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What is the difference between Traditional V/S Crypto Banking?
Traditional banking agonizes. Its old business model has become obsolete in the face of the vertiginous advance of new technologies. And, due to being centralized, its direct competition is not in distributed crypto-assets, but in banks. Crypto-assets enables a more open and homogeneous economy, so anyone anywhere will have access to it. Ideally, it's best to go with crypto-assets that have useful features such as remittance services, payment processors, and credit cards (services that are very expensive in traditional banking) in order to make quick and efficient transactions.
Re: [2015-11-11] Understanding FinTech – Blockchain Technology Is The Future
http://fintechist.com/understanding-fintech-blockchain-technology-is-the-future/
When discussing how people can change the financial landscape for good, there is one flaw to be found in most theories. No matter how easy companies make it for consumers to use traditional payment methods, there is no real innovation to be found in that regard. Coming up with completely new payment options, which do not rely on traditional financial infrastructure, is true FinTech innovation. Blockchain technology will play a major role in achieving that goal.
When discussing how people can change the financial landscape for good, there is one flaw to be found in most theories. No matter how easy companies make it for consumers to use traditional payment methods, there is no real innovation to be found in that regard. Coming up with completely new payment options, which do not rely on traditional financial infrastructure, is true FinTech innovation. Blockchain technology will play a major role in achieving that goal.
The impact it could generate in the future is something that cannot be overlooked since it's even being called the "third technological democratization": the first was the Internet, then 3D printing and Blockchain is poised to become third place; mainly through the revolution of the digital assets system. The sector that is currently taking a clear advantage of blockchain is FinTech, which alongside its most serious efforts to solve the scalability problem for blockchain assets and its implementation on current models, can represent a solution to the limitations many industries are still bound to.
Re: According to CMC, in 2019 crypto cap has tripled, and daily volumes passed $70B.
According to CMC, since the beginning of 2019 the crypto cap has tripled, and daily trading volumes passed $70B. However, some are questioning the legitimacy of this data. With individual & institutional investors flooding into crypto, its time to evaluate how many people are really trading crypto
After a disappointing 2018, crypto markets are booming once again.
Backed by institutional investors, growing numbers of individual enthusiasts, and broad support for its underlying technology, the blockchain, the entire crypto sector is seeing a resurgence.
According to data collected by CoinMarketCap, the collective crypto cap has nearly tripled since the start of the year. Led by Bitcoin (which has also tripled its value since its low point in 2018) cryptocurrencies are outperforming many other investment assets, including stocks, bonds, gold, and oil.
For those who witnessed cryptos meteoric rise in 2017, this years activity might seem incredibly familiar.
USDT fake volume
Many Exchanges fake volume
EOS fake how much they raised
So, How Many People Are Really Trading Cryptocurrency?
Article and more info about it
What do you guys think?
After a disappointing 2018, crypto markets are booming once again.
Backed by institutional investors, growing numbers of individual enthusiasts, and broad support for its underlying technology, the blockchain, the entire crypto sector is seeing a resurgence.
According to data collected by CoinMarketCap, the collective crypto cap has nearly tripled since the start of the year. Led by Bitcoin (which has also tripled its value since its low point in 2018) cryptocurrencies are outperforming many other investment assets, including stocks, bonds, gold, and oil.
For those who witnessed cryptos meteoric rise in 2017, this years activity might seem incredibly familiar.
USDT fake volume
Many Exchanges fake volume
EOS fake how much they raised
So, How Many People Are Really Trading Cryptocurrency?
Article and more info about it
What do you guys think?
Market cap and volume trade are completely irrelevant when subjected to so much market manipulation and lack of regulation. There's really not much to draw from these numbers when they're a product of wash trading and the adoption rate still remains largely the same.
Only coins with an intrinsic value can offer a semblance of indication regarding incoming capital volume. So, looking at their behavior is tons more precise than what coinmarket is measuring.
Re: What’s Stopping Crypto Markets from Entering the Mainstream
Things may not be quite as ostentatious as they were in 2017, but cryptocurrencies are having an outstanding year. Not only has their collective market cap quadrupled since the start of the year, but they are enjoying bullish sentiment on many fronts. ( In macro look)
Whether its the unmistakable entrance of institutional investors into the crypto space or the fact that you can buy a latte with Bitcoin, cryptocurrencies are undoubtedly trending higher. Even Facebook, the worlds most popular social media platform, is entering the fray, introducing its cryptocurrency, Libra to its 2.5 billion users.
Consider these growth metrics for the crypto sector:
84% of respondents to a PwC executive survey are dabbling in cryptos underlying technology, the blockchain
89% of the U.S. population has heard of Bitcoin, a 12% increase since 2017
11% of the U.S. population has invested in a cryptocurrency
34,660,975 people have created a blockchain wallet, a number that has risen every quarter since 2016.
