Bitcoin can never be a mainstream currency unless you want maximum regulations to be applied to it. Do we really want that?
If we don't, then we admit we are pirates, and we will need the network to be decentralized, which means that the nodes must be accessible for the average joe, which means if the blocksize is too big we are fucked.
Then what's the fucking point of all this? To just sit here and be cryptonerds? How is Bitcoin going to be a great investment, or make the world a better place if its not going mainstream? Is gold mainstream (in terms of used as a currency?) Does the fact that it isn't, make it a bad investment? (and with bitcoin, all things equal, the marketcap is so small that it's the same as getting in the gold rush at the beginning). Is bitcoin insanely more convenient to use to move wealth in big distances than gold? Please think. |
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Bitcoin can never be a mainstream currency unless you want maximum regulations to be applied to it. Do we really want that?
If we don't, then we admit we are pirates, and we will need the network to be decentralized, which means that the nodes must be accessible for the average joe, which means if the blocksize is too big we are fucked.
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I would like to share an hypothesis.
With enough asics a group of miners could offer/sell an alternative to SWIFT for banks?
The group could settle a secret agreement with some banks to raise a few billion US$ for their hash capacity (they would have to leave bitcoin).
They would need something like 40% to 50% of bitcoin hash rate to avoid attacks (Bitcoin unlimited is in almost 40%?).
They would have to keep building asics to keep hash capacity in bitcoin level. Or build even more.
Them we would live in a world with 2 major coins. Both only vulnerable to each other hash capacity.
The miner (banks backed) would have lot of budget to keep pumping asics until bitcoin is forced to change POW or other mitigation strategy.
The group would guarantee its future in asics manufacturing and operations and would īt care if bitcoin fails. Quick $ with low risk. As it would have a signed contract with major banks to back them.
Actually this group of miners would gain with bitcoin suffering.
Banks could have a chance to have its own SWIFT and damage bitcoin considerably, gaining more time for their fiat party, with very low costs for them(comparing to acquisitions we are seeing today and the SWIFT value)
I have no doubt banks are plotting something sinister with hashing, but what does this have to do with the blocksize? I'm not seeing the connection...can you explain? Isn't it obvious? Easy. 1) The banks push bitcoin unlimited 2) Bitcoin unlimited gives miners the control of the blocksize. 3) Miners can be easily bribed by big enough pockets. 4) Banks control bitcoin through the bribed miners which enabled software that gives them control (which gives the banks control thought them). Banks having control over the blocksize can cause havok at will in the community. They can choose to centralize the network or they can choose to kill bitcoin. Therefore, our defense is to not give blocksize control to miners, in other words, reject bitcoin unlimited like the plague. |
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As we know, it Bitcoin it's recommended to not reuse addresses. Im trying Ethereum for the first time, im syncing using the Parity wallet. I got the "account" created. Is this "account" the same as an "address" in Bitcoin? or do I have to create a single account each time? in Parity it asks you for a password for each account, which is annoying... why not have the same password for everything so you can create addresses with a single click? im confused. How do I manage the sending and receiving addresses just like in Bitcoin Core? According to this: http://ethereum.stackexchange.com/questions/1114/is-it-safe-to-reuse-ether-addressesYou should not reuse them. So this means I need to create a new "account" each time? eeh edit: mods move this here: https://bitcointalk.org/index.php?board=67.0 |
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I've spent the night sleeping on an uncomfortable sofa because I didn't want to sleep next my computer fan, and all for nothing because this thing was at 7% only. I closed it and opened it again, back to 0%. My chainstate folder is 6GB. Fuck this thing. I wanted the Bitcoin Core equivalent for Ethereum and I've only experienced frustration thus far.
Is there any safe way to store ETH any other way? by the time I get a functional Ethereum wallet going Vitalik will have gained weight.
