1. How can we trust the genuity that bitcoing will attain the height proposed for it?
There is no proposed height for Bitcoin. There are different speculations, but those are just personal opinions. If you're to go by this, Bitcoin has surpassed majority of he expectations others had during its early days when it had little or no value. 2. This fluctuations observed in bitcoin, can it make it stand the test of other currency?
Bitcoin is not being tested by other currencies, it's an asset of value. Also, while the price may be volatile, the trend (when you zoom out of the chart) is progressively upwards. 3. The irregularity and unstable price of it observed, can it still make it the world's best currency which will be widely accepted?
No one awards a best currency. Bitcoin is a peer to order currency which doesn't need a middle man, as long as people use it for this, it is fulfilling its purpose. Volatility might discourage mass adoption somewhat, but Bitcoin is a maturing currency, and it would be a while for it to get more stable. |
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The "10 minute" blocktime is the average interval between blocks which is managed by the mining difficulty, adjusted every two weeks (approximately) to keep the interval uniform.
It can be shorter than that or longer than that depending upon how fast the next cryptographic puzzle is solved.
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Why will people holding public office would not just make appropriate research before taking anything to media, all to just mislead Nigerians for their upcoming e-naira next month while the value of naira has been depreciating right from its creation.
Corruption is the answer to that. Countries which are more controlling and didactic would definitely not support a free currency like Bitcoin. During the major protest of 2020 in Nigeria, the government freezed accounts of individuals involved in it, but when Bitcoin came into use, they were totally hapless and could not interfere with the transactions anymore, it's no surprise they would frustrate its use and try to swing public opinion too. €1 was equals to ₦2 when naira was created on 1 January 1973, but the value has been devaluing so far till this present time, now 1$ is equals to 410, €1 is now ₦567.50.
Consistent poor fiscal policies which only favour a few corrupt elites would lead to a constant devaluation such as this. |
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Well, how will these take profit then if they won't be taking any commissions? Are they like a state owned so they can be subsidized by taxes? Or there's some sort of transaction fees in there?
Not quite sure what their angle is, but I saw this article which reported that the president released a statement that all merchants must acrot Bitcoin and use it through the chivo wallet; During a Monday interview, Javier Argueta, legal advisor to El Salvador’s President Nayib Bukele, said that businesses that refuse to make transactions with Bitcoin and use the national Chivo wallet will face sanctions under the country’s Consumer Protection Law. Forcing the entire citizens on a country to use a particular service would surely have its benefits, which comes at the expense of freedom ~ the top feature of Bitcoin. |
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<snip> CFNP stands for Close For New Participants, i.e, the campaign is not currently accepting new members. When there is an open slot the manager would update the thread. |
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The lightening network could help you reduce the fees that are paid on transactions, considering that you're expecting multiple transactions with a lower amount. I calculated already with an online fee calculator, and the transaction fees currently would be ~10% of the actual value. This is wrong. The transaction fees depends on the ferrate at a particular time as well as the size of the transaction. It has nothing to do with the value of the Bitcoins being transferred; would be quite absurd to pay $100,000 for a $1 million worth transaction. Is it possible to send without any fees? Or less than 1sat/bit?
You can technically create a transaction with no fees, but the chances of it getting verified by the nodes or confirmed is almost impossible now. Lightening network reduces the fees significantly though. |
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Your post is an interesting read, you have good writing skills which you should share more on the forum. The merit system is excellent as it is in my opinion. It prevents spammers and scammers from creating accounts and flooding the server with unwanted messages.
The merit system does not prevent spammers or scammers from creating new accounts. It only demotivates users from posting only for activity as it's no longer enough to rank up. As it is though could there be a possibility that it could demotivate a long time lurker and take away from the creative process?
I do not see how it can. Merits is just a small section of the forum, quality discussions used to be had long before it was implemented. It shouldn't really matter much to a user, long term or lurker. Could there be a way to reward lurkers and other people who contribute to the cause while still differentiating them from spammers?
