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2721  Bitcoin / Bitcoin Discussion / Re: Banking system and BTC on: September 21, 2019, 06:28:10 PM
The first thing was the question itself: "Do you agree or disagree with the following statement: Banks should offer current accounts in cryptocurrency such as Bitcoin". Why would one want a bank account in Bitcoins (as if it were in USD, EUR, and so forth)? From the bank’s perspective, they’d obviously find some ludicrous commissions to skim, but they would need to be custodians, which is not what one really wants generally.

Then there’s the second part to it, which is the number of people that agree (dark blue), and how that sways savagely from some countries to others. Turkey is very particular throughout the survey, and perhaps the survey’s question was not fully understood due to translation factors. Even so, 27% of Europeans and 27% in USA believe that banks should offer this sort of product according to the survey.

I don’t know, perhaps the interpretation is that of an investment account in BTCs, being bank custodial, and as such, subject to providing the customer with (limited) guarantees in case of bank default (European guarantee fund and such), and giving the subject a sense of having a sort of safety net vs being responsible for their own private keys. On the other hand, this interpretation would be based on the premise than the survey applicants knew enough about BTC to ponder this idea properly.

And yet that "custodial" thing you mention, is exactly what every single type of "Online" wallet out there does, be it from exchanges, gambling sites or anything. You send bitcoin to it, and you expect the exact same amount of bitcoin to remain there afterwards, minus possibly a "custodial" fee, which would be acceptable given you were unable to do it yourself and wanted to rely in others by your own will.

Hello? Are you even reading? A bank with full reserve cannot go bankrupt, period. When you say "default" you are assuming things that stop being so, especially with deflationary money. A bank with full reserve and proper money handling (ie offline wallets) will not go "default" now matter how many people withdraw. This is in direct contradiction to the typical fractional reserve bank of today which is far more close to a legalized ponzi scheme.

Unless that is, you DO want your money to be used in investment. But if you lend your money, it should not be available to you anymore during this term, and you must be fully aware of why this is important, so that they don't play casino roulette with it. Same reason you should demand your bank to ask you money for keeping your money in custody, be it in commission, transaction, time based, whatever. The bank should never give you money for you storing money into it, unless you are ready to lose it.
2722  Other / Off-topic / Re: What do I do with my bitcoins ? on: September 21, 2019, 06:11:03 PM
Another important thing is regarding the wallet backup. In case something happens to you all of a sudden, and if you haven't stored the wallet backup anywhere, then all the coins will be lost. It is a very tricky situation. Even I haven't created a backup for my wallet outside the online space. I don't want to trust anyone (not even my family members) and therefore it is risky for me to store the backup in hard copy format. But then, if something happens to me then those coins will be lost forever.

You have to do this in the beginning not afterwards.

Open your wallet take a piece of paper and pencil and write down the seed words. This is the ONLY backup that matters, and you should do this from a secured OS/PC.

Once you have this paper with those 12 inconspicuous words written on it, you get yet another paper and with your own hands copy them, those two papers should be stored away in separate and secure places, it can even be a bank vault with instructions etc.

Get this done now. Nothing you do "online" is important, don't bother with "backups" or passwords, only these words matter, and yes, you have to protect them, don't tell anyone what they really are (leave a written will), you could even hide them cleverly inside something else (a book or such).

You do not wait for later, this has to be done FIRST, before sending the first satoshi to it.

This is an offline "cold" wallet that should be used for lifetime savings, you can send all the funds you want to it, and nobody can touch them as long as you keep those papers with written words safe.
2723  Other / Off-topic / Re: Laptop for gaming purposes? on: September 21, 2019, 05:02:02 PM
Those valve games use the exact same engine. To play those, just about anything you could buy today will do in order of speed: Nvidia, AMD, or Intel graphics.

If you focus in getting a computer with something nvidia onboard, you are probably fine for those games. For more advanced games, you'd have to focus more on which specific gpu is embedded onboard, and check at website benchmarks. And of course, the higher the resolution, the worse it is for framerate, so you have to have that in consideration before looking for a 5k display...

Just make sure it has plenty of ram (16g+?), and optionally an ssd which is not strictly needed to play good, just to wait less for the game to load (once loaded its about the same anyway).
2724  Other / Off-topic / Re: Venezuelan Bolivar bills on: September 21, 2019, 04:54:50 PM
Anyone here knows a legitimate website where I can buy a 10 trillion dollar venezuelan bolivar bill? Been looking for a while but couldn't find a website selling them that's pretty reputable.

The bolivar is in its third incarnation (ie. renamed), the current bolivar (soberano) is worth 100 000 000 of the bolivars from before 2008.