Synchronisation of my client took three and a half days. Closing the client and reopen it made the synchronisation progress report sometimes kidding for a while. Let the synchronisation run, run, run. Relax and no haste. If needed, store your computer outside your sleeping room... No haste? this was supposed to be a move to protect from BTC shitstorm, I need it to be quicker. What about parity? i've read it syncs faster: www.parity.ioI downloaded InstallParity.exe, but I don't know where I can verify the checksum of this file to guarantee I downloaded the real file.. am I taking crazy pills? why is it so hard to get things done right? EDit: anyway I figured it out. Downloaded it from here: https://github.com/paritytech/parity/releases/tag/v1.6.4The MD5 from the parity.io website is not the same, so I would be worried if I downloaded it from that site but whatever. |
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I've spent the night sleeping on an uncomfortable sofa because I didn't want to sleep next my computer fan, and all for nothing because this thing was at 7% only. I closed it and opened it again, back to 0%. My chainstate folder is 6GB. Fuck this thing. I wanted the Bitcoin Core equivalent for Ethereum and I've only experienced frustration thus far.
Is there any safe way to store ETH any other way? by the time I get a functional Ethereum wallet going Vitalik will have gained weight.
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The miners are the only part of the Bitcoin ecosystem with a vested interest in Bitcoin.
All other entities that are part of the Bitcoin ecosystem can easily and quickly move onto various altcoins and/or other business ventures.
Your premise assumes that bitcoin miners cannot get bribed to have opposite interests to what would be considered vested interests in bitcoin. If you own the PBOC and you want to destroy bitcoin, and you have trillions of dollars and you can bribe the chinese miners into doing what you want (in this case, support a HF that will damage bitcoin's network effect massively and introduce dodgy software that will bring uncertainty), how does your thesis still apply? Since global attackers with enough resources can bribe miners into going against bitcoin's best interests is a possibility, your premise is no longer valid. Not to mention you are assuming miners are smart enough to take sound decisions about how to scale a network like bitcoin when as they have demonstrated, all they can think about is short term profit. So again, someone with enough resources to pay the miners more money than they would make by being good actors with "vested interests in bitcoin" would easily make them do something that appears to be irrational if you don't consider the possibility of bribing taking place. Your assumption of miners always having good faith and never possibly doing harm is delusional and naive at best. |
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It should continue downloading, just wait a few seconds/minutes for it to start again downloading, depending on your pc. It generally eats all the cpu so everything else will be slower.
Don't forget alphabay is introducing eth in may. Raiden should be available by then.
So get this: i was at 4%, about 1,630,000 blocks left. I close the program, open it again, and im at 0% 550,000 blocks left. This is nonsense. Wtf is going on? Edit: So it went from 520,000 blocks left 4% or something like that back to where I left about 1,630,000 blocks left 0%, now at 1588,800 blocks left 4%... seems like the way the GUI shows remaining blocks is a bit of a mess. Anyway im not going to close it again, according to the folder im making progress, its getting filled with 2mb files. By the time im done it's going to be hundred thousands if not 1+million 2mb files in the chainstate folder... I wonder how good this is for disk fragmentation. The bitcoin core blockchain in the chainstate folder it also has similar files of same size but my synced node has about 1000 files, this is 4% downloaded and has 2600+ files... |
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Ok I downloaded this one: https://github.com/ethereum/mist/releases/download/v0.8.9/Ethereum-Wallet-win64-0-8-9.zipI fired it and went out for a walk, when I came back a couple hour later it was near 50, I closed it to do something cause the thing was taking 2+GB of RAM, now I opened it again and im back to 0%. What the fuck? I closed it pressing the "x" in the corner of the window.. wtf Also how many peers should I be getting? it fluctuates around 3 to 8 ish all the time.. Edit: this is going to take forever, im still at 0%. Im waiting to reach 1% so I close it again by pressing "ethereum wallet -> "quit ethereum wallet" and see if i reopen it im still at 0% again.
Ethereum now is used mainly for real work, real usage, and ofcourse speculation. Thing about ethereum is, it's value is backed by everything ethereum currently means: ethereum foundation, hundreds of devs working on projects, institutions, corporations, network effect, etc. When you are backed up like this, you don't have to rely on people's faith and hope they will not dump. Because ethereum has usage outside speculation and even if all speculators would give up on it, it's value would probably still stay around 5$. Bitcoin without speculation wouldnt exist, nor any other public crypto project.
