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261  Economy / Speculation / Re: Next UASF in 1 August/2017. Bitcoin UP or DOWN? on: July 13, 2017, 12:18:41 AM
With high fees and slow confirmation times, which is good for altcoins, especially Litecoin with SW and LN already activated. The bottom line is that Bitcoin will likely continue to slowly bleed with its prices stagnating and people looking for alternatives elsewhere. In other words, instead of spectacular crash we will see the same boring faces sending curses as before. That would be kind of meh. Jihan will likely abandon his Jihancoin too, at least for the time being

Do you know the maximum transactions per second that Litecoin can process with the LN?  I searched online, but cannot find the answer.  Ethereum is about 20 and Bitcoin is about 3

I guess this number is virtually unlimited

That's likely the reason why you couldn't find any relevant info. Basically, any blockchain is conceptually centralized in respect to processing transactions, i.e. the majority of nodes should accept the mined block to make this transaction valid (read confirmed). This is not the case with LN, since you don't need blocks to send transactions via payment channels, and this basically means that it is meaningless to talk about processing capacity of LN network in terms of transactions per second. Transactions are processed as soon as they reach the receiving end of the payment channel, i.e. they are real time and they are independent of each other as well as blocks found

For Bitcoin, a LN would require a hard fork, correct?  Is it in Bitcoin's roadmap somewhere?
262  Economy / Speculation / Re: Next UASF in 1 August/2017. Bitcoin UP or DOWN? on: July 12, 2017, 03:01:16 AM
Not a big deal, who cares if it does hit $1200? anyone bought at any price will dump before it's too late for them and that's the exact reason why the price drops to that level in the first place. one thing miners should keep in mind, there are not many big investors as themselves, only a few have big investments directly buying from exchanges they are the ones who'd dump with the first signs of a drop and the majority are small investors and they can't afford high fees simple. if they think someone will invest $5B in a decentralized currency they're wrong.
Bitcoin is standing to date only because of the same small traders and if it continues to stay the same system without any upgrade then I promise you they will abandon bitcoin just because it won't be profitable for them any more. time to wake up you are not the only currency generator in town.

I will be really pissed if thing goes wrong because of the miners are not corporating.  Like you said, It will hurt them more. 
263  Economy / Speculation / Re: Next UASF in 1 August/2017. Bitcoin UP or DOWN? on: July 12, 2017, 12:23:02 AM
With high fees and slow confirmation times, which is good for altcoins, especially Litecoin with SW and LN already activated. The bottom line is that Bitcoin will likely continue to slowly bleed with its prices stagnating and people looking for alternatives elsewhere. In other words, instead of spectacular crash we will see the same boring faces sending curses as before. That would be kind of meh. Jihan will likely abandon his Jihancoin too, at least for the time being

Do you know the maximum transactions per second that Litecoin can process with the LN?  I searched online, but cannot find the answer.  Ethereum is about 20 and Bitcoin is about 3.

By the way, it seems like the price of altcoins is highly correlated with the price of Bitcoin except more volatile.  If Bitcoins sunk, majority of altcoins might sink with it.  Ethereum also seems to have that influence too - when its price dropped, others, including Bitcoin dropped as well.  At least this is what I am observing for the last several weeks.  One would think that they are substitutes.  It is similar to the stock market - stocks in an industry tend to move together even though many of them are competitors.
264  Economy / Speculation / Re: Price dump from a Bitcoin folk? on: July 11, 2017, 08:29:21 PM

It seems that there might be no SegWit2x

And no soft fork either (i.e. no just SegWit), so your fears (and not only yours, obviously) may be unfounded. As theymos recently wrote, BIP148 has little to no chances to pass through, so there is no reason for Jihan and his Antpool to signal their support for SegWit2x anymore (which they are firmly against). It kinda looks they are going to revoke their agreement, and then there won't be enough support for SegWit2x activation. The bottom line is that the current status-quo is likely to be preserved (read miners have won)

Could you elaborate what you mean by "BIP148 has little to no chances to pass through"?  I thought they are going to activate BIP148 on August 1st regardless?
265  Economy / Speculation / Re: Next UASF in 1 August/2017. Bitcoin UP or DOWN? on: July 11, 2017, 08:24:19 PM

People have been using  this cite:

https://coin.dance/blocks

Thanks.  Only 46.5% for BIP141.   Shocked
266  Economy / Speculation / Re: Next UASF in 1 August/2017. Bitcoin UP or DOWN? on: July 11, 2017, 07:23:56 PM
This is turning out to be a real dampener. All these days, I was checking the SegWit2x support levels. It was hovering at around 86% for the past 2-3 weeks, and I was finally hoping that the scaling problems will be solved for ever. Seems like the issue is going to get even worse.

Could you share where we can see the current segwit support level info?  Thanks.
267  Economy / Speculation / Re: Price dump from a Bitcoin folk? on: July 11, 2017, 05:15:43 PM
I am wondering how effective will Segwit have on Bitcoin?  Ethereum is 6 to 7 times faster in processing transactions than Bitcoin, but it is still having scaling issue when handling the big demand from ICO weeks ago.
268  Economy / Speculation / Re: Price dump from a Bitcoin folk? on: July 11, 2017, 02:23:50 PM
Hope the whole Bitcoin community will understand that and work together to prevent the fork to happen.