More info and source here
Taken together, its clear that crypto is making significant inroads at many levels of financial and technological space. And yet, obstacles remain to crypto investment markets becoming normative and broadly accepted. Even though cryptos are outperforming every other major investment vehicle in 2019, including stocks, bonds, gold, and oil, they remain a fringe industry.
What do you think is the real reason Crypto is not becoming Mainstream?
Whether its the unmistakable entrance of institutional investors into the crypto space or the fact that you can buy a latte with Bitcoin, cryptocurrencies are undoubtedly trending higher. Even Facebook, the worlds most popular social media platform, is entering the fray, introducing its cryptocurrency, Libra to its 2.5 billion users.
Consider these growth metrics for the crypto sector:
84% of respondents to a PwC executive survey are dabbling in cryptos underlying technology, the blockchain
89% of the U.S. population has heard of Bitcoin, a 12% increase since 2017
11% of the U.S. population has invested in a cryptocurrency
34,660,975 people have created a blockchain wallet, a number that has risen every quarter since 2016.
More info and source here
Taken together, its clear that crypto is making significant inroads at many levels of financial and technological space. And yet, obstacles remain to crypto investment markets becoming normative and broadly accepted. Even though cryptos are outperforming every other major investment vehicle in 2019, including stocks, bonds, gold, and oil, they remain a fringe industry.
What do you think is the real reason Crypto is not becoming Mainstream?
The main hurdle that the crypto-market is facing regarding mass adoption is mindless disruption. The main goal of many cryptocurrencies, or the most important ones at least, it to oust fiat currency. This greatly slows down its adoption rate since this order is for the most of us what grants our positions and enables us to express ourselves within society. We go to work within centralized organizations and get paid in currency that's locally governed and influenced, to be expended in centralized shops that are shaped by the local market. tearing that down will take a long time, if it can even be done. Integration and evolution of the current model is the key where a massive adoption rate lies.
What are the things differ from mindset of common man with investor,please share your thoughts.
IMO,investors never want to take loans for their consumption like home loan,car loan,etc then just save money and will buy the things for their needs but common man like you and me will buy the things immediately when we get the desire of it using loans but we are paying 20% of interest to those kind of loans.
IMO,investors never want to take loans for their consumption like home loan,car loan,etc then just save money and will buy the things for their needs but common man like you and me will buy the things immediately when we get the desire of it using loans but we are paying 20% of interest to those kind of loans.
The biggest difference between a common man (as you call it) and an investor is that one of them is fully dedicated to making his/her money produce more money. It's not a hobby or a side income, it's their main drive, they invest the time to research the avenues and opportunities, they develop a mindset and discipline that shapes their way of life and way of thinking. They can see a product or a business and not think about it from the consumer's point of view, bur from the entrepreneur and try to figure out how it was achieved under what market conditions and what, the presence of said product or business, means for the industry in order to assess the financial advantages or threats. Since they understand the market fluctuations in a deeper manner, they're purchase habits and payment method can differ greatly from the common man as well.
Establishment commentators tend to blame every financial crisis on the "bad luck" of a whole host of factors coming together to create a "perfect storm." What they "forget" is that the incentives of the modern system always drive the elites themselves to destabilize their own system. Not sometimes. Not most of the time. Always.
They will say that the 2007-8 crisis was a combination of the US banking deregulation of the 90s, the US political agenda of moving poor people into home ownership, the poor financial oversight by the George W. Bush administration, the 'global savings glut,' the existence of a shadow banking system in the US, the loose monetary policy in the aftermath of the dot com bust, etc. etc. All true. What they forget to mention is that, if it were not these factors, there would be others (stock buybacks anyone?) If it hadn't happened in 2007-8, it would have been later.
Only looking at the top of the world system, ie Britain in the 19th century and the US later, we can see that:
- There was a financial crisis in Britain roughly every 10 years from 1810 to the 1860s.
- The British Empire bought itself a couple decades by making gold the only money, and not silver. (Thereby making itself rich at the expense of silver countries -- not unlike what the US might be doing with crypto-currencies today.) But in 1890 a financial crisis in London made it necessary for the Bank of England to be bailed out by gold from other central banks, the first time in history.
- Soon after world-leader status was moved to the US, in 1929-31, the Great Depression started with a series of financial crises.
- Though the bloodshed of World War II bought a few decades of stability under the US, it was forced to renounce its promise to allow foreign governments to redeem every $35 for an ounce of gold, in 1971.
- The 1970s global crisis of confidence in the dollar forced the US to pay 20% interest on 30-year Treasuries by about 1980.
