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1  Bitcoin / Hardware wallets / Re: best hardware wallet on: August 12, 2018, 02:52:26 PM
Let's say I want to open a lightning network channel with the funds on a hardware wallet.
 - First, is it possible?
 - Do only certain types of hardware wallets support LN operations?
 - Do I need to keep that hardware wallet plugged into the computer running the lightning node while the channel is open?
Thanks
2  Other / Beginners & Help / Re: Bitcoin Core Update Function on: August 12, 2018, 02:50:29 PM
Thanks. I can see that but shouldn't it be built into the program for easier user experience?
3  Other / Beginners & Help / Bitcoin Core Update Function on: August 12, 2018, 01:47:20 PM
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
4  Bitcoin / Bitcoin Discussion / Re: Can bitcoin be divided beyond satoshis? on: January 31, 2018, 02:35:08 AM
Sorry to dig up an old topic but I had been thinking about this recently.

It would only take a 2 decimal place shift in the price of BTC before 1 satoshi is equal to approximately 1 cent. Arguably a long way off, however there are 2 reasons I think this should be taken more seriously:

1. Streaming money - Maybe 1c or 1sat isn't a small enough division to pay for 30 seconds on a song, half an hour of insurance etc.

2. 1c may seem like an insignificant sum of money for someone from a rich/developed country, however it may not be a sufficiently small division in use cases of people from poorer/developing countries.

Cheers
5  Economy / Economics / Re: Will the next crypto-depression be longer/harder than 2014-2017 ? on: December 07, 2017, 12:51:07 AM
It's crazy that the Nicehash hack hasn't even made a blip on the market yet... What the hell is going on?
6  Bitcoin / Development & Technical Discussion / Re: What does Satoshi Nakamoto's 9 page white paper mean to you? on: December 05, 2017, 12:29:09 AM
I would not compare it to the bible because the bible is terrible.

The bitcoin white paper is at least written by a very intelligent person(s).
7  Other / Off-topic / Re: Travel goals on: November 29, 2017, 05:20:17 AM
Am I the only person that feels bad for travelling due to the environmental impact? (i.e. pollution)
8  Bitcoin / Development & Technical Discussion / Re: 173000 unconfirmed transactions, 13 transactions per second on: November 24, 2017, 10:01:19 AM
They are already, look at the Bitcoin Cash pump. But just like spamming the Bitcoin network is a futile and short lived strategy, the pump money on BCash is also short lived and futile. Sooner or later Roger Ver and whoever else is orchestrating this attack will run out of money and things will go back to normal, because there is no fucking way that out of nowhere all this transaction growth is organic and not part of an altcoin pump and dump scheme.

I think you're wrong. I know people that are noobies to crypto who are buying bcash because they think bitcoin is too expensive. It's easy to imagine that this is the case all over the world.
9  Economy / Economics / Re: Is a deflationary monetary system key for the environment? on: November 14, 2017, 10:43:25 PM
If a currency is adopted by all merchants and there is deflation,the people will be motivated to spend more because all the price of goods and services will go down due to the deflation.The deflation doesn`t incentivise
saving money.Cryptocurrencies and bitcoin are completely different than fiat money.They aren`t accepted by all merchants and that`s why they are just digital "stocks" not currencies. 

I don't believe this is correct. If the currency is deflationary, it means that in the future the price tag will be lower on goods and services (as you identify). So, why would I go buy a new bike today when I could save my money and buy it later for less?

Sure, some crypto's are used only as a store of value. Bitcoin's current use case scenario seems to be best at this but it will evolve. There are so many people working on scaling up the payment side and it was part of satoshi's original intended purpose. We shouldn't limit the platform to a store of value.


Deflation destroys economies by forcing currency holders NOT to spend their money.  It is for this reason that the actual word cryptocurrency is a misnomer because it is not truly a currency at all.  Most of all cash coming into bitcoin is only used as a store of value.  If there is to be an actual cryptocurrency that breaks into the mainstream, it will have to be INFLATIONARY.  This will cause people to use the technology as it was supposed to.  This also has the benefit of keeping the price more stable instead of > 20% fluctuations on a daily basis.

Could you please detail why exactly it would need to be an inflationary coin that could break into the mainstream?
10  Economy / Economics / Is a deflationary monetary system key for the environment? on: November 14, 2017, 12:43:45 AM
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
11  Bitcoin / Bitcoin Technical Support / Re: Questions about running a node on: October 11, 2017, 12:54:28 AM
Excellent. Thank you for your comprehensive reply.
12  Bitcoin / Bitcoin Technical Support / Questions about running a node on: October 11, 2017, 12:10:28 AM
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
13  Other / Beginners & Help / Re: Where will crypto be in the future. on: September 18, 2017, 03:55:27 AM
Asking this question on a bitcoin forum will get you biased replies. The replies might not be so bullish if you asked on an stock's forum for example.

