What will happen if the 12billionth bet isn't a bitcoin roll?
Will the prize be in btc still?
If you hit 12 billion bets with altcoins that means you will get the minimum prize, it is 0.01 BTC! And for the lucky rolls, you have to play with bitcoin ( min 0.00001 BTC ), otherwise your entry won't be count. How if the bet with altcoin has higher value than 0.00001btc? Example, the 12 billionth bet is 5000 doge (equal to 45k satoshi) ? Does this bet also only deserve for the minimum prize? Based on the rules, there's no conversion being stated. So, I guess, no matter how much your bet in altcoins was, you will get the minimum prize. But, as we all know, Baryom is a very flexible person, maybe he will make another policy if such cases happened. My theory is for example you have bet 40 doges, and hit that lucky 12,000,000,000th roll, your prize will be *2500 and 100,000 doges will be your prize. Or its btc value equivalent. But maximum is 1btc and minimum 0.01 guaranteed prize. Why people want to play with altcoin instead of btc? If I remembered it well last time people hit it with altcoin and they get 0.01 btc instead of getting any other altcoin. It is really suggested for everyone that want to do it convert it to btc. First we will get btc instead of altcoin which is the recent price is raising. And the second thing, we will help Baryom just not to make this thing complicated around  I think within the next couple of weeks or months many people will stop gambling with altcoins due to the huge volatility. Especially what is happening in the last week in the alt-coins market. Yes I know BTC also declined but not as badly as sold altcoins which are declining 15-20% daily, everyday. I think that sites really should start to accept Tether USD for gambling. However I don't know if there are any regulations since its linked to the US fiat dollar. Yes that is right somehow, people gain some profit due to this volatility but that is not the only reason for gambling. It need to be traded because it is much safer mean while for gambling you really need to do it in btc because no matter what you do, most sites will always using btc instead of some altcoin Tether USD? What does it mean? Altcoin or fiat convertion? Why suddenly suggest us on this coin? Tether is an altcoin which uses the short form of USDT (there is a T in the end) but the difference that this altcoin has with others is that its price is supposed to be tethered to USD price  it means the price of 1 USDT should be equal to 1 USD. and most of the time it actually is like that but thee have been times where tether have also failed and got dumped below that promised price. p.s. i don't think it is such a good idea to add it. and i also think using tether may need verification but i may be wrong. |
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if you are already scared of a small drop in bitcoin price and have became so confused that you are here, then you should not even get near altcoins because this small drop that you see in bitcoin is 100 times bigger in altcoins.
the resistance for altcoins is nearly zero which makes them drop when the dumps followed by panic sells start. you can easily see a 40% drop in an altcoin and in smaller ones you may even see a bigger 17-80% drop!
all i can tell you is stop rushing yourself and first learn how the market works. don't be fooled by a dip in bitcoin and don't be fooled by fake pumps in altcoins. spend some time looking at the charts.
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Fake news from ETH fake news network.
not necessarily a fake news. that is what happens in a pump and dump system, people get rich over night and very simple. you just have to learn to see the reality not the hyped up bullshit that the shills of each altcoin spread over the internet. and many investors made a lot of money out of the past 3 months altcoin pump. this is just one news... for example in case of ETH, you should have bought it back when the shills weren't being paid to advertise and nobody were talking about it. by that time price was lower than 0.07-0.01 BTC. then you should have dumped it on top when all the shills were getting paid to make topics all over the internet every day and not wait for it to drop. this coin had over 1000% rise pump. |
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Trading is about timing, and this month the price is dropping very low, if we buy the right coin we can earned profit, but the problem now the price hadn't been going up for a long time, so need to be very patience and need to be smart to analyze which coin will be survive in this chaos
Unlike short-term business, if we are long-term business people, we should not look at the present value, let's look at the value of future bitcoin and its capabilities. Not agree your opinion, Bitcoin at now still hot because technology blockchain of Bitcoin useful and this is the first cryptocurrency have successfully. The banks, government and other company on the world's if want going to the road technology blockchain, they can find top engineers about Blockchain and creating new token or a coin can control and fixed all bug of Bitcoin at now. If Bitcoin SegWit2x can't fix issue about transaction congestion, time confirm and fees, a token or coin from banks, government will replace it. Remember, IBM began to participate in the road technology blockchain  blockchain technology and the fact that some company (big or small) participated in the technology or embraced it has nothing to do with bitcoin. they use the tech for themselves. it is like saying an altcoin was created! and nobody is ever going to use a centralized bank-issued token instead of bitcoin. also there is no problem with "transaction congestion" or "fees and confirmation time" to fix! you can check the mempool size of the past 7 days or so to see there is no problem! it was a clear spam attack which has stopped for now and a spam attack can not go on for eternity. |
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Along with the prizes up for grab in celebration of the 12billionth bet, players like clevere,doulus and others have made this celebration even merrier. Several mega rains amounting up to 200k satoshis, thanks guys.
