It is centralized and it gives customers no guarantee of safety whatsoever. they keep giving you empty promises of safety just like all the others and eventually it is like a ticking time bomb that will explode some day. it could be today or years from now.
Great contribution. From what you state, one of the problem for security problem of these platforms is as a result of their centralization nature. Is there an exchange platform that's decentralized and has solve the above problems.? Very helpful comment.
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1. BINACE and 2. SHAPESHIFT
I don't know them both. Furthermore, if you want to give others good exchanges or any good platforms, you must give them in full links, rather than just a name. With a name, we can find bunches of different domain names and sure only one of them is legit for one exchange. The rest are fake, phishing sites. Thank you for calling my attention to this. I'll edit and add the full domain name and not just the brand names of these exchange platforms.
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Any exchange platform that is prone to attack or hacking should not be consider in my opinion because the security of your currency is equal to your currency.
Rule: The security of your crytocurrencies is your currency. If it is not secured it doesn't belong to you and if it's secured then its yours.
Shaoeshift fall outside this rule, so it is not an option I'll like to consider. Thanks
Literally every single exchange that's custodial will be prone to attacks; it's pretty much just a matter of 'when' not 'if'. With that said, since Binance isn't currently strict with KYC, I've been using it for a while when mid-long term trading altcoins. But again, since custodial platforms are prone to attacks, it's heavily recommended to immediately withdraw your funds every time you make an exchange transaction to protect yourself if ever something happens to the exchange. Don't let history repeat itself: http://cryptosec.info/exchange-hacks/Thanks for this profound addition. Donald Trump said his book "Why we want you to be Rich" that "he studies history in order not to repeat history." That link will be helpful to understand the history of this exchange platforms. Aside from ShapeShift and Binance what other exchange platform should we adopt and look keenly?
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Since March till April 2016 Shapeshift experienced a total of 3 attacks which resulted in 469 BTC, 1900 LTC and 5800 ETH stolen from their hot wallets. As a result, the Shapeshift team put Shapeshift.io offline through April 20 to rebuild Shapeshift's infrastructure with enhanced security protocols.
In August 2017 ShapeShift announced it would stop functioning in the state of Washington because of BitLicense-style regulations imposed by the passage of Senate Bill 5031.
A 2018 investigation by the Wall Street Journal found that ShapeShift had processed $9 million in funds from criminal activities over a two-year period. This is a quote from Wikipedia about shapeshift. I have personally never used it, but have come across several bad reports about it on various social media sites about it. Also I've come across positive reports about it. Do extensive research before using their service. Binance is a more reliable website in my opinion. Still do your research. Any exchange platform that is prone to attack or hacking should not be consider in my opinion because the security of your currency is equal to your currency. Rule: The security of your crytocurrencies is your currency. If it is not secured it doesn't belong to you and if it's secured then its yours. Shaoeshift fall outside this rule, so it is not an option I'll like to consider. Thanks
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I was reading some articles on the exchange of digital assets and currencies recently, I found some things that will interest you too.
I discovered these two platforms for conversion and exchange of your crytocurrencies.They are:
1. BINACE and 2. SHAPESHIFT
The article never take time to explain the difference and which is better.
Friends, I went to know your opinions about the digital asset or digital currency exchange platforms in use by members of this platform.
How do you rank them base on the parameters of simplicity of use and effectiveness?
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Lol, good question from someone who actually wants to learn, blockchain is the main engine that coins run on, Bitcoin has its own, Ethereum has its own, Seele has its own, even the new relictum pro is planning on build it's own blockchain that is more faster than older projects
Blockchain is not an engine, it's just a data structure, and it's really wrong to think that it's some sort of a platform or the most important part of cryptocurrency. Because other parts are just as important, there wouldn't be crypto without consensus algorithm like proof-of-work, there wouldn't be crypto without modern cryptography, there wouldn't be crypto without peer-to-peer network protocol and so on. Blockchain is just a part of something greater. Great correction. You seems to have a robust knowledge on bitcoin technological components. Do you have a resource or a material that better explain the above components you highlighted? If yes, please share with the platform. Thanks
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There are no hard and fast rules as to what behavior could result in receiving negative trust. Leaving trust ratings is subjective and not moderated, meaning people are free to leave negative trust to other for any reason they wish, including fake or frivolous red trust.
