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Re: Bitcoin is a Store of Value
by
Tiews223
on 09/06/2020, 02:22:50 UTC
After last week's price crash, I saw some discussions regarding this topic. I have not changed my thesis. I wrote a post to explain my view.

Original Post: https://bitflate.org/post/2020/03/17/bitcoin-is-a-store-of-value.html

This article expresses a personal opinion of the Bitflate developer. It is not investment advice.

TL;DR

Long-term, Bitcoin is a Store of Value.

Short-term, Bitcoin is a speculative asset.


The coronavirus is spreading across the world. The US economy is feeling its impact. In time of crisis, people are dumping equities for cash. Crypto market had a hard crash last week. Bitcoin dropped more than 50% on March 12, 2020. Bitcoin analyst, Nic Carter, pointed out that it was the 2nd worst percentage drop in recorded history of Bitcoin trading. The worst percentage drop happened in 2013. This Bitcoin’s price drop coincides with the US stock market crash. This correlated price movement challenges Bitcoin’s value proposition as a safe haven Store of Value.

The magnitude of price drop shattered many bitcoin owners. They’re quick to dump and start to question the safe haven SoV thesis. This is understandable. As we are introduced to Bitcoin, the first most enduring thesis we hear is the Store of Value. The stock market drops 5-10% a day during this crisis, while the Bitcoin Store of Value drop 50% in a day. Bitcoin is peculiar. It lives in the fringe and extremities of our psychology. Can a Store of Value be extremely volatile? I think the answer is yes. We consider how we view Bitcoin in the short-term or long-term.

Bitcoin’s short-term price movements are dependent on traders

Bitcoin is a global digital currency. People trade it 24/7. There is no circuit break. No authority can intervene to stop its price movements. If we divide Bitcoin owners into hodlers and traders, we can see that traders dominate Bitcoin’s daily movements. Occasionally, hodlers will switch to be traders and vice versa. When Bitcoin price crashes, some hodlers may become anxious and start dumping their bitcoins.

Traders want to make money. They think short-term. They live off price movements. Bitcoin’s short-term price trend is speculative. It’s difficult to understand its daily price actions. With the stock market index, when many stocks can crash, some stocks remain well positioned. For example, this crisis greatly impacts Boeing due to decrease in air travel. But Costco benefits from increase volume. Bitcoin is a solo asset. Therefore, its price movement is very volatile.

Bitcoin’s fundamentals remain strong

During this price crash, we saw Bitcoin’s price dropped below $4k. But it bounced back and has hold above $5k in the past few days. This likely indicates that long-term investors remain holding and buying.

We see how Bitcoin price can make sudden and drastic changes. This recent price crash is entirely caused by external factors. Bitcoin’s fundamentals change very little. Besides a hashrate drop, we don’t see any other change in how Bitcoin trades and operates. It is still producing blocks every 10 minutes, or maybe a little slower. It is still issuing 12.5 coins for every block for the past 4 years. It is still secure. Bitcoin’s fundamentals remain strong.

Bitcoin is a Store of Value

If we zoom out the hours, days, and months of the Bitcoin price chart, we can see its long-term price trend remains up. The currently crisis is caused by external factors. The coronavirus is impacting the world’s economies. A sudden panic is causing people to flee asset markets. This has not changed Bitcoin’s value thesis. Long-term, Bitcoin is a Store of Value.

By long-term, I mean the time horizon is 5-10 years (more than 1 halving). Bitcoin’s price movement is affected by traders in the short-term. But in the long-term, hodlers will ultimately decide its price trend.

Long-term, Bitcoin is a Store of Value.

Short-term, Bitcoin is a speculative asset.


When to dump Bitcoin

People will move their money around. I follow but usually ignore short-term price movements. I try to stick with my timeline and how I allocate money. During tumultuous times, some bitcoiners advocate HODLism as a strategy. You should always hold. But I don’t think this is a sound strategy. I think a sound investment approach is to compare Bitcoin with other assets. If I see Bitcoin overvalued compared to real estate or equities, I would consider dumping Bitcoin. This is my personal view of how to deal with Bitcoin’s price movements. You should do your own research.

Bitflate is a cryptocurrency with constant inflation of 7% per year. Its goal is to be a Medium of Exchange.

