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1361  Bitcoin / Bitcoin Discussion / Re: What do the Super Rich (1%) Think of Bitcoin? on: May 06, 2018, 02:41:25 PM
Only 8% or 25,000,000 Americans have Bitcoin.

1 US Dollar = 120 Japanese Yen. Who will buy Bitcoin in other countries ??

At $800, bitcoin gets seriously considered against Gold. Super-rich people will buy gold, land, houses/mansions, factories, businesses (hotels etc..). That is how they made their money.

What does the price per unit have to do with anything? Bitcoin is infinitely more divisible than gold, so you can always set a new base unit if all you need to achieve is $800 per unit. Having a set value ignores the economics of it.

But yeah Bitcoin doesn't seem to be on the radar of the super rich at this point. I don't think it has anything to do with how much "better" the other choices are. They simply don't need to take unnecessary risks anymore, and Bitcoin is a risk.
1362  Bitcoin / Bitcoin Discussion / Re: Spot the Newbie Problems: Bitcoin or Not? on: May 06, 2018, 02:28:40 PM
Let's not forget that there's also r/btc which always has large doses of Bitcoin Cash is Bitcoin propaganda. It's very easy to stumble into it by mistake and it's going to be confusing for newbies why a supposed Bitcoin subreddit's top posts are tearing Bitcoin a new one. It also opens them up for anchoring bias.

Anyway, I thought they already corrected the BCH = Bitcoin instances in the site because of the lawsuit? If someone made a paper wallet here and sent BTC to it because it was claimed to be a Bitcoin wallet, they may get another problem in their hands.
1363  Bitcoin / Bitcoin Discussion / Re: Let's face it current main Value driver is Attention Superiority, Next comes... on: May 06, 2018, 02:16:05 PM
Wait, so you're saying some entity is going to use or threaten violence to make people use a certain crypto? I hate to break it to you, but there are much more effective ways to use violence. It's not worth using if they're stopping at just that, when they can theoretically gain absolute or near-absolute control of pretty much every facet of life. The blowback simply wouldn't be worth the rewards.

In my opinion, the next driver would be utility. When crypto has established itself as a true alternative to fiat, the best and most widely accepted crypto is also the one most likely to be the most valuable. I don't know if Bitcoin is the best now but I do know that it aims to be, and it's currently the most widely accepted. Needless to say, I'm rooting for it.
1364  Bitcoin / Bitcoin Discussion / Re: Bitcoin Mining in Space on: May 06, 2018, 02:02:27 PM
I'm not sure if this will be considered significant. It's kind of like a clickbait video where you get all excited because of how cool it could be, but then it turns out it was massively exaggerated. It's symbolic for their company, sure, but not the cryptocurrency scene as a whole. The launch achieved nothing, was impractical, and wasn't even a proof of concept for anything -- it's just a plain publicity stunt.

stompix made a really great job dissecting it too lol. I might have been more amused if I hadn't read his post first.
1365  Other / Beginners & Help / Re: Are you using a Public DNS server? your coins are at risk ! on: May 06, 2018, 01:52:15 PM
It sounds like the biggest concern is a public DNS server that is very commonly used. If you are able to find a public DNS server that is relatively unused would that then mitigate most of the concern for hacking through that route?

Not really. Picking an uncommonly used DNS is really just security by obscurity. You're not actually doing anything to be more secure against attacks, you're just reducing the chances of being attacked. Kind of like how people MacOS is "safer" than Windows just by virtue of it being much less likely to get targeted.

I'm pretty new to all of this, but how is your ISP DNS anymore protected than a public DNS that is used equally as much?

It's not more protected. Google's isn't necessarily better either. Google's is just perceived to be better because most people trust that Google does their job in securing their DNS better than their respective ISPs. I don't know if that's true, of course, but if we go by the assumption that Google is better at security than your ISP, it would come down to a choice of "more likely to be attacked but more likely to fight them off", or "less likely to be attacked but less likely to fight them off". It's essentially hiding versus arming yourself. There's no clear winner that will always be better so you just have to decide for yourself.
1366  Other / Beginners & Help / Re: Attention. It is important. on: May 06, 2018, 01:13:26 PM
Scams like this aren't new at all. They also seem to be more common nowadays, with more and more people falling for them.

If a giveaway asks for a fee, it's a scam. There are no exceptions to this rule, no matter how many accounts say they received whatever it is that is being given away.
1367  Bitcoin / Bitcoin Discussion / Re: Is humanity prepared to be its own Bank ? on: May 05, 2018, 02:37:33 PM
can these people store their cash? protect their credit cards? how about their jewelries or any other valuables for that matter?
people learn the "how to" of things when they have to. and there will always be idiots who think it is a game and lost their valuables. i don't see how that relates to being ready or not.
besides everything is becoming easier and more newbie friendly as we go forward.

I think this is kind of the thing that OP is saying. People store their money in banks, so they don't have to secure it themselves. There are a lot of credit card fraud protection systems in place and people can easily contest the misuse of their cards and be granted reversals.