Because of these fantastic promotion tactics, this site has reached to the most trusted and liked site by many gamblers in very less time. I always miss this competition because of the timings. Always it will be quite late for me to participate and every time I just see the winners. Now burst prices went down quite a lot and it's a time to buy more. most altcoins are dropping, it is like an epidemic right now. we are close to the time when you can call it the bottom and start buying them. i also have plans on buying some burst for the sake of gambling with it in bitsler bought some recently and am waiting for a better price to buy some more. |
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I'm waiting for interesting discussions from you
there have already been a couple of altcoins that had a price higher than 1 bitcoin. i can only remember 1 at the moment called ZCash which started at 6-7 BTC price (1 ZEC = 7 BTC) but none of them last ever. now ZEC is 0.07 BTC and falling. because the only thing that can keep their prices up is the demand and since they have no real demand they always fall when speculators (the only demand they have) exit. to answer your main question, any coin that is invented in the future to perform as a currency not as a way to get rich of with premine and ICO, and also solves a couple of problems can become bigger than bitcoin and have higher prices. but that coin is not yet invented. |
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No, this is not the start. the start happened a while ago (mostly about a month ago) where the first drop from top began. now you are just seeing that same process at a higher speed.
- at first the whales dump and the rest of the experienced traders follow by selling and getting out. at this time newbies become back holders.
- then more newbies come in and start buying thinking they got lucky to be able to buy "cheap" altcoins.
- then more dump happens and the second group also becomes bag holders.
- the final step before the doom is now. when another dump comes and all the two previous bag holders give up hope and start selling their bags contributing to an even bigger dump. some people call this panic sells! but in case of altcoins i like to call it a late awakening.
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If Segwit2x does not fail in this "first round" (July/August), then BTC will be the clear winner. Look at the bloody streets on Poloniex et al. - RIP Flippening  If Segwit2x fails - it had a bug/problem today on testnet related to the hard fork code - then anything can happen. Myself, in this case, would vote for the BIP148 fork. I think if it gets traction then, Bitcoin's price can recover fast. But if a supermajority gets on board on "Bitmaincoin" and the UASF fork is too weak, I see bloody streets like never before. The winner then will be probably Litecoin if it advances further with Lightning integration - it seems, for now, the cryptocoin that is less affected by the Great Altcoin Dump. maybe it is just me but i see blood on the streets either way for the time being. these are just news for the market maker the dumps has been happening for about a month now and like always this is no different either. weak hands get shaken out and whales pick up the pieces after the storm and get richer every time. this is for before that date and because of the uncertainty. as for the outcome any of these proposals that don't gain enough support but becomes a thing will lead to even more blood on the streets. doesn't matter if it is BIP141, 148, 149 or btc1. and Bitmaincoin is just a joke anyways. bottom line is i honestly can not see anything good coming out of a fork with low support. i say either gain >95% support or leave bitcoin be the same. |
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- if you are ok with getting dumped on while the bubbles burst then invest in altcoins and hedge against them !
What? If you are investing in altcoins you are not hedging against them. Please get the principles correct or do not discuss them, confusing the concepts helps no one. hedging against something doesn't eliminate the risks in case of a disaster like the big dumps altcoins have. it just reduces them. and this means the result of simply investing in altcoins or hedging against them will be the same. my understanding of hedging is that you use derivatives so that a loss in one investment is offset by a gain in a derivative. but when the derivative itself is also dropping and it is dropping even harder your are just adding additional expense to your strategy. The Downside
Every hedge has a cost, so before you decide to use hedging, you must ask yourself if the benefits received from it justify the expense. Remember, the goal of hedging isn't to make money but to protect from losses. The cost of the hedge - whether it is the cost of an option or lost profits from being on the wrong side of a futures contract - cannot be avoided. This is the price you have to pay to avoid uncertainty.
