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if bitcoin were to fail.. id just not transact for a few hours until they patch/fork it..
its been done before quite quickly.. so i wouldnt lose my head. id just go out for the day and see what has been updated in the evening..
thats the beauty of bitcoin.. its not a fixed system
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Up until now, I've accepted an assumption that Satoshi Nakamoto, whomever he was, is probably dead.
However, after reading that article from Wired, I'm certainly willing to consider the possibility that Mr. Craig Steven Wright could either be Satoshi or could have been part of a small team of people that worked together in the creation of Bitcoin.
I'm not 100% convinced yet, but there is enough circumstantial evidence to consider the possibility.
the real killer that made the story not plausible is that the real satoshi didnt have 1.1million bitcoins. wired didnt realise that not only satoshi, but hal finney and a few others were actually mining and debugging it right from the start.. meaning there is far less than 1.1mill bitcoin associated just with satoshi.. plus satoshi lost quite a few privleys when changing the wallet/privkey storage mechanism.. thus the real satoshi definitely wont hold 1.1mill coins and so a PDF saying that wright had 1.1mill bitcoins are stored in a legal 'tulip trust'.. is just wrong, and thus bursts the speculation bubble and makes me think that Wright is just trying to pretend he is satoshi for some 'five minute fame' so im not convinced.. the story kinda fell apart when magically all this info was 'leaked'.. yea i think wright released fake emails to start speculation. |
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Well then a revamping of the bitcoin.org site is needed. I dont really like the design of it, it is pretty sketchy and the labels suck and the menus are very badly designed.
Bitcoin.org should be a copy paste of litecoin.com (with orange+white color theme).
You need to put the definition of bitcoin first with a video in the middle, then below the features, and on the top of the site the menu with buttons and dropdown menus.
Probably with an index of merchants, as litecoin has. Bitcoin only has only the bitcoin wiki listed merchants, but not on the site, which is bad.
i agree, the bitcoin.org does need a redesign.. but before the redisign of the website we need to sort out the features and usefulness of bitcoins, thus actually have better content to tell people. thus i bring you back to my point.. 1. improving features and ease of use 2. training/resource materials 3. business development 4. acceptability 5. central store of all the information above .. then mass advertising we definitely are not at point 5 yet |
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yep.. although i liked the idea that they paid some of the important developers of bitcoins protocol(and just the developers of the protocol).. i disliked how they wasted money elsewhere such as paying directors to sit in offices twiddling their thumbs. EG "Interim executive director Patrick Murck is yet to be reimbursed $12,000 in travel expenses for attending a DevCore workshop in London in April." $12k to get on a plane for a few days? guess he stayed at the hilton is this 6 minute presentation worth $12k? https://www.youtube.com/watch?v=LsiBV3h-mUg(cant find the london video, but if the boston video is anything to go on.....(facepalm)) is he really wasting 6 minutes at a developers conference trying to explain not developer stuff.. but company finances!! |
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85% of gold is used in industrial applications, 15% for investment. Probably for silver, the percentage for industrial applications is even higher. Since industry is going down the drain because of the coming bust (China, etc.), industrial demand for gold and silver is clearly falling. The price is not manipulated as much as the gold and silver bugs think, this theory is only around because of their rationalizations. Sure, they might manipulate $1 or $2. I think for gold and silver, the price will fall even further, before investment demand finally takes over industrial demand.
Meanwhile, use of bitcoin is growing and the price reflects that.
So, imo, there is no supply&demand price contradiction, neither for gold, nor for bitcoin.
85% industry 15% investment.. the numbers of pre millennium were probably 99% hoarded and not on any market. 0.85% sold to industry 0.15% sold to investment firms now its more like 80% hoarded 8.5% industry 1.5% investment firms and 10% international retail(think dubai) now the financial and retail market is saturated with gold |
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A few days ago I realized that game design is incredibly similar to Bitcoin design, at least in my implementation.
Insert number (hash calculation), if the number matches the game algorithm (hit under difficulty threshold), you are rewarded with some points in the global ledger, or scoreboard (btc)
better comparison is game product keygens.. generate a key, if it matches a valid games product key, you get a free game  |
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Physical Gold & Silver are flying off the shelves as fast as they get coined. "Supply" is getting very tight. And yet price is dropping like a rock and mainstream media predicts it to fall off the cliff. This price action goes totally against traditional economic laws of Supply / Demand.
