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821  Bitcoin / Bitcoin Discussion / Re: If not a "store of value" or "medium of exchange" ... on: September 25, 2019, 09:29:53 PM
It was a great idea, but it has no future.


I heard similar on slashdot in July 2010 when it was around $0.10.   You are 9 years too late with the FUD.
822  Bitcoin / Press / Re: [2019-09-24] BITCOIN NETWORK HASHRATE IN SPOOKY 40% FLASH CRASH !!!!1 on: September 25, 2019, 05:17:35 PM
~snip~
Makes little sense with how such a move could easily backfire on them and cause more damage to their operations. Miners want a healthy market to extract the most dollars out of their efforts.

It looks more like that there was a team effort of news outlets to create a market scare by spreading this nonsensical news, which might be financed by deep pocket investors/traders heavily shorting the market.

At the end of the day, the drop in hashrate was negligible. I have seen worse drops in hashrate, and these drops weren't covered as aggressively as the minor drop we see news outlets cover right now.

Doubt that news outlets can create a FUD so fast that it can make miners bail out by this fast. I'm talking about here is that miners being traders in the crypto industry after all miners are not only mining Bitcoin for a living they also trade their Bitcoin in the market and they can make loads of cash by shorting it. They won't create FUD in the market through news but through the lost in hash rate they made in the market which is very effective seeing on the price we have now. I'm just looking all the possibilities here and miners cashing out big by creating FUD is one of them.


The statement wasn't that it would create a scare to make the miners bail out, but a market scare

I don't believe anyone with any understanding of how bitcoin works believes for a second that hash rate dropped by 40%.  As has been discussed up-thread and elsewhere this is likely due to poor logic and calculations on these web sites by not using a long enough rolling window to show the current hash rate.  In ~10 days at the next difficulty adjustment, the truth will be obvious.

823  Bitcoin / Bitcoin Discussion / Re: Why do we need anonymity? on: September 25, 2019, 02:51:28 PM
Anonymity isn't anything good, especially not in the cryptocurrency world. To be honest, I feel definitely safer when I use a cryptocurrency exchange with mandatory registration and verification. It's all about users' safety. Now I use CoinDeal and I'm glad that every user need to be fully verified to trade. It makes me calm. So, if we were anonymous everywhere on the internet, it would be a huge risk of scams etc.

If you feel the need safety that you can't provide for yourself, just stick with fiat and credit cards.  Please don't import the training wheels from there into the Tour de France, it only slows those athletes down.

824  Bitcoin / Bitcoin Discussion / Re: Why do we need anonymity? on: September 25, 2019, 11:03:00 AM
I agree that we don't need anonymity. But, we shouldn't be controlled. So, I like the decentralization part a lot. And not interested about anonymity. I have nothing to hide and no one to fear.
However, I don't like to let any one to have a controlling device.

WE?  Speak for yourself.  The nature of freedom is that there are inalienable rights not subject to the whim of the majority. Freedom of expression is one of them.

If you value freedom, anonymity is critical. If you value control and authoritarianism (fascism, socialism, communism etc) you don't want anonymity because it will interfere with your control over everyone else.  Control is a siren song, but the odds are you won't be the one in control, you'll be the one controlled.
825  Bitcoin / Press / Re: [2019-09-24] BITCOIN NETWORK HASHRATE IN SPOOKY 40% FLASH CRASH !!!!1 on: September 25, 2019, 10:07:26 AM
In reality, the hashrate dropped MAX 5% if you calculate based on a longer span of blocks, which is very normal. If we go back to the silly metrics a lot of news outlets use, the hashrate PUMPED 30% after that FLASH CRASH. Why don't they report about that? Clear example of how news outlets want to scare off their clueless readers.

Estimated difficulty increase in ~2 days is +7% lol.... What a flash crash that was....  Cheesy The only REAL crash was the price today that went down by $1500.

