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Our country just recently held a seminar introducing bitcoin in our country. The said seminar were facilitated
by bitcoin experts and government officials in pursuit of using bitcoin as another form of payment and regulation of it as well.
http://www.wheninmanila.com/5-things-i-learned-about-bitcoin-and-cryptocurrency/
by bitcoin experts and government officials in pursuit of using bitcoin as another form of payment and regulation of it as well.
http://www.wheninmanila.com/5-things-i-learned-about-bitcoin-and-cryptocurrency/
That's not what this article said. It was a private conference/sales seminar attended by a few dozen people that happened to include a few individuals in the government that were there in an unofficial capacity. Most of what was discussed was the concept of blockchain overall and how people hope to sell their own version of it locally. Bitcoin was discussed more for its notoriety as an example than anything else.
This was NOT promoted or endorsed by the government.
Yet I skimmed several (not all 20...I'd go crazy) pages of people that appear to be able to write in English but cannot understand what they read or write...
So many people on this forum that claim to understand Bitcoin are basically saying what I said in the title. Stupid. Then there are people that believe that countries won't ban Bitcoin simply because their citizens "earn" from it. Idiots. If I apply their logic, then all drugs would be legalized or decriminalized since substantially MORE of their citizens earn A LOT MORE money from the drug trade. But this begs the question...if Bitcoin was made illegal would people take the same risks being involved with Bitcoin as they do with drugs? Those with brains know the answer to it. $5
I read this forum looking for gems of knowledge from time to time. Instead, all I see is an infestation of stupidity and arrogance with respect to the opinions and views thrown around here. Don't people realize that those who stumble upon this forum would be turned off by Bitcoin after reading most of what is posted here? I know a couple of people that have come here and they said it was the silliest discussion forum they've ever seen. If they were on the fence about Bitcoin, they are now completely turned off by it after seeing the quality of the individuals involved in it based on their writings.
I don't know what else to say other than police your ranks. The media and large financial institutions read these forums. Is this the face you all want to present to the world?
End of rant.
Can anyone help to explain why BITCOIN. Movement is now stagnanted?
Many people said Chinese new year is the cause of the downward movement of the market.
Please how true is this?
Many people said Chinese new year is the cause of the downward movement of the market.
Please how true is this?
Because $10,000 is still way too expensive, especially now that there are so many altcoins with the same functionality. Keep in mind that Bitcoin went from $200 to $10,000 and very few fundamentals have changed between 2014 and 2018. No one has been able to demonstrate a justification for this rise beyond mania and FOMO. Be thankful that it's at $10,000. Don't be surprised when it falls back under $1,000.
John McAfee Bullish on Bitcoin Price Reaching $1 Million by 2020.
He wrote in Twitter: "When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong."
Can yo believe this? What are your own predictions?
He wrote in Twitter: "When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong."
Can yo believe this? What are your own predictions?
The prostitutes that McAfee used to hire said that he used to eat their shit and nothing else. So it would be no surprise that he would be willing to eat his own dick since it probably doesn't work.
Why would you silly people listen to John McAfee? He is at best clinically insane. He might have done some brilliant things 20 years ago but that side of him is LONG gone.
The only countries that are banning bitcoin and other cryptocurrencies are those that have capital controls - like China, which is experiencing capital flight.
The USA does not have capital controls, and has nothing to fear from bitcoin, and quite a lot to gain from it (new asset, new technology).
The USA does not have capital controls, and has nothing to fear from bitcoin, and quite a lot to gain from it (new asset, new technology).
The USA DOES have capital controls. Many banks, like in Hong Kong for example, rarely allow Americans to open accounts anymore because of FATCA laws and all of the compliance overhead that it brings.
The USA, or individual states, can order banks to refuse remittances from exchanges at any time. I remember reading that Wisconsin and possibly residents of another state are not allowed to open accounts on US based crypto exchanges. New York drove out most crypto enterprises due to regulations.
If Iran and Venezuela get their cryptos going, expect enormous headaches for crypto in the USA under the guise of fighting terrorism and don't expect much of a warning when it happens.
