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Some thoughts on this:
1) Accurately telling when the next financial crisis will hit is as hard as telling when a stock / crypto has reached a top or bottom. Sure, a lot of people have been waiting for a stock market correction since the last few 2-4 years, then again the markets may very well continue to grow for the next 5-10 years until crisis hits.
2) During times of crisis people tend towards less risky investments. Thus I'm not quite sure whether crypto is a viable safe haven / financial crisis hedge -- yet.
3) Historically BTC has outperformed pretty much every alt out there, keep that in mind when adding alts to your portfolio
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You can make profits from fork if you've invested in alternate coins, buy them now since price is low and check your holdings once the fork is done. Just make sure that the coins you are investing are moving and not those dead coins.
Be careful with alts, there are a lot of useless ones out there. Also note that there's no guarantuee that whatever particular alts you choose are going to fully recover. Some very well may just fall out of favor and will not get back up, in which case you'll have to decide whether you cut your losses or try to come out on top a couple of months / years further down the road. |
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instead of getting greedy and thinking about how you can make profit from the fork, try to focus on not losing money because of the fork.
when you focus on getting the airdrops and dumping fast you are bound to be careless and being careless means losing money.
you may download a malicious wallet and lose your private keys,
the wallet the forkers release may even be malicious itself and you lose your bitcoins,
sometimes these forks don't have replay protection, so you may unknowingly make a transaction on one chain and lose money on the other.
these are a couple of examples off the top of my mind though.
Heed these words, OP. All these points are very valid concerns. Trying to get rich quick, is a great way to lose money quick. I personally doubt that BTG will have much of an impact and will indeed basically be free money. But even something simple as sending your coins to the wrong address -- sending BTG to a BTC address or vice versa -- can ruin your day. |
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I want a safe and security online wallet, Somebody have suggestions? Thank you.
If you want a web wallet that runs in your browser, I'd also suggest blockchain.info. For a wallet to install on your desktop I'd suggest Electrum. For a wallet to install on your mobile device, I'd suggest Mycelium or Breadwallet. If you want a truly secure wallet however, I'd suggest storing your coins either offline or in a hardware wallet. To store your coins on an offline PC, I'd recommend looking into Armory. Regarding hardware wallets I'd recommend either Trezor or one of the latest Ledger wallets. |
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[...]
This I think will be the driver to 1M and above, when sovereign acquisition occurs in earnest and it will.
[...]
This number assumes BTC fully replacing gold... and then some. Which I doubt will happen. One may dream though. [...]
The USA would never lose it`s monetary advantage and will never let some other national currecny to dominate the world.
And by the way,bitcoin can be destroyed.
But BTC is not some other national currency. That's the beauty of it. And I daresay it would be really hard to destroy in a way that doesn't take the rest of the world with it. |
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Hello guys. Can someone tell me what is the meaning of escrow? It is coin or tokens? Or some sort of trading site? I do not really know about it. I would be happy if someone can give me an information about it. Thank you.
An escrow is a trusted third party that safeguards your coins when making deals with eg. another member of this forum. Optimally they simply release the coins to the selling party, once the buyer confirms that everything is in order. Otherwise they have to serve as an arbiter. What makes a trusted third party is up for debate though. And in theory you'll want to use a 2-of-3 multisig address (which means the escrow can't run with the coins, unless conspiring with either the buyer or the seller, additionally escrow doesn't need to do anything if buyer and seller are both content and provide their respective signature) although I'm not 100% sure how the current practice looks like. |
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[...]
In terms of the Bitcoin Gold, we're currently in talks about it and should have something more concrete here in the next couple of days. As of now, it seems that we WILL be offering BTG if/when the split happens, however we're still in the process of figuring out how it will work exactly. There most likely will be some stipulations (ie. having funds in before a certain time, etc), so be sure to keep up with our thread here for further info.
