As aviks so rightly puts it,,, everything is a scam.
Assume everything is a lie, and you will be fine on the internet. If anyone tells you anything that you cannot verify on your own, it is a lie.
If you say everything is a lie does it means that even the information we find on the web are all false? I think this is not a generalization right. |
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Since you're in the bitcoin discussion subforum, i'll give a bitcoin mining answer: 99,9% of the users seeking advice in this subforum should go for pool mining, unless they're looking at mining as a lottery ticket instead of a steady flow of income. When you say: --snip--
disadvantage is that it may take longer time to mine a block.
--snip--
you do not stress how much of an understatement this is for a "home" miner. At current diff, an antminer S17+ (afaik, the latest generally available ASIC on the market) would (on average) take about 30 years to solve 1 block. If you own 10 S17+'s, you'll only get "income" about once every 3 years (on average), unless the difficulty would drop... The power costs, on the other hand, would keep piling up. If you have enough startup money to buy, let's say, >1000 S17+'s, you might consider solo mining a good alternative, since (on average) you'll solve a block every ~11 days, so once you have this kind of operation, it might be a good idear to cut out the middleman and save on those pool fees (and keep the transaction fees) while still being able to pay your bills regularly. Wow! What a detailed analysis. That's fully understood. You know in a normal production the two required input are L and K. Let's say the S17+ is the capital then don't the quality of the labour affect the probability of mining? Block =f(K, L) |
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I've been oriented so far about the mining business of cryptocurrency. There has two categories of mining business which are: 1. Mining Solo and 2. Mining in Pool. The first form is simply when a miner mines as an individual. He bear the cost of buying the equipment needed to mine. The advantage of this form of mining is that the miner will keep all the reward to himself while the disadvantage is that it may take longer time to mine a block. The second form of mining is when group of miners come together and mine together in order to obtained faster and better result. The advantage of this is that the it takes shorter time to mine a block and the disadvantage is that the proceed or reward is shared among the participating miners which will make the payment smaller compared to the solo miner. These are what I want us to discuss; 1. Based on your judgemwnt which of the option is a better option for mining ? 2. What are the requirement for a miner to join a mining pool? I got some helpful information in relation to this thread on the below link: https://www.coindesk.com/learn/bitcoin-101/how-bitcoin-mining-works |
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1. How do we evaluate capability and credibility of some entities or individuals that trade for people or some professional traders who trade for people?
It's really hard evaluate people on their self claim. And if you are not confident to evaluate some information by yourself it's easy that you get fooled. Most of the times there is a simply gold rule: "If something seems too good to be true, it probably is not." And if someone is able to get these "big earnings" (stable/fixed etc) why they are searching money from strangers on the web? It would more profitable and easy get money from friends and family.[@Wenbing of course they need to "scale" their business but why asking for hundreds of dollars by several users on the web  and not asking directly to a bank? it's time consuming collect money in a such way....] This is the same way and (fake logic) that ponzi use to operate. If they were so "profitable business" (they earn money faster then repay a debt) why they are collecting money on the web?! 2. I've seen some Telegram group that sell trading services and signals advice. How do we know if they are good to do business with?
These are just scam. Why they are selling and not using these information for a good trade? - They collect money (selling "information") - scam - ban users - They promote tokens - these tokens are heavily dumped - They promote "buy A" in a chat - "sell A" in another chat (however they will win since it's like flipping a coin at a certain point) These are only some of the way the act. It's like people that try to sell their betting predictions...
<snip>
1. The professional trader that collected some funds from my friend for investment did it through bank payment. He knows the trader on a personal level. So it was not a web based transaction.
2. You mentioned flipping in your comment. Is predicting cryto trends and buying to sell not a form of flipping as well. Do we say flipping is not a good form of business?
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1. A miner mines a block and all the transactions in the block are recorded in the NSA tracking database (aka blockchain).
End.
Are you indirectly saying that the whole mining process is one step? I believe just as others have explained above,before mining one has to pass through some process which are means to an end. |
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Instead of giving your full money, doing copy-trade is probably better. What do you mean by doing crypto trade is better? Are you saying its better for one to learn how to trade by himself instead of giving his money to the so called professional traders? Never use signal service or trading deals, most of the time they're fake and even if it's legit, it won't last long.
