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I bet it's being used for vicious reasons such as gambling and crimes in a way smaller percentage than it is used for other legit, safe and 'positive' purposes. Furthermore, it's still in its infancy. Anyone who has the basic knowledge level of Bitcoin and cryptocurrencies has at least half an year to an year or even more of using it. On the other side though, it's used by many huge corporations as a payment system (BTC on the Microsoft Store as an example) or for the technology (CitiBank) which gives people a very good and plausible reason to trust them. The volatility is a completely different subject though, which makes BTC an extremely high risk investment, creating this "unsafe" kind of thought inside many people's brains. Volatility is one of the most interesting parts of this technology though.
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So what are the future predictions about bitcoin from these experts? I can't find the prediction on the OP. That is a statement but why is the title written prediction? Btw, no one can predict the price of bitcoin correctly, but if you have your own analysis then at least you will have two possibilities. If your analysis is good for the future, then you will be optimistic to keep buying or just keep hold. But if your analysis is bad then it looks like you will be pessimistic about the future of crypto and will panic at this crash.
I believe everyone who invests in bitcoin should understand the essence of this cryptocurrency.When there is a sufficient knowledge base that I am sure that the panic in the market will be less.Bitcoin is a long-term investment.Do not pay attention to today's price.Everything will be restored-and the price and demand and even greater scalability of bitcoin.I'm not panicking over today's price.This price is temporary.And there is no need to be an expert,it is enough to know the minimum material part and the essence of bitcoin. Anyone living on Bitcoin and/or being paid in it does pay attention to today's price. Yes, panic should be on a lower level, but we have to acknowledge the fact that blockchain is a new technology that is hardly understood even by teenagers. Teenagers got the technology right in their hands (smartphones, smart TVs, VR headsets etc) but still find it hard to understand a cryptocurrency. With time, it will become used by more and more people and with usage, they will also start understanding at least small parts of the technology. The worst part is losing money over cryptocurrencies through mistakes such as choosing a low security password or by losing/recycling your paper wallets. I think most of us, 'early' adopters, have lost money this way unfortunately. I take "expert predictions" as directions they give us in their advantage. Someone who bought BTC will obviously never publicly state that Bitcoin will fall if they know their action will, indeed, plummet the price. They always speak in their advantage, so think twice about their statements before following their words. They can also use this "BTC to $1,500" statement as a reason to make us sell so they can buy cheaper. No stranger will help you make money for free! |
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This is a great news and all for the people of Singapore, but how exactly would a single, domestic regulatory framework concerning bitcoin and cryptocurrencies prevent terrorists from using the said crypto and funding themselves to further their agenda? Money laundering too, would still exist despite the said regulatory green light for transactions concerning crypto. They can easily prevent using crypto within Singapore and evade the said regulations, easy as that.
In part it's good to slowly introduce new fintech to the masses as over time, we will be shifting over to digital currencies and it's also an inevitable future. Giving a go signal for people and merchants to freely use cryptocurrencies is actually a good thing as it alleviates the fear of the masses over innovation and the advancements we made in the last couple of years.
I believe the terrorism, money laundering etc is used as a reason to implement those regulatory frameworks which, in the end, make those govs happy by having more control over us. Let's be honest and see the real part of the deal here.. I mean, if someone did a research on how much of the BTC volume is being used for money laundering and criminal activity, we'd be surprised to see how low the percentage would be. It's just like the decentralized exchange thing SEC said about EtherDelta recently: EtherDelta should be registered as an exchange. If it's decentralized, registering it as an exchange contradicts its purpose. I honestly don't believe the "criminal activity" part any government says when it comes to Bitcoin and cryptocurrencies. Control, control and more control... |
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Note that a long range 50%+1 attack is impractical and won't e carried out in real world because the attacker will ruin the coin under consideration by such an attack while spending too much resources (electricity, rents, ...) it turns the whole purpose of the attack to be void.