Stored value, would this be similar to credit cards? Although I think that stored value should maintain its real value. I understand that bitcoins have a tendency to be so high at some point and so low at other point.
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Board Bitcoin Discussion
Re: Cryptocurrency fraud and scams
by
Tiews223
on 09/06/2020, 02:17:30 UTC
how they happen and how you need to pay attention to safeguard yourself against them.
The Computer Science saw a different phase when cryptography mechanism was introduced with Bitcoin. With this big of a change, threats of fraud increased, to safeguard from these malicious activity is extremely important. Startups without blockchain should not be trusted at all. Before committing to any company, their credentials should be reviewed.
There are many fake ICOs that can scam people easily. The best way is to do research before being affiliated to that exchange. Another way is to send an email and ask about the exchange to be cautious. Phishing is another way to scam people, by asking their details and asking them to invest their Bitcoin or any other cryptocurrency. Fake Airdrops and Punycode are most common tricks.
There are many unregulated brokers that can lure clients in lower prices and trading products and fast returns. So, one needs to be vigilant. The automated trading systems are not scams but  they will take any opportunity to earn profits. Exchanges will charge an unfair amount to withdraw, the best way to avoid is to already be aware of exchanges price differences.
Fake emails look so authentic but at the end they are still fake. Check every bit of information before acting upon it. Many companies copy and paste some other company’s whitepaper, rather than having an original idea of their own.
Most exchanges use fake information for their team members. To be careful one must look for incomplete or inconsistent information and odd details.Inconsistent texts or details on any part of the website is also a red flag. One should read and proofread to be sure.
People should run scans to look for any Bitcoin miner or bot in the system. Companies will do anything for money, to ensure safety and security right websites should be used. There is a lot of responsibility one needs to practice in order to be careful.


I think this is one of the points of improvements for bitcoins and cryptocurrency. The security and the purpose of the bitcoins to avoid using these for illegal activities that could do harm to others. Aside from the possibility of being frauded, I’ve read somewhere that many pedophiles from across the globe use these to buy pornographic movies. These movies star a minor, a little girl, sometimes a little boy and would feature inhumane activities. Sometimes, they trade human inner organs and pay using these as well. I think as users of this, as we promote that this could be the future, I think we should keep in mind that this we have responsibilities when handling these.
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Board Bitcoin Discussion
Re: Future of Bitcoin
by
Tiews223
on 09/06/2020, 02:04:36 UTC
The thinking of new peoples who wants to invest in coins, they first of all want to know the benefits, security, alternatives and effect of invest in their lives.

Several of peoples doesn’t have enough knowledge of coins who are in already in market, some of coins are includes in this time.

There are several things that might be known for make invest for make batter future of their family:



   #Great Security

   #High risk=high benefits

   #future primary money or alternative?

   #One world currency

   #It will be legitimate tool to whole world

   #affect to democratic country’s economy?



I think cryptocurrencies are of big help. Especially now that life is fast paced life and the less personal contact, the better. It has opened doors to different business ventures that sometimes went to the point of illegal. This, although, does not mean that cryptocurrencies are bad. It would just depend on the person handling and using them. However, bitcoins are not that inclusive, especially to those who are not equipped in terms of technology. This creates some sort of boundary between the people. There is already a societal gap, we don’t need more means to add gaps between the people around us. I think the future for bitcoins are great, they just need more improvements, for example like security purposes. And that it could cater to a wider range of people.
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Board Bitcoin Discussion
Re: Crypto's utility as a payment tool
by
Tiews223
on 09/06/2020, 01:53:42 UTC
How do we measure the level of utility that can be derived from using a specific payment method?
For this example let's suppose that the level of utility a payment method can offer is measured as the relationship between monetary value transacted vs. fees paid.

If we apply this to bitcoin, we can see how "efficient" it can be under certain scenarios. Minimum fees/transaction are desired.
For this example I'll set the sat/byte fee as a constant of 193 sats per byte. Amount of money (in monetary value) intended to reach the recipient can be any constant.

For a (very) standard transaction of 250 bytes, one would spend 0.0004825 BTC.
At a hypothetical price of $7.000 per BTC, the cost of the transaction would be $3.3775.
At a hypothetical price of $9.000 per BTC, the cost of the transaction would be $4.3425.
And so on...

We see that bitcoin's utility as a payment tool has an inverse correlation with bitcoin's market value.
If the market price of BTC goes up, fees for transferring the same value with bitcoin become more expensive.


My question is, can this be fixed, especially in a way that doesn't compromise decentralization and bitcoin's immutability?

And should it be fixed in your opinion?


