It is surprising that CEO of big Bitcoin powered company said something like that. I think he got some things wrong.
He compared Bitcoin to software and said that no one use Netscape navigator today and bitcoin will be replaced in the future by something better.
It would mean that another competitor will show up and every bitcoin users will dump BTC and join hype train of new coin. Yeah right.
Allaire is also disappointed with the current cryptocurrency regulations and lack of acceptance - well, what he expected? Whole world acceptance over night? Or he has finally accepted that Bitcoin is not made for the mainstream. At least not made the way we think how it should be. Bitcoin's main use is more for circumventing the law. So its use in the dark market is the perfect real world utility for it. Maybe the Circle CEO has realized that it would be more profitable to set up a dark market website than being a Bitcoin middle man. One thing he got right - Zcash and other anonymous alts are a dead end of cryptocurrency.
Zcash is a scam. It is nothing but a Bitcoin clone with a built in tumbler. |
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Every time I go to the bank I like to ask them if they have heard of BTC, most of the time the answer is no.
I do ask a lot of people about BTC.. a restaurant near me.. near ish use to accept it as well, I asked to pay with it, they said it no longer exists.. .... ...
Most people I find still have zero idea what BTC is unless they are friends with the likes of us.. I don't think we are even in early adoption stage.. we are in "the chasm" .. it would appear we are going to survive though... appear anyways..
I dunno just something I have taken note of.
Pretty much everyone that has heard of it assumes it's worth like 5 cents and shits themselves when I say it's $1k (Cad) .. we are in very interesting times with BTC.
You have to also ask yourself if there is really a need for them to know what Bitcoin is? Will it really help their lives become better than it is now? They receive their salaries in fiat, their savings are in fiat, all they need and want can be bought in fiat/credit card. So is there really a need for them to use Bitcoin? No, unless he or she is a drug addict wanting to buy drugs safely from the dark market or he or she wants the company of an escort or gigolo from the postings at Backpages. Bitcoin is better used for illegal stuff. Accept it, that is Bitcoin's main market. |
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Circle built their userbase on Bitcoin, and then they changed their business model to bend over to KYC/AML regulations. This is like Daniel spitting in the face of Mr. Miyagi {Karate Kid I} after he trained him. Bitcoin was the mentor and Circle cut their teeth on this technology, to find a foot hold in the community.
Circle has already shown their colors, and they will not change. < Money chasers >
Is Circle really making money from their business model as middle man? I could see Circle going down in 5 - 10 years and not Bitcoin. I believe that most of the Bitcoin companies that have been funded by the Venture Capitalists are not making money. The only businesses that I think are making money are found in the dark market. |
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The source of the statement is from this article http://www.newsbtc.com/2016/11/20/circle-ceo-nobody-will-using-bitcoin-5-10-years/So I ask this. As the growth of the darknet market place every year keeps going higher and higher, the possibility of it becoming a multi billion market place is not too far to reach. What currency will it use if not Bitcoin? Does the CEO of Circle knows what he is talking about at all? Most of the so called "experts" in the Bitcoin and blockchain world do not know what they are talking about because it is all still new. For me the people to listen to about blockchains are Peter Todd, Gregory Maxwell, Adam Back, Luke-Jr and there might be some names I have forgotten so please post them in here. |
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I think that the reason is pretty much more people realising that bitcoin is a good investment at this stage with such a low price. More Chinese investors as well I guess. Volume has been consistently over billions of dollars on major Chinese exchanges.
Trump could also be a reason.
So meaning you really do not have a clue what the real reason is for the rise. Your reasoning went from "the people" to "the Chinese investors" to "Trump". The people who really know will not tell you, why would they? It is their game to play and we are only in it for the ride. For all we know, this could be a group of whales utilizing a pump and dump strategy on Bitcoin and it does not have any connection or reliance to any economic event. |
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yet another post with people advertising the bankers crapcoin on the hyperledger.
again nothing to do with bitcoin
well it may have an impact if people on china find that this new centralized alt issued from the government is better suited for them to handle, and they would decrease the demand on bitcoinOh really? I do not think so. The Chinese demand for Bitcoin is mostly speculative and they treat more like a commodity than a currency. Maybe even most of their Bitcoins do not leave the exchanges because they are trading them back and forth for profits in fiat. Nothing will change except for major efficiencies in the CNY fiat system. Bitcoin will be Bitcoin, fiat will be fiat. |
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What is the real world use case of Spectre and why make another altcoin when there are already a lot released in the market? Would it not be better for the Spectre developers to support a more established coin of their liking to make that coin better for the community to use?
