sorry to hear. so if someone sends btc to bitcoin cash wallet it disappears?
Only if you send it to a wallet that you don't control directly. In this case, he sent it to an exchange, which means only the exchange knows the private key of the BitCoin Cash Wallet. If you had accidentally sent Bitcoin to a Bitcoin Cash wallet that you control directly, like a desktop or hardware wallet, then you can usually recover your lost Bitcoins by importing the private key of the BitCoin Cash Wallet into a BitCoin wallet. BTW, the exchange can recover it, too, and they probably will eventually, but they will keep it for themselves ... |
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I don't know if this post is a joke or not, but it is unwise to put all your investment money into one class of assets, let alone one asset. And Frankly, I don't recall anyone here saying to "put your life savings into bitcoin" (most people acknowledge that bitcoin is a roller-coaster not for the faint of heart) ... but if they did, free advise from a message board is worth what you paid for it.
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Why isn't "I'll buy a shit-ton" an optional?
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For some perspective ... Bit coin was $600 just 12 months ago, and bottomed around $1800 two months ago.... At $3600, it's still about 2 times higher than it was 2 months ago, and about 6 times higher than it was 12 months ago....
I'm not trying to be a sunshine pumper ... I dont think we've hit bottom yet, and I don't know if this is a quick correction or the start of a multi-year bear market, but so far long term holding is still paying off.
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JP Morgan Chase needed a $12 Billion bailout and still takes $14 Billion/yr in government subsidies ... how many government bailouts has BitCoin needed, Jamie?
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The best advice I've heard, and I can't recall from who, but it was someone a TV financial show, was "Put 1 or 2% of your net worth in bitcoin, and don't look at it again for 10 years". Of course, that easier said than done, but that is the attitude you need to survive the ups and downs of cyrptos if you want to be an investor (not a trader). It's probably going to pump and crash 5 or 10 more times over the next 10 years, but hopefully end up much, much higher over the long run.
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I gave up on Doge. It didn't seem like it was going anywhere and the unlimited supply is really going to keep it down. It's fun for "tipping", or whatever, but it's development is falling behind. It should consider a rebranding, because it's always stuck as the meme/joke currency.
My two faves are Etherium and OMG, but Litecoin, Monero, & Decred get honorable mention.
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I can't speak for all PoS coins but with Spectre coin:
1. You need some sort of balance over zero and stake for at least 8 hours. The more you stake will get you paid more often. E.g. 100 coins would pay out roughly 1 a month where as 1500 coin would pay twice a week. Daily payments start at around 5000 coins.
2. Payment time depends on the maturity of your coin. Maturity comes from staking it for so long. The higher your maturity, the more likely your coins will sign the new block and receive the reward. More coins give you more levels of maturity.
3/4. With xspec, the payment comes from newly minted coins, equal to 5% of the total supply annually. This 5% is divided amongst those who staked based on maturity and the amount staked, which can give you much over 5% of your stake because not everyone stakes their coins, even tho they still count towards the total supply. You cannot receive less than 5%.
5. No, staking is a means of account for some of the inflation, it does not end. At least with xspec.
6. 5%+ annually. Your daily reward can vary greatly, best to take a average over a long period of time.
Again these answers are just for xspec, but hopefully it gives you somewhat of an idea of how/what PoS is.
Thanks for that detailed answer. I really appreciate it. |
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So, I have been doing some reading and watched some you tube videos, but I'm still not clear on how proof of stake really works. Am I to understand that if you hold your coins in a wallet, you simply get more coins? Like a dividend? That raises a few questions for me.
1) Do most PoS coins have minimum you must stake to get payouts?
2) Are the payments made often, like once a day, once a week?
3) Are the payments simply divided proportionally amoung stake holders, or is there some luck or preferred treatment involved?
4) Where do the payment coins come from? Are they just newly minted coins, like a block reward, or coins the developer held back?
5) Do the stake payment eventually end?
6) What percentage increase in your holdings do you generally see?
I know a lot of this depends on the specific of each coin, but is are there general answers to those questions? I'm most interested in how etherium will work after the POS switch, if anyone has any insight or opinions on that.