If one has 1 BTC in a cold wallet and if Bitcoin forked into two - BTC(A) and BTC(B), would it be so happened that after the split, the combination of (A) and (B) would be less than 1 BTC?

It is not quite clear what you mean

After the split you should have 1 BTC on the one chain and exactly 1 BTC on the other chain, so your total of what could still be loosely considered as Bitcoin would be equal to 2 bitcoins. In a sense, chain splitting doubles your bitcoins (or even triples them, if there is more than two chains). If you meant to ask whether the combined value of these bitcoins would match (or even exceed) the current price, this is highly unlikely. Most likely, the price will crash below 1,000 dollars per chain per coin, and it may in fact be way lower than just 1,000 dollars

You got my question read correctly.  Thank you.  Your answer is what I am afraid of in that the overall value of the bitcoin holding will decrease.


The bitcoin folk Tongue


LOL!   Maybe I should change my alias to "Bitcoin Folk" instead of "Bitcoin Guy".
269  Economy / Speculation / Re: Price dump from a Bitcoin folk? on: July 10, 2017, 08:56:56 PM
If Bitcoin splits that might mark the end

.... Regarding coins in cold storage, they should be safe (and get doubled or tripled), but Coinbase is obviously a big no-no (we may see a massive exodus of bitcoins from every web wallet out there right before the Judgment day)

Hope the whole Bitcoin community will understand that and work together to prevent the fork to happen.

If one has 1 BTC in a cold wallet and if Bitcoin forked into two - BTC(A) and BTC(B), would it be so happened that after the split, the combination of (A) and (B) would be less than 1 BTC?

Ethereum failed so hard so they had to do emergency hard fork/rollback update, at that time people were saying that ETH is done for and this is the end.
Look at ETH now, the second biggest crypto. Just to remind everyone, price after the fork was around $10 or even less, now it is like $222?
As always, speculations about future and potential demise/fail of bitcoin are exaggerated greatly. Bitcoin will survive even after a split.

Isn't ETH different from BTC as BTC is a more commonly used currency and ETH is more like a tokens (which is currently not being accepted by general public for payment)?  In such case, the impact of a fork on them would be different.  Impact on BTC would be much sever?
270  Economy / Speculation / Re: Price dump from a Bitcoin folk? on: July 10, 2017, 05:56:03 PM
It is FORK not FOLK.

Ha ha.... My bad. Grin
271  Economy / Speculation / Price dump from a Bitcoin folk? on: July 08, 2017, 08:36:16 PM
In a month, Segwit (BIP148) will be implemented on Bitcoin and many people are uncertain on what effect it would have on Bitcoin's price.  Maybe that is why the price of Bitcoin has been fluctuated, on the most part, between $2400 and $2800 for the last one month and not going higher despite of many positive and encouraging news that recently came out.  It is possible that after the Segwit implementation, Bitcoin may folk into two.  When that happened, it may cause confusing to the market. 

Question is, if folk happened, for those vendors who accept bitcoins, how are they going to manage accepting the two different coins?  For those who keep their coins in cold wallets, what would happen to the coins?  How does a Bitcoin platform, like Coinbase for example, manage its customers' deposited coins?  And the most important question is - would Bitcoin price drop in the short run or even in the long run due to the folk?

What do you think? 
272  Bitcoin / Bitcoin Discussion / Re: Meet The Man Traveling The World On $25 Million Of Bitcoin Profits on: July 07, 2017, 11:51:35 PM
Sounds a lot like me, except I had $3,000 when it was $15, and didn't buy. Ooops.

Hindsight is 20/20, right?

On the bright side, I am still involved with Bitcoin and hopefully someday will be in this guy's position, or even close to it. I would be cool with a couple of mil'. Smiley

So how many do You have?  And at what price when you bought them?
273  Economy / Speculation / Re: Could Bitcoin price increase to $1 Million one day? on: July 07, 2017, 11:00:57 PM
The price will hit, but you`ll be dead.

And your future grandkids will be the ones to be spoiled lol.

 Cheesy Cheesy Cheesy
274  Bitcoin / Bitcoin Discussion / Re: Meet The Man Traveling The World On $25 Million Of Bitcoin Profits on: July 07, 2017, 07:28:48 PM
Seems kinda strange to just forget about a $3000 investment, which makes me think that he might have been pretty well off before he made his big fortunes with Bitcoin.
I can ionly drean that something like that would ever happen to me, though I do have a few $100 worth of altcoins that I've almost forgotten about Wink

The guy was a software engineer for a large technology company in Silicon Valley.  I smell big $$$ in it.

I can confidently say that there are indeed others like him who made lots of money off bitcoins and I always dreamt I was one of those people, but it's still not too late to make money from bitcoins.