Re: It costs $26,000 to mine one bitcoin in South Korea — and just $530 in Venezuela
mining cost related with electricity cost.venezuelas electricity cost is lower than south korea and the cost of mining one bitcoin prove that bitcoin is legit and future.
No...this is proof of a recipe for disaster/collapse.
Warren Buffet is right far more often than he is wrong.
He has the three things that winning traders have that losing traders do not have: 1) experience 2) patience 3) confidence
and a bonus - connections
He probably understands Bitcoin far better than he admits since, contrary to those that sleep on dirt floors while pretending to be trading oracles claim, cryptocurrencies are not difficult for traders or people in finance to understand.
I'm all for cryptocurrencies as a means of exchange but I hate it as an investment. The sooner it collapses in value and wipes out all of the idiot speculators the better.
Go speculate on commodities. At least those are predictable.
Re: Bloomberg Intelligence: the price of bitcoin could fall to $ 900
The strategist for commodities of the analytical division of Bloomberg Intelligence Mike McGlone believes that the probability of a 90% drop in bitcoine prices in the conditions of uncontrolled supply growth in the market is quite high.
"I've been studying this topic for a long time and the more research I do, the more I tend to bearish. All this is very similar to the Internet company of the late 90's, "McGlone emphasized.
Who is this McGlone, who then considers him an expert?
Those fat cooperate pigs have everything to win if bitcoin decrease in price ,they jump on the chance to bash and talk shit about it ,because they know the younger generation are all intressted in cryptocurrencies and not their boring stocks and indexes .
Boring stocks? Obviously, you haven't been following the biotech sector over the past 6-12 months. There are many companies with % gains that rival cryptos and have a long way to grow as their products clear FDA trials.
Re: Bloomberg Intelligence: the price of bitcoin could fall to $ 900
The strategist for commodities of the analytical division of Bloomberg Intelligence Mike McGlone believes that the probability of a 90% drop in bitcoine prices in the conditions of uncontrolled supply growth in the market is quite high.
"I've been studying this topic for a long time and the more research I do, the more I tend to bearish. All this is very similar to the Internet company of the late 90's, "McGlone emphasized.
Who is this McGlone, who then considers him an expert?
"conditions of uncontrolled supply growth" - this proves his understanding of Bitcoin is ZERO
I think he is trying to describe the uncontrolled supply growth of altcoins that function in the same or a similar manner vs. Bitcoin that are growing in both popularity and market cap due to faster transaction times and lower fees. Competition from altcoins will push the average price of everything down over time if usability as a currency is the goal.
Great chance to buy bitcoin more and more now, price has been roaming around 8600-8700 since yesterday, proof that its going up from now, no more going down.
That is not proof that it is not going down although the $8,000 support level is holding with the volatility with crypto market, it is really hard to predict. Of course we would like to see another bull run this year.
I agree that right now is a great time to buy Bitcoin but expecting to become a million dollars is very optimistic opinion. Lets just be patient and hold and see where our investment will take us.
I'm almost positive that when the OP says "millionaire" he/she is thinking in their native currency where "millionaire" to them is approximately $20,000. I don't see any reason for anything other than sideways to lower price movement in the foreseeable future now that the "mania" phase is long past.
Re: Like Visa, Mastercard, Amex, etc Bitcoin will not stand alone
Also, Mastercard and Visa are both spending the same currency. If you have multiple cryptocurrencies, the exchange rates would fluctuate with each other and it would be very inconvenient for the user.
It's not really that much different than a website that accepts multiple global currencies now...like Dollars vs. Euros vs. Pounds vs. Yen, etc. They could opt to base their sale price on the most stable crypto and make conversions on the fly like exchanges do now when they show the price of one crypto based on the units of another crypto. Most points of sale could be programmed to do this in the future without too much trouble.
Re: Like Visa, Mastercard, Amex, etc Bitcoin will not stand alone
To begin with, you need to understand the technical features of crypto-currency and bitcoin technologies. Have you thought about where new crypto-currencies, altcoyins, come from, how are they created? Bitcon is the foundation for new currencies, for new shares of companies, for new tokens and altcoyins.