Bitcoin is in a way the opposite..... new Bitcoins being mined every day. Mainstream media says nobody wants bitcoin. Big Financials & Banks say it is dead. Nobody wants Bitcoin it seems. So the Supply should be huge. And yet the price is steadily climbing.
One scenario that makes sense of these two seemingly opposite contradictions is that a global crash is coming and people in the know / insiders are speeding up their positioning.
Big Money is buying Gold/Silver hand over fist all while telling the masses of sheep it is going down - creating sellers for their buy. Oldest Wall Street trick in the book.
With bitcoin, they are basically just manipulatively shrinking the demand in advance of what they know will be a huge spike in demand..... no one still really knows about bitcoin, and the media is either not talking about it, or when they do they tie it to crime etc. But it seems that the big money is buying. These increases aren't because a few more forum members bought a few more bitcoin. A small part of it is the slow but steady ongoing buildout towards mass adoption, but much is big money hedging their bets.
And it seems to be speeding up..... Gold and Silver is getting bought up fast. Now, its happening to bitcoin too. It's quickening.
Any thoughts on scenarios about the interaction of gold/silver with bitcoin if global economic meltdown of the current system were to hit. Gold/Silver will go up because everyone KNOWS about them being safehavens in a crisis. I wonder at what point that will translate from Gold/Silver to Bitcoin. I think it will be a 2-step transition in the aftermath of a global financial crisis..... Fiat Money >>>> Gold/Silver >>>> Bitcoin.
My thinking is that the price/demand explosion that will come in Gold/Silver will be huge and fast like a rocketship.... UNTIL people realize it is going to be Bitcoin that is actually the next monetary evolution, and Soooo Much easier to get/transfer into etc..... and that this realization could happen quickly, in which case Gold/Silver could go back down as fast as it goes up.
OR.... will something happen that causes Bitcoin to become well known overnite, and totally steal the thunder from gold/silver in the event of a financial crisis?
Thoughts?
though there are 175 thousand tonnes of gold. the majority was hoarded in fortknox and other banking systems.. with only a few tonnes released.. but in the last decade more has been released to the masses. meaning supply has increased.. EG gold vending machines  as for bitcoin. although more is being made per day, its availability is low. exchanges have monetary limits of $10000.. meaning people can only buy 30 bitcoins at most each without triggering AML flags. to add to that, exchanges dont have 15mill hoards. they have maybe 50,000 hoards to use for trading. while the other 14.9xxmill is in cold store away from exchanges and not traded. meaning bitcoins supply is low and demand is higher |
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The rate is just too unrealistic.. The profit of the bank has to come from somewhere to pay your interest rates. They will most likely be doing some extremely risky investments to pay you then.
There is no difference with real money banks here... the difference is that real banks are insured against loss assume we live in 2020, BTC is a stable and trustable currency and the BTC bank is insured for losses. Would you trust your BTC to a bank with an annual 10%? firstly. fiat banks do not invest customer funds.. its fractionally reserved... lets say the bank had $1m of customers funds in accounts. now separately they are legally allowed to CREATE $10million into new mortgage accounts and its the debt interest on the repayments of the newly created mortgage money. that eventually bank customers see as their 'savings interest'. customers funds do not get handed to potential home owners.. its just used as an asset measure to validate a banks liquidity and allow it to create money. bitcoin cant do that.. the only way to make more bitcoin is to trade/gamble it on markets. meaning there is a risk of loss.. no one is going to insure that otherwise wall street(investments) would never go broke if they could insure losses. so in short. no i wont hand my funds to third party for a year long. sorry. OP i think you need to research 'trendon shavers' |
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This is all 100% true in itself as Segregating the signature isn't intended to increase TPS by itself, but with a soft fork core can increase the witness data set limit to 4MB thus indirectly increasing TPS to 6 to 28 tps. It isn't the Segregation in itself that increases the TPS but the partial and limited blocksize growth that only applies to part of the data set. Thus after the softfork there will be a 1 and 4MB limit concurrently depending upon which dataset.
if you increased the tx data to 4mb but kept signature to 1mb... thats just the same as having a 5mb block.. and full nodes will still have to mine upto 5mb of data whether its split or together.. so witness is not itself causing more tx per sec.. it is however usingits ninja skills to just up the block limit to 5mb under the subterfuge that its something special. so without meandering.. explain the benefits to miners and bitcoin full node users who (imagine last week) agreed to a simple 5mb block limit increase.. and today you are trying to sell them the idea of witness.. forget about lite user benefits.. explain the benefits to the miners/full node network |
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Ok, that doesn't seem so bad at all. It's just a sidechain solution.
well its not a side chain in itself.. but yea if you have 20 blockchains linked together.. some lite clients may want a reduced history of all chains. although the full nodes/miners still have to deal with 20 full blockchains. lite clients can have a basic summerised copy. i think the solution to lite clients. is to not send out a command to the network with a block height attached asking for all new blocks since X.. (to resync) but instead send out a command to the network with a public key attached asking for all tx data of that key. that way liteclients only store the data relevant to the keys it holds |
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1.But what amount of transaction per second would this deliver?