I disagree. Bitcoin would still exist because it is the leading coin in the dark web. How else people are going to buy drugs? Let's not forget that. You may aim to other coins but they are still too niche, bitcoin network effect is too strong. Anyone wanting to get paid ransomware, drugs etc, will ask for btc. |
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Choosing an ethereum wallet is so confusing. I can see people having an headache with this if they move from BTC to ETH. Is Mist the official Ethereum wallet with the full blockchain? how big is the blockchain? Why is there also "Ethereum Wallet"? Parity? Geth? wtf is this? cmon. Whats the Electrum equivalent for Ethereum? and what is the Bitcoin Core equivalent for Ethereum? Edit: Thanks @mining1 i just saw at the end of your message. "ethereum wallet. 0-8-9". What is the official link so I don't download crap? Also how big is the blocksize? and the wallet.dat equivalent file would be that .json file? Edit2: Anyway I guess the github would do: https://github.com/ethereum/mist/releasesThey should have it explained clearly, that Mist is the same as Ethereum Wallet without the browser features. Also there should be a nice page like bitcoin.org with everything nice and clear, github is too alienating for noobs. Yeah once I realized the alliance won't be transacting on the public chain it made that news have far less weight than it did when I originally heard it. Sure it's a good endorsement of Ethereum and I'm sure they will contribute code back to the project, but they won't have much of a reason to buy ETH or make sure the public network can scale if they are using it in private networks.
There's one thing you don't understand. These corporations, institutions, they are all pragmatic. If a specific project will work the same on a private chain, then they will deploy it on a private chain. If it is better suited to work on public chain for any reason ( one example would be transparency ) then they will deploy it on the public chain. All these corporations want to maintain compatibility with public ethereum chain. It's written in the vision paper. So, some projects will be deployed on private chains, some on public. Depends on their needs. https://www.infoq.com/news/2017/03/Enterprise-Ethereum-VisionNo matter from what angle you're looking at it, the conclusion is this: ethereum is generally accepted as the default standard for a public chain development, that's why EEA was formed. About bitcoin. Several months ago i thought about investing into BTC. You know, i wanted to hold it for a few years then dump after the halving. Sounded kinda ok-ish. But now, the risk/profit is so great there is no way i would do that. Ethereum now represents 25% of btc's cap. Ethereum has the market cap of btc in 2015. r/btc's mod, singularity87 said that if BTC drops 2x and ETH goes up 2x, then ethereum will be worth more than bitcoin, and he is correct. Proof: https://www.reddit.com/r/btc/comments/617vqk/btc_dominance_below_70_for_the_first_time_at_697/confidence...?
to be honest, Im starting to consider fiat safer than cryptos for now, due to btc forking possibility. So im reducing bitcoins holding in favor of dollars - of course, I will buy them back at some point later - after the dust settles and winners are clear.
You are right, fiat is always safer. But fiat doesn't have 200% increase potential in the next 3 months like ethereum does. Raiden will make it into the first scalable project, ever. And 400% increase potential if people dump BTC for ETh in the panic that will follow. After the dust settles..bby, are you for real ? If ETH reach 50-70% of BTC value untill then it will be game over for BTC. It will lose it's magic, people won't see it as The Blockchain anymore because the reality already started to kick in. After this civil war started many already started to question their faith in bitcoin and looked for alternative. You are underestimating the huge number of BTC bagholders that have no ideea how bad bitcoin currently is, technical wise. There's are shitloads of btc holders everywhere that think exactly like this: But i don't understand why ether is worth billions, it can't be used to buy anything. Bitcoin is a store of value. This is the reality, most people are the average joes that don't research. You don't have to be programmer to research and learn these things. @thejaytiesto i use latest ethereum wallet. 0-8-9. It takes about 1h for full sync, assuming you delete the old blockchain. It depends on your computer and internet connection though, i have a SSD and i can dl with up to ~10mb/second. Ethereum light client will be released very soon, in june. There are -fast sync commands but you'd have to look for them on reddit, i never used them tho. EDIT: Apparently segwitt is bugged aswell https://twitter.com/digitsu/status/845119600907866113Segwit is not bugged, they are discussing something that is intended to work like that and using it to FUD as usual on r/btc About the BTC civil war, what makes you so safe about ETH long term tho? There could be more ETH civil wars, for example, a big DAO type disaster, then 50% of people saying "let's bailout" and other's going another route. It would be ETH/ETC nightmare all over again. Also doesn't the turing complete thing make you a bit uncomfortable with possible unknown exploits? |
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Sure it's a good endorsement of Ethereum and I'm sure they will contribute code back to the project
Money is formed from public CONFIDENCE that someone else will accept it. The above increases CONFIDENCE, thus it is increases the number of people who are willing to hold it. Then there are a lot of other reasons to want to hold ETH right now (chart pattern, many developments coming to fruition, BU's attack on BTC, ETH is a high liquidity token). What software are you using to store the ETH? I assume you aren't leaving them on poloniex. Is there any lightweight wallet that I can trust to store them a month or two? I have been considering getting some for last couple of days but BTC keeps dipping below $1000 then going up again, and ETH just hit an ATH so I wonder if there will be a dip... thought call. I guess I will get in as soon as I figure out how to safely store the ETH. I wouldn't like to store another huge blockchain on my HD tho I have enough with Core. |
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BU has been proven to be technologically nonviable by a lot of people with good creed by now, it is clear that someone is benefiting by pushing this hell into the community, and definitely that isn't us, the users.
