To answer this question we must understand how LN works and why the transactions are instant.
To make transactions with Lightning Network the business that want to accept LN payments needs to create some kind of 'channel', so, let's say you have a hosting business and you are accepting Lightning Network, then you create a channel with 0.1btc. So, when a client pay to you the service of 0.002btc now your 'channel' will have 0.098 available for LN. Once the channel gets full then it broadcast a transaction in the bitcoin blockchain to confirm all the LN transactions in one real transaction on the blockchain.
Now you can see the problem with replacing VISA. The transactions are instant but the community needs those channels to spend with LN, so, my answer is a big NO. Lightning Network can't replace visa.
That's for the clarity on this. LN is mainly an off-chain bypass methodology which collects multiple payments and broadcast it to the bitcoin blockchain as a single payment. I know LN is now officially released and we already have LN wallets available in the market. But it indeed has a long way to go before it becomes mainstream. For LN to overcome Visa, Bitcoin has to first position itself there! So even I don't see how bitcoin or LN can even stay at the same position as Visa. It is like a newbie challenging an industry leader. Don't see it happening in our lifetime! |
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That's the problem of POW algorithm. I believe that's one of the major reasons why Vitalik proposed to move to POS and that will happen faster than we anticipate. With the introduction of the Beacon chain, ETH POS algorithm is already here, but not officially moved out of POW. This network movement from POW to POS will address a number of issues including gas fees and scale up the network to process more transactions per block. So Vitalik has already worked on a solution and hopefully we will see the implementation in 2021 iteself. News ref: https://blog.makerdao.com/how-ethereum-2-0-will-address-gas-issues-and-enable-dai-and-defi-to-scale/ |
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As we all know people did vote twice in a row for trump and if also was for a reason : He did cut the tax of everyone on the first day , now that means even the richest didn't have to pay much. At the same time he did give out huge relief funds. Now Biden did roll out a COVID relied fund for the people but at the same time he did see that there are much needed *Job creation* which does mean that the government needs *money* but from where ? Most of it has been used already and given to people and the US itself is in major debt. So Biden plans on increasing the tax , which would be the first major increase since 1993 , which is extremely weird. The wealthiest Americans and the biggest cooperations now would have to pay more tax!! I do think this is long overdue and should be done but people of the middle class should be exempted from this , , more specifically people without a job. What do you think ? Is this a right move ? Ofcourse it would surge the unrest amongst people and they might be on the streets anyways how should the Government handle this ? Should the major tax hike be done in small steps? https://www.foxbusiness.com/economy/biden-reportedly-planning-first-major-tax-hike-in-next-economic-packageI don't think it will be an overhaul of the current taxation system that people have in US. Otherwise, it would have negative consequences and Biden is perfectly aware of this. So I don't see any drastic changes are coming. However, it may be possible that he will add a surcharge on the WHNI individuals which is already an acceptable practice and available in many countries. Also a corporate tax increase is unlikely to happen because it would only increase the cash outflow from the corporate accounts and increase their burden which could result US companies to send more job to developing countries like India or China. So if Biden is really serious about creating more jobs, he would refrain from increasing corporate tax. However, let's wait for the actual thing to come out! |
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Never thought of such an idea but with what I see with all of these NFTS. Anything can be put into it and bring value. It is interesting who will be the casino to bring up the very first NFT in the crypto gambling industry.
Or is there already one in existence?
The NFT market is relatively new and I don't think there's any gambling website that has incorporated NFT yet. There are more number of ways NFT can be utilized in the field of gambling. The area is unexplored yet. Only time will tell how potential NFTs can be in gamling. I guess so too that there's no one in existence but I haven't browsed a lot and maybe somebody found out that there's already one. But yeah, it's safe to assume that there's none currently. What the NFT market is focused on are with those popular digital arts and those pieces of history like the NBA top shots and other first things in the internet space. No! There's currently no gambling house available that had incorporated NFTs. NFT is currently being used as a tool in digital auctions. That's their focus area as of now. But that doesn't mean NFT wouldn't have any use cases for gambling! It's just that we don't know yet! It's quite possible that a gambling house would want to take all their gambling activities through a custom blockchain to prevent fraud and to make their bets verifiable. In that case, NFT can become handy! But the high cost of transactions are really making things difficult for all of us! Unless and until the transaction costs of ETH blockchain normalizes, it's difficult to see NFT in a customer focused industry like gambling. |
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The first link is leading to a chinese website while the 2nd one isn't opening up any more! So not sure what content you have cited to back your argument. But as far as I know, China has been going after bitcoin mining operations from quite some time now. At least as per the news surfaced in various media. It may be old. Also on the other hand, China has already started experimenting with CBDCs and I believe they have already started a trial run of it. So it's no wonder, they will try to go after decentralized currency systems like bitcoin. If China goes out of the bitcoin market, that will be Good for the whole bitcoin community, I would say! The network difficulty would drop significantly which will give old miners to connect to network again to see some profitability. |
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So how do we decide who gets to mine? Well, there would be no clear solution to that, so my proposition would be that only a central authority such as a county's central bank would be allowed. This would reduce mining operations to only a few hundred, and would greatly reduce the amount of power required.