- The US stock market crashed in 2000. By 2002, the NASDAQ had lost 78% of its value at the peak.
- The entire world system teetered on the brink of collapse in 2008.
Remember that, we're only talking about the top of the world system, which is the most stable, by design. (Paper pound sterling in the 19th century and dollars in the 20th were the world's top reserve currencies of their day. Every effort is made to make other countries fail first -- e.g. the emerging markets crisis of today helps protect the value of US money and debt.) Further down the ladder, there were many more crises, plus conflicts and wars.
So the long view reveals the truth. And the truth is that you can't escape the perverse incentives that make individual members of the elites want to profit or prop up the system today by storing up even more trouble for future elites. These incentives come directly from the system's core nature of theft and deception.
If we listen to mainstream economists, the reason for recurring crises is that, for some reason, people just want to keep losing money. They keep chasing risky assets whose high values have nothing to do with being propped up by state-bank-elites. Right.
This system also punishes prudent people who put the most trust in its promises and its official narratives. But we have a long-term defense: buy gold, silver, and Bitcoin!
They will say that the 2007-8 crisis was a combination of the US banking deregulation of the 90s, the US political agenda of moving poor people into home ownership, the poor financial oversight by the George W. Bush administration, the 'global savings glut,' the existence of a shadow banking system in the US, the loose monetary policy in the aftermath of the dot com bust, etc. etc. All true. What they forget to mention is that, if it were not these factors, there would be others (stock buybacks anyone?) If it hadn't happened in 2007-8, it would have been later.
Only looking at the top of the world system, ie Britain in the 19th century and the US later, we can see that:
- There was a financial crisis in Britain roughly every 10 years from 1810 to the 1860s.
- The British Empire bought itself a couple decades by making gold the only money, and not silver. (Thereby making itself rich at the expense of silver countries -- not unlike what the US might be doing with crypto-currencies today.) But in 1890 a financial crisis in London made it necessary for the Bank of England to be bailed out by gold from other central banks, the first time in history.
- Soon after world-leader status was moved to the US, in 1929-31, the Great Depression started with a series of financial crises.
- Though the bloodshed of World War II bought a few decades of stability under the US, it was forced to renounce its promise to allow foreign governments to redeem every $35 for an ounce of gold, in 1971.
- The 1970s global crisis of confidence in the dollar forced the US to pay 20% interest on 30-year Treasuries by about 1980.
- The US stock market crashed in 2000. By 2002, the NASDAQ had lost 78% of its value at the peak.
- The entire world system teetered on the brink of collapse in 2008.
Remember that, we're only talking about the top of the world system, which is the most stable, by design. (Paper pound sterling in the 19th century and dollars in the 20th were the world's top reserve currencies of their day. Every effort is made to make other countries fail first -- e.g. the emerging markets crisis of today helps protect the value of US money and debt.) Further down the ladder, there were many more crises, plus conflicts and wars.
So the long view reveals the truth. And the truth is that you can't escape the perverse incentives that make individual members of the elites want to profit or prop up the system today by storing up even more trouble for future elites. These incentives come directly from the system's core nature of theft and deception.
If we listen to mainstream economists, the reason for recurring crises is that, for some reason, people just want to keep losing money. They keep chasing risky assets whose high values have nothing to do with being propped up by state-bank-elites. Right.
This system also punishes prudent people who put the most trust in its promises and its official narratives. But we have a long-term defense: buy gold, silver, and Bitcoin!
It's certain they'll come. A financial crisis is nothing more than a contraction due to a transitional period where the economy adapt itself to emerging and fading markets. The key to progress and survival is adaptability, staying relevant and being able to read the times helps a lot when figuring out next moves. Research, planning anticipation and assertive action can make a different when adapting investment portfolios or trading strategies to remain afloat during a bearish market and even during contractions. Right now, many would say that are some emerging markets and projects that have high probability to perform well, regardless of crisis, blockchain is poised to grow exponentially and venture capital is a necessity that won't die soon. There are opportunities for growth and improvement, that means value, which in turn, means profit.
Re: The New World Order with Crypto and Blockchain Technology
If a New World Order takes effect soon, do you think that all of the world's governments will make use of crypto and Blockchain technology to their fullest potential? Imagine if one world digital currency existed, where every single country makes use of it worldwide. Central Banks will act as nodes and miners of that digital currency, which is backed by the Blockchain. The single, unified Blockchain will prove to become highly scalable for the world, especially since it'll be extremely centralized.
By making use of Blockchain technology for everything, global control will be enforced as it's much easier to track every single transaction made worldwide. Those transactions will not only involve money, but also transfer of ownership, certificates of birth, driver's license, and other services within the global Blockchain system. This may sound crazy, but if you look at the current situation where many Banks and governments have become interested in the technology, it shows us that it will be implemented in every area worldwide within the not-so-distant future.