2.can this really compete against LN in terms of being able to be at the same level of VISA and the like?
1. no, its not about tx per second. its about relaying speeds of solved blocks to clients imagine it this way. a pizza is 1mb and oneside has pepperoni, the other has anchovies.. the proposal is to cut the pizza in half but you as a full and hard worker(full node miner) still eat the same 1mb whole pizza.. thats right the full 1mb limit nothing has changed. but because its in 2 halves, its now easier for your witness to CLONE(relay) just the pepperoni half of the pizza because he doesnt like anchovies(signatures). and thus he as a separate thing holds onto just 500kb pepperoni of his copy of the pizza so each 10 minutes you(full node/miner) are still eating a whole 1mb pizza and your witness has cloned a copy of the pepperoni side meaning he is only eating 500kb per blocktime. for the full nodes mining the real bitcoin blockchain. nothing has changed, the data totals are the same and thus no extra transactions can fit into bitcoins blocks. the only difference is that the miners data has a split in the middle to make it easier to relay a copy of a half to the network of lite clients.. its not changing the transactions per second. and is only reducing the data per block for the witness(liteclients) who dont want to download everything. 2.witness wont scale anything.. its just a tool for SPV wallets to not be as bloated.. nothing to do with the real blockchain that gets mined properly LN has more potential to scale however i have seen a few limitations that dont make it perfect. |
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Lauda, explain Segregated Witness to me like I'm five.
And to me as if I'm just born The size of the block chain can be cut in half by moving all signatures(not needed to be stored anyways) into a separate data structure and only keeping the transactions without signatures in the block chain. Side benefits as well Much simpler future opcode additions/upgrades Solves malleability problems Fraud proofs for every single consensus rule, making SPV much much more secure and lazy validation Also can be deployed with softfork which without this upgrade would have been extremely difficult to implement.
Read the bolded part. Addition: By changing how the data is stored, they are saving a lot of space (hence the effective block-size of 4 MB).
"Size = 4*BaseSize + WitnessSize <= 4MB. For normal transaction load, it means 1.75 MB, but more for multisig." https://twitter.com/pwuille/status/673710939678445571to me this translates to creating a new chain. called the witness(pruned) chain. where all the old blocks are pruned of the the signatures. this is not a soft fork.. this is remaking a new chain. also because there still needs to be a chain containing the signatures.. that would be the real bitcoin which will still bloat.. and if anyone still wants to be a full node. then they need to now have 2 chains.. meaning more data as some tx data is duplicated by holding both witness chain would supposedly be used for liteclients. but its much easier to just let lite clients only download the tx data of addresses they control. and then find a real solution to bitcoins data bloat, without creating a new chain or risking security bugs related to not having signature checks |
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Most of us already known the benefits of the implement of the block chain in the financial system. Nevertheless , could you, at least, touch upon 3 more industries or systems that could be benefited for the use of blockchain?
land registry / real estate. corporate shares academic proof of student certification. |
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2011 was trading shares of bluechip companies. and some cheap penny shares.
started looking into other investments. even bonds and methods to buy bank debt contracts
started getting interested in how the banking system worked behind the scenes, how money creation happened and was so mind blown at the legalised scam of credit/debt.
after a few more searches came across bitcoin. read everything, the white paper, github code, and i was hooked. by spring 2012 i began trading it, and made nice profits off them early day volatility movements.
since then been more interested in the business side rather than day trading.
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course he aint serious..
the numbers 69, 420 are the punchline to his immature joke.
give it a while and his obvious teenage brain farts will come up with a 100mb limit..
"keepin it 100"
This was a serious proposal. You forgot to mention the first increase to tree fiddy on da first of da month. i guess im too old to keep up with all the immature trends you drug induced teens use |
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Some very interesting points made here so far. I wasn't expecting much of a response to be honest but I'm glad to be wrong. I do agree that at this stage, encouragement generally needs to be directed at businesses. I would say that supermarkets might be a great place to start with that, considering what franky1 said.