By lurking and actively reading you gain knowledge; this is one of the most important rewards. They also post better content when they get active and rank up quickly. |
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I'm more of a hodler myself, and I plan on holding quite a lot of funds on there, so a hardware wallet would definitely be worth it then. If you plan on holding large funds, you should use multiple addresses to store them rather than keeping it all in a single address. For privacy reasons you can also use multiple keys. However start from the basics, so you don't get an overload of information. If it is decentralized. So where we get this decentralized obviously in hardware wallet. Only you have the control. But in centralized wallet the company has the control of your account. So now you decided is it worthy or not?
There are a couple other decentralized wallets which are not hardwares, but gives you full control of your funds. |
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Wallets are guaged majorly by how safely their can help you store your wallets, then some other secondary benefits are how seamless they are, and other modifications you can make like coin control, fee management etc.
However, the major feature of of a wallet is how secure it is. Hardware wallets are a good choice because;
• They are offline - Hardware wallets are the ideal cold storage as they are not directly connected to the internet and one can store their funds there without the risk of getting hacked while browsing through the internet,
• They are non custodian - Your keys, your coin and with hardware wallets you own your funds,
P.S; you have to research on which hardware wallet to use and also how to safely use it, as its security depends on the safe usage.
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LoyceV, is this an official rule or is this a suggestion from you to fix an abused system?
If I can chime in, I don't think there's any specific rule on generating a trust list, but there are accepted guides, one of which is the one suggested by LoyceV. It has also been sort of endorsed by the admin, so you would not go wrong by it; LoyceV's guide seems reasonable.
...
Trust lists
- If you find someone who has sent accurate trust actions and has no inaccurate/inappropriate trust actions, add them to your trust list. Inclusion in trust lists is a more a mark of useful contributions than your trust in them, though at least a little trust is necessary.
- If you think that someone is not using the trust system appropriately, or if you disagree with some of their subjective determinations, exclude them from your trust list. If bad outcomes happen in DT, this is partly the fault/responsibility of: the bad actors themselves; DT1 who include the bad-actors; DT1 who don't exclude the bad-actors; DT1 who include or don't exclude failing DT1; anyone else who includes failing DT1. While it's best to spend some time trying to fix things at the lower levels before escalating it, it's reasonable to complain to any of those people, as I did regarding Lauda that one time, for example. (Of course, the system itself is probably also imperfect, and that's on me.)
I don't think Loyce has created other guides besides this, I stand to be corrected though. |
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I want to diversify my investements and looking for various options. You should note that diversification involved spreading your investment among different spaces, like investing some in Bitcoin and some others in real estate. Some people call investing in multiple cryptocurrencies diversification, but the coins are mostly correlated and only a few are actually worth investing in. Better to pick from several niches. Also i heard about staking can you also tell how staking works and how much profit can i make out of that.
Staking in cryptocurrency technically means to lock up your coins for a period of time for a percentage increase. Projects use it as the algorithm which runs the network; Proof of Stake, and those stakers are helping to maintain the network. Some exchanges also call depositing your funds for a period of time to get a profit staking. |
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<snip> +1. If you sell Bitcoin for something you need, it can't be termed stupid. If those stupid transactions were never made, the price of Bitcoin would likely have not reached the values it is at now, that makes most regret their purchases. If everyone who hold bitcoins locked up their coins and did not trade or sell it for anything else, the trading volume would go to zero, eliminating supply completely and limiting the growth of the network. Where one can look back and regret a transaction is when they sold because they believed bitcoins to be worthless with no potential and spent it on things they didn't need. |
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What do you think? Is plagiarism always intentional or can there be some specific cases in which it is not? It is not clear to me.
Imo, plagiarism can be unintentional; A user can quote someone else without any intention of stealing the idea and forget to link the source. They are difficult to prove but is possible. Unfortunately, high-ranking member have a chance to try to justify their position more than newbies.
