Thank you gentlemen for the kind words, I'm glad I'm not the only one that sees things this way. This is something that I've thought about for a long time. There are alot of things that make zero sense about the current financial state of our world, yet as they say "markets can stay irrational for longer than you can remain solvent". We'd literally need to overhaul from the ground up, but since I am monkey after all, I honestly can't treally think of a better solution to solve these problems. At the end of the day, it will never make sense to create value out of nothing, or to create a "placeholder" for value that is used for trade. I often wonder where people think the value to bitcoin comes from, the best answer I can come up with is "2 people decided on a price, other's accepted that as a real trade and made their own trades accordingly, and we keep playing off eachother from there" haha. A decent idea for a fiat replacement is to have a currency that represents the current top 12 most traded commodities on the market. If one commodity on the list has less volume for a certain amount of time than another commodity, it will be removed from the list and replaced with another commodity in the top 12 volume list. This would make it so each piece of paper you own actually represents something of ACTUAL value to society, which can be traded in at any point for it's portion of the top 12 traded commodities. Of course, this has it's own issues, mainly that it will cause artificial supply & demand because people will do arbitrage. This could in theory create a stable currency, because traders will constantly exploit arbitrage opportunities so the currency represents the current market value of the list of commodities... It's also much harder to manipulate 12 things instead of just one (gold, bitcoin, etc). On the flip side, (same argument is being made about ETFs on the stock exchanges), it could cause higher volatility and large flash crashes because if one commodity drops, it's in the currency holders best interest to buy the 12 commodities and trade it into 1 piece of currency and sell it for market price until the currency's price reflects the true market value of it's commodity counterparts. There is no easy answer basically, everything can be rigged some how lol. I'm surprised the founding fathers figured out half the shit they did +100 years ago, that's a feat i tell you what, especially since the vast majority still is very relevant to today's world. You get a cookie. Two cookies, what the hell, its the weekend. Gotta let my hair down.
Cookies would make a good currency, they'd definitely be more in demand than supply eh haha. Precisely because of that that we are still dealing with evolved monkeys, we need tools like money to establish of the game. I can't see any other way but capitalism to put societies in order and let them prosper into something. There's always going to be people that owns a lot, unless you want to control the money supply and limit everything. Bitcoin has fair rules for everyone since day 1. The big Bitcoin whales were smart people, they didn't kill anyone and conquer any lands by force, unlike the current system. The Bitcoin system is open source, and has a limited supply, everything is crystal clear for everyone to evaluate and participate, unlike the current system. I think that is why Bitcoin is a step forwards in evolution: It sets decentralized, open source rules for everyone. The game is still the same, the rules get improved. |
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Government of every nation is trying as much as possible to reduce the influence of cash and they are succeeding at it. They hide under the control of inflation, checking of crime among other reasons but the real truth is to ensure that citizens are taxed and no one is outside the tax net which cash makes possible. However. I don't see how bitcoin will replace such in the EU because it will only replace cash if the merchant or dealers accept it as a form of payment which is currently not the case and keeping funds in bitcoin comes with a lot of risk. I have some friends in Norway, Sweden and other north European countries. Almost nobody uses cash anymore there, everyone either pays with a credit card, debit card, or with the phone. Digital payments are the norm. A generation from now, once all the old people is dead, there will only be people that grew up during this digital era and doesn't even think about what cash was and what it meant to have free money. Cash will be gone soon and only bitcoin users will have any sovereignty. |
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Provocative title... but so true... Today, the market cap off all the Cryptos is north of $100B.It is EXTREMELY low compared to the values seen in the tech world (except for some shady ICOs ;-) ) In details, Bitcoin counts for $50B mk, and if we only take the top20 alts, we are at roughly $45B mk to add, the rest being peanuts. If we take the biggest financial places in the world: NYSE = $16T NASDAQ = $7.4T ... ... KOREA Exchange = $1.3T ... etc. http://money.visualcapitalist.com/all-of-the-worlds-stock-exchanges-by-size/There are 60 major exchanges in the world, with a mk of $70 Trillion ($70,000 Billion!) There are lots of sh1t companies listed to the stock exchanges as there are lots of sh1tcoins on the alts-market, it's a "reasonable" statement to compare them as they both deal with a wide array of technology companies. -> That means a market cap of cca. $13 Trillion to reach for the crypto market. Doable, at least on paper. Compared vs today, that is a x130 factor vs. the current market cap of the "BTC+ALTS world" That said, if you have $10,000 worth of BTC+ALTs, you should end with $1.3M in the next years if the market raises to the aforementioned levels. Of course, not ALL your coins will raise, and you may lose a significant part of your portfolio... but even if 30% goes to dust (or to exchanges...), you should end up with the magic 7-figure. Your thoughts? P.S.: if we assume that BTC will continue to trust the top and will account for at least 30%-40% of the total marketcap, it means a BTC mk at cca $5Trillion with 21M coins, that is $250,000 per coin. John McAffee is just x2 more bullish but we are in the same realm of figures; and he could be right... John McAfee was trolling he said $500,000, but in any case, it is very possible that $10,000 worth right now means a million in 2025. BTC will grow exponentially, it will not be some smooth walk in the park. It will hit the world like a storm, specially when we establish the second layer solutions such as the lightning network, and just wait for sidechains to kick in, it will be crazy the amount of technology that can be used with bitcoin by then. The market will explode overnight with billions coming daily. But just to be sure, I would aim to get $100,000 worth of BTC as soon as possible, then it's just guaranteed that you will be rich in 10 years. |
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It can.
