Bitcoins protocol fundamentals are still broken. Bitcoin does not scale, offers no privacy and no fungibility.
The community largely still only cares about making profit in fiat, not about establishing and evolving a revolutionary alternative monetary system.
No, you must be wrong. The recent introduction of segwit must be a good witness for that. In a consensus environment it takes time to activate, yet improvements are happening for a revolution of how we are going to exchange. In short term we can expect bitcoin prices to sustain at current price levels around $850 to gain more power to leap toward $1000 price levels. SegWit increases efficiency maybe 2 or 3 times, which just pushes the problem forward and is no solution. It also does nothing to make Bitcoin truly fungible or add privacy in any other way. Has fungibility really been an issue so far? I believe some people are overusing it to cause a certain amount of fear in the community. Nothing big has really happened as far as fungibility is concerned. We have seen Bitcoins come and go from the dark markets without any effect when to arrives to the people who use it for legitimate purposes. |
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thanks for the suggestions.
in which exchanges do you guys trade if not for bitfinex? bitstamp? btc-e?
so better way is to trade then transfer that amount quickly to a personal wallet instead?
You know it is funny that the exchange that is perceived to be the most likely to run away with your money turned out to the most honest one so far. That exchange is BTCe. The owners/operators are anonymous, they are Russian according to most of the people around the forum and I do not think they have been hacked ever. If they were please post the link to the news. |
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How many Philippinos are there in this forum? I have already seen several who declared that they are from the Philippines. I believe the majority in this forum are now coming from outside the US.
For OP, question, maybe he should also try to give localbitcoins.com a look. It is not close to sending Bitcoins thru SMS but he maybe does not want to deal with the exchanges or he cannot send funds to them. Most require a wire transfer or an ewallet. Something the unbanked has no access to.
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The same comment as neochiny. Do not trust them and do not ever store your Bitcoins in that exchange. Or in any exchange for that matter. Sooner or later some of them will get hacked or worse, might run away with your Bitcoins. That is common knowledge among Bitcoiners. Anyone who rebuts that statement is either a shill or a person who is lying.
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We're finally back in the high 700s after a bounce to 833$ (Bitstamp).
So what's next?
So far i think we'll have a short congestion phase before a new explosion of volatility.
Likely a move down with a possible target in the 680 - 690$ range, within 2-3 days.
Imho.
I have the same opinion as you. We will see the price try to go up but we will likely see Bitcoin back to the lower 700s and higher 600's. I do not think it will happen within 2 or 3 days however. Maybe within 2 to 3 weeks. That is because some people react late and tend to hope that the price will go up again. |
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No one can really say if it is a good time now or not. Bitcoin's price is unpredictable, the price it have right now might be the lowest we will see this 2017 but it might also be one of the high prices that we have seen in 2017 that will be another target price again for the future holders that will buy bitcoin. Just buy now if you want too but if you don't want then don't buy now.
The price has been unpredictable since the very beginning. But I have to agree that right now the market doesn't show any signs of going into a certain direction. If you buy right now, then it has to be for the mid/long term in the way that you end up selling at a minimum of $1000 per coin. If you look to make a short term investment, then it's a pure gamble. People should know and understand what risk they expose themselves to. Lots of blood on Bitcoin Street right now, if it can help you make a decision.
Smart people buy when the streets are filled with blood, while noobs buy when the price is peaking out. I have been wondering if that would ever change, but no, these people keep making the same mistakes. But then again, smart traders need to have people buying up their expensive coins. Otherwise the market would be boring. Yes, says the Rothschilds or whoever it was. They can afford to do that because they have unlimited capital, they know everything what is going on behind the scenes, and he said that because it was probably himself who caused the blood to spill on the streets. Do not openly believe what a rich man tells us, the poor men. They reason they became rich to that level was because they were ruthless. |
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for how i see it the reason is because they don't want to buy a thing that look like assets/stock or something, people prefer to earn it with their time
they don't ant to risktheir investment on soemthign they don't trust, if bitcoin was acquired with a regular job salary, it would be adopted much quickly
Bingo. You hit the nail on the head. There are posters in this thread that criticize some Bitcoiners for not spending their coins and only holding them with the hope to sell at a higher price. Who is not doing this? Every Bitcoiner is holding because they used their savings to acquire them. They treat more like a commodity instead of a currency. The people who use it like a currency are the people in the dark markets because they need to. |
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I think Friedrich Nietzsche said it best — 'And those who were seen dancing were thought to be insane by those who could not hear the
music.'
We are dancing on the music of a ground breaking technology, also called : The Internet of Money and the rest of the Fiat slaves are not
hearing the music. Can we blame them for not dancing?
