Anyone that reviewed their original business model or prospectus would understand that Circle never really was going to be a crypto company. They were always poised to copy the most sellable features of crypto but remain tied to the traditional banking model. Bitcoin's exchange rate is created almost entirely from the foreign exchange market (Forex) where currency "pairs" are traded back and forth for a quick profit. Much of the current Bitcoin pair trading is happening in the Chinese market. The Chinese traders would be less likely to care about the implications of an American business pulling out of Bitcoin. Also, Forex and day traders are a money savvy group of people that read money news constantly and would have already understood the above long before it happened. Is BTC becoing more-and-more China's blockchain playground? What is their bigger understandings for their Commusint politics & finance in this Global digital era? Bitcoin was designed to give people financial freedom from trusted third parties. That's exactly what the Chinese are using it for regardless of whether they use it for speculation or purchases. Western intrinsic racial and national origin prejudice makes them believe there's something wrong with the Chinese using Bitcoin more than they do. That thinking is wrong on many levels. I disagree. The Chinese government is building up a Social Credit Rating System to determine how much trust can be give to every citizen. Imagine you took a ride on the train without a ticket? Cheated on a test in university? Cursed someone online? This system remembers everything and will give scores. These scores will determine whether you should be granted for a loan, or be allowed to have a new job, or to be suitables for booking hotel-room in mainland China or elasewhere worldwide. Xinhuanet has already reported that the plan for the system "focuses on credit in four areas, including administrative affairs, commercial activities, social behavior, and the judicial system. This social credit rating system will start operation in 2020. According to the Chinese government, its goal is to allow those trustful people to walk everywhere on earth, and decline the truthless from walking even one step.
This Social Credit Rating System can and will most probably use BTC.
https://en.wikipedia.org/wiki/Social_Credit_System
That's pretty creepy. Thankfully, they're not even close to being able to do that yet. You need to read this article, it will help you understand what's going on: http://www.nytimes.com/2016/07/03/business/dealbook/bitcoin-china.html?_r=0Here is my understanding. In December 2013, China’s government intervened and cut off the flow of money between Chinese banks and Bitcoin exchanges, later to be poorly and falsely named as a bubble. Not true! Behind the power of Chinese companies stands Chinese Party members, whom have already come to play a major role in a civil war that has divided Bitcoin followers. This war is part of a much larger financial/ policital moves in line with the Belt and Road Initiative on the global stage. The power of Chinese companies (under a single jurisdiction) has already come to play a major role in a civil war that has divided Bitcoin followers - and China is taking for example IMO SegWit as a `hostage` in those ongoing (secret-cyber-crypto-)battles, united as said under a single jurisdiction, which does not bode well. China has a majority control of the Bitcoin network, and through its proxy agents for exaplme PR this last year as an "identity-ideology crisis", which they have created at first place, acting mindfully agaist Bitcoin early conception, in they claimed war. Bitcoin was to exist beyond the control of any single government or country. China has become a market for Bitcoin (tokens and blockchain) unlike anywhere else. China’s clout is raising worries about Bitcoin’s independence and decentralization, which was supposed to give the technology freedom from the sort of government crackdowns and interventions - this leads to bigger questions of what Bitcoin should look like in 10 or 20 years? China has no power and wishes to leadership openly and responsibaly the industry, for so many failing levels and matters. From the beginning, Bitcoin was designed to be decentralized (operated by all the people who joined their computers to the Bitcoin network and helped process the transactions), but China does not stand for that, thus de-facto changing Bitcoin's ecosystem with those they (can) trust. They take more and more voting and programming core power. China’s government can one day decide to pressure miners in the country to their use. The government’s intervention in 2013 suggests that Bitcoin is not too small to escape notice. China will remain dominant in Bitcoin, blockchain and crypto for good. https://bitcoinmagazine.com/articles/why-the-great-firewall-of-china-is-causing-serious-issues-for-bitcoin-miners-1456508966What we would end up with, in case of a complete domination over Bitcoin by China, is a fork for the east and one for the west. I don't really see it going that far though. I was really surprised the Asian market didn't latch on to dogecoin more than they did. Maybe there should be a ManekiNekocoin just for them.  |
|
|
|
Your answer is not accepted sir and also the funny song. Please help or fuck off. And you are the shit by the way. Lol, So noone have any fucking idea what is this crypto  ? Wow this might be something new i wonder how much it worth and i swear that this is not an ad . Is this some shameful attempt at promoting an altcoin? I kinda think it is.
