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4481  Economy / Exchanges / Re: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading on: August 21, 2017, 06:22:32 PM
bitcoins can be stolen as easily from regulated exchanges as from unregulated ones
Regulated exchanges can be insured up to certain amounts, much like bank accounts.  As it says on GDAX:
All USD balances are covered by FDIC insurance, up to a maximum of $250,000 per customer.
so it all comes down to technical competence of the exchange staff regarding security (i.e. not whether exchange is regulated or not).
It also comes down to moral competence of the exchange staff.  Ideally, regulated exchanges would be subject to forced auditing so that it's clear if a security breach or theft has taken place. 
The bottom line is that the status of being a regulated exchange doesn't give any advantage, and, in certain cases, may become a real disadvantage (e.g. insane KYC policies, frozen accounts, and similar shit)
It can give the two advantages that I just mentioned.  There's also the fact that whether we like it or not, governments are not going to allow unregulated exchanges to stay around forever, particularly the US government.  Eventually they'll be accused of aiding a crime such as money laundering (this happened to BTC-e).  That's why Bitfinex has had to be careful dealing with US customers.

Unregulated exchanges are important for people who find their privacy important.  But for some people and for the biggest traders, regulated exchanges can be a better way to go.
4482  Economy / Exchanges / Re: WARNING COINBASE BLOCKS ALL ACCOUNTS which send or receive to or from casinos? on: August 21, 2017, 06:06:04 PM
If the "wallet" is able to deduce which sites you're sending to and that information is available to them, they wouldn't have much choice but to suspend accounts that are involved in shady legal activity.  The BTC casinos (that I'm aware of) are unregulated entities which are illegal in the US and many other states.  

You could use Xapo or Kraken, but they won't work forever because if the information of what you're doing becomes readily available to them and the government comes knocking, they can't do much else.

You can either move your coins to a wallet where you control your private keys, or only buy small amounts at a time and send all your coins to the casino at once.  Other choices are not particularly safe.
4483  Economy / Exchanges / Re: BitPay stands for many 1000 of shops. They are economic relevant users! on: August 21, 2017, 05:55:25 PM
BitPay, Coinbase and other payment processors are very important.  However, it's difficult to underestimate how speculative the current market is.

As it is, a lot of transactions are still going to be between exchanges and wallets or between individuals for smaller reasons.  There's a fine balance of power between whales, miners, merchants, payment processors (representing merchants), mining pools (representing miners), nodes, media and ordinary users.

However, none of them can make an accurate judgement about what the other groups are going to do, and all of them are subject to bias.


4484  Bitcoin / Bitcoin Discussion / Re: BTC and BCH Difficulty Adjustment, Total Supply, and Price on: August 21, 2017, 04:37:08 PM
Every two weeks, the difficulty adjusts to try and make a block (on average) every ten minutes.  So if, during a two-week period, many more miners started mining on a chain, we can expect faster blocks until the next difficulty period.

It might be the case that the BTC price (or BCH price) keeps rising and mining gear keeps getting better.  In that scenario, the BTC or BCH blocks would typically be mined slightly faster than (on average) every ten minutes, because more miners would join during each period.  However, BCH being much more profitable than BTC now will of course not last, because more miners will join and then the slower blocks at the next difficulty adjustment will affect their profits.
Does BCH follow the same rules?
It does still involve the difficulty adjusting to produce a block every ten minutes.  But if you read my post, you'll understand that it doesn't always have to take ten minutes to mine a block. 

BCH also has an emergency difficulty adjustment in case the blocks are too slow.  This is explained in their ANN thread.
4485  Other / Off-topic / Re: My Story about my life and Bitcoin (ends badly) on: August 21, 2017, 04:17:52 PM
You're basing your argument on the premise that if you had more money, you would be trading better.  The reality is that if you had more money, you would be very emotional because you're terrified of losing large amounts at once or suffering from volatility.  Even if you were not like this, you can't just trade and expect to succeed.  You need to have a clear strategy and actual reasoning behind what you're doing other than the fact that crypto has rose in value in the past.

