New methods to use Bitcoin will keep appearing with time, as the technology progress. It started as a currency, now we realized the potential of bitcoin blockchain. You should watch this: https://www.youtube.com/watch?v=4nOfHpOFhN8I wonder if Satoshi ever envisioned that Bitcoin would become this huge thing with a million different uses beyond monetary transactions. It's pretty crazy that the project is only 5 years old. |
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The only Bitcoin millonaire I know (not personally, but a confirmed millonaire) is rpietila here on the forum, so you could contact him. Probably any of the devs here (gmaxwell etc) are millonaires too, but less outspoken.
Yes, who you mentioned are all btc millionaires, additionally, all big btc casinos' owners are millionaires in the community, like dooglus, stunna, addi, fortunejack's owner, bitcasino's owner, cloudbet's owner, betcoin's owner, they can earn at least thousands of btc per year. Besides there are btc scammers like firedcat he has over 30k btc and mtgox's owner fatdog has over 100k btc. I wonder how they all started. I remember stunna was a really cool guy paying a great deal on his signature campaing from Primedice. What is the secret for a successful business of that type? im sometimes tempted to create a betting site, but I have no idea how to, and im scared that I would run out of money and wouldn't be able to pay the gamblers. |
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I am curious why you chosen 2140  I don't know exactly what will happen, but IMO bitcoin will be a currency that be recognized by government. You will hear about bitcoin corruption, bitcoin bank, or the special cyber crime police to catch bitcoin hacker. Well we need regulations one way or another specially for smart contracts, because right now it's pretty useless that you sign a smart contract in the blockchain that says you X property, unless it's officially recognized by the state so they can send police in case someone claims is not yours and steps on your property. |
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Just remember that global reserve currency can be replaced, if everyones willing to accept it.
If everyone accepts yuan or yen, then we lost it all and lose x100 times harder, which is what china wants to do.
Yes and it would be danger for countries who have reserves in dollar? What happens to USA, europe and oil traders after it? they will either declare bankrupt or join the other currency by dumping everything with the dollar It can be very dangerous for countries who relied on only one currency like dollar. I don't think the true richest people in the world (the people that are above the ones in Forbes, such as the Rothchilds) are going to let a currency crash, not unless they get all of their wealth out of there before it happens. |
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God damn this forums must be all newbies or what? I had to log in to make this thread to stop all the nonsense from you newbies for the past few days. Let me break it down to you what is happening, and why a fork might not be a fork!
+ You currently dont have to choose Core or XT, both are just wallet clients using the same database (blockchain)
+ You can run both wallet clients if you dont know to support blocksize increase or not
+ Gavin and Dev core using 2 clients to sort out the consensus of the network, who will support blocksize increase and who wont.
+ As the XT becomes 90% of bitcoin nodes, Gavin will implement the blocksize increase. This is like soft fork, you will know by then because i'm sure all major bitcoin services will announce they will support the blocksize increase or not.
+ The Core will be obsoleted and the bitcoin network has reached the consensus.
Here is the BS being spread around here:
- You can sell your coins of weaker chain : NO you WONT, i can tell you no exchange will support a weaker chain and risking their business
- Price will be halved because you now have doubled your coins: No it wont, because you cant sell coins on the weaker change on any exchanges. Unless you can find some retard on the forums to sell to, and if you can, you should fork your own bitcoins now and be rich.
Gavin's proposal is to increase pressure on decision making of the Core team. As at the current pace, we will not have enough time left and bitcoin network will face bottleneck. The damages might be too great then and risk all investors involved.
I think this is a brilliant idea. Everyone (bitcoiners) will learn about this and start voting. Look at how many confused members on here, i think it works already.
Bitcoin Core and Bitcoin XT would not use the same database once the fork happened. Only the same base database. But once the fork happened all blocks will be different. How do you know the Core will be obsoleted? Are there really so many in advantage of raising now? Gavin is so loud as if we need to do it next week, otherwise bitcoin will crash. Though we have way than enough time to act. The prediction says past 2016. It seems you very clear believe that one chain will die. For sure, at some point. But this is not some alternative Cryptocurrency then. What if there are around 50% fans on both sides? Each side will believe that their coins will survive and that their coins will be worth the 222$ actually. They WILL sell the other coins to those fans of the other chain. And what does that mean? Right, halving of the price. Of course, if youre right and there are only a couple fans on one chain, then this wont happen. The fork only happens past 90%. Therefore all coins on the non-majority blockchain become automatically obsolete, and you keep your coins safe automatically in the blockchain. It's pretty smooth. |
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Anyone holding 1 BTC will be a billonaire by then, since by that time BTC will be the undisputed earth's standard unit of value, and not only earth, but whatever planets we've colonized too. The blockchain will be able to propagate in other planets as one.