Whenever people lose Bitcoins, we usually say they have to protect it better and that there's no way to recover them. With the banking system, there are usually legal remedies that can be availed to recover losses. I concede that most Bitcoin losses are due to carelessness and stupidity, but if it's that simple and it keeps on happening, doesn't that just reinforce the idea that people are not ready? If we insist that it has nothing to do with readiness, could it have something to do with capability?

But yeah, the point is right now, people don't need the "how to" because banks clean up their mess for them. I can understand why people may be hesitant to forego that. Some people like safety nets.
1368  Economy / Economics / Re: Why bitcoin cash (BCH) is a poor idea. on: May 05, 2018, 02:18:18 PM
I thought that technology of Bitcoin and Bitcoin Cash the same? And most of people in crypto looking for profits, so price it is the most important thing!

They used to be, but Bitcoin Cash changed a few things. They're still pretty similar though. Its scaling approach is also significantly different, and that's what's going to make or break both coins in the near future. I can't deny that most people in crypto are in this for profits, but some genuinely believe in the technology. You have to realize that this will determine price in the end too, because one way or another, one of them is likely to become obsolete.

But some people have made good money with Bitcoin Cash already, it means that it was good idea for this people:)

Lmfao that's such a simplistic but true way of looking at it, and is especially true of Bitcoin Cash's creators. The topic, however, is about the reasons why Bitcoin Cash's scaling solution is a bad idea.
1369  Bitcoin / Bitcoin Discussion / Re: Big Institutional Investors from Entering into Crypto Industry on: May 05, 2018, 02:00:15 PM
I'd still like a little more clarity on what actually qualifies as "Entering into Crypto Industry".  Would any Dow crypto index be based on the buying and selling of actual crypto?  Or merely the trade of futures, options and other financial derivative products loosely based on an underlying crypto "asset"?  The latter doesn't qualify as adoption.  Just more speculation.

I would like to say that they consider that the first step, then actually move towards trading Bitcoin itself. That seems to be the case with Goldman Sachs, at least:

In the next few weeks the exact start date has not been set Goldman will begin using its own money to trade Bitcoin futures contracts on behalf of clients. It will also create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients.

Mr. Schmidt is looking at trading actual Bitcoin or physical Bitcoin, as it is somewhat ironically called if the bank can secure regulatory approval from the Federal Reserve and New York authorities.

If that's how they're going to proceed, it should at least be a positive for adoption. But yeah, it seems like regulation (or lack thereof) is the common denominator. With the amount of interest crypto generates, it could be the only thing holding them back.
1370  Bitcoin / Bitcoin Discussion / Re: I conducted a survey Crypto vs Gold investment on: May 05, 2018, 01:25:59 PM
In just 1 decade of existing, I don't bitcoin already absorb by humanity in comparison to the gold who already knew by the people. If we will compare both of it in age, gold has advantage in bitcoin specially, most of the people right now are ignorant in cryptocurrency. For sure, if you will ask it in the next 1 decade, the answer will be bitcoin.

I agree, but for this survey specifically, only roughly 16% don't know what Bitcoin is, and the overwhelming majority still chose gold. I would also like to note that the question is theoretical so the knowledge, or lack thereof, of how to actually put in an investment shouldn't be too big of a factor.

I'm not as confident as you as to say that it would be deemed better by the majority in just a decade, but that definitely could be the case once scalability is addressed. Right now, I'm convinced majority would choose gold even if they knew what Bitcoin was and how it worked.
1371  Bitcoin / Legal / Re: Advice regarding refund from an Exchange(Bitlish)after a hacker got all my funds on: May 05, 2018, 10:47:00 AM
Indeed, i did not use any form of 2FA, just because i don't like using multiple devices to access my account. My authetificator is on my smartphone. I don't use the same credentials on multiple websites anyway. But why is it one's fault if the website gets hacked,you don't have 2FA, and you lose funds?(Assuming the vulnerability did not come from your end)

It's a low amount, I know, and it may seem like bragging, but i cannot help it. It wasn't my fault, i spent time on that project, invested emotions, had some plans, and now..SWOSHH ..GONE!

The problem in this case though, is that it's a fact that your account got hacked. Whether it's a fact that it's not your fault or that it's the exchange's fault has been yet to be established. Heck, it may never even be established without the help of law enforcement, which is unlikely to take any drastic actions because of the low amount involved. Ultimately, the burden of proof is on you.

I understand that you believe you did everything right, and I'm more inclined to believe you that you took perfect care of your security, but cases like this can't be completely ruled out when using a third party service to keep your coins. My suggestion would be to talk to support to get as far as you can with all your info. If you don't get refunded, which is the most likely scenario, stop using their service and move on.
1372  Other / Meta / Re: HOW CAN I SOLVE OFF LIMITS TOPIC OR EITHER MISSING POST ? on: May 05, 2018, 10:11:24 AM
It's likely the post got deleted, for some reason I don't know. Your account itself doesn't have any problems.