In terms of explaining it to people, I have a few ideas on that. One of them is to give people paper wallets with $5-$20 worth on them. Then sit with them and walk them through several processes like making a purchase with bitcoin and how to transfer btc between accounts. Also explaining to them how everything works as they themselves are actually doing it. People like to have their hand held through new experiences. This method also takes away the risk people would see with using their own money, at least to start with.
Another way to educate people is to sit down with them and walk them through ways of acquiring bitcoin. Starting with faucets, which may be obvious to many, but most likely not newcomers. Then move on to other possibilities such as local trading (with advice on security of course) or buying through sites. I have a few in mind but don't want to name them for multiple reasons.
My idea of pitching it big is basically the fact that I, or someone else, would personally sit down with a person and take them through the various processes. The hands-on aspect is what makes it work.
As a side note, I, or someone else, could also walk them through how to tip with bitcoin. A learning experience that benefits both parties. Not a necessary part, but a possibility.
just giving someone $5-$10.. thats too much. make it $1 so they can buy a pepsi at the 7eleven (once you sort out retailer adoption first). also think about how you can make it easy for noobs to start using bitcoin without hand holding them for an hour, step by step.. after all 99% of apple users dont need hand holding to set up applepay as for showing people how to earn it.. forget faucets.. thats like 5% of minimum wage.. plus telling the world about faucet giveaways actually ruins the perception of bitcoin. imagine it.. you want to advertise dollars to europeans.. so you throw out a few american pennies on the roadside you see someone pick one up and then you tell them every 10 minutes you will throw another penny down, hoping they come back.. most will just walk on by others will pick it up, but not suddenly want to buy $400, or hang around 24/7 to make $1 mainly because they cant use the $ bank notes in european supermarkets, so its not worth their time. instead look at all the businesses using bitcoin, everything from coinbase to overstock, etc.. look into the jobs those places are offering and get people real jobs earning bitcoin. along with helping new businesses accept bitcoin otherwise you are just spending an hour of your own time handing out $10, to someone that will ultimately feel its like facebook credits that can be used on limited things. |
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course he aint serious..
the numbers 69, 420 are the punchline to his immature joke.
give it a while and his obvious teenage brain farts will come up with a 100mb limit..
"keepin it 100"
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I`m not obsesses in grabbing new people, but you have to understand that nothing works better than systematic marketing.
How do you think apple or facebook got so many users? By sitting on their butts criticizing eachother? NO.
They worked hard to promote it, spend huge amounts of money, and then the herd effect did the rest.
Bitcoin needs a similar approach, or it doesnt need it, but it is recommended to have it. Therefore we could accelerate it's growth.
In case of bitcoin, end justifies the means in my opinion. And it doesnt matter how bitcoin becomes succesful, once it does.
but apple and facebook had a fully user friendly end-product. that people could understand and use, without worry or headache. bitcoin is still a prototype. its not perfect.. so if you really want to do PR. start with businesses right now... hold off on the random average joe for now.. and just get bitcoin more user friendly and useful then later, once you can see an easy path for: people to easily understand people to buy bitcoin people to work for bitcoin people to use bitcoin to buy real life stuff (meaning toilet paper not specialist / limited list of stuff) people can use it faster than 10 minutes (meaning its better then a 40 second debit card transaction) then and only then will it be ready to mass market to common average joe folk. until then, concentrate on the business, financial and technical industries |
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I've tried convincing many people to join btc but so far no one has taken me on.
the general view of average joe is that bitcoin is a 'buy and hold' asset. as you cant trust exchanges really, you cant buy baked beans with it.. thus only the business savvi people would be interested in it right now in its current form |
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Math and Bitcoin is like bread and butter, it has to go together... So this project, if properly funded... would go a long way. If I may ask.... how are you going to fund this project?
I think the developing countries needs this more than the wizz kids in the developed countries. How about you extending this to a math challenge for people from developing
countries too? It would make a massive difference... Do not give them fish, rather teach them how to fish... right?
the OP always is a bit vague about his projects.. its like he throws them at a wall like spaghetti to see which one sticks.. but seeing as it will be a website and anyone in the world can set up a bitcoin address for free.. there would be no limitations on which country uses it after all the prizes would be bitcoins not dollars. |
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