One of the facts said that " 64% of Bitcoins are never used and will never be used"
Some copycats. Here are 40 interesting facts about Bitcoin you don’t know! (medium) Here are 40 interesting facts about Bitcoin you do not know! (smartassets[dot]one) What is the original source, I don't know but assume that topic is a original source. Because all of three sources don't present any explanation on that number, I dig more and find another one Indisputable facts that will help you understand Bitcoin better1. The majority of mined Bitcoins have never been used Roughly, 17 million bitcoins, which is the strongest and most popular cryptocurrency in the world, have been mined or created, so far. Of that number, 64% have never been used.
A large portion of these bitcoins is likely lost forever because, among other reasons, owners misplaced their “wallet keys”. So, their bitcoins will never be used. More about that later.
All in all, although there are 21 million bitcoins in the circulation for miners to dig them out, the actual number out there is probably millions less than that.
Look! 64% of 17 million Bitcoin would be 10,880,000 BTC was lost forever. I have never read any on-chain analysis about more than 10 M BTC lost. Accept the fact that any number is only estimation with bias (serious or minor). The potentially lost Bitcoin that I know is about 4 M or 5 M, not 10 M guys. Estimates are based on inactive UTXOs (with years of inactive) but you knows not all such inactive UTXOs represent for lost Bitcoin.
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Whenever someone tries to talk you out of investing on BTC and other coins remember that crypto shows its full potential in Covid period and it's the last man standing tall over other assets out there, if this doesn't motivates you I don't know what will.
When people are fearful, panic with uncertainty about the world, because of pandemic or whatsoever, what they keep in hands would be fiat currencies, of course not shit fiat. It is hard to accept this fact when you are a bitcoiner but you can not deny it. Bitcoin is too volatile and it is vulnerable in such events and uncertain period. The pandemic is officially announced by the World Health Organization in March 2020 and crypto market has been risen too much after that. If you say it is the best time to invest money into crypto market because of pandemic, it is not correct. Fortunately, there is currently big discount on the market and you can participate in, build up your long term investment, and wait for good price to take profit. As said, you should do it with long term perspective, not short term. Why long term? The market should be stucked for months and in the meantime, it might have some horrific shakes that will cause terrible temporary losses. It will be not good for your emotion if you begin with short term view. Long term, bullish. Short term, many traps, loopholes along the way.
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Analysts at JP Morgan and DailyFX claim that we are in a cryptocurrency winter. However, other analysts, including John Bollinger, disagreed. The creator of the technical indicator of the Bollinger Bands believes that Bitcoin has already recorded a price floor of $ 30,000.
Why do we have to listen to opinion from JP Morgan? JP Morgan and Jamie Dimon have bad history with their statement about Bitcoin and cryptocurrency. The floor of Bitcoin for the mini bear market in middle of a big bull market is unknown. It can be around $30,000 but worse it can be around $20,000 but I agree with Bollinger that Bitcoin is not in a winter season. After a found bottom, Bitcoin will have a few months of side way and will take off again. I believe that the real bottom can be lower than $30,000 because whales can try to dump more and bring a cheap price back, for their re-accumulation. Additionally, from VPVR, support below $24,000 is very weak that can be compromised by whales to cause a terrible crash. Has the Spring point in the Wyckoff pattern been touched yet?
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Jack Dorsey and Twitter are trying to be a digital dictator and want to govern Twitter with their own rules.
The thing with Twitter is, Jack doesn't have as much power as everyone think he has. Sure he's the CEO, but he's not a majority shareholder, and he's definitely not some Twitter overlord that gets to call literally all the shots. Executive committees and company board of directors has significant power over public companies. I did not notice on the power of Jack in Twitter but my post represents that it is the responsibility of Twitter and Jack is only part of it. 2%, 10%, 20% or more, it does not mean Jack can wipe out his involvement and responsibility with core strategy of Twitter. I only want to say Twitter is bad, Facebook is bad because they break the freedom of speech. They behave like no one, no nation, no government can control them and they can do any censorship or use ban hammer whenever they want.