BU implies some nasty changes in the protocol, as you mentioned, the total supply cannot be static.
Of course, BU drones will never mention that or bullshit their way around it.
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As you know, I am willing to give you a fair chance, since you have been here for years and seem to be onto something. Of course, the natural skeptic on me and also the experience of seeing endless scams in the altcoin world by people that claim to have the next big thing makes me wait to see the code and how experts react to it before I get excited about being an early adopter and future multi millionaire of the "next bitcoin", I think this is understandable specially for someone that isn't an experienced coder so aren't 99% of people so we can't simply sit back and read the code, we will have to rely on peer reviews from trusted coders.
About BTC going south... well, in my case that wouldn't be good. How im supposed to invest in your project if I lose my money? my entire portfolio is on BTC right now because BTC is the best way to buy into any other project in this field (problem is, no other project is really worth risking BTC at thus far). Yeah ETH is considered as a short term hedge, but ultimately ETH doesn't solve any of the fundamental BTC problems and has added risks so I don't have confidence in moving there.
I don't want to go into fiat, because as soon as I do, i'll get raped by taxes and not only that, but the added risk of account confiscation since more and more banks are blocking transactions linked to bitcoin.
To be frank this is a clusterfuck since I've got this decent 5 figure wealth in bitcoin which is not much but for me is a lot, and I don't know what to do with it. Nothing feels safe, and even under the storm of the Jihan Wu hard fork attack, bitcoin still feels like the safest option since the possibility that ultimately there is no HF is also real (or BUcoin getting instadumped and BTC recovering quickly by all the people that has been dreaming about getting in the bitcoin train cheap jumping in aka FOMO)
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ETH is one of the few I consider to diversify a bit, even tho I don't really like the current price, but I may enter if there is a 50 USD resistance and a dip.
Im just too lazy to learn how to store every altcoin. How does this thing work? I don't want to be holding it on Poloniex. Holding ETH is already a stress, holding it in an exchange is just nuts.
Do I need to download the entire blockchain, or can I relatively safe hold them with something else? (like Electrum for bitcoin)
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Just give us something like BTC, without the constant storms brewing. If proper electronic cash can exist then everything will be built around it organically IMO. I still believe the killer app is decentralized money. If the PoW problem could be solved to avoid cartels from being formed then bitcoin would be it but that is not the case thus far as we know.
if it ain't centralised then there'll be power struggles. if it's worth something then greed is gonna descend on it with all the horrible behavior that entails. if there's a way to corrupt it, bend it, or use it for nefarious ends then someone will figure out how. the ultimate crypto will be pure machine to machine and maybe they'll be kind enough to let us use it too. Indeed, I can't fathom how to do it. All systems can be exploited. So far BTC is our best bet and core has the right idea by guaranteeing nodes are accessible to the common folk without big resources. LN has its problems but its still early and new things will keep popping, and at the end of the day it runs under a decentralized network of nodes which we can always fall back to in case LN fucks up (not so much if the network was centralized due big blocks that only corporations can handle). Of course we still got the mining cartels problem. I wonder if rules at protocol level could be added to avoid cartels from forming so a single entity can't keep stacking up infinitely and monopolizing a huge chunk of hashrate. The idea I have breaks anonymity of mining participants so its pointless... yeah I dont know. Looks like it will take another satoshi-tier inspiration to bring it to the next level. |
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One of the issues with Bitcoin and other crypto coins is the ever growing size of the blockchain, which contains every transaction.
