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rofl, someone probably did a fat finger. (Is that even possible on Bitstamp?) let's cut the guy a bit of slack ha |
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The future of cryptocurrency depends on to Lightning network. Lightning network is a new technology and they are still finding bugs and problems and solving them. Lightning network is still not ready to handle large scale transactions. In lightning network, the real funds are frozen while the value transacts. I'd say there are not any disadvantages with the LN network, just some problems to get solved.
Here's how Harpeet Singh Gauri puts the advantages and disadvantages of LN
Pros of the Lightning Network
Lightning network was invented for speed and lower costs. Although the degree of increased efficiency is still to be known, Layer 2 solutions will generally enable a significant increase in transactions per second Micro payments can be carried out with better efficiency with the lightning network and it will be instantaneous. Lightning network has also started support for altcoins making it horizontally scalable The initial transaction fees in this network are cheaper compared to that of the original bitcoin network Lightning network has the same security as Bitcoin’s main chain while keeping transactions in the layer two till the time they are settled on the main chain.
Cons of the lightning network
Major criticism of LN is that the parties will have to have “fund” the channels. If I shop at a coffee shop, I will have to have so much funds in my channel that connect me to the coffee shop. These funds are just lying dormant until the channel is closed and transaction registered on the main chain – which costs money. A major drawback of the lightning network is that it does not support offline payments. This is an issue to users who do not have internet connectivity 24 hours in a day. There are some experts who believe that Centralization might be encouraged in the payment portals. This makes it quite similar to miner centralisation. Since these transactions are sent off the chain, they aren’t tracked by the main channel, leading to privacy concerns. With all points in perspective, Lightning network serves as a brilliant alternative at this point for Bitcoin transactions.
I've seen different networks like Lumino and such which are similar in principle to Lightning network, I wonder, do all these face the same pros and cons or are these just particular to Lightning? |
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What do you even answer when someone asks "can I make money mining bitcoin?" I mean the answer for me is a clear "maybe". There's just too much things to consider imo, electricity costs, initial investment, maintenance (not very much but still has to be factored in), I guess what I want to ask is for some insight from someone that mines bitcoin, is there any bitcoin mining who can shed some light what is needed to make even marginal profit off of bitcoin mining assuming you don't live in places like China or Venezuela where electricity is cheap?
I ask just so that I can be prepared when I get asked this again, I keep hearing it and I hate it that I'm not prepared enough in this side of bitcoin as I've never personally mined crypto.
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Theoretically possible for whatever agenda, but I don't think it is. In my opinion, intentional outages for whatever agenda is a lot more likely to happen when talking about leverage trading exchanges like BitMEX as outages can wreck out people's shorts/longs when huge price movements occur. Why would they do it? Idunno.
This whole dump was orchestrated to wreck longs. There were some comments on trading channels where people who do this for a living couldn't even set a position in time before it was all over. One guy said he went away for a few minutes to make some tea and when he was back it was all over. It doesn't happen that fast unless it's set by bots or the exchanges itself. That's why I stay away from trading. This game is rigged. Even if it's not and Coinbase has nothing to do with it, it's ridiculous that such a big exchange still has this problem after years. Why would anyone trade there if it goes down every time there is some volatility? Bitcoin is VOLATILITY, the exchange is basically going to be down 50% of the time. I find it interesting that the couple exchanges I'm close with have presented a huge influx of new users. Compared to last month at least, seems that these last couple of days people have been registering en masse. It's possible coinbase saw a similar behavior and wasn't prepared for it, heck, it's funny to type that out. "Coinbase wasnt prepared for it" |
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Oh it's definitely possible, probably until the price goes high enough for bitcoin to be worth mining again. The price is already high enough for bitcoins to be worth mining. It's just a matter of which mining operations we're talking about.  The number of miners will probably decrease, but the hash rate -- that's less of a sure thing, and didn't happen in 2016. Inefficient miners will shut down, but efficient miners may actually be adding hash rate. Until the next difficulty adjustment comes, I don't want to make any big assumptions. Sorry, can you explain to a layman when the difficulty adjustments happen? I've always thought it's automatic, but can you tell me if it is? |
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It was nice to see the block pop up on the CLI. Watching for a block is kind of like watching grass grow, but I've watched all three now just because it is an interesting and perhaps historical thing.