This is a shitcoin. https://www.youtube.com/watch?v=3gfntBEI3AwPlease move this thread to the Altcoin section by using the button on the bottom left of your thread. Let's have a mod rule on that - reported. |
|
|
|
Does anyone feel like it's comming?
$50,000! If it does I'll be coming - in my pants. |
|
|
|
I really miss cypherdoc's bitcoin vs gold thread. Too bad he's a scammer now. Here's a link to the original thread if anyone wants to read it. It has a really good summary of why bitcoin is better than gold and was written long before Forbes ever thought that was true. Gold: I smell a trap https://bitcointalk.org/index.php?topic=35956.msg443129#msg443129 |
|
|
|
Anyone that reviewed their original business model or prospectus would understand that Circle never really was going to be a crypto company. They were always poised to copy the most sellable features of crypto but remain tied to the traditional banking model. Bitcoin's exchange rate is created almost entirely from the foreign exchange market (Forex) where currency "pairs" are traded back and forth for a quick profit. Much of the current Bitcoin pair trading is happening in the Chinese market. The Chinese traders would be less likely to care about the implications of an American business pulling out of Bitcoin. Also, Forex and day traders are a money savvy group of people that read money news constantly and would have already understood the above long before it happened. Is BTC becoing more-and-more China's blockchain playground? What is their bigger understandings for their Commusint politics & finance in this Global digital era? Bitcoin was designed to give people financial freedom from trusted third parties. That's exactly what the Chinese are using it for regardless of whether they use it for speculation or purchases. Western intrinsic racial and national origin prejudice makes them believe there's something wrong with the Chinese using Bitcoin more than they do. That thinking is wrong on many levels. I disagree. The Chinese government is building up a Social Credit Rating System to determine how much trust can be give to every citizen. Imagine you took a ride on the train without a ticket? Cheated on a test in university? Cursed someone online? This system remembers everything and will give scores. These scores will determine whether you should be granted for a loan, or be allowed to have a new job, or to be suitables for booking hotel-room in mainland China or elasewhere worldwide. Xinhuanet has already reported that the plan for the system "focuses on credit in four areas, including administrative affairs, commercial activities, social behavior, and the judicial system. This social credit rating system will start operation in 2020. According to the Chinese government, its goal is to allow those trustful people to walk everywhere on earth, and decline the truthless from walking even one step.
This Social Credit Rating System can and will most probably use BTC.
https://en.wikipedia.org/wiki/Social_Credit_System
That's pretty creepy. Thankfully, they're not even close to being able to do that yet. You need to read this article, it will help you understand what's going on: http://www.nytimes.com/2016/07/03/business/dealbook/bitcoin-china.html?_r=0 |
|
|
|
With IRS coming down on Coinbase and asking them for their customers history, and now Circle changing their service and (apparently) no longer offering any buy or sell services for bitcoin, and also all other restrictions that US has and will keep on implementing on anything money related; don't you think it is time to see a new service based on another country?
maybe a Coinbase like service located in Switzerland would be nice in my opinion.
Sounds good https://www.youtube.com/watch?v=oDcNkggCXRQJust for this reason is why it should be in a country such as Switzerland where they have the benefit of being a tax haven already installed. The perfect scenario for running this kind of business that deals with a global currency such as bitcoin has become. I do not know the very latest, Lionidas, but IIUC Switzerland already has rather high taxes and is pretty actively cooperating with American and European (esp. German & French) tax authorities to share information. Tax Haven is now a little too benevolent and obsolete a term for Switzerland if my limited information is accurate. I do understand that it is a decentralized country, and there may be various opportunities (like for Bitcoin) available there that would be of interest. And that privacy is still considered important there. Swiss members (and those knowledgeable of current Swiss laws re finance) are very welcome to comment!You're right. The Swiss will capture you for the murricans and extradite you for money laundering. If you really want to service murrican customers in a place with a good infrastructure (internet providers, etc.) you want to have it in Panama. They have no extradition treaty with murrica for "financial crimes" only for "capital crimes" (murder, rape etc.). |
|
|
|
♯ Bitcoin has enough nodes ♯
I do not agree with this part. We always need more nodes. Bitcoin nodes are like the back-bone of bitcoin network and we always need Full Nodes that are always on, have at least 8 connections and have a high-bandwidth connection to the Internet. Dude, get a grip. You're talking to someone that only has fifteen to twenty five dollars to spend helping Bitcoin. The last time I ran a computer 24/7 to run a full node it cost me more than 35 a month on electricity alone, not to mention the wear and tear on the equipment. The help should the match the person. |
