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Yet another so-called journalist regurgitating and embellishing this false story based on some newbie's mistaken tweet.
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Supply and Demand. This graph shows the price increasing when demand increases (shifts to the right), assuming supply stays the same. Price also increases when the supply decreases (shifts to the left).  |
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Currency (money) is just a representation of value that exists in the world (value = goods/services) so the worth of money is how much money exists divided by how much value exists.
This seems so wrong that I can't believe anything else that you wrote. Basically, you are saying that there is money sitting around somewhere that represents the value of the house I bought. That can't be true. |
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Some corrections ... What is Bitcoin Mining?
Bitcoin mining is a process of mathematical calculation performed on Bitcoin Network. As we all know, Bitcoin runs in an online system, and the purpose of mathematical calculations is to verify the bitcoin transactions that exist on the Internet. By doing the verification, bitcoin miner will get a new block gap in the Bitcoin network containing a new amount of Bitcoin and can be taken. That's where a Bitcoin miner will get Bitcoin for himself. More process of verification and the creat new blocks, that meab more mined bitcoins too.
Mining is the process of collecting and validating transactions into a block and appending the block to the block chain. The miner that adds a block earns the block reward. There is a contest that chooses which miner gets to add the next block. In this contest, the miner performs a process (called a hash) that generates a number. The first miner to generate a number that is low enough wins the contest. Miners try again and again until someone wins, so the chance of a miner winning is proportional to their hash rate. CPU Mining
Mining Bitcoin with a CPU is pretty easy, because it only requires a computer device that can connect with a bitcoin mining network. This Bitcoin mining network, commonly referred to as mining pool.
The level of difficulty in the bitcoin mining process is getting higher, many bitcoin miners leave this CPU device. This is because the Bitcoin results obtained isn't balance with electricity and internet connection costs.
Bitcoin mining with a CPU is obsolete because it can no longer compete with ASIC devices, but there are a few altcoins are mined with a CPU. CPU mining is unrelated to mining pools. A mining pool is a group of people combining their mining capacity and sharing the block rewards. GPU Mining
GPU (Graphical Processing Unit), or known as graphics card. GPU, can be used to mine Bitcoin, because GPU has special functions which not performed by the CPU, the difference is why GPU are more profitable to mine Bitcoin than CPU.
FPGA Mining
This device is a bitcoin mining hardware that is made by the Butterfly Labs company "ztex german". This device using chip technology.
Bitcoin mining with a GPU and FPGA mining is obsolete because it can no longer compete with ASIC devices, though many altcoins are mined with a GPU or FPGA. ASIC Mining
ASIC mine device, based on SHA-256 / GHS algorithm. This device is usually used by Bitcoin cloud mining company. The ability to mine Bitcoin is worth with the price which is very expensive. However, by using this hardware, will be able to optimize the results in mining Bitcoin.
An ASIC is a specialized chip designed specifically for mining. Because it is designed for mining it is more powerful than CPUs, GPUs, and FPGAs. ASIC devices have been manufactured for only a limited number of currencies. Cloud mining is unrelated to ASIC mining, though a cloud mining site may use ASIC devices (if it is not a scam). Scrypt Mining
Scryp mining using an algorithm which is more simple than the SHA-256 algorithm. In addition, the resulting hash is in kilohashes per second (kh / s), and Megahashes per second (MH / s). Hardware to be able to use scrypt mining is not should using ASIC or other special hardware.
Some currencies, such as Litecoin, use a hash algorithm called Scrypt in the mining process (compared to double SHA-256 hash algorithm used in Bitcoin mining). The Scrypt algorithm is much slower than double SHA-256, so the hash rates are lower. There are now ASIC devices manufactured for Scrypt mining. |
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There is no evidence that "whales" control any markets, but obviously if they buy or sell large amounts, they cannot avoid affecting the market in at least a small way.
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I was wondering what everybody's thoughts were on issuing debt based on cryptocurrency. Debt is an extremely important factor for economies to grow. In a simple example, very few people would actually be able to purchase a house without debt. If you can't purchase large cost items like cars and houses, to name a few, the economy will literally collapse. Not to mention that transportation would become a very big problem. There's more examples to be made for starting businesses and many more but I won't discuss that in my original post.
Cryptocurrency is not inherently a debt instrument and cannot simply be "printed" or issued past its limit. I know a lot of people here feel that banks should die and banks are evil, but realistically I don't see how an economy can survive without debt instruments and issuers. If Bitcoin does replace all currency, does this mean that banks will collapse, or issue their own cryptocurrency to 'lend coins' to people who would like to make a big purchase and pay it off over time? Would it even be possible to pay interest back on a large scale if a coin has a finite supply? If there is 21 million Bitcoin in debt lent out and circulating, how could there possibly be a way to collect more than that by the bank. Would multiple cryptocurrencies solve a problem like that, or would it mean that the debt just gets pushed off onto some other coin and then also onto another infinitely?
There is no reason why bitcoins cannot be loaned. I have loaned bitcoins to people. It doesn't seem impossible to me. The argument that "if all 21 million bitcoins were loaned, it would not be possible to pay interest" doesn't make sense because the loaned bitcoins are not consumed or locked down and loans and interest are repaid over time. Also, some people believe that it is impossible to have fractional reserve banking with Bitcoin, but I don't see why not. I fully expect to see FRB with bitcoins in the future. |
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... That is why I am interested in the ONION coin airdrops. I do realize that there are specific requirements that need to be fulfilled to be eligible for the drops. However, for someone who is new to crypto and is still learning; the required steps to gain merits on this board seem a little steep.
