s $8.9 trillion global market cap, we are looking at $26,439.35 per BTC. 3. Debit, credit cards and the lightening network. Bitcoin's scalbility issues have led to merchants abandoning Bitcoin as a medium of exchange, but LN could significantly cut the costs making it enticing for both small and big businesses alike. If the Bitcoin protocol can claim 1.55% of the global payment processing market share, not including cash, that would bring us to $23,679.20 per BTC. IMO, of all the paths leading to $100K, LN would be the deciding. 4. Global remittances, Stock markets, United States dollar in circulation and Rootstock smart contracts. Remmittances are backbone of many economies, especially developing countries and this one of the main sectors that Bitcoin has the potential to be extremely useful. Stock market/cryptoassets. International commodities and transactions are typically priced in USD. Cryptocurrency markets are priced in BTC. To be fair, we will not use the $83.6 trillion figure of all M1 & M2 money supply but instead use the circulating supply of USD, estimated at $1.5 trillion. The sum of global remittances, stock market, and USD in circulation totals $67.374 trillion. Dividing this number by the BTC available supply then using 0.8% of the division, we arrive at $32,729.80 per BTC. Next to the Lightning Network, Rootstock smart contract platform (RSK) is the most awaited upgrade to the Bitcoin protocol which would enable side-chain, layer-2 application featuring merge mining from the base-immutable-layer and a two-way peg from BTC to Smart Bitcoins (SBTC). McAfee had prophesized that Bitcoin would hit $1 million by 2020 and this author believes BTC will reach $100K by February 5, 2023, assumptions, but from a technical perspective, adoption based on utility, getting better of competitors, Bitcoin has the potential to hit $100K, but when? No one knows. https://hackernoon.com/bitcoins-substantive-technical-road-to-100k-2637b899ffc5@STATIK Sure, I will PM you  |
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I recently read an article that Blockchain's first major use case is as the stock market 2.0 and with the way things are going it looks like Bitcoin and other cryptocurrencies are emerging into a new asset class, cryptoassets. Technology stocks always had a significant impact on the market, and being a new asset class, Bitcoin is still in its early phases, a few perceive it as a hedge against traditional markets, but for the rest, it's still a speculative asset, but as its value evolves as a commodity, it would have more impact on traditional markets.
If you look at things from commodity perspective, Bitcoin as being a mainstream financial investment, then institutional money is good, it's not just about futures, but recently Robinhood announced plans to enable Bitcoin trading, NASDAQ futures plan, similarly if some major firms allow Bitcoin trading, it would give Bitcoin much more credibility and legitimacy as an investment/commodity. I think institutional money might decrease volatility and give more stability and liquidity, but yeah, the downside is the possibility of manipulation along with somewhat a barrier for small investors to get into the market, and even though a disrupting technology, commodity adoption might have more speculation than technology/fundamentals. This is where IMO the currency aspect is necessary.
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Even before the Dow Jones plunged, the Bitcoin/crypto market were going through a few uncertainties/FUD regarding regulation and manipulation. No investor would want to move his funds from a collapsing investment to another uncertain investment. I think if there were no FUD from Korea, India, China, Bitfinex/Tether, some banks blocking Bitcoin, things might have been different. Like stocks, bonds, industrial commodities or real estate, crypto market is heavily influenced by fear and uncertainty, but on the other hand gold is what people prefer when there is uncertainty over other assets and in that sense IMO, Bitcoin still has a long way to go to be a reliable store of value like gold.
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The Bretton Woods agreement was the last time different nations agreed upon a new global currency system and since then there have been many conspiracy theories regarding a global currency reset. US dollars position as the world's reserve currency is declining, China is calling for a global currency, and then there is IMF's SDR, supranational basket of currencies.
Today with Blockchain technology and other innovations it's quite possible for the IMF to come up with a global cryptocurrency, implementing it wouldn't be difficult, but bringing together developed and developing nations with different socio-economic conditions to agree upon it would be difficult. A global currency would bring equality, but there would be no privacy.
Bitcoin is a global currency, but it's not going to be a one world currency, but as far as decentralized cryptos are there, I think even if in future different nations agree upon a new global cryptocurrency system, there would be enough economic freedom.
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All one needs to do is look at one simple concept – numbers – empty mathematical numbers because it must point to something outside the place where it exists. Analogy: $85 on a telephone bill measures the size of a claim that the telephone operator has on its consumer. This claim is legally enforceable right that exists independently of a number on a phone bill. The video is more about how banking system works through debt. It's not number on its own, its numbers on a proof-of-work distributed trustless system (Blockchain) where rules are enforced through consensus. What intrinsic value does dollar have? What is fiat backed by? Debt. Decentralized - consensus - rules - enforecable. You Don’t Understand Bitcoin Because You Think Money Is Real https://medium.com/@mariabustillos/you-dont-understand-bitcoin-because-you-think-money-is-real-5aef45b8e952 |
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