Trading alt coins works great, some of the time, to increase your BTC balance.
You need to know how to handle Bear markets; I did not say "buy and hold" alt coins.
Why did dogecoin go up again? It was at 99 a while back and now it's 120+. The darn thing's inflationary and still goes up in price. |
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So, I was wondering, could this be part of the reason why prices have consistently gone down as merchant acceptance has gone up?
Yes, that's right. Also there was a bubble. Greater merchant acceptance just means that early adopters dust off their paper wallets and bring coins out of cold storage to spend. That increases the supply of bitcoins while demand remains constant because no one is buying bitcoins to spend when other payment methods are more convenient. This is good for what buyers there are. These old coins are now in the hands of newer speculators/investors. The price of a bitcoin has gone down so more people can afford to put their money in. Greater merchant adoption also means that they start mentioning bitcoin in their marketing materials so that creates awareness. That could boost prices. Will it be enough to entice consumers to use bitcoin? Not by itself but it will help. Using bitcoin needs to get easier and safer before we see greater adoption by consumers. |
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You don't need to trust them, that's the beauty of the thing. They can't steal your coins as you are the only one with your private key(s).
Normally that's the case but the heartbleed bug meant that if you were using Linux and were connected to a malicious server it could read your seed. Most of the time the seed is encrypted but it's not designed to withstand bruteforcing. Then there are the times when you are sending bitcoins and seed is decrypted to sign the transaction. |
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Transaction fee has been reduced to 0.00001 (4 zeroes) i.e. 1/10th of what medusa mentioned.
This change has been made in the 0.9.0 version of bitcoin core.
Which fee, "min relay fee" or "min transaction fee", is dropped in bitcoin core 0.9?  Could not find the official bitcoin core 0.9.0 thread, but here is the one for 0.9.0rc2: (Read the "Transaction Fees" section before you start telling others default transaction fee has dropped) https://bitcointalk.org/index.php?topic=495683.0What is your point? That section seems to agree with what I said. |
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Thanks for the info. So quite frankly the transaction fee makes the btc gathered from most faucets practically useless because they would get eaten by the transaction fee if ever put to use ...
Yes. The only thing you can do is wait. Transaction fee has been reduced to 0.00001 (4 zeroes) i.e. 1/10th of what medusa mentioned. This change has been made in the 0.9.0 version of bitcoin core. Because not everyone has upgraded to this version yet it takes a while to get your transaction confirmed. That will change in the future. Nevertheless if you want to try it you can do a transaction with this new fee and spend more of the bitcoins to an output address. Thx that is good to know. Actually I got another question: Is it still the case if I have 0.05 BTC on an address but they were sent there in 0.01 BTC chunks, that in case I send the whole 0.05 BTC somewhere it will actually result in 5 transactions of 0.01 BTC? 0.01 is not a dust amount so first there's that. Second, it will be a single transaction. It will have multiple inputs and 1 output. |
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Thanks for the info. So quite frankly the transaction fee makes the btc gathered from most faucets practically useless because they would get eaten by the transaction fee if ever put to use ...
Yes. The only thing you can do is wait. Transaction fee has been reduced to 0.00001 (4 zeroes) i.e. 1/10th of what medusa mentioned. This change has been made in the 0.9.0 version of bitcoin core. Because not everyone has upgraded to this version yet it takes a while to get your transaction confirmed. That will change in the future. Nevertheless if you want to try it you can do a transaction with this new fee and spend more of the bitcoins to an output address. |
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You are supposed to use them with multi-sig and in a group of at least 3. Meaning at least one or two should be sitting somewhere safe. The third you can take out with you and show around no problem. But walking around with Titan Mint or Casacius coins is asking to get jumped and lose all your money, no?
Walking around with a shiny glass phallus is asking to get jumped too. |
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The same can be said for your mobile phone. Don't drop it. The device isn't intended to be handled on a daily basis. You get it, set it, and forget about it: Preferably somewhere safe other than your pocket or on the road.
Ah, but it's so pretty. If I bought it I would want to show it to everyone. What's the point of buying a shiny, expensive thing like this only to have it sit in a deposit box somewhere? |
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It takes 2GB of RAM minimum, and about 50GB of free disk space to house the patricia tree and blockchain.
