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Author Topic: Will cryptocurrencies like Bitcoin ever gain mass adoption?  (Read 33870 times)

Online oportunis

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #180 on: January 17, 2019, 02:03:50 PM »
What line of code can do it? Explain, so I can check... If it would be possible I think somebody would have done it...

The 51% attack is the only threat that is possible for POW altcoins, but on a side note, there are plenty of POS altcoins and 51% attack is not possible there unless you are willing to spend trillions to gather 51% of specific altcoin supply.

Even if crypto becomes illegal you cannot stop it. It will always have support from those who do not like to be controlled by a central governed body. In worst case it will be used in black market, but it will stay here no matter what regulators or governments decide.  In that case yes BTC can drop to 100$, but the reality of this happening in near future is low. Institutions are buying over the counter, so there must be some reason for it. In my opinion, it will go over 20k before this happens. Then I might consider crypto starts downfall as regulators and governments decide it is enough of anarchy out there. Once they got rich from it of course ;)

Crypto was a geek sport till 2016 than institutions started to join, now it's Wallstreet, so until all of them get rich I think crypto is safe.

Online Humble Trader's Fx

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #181 on: January 17, 2019, 05:38:41 PM »
What line of code can do it? Explain, so I can check... If it would be possible I think somebody would have done it...

The 51% attack is the only threat that is possible for POW altcoins, but on a side note, there are plenty of POS altcoins and 51% attack is not possible there unless you are willing to spend trillions to gather 51% of specific altcoin supply.

Even if crypto becomes illegal you cannot stop it. It will always have support from those who do not like to be controlled by a central governed body. In worst case it will be used in black market, but it will stay here no matter what regulators or governments decide.  In that case yes BTC can drop to 100$, but the reality of this happening in near future is low. Institutions are buying over the counter, so there must be some reason for it. In my opinion, it will go over 20k before this happens. Then I might consider crypto starts downfall as regulators and governments decide it is enough of anarchy out there. Once they got rich from it of course ;)

Crypto was a geek sport till 2016 than institutions started to join, now it's Wallstreet, so until all of them get rich I think crypto is safe.

You make some reasonable assumptions (a) Most certainly anyone who wants to be part of the underworld and take such high risks "might" be interested in cryptos but then again, if they do participate in money laundering in whatever form, you would not be able to post here, just as someone would not dare mention that they own so many kilos of cocaine. (b) Do you think that the Jeff Bezos, Elon Musk, Tim Cook and others who are investing billions on mining asteroids in space, (Tangible materials) are naive to using cryptos to enhance their wealth?

No, cryptos is a fad for dreamers, who can't afford a lottery ticket let alone know where to invest their money. I'll have to give you a point however that as a trader, knowing fools gold, you might be able to play the market of fools and make some "real money"  but that is another instance of being market savvy. ;)


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HumbleTrader
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Offline Eliza Abrams

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #182 on: January 22, 2019, 02:45:50 PM »
The European Securities and Markets Authority (ESMA) has identified certain gaps and issues in the existing EU financial regulatory framework for cryptocurrencies and considers that further measures need to be taken in the sector to ensure investor protection. This became clear from ESMAs Advice to EU Institutions (Commission, Council and Parliament) on initial coin offerings and crypto-assets that was published recently.

ESMAs move comes as a result its cooperation with National Competent Authorities (NCAs) of EU Member States on analyzing the business models of crypto-assets, the risks involved and potential benefits that they may introduce, in the context of the existing regulatory framework.

The document published outlines two main problems with cryptocurrencies.

Online Humble Trader's Fx

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #183 on: February 11, 2019, 03:08:53 PM »
He just wanted a secure way to transfer his savings. :'(

https://www.bloomberg.com/news/articles/2019-02-09/software-engineer-loses-life-savings-in-quadriga-imbroglio

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Offline reinerh

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #184 on: February 11, 2019, 03:24:47 PM »
He just wanted a secure way to transfer his savings. :'(

https://www.bloomberg.com/news/articles/2019-02-09/software-engineer-loses-life-savings-in-quadriga-imbroglio

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HumbleTrader

yeah i read that yesterday, what a mooron. never heard of a wire transfer...................

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #185 on: February 11, 2019, 09:34:00 PM »
He just wanted a secure way to transfer his savings. :'(

https://www.bloomberg.com/news/articles/2019-02-09/software-engineer-loses-life-savings-in-quadriga-imbroglio

Regards,

HumbleTrader

yeah i read that yesterday, what a mooron. never heard of a wire transfer...................

