User is asking for lending in btc using a pegged token, 1:1 to BTC. He claims that this token and service as trustless and decentralized, which clearly aren't. I think a flag should be appropriate. You can earn interest on Bitcoin using trustless and decentralized processes.
This is not decentralized and you are trying to cheat people with misinformation 2) Deposit Bitcoin into your trading wallet by sending BTC to your client wallet. Because this exchange is decentralized, all coin information, including the private key, is stored locally on your phone. There is no exchange wallet. Make sure you obtain sufficient NebliDex tokens (NDEX) as well because these tokens are used to pay trading fees to the exchange relayers known as Critical Nodes. You can obtain these tokens through the exchange. You will also need a bit of ETH to interact with ETH smart contracts.
3) Go to the WBTC/BTC market and exchange your BTC for wBTC (which is an ETH token that is pegged 1:1 with Bitcoin).
4) Withdraw your wBTC and send it to one of various decentralized DeFi solutions (Compound.finance or Fulcrum.trade)
5) Earn passive interest and withdraw when ready. Repeat these steps in reverse to go back to Bitcoin. All steps can be accomplished without identity checks or signing up.
You are not giving the privatekeys of bitcoins to users, which they gave to you. They have the privatekeys of a shitcoin you created which is totally centralized and not audited. Nobody knows if you have bitcoin 1:1 with your token. I advice everyone to stay away from this because this really looks like a scam, as most of the information above is misleading. Added negative feedback. Will create a flag. Flag here https://bitcointalk.org/index.php?action=trust;flag=937 |
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Can you be more specific about what you determined was misinformation?
There is no decentralization. As you mentioned, the token works just like usdt or udc, which are fully centralized. Who decides what to do with the BTC lended? Who holds the BTC? Who holds the data to confirm if wbtc is or not backed up by BTC? All these items and much more and controlled by one person or company, which makes your project fully centralized. Your text is misleading imo. You are trying to advertise your service not the way it really is. You should change title for like "earn interest by lending me Bitcoin" , for example. Because nothing is decentralized there. You also said "trustless". How would it be trustless if users have to trust you have BTC pegged? |
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You can earn interest on Bitcoin using trustless and decentralized processes.
This is not decentralized and you are trying to cheat people with misinformation 2) Deposit Bitcoin into your trading wallet by sending BTC to your client wallet. Because this exchange is decentralized, all coin information, including the private key, is stored locally on your phone. There is no exchange wallet. Make sure you obtain sufficient NebliDex tokens (NDEX) as well because these tokens are used to pay trading fees to the exchange relayers known as Critical Nodes. You can obtain these tokens through the exchange. You will also need a bit of ETH to interact with ETH smart contracts.
3) Go to the WBTC/BTC market and exchange your BTC for wBTC (which is an ETH token that is pegged 1:1 with Bitcoin).
4) Withdraw your wBTC and send it to one of various decentralized DeFi solutions (Compound.finance or Fulcrum.trade)
5) Earn passive interest and withdraw when ready. Repeat these steps in reverse to go back to Bitcoin. All steps can be accomplished without identity checks or signing up.
You are not giving the privatekeys of bitcoins to users, which they gave to you. They have the privatekeys of a shitcoin you created which is totally centralized and not audited. Nobody knows if you have bitcoin 1:1 with your token. I advice everyone to stay away from this because this really looks like a scam, as most of the information above is misleading. Added negative feedback. Will create a flag. |
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90% of the users do not read before writing. If you do, you will get many merits and will be considered a good poster.
I recommend that you just ignore any thread with more than 15 replies. Some very specific threads are an exception to this rule imo. After 15 replies, most of the time, everything was already said and spammers join in
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I see the joker is winning the pool. Ofc, most people watched only his movie (as I did).
It is a beautiful movie and certainly deserves many rewards. The picture is amazing, I really liked the colors.
But I didn't see the other movies.. as I believe most here didn't either
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Thanks iasenko.
This thread is better than a bump.
