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1  Bitcoin / Press / Re: [2019-09-21] Tim Draper Still Has $260 Million Worth of Bitcoin at $6,500 Price on: September 24, 2018, 04:43:38 AM
There are a lot of people who make empty predictions about Bitcoin, but Tim Draper is one guy whom I listen to. He put his money where his mouth is, and put down his millions to invest in Bitcoin. That confidence is what led to him sitting on a neat profit of $200+ million, in spite of the 70% correction in Bitcoin's price.
2  Economy / Economics / Re: If i could manage the government! on: September 23, 2018, 06:45:59 AM
IF i had the chance to managed a certain government i would really apply blockchain technology and give their budget in a form of cryptocurrency or digital currency that could be used as a form of payment and could even trade to fiat money. In this way we could eradicate the corruption because the public could be aware on where the budget of the people coming from taxes will going through. Yet, until now the government is not interested on cryptocurrency or if they are they are not willing also to investigate and checked how cryptocurrency works and how could it will be applied on their system. They just want their business to continue as usual doing ghost project? I do not know maybe!

Blockchain won't eliminate corruption. Let me give you an example - the government allocates 100 bitcoins (or any other cryptocurrency for that matter) for construction of a bridge. This gets paid to a contractor. The contractor doesn't build the bridge according to specifications, pockets the amount and pays off government officials in kind. Everything looks hunky dory on the blockchain, but there is corruption.
3  Economy / Economics / Re: Central Bank of Crypto-Currency on: September 23, 2018, 05:23:07 AM
crypto decentralized bank Binance is working towards it we can expect soon decentralized banking more superior and faster companies more than wallets

Binance is an exchange, not a bank. There is a big difference between the two. Exchanges or clearing houses are a platform for exchanging (buying / selling) assets. You have the option of moving assets/funds in, trading and then moving them out, limiting operational risks. Banks, by their very nature, take deposits and cannot be decentralized.
4  Bitcoin / Press / Re: [2018-09-21]US SEC Asks for Further Comment Regarding VanEck Bitcoin ETF on: September 23, 2018, 05:15:13 AM
I wonder why the SEC is going through this farce again. They have made up their mind that Bitcoin's price is susceptible to market manipulation and have gone on to reject every ETF based on cryptocurrencies. They will do so again and can save a lot of people a lot of money, if they announce that their minds are closed to Bitcoin ETFs for now.
5  Economy / Economics / Re: Evolution of money from barter system to crypto currency on: September 22, 2018, 05:22:18 AM
Fiat money, gold and precious metal standards and crypto currencies are all barter systems imo. I know economics academics might disagree with this notion. There isn't a massive or substantial difference separating a farmer exchanging 12 chickens for a goat or a consumer purchasing an internet domain name for 0.0005 bitcoins.

All these are exchanges, but you definitely can't call them barter. There is a reason why barters and fiat/monetary transactions are considered different. For a barter transaction, the farmer would need to find somebody who wants his 12 chickens and has something to offer the farmer, which the farmer actually needs. If not for money, finding such a person would take forever.
6  Bitcoin / Press / Re: 2018-09-21]News Crypto Pioneer David Chaum says his new blockchain beats bitcoin on: September 22, 2018, 05:10:13 AM
Article link?  You forgot to include the source.  I found a different article here if anyone wants to read that one.



If it was anyone else, I'd be skeptical, but David Chaum is a luminary in crypto.  On that basis alone, consider me intrigued.  Although I'm a little disappointed with the closed beta.  If you want to claim you've built a better cryptocurrency, you should arguably start with the fundamentals of being open-source.  As long as they make it public at some point, then I suppose we should give them the benefit of the doubt.  Perhaps they don't want a million-and-one copycat ICOs trying to cash in on their ideas.  Hopefully this doesn't become a trend for new projects, though.


Bitcoin has a million and one copycats. That doesn't make it any less of a preferred solution. If it were open source, it would give me comfort about being reasonably safe, or that at least critical errors would be found in the early stages.
Would be interesting to see how this currency starts out, given the established nature of the developer.
7  Economy / Economics / Re: Why do you think the market is down right now? on: September 21, 2018, 05:03:00 PM
I believe it's a combination of all 4 scenarios that you listed. However imho, the whales manipulation is playing a very big in why crypto is in a bearish thrend. You never know when the whales will decide to say END to this dip and bring BTC back to 10K or more. We've seen this happen multiple times in the past and I'm sure that it will happen in the future too.
The whales decide when to end the bull markets because they have so many coins that they can crash the price if they want, but they cannot decide when the bull market begins because they do not have control over all the people that right now are deciding to not invest in bitcoin because they are afraid, so they are doing what any reasonable person will do, which is to take advantage of the prices and buy all the coins they can afford.

