For stock exchanges, situations like what happened in Paris with the terrorism attack,means changes in the prices of the stocks, but due to bitcoin is kind of different, for you, what do you have to be in mind when you speculate about the price? I mean, what type of news or kind of doings, you have to keep in your mind to get winner in the bitcoin transactions?
at the moment the order of magnitude of real feasible movement, not the silly unrealistic and unexplainable spikes and drops.. is: 1) cost to create -mining costs due to difficulty rises and reward halving 2) exchanges becoming easier to get FIAT into them 3) population growth. a few people might say the order is wrong. but when you look historically at things like the rise from $12-$200, the majority of that was due to last reward halving. the spike of $200-$1000, was initially when mining difficulty shot up (first Terrahash miners hit the scene)(followed by china speculation which burst soon after). and this years change from the $200+ rise, is helped by media and exchanges drumming up new users.
|
|
|
epic fail in the first sentance.
blockchain currency not crypto..
|
|
|
It is already a post about this but ok, the issue with bitcoin is the price itself, not to much places to spent etc.
price is not a problem.. after all, you can buy 1,000 'bits' for $0.32~ bits:(0.00000100)
|
|
|
its only mainstream when a certain percentage of the population uses it.
its only used by a certain percentage of the population when there is common goods and services for them
when there is common goods and services for them is when you can get paid a wage in it and buy toilet roll, baked beans and a new pair of underwear.
...
in short its only mainstream when you can get paid a wage in it and buy toilet roll, baked beans and a new pair of underwear.
|
|
|
the main things in life
1. toilet roll 2. food 3. clothing 4. alcohol 5. utility bills.
once there is a shop/service in every town that can take bitcoin for them 5 things.. bitcoin is then mainstream
|
|
|
you do need to lock your bitcoins, that way LN would trust you to then do offchain tx's.
That locking would be done using CLTV not using the mempool (so the locked funds *are* in the blockchain as a tx output). Using the mempool would be rather silly as that isn't in any way guaranteed. so if the locked tx IS in the blockchain.. then those 5 customers, 1 starbucks =6 locked tx's in the blockchain (500byte each=3,00bytes)..(ignoring employee as he just a recipient) then when starbucks finally closes the channel.. another tx appears in the blockchain 30 days later (1,250byte as the example on the right of my diagram). so now 5 purchases of coffee are not 1,500bytes(old way left diagram) to pay everyone in order and give change. but now 4,500bytes to cover the 5 locked tx's and the 1 settlement tx to pay 7people (5customers change, starbucks, employee). i think LN has its uses to finally create more secure means to handle bitstamp day trade or a poker room 'pot'. but im still trying to analyze the benefit for the one off retail market.
|
|
|
thats 100GB of tx's just sitting on the mempool because LN wont use blocks, it just uses the mempool (the unconfirmed unmined database of tx's) until the channel is closed
Maybe you should just read the paper instead of telling us fairy tales?! you do need to lock your bitcoins, that way LN would trust you to then do offchain tx's. otherwise. whats stopping me paying starbucks using LN but then using the actual blockchain to pay myself(moving funds).. while starbucks does transmit a tx for 30 days.. thus the locked funds need to be in the mempool for starbucks to trust, and for blockchain miners to not mine until starbucks is happy.. i also did read the white paper, and watched their videos, and the presentations.. but that is all theory.. i put their theory into practice using real examples..
|
|
|
ok lets grammar check everyone. the word cryptocurrencies is abolished.. its now blockchain currencies.
blockchain explains the technology behind bitcoin and all the other altcoins. words such as crypto seem geeky and not mainstream friendly words such as digital, virtual dont explain the difference between bitcoin or paypals computer based funds..
so get use to using the word blockchain currencies when generally describing the category of bitcoin and altcoins.
