Latest posts of: iram1011

Bitcoin has inbuilt deflation. At present, supply is limited and demand is increasing because of increased interest in cryptocurrencies. With time you can buy more things with same amount of Bitcoin. This make people hoard it and why would people use bitcoin instead of its fiat which is an inflationary counterpart. People are largely using it as an investment unwilling to use it for day to day transactions.

Moreover, because of less market cap it is still very volatile. A small news can bring an instant negativity and hence leads to dip in price which doesn't make Bitcoin ideal for everyday use.

I think in future too the situation will remain the same and Bitcoin largely will serve as an investment asset than a currency.

All this August 1 thing may be the last chance for ordinary people to get on board.

Wow, this train it's like Thomas the Tank Engine, still in the station from 2013...

Lol, I myself wouldn't have said this better. No day would ever be the last day to buy Bitcoin. You will always make profit if you hold it for sometime no matter when you bought it. Why people forget that Bitcoin is deflationary asset. It will keep on appreciating with time as demand will always be there and thus the profit

Being deflationary doesn't guarantee a fuck

And right now Bitcoin is still in its inflationary stage (and will remain in this stage for many more years to come). Something like 1800 bitcoins are mined daily, and that amount adds directly to the Bitcoin monetary supply. That said, even if Bitcoin were deflationary today, that alone wouldn't suffice for prices to rise, since it is actually the balance of supply and demand that determines the price, not supply alone. In this way, if there is no demand, then no matter how low the supply could be, the price will be miserable anyway

I agree that technically Bitcoin is still in inflationary state(approx 3%). But with controlled money supply and ever increasing demand. Bitcoin has a massive deflationary bias. Its money supply is mostly fixed, but the menu of things it can buy is growing. People are hoarding it. Bitcoin posses all the features of deflationary currency.

But what made you so pessimistic about bitcoin future demand?

Quote from: shamzblueworld on July 08, 2017, 03:30:32 AM

So I'm actually facing this dilemma at the moment. I made three investments in three coins at poloniex.
Now all three of those are down more than 100% of the value that I bought them for, so I guess I got no options but to wait it out. It may take long time to get back to the value where I don't lose too much, but that is the only option I have.
Have you experienced anything similar in your tradings? How do you deal with such situations?

So you are at more than 100% loss. What are you trying to say? 100% loss means all your three coins have gone to 0 value and if loss is more than 100% that means you are paying back to company, LOL. I think you made a big mistake in calculating the loss.

Anyways if the loss is big keep on holding till the coin recover. That would be best strategy and there is huge dip going in cryptocurrency market because of all the speculations in Bitcoin community. Everything will recover soon with unfolding of events (UASF and Segwit2x). Have patience.

Quote from: Jammalan the Prophet on July 16, 2017, 12:25:54 PM

Quote from: virtualdn on July 16, 2017, 10:15:47 AM

All this August 1 thing may be the last chance for ordinary people to get on board.

Wow, this train it's like Thomas the Tank Engine, still in the station from 2013...

So, what according to you are potential disadvantage of Segwit2x?

What I have read till now is that Segwit2x will pave the way for Segwit on 1st August as UASF is still not able to get enough miner support and Segwit2x with 90%+ consensus can successfully lead to the implementation of Segwit on Aug 1. Otherwise with less consensus, UASF will lead to a drastic chain split.

Fintech firms providing this transfer facility are going to throw a new challenge for banks. This new law in South Korea will allow new entrants to compete with traditional banks, offering money transfer services at a fraction of the incumbents’ fees, with a shorter transfer time. With many people shifting to this service will surely gonna increase the volume.

These proposals of Segwit2x and UASF are brought to end the scaling issue which is most likely hindering the growth of bitcoin. No one wants to kill bitcoin. Whatever will happen will lead to the growth of Bitcoin and not gonna stagnate its growth. After all this fuss gets clear, probably by the end of the year. We will see the growth again and so the volume.

Quote from: Hydrogen on July 16, 2017, 02:01:24 AM

This graphic seems to indicate unconfirmed transactions were a politically motivated, coordinated attack.

Completely unrelated to block size or scaling issue.

From the chart above you can see network traffic & unconfirmed transactions declined significantly once attackers were appeased.

This indeed is something new. I understood what you trying to say. But still I am confused why miners want Segwit2x this badly. What big will they achieve. I would like to know your view over this.

Neither are they afraid of cryptocurrencies nor should we.

On one hand banks are right that cryptocurrencies are dangerous as there are lot of scams going on and most of the coins are shit and dead. People usually forget that cryptocurrencies are not only top 10 or 50. There are tons of out there which are mere scams. We should be cautious in choosing the currencies and for safe trading stay in top 10-20.

Now comes the bank. Being a centralized institution, it is natural of them warning people of Decentralised currency. Before Bitcoin it wasn't even believable that there would be any decentralised currency. Banks had a hard time digesting that. Earlier they used to mock the concept but now with ever increasing market cap , they have very well understood the reality and in future we would see them incorporating cryptocurrency in their system because crypto assets bring a value proposition that can't be ignored. Already started by private bank in Switzerland (Falcon Group).