What does this have to do with the OP? I don't see a point anywhere in here...
Re: Like Visa, Mastercard, Amex, etc Bitcoin will not stand alone
I don't think that any other coin would ever get accepted in any shops.The main reason is that bitcoin has faced many critical situations and challenges from governments and bankers and has carried out huge volume of transactions.But other coins have never faced such issues and they have never proved themselves that they would withstand such problems.Also,i think that they would never gain universal trust as what bitcoin has got.No coin could replace bitcoin by having just a single feature of low transaction fee.
I think that 99% of the challenges have still yet to be faced from governments and banks. 99% of the public is only now learning about cryptos in general, let alone Bitcoin so I think the picture that you are describing has not yet been seen and probably won't be seen for many years until all is said and done.
Re: Like Visa, Mastercard, Amex, etc Bitcoin will not stand alone
After reading this forum for long enough I get the impression from most posting here that they believe that Bitcoin will be the ONLY coin accepted by merchants/vendors or otherwise used by the mainstream. I don't think I've ever read anyone put forth a point of view like I am about to write here and it is this: Over time, most vendors will accept several cryptos just like they do with multiple credit cards or debit cards. In the case of cryptos vendors will probably accept more cryptos than they do credit cards.
I posted something earlier questioning the reasons why so many are loyal to Bitcoin vs. other cryptos. I pointed out that Bitcoin is facing many problems scaling and therefore has high fees and long transaction times for typical purchases. Those that respond miss the point when they say that "sooner or later other cryptos will see the same problems". The point is that these alt-coins currently do not have the same problems and they may have already solved or plan to solve any potential scaling problems. We all will have to wait and see what happens. While all of this is sorting itself out I believe that vendors will expand the range of coins that they accept. The less volatile the better.
Visa, Mastercard, American Express, Diners Club, Discover, etc are accepted by most mainstream merchants. Now swap out these credit cards for the top cryptos...you can do it in your head but if you want to write it out here that's up to you. I believe that this is a vision of the crypto future...and the coins worth buying if one is so inclined.
Do you agree or disagree with this assessment? Why or why not?
I don't fully agree with you. Not everyone in this forum thinks that Bitcoin is the only coin that will be accepted by the mainstream shops. If you look around this forum you'd notice that there is a lot of posters that want their coin and the coin that their in accepted in the shops that are near them. Some coins are working towards that goal.I posted something earlier questioning the reasons why so many are loyal to Bitcoin vs. other cryptos. I pointed out that Bitcoin is facing many problems scaling and therefore has high fees and long transaction times for typical purchases. Those that respond miss the point when they say that "sooner or later other cryptos will see the same problems". The point is that these alt-coins currently do not have the same problems and they may have already solved or plan to solve any potential scaling problems. We all will have to wait and see what happens. While all of this is sorting itself out I believe that vendors will expand the range of coins that they accept. The less volatile the better.
Visa, Mastercard, American Express, Diners Club, Discover, etc are accepted by most mainstream merchants. Now swap out these credit cards for the top cryptos...you can do it in your head but if you want to write it out here that's up to you. I believe that this is a vision of the crypto future...and the coins worth buying if one is so inclined.
Do you agree or disagree with this assessment? Why or why not?
As for Visa, Mastercard, AMEX, etc being swapped so people can purchase things with Bitcoin -it wouldn't make sense. The Government would have to spend more money on tax regulations. The Government does not need to spend on taxing Bitcoin because they can just have their friends at the large banks change the way those credit card companies operate. That would mean that they are likely to just adopt Bitcoin or other cryptocurrencies.
Even if the credit card companies and cryptocurrency work together so that people can spend one or the other in shops -they still have to comply with tax.
I didn't say everyone....I said MOST people posting here speak as if there can only be one. I also didn't say that merchants would DROP credit cards. I said that they'd take a range of coins like they take a range of credit cards. As far as taxes go, that's for the vendor to assess to the sale price.
Usa is selling seized Bitcoins money and converting it back to usd, this shows they are interested in the coin and will be happy to allow price hikes happen cause they'll profit a lot from sales. I feel usa shall sooner or later back Bitcoins indirectly.