People do make money from trading but no one makes a "reliable" or "steady" income from crypto trading unless they're a complete whale who has enough power to manipulate the market.

Your parents were wrong about crypto being drug money, and they should not have prevented you from accessing your bank account, but you need to be serious here.  You sound like an extremely cliche teen rebel.
4486  Bitcoin / Bitcoin Discussion / Re: Mining gold also costs (much) energy - VIDEO: The Deepest Mine In The World on: August 21, 2017, 04:08:43 PM
gold is what makes fiat valuable
Fiat is no longer backed by gold, nor does even gold have as much of an intrinsic value as what we now pay for it.

Gold mining and BTC are similar in that mining groups are incentivised to spend different amounts of resources on mining based on the price of the asset.  If a gold mining group estimates how much gold is in a specific area, they have to figure out whether they can make a profit with the resources they spend on mining it.  BTC is much the same.
Bitcoin uses the energy of a city with 250k-500k citizens perhaps
Actually, BTC's estimated energy consumption is similar to that of Croatia and Tunisia. It covers several million people.
less than what use Visa/Mastercard together
As you can see from the article I posted, that's arguably untrue.  And we're talking about total consumption here, even though Visa process hundreds of times more transactions than BTC on a daily basis.
4487  Bitcoin / Bitcoin Discussion / Re: Specific about BCH/BCC vs SegWit? on: August 21, 2017, 09:06:52 AM
cash.coin.dance:  "The original chain has grown 2.51GB more than the Bitcoin Cash blockchain".

You are saying that 8MB blocks are resulting in faster confirmations.  However, BTC transactions would be confirming in the next block with low fees if the BTC chain was handling the same amount of transactions as the BCH chain.  You are talking about the max block size, when what matters is the block size that's being used.

Furthermore, SegWitx2 having "8MB blocks" is not quite the same as a base block size increase.  As Jimmy Song explains on Medium:

If there are no Segwit transactions in a block, this weight calculation collapses to size, but in the more general case of blocks with Segwit transactions, miner profit does not strictly increase with block size.

For this reason, miners are not incentivized to make a block the maximum possible block size. This is because after a certain point (2mb without segwit2x hard fork, 4mb with), miners have to remove transactions in order to make the block size go up as they’re likely already up against the block weight limit. That, of course, reduces fees and makes mining a larger block add cost for a miner.

In other words, you can expect miners to mine around 2MB blocks with Segwit only and 4MB blocks with Segwit and 2x hard fork.
4488  Alternate cryptocurrencies / Altcoin Discussion / Re: buying btc with xrp... on: August 20, 2017, 11:35:53 PM
Is there an formula to apply to compare the values against aud?
Simple.  Go on coinmarketcap.com and multiply the amount of XRP you have by the AUD price that they show.  You could also go onto the "markets" section and check the trading pairs' prices that are directly against AUD.  If you want to figure out the value of the BTC you're getting, just do the same with the BTC price.
ATM xrp/btc is low, it seems like a good time to buy, but is it?
The price is not historically low, it's just come out of an absolutely monstrous pump.  A couple of years ago this would have been the top.  

I can't tell you whether it's a good time to buy but I can tell you to be extremely careful playing around with alts, or you could get burned.
4489  Bitcoin / Bitcoin Discussion / Re: Blockstream Is Using Satellites to Beam Bitcoin Down to Earth on: August 20, 2017, 11:26:18 PM
satellites are extremely expensive to maintain in orbit, I wonder if they could keep it up there for at least 10 years?
Blockstream have raised millions before.  I doubt they're struggling for cash.

If they had a problem, they could always start some ICO with a bullshit token and a promise to "revolutionise" something or other.  I'm sure they'd raise tens of millions of dollars in a matter of seconds.

Looks like they're getting ahead of themselves though.  It would be better to make it possible for more poorer people to actually use BTC before trying to make it happen.  As it is, those people would shove the fees up out of control.
4490  Alternate cryptocurrencies / Announcements (Altcoins) / Re: BYTEBALL: Totally new consensus algorithm + private untraceable payments on: August 15, 2017, 10:38:36 PM
It only served(as well as Bitcoin cash) to pump the bitcoin price.
And to simultaneously solve almost every single major problem with crypto, but I guess that doesn't matter if you enjoy commenting on things you know nothing about.
I don't know, it seems a bit complicated compared to the simple approach of bitcoin where it's a predictable curve.
Byteball's approach is to get through to as many different people as possible.  That means using the market which has already matured the most (Bitcoin) to try and distribute as well as easily possible.