There's a lot of really smart people working really hard on BTC to improve and make it work. However, in some ways it works against the desires of very powerful entities in the world that could try and stop BTC.

Also, maybe there are fundamental flaws in the nature of BTC that inhibit widespread adoption/utility.

Think critically and don't assume:
1. The value will always increase
2. The platform will automatically become better without hard work
14  Other / Beginners & Help / Re: Couple noob questions about running a node and wallet on: September 18, 2017, 02:13:36 AM
Thanks for the reply. I think mine is just a home version.

If the host computer has some virus, wouldn't that put the virtual machine at the same risk?
15  Other / Beginners & Help / Re: Overall supply of a coin? on: September 18, 2017, 01:51:50 AM
From Wikipedia:

"Speculated justifications for the unintuitive value "21 million" are that it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number."
16  Other / Beginners & Help / Couple noob questions about running a node and wallet on: September 18, 2017, 01:24:06 AM
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
17  Economy / Economics / Re: dropping value on: September 15, 2017, 02:38:21 AM
The trade volume moved lower and now it's starting to bounce back up. Looks like it's already started a recovery. Just stay calm lol


18  Other / Beginners & Help / Re: The cost of using bitcoin on: September 04, 2017, 02:25:51 AM
It seems to me that bitcoin will have a problem in becoming mainstream because it will feel more expensive to use than standard fiat.

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.
bitcoin has been around for about 9 years now and in all this time except a couple of months (which is less than 5% of its lifetime) the fees have been a couple of US cents.

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.
you don't see the fees you pay with fiat system, that is different. when you purchase with credit cards,... the vendor pays some fees, to cover that expense they add it to the value of their goods they are selling you and you don't see it because it is not a separate thing, it looks like the real value of what you are buying where in fact a part of it is to cover the "fees".

Thank you for answering the crux of my question but I'm still not convinced that it won't be a hurdle. Even if the general population agrees that a decentralised global currency like bitcoin is the best system, it would still require a big psychological shift to accept that they will be paying a certain fraction to an unkown third party (miner) on top of the listed price.


Perception isn't reality. And once you (or anyone else) really understands Bitcoin, by using it regularly, you'll realize that it's not more expensive. Fiat is more expensive because it's worth less tomorrow than it is today due to inflation. Bitcoin as a currency is deflationary. I want it to be more valuable tomorrow than it is today, it means my spending power just went up.

And if the idea of buying fractions of a bitcoin (because each bitcoin is worth so much) bothers you, consider buying Litecoin...it only costs $70 per coin, and it's still going to be worth more tomorrow than it is today.

There's a reason that Bitcoin is currently divisible to the 100 millionth of a coin, it ensures that it will be easy to spend even when the price of Bitcoin rises. There could be a time when we're talking about buying and spending satoshi and "Bitcoin" is synonymous with having $100k or $1m.

As bitcoin is currently in an inflationary stage (and will be for the foreseeable future), I don't accept this as a reason to overlook transaction fees.

I have no problem with owning a fraction of a bitcoin. That's beside the point.

The fact that a bitcoin is divisible to 100 millionth of a coin isn't going to prevent your holding of bitcoin from eroding due to transaction fees.

I'm yet not convinced but I'm willing to hear your other thoughts.
 

Bitcoin is like gold, so it is store of value. What is more you can pay with it, invest so it is just supreme. Never doubt in bitcoin and you will be rich!

I don't think it's productive to assume you just need to hold bitcoin to become rich. I think we should doubt/criticise Bitcoin otherwise, there is no reason for it to develop/improve. It has to compete with other payment systems and if those other systems prove to have better functionality, bitcoin will get dropped and the value will drop too. Being limited in nature alone isn't going to get us anywhere.


The fee of bitcoin is normal, bitcoin was not projected as a payment method to make payments worldwide without paying fees in the first place. Bitcoin is created to make fast payments worldwide without the slightest limitation from anyone. This sentence is enough for me to pay whatever the current fee is as such form of payment without boundaries and without limitation or control from anyone is the most perfect one that exists yet.

Thank you for your thoughts. So, in that case it doesn't sound viable as an everyday payment method. If that's the case, then we're limiting bitcoin to a narrow application. Don't you think?
19  Other / Beginners & Help / Re: The cost of using bitcoin on: September 01, 2017, 02:49:49 AM
I have just changed the title from "the cost of bitcoin" to "the cost of using bitcoin"

I'm not concerned about the value of bitcoin itself. I'm just looking at the utility of it and where the cost lays in using it to transact.

Once the price of bitcoin stabilises, maybe vendors could make the price for their goods or service inclusive of the bitcoin network transaction fee.
20  Other / Beginners & Help / The cost of using bitcoin on: September 01, 2017, 01:14:11 AM
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
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