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There is only one thing that really matters here: is this new form of USD "cash" going to be irreversible or reversible?
If reversible then is is just another form of debit card, nothing to see here.
If irreversible, now that would be fantastic! Is would then be very easy to convert larger sums of USD to/from BTC and by banning the BTC they almost guarantee public interest in and higher prices for BTC. It will be a thing o beauty to see a huge black market in this developed and thrive.
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I like the idea but you are thinking too small of a scale for me. Can I give you 204 BTC instead? Would that work for you? What is your source of free electricity? Can you get 10X more from the same source?
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I think uBTC can solve this problem  Yes. 1 uBTC = 1 bit. Use either one because they mean the same thing. |
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That is true.
It is very important to note that there is a limit to this. You should back up your wallet.dat file at least every 50 send transactions or so and you MUST back up your wallet.dat file after about 90 send transactions. This is because every send uses a new private key and each backup contains all the private keys you have used so far plus the next 100 private keys you will use.
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I don't like the idea of this bits thing I'm seeing it around more now and it is just confusing things.
Just use uBTC then. And when you do see bits just remember 1 bit = 1 uBTC = 100 satoshis and translate it to something you find less confusing. |
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* Impossibility to re-flash the device with malicious code
Does this mean we won't be able to flash updates on the trezor? Like updates you could provide us that offer more functionality to the device? That's exactly what it means. No, you are wrong. I have already updated the code on my Trezor once and expect more updates in the future. The important word to pay attention to in that sentence is the adjective malicious. |
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Bitcoin needs to become known as a 21 billion cap coin. The sooner, the better.
It already is: Bitcoin has a cap of 21 million BTC. Bitcoin has a cap of 21 billion mBTC. Bitcoin has a cap of 21 trillion uBTC. Bitcoin has a cap of 21 trillion bits. Take your pick. |
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I see 78 confirmations as of right .... NOW. |
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Why do so few in the Bitcoin world group digits? Wallets, exchanges, shops, almost all forget it.
I'm tired of seeing 0.00158 BTC. Why not write 0.001,58 ? Or 0.001'58 ?
I vote for the latter!
Another example : 1235.12354823 = 1'235.123'548'23
0.00158 BTC = 1.58 mBTC Done. |
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I understand your concern but I would almost bet there are more miners now than a few years ago. Sure there are some big players but the overall number of miners has increased due to the availability of cheap ASIC miners.
I don't think you have a good handle on the current state of mining. Mining is no longer profitable for an average user. Has not been for at least half a year and unlikely that any company that makes profitable mining equipment will sell those devices to people for less than what they could make mining with them themselves. Spend some time in this area of the forum and update your understating of mining profitability and decentralization. https://bitcointalk.org/index.php?board=81.0I understand mining enough to know that it is a good way to lose a lot of money. I also understand that in the years I have been here it has always been more profitable to just buy the BTC than to mine it. That did not stop me from mining in the GPU era and paying for my equipment plus a little bit - but I still lost relative to just buying the BTC and holding them for the same time period. I never said it was profitable. I said there are more people mining now than a few years ago. I don't see a way to force it to be profitable at all for people that paid too much for their mining equipment and/or pay too much for electricity. The best way to make money on mining is to design, build, run, then sell mining equipment. It might be profitable to do a 14nm miner. I would just have to convince my boss to divert resources to the project. Hey, that is not a bad idea... |
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Big dumps cause the price to go down. When the price goes down weak hands dump - pushing the price down more. When the price goes down more then more weak hands dump, and so it goes until we decide it is a good price to start buying.
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Do not worry. I put in a large buy order at $475. Somehow the market always knows when I put in a buy order and never goes low enough to trigger the order. Don't know how or why it works but it always seems to work.
Rest assured my personal buy order will stop this price drop at about $476 or so.
I can also stop a rally dead in its tracks by placing a large sell order just out of reach.