The difference between BTC and Byteball here is that in BTC, it's the block reward for mining.  In Byteball there is no mining, and transactions are verified in a somewhat centralised manner using democratically elected "witnesses".  All bytes already exist, and the challenge is simply finding the best way to distribute them.  So there is no guarantee of exactly what will happen in all of the future rounds, but I consider it unlikely that there will be more coins to distribute in a year's time.
4491  Bitcoin / Bitcoin Discussion / Re: Why Cryptocurrencies Will Never Be Safe Havens on: August 15, 2017, 09:58:59 PM
My thought is that no cryptocurrency has yet come close to mainstream adoption in stores, and it may take a long time before there is one appropriate for that to really happen.

So once there is some kind of genuine need for one specific cryptocurrency in order to pay, it can retain that power over regular payments and ignore the existing "tech race".  Then it will be a good safe haven for funds.

Until then, I perceive cryptocurrencies' market prices to just be the market's opinion on which cryptocurrencies are making the best developments towards being a good currency (or good use of blockchain technology).

Bitcoin is not part of this innovation race simply because there is a perceived value to the adoption that it already has.
4492  Economy / Marketplace / Re: How to start selling and buying goods on Marketplace? on: August 15, 2017, 02:17:31 PM
The first thing to do is check the stickied thread for rules.

The second thing you should do is find a trusted escrow.  Also make sure to verify the escrow's signature and make sure that the escrow PMs both of you directly.

Other stuff is just correct boards to post in and your own discretion on what prices to offer.  Should be common sense to most people.
4493  Bitcoin / Bitcoin Discussion / Re: How do you define Bitcoin "going mainstream"? on: August 15, 2017, 11:11:10 AM
Has Japan "gone mainstream" with BTC this week, or are people simply looking to make fast profits?
You can see from Coinmarketcap's markets page that trading volume against JPY is much lower than the volume against dollars or Euros.  So it's something that we've made up.

There has been high South Korean trading volume, but still it hasn't "gone mainstream" or reached a point at which there is crazy enthusiasm in investment.

In my view, BTC has not gone mainstream yet, but there is no guarantee that a bubble actually involves people going mainstream.  None of the other BTC bubbles so far have reached that point.  Compared to the past, we're already deep into the "mania" phase of a bubble and I've seen some unironic "new paradigm" comments in the Wall Observer thread.  It's hard to tell how much further this will go though.

4494  Bitcoin / Bitcoin Discussion / Re: How do people know the number of bitcoins Satoshi has ? on: August 15, 2017, 10:17:48 AM
We don't know.  It's just an estimate based on this blog post.

The writer observed a mining pattern which looked like most of the blocks in it were mined by the same entity - an entity which began mining at block 1 and restarted at regular intervals (probably to back up wallets).

We do not know whether he has sold any coins at all but the majority of coins mined in that period have not moved and no blocks that we expect to be satoshi's coins have moved.
4495  Economy / Service Discussion / Re: How to buy or sell bitcoin for it's worth instead of paying $100,- more. on: August 15, 2017, 10:03:11 AM
So why bs? On traditional markets liquidity is about trillions per day.
OK, but the liquidity is easily enough to sell a million dollars or so all at once while barely affecting the market at all.  So it's not like 2-4% would become a normal gap when dealing with much smaller amounts of money than that.
Insane in comparison with what? In traditional finance we have such commissions (or may be i mistake?)
In BTC most exchanges take 0.25% at most.  More than that and they wouldn't be competitive.  Coinbase charges 1.5% but they remove the spread altogether and they still have their dedicated exchange, GDAX.  

In traditional markets, the fees vary but I don't think I've seen fees that high before.
4496  Economy / Service Discussion / Re: Please review my site please on: August 15, 2017, 09:52:00 AM
It's nice, but all the existing portfolio trackers that people use are already a lot more developed and a lot more professional.

