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In the scenario you describe, bitcoin will be useless. We can easily predict that banks would rather launch their own digital money and make their customers use this so-called digital money instead of bitcoin.
Looks like you are trying to argue that it would be better if bitcoin becomes a real currency, with this I can see your point but bitcoin won't be that coin. bitcoin will remain highly speculative and used to store value (which was not the original purpose but that's a different topic).
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You can't really compare Bitcoin with fiat currencies. The only similarity is that when the currency is in demand, then the price goes up, and the converse is true. An increase in the velocity of the currency can increase the price, but then savings increase the demand as well. An increase in velocity increases the load on the miners, and thus increases the transaction fees. This reduces the velocity, and thus the fees to create a balance.
Another difference is that savings are removed from the trading pool with Bitcoin. This is not so with fiat as savings are used to grant loans to increase the available supply of money.
The recent rocket rise in the price of Bitcoin probably did a lot of harm its general acceptance. I think the rise was caused by speculative demand, and manipulation of the market by those who would like to see Bitcoin moved into a backwater.
So what can we do to help? I think the most important thing is to try to remove the fraud and ponzi schemes, and to distance ourselves from the criminal use of Bitcoin.
Indeed, it is impossible to compare both. One (fiat) has an unlimited supply, the other (bitcoin) has a limited supply. Just this makes a major difference. It means fiat is subject to inflation (most of the time), while bitcoin is purely deflationary. And because it is deflationary, it is more subject to speculation, and that's the reason why today it is not really used as a currency. Almost no one wants to spend their bitcoin, why get rid of a coin that is deflationary? A digital currency will have a future "as a currency" only if the quantity is unlimited. I am not saying bitcoin will die, but it will remain similar to gold (a speculative asset). |
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Yes it is doing well. Three weeks ago I was writing here that Ethereum is likely to have a better year than Bitcoin and I still think this way.
Eth transaction rate is increasing exponentially, doubling each month.
In December 2018 the transaction number will be multiplied by 4000.
The price is related to transaction number ergo price of Eth should keep rising at a good rate in 2018. It will remain dominant in this space for the foreseeable future, first mover advantage, network effect, has a huge ecosystem and many developments to deal with scaling. Circa 80% of dApps and ICOs are dependent on Ether.
Just my thoughts, no advice, do your own research.
Is investing risky at the moment?
IMO low risk, as it is a global decentralized network that can't be shut down and sits at the base of the smart economy which should finally become a reality this year.
Eth shot so much already? Well yes it did, but this is looking into the future of a fundamental global network that is in very early adoption mode, not at the past.
What happens when Ether moves to PoS? Its coin is limited to 100 million. Lots of juicy price inflation.
Are corporates and hedge funds going to buy Ether? Well with this kind of numbers and possible returns, it seems likely.
Can you still lose money in 2018? You can always lose money in any investment you make, there is always a risk, big correction and so on, especially if you think short term.
Could you make bank? IMO there is a possibility that it could do 10x.
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People.
Crypto was started by the weirdo outliers. As more regular people pour in the same old rot will begin.
Normal people want their hand held. They want someone to turn to when it turns to shit. They don't want to think very much.
The people higher up want power, both in crypto and regular finance. Look at all the shit Bitmain have been pulling.
This leaves an absolutely tiny faction who are trying to hold crypto to fulfilling its initial promise against an avalanche of mindlessness above and below them.
People! I think that the original intentions of the cryptocurrency economy has been taken off course by people's baser motives. Much of the original vision of the p2p platforms has been discarded in the transition from the maniac fringe to mass adoption. People are begging for regulation now instead of "self regulating" and the "trustless" vision has been veering toward an increasingly predatory system spurned on by greed which has decreased the technologies utility. There was a day when using bitcoin as a medium of exchange was more economically sound then using a credit card....greed has taken over and bitcoin is now a purely speculative asset that serves no other function. In fact, it cannot even be considered a secure source to be utilized as a means to store value because of it's potential volatility precipitated by speculation bubbles diminishes that capacity. The issue with a currency gaining so much value in a few months/years is that a very limited number of people will be willing to spend it. Why spend a currency that will see its value double in a few months (sometimes a few weeks)? This prevents bitcoin (and other digital currencies) from becoming a currency in the real meaning of the term. Deflation (limited quantity) seems to be the issue and leads to speculation. |
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For those who missed it, an excellent article published at medium.com |
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advcash was limited in early january for not sepa users, if I rember well, after that there have been 20 days working for SEPA users, then stop also for SEPA.