When I mentioned "hackers" I meant hackers that would be able to get in control of the largest mining farms in the world without having to rent rigs or pay for electricity etc in order to attack the network. Wouldn't it be possible? I'm kinda newbie to the mining part so I might be talking nonsense. While it's possible, it won't be easy task as major mining pools must have good security knowing they have lots of coins and their hashrate can be used maliciously. Even if that happens and the hacker decide to use 51% attack, bitcoin community will realize it quickly, then miners will switch to another pool while pool owner will shutdown their pool. Actually, AFAIK it happened twice :
1. Value overflow in 2010 where attacker generate 184,467,440,737.09551616 Bitcoin
2. Accidental hard-fork after QT 0.8 release where it has different DB version and not compatible with older version
So, if something major like that happen again, rollback might be supported by parts of the community
--snip--
So the two cases you mentioned are 51% attacks too, right? 1st - no, as mining isn't involved 2nd - yes, even though it's not attack, but accidental. Even so, there's a successful double-spend attempt. More info : https://bitcointalk.org/index.php?topic=152348.0But my point is, community might agree to rollback blocks, even if it's not because 51% attack. Alright, got it now, thank you for the detailed explanation. Have a great day!  |
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FUD. One who has been around for a while knows how this kind of "articles" pop up every single time there's a BTC drop. If you truly believe in the cryptocurrency revolution and check the recent news about the adoption of it, you will know this isn't the first, nor is it the last drop Bitcoin will ever have and it's a normal kind of cycle and volatility in the crypto world. The stable volume we recently had was not normal and I honestly expected a big spike or a big dump. I bought at high prices but I don't mind - as the price drops, I keep buying and my average purchase price is starting to look pretty sweet. Those who bought at $1k and are selling now must be those who get scared after reading an article like the one you gave us in your OP. We've seen big, and I mean BIG players withdrawing a lot of BTC out of Binance to their wallets before this drop. A super-rich guy wouldn't blindly make this huge move.
This kind of FUD doesn't affect me anymore, nor does it affect most older members of the crypto community. It's always been this way. Don't follow others, follow your own thoughts and guts.
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Btctalk name: 20kevin20
Rank: Sr. Member
BTC Wallet Address: 39k74QRU6yd2HSe46DNQjJk7yaquzbk6cC
Wear Appropriate Signature: Yes
Wear Personal Text: Yes
Wear Avatar: Yes
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There is always a posibility that this drop will continue until the end of bitcoin. But there are still so many people who believes in it. So I think bitcoin will still recover.
Could you define "the end of Bitcoin"? I would use it even if it goes down to $0.01. I would still be interested in it, and I'll never stop supporting it. I'm also more than sure that we do have a lot of members around here that would do the same. It can't go down to 0, it can't die. Bitcoin going down to $100 would be the perfect opportunity for me to do what I haven't done years ago back when the $1200 -> $125 price dump happened. Bitcoin won't die, or did we forget that, before all this mainstream thing happened, Bitcoin was used as a free way of sending coins from one person to another? IIRC, it was free for a while, before people started to value it and gave it a price. |
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When I mentioned "hackers" I meant hackers that would be able to get in control of the largest mining farms in the world without having to rent rigs or pay for electricity etc in order to attack the network. Wouldn't it be possible? I'm kinda newbie to the mining part so I might be talking nonsense.
It's possible. The firmwares that the ASICs are on is definitely exploitable. The main reason is the motivation. I doubt anyone would just ruin the coin just like that. Most ASIC farms are actually fairly small and it isn't that big to be able to ruin a mid-sized coin. It has. Bugs in the client could cause the client to accept and relay transactions that are otherwise invalid. If not, 51% attack can't do that much. So the two cases you mentioned are 51% attacks too, right?
Its not. The 1st was due to the bug in the client. The second was due to the miners mining incompatible block (no 51% attacks whatsoever) that resulted in the splitting of the chain. The older clients were following one and the newer clients were following the other. While 51% can result in forks, the new fork must still follow the consensus rules, no matter how much hashrate they own. A block can only have that many Bitcoins and block rewards and signatures must be valid, etc. If not, the blocks wouldn't even be accepted and the 51% attack would be as if it has never happened. Awesome, thank you for the explanation! The main reason is the motivation. I doubt anyone would just ruin the coin just like that.