We should make them hear the music, and the only way to do this, will be to increase the volume. The volume on the exchanges and the
volume of merchants and the volume of Bitcoin ATM's and the volume of information on public social media.
-= Increase the volume, so that we can all dance together =-
It is the same reason why most of the people who have heard of Bitcoin during 2009 - 2010 did not "dance to the music". I have heard a lot of stories from people who have discovered Bitcoin during that time but they did not do anything. They finally heard the music on 2013 when Bitcoin's value was not a joke anymore. You may have been easily one of those people. |
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If Bitcoin reaches $10,000 one day, then it's always the time to buy.
Oh sure like it was really that simple. Can you imagine how hard it would be for the newbies to buy at $1000 and see their "investment" go down in value? It will affect their lives. Imagine the husband who decided to invest their savings and all their earnings in Bitcoin and made a terrible mistake of buying at the high. What would the wife say? You are a legendary in this forum please act responsible and do not give bad investment advice. For OP's question it would be good to wait a little more because this might not be the end of the fall. |
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Buy all the coins, ALL OF THEM.
This is the resistance line.. HODL IT and profit from it.
Are you desperate for the price to hold? I am sorry but the price will go lower than $780 - $800. You should not give bad advice here in the forum because there are a lot of newbies here who might listen to you. There is an expression among traders. It says "Avoid catching a falling knife". Everyone should adhere to it to steer clear from losing any money. |
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In a new article by Lifehacks.org , Bitcoins has been mentioned as #1 in the top 8 tech trends for 2017. Cryptocurrency and Blockchain technology continue to be a growing trend, steadily gaining popularity and usage worldwide. Like any currency, you need a place to store it – and where do you store your coins? Well, usually in your bank or wallet, and that’s just the case with the Bitcoin. Details : http://www.lifehack.org/521749/top-8-tech-trends-for-2017A vague write up on Bitcoin. We already know that the cat is out of the bag years ago. The author of the article is just saying something generic maybe because he is being paid to do so. Not necessarily because he actually thinks so. Who is the author of the article again? Is he a Bitcoin expert or an economist? Please put in quotes the part of your post where you copy and pasted from the article. Do not trick your campaign manager. |
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We need more publicity for this Bitcoin then only bitcoin users will increase, and our governments will accept Bitcoin as a legal currency. In my country out of 100, i think less than 5 people don't know what bitcoin is. And we will not get any news regarding this bitcoin in tv channels and newspapers. So how people will get to know about Bitcoin.
You are probably either one of the most stupid person here or you just do not care to research and find out what Bitcoin is all about and what it is capable of. You do not want Bitcoin to become regulated or become a legal currency. All you want is to hold and for Bitcoin to increase so that you can be rich. |
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They are all clearly manipulated and fake. That is one of the reasons why the PBOC has decided to step in and check what is going on behind the Chinese exchanges. Soon they might intervene and make strict regulations making it harder for ordinary people to own Bitcoins. I believe what will happen is they will require exchanges not to accept people who are below a certain salary range. They will allow only rich people to buy and sell Bitcoin because it is very risky.
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Chinese government is fucking stupid, they afraid people make money from bitcoin-FREEDOM. They are dictatorship country, shame on them, every big pump is destroyed by those morons.
Who are you to say they are stupid? Before you say things like that, let us know what country are you from? Let us see if your government is not also stupid. About the news, PBOC in investigating market manipulation is good news. I hope it discourages their exploitation of the Bitcoin market. A lot of people have already lost a lot of money in trading BTC. |
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Well maybe right now, some whale is holding bitcoin as it is now and profiting from it. 12 hours from now, there are two possible outcomes we can see. A pump or a very big dump. That we will see depending on the movements that will happen in the next few hours, either way all of bitcoin holders will be happy either way so let's wait and see.
Dump already happened, but the question at this point is whether or not it will tank deeper. I just hope we can maintain the $800 level in the coming days even though we went below it already. Panic sellers will either come to sense and stop behaving like an empty headed chicken, or they will continue the dumping part where it may even trigger a good load of stop loss orders. Solid holders don't really care about these kind of fluctuations as their vision is pointed at the real long term. The right way to think about it is to hope that more people panic and bring it below $800 or lower. That will be another good buying opportunity for us. Bitcoin is not done yet. It still has many markets to penetrate and make them efficient. A Trillion market capitalization is unavoidable. |
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There use to be when the bitcoin price was above $1000 per coin like it is now but over the past 3 years they all the sudden vanished. I think they didn't see it sustainable with it being under that amount per coin. But now that the price is back to that level (well almost) I would assume that they will return and continue where they left off some many years ago. Since they see it as profitable again.
