|
It's awesome how with every passing day, Bitcoin is becoming increasingly recognized as a valid means of payment by businesses. I remember back in the days when they were supposed to be only good for buying drugs off Silk Road. We've come a long way since then. Now we have big companies like Overstock, Dish, TigerDirect, and Expedia on our side that finally recognize the value of cryptocurrency.
|
|
|
|
|
So the general agreement by those knowledgeable in the field is that by 2020, semiconductor fabrication technology will hit a wall because it will no longer be technologically feasible to produce smaller and smaller transistors. We are already at 14 nm and the wall is expected to be reached once we hit about 5-7 nm, which should be attainable by 2018-2022. Beyond that, processors would no longer function because electrons would simply tunnel through the silicon gates. In contrast, the Pentium 4 was a 130 nm chip and the original Pentium was an 800 nm chip so you can see that Moore's law, i.e. the "engine" behind the exponential increases in computing power during the last couple of decades, is coming to an end.
How will this affect Bitcoin? How will miners be affected by this?
|
|
|
|
The term millionaire is rooted in fiat. Should BTC replace fiat, 10 coins should be enough to classify as wealthy. That number can be argued. But we need a new term for someone with enough BTC that they are wealthy.
Should BTC replace fiat entirely, 1 coin should be enough to classify as wealthy. Should BTC "only" reach the market cap of gold, 3 coins should still be enough to classify as wealthy. Assuming wealthy = $1,000,000 in 2014 or top 7% of American society or top 1% of the world. One day I hope to become a bitcoinaire. |
|
|
|
This is a quote from one of the devs in the NXT forum: It is not a clone, at least not a clone of the recent code. The code is obfuscated (probably proguard?) and I don't have time to dig further, but seems to be using a lot of third party libraries that we don't use. Uses jetty, and json-simple, but also jackson and mapdb, no H2.
The developer has definitely borrowed ideas from Nxt, but probably not much from the current implementation.
As for the speculations that it may be BCNext himself - not his style, remember the original Nxt code did not use any other libraries (even the jetty dependency was added later by CfB) and was a single file. It is more likely a good java developer who started from the original Nxt 0.4.x code like I did, but then continued his own way into a completely different implementation. But all this may have been intentional, to confuse people - so the conspiracy theories will keep going on.
Either way, gives us a motivation to speed up development.
If you start from an already existing code and modify it, then it is technically a fork/clone and not completely new code, right? Even if you add new features. Dogecoin is based on Litecoin (via Luckycoin) which is based on Bitcoin, Linux Mint is based on Ubuntu which is based on Debian, and LibreOffice is based on OpenOffice.org. These are all forks/clones but they all add something new to the table. So is Qora based on NXT (i.e. a fork) or is it completely new code written from scratch? As someone who owns a small amount of DOGE and LTC, uses LibreOffice, and occasionally boots up Ubuntu, I'm not saying that forking/cloning is a bad thing. But I'm just curious. It seems that coins with completely new code written from the ground up such as NXT is a very rare thing in the altcoin world. |
|
|
|
Other coins may have much better features than Litecoin, but in regards to acceptance at exchanges and merchants Litecoin is still way ahead of all other altcoins.
Yup. I posted the following in another thread but perhaps it's more appropriate here: While still nowhere near that of Bitcoin, Litecoin still has the second highest marketcap and the highest merchant acceptance and level of infrastructure built around it of any altcoin. It is possible that these same qualities that keep Bitcoin ahead of its clones (i.e. basically any coin, of which Litecoin is one) could also keep LTC ahead of its clones (i.e. basically any scrypt coin).
|
|
|
|
|
While still nowhere near that of Bitcoin, Litecoin still has the second highest marketcap and the highest merchant acceptance and level of infrastructure built around it of any altcoin. It is possible that these same qualities that keep Bitcoin ahead of its clones (i.e. basically any coin, of which Litecoin is one) could also keep LTC ahead of its clones (i.e. basically any scrypt coin).
|
|
|
|
Coins that use SHA-256 or Scrypt can be mined with ASICs. SHA-256 ASICs can be used to mine SHA-256 coins like Bitcoin and Peercoin. Scrypt ASICs can be used to mine Scrypt coins like Litecoin and Dogecoin. Check out Coinwarz.com. If a particular coin is labeled as being SHA-256 or Scrypt then it is mineable with ASICs. |
|
|
|
|
Usually the smallest transaction you can send or receive is about 5,500 satoshis. With faucets like freebitco.in, the minimum withdrawal amount is roughly this amount. Same goes for most other faucets as well as ones which use coinbox.me and microwallet.org. However I believe you can continue increasing your faucet balance past this if the auto-withdraw option is turned off. I've heard that acculmulating very small transactions in your wallet is a bad idea because they would cost more in fees to send, essentially rendering them worthless. So is it bad to withdraw the minimum amount when using faucets? Would it be a better idea to withdraw once you reach 20k+ satoshis instead?
|
|
|
|
Is it possible to use Vanitygen to create a paper wallet?
Could I put a copy of Vanitygen onto a USB stick and run it on an offline computer to generate an address and private key (which can then be printed onto paper)?
Yes, the source of the private key is irrelevant for a paperwallet. You could theoretically use the private keys from your hot wallet. That would not make much sense from a security point of view though. Yeah, I was thinking of using it as a savings account. To put all my BTC savings into cold storage. |
|
|
|
|
Is it possible to use Vanitygen to create a paper wallet?
Could I put a copy of Vanitygen onto a USB stick and run it on an offline computer to generate an address and private key (which can then be printed onto paper)?
|
|
|
|
I've been reading some of the posts from the original [ANN] thread and I'm hooked. Just a question about the current dev team though. Is it true that the original developer - BCNext, is no longer involved in the project? And Come-from-Beyond is running things now?