As much as cryptos and bitcoins are in fact reliable and practical and fast. There are areas that still need the proper introduction for using this. Many use it for their everyday life and find it convenient and accessible. Using cryptos and bitcoins have their added service fee, although I could see some are free especially for small transactions.
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Re: JPMorgan Now Says Bitcoin (BTC) Is Significantly Undervalued (Huge Turn around)
by
Tiews223
on 09/06/2020, 01:33:16 UTC
Interesting info. What do you think? BTC

JPMorgan Now Says Bitcoin (BTC) Is Significantly Undervalued (Huge Turn around)
https://www.youtube.com/watch?v=O-sQJPC0n2E&feature=youtu.be

As I read in the news, back in 2019, JP Morgan did state that BTCs are fraudulent. Now, hae apparently changed his mind and now opened his bank to cater to bitcoins and cryptocurrency. I think this is good because well at least, the company and its management is open to progress in terms of services, to who it caters to and what products it provides. It’s really progressive and I think a little bit more time JP Morgan can expand more and more on his services.
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Merits 4 from 1 user
Re: Bitcoin may be the solution to Africa's broken financial system.
by
Tiews223
on 09/06/2020, 01:17:17 UTC
⭐ Merited by suchmoon (4)
A recent report says that being a lack of traditional financial of Africa makes it good for cryptocurrency adoption.

Per the report, cryptocurrencies such as Bitcoin (BTC) can potentially solve all the aforementioned challenges

Quote
Although it is a diverse region, African nations share some key similarities and trends. Economic problems, from high inflation rates and volatile currencies to financial issues such as capital controls and a lack of banking infrastructure, create a fertile ground for an alternative to germinate.

Source: https://cointelegraph.com/news/bitcoin-may-be-the-solution-to-africas-broken-financial-system/amp

Do you agree that bitcoin would be a good idea for Africa?for me, adoption of bitcoin from Africa is a good idea, Africa has a big problem in terms of financial, they should do something to overcome those problems, one of the suggested ways is the use of bitcoin which is a really good idea, there are already many countries which are accepting the use of cryptocurrency in some of their transactions, it is way good better for fast and secured transactions compared to fiat currency.


Africa is one of the most exploited areas in the world. This led its people to poverty. Poverty equates to lack of education, poor sources of income, malnutrition and so on and so on. If Africa would prioritize a technologically advanced mode of monetary exchange or making cryptocurrency as their national currency, wouldn’t the first question be, How? Solutions have to be inclusive. Yes, there are areas in Africa that are technologically capable and it can work in their country, but what about those who are not capable? Are we suggesting that this idea would close doors to the incapable and only cater to those who have the means? But does this also mean that capable countries stop in order to let the incapable keep up? No. What we need are inclusive solutions and I think bitcoins are not the solution to everything. It might be a solution for those who are capable, financially, technologically etc. etc.   

First, Africa is barely getting by day-by-day. They only have enough for food and a little clothing. Their priority is to put food on the table and not to spend so much money on a phone or a table in order to use it to buy and sell their needs. They would instantly think “If I had that much money to buy a new phone, then why not spend it on food, education, clothing and rent?” They don’t need cryptocurrency to reestablish their economy. They need better work opportunities by maximizing their local natural resources and being able to trade them within their region or even better, outside.

Second, when using bitcoins or cryptocurrency in their everyday life, wouldn’t this expose them to the threats of piracy leading it’s people vulnerable. Let alone the possibility of terrorist attacks when they are able to use cryptocurrencies to buy illegal weapons.

Third, this could open doors to a more creative way to do business online. Being creative could mean both good and bad. By good would mean they could use the advancement of the technology to promote their products online, for a wider range of markets and do legal business across the globe. This is good because this provides Africa the needed proportion and trust of the people that, hey, it’s safe and good to do business in Africa. However, there is a bad way to do business creatively. As we all know, there is a compelling rise in the exchange of online pornography, mostly children. We have to have an open mind of the possibilities of the business for each individual who has access to this kind of technology. I am not saying that it is online prevalent in Africa because there are cases like this in Europe, Australia and Asia. What I am saying is, let us not open more doors to this kind of possibility. There are cases when the child’s own parents trade their children online for a certain amount and this could happen. Africa is just more vulnerable because they are not equipped with the proper knowledge regarding these matters.