If Bitcoin crashes back below $1000 like it did this week then they must pull out again? Is that what you are trying to tell us? That is stupid. Shops will accept it if they see that it is good for their business. But it is really not. One reason is because most of the Bitcoiners have only a small amount of Bitcoins in their wallet to spend. We are all poor! |
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Even if Bitcoin is progressing in value uptrend, and development, it lacks of a wide array of local merchants that accept it. In the US, I have seen several local shops that accept BTC, but it is a very minimal amount when compared to other stores that mostly accept fiat and/or credit cards like Visa. That is why I wonder, why BTC hasn't been greatly adopted by local merchants and retailers worldwide, as it would have a positive effect towards mainstream adoption of it and other digital currencies. Nevertheless, I would like to know if there are local shops around your region or area that would accept BTC.  This is the wrong way to think about Bitcoin. It should not be limited to only "local". Bitcoin is a censorship resistant currency that is not controled by a centralized entity that can move value and cross borders over the internet. So if you see BTC is accepted in a "local" shop and think it is a big plus, it is really not. Those shops are better off accepting fiat. A big plus for Bitcoin are growing markets outside government regulation. |
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It moves around 890-900 for weeks! I mean not 832 or 954. Just fixed at 900?
Is it just me thinking like that?
That is very hard to say. This is the stage of the bubble where you do not know if it continues and go past the high or will it all fall apart and crash. What makes the situation complicated is you have people who bought at the highs and might panic sell to stop losing more and we also have short sellers taking positions because they think the pump is over. |
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All core devs except one want to increase the blocksize to 2mb after segwit is activated, because raising the blocksize before activating segwit opens a can of worms we want to avoid.
Ultimately the real red pill is the fact that we need everything. We need segwit, we need a bigger blocksize, we need lightning network, we need EVERYTHING, or else we will FAIL.
Here are my thoughts on why most of the core developers want to increase the blocksize to 2mb after SegWit activation. To avoid a bottleneck for the closing of channels in the Lightning Network. Imagine we still have 1mb blocks and have hundreds of LN channels closed at the same time on a regular basis. This could cause those transactions back onchain to be stuck and the mempool would go higher than we have seen before. |
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Whilst working out at the gym it came to me. I think I get what you are trying to say now. So what about this explanation. Let us say that Bitcoin indeed reached $1m per coin. Every Bitcoin holder will be rich and that will encourage them to spend their coins, thus achieving the Big Rip more quickly. A person who is holding BTC0.5 even will have enough to spend for his needs for a few years.
In the Bitcoin Big Rip scenario the Bitcoin Universe should have already expanded infinitely (well, almost). In this manner, any amount spent would only lead to further dissipation of bitcoins (entropy rising). In practice, it means that when someone wants to spend 0.5BTC (i.e. half a million dollars), it gets into many hands unless this guys buys, say, a house for the whole of his 0.5 BTC. But since folks don't buy homes every other day but spend a lot on minor things (read cheap things), eventually this expenditures will lead to more even distribution of coins... That would ultimately amount to the heat death of the Bitcoin Universe and eventual Big Rip Then in practice this will not be possible. Basing what we know about the history of different civilizations including ancient history and the economies behind them, there will always be a crunch following an expansion. This will be a cycle of crunches and expansions until civilizations finally fall and a new one takes its place. It is never sustainable. It is like the search for the perpetual motion machine. You refer to government money, be it fiat or gold (silver) coin. These governments ended with their money either been directly totally devalued (see Germany's Weimar Republic) as is the case with paper money or by heavily debasing their coins (i.e. by lowering the precious metal content of the specie). Bitcoin, on the other hand, doesn't belong to any government, and its issuance is limited only to 21M coins at that, so there is no way of deliberate debasing or devaluing it (as what governments would do when they start losing ground)... In this way, the history is neither teacher nor source of reference hereI have to admit when it comes to Bitcoin there is no precedent to base our hypotheses and our thoughts on. But I still think an economy, any economy is not infinitely sustainable even if it is based on Bitcoin. Do you think the dark markets will live on for 1000 years barring any events that will shut down the internet? Internet itself has been around only for 25 years (yes, I know that it all started in the early 1970s), and widespread for even less than that. So talking about 1000 years of Internet is like talking about Tausendjähriges Reich ("the Thousand-Year Reich") which in fact lasted only for some 13 years. On the other hand, the dark markets have been there as long as the state has been around and it prohibited something from free trade (which is always the case). So they are hardly going away even in a thousand years... Provided there will still be something valuable to trade then, of course I like where this is going. I could see the dark markets still being around for a long time as long as the government bans or prohibits something. I could also see the dark markets as making the buying and selling of illegal goods and services more efficient. Bitcoin in the middle of it all is the ideal currency to serve this efficiency. We are both the same in paper. But do you really believe it can happen and last a long time? If yes then Bitcoin at these prices is still really cheap. |
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