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with bitcoin it is all about the drama that the whales also love. the weak hands combined with the uncertainty is leading to the sell offs and all the shorters enjoying the period to buy back more coins at the bottom at cheap prices. and sadly it may last awhile too.
with altcoins it is the end of their pumping season. it has started a while ago and as i have said this multiple times now, with small altcoins they die nearly instantly after the pump. you can see it as a sharp drop nearly the same size as their pump.
with bigger altcoins which are on top of the "lists" it takes a longer time because they have more newbies with high hopes. you can see that on their charts as a downward spiral where price starts dropping, it goes down 20% then recovers 5 to 10% then it stops there to let the orderbooks get a bit bigger and then drops another 20% and so on until it reaches the real bottom value of these altcons.
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- Hedge bitcoin against Altcoins? If so which altcoins shall I choose?
- Hodl bitcoin?
- Sell bitcoin for Fiat?
- if you are ok with getting dumped on while the bubbles burst then invest in altcoins and hedge against them ! - if you are ok with the risk of a possible price drop then HODL bitcoin - if you are ok with the risk of missing out on the possible price rise then sell bitcoin for fiat! you see it is not possible to predict the future. none of us know at this point. things can go very differently come the August 1st. by that date we may see SegWit finally be activated and price goes up very fast and big time. remember the Litecoin drama about activation of SegWit? if not let me do a quick reminder: - the support grew at first, then everyone started tweeting we are having second thoughts (f2pool for example) - then new hashrate showed up and went against SegWit - price dropped hard and everyone gave up hope and sold their coins and there were talk of UASF LTC - then support for SegWit went to 100% and it was activated - price went to the moon and it is still up there. |
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i think we are near the good time for buying ETH in this current dip that it is in. i personally have not done it yet but am thinking about it.
BUT remember the most important rule: sell it as fast as it recovers.
i can't stress enough how important this is. any rise at this point will be a temporary rise or some call it a dead cat bounce. and this process while is profitable but is very short lived and you must buy in the very bottom and sell as fast as possible.
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i have been saying this at least 6 months ago. but nobody listened and they mocked me. having faster blocks (every ~13 seconds), having bigger blocks, pretending to process more transactions, ... all these things come at a cost. they are not free that everyone is always so happy about. what happens when all of their advertisement gains some adoption finally. and a lot more transactions start to be processes by its network? they failed to handle a simple increase due to a smart contract recently and forced everyone to shut down their wallets and services because of network congestion! what happens when there is a similar spam attack on ethereum blockchain for a couple of months or a couple of years like bitcoin has been experiencing? #flippening my ass |
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it is simply because adoption is a slow process and it is like this with any new technology. when computers were first introduced not everyone jump in the computer shops to buy them but today (nearly) everyone has a PC.
it is the same with bitcoin too. it takes time. first we need regulations, and it has been happening this year with Japan and multiple other countries.
then we need a more stable community with less debate and drama. so that new people can easily come in and feel welcome. right now if someone new comes in and googles bitcoin and goes to reddit they will surely run away from all of this!
then we need a more stable price so that bitcoin can be seen more than just a speculation tool and more like a currency. this will take much longer but we are at least half way there. the big swings are less common now and with more smaller swings.
these 3 in my opinion are the first most important steps.
why 99.95% of people will agree to the rare Bitcoin blockchain, making all early adopters (2009-2016) rich - and not look for better crypto solutions? because there are 9995 reasons to agree to rare bitcoin instead of an altcoin. - security (of the code and the network and the clients) and also the variety of wallets - reliability (that it will always work, it won't go offline, since bitcoin hasn't but altcoins have many times) - scarcity (bitcoin has a cap, it has a good distribution rate, it also as a good distribution) many altcoins either don't have a cap or they have huge supply and will never grow in price. - it is already adopted and it is already very big. but nobody even knows about altcoins! |
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with less than 5mln BTC left to mine, on the 8th year, with news worldwide - why the price is only 2500$ and not much higher? where are all the billions of people? where are all the FIAT's trillions?
it is simply because adoption is a slow process and it is like this with any new technology. when computers were first introduced not everyone jump in the computer shops to buy them but today (nearly) everyone has a PC. it is the same with bitcoin too. it takes time. first we need regulations, and it has been happening this year with Japan and multiple other countries. then we need a more stable community with less debate and drama. so that new people can easily come in and feel welcome. right now if someone new comes in and googles bitcoin and goes to reddit they will surely run away from all of this! then we need a more stable price so that bitcoin can be seen more than just a speculation tool and more like a currency. this will take much longer but we are at least half way there. the big swings are less common now and with more smaller swings. these 3 in my opinion are the first most important steps. |
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what happened for Bitcoin Unlimited? Once ever, I buy BTU on bitfinex, but bitfinex seems like an unethical businessman, merciful, and shortly after, BTU is gone away
even if BTU were to become the future bitcoin and gain all the support you shouldn't have bought it! because it is not yet anything! you bought a virtual promise at best. and the only person making a profit is the exchange themselves who get the fees from you. to OP, i disagree with saying there is an urgency for a scaling solution. the spam attack is the problem that is pretending there is an urgency. |
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because it would give scam eth more hype and sound original, even if it edit other algo and give it own name.
