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4181  Bitcoin / Bitcoin Discussion / Re: Some new forks coming up for bitcoin??? on: November 26, 2017, 09:03:28 PM
BTG (Bitcoin Gold)
They were incompetent enough for there to be malware in their reference client (for two days), and they endorsed a scam on their website which stole several hundred BTC from users.
and BCD (Bitcoin Diamond)
This does not have a functioning codebase, so it hasn't happened.  It's also most likely run by crooks for a money grab, similarly to BTG.

I strongly doubt the integrity of any forks that happen from now on, and when they have names that are obviously just trying to ride on the popularity of other forks, there's no point paying attention to them.
4182  Bitcoin / Hardware wallets / Re: nano ledger & the bitcoin forks on: November 26, 2017, 12:37:14 PM
I imagine that they would support a fork provided that:

-The value of it was high enough for their users to demand it
-It had a functioning codebase
-It was secure for them to implement support.

However, since "Bitcoin Gold" was an extremely shady group who listed a scam on their website that stole millions of dollars, failed to protect their official client from malware and basically rode off the back of BCH anyway, I find it hard to believe that there's any more relevant forks to come.
4183  Bitcoin / Bitcoin Discussion / Re: Federal Reserve Controls Coinbase, Coindesk, Kraken, Ripple … on: November 26, 2017, 12:21:04 PM
Bullshit.  Pretty much everything on that whole website looks like bullshit.

He's talking about AXA investing in Blockstream, and then trying to link Barry Silbert to AXA by pointing out that he's part of Blockstream.  Then they try to associate DCG with AXA due to that, and then try to associate AXA with every company that DCG invests in.

Regardless, even if AXA did have "control" over what these companies chose to do (they don't), it wouldn't matter unless they took action directly supporting them.
Ripple …
Unrelated to Bitcoin.
4184  Economy / Speculation / Re: What is the peak of this bull run? on: November 26, 2017, 11:39:05 AM
It's difficult to use the past to predict the future with asset prices.

Since there's nothing really pegging down the price or any particularly strong fundamentals right now, the fact that the 2013 bubble peaked at $1000 is pretty much irrelevant to how it'll peak this time around.

It definitely seems likely that a correction will result in a massive crash though.
4185  Bitcoin / Press / Re: [2017-11-24] These maps explain how much power Bitcoin mining consumes globally on: November 25, 2017, 12:12:01 AM
Miners (and therefore the difficulty) react to the value of the money that they receive in the block.  That's the block reward and the transaction fees, which obviously is going to add up to a lot when the price is very high.

It's how BTC becomes so secure - the more electricity that's "wasted" the more difficult it is to stage an attack on the network.  Of course this means that it's arguably actually "wasted" energy, since it does serve a clear purpose.
More and more miners entered the market, but the environment always changed towards more difficulty, and this is what made miners change CPUs to GPUs as a main tool, and some time after that, create first ASICs.
The difficulty reacts to miners, not the other way around.  And indirectly, the miners react to the market.
4186  Bitcoin / Bitcoin Discussion / Re: Bitcoin anonymity broken. You have to pay tax on: November 23, 2017, 05:26:57 PM
There is no definitive point at which Bitcoin's anonymity (which by the way never existed at all) is "broken".

Bitcoin's pseudonymity is the responsibility of the user.  It's common sense that blockchain analysis can be used and that governments may use it to help with tax.

Your arguments rely on a series of straw man fallacies and surface-level analysis which you then shove down our throats quite intensively.
4187  Bitcoin / Bitcoin Discussion / Re: The Bitcoin Scaling Wars - Part 1 - The Dark Ages on: November 23, 2017, 04:57:04 PM
I've been reading more and more about censorship on the bitcoin forums.  They're becoming like the North Korean media.
You are posting this on a Bitcoin forum and are not being censored.  Bitcointalk is generally uncensored.

What you mean is that the subreddit r/bitcoin is censored.  You are correct, but you're missing the point. 

They're not anything like the North Korean media, because the North Korean media is in the public sector and cannot be legally shown from the private sector.  Therefore, in North Korea they are capable of censoring all other communication channels, whereas r/bitcoin cannot do this.
4188  Bitcoin / Press / Re: [2017-11-23] Boycott against wallets and exchanges without SegWit on: November 23, 2017, 04:39:23 PM
Right, so in other words they're going to boycott almost every existing wallet, including Bitcoin Core.  That sounds like a good idea.

R/bitcoin is absolutely insane recently.  Loads of the least rational posts are being upvoted and supported.  It's obvious that an attempted boycott like theirs would be weak and unsuccessful, especially when it's on most wallets in general.

