Absolutely! I once read about a company which used blockchain technology in running an election and it was very successful and they even plan on taking it on a large scale. The transparency of blockchain distributed ledger and its immutability makes it absolutely ideal for things like voting where parties always try to rig the vote in their favour.
We really need disruption of the every world systems that have existed since the existence of humans in the same way bitcoin has or are already disrupting the monetary system. Pls, kindly send the link to that article so we can also read about the success recorded by such country. |
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I have been talking about this for a long time, mining does not bring any income at all now
Well, I feel you've a sound point to make but you stated it halfway. Kindly, explain what you mean by that statement?
<snip> The biggest winners of the crypto mining industry are the companies that produce mining hardware.  I'm not sure the hardware manufacturer will benefit more than the miners if the volatility of bitcoin affect it positively. But can you prove your point. [moderator's note: consecutive posts merged] |
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Blockchain technology has made it easier for businesses to do business together because it has dramatically simplified the production process. Is it really great for businesses in the long run?
Well, I don't really understand what you mean by production process. Is it production process of a bitcoin production or production process of business production? The second part of your enquiry. It will help to scale sales of the ecommerce industry because transaction is now faster and the cost is very low. |
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Let me explain some of the variables associated with what I'll be analysing. 1.The production cost. I researched bitcoin mining cost depends on some variables such as average hardware efficiency, average cost per kwh, current difficulty, block reward and labour cost. 2.The Bitcoin Revenue. The bitcoin revenue is hugely dependent on volatility which is caused by free market mechanism ie the forces of demand and supply. 3.Bitcoin Profit: This is the difference between the bitcoin cost and Bitcoin Revenue per unit of bitcoin. Assuming:
Production cost/bitcoin is $15,000.
Revenue/bitcoin is $10,000.
The margin will be $-5,000, that's a loss.
Let me cumulate this analysis for a miner who mine 10 bitcoin. It means he will run at a loss of $-50,000.
The cumulative computation for a pool of miners who mine 100bitcoins will run at a loss of $-500,000.
If these market conditions hold for a certain time, what will be the effect to the following parties. A. The miners B. The investors C. The speculators (traders) D. Crypto Startup and forums Here is an article that attempt to value production cost of bitcoin. https://www.bitcoinproductioncost.com/Kindly make your contribution. |
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<snip>
I do not want to calculate the profit value of Asic devices , just want to calculate a base price for each bitcoin mined , and so to find out the minimum price level which minners can handle it .
Well, I don't really know the purpose for question. Are looking to analyse the production cost per bitcoin and the revenue per bitcoin to determine its profitability? A key cost factor is the level of electricity consumption. The higher the kilowatts of electricity consumed the higher the cost of bitcoin mining. |
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<snip>
But the issue is that, because of the transparency factor of blockchain- majority of the nations will not allow its implementation! This way they will loose their power to manipulate the system! Especially in countries like India where democracy exists on the books only!
Democratic form of government exists in books in manay countries. There are countries where their politician buy votes. There are countries who hire thugs to rig elections. What about the famous Russia hacking the Trump election and influenced it. Corruption in election indeed.
<snip>
The best part about Blockchain is that you cannot manipulate with this ID as once it is created you cannot delete or edit it.
But, will the government of these countries allow this to happen?
We need government approval in order to realise this transparent electioneering processes. We also need good legal system in place so that any defaulter will be penalized and it'll serve as a deterrent to other potential defaulters. [moderator's note: consecutive posts merged] |
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Could these causes bring the value of bitcoin to something similar to the historic oil Price drop of $-37.63?
What do you have to say about this?
Bitcoin's lack of privacy will prove to be its downfall just as the censorship of this once great forum will prove to be its downfall. This is response is outstanding among the comments on this threads. I want everyone to pay attention to this particular comment as I ask this question. With due regards, kindly explain what you mean by 'privacy of bitcoin' and 'censorship of the bitcointalk forum' Thanks |
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<snip>
Its like, imagine what do you do when your phone is out of storage and have upcoming information to store? You are pushed to delete some information but you need it, it's important, so you are paying others to store it, in this case cloud storage companies. In this case both, cruide oil company owners and you are seeking for storage.
Very remarkable explanations. I also see some insignificant variable costs associated in storing our bitcoin. The cost include, buying devices for that purposes, buying internet subscription to download software wallets etc. Shouldn't we factor these cost into our analysis of the possibility of bitcoin becoming negative. |
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I see blockchain to be a transparent ledger that makes it possible for activities going on in a particular industry to be transparent. One of the applications of this software technology is cryptocurrency. Other applications according to an article I read on Quora are: healthcare application, real estate application, legal industry application, security application , government application, rentals and ride sharing application, charity organization application and education application. Here is the link below: https://www.quora.com/What-is-the-coolest-application-of-Blockchain-technologyThis made bitcoin to have a decentralized system, transparent and built on the basis of trust in such a way that the users are anonymous. My consideration is this: I believe the blockchain technology can be applied in election processes, so that we can solve the problem with many elections malpractices such as hacking of election documents in developed countries and rigging of election results in developing countries.
