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Bitcoin dropping after BTC China said it is closing

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Re: Bitcoin dropping after BTC China said it is closing

#81

Post by paxpelus »

oldsklgdfth wrote: post #35
dna_polymerase wrote: post #27

Earlier quoted context omitted.

1. Buy coins. 2. Shut the fuck up about "signals" and "trading" 3. Build cool apps around the crypto ecosystem 4. See more and more people using cryptocurrencies 5. profit

What kind of apps can be built in the crypto ecosystem?

All kind of apps that can be built utilizing the power of fiat currency. Example 1: I can build a blog and start accepting donations in cryptocurrencies - same goes for online games etc.

Example 2: I can utilize the blockchain to proof authenticity of a document, image, sound, will, legal document etc.

Example 3: Filecoin, Siacoin, Storj - P2P file hosting

Example 4: Aragon - Decentralized trust-less companies - Test their alpha version - it seems the solution on the governance of open source apps

Example 5: Decentralized exchanges - check etherdelta.

The above are just really basic examples - we are still in a really premature phase. The whole point of cryptocurrencies is that I can trust and exchange labor, money or whatever with anyone worldwide without me even knowing them.

The worldwide economic crashes were the result of people trusting 3rd parties such as banks, investment firms etc. This problem can be solved.

Re: Bitcoin dropping after BTC China said it is closing

#82

Post by lloyd-christmas »

dna_polymerase wrote: post #14
paxpelus wrote: post #9

Earlier quoted context omitted.

I got some ETH at $230-$240 range but it would not surprise me if we see a $170-$180 range (next resistance level) the next hours.

Resistance level? It's 2017 and you still believe technical analysis BS?

Resistance levels do exist in reality, but things don't bounce off whole numbers because "magic". They bounce becomes humans are human and place their bids and offers at those whole numbers. That being said, I'd be looking at those bids and offers, not the chart.

Re: Bitcoin dropping after BTC China said it is closing

#83

Post by tryingagainbro »

davidbeep wrote: post #71

China not loving bitcoin and not being onboard isn't news. A communist government not agreeing with a decentralized currency shouldn't come as a surprise. Speculators who invest should understand that clearly, and not go into panic when China makes decisions that are very China-like. The good news is that it's a perfect time to buy more bitcoin and ether at a discounted price.

>> The good news is that it's a perfect time to buy more bitcoin and ether at a discounted price.

Why is it discounted? Did their PE drop or what? I mean, why????

Re: Bitcoin dropping after BTC China said it is closing

#84

Post by thephyber »

oldsklgdfth wrote: post #35
dna_polymerase wrote: post #27

Earlier quoted context omitted.

1. Buy coins. 2. Shut the fuck up about "signals" and "trading" 3. Build cool apps around the crypto ecosystem 4. See more and more people using cryptocurrencies 5. profit

What kind of apps can be built in the crypto ecosystem?

"21" has a framework to assist it and a handful of developers have already built apps:

https://21.co/mkt/

Re: Bitcoin dropping after BTC China said it is closing

#85

Post by Klathmon »

Udik wrote: post #74
1ba9115454 wrote: post #61

Earlier quoted context omitted.

The price would drop for sure. But the network would still survice.

The network would survive with a vastly reduced number of miners. But at that point it would become feasible for a state actor to wage a 50% attack against it and kill it for good? It didn't happen before because bitcoin was just a geeky curiosity; now that it's been proved to move real money, it has become a possibility.

Well in a bit of an ironic twist, because ASICs that are used for Bitcoin are kind of worthless without it, Bitcoin should continue to have enough value to run those miners at cost in some low electricity areas (assuming it doesn't entirely go under).

With a GPU mineable currency, if it crashes and becomes "unprofitable" to mine, people with GPUs can just use them for something else and the currency can die entirely.

So 50% attacks are still difficult because unless bitcoin becomes almost entirely worthless (at which point a 50% attack is kind of pointless), there is still just as much hashing power sitting around waiting to be turned on when it becomes profitable. Power that can't really be repurposed, so it's not really going anywhere.

Re: Bitcoin dropping after BTC China said it is closing

#86

Post by snissn »

Udik wrote: post #74
1ba9115454 wrote: post #61

Earlier quoted context omitted.

The price would drop for sure. But the network would still survice.

The network would survive with a vastly reduced number of miners. But at that point it would become feasible for a state actor to wage a 50% attack against it and kill it for good? It didn't happen before because bitcoin was just a geeky curiosity; now that it's been proved to move real money, it has become a possibility.

It would be interesting to talk through that threat model, I think the over all network can be much more resilient to that sort of sustained attack than you're presuming.

Re: Bitcoin dropping after BTC China said it is closing

#87

Post by raesene6 »

It would seem that if China shuts down domestic Bitcoin exchanges that could have quite a big impact on the network as it could make the position of miners in china difficult.

Looking at articles like (https://www.buybitcoinworldwide.com/mining/china/) ~70% of all mining power is handled by China based groups, so it'd be a big change for that to be removed...

Re: Bitcoin dropping after BTC China said it is closing

#88

Post by nooron »

davidbeep wrote: post #71

China not loving bitcoin and not being onboard isn't news. A communist government not agreeing with a decentralized currency shouldn't come as a surprise. Speculators who invest should understand that clearly, and not go into panic when China makes decisions that are very China-like. The good news is that it's a perfect time to buy more bitcoin and ether at a discounted price.

It has less to do with China's theoretical alignment ("communism") as it does with the challenges to state financial controls, and in turn, China's economic model, that bitcoin poses. Bitcoin is a very useful tool for evading financial and capital controls, which is problematic for an economy with a) rich people trying to cash out and b) a growth model dependent on policies that artificially increase savings rates while minimizing the number of places regular folks can store their wealth.

Basically, China wants artificially high savings rates and for people to keep their cash in state-connected banks, which keeps the supply of money for investment high, because this is baked into their growth model. Bitcoin undermines that.

Re: Bitcoin dropping after BTC China said it is closing

#89

Post by thephyber »

econner wrote: post #63
forestjc wrote: post #62

There are 3 major exchanges in china: BTC China, Huobi and OkCoin. Only BTCC allow ICO trading and it's the only one closing. Maybe it's related to the ICO ban from last week and nothing to do with bitcoin

Bloomberg is saying China plans to ban trading of bitcoin on all domestic exchanges. https://www.bloomberg.com/news/articles/2017-09-14/bitcoin-t...

If that's how Chinese exchanges interpret it also, this will have a huge impact on some of the largest miners and mining hardware companies (lie BitMain).

Re: Bitcoin dropping after BTC China said it is closing

#90

Post by baldfat »

raesene6 wrote: post #87

It would seem that if China shuts down domestic Bitcoin exchanges that could have quite a big impact on the network as it could make the position of miners in china difficult. Looking at articles like ( https://www.buybitcoinworldwide.com/mining/china/ ) ~70% of all mining power is handled by China based groups, so it'd be a big change for that to be removed...

So does that mean AMD is about to lose their number one customers? China has almost a monopoly on mining due to access to low to no cost electricity. The miners preferred AMD Graphic cards and make AMD cards hundreds of dollars more valuable on EBay.

https://www.pcworld.com/article/3199257/components-graphics/...

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