Also, just so you know, all-caps posts aren't well received in the internet. Please capitalize your posts properly.
1373  Other / Beginners & Help / Re: Should cryptocurrencies be held for a long time or used to pay? on: May 05, 2018, 09:20:40 AM
What's funny is Bitcoin's volatility gives you incentive to hold it. If you're of the belief that Bitcoin prices will continue rising, then it's objectively better to HODL. This is why there are so many speculators on the market, and I'm fairly sure only a small fraction of the community actually spends Bitcoin regularly. Basically, it's personally better for you to hold, but it's probably better for the community as a whole if you spend.

The beauty of it though is that you don't have to choose. Hold when you see fit, and spend when you see fit. You have control. Some people who are firmly in one camp may judge you, but who cares.
1374  Economy / Economics / Re: what will happens if everyone has own currency, doesn't a bad for Economics ? on: May 05, 2018, 08:52:10 AM
Just because everyone has their own currency doesn't mean they all have value. Your answer is already answered by the multitude of shitcoins that no exchange or individual accept. Their existence doesn't even affect the cryptocurrency market as a whole (except maybe by pumping the overall market cap with their declared value?), so it shouldn't affect the economy in the least.

If you mean what happens when everyone is rich though, then the value of money goes down (more supply = lower value after all). Everyone will change more because they know that others have the capability to pay.
1375  Other / Meta / Re: Somebody hijacked my username, and I need an admin to help me!!!!!!!!!!!!!!!!!!! on: May 05, 2018, 08:20:53 AM
You have to follow the steps in this post:

I hope you've posted a Bitcoin address at some point in the past and are able to sign a message from that address, because you're unlikely to have your account recovered otherwise.
1376  Economy / Economics / Re: Making crypto succeed in the real world? on: May 04, 2018, 01:43:43 PM
I'd say a wallet standard being established would contribute to Bitcoin's utility. It's often criticized for being too complicated or having bad user experience in general. If pretty much all wallets worked the same, then it should tone down criticisms on that end.

I don't know if a merchant app is completely necessary though. I mean, it probably is for large chains, but small stores should be able to get away with simply using a wallet app of their own.

That being said, I'd say it's too soon to address this problem because the network can't even handle large scale demand in the first place lol. Lightning could very well be the answer to both scalability and usability if it matures well.
1377  Bitcoin / Press / Re: [2018-05-03] Goldman S. Will Trade Bitcoin, Bitcoin Futures Coming Within Weeks on: May 04, 2018, 12:07:13 PM
The article cited its source, which appears to be this piece:

From the original source:

While Goldman will not initially be buying and selling actual Bitcoins, a team at the bank is looking at going in that direction if it can get regulatory approval and figure out how to deal with the additional risks associated with holding the virtual currency.

In the next few weeks the exact start date has not been set Goldman will begin using its own money to trade Bitcoin futures contracts on behalf of clients. It will also create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients.

They will be trading futures contracts, not Bitcoin itself. Instances like this make it hard to trust crypto news sites. They need to be clickbait-y for traffic, it seems.

But yeah, they do seem to be looking at the possibility of trading actual Bitcoins, but not anytime soon. They're looking to secure regulatory approval from authorities first among many other things.
1378  Economy / Economics / Re: A Trump + Merkel ban would mean nothing on: May 03, 2018, 03:18:30 PM
Wrong. Demand will not evaporate, just as demand for many other illegal things can't never evaporate, it will just shake out weak hands temporarily. There will always be demand for Bitcoin, and the supply will continue shrinking no matter what, putting a permanent bullish force on it, no matter what governments have to say about it.

The thing about other illegal things is that they're typically only as valuable as they are because logistics artificially constrain the supply. This is where Bitcoin's decentralization works against itself in case of a ban -- because it cannot be effectively stopped and it could easily be masked, it would be way too easy to get, making it even less valuable. There won't be much of a bullish effect no matter what happens to the supply either if demand is zero or close to it. Even if the very few individuals left decided to gobble up all the coins in the aftermath, they might as well be trading play money amongst themselves at that point.

But yeah, all of this is pointless conjecture because, again, a ban of that scale is never going to happen.
1379  Other / Beginners & Help / Re: Lay claims to the money on: May 03, 2018, 12:21:47 PM
Yes. I don't know the nitty gritty of it, but there has been a very publicized past incident that proves they could be seized: Silk Road.

If you're not convinced that it can happen on a small scale given the massive gravity of the Silk Road mess, here's another example of a man who tried to buy drugs with Bitcoin. That was apparently enough to get his coins seized. I imagine the situation would still be the same even if the situations were reversed and he received Bitcoins for selling drugs instead. I could probably pull out more examples, but you get the idea.
1380  Other / Beginners & Help / Re: Newcomer ask for advice on: May 03, 2018, 08:33:20 AM
You can't use a laptop to mine, no matter how powerful. In a similar vein, no GPU or CPU is powerful enough to mine Bitcoin either. If you're serious about mining, read up on ASICS and their profitability, specifically with your electricity costs among other factors using a tool like this.
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