Currently this third bolivar has exactly 3 banknotes, they are all identical except for the printed number, and the banknote color itself (which is simple, single color, quite ugly compared to the previous banknotes, people here joke about them saying they used economy mode at the print facility.

Those 3 banknotes are: 50 000, 20 000, and 10 000. If you go to a bank, you can withdraw a single banknote, of either of these 3 denominations (if available), per day.

Yes, only about 2 USD per day (which happens to fit neatly the monthly minimum wage of 40 000...).

Zimbabwe and history's most infamously Hungary, did made banknotes with several zeroes. Currently Venezuela has the worst fiat coin, but its banknotes are still not reflecting this. It will come a time when the inflation is faster than the govs ability to print bills (which is how Zimbabwe gave up and lost its coin).

1 VES = 100 000 VEF. (2018)
1 VEF = 1 000 VEB. (2008)

While currently the VES has only those 3 banknotes, there were several of smaller denomination (and coins) when it entered circulation exactly one year ago. Of course those are collectibles, but worthless for daily use, except the biggest ones: 500, 200 and 100, which are still in circulation but no new ones were ever printed after its initial launch a year ago (and it would be pointless, anyway). Sadly, no other banknotes between 500 and 10 000 exist. Your "change" for paying with any of the current 3 banknotes (or USD) won't look funny, bring a bag, forget wallets...

The USD is circulating but its not exactly official, it was allowed recently (a few months back), but the practice was illegal before (people were doing it anyway).
2725  Bitcoin / Bitcoin Discussion / Re: Why hasn't any altcoin replaced bitcoin? on: September 21, 2019, 04:28:42 PM
I figure it's because not all altcoins are out to actually replace Bitcoin, but solve other problems or be used for different purposes. If not that, they draw in different kinds of adopters.
Just like how I can't see Facebook's Libra replacing Bitcoin, even though it seems set to want to try to do so.
Bitcoin remains as what it was, it deserves to be at the top cause of its purpose and playing a big role in the market. No other coin can copy such uniqueness it has and put to its end.
And talking about Libra, nothing to see its potentiality to run over Bitcoin. It has to say that Libra will still as its altcoins just like of many others newly created.

The main problem with Libra is that it can be shutdown. This is what makes it garbage. You need something truly decentralized to gain people's trust. Bitcoin cannot be shutdown, therefore the people believe in it(s code).

When you want to evaluate an altcoin, this is one of the first things you need to check: Can it be shutdown? Either by their creators, or an external entity?

See, even Satoshi cannot stop Bitcoin now... Get it? That is why a bitcoin is worth what the market says its worth, well there is that and its other features but here i'm focusing in decentralization. Of course the blockchain matters, security and ireversability of its transactions, etc.
2726  Bitcoin / Bitcoin Discussion / Re: Big news for BTC exposure and adoption! on: September 21, 2019, 04:24:19 PM
I actually appreciate how much Bitcoin keeps moving despite the big challenge and struggles, and this it comes into possible because we give our support and we believe that Bitcoin can do better than of fiat. With this public exposure, not only it helps to promote its name and get popular but this is the way to enlighten the minds of the people out there who keep saying nega about crypto.

Bitcoin is designed to survive, similar to the original intention of the network that we nowdays call Internet but was designed as Arpanet to keep communications flowing in the event of a nuclear conflict.

Guess what is in the core design of it? Decentralization, no single point of failure.

In the 90ies, Microsoft attempted to lead people to their "better" (centralized) network, it didn't work. Few remember its name: MSN, yes THAT MSN. But the public went for Internet instead, and that was yet another of their failures (thankfully).

MSN was to Internet, what any centralized altcoin is to Bitcoin. And take a look at the actors involved, their similarity isn't coincidence...
2727  Bitcoin / Bitcoin Discussion / Re: Adoption! Finally? on: September 21, 2019, 04:19:21 PM
We have lately been seeing a lot of big names dipping their fingers into the sweet profitable sauce through Bitcoin's variations and tasting it nicely these days. Names coming out are some of the highly used apps in terms of daily consumption of data through their customers over these apps:

- Japan's Messaging giant Line launches an in-built crypto exchange for their 80M userbase.

- Telegram raised $1.7 billion for its TON token development and released code recently as well as Coinbase is considering on adding it to their exchange.

- Japan's Retail Giant, also known as the "Amazon of Japan", Rakuten has officially launched a crypto exchange where they have now allowed spot trading services to their 850M customers.

And many more...

Still need anything more to believe that Bitcoin is actually being adopted worldwide and everyone has now started taking advantage of this old-yet-highly addictive global cryptocurrency (asset) already?