To be able to fix Africa’s broken financial system, it has to start with it’s government, corrupt officials lead to a deteriorating nation. Corruption is one of the root causes of poverty, poor education , malnourishment, abuse and other domestic problems. 
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Board Bitcoin Discussion
Re: Leaving Bitcoin as inheritance
by
Tiews223
on 09/06/2020, 01:03:20 UTC
If I die, my family can use my death certificate to rescue all my money from bank and appropriate all my posses.

But not bitcoin, I was thinking about how to leave bitcoins as inheritence in a safe way, minimizing risks of be stolen by my own family (still if I trust my family, they can store improperly the keys and be stolen, or forced to deliver).

The perfect solution, in my opinion, is a mechanism whithout intervention that reveal my keys to my family, this could be done if I do not access some service for a month, or if I don't store some stuff in the blockchain for a month or ... I don't know a solution. And only my family could access my keys, possibly they have keys that allow then to access my keys.

An good solution could be some artifact, like a file, that I can send to my family, or left it stored online and thar artifact could reveal my keys only to my family.

My basic ideia is:
1 - Encript the keys with your password, but must be a very strong password, resilient to brute force atack.
2 - Print the encripted keys in paper or some more durable medium and store securely in your home.
3 - Reveal to your family a limited set of characters with wich they can sucefuly find the password using brute force, in a short time.
4 - If you die, your family must get into your home/safe box, get the encripted keys and use the characters to perform a brute force atack in order to get the keys.

Does anyone have think about leaving bitcoin as inheritance? Is there already some solution to this? Thoughts?

Remind, Covid-19 is over here.

Although it would be fairly smart to leave bitcoins as inheritance, many laws on intestate and succession would have to be then revised or repealed in order to cater to this idea. I am not familiar with the all laws of inheritance but because bitcoins are a new type of monetary exchange, creating laws for these would take several hearings, modification and various votings for the legislative body. Moreover, before they can even get to the point of hearing this in their respective congress, these lawmakers have to have extensive knowledge on this topic, the pros and cons. Keep in mind that there are many people to consider when taking this to congress and for them to actually hear it.
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Board Bitcoin Discussion
Re: Cryptocurrency crime in Netherlands.
by
Tiews223
on 19/05/2020, 01:06:39 UTC
Six people were arrested in the Netherlands and the UK over a $27 million "typosquatting" scam, which involved making a fake website to gain access to user Bitcoin wallets.

5 man and 1 woman got arrested with warrant by the policeman at their homes Charlcombe, Lower Weston, and Staverton (UK), and Amsterdam and Rotterdam (Netherlands). They are really proffesional on accessing others account, there are many affected at least 4,000 victims in 12 countries and it still growing.

“The investigation relates to typosquatting, where a well-known online cryptocurrency exchange was ‘spoofed’ – or recreated to imitate the genuine site – to gain access to victims’ Bitcoin wallets, stealing their funds and login details.”
https://www.[Suspicious link removed]six-arrested-in-connection-with-27m-typosquatting-scam

Good thing is that, they had already caught those six people because if that thing does not happen, the number of being affected by the scam will grow continuously. That is how expert hackers and scammers are.

So always be careful when visiting and trying some unfamiliar websites, always do research about it and read some reviews to assure yourself that it is legit.

Illegal acts such as this, make us vulnerable everyday. It’s a good thing that the government of Netherlands is capable of tracing hackers and scammers such as this and I command their government. This just shows that we need to be careful everyday, make sure we change our passwords from time to time and make very strong passwords that are not easily guessed. This is another reason why we cannot be fully dependent on bitcoins because of incidents like this. One cannot relay all of their money to bitcoins. What if one day, for unfortunate reasons, your account was hacked and your government cannot trace the people who did it. You are left without anything. Let us all be careful everyday when going through transactions and let us make sure that we take all necessary precautions to secure our accounts. 
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Re: Why there is no Standard Marketplace like Amazon with BTC as payment method??
by
Tiews223
on 19/05/2020, 01:03:16 UTC
I know...there are smaller marketplaces that people can buy/sell goods via bitcoin, but why a major marketplace is not emerging??

