I apologize if I ask the following obvious questions and perhaps risk wasting everyone's time. But, I have these nagging questions for a while now:
1). As I understand it, the 10 minutes delay is to create a new block that there's enough/ sufficient time to fill and confirm the transactions (globally). But isn't it quite wasteful to keep adjusting the difficulty level to maintain the 10 minutes delay ? What is so special about the 10 minutes delay? Has there been any study to quantify more accurately the amount of time to reach the nodes globally ?
See to maintain an equilibrium between the swiftness of transactions and limited supply of bitcoin this delay of 10 minutes was set. If there would have been no delay time miners could have even found hundreds of blocks within seconds using the current amount of technology. Moreover the problem of blocks with quite less or even zero number of transactions would also increase. Such blocks would just add some wasteful load over the network. 2). Let say if we don't have to worry about the trust issue, in theory we only need one, or perhaps two confirmations right ? So for the remaining 51% confirmations is essentially to ensure that there's no cheating could happen. I got that so far...
Ofcourse its possible but have you ever heard about reversal of transactions? Any bitcoin transaction processed can be manipulated and reversed by someone with good amount of computing power and knowledge. More amount of confirmations make sure that the block becomes almost immovable thus no way to reverse the transactions. Generally 6 confirmations are considered quite good. 3). But what if we could accomplish item#1 and #2 in 5 minutes, 3 minutes or even 30 seconds - shouldn't that be a good thing ? Why make it more difficult, delay until 10 minutes and empowering expensive equipment ? That seems to feed into the endless cycles of who's got bigger and faster mining capability? Understand that it seems to justify the rise in bitcoin price...
Yes, we could but the problem would be the same you will see more amount of blocks with lesser transactions getting confirmed things are not going to change because ultimately one block would contain lesser number of transactions which need to be in same number of blocks to get all confirmations. 4). What about making the 51st % node (with the longest chain) to be a lucky lottery winner and avoid increasing the difficulty level and eliminate the need for fancy equipment and energy burning all together -wouldn't that be more fair and efficient ways to utilize energy and resources ? At the same time avoiding the centralization of miners all together ??
But it would decrease the amount of competitiveness in mining. More number of miners will enter the market. Infact everyone would just leave everything and mine because its a "chance" that they might find some bitcoin out of this task with no increased efforts in technology. Along with making bitcoin decentralize it will eliminate its whole purpose to be used as currency. |
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I really can't understand the problem which some people have from Bitcoin Gold. Yes I understand that they haven't prepared their platform yet and not even their wallets moreover they are not even safe from replay protection but yes they are working on it for sure. Most of the altcoins today have the very same theory. It came with a very nice principle of decentralizing bitcoin again by enabling GPU mining which today is almost impossible with bitcoin.
Next, Bitcoin diamond looks much more like a scam to me. So many days and I have not found even a single reliable source that could clearly dictate me the aim of this fork? Its just being done for the sake of forking bitcoin. Moreover I haven't seen many people interested in it. Trading on YOBIT isn't a very true indicator of genuineness of any coin. Even BTG got listed on Yobit as a future option. Diamond got listed much after the fork. Diamond was absolutely unnecessary.
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BTC 'Ought to Be Outlawed,' Economist Joseph Stiglitz Says: https://www.youtube.com/watch?v=fy16eIEux7UThe globalists are clearly threatened by BTC. To outlaw bitcoin would entail complete governmental control of the internet, because bitcoin is decentralized. He is wrong in thinking bitcoin's value is purely due to exchange; bitcoin also obtains its value by the work of miners. "One of the main functions of government is to create currency."‽ It certainly has been a function of government to do that, but is creation of currency a "main function" of government? "They're [cryptocurrency users] relying on a Marxist theory of value and looking at the value of exchange." Isn't the Marxist theory of value that labor creates value? Well its quite true that globalists are threatened of the power of bitcoin. Also considering the fact that the value of bitcoin is just booming absolutely without any constraints. But clearly understanding the statement would actually make you realize that he is true that value of bitcoin is actually merely because we have it as an exchange. Consider that no one wants to take bitcoin in return of anything. Nor even anyone ready to pay you fiat in return of bitcoin which is fictitiously worth $10000. Will the value of bitcoin be $10000 to you? Price or value of anything is determined by the demand for that commodity. But Fiat is not really governed by the same principal because its based on the model of trust on Government. So he is right upto an extent. But ofcourse this doesn't makes BTC valueless because it does have a lot of demand involved. This is what authorities and these globalists fear off. Such a financial system based on blockchain would take the money control on the market to zero. Which means these old traditional strategies of trading stocks would completely changes as crypto market is open to everyday gains/losses. So this might threaten such investors alot. |
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Will bitcoins be recognized by the Indian Government ?