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Jack Dorsey and Twitter are trying to be a digital dictator and want to govern Twitter with their own rules. I don't agree with what Elon does but I don't agree with what Jack and Twitter did with Trump and sure after Trump will be others [1]. Perhaps Elon Musk will be the next one but at least he has yet broken any serious things per rules of Twitter. It is why Elon try to challenge Jack with his tweets. [1] Nigeria bans Twitter after company deletes President Buhari's tweet
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It sounds like you will have a credited number of Bitcoin that equals to the money you use to buy it with bank account. The main source is from Financial Institutions Can Now Provide Consumers Easy Access to Bitcoin via Fiserv and NYDIGIn addition to enabling banks to allow their consumer customers to buy, sell and hold bitcoin alongside their bank accounts, Fiserv and NYDIG are working toward implementing additional functionality, including the ability for banks to implement bitcoin-based rewards programs.
First, it should be centralized platforms and also connect to banks, not good. Second, who are owners of private keys for those Bitcoin addresses? Two big questions and I guess the answers are not good actually.
It can help to bring Bitcoin to mainstream, more deeply and faster but it is not good if you are care about privacy and anonymity. satoshi created Bitcoin to beat the bank system and now people want to connect their Bitcoin with bank, hold it with bank control. Terrible idea.
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Given that most of us believe that Bitcoin will increase in value over time, you will want to spend it instead of Hoddle and let it appreciate. Example: Suppose I bought a car with 1 Bitcoin today, but the value of Bitcoin doubled next week, which means I'd better use fiat currency.
Fiat currency or Bitcoin or cryptocurrency is only one of payment method you use to buy something, a car in this case. If you spend your money to buy anything, it goes out of your pocket or wallet. Your assumption is not make sense. Because if you only have Bitcoin, and want to buy a car, you have to sell your Bitcoin to buy that car with fiat currency or directly use Bitcoin to buy a car (if the company accepts Bitcoin). If you believe in Bitcoin, and don't want to sell it to buy a car, hold it. If you have spare fiat currency and big enough to buy a car, use that fiat budget, instead of Bitcoin. I guess your assumption is for people who only have Bitcoin, and have to choose between holding it or selling it to buy a car. So tough choice has to be made: keep your bitcoin, forget about that car for a while; or sell your bitcoin and get that car. A binary option.
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If people want to throw away their identity documents, privacy and anonymity, go ahead with government-managed giveaway. I see many people don't see problems with that. It is common to force people to do KYC in order to claim airdrops, from Coinbase ie. so locals in El Salvador will most likely not see personal problems with KYC. If they care about anonymity, they should spend their $30 giveaway for one or two expense and let that bitcoin wallet go. If they want to do other bitcoin transactions, do it with other purely new wallets. Also $30 in Bitcoin can bring problems when transaction fees are too expensive and if people can not use LN. If they want to use that $30 Bitcoin giveaway, they need to have plan when fee is cheap. Is it a good time to read the topic from @1miau?
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I am not sure, my exchange may require 10 or more confirmations. I've just glued to the PC waiting.
10 confirmations is a very weird number. Nowadays, the most common number is 2 confirmations. Some gambling sites require 1 confirmation but it is not too popular. I tried to find website to list required confirmations for Bitcoin deposits and could not find. Instead, I found that article, How many Bitcoin Confirmations are Enough?0: Payments with 0 confirmations can still be reversed! Wait for at least one. 1: One confirmation is enough for small Bitcoin payments less than $1,000. 3: Enough for payments $1,000 - $10,000. Most exchanges require 3 confirmations for deposits. 6: Enough for large payments between $10,000 - $1,000,000. Six is standard for most transactions to be considered secure. 60: Suggested for large payments greater than $1,000,000. Less is likely fine, but this is to be safe!
Assumes the number is 6 confirmations (that is outdated), you can see how faster the waiting time with Bitcoin transaction if you want to have similar safety with other cryptocurency transactions. howmanyconfs.com, its github
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Some suggestion for the next version of Eloncoin wallet. - Address label for sending transactions
- For now, it is available for a single address. I can not add labels for batch transactions to multiple receivers
- I suggest to have options to add address labels for multiple receivers in batch transactions
- Max receivers: The default parameter is 8 and for now, unchangeable. Please consider to make it as optional parameter (in Settings)
- Contacts
- Can it be categorized into New/ Whitelist/ Blacklist?