|
|
|
ok guys, lets get back to basics.. imagine we were on the scale of visa 200million transactions a day. LN locktime tx is 500bytes minimum compared to bitcoins 250bytes minimum.. thats 100GB of tx's just sitting on the mempool because LN wont use blocks, it just uses the mempool (the unconfirmed unmined database of tx's) until the channel is closed now imagine people using the locktime for 30 days.. and doing 1tx per day on LN (using the mempool) 3terrabytes of LN tx's sat in the mempool. now imagine the processing power needed to tally up all the balances of the closed channels to be able to produce a final minable tx for the blockchain.. if you think that tx's are only stored locally, ud be wrong. they need to be in the main bitcoin mempool to ensure bitcoins are locked and unspendable on the blockchain whilst people play around making LN transactions within the mempool.. now the problem is not only mempool storage worries for all them locked bitcoins (unconfirmed). but also whats stopping miners purging them. after all miners are already ignoring Tx's without fee's.. so why store 3TB of locked tx's that wont get them a fee because the transactions are all happening for free in the mempool. and don't get me started on the end resulting tx the blockchain will finally receive. imagine 5 customers with 1btc are buying coffee (0.01btc) each from starbucks and then starbucks paying 1 employee's whilst starbucks keeps 50% of customers funds for profit. remember that bitcoin needs to settle all users balances so that the 5 customers are left with 0.99each starbucks has 0.025 and employee has 0.025. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FUAq4ksn.jpg&t=665&c=c0EBcOdfqrHpRQ) i dont really see it as reducing much bloat. especially at the expense of large mempool requirements for upto a month, miners wont see the advantage. of holding data for a month for just 1 tx fee re-empt knitpickers. dont knitpick the numbers, they are just examples.. instead look at the idea as a whole, tell me the advantages using real life scenarios, demonstrations of what LN can do that will revolutionize bitcoin
|
|
|
advertising has an element of informing as well which is important for Bitcoin mass adoption
1. a 30second tv advert cannot squeze in enough informative details to be of use, beyond looking like an apple pay app 2. a banner may be seen as just one of them binary options scams floating about. 3. until people can buy food, clothing and toilet paper. bitcoin is not ready for consumer mass adoption. we need to concentrate on getting merchants onboard first. afterall thats what applepay done. merchants first, users second. mass merchants third, mass adoption forth.. we are nowhere near forth
|
|
|
i think the OP means presuming the genesis block privkey is lost. like most keys were in 2009 as bitcoin was buggy and wallets were changing around etc.. the reason people put funds into it is as a thankyou to satoshi.. no one expects him to spend it.. its more of a bow in honour, a tilt of the hat recognition symbol. but flailing Junk said it better Probably the same reason people throw coins into wells.
for good wishes and good luck
|
|
|
What do you mean messy? It's working on Poloniex. People can lend to other people who margin trade.
poloniex manages this.. they hold people to account for losses. a decentralised model would cause people to just 'leg it' if they lose and not repay if they win.
|
|
|
localbitcoins, itself is not that bad..
but thinking logically.. people wanting to only trade for cash in hand, is a bit shady. so be careful with those types of transactions
|
|
|
decentralised.. is a highly over used word..
as soon as there needs to be a server to link users together to communicate 'offers' and to hold users in debt to account, its not decentralised..
i do not beleive that there is a standalone executable that is truely 'p2p' that gives the communication ability to make 'offers'/loans/shorts
Well isn't that why we have smartcontracts for? theory of smart contracts, yes. but again ill say it i do not beleive that there is a standalone executable that is truely 'p2p' that gives the communication ability to make 'offers'/loans/shorts
|
|
|
That seems like a stupid idea? We can't reset the network with the amount of problems that would cause. Basically what I hear from you is, I messed up at the start and didn't mine when I could, now I want to get stupid rich because I could mine a lot of coins for nothing and get free money.