Did you catch the message F2Pool put in the coinbase of #629999?  It certainly feels historical to me! After all these years, we have really come full circle, haven't we? 2009: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 2020: "NYTimes 09/Apr/2020 With $2.3T Injection, Fed's Plan Far Exceeds 2008 Rescue" I can't believe I'm finally part of one of these events! I was watching the halving livestream on (youtube channel I won't mention to avoid promotion), pretty cool. I've seen that hash rate hasn't taken a huge hit so far so that's good |
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Yo I'm from the future, halvening happened a couple hours ago. It's very much the same. If the price is to rise as high as you've seen, it's probably not going to happen this year. |
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hahahahaha I love you for this. |
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Nice, definitely a great plus that doen't really impact the mayority of people, but still, is nice to have the possibility there  |
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COVID-19 is still spreading around the world, there are so many lives that passed away because of the virus, but despite of danger that this virus can give to use, it teaches us something in our lives.
1. Our earth feel free because there are a lot of company that produces air pollution that is being closed.
2. There are so many people who clean our environment, there is general cleaning in our community.
3. People learned how to be careful and protect their health.
4. Because of this virus, the government decided the lockdown on our are and by that we get so much bonding on our family.
5. There are a lot of cancelled activities and gathering such as (night club, vices, etc.)
6. The virus makes us so conscious on our environment.
7. Our camaraderie increases.
8. Our faith on our God increases.
I know and I believe that we can overcome this problem, let us all help each other, stay at home to prevent the risk of spreading the virus.
1. The earth really doesn't care about whether there are humans or not, it's a big rock, WE care about whether there are humans or not, if we get wiped out, the earth will continue to exist, maybe another species will take over later down the line. 2. True, cleaning efforts have gone up in several places. 3. Absolutely 4. Hopefully this doesn't become another way to take freedoms away from the constituents of these respective countries. 5. Yeah, so? 6. Yes, more people should've realized this. 7. Maybe! 8. Only if you are a believer. We can overcome it, but let's see how we actually beat it. |
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Which country's government will be the most affected by the COVID-19 global pandemic, and be the first to go bankrupt, and default?
Poor countries, definitely. Better said, countries with huge organizational issues. The latter introduces the US to the list, I think the US is going to see worse numbers than the likes of Italy and not just referring to the greater size of its population, but percentually it'll be greater. |
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The white paper of bitcoin had already mentioned about the halving and how it will take place every 4 years and decrease the block reward by half of the current block reward. It's definitely not just a theory. I think you should read the bitcoin white paper once.
It has great knowledge about bitcoin and it's technical functionality on the blockchain.
Yup, it's really easy to realize the OP hasn't read the WP. It's not just great knowledge but it explains the ins and outs of the mechanics, for example the point of the halvening is introducing some extra escarcity, so that is not just the 21m cap that drives price up, also make s it so that it takes longer to reach that 21m |
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Thanks for the fair warning, specially that we are under a crisis, even those scammers will not rest and have taken advantage of the covid-19 and created a lot of fake websites trying to lure a lot of people. So all of us need to be very vigilant as there are reports of people losing their money on such scam like this one. PLEASE BEWARE - 14,000 XRP stolen from Ledger. So we really need to educate ourselves and people around us that they need to be very careful and cautious. I saw this one, that's a pretty big sum of cash and all thanks to a "google extension", scammers are out there and we oughta be careful. |
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I wouldn't suggest the use of mixer services, many of them aren't even mixing properly, the way you mix is you pool all transactions into a single wallet and then send away from that same wallet whatever amount your users request, none of these mixing services do that. I feel for your lost coins but I would've researched the topic better before sending that much money into random sites like these. |
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in short: desperation as time goes by and he starts being forgotten and becoming more and more irrelevant, he will make more outrageous claims to provoke people to keep talking about him nonstop.
That's exactly it, and by giving him the pleasure of discussing his silly claims we're kinda falling into his game, just ignore and move on, that dude is a cancer to the community and should be treated as such. Though I do wonder how far he can take it with these claims |
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What is your Satoshi theory?