I think your complaints should be directed at the DeepOnion developers, and not this forum. Why do they make it so difficult, and why to they require you to display their advertising? ... I would love to be part of this growing community and to contribute to the discussions; but because I am new, I have not gained the knowledge to respond in an educated manner to many of the posts.
The merit system has no effect on your ability to be part of the community and to contribute to the discussions. |
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The purchase was made between February 9 and February 12 to an account associated with the bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64. That account has seen its bitcoin balance balloon from 55,000 BTC up to more than 96,000 BTC.
FAIL Many journalists apparently believe that sending bitcoins to an address is the same as buying them. In fact all of the articles written about this are based solely on a single tweet by someone with the same misconception. Sorry, might be naive to ask this, but could you explain me how, as a journalist, you can “verify” this? I mean, that this was just a transfer of bitcoins from one wallet to another, rather then a purchase from fiat to bitcoin. I’d love to know how to check these things, so to have much more clarity.  The Bitcoin block chain records only transfers. To verify that there was a transfer, one only has to look at the block chain. The block chain does not record any information about purchases, other than recording a transfer when there is one. Verifying that it was a purchase of some sort, a journalist would need to: 1. Ask the source to show that it is a purchase, or 2. Find out who controls the address and ask them. In this case, the original tweets reported some transfers and claimed that it was a purchase without giving any supporting information or even claiming that they had any information. This implies to me that the originator is simply mistaken (or misleading). Then, so-called journalists repeated and embellished the story without doing even a minimum of verification. |
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when some people, including me, asking about how to get bitcoin? you know what the answer of most people to the question? it's signature campaign in bitcointalk! almost all of them has the same answer for that. ...
They are wrong. The fastest, most effective, and most convenient way to obtain bitcoins is to buy them. If you don't have money to buy bitcoins, then earn it. No matter where you live, it takes much less work to earn dollars (or your local currency) than it takes to earn the equivalent amount of bitcoins. ... so what's the problem if people need to make money here by joining signature campaign? ...
The problem is that people trying to earn money are motivated to make as many posts and replies as possible with little regard for their quality. This sea of crap brings down the quality of the site. When newbies ask questions, they are flooded with crap posted by people trying to earn money. People looking of information must wade through a morass of crap to find what they are looking for. Your post provides a great example. When people ask, "how do I get bitcoins", the signature campaign people always reply with the same bad answers: "join a signature campaign", "visit faucets", "day-trade", "gamble", "mine them". They haven't actually thought about it. They are simply repeating what others have said because it it fast and easy. ... so what's the problem if people need to make money here by joining signature campaign? are you jealous? a legendary rank jealous to the new comers? or you afraid it'll reduce your chance to make big money here? to be honest, what's your problem of people making money here?
Obviously, I am not trying to make money here. That is a waste of time. |
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The purchase was made between February 9 and February 12 to an account associated with the bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64. That account has seen its bitcoin balance balloon from 55,000 BTC up to more than 96,000 BTC.
FAIL Many journalists apparently believe that sending bitcoins to an address is the same as buying them. In fact all of the articles written about this are based solely on a single tweet by someone with the same misconception. |
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Do your own research. Anonymous strangers on the internet are not going to do it for you. They are not going to give you good or even honest answers.
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With that said, we should however remember that there is an optimal level of tax burden in the economy (think Laffer curve here), and it may be a lot higher than what some or even most people may think. And that could be one of the reasons why the Japanese government levies so high taxes given that the local population is law-abiding in general.
The optimal level of tax burden is 0. The Laffer curve describes the maximum level of tax generation. The goals are not the same. |
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So if I understand correctly I need to download the Bitcoin core wallet again and let it load the entire blockchain again.
You don't need to download the block chain. You just need to dump the private keys and you can do that without downloading the block chain. |
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The problem is relatively easy to fix.
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He currently owns 401 bitcoins, which equals $3.4 million at a rate of $8,512 a coin.
...
Still, he adds the same disclaimer as Mark Cuban: Only invest what you're willing to lose.
Apparently, he is willing to lose $3.4 million (which I assume is nearly everything). |
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OK so after reading everyone’s replies this is what I get out. At the point where I buy and keep them at Coinbase or send them to another Coinbase account the keys are never involved. But if I decide to send the coins to another exchange, then the actual keys are in fact sent at that point? So that means if somebody were to hack into my account and transfer the coins to their account, then at that point the keys ARE sent along with it?
There are no "my keys". The keys are Coinbase's keys. You have an account at Coinbase with a balance. Keys are not sent, but are used to send. However, moving bitcoins between Coinbase accounts consists solely of changing the balances of the accounts. Nothing is actually moved or sent. Perhaps you believe that each bitcoin has a private key. That is not how it works. In simplest terms, an address holds bitcoins and an address has a private key. |
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Coinbase has several wallets and private keys. The private keys are required to send the coins between their wallets and to wallets they don't control.
When you buy bitcoins, Coinbase credits your account when the money is received from your bank. No bitcoins are moved.
When you deposit bitcoins in your Coinbase account, you are sending to a deposit address in Coinbase's wallet. When Coinbase receives the bitcoins, they credit your account. They know which account to credit because only your account uses that deposit address.
When you send bitcoins from your Coinbase account to a friend that has their own wallet, Coinbase debits your account and then uses their private keys to send the bitcoins from their wallet to your friend's wallet.
When you send bitcoins from your Coinbase account to your friend's Coinbase account, Coinbase simply debits your account and credits your friends account. No bitcoins are moved.
When you sell bitcoins in your Coinbase account, Coinbase simply debits your account and transfers the money to your bank account. No bitcoins are moved.
I hope that makes everything clear.
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