Some coins are looking at ways around this.
Pascal is one.
Heat is another.
Are there more coins trying to do this?
As far as I know, bitcoin is (or will be soon?) be able to function pretty much as safe as reasonably needed with the pruned mode. I think you can already enable pruned mode, but you need to download the entire thing once the first time. I think they are working on this. If you hold 1 year worth of blockchain data, it should be reasonably safe. Who the hell is going to be able to go 1 year back in time anyway? Of course entire blockchain copies are always ideal and they can't disappear. Im not sure how those coins work. I remember reading about Pascalcoin but I have no idea. |
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I made 372k$ from this today alone. Feels like winning the jackpot in casino.
Did you cash out $372,000 in BTC or fiat? Until you do, it is not a realized gain. Is there enough liquidity to cash out. @thejaytiesto, just when you get jealous and bite, that will be altcoin that goes to 0 and you lose it all. IMO, you can only invest in your convictions. If you believed in a Dash-clone, then you invest. There are apparently professional groups that get together and pump coins. Perhaps @JudgeDredd_ is one of them. Why else would he have invested so much in such a risky altcoin. I didn't invest in either Dash nor PIVX, because for me the masternode concept is a very flawed technology. I don't have good advice for how to play in the speculation area. It feels and looks like rolling dice or getting involved in collusion. If our efforts and energies will be expended on those activities, then altcoins will never accomplish anything important. It is a mix of luck, the tech and circumstances. The psychology must have been "well... DASH is pumping bigly, and this is a DASH clone without all the dodgy premine shit, might as well buy it". The graph was stagnant so the buyer must have thought "it cant get lower than this anyway". There is the risk of a coin getting delisted tho, but those are usually the ones that move very small amounts of BTC. It should be all about the tech, but markets are irrational as we know and speculators are eager to make money. And obviously whales can pump any small marketcap coin out of nowhere. Let's hope your coin is an investment I can make thinking 100% im betting on something that brings actual value. I am unable to sleep comfortably at night holding any altcoin thus far. BTC is enough stress to risk let alone alts. I just want to hold a crypto where I can store value without thinking there are always clouds around the corner in the form of a HF, a smart contract DAO-tier debacle and whatnot. That should be the priority. Just give us something like BTC, without the constant storms brewing. If proper electronic cash can exist then everything will be built around it organically IMO. I still believe the killer app is decentralized money. If the PoW problem could be solved to avoid cartels from being formed then bitcoin would be it but that is not the case thus far as we know. |
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Well shit, this is 500%+ already. Why did this pump? another random whale pump and dump? It was stagnant for months, now it pumps to hell. Classic pumpy behaviour unless you can find a better reason.
Seems like the typical "good morals" clone of a coin, just like Zcash Classic or whatever. Who would have guessed this would make some people rich?
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I won some unexpected BTC the other day when I played some poker, and I may invest it in some altcoin to hedge a bit against the possibility of a HF, even tho the possibility of a HF is still very low and Jihan is just trolling. So I may get some ETH and XMR, small amounts.
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Jose Aldo got rocket by Conor McGregor. This card is just not that interesting, the Cormier card is also not that interesting in my book. I think the UFC is failing to come up with great cards lately, at least to catch the attention of the average joe that isnt a fan.
Holloway doesn't have KO power tho. So I think Aldo has the edge here. And imho Aldo winning will be much better for the UFC because he'll come after McGregor next. I can imagine the winning speech already. He'll call out McGregor. Aldo is motivated to prove he is one of the best, but McGregor destroyed his confidence, the win by McGregor was too clear, he got KO'd and that is a very bad feeling for fighters and you have it in your head for the future 2 or 3 fights. |
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