Nonetheless, what are your thoughts?
By making use of Blockchain technology for everything, global control will be enforced as it's much easier to track every single transaction made worldwide. Those transactions will not only involve money, but also transfer of ownership, certificates of birth, driver's license, and other services within the global Blockchain system. This may sound crazy, but if you look at the current situation where many Banks and governments have become interested in the technology, it shows us that it will be implemented in every area worldwide within the not-so-distant future.
Nonetheless, what are your thoughts?
There's no such a thing as a world order, there's only progress and its changes are always implemented in an organic way following the adoption curve. Having said that, global adoption for blockchain and crypto is quite certain, but is not necessarily beholden to being adopted by the current standard as a first step. When the internet appeared in the 90s, no one thought it would take, and as true to its form, progress just went on and the world had to get on board with it. So, an scenario where a global community around the use of blockchain and its many applications flourishes in parallel to the status quo and becomes so big it can't get ignored, forcing the status quo to adapt itself to it and participate, is more likely than progress just waiting for the current order to let itself happen.
The world economy keeps crashing with many incidence of inflation. What is happening at the moment is a clear indication of a world that has failed the minority. Although the underdeveloped countries could partly be blamed for the high inflation that exists in their respective economies. Would things turn around for good if underdeveloped countries start to add value to their natural resources themselves without selling to the countries with good economy?
As long as the world economic structures evolves around fiat money, which is basically created through debt, there's not a big chance to eradicate inflation. And then, you have the fact that you can't have everyone at the top at the same time. The world, and its economy as a consequence, it's not homogeneous, nor do we want it to be. The rise of some will always mean the fall of others, this happens as natural, even without a clear or direct intention behind. Blockchain and crypto can help on making things more balanced and instill new benefits accessible for every, which can have a general improvement. But there's simply no way to make all downsides disappear.
It's no secret that many governments and central banks worldwide have paid close attention to the development of Blockchain technology. The same promises to provide lower costs and greater efficiency than traditional systems. Bitcoin's success proves that Blockchain is extremely ideal for finance. Once governments start rolling in their own digital currencies, people could see a reduction in payment processor fees like never before. Not to mention, transactions will become blazing fast within a matter of seconds instead of days.
Which is why, it makes me wonder if the adoption of Blockchain technology for our current monetary system will trigger a massive boost in our economy? After all, Blockchain provides many benefits that are too hard to ignore for central banks and governments worldwide. Everything will be much cheaper and efficient than it used to be with the traditional monetary system of physical Fiat. What are your thoughts?
Which is why, it makes me wonder if the adoption of Blockchain technology for our current monetary system will trigger a massive boost in our economy? After all, Blockchain provides many benefits that are too hard to ignore for central banks and governments worldwide. Everything will be much cheaper and efficient than it used to be with the traditional monetary system of physical Fiat. What are your thoughts?
It certainly has the potential to do so. Speeding payment processes, automating auditory structures, etc. In summary, it'll boost cost-effectiveness, transaction speed and safety. The current problem any crypto project is facing right now is scalability and reach. The economy can only improve so much if the adoption volume still remains in a niche.
Imagine living your life without depending on Banks ever again. Using only cryptocurrencies such as Bitcoin or Ethereum, you can make your own income stream and use the coins earned to buy stuff from merchants who accept them. Every day, cryptocurrencies have been going closer towards full mainstream adoption. However, there are still some things which prevent crypto from being used over traditional payment systems we've been accustomed to for a long time.
Nonetheless, what's it like to live only on crypto instead central-bank issued fiat money?
Nonetheless, what's it like to live only on crypto instead central-bank issued fiat money?
Mass adoption of cryptocurrency is a matter of time, a question of when not if. The defining factor its the project. With the right project, achieving the right licensing, but more important, with the right ecosystem and digital asset can surely make that a reality. The pros of such a vision implies accessibility for everyone and a lack of regulatory or governing bodies for a lot of parts of the banking process due to blockchains automation. This is something well move towards organically and there will be an acclimation period (maybe over the course of a decade). The cons are the potential job losses that the automation process could produce. But progress is unstoppable and if the pros outweighs the cons for the majority, itll eventually become implemented. Sooner than later actually.
Re: For any crypto-coins to have long term future, you need an ecosystem around it
Bitcoin has prominent payment gateways such as Bitpay, secured wallet service such as BitGo, and hardware wallets such as Trenzos. We also saw prominent sites with APIs linking up with banks, a mature community such as localbitcoins and a list of merchants such as Dell have accepted Bitcoins as a currency. These are the ecosystem that make an entity successful.