Bitcoins are already legalized by the Indian government just few months ago and most of the Asian countries are started to legalizing bitcoins after India made bitcoin legal in their country.The current president of India want to go cashless economy so they are encouraging all their countries in India.And If you want to buy bitcoins in Indian currency you can buy them st localbitcoins.com because one of my friend from India trading bitcoins through localbitcoins exchange and Indian traders giving us best offers for us than other parts of world. Your facts about legality of bitcoin in India are wrong buddy,bitcoin is still not been legalized in the country though it has not been illegal yet so people are using it.and to add zebpay is most trusted app to buy and sell bitcoin in India,it demands all of the your documents too First of all I would like to tell you all that just today our honourable Finance Minister has come with a statement discussing legality of bitcoin and clearly expressing that India does not recognizes bitcoin as legal nor does it has any intentions to do so. However certain recommendations and provisions related to bitcoin are in making. This statement clearly explains that Bitcoin is not perfectly going to be legal across the country however also clearly depicts that government are not expressly using the word "Illegal". Indian Govt. recognizes the importance of bitcoin. India has been receiving the most of outsourced services from United States and other countries. Most of these exported services are reimbursed in Bitcoins. So if India bans bitcoin the services sector could shake a lot. Moreover the world's top countries have still not made any preposition regarding bitcoin and I think this is what is constraining India from making any statement regarding it. While countries like Japan and New Zealand are favoring it a lot. Countries like USA and China have no specific intentions of banning it. India doesn't really wants to get added to the list containing countries like Morocco and Zimbabwe. So most probably yes it will be recognized. |
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Great news, as it increasingly brings bitcoin closer to real, everyday life.
Woah! It would be horrible to wait at Mcdonalds for getting confirmations on your transactions because until then you would not be allowed to have your food. Moreover buying a McVegie worth $3 and paying a transaction fees of $3 along with it certainly doesn't makes any sense to me. Also considering the lack of accountability involved in bitcoin this thought certainly becomes impossible. How are Mcdonalds going to show such an amount of revenue in their year-end sales tax returns? This news should be total Hoax. Even if you said that Mcdonalds could accept Ethereum I could have believed it for a few seconds considering the swiftness of transactions but using BTC would be pure evil making a hungry person die for his food is never going to be a good idea. |
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Hello, i have some doubts about the fork.
From what i know i have to have my bitcoins in my wallet, not in an exchange. So far so good.
But what to do after the fork? How do i get the other currency generated from the fork? How do i redeem it?
Fork is basically splitting any cryptocurrency and taking it onto a whole new blockchain which would run parallel to the old blockchain. Its something like creating a parallel universe and let it work independently now. For a fork the developers and miners team take a snapshot at the specific block decided earlier. At this very block every currency holder is automatically credited with the new currency on his private key. After the fork has been done. The developers or the miners involved in the fork usually come up with their own wallet project which can be used to store up the forked currency. You simply have to import your old private key from the previous wallet to the new wallet and you will already have that certain amount of new currency which your wallet contained at the block when snapshot was taken. |
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So fellow bitcointalk members, we have seen many people complain about 'high fees'. The problem here is that those users only take fiat into consideration, never thinking that it only costs 50k Satoshis for a transaction of an average size.