It encourages a culture of just saying whatever you want provided that it's vaguely pro-SegWit and anti-blocksize increases.
4189  Bitcoin / Bitcoin Discussion / Re: technical mechanics of bitcoin? on: November 22, 2017, 07:16:42 PM
Looks like there are almost 11.000 nodes at the moment
That site only shows reachable nodes.  Most nodes are not going to be shown on that site, so there's many more.
So where are the nodes stored?
On anyone's computer who wants to run one.  As long as you're aware of the potential costs, it should be relatively easy.

That's why the BTC network has run, with zero downtime, for almost nine years.  The same can't be said of your average IT system.
4190  Economy / Exchanges / Re: Is bitfinex safe for trading? on: November 22, 2017, 06:26:18 PM
They had a hack a while ago, but they reimbursed the users using a Bitfinex token.

Currently, there are also concerns about where the USDT which is being used on their platform is coming from.  A lot of new USDT is appearing and going to their platform recently, which makes it possible (not certain) that they are using all this freshly created money in order to manipulate the BTC market.

They also don't accept customers in the US and have unverified accounts, which leaves them open to a BTC-e style "let's just destroy your exchange now" sort of thing with the US government.
4191  Bitcoin / Bitcoin Technical Support / Re: Transaction fee on: November 22, 2017, 05:37:30 PM
For the median transaction size of 226 bytes, this results in a fee of 67,800 satoshis
You're misunderstanding a couple of things here:

1.  The median transaction size will not necessarily be your transaction size.  The cost of your transaction may change based on the inputs and outputs of your transaction.  That's why fees are usually measured in satoshi/byte.

2.  The fee of 67,800 satoshi is for your transaction to be included in the next block.  That site also shows information of how long it may take with a variety of different possible fees.

I found this to be quite a good article on Bitcoin Core's fee estimation.  Personally, I would trust that the estimation is accurate.
4192  Economy / Service Discussion / Re: bitmixor ≠ bitmixer on: November 22, 2017, 05:24:40 PM
Bitmixer was a legitimate Bitcoin mixing service which existed until a few months ago when they abruptly decided to shut down.

They've always had phishing sites, but it's absurd that those sites are still going considering that the real site has shut down and they no longer offer mixing services at all.

Sorry for your loss.
4193  Bitcoin / Bitcoin Discussion / Re: Bitcoin Payment Gateways & Percentage Based Fees on: November 22, 2017, 04:52:00 PM
But to be clear, the mining fee on transferring 500BTC vs 5BTC is the same right?
The transaction fee is dependent on the size of the transaction in bytes (after all, what you're paying for is storing data on the Bitcoin blockchain).

The size of the transaction in bytes can change depending on how you received that 5 BTC or 500 BTC that you're spending (how many inputs the transaction has).  It can also change if you intend to send the 5 BTC or 500 BTC to multiple recipients (having multiple outputs).

In theory, you could send a 500 BTC transaction that cost less to send than a 5 BTC transaction, but you're more likely to have accepted a large number of payments in order to spend that 500 BTC, so the transaction is more likely to be larger.

It's certainly not percentage based, anyway.
4194  Bitcoin / Bitcoin Discussion / Re: Bitcoin Payment Gateways & Percentage Based Fees on: November 21, 2017, 08:28:44 PM
I really think it is necessary to pay the fees provided by miners
The payment processor does not have to pay that fee.  The user does.
It feels like charging a rate dependent on the amount of BTC received and stored (so no fiat conversion) goes against the very spirit of Bitcoin.
Maybe so, but that's what has naturally happened in the free market.  Capitalism is weird sometimes.

If a merchant wants to set up their own payment infrastructure or use their own personal wallets (perhaps even cold wallets for optimum security), they're more than welcome to do so.
4195  Bitcoin / Bitcoin Discussion / Re: Bitcoin turns out to be the creation of a three letter agency - what then? on: November 21, 2017, 08:12:07 PM
Did they create it out of the generosity of their hearts, considering the fact that they're not exactly freedom fighters?
They did hugely contribute to developing and funding Tor, so it's not entirely impossible.
Shrug and trust that things have moved on and they have no effective control?
Even though a large number of people would do this in principle, it's unlikely that they would do it in practice.

At this point I would argue that most BTC users are speculators in one way or another, so they're extremely wary of other investors' potential behaviour.  The problem here could become a self-fulfilling prophecy and cause the price to drop even though they wouldn't actually have control.
4196  Economy / Economics / Re: A step-by-step guide of the next developments on: November 21, 2017, 07:58:59 PM
- Prices now decline to a level where the miners can only make money by charging very high prices for transactions
This is where your post went wrong.  You started off with at least a hint of logic there, and it was perfectly plausible for those previous events to happen.  However, by this point you're relying on the misunderstanding that miners "charge" users for transactions.