We are looking at a repeat of business cycle here. We look at Paypal, eBay, and Amazon. These successful portals have successfully build an ecosystem around themselves, ranging from payment integration, online shopping, and they are almost one of the cornerstones of the internet and laid the foundation of e-commerce. Many small business entities have a business model that is tightly integrated around these internet giants. Even hobbyists who uses internet as a sideline source of income embraces Paypal and eBay for their needs.
Even Apple has successfully build a sphere of influence and many citizens depended on them for a living - we are talking about Apple Mac experts, Film makers who uses Final Cut and a new breed of Apple iOS developers. All of them depended on Apple for a living.
If we were to bring the same rational to the realm of cryptocurrencies, it is not likely any of the new coins (including Ether) is going to be successful in the near future unless there is an ecosystem around them. Building an ecosystem is unlike constructing a new building. It requires a vision and fulfillment of a need. So, if Bitcoin as a cryptocurrency is able to fulfill this need, where will other coins stand?
We are looking at a repeat of business cycle here. We look at Paypal, eBay, and Amazon. These successful portals have successfully build an ecosystem around themselves, ranging from payment integration, online shopping, and they are almost one of the cornerstones of the internet and laid the foundation of e-commerce. Many small business entities have a business model that is tightly integrated around these internet giants. Even hobbyists who uses internet as a sideline source of income embraces Paypal and eBay for their needs.
Even Apple has successfully build a sphere of influence and many citizens depended on them for a living - we are talking about Apple Mac experts, Film makers who uses Final Cut and a new breed of Apple iOS developers. All of them depended on Apple for a living.
If we were to bring the same rational to the realm of cryptocurrencies, it is not likely any of the new coins (including Ether) is going to be successful in the near future unless there is an ecosystem around them. Building an ecosystem is unlike constructing a new building. It requires a vision and fulfillment of a need. So, if Bitcoin as a cryptocurrency is able to fulfill this need, where will other coins stand?
Effectively, an ecosystem is needed to make the crypto-asset successful. Most successful portals have prevailed by building an ecosystem that backs-up around themselves, thereby ensuring that trustworthy data can be provided to interested parties who want to audit the system. Its like having a sphere of influence that will serve as the eyes of the many nodes functioning.
Re: Do we Care About Transparency? How an Exchange Just Proved its Solvency.
https://beyondbitcoin.org/poloniex-proves-its-solvency-on-the-bitshares-blockchain/
Poloniex just proved us they don't run a fractional reserve for BitShares at least. What if the exchange you used could do this for whatever coins/assets you hold? Wouldn't you feel more safe and have more trust on their service?
Other exchanges can do the same. There are currently a few projects and exchanges working with OpenLedger to bring a better service to their costumers, this includes speed, safety, more market depth and overall performance.
Wouldn't you like if exchanges were more transparent and you could own the private keys to your funds? More info here if you're interested:
http://www.forbes.com/sites/rogeraitken/2015/10/10/openledgers-crypto-financial-platform-officially-launching-as-central-bank-interest-revealed/
https://openledger.info/
Now, will other exchanges follow?
Poloniex just proved us they don't run a fractional reserve for BitShares at least. What if the exchange you used could do this for whatever coins/assets you hold? Wouldn't you feel more safe and have more trust on their service?
Other exchanges can do the same. There are currently a few projects and exchanges working with OpenLedger to bring a better service to their costumers, this includes speed, safety, more market depth and overall performance.
Wouldn't you like if exchanges were more transparent and you could own the private keys to your funds? More info here if you're interested:
http://www.forbes.com/sites/rogeraitken/2015/10/10/openledgers-crypto-financial-platform-officially-launching-as-central-bank-interest-revealed/
https://openledger.info/
Now, will other exchanges follow?
Many exchanges claim to be the most transparent, but unfortunately, theres no single one-fits-all to this. Ideally, the crypto-asset must need to have an integration plan with several exchanges with adequate information about its commercial purposes, in this way it will be possible for users to easily transact with it without compromising their security. After this, market prices will be the determining factor on the crypto-asset price without interference or manipulation.
I don't know if you use Bitcoin debit cards but to my opinion there is serious lack of their providers in the market. In one moment we had a flood of such cards that appeared (Xapo, Advcash, Mistertango, Wirex) and when Visa pulled back their services many gave up permanently.
Now I think that only Wirex has a properly working card.
To my opinion there are many users interested in crypto debit cards services but still there are no new providers appearing at the market. What do you think that is reason for that and will that change in the future?
Now I think that only Wirex has a properly working card.
To my opinion there are many users interested in crypto debit cards services but still there are no new providers appearing at the market. What do you think that is reason for that and will that change in the future?
There are probably more debit cards available and Wirex is definitely not the only one, but you're right on the issue.