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At this stage it's mostly speculation. I don't think anyone can truly know whether Segwit (and by extension, Lightning) is good or bad for Bitcoin until we see it in action. There are still concerns over maintaining direct access to the blockchain by individuals, so users can keep transacting directly on-chain without relying on third parties. For those who believe the advent of this technology could result in users being forced off the chain onto more "custodial" services, then it's fair to see why they're skeptical. To echo others, this clearly doesn't make it an altcoin, but it is potentially a significant change in ethos. On the plus side, it is optional and, if it doesn't work as advertised, there is still the nuclear option of a hard fork away from it. I do not believe it is all speculation from the people who are against Segwit/LN. It is also political because they have a different set of beliefs on how Bitcoin should be taken forward and has divided the community into their own camps. The people in each camp who point at each other accusing that greed and control is the primary motivation of the solution of either Segwit/LN and bigger blocks are hypocrites. Both camps each have their own self interests at hand. For what it's worth, I'm interested to see Segwit and Lightning up and running so that we can all make an informed evaluation of the pros and cons. I agree. I am also interested what else can be done with LN. The most interesting use case is the possibility for it to become a bridge to other blockchains. However, I will say that (despite usage being optional) if people feel they are either being forced to transact either less frequently, or off chain, due to prohibitive costs, or if the off chain transactions start redirecting fees away from the miners and towards some newly created middlemen, causing incentives to become misaligned, then a fork would be all but inevitable in my view. People won't support a system that doesn't support them. Give it a chance, but not carte blanche.
True but it will not stop the miners from creating payment hubs. I see it as an opportunity for them to gain more power in the system. |
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I would like to see a counter argument from the core developers or from the people who know the technical ins and outs of the Segwit and the Lightning Network. For me, everyone should be open to criticisms as long as they are contructive and informative that would benefit the community. I see some posts from people who have no clue what Segwit even is.
I see franky1's post about LN is valid. That is good for all to learn and see. What is good about the whole thing is Blockstream's implementation of LN is only 1 of several. I believe others also have their own ideas for off chain transactions which could or could not be better. At this point it is all at vaporware phase. The best time to criticize is now so that changes and improvements can still be considered.
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Ok, so China is planning a "digital Yuan". My question is this, how is it different from the current system of fiat money? Nothing. It is the same and the clearing is still done by banks and the central issuer of this is still the Central Bank of China. This is in no way comparable to Bitcoin and Proof of Work which, in my opinion, is its greatest feature. All settlements are done in the network without need of third party trust.
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all i see is either people who missed the rise and now crying and wishing for a dip. or i see others who are singing moon songs.
but nobody is talking about why price has been rising, so please share your thoughts here about why the rise now?
is it
- Trump
- China
- SegWit
- India
- random?...
If you think about it deeply and ask yourself, do we really need to know the reason why it is rising to make a profit? Also if you are a hardcore Bitcoin holder, does it really matter why since you are going to hold Bitcoins anyway? In times like these just sit back, look at the Bitcoin chart and enjoy the view. Your concern should be at what price is a good entry to buy more. |
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I have 2 questions for this. How and where are they buying the $900 per Bitcoin from? Who is scamming them into buying Bitcoin for that high of a price? I believe some people over at India are taking advantage of the people's desperate situation and their ignorance. This is not good news to me because it really does not bring anything to Bitcoin except for another case of people scamming other people story. |
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Guys,
I have seen a graph from Peter Wuille where he is showing how much time you need to rewrite the whole bitcoin blockchain if you would have 100% of the hashing power. For example currently you would need almost 1 year.
What would be the advantage to rewrite the blockchain? Why would someone be interested to rewrite the blockchain?
Thanks to all!
There would be no advantage in rewriting the blockchain. Bitcoin would lose the confidence of its users and participants and the direct effect of this is it would lose its value and the price would plummet back to 0. If someone were interested to do this he would need a lot of money to buy all the mining rigs he needs. He would also need technical people to operate these rigs. All that with a risk of losing all your money. So the only person interested in doing this is a stupid one. Why not buy Bitcoin instead? |
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It's possible.
But it wouldn't be because the tx fee rises to say .001/transaction.(could also be possible coz of the miners,although unlikely)
It would rise as Bitcoin value in USD rises.
Like this:
if 1 BTC = $740 then .0002 tx = $0.15 then if
1 BTC = $7,400 then .0002 tx = $1.5 so if
1 BTC = $74,000 then .0002 tx = $15 .
But that is only if the tx fee stays on that rate despite the dollar equivalent($74,000)
Although, who's to say how fiat value would be by then.
(Now: $10 = buy 3 bread Future: $10 = buy 1 bread)
If Bitcoin reaches $74,000 would it then be possible to send a small amount with a .000002 transaction fee? It should because why send $100 in Bitcoins with a $15 fee across the network. That would be stupid and "anti Bitcoin". |
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Sorry for reviving this topic but afaik today a segwit vote starts, am I right?
Are there any stats now?
No. Segwit signaling will start after the first re-targeting after 15/11 (which is today). The first re-targeting should happen around the 18th of November. Anyhow, soft forks take time to activate so don't expect everyone on board in the first few days.