I hope theymos will review pending applications and give at least a small amount of smerit to those who will do a good job
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Lost funds are not a big problem, as compared to the problems that would show up if your suggestion gets implemented.
I believe the right of property is one of the biggest pillars of bitcoin. Once you have your privatekey, nobody can take funds from you. Neither the police, the justice, the government, thieves, no one. Not even you, if you lose it. No back door.
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Coinbase and Bitstamp next? So let's see if Binance will follow suit as well, and I agree that it will give Segwit address more adoption (which we all have been waiting for).
Binance allows withdrawal to P2SH addresses (starting with 3). I having being doing so for more than a year there. Native would be nice ofc, but it is ok for me p2sh i've noticed native segwit inputs in their hot wallet transactions for a while now so hopefully they aren't too far off. it is super annoying to withdraw to legacy addresses---so clunky Legacy is terrible. Every exchange service should allow at Least p2sh addresses |
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Satoshi was comparing the situation in early 2010 -- where there was virtually no transaction volume nor full blocks -- to the future. Nothing he said suggests that users would always be able to pay cheap fees. He does not suggest that the users would be paying higher fees, as he says later on "there will either be very large transaction volume or no volume." He's merely stating what I did, that the system is currently being subsidized by inflation. I think He is stating the opposite: that rewards will be subsided by a high volume of transaction. He isn't stating anything about higher fees, but a higher volume. So, what exactly do you mean when you say "higher fees?" How high is too high, in your opinion?
My bet is that will remain small, in the same USD value. Maybe in later BIPs we will be able to set sub-satoshi/byte fees..? Who knows. Only a fork is needed to do that. Anything higher than today's usd value in fees is "high fee" imo. Free market is smart enough to make miners leave if they find it unprofitable to mine without incentive. I think they will just move to a location with cheaper energy. Let's see what happens in the next halving. They will be a crazy about the price, so fees will pump (more than the price) for some months. But things will come back to normal, and I will keep confirming my transactions with 1 sat/byte in 2 hours, like I always did =D There is a very long time to wait before any problems with Bitcoin's present miner incentive scheme begin to show. Literally decades. I expect that either Bitcoin will switch to a 2nd layer solution that outperforms blockchain tech, or that Bitcoin itself will be wiped out by something unknown. I also expect that either could take a long time to happen, again, perhaps decades. In the meantime, the mining reward schedule that we're already using along with payment channels on the 2nd layer can buy a huge amount of time for people to work on a permanent solution. And there are risks in switching to a constant inflation schedule, most of the people who took an interest in Bitcoin did so because the inflation schedule was designed to go to zero, people were attracted by those economic principles. So what are the inflation-happy people going to do if we all stop using Bitcoin and switch to another anti-inflation money? Will you keep following us every time we change to the latest non-inflating money, and start the same debate all over again? Bitcoin already is the "we-don't-want-inflation-leave-us-alone" coinSo thanks for your help, but no thanks  I don't think bitcoin will be wiped out... if something unkown shows up because of scaling problems, bitcoin will become the digital gold imo. Fees may be a bit higher, but it will be a very robust system, much cheaper than gold transactions for example. |
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Zero inflation will need high fee to incentivize miners. I do not agree. You can have more transactions. Can you elaborate on how that's supposed to work? You can only fit more transactions by increasing block size. Of course, increasing block size reduces fee pressure and allows everyone to pay lower fees. You can reduce transaction size, like segwit. Who knows if in future something that reduced even more transaction size appears. Increasing block size is not the only option. You can scale offchain as well. You can use both solutions. Neither of those change block size. When incentive/ inflation is near zero, there will be two scenarios for Bitcoin: or everyone will be using, or nobody will be.