Awesome, keep us posted. Also I'm glad to see that SD has taken our concerns seriously and is working on improving customer relations / community support. Keep up the good work!  |
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It gets exponentially harder, the power required now has gotten insane. I saw a presentation by a guy that runs a huge mining operation here in the US recently, and he said they were burning 50 gigawatts. Also, he mentioned that the last few percent of bitcoin was going to take about 100 years to mine because of the complexity level. I think we can assume computers will get better, but it's kind of crazy.
The fact that it will take maybe 100 years to mine the last few bitcoins has nothing to do with the complexity / difficulty level. This is caused by the block reward halving schedule. The increase in network difficulty only makes sure that bitcoins don't get mined ahead of time, regardless of whether hardware gets better. Oh yea, now that you remind me, he did talk about that. The mining side of the equation is new for me. He'd also made an interesting comment, I'm curious your opinion. He said that a PoS Ethereum will never happen because the miners won't agree to the code change since it would kill their operations essentially. I don't follow Ethereum all that much to be honest. My educated guess is that miners will have little say in it and that PoS Ethereum will come sooner or later. Question being whether ETH miners will simply point their hashrate to ETC or whether we'll see yet another Ethereum hardfork. |
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What I was really trying to get at is the re-harnessing of the PoW compute power to solve an interesting problem. Still with the idea of leaving humans out of the loop -- so not involving humans as screeners, but using the PoW concept to address ongoing problems that are controlled via API calls to/from other computers.
The compute problem could most certainly be distributed, so its not a central/single API server. But, the certification of the blocks would not then be simply a race without a compute meaning, it would imply that each mining event is helping to solve a problem.
I'd suggest the problem be a computation related to science, and we have some candidates in mind, but it doesn't have to be a particular domain of knowledge, just something better than a wasted set of CPU cycles. It was for that reason that I titled it with the reCAPTCHA idea, but maybe it was misleading. I do agree that the current PoW is similar to reCAPTCHA, as a check on validity, but I would argue that its not like reCAPTCHA in that the computation is not harvested to help with some other problem that needs a solution (e.g. book translation or image ML).
Ah, got it. There have been a couple of alts that are (were?) trying to go this route. Two which I remember are Primecoin and FoldingCoin. I'm sure there are other examples. One of the problems to be aware of is that the PoW that gets put into eg. the Bitcoin blockchain is not wasted, it is used to secure the transactions. Using said computing power for other means always comes at the cost of security, ie. cycles that get used for research can't be used to secure the network and vice versa. However there might be recent research that tells us otherwise. Maybe the aforementioned alts can serve as a starting point. |
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you can't expect anyone to take it seriously when nothing is yet clear. they should at least release a wallet/client for it before exchanges even consider adding it and releasing statements. Not to sound pessimistic, if all these issues still remain unresolved as at this time when the intended fork is just about 10 days away, I think there is need for serious upgrading by the entire team behind this upgrade. In the case of BCH, there were already enough of this on ground as at the time. What is being discussed had been changed from what will happen to bitcoin in the case of the fork, rather discussion was centering on the issue of 'how do I claim my BCH successfully without compromising my BTC?'. With all this and even without enough coverage and discussion, we can only hope that the same faith that happened to to Bitcoin Unlimited awaits BCG at this time but to avoid it, something more timely needs to be done. well, some of these "issues" are work in progress. it is not like they are ignoring them. some of them like the PoW change already has the Pull Request open, the code is ready and somewhat tested. the other issue that may be overlooked is that when forking something like this you have to "extensively" test it. it is not enough to do some tests and rush the fork to meet the deadline. i also agree, the biggest problem of BTG is the lack of communication. for example the dev only has the slack and twitter. someone who is not on either of these platforms will be left out. they need to start a proper announcement on bitcointalk, a reddit sub and then start answering questions. that is why it is considered free money or airdrop anyways  specially with the big premine that it has  Oh boy, this is too funny. No wonder no one is taking them seriously. That's some "I'm late on my college assignment" level shit. It's like the public beta of hardforks. The early access of crypto-currencies. Only instead of a small indie game title, we're talking about an immutable, multi-billion dollar transaction network. Oh boy. |
