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    Thread: Controllers of BitCoin

    1. #1
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      Default Controllers of BitCoin

      "Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus."

      Like if a person owns a lots of bitcoins then he is alone can control the market vs USD. If that's what it means then how can it be secure? It is nothing more than a software and we can never know its market movements fundamentally. Anytime Bitcoin vs USD market can be a scam right?


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      balut (09-13-2017), dzin4aans (09-13-2017), PhantomTrader79 (09-13-2017), Vaisaak (09-15-2017)

    3. LFC
    4. #2
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      Default

      Like if a person owns a lots of bitcoins then he is alone can control the market vs USD. If that's what it means then how can it be secure? It is nothing more than a software and we can never know its market movements fundamentally. Anytime Bitcoin vs USD market can be a scam right?
      I remember when the Ethereum dropped its price from $319 to 10 cents in a matter of seconds because I think someone sold a huge volume. Bitcoin has no fundamental values and its price is being driven by pure speculation only. Its price will keep on rising because it's one of the best thing that happen in modern technology.


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    6. #3
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      I think it is a very good option for exchanging in the Internet. It can be best tool for transferring payments, buying and selling goods with it over the internet. As it is an online currency. But it is not sufficient for me to trade.

      Like you said balut, its movements can be huge for just one user sells his bitcoins and buys dollars. Market will be moved at a huge rate and pace which is beyond speculation. It depends on demands of crypto users. If majority users don't like it and start selling it, imagine what would happen???


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    8. #4
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      I am not sure how familiar you are with blockchain? This is a little more complicated than email. Email it is a system, technically, companies own it, like google own Gmail, Microsoft owns Hotmail. However, with Bitcoin, the ownership is really blurred. It is just digital numbers but the computer power is shared by miners. Actually, I am not really sure how that works but it scares me. I am just going in small, I am not so confident that it would be that big and I am not sure if it would sustain.


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    10. #5
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      Quote Originally Posted by Dixie View Post
      I am not sure how familiar you are with blockchain? This is a little more complicated than email. Email it is a system, technically, companies own it, like google own Gmail, Microsoft owns Hotmail. However, with Bitcoin, the ownership is really blurred. It is just digital numbers but the computer power is shared by miners. Actually, I am not really sure how that works but it scares me. I am just going in small, I am not so confident that it would be that big and I am not sure if it would sustain.
      Man I right where you are. I don't understand it either. I know how to analyze the market but I don't overlook fundamentalism and trends. But I neither know how it works fundamentally and how long this uptrend will remain.


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    12. #6
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      Vaisaak, I am neither against it nor opposing anybody to trade in it. I am just studying it, trying to know more about it, pros and cons vice versa. I am considering the odds before trading in it fully. That is all. Hope you have understood.


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    14. #7
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      Quote Originally Posted by Star_amin View Post
      I think it is a very good option for exchanging in the Internet. It can be best tool for transferring payments, buying and selling goods with it over the internet. As it is an online currency. But it is not sufficient for me to trade.

      Like you said balut, its movements can be huge for just one user sells his bitcoins and buys dollars. Market will be moved at a huge rate and pace which is beyond speculation. It depends on demands of crypto users. If majority users don't like it and start selling it, imagine what would happen???
      hello, just check my following thread which I opened quoting you and i have tried my best to provide the true information regarding the bitcoin, in a simple way, hope you will find all your answers & will get a more clearer view.

      http://forum.mt5.com/showthread.php?...l-Invest-in-it


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    16. #8
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      Vaisaak yes it has been around for about 7 years or so and only within the past 2 to 3 year before the mainstream business stars to accept them as a currency. The fact is if the mainstream businesses stop accepting them, it would be totally useless. Do not get me wrong, I have nothing against it, I am holding on to some as well. But go in with your eyes open. Do not get carried away just in case it does not work out.


    17. The following 4 users say Thank You to Dixie for this useful post.

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    18. #9
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      Quote Originally Posted by Dixie View Post
      Vaisaak yes it has been around for about 7 years or so and only within the past 2 to 3 year before the mainstream business stars to accept them as a currency. The fact is if the mainstream businesses stop accepting them, it would be totally useless. Do not get me wrong, I have nothing against it, I am holding on to some as well. But go in with your eyes open. Do not get carried away just in case it does not work out.
      In the BBC news yesterday, there was a report about crypto currencies. The report was published as it has no central regularity control, it is a capped currency and used hugely for money laundering. So we can't just trust it yet. Crypto currencies are nothing but a technology and people are investing it gradually so price is moving upward. But converting it into huge money on what basis????


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    20. #10
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      what if the corruptors or criminals do massive money laundering by moving it into bitcoin form? it will be formed is suplly and demand. so bitcoin becomes very expensive due to high demand. and what if they suddenly sell it on a large scale in a short time. because no fundamental decision is known why bitcoin is so expensive and so cheap


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