But the bottleneck is this. How can we know exactly those that vote being that the addresses make people to be anonymous?
How can we solve this anonymous issue when applying this technology to election processes? Kindly drop you opinion on this issue. |
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My point is plain.
Btc, stock and oil are all measure of value and tools in the hands of investors.
An investors in crude oil who also invest in bitcoin will be affected this time if he has investment in crude oil. This will lead to less demand for bitcoin from him.
So, everything of value is interconnected in various degrees someway.
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I think it will not become negative, it will just be its collapse
Take for instance, miners pays for the cost of electricity generation to mine bitcoins n the hope of paying the cost when such bitcoins are sold. In the case of zero demand, do we still need bitcoin? It'll become worthless while the miners and investors will be hugely indebted. |
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bitcoin's supply is perfectly inelastic. It's not possible for it to be negative.
And oil itself isn't negative, thats just a futures contract. you have to take delivery of that -$37 oil. 1000 barrels. They are basically paying you come get it.
Great comment. But, look at the conditions I highlighted. What if those conditions were to be true, then what'll happen? If there is no demand for bitcoin, then the inelastic will be forced to become elastic automatically. |
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I was shocked for reading a market breaking new as strange as this.
I paused and reflected again and again by applying this condition to other market assets.
I read from Blomberg that the price of crude oil has declined into a negative of $-37.63/barrel.
What will happen to countries that depend solely on crude oil revenue?
What will happen to the investors in crude oil?
A very serious reflection is that fact that, is it possible for bitcoin value to also drop into the negative?
What if the following happen:
1. A ban in the demand for bitcoin and a ban in the use of bitcoin.
2. Backing off of bitcoin miners from the business of mining?
Could these causes bring the value of bitcoin to something similar to the historic oil Price drop of $-37.63?
What do you have to say about this?
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I will appreciate him first for such epic idea and innovation of bitcoin.
I'll suggest to him that the whitepaper need to be reviewed in order to capture and handle some other financial issues not currently there.
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<snip>
3. In a difficult economy, investors need to withdraw assets and sell cash to maintain businesses such as payroll, purchase and sale of goods instead of investing in cryptocurrencies.
Well, bitcoin doesn't exist independent of the economy. Bitcoin is an integral part of the economy. As such whatever that affect the economy will affect the crypto system too. Its just like the human body- it has many parts. If one is injure it affects the effectiveness of other parts. But, ironically this is the best time to take the risk of investing into bitcoin because at the signal of economic recovery the ROI of such investment will skyrocket. |
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This is my first time to post in this board. Its will be great to learn from you all.
I want members of this forum to share insights on this aspect of solidity programming and ethereum.
In my studies I discovered that solidity programming has the following memory types. They include:
1. Storage: The min. capacity is 8bit while the max. capacity is 256bit.
2.Memory: the min capacity is 8bit while the max. is capacity 256bit.
3. Stack: The min. word capacity is 256bit while the max word capacity is 1024bit.
The areas I want members to throw light on are as follow:
1. How do we differentiate these forms of memory storage of the ethereum blockchain in practical sense?
2. How does the storage affect the gas price and the cost of maintenance of the ethereum blockchain?
3. Are there any ways these storages resemble bitcoin blockchain storage capacity?
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While the above factors you highlighted are the cause of the decline in oil price. The household is now the only consumer of the oil. This is very minute in the demand for the global oil. Obviously, the demand for oil is lower than the supply of oil.
But, will the price increase as OPEC has reduced the oil production volume?
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Gas Price is amount ether will be use for your transaction per unit of gas. Mostly we will see a gas fee as Gwei. About gas limit is maximum gas you need to spent for every transaction. In standar you will see as 21.000 gas limit for ETH transaction. For token transaction it will different, you need to check any lowest gas limit for that token. Don't make a gas limit lower than minimum for token or you will be spent a fees while your transaction will be fail. You can make it higher than minimum in case that need more gas to send. Let say if minimum gas from token 150000, you can make as 300.000 for gas limit. No worry about the number, if your transaction just need to use 150000, the rest of your gas will be back to you.
Great question. Can there be a condition were when you send beyond the fee limit and the reminder won't be sent back to you? |
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There must be a better place to ask about how Ethereum works than in a Bitcoin forum.
I'm sorry for this. Being that this is beginner forum, I felt my level should be limited to this forum until I grow. Furthermore, the post is actually ethereum in comparison to bitcoin. So I feel its still suitable to be here. Check question 1 of my post. |
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Thank you for your thread .
But, what if I discovered that an account is cloned after doing my due diligence about the said account. What should do in this case?
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