Topic: china just killed BTC and ALTS - It's your own fault -no evolution for years (Read 2838 times)

I agree with you, this will take some time though especially for the young alts. Actually i think a decentralised community meeting point is probably the largest thing lacking right now. This forum is awesome but they need a back up plan that we are made aware of now.

Coins to fiat would have to be through a kind of local bitcoin kind of scenario, i guess there is no other way.

BTC LTC and the Alts will become investment vehicles where liquidity is not as important before they are used as currencies. Consequently exchanges etc. are not as important as one would assume. You just need some ability to trade your coins for fiat, you don't need some super efficient forex.

Fiat does not need to crash, both can exist together.

Decentralise the entire crypto/crypto and crypto/fiat mechanism and it takes away the much of the fear and worries from the market.

maybe china killed the market price for coins in the moment, but certainly not cryptocurrencies, nobody will ever be able to do that. there was a gold rush last month, now it's over. might bother the guys who thought they would get rich quick, but to the real cryptoenthusiasts it doesn't matter. besides, next boom will come...

but i agree we need better, safer, trusted, decentralized, user friendly, easy to use tools to mine, trade, exchange, escrow, buy and sell. kind of the ubuntu of cryptos (without the spyware part )

because when one day fiat really crashes, the crypto with most trust, biggest purchasing power and range of goods, best solution for big and small businesses and user friendliest all-in-one-wallet-app will be golden.

Even if it makes a full recovery this time. That is not the point. Yeah but waves are great for day trading if you get it correct without doubt,

It is better to use BTC in internet environment not in real life (at least for start). It's virtual currency, governments can accept it for virtual world.

If BTC wants to conquer FIAT currency, governments would take it down immediately.

this.

Agree with the majority of what you say, however there can be no argument really that having everything decentralised will remove a lot of the fears and worries surrounding crypto.  This move is not based on emotion only. It is a major player being (even if its temporary) taken out of the game. This would not have happened if everything was decentralised. I do think they will now be trading on the streets but still more hassle = less people interested.



Local bitcoin actually works rather well , however it could all be improved.

Crypto is an amazing thing, nobody can say otherwise, it needs a environment from which is can operate that is as amazing as itself. On it's own it will not thrive as it should.


This was a friendly slap by chinas standards, let's hope we are more decentralised by the time they and perhaps others decide it's time for a substantial thrashing. In 4 years though there has been little to zero innovation with anything other than coin design.

Killed? When I bought in early October, it was $130. It then went up to 1280. It has now crashed to $455 and has gone back up to about $550 now.

If I tell any investor that I got 400% out of an investment in 2 months' time, they'd listen.


You cannot learn the future by looking at the past.



Wall Street is already in the market. You can bet that many investment banks and companies that are anywhere near serious have a pile of BTC laying around.



Hmmm. There's a few creative thinkers in this community, but the ratio is not significantly higher than in any other community. And for the market experts? Hardly. We created the market, but that doesn't mean we're the best in playing the market. Just like companies are frequently surprised by what happens to their stock: they create the market but are not the experts.

Not bashing BTC or altcoins here, I have my own little mining rig. And I also expect coins in general to go up (otherwise I wouldn't be here). But we need a reality check. Other markets (stock, materials, ...) also have their excesses and their swings, but the swings are peanuts compared to what is happening here. There's one good reason for it: there is no underlying value in any coin. If you compare raw materials to companies to futures to *coins, the tendency is to have less connection to underlying value and more volatility on the market. So, we can try and stabilise the whole market by building a closer link to underlying value. This is what coins like CureCoin and AltCoin are trying to achieve. Some may view this as heresy, as it's a move back to meatspace, whereas coins were meant to be cyberspace only. The only other option is to enjoy the ride with an open mind. Remember: what goes up must come down again. So, even if BTC were to hit $2000 at one point, you can be certain it will dive below $1000 again after that and half the forum will claim ragnarok is near. Either we change what we are doing, or we have to live with instability and emotional outcries every so often.

I do completely agree with your point about decentralization, I probably should have stated that earlier

Some sort of third-party interface that allows for more fluid transfer between fiat and crypto currencies will be needed at some point to really get things moving, a bit similar to the system banks use to lock in an exchange rate and amount when someone buys something from a different country (i.e. someone from Europe buying from the US via their credit card).

Anyway, hopefully this will help to kill off some of the useless clones going about, either through complete abandonment or by being subsumed through merged mining.

I wonder if paper wallets could have more meaning in BTC (or other coins) circulation now?

A far more sophisticated version of local bitcoin/altcoin  coupled with decentralised exchanges = far less vulnerable - let's get on with it.

Satoshi will resurrect and save the day!

It's tricky.

In china the government has more control over banking and they are able to tell the banks what to do.

In the U.S. the government has less ability (and less motivation) to ban cryptos, but the banks may do it anyway to attempt to preserve their dominance within financial systems.

But I think that while these are big issues now, in the long run cryptos will either succeed or fail purely based on their merits. At the end of the day cryptos are built upon the internet and the internet routes around censorship (in all its forms).

We can all hope that china's actions do not spread. However crypto will always be vulnerable until it is no longer vulnerable.

Even this thread turns into a i hope the west or i know the west will not follow suit ......nobody knows

Let's ask ourselves why not decentralise the entire thing and admit crypto will always be vulnerable until this happens?? there is no good reason not to decentralise the entire thing is there??

Sure we can carry on as we are now , but we need a backup solution ready... of that there can be no real doubt.

funny how everyone bases btc success on what it is vs USD ...so sad

btc's  been a joke and useless as a currency ever since it went above $USD5

as for those trading who lose out...well you play with fire expect sometimes to get.....well


personally as a trading token I'm havin fun (though I don't trade it against fiat).

That is right, for example in Germany: BTC exchanges are not illegal if you pay flat rate withholding tax. Bitcoin.de has a BAFIN (Federal Financial Supervisory Authority) License.

What right does a bank have to deny me access to exchanges? Since theres nothing illegal happening in my pov they dont have the rights to ban it in countries in europe or us.
China is different in the way that they are still trying to control the people, btc was a loss in control for them. I dont see that happening to the eu/us anytime soon unless they declare it being something illegal.

That is okay, considering the % increase I can gladly wait until the end of next year, and I am sure that we can break $2000 by christmas 2014, if not sooner.All we need is to fix some things and to not give up.