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i think yes, and that was the goal. Satoshi always wanted bitcoin to be a currency and you can see that all over the bitcoin white paper and even in these comments you quoted. he never meant it to be as a commodity, that came later and was introduced by governments wanting to categorize bitcoin.
and i also think that he envisioned bitcoin to gain massive popularity or become mainstream currency. otherwise there is no reason to create something that only is used by a select few!
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obviously everything grows together because they are all linked. the more adoption takes place the more people are going to be involved with bitcoin and that means all kinds of people from experts to newbies. and that also attracts all types of people from scammers to businessmen trying to fill a gap and make money.
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this is not even a news in my opinion  SEC has lost its newsworthiness after denying the first 100 ETFs and the 1001st ETF is not going to be a "positive news", it is automatically another rejection added to the list. besides this one includes ETH ETF so it is guaranteed to be denied. |
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58 satoshi/byte would have been great about 7 hours ago but fees have been rising steadily ever since (you were possibly about 30-60 min late and got caught in the rise) and the current high priority transaction fee sits at a surprisingly high level of 90 satoshi/byte for the reference look at mempool here https://jochen-hoenicke.de/queue/#0,24h |
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haha, nice clickbait article on yet another newly sprouted website that is posting bitcoin related news. those dudes that the article mentioned who are offering a "helping hand" are not the "crypto community" as you think. they are selfish people who take advantage of any opportunity to get the "spotlight" even momentarily. there literary is no event that you don't see McAfee in it. he always arrives like a weasel  |
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I think they wanted to attempt a "re-org" with the help of miners and quickly realized that it would cause more harm than good if they pulled it off.
actually they were so serious about the re-org and the roll back that they even contacted miners (bitmain, thinking they control bitcoin!) they rejected their request bluntly and possibly even laughed at them so they "pulled it off" after failing at their silly attempt. |
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things over at Binance will only get worse because up to this point they were only making profit and counting their money. now that they have lost $40 million dollar in an instant they have to start working hard to make it back and that requires all kinds of shady stuff in the background.
i gave up on this exchange they day they started to legitimize scams also known as ICO and came up with the new name of IEO. in ways this hack was a good thing, it stopped them from damaging the whole cryptocurrency market even for a short time.
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Hopefully we get a period of FOMO & people start to panic buy, it’s be good for the price. 6k seems really bullish.
Hell yeah it's bullish, but I'm not so sure I'd want a bunch of people to start rushing into the market out of fear. That could easily pop the price of bitcoin up to a level that isn't sustainable, because investors who buy out of that FOMO emotion are the same ones who'll sell when bitcoin dips just a little. I would much rather see a slow, steady growth in price. And actually the rate it's rising at right now isn't too bad. There's definitely some momentum behind whatever is driving this little bull run we're having, and bitcoin could even be on track to hit $10k by the end of the year. That would be a beautiful thing to see--but I don't want to see it too soon. we all prefer slower rise because it is a lot stronger to rise that way and historically each time we see a slow rise the falls that come eventually can never break below the price level that was reached by a slow rise. but unfortunately "fear" like FOMO is a part of bitcoin just like panic sell is. we have already seen 2 cases of FOMO in the past month alone and although the market is calm these days i can happen again soon. |
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i am mostly surprised that it took this long for $6k to come back around after the whaledumpers pushed the price down with a lot of sells at the time. price should have bounced right back up after 1 months tops without falling that low to $3.1k which was a huge discout that we will never see again. right now we are only back to where we should have been 5 months ago before the FUD about BCash fork started and they caused panic and manipulated the market to artificially and temporarily keep the price down.
in other words if that hadn't happened price would have been at least $9k by now.
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I am wondering, can we not devise an effective and special technology that can be utilize in case of hacks or frauds?
no, not when we have already provided lots of easy and convenient ways of securing your bitcoins in a way that it gives you maximum security while making it impossible for hackers to be able to have any way of accessing it. 100% of the hacks are because the victims weren't using these methods or were using them wrong. |
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Am I the only one who's pissed that they even suggested this?