I know for a fact, there is a huge demand for purchasing of goods with BTC...even users from this forum is enough to give the marketplace a supply chain issue Grin Grin

1. is the problem in supply side? are sellers worried taking payments via BTC bcas of volatility
2. is there a logistically inefficiency, that smaller sellers can never compete with the likes of amazon
3. is the transaction speed an issue for retail transactions?? major cards payments are done instantly (maybe this speed is needed for impulse purchases Cheesy)

Comment below...thanks i'm a newbie here Roll Eyes

Using bitcoins as their main mode of payment will exclude many people from buying from their website. Think about it, if you are not capable or you do not have the means to buy using bitcoins, what would you do next? You will then look for an online store which will cater to fiat as your mode of payment. Why does there have to be exclusivity? Different payment methods are introduced so that people will have the ability and means to choose, depending on what fits their capabilities and the availability. A store who is this exclusive will lose both sales and their clients. Second, many people have trust issues regarding this, people are afraid they might get scammed or their items will not arrive on time. Third, being solely dependent on technology for payments is really dangerous, what if when you really need the item, the current system you would be using is down, what if there’s a technical glitch, etc. etc.

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Re: A perspective of the future of Bitcoin..
by
Tiews223
on 19/05/2020, 00:54:37 UTC
This thread was created by me on the Romanian board and translated into English now for the international one.


I've been wondering for a while how the Romanian community of BitcoinTalk could be revived. I'm more than sure that we have a pretty significant number of Romanians on the forum. However, as far as I can see, most of them are silent.

Therefore, I have decided to create a topic about a vision on Bitcoin's future. I only have two simple questions I'd like to be answered: How long have you been in the crypto sphere and how do you envision Bitcoin in the short/long term future?

I am going to begin by expressing my own ideas.



The so-called 'journey' in the middle of which I am right now began in late 2013. I won't get much into detail - long story short, I found out about Bitcoin's existence through news.

My perspective about Bitcoin has changed, unfortunately, negatively among these 7 years of experience. From the idea that Bitcoin could turn the economical and governmental systems of the world upside down, today I see it as nothing else but an obstacle the governments overcame long ago and for which they surely have a plan of attack so that it would never be a threat for them be it in the present or short and long term future.

If until 2016-2017 there were no laws regarding cryptocurrencies and the law could be easily interpreted so that nobody knew for sure what they should or should not do properly about owning, using and transactioning them, today we have laws that appear as if they are opposing more and more the fundamental ideas of cryptocurrencies - almost as if the intention behind these regulations was to destroy them while using this entire time the "cryptocurrencies are used in criminal activities" excuse.

This has changed, in my opinion, Bitcoin's destiny. If in 2015 I could peacefully conduct transactions anywhere with cryptocurrencies and ATMs did not have anonymity limits, today I feel taken over by the world governments' regulations that ruthlessly entered my personal, private life.

The so-called "support" of cryptocurrencies by the states has proven, in my opinion, to be exactly the opposite. To be more precise, "sustaining" them has led to the resistance in front of genius Satoshi Nakamoto's essential ideas he began with. Through some kind of sabotage, the state could argue that being against the regulations means implicitly sustaining illegal activities. A kind of "Let us seize your personal life and control even this attempt of freeing yourself from the chain of wage slavery and criminal banks or we consider you a terrorist".

Today we have all these surveillance measures. Some of them are partial surveillance, others are surveillance from start to end. While we are fighting the pandemic and the incredible influx of uncertain information, surveillance is taking over our privacy "step by step" as our president Klaus Iohannis says, privacy becoming therefore an idea, a definition from the past.

Taking all the above into account, putting all the information in a nucleus, I can only get to one conclusion: Bitcoin's future will either have an abrupt and sad ending or will represent our revolution against the system of modern enslavery and against the flux of authoritarian and imposing laws we are witnessing right now.

The existence of privacy-focused cryptocurrencies like Monero surely did provoke fear inside all the world's governments, but the volume of transactions does not appear to be a threat to them so far.. which calms them down. But if Bitcoin ever fails because of these governments and we'd all move to the privacy-focused Monero immediately, would Satoshi Nakamoto's vision still be achieved? Would we still be able to finish what he started more than a decade ago, trying to turn upside down the attempt of "those above us" to transform our privacy into a definition of the past?

To me, the future is now uncertain. I will never give up, but I am afraid a significant number of apparent supporters of Satoshi's vision would, leaving us with no more soldiers in our war. I am afraid that too many of the ones currently supporting cryptocurrencies are only doing it because they have the hope of getting rich one day and are capable of accepting any sacrifice as long as their hope would become reality.

But nobody realizes that the privacy we knew and our freedom are the wealth we've been taught to ignore for a lifetime.