Just wondering what everyone's thoughts are on Satoshi Nakamoto.
If he's not with us today, I'm sure he'd be appalled with the amount of money being printed by governments/central banks.
One of his legendary quotes are:
"If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry."
Is he deceased? Did he pass away from Cancer or some other grave illness?
Does it really matter though? Anyone claiming to be him who can't prove it DIRECTLY ON THE BITCOIN NETWORK just wants to cash in on the position, if he's alive and well and in the future posts on this very same forum, happy, or sad at the direction that we took bitcoin, it'll be an inflection point for most, but in the mean time there's no point in speculating, he didn't want people to know who he was and I respect him for that. |
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According to this article, YouTube continues to ban crypto content; No one knows the reason!. Last December they ban a lot of 'legitimate crypto website'. But lately though, we have seen hundreds if not thousands of fake giveways, and with the Covid-19 pandemic, perhaps there are more crypto related scams appearing on Youtube. I agree with the ban of crpyto related scams, and they should focus on it. However, if some legit channels are going to be affected, then they have to look at their process of banning, just saying. While it doesn't really surprise me, I will admit that I didn't expect it. Considering how outraged people were at the last wave of bans, which was done pretty much just to screw with the industry, I know that a tiny percentage of it was justified as it were profiles giving financial advice, but then again, looking at the greater scheme of things, aren't all videos in some form giving financial advice? Check tech channels and them weighting different products and recommending the one they think it's best, that could be extrapolated as financial advice. And that's what makes this so stupid to begin with, is a placeholder rule they don't enforce equally on everyone. |
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It is a simple yet not easy question to answer: why does bitcoin have value? The answer, we believe is summarized in this video: https://www.youtube.com/watch?v=Vv2-6KDlZSEBitcoin has value because it has both scarcity and utility. It is a limited and useful resource. It is important to note that something must be BOTH in order to command a market value, NOT either. Bitcoin is limited to the software-imposed hard limit of 21,000,000 bitcoin units ever in circulation. It is useful because it allows payment information to be secured by a decentralized computing network backed by magnitudes of raw hashing power. That raw hashing power is energy (electricity) converted into digital utility. Each transaction must compete (fee market) to be included in the next block of transactions which has a limited [block space] due to the block size limit (2MB) imposed on each ~10 minute block. We can expect both the value to increase and the number of users to increase exponentially so long as the current technology maintains itself and remains both useful and in a limited abundance. Bitcoin will always retain market value so long as miner nodes are actively contributing their hashing power to secure the network (proof of work). Learn more about bitcoin at http://diginomics.comI think you're missing a key third factor - people give it value. This utility and scarcity could not be enough, the fact that people who use bitcoin think it has value also gives it value. This third factor I'm talking about is what made it rise so much during 2017, utility and scarcity might have got it up to $2k on 2017, but it was people's perception what got it to $20k. It's also why it crashed so fast, but still the point is valid, it's when there's equilibrium between these that you get a stable price. |
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Honestly, I don't really know what would happen after this lockdown due to corona virus. I wonder if things would back to normal just like before or there might be a little change. With all of this happening most businesses would start to feel the weight of the effect of this lockdown and guess what? The economy will start to fall slowly so with that said Bitcoin is not an exemption with this pandemic crisis that we had experienced. I don't know if the strong support of $6,000 is still a manipulation or not since almost everything is too odd to add up.
I think that the lockdown will have the biggest impact on the global economy - not the coronavirus alone. Shutting down the economy of world powers will have lagging effects and it might show on Bitcoin. But there's no way to tell exactly, I hope it doesn't fall, but my hopes might not be enough to keep it up. |
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But what about those people that really are just learning about bitcoin? What about those that are venturing out of their confort zones and are looking for a place where knowledgeable community members discuss so they can see what bitcoin is all about? I wouldn't condemn a user just for being new, but the attitude and the content of what they're sharing, that's what's important to keep in mind. This guy you describe, absolutely, we don't need people like that. But come on we have to be welcoming of new blood, otherwise how are we supposed to reach bitcoin's true potential if we're turning people away just out of being new.
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