ok. another worse case scenario. a government could via united nations/interpol set up a sudden international tactical strike this can be done by https://bitnodes.21.co/getting all the IP's and finding out which ISP that ip belongs to. EG in the UK its under 230..in the U.S its under 1500 so imagine tomorrow under 230 homes out of 20 million households have their internet disconnected at the same time in america under 1500 homes out of 100mill households have their internet disconnected and so on even things like proxies are useless because the landline has been literally cut off for upto 6000 locations think its impossible? its not. ISP's have millions of customers and regularly turn the internet off on 10's of thousands of users every week due to breach of contract/non payment of bill. they would also take bitnodes and other DNS seeding locations offline to further cause drama of new node locations not being able to link up, though smart people will just join an IRC channel and request a list of working ip addresses to manually add node connections as for the network what would happen is that the countries with no "partnerships" to whatever agency is organising this tactical strike will continue on. and people who are affected would need to either move house or go to court to get their internet ban lifted or change ISP which can take upto 10 days in some cases. again it wont require an all out "ban the internet" of 1.5billion people. but instead disconnecting the land lines of under 6000 people to cause alot of drama and issues. the solution is to get more diverse. instead of bitcoin nodes running in just 91 countries it needs to be running in all 200 countries. and also needs to be running via satalite and other non landline/ISP reliant methods Then we are witnessing one threatened and angry government using everything they got just to stop an independent, decentralized and peer to peer internet tokens system which is giving more potential benefit to humanity just like the invention of the telephone. If they were to use their powers that way then they should start using it to stop child porn or something morally wrong. |
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Even though, I've been several years buying, selling and even holding Bitcoin and cryptocurrencies there is one thing that I need to master yet and that is the ability to trade effectively any crypto in order to maximize profits. Since crypto is highly volatile (especially alt coins), there is a good chance to make decent profit via trading. Any good recommendations or resources that you could recommend me in order to trade cryptocurrencies effectively? (books, or any other resource) I know one key rule which is buy low, and sell high but most of the times I end up loosing more than what I have invested initially instead of maximizing profits.  We all end up loosing in trading because our emotions get the better of us. When the prices go up very fast we tend to chase it and buy at whatever price there is available because we are fearful that the "train will leave" without us. Then to only see that a fall in price happens making our trade a losing one. So one trait that would be good to have as a trader is to be calm in the face of the volatile nature of cryptocurrencies. that is why you should never trade in your life because you are an emotional guy. a trader should delete any emotional thinking out of his mind and instead starts thinking more logically and like a machine. That is easier said than done. Even professional traders make bad trades because they also get affected emotionally. We are only human so we cannot really "switch off" our emotions.
and actually that is why many traders use bots for trading because that would eliminate the emotion part.
This is a very good suggestion. Using bots would automate your trade and follow all your orders even in the face of volatility. The limitation of this is your trades will become too "robotic". Some traders trade by feeling the market. It is an art form to them and it has to come with a little finesse. Bots will only ruin their style. |
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So I can see why you would have some difficulty to explain it to the average guy on the street. The best I can explain it, is to tell them that each Bitcoin user < running a node on their computer > are a branch of a bank ledger that are not controlled by anyone. They are a bank on their own. ^smile^
It might be easy to tell people to run their own node years ago but it will be laughable to make an ordinary person run one today. Have you seen how large the blockchain is and how much it is to maintain one? To maintain a node you have to have a special love for Bitcoin and some extra money because there is no incentive. Your everyday ordinary person will for sure not be willing to run a node. |
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Recently many file sharing sites and torrents had been banned in my country to stop piracy.
Is there a way that the government or the isp may block the connection to bitcoin network by its users ??
It is more like the ISP's will limit or even block the nodes from accessing the internet as the blockchain gets larger and larger. As the whole network demands for more bandwidth, the ISP's can only accommodate so much that it has to limit some nodes' access to the internet. There is a reason why we are seeing a smaller no. of nodes every year. One of the main reasons is that its getting harder to maintain a node because of the blockchain's size. Storage is not really a problem but bandwidth will be the real major problem. Give it 5 more years. |
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Thanks for the analysis. It is always good to see other people's analysis to keep your own in check. It helps you from being carried away by the mania of a bull run.
I mostly disagree with that analysis because it attempts to anticipate what the next of Bitcoin would be thru indicators and by basing them on what has happened in the past. The markets are known to be unpredictable by nature because it is comprised of a lot of individual human minds that are often irrational. If we knew what all the people were thinking at the same time then it would be possible to predict what would happen. But that is not the case.
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What cryptocurrency and blockchain technology has shown is that it would be now possible to "mint" your own private money and put that in circulation. Of course no single individual would be successful without the help of a community around it to help support it and make it grow the user base. POW based coins are a good example of what the future of money could look like. It's secure, it's peer to peer and there's no centralized power that controls it. It's a historical breakthrough.