The transaction fees are determined by the amount of demand that users have.  If users are only willing to pay 0.00001 BTC in transaction fees, that's what happens.  If users wanted to pay less, miners would simply lose revenue.
- Nobody want to buy into Bitcoin because of the very high transaction fees
This is relying on the false premise from your previous point.  Also, if there is less demand like you are suggesting, the transaction fees which users are willing to pay decrease, so logically it would go the opposite way to what you're suggesting.
4197  Bitcoin / Bitcoin Discussion / Re: Bitcoin Payment Gateways & Percentage Based Fees on: November 21, 2017, 07:36:59 PM
The basic act of receiving a Bitcoin payment is free.  The payment processors are charging you for the service of handling these payments in a simple manner for the merchant to understand.

Some payment processors (such as Bitpay) also allow merchants to receive fiat rather than BTC, converted with no risk of exchange rate fluctuation.  This can also justify the cost of the service.
With this assumption, isn't the cost to transfer 500 BTC the same as 5 BTC?
Yes.  But the cost of keeping 500 BTC secure and/or exchanging 500 BTC to fiat is not the same as the costs for 5 BTC for a service like Bitpay.

Due to the high fees of credit cards, PayPal and other current systems, these payment processors can quite easily get away with charging a fee of 1%.  You could even argue that that fee is very low compared to what a lot of merchants have to deal with (PayPal give a fee of 2.9% + $0.25 in the US).
4198  Bitcoin / Press / Re: [2017-11-21]Most Young Americans Will Hodl their Bitcoin Until it Reach $190,000 on: November 21, 2017, 07:14:32 PM
This is an extremely bad sign because:

-It shows a lack of self-awareness and misunderstanding of their emotions.  Even though they say this, a large number of people panic sell whenever the price goes down. 

-It ignores the fact that BTC has multiplied in value many times before and cannot continue doing so exponentially forever.  A person who buys in at $190,000 would not be able to say "I'll sell when the price reaches tens of millions" (unless the dollar experiences hyperinflation) because that amount of money does not exist.

-It ignores the possibility of it being used as a currency.  Most of the respondents (in this poll's case over 90%) were not even interested in using it as a currency, and they still consider the prospect of selling it for fiat currency when they want to actually spend them.
4199  Bitcoin / Bitcoin Discussion / Re: People's feeling towards Bitcoin is changing on: November 21, 2017, 06:37:40 PM
Technically speaking you can't attribute a stock/asset to a bubble without it crashing. Until then its purely speculative which has no underlying foundation.

That is the very definition of stupid. You can't say something is in a bubble until after the the bubble has burst?
You can say it, but you can't say it with certainty.  I agree that BTC is in a bubble, but you also can't know that in as irritating a manner as you do.
A fundamental problem in Bitcoin. All agree there is a big problem, but no-one can agree on actually doing anything about it - because part of the community makes good money from the flaw.
It's an important security mechanism.  BTC prides itself on allowing people financial sovereignty.  If there was a problem major enough for people to begin leaving - for there to be a panic - consensus would naturally have to form.

For example, in 2010 (before the code was widely checked, as there were not many users at all), there was an overflow bug.  Everyone quickly forked to a new chain in which the problem had not occurred, and their funds were safe.

That's the magic of decentralised consensus.
4200  Bitcoin / Bitcoin Discussion / Re: INSANE BITCOIN TRANSACTION FEES!!!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< on: November 21, 2017, 06:12:23 PM
Over 5$ for EVERY TRANSACTION???
No.  For low priority transactions, you can pay [ DO NOT POST SESC LINKS ]dramatically less[/url].
What if just double the current amount of people use Bitcoin? Then the transaction fees will DOUBLE TOO!!!
It's impossible for double the amount of people to use BTC, because most blocks that can currently be full are already full.  It's impossible to tell how double the number of people wanting to use BTC would affect the fees, because it's primarily about how much those users are willing to pay.
The question that we have to ask us is: Why should we use Bitcoin rather then Litecoin, Ethereum, Dash, Monero, Stellar Lumens etc.?
Because it's particularly secure and it has the first movers' advantage.
And also, the confirmation time is OVER 30 MINUTES!
This depends on what fees you decide to pay.
I don't understand why Satoshi Nakamoto made the block size to only 1 mb and the block time to 10 minutes! Couldn't he just calculate, how much the transaction fees will cost with ~30 million people using Bitcoin?
Because he:

-Didn't know how many people would use BTC
-Left BTC long before the blocks were nearing full
-Wanted to prevent spam in the short term by making it expensive for a spammer to fill blocks.
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