They are not interested in Bitcoin and the US government will never ever back it while there is the Dollar. They are interested in extracting the fiat immediately after the ruling of the courts. There is no speculation here. It's a form of claw-back. You are spreading false hope here.
Like Visa, Mastercard, Amex, etc Bitcoin will not stand alone
After reading this forum for long enough I get the impression from most posting here that they believe that Bitcoin will be the ONLY coin accepted by merchants/vendors or otherwise used by the mainstream. I don't think I've ever read anyone put forth a point of view like I am about to write here and it is this: Over time, most vendors will accept several cryptos just like they do with multiple credit cards or debit cards. In the case of cryptos vendors will probably accept more cryptos than they do credit cards.
I posted something earlier questioning the reasons why so many are loyal to Bitcoin vs. other cryptos. I pointed out that Bitcoin is facing many problems scaling and therefore has high fees and long transaction times for typical purchases. Those that respond miss the point when they say that "sooner or later other cryptos will see the same problems". The point is that these alt-coins currently do not have the same problems and they may have already solved or plan to solve any potential scaling problems. We all will have to wait and see what happens. While all of this is sorting itself out I believe that vendors will expand the range of coins that they accept. The less volatile the better.
Visa, Mastercard, American Express, Diners Club, Discover, etc are accepted by most mainstream merchants. Now swap out these credit cards for the top cryptos...you can do it in your head but if you want to write it out here that's up to you. I believe that this is a vision of the crypto future...and the coins worth buying if one is so inclined.
Do you agree or disagree with this assessment? Why or why not?
I posted something earlier questioning the reasons why so many are loyal to Bitcoin vs. other cryptos. I pointed out that Bitcoin is facing many problems scaling and therefore has high fees and long transaction times for typical purchases. Those that respond miss the point when they say that "sooner or later other cryptos will see the same problems". The point is that these alt-coins currently do not have the same problems and they may have already solved or plan to solve any potential scaling problems. We all will have to wait and see what happens. While all of this is sorting itself out I believe that vendors will expand the range of coins that they accept. The less volatile the better.
Visa, Mastercard, American Express, Diners Club, Discover, etc are accepted by most mainstream merchants. Now swap out these credit cards for the top cryptos...you can do it in your head but if you want to write it out here that's up to you. I believe that this is a vision of the crypto future...and the coins worth buying if one is so inclined.
Do you agree or disagree with this assessment? Why or why not?
ever agan compare bitcoin with other payment?
such as paypal? payerr? PM? webmoney? payza?
I want to ask, if you want to buy an item, there are some payment processor,
what will you choose? pay via btc, paypal, PM, payer or something else?
(if smua payment processor there balancenya)
such as paypal? payerr? PM? webmoney? payza?
I want to ask, if you want to buy an item, there are some payment processor,
what will you choose? pay via btc, paypal, PM, payer or something else?
(if smua payment processor there balancenya)
With the fees being so high I don't see the value of spending Bitcoin to pay for anything. I'd use a credit card or Paypal.
I believe it is because of: 1. BTC was the first cryptocurrency, and it is legendary; 2. crowd thinking: If others buy it, I will buy it too; 3. there are a lot of scams around, and BTC is the least possible to end up being a scam, while other, smaller cryptocurrencies have a higher chance.
Most products throughout history that were first do not remain on top for long. Bitcoin has had an incredible run, but being first has its downsides...like all of the flaws and limitations are coming out. Whether or not other competing altcoins will experience the same problems remains to be seen but to new investors the biggest concern will be to choose the coin that has the most utility in the here and now.
Crowd thinking - that only works until people realize that there are other options. Even in the mainstream news articles lately the author will usually mention alt-coins by their names as options for new investors to consider. They never did that before...or at least not like they do now.
As far as scams go, there are countless people that wanted to get into Bitcoin this year but had no idea how. So they asked friends that referred them to someone that was pooling money to supposedly invest as a group....to leave the hard part of buying to them. Of course these people are taking their money and running or buying the coins and then disappearing 99 times out of 100.