Firmly within VPS territory then. - server ops write a very short "About Me" description, probably < 512 chars - after Electrum users send coins, declare a >20% chance that an auxiliary menu is displayed if and only if there is a non-zero number of BTC remaining in the wallet less the amount to be sent - the coins are sent as per usual - if and only if the menu is to be displayed, it should show the server op's About Me text plus an option to donate, or "No Thanks" - the autoconnect server menu popup could also feature short bios on server ops. This screen is a missed chance at building relationship with ops What do you mean by an "auxiliary" menu? Do you mean a contextual menu that shows up when you right click or a menu in the top menu bar? Does the menu disappear when you restart the client? |
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Public Electrum servers are run by volunteers. Volunteer server operators require modern hardware, which is costly to procure and maintain.
What kind of hardware is required for a typical server? My understanding was that most electrum servers were rented VPS running on a host node in some datacenter somewhere. Are you telling me people are running bare metal servers in their own premises? In my opinion, operating Electrum servers would be more popular to do if there was a higher chance of receiving BTC donations for doing so.
Yes, that's true but lets be honest here. We now have more servers than we did a year ago. This is partly because more people have gotten into bitcoin and partly because its more affordable to run them because hosting keeps getting cheaper and cheaper as time goes by. - server ops write a very short "About Me" description, probably < 512 chars
- after Electrum users send coins, declare a >20% chance that an auxiliary menu is displayed if and only if there is a non-zero number of BTC remaining in the wallet less the amount to be sent
- the coins are sent as per usual
- if and only if the menu is to be displayed, it should show the server op's About Me text plus an option to donate, or "No Thanks"
This is great because you get to pitch your case. But I think if you made a small donation a default for every send transaction then that would be even easier for users and would net you more donations. Add a second text field under the fee text field where you can enter a suitable donation to the server operator. There should be a ? button so if anyone is curious what this is they can click on that (you can add your pitch here). Most users are going to leave the value in this field at default which can be 0.0001 or greater. The question then becomes whether these dust like amounts can be spent by server operators? It should be possible now that default transaction fees in bitcoin core have been reduced to 0.00001. Using compressed addresses will also help. The alternative would be to implement what multibit is doing: https://multibit.org/blog/2014/04/11/multibit-hd-brit.htmlThe problem with the above is that one central server can uniquely identify every wallet out there using the britwalletid. |
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>>On that topic is it water proof or water resistant ?
Yes, it should be completely sealed in glass, thus waterproof. A few small challenges remain in doing this, but that is the plan.
>>Cold storage that can be accessed wirelessly sounds like a bit of a contradiction to me.
It's not really a contradiction. It's wireless only in the sense of there aren't any 'wires', but it can't communicate without a NFC reader directly near the chip reading it. Also all the data stored on the chip is intended to be encrypted, with the decryption information inside the device and *not* accessible wirelessly. So once the chip is encrypted and locked, there is no worries about 'wireless' theft. So no, it's not a contradiction.
>>That it's shaped like a dildo doesn't help.
The next version will be smaller and thus perhaps less reminiscent of your fears. That said, the shape is irrelevant to the function beyond the practical considerations of sealing a microchip in glass.
Yeah that's another thing. Glass isn't exactly durable now is it? What happens if I drop it? Or it gets run over by a lorry? It needs to survive being run over by large moving objects before I consider it durable and long lasting. |
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A lot of those wallets are auto generated backups. Beyond that, not sure what your question is. You lost track of your money?
No, not at all. My problem is the size of this folder now. As stated I have one log that is a txt file that is 395 mb. So, my question is, if I delete all this and start over, how do I keep it from happening again? Backup the folder. Delete the log file. Google to see if there is something like log rotation for windows. |
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Cold storage that can be accessed wirelessly sounds like a bit of a contradiction to me. That it's shaped like a dildo doesn't help.
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I have Electrum 1.9.8 now. And now I am having trouble getting connected. All other issues still in place and unsolved.
What operating system are you using? Windows of some flavour? Try selecting a different electrum server. Try entering the ip address of the server instead of the domain name. You can lookup the IP here: http://network-tools.com/. For example 88.198.241.196 for electrum.be or 144.76.99.209 for ecdsa.net |
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Ive been using this forum for 4 years or so now, with different accounts, I used to spend several hours every day on here and early on actually read most posts, but its just become unusable to me, its impossible to keep up with the flood of posts, and 99% of them just arent worth reading. Whats worse is that its impossible to find the few posts that are worth reading.
It depends on where you are looking. The technical forums still have a lot to offer. If you are spending time in mining, securities and other such forums then of course it's going to be difficult to find worthwhile content. I guess it depends on your areas of interest. |
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I've set up the Electrum on windows 1.9.8 and have sent payments to it. I've set up Electrum wallet on my Android and restored the seed but it's showing 0 as the balance. Does it take a while to sync or what am I doing wrong?
Are you seeing the same addresses as you are on your windows system? |
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