In the first case we will have much more transactions per block (some solution for scaling will show up) There's no magical solution that will allow people to transact for cheap on the mainchain. Users are supposed to pay higher fees as the subsidy disappears -- that's the design. If you're not willing to pay the real cost of transactions, you won't benefit from Bitcoin's security. Right now, miners are subsidizing user fees based on speculation and inflation. Not many people around here are planning for what comes after. I don't agree and I don't think that this is the design (that users should pay more fees). This is not written in the whitepaper and it is not what is happening. It does not require a magical solution, but a rational solution. We are in 2019 with thousands of transactions per day and you can still confirm transactions with 1 sat/byte using legacy addresses. Actually, it is the opposite that is written there. That there is an incentive now that will last a few years. When the incentive is over, they will survive just in fees. This is what is written there. And at that point the reward would be so small that it would be only a small fraction of the fees. Right. Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating. In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes. I'm sure that in 20 years there will either be very large transaction volume or no volume.
Satoshi expected a very large transaction volume not a small transaction volume with higher fees. |
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Zero inflation will need high fee to incentivize miners. [/quote] I do not agree. You can have more transactions. When incentive/ inflation is near zero, there will be two scenarios for Bitcoin: or everyone will be using, or nobody will be. In the first case we will have much more transactions per block (some solution for scaling will show up) About bitcoin being a digital gold only for rich people... It is not now, there is no reason to think it will be in the future. Do you think only rich people use bitcoin? Op you just didn't think or made enough research about the subject, and you are using wrong premises to create conclusions which are wrong as well.. |
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interesting project.
One doubt about the Ethereum course you linked. You say you are paying in BTC, but the course price is in USD?
Can users pay with bitcoin?
Does the author receive a percentage of the students payment, or a fixed rate?
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Things such as fees, the wallet should automatically suggest the best fee for the Tx. Again, I'm going to disagree here. An automatic fee selection algorithm such as in a wallet or on various websites is never going to be as accurate as someone who knows what they are doing and how necessary a speedy confirmation is to the transaction they are making. The wallet can suggest a fee if it wants, but the important thing I look for is that it gives me full control to set my own custom fee as desired. I can use the third graph of Mempool Size in MB on https://jochen-hoenicke.de/queue/#1,8h to much more accurately judge an appropriate fee than my wallet would suggest. Additionally to what oeleo said, a wallet that automatically suggest fees always overestimate them. If everyone uses such a wallet fees are going to be higher than necessary. Fees should be determined by the free market. This is how bitcoin was designed to be used, everyone should choose what fee to use according to their demands. |
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After downloading, they can move further by verifying wallets, but I think if they download from official websites, they will be nearly free from phishing attempts. They should do verify, nevertheless, just to be recheck and to be safer.
Relates to official websites, they should not search from Google. Instead of searching, they should remember exactly website address or note those sites on their own ways. Bookmarking on web browsers can be compromised too.
You need to be careful with links always, not only when downloading a wallet. I always try to search on official media channels, like Reddit, Bitcointalk Ann, Facebook, etc. If all addresses are redirecting to the same domain, I know it is safe to use the application. Electrum doesn't have social media or whatever, but anyone can find confirmations on forums that electrum.org is the only official website |
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The idea for the survey comes from the never-ending news that 10-20% of the people in a country are holding coins.
As I truly believe those numbers are at least overhypermega inflated, I tried to picture a survey that would shed some light on a larger
I agree this number is overhyped. But I know about 10-20 people who have bought BTC, many of them already sold (in loss)in Brazil. However, I have many friends who are really engaged in investments, so my statics may be higher than normal. Additionally, I believe that many more people are buying bitcoin but I just don't know (this is a private subject, not something public that everyone talks about) |
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Ether transactions are so cheap.
I believe you probably don't need to fork ethereum. Free transactions are not going to be good for your community coin, as the system may be abused.
Ethereum is like a global computer. If a global computer is wasting energy, with zero fee transactions, it is a waste of world resources. Also, the network would in risk of ddos atacks
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All that can be summarized in a few words:
- buy a ledger or trezor and use electrum wallet for bitcoin. Use ledger native software for shitcoins.
Having a hardware wallet is a must.you can buy one with less than 100 USD, and you will know your coins are safe.
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What is this site about?
I am really worried about clicking this website, promoted by a newbie account who promises "for life" benefits, but doesn't even tell what this website is about...
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