The problem isn't a lack of bitcoin debit card providers per se, though. There is a lack of anonymous debit cards that could previously be used without any verification, and now, every single provider requires you to provide at least basic ID before you are able to use their services.
There isn't really nothing that could be done though, because this stems from a) the tightening of regulations which increase barriers for entry for prospective providers and b) the tightening of policies from corporations like Wavecrest in the past that has limited certain services from being able to be provided. You just got to make do with what you've got, or simply convert your BTC into fiat every now and then.
The problem is not the lack of debit card providers per se, there is a lack of debit card that can be used without any verification. Ideally, each provider must provide an ID to use the services. This issue is also solvable if emerging companies consider that an ecosystem would make this process easier. Within the ecosystem, a franchise model must provide the banking-like service to solve the liquidity problem in addition to being who supports the debit card issuance and security in partnership with something akin to Visa or MasterCard.
The Cryptassist Debit Card
cryptassist (36) in cryptassist 5 days ago
With the Cryptassist aim to make crypto simple and useful for everyone in everyday life an innovative debit card will be available.
Members will be able to use the top 50 cryptocurrencies to refill their debit card. The crypto will conveniently be converted to fiat and credited to an exclusive prepaid debit card. The debit card may be used as any other debit card, anywhere that Visa or MasterCard is accepted, at ATMs around the world and for online and offline purchases.
The Cryptassist debit card is a unique opportunity for users, with a premium design and all the features users expect of a debit card.
Crypto-assets integration into the real world has been a huge challenge. There are many similar crypto debit card projects but no implementation has been seen yet. Ideally, they should be used in everyday life and to accomplish that, the platform that back-up the crypto-asset must allow purchases in any currency, and beyond that, must also provide support to merchants from virtual and physical stores, this is the only way that card compromise issues could be eradicated.
Is KYC is benefit to crypto people or not. what are the advantages and disadvantages of doing KYC.
Universal money and Anonymous is the biggest strength of btc BTC, now every country follows KYC and then it can be controlled by someone.
Now KYC is trend in crypto market.....
Universal money and Anonymous is the biggest strength of btc BTC, now every country follows KYC and then it can be controlled by someone.
Now KYC is trend in crypto market.....
KYC in some cases defies blockchains whole purpose of anonymous trade, which is one of its principles. Theres also the risk of exposing your personal information, if the website security platform is lacking. But even if KYC kills anonymity and by proxy decentralization, it has its advantages; for instance, you have less chance to get scammed since you're trading with a "real person" and the platform you're using is backing the trade. Also, said platform would know who you are, thus making it easier when you need to solve a problem.
I think it's a matter of risk versus benefit. KYC can be beneficial for trading, and it wouldn't represent an inherent risk if handled correctly.
BBC recently did a interview around the volatility of cryptocurrencies. I think we are still so early in this industry but I would love to know your thoughts about where we are going and how you think the landscape will change.
People in the podcast include:
Marc Warne, Founder, Bittylicious
Jemima Kelly, reporter, FT Alphaville
Dave Jevans, CEO, CipherTrace
https://www.bbc.co.uk/sounds/play/m000676m
People in the podcast include:
Marc Warne, Founder, Bittylicious
Jemima Kelly, reporter, FT Alphaville
Dave Jevans, CEO, CipherTrace
https://www.bbc.co.uk/sounds/play/m000676m
Even when crypto is highly volatile, and therefore risky, it doesn't mean it's necessarily a downside aspect of it. This aspect is actually quite convenient if your objective is to turn into a crypto trader. The volatile fluctuation it's what makes it an effective trading asset allowing you to buy low and sell high if you follow the market closely and exercise a correct timing. Besides in cryptos case the volatility isn't manipulated by a single elite and privileged group, like what you have in oil investments, this volatility is influenced by many factors and players, but its also resulting of the trading in itself.
So with how much bitcoin and all the altcoins are down, is it even possible for any trader to make any money? Example let say this. You buy btc at a very low price due to these dips. Now you could either keep btc or buy altcoins with it. Now the market goes down every single day. First off, does anyone know if btc or any altcoins ever have a day where the prices drop every single hour? Or is that impossible?
Anyways, with how much all the coins are dropping, is it even possible for any trader to make money on days or weeks like this? Im thinking its only possible if they make sure they sell it at the right hour and minute etc in order to profit. But of course if they are down almost all day, how is it even possible for anyone to make any money? Sure when the market goes back up in a while, and the price gets higher than they bought it at and now they sell, the profit. However, the same ppl who hold the coins will profit as well.