People always say that online and instant payments help but not everyone is able to use this type of payment in their everyday lives. I think a good perspective for future bitcoins is that one way or another, it is inclusive. Inclusivity matters if bitcoins are going to take over the world someday, otherwise, we are depriving many people of the simple means to buy their necessities.
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Re: In the next decade, BTC and digital currencies will “fully” replace fiat?
by
Tiews223
on 19/05/2020, 00:36:33 UTC
In a new report predicting the decade of the 2020-2030s by Deutsche Bank Research, the bank says that the adoption of digital currencies is inevitable. Governments need to catch up or the backlash against fiat currencies will be too great to handle.

Deutsche Bank Research is posting its predictions for the next decade, which cryptocurrencies are expected to be a cornerstone of the economy in the world ahead of us. In a shocking admission, Deutsche Bank Research tells its readers that governments have to adapt to this inevitable reality or risk falling behind entirely.


Source link here

Okay, so this is another prediction stuff. So many individuals, companies and institutions are predicting on what is going to happen with Bitcoin and other cryptocurrencies.

Earlier, Bloomberg predicts that Bitcoin will reach $10k soon. Now, Deutsche Bank claims that within the next decade, it will be the real era of digital currencies.

It means that fiat would “finally reach its end”. As for me, I think next decade would not be enough just yet for digital currencies to fully dominate, as most banks and people from around the world still prefer fiat more than Bitcoin, etc.

Yes, all of us are free to predict about Bitcoin and other cryptocurrencies. But for me, they’re just predictions. This world is unpredictable, as what I have said over and over again in my previous posts. 


As much as bitcoins are making such progress in the past years and so many reports have said that many people already rely on technology to pay for their goods, I don’t think bitcoins will “fully” replace fiat. For one, not many countries in the world are equipped in terms of advancement in technology. Third world countries for example, although the majority of them  have touch screen phones, they are only able to use it for simple communication and little bit of entertainment. Even if these countries have access to touch screen phones, not all of them have it because their priority is to be able to get by everyday. Sometimes, having a touch screen phone is the least of their problems. Second, third world countries are more comfortable with using fiat as many of their transactions involve stores that don’t even cater to online payments. Stores along the streets, mini grocery stores, public transportation, etc. etc.
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Board Bitcoin Discussion
Re: How to improve the usability of bitcoin?
by
Tiews223
on 19/05/2020, 00:16:45 UTC
There is a speculative (investment) presence in the current bitcoin discussion scene. Only known and used by a few people.

If bitcoin really wants to become a universal currency payment system, how can we optimize the design for ease of use and make it easy for most people to get started easily and with low risk?

I think bitcoin providers are trying to ease in the existence of bitcoins. Although bitcoins have become of big help to many of us, many of us still see the physical money as more convenient. Not everyone knows exactly how to use them, some are not trusting of the said currency, some are not equipped with gadgets to be able to use them and some are too old to start learning how to use “money” again. Physical money has always been the mode of every payment. The younger generation might adapt to it easily but the older generation might not. In this case, it may even cause a lot of confusion that may result to several delays, instead of a person handing the money now and getting their purchased item immediately. What if you need to buy something now and the system is down or non function right? There is so much potential in bitcoins but it would always depend on the person using it.
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Board Altcoin Discussion
Re: BITFINCOIN ICO is a SCAM - BE AWARE
by
Tiews223
on 21/04/2020, 00:23:06 UTC
ICOs without information on the team behind them are always suspicious for me.

I saw some articles that BITFINCOIN ICO IS A SCAM. I also read an article that said Bitfincoin ICO is being sued for Trademark Infringement. To me, if they can rip off someone’s logo, considering this is true, what more to rip off someone’s money? Let me know what you guys think about this. 
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Board Scam Accusations
Re: CRYPTERIUM/CRYPTOBANK - A NEW COMING ICO SCAM?
by
Tiews223
on 20/04/2020, 23:57:37 UTC
Hallo dear readers! I´m a German user interested in cryptocurrencies and ICOs, especially of cryptobanking.

Let´s have a look on Crypterium/Cryptobank homepage first:

https://crypterium.io/?ref=d2930094a937088043c8db62&gclid=EAIaIQobChMIjZjVwtq52AIV7CnTCh29mgfgEAAYASAAEgJ5MfD_BwE

You see ICO is just going on, and there is already collected a respectable sum. And yeah, there is a remarkable list of managers and advisors, too.

Those guys talk very very big:

"Pay with any cryptocurrency in 42.000.000 stores worldwide" !!!

"200 million potential clients" !!!

