The medium article has been refuted quite a few times in the comments section. I wouldn't read much into the article because of the assumptions made there. The writer has changed his position in subsequent comments to "It won't work because the central entities would be too large". This is again a big assumption. Any type of payment channels can be established between parties depending on the amount of funds they move. Some will be large, some will be small.

Just the kind of assumption that people have been making from Day 1. We all have the bias of presenting our opinions as facts. That is what you are doing here.
Just hear yourself. "LN won't work", "BTC will fail as payment system", "China and Korea will ban BTC". Any other major predictions you feel like making today?? Ohh and lets please make this a positive discussion. Nobody likes FUD on the forum.

The way Jamie Dimon believes in blockchain has got nothing to do with the belief systems that are at the foundation of bitcoin and blockchain. Jamie Dimon now "believes" in blockchain because maybe some tech guy told him that the technology of on-chain contract settlement has its uses in the financial world.

The real belief system behind bitcoin comes from asking yourself questions like:
1. Does a person deserve a lifetime of servitude, taxes and deprecation of his hard-earned money? See how being your own bank by holding bitcoin changes this.
2. Is it necessary for you to be profiled on the basis of what you eat, what you wear and what you say on the internet? See how buying things with an encrypted wallet rather than having a credit card history changes this.
3. Is it necessary for someone looking for funds to become subject to banks/ VCs for loans? See how the crowdfunding potential of bitcoin changes this.

The answer to these questions may tell us about "how blockchain can be a belief system". Its true that things are far from perfect at present but that is because too many of us late-comers are in this for the immediate gains and not for the change this is meant to be.

Are you sure your question is only about getting the 6.3KW for 50THs. I assume you are talking about bitcoin mining. 6.3 KW isn't really an industrial load. You could probably divide your requirements into 3 different sockets from different flats nearby.
An average household meter should support 1.5 - 2 KW load.
If you're doing this at a flat/ apartment, you'd need a bit of properly sized cabling for testing this.
A good option would be to find some contact in your local electrical distribution department (maybe some friend who works there) and take your setup straight to the local sub-station.

Also, Custom 16nm chips??!! If true, this is huge. I don't think we have those kind of manufacturing facilities here in India. If you develop something, I'd be interested in buying.

Just a few months back there was similar huge FUD about China banning bitcoin. (This time its Korea). I was a relative newcomer back then and the price dipped to almost 5000 USD which was way below my initial entry-point. Guess what, I panicked like every other newcomer and instead of holding or buying, sold.

Regretted it within the month as it soared again. These things keep happening. The FUD is particularly strong this time because of the high transaction fees and stuck transactions combined with the twitter handle @bitcoin and blockexplorer being co-opted by bcash marketing machinery.
The more important question that you asked is how it'll manage to recover. Looks like its not answered yet, so here's the reasons why i believe it will recover:

1. The new wave of entrants will realize that just having bigger blocks is only a temporary solution and the really serious efforts for scaling are actually spearheaded by bitcoin and not by the hundred of clones.
2. Discussion will move onto LN and terms like malleability, payment channels and decentralization will take centre-stage.
3. Another wave of people will realize that bitcoin doesn't just aim to be a retail currency but a settlement currency. Its another matter that you can buy all the coffees you want once LN is properly deployed and in vogue.

Don't worry. Just Read, Learn and Hold.

If you have already gone through the basics of Bitcoin, watch this for intro to LN:
https://youtu.be/8zVzw912wPo

Look at the problems involved and solutions being processed. Its exciting!

Good to read this positivity and that is what has made all of this possible.
This community effort aims to free people from the uncertainties of central banking policies by giving them a medium of exchange and store of value that is completely in their control.
Though, the present reality is that new entrants and marketing is fast catching up. And these attacks are becoming shrewder by the day.
Isn't it something that needs to be dealt with in small steps? Should we opt for a concerted effort or it should be left to each individual to decide, as has been the trend for bitcoin?

This is another one of the reasons that you cannot rely on marketcap of coins like ripple to judge their value. Bitcoin has value because of the longest chain that has the most PoW done on it. The value of coins like ripple, bcash is coming from clever/ shrewd marketing practices and not enough usage.


Agree with you on this. It really is the wild west right now. But it always has been when novel economies are kickstarted. The early birds and fast movers get the advantage. Look how Bcash is manipulating the narrative. Their reddit is a funded circle-jerk with people tipping each other for writing odes about Bcash or shitting about bitcoin. Their is manipulation and controlling tactics going on. Alt-coins get easily pumped on hype and plagiarised whitepapers (Like Tron). If there is even a shred of substance, then it gets 100x within weeks. (Like XRB).
There's plenty money to be made and equal plenty lessons to be learnt.

I doubt you'd be here again to answer but if you do see this, do you care to explain why do you think that bitcoin is "out of its potential"?? What advanced altcoins are we talking about here??
Tell me one that doesn't have Role Playing Game sounding names for their tech and has even approached the same scale of usage as bitcoin?

Well, if only from an investment point of view, we can all agree there is money to be made from shit but "out of potential"...Realllyyy??!

If you are investing for the first time, here's a possible step wise approach:

Step 1: Decide what you can afford to lose? Say its 100 USD.

Step 2: Buy 50 USD of BTC. Keep 30 of it for holding and put 20 for small, quick trades in existing currencies on an exchange like Binance

Step 3: Buy ETH and a privacy coin like Monero with the remaining 50 USD.

