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Neglecting all the crypto techs that gives bitcoin its security as well, the extraordinaer thing is the monster hashpower it has combined with the backing investments at stake that ensures (Game Theo spot on) all 'users' security.
Security is a matter of order and disorder.
It is very costly to acheive order in our universe ( lookup Shannon Entropy or physics thermodynamics)
This energy is actually spent all day to our bitcoin ensurance.
Lookup how big this is in real and compare it to any other (off-chain) crappy systems there are out for competition.
it is MAGNITUDES !!! I estimate 10^9 or higher.
Why the hack we restrict that power to run only 1MB blocks?
And let crappy stuff compete better?
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Next: In the software world, there are
1 Real users Task: Come up with ideas, put it into requirements, contract devs, pay and implement, earn more money
2 Devs task: build, fix bugs, beers
3 Trolls and Taxmen, and Hodlers
Who are 'We Users' in bitcoin? Most of us are 3, few are combination of 1,2 and 3.
Figure out, who is 1 and buy you a miner. 2: listen to 1.
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Due to Satoshi, Bitcoin is a peer to peer network. Removing mainly central banks and ord banks, payment processors, clearers...
Things are good and it works if you deal on the streets.
Most dont, we invented new middle men
1 Exchanges 2 Market Makers, Bots (doing arbitrage, narrow the spread, source liquidity) 3 Miner Factories 4 Wallets These above we all have in use and we all have to pay somehow these middle men with bitcoin (4 are mostly free yet), but best we would get rid of them inventing / allowing competition like
1 > decentralized exchanges 2 > more bots 3 > more chip makers 4 > more userfriendly wallets
Think about 5 code business, services like Blockstream, Bloq, nChain,....
?
Anything more? It's your money, your bitcoin. Get your finance straight and enable competition!
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Just to get some people on the logic case. Next poll could be, e.g. WHY there are somtimes such funny failed proofs.
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Competition is GOOD for Bitcoin
We just are all unified witness of a competitor of core having found flaws in core and we had the other way around with BU weeks before.
Outcome ? - Good
We all allow competition with Fiat - Good
Miners against other miners - Good
Altcoin devs against Bitcoin - Shit - but hopefully GOOD
Business against others - GOOD
Ideas against others - GOOD
Allow real on-Chain scaling - GOOD
Allow 2nd layer stuff - GOOD
Allow open markets - GOOD
Allow transparency - GOOD
So finally get ready that core devs NEED competition to get better and we really need all devs HERE in Bitcoin.
First step in ALLOWING competition is STOP deleting 'wrong' posts (Ok - that might be also some part of competition of forums - but that's very childish...)
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https://youtu.be/YAcOnvOVquoi had to see this twice now but i take a 3 rd view for sure. 2:22 Starts I see a settled Matonis I see a nervous Wright He s getting in rage about scaling and governance He shows lots of insight and data ( will be distributed by Matonis) from the beginning and code pieces and annekdotes. Smart contracts, B2B, 0 conf tx,... He will offer some solutios and let the market decide to choose. He will run a pool to enforce his solutions. He answers QA and gives a hint why Satoshi Nakamoto is 'Japanese' and Nakamoto was taken from a Japanese Economist who tried colluding with the Western world. http://ajaigaur.weebly.com/uploads/6/7/3/7/6737815/delios_gaur__makino_jms_2008.pdfP. 11 = 179 ?? Finally i can only say these guys know a lot and want to make bitcoin great again.recommendet! I personally can distinguish beween emotion and calculus. So i m happy to see what comes next and I like to see a proper human discussion from my bitcoin community down here. Take a stepp back, whatch the video 2 times and post analytcally... Cheers Edit: I also beleive, if bitcoin should succeed, we have to think big and invite all big to join. Who wants to stay nichy?
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I feel very sorry for all those lemmings and average Joes when now the ICO whales and pumper put lots of wallets into deep red losses.
If you do some analysis of your own (I will not tell you my results otherwise you have chance blaming me on pumping) there is not much coins / opportunities out there to hedge into - beside Bitcoin ( and no - not Tether that is worse than fiat)- that came into market mostly silent, fair - no whales and not much pumped yet - but sadly as a result also not much volume yet. It's up to you to find out and generate some volume - bitcoin is still 'best' hedge I believe.
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I just try to find the major reasons for the very high volatility of bitcoins price we all encountered over the last years.