I was thinking of a solution for this, now i am not a technical person, so i need your input on this, if this is even possible or not. Can the core developers link the fee to say 0.05 cents in fiat terms? So if bitcoin is at 9k it will cost 0.00000555 btc to send a transaction, if bitcoin drops to 8k it will cost 0.00000625 btc to send a transaction and so on. Keeping the transaction fees to 0.05 cents at all times. If the transaction size is greater than 226 bytes and less than 500 bytes it will cost 10 cents and so on.
Is this possible via a soft fork? Should even this be implemented? Or will it work in the long run, i would like to hear your opinions on this.
Yes its absolutely possible and is the need of hour too. Watching bitcoin climbing just over $11000 will mean each satoshi is now worth 0.00011$ and an average swift transaction carries a weight of lets assume around 150 sats/byte. Considering a 200 byte transaction is now costing around $3.3 if people hope bitcoin to reach $100000 the fees would reach $30 per transaction. So that means if you pay someone $100 30% would just vanish out in air. I don't really think this is something what most people want from their currency. So this idea of fees linked with fiat is really the need of hour if we are looking forward to BTC as a currency or else one would simply rely on it as an asset giving good return. |
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Bitcoin simply challenges the traditional system of fiat transacations directly. Banks since their inception have been working with more of centralized approach by creating new money with every transactions. Bitcoin on the other hand would not allow them to do so as its shows utter transparency. For example: If you have certain fiat in your account the bank says that you have it in your account. But is their any physical memory location where you can go and check such some of money? They are just numbers. Whereas bitcoin has this idea of a specific block holding your coins. So you can even check this virtual memory location for your block. This is the main reason which makes banks nervous about bitcoins. Maybe BITCOIN DEFEATED the BIG BANKS and maybe BITCOINS became most popular in the world and more good currency.
I think bitcoin and banks don't have much competition among them they are two absolutely unrelated things. Competition is between fiat and bitcoin. Banks merely act as agents of fiats. |
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How to buy Ripple? The most safe way
And, its possible to chance Ripples for Bitcoins? How to do that?
Thanks
Ripple or XRP can be easily brought from many major crypto exchanges. Its absolutely safe to buy from any such exchange like the Bittrex, Poloniex, Hitbtc. Every exchange would mostly contain three types of trading pairs. BTC/XRP, ETH/XRP, USDT/XRP. you can easily exchange any of the crypto you have in return for some ripples. But I think ripple is much of sort of a stable currency. It must not be brought for investment purposes. |
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Here is a problem
when you buy something on Amazon or other small ecommerce websites, you can trace your money transfer.
If been scammed, you can call police and bank for help!
So what if you buy something on a website using bitcoin ? !
You paid bitcoin, but they don't deliver the product, then what ?
No bank help, cos bit coin is decentralized
Police? it's very easy to use fake information to buy domain and hosting, and use tor to hide the IP!
This is just a very small problem which you have noticed. There are endless issues regarding usage of btc in e-commerce. First of all how would amazon be able to tackle daily price changes according to the value of bitcoin. Bitcoin's value is too volatile increasing each day. I think half of the Amazon's staff would have to be deployed merely for changing product prices everyday. Then comes the problem you stated. Moreover even if they deliver your product what if the quality of the product isn't worth it? Along with the advantages P2P system carries a lot of demerits too. |
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Before getting into depth one must understand that most of the world's Tax laws consider income as taxable when it is received by you. Now this line could have two perspectives. Received could mean when you have received your bitcoins in wallet or cashed out your bitcoins and received it in bank. If you use a private key wallet there is absolutely no way your govt. can know when have you received your bitcoins. If you use an exchange then you are not anonymous as most of exchanges do KYC.
Now the tax on this income from jobs can be split into two parts. First is the tax on the amount of bitcoins at their corresponding value that day when you received them, this would be income from either business or other incomes. And the tax on the amount you have earned due to increase in price of bitcoin this can be treated as a capital gain. So these two would be taxed in this manner if you are using an exchange.
For private key wallet just cash out your bitcoin at end of fiscal year and pay taxes on it as income from business or other sources.