- I'd prefer to use Blacklist. It means if by any chance, I am composing a transaction to a receiver and if that receiving address is in my black list, the wallet will give me a reminder
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I now see it in exactly the same way. Trading is a lot of fun, at least in the beginning, but it can quickly turn into frustration if you make mistakes and have to watch your hard-earned BTC melt away. Basically, this graphic sums it up very well here: SourceAs a Hodler, you simply go through life much more relaxed, but have less excitement. If you look at the price chart with monthly candles, you will see the trend line is similar to the smooth road for hodlers whilst if you use daily candles, you will see many ups and downs which can kill your patience, confidence and steal your Bitcoin. Alternative way is using the daily low price (from coinmarketcap) then finding the minimum value of daily low price of each year. See the draw result and the chart. Bitcoin is bullish even if you look at its lowest price each year. +---------------------------------+ | year min_l percent_change | |---------------------------------| 1. | 2013 65.53 . | 2. | 2014 289.3 341.48 | 3. | 2015 171.51 -40.72 | 4. | 2016 354.91 106.93 | 5. | 2017 755.76 112.94 | |---------------------------------| 6. | 2018 3191.3 322.26 | 7. | 2019 3391.02 6.26 | 8. | 2020 4106.98 21.11 | +---------------------------------+
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At tip of iceberg, it sounds good for national legal adoption in specific nations or local areas.
However, the bigger matter would be whether the world accept such ambitious and financial incentivized plans from some nations. I guess they won't and IMF won't. Honestly, I don't think Bitcoin need any legal allowance as national currency in order to go to mainstream.
Bitcoin is there with us, to give own banks for bitcoiners who hold their private keys. With keys, bitcoiners can make transactions without intervention from governments. Obviously, they need bitcoin miners to find blocks and confirm their transactions.
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if you are thinking that the signature campaign should be banned to reduce the spam, No it most likely will not happen.
It will happen if the forum is covered by shit posts again and merit system fails to control shit posters. At least, fortunately, the merit system works and the forum is less spammy than in 2017 and 2018. Many spammers are still there but the merit system and the changes of Bump score in a few boards make their spam posts less annoying. theymos does not want it to happen too. What are everyone's ideas for improving post quality?
I have mostly ruled out:
- Removing signatures or sig ads globally. - Requiring payment to wear sig ads. - Banning account sales.
First, most people complaining about merit are constantly posting garbage, and should not rank-up. The forum is not a welfare system; you don't run through a few hoops and then get paid for doing something that nobody actually wants. I like that good forum members can make money, especially when said forum members are in poorer countries and this is a major opportunity for them. I very much do not want to destroy the sig-ad/airdrop/bounty "industry". But I am not going to tolerate people posting garbage upon garbage. If the merit system completely fails and I can't think of anything else to replace it, then my next step will probably be to completely remove all ways for forum users to make money from posting (eg. removing signatures entirely). Maybe there are ways for people who were making money by posting garbage on the forum to make money on other sites with easy bounties, etc. (For example, I don't know if they're actually any good, but https://bountyhive.io is currently advertising on the forum.) But people should use the forum to talk about these money-making ideas, not as a way of making money itself. Once you spend a lot of time here, you may be able to make some money here (which is great!), but you should consider this a far-off hope, not your primary objective.
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If China wants to crackdown Bitcoin mining activities, miners will go elsewhere. This is actually a good thing for cryptocurrencies, as it shouldn’t be under a decentralised, power-obsessed regime. China can play with its digital yuan.
