First read the paper linked at the bottom. Is Raphael Auer's paper fact or fud? However, will the fees continue to sustain bitcoin's security forever, after all the coins are mined? Also, we are in the early days of cryptoecnomics. There are developers that are experimenting to create a fix for the possible lack of mining incentives when all coins are mined by implementing a tail emission. There are other altcoins taking an inflationary approach with a transparent emission.  Raphael Auer, Principal Economist of Monetary and Economic Department at the Bank for International Settlements (BIS), wrote a paper titled “Beyond the doomsday economics of “proof-of-work” in cryptocurrencies.”
The paper starts with showing how the popularity of Bitcoin and other cryptocurrencies soared in late 2017, outstripping interest in sovereign currencies, or even gold. But yet Auer points out that according to research by Chainalysis, few people were actually using Bitcoin to buy things.
The paper defines ‘economic payment finality’ when it is unprofitable for any potential adversary to undo it with a double-spend attack. Auer argues that double-spending is very profitable and that attackers stand to gain a much higher bitcoin income than an honest miner because they collect the double-spent amount on top of transaction fees and block rewards. The paper states that “proof-of-work can only achieve payment security if mining income is high, but the transaction market cannot generate an adequate level of income.”
Auer argues that because the block rewards are decreasing with time, the security of payments decreases and transaction fees become more important to guarantee finality. He says that “the economic design of the transaction market fails to generate high enough fees.” Auer continues with saying that users are free-riding on the security provided by the transaction fees of other transactions in the chain, which causes the transaction market to be unable to generate an adequate level of mining income.
The proof-of-work and hence the level of security is determined at the level of the block in which a transaction is included, whereas the transaction fee is set by each user privately. Auer says that the key result is that the fee set on a decentralized basis is much lower than the optimal fee, which results in long times before finality is reached.
Auer concludes that Bitcoin’s liquidity will fall substantially in the long run in the absence of relevant technological advances. The block rewards represent the vast majority of miners’ income and thus underpin the security of payments. But since the block rewards are being gradually phased out, the paper argues that the security of payments is also set to deteriorate.Read in full https://www.theblockcrypto.com/2019/01/22/bank-for-international-settlements-argues-bitcoin-is-not-sustainable-without-block-rewards/Link to Raphael Auer's paper https://www.bis.org/publ/work765.pdf |
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How can I deposit my Grin coins to Hotbit? All I see is some HTTPS link as a GRIN Deposit Address. How to use it?
The command would be grin wallet send -d (https link) (amount), without the parenthesis. Can anyone make a trade with me? I want 3 grins for bitcoin, I will send first. I will not trade with random accounts, only the trusted people with or without a positive rating. @Last of the V8s. An infinite supply should appeal to the miners most, after 10+ years. Bitcoin's capped supply might become an issue after a few more halvings. I have some coins on a pool but I'm still not certain if I know the process well enough to make sure I don't get scammed or get accused of scamming. I'm not saying you would, it's just a general lack of understanding on my part with the 3-way process. With Bitcoin it's quite simple - I send coins to a given address, it shows up in a block, confirmed, visible on a block explorer, no doubts about it. With grin though... let's say I create a TX file to send to you. Then for whatever reason you fail to create a response file for me to finalize for me and you accuse me that my TX file was bad. Is there a way for a third party to verify that? I trust you. I would be willing to send first. Also, have you tried sending your coins in your grin wallet? I would be willing to take the risk of having some issues with the transaction as long as the coins are directly from your wallet, not from a pool. It would be part of the learning process hehehe. I have moved some coins to my wallet and between two of my wallets, been experimenting for a bit. It's offline now though. I'm gonna rebuild my node later today and once I restore the wallet backup we can try this if you're still interested. Yes I still am! Post or send me your bitcoin wallet and I will pay you as soon as possible for the spot price in Hotbit. I want 3 grins. Can you do the transaction file way of sending and email it to me? I do not trust receiving via listener. |
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@mirakal. Similar to the moneygrabbing ICOs in the cryptospace, the promoters will certainly make Floyd versus Pacman 2 happen.
Boxing is business before sport these days. What we can only hope for is a good fight which Floyd versus Pacman 1 was not. I reckon Conor showed more excitement versus Floyd than Manny.
Sorry Manny fans but it is the truth.
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How can I deposit my Grin coins to Hotbit? All I see is some HTTPS link as a GRIN Deposit Address. How to use it?