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As the current state of science, it's rather a philosophical problem. Design a PoW function that only a human can solve, but a machine can (easily and accurately) verify for corectness. When you do this, you will be a new Satoshi The thing is, do we want this? Decentralization is only one aspect of crypto-currencies. Automation is arguably another. Isn't it one of the positive side-effects of crypto-currencies and smart contracts, that you could potentially handle all sorts of transactions and contracts without any human intervention at all? Wouldn't it be kinda cynical to cut humans out of the arbitration and confirmation process, only to put them to work as what would basically be a human captcha-solver? |
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Hello
I bought my first miner an ASIC Block Erupter 333mh/s. So I watched a lot of videos to get it working. I have done every step like in the videos but the miner doesn´t show up in my pool account. I am using bfgminer 5.4.2 64 bit on Windows 10. I already installed the driver from Silcon Labs and the device is working fine and gets quite hot while bfgminer is running. Bfgminer only says Pool 0 is alive, Pool 0 is hiding content from us, Dfficulty has changed and New Block detected( The last one repeats itself but nothing else happens). There no message of accepted or refused jobs. I think the problem is in my configuration but i don´t have an idea.Maybe I forgot an aspect.
Here is my Start.bat
bfgminer.exe -o stratum+tcp://eu.stratum.slushpool.com:3333 -u lokosj.worker1 -p test -S erupter:\\.\COM4
Thanks in advance
Serious question, but why even bother? With 333Mhs you're unlikely to even reach the payout threshold nowadays. |
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It gets exponentially harder, the power required now has gotten insane. I saw a presentation by a guy that runs a huge mining operation here in the US recently, and he said they were burning 50 gigawatts. Also, he mentioned that the last few percent of bitcoin was going to take about 100 years to mine because of the complexity level. I think we can assume computers will get better, but it's kind of crazy.
The fact that it will take maybe 100 years to mine the last few bitcoins has nothing to do with the complexity / difficulty level. This is caused by the block reward halving schedule. The increase in network difficulty only makes sure that bitcoins don't get mined ahead of time, regardless of whether hardware gets better. |
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Which do you prefer, centralized or decentralized exchanges, why?
So far I'm using only centralized and partially-centralized exchanges. To be honest I wasn't aware that we already have decentralized exchanges up and running. Ideally, I would prefer decentralized exchanges, but that depends on what they have to offer -- ie. whether they are secure, whether they are in fact decentralized, whether they offer all the functionality I expect an exchange to have. |
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However I can well imagine that for a lot of people an ETF will make investing in Bitcoin much easier. It simply removes much of the technical aspects.
This will definitely be the case. It will mean that all sorts of pension and investment funds will be able to buy into the ETF that are currently prohibited from investing directly by regulations. If/when it happens it will be one of the single biggest boosts to Bitcoin in its history. Also I can't wait for my bank trying to sell me a Bitcoin based investment fund. That's going to be fun. And when asked why they advised against investing in Bitcoin just half a decade ago, they'll argue that investing via an ETF is much safer then investing directly because something something regulation. I already see this happening. |
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What do you guys think about investing in a bitcoin ETF, should one become available? Or, how about something like Ledger X?
Personally, I might just stick to direct investing...but, it's crazy to think about all the potential once investing in bitcoin becomes more mainstream and how that will change things. If you had that option now, would you put your 401k partially into a bitcoin fund?
I personally will also stick to direct investing. First of all, where I live holding Bitcoins directly has tax advantages compared to investing via an ETF. Secondly, to me personally it's much less of a hassle. However I can well imagine that for a lot of people an ETF will make investing in Bitcoin much easier. It simply removes much of the technical aspects. |
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I wonder where kwukduck is at. He was, of course, predicting a bear market a couple of weeks ago. Now we have finally broken the $5000 psychological barrier and we are officially closer to $10000 than we are to $0. FUDsters of all types keep getting proven wrong.