Especially read "Technology of blockchain based credit system" and "Credit subtoken is a new standard of cryptocredit based on the blockchain system" with critical eyes, please.

„Crypterium could do with no legal entity whatsoever. Even if all companies in the world closed down, Crypterium would remain. It would just cease to perform any fiat-related functions – but it would retain all of its cryptocurrency-related aspects. If we wanted, we could be the first cryptobank to be registered on the Moon or on Mars. That’s the kind of universal jurisdiction we desire. But of course, at the moment we still have to set up legal entities: they matter at the “fiat-cryptocurrency” intersection.“

This is a statement of

Gleb Markov
COO, Co-founder
Fintech, banking and cryptocurrency 
Professional with over 10 years of experience in the industry.

in: https://www.chipin.com/crypterium-coo-gleb-markov-interview/

And what about this statement of

Vladimir Gorbunov
CCO, Co-founder
Entrepreneur with more than 10 successful new 
ventures and a particular focus on simplifying real-world issues through technology

„WE’RE GOING TO BE THE JP MORGAN OF CRYPTOBANKS.“ Huh

Searching for the "more than 10 successful new ventures" of this guy I only found this one:

https://www.rbth.com/multimedia/video/2013/11/12/30under30_vladimir_gorbunov_deputy_ceo_workle_31661

Can we trust those big talking guys? I´m really in doubt.

TO BE CONTINUED!




I think it’s very helpful that we have been warned about this. To think, many of us might have come across Crypterium and might have actually considered trading here. I read in this thread that Crypterium has stopped their operations. I checked their website and it seems like they are still operating.Does that mean someone else might now be handling Crypterium/Cryptobank?

Here’s the link if you want to check it out

https://crypterium.com/
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Board Bitcoin Discussion
Re: Why people are comfortable investing in government controlled investments
by
Tiews223
on 03/04/2020, 02:28:30 UTC
Just think about it a little.  Roll Eyes

You know that whatever happens with your government controlled investment, you will have a safety net from that government. History has shown us how governments have bailed out Banks and/or injected millions or even Billions of tax payers money into economies to protect it.

They are printing Trillions of Dollars to reduce the impact of this Covid-19 virus on their local economy and they are doing this with money that was supposed to go to critical needs. (Public Health care / Social grants for unemployed people etc.)

Did Bitcoin get any support from governments when Stock markets plummeted lately? No, because Bitcoin is seen as the enemy.  Angry

We relish in the fact that Bitcoin is not supported by the injection of slow poison from these governments, because this cannot be sustained indefinitely. At some stage we will see that taxes would not be enough to save Banks and/or local economies. Companies and individuals can only pay so much taxes, until they go bankrupt.

It is only smoke & mirrors to postpone the inevitable collapse of the global economy. Will Bitcoin then be seen as a real safe haven or will it be too late? 


People will look at your government as your biggest investor or someone who will have the means to protect the business financially. Another thing is that you know that when the government has control over the business, it will be unlikely that there will be abuse in terms of pricing of the services or the products being produced by that specific corporation.
 
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Board Bitcoin Discussion
Re: What impact of printing a lot of money on inflation and Bitcoin
by
Tiews223
on 03/04/2020, 02:17:30 UTC
6 trillion U.S. dollars will be pumped into the U.S. system alone, that is about $48,000 per family if distributed evenly (definitely not). What is your estimated impact on inflation in half year, 1 year, 3 years etc, and on Bitcoin?

I read from the great book "The Bitcoin Standard" that U.S. prints an average of about 7% more money per year and China prints an average of about 20% more money per year over many years., but the actual average yearly inflation seems to me like about half of those numbers. Is it false or something like improved productivity due to improved technologies, more efficient business models, or profits/wealth taken from other countries that keep the inflation much lower than printing money?

Thanks for any comment and discussion.

Printing so many bills will depreciate the value of dollars. This affects the value of bitcoins just the same as each bitcoins has a corresponding dollar value and when the value of the dollar drops, then the value of per bitcoin will drop as well.
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Board Beginners & Help
Re: Privacy in Bitcoin
by
Tiews223
on 03/04/2020, 01:57:22 UTC
Bitcoin transactions are transparent to all users while providing some sort of privacy because it's no easy to know which address belongs to who unless they let you know or that person involved in KYC which was not aimed. Blockchain aimed  to go anonymous so people would have freedom financially
Privacy provides freedom, but Countries citizen fight against freedom of speech and forgot that speech will not give wealth financially, We Are and must fight against financial freedom in a modern way as Blockchain do until we all involve in Bitcoin and general cryptocurrencies.

