People are always wrong because no one forced them to use that exchange, and secondly, no one forced them to leave their coins on that exchange. This however doesn't make it less of an unfortunate situation.

Nocoiners usually pay attention to what news outlets come up with because they assume that everything they report about is backed by unbiased research. We know that's pure nonsense but these nocoiners don't.

I'm sure that those who are affected don't even think about CNBC. All they do is blame the exchange and potentially crypto itself as being a scam. I'm also sure that people still won't store their coins themselves after this.

You're taking things too serious here. Of course nobody is going to endlessly just hodl and not do anything with the coins. You have to read between the lines. People just say that to showcase how bullish they are.

People will either spend or sell their a chunk of their coins at one point, even the most hardcore maximalists. The rest will be held as a long term store of value and savings account. Makes sense, right?

That's only true when you store your coins on a centralized exchange or wallet service. As long as you are the sole owner of your private keys all the coins are yours, whether you spend them or not (makes no difference at all).

I'm not sure why people can't believe that people CAN hodl their coins without being tempted to sell them. If you have a decent income already, aren't in need of money, why would you sell any of your coins?

Satoshi chose to be anonymous for a reason. Selling his coins (be it on-exchange or on the OTC market) means that authorities are closer to him than ever before. I can only see bad things happen if he follows that path.

Another thing is that he might not have access to his coins anymore. Be happy that he made Bitcoin more scarce than it already is. He brought us Bitcoin and made our coins become more valuable.

I am of believe that an exchange can do whatever it wants. It might be an unpopular opinion, but there is no legislation that prohibits exchanges from accepting payments for a listing.

People should do their own research and not blindly invest in anything they see. The moment people stop pumping money in shitcoins there will be no incentive for the projects behind them to pay $100-$500k for the listing.

Coins are mostly removed because of their low volumes, but low volume is an indication of there not being much interest in it, and in most cases the networks themselves for that reason are vulnerable to double spend attacks.

It's great to hear that for the affected users of course, but I wonder how realistic it is for such an exchange to pay back their users in full. It will take multiple years if they plan to pay back users with their fee income.

I personally (despite the goodwill of the exchange) wouldn't go back to it anymore. Users should accumulate whatever the payouts are and withdraw them immediately to make sure the funds are safe.

I wouldn't call an exchange generating ~$50 million in daily volume a small exchange. Bittrex despite it having lost so much popularity still holds like +$2 billion worth of crypto on behalf of its users. I find this way more shocking.

Not necessarily. The cost of mining depends on how efficient each miner operates, and even on how long they are willing to mine at a loss. It's not entirely uncommon for miners to mine at a loss.

The most efficient operations tend to sell enough of their coins so that they can manage to mine a certain number of months without gaining anything back. Miners even short Bitcoin to cover the risk of falling prices.

In the very long term when prices don't recover and miners run out of their reserves they won't have a choice but to give up or significantly shrink their operations, but Bitcoin as it is right now is too bullish for that.

Most definitely. It's an extremely bullis event for Bitcoin to smash through its previous all time high, especially with how we can only guess where it will go from there. It could be $30 or even $100k.

The moment Bitcoin makes a new all time high that's when you want to be long as neutral investor. It's a confirmation for them that Bitcoin is here to stay and not go back to zero as bears like Peter Schiff say.

At most you could cash out a small portion of your holdings if you're really tempted, but I would not want to part with my coins after such a bullish event. No one should if money isn't needed.

You make it sound like you and your friends are competing with each other for who ends up with the best returns. I'm not sure what your friend invested in, but 10x your money seems quite a risky move. It could also end with a loss.

The thing with most people here is that they have a bias towards Bitcoin (also applies to me), which is understandable but when asking what the best is to do with your money know that the answers you'll be getting are very one-sided.

Overall, I think everything is better than being conservative or risk averse and stick to saving for peanuts interest rates. We're already at a stage where some banks work with negative interest rates. It's a guaranteed way to lose money.

CNBC also shilled Bcash back when it forked off and purposely invited Roger Ver the scammer to show up in their show. It's sad to see that such a large entity in the media world isn't doing anything against the CNBC fast money squad.

After that they shilled XRP for a while, then realized that they can't dethrone Bitcoin and finally started to stop this obvious coin shilling. These people need to be prosecuted for large scale manipulation.

In these cases it would be a good thing to have a firm regulatory framework set up to combat these obvious forms of manipulation. It's frustrating how they will probably continue doing this because there are no consequences.

Right. We have seen the same happen when Bitfinex went through severe problems. People celebrated Bitcoin's value against Tether that started pumping, while the USD value didn't move at all.

People completely disregarded how efficient and self regulating this market really is. Bitcoin against Tether only pumped because it lost its peg to the USD negatively, and the same will happen in OPs example.

If anything, if the world reserve currency implodes, the Euro will be next. This will stimulate people to no longer calculate prices in fiat but in satoshi units. It's just a matter of logical thinking.

Also, I would say that in percentages it's much less than 1% of a chance that the USD will implode in the next 5-10 years, while it's more like 10% of a chance that the Euro will implode. It's much weaker and already very shaky.