China government to many things to protect their regime, not their people or the world, see FUD from China as simple as that, you will see your journey with Bitcoin and China FUD more easily. If you look at lowest price of Bitcoin, on yearly basis, you will see Bitcoin is always moving up, almost all years (one year, 2015, has negative change compares to 2014). Stay positive as FUD will disappear after all. Please notice the lowest price in 2020, we are many times higher than that min price, still in yearly uptrend. Raw results: +---------------------------------+ | year min_l percent_change | |---------------------------------| 1. | 2013 65.53 . | 2. | 2014 289.3 341.48 | 3. | 2015 171.51 -40.72 | 4. | 2016 354.91 106.93 | 5. | 2017 755.76 112.94 | |---------------------------------| 6. | 2018 3191.3 322.26 | 7. | 2019 3391.02 6.26 | 8. | 2020 4106.98 21.11 | +---------------------------------+
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This already happened years ago since for many years China hasn't had "majority of hashrate". I speculate that only about 20% of the hashrate is currently located in China, the rest is spread across the globe. Unfortunately people usually confuse "mining pool" (which a server that miners coming from all around the world can connect to) with "mining farm" (which is actual hashrate). There are multiple mining "pools" owned by Chinese that have majority of hashrate among them but there aren't enough mining farms in China to get "majorith of hasharate".
I appreciate your excellent point. Mining pool is just brand new and I can connect my rigs to any mining pool I want, if they don't restrict my national IP. Unfortunately, because there is no way to get exact numbers, and no public and transparent report about it, people only guess and believe that most of hashrate is in China. They believe so because China is a biggest manufacturing location of the world and also for ASICs. They have reasons to believe so.
Farther perspective, it will be long-term positive changes for Bitcoin decentralized network, by higher decentralization in geographical locations of mining farms and ownership of hashrate.
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Does anyone have resources that might have a list or collection of data on Bitcoin Talk users that could be used to determine LONG standing in the community. Any resources that could better quantify the most positively legendary figures from THIS community.
BPIP.org is the best available one for you. It is the first third-party website to scrape the forum data, after the merit system was kicked off in January 2018. I am not sure what indicators you want to use but BPIP gives you a few to choose from: Most merit, Most activity, Most trusted, Most recognized. Two other websites
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I've been seeing bounty or signature scams for a while now. It can be accepted if it's a new member. But it's hard to believe when it's a big member. Is there no system to stop it?theymos Can't make rules?
The forum does not moderate scam or bounties. It is emphasized by rule. 19. Possible (or real) scams and Trust ratings are not moderated (to prevent moderation abuse).
The best but toughest thing that can be done by theymos is SHUT DOWN all bounties. Controversially, theymos want to keep the forum as opened as possible for all members, from all nations as well as all classes. He spent his time to upgrade the trust and feedback system with flag, trust and trust feedback from which the community can contribute, work together to reduce scam. For example, before announcing in any bounty / signature market, you have to pay the payment from the companies. Or take part of the money. Then maybe the scam can be stopped.
It was discussed 2 or 3 years ago, and somebody suggested to restrict bounties with BTC payment only. It does not work so far.
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The $30k support was just broken and it's currently trading between $29.5k and $29.9k, would this signify that bears have dealt a deadly blow?
Price might likely be dumped more and would stop around $24,000 but if the Bear want to play harsh, price will be crashed to $19,000 to $20,000 which can be the final bottom. It will be a second big shock and onwards we go with side way till the last 2 months of this year. The support is very weak from below $30,000 to $24,000 and if the support around $24,000 is broken, a flash crash, another horrific crash, will sink the price to $19,000. Price will probably be hanging around $24,000 to $27,000 before it crashes.
It is the possibility for the market in this chaotic (with FUD) and high volatile period. I am not Bitcoin Bear, I am bullish with Bitcoin till the end of this year at least, for this big bull run.
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I am interested in joining the airdrop but are there any requirements for you to claim the free airdrop, I have already downloaded the wallet applications
Join the special channel for 50,000 EMC airdrop only: https://discord.gg/6wK3kqfcJWThen, leave your receiving address, and I will process it for you after checking your eligibility. what exchanges this coin will be first listed? Exciting for this to be launched.
I think you might have that information after the website is launched, that probably next 1 to 2 weeks, just my guess.
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Lots of FUD from China and I don't they don't have power to dump the market. FUD is tool to dump the market when price touches its point to be corrected. What's next?
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