A lot can happen. That 5k mark will be reachable. But we should not make haste for that to come. A 4k mark will be enough for me before this time of the year ends.
Dont want to be risking my bitcoin with authority looking at it so frequent just for the purpose of how to bring it down.
I am still amazed on how it grew for just month. Dang bitcoin!
$5000 is the psychological barrier that has the most meaning, because if we cross it, it means we are closer to $10000 than we are to $0. So once we get to that point, exponential growth may kick in, and this means we will be growing at crazy phace, similar to 2013 bubble mode, which may peak in $100000+, then a crash to stablish an higher floor than ever before, which at the end of the day is it still progress, but this is how disruptive technology grows, bubble and burst cycles. |
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If we reach 5k any time soon I think I'll pass out. Bitcoin is the best thing that ever happened to me.
At some point even hovering around the $5000 mark won't be anything spectacular. It's all peanuts when you consider that Bitcoin is still a tiny dot in the financial market. I have always been a strong believer of Bitcoin at some point reaching the $10,000 mark. It just doesn't make any sense to sell my Bitcoins for fiat just because the price has gone up. That's why despite the fact that I strongly dislike BCC, I am just happy that it offered me the opportunity to increase my Bitcoin holdings for free ~ what more is there to wish for? If we can get the following: 1) Segwit activation withoing any additional drama 2) Avoid November's hardfork nonsense (again..) 3) Get Lightning Network in easy to use wallets soon 4) Sidechain-Drivechain to get interesting and risky technology tested in real life scenarios Then we can hit $10,000 soon, easily. |
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With the Bitcoin Cash weight out of our shoulders, we can now aim for a clear $4000 horizon. August will be extremely bullish, September will be a year of consolidating the price.
October is the key month now. It all comes down to the NYA participants. If they want to go and crash the price with an unnecessary hardfork, let them be responsible for that and see what happens. The community will not be happy when the price crashes coming from ATH.
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Is there a limit of payable posts?
I only see the minimum amount (25 per week) but it says nothing about maximun posts. It says 100 maximun members, but again nothing about the max payable posts. Is it unlimited??
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Instead of keeping them in cold storage/private wallets because they get to dump the free coins earlier at the best price. Otherwise holders in private wallets will encounter many delays that will result in dumping the free coins for pennies/free.
I read everyone saying keep bitcoins in private wallets instead of exchanges as exchanges are riskier but when it comes to forks the exchanges are at a speed advantage.
What can be done in the future to prevent this and make it fair?
Good point. The fact that all the trading for BCash is being done in exchanges only proves the insanity of the situation. Rushed amateur hour coders and their works are the laughing stocks of cryptocurrency. This could be a thing that interest exchanges in the future. They will list any fork just to get the fees, and they will get more and more people depositing the coins there in-beforehand to be able to trade. I didn't think of this before. Exchanges must be so happy to list the segwit2x scam in the future if the morons involved in NYC actually go through with their stupid plan. So not only we will face a big price crash, but we will see a lot of people risking their coins in exchanges. |
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As we all know the blockchain is a public network and sometimes it is ued for buying drugs, weapons etc. For eample if I am going to sell bitcoin to someone I don't know what is the best way to stay anonymous after such transactions? So in case my buyer will use those bitcoins for buying drugs I would be able to stay away from it.