From the discussions theymos has had on ban cases, rank does not really matter much, what's most important when considering to oardkn a violator of the rules is their contribution to the forum, i.e, if they are net positive to the forum. Newbies are fairly new and would have spent too little a time to impact the forum much, but they would not be disregarded simply casue they are 'new'. |
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And yes, even as a merit source I have a hard time meriting posts from members I consider to be, well, idiots. And I'm sure as hell not going to merit a post with factually inaccurate information, no matter how much time and effort went into it.
Am I wrong for this approach? I don't think that is quite what the op is talking about. Having opposite views does not mean one is right or wrong, and while time and effort are both commendable, but does not translate to quality. The OP I believe is referring to a situation that is equivocal. If someone has an alternate view there, they are not necessarily wrong but have a different view from you, in such situation can you merit them? My answer is Yes. Understanding that there are multiple perspectives is an important part of communication and allows one to learn and unlearn. |
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services to enhance crypto traders’ skills and development that guarantees trading profits. I have not used such services before, but any service that guarantees profits from trading already has a huge red flag. Trading is diet of like gambling and while there is an element of skill to it, luck still plays a huge part and there are no guarantees. You'll most likely be better off buying and hodling. |
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There's no guarantee that $ would still exist 200 years from now or that it would still be the global currency or that Bitcoin would still be priced against it.
That's the reason for the 1st paragraph; the distance is too far off to find a solution now, as the reward continues to gradually reduce, the network would start adjusting for a time there would be no more rewards.
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The later you speak of, when there would be no more block reward is over 100 years from now; a lot would have happened between that period of time which would change the Bitcoin space from what it is now. I specifically didn’t write any btc amounts in the calculation only dollar amounts. Since miners will pay their ASICS and electricity in dollar. That the value that matters.
Since transaction fees are paid in Bitcoin, it would be best to describe it in that form. If 0.000030 BTC equals to just over a dollar now, it would be a lot different in price in 2140 (expected time of the last block reward). |
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Is there any possibility that anyone could guess the 24 words correctly randomly?
Guessing your 24 word recovery phrase randomly is not remotely possible. If it were, the entire network would have collapsed already as anyone lucky enough would be able to guess the recovery phrase of any wallet and steal the coins linked to them. Any of the suggestions given above by @mocacinno could be the exact scenario that happened, or there was some other source of security leak which you are not yet aware of. |
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Beg to disagree. Police and justice system tends to be quite ineffective. Should we abandon it, so we don't get false sense of safety?
The forum is quite different from an actual justice system, but, why should the forum adopt a system which would be largely ineffective in solving the problem? I understand the argument that moderating scams would help in the very least to prevent proven scammers from posting on the forum, but the can easily create new accounts and continue with a new identity or shift their focus to other social platforms by attracting their victims to telegram or discord. There's also the case in which you suspect a user of scam, but have no proof of it, who decides on such cases and where would the line be drawn? if we are all responsible for our own security. Why should we tag someone promoting ponzi that promises 200% daily profit, people should use their own head and know that something like that is not possible. Yet we do it all the time, myself included.
Cause it's a community oriented forum with no central authority. The users are allowed to give their suggestions on what could be or not be a scam, offering their evidence to that effect; Everyone else is allowed to make up their mind using the suggestions of others as pointers. |
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I was also a little worried since I once already reported a scam spammer and it now says '100% report accuracy', but I'm not sure if it's bad to have a low accuracy or not.
On the report page, you will see the message: Do not worry about your accuracy too much; one accurate report is worth many inaccurate reports.. There's no benefit in having a high accuracy, what matters is making the effort to keep the community clean. However, a good knowledge of the forum rules woukd help, as it allows one report more accurately (saving their time and the mods'), but when in doubt even after reading the rules, report and let the mods decide. |
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