Kudos for such an additional comment. When someone unfairly and unjustly give one a negative rating can one write to the admin for such occurrence?
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Another aspect that can be centralized is the issuance of currency, e.g. USDT which is issued by a centralized authority while running on decentralized blockchains.
As the quote goes "there is no utopian system". What we have is a mixture of both sometimes. If the Supply of Bitcoin is centralized while the block chain is decentralized it can be said to be a hybrid cryptocurrency model. Will the hybrid model be more effective?
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As many points you receive, whether negative, neutral or positive, the number increases. Slight clarification - as many ratings as you receive from different users. If I were to leave you 10 different positive ratings, your score would only every increase by a maximum of 1. Can't that lead to banning of that from the platform because such activities are bad? An excess of negative trust does not directly lead to being banned, no. Some activities which can result in negative trust, such as linking to malware or phishing sites, are against the rules and can also result in a ban, but the ban is entirely separate from the negative trust, and the presence or otherwise of negative trust plays no part in the moderator's decision as to whether an account should be banned. Your explanation is helpful but it look somehow not clear enough. There are activities that can lead to getting negative trust and there are some activities that can lead to banning. Pls, I have know those that can lead to negative trust in your example but what specific examples can be considered as banning activities.
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1. What does each number and signs of the Trust system means and how do they work.
The first number indicates a positive trust, if you receive a positive rating from a member in DT or on your trust list it changes to +1 and is green in color, the middle number is for neutral ratings while the last is for a negative trust. 2. Can the TRUST system be built by the user of the account. If yes in what ways?
Yes you can build a positive trust on the forum overtime, if you prove to be trustworthy in issues like trading on the forum etc 3. Can the TRUST system be destroyed by the user of the account? If yes in what ways.
Yes, if you do things against the forum rules like selling and buying accounts, buying merits etc, you will receive negative ratings from other users and have a bad reputation on the forum. 4. What are the consequences of not having a good rating?
Signature campaign managers do not take participants with negative trust/ratings, you will also find it difficult to trade with members of the forum plus a ruined reputation which is bad enough. You've contributed nicely and clearly. The answer to number three shows that when one is involved in such anti-forum activities one can receive bad rating. Can't that lead to banning of that from the platform because such activities are bad?
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But this is what I mean by the question you threw light on. What I mean is this; I often hear that blockchain and cryptography are interwoven. So, my question is actually to know how these work to produce the decentralised non fiat currency like bitcoin.
it's a little hard to explain but i'll try. cryptography comes in mostly in two parts in bitcoin: the proof of work (hash algorithm) and asymmetric or public key cryptography. decentralization works partly with you creating and controlling your own keys and handling your own money without needing a third party using asymmetric cryptography, and partly with the entire network being peer to peer so there is no "server", no "centralized authority" to decide which transactions to accept and which to censor. it is only peers who enforce all the rules as a very large community of individuals. the miners as another part of this network are also decentralized as they are also individuals and are spread around the globe, they are all competing to find the same solution (step 3 above) using that hash algorithm. In my research I found out that solidity and simplicity are two of the leading blockchain development programming languages. What do you have to say about these technical issues?
considering that you can only create tokens on another platform i don't think we can even call these two "blockchain development languages" because you aren't developing blockchain you are just writing contracts. additionally it is just hyped up because of the ICO craze that we had a couple of years ago with all the pumps that happened. This is one of my favorite technical explanations on this thread so far. The bitcoin coin owners are decentralized same with the miners. You mean a server makes a platform to be centralised? Are there altcoins that use servers which make their digital currencies centralised?
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Yes, I'm curious because I love to know what I should know at the right time.
While going through my profile I found a feature on the bitcointalk forum that I'll like to understand better.
The feature is called TRUST under the profile of every account. From my findings, it means a vote of confidence that the network give to one through rating.
I want to ask the following questions based on this:
TRUST +0/=0/-0
1. What does each number and signs of the Trust system means and how do they work.
2. Can the TRUST system be built by the user of the account. If yes in what ways?
3. Can the TRUST system be destroyed by the user of the account? If yes in what ways.
4. What are the consequences of not having a good rating?
5. Can poor rating system of an account lead to a ban of such an account?
Kindly share your usual helpful opinion.