I mean, the audacity they have to even make a suggestion like that prompted me to instantly delete my account at Binance.
i got pissed at first but then it only makes me chuckle because when i read their statements about the "roll back" and the way they talk about it, it is clear that they have big delusions about their power over bitcoin it seems like they think just because they run a centralized altcoin exchange with big volume it means they have a "button" which they can push and change the course of bitcoin as they like... lol |
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Every wallet of mine is enabled with 2FA, but now with the recent hack of Binance even the 2FA has gone into discussion. Even after enabling 2FA I use the verification through email. This seems to be more secure than just having 2FA or just the gmail verification. With cryptocurrency protection is a big issue, however quite often this is getting a big problem to the cryptocurrency network.
if your coins are stored elsewhere in some server owned by a third party that you only have a username and password and 2FA then it means you do NOT have a "wallet", you only have some IOUs in an account controlled by that third party. the security of your coins and the guarantee of conversion of those IOUs to real bitcoin is at a high risk anyways having 2FA is not giving you that much security in this case! |
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but many countries reject cryptocurrency as legitimate payments.
not correct. only a couple of countries have actually rejected bitcoin and some of them gone as far as banning its usage and ownage. but the rest of the world have no problem with bitcoin so far although only a couple of them have gone as far as accepting it as a "legal way of payment" but the rest that didn't make it "official" have different laws that in other ways make it legitimate payment. |
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He worries that they enable illicit activity by making money transactions less transparent.
if that is the whole reason then with that statement (which i quoted and doesn't contain anything about cryptocurrencies) we should shut down the banking system, US dollar and all the governments all around the world because fiat is being used in illicit activities and cash makes it impossible to track them. |
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a very good plan and thanks for starting this topic, some of the comments here were good. the only thing left is to stick to it and increase your revenue and networth.
i have a similar one too but i am taking bigger risks. i am not a big risk taker but when it comes to bitcoin (which is the bulk of my investment) i want to gain more profit and for that i have to take bigger risks.
but what i do in addition is that i usually cash out a part of the profit that i earn from trading altcoins back to fiat to both be able to enjoy the profit as i work hard for it and also reduce the risks i am taking so that things don't get out of hand.
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Either way, it doesn't seem like fees have been a major factor in market movements thus far.
to be fair apart from bitcoin being mostly considered an investment, the fees haven't been high for that long to cause any actual problems so far in the entire history of bitcoin so we really don't have that much data to work with. the most serious case was in 2017 and that mostly was the result of spam attack which stopped after the scaling debate ended. with that said i believe in the long run if the fees go up and remain up we will be facing serious problems. |
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why would Binance who doesn't control USDT and also has its own token called BNB (Binanc coin) buy bitcoin with USDT which they have to pay to buy themselves elsewhere just to "secure its funds"?
not to mention they got hacked recently and it is all over. and as you can see bitcoin price is still on the rise as it has been for the past couple of months.
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In my opinion, increasing the block size is not an option. Because as you see in this chart (below), data size getting bigger day by day. In 2 years we reached x2 data size already.
The problem of increased block size is a bit different. Remember the 2017 when BTC raised from approximately $1800 to $20k+. During the whole year the transaction fee increased multiple times. So if we increase the block size twice then without any other solutions like LN in some time (it could even be some moths) we gonna face the same old problem that would push us to another block size change. you can't really use the data that you get from 2017 because it was not just the price rise and adoption,... that led to the increased number of on chain transactions and the resulting high fees. that main reason for all that gigantic backlog was the prolonged spam attack that we had going on most of 2017 where multiple entities have been injecting the network with spam transactions pushing the fees up. |
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Lol😂😂😂, That's what everyone think in the province i live. They all think Bitcoin is scam. But everytime they see someone spend few thousands of money from bitcoin or from crypto they also thought might doing some scam or illegal stuff.
based on what i have seen only people who have been scammed by some scammer think bitcoin is scam and usually that involves them investing in something fake like cloud mining, bitcoin doublers, or many of the altcoins. when they get dumped on or when the scammer runs away with their money, instead of blaming themselves for being stupid they start blaming bitcoin! |
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until the day we reach mass adoption and bitcoin price is above $1 million it will remain a good time to enter bitcoin for anyone and for those who are already in bitcoin to buy more and store them in their cold storages.
and now, since the price is still closest to the bottom and is about to start the big rises (we are currently in the first leg up of the upcoming rallies) it becomes an excellent entry point for anyone who has been waiting for such a time.
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