I agree. Well, we should understand that the media are all after getting the attention of the readers or traffic so emphasizing on the good news is not on their resume plus they know that people are mostly interested with bad news anyway. Now, having said that, I am a little bit moved that Bitcoin is now back at the $8600+ level though I know that a dip is a good opportunity but we know that the market can be reacting to some worrisome concerns. Is the price crash connected to the hashrate decline?

Exactly. If one starts measuring just after one block and ends just before the next, the apparent hash rate would be zero - no blocks were found. If I start measuring just after block A and then end just before block C with B in between the hash rate would be much less than if I start measuring just before block A and just after block C.  If this persisted over 24-72 hours, it might be meaningful, otherwise it is quite likely to be noise in the data.  When you have one block in around 90 minutes and a small enough measurement period, it might appear to have a lower hash rate when in fact it is pure variance in finding a block.

The click bait, FUD type articles are rampant.

826  Bitcoin / Bitcoin Discussion / Re: Why do we need anonymity? on: September 24, 2019, 05:59:45 PM
You don't want anonymity, publicize everything about yourself, but don't use force to impose your whims and beliefs in the rest of us. 

An animal lives in a state of perpetual transparency, a human does not if the human wants to be free. Just because you don't care about your liberty, don't sell the rest of us down the river to assuage your conscience.
827  Bitcoin / Press / Re: [2019-09-23] CEO of largest alternative investment firm vows not to buy bitcoin on: September 24, 2019, 02:11:08 PM
Exactly. And I'd also add that a block chain in its own isn't worth a lot if the block chain isn't secured enough by something of value that helps to preclude it being rewritten in a reorganization.  The value of bitcoin helps secure the bitcoin block chain due to POW costs.

there could be some value in distributing consensus among a federation of validators rather than depending on a single trusted authority like traditional systems. this can obviously be done at exponentially lower cost than POW, with the obvious caveat that it's much less secure because trust is involved. so maybe there is some middle ground. i'm not sure.

the mining incentive in bitcoin reflects the value of the underlying money supply. perhaps there are use cases where businesses/consortiums don't need the type of security that a $180 billion market cap entails.

I agree it is much less secure.  And one doesn't need crypto for that. There are plenty of solutions that don't need crypto to reach trustful consensus.
828  Bitcoin / Press / Re: [2019-09-23] CEO of largest alternative investment firm vows not to buy bitcoin on: September 24, 2019, 02:08:08 PM
Exactly. And I'd also add that a block chain in its own isn't worth a lot if the block chain isn't secured enough by something of value that helps to preclude it being rewritten in a reorganization.  The value of bitcoin helps secure the bitcoin block chain due to POW costs.

there could be some value in distributing consensus among a federation of validators rather than depending on a single trusted authority like traditional systems. this can obviously be done at exponentially lower cost than POW, with the obvious caveat that it's much less secure because trust is involved. so maybe there is some middle ground. i'm not sure.

the mining incentive in bitcoin reflects the value of the underlying money supply. perhaps there are use cases where businesses/consortiums don't need the type of security that a $180 billion market cap entails.

However, it might be similar to Ripple. Who decides if someone can be a validator or not? In Ripple, it is the people in the company behind Ripple that decides who is included in their federation of validators.

In which case it is a centralized coin that can be pressured to behave a particular way. Might as well have a centralized database.
829  Bitcoin / Press / Re: [2019-09-23] CEO of largest alternative investment firm vows not to buy bitcoin on: September 23, 2019, 09:46:00 PM
I just don't get how people could seriously believe in that.

Investing in 'blockchain' is no different to any other VC crap other than the fact that you are 100% guaranteed to set your money on fire rather than 99.8%. Investing in a real live crypto is awful scary doncha know.

It's a get out clause. You look vaguely hip without having to actually nail your colours to the mast.



Exactly. And I'd also add that a block chain in its own isn't worth a lot if the block chain isn't secured enough by something of value that helps to preclude it being rewritten in a reorganization.  The value of bitcoin helps secure the bitcoin block chain due to POW costs.

