I just read this somewhere from a site that is also introducing its own version of cryptocurrency and they claimed to be combining the best of both worlds...that of Bitcoin and Ethereum. Anyway, let's give them the needed good luck in the sea of cryptocurrencies we already have.
Bitcoin is a digital currency, invented by Satoshi Nakamoto in 2009, that is limited to just 21,000,000 units. As the price of bitcoin has risen, its use case has evolved from a currency into a store of value. It is no longer practical to use bitcoin to make every day purchases.
There are two points presented here. One is that Bitcoin has already evolved from being a currency into a store of value (maybe just like the physical gold) and two that Bitcoin is not anymore practical to be used for day to day purchases (maybe because it is very volatile and hence people are becoming speculators with its value). Any comment? Bitcoin was designed to be a P2P digital currency, but since it hasn't been widely used as a currency yet, bitcoin hasn't already evolved from being a currency into a store of value, but more being a speculative asset with a good store of value, limited supply, wouldn't degrade with time and as far as there is demand it would be a good store of value. User adoption, speculation, limited supply, all these contribute to bitcoins volatility so practically as far as there is demand, bitcoin would be volatile, maybe less volatile and more stable in future. For day-to-day purchases, Bitcoin has to evolve from being a speculative asset to a somewhat stable medium of exchange. |
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I think it is used by some people there, government can't ban Bitcoin as long as there is Internet connection accessibility.
In North Korea it isn't a democratic government, but dictatorship. Use of internet is highly restricted, only a small majority have access to internet. There are some rumors about the North Korean government's interest in bitcoin 1. It is rumored that the WannaCry ransomware is linked to NK. 2. It is rumored that state backed bitcoin mining operations are going on in NK. 3. It is rumored that state backed hackers stole bitcoin from South Korean exchanges. |
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Minimum bid: 0.005
Auction end 24 hours after a valid bid has been placed.
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"...The idea that money is a standard commodity originated in the hypothetical barter economy imagined by Adam Smith. He proposed a model that started with people making in-kind exchanges, and then naturally developed a commonly-shared commodity into a measure of value, such as gold and silver, historically. This understanding also underpins the foundations of economic science, which supposes that the most suitable commodity will naturally be chosen as “money” over the course of time. If we follow this train of thought, we gravitate towards judging and comparing different forms of money based upon their commodity characteristics, which is misleading and damages our understanding of how economies work. Money should not be understood as a thing or a commodity, but as a technology to record value. In other words, money is a common technology adopted by a society to record who owns what. In this understanding, we should compare different money regimes by their technological characteristics instead, and in how they serve their societies in their designated functions..." My paper in https://hackernoon.com/a-vision-of-the-internet-of-value-ad187abf5826 It is a bit long with graphs so I won't paste the complete paper here. Comments welcome. Interesting article. Social and psychological value of money. Money today is a symbol of value created by the human imagination with no intrinsic value of its own. A coin or paper currency note has value because people accept it as a symbolic medium of exchange. The process of according value to a symbol is psychological and social. Money is a social institution based on the consent of the population and a psychological symbol based on the consent of the individual.
Money has acquired the all-pervasive value that it possesses today by a slow evolutionary process that can be most easily understood by tracing its social and psychological origins from ancient times. https://en.m.wikipedia.org/wiki/Social_and_psychological_value_of_moneyAncient money to currency of the Yap Islands to Bitcoin. Bitcoin/Blockchain technology is a disruptive innovation in the history of money. Fiat/banking system is the result of the slow evolutionary process of money, but Bitcoin is a breakthrough money technology in this evolution process which is keeping up pace with the internet, decentralized, trustless, permissionless, transparent. Bitcoin is a technological leap in the money system. Majority of the people aren't used to drastic changes, it would take some time for them to change their social and psychological mindset about the technological value of money. The technology behind Bitcoin has the potential to challenge the existing fiat money system and maybe even a universal money system in the future. |
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I hope the Russians can get the money to establish new mining farms to compete with these Chinese miners. They have not shown good faith at all and the sooner we get rid of them the better. The UK and USA are sitting on their hands and they have all the resources to compete with these Chinese mining farms.