We'll be all dead by then tho, so whatever. At least I hope we can retire early.
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Everyone in Airlines should be accepting BTC already, it's great how you can go to any country in the world with BTC in phone and get some tickets without having to exchange to the local currency which is a big pita.
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The main problem is a lot of noobs think that with the split of the fork they will lose their coins. Something is being a failure news/education wise for the users because so many are panicking for nothing.
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Nice, I didn't knew I won a lottery  How does the lottery work? how do I know what is my number or if I can select one? I didn't see anything of that. Also check the previous page because a lot of people enrolled in the past weeks for the avatar campaign. |
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No matter how strong or how reliable a fiat currency is, it is still a fiat currency. Centralized, open for manipulation, uncontrolled supply with no cap amount, and a total opposite of what bitcoin stands for. The reason why it is still here today is because people are still misinformed or completely misguided. I hope that will change someday.
True, if they were aware, the usage of Bitcoin would skyrocket in detriment of fiat, but like some mentioned, people don't seem to care as long as they can keep buying what they want, even if the fundamentals of the system are extremely flawed and irreparable. Theoretically it's a matter of time until a collapse, but practically who knows if they can keep getting away with this shit forever. |
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I have seen lots of local good news lately. It think people has no idea of what's going on with the blocksize problem eyond the people that are active members of the community.
People who have sizable amounts invested in Bitcoin will be following it closely. They can't afford to be caught napping.  A casual follower may not be aware of it... 99% of users of a technology aren't aware of how the technology works, as long as it does it job correctly. Therefore, all of this is a non issue for mass adoption, as long as we keep solving problems. |
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Bitcoin Core is only becoming Bitcoin XT unless 90% of nodes are Bitcoin XT, that means unless 90% of people want it to become Bitcoin XT. 1 = node = 1 vote. Everyone can vote.
And Bruce Jenner is definitely mentally deranged from too much cocaine, what the hell happened?
Bruce Jenner was always a weird fellow. I always knew he was hiding something, so either gay or transexual. It's still pretty shocking to see him looking like that. Actually sort of looks like Brooke Shields lol. |
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I don't see much issue here
Satoshi released with 33MB, he said it could be increased later, and Gav seems on the ball.
HD space is still going down in cost.
2TB HDDs are so incredibly cheap these days. In 10 years imagine, 2TB will be like what 2GB is for us now, and we will probably have cheap large SSD disks by then too. |
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Isn't Xapo already a Bitcoin Bank? I've heard they will protect your coins in some cold storage computers shielded inside an underground bunker with security cameras and armed guards, sounds pretty cool.
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I think these mini crashes we've been having are glorious. Because each crash diminishes the value of bitcoins that those early adopters and whale are hoarding. I just can't wait to see the look on the faces of these criminals who will finally realize that the coins they've been holding are worth exactly "zero." They are criminials because they've been manipulating the price forever, ruining lives. They've been pumping and dumping their worthless coins, dramatically raising it to over $1000 and then gradually to $200. Problem, for them, is the genie's out of the bottle and they are slowly losing control of the market. Soon, bitcoin will cross the point of no return and will crash all the way to zero.
Bitcoin will never crash to zero, because we have billonaire whales like the Winklevoss brothers that will prevent it from doing so, among tons of people out there that will buy BTC "just in case" if it goes super cheap. 0 is impossible. Now I agree that we would benefit from a low price to redistribute Bitcoin a bit more, but it will never crash in the stupid FUD way you are saying. |
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Moving to the new fork does this mean the 21 million coins are raised?