This is how butterin vetnlick come about with ethoreium, took nick szabo smart contracts idea then hire gav wood to code it. Why I always said this ugly crook is the toxic of this crypto, copy people ideas then claimed his own and make billions even if this scam is broken or he have no clue about it
out of curiosity, which algo did he modify from? it a modified of SHA3 with the touch of Keccak, we can say it a product of SHA3 and Keccak Nothing with eth is original, Butterin able to manipulated and make everything sound larger than life Ethash is the proof of work algorithm and should not be confused with Keccak-256 which is a derivation of SHA3 (because it uses a different padding) and is a hash function which is used internally in places like when making hashes for block headers, when making hashes of things in Solidity contract |
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How is the price determined for a decentralized currency like bitcoin?
So far, I have got mixed responses from elsewhere including theoretical explanations of supply/ demand, trading bots and on similar lines. But, no answer in simple enough language and with authority that explains the price (thus the volatility) of the cryptocurrencies.
well price of bitcoin is not that different from price of anything else. it is being determined based on supply and demand. if someone has already explained it to you i really can't put it in any other words to make it better. but maybe these links can help more: http://www.investopedia.com/university/economics/economics3.asphttps://en.wikipedia.org/wiki/Supply_and_demandusually for supply and demand i see people use the example of winter cloths. in summer time nobody buys winter clothing so the demand goes down and you may find them under their real price. and in winter everyone wants to buy them so the demand goes up and as a result the prices can go higher too. Is this somewhere in the code that takes some input parameters to deterministically reach a price, maybe based on the hashing power, difficulty level etc? Or is it more complex? Can someone please explain the inner workings? My curiosity is only to understand the correlation between cryptocurrencies and the Economics in the absence of a centralized governing/ intervening body.
No. being centralized or not has nothing to do with the price. the centralized government doesn't set the price of everything. and even if they do they still do it based on supply and demand. for example in the winter clothes example, there is no centralized authority setting the price of a winter hat for example. the shops or the business owners decide that this year they can sell hats at $X higher than last year based on weather being colder and the demand being higher Furthermore, how do different exchanges reach on the consensus for a price? Is it their own algos determining the price on the fly or is it more like a moderator picking on price with a predetermined fluctuation? Or is it more like how remitters reach to a daily price which is close enough to each other (to allure genuine customers, but not as much for an arbitrage)?
no it is how the market will work. the exchanges don't sell bitcoin, the exchanges are just platforms that allow people selling and buying bitcoin to meet each other. and if people on one exchange decide to sell their coins the price goes lower and if they decide to buy more than other places the price goes higher. and if the difference becomes big enough to become profitable then people from other places will come to the exchange with different price and make trades in a way to balance things out. for example if the price is lower on bitstamp like be $2000 people can go there and buy cheap coins until it comes back up to $2500 like other exchanges. or if it is higher like $3000 they can go there and sell their coins until it comes down to $2500 like other places. but it usually doesn't come to that point. if price goes to $2400 for example there will be more incentive by the same people on bitstamp to buy more until it comes up. or the same if it goes to $2600 the difference that you sometimes see is because some exchanges have trouble with deposits or withdrawals or have higher fees that leads to that incentive to trade there to be less. I guess, I should move this to Economics section. How can I move this topic there without deleting the OP? I even tried deleting this post to create a new post in Economics section but this forum does not let me delete my own post. So, am stuck. Any suggestion?
there is a button at the bottom left side of the page called "move topic" |
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generally i believe any kind of economical crash in the world or even the fear of the economical crash will lead to people seeking other investments. and as it happens lately bitcoin has been getting the headlines as being the best investment with the biggest return.
so i believe it is safe to assume bitcoin will see an increasing demand because of USD crash and that can lead to its price rising.
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you will never get any technical answers regarding ethereum around here (unless i come around ) everyone here is either hating ethereum (including me) or are shills who are only advertising ethereum regarding its price to make more money from it or possibly even get paid for shilling. and here is the answer to your question: https://github.com/ethereum/wiki/wiki/Ethash-Design-Rationale |
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