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The day that a quantum computer is able to decrypt and take Bitcoin apart is the day that says that quantum computing has arrived. Will it destroy the Bitcoin economy? Sure it might but let us look at the bigger picture here. Putting our own self interests aside the test for a quantum computer to break Bitcoin opens the door of more possibilities and opportunities for humanity. It is an innovation enabler. It is still a threat, but a welcome one.
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That is incomplete. If we are talking about Bitcoin solely as an investment then a stock market crash alone is not a reason enough to make Bitcoin a good investment. The price has to appreciate in fiat value and the Bitcoin economy should expand side by side with the influx of new users. That would make it a good investment. If the stock market crashes and Bitcoin also crashes then it would not be a good investment. |
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Often when I talk to people about Bitcoin they ask questions that seem to indicate that they think Bitcoin is centralised, the way that most things are.
Is there a good analogy that one can use in order to illustrate the decentralised distributed nature of Bitcoin?
It takes a special kind of person to appreciate decentralization, libertarianism and "sticking it to the man". If you see that the person you are talking to is the usual worker-drone who usually does not care about anything except for the petty things in life then do not bother explaining Bitcoin to them. You will not make them interested in the concept and you will only be wasting your time. |
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It seems to be a desperate attempt by Bitfinex to get at least part of the funds back. But I doubt it will work, because the hacker would have to trust Bitfinex that he is not exposed to risk of identification. Even if Bitfinex enters a deal with the hacker this won't stop the ongoing investigations by law enforcement.
But first of all it's questionable in the first place that the hacker has any motivation to make a deal, because he may have already washed all his coins and has zero problems spending them.
The whole announcement might even be a red herring, assuming that the alleged "hack" was an inside job by the Bitfinex operators...
ya.ya.yo!
If the hack was not an inside job then this should be viewed as a desperate last effort for Bitfinex to recover the stolen funds. This means that they might be having financial and liquidity/cash flow problems and the exchange might even shut down in the near future. It would also mean that there might be a group of whales in the exchange who might press charges if they do not get their Bitcoins back in full. If the hacker does not communicate with Bitfinex then I would expect a bad press release from them in 2 or 3 months. |
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To be honest here the lucrative businesses in Bitcoin are still based on the darknet businesses. The idea is to look for markets where there are inefficiencies regarding payment matters. Bitcoin fit perfectly well in the darknet because there is no way you could get paid for illegal goods using legal payment processors. The other idea to look for is to find how Bitcoin can open up new markets. An example is an exchange for multi player online game items. I believe trading Warcraft and Diablo 3 items is still popular online? A successful exchange market for that using Bitcoins would be really good to see happen if someone can find a way to set it up.
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Funny thing about those ISP providers. They give you a certain download and upload speed, but if you attempt to use your internet at full speed for 30 days you're likely going to hit some cap after which you will either get your speed reduced or access cut off completely.
Could this be a possible attack vector on Bitcoin? We have seen a motivated government put pressure on some business institution before to get its agenda going. So let us say if the banking cartel pressured the governments around the world and then in turn these governments pressured the ISP's to disallow Bitcoin nodes to have internet access, would that be a possible scenario for the start of the Bitcoin witch hunt taking Bitcoin underground? |
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I think the ETF will generate some short term media awareness of Bitcoin. It will also drain in more investment capital from traditional Wallstreet investors. So it's quite safe to assume that Bitcoin's fiat valuation will increase.
But I would not overestimate such effects and consider them rather short-lived. I consider a Bitcoin ETF only as a transitory solution for mainstream investors to invest in Bitcoin. But as Bitcoin's usability is improving the hurdles to buy the "real thing" are quite low already.
I agree with your assessment but I disagree that just because the hurdles of entry to buy Bitcoin is low then the big players of Wall Street will all automatically go for the "real thing". They might not be willing nor do they care. If they do decide to go for the real thing, we do not really have a legal exchange large enough to accommodate the amount of what they might consider to use on their average investments. Of course these big players would want to get in without making the price jump very high. They want to get in is quietly as possible.
That's quite a difference compared to precious metal ETF's that profit from the need of secure physical storage and more tedious liquidation process for these assets. You also have to keep in mind that the Winklevii Bitcoin ETF is not the first exchange listed investment vehicle for Bitcoin. As far as indicative evidence can tell, the existing investment vehicles did not cause significant changes in Bitcoin valuation - the WVii ETF may capitalize on the brother's publicity though.
ya.ya.yo!