No the 21 million coins limit stays exactly the same whatever happens. Nothing's going to change that limit. Actually, the 21 million coin limit can be raised at any time, and most probably will be in the future. That would be a instant nail in the coffin for Gavincoin. Look, I think we need to do something about the blocksize, and maybe unless someone comes up with something better, we'll need to modify the blocksize, but forking it to 20MB does shit nothing, we'll meet the same dead end in the future. What we need is doing something scalable. A fork for 20MB is not scalable. Staying 1MB is equally stupid. But the total supply will always be 21, unless you want an instant dump of epic proportions. |
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If you want to send Bitcoins... Pay the fee. Honestly I wouldn't mind seeing the Reddit retards lose their $ following the wrong fork. Kinda mean but w/e  One of the big selling points of BTC is being able to move millions with very low fees. If we end up paying fees as big as normal banking, then that defeats a big point of what makes BTC amazing. |
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hodling forevah From 2012? My guess is sailing around the world on a yacht right now Nah. Coins weren't *that* cheap, unless you were already wealthy. Assume "sailing around world on yacht" level of wealth is $1mil (perhaps an underestimate), assume you sold at $1000, and call the 2012 price $5. You would have still needed to have purchased 1000 BTC and spent $5000 on them. So to have become a millionaire from Bitcoin, you would have to have: - had several thousand $ of disposable income, and the willingness to throw it away on worthless magical internet money that all mainstream media and economists are mocking - been lucky enough to sell exactly at the peak - been willing to sell *all* your bitcoins at that point (ignoring greed to go higher or actual belief in Bitcoin as the currency of the future to HODL) Let's try some more realistic numbers: - idealistic tech nerd in college or recent grad in low paid job with maybe $1000 spare cash, decides to blow a whole $200 on bitcoins - 40 BTC - gets excited by huge increases and sells 50% at $500 (or more likely, spends it at multiple points on the way up on videogames and computer hardware) - $10K!! The most money that kid has ever had. - (optional greedy idiot addendum: then loses most of it on altcoins trying to replicate the previous success, spends next few years hating all crypto and trolling bitcointalk) Yeah, that's nice. But not quite yacht level monies. The only people who are early retirement level rich are those who (A) got in in 2010 or earlier, and still had the great foresight to hold for years or (B) Were already in a position where they could risk many 10s of thousands. And I think it's fairly obvious who these people are if you read Bitcoin related news. (Think: key developers who work on crypto projects without other sources of funding, guys like Roger Ver and others splashing money around on Bitcoin startups and bounties, and a few peripheral types who seem to do nothing but give interviews about Bitcoin) 1m$ is definitely an understimate for a life of sailing the sea on a yatch. You would need a solid 10+ for that. As for the people that got legit rich, they were extremely lucky, thats all. They bought tons of BTC for peanuts in 2009, and the ones that bought less (but still a decent amount) hold by accident because they forgot about BTC for 3 years and sold when they heard about it again on the news as the big pump happened. It's being at the right time doing the right thing. I wish we could all become rich with BTC at this point, but we would need BTC to take the lead as the #1 electronic payment method. For this, the blocksize problem is a big problem, and im not sure if Bitcoin will ever be able to achieve that technically, someone correct me if im wrong. Did satoshi design Bitcoin in a way that it couldn't deal with tons of transactions per second, or it was a design flaw? |
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Make all the corrections to a new Bitcoin and use that one. Their are enough potential and known problems with Bitcoin to start over instead of continuing to patch on top of a patch of poorly written original code. If you read the entire article even Gavin said these changes won't be trivial. If you're going to quote something quote Satoshi saying the blocksize needs to be changed in this way. If I believe Gavin is relaying Satoshi's ideas correctly, then the problem was DDoSing the system. That's impossible with the 7tps rate but will that problem return when the blocksize increases?
