What is this going to mean for bitcoin, if nobody wants to mine it?
bitcoin will die. but that is a huge IF and it has nothing to do with the news you shared here. people are still mining bitcoin and they are making profit and they will always be people who will continue mining bitcoin. you see the way bitcoin mining works is with difficulty. there is always people who are mining it easier because they have cheap labor, cheap electricity, etc and there are individuals without those perks. if it becomes less profitable these individuals are the first to leave, possibly even farms may turn off some equipment or switch them and thanks to them difficulty comes down and mining becomes profitable again. even if ALL the miners leave, i will pick up mining with my PC and enjoy ALL the block rewards  |
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smart contracts aren't really complicated things that requires some weird advanced or dedicated thing. it can already be done in bitcoin to some extent. but since bitcoin is a currency having things like what you see today in form of Smart Contracts is not really wise on bitcoin. in any case there are works being done to add such features but as side chain (if i am not mistaken, or maybe second layer). long story short if you are interested in this check out RootStock www.rsk.co which is what i am talking about. |
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I'm starting to see this trend where people attribute Bitcoin price drops with FUD. But the FUD happening right now is weak in so many ways.
it is a common mistake to think FUD is the reason for the drop. the correct statement is that FUD increased the size of the drop, so you can say it is also happening because of FUD. in fact this is a pretty funny mistake that some people make, where they try spreading FUD alone and think if they do it, price will fall but we just laugh at them. what really happens is that the dump is initiated on exchanges and at the same time FUD is being spread to create panic and change the mentality of the investors. in other words to give them more reason to want to sell out of fear. this may simply be out of fear that the news (eg. ban) can cause something terrible with bitcoin or it can simply be because they speculate price will fall because of that news and since they also see the fall itself they act on it too. 1. People just sell. It's not about FUD, it's not about conspiracies. It's just that people just happen to sell all at the same time because they need money for things in real life. Bitcoin isn't in some ideal world. Bitcoin investors aren't just in BTC, they're in the stock markets too. When the stocks do poorly, they have to sell BTC to make ends meet. Also, it's March, things are getting warmer, people want some fun money. Spring is a team of renewal, growth, love, etc.. For any number of reasons, people are selling en masse.
unless you think people are investing their rent in bitcoin, this reason is dumbest thing to sell. for example people don't invest the money they need to buy groceries, pay the bills, ... in something, specially bitcoin. and investment is not something you liquidate to pay for things in real life unless it is an emergency! and when other markets like stocks are performing poorly they are going to sell their stocks not to sell other things to make up for their stocks profit loss! 2. The volume or price performance looks glum. Experienced investors look at volume paterns and price performance. They treat bitcoin like a stock, so when stuff looks bad for a long stretch, they just sell to move on. I feel like the January – March drop scared away the new investors who don't know that things will pick up again. They probably decided to be over it.
the volume is still pretty high actually. and those who wanted to go away, have already gone away back when price fell below $10k for the first time. |
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Coin is Minable and Tokens are not minable
Token are published with in few minutes Coins need to be mined for years.
this is not completely correct. Tokens are issued so there is no mining, that part is correct but coins are not necessarily mineable. there are coins that have been 100% premined (for example Byteball, Ripple,...) and are now being distributed through different methods. Token Run on Ethereum Block Chain whereas Coin have there own block chain.
there are a lot of platforms apart from Ethereum that one can use to create their own tokens, ICOs,... |
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i disagree.
the Mt Gox dude drama may have forces some people to stay away but the demand never went away. it is still there and it is still buying and pushing the price up. the difference however is that there is a bigger sell pressure now that it has ever been before. and that is not only cancelling the buy support but also it is stronger than it.
what i am trying to say is that price is not rising, not because there is fear but because there is a big dumping going on.
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i have made a very tiny withdrawal from c-cex.com exchange but that was back when the withdrawal fees of exchanges used to be pretty low. it was 0.0002BTC (20k satoshi) for a withdrawal back them.
they may still allow small withdrawals but right now every exchange has increased their withdrawal amount so you will be paying more than $5 to withdraw. for example it is usually 0.0015BTC which is about $12
just keep your funds in your wallet and use that to pay $5, that way you can pay a small fee, even as small as $0.01
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you are just playing with words and then advertising a website which probably belongs to you. and you are too naive to understand that advertising a link like this will only get you a "small" and more importantly "temporary" traffic. in the end since it is a useless website nobody will go back to it.
as for digital money, bitcoin is a form of digital currency. and that doesn't mean anything, there is no point in mentioning it even.
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it depends on what you want to achieve. if like all the rest of the ICOs you want to make more money then you have to go with the most hyped up platform which is ETH, but then you also have to accept the difficulties of that from writing the code for it to the high costs and even the possible exploits and bugs that you may encounter.
but if you want a better platform to do things easier and cheaper and not just raise some money and run away then go with another platform. i hear Waves is a good one.
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become familiar with pump and dumps because that will be the only thing that you will see in the altcoin market and if you are not aware of them and if you are not capable of taking advantage of them to make money then you will have a very hard time making any money at all. and you may even keep ending up on the dumping side of the process and keep losing money each time others who know what it is, dump on you.