I’ve read somewhere in a certain discussion here in this forum as well that the UK wants to monitor the Bitcoin activities and the US is proposing that there is more transparency in Cryptocurrency. I think what their governments are trying to exercise is their governance in this type of industry at the same time protecting those who transact and who you will be transacting with. I think it’s important that as a user of bitcoins you are able to preserve your privacy at the same time, give just enough information so that activities will be monitored. In this case, one will avoid illegal transactions.
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Board Bitcoin Discussion
Re: Bitcoin and Climate Change
by
Tiews223
on 03/04/2020, 01:43:23 UTC
I was reading a great article today on coindesk by Ian Allison that talked about Bitcoin's sustainability in this new era of climate change activism. It proposed an interesting question that because Bitcoin uses so much computing power to mine blocks, and therefore consumes vast amounts of energy, will it be sustainable in the long term? I would add a follow question to this of: Will or how greatly will this affect mainstream adoption going forward? I think this is a good time to reignite this discussion as climate change and activism has never been more prevalent.

My thoughts are that although Bitcoin uses a considerable amount of energy, when related to climate change and its impact on the environment it pales in comparison to other industries burning of fossil fuels, as well as deforestation and farming. Furthermore, because Bitcoin is reshaping global finance, I feel that it will be around for the long term.

That's not to say Greta Thunberg will ever approve of Bitcoin's mining rigs, but most people, business, and governments will understand Bitcoin offers a valuable technology, even in the face of tightening climate change practices and policies.

But what do you think?

If anything, as I’ve read in the previous discussions above, people are connecting climate change to the amount of energy that we use when trading, buying, selling etc. etc. using these bitcoins. However, using bitcoins does not as well lessen the emissions that would cause climate change. Mining of bitcoins use renewable energy, like solar energy which basically means that they use the energy of the sun to mine these.
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Board Bitcoin Discussion
Re: How many people here would choose bitcoin as their form of payment?
by
Tiews223
on 03/04/2020, 01:15:42 UTC
Firstly this is not a promotion, nor am I encouraging you to do the same.

I have been using bitwage to collect a portion of my pay check in bitcoin and ether. I have been considering while the price is low to just go all in or at least bump my allocation to 50%( 50% BTC/ 50% usd). With the fed printing more money the more I feel inclined to do this. Dont get me wrong I'm still buying undervalued stocks right now, paying Bill's and also trying to live a decent life.

Question:

I was curious if given the opition would you or would you not get all pay in 100% bitcoin.

My answer:

For me 100% is alot, considering I'd HAVE to sell some to pay bills/ expenses and stocks. But if given the ultimatum of bitcoin or usd, you can only convert out of btc, never into btc...I'd take btc.

Bitcoins are great to use when you don’t have actual bills with you because the nearest ATM is broken or that you’re too busy to drop by the bank at the moment. Actually, with the current condition, where there is a pandemic and one of the fastest ways to transmit the virus is through physical contact by handling out objects, like money. Bitcoins are of great help for the no-contact. Bitcoins are good to store in your eWallet for emergencies or for other payment options.
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Board Legal
Re: UK Tax authority wants to track your Bitcoin
by
Tiews223
on 03/04/2020, 01:00:39 UTC
In my country, they wanted something similar. The difference is they offered to pay a reward to anyone able to create a 'tool' to help them to analyze transactions. No matter who you are. I would prefer they hire me instead of creating software for them. profitability first! Grin

Governments won't keep using blockchain analysis companies forever, they will create their own employment. We will see a lot of very high paying jobs created in the years to come, someone with knowledge about cryptos, especially their blockchain, could end up working for the taxes department or police with a salary as high as a company owner with thousands of employees.

The problem is not a lot of people have deep knowledge and when they have, they're already working for a tech company with a comfortable salary, making it harder to hire. The demand and supply.

The UK government tracking bitcoins activity is somewhat a way for the government to trace in illegal activity that may be linked to sex slavery, prostitution, illegal subtance trade and other inhumane activities. Other than that, this is a way for the government to monitor taxes that will be imposed. We just need to be clear with the extent of information that will be given to the UK government. We need solid guidelines regarding the penalties that will be imposed if ever the UK government fails to do their job properly. This is very important as cryptocurrency is used by so many people and that we need to ensure that these are not abused and used in illegal transactions.