Thanks
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Can you point out one of such deficiency in bitcoin and which altcoin is attempting to solve it. Thanks
Most problems focus on scalability, low fees, and privacy. - Scalability & low fees: All altcoins attack Bitcoin in this respect, they have nothing to provide except low fees and short confirmation times, so you find that all currencies claim to be the best in that. Litecoin, BitcoinCash, BitcoinSV *,....etc. - privacy: We all know that Bitcoin transactions can be traced, so some currencies try to make this impossible. In short, if you examine the currencies carefully, you will find 5 or 8 models that are unique and the rest are duplicates. * https://www.investopedia.com/tech/history-bitcoin-hard-forks/I believe the concept of cryptocurrency or Bitcoin is decentralization which will be possibly when it function in a transparent manner. So, if some altcoins are trying to address privacy in this regards that shows that they are more centralised and can be influenced.
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So if everyone stops right now and the hash power of the network is equal to one guy mining with a CPU, it won't adjust after some time? I wasn't aware of this. It makes sense if the difficulty only changes after X blocks mined (and with a single CPU, it will take a looong time for that to happen). I was thinking this was more time based rather than block based, but thinking now, that makes more sense.
Yeah, it doesn't adjust over time, it adjusts every 2016 blocks. So, if this doomsday scenario where not all miners, let's just say 90% of them quit the difficulty will now adjust in the standard 14 days but in 140 days with a block every 100 minutes. A lot of shitcoins have been attacked like that in the early days, with GPU frames switching to mine them, raising the difficulty 10 times and when that adjusted leaving them to die with no blocks being mined. That's when Kimoto Gravity Well, Digishield appeared. Will the protocol survive? Yeah! Will the confidence and trust behind the coin....I have doubts, depending on the scale. Fortunately, the scenario is close to impossible right now, and it's because of the good old $. Not only is there still a financial incentive to mine, but also if some farms try to drop out of the business there is a lot of formerly inefficient gear that was retired (millions of s9) that will come back online since it is again profitable for them to mine. As many already mentioned, if miners stop bitcoin will survive. It is not that easy to kill bitcoin. It will survive
Actually it will be not dead and also not alive, more like a virus. If all miners quit there will be no more blocks, no more confirmed transactions, so no activity on the chain but at the same time, even if 100 years pass and suddenly a single miner decides to mine it will come back.. alive. Great contribution. But, have thought of viewing this issue from this angle? Every miner is in a business and the idea of doing business is to be break even and become profitable. If the mining fee (bitcoin reward) and the transaction fees used for their payment is no longer in place, how will their businesses survive? Also altering the core philosophies of the network is a breach of trust. What do you think?
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Bitcoin is a protocol. What distinguishes it is the amount of consensus that it possesses and the large number of people who agree to follow that "law" and therefore has a more fundamental value than Altcoins. In fact, most alts are attempts to solve some Bitcoin problems or create copies similar to it. So, continuous development is what makes it unique. I think this answer is general and you can view more details here ----> https://www.youtube.com/watch?v=_Wg6aPEkc5k. If you want a comparison with a particular Altcoin, you can ask the question again. Thanks for revealing that some altcoin exist to solve the deficiencies of bitcoin. Being that bitcoin is the first digital currency, it'll certainly have some problems it fail to solve. Can you point out one of such deficiency in bitcoin and which altcoin is attempting to solve it. Thanks
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The bitcoin cryptocurrency works on a blockchain software that's unique from that of alcoins' blockchain softwares.
blockchain itself is not a "software" it is a database. as the name suggests it is "a chain of blocks" which means blocks of data that each is linked to the previous one like a chain. considering the fact that a very large percentage of altcoins have copied bitcoin, their blockchains are exactly the same. What I really desire to know is how does the bitcoin blockchain work differently from altcoin blockchain and what are the core programming technologies behind it?