I think a government would have enough motivation to ruin a cryptocurrency if the regulations and whatever else they have in plan will fail. It might sound like conspiracy, but I believe this is not very unlikely if we look at the EtherDelta SEC registration case ( https://www.sidley.com/en/insights/newsupdates/2018/11/first-sec-enforcement-action-against-decentralized-digital-asset) and the recent news about regulations and governments' point of view. If coins go out of control through decentralization and privacy, I see a 51% attack driven through a government's plan possible. I'm sorry if this classifies as a non-topic reply! Nop. It is not how it works in the real world. No hacker is able to take control of a mining farm at least for a considerable amount of time. The owner will shut the farm down and make it secure in less than an hour if it is large enough and within few hours if it is not.
Generally speaking I think there is a LOT of exaggerations about 51% attack in the literature.
I see. I was wondering how an attack would look like and whether there is the possibility of doing something about it or it would ruin the coin completely. Thanks! |
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With rollback you erase a chunk of the history. And yes, that means all the transactions included in that block / those blocks.
Luckily Bitcoin network is strong enough to make 51% attack too expensive to worth it, because the rollback is a nightmare and really nobody would consent to support it.
I understand. It might be too expensive to be worth it, but you never know who would have 'the guts' to do it and try to attack the network. Enough events happened in the crypto world and in the economic world in general to make it almost impossible to happen. Note that a long range 50%+1 attack is impractical and won't e carried out in real world because the attacker will ruin the coin under consideration by such an attack while spending too much resources (electricity, rents, ...) it turns the whole purpose of the attack to be void.
When I mentioned "hackers" I meant hackers that would be able to get in control of the largest mining farms in the world without having to rent rigs or pay for electricity etc in order to attack the network. Wouldn't it be possible? I'm kinda newbie to the mining part so I might be talking nonsense. Can you give us the whole story of that "something similar"? It would be incorrect to assume that a successful 51% attack would give someone the power to steal. Because, anyone correct me if this is a mistake, if an attacker can control 100% of the hashing power, it still cannot turn invalid transactions into valid transactions. The nodes will not relay them. It can only censor transactions.
I might have talked about a story that never happened. ranochigo gave the right link to the case I was talking about. Here's one to the wikipedia, it's about the same incident: https://en.bitcoin.it/wiki/Value_overflow_incidentActually, AFAIK it happened twice :
1. Value overflow in 2010 where attacker generate 184,467,440,737.09551616 Bitcoin
2. Accidental hard-fork after QT 0.8 release where it has different DB version and not compatible with older version
So, if something major like that happen again, rollback might be supported by parts of the community
I agree as it's not impractical, expect it happened once with Bitcoin Gold (a fork of BTC). AFAIK attacker borrow hashrate from various mining rental services such as NiceHash to reverse 22 blocks, which is far higher than average confirmation needed by most merchants/exchange (1-6 confirmation).
While it can't happen to Bitcoin as there's no services which could provide hashrate enough to perform 51% attack. All cryptocurrency which it's hashrate is lower than hashrate of mining rental service combined should be very careful.
So the two cases you mentioned are 51% attacks too, right? |
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You can revert block mined with 51+% hashrate, but you can't reverse the damage (such as merchants who suffer losses from double-spend attack).
But this requires agreement of community (or at least pools) to reverse/rollback blocks and can't be done automatically/without human intervention.
I see. But doesn't rolling back blocks also roll back transactions? If the blocks get rolled back to the one BEFORE I made a transaction, wouldn't that mean I would get my money back while the other party would be at loss? |
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Hi! I'm not a new guy around here - been in this space for half a decade now. However, I do still have some questions and one of them is about the case of a 51% attack on the Bitcoin network.
Say some hackers somehow get the control of more than 51% of the BTC network. I guess this isn't impossible as there have already been a few tries and if we consider the fact that a few miners own +51% of the mining power, a hacker has only a few targets to hit in order to control the mining power.
Now this is the way I see it. I might be wrong about anything I wrote above and if I am, please someone point me toward the right direction.
If what I said is possible someone gets to control the mining power and does damage to the network.. can this be reversed when the big miners get back in control? IIRC, something similar happened way back when Bitcoin was in its first years and someone got in control of some Bitcoins they shouldn't have been in control of, and this was reversed through a Bitcoin Client update or something like that.
So, in case of a 51% attack... is it possible to reverse the damage?