Personally, I would have no issue with allowing the state to validate the blockchain. They wouldn't have any control over the coin's supply, no one nation would have the ability to collude, that can be seen in how we conduct global politics, we can never agree on the most basic matters! Let alone a 51% attack.
Lol! What you are proposing is exactly opposite than the idea of decentralization and bitcoin. Bitcoin is popular because no state or country control this currency system and are completely independent from centralized entities. So I don't see how your proposal can be a solution! The only solution here is to encourage and facilitate renewable energy usage rather than centralization of the network and giving it away to the central banks! |
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It had to happen! Just as Gandhi said, First they ignore you, then they laugh at you, then they fight you, then you win. Initially banks tried to fight against crypto. They tried to spread misinformation about cryptocurrency. Big brains behind banking business tried to speak negatively about cryptocurrency. But looking at what crypto is standing today - it's a clear win! Probably this is just few initial banks started such services. But in next 10 years, there will be a crypto desk in evey bank just as we have for securities market today! |
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Does anyone here still plays in Nitrogen Sports? Did you ever tried depositing in their site?
I have a balance in there, but they require me to deposit 0.005BTC first before I can withdraw the balance (which I won from their NitroSpread contest promotion).
We have an official representative of Nitrogensports in bitcointalk, https://bitcointalk.org/index.php?action=profile;u=88706This account is active so I would suggest you to directly get in touch with this account if you are facing any issues with them. If not resolved, do let us know and open up a thread in "scam acquisition". As boyptc correctly pointed out, I see their minimum withdrawal amount is 0.0001 btc. So it's better to speak to their representative first. |
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I wouldn't want to change your mind because no one likes a slow payment system. With the current pricing and high fees and slower confirmation time, bitcoin doesn't really look like a practical coin to use for transactions. Same goes with ETH as well! So if someone wants to do transactions using cryptocurrency, bitcoin would not be an ideal choice!
Bitcoin has largely become an investment asset more than anything else! Now with billions of corporate money, I don't see bitcoin to come back as a currency anymore! Even if it does, it won't be a preferred one!
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This is no joke, Ortega, president of Nicaragua is the political leader of a country that is struggling with economic and social issues. Currently, they are having difficulties to even get enough COVID vaccines - perhaps no the only ones. However, the president has seen fit to create a "Ministery of Ultraterrestrial Affairs and Celestial Bodies". I only have the link in Spanish. Would it be better to create a Ministery of Extraterrestrial Affair, bitcoin and cryptoassets?  What seems to be an stupid idea is actually an attempt from the president to sell the idea of Nicaragua building a satellite for a Chinesse company. This seems to be as realistic as the last promise about building a second "Panama Channel". He is not the only stupid ruling a country. We have more examples available! The supreme leader of India has taken the religious madness to such a level, where they now have an entire ministry of cows. Just search Google with "Kamdhenu Aayog". An entire government department dedicated to cows. What a sheer wastage of public money! So stupid leaders are everywhere who doesn't know priorities. But unfortunately, we all will have to live with such stupid people! |
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I stumbled upon the article "What happens if bitcoin succeeds?" in which John Danielsson, Director of the Center for Systemic Risk at the London School of Economics, argues that the inequality between rich and poor will be further exacerbated.
Isn't that evident already? While big pocket players are setting up big mining rigs and small players are finding it extremely hard to earn bitcoin. So the inequality between the rich and poor will stay there even in crypto market just the way it happens in the real world economy. There's no way to remove it from our lives! So I would agree with this statement. Bitcoin didn't help to remove the income inequality from our lives. It certainly made some people richer who had adopted it in its early days but holistically it remained as a big boys' game! |
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As many of you might be aware of NFTs as it is getting a lot of attention from the crypto community. People are selling digital goods, artworks, gamea and unique things for millions of dollars. Even Elon's Partner has joined the bandwagon and already earned few millions. As of now, NFTs are only popular in digital marketplaces to mark the ownership of an asset through blockchain.
Now from where I see, NFT has a very good potential to be used in MMORPG games and fantasy sports segment. Even big developers like UBISoft has shown interest in NFT. Since NFT concept is very new we still have many unexplored areas of application.