Neither can bank eliminate cryptocurrencies nor can cryptocurrencies eliminate banks from financial landscape. They both will coexist as they both cater to different needs.

Actually Bitcoin future largely depends upon Bitcoin use cases. This indeed a good news in that direction. More the vendors and merchants will start accepting Bitcoin. More it will get into circulation and hence will increase the demand. So, the price. This is what Bitcoin meant for along with being an investment asset. Bitcoin was invented to double up as a currency and investment asset. But somehow we were lagging in making bitcoin a currency. These steps will change that perception.

Quote from: equator on July 14, 2017, 02:50:52 PM

Quote from: steamon on July 14, 2017, 02:17:54 PM

Just store the Bitcoins in a wallet with access to private keys or cold storage. That way if a Hard Fork happens you have Bitcoin A and Bitcoin B at the same time. Further, nothing to worry.

It is true that holding the bitcoins in the desktop wallet whose private keys are with you and just dont use the wallet for any type of transaction before 24 to 48 hours of August 1st and even after that day get full details and then use the wallet. I am better going to sell my all bitcoins to fiat currency and wait for that day because i am seeing that the fate of bitcoin will be more likely of ETH faced where it went 10 times down after hard fork, ya it is true that after that it went more up also but it took time and so many of them bought back in low are enjoying this high price.

Splitting of chain is the worst case scenario. Nobody wants that and every possible thing is being done to avoid it. Segwit2x will certainly prevent it if gets activated before UASF. But preparing for worst case scenario is not bad. What I suggest you is don't convert all your bitcoin to fiat. Instead invest in any top 5 Altcoin as they are likely to appreciate as people will be shifting to them. If you aren't sure about trading then convert you BTC to USDT. Thus, your money will be available to you instantly(buying bitcoin or any Altcoin in future) and without any depreciation in price.

USDT is safe heaven at present. With increasing chaos and confusion in Bitcoin market, people are mainly shifting to USDT for saving their money from dipping more. As Altcoin is also not showing any sign of recovery and price and volume is constantly decreasing along with the devaluation of Bitcoin. Investors got to shift somewhere, USDT (as Tether always maintains stable quotations) is the best alternative as later on they can trade and invest back faster as compared to fiat when everything comes back to normal.

This will all depend upon:
1. How much money you got to invest?
2. How much risk you are willing to take?
3. How good are you at analysis?
4. Are you interested at day, short term(ranges between days and months) or long term( ranges from months to years)trading?

Cryptocurrency market is quite unpredictable and is very volatile. Leaving some top currencies (which might get affected by various news), most of the currencies are hard to predict. Many are dead and shit coins mostly driven by pump and dumps.

What I want to suggest you that, if you are new to trading. Start with amount you can happily lose because probability of you losing in your first trade is quite high. Try to understand charts and analyze news and their effect on various cryptocurrencies. Study the peaks and troughs in charts and how they work. Diversify your portfolio with 60% top 10 currencies( best for long term and sometimes for short term trading) and 40% with other currencies with low but considerable volume(stay in top 50). They are best for day and short term trading. You can bet for new coins as well if their ICO is appealing and have some big names backing it. Never fall for pump and dump groups at least for the start. They might seem appealing. But as a newbie you will lose for sure. With time according to your stats increase the trading amount gradually.

Quote from: ruthbabe on July 15, 2017, 02:33:47 AM

Quote from: Scorpion on June 30, 2017, 04:22:03 AM

I think it will be a good day to buy up Bitcoin and also celebrate because we will be moving forward with better technology. Bitcoin is going to grow up and progress on August 1st.

I don't think so. The value of Bitcoin fell gradually starting July 7, 2017...

Bitcoin value: $2581.46 - July 7, 2017
Bitcoin value: $2482.85 - July 10, 2017
Bitcoin value: $2370.97 - July 13, 2017
Bitcoin value: $2254.59 - July 14, 2017
Bitcoin value: $2206.73 - July 15, 2017

The major reason for this constant dip is regular speculations like happening in this thread too. Segwit2x and UASF are being brought only for the betterment. Yes, there are threats of possible chain split if Segwit2x didn't get activated before UASF. This indeed has created chaos and panic ( specially in short term investors or traders or newbies). For long term investors, it is better to wait and relax and hold your private keys.

Quote from: aubert on July 15, 2017, 02:10:10 AM

Quote from: mharz on July 14, 2017, 11:48:14 PM

Quote from: Kisanaq on July 14, 2017, 07:16:15 PM

Poverty must be overcome the main causes, and from many studies, government policy is the main factor, many governments are corrupt that makes the citizens poor. I'm not sure bitcoin can be a solution to poverty, change the governement first.