Whales cannot continue the market for ever. With each and every time that they dump their coins and limit the upside for others, their power to control the market declines. They will not be able to buy their coins on the cheap after every crash.
There is no point in worrying about the short term volatility in Bitcoin's price.
8  Bitcoin / Press / Re: [2018-09-20]A Big Vulnerable Bug in Bitcoin Software Could Have Indeed Crashed t on: September 21, 2018, 07:57:44 AM
I am still wondering why a bug which was present in 2016 is being reported as "news" in 2018. Coinidol must be running short of newsworthy stuff to publish. In any case, Bitcoin has the strongest developers and community backing it. I would rather have my money in Bitcoin than some altcoin where the developer might suddenly decide to take a sabatical.
9  Economy / Economics / Re: Bitcoin the inflation killer :-> on: September 20, 2018, 08:46:04 AM
There are a lot of investments which have managed to beat inflation, but Bitcoin may not be necessarily one of them. The reason I say that is we do not have enough data. You cannot conclude that basis Bitcoin's price increase in 2017.
Equities, when you look at it over a period of time (decades) definitely has given returns higher than inflation.
10  Bitcoin / Press / Re: [2018-09-20] Crypto Exchange Zaif Hacked In $60 Million, 6,000 Bitcoin Theft on: September 20, 2018, 07:05:54 AM
Not again! I thought exchanges in Japan would be relatively safer, because they have to be registered and have some basic safety mechanisms in place. But I guess in the crypto world, you cannot be absolutely safe.
It will be interesting to see if the investigators pin blame on somebody.
11  Economy / Economics / Re: Any help about how the world is run economically? on: September 19, 2018, 04:55:44 AM
We cannot all be equally rich - because the earning and spending tendency of people tends to vary. Even if we had a point where everybody starts with the same amount of wealth, inequalities will appear over a period of time. Some people will earn more because they are capable and entrepreneurial - you cannot fault them.
12  Bitcoin / Press / Re: [2018-09-11] Stern Professor Says Bitcoin Will Hit Zero After 70 Percent Drop on: September 19, 2018, 04:44:29 AM
I guess another professor felt the need do outdo Professor Bitcorn, the Boston University professor who predicted that Bitcoin would fall to $10. I wonder what name the community will give to Roubini. Cheesy

Fun facts: Apparently, this guy predicted the housing bubble crash of 2008 and he's been warning of various financial bubbles for years. He's known as "Dr. Doom."

He might get his predictions right once in a while, but that is more due to chance rather than anything else. Predicting a crash in an asset class is completely different from predicting that an asset class will go to zero. Posterity will make him a laughing stock, but at least he has got the guts to stick his neck out and state his views.
13  Economy / Speculation / Re: Settled at ~$6400 for now? on: September 18, 2018, 07:14:53 AM
We are still up compared to last year.

But these news are actually good for the adoption and we've been looking for an appropriate impact when there are news like those. Sadly, we haven't seen any positive reaction that we've been hoping for after those. Well, it's not about only the price to see if there's a movement for bitcoin, save the best for the last.


This doesn't help for people who invested when the price was more than $10,000. Of course, they have nobody else but themselves to blame,
Adoption is the only thing which will drive up the price sustainably. Unfortunately for those who invested during the bull run, the price increase can only be gradual.
14  Bitcoin / Press / Re: [2018-09-13] Bitcoin Price Should Stabilize Near $5,000: Allianz Chief Economist on: September 18, 2018, 05:03:41 AM
Quote
The Allianz chief economic advisor said in an interview that cryptocurrencies are not dead, though they may be overvalued. He specifically mentioned bitcoin as an asset whose buy value should be circa $5,000, a sentiment he had already shared in June. In his latest statements, El-Erian added that unnecessary speculations had led to the previous bullish action, causing an unwarranted buying frenzy.


I actually completely agree with his comments. Finally, someone realistic and sensible talking about bitcoin.

While the bear market may still have some more time to go before it finally bottoms, I think it is evident right now that bitcoin is nearing its floor. Anything less than $4-5k in price would simply mean the buying pressure from below will boost demand and bring prices back up again.

The rallies we saw a few weeks back were essentially bull traps, though. As I've mentioned, bearish sentiment still dominates the market and it's hard for a trend reversal to happen right now. The most likely outcome is thus a dip to $3-5k, a correction upwards, and stability there before the recovery finally comes. Reason why I don't think BTC is going to stabilize at the $6k level is because there's going to still be a lot more time that will need to elapse before we're close to being done with the current bear market.