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Careful with this thread ... There is a discrepancy in the URLs ... Reecoin.com vs. reecoin.io.
Someone else noticed this in a different thread the OP posted in, so I can't take credit, and I'm not sure which site is legit.
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The Chinese government is pretty good at blocking Internet access, from what I've heard. If local exchanges are closed, and access to foreign exchanges blocked, then trying to circumvent their rules would be very risky. Not to mention that the government probably knows where the mining farms are, and could shut them down directly, if they wanted to.
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So, recent news that China is either going to ban bitcoin exchanges, or they already have ... If that's the case, will that include miners? Or will mining become pointless if they can't exchange BTC to pay their expenses? I keep hearing that China has cheap energy, so I was wondering all along if China would discover these energy hogs and either tax them, or shut them down.
What sort of effect would this have on Bitcoin mining if China gets shutdown? Catasptrohic? Or the difficulty goes down and we get on fine without them?
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Some quotes from the article. That's pretty harsh, but he's a banker ... still, I think what he says is the view that a lot of people still take, especially the part about Bitcoin being for Drug Dealers and Murders ... I'd add money launderers and hackers to that, as well. I'm not sure what he means by "someone's going to get killed" ... maybe figuratively, like "get killed in the market"?
What people should be worried about, though, is that these huge banksters spend A LOT of money influencing congress to get their way, and if they see BitCoin as a threat, it will be the low hanging fruit that congress goes after to satisfy the bank lobby ... and 99% of Americans won't care, which makes it a slam dunk for congress and the bankers.
In bitcoin’s case, Dimon said he’s skeptical authorities will allow a currency to exist without state oversight, especially if something goes wrong. “Someone’s going to get killed and then the government’s going to come down,” he said. “You just saw in China, governments like to control their money supply.”
Dimon differentiated between the bitcoin currency and the underlying blockchain technology, which he said can be useful. Still, he said banks’ application of blockchain “won’t be overnight.”
The bank chief said he wouldn’t short bitcoin because there’s no telling how high it will go before it collapses. The best argument he’s heard, he said, is that it can be useful to people in places with no other options -- so long as the supply of coins doesn’t surge.
“If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than U.S. dollars,” he said. “So there may be a market for that, but it’d be a limited market.”
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I equal-weight BTC, LTC, Dash, and ETH in my top tier ... about 80% there. Then the other 20% I have divided up between a few of questionable and risky new comers, that I don't really consider my long term holdings, but will hold indefinitely if they continue to develop as they say they will.
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I know people have been having a difficult time launching a Bitcoin ETF, due to SEC regulation. I'd love to see a basket ETF of the top ~30 alt coins, launched, as well. If such a vehicle existed, I'd consider using it. I like the simplicity of managing a focused ETFs over having to manage dozens of wallets and passwords, etc. And even if you don't plan to use a ETF, I think that having Bitcoin and altcoin ETFs listed on the NASDAQ or NYSE would give exposure and credibility for "mom and pop" investors, and send Cryptos through the roof.
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Unfortunately, it's true. You can't quote prices or services in Bitcoin because it changes, sometimes by the hour. About the only thing a business owner can do is quote prices in dollars, and state that you'll accept the Bitcoin equlivalent at the time of sale. Does anyone ever see the price of Bitcoin settling and stabilizing to the point that you can post or advertise prices in Bitcoin? I don't. It's like gold ... People buy and hold and invest in gold, but no one prices their products in ounces of gold.
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So far my strategy is to put money, when I can, into the holding that is down the most, or up the least. I guess it's an averaging down strategy, and trying to put the money into the holdings that will average down the most.
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I don't think ICOs will ever be banned ... they will just be regulated, and in places like the US, it will likely go to a "accredited investors" only mandate, like so many other investment opportunities have. I personal hate it, but that is how it goes in the US. I think other countries will follow and it will soon be another case of the rich getting richer.
Filecoin just raised $250 million through accredited investors, so ICOs are not dead if they get regulated, in fact, regulation might draw more money from the crowd that has a lot of money to blow, but isn't comfortable throwing it into an unregulated arena.
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