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If true then eventually we will have all their BTC and they will have none. Problem solved.
they steal money from other people and dump a low volume market with a very non-professional attitude! Same solution. People will eventually get tired of giving them their money. They will dump all the BTC that people have given them. We will have the BTC, they will have no BTC and no way to get more from suckers, and people will be wiser and more careful in the future. |
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Hi again  Right due to my paranoia I didn't feel I was safe with Bitcoin core so after downloading the offline bitaddress.org page from Git-hub Rep I dumped it into an USB key and turned my old computer on in the garage (no WiFi card or network at all) from there I created a paper wallet that I printed. Now my problem after that was how do I check my balance and how do I use it to pay into it without having to take it out or carry it with me? I created a blockchain wallet and from there I was allowed to add a "watch only" address, now I will never use my paper private key on line till the day I want to cash out, hopefully in a few years, so my main question is how safe is my money? Can I keep paying into my paper wallet as much as I want/can? Have I taken the right steps or did I make any mistake It might cost me later? Thanks in advance for your replies!! Tackling how to work with exchanges is my next step if there's no major security breaches in what I've done. price seems to be falling I tip my hat to you sir. One of the smartest posts by a noob I have ever seen. Well done. You seem to know what you are doing so far but if you ever have any specific questions I will attempt to answer them for you. |
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I think I can find out why bitcoin prices have been dropping so badly now. I'm willing to bet people are now pricing in this auction discount. UGH.
You would be very wrong for many reasons. |
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If true then eventually we will have all their BTC and they will have none. Problem solved.
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If anyone hears about the actual results of this, instead of ridiculous speculation, please do tell. For instance, a response from an FOIA request...
No response to my FOIA request yet. |
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I did mean increased centralization... I initially got involved with bitcoin as a miner. I loved the idea of a non-governmental peer to peer digital currency. I had the technical background to be comfortable building GPU rigs. At that time things were decentralized and bitcoin was more like a movement. Something to shake up the status quo as it relates to money transfer fees, banking, and governmental control of the money supply. Most mining was done by individuals and it was a peer to peer system. As things have evolved off of the personal computer and on to specialized ASIC devices it has become increasingly centralized with a few large players and consolidation is likely to continue. This centralization will lead to more and more control by a few large players. Not at all what was intended. Why is that not being address?
I understand your concern but I would almost bet there are more miners now than a few years ago. Sure there are some big players but the overall number of miners has increased due to the availability of cheap ASIC miners. Yes, that is my point exactly. It is only 20GB and will only be 40GB in the next 8 months. Even 100GB is basically noise and nothing to worry about. I am currently working on the development of very inexpensive multiple TB drives so, being in the disk drive industry and seeing the roadmaps, I don't see the concern here. |
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Should we always have a recent backup all the time or and old backup will do?
On bitcoin-qt you should backup every 50 [send] transactions or so and you must backup every 90 [send] transactions or so. Note that this answer is specifically with respect to the bitcoin-qt wallet. Other wallets have other backup requirements. One of the reasons I really like the Trezor, Wallet32 and other deterministic wallets is that they do not require ongoing backups. If you simply backup the seed for the deterministic wallet then you are done. If you lose the Trezor (hardware wallet), your phone (Wallet32), or any deterministic wallet then all you need to do to recover all of your receiving addresses, change addresses and transactions is to enter the seed into another (compatible) deterministic wallet. I now do all of my Bitcoin business with deterministic wallets because of this and have moved away from the other wallets. PLUS a well designed deterministic wallet helps people avoid address reuse, which is good for Bitcoin, privacy and fungibility. |
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A few people have responded more or less "the bitcoin core is fine" implying that concerns such as increasing decentralization, TPS limitations, and blockchain size are nothing to worry about.
I'm sorry those three are all really significant. Worse, they have been understood for sometime and yet there does not appear to be a consensus on how or when they will be addressed. Show me the core development road map that lays out in broad strokes the next 12 months...
You mean increased centralization, right? Do you mean large mining pools? If the miners care they can move to other pools and spread out the hashing power, but, obviously they don't seem to care. TPS, need larger block sizes, would require a fork to go past the current limit, but we are not using the current max block size so this is not an issue yet. blockchain size, checkpointing and pruning, but what is the current size? How much does a 5 TB drive cost now? Not a problem yet. Core development is not happening. Bitcoin has some amount of critical mass but if they don't shore up the foundation(pun intended) this momentum will be lost.
It is open source so you/anyone who thinks things are moving too slowly can pitch in any time and help out. |
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