Jean Luc is the lead developer. CfB is still heavily involved. Wesley is the client developer There are other developers involved on some way (l8orre, CIYAM, jl777, ChuckOne, doctorevil, mczarnek, kushti) Oh that's good then. I just wish the original dev didn't leave so early. Even Satoshi stayed around for a couple of years.  BCNext delivered a single Java file with the basis of Nxt and notes to the community to Come-from-Beyond. Everything after that was done by the community. Come-from-Beyond said BCNext followed the posts on the megathread, he was watching our discussion. Nxt has many references to George Orwell's book '1984' within it, a book where Big Brother was always watching. As CIYAM pointed out once, a theme in the book is whether Big Brother really existed at all. When BCNext 'left', it caused much more of a stir outside of the community than it did within it  I wouldn't worry about BCNext and his legacy, the direction of Nxt is in the hands of everybody who wants to get involved. If there is something you want to see in Nxt, go to the Tech Fund committee for the cash and get a dev on the jobs board and go for it  Or, as many are doing, launch it on the AE and fund it yourself. Exciting times. P.s. Do you remember the useful role of Randall Stephens in the Shawshank Redemption? A hard man to find, could be relevant here The ghost of BCNext could still be walking among us, protected by the distance from his work he now enjoys. (P.p.s ^ This ^ is speculation on my part ) Loved that movie though it's been a while since I watched it. I agree the direction of Nxt is in the hands of everybody now. Nxt has come a long way in 6 months and BCNext should be very proud of his creation. Just bought 300 NXT today. I'm still kinda getting my head around the whole thing because this is nothing like any other altcoin I've used before. The others being Kittehcoin and Dogecoin. However the more I learn about it the more I think Nxt has a fair shot at reaching #2.  |
|
|
|
|
Well that's good then. It seems like a step in the right direction. Personally, IMO they should never have removed those apps in the first place. Hopefully we will be seeing more Bitcoin-related apps reentering the app store in the coming days.
|
|
|
|
I've been reading some of the posts from the original [ANN] thread and I'm hooked. Just a question about the current dev team though. Is it true that the original developer - BCNext, is no longer involved in the project? And Come-from-Beyond is running things now?
Jean Luc is the lead developer. CfB is still heavily involved. Wesley is the client developer There are other developers involved on some way (l8orre, CIYAM, jl777, ChuckOne, doctorevil, mczarnek, kushti) Oh that's good then. I just wish the original dev didn't leave so early. Even Satoshi stayed around for a couple of years. |
|
|
|
|
I've been reading some of the posts from the original [ANN] thread and I'm hooked. Just a question about the current dev team though. Is it true that the original developer - BCNext, is no longer involved in the project? And Come-from-Beyond is running things now?
|
|
|
|
|
You could say the same thing about Bitcoin too.
|
|
|
|
Primecoin
Unique algo that actually has some scientific use.
Yup same here, although it's #17 on Coinmarketcap.com so it still seems to be in demand. Another one I forgot to mention is Huntercoin which was the first human-mineable altcoin that's also a game. It's #157 on Coinmarketcap.com right now and while I don't have any coins (yet), it's definitely a unique and interesting altcoin. Shame the developer died though. |
|
|
|
|
As others have already said, the idea is that miners will still continue to mine in order to get transaction fees. This will be a gradual transition because the block reward is set to halve every four years until the last bitcoin is mined in 2140. During the first four years, each mined block was worth 50 bitcoins. Today, it's 25 and soon it will be 12.5, and so on. So between now and 2140, mining profits will gradually shift from being mostly mined bitcoins into being mostly from transaction fees. There is a little-known altcoin called Premine (PMC) which is a proof-of-concept that aims to show how a deflationary cryptocurrency like Bitcoin might look like and how its economy might function after the total supply of coins have been mined. Check it out if you're interested.
|
|
|
|
|
Update: 0.001 BTC for 1 week. Will be able to make 10-20 posts during this time.
|
|
|
|
|
Share them.
I have always liked some of the more quirky altcoins that go about doing things a bit differently from everyone else and/or bring something new to the table feature-wise. Premine (PMC) is one of those. The entire coin supply was premined and given away as an experiment to see how the Bitcoin ecosystem might look like in 2140. The network is sustained by miners who only get transaction fees. Interestingly, it also helped uncover a bug in the Bitcoin code that would have kept on generating coins past 2140. Datacoin (DTC) is another coin I like because it's the first and only crypto to emphasize the file storage abilities of the blockchain.
|
|
|
|
While I can't answer your question, my guess is that the techie types would be more useful for technical analysis and the business types would be more useful for fundamental analysis. For example, Wikipedia has an article about technical analysis that mentions neural networks: Since the early 1990s when the first practically usable types emerged, artificial neural networks (ANNs) have rapidly grown in popularity. They are artificial intelligence adaptive software systems that have been inspired by how biological neural networks work. They are used because they can learn to detect complex patterns in data. In mathematical terms, they are universal function approximators,[39][40] meaning that given the right data and configured correctly, they can capture and model any input-output relationships. This not only removes the need for human interpretation of charts or the series of rules for generating entry/exit signals, but also provides a bridge to fundamental analysis, as the variables used in fundamental analysis can be used as input. And according to the article for fundamental analysis: Fundamental analysis of a business involves analyzing its financial statements and health, its management and competitive advantages, and its competitors and markets. When applied to futures and forex, it focuses on the overall state of the economy, and considers factors including interest rates, production, earnings, employment, GDP, housing, manufacturing and management. |
|
|
|
|
Show Posts
