[2017-09-02] Two Big Tests For Bitcoin

[Eric Cartman]

Bitcoin, the digital currency that has turned into the new “gold” among investors and traders around the world, is in for two big tests. The first test is simple, and involves Bitcoin’s price chart. The digital currency must overcome the barrier of the $5000-mark, which it already crossed last night before pulling back towards the $4800-mark. Milestone numbers are important for traders following price and volume charts, as they confirm/reject market momentum.

The second test is more complicated. It involves the actions of big governments that have been following with great unease the rising in popularity of Bitcoin and other cryptocurrencies that threaten to abolish their monopoly in creating money and collecting seigniorage income.

Back at the end of July, the SEC ruled that cryptocurrency “IPOs” or Initial Coin Offerings (ICOs) are investments, and therefore, should be subject to the same rules as regular stocks.


That ruling sent all major cryptocurrencies sharply lower, before rebounding towards new highs.

Apparently, traders and investors thought that this ruling could eventually be positive for cryptocurrencies, as it will limit the supply of new digital currencies coming to the market. Thus, the new high reached overnight for Bitcoin.

Now comes the National Internet Finance Association of China (NIFA) to warn investors that ICO projects are a threat to the stability of China’s financial sector.

China and Asia are among the biggest markets for Bitcoin and any warning from Asian governments, especially from the Chinese government, shouldn’t be taken slightly.

That could, perhaps, explain the big sell off in most digital currencies on Saturday, though it is still too early to determine whether the sell-off was technical or fundamental.

https://www.forbes.com/sites/panosmourdoukoutas/2017/09/02/two-big-tests-for-bitcoin/#73c272e64473

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[Carlton Banks]

LOL

State regulators have been complaining publicly that their power to protect (i.e. protection racket) is completely circumvented by cryptocurrencies for, oh, I don't know, about 6 or 7 years now.

AND THAT'S THE WHOLE POINT, DUMMIES


Satoshi designed it like this, that's the whole point. There's nothing the state can do, short of declaring martial law and searching peoples houses (and computers) daily. In many ways, this is simply the beginning of the end for the nation state. They won''t give up lightly, and will show us their true (ugly) colours while doing so. They are violent protection rackets, and only the highly compliant citizens are capable of deluding themselves into believing anything else.

[Karartma1]

LOL

State regulators have been complaining publicly that their power to protect (i.e. protection racket) is completely circumvented by cryptocurrencies for, oh, I don't know, about 6 or 7 years now.

AND THAT'S THE WHOLE POINT, DUMMIES


Satoshi designed it like this, that's the whole point. There's nothing the state can do, short of declaring martial law and searching peoples houses (and computers) daily. In many ways, this is simply the beginning of the end for the nation state. They won''t give up lightly, and will show us their true (ugly) colours while doing so. They are violent protection rackets, and only the highly compliant citizens are capable of deluding themselves into believing anything else.

Before strong encryption, users had to rely on password protection to secure their files, placing trust in the system administrator to keep their information private. Privacy could always be overridden by the admin based on his judgment call weighing the principle of privacy against other concerns, or at the behest of his superiors. Then strong encryption became available to the masses, and trust was no longer required. Data could be secured in a way that was physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter what.

It's time we had the same thing for money. With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.

The above to stress even more what Carlton wrote: that is Bitcoin by design. If you missed it have a look at his original post on his old P2P Foundation page (later on Satoshi's account got hacked).
http://p2pfoundation.ning.com/forum/topics/bitcoin-open-source?id=2003008%3ATopic%3A9402&page=1#comments

[CyberKuro]

Bitcoin, the digital currency that has turned into the new “gold” among investors and traders around the world, is in for two big tests. The first test is simple, and involves Bitcoin’s price chart. The digital currency must overcome the barrier of the $5000-mark, which it already crossed last night before pulling back towards the $4800-mark.

The second test is more complicated. It involves the actions of big governments that have been following with great unease the rising in popularity of Bitcoin and other cryptocurrencies that threaten to abolish their monopoly in creating money and collecting seigniorage income.

I am wondering why the first test is reach $5000 mark Why not $10K? Whatever it is, bitcoin will achieve that in 2-3 years later.
Investors should know and aware of bitcoin capabilities, from cents to $5K within 8 years is a fantastic achievement for digital currency, and the way bitcoin as p2p decentralized make sure govs can not control it but only issues regulation whether to allow bitcoin or ban it.
But, look at the first world countries, they are planning to legalize bitcoin such as Japan and South Korean already did. Bitcoin brings many advantages for citizens and wouldn't harm fiat currency obviously.

[Kprawn]

The $5000 price threshold is just one of many that were tested before... so this is nothing new to reach those levels. As for

government acceptance of Bitcoin.... that is a whole other story. Governments want to be in control and they are willing to

retain that control, even if they have to use violence to do that. If you are lucky enough to live in a country where your vote

are counted, then you can change your governments opinion by voting for a government that accepts Bitcoin. 

[Wekkel]

This Carton cannot only dance like mad, but also write like mad