I also remember prodhon as one of the biggest FUDsters, I remember that guy, he has been here since 2011 predicting crashes that never happened, how ridiculous. These guys must have sold tons of BTC for pennies and are now mad as hell.
Man you had mentioned kwuckduck, you made me missed him. Every time he keeps on telling a false prediction about the price of bitcoin to crash, opposite thing is happening. I wonder what he's doing now but his attitude is, never say die and don't give up with the FUDs that he's spreading here in forum. I really wonder where he is right now and if he's going to keep on pushing his opposed prediction because the price is moving upward when he wants to pull it down. Maybe kwuckduck not posting FUD is actually a bad sign. Now that I think of it, I'd probably feel saver about the current bull run with kwuk posting prophecies of inevitable doom. |
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[...]
2. Except for LTC, which seems to be an anomaly, almost all of the other cryptos are down double-digit percentages. This suggests that a lot of people are dumping other cryptos to buy bitcoin. This is a big change from earlier this year when everything was going up together. This demand for bitcoin only makes me wonder if people aren't starting to hoard for extra forked coins.
My guess is that when BTC started to surge earlier this year, it simply awakened the alt coins from their long bear market slumber as well. Regained trust in BTC made it easier to trust alts again, new money entered the market and pumpers took care of the rest. And then of course, there was the ICO boom. Now the hype around ICOs has mostly subsided, BTC successfully defended its #1 spot and I guess trust in alts is not as strong as in BTC, making it harder for alts to sustain their price level. |
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I personally doubt BTC will go much beyond USD 100k,- but that's only because I honestly can not fathom BTC reaching the estimated market cap of all the gold in the world. Then again I love being positively surprised.
I am pretty positive that will happen. And $100k of today's purchasing power. We will also see a $1 million BTC. Maybe 2025 is a bit to early for that. lol inflation. Let me rephrase my prior statement: "I personally doubt BTC will go much beyond USD 100k,- of today's purchasing power." Given enough inflation USD 1 million BTC is of course a possibility. Heck, why not USD 10 million. I still prefer BTC growing due to its own merits and not due to the faults of fiat currencies though BTC fell from $1200 to $200.. the corrections are super intense.. To say otherwise is just foolish.
The whole BTC ecosystem has matured a lot since then. Besides, many people would just add to their holdings in the case of a correction. The BTC ecosystem has matured a lot, that's true. But claiming that "many people would just add to their holdings" is easy to say during a bull run. The amount of outstanding bids on the exchanges has increased dramatically.
You only have to look at Bitfinex and Bitstamp to see more
than 100M $ in open bids.
[...]
Outstanding bids mean nothing. Buy walls mean nothing. They're just thin air and disappear just as quick once the market turns. Things look pretty good right now, but don't lure yourself into a "this time it's different" attitude. |
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I personally doubt BTC will go much beyond USD 100k,- but that's only because I honestly can not fathom BTC reaching the estimated market cap of all the gold in the world. Then again I love being positively surprised. "corrections" are never big or epic or anything, they are always logical and properly sized.
Mt. Gox. Will it happen again? Mt. Gox had 75% of trading volume I think. So if it happens again it can’t be an exchange. Has to be something else which is centralized. The other idea would be the failure of USDT, but I think perhaps dependence on it has waned since earlier in the year? The other idea would be a massive crackdown on ICOs, but I doubt this will come all at once. I'd also say that Bitcoin is safe from exchange failure by now. The exchange ecosystem has become incredibly diversified. Besides, people withdrawing their coins in time for the BCH hardfork pretty much prove that all major exchanges are liquid and not running fractional. ICO crackdowns affect ETH more than they affect BTC. There might be a dip, but I doubt it will have a serious impact on BTC valuations. In my opinion USDT is crypto's achilles' heel right now. While its market cap is comparably small, it still has quite respectable trading volume and is permeating pretty much every part of the market. |
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