In 2007, remittances worldwide totaled $300 billion.
Western Union fees for remittance can run around 4% to 20% or more.
If the market cap for bitcoin was $300 billion, each single bitcoin would be worth $42,000.
The article's premise is flawed. It is important to remember that the Bitcoin market cap doesn't have to be $300 billion in order to support $300 billion per year in transactions. Still, $34k is certainly possible if people start using it. |
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Call me a retard but I would need like about 10 BTC to feel safe enough to spend BTC without feeling horrible in 3 years.
If you use them you can always buy more. I guess I don't understand why people feel that the bitcoins in their wallet are more precious than all the others. |
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Is it really that easy? As long as I use Mycelium (or another HD wallet), I can send and receive BTC and automatically no one will be able to link any 2 transactions I've made?
Can anyone confirm this? None of the addresses can be derived by any of the other addresses? If that really is the case then my search is over. Addresses are linked when they are inputs in the same transaction. This is an issue for every wallet. |
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So other than me reading the 1000 websites that tell me the total number of coins, how do we actually know?
I am sure the blockchain can tell me, but is there anyone that is is actively reconciling the blockchain with what we think is in it???
Say this 1000 times:
D-E-C-E-N-T-R-A-L-I-Z-E-D why so mean.... ELI5 It seems to me that someone who has been on this site for over a year and has made over 800 posts should know that every node in the network looks at every transaction in the block chain. |
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Rather than mining bitcoins, he could mine alt coins and trade them for bitcoins. There are alt coins that are better suited for mining with CPU and GPU.
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So I am interested in getting started in the world of BTC mining and I have a couple questions. First, what kind of wallet should I use? Should I use an online wallet like coinbase, or a hard drive wallet like Armory? Second, I was looking at the AntMiners, too me they look like more of a hobby kind of machine rather than some big noisy thing you would need to stick in your garage. I was planning on just buying one and seeing how it went, it doesn't seem like a huge investment to make and if it doesn't work out, meh. If someone could link me to the newest model, or the most efficient model that would be awesome. Finally, with one AntMiner, should I do solo mining or pool mining? I know the difference, solo mining is more high risk, high reward, and pool mining is more consistent money. Also if I was going to do pool mining, what is a good website I won't get scammed on and is always up and running and simple too use.
For most mining pools, the wallet is irrelevant, but some mining pools are generally incompatible with online wallets. it is best to choose a wallet that gives you control of the private keys. This is the miner you want: https://www.bitmaintech.com/productDetail.htm?pid=000201412231604153619o9X1obn0693Unless you have a lot of hash power, you should mine in a pool. |
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So other than me reading the 1000 websites that tell me the total number of coins, how do we actually know?
I am sure the blockchain can tell me, but is there anyone that is is actively reconciling the blockchain with what we think is in it???
 Say this 1000 times:
D-E-C-E-N-T-R-A-L-I-Z-E-D |
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Before giving up, look into mining alt coins. There are CPU-only alt coins that you can mine and sell for bitcoins. There are sites like coinwarz.com that can help you pick the most profitable coins.
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Most people including myself feel a bit pointless when imagining paying for a cofee with BTC, when BTC has the potential to double or triple or god knows how much times gain in value.
I agree, I've been saying it a lot. Right now, BitCoin is volatile. The price could over the next year triple in value. I don't see it as a currency, but as an investment right now. I'm buying and holding. Hell, that $220 I buy today, could be worth $5,000 in 2-3 years.
Legit. I cant risk spending my BTC on a damn XBOX when I could buy a car in 3 years for fucks sakes.
The three of you don't seem to realize that if you use your bitcoins to buy coffee or an xbox, that you can just turn around and buy more bitcoins. It doesn't take a lot of intelligence to figure that out. |
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I agree, hoard Bitcoin and price will go up ..
But only until you sell it. Then the price will go down. |
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To me it appears to be pretty simple for both BurtW and Charlie Shrem cases since they are so similar:
If a user/buyer of Bitcoin tells you they plan to do something illegal with the bitcoins you sell them, then just do not sell to them.