Finally, something great is gonna come to us, Bitcoiners.

What has the Telegram and Line altcoins anything to do with Bitcoin adoption?

Japan adopted Bitcoin before any other country, long before any company decided to push for their own altcoin. I do not believe in altcoin promotion as a vehicle for Bitcoin, it does to a lesser extent, but it also misleads people especially when they fail, and fail most of them will...

Your pompous thread title would have fit when Japan allowed the usage of bitcoin for payments, but not for these late comers.
2728  Bitcoin / Bitcoin Discussion / Re: IS THERE A REGULATORY BODY on: September 21, 2019, 04:13:45 PM
There is no need for a regulation for a market to have trading value. I mean it isn't a mandatory requirement. Moreover, the market moves nased on the factors of demand and supply. At times the super hypes also makes the demand very high. The dump and pumps are also influenced by big whales who have much Bitcoin and can move market.

Not only it should not be mandatory, it is harmful. State intervention always do more harm than good. Do not believe in the illusion of socialism replacing the free market forces with their own bureaucracy, it never worked, and it never will.

The ups and downs are healthy, it shows the world the asset is free of intervention of any kind. There is nothing more dangerous than an artificially pegged asset to whatever someone in power decides it should be pegged to. Yes, including those so called "stable coins", very dangerous. You were warned.
2729  Bitcoin / Bitcoin Discussion / Re: With Bitcoin, a future is not clear on: September 21, 2019, 04:09:47 PM
After researching the news sources, I decided to pledge my land and houses worth $ 40000. I use it to buy 4 Bitcoin
I will rent a small apartment with my family
I'm happy now
I believe that the BTC will increase to $ 20k next year.

This is as stupid as it can be. Never ever invest something which you cannot afford to lose, only then you will be able to make cold, informed decisions.

The price of bitcoin might increase to 20k next year, or it could be in 5 years. Can you afford the wait? if you don't, you lose.

What if it reaches 12k~15k instead? Are you going to cash out?


If you have a different source of income, and can literally forget about these 4 BTC and look at them in 10 years or so, then you are good. Else, you are in trouble.

Never invest what you cannot afford to lose...

Never get in debt for these things either, its not worth it.
2730  Bitcoin / Bitcoin Discussion / Re: What will happen after cryptocurrency on: September 21, 2019, 02:32:17 PM
Money changed its shape through the history. As from non-monetary exchange to the need of having money. Fast forward to our current banknotes which are in my opinion slowly dying with bitcoin taking over. Many discussions are being held if bitcoin can be the primary currency in the world. Let's assume it can be. Everything has an end so what do you think will come after bitcoin? What will money look like hundreds of years from now? I predict its gonna be digital of course but I'm interested if its going to be a cryptocurrency or something else.

In my opinion it will be cryptocurrency, with algorithms updated for quantum cryptography (yes there is such a thing). In addition, there will be tokens (physical) to represent the coins. Some business will do this for convenience to their customers, like casinos and arcade centers used to. It might be in the form of a card or "app" you can load "credits" with (ie. Satoshis).

This way you can buy it in advance, and use the lowest tx rate and at the venue be credited. Of course you could recharge your card/get more tokens is you wanted to...

Banknotes are far from dying if you are from one of those countries with top leading fiat, those people just don't know.
2731  Economy / Speculation / Re: Bitcoin up to $20,000 before 2020? on: September 20, 2019, 09:04:35 PM
  • More and more people are using crypto as a way to diversify their investment portfolio
  • Brexit is a mess and this only helps Bitcoin
  • The trade war is a mess too and this only helps Bitcoin
  • Price patterns favor a $20,000 bull-run by the end of the year
  • There is a massive FOMO sentiment amongst crypto enthusiasts


Thoughts?

Diversify is always good, i guess that increases demand. Of course NOW that they see everybody else doing it, is too late for "great profits", so also expect some of those people getting disillusioned for not going rich "overnight" like some pioneers did and leaving halfway (losing) instead of waiting for long term.

Brexit is a mess for whom, British or Europeans? Which fiat has the most to lose, the GBP (£) or the EUR (€)?

"Trade War" to me is just Trump's tantrums as it only affects Americans. Not sure if that will somehow make them buy more bitcoin. The Chinese have very little to lose, and have been one with the most bitcoin enthusiasts worldwide, even with their government opposing this.

Pattern seems to be a healthy stay in 10k consolidation phase. If if goes up, it would be nice that it didn't go that much up, but slowly. If it does reach 20k i expect a correction afterwards, because it would have been too much, too quick (again).