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Well I am from India and let me make it very clear that bitcoin isn't illegal in India. Indian govt. is still trying to propose any concrete law over bitcoins but hasn't been able to come up with any such legal provision in this behalf. This article was just about a news where in the supreme court of India has asked the government to draft law regarding it as soon as possible nothing more than that. |
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How is this legal? If they close your account you must have at least gone against the terms and conditions of the website or some other breach of contract should have happened, and I think they should be legally obliged to at least disclose the reason. Perhaps suing them would be possible, if they are not disclosing anything?
As an aside, this is another reason why you shouldn't keep your coins in exchange wallets. You don't own your coins unless they are in your own wallet.
Saying that is easy but the problem is whom are you going to report? I don't really know any such law which currently deals with cryptocurrency and its related litigations. Everybody in this crypto world knows this and that is the reasons people scam here. This isn't legal we know that you know that but as per Bitstamp as they hold your btc everything becomes legal for them. Until we get our country's support in regulation of these exchanges nothing's gonna change. I think China is taking a good step in this regard by shutting exchanges in hope of regulating them in future. |
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As many documents/references said there is no governing body for BTC. Then,
1. who is handling forks??
2. who is giving permission for forks??
3. who is maintaining bitcoin.org ??
BTC doesn't has any governing body and that's what makes it special. Its a P2P network so it is governed by two people who are doing transaction. However the core miners do have some impact on BTC. 1. Independent Miners and programmers handle their own respective forks. 2. No one gives any permission for a fork. Its the majority decision which works here. For instance if I bring a fork its the wish of the community to accept it or not. 3. Maintainence of bitcoin.org is currently being done by Will Binns. |
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I am quite curious to learn how bitcoin can be taxed. It is a digital currency which has its great quality of anonymity. Every user is just defined by a wallet address. If govt. wants to tax it each wallet address must be taxed but then its next to impossible to get some money out of someone's wallet. There is just lot of confusion as to how the taxability norm would sustain.
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Etherdelta is a market in itself. Its I think the most popular decentralized ethereum exchange. Almost all ERC-20 tokens get listed on this exchange before they hit any other minor/major exchange. You can trade your airdrops or bounties easily by transferring them from your private key wallet.
But yes got to mention that ED really sucks in its platform. Its too slow and most of the trading carried on there is done solely with the help of bots. So unless you are too patient in life wont recommend you to go there. Wait for sometime they might get listed on a major exchange too.
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In short: if we increase the number of transactions per second then big miners could (and would) naturally mine smaller blocks (for a short time) till the transaction waiting line appears again so that fees increase.
They have interest in maintaining a constant waiting line.
Maybe they already do that now.
The real problem is in the concept of the fees itself: paying fees don't make transactions go faster, it just makes individual transactions pass infront of others. Nothing absolutely wrong here.
Got to agree with you on this matter. Considering the height of popularity and adoption bitcoin has gained it is quite obvious that there would be a good waiting line always present. Moreover, consider it or not but bitcoin is actually becoming much more centralized. Miners have realized the difficulty they are facing in mining new blocks. Therefore they are aiming at making more profits from fees structure. But it gives incentive to miners to keep the waiting line and this is wrong. Also it is only a short term profitable strategy as higher fees and higher profits will bring more miners and so then less profit. So it starts a vicious circle that worsen the problem we wanted to solve at first.
No! Its actually a long term benefit for them too considering that increasing the amount of miners today is absolutely too difficult. Bitcoin mining today requires a whole lot of effort than ever. Only a handful of established miners are able to tackle such issues. And they are picking up advantage of this very thing. |
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If we are speaking about the general trading I would say that it is not educated guessing. Because you have to make analysis, read charts, have knowledge about the market, price etc. So it is not predicting but analyzing
Yes, dont know much about the crypto market but for share market I have a friend who is stock brokers. They have a full fledged course which contains around 200 elements and each elements has 200 techniques to be applied in to determine the future of any share. There are multiple criss crosses, third legs, dozies, inverted hammers like terms which really seem quite normal to layman. Yes these are not 100% true but do provide a good picture regarding the phase coming on for any share. |
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