Do you think NFT concept will be used in crypto gambling industry in near future? What change it will bring into this industry? Let's discuss!
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I would prefer to continue doing what I am doing right now! HODL a major portion of holding and trade with a minor portion of it. I used to be a regular trader but now I have mostly become a weekend trader due to the lack of time. So HODLing is what I am going to do!
After the recent surge in price, many eyes have turned to cryptocurrency market. But unfortunately my country is planning for a blanket ban! Nothing can be more unfortunate than this!
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Technically it is not possible for a government to shut down bitcoin in any. They can disturb the network by forcefully taking over the mining operations and fill their own coffers. But a complete shutdown isn't possible by any government.
Government can legally ban bitcoin in their own country. They can strictly enforce the ban using various enforcement agencies so thay people don't use bitcoin out of fear. So again they can't shut down bitcoin. That's how the nature of decentralized network is!
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No, you just need a few lines:
a) Do not spend more than you earn.
b) If you are breaking (a) rule, do not use debt to finance stuff that you do not need and goes down in value. Yes, that's your car unless you use it for work and is adequately sized, that is you 54 inch TV and the subscription to Netflix.
c) If you get into debt, use it to finance you roof, not your swimming pool.
Yes, that's all a man needs in their life and these are the basics! People often indulge themselves in debts for the things they don't need. I too had a similar fate back in 2010 when I first started my career. I had a good job and the bank where I used to have my salary account, offered me a credit card with good limit. The very next day, I had purchased a watch worth 15 grand in my local currency in EMI. I my country, credit cards used to charge 4% monthly interest at that time, so I ended up paying almost 7 grand in interest. So a watch which costs 15 grand in open market, I paid around 22 grand for that! But lessons learned so I have never went back to that route again ever. But one thing I agree with the author, is about real estate investment! In metro cities, real estate is the only investment that will give a regular income and an inflation adjusted value for future. Things may be different for small towns but for metro cities, real estate is still a great investment! |
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Shit happens when you trust someone with your money for such an asset where reverse transaction isn't possible! For bank, it is still somewhat safer because every banking transaction is reversible but that's not the case with bitcoin. Once a transaction is out of your wallet, there's no way to get back unless the receiver sends it back. Also there's no way to know the identity of that person due to the anonymous nature of bitcoin. In this case, the 2FA got changed using the form available with blockchain wallet owners only! So author's suspicion may be correct - it's an insider job! But if you have learnt the lesson, you will never use a third party wallet ever again! |
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Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?
Lol! No China can't control Bitcoin's future even though a major percentage of bitcoin mining is happening in this country. I really wish Chinese government bans bitcoin mining and enforces the law very strictly like the way they have done for ICOs so that the Chinese hooligans go out of this market for good! Because Chinese government is a communist government and they believe in military prowess. So it may happen in future that Chinese government forcefully takes over all bitcoin mining facility and keep on mining for their own benefit. Then it is a huge risk for the entire bitcoin market. But if it remains as it is, I don't China as a threat at this point. I am more concerned about billions dollar of bitcoin lying in corporate coffers. They are more harmful than China. |
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Hi everyone, I read some rumours of companies or groups offering services of betting on your behalf on matches in which the betting house got, for whatever reason, their odds wrong. A friend told me that he was successful in doubling his money, although the houses obviously close any account that looks suspicious. Do you guys know any of these services?
Betting brokers are real but pretty underground because that's not an acceptable practice by many casinos! However, such services are not affordable to small players like us unless you want to bet a fortune. So it is something restricted to big ticket gamblers only! If you are really interested, you can visit the below link, https://punter2pro.com/best-sports-bet-brokers-betting-broker/But use at your own risk and I can't vouch for their services. Use your own brain before jumping into such risky area. |
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We are hearing such arguments from quite some time now where people are speculating whether bitcoin can become the preferred currency system for the world or not! But currency circulation is a sovereign function and it would remain that way only unless the world sees a nuke war.
Bitcoin can very well become a great investment asset for the governments the way they invest in gold today. We have already seen corporates jumping into this crypto bandwagon. But if you are talking about replacing the current financial system, that's not gonna happen!
So I see your argument as a speculation. You can also consider my argument as a speculation. But I don't really see bitcoin becoming a mainstream currency system!
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Given the brand value that Paypal enjoys right at this moment, they are definitely helping in bitcoin adoption. However, there are several fundamental flaws within Paypal's crypto system at this moment.
1. You can't have the private key of your wallet
2. You can't withdraw the bitcoins to your own wallet which you have purchased from Paypal
3. You can't send your bitcoins to any other wallet outside PayPal
So even if they are helping in crypto adoption, their mode of operation is fundamentally flawed and goes against how bitcoin should work without an intermediary. So it's not desirable at all!
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