FOMO is eternal, so any random "analyst" can always paste that at the end and look "good"... Most people have already missed out, it is too late.
2732  Bitcoin / Bitcoin Discussion / Re: Why will BTC halving stimulate price growth? on: September 20, 2019, 08:51:27 PM
I hear a lot of discussion around BTC halving that is expected in May 2020.
Many people are confident that this event will trigger the next bull run.

What is the logic behind this?

The logic is, less availability of bitcoin, of course. Good 'ol Supply and Demand.

Of course, just because there will be half production of bitcoins, doesn't necessarily means the market will suddenly value bitcoin twice as much. For starters, there is the already mined bitcoin in circulation... (about 18 million of 21).

As you can see, every time this occurs, price should rise less and less. Of course deviation based on human behavior occurs, but things will find its natural course.

The bitcoin price is logarithmic, it should be reducing its price increase with time. It will never reach absolute stability, because fiat money is devalued intentionally, so after a century its price should be going in proportion to the fiat losing value, ie. 2% yearly. That would be the top right most part of the price chart for bitcoin's price lifetime.

In short: Expect it to go up, but each time less than before.
2733  Bitcoin / Bitcoin Discussion / Re: World’s first offline system for transacting cryptocurrencies! on: September 20, 2019, 08:42:49 PM
Exactly and doesn't the block stream (core?) Team have a satellite literally already in space to be able to transmit without data?  I could have sworn this happened over a year ago.

This just seems like some weird press release shit going on.

True, you can check it at https://blockstream.com/satellite/. AFAIK there's no cost to use their satellite to broadcast bitcoin transaction, even though you might need few hardware so you can connect to the satellite.

This unfortunately is the big game stopper. "a few hardware" might be receiving data. but sending? This is an order of magnitude more complex, AND expensive, even if they let random people send data as well (which i doubt). And checking their site, there is zero mention of data upload (via antenna), you can send them some text file from the internet for them to broadcast, but that's about it. It IS unidirectional...

I would have tried it if they had chosen a different satellite for South America, instead of something Mexico centered, perhaps something more Brazil centered...
2734  Other / Off-topic / Re: Majority of scammers come from what place? on: September 19, 2019, 09:11:27 PM
In your opinion where do you think most scammers come from?  I think either Nigeria or India from me with Russia being an honorable mention.

There are scammers everywhere waiting and lurking for their next victim.

Location based, countries with broken justice system, hyper-corrupt and with bad relations with the victim's country tend to thrive. I remember reading long ago that, within the US Florida had the highest spammer per capita within the nation. Not sure if scammers as well.
2735  Other / Off-topic / Re: I would like to know what kind of job will never be taken by robots? on: September 19, 2019, 08:52:37 PM
Parenting although this is not a job where you get paid this is still considered a job because there is a responsibility. I don't think robots can do this.

Did you watch the 2019 Australian movie "I Am Mother" yet? Perhaps you should...
2736  Other / Off-topic / Re: Dogs are man's best friend thanks to bonding hormone, research shows on: September 19, 2019, 08:47:27 PM
Is owning a cat gives any opportunity at all?

Cats just use you at their convenience... Smiley

Now everyone will be asking those scientists about cats. My guess is, the human probably does make the oxytocin, but the cat maybe not...

But then again humans make oxytocin for a myriad of reasons lol.

Seems the dog study was done in 2003, talk about old news...
2737  Other / Off-topic / Re: What can the world do with 1.5 billion waste tyres? on: September 19, 2019, 08:29:07 PM
Isn't tires? LoL
recycling tires is bad for environment aswell. I heard one of the car companies has made tires that can lasts 10x as much as a regular tires

Tyres is correct spelling too, it  is mainly used by Brits.

OT  

Seems like in Africa they make sandals out of tires

NOt just in Africa but in the whole world as well because tires are very durable to use as rubber for foot stuff,maybe in your country it was popularized but I’m sure there are people there who make this garbage into useful one

When I was young I remember my uncle gave me a Strap sandals that made from Airplane Tires and until now I have the stuff because it’s very durable(and that sandals came from Israel that time)

If car tires are so strong, imagine airplane tires lol... I can guess they will outlive you, at least the rubber part (even if the straps break).

This is a concept called reusing. There are 3 Rs remember? Reduce, Reuse, Recycle. In that order...

I have also seen people making sandals or such from tires, but mostly artisan level. Would be nice if some large plant could somehow industrialize this process because the amount of "raw material" (discarded tires) is as big as the potential market but i don't think this can be made cheap enough, even with free supplies.