If you are talking about scams related to alt-coins, the odds of the top 20-30 coins are probably equally legitimate relative to one another. Note: That statement doesn't prove or disprove that any or all of them are or are not ripping users off somehow either now or in the future. So it's up to the individual to interpret what is legitimate about the whole cryptosphere and what is shady.
Even some merchants and vendors have dumped Bitcoin in favor of other cryptos. Most know of the STEAM example.
they stopped accepting bitcoin but not for other cryptos, they are not foolish enough to add another altcoin that nobody even uses. it is not worth the hassle.
and in case you missed it, steam was using bitpay to accept bitcoin payments and bitpay doesn't accept any other altcoin so that is a no no right there
besides I would love to hear your thoughts. for example what altcoin do you suggest we start using? and please explain why and also how that altcoin has solved the scaling issue of bitcoin?
Well a few days ago, back when it was $130 per coin I recommended LTC. It's now over $300 a few days later.
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The reason I like it is because it is basically a Bitcoin clone that has integrated more scalability at the outset.
that only increases capacity by factor of 4 (2.5 min blocks versus 10 min) it is unfortunately not a good solution for scaling. and as far as I know it was never meant for that. they decreased the block time to increase the speed of confirmation.it also comes at the cost of 4 times bigger blockchain. imagine if bitcoin had 2.5 blocks the blockchain would have been 700 GB instead of current 175 GB
Quote
I also like the lead developer who has a good reputation. In contrast, one of the things I've never liked about Bitcoin from many years ago when I first learned about it was that it was developed probably by a group that claimed to be a single individual...and they've completely disappeared, leaving a custodian to manage it. This raised many red flags with me.
a decentralized and open source project should not have a single developer or a single team that everyone looks up to. that defeats the purpose of this whole thing. in my opinion Satoshi going away is actually a good thing.Quote
I was actually following Litecoin for a few months before I actually wrote it out as something to buy. The reason I started really paying attention to it was after seeing the fees and transaction delays spiral out of control with the last run-up of $9000 of Bitcoin.
the same can happen to litecoin too. decreasing block time is not solving the scaling issue. the fact that it has not happened yet in LTC is because it is not being used remotely as much as bitcoin.Quote
The fact that Steam dropped Bitcoin and started accepting LTC
Steam is NOT accepting LTC!Quote
added a lot of potential in my mind. Personally I believe that Litecoin won't see scaling problems even if it becomes much larger than BTC.
The other coins that I like, now more than ever, are Dash and Bitcoin Cash. Now that BTC is having the problems that it is having, suddenly BCH seems like the logical successor...
you still have not explained "why"! just believing that they can is not enough.The other coins that I like, now more than ever, are Dash and Bitcoin Cash. Now that BTC is having the problems that it is having, suddenly BCH seems like the logical successor...
all of these coins are based on the same technology. they have bigger blocks, shorter time between blocks,... but in the end they all have a limited size block to X bytes. and at some point that X is going to be filled if their adoption grows.
bitcoin can process ~ 3 tx/sec
LTC is 4 times faster ~ 12 tx/sec
BCH is 8 times faster ~24 tx/sec
not sure about Dash
but none of these can compete with the adoption because you can not have unlimited block size or for example 1 GB blocks.
VISA handles on average around 2,000 transactions per second!
and increasing this number is easy in theory but in reality it will bring about a lot of problems. you can see one of them in ethereum. you can no longer fully sync with the network from scratch. it is a HUGE blockchain over a slow network.
https://en.bitcoin.it/wiki/Scalability
Quote
Overall I still don't understand the blind loyalty to BTC.
that is what I have been trying to tell you. it is not blind loyalty, it is the fact that altcoins are not really better.there are cool projects that nobody even hears about. like IOTA and ByteBall. but you wouldn't have even heard of them if IOTA was not pumped like how it is right now. they also have issues of their own FYI!
You are missing the big picture here. Rather than go through all the points and elaborate further...or admit to how I read that LTC was being accepted by Steam in a news release (fake news? I remember reading it in Wired or something....) and I could be wrong...let's get down to the here and now.
