Hey Guys,

I'm kind of new to running bitcoin core node, so apologies for the newbie question. It seems there is no button to update the program. Is this correct?

I was able to update it by simply downloading the program fresh but surely it would be more efficient to have an update feature built in.

Is this something that needs to be raised with devs?

Cheers
Pat

Hi All,

It seems to me that people are incentivised to move towards a deflationary monetary system because if they just hold their money and do not spend, their unit of currency is worth slightly more over time. Particularly in contrast to inflationary monetary systems that most of us come from.

If you're a government, you're not going to aim for deflation because it means people will stop spending money in your economy and your economy will fail.

However, if you take the environmental conservationist standpoint, this could be seen as a great thing. It could curb our rampant consumerism & over consumption because everyone is incentivised to save.

Do you agree with my premise?
Would it be a good thing?

I look forward to your thoughts.
Thanks

Hi,

I posted this topic in the beginners section but didn't receive much advice other than being advised to run a virtual machine. Could you guys help me understand this:

I would like to run a bitcoin node and I'm also considering using bitcoin core 0.15. I feel like they have good development but my understanding is that if every node is running the same software, then it leaves the network vulnerable to attacks if there is a vulnerability in that particular software. So, my questions here are:
1. Should I only run a node if I have an educated opinion about protocol development? i.e. if there is a proposed change and I don't know precisely if the proposal is a good thing for the network, would I be inhibiting the network?
2. Should I consider running node software that ISN'T core, so as to "decentralise" the network in that regard?
3. What are those alternatives called?


My computer is only a relatively new build and I can see no evidence of any viruses,malware etc., however I do use it for general internet browsing and it's basically impossible to know if my computer is infected. If I was to run a bitcoin core node and utilise the core wallet:
 - What procedure do you recommend to scan my computer for viruses/malware? Is a reinstall of windows sufficient? Is it more secure to run linux as a second operating system for this purpose?
 - (although I don't see this scenario occurring for a little while) Is it possible to use the funds in that wallet away from home? (i.e. using a phone app or something?)
 - As I have been advised to use a virtual machine: If my local computer is affected by some type of virus, wouldn't the virtual machine also be vulnerable?

I look forward to hearing from you.
Thanks and kind regards,
Pat

Hi,

A couple of questions:

I would like to run a bitcoin node and I'm also considering using bitcoin core 0.15. I feel like they have good development but my understanding is that if every node is running the same software, then it leaves the network vulnerable to attacks if there is a vulnerability in that particular software. So, my questions here are:
1. Should I only run a node if I have an educated opinion about protocol development? i.e. if there is a proposed change and I don't know precisely if the proposal is a good thing for the network, would I be inhibiting the network?
2. Should I consider running node software that ISN'T core, so as to "decentralise" the network in that regard?
3. What are those alternatives called?


My computer is only a relatively new build and I can see no evidence of any viruses,malware etc., however I do use it for general internet browsing and it's basically impossible to know if my computer is infected. If I was to run a bitcoin core node and utilise the core wallet:
 - What procedure do you recommend to scan my computer for viruses/malware? Is a reinstall of windows sufficient? Is it more secure to run linux as a second operating system for this purpose?
 - (although I don't see this scenario occurring for a little while) Is it possible to use the funds in that wallet away from home? (i.e. using a phone app or something?)


I look forward to hearing from you.
Thanks and kind regards,
Pat

Hi All,

It seems to me that bitcoin will have a problem in becoming mainstream because it will feel more expensive to use than standard fiat.

With a normal Visa or MAstercard, the vendor bears the cost of using that payment method. In some cases they will add a surcharge or have a minimum charge (i.e. eftpos only available for purchases over $10.00) but in many cases, the vendor simply bears it as a cost of doing business and the customer doesn't see that cost. Maybe the total price of the goods or services factors for this cost but the customer won't see it.

In the case of Bitcoin, it seems to me that the transaction fee is always worn by the buyer and that would make it simply feel more expensive.

I understand there are many efforts for transaction fees on bitcoin to be minimised to improve scaling but it doesn't seem practical that transaction fees will ever reach zero. In the current fiat system, you don't have to pay a fee to use it (in most cases), so it means there is a lack of incentive to use bitcoin for everyday transactions.

How do you guys think about this problem?

Cheers

Hi Guys,

I've been thinking about the recent hard fork of bitcoin and how it produced bitcoin cash.

People often draw the comparison from Bitcoin to gold due to the limited supply constraint. However, if hard forks continue to occur, then it seems like the bitcoin supply is increased i.e. 21,000,000 bitcoin (eventually) and 21,000,000 bitcoin cash (eventually) and with potential for this to reoccurr over and over if the bitcoin community fragments. In my opinion, another hard fork seems likely at some point over another contentious issue.

I know that the idea is that the less successful version will eventually be supported less and slowly die, but in my eyes it hurts the "scarcity" aspect of bitcoin. Also, it worries me that value could swing from one fork to the other rapidly and kill a person's investment. I know it's a volitile market but I feel like this bug slightly undermines bitcoin...

Whereas, there's no way to fork or duplicate gold.

Does this affect the long term "scarcity" prospect of bitcoin or is there some other technical aspect I'm not considering?

Cheers

Given that Bitcoin transactions are touted as being non-revisble, is it likely to be a big hurdle for large financial institutions to get on board with Bitcoin?

i.e. if a bank staff member transfers all the bank's bitcoin into the staff's private wallet and the transaction is in no way reverisble, the bank would be up s&*t creek. They could fire the employee and maybe the government in their country could put them away in gaol (jail) for the theft but the bank probably wouldn't get their money back.

Is this a barrier to entry for large financial institutions from getting involved with Bitcoin or just technical step that can be solved?

Thanks and kind regards,
Pat