but he wont get rich.. bitcoin would be worthless.. imagine it 15million coins redistributed to 15 million people.. coinbase coldstore balance would disapear.. bitstamp, bitfinex, all exchange balances would disapear. people would start sueing businesses.. and never trust bitcoin again.. instantly bitcoin would tank to $1.. and then those 15million people with 1btc each would sell the bitcoin in fear of the drop to 1cent.. the possibility of wanting to 'hold' bitcoin would vanish as there would be code to just make it move out off addresses without owners consent. all because some basement dweller(op) thinks sitting on his hands and not earning bitcoin deems him worthy of getting free bitcoin.. he has no logical understanding of economics or how to even earn bitcoin bitcoin the regular way. (work as an employee of a bitcoin business/start a business offering products or services)
|
|
|
With the amount of lost bitcoin that can not be used for such reason as destroyed wallets lost coins maybe their should be a fork put into place to re distribute the missing coins. Then again that would be unfair in some ways but in others would benefit many other people at the same time. Their can only be 21 million coins and even getting to that amount is going to take a mammoth task to do or 2120 for last coin to be minted. Maybe fork the diff produce the remaining to allow as a stake. Right now mining is game over unless free energy and some massive corporate mining farm Who knows but lost coins in a way to a degree is good because cant be controlled. Reminds me of burner coin they burnt other coins to gain good value but soon ended up game over. I think right now maybe 10 to 20% lost forever from early miners and losing wallets or passwords to amounts and peoples wallets being lost on hard drives being thrown away.
buddy... dont start up the old argument about redistributing coins. its been done to death and has come to a consensus that its unfair to anyone that 'holds'. classifying all coins not touched for X years is a recipe for disaster. that said.. hows life.
|
|
|
while we are at it in america there is $15,400,000,000,000 ($15.4trillion) in personal bank accounts
lets make it so that at midnight of each night, its reset. so that every man, woman and child gets $44,000 each.. no matter if they spend it all. or keep it. no matter if they receive $4,400,000 from 100 people, by selling goods/services... at midnight.. its reset back to $44,000 each
the end result is that $44k would only have a living cost value of 1 days food or bills. then people wont want to work because they are guaranteed $44k tomorrow. so next there would be no bills because there are no workers at the nuclear plant keeping the lights on.. eventually people will resort to trading physical products because there is no electric to power bank databases, internet, ATM's..
so now you know that doing such a thing to a highly dependant FIAT.. would result in returning to the middle ages.. what benefit would it be to do the same to bitcoin..
tell me exactly how people would continue to value bitcoin, if its reset?
|
|
|
if this supposed email from taiwan regulator to coindesk is true.. that no actual regulatory changes have happened and the 2013 decision remains..
then this is what i have been saying about most 'banned' countries.. only the banks themselves cannot offer bitcoins directly to customers. though the independant/private bitcoin buyer and seller do not have any regulatory oversight, and thus free to trade.
i would still remain cautious if you suddenly want to operate a business where fiat is handled as regulations may affect you.
|
|
|
decentralised.. is a highly over used word..
as soon as there needs to be a server to link users together to communicate 'offers' and to hold users in debt to account, its not decentralised..
i do not beleive that there is a standalone executable that is truely 'p2p' that gives the communication ability to make 'offers'/loans/shorts
|
|
|
You know what I think? I thing it was elaborate ruse of the Gemini owners or someone associated with them. They bought that BTC on purpose to create news and rumors about Gemini and its new ATH price record.
Lol i doubt. It basically how how low volume exchange it is. With all that was told about Gemini in last 2 years i am really disappointed with what happen a month after opening. There was expectations that price with double with this exchange. Now there is so little volume, that is of no importance in world of Bitcoin exchanging. Ofcourse everything needs time. But as it looks now i don't think will be really successful on the long run. i remember the winkles great plan a couple years ago.. people buying baskets of bitcoins in allocations of a few thousand bitcoin per basket. .. i know gemini is just a subsidiary of the winklevoss ETF trust. but still, volume of gemini is quite low at the moment and not good if suddenly these basket bundles start getting bought up real fast. all i know for sure is when the true ETF opens up.. the game rules will change
|
|
|
|