No, it won't return. Your first post is wrong. The block size isn't something fundamental to Bitcoin while the number of coins and block generation time are. The block size was changed previously, however it was lowered because there was too much headroom and people could try DDoSing because the network was unable to handle 30MB blocks now. Gavin's initial calculations are flawed, hence the 20MB fork is FUD. I've also learned this just recently: It should be 8MB (with corrected calculations), and DDoS isn't really possible at that block size. If I'm correct Luke (?) and Maxwell said that because of the increase they would not be able to run nodes anymore due to their internet. They've concluded from this that the majority won't be able to run nodes either. This is also wrong. There are plenty of places that offer sufficient internet speeds for 8MB blocks. Although their argument is also invalid due to the progressing block size. We might hit 8(originally 20)MB blocks in 2016, or in 2026/2xxx. Nobody can really know when. I see a lot of people mentioning Satoshi. Please stop. He had ideas however his implementations weren't great (one could say that they weren't even good). He did not code Bitcoin properly as the initial code was quite a mess. Obviously he didn't foresee sidechains, neither did anyone if you back up 5 or more years (prior to Bitcoin). I'm more interested in the actual disadvantages of the lightning network. If there are none, why aren't we proceeding in that direction? However I do not see much wrong in increasing the block size to let's say 4MB. That would be some sort of compromise for Gavin and the other developers which would also give the whole network more time for better solutions. When this Bitcoin shit was pitched to me almost five years ago I was led to believe that it was about empowering people, about change, about moving away from the tight controls of big business and Wall Street, about true financial freedom and liberty. I bought the propaganda hook, line and sinker. The more I watch issues like this unfold the more I realize what a complete crock of shit that was. What you have is a small group of developers that are more interested in the concerns of big business than making Bitcoin usable for the little guy. Bitcoin has become the most centralized service I can imagine. Development can be controlled by one guy. Mining is concentrating more and more every day into the hands of people the community doesn't know or communicate with. Exchanges are complying with more regulations and gathering more data on Bitcoin users than banks do for fiat. The private exchange of coins between individuals (like on LBC) is stagnant because of the fear of arrest. This issue isn't even about moving the blocksize. It's about power and control. Everyone knows that moving the blocksize won't be necessary for a long time. With sidechains it may not be necessary at all or it may be able to happen very gradually over a period of 40 years. I hope no one is living so deep in the emerald forest with the elves that you've deluded yourselves into believing that Bitcoin will come close to the volume of EFT/ACH within the next 30-40 years. The problems being solved currently by development are not the most critical immediate issues. They're the ones that require the least effort to repair and still there's no consensus. When are we going to work on pruning the blockchain? What the load of shit you're spilling, and its not even relevant to LaudaM's reply to your BS previous posts. You're wrong and only spreading FUD about Bitcoin fundamental design. Now you're spilling the shit about how you're too stupid to understand bitcoin. Here is the facts for you to take a second look dumbass, this was clear back in 2010 so if you didnt see it, you're a dumbass: + Home mining is only to bootstrap bitcoin network + Economic dictates as bitcoin network becomes more valuable, mining will become industrial. + Bitcoin exchanges are gateways to the bitcoin network, without them bitcoin will only be fantasy among nerds. Ofcourse when you deal with fiat you will have to follow regulation. What are you? fcking 12? + As bitcoin become mainstream, bitcoin exchanges are less important. Merchants and business will transact directly using bitcoins. + Blocksize must grow as the bitcoin network grows, or you're shooting yourself in the foot when its more expensive to use than WU. Now, i expect you to sell all your bitcoin and come back as a hater because you had 5 yrs and still dont get it. Yeah, I don't get whe people do those critics when even satoshi pointed out from the begining that mining would end up done by professionals and not amateurs on their computers except for the very begining. He also doesn't are about equality of distributed BTC. |
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If we're talking about a blockchain fork, in simpler terms it would mean that the blockchain 'splits'.
I see a lot of thread on bitcoin fork all of sudden, just wondering what will be the affects of this split in blockchain and does a normal user who doesn't mines really need to know about what a fork really is? Someone care to explain it in simpler terms. Well... Those questions are a bit harder to answer. It will depend on how a fork takes place. If for some reason people running a certain client are deemed to be running an incompatible blockchain then it would affect them. To avoid this as a bitcoin user all you have to do is keep up with client updates. If upgrading is crucial at some point I'm sure it'll be hard to miss. Aside of that, there are many "ifs" about the recent revelations. If Gavin decides to publish a client that will hard fork the current blockchain, it's very much possible that for a period of time, two blockhains could be running at the same time. So while balances are the same on both at the start of the fork, it's also up to the miners. If miners/pools mine exclusively with bitcoin core/xt then one chain gets rejected. If both chains are kept alive however, earlier owners of bitocoins have coins spendable on both chains. So it's up to each individual, you won't lose bitcoins if you're careful, but you'll have to be cautious about new updates, services you use etc. It would be like having an altcoin called XT, that shares all your previous BTC. It's a bit of a mindfuck but that's exactly what it is. They may co-exist forever as long as some people are processing transactions. Other decentralized p2p projects have forked before, and of course one version ended up being the popular one, but the other one still exists, for example freenet. |
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