Because doesn't it seem like there is no skill involved at all it seems? Because if the market is down for a long time, what percentage of traders are even making any money when the market is down? Of course if you got a coin at like 10 cents a long time ago and then it went to 5 dollars... and now because of this.. its now down to say 1 dollar, well you are still up money if you sell it now. But the same ppl who got this coin probably got it at over 3 dollars and lost a huge percentage of its value.
So is it true almost everyone loses money when the market is down? And almost everyone makes money when the market is up? Because if btc goes up, the alts follow. BTC drops, everything follows. Its like there is zero skill at all almost. Such that yes when it goes up, some altcoins might go up higher than others. Also why do certain very good altcoins drop when btc drop if that project is very good etc? Yes i know you need btc to get that coin and vice versa but its like its either everyone wins or everyone loses.
So right now market is down a lot especially for those who bought not that long ago. So where is the skill here? Its basically when to sell and when to buy right? However, when market is down like this, who is damn making any money? Because isn't almost everyone losing money? The only ppl that i could see that likes this huge dip are those that have usd/usdt ready and picking when to buy. Of course they could have waited till btc was 8k and thought great i buy now or buy alts and each of these already lost a lot already.
Who is making any money now when the market is down? The ppl who are selling? Surely not since the price they sell now is much less than before. Also just curious but does this apply to stocks and forex trading as well? I know that well stock market goes up, doesn't almost all the stocks all go up it seems? The same can be said of forex or am i wrong here? I only know forex is money trading with different currencies etc. Because when you look at other things like poker or sportsbetting... someone is winning and someone is losing. Also to anyone that bets sports or knows about sports, you might hear how all the wise guys are losing money. Wise guys are sophisticated sharp bettors that are much smarter than your average joe. That average joe most likely bets very square picks... meaning like obvious public teams etc. However, the thing is the public does win. And when they do that, sportsbook would lose money. But usually they get it back and the average joe loses it back betting very public plays and the sophisticated bettors aka sharps win again. However, i heard of sharps having really bad seasons etc.
So based on that, doesn't it seem like crypto trading is basically everyone wins or everyone loses? Because in sportsbetting, yes the house does win and they house could also have a losing streak. But eventually they win back the average joes money. But if the average joe gets lucky and goes on a huge run whether betting favorites or underdogs or whatnot, its possible for him to win for a long time or lose for a long time. Also let say you have a few players who are sharp sportsbettors and a few average joes. Well if the sharp guys are winning, most likely the average joes are losing. If the sharp guys are losing, average joes are most likely winning. I say this because they usually play opposite plays most of the time. But no matter what, someone has to win. Whether its the sportsbook or the bettor. Also in sportsbetting, there is something called live betting where its like trading. Basically you can bet on either side while the game is going on when odds change always etc. But when you live bet, if one player bets this team while another player bets another team... remember each of these players are betting against the sportsbook, one player will win... the other loses. Thus that is where the skill comes in. So does anyone here feel like the market dictating winning or losing is just stupid? I mean if market is down, who is making any money? Its like ppl say when there is a bull market, everyone thinks they are a genius. Well if its a bull market, the only thing you have to think about is okay i will buy btc but should i exchange it for altcoin or not and which one.
Anyone here have thoughts or opinions on this? I got excited about cryptocurrency and trading and wanted to do it. But now when i look at it, its basically look at the market. There doesn't seem to be any skill in it. Can anyone here correct me with any of my statements especially if i made any especially in sportsbetting? Thanks.
Anyways, with how much all the coins are dropping, is it even possible for any trader to make money on days or weeks like this? Im thinking its only possible if they make sure they sell it at the right hour and minute etc in order to profit. But of course if they are down almost all day, how is it even possible for anyone to make any money? Sure when the market goes back up in a while, and the price gets higher than they bought it at and now they sell, the profit. However, the same ppl who hold the coins will profit as well.
Because doesn't it seem like there is no skill involved at all it seems? Because if the market is down for a long time, what percentage of traders are even making any money when the market is down? Of course if you got a coin at like 10 cents a long time ago and then it went to 5 dollars... and now because of this.. its now down to say 1 dollar, well you are still up money if you sell it now. But the same ppl who got this coin probably got it at over 3 dollars and lost a huge percentage of its value.
So is it true almost everyone loses money when the market is down? And almost everyone makes money when the market is up? Because if btc goes up, the alts follow. BTC drops, everything follows. Its like there is zero skill at all almost. Such that yes when it goes up, some altcoins might go up higher than others. Also why do certain very good altcoins drop when btc drop if that project is very good etc? Yes i know you need btc to get that coin and vice versa but its like its either everyone wins or everyone loses.
So right now market is down a lot especially for those who bought not that long ago. So where is the skill here? Its basically when to sell and when to buy right? However, when market is down like this, who is damn making any money? Because isn't almost everyone losing money? The only ppl that i could see that likes this huge dip are those that have usd/usdt ready and picking when to buy. Of course they could have waited till btc was 8k and thought great i buy now or buy alts and each of these already lost a lot already.