i just wanted to say that mistertango could follow the same path (hope for no)
When I read the news about Mistertango that's exactly what I thought. I just ordered a card a week ago, still waiting to be received (in Europe). Bruno on previous page says it is Wirecard, still solid in Europe, well I hope so, and this time I won't do the same mistake and will withdraw the most I can with the card whenever I receive it. |
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I was a bit skeptical at the beginning, but then I saw the replies on this thread... > https://bitcointalk.org/index.php?topic=2844403.0;topicseenMy eyes are still bleeding  The simple thought that some of those posters will disappear soon is quite pleasing I must confess. The Merit system is not perfect, but the old system was not perfect either and some change was urgent. |
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I read an interesting theory that Bitcoin was started by the US treasury, and that it was an experiment to help them design a new world currency. They saved the output from the first year's mining to help them control prices later down the line. It's starting to look as if Bitcoins are being removed from the market, and this is a good omen for long term price trends. It will mke it unusable as a payment method though, except for large transactions of course.
This would explain the block size of 1 MB then. By reading the original paper and Satoshi's old posts, I am still not sure why the block was not made bigger from the beginning, unless what you say is true. Add to that: the cost in electricity needed, quite surprising that Satoshi did not seem to be bothered by that (or maybe he was, hence again the block size of 1 MB). Plausible theory which would also explain why he apparently jumped ship seven years ago. |
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Hi folks, Below is a list of recent posts that I believe deserve at least a merit: https://bitcointalk.org/index.php?topic=2081765.msg27001835#msg27001835What are the basic requirements for developing a blockchain?1.Know basic commands line code (C++). 2.You will need to access your computers console. 3.Invest in a book called Mastering by Andreas Anasopolous this man has a wealth of knowledge and YouTube videos and an online class at the university of Nicosia. 4.You will also need Git Hub there's lots of chain codes there. 5.Remember there are different kind of blockchains for example Ethereum is different than Bitcoin and say Open Ledger is an exchange but also a community and you can create coins in there if you can figure it out. 6. http://davidderosa.com/basic-blockchain-programming7.Go to http://bitcoin.org there is lots of resources there you will need and say http://bitcoin.com/en/development there you will find developer communities and be able to get advice from other Dev’s along your way. 8.Read all about it and practice with yourself alone with the Internet dev peeps. One issue that I think is a serious challenge for crypto, as far as wide spread adaptation is concerned, is some type of error-correction. Not necessarily an error in the system, but human-error. Its one of the things that conventional systems have in place that bitcoin really lacks. I've only been using bitcoin since 2013, and to be honest I still get a bit of a panicky feeling every time I send coins out. "What if I used the wrong address? What if I'm being ripped off? What if the transaction gets stuck? What if there's a new zero-day exploit which drains my cold addresses (yes... I even worry about my cold addresses [ https://lbc.cryptoguru.org/trophies ])?" People make mistakes. I am fully aware, and really support the 'non-reversibility' of bitcoin, but this issue has been in the back of my mind for quite some time. I've sent coins to an incorrect address. I think those of us that use bitcoin willingly accept these risks because we understand the alternatives, but I don't think I could live with it if it was inherent in every financial transaction I made. I would hate to worry about my whether my utility payment was successful every month. Or my car payment, or mortgage. The concept of mis-sending, coupled with irreversablity is really quite unnerving. I have lost coins in exchange melt-downs, and have also come to expect a certain amount of successful theft in crypto. If something is wrong with a product I've purchased, I am left to the judgement and honesty of the vendor. The concept of purchasing with bitcoin but having no way to recover coins if I have been a victim of fraud is also quite unnerving. Over the years I have noticed this problem attempting to be addressed, but what I'm seeing is yet another form of banking. Escrow providers were one of the earliest that I saw. We are already experiencing the horrors of mining power becoming concentrated. What would the landscape look like if escrow became big business? What if "bitcoin insurance" came into being (sort of an FDIC for bitcoin)? Coinbase wallets are very popular, with many users of it unaware that they don't control the coins in that wallet. I've spent a good deal of brain-power ( of what little I have ) thinking about this issue, and every scenario I think of involves some entity wielding huge amounts of power and trust, which rarely continues with both surviving. I am sure this can be addressed in some fashion, but I really am concerned about what that solution would look like. I have a fear that the solutions that actually get adopted (by a huge number of people missing the whole point of bitcoin) could kill the very strengths of bitcoin as a system. Can the system be safe for people that are non-tech, non-crypto savvy? Can't you just sent it back to the address that sent it to you? Maybe try only a portion first then the rest if everything goes through smoothly. Good Karma always pays off in the long run.