I'm pretty confident that a successful activation is going to have a positive effect on the price, especially after >1MB blocks start getting mined.That is if it gets activated. News are still swirled around that ViaBTC has 10% of all hashing power and that they are highly motivated to block Segregated Witness. They have valid arguments for doing so like the change in Bitcoin address requiring them to start with a "3". This will be an inconvenience to everyone and the Bitcoin economy has to literally stop for some time to update and audit everything. |
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Does anyone know if Segwit will cause compatibility issues with APIs and payment systems?
the final release version (not this version but the one only public after activation) will require deposit addresses to change for merchants using segwit, due to the new HD segwit compatible seed addresses. this can affect alot of exchanges who decide to have full node status in the background and may require some maintenance downtime and informing customers of changes also some of the RPC calls have changed so merchants will need to tweak their webserver to interpret the new RPC's and then translate them into a form that resembles the API quiries the webserver normally sends out to users. but please note some RPC's may give more info and as such some merchants may actually use the updated info from the RPC's, which means the user has to adjust to the new information. but that all depends on the merchant and what API you are needing. best to check with the service your API calling. there are a few other things to note. but i feel some fanboys are ready to pounce and declare segwit to be utopian perfection and that no one should worry, and simply sheep follow and obey.
so ill let them get their idolizations out the way before hinting at other issuesRemove the name calling and the insults and get to the real issue at hand. It would be fair for the people who know what is going on to answer to the issues raised because they will cause some inconvenience for the exchanges, merchants, and all the other Bitcoin based businesses. It will also be a nuisance for the users especially the people who are not updated to what is going on with Bitcoin. They might just find out one day when they cannot send or receive coins. Maybe 5 years ago this would be acceptable. But not today because Bitcoin is getting more professional and its legitimacy relies on the fact that there should be no downtime. |
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Xapo is a web-based wallet system, so alls you need to access it is a web browser and Internet connection. Xapo is known for having reasonably advanced privacy and security features, especially for a web-based wallet. The company supports payments through a debit card system, making it easy to spend your Bitcoins. The app is also friendly for newbies, so if you’re new to Bitcoin, give Xapo a close look.
It does not matter how advance your defense system is there are always ways to get around it, there are hacks to exchanges every once in a while, so an online wallet cannot be considered to be very safe. If you have many amounts of bitcoin I suggest to buy hardware wallet like TREZOR or KeepKey if you want to secure and safe your bitcoin. Or you can make one yourself. Well not really but Tails Linux installed in a USB with persistence is also almost as safe as a hardware wallet and a lot cheaper. Another good thing about it is all of your transactions thru Tails are anonymous because all the traffic are relayed thru Tor, not just the web browsing but everything. |
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I think this coindesk is been paid for all the content they published, it looks like they are only there for profit objective because I saw it on the site where they charge $199 for single press release publication not to talk more of featured news.
Everything in this world today is for profit. Even the foundations that were set up by big companies and claim to be "not for profit". The articles that are for sale on Coindesk are a scam. All the info in those documents are accessible online. With a little motivation and patience, a little googling will get you all the information you need. Some of the people who have the information you need are also accessible thru social media and email. |
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As I predicted, as countries move from cash to crypto : 1) It will not be bitcoin 2) It will be state controlled 3) No interest paid 4) Every transaction you make will be fully trackable 5) When implemented a bitcoin ban in that country will soon follow **we will have to wait and see on this prediction  ** A government and bankers wet dream - full control over all your wealth, good luck in future banker bailouts. But where is the innovation? Behind all this is a wider surface of attack from hackers, scammers and crooks. I would love to see this happen and let us see what good it will bring compared to the present system. What difference does it have with debit cards? All transactions are also tracked, the money is also state controlled fiat and the interest paid is negligible. Who cares about that. They can have the "mainstream" all they want. Bitcoin was not made specifically for them but it will be used by them sooner or later. Maybe their first introduction to Bitcoin will be when their Windows computer gets infected by ransomware asking them to pay in BTC. |
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Does SegWit introduce known vulnerabilities? I imagine we can loosely say "maybe" for any change, but is there a pretty concrete risk associated with its code? Or are these just residual, vague concerns despite the peer review and testing to date?
oh you do know that 0.13.1 (released) is not fully segwit active. you will be required to download yet another version when active to actually use a segwit wallet features. and then... changing your funds from lagacy keypairs to new HD segwit compatible seeded addresses has risks eg exchange/merchants needing to replace everyones deposit addresses and reaudit funds changes to RPC calls has risks this is why i laugh when people are screaming to just run segwit on mainnet and "trust" the devs have reviewed it. though only as an altcoin (testnet/segnet) not as a bitcoin mainnet node dont expect smart people to run it blindly. they will all do independant tests. move funds, audit funds warn customers of different deposit addresses..
in short dont expect anything to change by christmas, or expect ~4500 instead of ~2500 transaction before spring.. well lets call it summer before anything actually starts to be noticableIt should be that way. For me, I personally want it to go as slowly but surely as possible. There is no need for a rush here unless there is a Bitcoin doomsday saying that the core developers must hurry up or else Bitcoin will break. The big blockers should also have the same view and must also be willing to criticize both segwit/LN and BU/big block implementation from an objective point of view. Speaking of the Bitcoin doomsday, did Mike Hearn mention that unless Bitcoin hard fork's to XT, it will die by this time in his time frame? I was lurking this forum at that time so I am not sure. |
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