1) Exponential Growth ( in trust and usage)
It's clear this is a very strong reason to cause price volatility, since we have double and double of requesters that all needs to get coins from a scarce bitcoin supply. So we see price squeezes all over the time (more up than down). Further we have no or lost experience with such exponential growth process esp in money (last adoption was gold some 1000 years before)
2) Evaluation Base CCY ? I have the strong suspicion that bitcoins volatility is positive correlated to the volatility of the lowest trusted fiat currencies' volatility in the world. Sadly I cannot proof this by averaging the historical volatilities of a 'poor's currency basket' of (Zimbabwe$, Venezuela$, Egypt pound, Jemen slotty, Syria Dinar,..xyz...) but I estimate, that we have same volatility there as in bitcoin. And all people living in those countries should be way better off with bitcoin and it's vola! We just see and measure BTC/USD - volatility is high, but we forget where it's based on - on the poor ccys all together - but they are dominant here.
3) Heterogeneous / Fragmented Markets We now have some 100 different exchanges and local places where you can exchange you bitcoin against any other fiat or crypto. There is no condensed order book / matching for a trade and limited arbitrage due to capital protection of some states. I'd guess we'd see a fraction of the actual volatility, if we would have a (ideal) single world exchange, where all must trade BTC/USD (USD is just a default example for a world fiat and rest crypto ccy) .
Any other reasons you could see?
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http://www.uasfpool.comHistory repeats. So called users show they want do rather the miners business and fall back to pool -> centralization with all its problems giving up their user's power to the single pool operator? WTF should be better with this than that what we have now? Is it all about greed and power and divide and conquer? I hope if all ranters have lost their steem and learn it leads to nothing than crap we can collude and compromise....
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Cool idea - just found that and wonder if this is known. They are disruptive, give back power to farmers / seed producers and should accept BTC ! http://opensourceseeds.org/en
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Does not really make sense to me - any ideas where I might be wrong ?
If not - we might see a big dot-com like bubble burst soon ....
Sorry for warning and ripple your nipple as long as you can.
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Given, we have about 1k alts now and only a few with significant trading vol ( agreed this is fishy, but vols < 1Mio$ per day is crap) How is the distribution, still very central? Given, that we have Turing Complete Alts = TCA that should be able to mimic all we might need? Could we replace all alts with these TCAs? Or do we just need to be scammed more and more and every day like in shiny Casino industry? Pump & Dump!
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Has sombody analysed this ?
Could it be that the fee increase we see puts a inherent economical limit on the max bitcoin price by demand reducing?
And this price limit might just be around 1k (€,$) ?
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Given the 21Mio are fix (first scarcity)
And the TX number limit / block size stays fix ( 1MB = second scarcity)
All bitcoins on addresses where bitcoin amount <= TX fee stuck because fees are too high I ve seen somewhere that this might be 50% already?
This means that more or less only big junks of bitcoin are worth moving to be sold ( to exchanges ), initial from miners but also from other sellers.
Or have just stay at (save) exchanges with high security (NY BitLicence!) = high cost
But if you want to really own them and save them you should move to cold wallets (costs).
-> Buying / securing bitcoins will be harder / more expensive in the future - so price must go up and weak hands or small amount holders will be fully kicked out of this market!
-> Transfer of bitcoins may be done finally from these strong hands holders (bank + IOU - style / LN style) only!
To avoid this kind of end game, only REAL on chain scaling is needed.
Any ideas?
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Just have a look what happens to these two Alts ( and their market caps) and understand what might be good next steps for bitcoin. Agreed, it's a bit far off but attractive to think that way.
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https://twitter.com/cnLedgerGiven the fact that Chinese exchanges are really forced to ensure proper AML and KYC, also Chinese miners (in collusion) might not risk to let bitcoin be changed to be more anonymous? Could they fear with SW, LN, MimbleWimble, .... (see e.g. BS Roadmap) these tasks cannot be ensured ?
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...
- Alts work like a testnet for bitcoins (looking forward seeing Litecoin with SegWit)
- Once an alt feature looks working it might get adopted no matter onchain or in a side chain. (RSK)
- Alts mostly need bitcoin to trade and some bitcoins might be always reserved / locked for this.
- Alts might help to generate a closed bitcoin economy
My favorit comes here:
- Alts work like an infinite fear generator (Hydra) against any try of regulators to bring bitcoin down, since there are too many to kill and its very easy to just create a new one (like a Hydra cannot be killed by chopping off some heads, even the biggest one!) > crypto world is anti fragile and it will stay on this solar system from year 2009 on.
Any other things missing here?
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Finally, after this blockchain hype we see right now, attracting so many thinkers , projects and budgets, many of the intelligent will finally debunk the real power of bitcoin itself. If this is because of its feature to be a mostly uncorrelated investment class, a money transfer system or together with Rootstock on top some smart contract / dapp enabling super asset, who knows? I say it will.
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