It is not too late except that we have to put a much bigger stake to be rich like him as the price of bitcoins is already $2500.  
275  Economy / Speculation / Re: Could Bitcoin price increase to $1 Million one day? on: July 07, 2017, 06:29:17 PM
In one day it's surely not possible as of future not possible. Maybe you should check the price charts daily so you can understand more about the price structure and maybe even check different markets as there are really huge sell walls which would require billions to make the price reach 1 mil. It's not impossible but in one day it's too much to achieve.

The question is "would it happen one day" not "would it happen in one day".  LOL! 
276  Bitcoin / Bitcoin Discussion / Meet The Man Traveling The World On $25 Million Of Bitcoin Profits on: July 07, 2017, 06:25:16 PM
Just saw this inspiring story today and felt the obligation to share.

Meet The Man Traveling The World On $25 Million Of Bitcoin Profits
https://www.forbes.com/sites/bishopjordan/2017/07/07/bitcoin-millionaire/#16c131956261

The guy bought 20,000 BTCs with $3000 when a bitcoin was sold at $0.15 in Oct 2010, sold 19,000 of them after 3 years at different time periods, and got a realized profit of $25M.

"For the next three years, Smith worked his day job and largely forgot about his investment, until Bitcoin’s price leaps started making more mainstream news in 2013. “I couldn’t believe how quickly it was appreciating,” says Smith, speaking very quickly now. “It started rising by 10% or more every day. I was nervous, and excited, and terrified and confused all at the same time.” When the price hit $350, more than two thousand times what he paid for it, Smith sold 2,000 of his early stock; when the price hit $800 just days later, he sold 2,000 more. Just like that, Smith had landed upon a windfall of $2.3 million. “It was absolutely insane,” he says. “I quit my job and left on a round-the-world trip the following week.”"

What do you think?  Any similiar stories to share?
277  Bitcoin / Bitcoin Discussion / Re: High school dropout who invested in bitcoin is now a millionaire at 18 on: July 07, 2017, 03:22:48 PM
They said over 50% of the lottory winners lost/spent everything in a couple years and went bankrupted.  The kid still has his money after all these years. 
278  Bitcoin / Bitcoin Discussion / Re: Would Bitcoin ending up like Yahoo in the future? on: July 07, 2017, 03:14:32 PM


I think this thread is related to this image. "Yahoo: Mother of Bad Luck". I wouldn't really want to compare Yahoo and Bitcoin because first of all, there are people that are behind Yahoo. There are people that rejected these offers. There are people behind Yahoo that have made a series of bad choices and ended up in the worst place possible. It has a similarity to a trader that bought a coin at a low price, then the coin has pumped, and then ended up selling at a price lower than what he bought the coin.

If things like this happened to bitcoin, we can't really blame anyone since bitcoin is not an entity. The only people that can destroy the bitcoin market is us, the users. It's totally possible that bitcoin would also end in the worst place because big players don't really care about this market. They only care about profits and if it takes total bitcoin devastation for them to create tons of profits (in fiat, probably), then they are going to do it without thinking twice.

It is incredible how they made the wrong choice one after the others.  But if they did buy Google earlier, Google may go down with it due to poor judgement and management.
279  Economy / Speculation / Re: Could Bitcoin price increase to $1 Million one day? on: July 02, 2017, 07:03:26 PM
No. There will be another cryptocurrency that people like or bitcoins will slow down around the $100k mark. No matter what $1million will be impossible unless $1million buys you a used car because fiat is nearly worthless at that point.

If Bitcoin grow at 50% annually till 2027, it will reach $100K per BTC.  However, if it continue to grow at that rate till 2037, a BTC will be $8M!  LOL!
Knowing that it is not possible, but the power of compounding grow is amazing!  No wonder employers only give us 0% to 2% raise per year.

280  Bitcoin / Bitcoin Discussion / Re: Bitcoin will have Lightning Network soon? on: July 02, 2017, 06:48:36 PM
spammers are always gonna spam
1. they will avoid using segwit transaction types and avoid using the LN side service.

2. segwit does not address spammers. it needs to stop letting 1tx have 100kb of space allowed. it needs to stop allowing more than a few thousand sigops per tx.(needs dropping lower than 4k (16k cludgy maths)

segwit is cludgy and doesnt fix the issues it promises. it stupidly HOPES malicious people will use segwit keypairs/ln.. yet psychologically spammers wont.

3. LN is not going to be useful as a 'throw all your hoard in' service or a 'lock your funds forever' service.. it will end up with channels opening and closing every fortnight on average holding just enough funds for them couple weeks average spending, which means that onchain blocks will still get filled, due to all the open/closing sessions

4. as for the utility of LN. it all depends on channel connections(routes) which is the game theory of "the 6 degree's of separation". this involves people having to have more than one 'channel' funded and accepted as a route on certain LN dns seeds.

do not accept LN as the ultimate solution of utopia. atleast research and understand its niche and limitations.. not just the reddit false adverts of utopia

It seems like you know a lot about LN and the technical side of Bitcoin.  If LN is not a good solution, then what else can be implemented?  I just want Bitcoin and Ether to be better
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