You do not know what Burt's circumstances were. You do not know that they were the same. |
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Be it as it may, bitcoin price can only rise if there is demand for the coin. And demand means hoarding.
There is a difference between holding and hoarding. Demand comes from holding for any period of time, not just hoarding. |
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I already said as a global mining or payment option checking for dirty coins is fraught with issues. However, for me it would be a nice service I would want, especially when buying on localbitcoins. Before i meet with the guy I will ask for an address for proof of funds. I will check his address to see what the dirty factor is, I can choose to skip meeting him if i want.
I think it would also be a cool app to see how dirty your own coins are.
Your localbitcoins scenario won't work because the bitcoins are sent from a wallet owned by localbitcoins and the seller does not know where they will come from. Blockchain.info has a "taint" feature that will give the sources of the bitcoins at an address. You can check to see what percentage are from specific addresses. |
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Escrow won't help you when the FBI knocks on your door and you are charged with credit card fraud. My guess is that amazon4u is using stolen credit card numbers, and your name and address is the attached to the transaction, not his.
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Is there something (especially API) that can instantly send Bitcoin if I just provide the private-key? I know API from Blockchain.info, but I wanna looking else that. You can use email to send the private key. |
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If everyone is hoarding then whats the point of the damn thing. The point, my dear smallfolk friend, is patience. Unfortunately, hoarding is a game of chicken. If everyone hoards, then the price will crash when they finally sell and the patient people will lose everything. |
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why spend Bitcoin now when it will be worth $10,000 per coin in a few years? Because by spending Bitcoin now (and buying back the same amount of coins right away), you actually help Bitcoin growing, thus actively helping the price level going to $10K. for that u need to have a lot of money No you don't. When you buy something, use Bitcoin instead of cash, credit card, or debit card. Then use the money you didn't spend to buy more bitcoins. You will always have the same amount of bitcoins, so you are still holding/hoarding/hodling, and you using bitcoins and pushing up the value. |
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If my coins go into my wallet with address A
Can I send these to my address B within the same wallet for free as its the same wallet or is this a "transaction" and therefore, will incur the fee
Also, if I receive my coins using address A from someone and transfer to address B will this show up as another transaction in the bitcoin chain
Finally, when I exchange on a market place do they record my wallet or address when I use them to sell or buy and do I need to make an additional wallet on these exchanges or can I use my existing wallet or address?
Sending bitcoins from one address to another must always go through the blockchain regardless of the location of the address. It is a standard transaction even though you own both addresses. Generally, it is unnecessary to keep track of where bitcoins are stored in your wallet because the wallet handles that. Addresses on an exchange belong to the exchange and not to you. You have an account on an exchange and not a wallet. When you deposit bitcoins, the exchange provides you with an address and they credit your account when they receive the bitcoins. When you withdraw bitcoins, you provide them with an address in your wallet, and they send you the bitcoins and debit your account. |
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I still assert that as efficiency increases it will provide downward pressure on price.
How then do you explain the fact that while miner efficiency increased by a factor of 10,000 from 0.1 MH/J to 1000 MH/J, the price also increased by a factor of 10,000 going from $0.10 to $1000? Shouldn't the price have decreased by a factor of 10,000? You have provided nothing to support your assertion, but even if what you say is true, the effect must be so small that it can be completely ignored. |
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This is just fear and noise because you are afraid of the ramifications. Any service could be as customizeable as you want. You want to only check relationship to famous addresses: Bitstamp address for example, then you could do it.
I see cash transactions all the time that do not happen because the person with the cash is a drug dealer. It happens.
Why only famous services? For this to work, you would need everyone to agree with this. Also, how do you know that person is a drug dealer? Did you check the banknote serial numbers in a database? I am talking about a service for one person not everyone. I ask for someone's originating address, i type it into my dirty coin checker. I can choose to do business or not based on the results. It's not that easy. The person can't be forced to send from a particular address. They could show you a clean address and send from a tainted address instead, and now all your coins are tainted (if you aren't careful). There might be ways to mitigate or prevent this, but not with a simple blacklist service. |
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