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no matter what happens, what contracts, partnerships,... (fake or real) you read about in the news, nothing about Ripple is going to change.
XRP is a pump and dump centralized altcoin with absolutely no usage whatsoever. from time to time it gets pumped and whenever it is getting pumped it is getting pumped big time not just a tiny rise. and the rest of the times the market is struggling with the huge sell off thanks to all the dumps and the massive supply of XRP that is flying around!
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Most of the gurus were unable to predict the value of btc
i've got two things to tell you about this; someone who is called "guru" is the biggest scammer on this earth. don't even read their bullshit or be prepared to lose money. also there is nobody who can predict bitcoin movements, even the market makers can not do it because there is always someone bigger. i heard that btc will down upto 2000$.
now i am sure that you have been reading some bullshit from some idiots who called themselves "gurus". I dont know what should i do
try to come up with your own analysis, learn how the market works. anything is possible because bitcoin is volatile, what you can do is to try and make the best out of any situation. |
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so far it seems like some countries like Venezuela for example decided to go the ICO route of making money from the blockchain technology. from what i have read they started their own coin called Petro and claimed it is backed by oil and then did a fund raising through ICOs and make a lot of money. or at least that is what the news told us.
but the right way of benefiting from this is what countries like Japan did. right now there are quite a lot of new businesses shaping up in their country and it helped their economy quite a bit too.
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Even once the panic sellers exit their positions, a new wave of nervous investors will quickly replace them. This is the cycle that has repeated over and over again. People buy in due to fear of missing out, they then catch word of some negative news, start to reconsider their investment, then exit on a loss. This situation occurs en masse leading to a snowball effect which eventually catches some of the stronger hodlers.
#HODL
it will take time until a new wave of panic sellers aka weak hands or even the same people who sold to buy back and enter the market. it is always like this. the dump happens first and price has a sizeable drop. then the newbies start panicking but the FUD is like the last straw that breaks their backs and they start dumping all they have on the market and we end up with a big dip on our hands. |
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what i see is that people saw the drop then tried to come up with a reason for it. the drop didn't happen over night. selling a large amount of bitcoin suddenly can crash the market but not selling a large amount of bitcoin over a long period of time. which in this case the amount is claimed to be large but also it is claimed to be sold over at least 7 months which a big part of it as the second comment said falls during the period when price was rising.
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true or not, doesn't matter.
what wallets like myetherwallet do is that they create a private key for you and they claim to not store the private keys anywhere. this means you control the private keys and you alone. and a private key is all you need to be able to spend any funds that you have in your address.
so in case MEW disappeared one day, all you need to do is to find a wallet that allows you to import private keys and then do that.
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trading is not that simple, it is not supposed to be simple otherwise prices wouldn't have moved!
the solution for it is not that hard in my opinion. you can always trade when you are most sure. for example $30 looked like a sell opportunity and the end of the rally so you sell, you don't have to sell all, you can sell something to have some money in hand.
then 2 different things will happen, price either goes higher or starts the correction/drop. if it goes higher, there is nothing stopping you to buy back! lets say it went up to $100, you buy at $40 you lose something but you still join the rest of the rally and make back what you lose and some more profit. and if it drops then obviously you buy, bottom is impossible to predict so you place buy orders at different levels and hope for most of them to be filled and buy the rest as soon as reversal was complete.
that is how trading should work, it is a dynamic thing. unlike what people commonly say it is not as simple as "buy low sell high"!
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I would rather vote for other coins, but I am sure that while lots of other coins die, bitcoin will be more powerful day by day. But whether it is going to be number one payment method is arguable.
which other coin you know that is used as a "currency" or a payment method? none! well to be fair there are some usages for some coins like Litecoin but that is all, they are not big enough to be considered real usage. and these altcoins have been around long enough to have some real usage but they do not have it yet and there is no reason for that to change in the future either. it is a sad truth but unfortunately altcoins will remain speculative tools for a very long time because they are designed for that purpose not for being a currency purpose. but bitcoin is designed to be a currency first then it turned into speculative tool, that is why it is always growing despite all the volatility and all the drops,... |
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this article is simply another one of many articles that are intentionally focusing on anything negative and then tries to link them with bitcoin and cryptocurrency in general so that they can reach their main goals. what they are are not clear, my guess is that it is attacking bitcoin because they find it threatening or it is even possible that their goals are to spread as much FUD as they can during the drops so that they can buy cheaper coins in the dip!
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the problem with most people is that they always go over board with their opinions about cryptocurrencies in general. the person OP is quoting is the same. they either say things are scam or they praise them as perfect things!
of course a lot of the altcoins are obvious scams but not all of them. also not being scam doesn't make them good. for example i don't think we can exactly call ETH a scam but it is a shitcoin nonetheless which is pumped and hyped, and the millions of dollars that is injected into it by the centralization behind it is keeping it alive. otherwise a coin that is not even immutable and simply does a roll back by flipping a switch should not even be around anymore!
the opposite of him are the hardcore bag holders who have bought some of these altcoins, which they may never even cash out of the exchanges or make a transaction to even see their wallet interface, but they are supporting the shit out of that coin only because they have the dream to become rich by bag holding that altcoin!
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