do NOT do this! first of all i am skeptical about validity of this claim by OP because "accidents" don't happen with bitcoin, it is not like changing one character of an address to another character and ending up with someone else's address. but if we assume it is true, you should never send back what you have received because the sender may NOT have access to that address anymore and you practically will burn those coins. it may be an exchange address that they sent it from, maybe a web wallet like Coinbase which sends from random addresses not the address sender owns. or it may be a sweep of a paper wallet that the owner threw away after sweeping and no longer has the private key. instead, to send back you first ask for a signed message from the address that sent you the coins then ask for an address to send the coins back to. it can be the same address or a new one but you have to ask and also check that signature first. The max supply is realized by a process called 'Halving' it simply does what it says it halves the reward for mining a block. At the very beginning this reward was an amount of 50 BTC, after 210.000 blocks were mined this reward halved to 25 BTC. It happens every 210,000 blocks, which is equal to about 4 years when you assume that blocks are mined every 10 minutes. The current block reward is 12,5 BTC, approximate mid June 2020 the reward will halve again to 6,25 BTC. More information including a countdown timer can be found on http://www.bitcoinblockhalf.com/ . I have BTC in Bitcoin Core, have never claimed BCH. I tried the Coinomi method and it did not work to claim the BCH. What exactly did you try? And why did you try this already if you still need to move your Bitcoin to a new safe address? These are the basic steps: -move all your Bitcoins to a new address -export the private keys to the Bitcoin addresses that held your coins at the moment of the fork -sweep the private keys into Coinomi, do this for Bitcoin Cash, Bitcoin Gold and Bitcore The Lightning Network will encourage this, but in a different scenario, because people will fund channels to reduce fees on micro payments between them and a merchant <like Coffee shops> that they use regularly.
That type of user won't likely be sitting on any blockchain bitcoins at all. They will get an account at an exchange to purchase bitcoins. The exchange will open a channel with them, with the exchange funding the channel with some amount of bitcoins and the user funding the channel with 0 bitcoins. When the user requests to "withdraw" funds from the exchange, the "withdrawal will just be a lightning channel transaction to the user. Those funds will be in the refund transaction INSTEAD of being on the blockchain. This makes the funds no more or less "out of circulation" than if the exchange had sent the funds to the user with an on chain transaction. The merchant wants to be able to sell bitcoins when they receive them. Therefore they will open an account at an exchange. The exchange will open a channel with them, with the exchange funding the channel with some amount of bitcoins and the merchant funding the channel with 0 bitcoins. If the exchange used by the merchant and the exchange used by the user are two different exchanges, then the exchanges will all most likely have channels open between each other funded on both sides with amounts that are calculated based on the net daily transfers between them. Now when the user wants to pay the merchant, a route is established from the user back to the exchange where they got the coins and from an exchange out to the merchant. The user doesn't need to open a channel directly with the merchant. That would be a hassle for the merchant, opening individual channels with EVERY user that wants to buy something from them. Now the merchant wants to sell those bitcoins, they don't need to close ANY channels. They just send the bitcoins that they JUST received form the merchant channel and send them back to the merchant over the same channel. Is it possible to move my wallet.dat directly to a hardware wallet such as Tresor? I am using Bitcoin Core and want to move my wallet off my PC to more secure storage.
Thats completely against the purpose of a hardware wallet. Once your private keys were on an device connected to the internet (your current pc), those should be considered as possibly compromised. The only way to guarantee a safe storage is to let the private keys be generated by your hardware wallet (which will never leave the device) and send your funds over. Also, it is possible to access my wallet in Bitcoin Core without downloading the whole blockchain. My client crashed recently with a message that said "Error: a fatal internal error occurred, see debug for details" .