My point is that many people here have done very well with Bitcoin. Wonderful. But right now it's in trouble and it's spinning it's proverbial wheels. AGAIN...the big picture: I believe it would be wise for those currently holding Bitcoin to move their money into other cryptos that are CURRENTLY not facing the same problems and are CURRENTLY and/or in the past year have given BETTER returns and still have a lot of room to grow before they may or may not face the same problems. At a later date, they can always move some or all of their holdings back into Bitcoin if or when it solves the problems that it is now facing.
You are making this far more complicated than it needs to be. Lots of long time HODLers are stressed. What I am suggesting might be a wise short to mid-term solution. I don't have a crystal ball so I don't know the future. But what I do know is that most people are in this for the money and the price needs to go to $32K before they receive 100% on their current positions. If the scaling problems aren't solved by then the fees will be what....$100 to buy a cup of coffee? No one is going to invest in something like that.
Finally yes it is blind loyalty. Maybe not in your case, but you know full well that most people posting on this forum treat Bitcoin like a cult and they attack anyone that raises the slightest question or idea that goes against their very rigid and narrow world view.
I think it's quite simple. Bitcoin has the best team of devs working on it, it is already well established and it's not something brand new, or forked from the original coin (because bitcoin is the original coin), and has the biggest growth potencial, because it will be the first coin to scale globally. Of course it's facing problems, and other coins aren't, because bitcoin has the biggest amount of users. If the other coins had the bitcoin status, they would probably be facing the same problems.
Also, bitcoin is opening road for all other coins to prosper, and you can't really see that apparently. Most of the success that other coins are facing, is due to the success bitcoin is having. Crypto is an aggressive market I get it, other coins don't need to show appreciation to bitcoin for clearing barrier after barrier, and allowing them to just keep moving forward without many adversities, but going to the point of thinking that investing in bitcoin is just because of blind loyalty is just silly in my opinion.
Also, you are just focused on profit, and that is probably another reason why bitcoin will probably succeed, and other coins will probably fail. I prefer bitcoin to other coins because of well justified loyalty, not blind loyalty, and in my opinion I think it's important to believe in a project, and there is nothing wrong with that.
Also, bitcoin is opening road for all other coins to prosper, and you can't really see that apparently. Most of the success that other coins are facing, is due to the success bitcoin is having. Crypto is an aggressive market I get it, other coins don't need to show appreciation to bitcoin for clearing barrier after barrier, and allowing them to just keep moving forward without many adversities, but going to the point of thinking that investing in bitcoin is just because of blind loyalty is just silly in my opinion.
Also, you are just focused on profit, and that is probably another reason why bitcoin will probably succeed, and other coins will probably fail. I prefer bitcoin to other coins because of well justified loyalty, not blind loyalty, and in my opinion I think it's important to believe in a project, and there is nothing wrong with that.
If Bitcoin had the "best team" of devs working on it, they would have foreseen the current problems and solved them long ago. BTC is 8 years old...that is an eternity in the world of software. If they cannot fix the scaling problems by now I don't know if they ever will...or if they do another coin or coins will have already taken the place of BTC. Remember that probably 99% of those now learning about crypto don't have a favorite and will flock to whichever has the best fundamentals for the user.
"You can't really see that apparently" - patt0
I see that Bitcoin was the pioneer. While that's a nice history lesson, the market doesn't care. If markets followed what you describe, Atari would still be the king of gaming consoles. It collapsed as fast as it took over the industry in its early years. Insert any number of other examples here. What barriers is Bitcoin clearing? If anything it is putting up barriers when merchants stop using it. They will be even slower to adopt another crypto after giving up before.
I am just focused on profit? No...actually I'm focused on Bitcoin behaving like a currency. If it sounds like I'm focused on profit it's because I'm just posing a question that appeals to 99% of those reading this forum...since greed is king to almost everyone involved in crypto these days. Long ago it was a Libertarian/freedom concept but Bitcoin has been taken over by speculators that couldn't care less about its original ideals.
"Well justified loyalty"....let's see how long it lasts. Place your bets...everyone else is doing it.