You would need stuff like reports on the taxes you would have to pay depending on your state; support for practically all coins on Coinmarketcap and a search function; charts of your portfolio's progress for as long as you've had it, and probably quite a few other things, as well as providing a nice user experience.

Ideally you need to give some kind of reassurance about the privacy of users' funds as well, or people with large amounts probably wouldn't tell the site about them.

If you're just starting out and trying to learn about web design, I can appreciate the basic functions of the site at least.

4497  Economy / Service Discussion / Re: Recommendation for cheap/free hardware wallet. on: August 15, 2017, 09:42:34 AM
Personally I have a TREZOR which I think is excellent.  It costs $100 but you don't just have to use it as a BTC wallet - you can use it for 2FA and as a password manager too.

Unfortunately I can't think of any hardware wallets that are particularly cheap.  There used to be a Ledger wallet which cost 30 Euros or something, but they don't have it anymore and I would personally avoid getting second hand hardware wallets.

The Ledger Nano S is interesting too, but it costs €69 and is currently out of stock until September.  So you would have to be prepared to wait.
4498  Economy / Service Discussion / Re: BITCONNECT - END THE DEBATE TOPIC! on: August 14, 2017, 10:50:37 PM
You can always try depositing $100 just to try. As long as you're fine with losing that $100, then go ahead.
Do not do this.  Ponzi schemes are only profitable to their owners for as long as people continue to deposit money into them.  A completely obvious Ponzi scam should not still be getting enough investments to keep running several months down the line.

Most people on this thread claim to understand that it's a Ponzi scheme, but you do not understand why.  Here are the signs:

-Bitconnect's coin can only be bought on their own exchange from your Bitconnect account, plus a couple of small shady exchanges.
-Bitconnect is promising you an increase in cash value for a cryptocurrency.  A cryptocurrency is its own unit and the only thing which Bitconnect could actually promise you is an increase in the amount of Bitconnect coins that you own.
-Issues with "pending support requests"
-Running for a long time without any details of their investment activity
-Their domain is registered with NAMECHEAP, one of the only domain registrars to accept BTC as a payment method, and their whois information is anonymous.  They have no regulated company.
4499  Economy / Service Discussion / Re: brain wallet: BTC thiefed? on: August 14, 2017, 10:32:20 PM
But isn't it weird the coin is still lying on the new address?
It's possible that the attacker sent your coins directly to a third party like a mixer or an exchange, in which case a variety of things could have happened to it.  It's also possible that the attacker is HODLing or that they're afraid to move the coins and be subject to blockchain analysis. 
I was hoping there was a little chance a good guy was "securing" the coin
It seems unlikely.  Shitloads of brain wallets have had the funds stolen from them.  Besides, BTC is an ideal asset to steal so if you're a criminal with a computer, brainwallets might be the first place you go.

As for getting it back, you'll only get it back if someone finds out who the thief is.  It seems unlikely that that'll happen, since police forces are too busy arresting people for buying a few drugs on the darknet.
4500  Bitcoin / Wallet software / Re: [Lightning Network] Zap wallet on: August 14, 2017, 10:17:10 PM
Satoshi said that offchain transaction should be just for micropayments
As far as I know, satoshi did not mention offchain transactions at all because he did not consider it likely that the network would reach its current block size limits.  He certainly didn't say "offchain transactions should be just for micropayments" because BTC itself is supposed to be for micropayments.

Regardless of what satoshi said, offchain transactions will be great for payments of <$100 and payments which require extreme security IMO.  The Lightning Network is a good middle ground between BTC and fiat - it brings convenience, and you can still have the blockchain's eternal security whenever you want.
but no matter how cool the actual transactions are, it still seems muddy how the channels will route, who hosts them, how they can propagate further and a bunch of other things and that's the truly important part.
Yep, it's too early to tell how those things will work out.  How I'm looking at it'll be moderately centralised, but that's sort of fine considering that no one in an LN transaction actually has access to the funds except the people sending and receiving it.
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