It is tough to make calls on the floor levels. When the price started retreating from $20,000, people predicted that $10k would be a very strong support level and would probably form the floor. We saw that Bitcoin cut through that level and dropped much lower. It might look as if Bitcoin is stabilizing at around $6k now, but it could make a sharp move in either direction.
15  Economy / Economics / Re: WORLD CRISIS IN 2018 on: September 18, 2018, 04:53:20 AM
By 2018 the world economy is falling, there is currently chaos in the economy around the world. there are even some countries declared bankrupt by the world this year. a country that is able to survive in conditions like now only countries that have a large gold stock. China and America are currently collecting gold from all over the world. the goal is to maintain their existence and also to survive the coming crisis. I want to know whether cryptocurrency, especially bitcoin, will be affected by the current crisis? I want to hear from the seniors here.

I really doubt if China and America are collecting gold. You should probably include sources, if you want people to take you seriously. Nobody declares countries bankrupts, that is only for companies. Countries default on their debt obligations.
Even if we do have a crisis, I don't think the crypto space is mature enough to benefit as a safe haven asset.
16  Economy / Economics / Re: If Facebook promotes cryptocurrency, would it positively promote it? on: September 17, 2018, 11:21:46 AM
I've read that Facebook is going to have its cryptocurrency https://cryptobriefing.com/ready-for-facebook-coin/
Since Facebook and Mark Zuckerberg as an entity is highly influential, do you think it would bring crypto in a positive light? I am thinking that it may raise awareness of cryptocurrency as a whole and not just bitcoin.

Facebook actively promoting a cryptocurrency (its altcoin) and Facebook promoting cryptocurrency are 2 different things. If anything, a Facebook linked cryptocurrency will be worse than fiat - you will have absolutely no privacy and you can't shift these coins to any other organization. I really don't care whether Facebook starts its own currency or not.
17  Economy / Speculation / Re: Crashing' Bitcoin Predictions on: September 17, 2018, 10:28:39 AM
There is no point in fearing these kind of doomsday predictions, especially based on technical indicators. I would happily accumulate more bitcoins at those levels. If you have belief in the long-term outlook, there is no reason to get scared.
It is another matter that I do not have faith in technical analysis...
18  Economy / Economics / Re: Arthur Hayes of BitMEX: 0% Fee Chinese Exchanges Are Operating As Shadow Banks on: September 17, 2018, 09:55:47 AM
Nothing stops these exchanges from earning a return on these deposits. I just hope they do it from relatively safe venues like bank deposits. You don't need to make 10% returns per month when there is a risk that your customers might try to withdraw funds at any point in time.
It would help if these exchanges come out with a statement on where their funds are stored.
19  Bitcoin / Press / Re: [2018-09-14] Bitcoin brawl: Cryptocurrency ‘celebrities’ get in heated exchange on: September 17, 2018, 09:41:26 AM
https://www.dailymail.co.uk/sciencetech/article-6169169/Bitcoin-brawl-Cryptocurrency-celebrities-heated-exchange-blockchain-cruise.html

Less about the article, and more about the place it's popped up. The DM is of course a piece of shit, but it's also the world's biggest online news piece of shit. Kind of strange to see something like this on the front page.

dailymail must have hired some cryptofriendly journalist Smiley
this is not the first of the cryptorelated articles I'm reading by them:
https://www.dailymail.co.uk/sciencetech/article-6163075/Bitcoin-cryptocurrency-plunge-80-value.html   
https://www.dailymail.co.uk/sciencetech/article-5912755/Over-800-brands-cryptocurrency-dead-Bitcoin-falls-70-time-record-high.html
https://www.dailymail.co.uk/sciencetech/article-5839395/Bitcoin-hits-4-month-low-currency-exchange-theft.html


There seems to be a general negative theme underlying those articles. They may be publishing more crypto-related articles, but they definitely aren't promoting Bitcoin. The fight between Bitcoin and Bitcoin Cash promoters lends itself readily to the standard theme - negative crypto news which sells well.
20  Economy / Speculation / Re: Crypto Mysteries on: September 16, 2018, 09:28:18 PM
What are some of the mysteries you are curious about?

For example,
Who are the whales
How is the market manipulated
And so on

Can be any story about your experience related to crypto markets
From the over all sentiment to the big idealist/realist goals we are headed from and to

My curiosity is how the whales are playing between each other and how analysts see these behaviour and how they find it

The one mystery which I hope never gets solved is Satoshi's identity. It will be a downer if his identity is found out. It wouldn't be so bad if he decides to reveal it himself.
Others which I would love to be found out include tether's role in the entire bull rally and whether there actually are dollars backing tether.
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