^grrrrrrrr^
Chinese miners have much easier access to hardware and cheap electricity that's why the Western miners seem to be trailing behind the mining game. This is the first time I wanted Americans to excel something at, but unfortunately most are only focusing on trading and mining is just a distant memory in the past. I hope the AMD & NVIDIA cards will boost mining hash power globally and people would be able to break the Chinese monopoly on Bitcoin mining.
GPUs nowadays are incapable of delivering significant results in terms of hashing power. Though it can still hash other coins effectively with a different algorithm, I still can't see its feasibility on mining SHA-256 based coins such as bitcoins. Leave it to the ASICs. That's why i am talking about changing the PoW algorithm, SHA256 is obsolete at this point, a more complex algo, like criptonight or equihash is needed, and that is GPU territory only. A PoW change would be a hardfork. Upgrading to a CPU/GPU based algorithm would put ASIC based centralization to an end. With the current turn of events, PoW change does make some sense, but wouldn't not be a logical approach. Centralization by Chinese mining pools is obvious, but still there has to be some good miners, Core is against hardforks, changing the algorithm would seem like a centralized move by the devs against the miners, a controversial approach. Is there any guarantee that changing PoW wouldn't lead to miner centralization in future? Luke-jr had suggested a PoW upgrade, https://bitcointalk.org/index.php?topic=1833391.0http://btcpowupdate.org |
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The block transaction capacity of non-Segwit transactions is the same as before Segwit, 1 MB. Blocks received by legacy nodes will be less than 1,000,000 bytes. Blocks received by Segwit nodes, on the other hand, can be up to 4 MB. The average Segwit block size will be roughly 2 MB, though Legacy nodes will still receive blocks that are 1,000,000 bytes or lower due to stripped witness data. https://medium.com/@jimmysong/understanding-segwit-block-size-fd901b87c9d4woot???!!! Look at the newly found block 481947. It has size larger than 1MB? Is this because of Segwit? Can anyone please explain to me?
Yes, it is because of Segwit. Segwit is a block size increase up to a maximum of 4 MB with an average limit of 2 MB. https://blockchain.info/block-height/481947if so, why do we need segwitX2? if we already have average of 2MB? That's the point, we don't need it. |
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Hello,
Just read somewhere that BTC is accepted by strippers now? lol
I wonder what will happen if it gets regulated by the government? value would go down? perhaps consolidation?
Overall , what's the general outlook? Obviously, I understand it'll be personal opinion but still. Go ahead and share. I'll get to learn something new.
Governments regulating or legalizing Bitcoin would obviously lead to mass adoption and thus increase in value. Bitcoins can't be directly regulated, governments can't control it, but indirect regulations are possible. As a currency or an asset, governments can enforce their currency/asset laws on Bitcoin and they are doing it. |
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Wtf confirmation times are becoming stupid, over an hour ago I sent a transaction with a 389.341 sat/B fee and it's still unconfirmed. Unfortunately bitcoin isn't ready for prime time.