The command would be grin wallet send -d (https link) (amount), without the parenthesis. Can anyone make a trade with me? I want 3 grins for bitcoin, I will send first. I will not trade with random accounts, only the trusted people with or without a positive rating. @Last of the V8s. An infinite supply should appeal to the miners most, after 10+ years. Bitcoin's capped supply might become an issue after a few more halvings. I have some coins on a pool but I'm still not certain if I know the process well enough to make sure I don't get scammed or get accused of scamming. I'm not saying you would, it's just a general lack of understanding on my part with the 3-way process. With Bitcoin it's quite simple - I send coins to a given address, it shows up in a block, confirmed, visible on a block explorer, no doubts about it. With grin though... let's say I create a TX file to send to you. Then for whatever reason you fail to create a response file for me to finalize for me and you accuse me that my TX file was bad. Is there a way for a third party to verify that? I trust you. I would be willing to send first. Also, have you tried sending your coins in your grin wallet? I would be willing to take the risk of having some issues with the transaction as long as the coins are directly from your wallet, not from a pool. It would be part of the learning process hehehe. |
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Yeah, I agree that if Mayweather and Manny would fight it would be a boring one but like always, money's is all about why the fight would happen. That is if mayweather will decide to fight back on the ring with a Manny Pacquiao showdown.
I disagree that Money vs Manny 2 would be a boring fight. If Manny is there in a fight, it is exciting just like the Pacman vs Broner fight. IMO this rematch would happen and the only question here is the timing and for sure that money is always a factor to make this fight happen. They did already fight however. It was very boring and it was embarassing for the promoters, especially after the megahype done to promote it. I reckon it might have made the fans, real and casuals, feel scammed similar to how the Bitconnect bagholders were scammed hehehehehe. |
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How can I deposit my Grin coins to Hotbit? All I see is some HTTPS link as a GRIN Deposit Address. How to use it?
The command would be grin wallet send -d (https link) (amount), without the parenthesis. Can anyone make a trade with me? I want 3 grins for bitcoin, I will send first. I will not trade with random accounts, only the trusted people with or without a positive rating. @Last of the V8s. An infinite supply should appeal to the miners most, after 10+ years. Bitcoin's capped supply might become an issue after a few more halvings. |
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according to a study by data firm Chainalysis.
Some of those users might have only little understanding on cryptocoin privacy. I reckon they do not know how much danger they have placed themselves and their families in by using bitcoin for darknet transactions.
Pah. They'll be fine. It's just a bit of speed or MDMA or whatever. If junior is shifting industrial quantities of heroin to his customers without applying diligence that's a different matter They might be fine. However, the American government has privatized their prison system and it has become a big business. The American government has also been imprisoning a growing amount of people for the lightest offenses. They want those prisons filled to keep the business going. They might be safe for now. But you should not want Uncle Sam holding something that could be used against you. |
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according to a study by data firm Chainalysis.
Some of those users might have only little understanding on cryptocoin privacy. I reckon they do not know how much danger they have placed themselves and their families in by using bitcoin for darknet transactions.
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I do not own Grin at present, however the support from hardware manufacturers, investors and from some of the influential people in the cryptospace might give it short term hype before giving investors a good occassion to buy. Also, Grin's monetary supply is inflationary similar to Dogecoin. 60 Grin per block, 60 seconds per block forever. I speculate that should push the price down below $1.00 in its first 2 to 3 years of circulation. https://www.coingecko.com/en/coins/grinhttps://github.com/mimblewimble/docs/wiki/Monetary-Policy |
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Hands up who is going with this just because theymos has backed it himself? I’m going to give it a miss myself for now, maybe I’m being stupid but I can always buy in at a later date if it’s making obvious positive steps. Edit - I’m waiting for the ‘I downloaded a fake Grin wallet that contained malware & somebody stole all my bitcoin’ threads  theymos' backing helped, however I have already heard of Grin from other Aeon supporters last year and I immediately found it interesting because Mimble Wimble had another implementation on privacy. I am supporting the project by running a node and I do not hold any grins at present. I reckon we need more privacy solutions created in the cryptospace but for mainstream usage to keep the people safe from government intrusion that limit our freedom. |
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This article might have another clickbait for a title hehehe. Does the Federal Reserve of St. Louis' opinion in their released article share the opinion of the whole Federal Reserve? For those who do not know, the Federal Reserve Bank of St. Louis is only 1 of 12 regional Reserve banks in America.