|
|
|
Anyone that reviewed their original business model or prospectus would understand that Circle never really was going to be a crypto company. They were always poised to copy the most sellable features of crypto but remain tied to the traditional banking model. Bitcoin's exchange rate is created almost entirely from the foreign exchange market (Forex) where currency "pairs" are traded back and forth for a quick profit. Much of the current Bitcoin pair trading is happening in the Chinese market. The Chinese traders would be less likely to care about the implications of an American business pulling out of Bitcoin. Also, Forex and day traders are a money savvy group of people that read money news constantly and would have already understood the above long before it happened. Is BTC becoing more-and-more China's blockchain playground? What is their bigger understandings for their Commusint politics & finance in this Global digital era? Bitcoin was designed to give people financial freedom from trusted third parties. That's exactly what the Chinese are using it for regardless of whether they use it for speculation or purchases. Western intrinsic racial and national origin prejudice makes them believe there's something wrong with the Chinese using Bitcoin more than they do. That thinking is wrong on many levels. |
|
|
|
|
That's why people should have worked to keep Tradehill and CryptoXchange open. I don't think people like Jered Kenna would have put up with that crap. But we let them fail because we wouldn't pay enough fees or use their service enough to keep them open. There's an old saying about being cheap, "when you'll only pay ten cents for something chances are what you buy won't be worth a dime".
|
|
|
|
It's really way too early to say. If bitcoin survives the next eight years it's probably going to survive forever. Once the mining reward drops down to an inconsequential amount, the price per coin goes through the roof and transaction fees skyrocket then Bitcoin has "made it".
Some people are heavily disagreeing with that On the other hand, the Bitcoin price can't go through the roof without widespread adoption of Bitcoin which is impossible without increasing the block size. And if we are really talking about exponential price growth (and, consequently, wild unrestrained adoption), the block size should evidently increase multifold. But greater blocks would allow to accommodate more transactions, so if the miners don't want to shoot themselves in the foot with the price shooting through the roof, they might want to lower the fees substantially since they will get more revenue through the fees if the number of transactions per block increases as well I'll help you out with that other thread. Tell him the increase in transaction fees was "designed into" the system by the great and beloved Satoshi. Then quote the white paper to him. Tell him the concept was to "reward' (pay) miners to "secure" (because that's what mining really is) the system. Satoshi almighty realized that miners won't work for free and they certainly won't pay for (as Satoshi put it in the white paper) CPU time and electricity cost to mine at a loss. Transaction fees are "designed" into the system to eventually be a full replacement for block reward. That means fees need to be as high after each reward drop as the sum total of the loss in block reward + fees were before the reward drop. If he doesn't understand that then stop talking to him because he's an idiot and will never understand how Bitcoin works That guy is obviously looking for a fight not an argument, so he may want to find someone else Having said that, we should not forget that miners get fees per block basis. That basically means that if one block can contain more transactions, the miners will receive more fees (if the average fee per transaction remains the same and blocks are full). Since the block fill-up ratio roughly depends on the adoption of Bitcoin by general public (at the same block size), increasing the block size (following the increase in adoption) should make the fee revenue grow, and that could, at least, hypothetically lead to lower fees per transaction. In other words, miners would be earning through increasing sheer volume of transactions, not through rising fees per transaction Yes, that's true. That is a component of the mix. I always believed increasing transaction volume would offset rising equipment costs. That way increases in transaction fees would only need to offset the loss in block reward. That ended up not being true when I stopped mining completely at the first reward drop. I also had no intention of buying massively expensive specialized hardware to mine because the transaction volume was not increasing to pay for my investment. At this point we will just have to wait and see what the future holds. If Bitcoin becomes an everyday spendable currency for a large group of people instead of its current role as a speculation vehicle everything might work out just fine. Only time will tell if Satoshi was right. |
|
|
|
Hello;
I want to contribute and help bitcoin network. The first thing comes to the mind is "mining" or "being a bitcoin node"
I'm really up to hosting a node, but i'm scared of the law side of this thing. (I may help a drug money without knowing) or something like that. But i want to be a part of this network and help it for free.
Please share your ideas.
Thank you!