It could be worse. I had to send a transaction with ~420 satoshi/Byte fee to be included in the next block earlier.  It's no big deal. Bitcoin, as is, just isn't ideal for small payments and is pretty much impossible for micropayments. But we should have some patience here. Segwit was just activated, and compatible wallets will be rolling out in the coming days. Not only does that mean an immediate capacity boost (and cheaper fees), but it means we are one step closer to the Lightning Network. That could change everything, including making BTC micropayments sustainable again. Yeah, patience is what we need. Majority of miners have no ideologies, simply profit driven. With accelerated mining, Bitcoin Cash is digging its own grave and in the process temporarily halting Bitcoins growth. Miners gaming on low difficulty of BCH and high transaction fees of BTC isn't going to last forever. BCH is dropping and sooner or later the price would drop to the point where even low difficulty wouldn't be enough to retain miners. Bitcoin price is going strong, the increasing fee/congestion is a concern, it would take some time for the whole network to switch to Segwit transactions. This is why we need LN, you don't have to entirely depend on miners. |
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This extreme difficulty oscillations is damaging both to Bitcoin and BCH itself. Miners gaming on this are just looking at the small picture, short-term profit. If this oscillation goes on for a considerable period of time then it would be claustrophobic, price of either BTC or BCH would drop significantly. Right now, BCH is just a pump and dump coin, no real usage, no merchant adoption, its value is entirely dependent on speculators and if miners keep gaming on difficulty then an accelerated BCH generation would lead to inflation and in turn dumping. Bitcoin Cash developers are having a discussion on the difficulty drop consensus rule. I think such a faster rate of coin generation is problematic as it would lead to faster halving(less than 2 years), which leads to faster rise of transaction fees. This leads to the very problem for which bitcoin cash was created to solve. Furthermore, faster generation of coins will also lead faster into unexplored lands of comparable transaction fees overcoming block reward incentive. Don't know what they are more concerned about, faster halving with increased transaction fees or increased transaction fee overcoming block reward. Some suggestions put forward by developers are changing the algorithm, removing EDA, small block target. https://github.com/Bitcoin-ABC/bitcoin-abc/issues/75If this was intentional or not, apart from miners profiting, the whole switching cycle is damaging to both the coins. |
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I want to borrow bitcoin, without collateral.
Any websites that use my credit rating ? just as Zopa do ?
New to this, so any advice welcome
Right now, BitBond is the best P2P Bitcoin lending/borrowing website. Yeah like Zopa, you can post a loan request on BitBond without collateral, but the loan getting filled entirely depends on your credit score. 1. Personal info - Name, address, citizenship. 2. Financial info - Employment status. 3. Verification - Identity video verification and a proof of residence document. http://help.bitbond.com/article/9-borrow-bitcoins-in-3-stepsYou can also try, BTCPOP, https://btcpop.co/home.phpBTCpop's peer to peer lending is based on reputation, not credit score. I don't thing there is a lending site that can gives you loan without collateral but you can try to go in bitlendingcludb.com and loanbase.com never tried this site but better to wait for some other people to give some advice if what site can gives you loan without collateral..
For now i can say better to find a good collateral that can be allowed so that you can get your loan. .
Bitlendingclub/loanbase have stopped their services and BTCJam is also closing. |
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1. It’s gaining mainstream credibility as industry players consider it as the new gold – Bitcoin has many of the same qualities of gold, whose value is not controlled by governments. 2. Many investors and finance industry experts are serious about the promise of Bitcoin – A large number of mainstream investors and entrepreneurs already consider Bitcoin and other cryptocurrencies as a legitimate asset class. 3. There is only a limited amount of Bitcoin – There are only 21 million Bitcoin tokens to be mined and no new tokens will appear until after 2140. This makes Bitcoin a deflationary currency whose value increases naturally with time. Source here. These are interesting big reasons why it is so wise to invest in Bitcoin. I am sure that many people are still doubting Bitcoin whether it can be a good investment vehicle or it is just another risky venture that can collapse anytime. Of course, we know better. So in case someone would be asking you this same question, you just have to enumerate the three big reasons above. Bitcoin is compared to gold not because its value is not controlled by governments, but because it's supply is limited as that of gold, scarcity, store of value. Obviously, limited supply, higher demand, value will naturally increase. Like Gold, Bitcoin is a safe haven asset. Value increases during political or economical uncertainty/crisis, but unlike gold, Bitcoin is not correlated to other assets. It's a new asset class and that makes it a good investment. Bitcoin is #1 in every important aspect. It is sort of obvious that no matter how high the price is, it is and always will be a great investment. And yet it's just too hard to overcome thoughts that btc was worth a couple of dollars and then when it was worth hundreds, the price already seemed to high to consider in as an investment. My father lives in a poor country and has a $300 salary per month (which is an average salary here). He doesn't invest into altcoins. He earns some btc and spends it but he has 1 btc he just stores for better times. Once it was just $800 but it's already $4k. I realize it's a promising coin and the price might even go up and up again but it's just too hard for me to consider investing it such an expensive coin when there are so many cheap and improved ones.