I don't see this become a reality, but even if it did, the route you are talking about to convert Bitcoin is inconvenient and would subject you to extra fees unnecessarily. Not sure why you made it sound like a great thing.

I also don't get why people are so focused on PayPal. They complain about Bitcoin's fees being like $1-$2, while PayPal charges you even more in fees but they don't complain about this.... It just doesn't make sense.

I sent a PayPal transaction valued at $30 last week to someone from another country and the fee for this friends and family payment option was just over $3. In other words, 10% of the total transaction value.

It's spent last month so if there was any doubt about satoshi redeeming his private keys, it would be big news everywhere with how news outlets wouldn't let that opportunity go past them.

It's probably an old miner or somebody who managed to buy a computer or laptop and found this private key. Either way, none of the shitforks have been touched so that person might not be up to date with where crypto is today.

Volatility is what makes Bitcoin? I think we shouldn't put the market that's volatile and Bitcoin itself in the same category, mainly because of how speculators are here for the price action, and not Bitcoin itself.

Bitcoin isn't worse or better if it pumps or dumps by 25% in a matter of days, while most people think it is because they link price action to Bitcoin being here to stay or become worthless.

An example of how irrelevant short term price action is, is the fundamental difference between Bitcoin at $20k in 2017 and Bitcoin at $3500 in 2019. The $3500 Bitcoin in 2019 was more secure and fundamentally stronger.

Another thing is that Bitcoin being decentralized doesn't mean anything with how price discovery happens on centralized exchanges. Bitcoin is worth what people pay for it on these centralized exchanges.

It's not really that hard to be honest. The lowest class of citizens do not use Bitcoin because they either don't know what it is, or they don't have a computer or smartphone to access the internet.

Even if these people know about Bitcoin and have a smartphone to access the internet with, the cost of using Bitcoin is another major problem. People there barely have any money to spend on food, let alone pay $2 fees per transaction.

Venezuelans who do benefit from Bitcoin in lesser form are the middle class, but mainly the elite there because they are known with the economical situation and have a decent understanding of what a convenient hedge is.

People have been expecting altcoin season to kick in for months now, and it still didn't happen. You know why? Because the mass bought in already and is waiting for it to happen.

It's similar to how people were expecting a bull run in 2018 with loaded bags. What happened was a brutal selloff to shake out those get rich quick noobs. Once people emptied their pockets, the price started to rally.

If altcoin season is going to happen at one point, expect a brutal altcoin selloff to shake the people out calling for an altcoin season. Markets pump and dump when the mass doesn't expect it and has empty bags.

I wouldn't call a 25% pullback a slight correction. People have been talking about a looming correction for weeks now, and here it finally is. If people think we're going back to $4000-$5000 they are delusional.

Now that we're so far away from sub $5000 levels people regret not having bought, and that while before the April pump to $5000 people were largely bearish with predictions that Bitcoin would make lower lows....

I can't rule that out with how the most important moving averages hover slightly above the $7000 mark. While I do think the chances of testing these moving averages right now isn't likely, we should be prepared for when it does happen.

Please be more understanding. OP lost the money in a time where for a lot people this is more than they would be able to safe or make in a decade. Obviously, it's not a reason to feel like that, but it's not entirely uncommon.

The pizza story was at a time where Bitcoin was worth peanuts, and more importantly, the coins weren't lost but spent on pizzas. I'm actually not sure why you think these situations compare....

I am really sorry to read this. It's such a shame that scammers without a second thought ruin people's lives for their own selfish interests. OP, I really hope that you will try your best to start saving up satoshis from scratch even though you aren't thinking about that right now.

I doubt that your country exempts you from taxation on Bitcoin. They might not specifically mention Bitcoin or crypto currencies by name, but that doesn't mean you are free to not report your gains and whatnot.

I have seen a lot people here say that Bitcoin needs to be regulated or legalized in order to be taxed, but that's not the case. These people have probably never paid tax yet which could explain their ignorance in that field.

May I know what country you're from? I would like to have a look if you're right or not. It's quite dangerous to not know how taxation works in a time where agencies fish for data from exchanges about their users.

Too bad sites such as blockchain.com still attract so many newbies. Their SEO makes them pop up always in the top 3 sites when searching on Google for Bitcoin wallet.

What do you think people will complain about expensive transactions? That's Bitcoin. Newbies don't know that blockchain.com purposely makes people pay that much because they don't want to upgrade to SegWit.

It wouldn't even surprise me if blockchain.com is doing this to boost their income just like BitPay is doing it when charging extra for payments. Roger Ver has a major stake in both of these companies....

I hodl most of my coins and will not let go of them, but I have to admit that I sold a small percentage hoping to buy back lower but it didn't work out at all. I severely underestimated how powerful this bull run is.

The good thing is that I have sent whatever I had sitting in my speculative wallet over to my cold wallet. I'm sure that if I continued trading I would do even worse so I'm happy that I have enough self control to stop doing something that doesn't work.

It's much more fun watching how the price goes up and down without having to risk anything. Yesterday was an action packed day with how hard we went up and how hard we went down. Where other than crypto do you see this?