If you're truly attempting to help Bitcoin and not just make a profit there's one perfectly easy thing you can do. Buy Bitcoin and spend it. I don't know how you get your money (from the small amount you mention I would assume it's an allowance from your parents). Then the next money you get buy Bitcoin and spend it. If you're working, set aside a percentage of your monthly income for Bitcoin purchases. You are rewarding the businesses that accept Bitcoin, ensuring that they stay in business, and providing an incentive for other businesses to accept Bitcoin. Bitcoin has enough nodes and mining is now a professional business that requires a massive investment but anyone can shop using Bitcoin with almost no money at all. You would become a member of the most important group of people in the world of Bitcoin that ensure its survival for generations - the Bitcoin users group. |
|
|
|
Anyone that reviewed their original business model or prospectus would understand that Circle never really was going to be a crypto company. They were always poised to copy the most sellable features of crypto but remain tied to the traditional banking model. Bitcoin's exchange rate is created almost entirely from the foreign exchange market (Forex) where currency "pairs" are traded back and forth for a quick profit. Much of the current Bitcoin pair trading is happening in the Chinese market. The Chinese traders would be less likely to care about the implications of an American business pulling out of Bitcoin. Also, Forex and day traders are a money savvy group of people that read money news constantly and would have already understood the above long before it happened. |
|
|
|
Just imagine a jail cell that has a million prisoners inside it and then the key has been lost. The jail cell can never be opened unless they break it. So, a wallet whose owner is dead would need to be hacked before you can use the funds again. Otherwise, these millions of bitcoins would forever be trapped in that wallet. I think thousands of bitcoin wallets are already in this situation, we just don't know it. Some wallets have untouched funds for years but we can't just assume that the owner is already dead. Maybe he's just holding the money for a really long time.
There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.
At some point in the future someone will make a jailers master key that unlocks all the cells. It's called quantum computing. Yeah, but whenever that happens we will never know. And also, when quantum computing comes then bitcoin is likely to fork into a version that is quantum computing resistant, likely with a different algorithm instead of SHA-256. But we'll see... Yes, but will it be before some wise assed computer geek at NASA or the NSA or some other alphabet agency uses his new discovery to find a million lost Satoshi coins? As you say, we'll see... |
|
|
|
It's really way too early to say. If bitcoin survives the next eight years it's probably going to survive forever. Once the mining reward drops down to an inconsequential amount, the price per coin goes through the roof and transaction fees skyrocket then Bitcoin has "made it".
Some people are heavily disagreeing with that On the other hand, the Bitcoin price can't go through the roof without widespread adoption of Bitcoin which is impossible without increasing the block size. And if we are really talking about exponential price growth (and, consequently, wild unrestrained adoption), the block size should evidently increase multifold. But greater blocks would allow to accommodate more transactions, so if the miners don't want to shoot themselves in the foot with the price shooting through the roof, they might want to lower the fees substantially since they will get more revenue through the fees if the number of transactions per block increases as well I'll help you out with that other thread. Tell him the increase in transaction fees was "designed into" the system by the great and beloved Satoshi. Then quote the white paper to him. Tell him the concept was to "reward' (pay) miners to "secure" (because that's what mining really is) the system. Satoshi almighty realized that miners won't work for free and they certainly won't pay for (as Satoshi put it in the white paper) CPU time and electricity cost to mine at a loss. Transaction fees are "designed" into the system to eventually be a full replacement for block reward. That means fees need to be as high after each reward drop as the sum total of the loss in block reward + fees were before the reward drop. If he doesn't understand that then stop talking to him because he's an idiot and will never understand how Bitcoin works. By convention, the first transaction in a block is a special transaction that starts a new coin owned by the creator of the block. This adds an incentive for nodes to support the network, and provides a way to initially distribute coins into circulation, since there is no central authority to issue them. The steady addition of a constant of amount of new coins is analogous to gold miners expending resources to add gold to circulation. In our case, it is CPU time and electricity that is expended.
The incentive can also be funded with transaction fees. If the output value of a transaction is less than its input value, the difference is a transaction fee that is added to the incentive value of the block containing the transaction. Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free. Oh, one other point to help your argument. As a miner long ago, I mined a ton of Bitcoin. When you mine the equipment you mine with gets really, really fucking HOT. I mean like fry a fucking egg hot. Computers and HOT go together like gasoline and a match. Mining equipment needs to be constantly upgraded and replaced as you mine (I bought dozens of HD 5970 GPUs as replacements when I was mining). As these farms continue to mine their equipment replacement cost will continue to go up at a rate equal with the annual cost of living increase. The transaction fee increases will also need to include the cost of mining equipment replacement. Any mining company (farm) that doesn't understand this will go out of business or have their profit dwindle down to nothing. |
|
|
|
i dont mind what the price would be by 2100 because i am certain that i wont be alive by that time but i would like to tell that technology keeps changing and who knows what the state of digital currency would be 20 years from now.