I don't know about the improved ones, but do know about the cheap ones. A whole Bitcoin is expensive and will become more expensive in future, but you necessarily don't have to buy a whole Bitcoin, it is divisible, invest on fractions of Bitcoin, 0.001, 0.01, 0.1. |
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Hi all! Please tell me brothers that GainBitcoin is a good choice to mining?
Lol, your withdrawal is pending from a scam website and you are asking whether another scam website run by the same owner is a good choice or not. You really want to get scammed, ain't you  Gain Bitcoin is an elaborate scam, you will get paid for the first couple of months, then no more payments, scammed. https://bitcointalk.org/index.php?topic=1440600.0 |
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Anyone have or had problem with withdraw coins from Bitcoingrowthfund?
Bitcoin Growth Fund has a shady rep, another borderline Ponzi scheme operated by Amit Bhardwaj. I believe you have also invested in Gain Bitcoin, cloud mining Ponzi by Amit. It looks like you aren't alone, https://bitcointalk.org/index.php?topic=1915021.220MCAP price on BGF, $9.15 CMC, $1.71, price manipulation, obvious scam, https://coinmarketcap.com/assets/mcap/Price of MCAP has been steadily dropping. |
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I'm excited to see as to how lightning network would do in real time. Demonstration of the tech seems to be okay, but how would it do handling loads of transactions in real-time? Also--given that I'm not a very techie person so pardon me with this question--do we really need LN given that the block size can now be pushed to a maximum of 4 MB? What would be the added benefits of LN to SegWit?
Segwit is an onchain capacity increase up to a maximum of 4 MB, but the average limit is 2 MB. LN is an offchain scaling solution which offers instant transactions, microtransactions, low fee. On chain/segwit would slightly lower the fee and faster confirmations, but still instant microtransactions wouldn't be possible, for that you need LN. LN is an additional layer, optional, if you want to make instant transaction then you can opt for LN, otherwise stick to onchain transaction. |
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Recently I have read that bigger blocks isn't good. What we need is the lightning network, NOT Segwit. Although I don't know why big blocks is bad though.
There are a few reasons why bigger blocks are bad. In this context, Segwit is a block size increase, but without a hard fork. Segwit is a soft fork which increases the block size by allowing more transactions to fit inside a block. Segwit removes transaction malleability and this makes LN implementation possible. Segwit alone isn't a scalability solution, you need additional second-layer solutions and for these additional implementations you need Segwit. https://bitcoincore.org/en/2016/01/26/segwit-benefits/Does Lightning require Segregated Witness?
Yes, but not in theory. You could make a poorer lightning network without it, which has higher risks when establishing channels (you might have to wait a month if things go wrong!), has limited channel lifetime, longer minimum payment expiry times on each hop, is less efficient and has less robust outsourcing. The entire spec as written today assumes segregated witness, as it solves all these problems. https://medium.com/@rusty_lightning/bitcoin-lightning-things-to-know-e5ea8d84369f |
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Segwit is finally activated. Bitcoin blocks can now be up to 4 MB, though 2 MB is a more realistic maximum. However, this doesn’t mean that all blocks will immediately bump to 2 megabytes in size today. For a transaction to utilize the added space, it must be sent from a SegWit address (or more accurately, a Segwit “output”) — not just to a SegWit address. Wallets and other applications need to be ready to accept SegWit transactions. Some wallets, like GreenAddress, may offer this option on day one, or shortly thereafter. Similarly, large Bitcoin service providers could start accepting SegWit transactions right away, though some may need more time to prepare. BitGo, a Bitcoin infrastructure provider for major exchanges like Bitstamp, Kraken and OKCoin, expects to be SegWit-ready relatively soon as well. https://bitcoincore.org/en/segwit_adoption/Lightning and other implementations. Arguably even more highly anticipated than an increased block size, second-layer technologies like the Lightning Network or, further out, Merkelized Abstract Syntax Trees (MAST), will be more easily built on top of Bitcoin. Most of this technology is still a work in progress, and it could take several more months before regular users are expected to use it. That said, it is likely that there will be experimentation on Bitcoin’s mainnet rather soon. Version 0.3 alpha of Lightning Network Daemon software was released yesterday, which is the last major release before mainnet beta release. And even when the Lightning Network is functional and in use, it will take a little longer to roll out more advanced features that utilize the Lightning Network or similar protocols. These include atomic swaps, which allows for the instant and (near) costless exchange of cryptocurrencies over different blockchains, like bitcoin and litecoin. Further, more nuanced benefits of SegWit, such as faster transaction signing by hardware wallets, will be available within a matter of days. https://bitcoinmagazine.com/articles/segregated-witness-activates-bitcoin-what-expect/ |
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Just tried sending BTC to my exchanger from my Blockchain.info wallet, and got this error:
Validation Error: Error #-26: 258: txn-mempool-conflict
What on earth is this junk? First time I ever encountered this, and I have no idea why it's happening, or what it means.
