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  1. I do follow the news, not just with Elon Musk. That guy is just one among the many factors that can change the crypto market. There are other more pressing news, some of the most recent being China's increasing restrictions on cryptocurrencies and El Salvador's recent upgrading of Bitcoin into their legal tender. Title: Cryptocurrencies are notoriously volatile, as everybody in this forum might know already. And the news can seriously affect the crypto market to a significant degree. I try to keep myself updated then guess how it will affect the crypto market and by how much, and after that I compare my opinion with others. When the market crash due to negative news, crypto usually becomes cheaper. I try to buy cheaper coins if able. It can also be fun to watch the market's reactions to various news from time to time. Especially when crypto starts to crash and correct itself like this month.
  2. Actually, something is happening. And it comes from an outside source. LOL! IMF seems to insinuate that El Salvador should drop the whole Bitcoin idea and just stick forever to the USD instead! El Salvador is getting to be a good test case for other developing countries to emulate, but some other entities don't like the potential change in status quo. Specifically, the "domino effect".
  3. This article gives us a picture of how Bitcoin can be operated in a small part of El Salvador and eventually the rest of the country. Good question there. I don't know how I can explain this well, but I think the relatively stable US dollar still dictates the price tag of the products. If someone wants to pay using BTC instead, El Salvadorians already have an app (Bitcoin Beach) that may show the exchange rate of USD to BTC during that time, and the customer pays the amount of BTC that is equal to the current pricing displayed on the app. Or that is how I think their transactions work anyway. More information on the app can be found on the link I've just posted. After the store owner/s get the Bitcoin payments, it is up to them whether they cash it out to USD immediately, or hodl and wait for BTC price to increase. They'll need to have an intimate knowledge of cryptocurrencies to get the most out of the BTC transactions. Based on the new link I provided, apparently El Salvador considered Bitcoin legal even before it is to be declared as legal tender, thus some sort of groundwork has already been laid. El Zonte and Bitcoin Beach is a working model they can adopt to the rest of the country.
  4. Which makes one wonder why other governments like Venezuela's haven't thought of this before. But instead countries like US and China are scrambling to get their own CBDC up and running because the don't want to be "bossed around" by digital currencies made by "questionable entities". LOL. Along with what you've said, El Salvador probably picked Bitcoin for being the first and the most well-known cryptocurrency. Altcoins, on the other hand, may have yet to prove themselves as worthy alternatives. Ethereum is the most probable second choice of the local public. Third and subsequent rankings are up for grabs. El Salvadorian should be having a field day now that the crypto market is currently in a state of fear despite this good news. Bitcoin is currently cheap at $36,000 , almost a half-price off the ~$60,000 from last month.
  5. That, or at least the local public should be made aware of the risks involved in using cryptocurrencies. El Salvadorians can pick up on already existing information on the internet such as this forum, but it would be better if their government gives them the necessary push for them to learn the essential crypto-related information. A government-sponsored support hotline should also be in place for help in technical issues and being victimized in fraud. (Especially the fraud part, because scammers are already wagging their tails at the newest potential uneducated victims they can get.)
  6. UPDATE: This news is not fully related to mining, but is rather part of the recent broader attempt of China to undermine cryptocurrencies in the country. This time, China is blocking social media accounts that deals with cryptocurrencies to a certain extent. The scary part on the article is what the professor featured in it has predicted. He said that the next logical move would be a law directly linking cryptocurrency mining and trading to criminal activities. Crypto miners may need to act sooner than expected before it is too late.
  7. Well, that is partly one reason why this topic exist 😁 . Investors ought to read opinions from this forum and other sources before investing because they'll miss out on a lot of things if they don't. For one, it is common knowledge (?) among successful crypto investors to not invest too much on a coin when it is on a bullish trend because a market correction later on will ruin their investment. Just like what is happening these past weeks. If potential investors can read this by chance then act accordingly, they're lucky πŸ™‚ . Don't be surprised if one of these days Tesla announced they actually bought more Bitcoins during this period when Bitcoin got cheaper, creating another bullish trend so they can sell off some and gain even more profits by doing so. Clever market manipulation spotted over there. πŸ˜‚
  8. source: On this breaking news, the El Salvador president Nayib Bukele announced a proposal to make Bitcoin legal tender. Not just legalized currency, but also a legal tender, to be used alongside other currencies like the US dollar. And with an apparent majority of allies in that particular country's legislature, the chances are quite high that such a proposal will be accepted without much internal resistance. How such a policy is going to be implemented via infrastructures, information dissemination, etc. may be discussed at a later time. To make things short, El Salvador plans to stop putting all its eggs into one basket (the US dollar in this case, and fiat in general) by going into cryptocurrencies. And apparently they "don't trust themselves" into making their own crypto coin like what Venezuela has done before, so they'll adopt Bitcoin instead. Smart move IMO. And cryptocurrency adoption will most likely not end to just Bitcoin. The possibility of adopting other cryptocurrencies like Ethereum and Tron is open, for more scalability options offered by other currencies Bitcoin currently has trouble with. Details are provided in the link above. This news is quite significant. Becoming the first country to fully adopt an existing cryptocurrency (NOT making a CBDC like other countries are attempting) has its own perks. For one thing, this paves the way for business involved in cryptocurrencies to set up operations in the country. Crypto miners from China in particular are currently seeking out possible safer havens due to alleged "persecutions" they've been getting recently, and if El Salvador can provide enough energy for these miners, it can become a prime crypto mining hub. Another thing is the local population becoming a potential market for crypto businesses. Remittances from oversees adds significantly to El Salvador's economy and crypto coins that can provide quicker and cheaper solutions than traditional transactions will become the fore. One of the challenges to be faced is to how to educate the local population about Bitcoin and cryptocurrencies, and how to protect them from crypto-related fraud. Time will tell whether the measures to be put up by the government in the future will prove to be effective and resilient enough to withstand that challenge. More analysis on this is provided on this link from Coindesk.