Step 4: Hold the privacy coin

Step 5: Explore ICOs here on BCT and put your ETH into it. If you just want tips on whats the best ICOs to look in, Just look at the signatures of some of the better posters. But Do your own research before.

Step 6: Get onto Bounties and campaigns and start learning. The last step is the best! This is not investment advice as everybody on BCT knows these things these days. Happy investing!

The decentralization aims of bitcoin in particular and cryptocurrencies in general has nothing to do with the emotional response of newbies who have jumped with their Christmas money on the shit-coin bandwagon.

This happens all the time. It is necessary to shake the weak hands who are in this for quick bucks. If you really care about the future then just buy some red, hold and keep getting yourself informed of the technology. Money is the by-product, not the primary one.

Bitcoin Talk Name: amishmanish
Bitcoin Talk Profile: https://bitcointalk.org/index.php?action=profile;u=1107844
Rank: Full Member
Post Count (including this post): 206
BTC Address: 1E4KHowjS4RtJvkcWJahSHbPFG6StRrMPe
ETH Address: 0x7b82Ff36Dbf9ddFD70f32FC511aD84363636CDA1

Hope to be accepted. Thank You.

Also, if you'd really like it, I'd be glad to share what i know on PM. I sincerely think that crypto has the potential to be life changing for anyone willing to invest the time. Its meant for people who want to, but don't have the avenues to create wealth. Ordinary people like you and I.

Of course, no guarantees, but hey, its always good to try in this one life!

I think the elderly have the best chance with it.
First, you have a lot of time at hand to evaluate all the ICOs, airdrops, bounties coming in here at BCT. Secondly, you have time enough to read through the forum and get knowledgeable about a few ideas and platforms. For beginners, purpose of blockchains, wallets, tokens.
Various algorithms and their differences like PoW/ PoS.
Other technologies like Ethereum, DAGs etc.

Join the communites and get active by sharing your views and experience.

As a retired person, you may also have good credentials to bank on, experience and a few junior members of your clan to rope in for campaigns and referrals. If done in a non-scammy, sincere way, I think crypto can be great way for someone old and willing-to-learn to earn a good old age and leave a nice fortune.

Just jump into it already Grandpa!!

An https:// would have been encouraging. A lot of people will be wary of the "Newbie" tag AND the non-secure URL.

Maybe you should atleast try to explain a few things about your project first as well as give some credentials that people can refer to for trusting you as a developer.
I chipped in with this unsolicited advice because of the .in domain. We have enough scammers in India. Maybe you could try a bit harder to appear sincere in your intentions by sharing some info and credentials as mentioned above.

The purpose of airdrops is to provide a better distribution of the coins/ tokens so that any tech/ blockchain that uses the token later can have multiple nodes and network effect. It was primarily to increase usage so devs could have some idea about the performance.
These days airdrops have become one of the two types:
1. Marketing techniques: These you can judge on the basis of quality of discourse at their telegram etc, their whitepaper and background of the team.
2. Collecting donations: They will typically tell you to buy a few to get the airdrop. They will introduce various ways to buy you in. If the amount isn't too much for you and you are willing to take the risk then fine, otherwise avoid these suckers.

Goes without saying that you should never share personal info out there.

The McAffee pump has come and gone. But verge has a big community and the developers have proven naysayers wrong by releasing the Wraith protocol.
Its still at the top. You should take the profits and hold a little bag in case it shoots up more. It has the attention right now and thats all that seems to matter in crytpo, for now.

The thing about the US Savings ratio is an important point. A good chunk of US growth has been consumer driven. In this regard, a lot of developing countries like India have a much higher savings ratio. We are taught to save for a rainy day from the beginning. Unfortunately, Saving habit has converted into hoarding in our country.

Its a good thing that people in US and all over the world are unwittingly increasing their savings simply by holding. There have been so many stories of people getting debt-free and paying off their student loans with gains from btc. I suppose a lot of them don't have to worry about the typical scenario of losing your house/ mortgage if you are out of a job for a few months (which is brutal, Does this actually happen the way its portrayed in some hollywood movies??!! lol)

I have seen that most RX 580s have diifculty getting recognized on Linux based OSes and you mostly have to run them on Windows.
I have 3 RX 580s running on windows right now but the power consumptions are ~150W per card for 29MH/s ETH and ~90MH/s LBR.

Would SimpleOS be good to try for better results? Just looking for an opinion on this from those who have tried.

You should read this beginner's thread by Lauda.
Most people agree that faucets are pretty much a waste of time. With the transaction fees, i doubt that you'll earn enough to complete even the transaction for a long time.

Your time is much well spent researching about bitcoin and related technologies as well as catching some good signature campaigns. Try mining with small investments to begin with.

Here's the link:
https://bitcointalk.org/index.php?topic=1629118.0

Bitcoin Talk Name: amishmanish
Bitcoin Talk Profile: https://bitcointalk.org/index.php?action=profile;u=1107844
Rank: Full Member
Post Count (including this post): 195
BTC Address: 1E4KHowjS4RtJvkcWJahSHbPFG6StRrMPe

It seems that I am too early for this (usually i am too late for all Sig campaigns). The links for signatures are yet to appear in the original post Mr. Atriz. I'll change them pronto when they come up. Hope I am not making some silly mistake and can reserve a seat at the table.
Thank You!

Is anyone else having any issue in downloading or extracting the files. It seems that the download gets stuck at 100% stage and isn't getting completed at all.

The same is happening with the extraction of the file. Any help would be great. Thanks!