Block chain alone, without value is not worth a lot.
830  Bitcoin / Press / Re: [2019-09-23] CEO of largest alternative investment firm vows not to buy bitcoin on: September 23, 2019, 10:15:14 AM
...

Schwarzman says he doesn’t get why anyone would want or need a currency that’s not controlled by governments and banks, and he’s concerned about Bitcoin’s use among criminals.
...

Just ask the people of Venezuela, Cyprus, China, Hong Kong, Zimbabwe, Sudan, Turkey, Iran and Argentina recently and Cuba, North Korea, Germany, etc in the past if you want to understand why one might want to have a currency not controlled by governments and banks.  Plus transportable across borders.

831  Bitcoin / Press / Re: [2019-08-05] Bitcoin Morphs Into Unlikely Sanctuary As Market Turmoil Rises on: September 22, 2019, 01:29:57 PM
Hm... Not so sure about this, I doubt bitcoin can be seen as a very safe investment at all, it's definitely not stable and I doubt a lot of people invested in it because it was the safer option.

if you're sufficiently adept, your BTC is safer than your bank account money

Yes, only one moment is the “if.” You don’t worry about your money in the bank. And the bank is responsible for your money. I’m sure that there will be national crypto banks,

Just like the people of Cyprus who didn't worry about the money in their banks in early 2013.  Then how much did the government seize?  Just like the people of Venezuela, Argentina, Cuba etc haven't worried about the money in their banks.  How much of the value was inflated away?  99.999999999999% in Venezuela. Only 95% in Argentina depending on when you start counting.

832  Bitcoin / Bitcoin Discussion / Re: Why will BTC halving stimulate price growth? on: September 20, 2019, 08:22:17 PM
Every 4 years, the block reward drops in half, which is commonly known as the halving event.

The current block reward is 12.5 BTC being minted roughly every 10 minutes.

After the halving, only 6.25 BTC will be minted every 10 minutes.

This means that there will be fewer coins being sold by the miners.

Supply drops, demand stays the same. Price goes up.

How does supply drop?

There is currently 17'947'512 total bitcoin available. Out of those 17'947'512 around 3% is being traded daily. There are still 97% left in supply to be traded. Okay lets say there is still around 80% left due to the fact that lots of bitcoins are lost somewhere never to be found.

So where does this shortage of supply comes?

Why should people suddenly start buying more BTC?



New supply drops because the number of coins created per block is cut in half, as explained above.

There is no guarantee it will impact price, in fact at the past halvings it hasn't immediately it has been months that it occurred because people have anticipated it.  If miners are selling many of their newly mined coins to cover costs and the number of new coins available on the market immediately drops by halve while new demand for coins remains the same, something will change in order to reach equilibrium of supply and demand.  Often that is price: half the number of new coins, unchanged demand for bitcoin means price increases.

Your static analysis ignores the fact that someone is purchasing the new supply and the number of coins available does not remain 17,947,512 but increases every block.
833  Bitcoin / Press / Re: [2019-09-03] 'Big 4' Giant PwC Accepts BTC in Filthy-Rich Tax Haven Luxembourg on: September 20, 2019, 10:18:08 AM
'Big 4' Giant PwC Accepts Bitcoin in Filthy-Rich Tax Haven Luxembourg
...
Read more: https://www.ccn.com/pwc-luxembourg-bitcoin-accepted/

I love how a supposed news operation blatantly editorializes in their title.  I could understand a bit more if it was an editorial of course, but this purported to be a news item.  Seems it could be written by people who are enviously coveting and missed the boat on bitcoin.
834  Alternate cryptocurrencies / Service Discussion (Altcoins) / Re: 90% Discount On Buying Bitcoin On KuCoin Exchange on: September 13, 2019, 06:59:29 PM
150 BTC total?  If that is all they can afford I'd question the viability of the exchange.
835  Bitcoin / Bitcoin Discussion / Re: Ex-Trump Advisor Steve Bannon: ‘Global Populist Revolt’ Helps Crypto on: September 13, 2019, 06:57:03 PM
Libra is a different beast. It's not decentralized and not censorship resistant.  Crypto is important because it takes power away from self-appointed power-hungry people and gives it to the regular people making it harder to take from them by force.  It's about freedom versus control. Authoritarianism versus liberty.