In any case, where is the link to the Federal Reserve's article? I do not see it in ccn.com's article. Also, ccn's article appears like a hype story for Ethereum, Tron, Neo and Aelf.
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The fight was as boring as Manny's fight versus Floyd Mayweather, which Manny versus Adrien Broner was supposed to be the forerunner for Manny's rematch against Floyd.
There was maybe 1 or 2 exciting rounds for Manny, however it was not enough to argue for a Floyd versus Pacman 2, I reckon.
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Dana's only hope for this would be for TJ to win and begin creating his new storyboard. Max Holloway versus TJ Dillashaw for the UFC featherweight championship hehehe. It will be big for TJ if he wins. He would be holding 3 belts and maybe in the race for the best pound for pound.
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I am running Grin! The build was smooth except for installing the wrong version of rust. I did not listen and used apt get instead of rustup hehehe.
In any case, what exchange can we buy some grin but without KYC? I want to buy a small amount to begin using this complicated wallet hehe.
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I am sure that many are also asking the same question if Ripple can be categorized as a cryptocurrency in the first place. This is an ongoing debate with both sides sure of their stand. Well, as with anything, only time can tell which side will eventually win this debate. But as for me, I am leaning on the side doubting if Ripple should have a space in the cryptocurrency industry...maybe they should be acting like the modern PayPal and many would agree.
Well, it looks like the decision was made long ago and enough people believe it should be involved in this market. It's not as if it's going to be evicted. I will never understand it all the same. The securities question is the big one. I'm not sure when it's going to be cleared up or whether it's been cleared up. I was under the impression there's still an ongoing court case that may drag on for a long time to come. The longer it goes on for the more of the SEC's buddies make money and 'suggest' they avoid the security tag. XRP is not safe from being given the illegal security tag until we see it listed in exchanges like Coinbase hehehe. Coinbase has been requested to list XRP by holders since it began listing altcoins, however, I speculate that the SEC is making a good example of Ripple for the others not to break any securities laws. Also, but why was Stellar listed? |
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You think they posses wealth at all ? I mean you think a Venezuelan who is having trouble finding food is going to just put their "wealth" into bitcoin somehow ? This is a whole country that lost weight because of how poor they are, do you really think all they care about is money at this moment ? I mean think about it, even if you had all the money in the world, the country itself is running out of food constantly, whenever they manage to gather enough money together they try to get food from other countries and than it ends very quickly and they are hungry yet again.
People died of starvation there every single day since this problem started. You think those people should just put their money into bitcoin? What money, what wealth ? We are talking about people who die of starvation, there is no wealth there at all.
Venezuela is in a financial crisis, not in armageddon hehehe. @BitHodler. However, it might be safer to hold a volatile but valuable asset or currency than to hold a fiat currency that cannot hold any value or has no value. |
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Print and issue own centralized currency that the SEC might declare as an illegal security. Blame the government for the absence of the regulatory framework and maintain that it causes fear among potential users.
They should have thought well about what they were planning to do before doing it. Did Ripple hire lawyers specializing in securities fraud when they started their company? I reckon no. Almost no ICO or cryptocoin company did before 2016.
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Is there any video of Nick Szabo actually saying that central banks will adopt Bitcoin in 2019?
~
Of course a smart guy like Nick Szabo couldn't make such a stupid prediction. The closest thing he said at the Israel Bitcoin Summit (after explaining vulnerability of the Swiss government) were the words quoted below: ... and so a more trust minimized solution is cryptocurrency, to hold some of your central bank reseves in cryptocurrency ... and then after explaining the physical vulnerability of gold reserves he added: ... so that's a very suboptimal solution to what you would hope to be trust minimized secure reserves, and you can do a lot better with cryptocurrency in that regard. You can see it for yourself following the link below (starting at 50:52). https://www.youtube.com/watch?v=8Rd_YYzf86MThe title is clickbait hehehe. He was only expressing an opinion on what might be a better solution for central banks, I reckon. However, because of the lacking regulatory framework, Nick Szabo knows this will not occur somewhere in the near future. |
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@btc_angela. It is the fight business. I reckon greed is the motivation for everyone involved, from the fighters themselves, their managers, trainers, agents and the promoters and everyone else who will make the money.
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@Theb. Agreed. I also speculate that Ben Askren will be dominating the welterweight division after Tyron moves up to the middleweight division.
I reckon Tyron will only have 1 fight left in welterweight after Kamaru Usman, and that will be versus Colby.
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