Yeah tyre is the British spelling Smiley
2738  Bitcoin / Mining support / Re: Adjusting Miner Mode depending on powerplant outpout on: September 19, 2019, 08:12:54 PM
That just came in the bOS channel, there is people lowering the speed of chips as an alternative of powering off (if no pdu/breaker with remote control).

Quote from: Marc Parrish
I have done this and it works fine.  200Mhz @ 7.9V, 360W, 4.2TH.  85W/TH

Less efficient than yours, but pulling way less power Smiley

Goal would be to find the setting where the boards remain hashing but with the smallest power and noise use, even if its not the most efficient (ie. not 80W/T). This begs for experimentation...

The idea being: when certain condition occurs, swap cgminer.conf with these settings for "low power mode" (since S9s can't be turned off on their own).

I assume OP has the plant connected to a grid tie inverter and is currently (also) freely drawing from the grid as needed...

I have no idea if the hydro plant can somehow communicate this condition to a computer to act upon. I suppose it does, or maybe the grid tie inverter itself?
2739  Bitcoin / Bitcoin Discussion / Re: IF Trump via Executive Order Banned Bitcoin, what are consequences if any? on: September 19, 2019, 02:58:47 PM
It's so unlikely to happen that Trump would ban bitcoin. He stated his dislike towards bitcoin so I don't think he would give interest about it. There's a lot of issue need to be given attention than bitcoin and crypto. But I'm not saying completely no possibility. There is, it's just low...

Any country that bans bitcoin is refusing wealth that will go elsewhere. Be it India, Bolivia or America... I doubt he will do such a think, EVEN if he doesn't like it, its not like he can make it disappear either. Properly studied, he will have to reach the same conclusion others (such as Japan) did.

Rather than an unsuccessful ban, rather try regulation as best as you can. And yes, neither can achieve perfection, but one choice harms you more than the other, but yea, you are harmed either way. Bitcoin separates money from State, so you lose your chance to manipulate the money, something new in history.

Perhaps as deep impacting as when they separated church from state...

Our descendants might as well just wonder how could we be so primitive. The government has the power to make everyone poor overnight (see Venezuela). This has occurred over 40 centuries without bitcoin...

Just because (so far) you had "nice" governments that didn't decide to make you very poor every year (they only make you slightly poor so you don't rebel), doesn't mean they don't have the power to do so.

Bitcoin removes them that power, forever. Government/institutional control of money can only lead to disaster. Its only a matter of time...
Do you want to live under a time bomb? Defuse it, go bitcoin.

Nobody thinks of this until it happens, but then its too late. Yes the people of Venezuela once upon a time, had savings in the banks after decades of honest work they expected to retire and enjoy, and then it happened...

Read history (that book), you'll see this is anything but new. If/when this comes to you, you won't have time to move your fiat into bitcoin, as it happened to 99% of the people here.
2740  Bitcoin / Bitcoin Discussion / Re: Banking system and BTC on: September 19, 2019, 02:40:00 PM
Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and  high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.


*BTC vs Bank
First of all, there are no rivalry between this two financial bodies and only the society wants to have only one of these two existing on earth. BTC is a form of money and Bank is a system of managing it so either they work together or they exist separately.


*Bitcoin vs. Fiat
I agree on you with this one. Bitcoin has the edge over fiat when it comes into long term storage because of inflation. This is why we prefer Bitcoin that any physical form of money. Inflation free and more secured.


*Bank Control
There ano no entites that can contron BTC either banks and even government and i dont think its an edge if you want it to become an international currency.


With Bitcoin banks are optional. You can keep using them if you want, if you are unable to secure your own money yourself, and you want to pay others to do it for you. This is what the original banks were made for, full reserve banking, not unlike online wallets.

Indeed fiat is manipulated by governments and private institutions, because they can. With bitcoin, they can't. Fiat is purposely devalued every year following school of Chicago economy dogma that deflation is evil. Actually, deflation is good, but that school is not. You need to study the Austrian school to learn, rather than fear deflationary economy.

Unfortunately challenging the dominant school of economy will turn the universe of many people upside down. Even in this forum, there are many who don't know exactly why, but fear deflation. Its the school of Chicago dogma they have received all their lives from different sources.

Why are banks giving you money in exchange of you giving money to them? Scam? YES! Its called fractional reserve banking.

Austrian school promotes the return to full reserve banking where YOU give money to the banks so they keep your valuables safe. Yes YOU, not THEM. Remember, banks are optional, not the other way around...

If you want to pierce the lies, read: https://mises.org/

Once you understand and embrace deflation, you will see how bitcoin fits perfectly. Bye to debt (Chicago) based economy; Hello to (Austrian) savings based economy...
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