836  Bitcoin / Bitcoin Discussion / Re: [2019-09-10] CNBC’s Ran NeuNer Nails One of Crypto’s Biggest Flaws on: September 11, 2019, 02:35:29 PM
Perhaps the flaw is in the way Ran is explaining it?  Few people need to know how the internals of bitcoin work.  Few people, for example, need to understand that "addresses" really don't hold bitcoins, but bitcoins are a product of inputs and outputs.  People don't need to understand how CPU, GPU and now ASIC mining work specifically, just that it is a complicated function that can't be forged which provides security to the network.  The details don't matter. 

Just as the average person doesn't need to know everything about fiat, from the anti-counterfeiting protections, to how banks transport cash, to how the central banks inflate value away (they should know that part), etc.  Or most people couldn't explain all the parts of an automobile engine, or the internals of a television.

So, it isn't a flaw in bitcoin, it is someone with a poor understanding of what people need to know not doing a good job explaining what they need to know.
837  Bitcoin / Press / Re: [2019-09-07] Bitcoin Trading is now Banned in Burundi on: September 08, 2019, 02:23:25 PM
Trading vs using vs holding for investment purposes vs development vs ... .

At least (assuming the article is accurate which is often doubtful) they are leaving several options available.  Not that it really matters to the world at large, but probably really matters to their citizens.
838  Bitcoin / Bitcoin Discussion / Re: Cheaters . who caused the cryptocurrency to go down on: September 07, 2019, 11:07:10 AM
What do you think about the project that spent a lot of money to advertise but was taken advantage of by cheater, I saw a person who created a lot of accounts to cheat and eat over 5000 $, there are really a lot of very good projects. but it is these fraudsters that cause those projects to die. I think there needs to be a company specializing in combating fraudsters. Cryptocurrency can grow

It's actually long overdue, the industry needs transparency and regulation, but the big question is the structure and who will run the regulation, and how transparent they are going to be, remember we all thought rating sites are going to help us scrutinize every project, but they end up conniving wit these dubious projects.

IEO is a lifesaver for investors if not for this, investors will turn their back to crowdfunding and they will just buy coins in the market.

It isn't really clear what OP is talking about, but the industry just needs people with common sense.  People who think it is reasonable to "earn" 5% per day with no risk don't have that.  Likewise these projects if they are awarding coins without doing some due diligence have no reason not to expect to get taken advantage of.  It is the projects that need to reform their practices.


839  Bitcoin / Press / Re: [2019-09-02] Argentina capital controls, a strong case for bitcoin on: September 06, 2019, 09:43:38 AM
@cr1776. It will then be their political class' fault if they lose the trust of the people. In the next election or the next change in regime, the people will choose the opposite of the incumbent. I have read about a country electing a murderer for a president. I reckon the president before him must be learned, belonging to a political class but very corrupt and who failed his people.

It may be the political class' fault but if the history of Argentina tells us anything, the people won't choose the opposite, they will choose more of the same:  voting for the people who promote envy and promise "free" stuff.

840  Bitcoin / Press / Re: [2019-09-02] Argentina capital controls, a strong case for bitcoin on: September 05, 2019, 10:57:10 AM
If Argentina will use bitcoins in order to build economic potential it will be just fine, both for traders and for the country itself

Argentina won't. Their power-hungry political class won't let them.  They have demonstrated that for many, many decades.  Likewise, many citizens won't let them because they want "free" something so they'll continue to vote for socialism, fascism etc because they are greedy and want someone else to pay for their own choices and the consequences of those choices.

Individual citizens of Argentina might do so though, through self interest and individual choice.  That probably won't save Argentina, but it will save those people who are smart enough to make intelligent choices.

Nothing will save Argentina, Venezuela or anywhere else in the world as long as people think they have the right to vote themselves money that someone else earned.

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