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somebody seriously needs to forward this to JP Morgan CEO, Jamie Dimon and tell him how different States in the US are treating bitcoin, and this is the same bitcoin which he called "Fraud" and still insists on saying he doesn't care about it and continue talking about bitcoin...
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I always like these posts that look at old threads from the history and see what people are saying about prices. I don't care about whether they were right or wrong but it is pretty interesting to see the mindset at that point and hopefully if you were around at those dates you can see what kind of mindset you yourself had and if it was right or wrong. it can give you some good experience too. some fun history can be found if you dig too deep like this: https://bitcointalk.org/index.php?board=57.16120then you can find gems from the old days like this one: https://bitcointalk.org/index.php?topic=57279.0which is basically kwukduck saying bitcoin is dead and will fall from $7.5 to $0.7 |
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I take this as a good sign.
because price is not only stable. it is also growing and with a higher volume than any stable price time. it can potentially mean a slow and strong rise towards the resistance and breaking it pretty soon. even if it stays in $8XXX price for longer period of time, this can still be a good sign of an accumulation going on. we can not tell what will come next until it breaks out but my money is on a big follow up rise.
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at times like when the recent drop happened it really doesn't matter if they banned it or not. even if they mass adopted it as a legal way of payment like Japan it still wouldn't have made any differences because the market makers were crashing the price and panic sellers were jumping off the ship throwing away their valuable bitcoins. |
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more traders means a bigger market, fuller order books instead of thin ones where a simple dump can change the price by a lot, and all of it will lead to a more predictable market and consequently an easier time trading because you can actually speculate.
for example you can speculate about bitcoin but you can not do it with majority of altcoins because in comparison they are too small and way too manipulated. and that makes it impossible to make any logical move in the market. most people find it like gambling to trade altcoins even!
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for all people who bought when the price was $1000, there are many reasons to hold and not panic when the price drops, but for people who bought when the price was $15000 has reasons to panic
it depends on the "people" themselves and what they did not the price they bought at. if they invested more than they can afford to lose they will panic no matter where they bought bitcoin at! it also depends on their plans. some are trading so obviously when price drops they have to panic and take some actions but some others are just investing in bitcoin and don't like being involved with exchanges that much. there is no reason for these people to panic. for example i bought bitcoin around $500 back in 2014 and price continued falling down to $150, it was uneasy but i never panicked! That's how you can distinguish people who have been invested for the sake of the technology and the people who wanted to make a quick buck. I'm almost certain that 75% of the people who FOMO'd in, in the hopes of getting rich overnight, have already sold their position somewhere on the way down. one of the good things about the dumps like this where price goes down by A LOT not just a small drop, is that it literary flushes out a lot of these FOMO newbies. it is a good thing to have from time to time although it sucks to see how big these drops get sometimes because of them. and each time something like this happens, we always have a much stronger market afterwards. and I believe that strength is because the weak hands are flushed out and won't come back for some time. |
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As we can see that after the overwhelming 2017 when bitcoin and alts used to rock everybody with the enormous returns that they gave, everything relevant to this caught the eyes of many Governments and bitcoin also got considered as a matter of topic to be discussed about, in many official meetings held by these governments. The way these people came up with their so-called negative comments and some very sophisticated, yet confusing statements that bitcoin is ponzi and we will not give it the position of a legal tender - made every bitcoiner think that they'll actually ban it. And such mess created a lot of panic in markets where only sells took place.
there are two different subjects that I feel like it should be explicitly mentioned whenever we are talking about this subject. 1. bitcoin as a decentralized currency that people can use to buy stuff whenever they want. 2. bitcoin as an investment where people go to exchanges and register, do a bank transfer and buy/sell it for profit. the first one has nothing to do with anything the governments and all these committees are talking about. they can not do anything about that. the second one is not directly related to what they say but it is affected by it a lot. because most people are only in it for the money so they will find it hard and even impossible to continue making money if the government banned bitcoin. which is one of the reasons why the dumps happen too. When people are looking it as a matter of worry, I think that Governments just tried to create panic in markets to purchase Bitcoins themselves at these cheaper values, and once the chaos gets settled, the value will bounce to such a level where small investors won't be able to buy Bitcoins. What do you think? Do you agree with what I think? I think buying at current rates when some "fools" are selling it is the best option to earn great profits this year alone as Investors are predicting that bitcoin may go to $25000 during mid-2018.
what would be the goal? to make profit from trading bitcoin? I don't think so because the profit is not that much due to size of the market (no the amount it rises). to kill bitcoin? not at all because even if you manipulate bitcoin price as much as you can, you still won't be able to put a dent in its existence. |
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Despite the concern of regulators in all countries, Bitcoin is like a rising star in the financial markets, attracting much attention and curiosity, and continues its strong rise. However, some people may not know yet: what exactly is bitcoin? Why does anyone rush to it? How do ordinary people get and use bitcoin?