You are soooo.. old fashion; where is the excitement in that? If you want the thrill of your life, go where the fashion trends..BTC's of course.  ;)  :P


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HumbleTrader
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Offline drunkfx

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #186 on: February 12, 2019, 10:38:21 AM »
He just wanted a secure way to transfer his savings. :'(

https://www.bloomberg.com/news/articles/2019-02-09/software-engineer-loses-life-savings-in-quadriga-imbroglio

Regards,

HumbleTrader

yeah i read that yesterday, what a mooron. never heard of a wire transfer...................

Nah he wanted to save up on costs, probably avoid taxes etc. It may be costly to transfer these money abroad probably 1K or more for fees. Making it through exchange would be cheaper but riskier. Less fees more risk everything is fair.

Online Nasdaq100

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #187 on: February 12, 2019, 10:56:47 AM »
He just wanted a secure way to transfer his savings. :'(

https://www.bloomberg.com/news/articles/2019-02-09/software-engineer-loses-life-savings-in-quadriga-imbroglio

Regards,

HumbleTrader

yeah i read that yesterday, what a mooron. never heard of a wire transfer...................

Nah he wanted to save up on costs, probably avoid taxes etc. It may be costly to transfer these money abroad probably 1K or more for fees. Making it through exchange would be cheaper but riskier. Less fees more risk everything is fair.

I disagree, he should have had tested with a smaller portion first. instead of putting all his life savings at once.

Offline Eliza Abrams

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #188 on: February 12, 2019, 02:32:41 PM »
I don't get people investing everything they have in a single thing. Have they ever heard of diversification?

Online Humble Trader's Fx

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #189 on: February 12, 2019, 02:37:42 PM »
I don't get people investing everything they have in a single thing. Have they ever heard of diversification?

That's just it, he wasn't looking to invest,  just trying to transfer his money from one jurisdiction (USA) to another (Canada) but I guess he was out to prove as a "Mr. Knowhow" programmer, how efficient and safe the crypto world is. Now he knows!  :'(


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HumbleTrader
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Online oportunis

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #190 on: February 13, 2019, 11:35:43 AM »
for transfer, he could use any top crypto exchange. Bittrex, Poloniex, Kraken, Bitstamp... He could use XRP the cost would be under cent and he would get funds in seconds. Or any other crypo, the cost would be max few cents or in case of BTC few dollars if he wanted a fast transfer. Or if he wouldn't want to risk price fluctuation he could use stable coin like USDT, USDC... The ratio is 1:1. Than convert crypto to FIAT and send funds to his bank...

Why he didn't use top exchanges? He can add as many bank accounts as he wants... I have 3 bank accounts from different countries listed on the same exchanges and no problems, but they are all in EU. He would just deposit FIAT from USA bank and withdraw to a Canadian bank, no need to buy crypto even or maybe in case they denied he would buy USDT hold it for 1h and sell it back to USD...
« Last Edit: February 13, 2019, 11:42:14 AM by oportunis »

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #191 on: February 13, 2019, 12:36:04 PM »
for transfer, he could use any top crypto exchange. Bittrex, Poloniex, Kraken, Bitstamp... He could use XRP the cost would be under cent and he would get funds in seconds. Or any other crypo, the cost would be max few cents or in case of BTC few dollars if he wanted a fast transfer. Or if he wouldn't want to risk price fluctuation he could use stable coin like USDT, USDC... The ratio is 1:1. Than convert crypto to FIAT and send funds to his bank...

Why he didn't use top exchanges? He can add as many bank accounts as he wants... I have 3 bank accounts from different countries listed on the same exchanges and no problems, but they are all in EU. He would just deposit FIAT from USA bank and withdraw to a Canadian bank, no need to buy crypto even or maybe in case they denied he would buy USDT hold it for 1h and sell it back to USD...


"You have bank accounts", you mean those silly "government secured accounts", backed by an insurance of funds up to a certain amount; of all the "more secure" exchanges you listed, which one guarantees your funds up to a certain amount?  ???

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HumbleTrader
« Last Edit: February 13, 2019, 12:39:14 PM by Humble Trader's Fx »
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Offline reinerh

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #192 on: February 13, 2019, 01:22:04 PM »

humble,

you need to read up on bail ins.

thats whats coming in the next crash, and you can kiss your bank guarantee goodbye.

only what you can hold physically in your hands will matter.

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #193 on: February 13, 2019, 02:50:19 PM »

humble,

you need to read up on bail ins.

thats whats coming in the next crash, and you can kiss your bank guarantee goodbye.

only what you can hold physically in your hands will matter.

LOL . You should read, way back, what I told CanadianPsycho about that which is inside my mattress and scratches my rear end at night; it's yellow, solid and shines.  :D

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HumbleTrader
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Offline reinerh

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Re: Will cryptocurrencies like Bitcoin ever gain mass adoption?
« Reply #194 on: February 13, 2019, 03:53:24 PM »

good for you humble,

you are ready then.

most folks are not and it will hit them by surprise.

 

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