Has anyone else experienced this, and how did you guys fix it?
I don't know what exactly is causing this error. Are there any unconfirmed transactions? Searched the net and there are a few similar complaints, all were reported this month, but no solution apart from contacting blockchain support, but there customer service is a bit slow. Alternative option would be get your private keys from blockchain and import it to Electrum wallet or Mycelium. |
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Just an idea. If Craig Wright is NOT Satoshi Nakamoto, he would definitely risk the real Satoshi come up with a proof, that Craig is not SN. Is it possible, that CW explicitly knows about the death of the person behind SN, so he can make his claims without backing them up with a proof?  1. When Dorian Nakamoto was suspected to be SN, Satoshi Nakamoto's P2P Foundation account posted its first message in five years, stating: "I am not Dorian Nakamoto." http://p2pfoundation.ning.com/profile/SatoshiNakamotohttps://bitcointalk.org/index.php?topic=504715.02. Before CW, many people have been suspected to be SN, but apart from CW not one claimed that they were Satoshi and he miserably failed at proving this claim. Now Satoshi could have posted a similar message on P2P foundation about CW, but he didn't. Why? Assumptions, maybe SN is dead and CW knows about it, maybe computer forensics analyst David Kleiman was SN. CW made a fool of himself and SN let a fool remain a fool, why correct a fool Satoshi had always wanted to remain anonymous and suddenly one day CW claiming himself to be Satoshi and wanting publicity, failing to provide any public cryptographic proof, too much of a stretch. CW would remain an impersonator until he proves otherwise. |
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The question is : Is this not a bit premature to leave your full-time job to focus on something that are not even properly regulated and technologically matured? Some people might argue that early adopters might gain the edge over their competition, if they enter early.
Would you risk a stable income from a full-time job, to gamble on a experiment that has not yet matured?
The Crypto currency scene is very hostile and competitive and whales can still manipulate the value of the currencies. The fiat system is stable and less volatile and has more users. <bigger market>
1. Bitcoin is still in its early stage so everyone has a fair advantage, might be different in the next 10 or 20 years. Some people hodl bitcoin, others trade, some receive it as means of payment for their services/products. Holders doesn't have to quit their full-time job to focus on bitcoin. As far as traders are concerned it depends, if a trader is making more money trading than his regular job, then quitting full-time job and focusing on bitcoin is a viable option if he understands the risks, possibile lack of a steady income, lack of a full-time job security. I personally would prefer full-time job/part-time trading. 2. If you are passionate about bitcoin, believe in its technology and future potential then I think quitting your full-time job and starting your own bitcoin startup or being part of other bitcoin related startups is a good option. 3. Keeping your full-time time job and getting paid in BTC for your part-time services or products is the safest option. 4. Yeah, crypto space is hostile, competitive, and can be manipulated to some extent. If you quit your full-time time job and focus only on cryptos, it's somewhat a gamble, it might pay off, may not. A regular job and into bitcoin seems safe. |
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