Yes...signals are trends that adjust per seconds so trading with them could be very risky. Those that play soccer games also sells some signals too. Sometimes it work while some other times it won't work. |
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<snip>
All of them are scams! If some professional trader has the capability to trade and earn a good amount of money every single day/month, why he would need other people's money? This is the first thing to understand. The behavior is very similar to ponzi schemes and must be avoided by all means.
You have responded very nicely. But what I want you to know is that some crypto experts are good entrepreneurs that always want to scale any business with innovative business models. In this case, the trader may consider that to achieve high volume of trade then he needs other people's money which at the end of the day people will earn and he will make huge profit. Its about scaling an idea or a business... |
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How a close of mine lost his hard earned money to a bitcoin trader?
He told me how he invested some of his savings to a particular bitcoin trader in the place where he lives.
The professional trader promised to pay profit monthly which is supposed to be a fixed ROI.
It happened that the traders was actually faithful to the promised payment for a certain period.
But, the trader took the money invested with him and use it for other investment. It happened that he lost the whole money.
This became a big case between the traders and the individual investors. As it stands his money and other people's money with him had gone down the drain.
These prompt me to ask some questions:
1. How do we evaluate capability and credibility of some entities or individuals that trade for people or some professional traders who trade for people?
2. I've seen some Telegram group that sell trading services and signals advice. How do we know if they are good to do business with?
3. Is Telegram escrow system a scam or not?
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Botnet being one of the tools of cyber criminal to attack and steal invaluable information, it has to be taken seriously.
Imagine an address that contain 10btc is attacked by a malware or a botnet.
I hereby suggest that the forum should provide some recommendations on how to protect one's crypto information from the attack of this malwares.
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From my perspective blockchain , blockchain is a public digital ledger which helps to validate all the transactions taking place in the cryptospace in such a decentralized and transparent manner.
That means:
1. Blockchain helps to prevent double spending.
2. It helps to prevent fraudulent practices.
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<snip> in a sense yes. there is a method called merge mining which is a setup to mine more than one cryptocurrency at the same time. a miner who is looking for that hash in a coin with a high difficulty (like bitcoin) can find other bigger hashes that are invalid for that coin but could be valid for other coins. https://bitcoin.stackexchange.com/questions/273/how-does-merged-mining-workCan they also switch to mine other coins due to the high profitability of mining a particular coin compared to others?
At what stage do you become bankrupt?
I believe a miner become bankrupt when the TC >TR for a long time. At this point the miner is making loss in the business. He can decide to switch to other coin mining or leave the business at this stage. [moderator's note: consecutive posts merged] |
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Step By Step Explanation of How Mining Work.
[Step1:
We have many miners that are prepared to solve a complex problem to validate cryto transaction.
The miners have raw materials such as electricity access, hardware and labour.
Step two:
When transaction take place, the various miners compete to see who'll prove the transaction that take place in the system.
Step three:
A miner that is able to prove the transaction is valid, then a block is added to the ledger called blockchain and it'll become public.
Step four:
For the proof of work accuracy done by the miner, he will be rewarded by some coins.
Step five:
The same process is repeated again.
Advantages of PoW and blockchain.
The two advantages of PoW are:
~Elimination of double spending which is a limitation of the fiat currency.
~ Elimination of fraudulent transactions.
Is it possible for miners to swap from mining one coin to mining another?
Can a miner mine for Bitcoin and other altcoin at the same time?
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<snap>
ok some math
if OP uses a 15k cost and a 10k sell
well imagine there were 25 people making half a bitcoin ($7.5k cost $5k sell)
12.5btc is worth $125k
now we have 25 people sharing 12.5btc so for $7.5k cost they are getting 0.5btc ($5k)
now if 1 person drops out due to a $2.5k loss
now it has 24 people sharing 12.5btc so for $7.5k cost they are getting 0.52btc($5.2k)
now if 1 person drops out due to a $2.3k loss
now it has 23 people sharing 12.5btc so for $7.5k cost they are getting 0.5434btc($5.434k)
now if 1 person drops out due to a $2.056k loss
now it has 22 people sharing 12.5btc so for $7.5k cost they are getting 0.5682btc($5.682k)
.. and so on until profit for 16 remaining people
What if this your assumption doesn't hold. For instance, what'll happen if no miner want to leave the business at a decreasing revenue of their reward? |
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<snip>
Cryptocurrency scams
1. Initial Coin Offering - ICOs act as a way to raise funds, where a company looking to raise money to create a new coin, app, or service launches an ICO. Interested investors can buy into the offering and receive a new cryptocurrency token issued by the company. This token may have some utility in using the product or service the company is offering, or it may just represent a stake in the company or project. There are some ICO's that are meant to scam people by bot giving something in return.