There's no way to make bitcoin transactions anonymous by the strict definition of the word anonymous.What you can have, at least thus far, is certain levels of obfuscation via mixers. I don't trust mixers tho, you never know what coins you are receiving. It is a huge problem with bitcoin using mixers, because the coins are visible, so they can be tainted. With Confidential Transactions, Coinjoin, Mimblewimble and other tech, we will have better levels of privacy in the future, or something like that. |
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Is the trading back? The latest updates in the official poloniex twitter claim that the trading is halted, but that was 20 hours ago, and it's pretty insane to see poloniex having problems after BTC-E. Looks like it's exit scam season, every august some big exchange decides to have an inside job.
I would like to trust that poloniex is legit and these are legit problems they are dealing with, but if you have been around here for a long time, you should be skeptic of every single exchange and treat them as scams.
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From the hacks just electrum wasnt effected with that its also effected. Who changed files on site, couldnt change the digital signatures? How we gonna know signatures are correct
The developers of Electrum Litecoin have already confirmed that the information of the website regarding the hack of July 31 is official and confirmed. The developers have PGP keys to prove they are real. You should format your computeri f you downloaded anything during July 31 on that website, who knows what kind of gode was put on there in the brief period of time, but chances are you didn't get affected. |
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Nobody mentioned it because that's the Electrum version for Litecoin.
Electrum for BTC and Electrum for LTC (this one you are talking about) are developed by different teams. This wallet is a forked version of Electrum (BTC) wallet which works for Litecoin. Nothing to worry about if you use Electrum for Bitcoin.
Well, I just realized I made the mistake of thinking this was related to BTC. It is indeed the LTC wallet which I assume is just an Electrum fork for LTC... In any case, this is a great day to be reminded of the possibility of a man in the middle attack happening. You should always check the checksum of the executable, assuming you are not going to build the code yourself, otherwise nasty things can happen if you are extremely unlucky to be exposed to the attack while the people that host the site realize the checksums are different from what they signed. |
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Well, it is normal, no need to worry about that. Normally, you need to wait for at least 2 weeks for the core to fully sync. The bitcoin blockchain is huge and core needs to download it to work. I think you should use electrum instead because it is soft and easy to use
He said he is not downloading from scratch, he is only 15 hour behind: my bitcoin core has not been syncing for 11 hours? is there anything wrong with the bitcoin network?
May we know how much RAM you got mate? I think you can put a tweak bitcoin.conf and add dbcache=<n>, where n is your memory in MB. I'm not also sure if it has something to do with the speed of your internet. I guess its more of a CPU bound than Internet or Network bound. I synched before but it took me 3 days actually. You need a lot of patience to be able to download the full Bitcoin blockchain. Pruning is also another method to used, but based on my research you still need to download the whole blockchain to sync everything although it the whole 140 gig won't be install in your pc. i think you didn't read the title properly. Now i am 15 hours behind sync. i just wanted to know, if there is something wrong with the bitcoin network I can download 15 hours while im out of the computer for a couple of hours. I always leave the Bitcoin Core client syncing when im out, it's not a problem at all to maintain updated. It would be a pain in the ass if they raised it to 2MB, I can't imagine 8MB with Bitcoin Cash. And no, there are no problems at all with the network, it must be your computer/internet. |
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Im surprised that I haven't seen this mentioned. This is serious. I have always thought that falling for a man in the middle attack is extremely unlucky, but some people may have been affected. There was a brief period where the executable was compromised. If you downloaded anything from the Electrum website in Jul 31, I would definitely format my computer. Official statement as follows: https://electrum-ltc.org/#notice
IMPORTANT NOTICE
On July 31, around 13:00 UTC, an attacker exploited a vulnerability in the virtualization software employed by this website's host to replace the sources and Windows binaries of Electrum-LTC 2.8.3.5 with modified versions. We were made aware of the issue by 17:30 UTC, and promptly restored the original files. We then proceeded to carefully move the website to a new host that would be immune to said vulnerabilities.
If you downloaded a source distribution or a Windows binary of Electrum-LTC 2.8.3.5 from this website during the above time range, and did not verify its digital signature, your computer may have been infected by malware, and you should take action immediately. Note that the digital signatures have been available and valid all along.
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So is it safe to claim BCC now if we have BTC on Electrum !? Or we should wait for the first BCC block to do so !
I know the steps : Is it safe to start it now ?
1. Install Electron Cash on a machine that does not have your
Electrum wallets.
2. Wait until the BCC hard fork has taken place, and a few BCC blocks
have been mined.