Not directly. You can export the private keys / the master private key (starting with xprv..) and import them into another wallet (e.g. electrum: https://electrum.org/#home). To export your master private key in core. Go to 'Help' -> 'Debug Window' -> 'Console'. Then type in walletpassphrase YOUR_PASSWORD to unlock your wallet and dumpwallet FILE_NAME to dump your allet into a file. Afterwards you can open this file with an editor and serach for 'xprv'. This master private key can be then imported into any BIP44-compatible wallet. Dear Bitcoin Community,
I'm hoping that new development on the lightning-protocol takes the shape of easy to use wallets. The idea is that you want to make the most number of people be able to take advantage of being able to send many transactions (between one another) while minimizing block-write fees and transaction send times.
1) Opening a payment channel: A wallet address is inputted and a request to open an L-channel is sent by a new customer to a company that can approve it (this process should
be as easy as it is now to send money with bitcoin). The receiving company through e-mail can tell the sender what channel to request opening
and where to send the request.
2) Managing open payment channels: Once a channel-open request is granted by the receiving party, then this open channel is stored as a tab in the wallet, that can be used for
payment again later (and is saved as a simple graphical tab in the wallet). In each tab you can see a list of all of the transactions and
where there's been a block-write.
3) Automating Block-Writing : Being able to automate block-writing settings for each channel. If you are a receiving party then you'd like to perhaps have your
balance be written every two weeks, or when the fee to write has dipped below a certain charge (by linking the wallet to mining-fee
scanners) or if the balance has exceeded a certain amount in the channel. Each channel could have a settings button that allows you
to set these parameters.
These are some initial ideas...hopefully these L-Wallets are developed in a graphically appealing way (ex. Jaxx wallet) and can be easily fit into phone apps.
Thanks for reading guys. Hope you find this interesting.
Mark https://bitcointalk.org/index.php?topic=2723655.msg27932380#msg27932380Blockchain with high speed and zero transfer feeAs far as i know, blockchain don't have capability to do that since all blockchain based cryptocurrency have block generation time to prevent double-spending (unless the merchant/receiver accept 0-conf) and fee is needed to combat spam which could bloat the blockchain itself (even though some cryptocurrency which block isn't full still allow zero tx fee).
Unless you can find blockchain based cryptocurrency which allow zero tx fee and their block isn't full (which means 0-conf is safe), i suggest you to use DAG based cryptocurrency such as IOTA, byteball and RaiBlocks. https://bitcointalk.org/index.php?topic=2566140.msg26135961#msg26135961
Best Place for Programmers to Learn Bitcoin Altcoin algosIf you already know how the system works (blockchain, transactions, mining, addresses, fees, etc) you already have a good starting point. The best way to learn the software aspects of the bitcoin network would be to look it up on the internet imho. Here's the Bitcoin Core (official Bitcoin Wallet) GitHub code page. This wallet is open source so you can read their code and try to understand how it works: https://github.com/bitcoin/bitcoin. However if you are a beginner in the BTC world I suggest you learn the basics of the system first. There are numerous sources you can use to your advantage, the first being the official bitcoin website: https://bitcoin.org. Also check their "Developer Documentation" section: https://bitcoin.org/en/developer-documentation. Any comment welcome. Thanks. |
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Proof of work is inefficient. Proof of capacity and proof of retrieval would be better systems. Not a huge fan of proof of stake myself (to earn some, you need some is kinda silly).
Proof of capacity is way more efficient. I can spin a disk for a few watts and store millions of hashes. As opposed to having to grind hashes every day, all day.
Is any crypto currency is using proof of retrieval system. It sounds very interesting system but found it is used for image storage. Filecoin for instance, it has both: proof of work algorithm and also proof of retrieval which requires nodes to prove that they store a particular file. Caution needed though, I'll get some information first as I remember reading some bad things about their ICO last year (great benefits given to insiders). That being said apparently the coin is doing alright right now, with a price over $20 per coin. |
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I think it will be worth million dollars if the rising will continue and if there is no one more powerful than bitcoin but I think there is already another like bitcoin that is in the making. Making it more advance more than the capable of bitcoin.