This comment trigger some questions to I need to enquire about. 1. How do we know authenticity or credibility of an ICO 2. Is ICO similar with the investment rounds called IPO? 3. Who are those that carry out ICO 4. Do crytocurrency companies allowed to go on an IPO? If yes, what are the examples of companies that have done it before. Looking forward to hear insightful responses. |
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As part of the ongoing course I'm talking, I'm currently on smart contract programming language.
Here are two functions that I don't really understand in solidity.
1. Function registerVoter(address_voter)
2. Function UnregisterVoter(address_voter)
How do we interpret these functions and what are their roles in smart contract programming?
I feel this should be basic in programming smart contract.
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As we all know cryptocurrencies are basically a digital form of currency which can also be referred to as alternate currency.
1.Cryptocurrencies are simply digital currencies and they are not alternate currency. We have altcoin which are digital currencies other than bitcoin. 2. One of the downsides of crypto is that a corrupt politician can loot money and transfer the money to his bitcoin wallet and it'll become anonymous. So, it can be employed for money laundering without trace. |
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<snip>
Regarding the negative value, oil went negative because it sold for less than it costs to mine it. Bitcon can easily go into that kind of negative.
But this comment go to the opinion of almost all the comment on this thread. According to what commentators have said is that to store bitcoin one doesn't require payment for storage unlike oil storage which is the reason for the negative Price of oil. So, can we further clarify your stance on this?
~~~
For more than 10 years now nothing of that sort has happened and for the next 10 years, I do not foresee anything. I can only see the growth and adaptability of Bitcoin.
The major reason for this prediction and assumptions for negative Price is due to the fact that the bitcoin and crypto ideology is pivoting of the model of traditional currency from centralisation to decentralisation. I'm not saying bitcoin will not grow against all odds but for the purpose of this discussion why do you think bitcoin price will keep rising and not decreasing to the negative of the curve? |
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I also believe that e-voting is a bad idea, blockchain (or any jargon) included. Here's the thing, you can't make sure somebody vote without knowing their identity at one point or the other, and who knows what exactly happens in the machine or the code itself. It is difficult to trust the code especially if the government is the one who made it. Somebody can cast doubt over the machine and then everyone would start doubting the entire election itself. Tom Scott made a good video about this (about e-voting in general but I believe the risk is the same)[1]. [1] https://www.youtube.com/watch?v=LkH2r-sNjQsThe world systems can't remain rigid that's why we have technology invented with the purpose of disrupting or upgrading the traditional systems. In this case, I believe e-voting powered by Blockchain technology is possible if we have independent community that'll be in charge of the process. This committee should be evaluated by another body in order to achieve the goal of devoting...
~~~~
No country will allow a third party to handle its election blockchain
Who then will create the blockchain ? is it the ruling party ? or its opponent? or private citizen ?
Yeah, that's the opposite of the idea. What's need is a multi -committee system were the composition consists of ruling party, opposition party, citizen etc. This will help to prevent unfair or shady acts by the members because they are from different group and with diverse ideologies. [moderator's note: consecutive posts merged] |
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I found these lines of code in solidity. As I know solidity is the major programming language of the etheruem Blockchain network.
Here are some functions I want the house to shed light on.
What do they really mean when the codes are implemented.
1.Msg.sender
2.Msg.value
Do we have other smart contract creation programming languages aside from solidity?
We have a lot of smartcontract programming languages aside from solidity and here's the list https://hackernoon.com/contractpedia-an-encyclopedia-of-40-smart-contract-platforms-4867f66da1e5This list contains 40 smartcontract platforms complete with what kind of programming language that used by those smartcontracts. In your personal experience and opinion, which of the programming language is the best in terms of functions and less bugs. |
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I found these lines of code in solidity. As I know solidity is the major programming language of the etheruem Blockchain network.
Here are some functions I want the house to shed light on.
What do they really mean when the codes are implemented.
1.Msg.sender
2.Msg.value
Do we have other smart contract creation programming languages aside from solidity?
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