Who is making any money now when the market is down? The ppl who are selling? Surely not since the price they sell now is much less than before. Also just curious but does this apply to stocks and forex trading as well? I know that well stock market goes up, doesn't almost all the stocks all go up it seems? The same can be said of forex or am i wrong here? I only know forex is money trading with different currencies etc. Because when you look at other things like poker or sportsbetting... someone is winning and someone is losing. Also to anyone that bets sports or knows about sports, you might hear how all the wise guys are losing money. Wise guys are sophisticated sharp bettors that are much smarter than your average joe. That average joe most likely bets very square picks... meaning like obvious public teams etc. However, the thing is the public does win. And when they do that, sportsbook would lose money. But usually they get it back and the average joe loses it back betting very public plays and the sophisticated bettors aka sharps win again. However, i heard of sharps having really bad seasons etc.
So based on that, doesn't it seem like crypto trading is basically everyone wins or everyone loses? Because in sportsbetting, yes the house does win and they house could also have a losing streak. But eventually they win back the average joes money. But if the average joe gets lucky and goes on a huge run whether betting favorites or underdogs or whatnot, its possible for him to win for a long time or lose for a long time. Also let say you have a few players who are sharp sportsbettors and a few average joes. Well if the sharp guys are winning, most likely the average joes are losing. If the sharp guys are losing, average joes are most likely winning. I say this because they usually play opposite plays most of the time. But no matter what, someone has to win. Whether its the sportsbook or the bettor. Also in sportsbetting, there is something called live betting where its like trading. Basically you can bet on either side while the game is going on when odds change always etc. But when you live bet, if one player bets this team while another player bets another team... remember each of these players are betting against the sportsbook, one player will win... the other loses. Thus that is where the skill comes in. So does anyone here feel like the market dictating winning or losing is just stupid? I mean if market is down, who is making any money? Its like ppl say when there is a bull market, everyone thinks they are a genius. Well if its a bull market, the only thing you have to think about is okay i will buy btc but should i exchange it for altcoin or not and which one.
Anyone here have thoughts or opinions on this? I got excited about cryptocurrency and trading and wanted to do it. But now when i look at it, its basically look at the market. There doesn't seem to be any skill in it. Can anyone here correct me with any of my statements especially if i made any especially in sportsbetting? Thanks.
It depends on what strategy you're using to avoid a possible market crash fallout. Some investors can actually turn profits during a bearish market instead of losses. You always need to choose your investments wisely; on the crypto market you should have a trade plan and follow the market closely, since timing is crucial here to turn profits and keep your capital in green.
Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.
Fiat and crypto should coexist. Maybe not governments but a lot of people are prepared to embrace crypto and fiat simultaneously. To move completely to crypto certain conditions must be met, like ensure internet access to anyone from anywhere in the world. Sadly, this is still an unrealistic proposition and many people without an internet connection wouldn't be able to pay or make transactions at all.
bitcoin is being used in so many places throughout the world but it can be so much more. It's obvious that there are so many freelancers in every country. Firms, companies, startups etc.. have a limitation that they can hire freelancers only from their country since they can pay them only in their native currency to avoid hassle of exchange. But if firms, companies, startups etc.. start using bitcoin as a payment method to hire freelancers then there will be so many opportunities for the freelancers since they can get work from anywhere in the world. I don't know why has this not become a huge thing until now. This could really change the life of freelancers and give a better end result/product to the company they are working for.
Cryptocurrencies are the perfect replacement for wire transfer and remittance payments for freelancers around the world. You, as a company, could pay people overseas without all the exchange fees and process. Just like sending a payment by remittance but easier. Freelancers should be embracing crypto payments since at the same time they have a chance to own an investment that may also increase its value, can be turned into fiat currency fairly easily and a way to save money too.
Since many people try to convince us that Bitcoin is a bubble and how we will lose our money eventually, I wonder if money is not a bubble actually. There exist economies in which money has a positive value in spite its market fundamental is zero. That means fiat money has zero value. Fiat money is a social contrivance. We take money from other people because we know other people will take it from us. In theory and practice the fiat money is a bubble.
The thing is that every currency eventually will bring forth bubbles. With fiat currency, you have a higher chance of this happening due to its unlimited supply, and even more so, when their value is derived from factors such as the stability of the issuing government. On the other hand, and although it´s not immune to bubbles, currency tied to commodities tends to be much more stable due to their limited supply. So, you can say that fiat currency still has a perception-based value, since its valid due to a necessity of keeping the current economic system wheel going, and that it can create bubbles that depending on the country they eventually burst...