It's almost impossible bitcoin reaches a price of 1 million US dollars. Back in the day, one of the person working with Satoshi (Hal Finney, who passed away since) made a calculation of the possible price of bitcoin if it becomes the dominant currency in the whole world. In such a very unlikely scenario, he calculated that a coin would be worth approximately 10 million US dollars, his calculation was based on the number of coins existing (21 millions), and the total worldwide wealth. Maybe this number changes a little because he made his estimation back in 2009 but that gives you an idea of how difficult and unlikely a coin can be worth a million. |
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I understand better now, and thanks for explaining, that's very interesting thinking.
A question about Lightning Network, since I am not a techy, do you think we reached the limits of bitcoin and that LN would be one of the solutions to overtake these issues? What happens to miners if LN (off chain transactions) gets adopted by more and more people?
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Bumping this, wondering if in 2018 we won't see the limits of bitcoin as described in the original post.
The OP was spot on about the speculative quality of the coin (that not many would spend) and many other things.
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Not sure what's about Exmo, but they display the best price (by far), only problem is: it seems impossible to get your account verified, tried many times without succeeding.
And the few negative comments I read about it were enough for me to stay away.
So some exchange platforms, when they gained solid reputation and reached a high number of customers, will take a margin on their price, as they also know some traders (or investors) willing to sell ASAP to make a big profit will be fine with sacrificing a bit of their profit if they feel safe with the service. That's probably the case with Bittrex or Coinbase.
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What you wrote is pretty scary. Are you really serious?
I can understand where you are coming from when you mention greed and other bad sides of human beings, but why would anyone think that way to plan the destruction of humanity's economy, what's the point? I cannot picture the image of someone with such logic between the ears.
A more plausible far stretched theory for me would be that Satoshi is an American citizen, among the elites of the country, and he predicted that Chinese geeks would go crazy about bitcoin, and the electricity being cheaper there, most of the mining would be done there wasting the electricity of the country, so that in the end USA stays on top.
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An interesting post I have found while browsing the original forum here > https://sourceforge.net/p/bitcoin/mailman/bitcoin-list/?page=5Hal Finney wrote (back in 2009): Congratulations to Satoshi on this first alpha release. I am looking
forward to trying it out.
> Total circulation will be 21,000,000 coins. It'll be distributed > to network nodes when they make blocks, with the amount cut in half > every 4 years. > > first 4 years: 10,500,000 coins > next 4 years: 5,250,000 coins > next 4 years: 2,625,000 coins > next 4 years: 1,312,500 coins > etc... It's interesting that the system can be configured to only allow a
certain maximum number of coins ever to be generated. I guess the
idea is that the amount of work needed to generate a new coin will
become more difficult as time goes on.
One immediate problem with any new currency is how to value it. Even
ignoring the practical problem that virtually no one will accept it
at first, there is still a difficulty in coming up with a reasonable
argument in favor of a particular non-zero value for the coins.
As an amusing thought experiment, imagine that Bitcoin is successful and
becomes the dominant payment system in use throughout the world. Then the
total value of the currency should be equal to the total value of all
the wealth in the world. Current estimates of total worldwide household
wealth that I have found range from $100 trillion to $300 trillion. With
20 million coins, that gives each coin a value of about $10 million.
So the possibility of generating coins today with a few cents of compute
time may be quite a good bet, with a payoff of something like 100 million
to 1! Even if the odds of Bitcoin succeeding to this degree are slim,
are they really 100 million to one against? Something to think about...
Hal |
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Bitcoin is digital currency or known as the father of all crypto currency that has the potential to become the new money or the electronic money around the world. Bitcoin is also the most expensive digital coin and it is almost compare to the gold but why bitcoin is created? Here are some reason : * To change the perception of all people about the digital currency. * To improve the payments and transactions and in the internet world. * To become the image of money around the world. * To protect or hides the identity of the user, for security purposes. * To give an opportunity to all people around the world to earn a secondary income. * To upgrade the currency because everything in this world is now upgrading. SHARE YOUR THOUGHTS If this post is worth of your merit, Thank you To know about the thinking behind the creation of bitcoin, you just need to read the original paper, that can be found here > http://www.bitcoin.org/bitcoin.pdf Bitcoin is also the most expensive digital coin.
Technically no, 42-coin is the most expensive right now (if I did not forget any other). |
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