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☄️ Time-stamps!
11:08 SegWit Accounts for 5% of Transactions
11:52 Paragon ICO Red Flags
13:40 Enable 2FA!
14:30 Top 10 Crypto YouTubers
14:42 Market Update
16:20 Japense Exchange Surveilance
16:56 No Vid Yesterday!?
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⚡ No donations accepted! But if you would like to support me, please consider sharing this vid. Especially on Reddit if you have an account. Thank you!
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⭐ Links!
◆ Jamie Interviews: http://cnb.cx/2xtlldd / http://for.tn/2jXK0Su
◆ Bit Licence: https://en.wikipedia.org/wiki/BitLicense
◆ SegWit Transactions: http://segwit.party/charts/#
◆ Paragon ICO Red Flags: http://bit.ly/2xBduKK
◆ Always Enable 2FA: http://bit.ly/2xrEVaD
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🌎 Top 10 Crypto YouTubers!: http://bit.ly/2hqVFYU
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Fan Pic. Shout out. If you think I’ve got time for something like that, well. You’d be right.
Whoa now, before you hit that dislike button. You did it, didn’t you? Nooooo.
I’m not talking about when he stated that Bitcoin is a fraud and some people are going to die etc. He’s wrong about that. I know it, you know it, he knows it. He has however attempted to divide bitcoin the technology and Bitcoin the currency. Can you really do that? Not cleanly no.
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But what he is potentially not wrong about, is the currency aspect of Bitcoin.
https://www.cnbc.com/2017/09/22/bitcoin-jpmorgans-jamie-dimon-lays-into-bitcoin-again.html
Yeah, I get it, he’s a popular guy to hate. I made that video where it looks like I am violently attacking him, and two days later someone comments on my latest vid that I should do some more verbal bashing of Jamie. I was like “did you watch that video where I attacked him?” He said yes but he would like to see more. Slightly vindictive? But I get it, he’s messed with all our dollar valuations of our Bitcoins.
There are a few rules to trading, never sell your whole position, buy the rumor sell the news, but one I want to focus on now is to not be emotional. Let’s be calm, analyze what Jamie is saying. http://fortune.com/2017/09/22/jamie-dimon-bitcoin-price/
Here’s some potential scenarios that could ultimately make him right.
If countries around the world start doing what China started, and start declaring Bitcoin illegal and start shutting down the exchanges. This would hurt the most as Bitcoin that cannot be converted into fiat. When you can no longer buy and sell using precious Coinbase.
There are of course, good arguments against this. Japan recently legalized Bitcoin as legal tender. Australia ended double taxation on Bitcoin. Russia is still making up its mind. Bitcoin has some legislation already enacted in the states. For example, the BitLicence agreement for New York State. https://en.wikipedia.org/wiki/BitLicense Widely criticized for being heavy handed and stifling of crypto currencies, it is legislation none the less. There are many 3rd world countries and up that stand to gain from legalizing Bitcoin. Including potentially a competitive edge if one superpower taxes it over another that doesn’t. There are more businesses and jobs that pay in Bitcoin every day. It is rapidly growing.
If Bitcoin truly threatens the colluding partnership of government legislation and centralized banking, will they roll over, will they enact legislation to somehow profit of it such as taxes, or will they outright ban it?
Assuming they ban it, which I kinda feel is a violation of people’s rights to freedom, but they certainly could. The USD valuation of Bitcoin is in trouble. People would start to panic sell as their precious Coinbase or Bitfinex or whatever it is that connects you to fiat would be taken away. Which is still important. Bitcoin is just not yet ready to have its ties to fiat cut, not at all. It’s many years away from that still. This is why you will have this head in the clouds type of talk of a freedom island where we only use Bitcoin from Roger Ver.
If the exchanges are gone, this forces Bitcoin use underground. Back to it being the currency for hackers and ransoms. Uh not quite. My personal strategy would be to sell all my crypto if news of a ban hit, and if it turned out to be real, buy back in again just before they close. I would then keep my private keys and wait. Wait for what?
A decentralized exchange, that offers fiat for crypto. They are in the works, and these ones cannot be taken down. You still have the problem of accounting for where the fiat came from that hit your account, but all type of laundry would no doubt be rampant.
Still this would prevent most businesses from using Bitcoin as a payment method. How are we going to achieve mass adoption? Genuine question, let me know what you guys think. I will be reading with a keen interest for this.
Please remember I do not think this is likely. I think governments although they can be corrupt, these are people we elected. They are human beings and you have to hope that at least some of them want to make the world a better place. I think taxing Bitcoin is the more likely scenario. The declining value of fiat is not a safe bet. Yes, Bitcoin is risky, but you’re guaranteed to lose buying power with fiat. What do you prefer? The dollar coin is 20 trillion in debt. Priorities: https://www.reddit.com/r/Bitcoin/comments/725wvf/get_your_priorities_straight/
Taking programmable money, which requires no third-party trust systems or counter-party risk and putting it into centralized systems of control is stupid. It defeats the entire purpose of this invention created after the massive financial disaster of 2008. Most exchanges today are based on old-world, banker thinking. Decentralized cryptocurrency exchanges are the future of cryptographically secure distributed ledger money (BitShares, OpenLedger, EtherDelta, etc).
You could of course buy mining equipment, hopefully mine some profitable alt coin and then exchange for bitcoin. Therefore, your bitcoin was never bought with fiat. But still, if you’re going to pay for something with bitcoin, for now it needs a fiat valuation.
Yes, potentially he is right. This could make bitcoin stronger though, and potentially the thing that’s needed to propel it forward even further. If Bitcoin has been attacked by the highest authorities and still comes out working and functional. Then you know it’s never going to go away. Nobody can close down Bitcoin, nobody. Think about that for a second. That’s pretty amazing.
SegWit transactions now account for 5% of all bitcoin transactions: http://segwit.party/charts/# You may think 5% is low, but the difficulty businesses have to convert to SegWit shows that this has quite high support. In the next version of the core client, which is run by the vast majority of nodes, v0.15.1 will make it easier for mass adoption of SegWit. Core being conservative in nature would ideally like for slow roll outs, hence this not being addressed sooner.
Paragon ICO: https://medium.com/@Demien/3-reasons-to-stay-away-from-paragon-coin-1c5d7bf13d80
Let me mention security really quick. Always put 2FA on your exchange accounts. Always. I will leave a post in the comments detailing how to do it. https://steemit.com/bitcoin/@kingscrown/always-put-2fa-on-your-exchange-accounts Next step would be to never keep any meaningful volume on that exchange just in case, use a hardware wallet wherever possible, and call your cell phone provider and tell them you would like a safe word put on your account as an extra security measure. Most companies will allow you to do this. You can explain you are a high-risk target for hackers. Trust me, this is the same as putting on a seat belt. If you don’t do some or all of these things, you are driving with no seat belt.
Not to brag but, I was number 2 on the list!