i'm not sure what you are asking here, but as far as blockchain is concerned i can think of three topics: the block structure, the way the blocks are linked together, and the method used to set a cost for creating the blocks. 1) the block structure is not really that important. it is the way transactions are serialized and put inside a block, what part is there to be hashed for part 3,... 2) the way blocks are linked together is (in bitcoin) with each new block having a reference to the hash of the previous block. there are other methods in different chains that someone more familiar with them should answer here. 3) the "cost" is the proof of work for bitcoin and all the similar coins which needs to be an irreversible one way function that could be adjusted to be fast or slow depending on the needs of the network (difficulty) and it should produce a result that could be compared with a desired target. the function is usually a hash function (double SHA256 in bitcoin, Keccak256 in ethereum, scrypt in litecoin, prime gap in GapCoin,...) and the target is usually an integer (little endian 256-bit number in first 3 and a set prime gap in GapCoin). Surely this is a valuable technical insights. But this is what I mean by the question you threw light on. What I mean is this; I often hear that blockchain and cryptography are interwoven. So, my question is actually to know how these work to produce the decentralised non fiat currency like bitcoin. In my research I found out that solidity and simplicity are two of the leading blockchain development programming languages. What do you have to say about these technical issues?
What I really desire to know is how does the bitcoin blockchain work differently from altcoin blockchain and what are the core programming technologies behind it?
Since you mentioned it. There is no prime difference how blockchain of bitcoin works differently on altcoins. Satoshi's goal in layman's term is to create a peer to peer enviroment that doesnt restricted by such authority or entity. Like what has been explained by @pooya87 this is major building blocks that linked together called chain. Now for these chains to connect we execute transactions that has been systematically recognized in a network. Difference to other blockchain will be restricted to speed, weight, algorithm and scalability of their using consensus. But if your looking for more detailed comparison you can refer to this simple guide. What is Blockchain Technology - A step by step guide for beginnersThank you for the contribution and the guide. The algorithmic difference should be a key difference. I believe this is where the technological functionalities differ because the team of engineers that developed it will make this as their trade secret or an undisclosed secrets to the public or third parties which only the programmers or team will know.
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I love your curiosity. Youur question is in the supply side of bitcoin. These are what will happen if bitcoin mining stops today.
1. The supply of bitcoin will be lower than the demand for Bitcoin. 2. The price of bitcoin will dramatically skyrocket due to the scarcity of bitcoin. 3. Being that there is value in scarcity, that means investors will seek to invest into bitcoin. 4. The whitepaper already pegged the supply of bitcoin to be 21million in circulation, even at that the value of bitcoin will still be high.
Not that good of an assumption. If bitcoin mining completely stops, sure there wouldn't be any bitcoin to enter the markets hence more scarcity. But you're completely assuming that people would want to buy something that no one is mining. Who cares about scarcity if you can't even send out the asset? How will they be able to receive or send the bitcoin in the first place if no one is mining? Take note that we're talking about ALL miners stopping; based on OP's title. Thanks for the observation. When all miners stop mining the bitcoin transaction operations automatically stops because its miners that perform this tasks.
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The bitcoin cryptocurrency works on a blockchain software that's unique from that of alcoins' blockchain softwares.
I believe this Bitcoin blockchain work differently from they ways others work.
What I really desire to know is how does the bitcoin blockchain work differently from altcoin blockchain and what are the core programming technologies behind it?
Thanks in advance for your inputs.
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We know a few days ago there are completed halving of Bitcoin Cash and Bitcoin SV. After halving of Bitcoin Cash there was no block created almost two hours. On the other hand, Bitcoin SV lost value after the halving. I am very curious. What will happen for Bitcoin if all the miners stop their mining? Will it have value? will it possible to transfer?
I love your curiosity. Youur question is in the supply side of bitcoin. These are what will happen if bitcoin mining stops today. 1. The supply of bitcoin will be lower than the demand for Bitcoin. 2. The price of bitcoin will dramatically skyrocket due to the scarcity of bitcoin. 3. Being that there is value in scarcity, that means investors will seek to invest into bitcoin. 4. The whitepaper already pegged the supply of bitcoin to be 21million in circulation, even at that the value of bitcoin will still be high.
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Still, irrespective of how it's recommended to employ the service of an escrow when transacting on the forum, you should be very cautious when choosing the escrow to use. If you get a suggestion from the other party, make sure it's a very trusted individual with no history of untrustworthy behavior before you accept to use his service. Cautiously, any user without a previous record of escrow services or have not carried out countless amount bof successful transaction involving funds to be deem worthy, shouldn't be trusted. Here's a complete list of escrows on the forum: Few Trusted Escrow Provider, choose wisely. Great contribution. Aside from human escrow in place for guarantee financial transaction on the platform is there no automated system that can do the work of an escrow without having to trust a human being in the equation?
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