well anyone who has enough time to open Google.com and type in "what is bitcoin" and read a 3-5 minute article that comes up can simply understand what bitcoin is, how it works and solve a lot of "mysteries" that they might have in their head. these days it is not really that hard because there are lots of good articles and even videos explaining what bitcoin is in simple terms for ordinary people. and on top of that there are a lot of services that have made usage of bitcoin like a piece of cake. for example coinbase although not the best option but it is the easiest for newcomers. |
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I generally dislike categorizing bitcoin wallets like this based on things such as "reliable", "safest", ...
in my opinion a bitcoin wallet is either safe and reliable and all that or it should not even be used.
as for security, cold storage has the highest security but in at the end of the day the security of it depends on how the user is using it. for example the computer (OS) you use to make and use the cold storage needs to be clean and have no access to the internet ever, either in the past or in the future.
paper wallets belong to the category of cold storages. but if you do not own a printer you will face some problems because you will have to go outside and use a third party to print it and also you have to encrypt the keys which means you will also have to remember a password too.
and then the medium you use to print the keys is also important. if you use paper the lifespan of it will be shorter and it will also be more susceptible to a lot of things. for example water can destroy all your money! if you laminate it you will increase the lifespan but again it will cost more and you either have to buy the tools for laminating yourself or use a third party. if you use metal plates then the lifespan is increased a lot and the resistance to most substances is also increased but creating it will become more difficult.
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I am not much of a "chartist" but I can say that a big drop at this point where the recovery has happened and the confidence in the market is back up again, is not as simple. so without another wave of bad news after bad news (FUD mania) I won't expect dropping to $6000
and so far with the price creeping up towards $9000 we may see a rising W meaning drop after not being able to breakout and higher lows each time it goes back down, before the breakout happens.
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as far as I know no central bank including Chinese central bank PBoC has ever sent out Emails to news agencies or anyone for that matter talking about what their plans on. I don't even know how OP came up with this "story" of his  the way they do it, like any other government agencies is that they release an official statement on an official government website. for example the .gov websites you see (I forgot what the Chinese link is). so you know it is official. there is no Email involved... |
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Looking at the rapid growth the Croptocurrency world is experiencing right now, with new and promising Tokens (ONL, ATFS, BERRY etc) being introduced on regarly basis.
the "rapid growth" that we are seeing these days among altcoins is a rapid growth of weeds on a lawn. it is useless token after token that is created by snap of a finger. creation of lots of projects without any innovation, any product, any utility,... and in one word "useless". I actually have a strong confidence that cryptocurrencies would get worldwide acceptance in the nearest future,
I actually fear for the market as a whole. bitcoin is luckily separate from the rest. that is why we call all of them "altcoins". and my fear is because of all these junk projects and all the scams, ... that come with them. they can ruin the face of legit projects too. and with Bitcoins topping the charts of all existing Bitcoins right now, Bitcoins stands to benefit from the newborn cryptos emerging.
I honestly don't see how! So if you ask me, I think it is quite impossible for Bitcoin to CRASH.
as I said there is no relationship between bitcoin and all these new coins or even old ones. I think you got it backwards. it is bitcoin that affects them. with bitcoin going down for example as you saw lately, ALL of the altcoins get dumped. |
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An Italian cryptocurrency exchange called BitGrail says it was hacked and some $170 million worth of a currency called Nano is missing.
I am always skeptical of these alleged hacks that happen in exchanges. maybe because most of them were fake anyways. fake in the sense that the exchange lied and they stole the money themselves and never paid the users back. they sometimes do it because they run out of money because they make bad bets on the market and get dumped on during the market crash or something like that. ps. change your title to something like BitGrail got hacked. "again" means nothing! |
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I dont know did you watch or not, Cliff High published a video on Youtube where he said that Bitcoin will reach 64k price till mid April 2018. I am not sure if it is possible or not but in my opinion price makers wont let the Chinese investors to buy bitcoin such a cheap price like 7k-8k USD. I am really curious what people on here think about that ?