Yes you are right, even if it is very valuable or the price deflates if we are dead by that time then it is useless. So i will no longer mind myself of thinking about what happen to bitcoin at that time. Maybe I will adjust the year to 2021 because at that time I am still young and if bitcoins price will reach 10k$ I will be very thankful and I will buy a house and lot. I appreciate the authors idea but I just want to be realistic. Even if we're all already dead at the year 2100, wouldn't you guys reproduce before you die? Of course you would. Looking for a long term investment like this would benefit even your grandson or maybe even your grandson's son. You can always pass on your bitcoin to your son and he'll be really happy to be rich by then. Don't just think of yourself but also think of your future family that would definitely live long enough to reach the 22nd century. Maybe you're not the one who's going to enjoy all these money but your kids will definitely be forever thankful to you for investing money for their future. My children are evil. I'm leaving everything to my cat and he already has more Bitcoin than I do. |
|
|
|
Just imagine a jail cell that has a million prisoners inside it and then the key has been lost. The jail cell can never be opened unless they break it. So, a wallet whose owner is dead would need to be hacked before you can use the funds again. Otherwise, these millions of bitcoins would forever be trapped in that wallet. I think thousands of bitcoin wallets are already in this situation, we just don't know it. Some wallets have untouched funds for years but we can't just assume that the owner is already dead. Maybe he's just holding the money for a really long time.
There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.
At some point in the future someone will make a jailers master key that unlocks all the cells. It's called quantum computing. |
|
|
|
This was earlier posted and discussed in our one of social media groups and for me it's just a FUD. There was already a numerous times when those experts claimed that bitcoin will be doomed nor can't be widely used worldwide.
"Our view is that we’re still in the really early stages of the technology and its development. It’s highly unlikely that any of us will be using Bitcoin in five or ten years"
- development means continous and no one can predict accurately what will be the exact output to happen
agree. the tech is still developed, but it does not mean that the tech will die. it has possibility to be better tech and is accessible for everybody. besides, bitcoin is 8 years and it is still accessible untill now. well the man told his prediction, and not all prediction will be right. His prediction is crap. He's just saying that because he knows he's competing with Bitcoin. Why would a competitor want to help Bitcoin? |
|
|
|
|
It's really way too early to say. If bitcoin survives the next eight years it's probably going to survive forever. Once the mining reward drops down to an inconsequential amount, the price per coin goes through the roof and transaction fees skyrocket then Bitcoin has "made it".
|
|
|
|
Damn Circle abandoned Bitcoin for real? I have been out of the loop for a while and just noticed the big change. I couldn't completely understand what Circle are going to do now. It says on their site that they are going to move different currencies around with no fees whatsoever and they are developing a social payment app. So does this mean that Circle won't be a fiat exchange any more and will transition to being a fiat payment processor?
They've always primarily been a fiat payment system that also took Bitcoin. Their main use is to allow people to send money around the world in any currency (dollars, euros, pounds or whatever) for absolutely NO fee. You can text someone an emoji and have money hidden behind it or just text them money. They have two factor authentication and are FDIC insured. There's no limit on how much you can send and all you do to sign up is take a pic of your debit card. Its ridiculously simple to use. As far as I can tell, they are the only true competitor to Bitcoin without the transaction fee. Of course, we will shun them because we worship at the alter of Satoshi. The rest of society will like Circle because it's easy, insured, has no fee and uses your current bank account. One other thing, I've attempted to call almost every exchange in bitcoinland since Tradehill and was never able to talk to a person. Before I set up my account I called circle and they answered my call in one ring and answered all my questions. Here are their support numbers if you want to give it a try. US +1 800 398 7172 Canada +1 800 398 7172 Europe UK +44 1793 250273 Ireland +353 76 888 6385 Austria +43 720 116408 Denmark +45 89 88 48 73 France +33 9 75 18 69 39 Italy +39 045 786 0905 Netherlands +31 85 888 6879 Poland +48 22 307 23 72 Portugal +351 308 804 274 Spain +34 518 808 538 Asia Pacific Hong Kong +852 58089373 Japan +81 345606551 New Zealand +64 6 880 6119 |
|
|
|
|
I'm not from America but I did stay at a Holiday Inn Express last night.
|
|
|
|
|
Show Posts
