61–70 of 122 posts
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Mining operations can convert Chinese electricity into bitcoin. So use RMB to purchase electricity for mining bitcoin, convert mined bitcoin to currency outside of China (or sell for RMB to someone that wants to do that and use RMB to buy electricity to mine more bitcoin).
Aren't the bitcoin miners in China siphoning electricity off the grid for free?
In 2013, China's government declared Bitcoin to be illegal, and Bitcoin crashed from $1,200 to $425. I figured that it would be impossible for Bitcoin to succeed if China outlawed it, so I sold my Bitcoins at $425. I think I was the low trade. Now Bitcoin is at more than ten times that level. Let that story inform your decision making now.
Low trade was $220, and I think that price was late 2015. There was plenty of time to get back in.
Warning: Site has autoplaying video. What's HN's criteria on the [video] tag, is it appropriate for links which include a large auto-playing video, but also contain article text? Or is it reserved for content which is exclusively in video format?
Aren't ICOs more of an altcoin phenomenon? How does this impact upon Bitcoin? To me It looked like Bitcoin just bounced off a psychological ceiling at 5000USD. It has done this with various round number levels in the past. It makes a bit of sense if you consider people are inclined to think something like "I'll sell when it reaches $5000" There also seems to be a tendancy to use evocative language (collapse,tumble,co…
People don't buy and sell ICO tokens with fiat, they do it with bitcoins. If a bunch of people want to sell their ICO tokens for fiat, they first end up with a bunch of bitcoins, and then they need to sell bitcoins for fiat. This pushes the price of bitcoins in fiat down. It's a temporary phenomenon, but the price going down can make the price fall farther, because there are a bunch of amateur traders who think it's…
professional traders and asset managers do this exact same thing.
In 2013, China's government declared Bitcoin to be illegal, and Bitcoin crashed from $1,200 to $425. I figured that it would be impossible for Bitcoin to succeed if China outlawed it, so I sold my Bitcoins at $425. I think I was the low trade. Now Bitcoin is at more than ten times that level. Let that story inform your decision making now.
Low trade was $220, and I think that price was late 2015. There was plenty of time to get back in.
Earlier quoted context omitted.
It is an alternative coin. Hence "altcoin."
I think of blockchain currency as coins and currency issued by a blockchain as tokens (i.e. ERC20).
Earlier quoted context omitted.
I think of blockchain currency as coins and currency issued by a blockchain as tokens (i.e. ERC20).
There's no fundamental difference. Currently there are implementation differences but those will go away. Eventually Ether will be ERC20 compliant.
Citation?
Ether is privileged on Ethereum. It's what mining gets you, it's what transaction fees are paid in, if proof-of-stake comes around, it will be what's staked, and any transaction can include some. I don't expect any of these to change.
You offered it without any promise and they buy it. You sell it all so the price goes down and those buyers lost the value.
Stock has a lot of regulation based from the many fraud cases. ICO backed by digital currency doesn't have regulation so it's like 15th century when the concept of stock appears without any regulation all over again.
Resulting a lot of abuse and fraud.
Long term, having some governmental oversight is key to the mainstream success of cryptocurrency. While this may make the ride bumpier, I'm happy that China has decided to setup some regulation around ICOs, mostly impacting scammers and fraudsters. My only concern is this regulation takes a while to figure out and this kills some momentum.