we are currently in a downtrend or you can even call it a bear market and that won't go away that fast in my opinion. we may not see any major crashes anymore but we will surely not see a huge rise to $64k only in 2 months! that simply is not possible. my guess is that this downtrend will not last as long as it usually lasted in the past (the previous bubbles and follow up crashes). so price may start rising soon but it will take a couple of months before we see an ATH and prices like $64k may happen by the end of the year. |
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current rates:
Automatic (weekly): 3000 satoshi
Instant (~15 Minutes): 821 satoshi
Slow (6-24 Hours): 193 satoshi
I wanted to use this wonderful opportunity to withdraw my 50,000+ satoshis instantly from the site. but unfortunately it is not the case anymore. The current withdrawal fees are: 0.00017774 BTC - INSTANT (~15 Minutes) 0.00004182 BTC - SLOW (6-24 Hours) Looks like fees have now dropped down now to 0.00001600 BTC for slow withdraw option. as bitcoin services/sites (and ultimately people) adopt segwit and batch the txs we're going to pay lower transaction fees. i wish every crypto sites had freebitcoin like withdrawal system.  Yes it fluctuates, depends on network traffics. At the time I'm writing this, withdrawal fees are: Instant (~15 Minutes): 0.00006800 BTC Slow (6-24 Hours): 0.00001600 BTC you should check often to find the best/cheapest fee, I remember a few months ago was steady at 400 sats  try this weekend sunday morning, usually the fee is somewhat lower due to less transactions I have not yet withdrawn any BTC from freebitco.in but these fees are really low if you compare this to the fees that you pay on blockchain or exchanges. The fee for auto-withdraw is 0.00003000 BTC. Yes, auto withdraw fee are low if you compare it with exchange or wallet fees. But when it comes to faucet, fee looks pretty big. If you are using their faucet only to get free BTC, you need to make over 100 faucet claims to cover withdrawal fee. For example, Faucethub withdrawal fee only 400 Satoshi. If you withdrawing bigger amounts than 0.0002 BTC, fees are even lower. you should not compare the fees with exchanges and it is not higher than wallets if your wallet is a proper one that is suggesting the fees appropriately. for example the current fee to get a high priority transaction is 3-4 satoshi/byte. if I make an instant withdrawal like this one from the stats page: https://blockchain.info/tx/f4491dc5ea473d6b98bed8d806fe192457cf220bd343bf0bb045c3ae2139d4a4the size of the transaction will be 250 bytes which will require 750-1000 satoshi fee. as you can see it has 969 satoshi fee which is the same as what the website is asking for. |
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bitcoin "bull" is not over until it reaches mass adoption all around the world and we are not even close to that date. there is a long way to go and this way consists of lots of ups and downs like this. which is why bitcoin is usually referred to as a rollercoaster. in the end this rollercoaster will end up higher than where it started and keeps on going higher after each period of rise and fall. it is like 2 steps forward and 1 step backwards.
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-snip-
Sure, that was my line of thinking, thanks for clarifying that. If you increase block size n-fold, than the number of transactions the network can process increases n-fold too, and there is nothing more to that. In short, no 200-fold increases there.
no problem. remember that it is not exactly n-fold. it is approximately n-fold. it may be a little bigger or a little smaller because transactions are not all the same size. they can be as small as 192 byte or as big as the protocol allows (not sure what is the max size is but I have seen ~1 MB transaction in bitcoin which filled the whole block) |
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you either buy, ignoring all the ups and downs and all the drama because you believe in bitcoin in long term.
or
you wait for the bottom and buy as soon as you see a huge % dropped like the 60% drop that bitcoin had or wait for the recovery to show some signs like when the price started jumping up to $6500 from bottom and you jump in too.
so choose which one of these approaches you want to use. if it is the first one then buy now. if it is the second one, you are too late. right now the strategy is to wait and see where things go. if there was a dip to $6k again jump in, if there was a rise to $9k then jump in.
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The currently proposed increase in blocksize (which is heavily discussed, as it may have some interesting side effects) would raise the the maximum of transactions from 7 per second to 1,400 per second, as Matt Peoples nicely explains.
This part of your post caught my eye. Can you please explain how increasing the block size 4- or 8-fold can bring the increase of transaction count 200-fold? I am not saying I doubt your words, but I would be grateful for an explanation or a link. Thanks! it won't increase it that much, not even close. and it is very easy to calculate. I will give you multiple ways: 1. consider the number of transactions per block of bitcoin. it is on average 2000 tx per block. increasing block size 8 times means 8*2000 = 16000 tx per block which is per 10 min on average so that is 26 TPS.2. consider the number of transactions per bitcoin cash block versus the size of it. for example it is 250 tx per block which is about 120 kilo bytes. that makes every transaction ~450 bytes on average. 8 MB can hold 17777 transactions. which is 29 TPS3. even if you take the smallest transaction size possible (meaning when people only pay to 1 address and have 1 change address and are spending one output not multiple and not a multisig) ~250 bytes that means 8 MB can contain 32000 tx which is 53 TPS and that is best case scenario that everyone is sending smallest payments possible and nobody is consolidating inputs or paying multiple recipients! |
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majority of those who called bitcoin a bubble wanted the price of it to drop hard due to panic sellers so that they can short in this market and make a lot of money and eventually buy a large amount of bitcoin at the bottom of the dip.
that I what a lot of whales have been doing in the past. I wouldn't be surprised to someday learn that a lot of these Wall Street whales have been buying bitcoin for years. you think Warren Buffet has not bought a lot of bitcoin yet?
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