  9. An interesting thing to note is the duration of the fear market for this time period. After checking the CFGI website, I saw that the chart is still consistently showing fear (24 rating today) for more than 3 weeks now. Lots of negative things must be going on right now aside from what I've posted above. I also think that the fear period won't last for more than a month assuming that crypto users are already used to Musk's tweets. But if this isn't the case, then there would have been more sensitive newbie crypto users than expected. Probably the ones who got encouraged to invest in crypto during the previous bullish period (aka stimulus checks 😁 ).
  10. Offender: achrefessid Profile Link: Comment: Member floods copy/pasted topics on Bitcoin section. Sources are from different authors so it is obvious he doesn't own the originals. Evidence: Offending post: Original website: Offending post: Original website:
  11. Cryptocurrency Market Monthly Updates - Based on CFGI (May 3 - June 1, 2021) In between numerous events from prominent Bitcoin hodler company Tesla's announcement of refraining from accepting Bitcoin payments over environmental issues, to China's intensified crackdown on Bitcoin mining companies in a bid to reduce the country's carbon footprint, the cryptocurrency market has been in a state of fear since May 13 as a result. Bitcoin has tumbled down to around $36,000 today, an estimated loss by almost half of last month's ~$50,000 - $60,000 range. For Bitcoin buyers who missed out on last year's slump (2020) when the currency underwent a similar crash, this may be a perfect buying opportunity. Other coins besides Bitcoin belonging to the top 10 have also dropped but have since been recovering, according to the charts at CoinMarketCap. (topic updated with permission from the OP)
  12. Offender: Malik nasir Profile Link: Comment: Copy/pasted content and added an extra of his own. Evidence: Offending post: Original post: Offender: Aadi555 Profile Link: Comment: Copy/pasted content. Evidence: Offending post: Original post: ... ... ... BONUS!!! Low-quality topic flooder! Offender: Zara-forex Profile Link: Case/s: spamming, useless content (multiple offenses) Comment: I've already reported this user (TWICE!! via the report button) mentioning about this member's other numerous offending content, yet the spam topics still exist. What happened!? Evidence: ... and go check out the other spam topics.
  13. This topic was written in October 24, 2019. Anything that happened during that year may no longer be relevant today. We are currently in a fear market but BTC is still priced at ~$38,000 today, obviously a far outcry from the $6,000 figure the OP raised in this discussion. I don't think this topic is going to be updated soon by the OP who is now inactive. And I also think it is pointless to continue discussing here when someone can make a new more relevant topic elsewhere. So please @ayatoslaw, @epidemia lock this old topic.
  14. UPDATE: China has just intensified its crackdown on Bitcoin and other crypto miners, causing some crypto miners to halt their operations as a result. Click on the link for more information. As indicated in the news, the affected crypto mining companies mentioned that they will limit their operations in China. Whether or not there will be other countries in the meantime that will be willing to provide cheap energy to crypto miners AND are not hostile to cryptocurrencies itself remains to be seen. Should there be such a country, China will eventually lose its standing as a crypto mining center as the mining countries leave for new areas to continue their operations.
  15. I think the reason behind it is to increase buying pressure. When making a new investment worth 123,456 TALK, one now needs either to make 12,000+ posts (I think) on this forum or buy those tokens on Yobit. For new members, the first option is almost impossible to do, while they can do the second one if they have the funds for it. And lately there have been a lot of buyers on Yobit so I think this approach they did is starting to work. We should also watch out when the investbox for TALK dries out (no coins) again. If this happens again, we can suspect that there is a supply limit for TALK tokens after all, unlike DOGE.
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