3. Move all your Electrum funds to a new Electrum wallet. This will
move only your BTC, and not your BCC, because the BCC blockchain has
replay protection. Wait until the transaction is confirmed.
4. Enter the seed of your (now empty) old wallet or private keys in
Electron Cash. Since the BTC have been moved to a new wallet,
entering your old seed in Electron Cash will not put your BTC funds
at risk.
Electrum posted an official tutorial on their website: https://electrum.org/bcc2.txtHave on mind: Electrum suffered from a man in the middle attack recently. So if you downloaded anything from the eletrum website, you may be compromised: https://electrum-ltc.org/#notice
IMPORTANT NOTICE
On July 31, around 13:00 UTC, an attacker exploited a vulnerability in the virtualization software employed by this website's host to replace the sources and Windows binaries of Electrum-LTC 2.8.3.5 with modified versions. We were made aware of the issue by 17:30 UTC, and promptly restored the original files. We then proceeded to carefully move the website to a new host that would be immune to said vulnerabilities.
If you downloaded a source distribution or a Windows binary of Electrum-LTC 2.8.3.5 from this website during the above time range, and did not verify its digital signature, your computer may have been infected by malware, and you should take action immediately. Note that the digital signatures have been available and valid all along.
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Can I please join bro?
Btctalk name : themathiasmiller
Rank : Jr. Member
Current post count : 52
BTC Address : 3Gz4HABnjgoQQP7arBJd2KBb1sxb949bLY
It shows in the OP, that they are accepting 100 members. That is a lot considering the high rates, so I hope they make enough money to pay.. |
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So on the other hand, Node: Bitcoin ABC (Bitcoin Cash; Bcash) is stuck on Current height: 478558 from a couple of minutes after the block was mined. And there's been no blocks since.
It's going to take them 2000 blocks to get their mining difficulty adjusted? And while that's waiting, any transactions are stuck?
everything in bitcoin cash has been based on time instead of block numbers or number of blocks. the fork was on a fixed time (12:20 UTC) if i am not mistaken which is block #478558 i don't know if stuck is the right word but since the hash rate is low for BCC and the difficulty is high it takes a long time to find a block so the blockchain is staying there and BCC nodes are rejecting the new blocks mined on bitcoin chain. also their difficulty adjustment is based on time. it is after a fixed amount of time passed that they readjust the difficulty and lower it. i think it is after 6 hours with 0 blocks. How long is that to mine a block in a normal amount of time? Blocks in the real Bitcoin happen every 10 minutes. This Bitcoin Cash thing (or Bitmain Cash as I like to call it) it's having big, big problems right now. They haven't started mining yet a single block because there is a trigger mechanism that must be activated first, and this activation needs to mine a block that is larger than 1MB. So not only their nodes are all fake and getting attacked, but they can't even get started mining. This is what happens when you rush a hardfork. Take notes NYCtards. |
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EPIC FAIL!
Bitmain Cash has less then 5% of Bitcoins hash power.
I'm calling it this thing is dead in the water. Even if it manages to produce a block in the next 24 hours it can't survive unless it gains a huge amount of hash power.
I always knew this would get nowhere. This was another setup by Bitmain to short the bitcoin price, it's what they always do, just look at the recent flash crashes. Im sure Jihan and co had shorts set and made a lot of money on the suckers that dumped due FUD. They also use ViaBTC to support experiments like Bitcoin Cash and see the kind of support they get. What worries me is the segwit2x hardfork in november, if the NYC agreement happens, they will fork into scammy anti privacy software (google btc1 bloq) Big blockers ALWAYS ruin the day. |
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This is just the futures markets. The split has not occurred yet, I think it should be happening in about 2 hours if not earlier, there are different dates I can find, it also depends on where you live... It's going to be fun seeing people rushing into exchanges. I predict exchanges will have problems dealing with the traffic increase. I may way a bit, I dont want to see my BTC stuck because exchanges can't process the deposits.. |
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Damn, I ALWAYS forget to get my Byteballs, I mean, I forget the distribution periods. Thanks for reminding me. I will try next august 7th to get my first byteballs, hopefully I don't screw up in the process.
As far as I know there are two methods, and one of them is free because you don't need to send any transactions, you only need to sign it, but I don't know how to do that, I never used the signing features of bitcoin core. I know how to use the coin control features to select exactly what address I want to send and get the byteballs from, but I don't know how to the signing, I will try to find a youtube tutorial later because I suck at reading.
It would be cool if someone can develop a way to get an alarm that tells you the distribution is happening soon so you never miss it.
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