I believe the Winklevii ETF could do a better performance because as you said, they already have the name. So that really markets itself already. But also there is a more important reason. The timing. GBP and the Yuan are going down and there are speculations that some are converting to Bitcoin as a form of protection. The USD could be next so I would assume they too would turn to Bitcoin and all the Bitcoin based derivative investments. The Winklevii will be there waving their hands to say hello. |
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they robbed themselves and are just doing PR to keep up the pretense that it was an outside job.
the owner was going through a divorce and suddenly had to make lots of funds disapear to ensure he doesnt have to give 50% to his now ex. That is a very interesting turn of events. But before knowing that the owner was going through a divorce, many of us from the community have already been thinking that an inside job is very much possible considering that they were using multi-sigs and other security measures. Only a person who has inside knowledge and access would be able to touch those Bitcoins. Then the affected users have every right to get the authorities involved. People with criminal minds should not be allowed to get away with their exploits. |
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$700 by end of this week might be too soon, but i think that it could happen in early of November As usual, we hope people don't sell their bitcoin too soon which could lead bitcoin price to few weeks ago. Yes it could be too soon, but not entirely impossible for Bitcoin. We have seen it jump higher before. Ok so now we know that there is demand for Bitcoin, the problem now is the "why"? What is causing this rise? I have read an article that the big Chinese miners are becoming optimistic about Bitcoin Unlimited and that they are insinuating that they are supporting bigger blocks, ending the scaling debate. |
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One great potential for LN is the possibility of it being a bridge to other blockchains. I am very excited for that use case.
There are (or possibly were) people working on cross-blockchain transactions already, so I don't know for certain if Lightning was necessarily a prerequisite for that. I know two altcoins managed to achieve it successfully, so ACCT, as they call it, works. The developers who made that possible were convinced that OP_CHECKLOCKTIMEVERIFY was the only missing ingredient and that it should now be possible to do in Bitcoin now that feature is supported. I can only assume they hit a snag somewhere, though. Things seem to have gone quiet on that front. But yes, that absolutely needs to happen. It means less reliance on exchanges that keep losing everyone's coins and less negative headlines about it as a result. Decentralised trading to operate between various decentralised networks. Yes I am aware of the atomic cross chain transfers already developed in a couple of altcoins. But I forgot the names of those altcoins. Now that is where the difference of a Lightning Network based blockchain bridge and an altcoin ACCT based solution would come in. That big difference would be in the popularity and the marketing of the blockchain bridge implementation. Because it is developed on top of Bitcoin and for Bitcoin, that will make the whole difference. The developments of new technology done in altcoins could be looked at and seen as testnets for Bitcoin at best. |
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So basically, NetBet has just added another payment processor option. That's great and all, as it may help spread awareness of bitcoin, but what is the point of converting your bitcoins to fiat in order to gamble on a regulated site when you may as well just deposit fiat via the other ways available? Especially when a bitcoin withdrawal option isn't even available.
This. But we all have to realize what the reality is here. The site itself does not care about Bitcoin. It only cares about expanding its markets and having another source of money influx from another currency. Do not forget that the British Pounds is going down and also there are news coming out that the British banks are buying Bitcoins to "pay off ransomware demands". But I do not think that is the case, banks are smart, so I think they are hedging and that they are protecting themselves from a falling GBP. |
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It would be cool to be able to buy movies and series with bitcoin, there is a big market there to be made because there is a lot of people that always travel and currency changes in countries are annoying as hell, with bitcoin you can bypass all of that.
Video on demand, streaming and Bitcoin would indeed fit perfectly. This is the same with almost any digital good and services which can be bought or rented. In a few years it will be normal behaviour to use crypto currencies, and hopefully Bitcoin as the main one, for online purchases. Not only will it apply in the subscription based video/audio streaming businesses, but this type of subscription based business model might even be applied successfully to online poker and online sports betting. Instead of collecting money from the users thru the rake or the vig, the users can pay the gambling site ahead of time thru a monthly or yearly subscription. This could make it cheaper for the more active gamblers and it is also an opportunity for the online bookies to offer better odds because there is no vig. |
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You can't predict anything, Everything is gamble and you must only have a luck!
But if you know that halving is coming and block gonna be smaller you can expect price rise,
that is natural thinking.
I agree with you that nobody can predict everything in a precise manner. But I disagree that trading is a gamble and that it is all luck. While most aspiring traders lose money, there are a handful who make money consistently by using different strategies and analysis. The risks taken are all calculated even before you have made the trade. If you buy and sell cryptocurrencies because you "feel" it is the right move then yes it is gambling. |
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It's an attempt by Bitfinex to regain traders as they will be attracted by that higher price. No matter what happens, I will never go back to an exchange that messed up so badly. Even stronger, I don't even know why people still take that exchange seriously. I wouldn't be surprised when another bit of drama comes along the traders there. Better safe than sorry. Stay away.
That is also my first impression. I believe MtGox also used the same strategy to attract people to deposit their Bitcoins to the exchange. It would not be really surprising if history is repeating itself in this scenario. Do I think that Bitfinex is deliberately scamming the people? No, far from it. But MtGox was also in the same position where they were operating a fractional reserve system to survive. They were desperate, Bitfinex could be desperate too. Be careful. |
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