I agree with you, poverty radication was the main problem of the world. The main cause of that was due to corrupt government and unfair treatment of the level of people. Bitcoin cannot end poverty maybe lessen the poor people but not ended.

poverty will still exist nonetheless even if corruption has been eradicated. There are people who always work smart and efficiently, in another side, there are lazy and inefficient ones.
The stake which those lazy people may have are now owned by the smart and efficient people, thus poverty happens.

Poverty is never about lazy people. Poverty prevails because of lack of resources, education, skills and displacement of large number of people due to some external factor (happening on large scale in middle east Asia). Problem is bigger than what you think. Laziness is far from what poverty means.

When it comes to Bitcoin. Poverty is much bigger a problem that Bitcoin can possibly solve. Bitcoin can give only those people a way to earn who are educated, skilled or atleast know how to operate mobile or laptops and have hold of them. Bitcoin can definitely provide extra income to general people. But for poverty stricken society, Bitcoin has nothing much to offer. Efforts need to be done at government level.

Quote from: richardsNY on July 14, 2017, 07:34:59 PM

Quote from: Proton2233 on July 14, 2017, 03:02:02 PM

Until Segwit2x is fully tested I will not take any action with my BTС.

If you look at one of the main reasons people don't see much value in SegWit2X, then it's the fact that there simply isn't enough time to thoroughly put that proposal fully to the test. On the other hand, we have the UASF planned on the first of August, which understandably, may cause extra confusion. But keep in mind, whatever happens, Bitcoin won't die. Not sure why anyone would even have that thought in mind, but what I consider to be worse, is that people (you fit in that category as well) speak it out. Essentially, people are free to go with whichever proposal they want. Just let it happen so we can move forward.

If UASF gets activated without Segwit2x, then I think there will be a lot chaos. As UASF doesn't have major consensus, so its activation without Segwit2x will most likely lead to chain split. In that case, Bitcoin price will take time to recover unless we reach to a point where every miner is supporting coin on new blockchain. Otherwise both the coins will compete with each other and we will see a long dip.

It would be best if Segwit2x gets activated with 95% support and it paves the way to Segwit on August 1. Then price will recover soon. I think this is the best possible option.

Martingale works best in the short term. The longer you play, the more likely you are to lose, because the longer you play, the more likely you are to lose several bets in a row and then run out of money or run up against the table limit.

Many new gamblers make a mistake of thinking Martingale will make you a guaranteed winner. But the truth is even with a huge $100k bankroll, you can't use the Martingale very long without a significant risk of tapping out completely. In gambling, You must be willing to accept the risk of losing your whole bankroll as no strategy is a sure shot to profit.

Quote from: pooya87 on July 12, 2017, 04:28:33 AM

we all know that this dip is because of the fear of August 1st and the possibility of a chain split because of the deadline that BIP148 has set.
while many believe that BIP148 is going to fail, i say although it will fail but it is not a failure. the best result of it was the SegWit2x which currently has 91% of the miners support. whereas BIP141 (SegWit) has 46% support.

now the speculation. Grin

i say we are going to have SegWit activated on August 1st by SegWit2x (which needs only 80% support and now has 91% support) and that will lead to a big price recovery and another bull run.
we saw the same thing about activation of SegWit on litecoin. they delayed the activation as much as possible, also caused a big dip after LTC's big rise and then it was activated with nearly 100% support and price jumped another time.

this following chart is happening all over again. this is the same fear. the fear of a hard fork and a split. the difference is that the picture below was because of BU split and now it is the SegWit split. and both of them are because of drama and had a very small chance of coming to reality.

i will expect $3000 be broken if things go as planned. buy the dips then

but it will probably only last about 4-5 months until the second deadline which will be 6 months after activation of SegWit (in 2018). and we may see another one of these.

now by that time either SegWit has lived up to the promise (and it is good enough time to see) and they give up on the 2MB hard fork or we will see the drama all over again over hard forking to a 2 MB base block size.

If UASF gets activated after Segwit2x (which is most likely the case), then yes there will be a jump in price. But what I believe is it wouldn't be instant. There would definitely be a dip because of rumours and speculations which have scared many investors recently. Actually the fact is half of the bitcoin community runs over speculations and rumours only. They play a large role in determining the Bitcoin price. Also, such major events are welcomed with a dip in cryptocurrencies.

In Switzerland it is becoming a reality somehow. It is in the news that Falcon Group becomes the first Swiss Private Bank to offer XBT/BTC asset management. Financial Market Supervisory Authority (FINMA) had given Falcon Private Bank the approval, making the bank the first Swiss banking institution to offer Bitcoin. Here comes the wave, now many more banks would follow suit because bitcoin is gaining a popularity in financial landscape and banks can't afford to ignore it.

Switzerland is quite friendly to cryptocurrency enthusiasts. Bitcoin is gaining grounds in financial landscape and bank can't certainly ignore it. Glad to know FINMA took a step ahead and gave the bank the green light on managing assets based on the blockchain technology such as bitcoin and other digital currencies. Soon the rest of the banking sector will follow suit as crypto assets bring a value proposition that can't be ignored.