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I'm kinda skeptical regarding this. I am worried we might all be in fact just blinded and lied to by some entity experimenting on us. Whether Bitcoin's creator is the Satoshi known to everybody, a government, a secret society or whatever he is.. it's still revolutionary and this certainly is the future. This is my first post after a very long time by the way, and I used not to have this kind of thinking ~1yr ago. But look how fast things are changing and how quick cryptocurrencies are getting introduced in all large institutions, businesses etc.... it's here. We're all taking part of the future. If Satoshi's real identity was known, we'd most likely judge the technology and its true meaning based on who that entity is and what history it has.
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yes,this is one of the reason and bitcoin cost is very high, so we have problems with cost.some shops may not accept the bitcoins because they may do not know the bitcoin exactly.bitcoin price always changes also.
If Bitcoin would become the world currency, people would know how to use it and what it is and the price wouldn't change this easy anymore. We're just a few millions owning Bitcoin and out of all the users I bet not even 20% play with the markets or use it every day. This makes the price easy to manipulate. Everything would change if Bitcoin would become the world currency.. |
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I don't think the best thing you can do is rely on a signature campaign. This could go wrong for you fi you will be kicked out of a campaign or yours ended and you cannot find another one. I think you should get a normal job and also earn from campaigns, and save the money you earn off this forum. For most people the hardest part of working is saving money from their earnings, and this could be a great thing to do.
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Btctalk name: 20kevin20
Rank: Sr. Member
Current post count: 1824
BTC Address: 1NfZH73X3jDbX1kcP7Qpwn1UMcDAUcMDMb
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What do you expect? The whole purpose of pump and dump is to scam people. Almost everything in the crypto world is a scam. Faucets that don't pay, wallet maintanence mode to steal your deposits, fake coins and icos. The internet is full of liers and cheaters. There is very little that is genuine about alt coins. It's the wild west. Just check out this huge list of scam sites: http://www.badbitcoin.org/thebadlist/index.htmThis doesn't make the general crypto world a scam. People that want to scam are obviously looking for anonymous ways and cryptocurrencies are like a heaven for them. Same thing applies for drug dealers and criminals. However, this doesn't make cryptocurrencies a criminal's currency. We're using it and we're not criminals. Do you really think it's used by them in a bigger percentage than us? I don't think so. Scam websites will always exist. No matter if it's crypto, tor or anything else, they're gonna exist. Find a list of scam websites that aren't linked to cryptos (like Visa, PayPal etc) and you'll be surprised.... Pumps are made for people to quickly buy so the price goes up very fast, and then the whales are selling and making thousands in profit.. they will also continue to exist. This is why I love Bitcoin the most. |
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I also bought at the wrong time it appears, at 30, then at 28 and then at 26, now no funds left to buy at 22-24, but I think its a strong coin and will definitely bounce back, might take some time to give the wanted profit but eventually it will.
So just keep calm and hold on to your Ripple, and if you can, buy some more and you'll not regret it. Hopefully!
Patience is the key to success! You never know when it jumps once again.  |
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as long as i live, i will never understand what the enthusiasm for a "bitcoin bank" is all about. i mean i can get why we use banks, we all do and they are useful. but for bitcoin, it is meaningless in my opinion. bitcoin is there so that you don't need a bank! then people go ahead and look for a bank. if you want bank then use fiat why do you bother with bitcoin.
While there are many (probably most) Bitcoin users that are using BTC especially for the anonymity, I guess there are some people using it as a store of value too. We've all seen how big Bitcoin went throughout these years.. The world is heading towards virtual stuff too anyways, so not a big surprise. No matter if it's BTC, PayPal or an online banking account.. the real, physical world of money will probably cease to exist pretty soon. It'll be replaced by the more-comfortable virtual one. It's going to be just a number there, and that's it. For people using Bitcoin as a store of value, banks could be better. |
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Thank you! the accelerator seemed to do the trick
Next time you don't have to worry. I'm used to sending even bigger transactions than yours with just 0.0001BTC in fees, and I had no problem with any of them. The smaller the fee is, the longer it takes to get confirmed but at +0.0001BTC it should get confirmed in maximum a day or two. Some transactions get stuck for a while.. I paid sometimes higher fees than recommended and yet it took half a day to get it confirmed. It's all about being *lucky* enough to have one such transaction that gets confirmed after a longer time than usually. |
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