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1  Bitcoin / Bitcoin Discussion / Re: It's about time to turn off PoW mining on: May 18, 2021, 05:48:26 PM
I think Elon Musk is right, and I agree with him. PoW is the cancer of Bitcoin, and it needs to go away, or Bitcoin will die with it.

Proof of Stake is the way to go for the future. There's a reason why Ethereum is undertaking huge amount of development risk and pow miner backlash to move away from PoW into PoS.

You have no idea about the issues that are present in PoS coins. There is a reason why almost all the top cryptocurrencies use the PoW algorithm. PoS is vulnerable to manipulation and those who enjoy the majority stake can gang up and do whatever they want, ignoring the requests from the community. With PoW, doing so is near impossible. And also, try to find why Ethereum delayed the shift from PoW to PoS repeatedly. They had to postpone it indefinitely, because the best developers still don't have the confidence to make the PoS algorithm risk-free, despite working on it for many years.

I'm not talking about how hard it is to convert from a PoW crypto into a PoS crypto, I know it's hard, especially in a extremely complex system like Ethereum. I'm talking about WHY they are still going ahead and doing it, despite such big development risk and effort.

Also, your point about "almost all the top crypto use PoW" is not accurate, out of top 5, only Bitcoin is sticking with PoW. #3 BNB, #4 XRP and #5 Cardano are not PoW, #2 ETH is moving away from PoW into PoS, so that's actually only 1 out of top 5 still sticking with PoW.
2  Bitcoin / Bitcoin Discussion / Re: It's about time to turn off PoW mining on: May 18, 2021, 03:32:24 PM
I think Elon Musk is right, and I agree with him. PoW is the cancer of Bitcoin, and it needs to go away, or Bitcoin will die with it.

Proof of Stake is the way to go for the future. There's a reason why Ethereum is undertaking huge amount of development risk and pow miner backlash to move away from PoW into PoS.
3  Bitcoin / Bitcoin Discussion / Re: I tried to tell him just HODL bitcoin, don't make this hard. on: April 02, 2021, 01:59:51 PM
I can never understand why people want on the short side against an asset that has proven to go up at average of 300% per year for the past 12 years when flattened out the volatility. That's such a bad risk/reward.
4  Bitcoin / Bitcoin Discussion / Re: It's about time to turn off PoW mining on: September 09, 2020, 06:11:39 AM
Quote
I think that bitcoin needs POS instead of POW so that we can empower bitcoin holders instead of feeding the greedy miners and pools who are always in conflict to control bitcoin.  If we have the access to POS then even holding bitcoins at our bitcoin wallet we are being empowered to do some staking. That way the bitcoin holders are contributing to the bitcoin network instead of the greedy miners.

POS does ZERO to stop greed
you just have people trying to gain control another way
once you buy enough staking power, you have it , it is done
pow attack must be maintained

https://twitter.com/VitalikButerin/status/1301298086027821056
5  Alternate cryptocurrencies / Altcoin Discussion / Re: EOS - Asynchronous Smart Contract Platform - (Dan Larimer of Bitshares/Steem) on: May 16, 2018, 11:34:56 PM
How many eth eos collected by now?
I think eos is very overvalued right now.
I dont see any working product but its worth so much now.
I think when mainnet goes online eos will drop very hard.
I think EOS  $2.6 billion raised in ICO. yeah EOS doing great perfomance and still undervalue token and working on own blockchain.
today almost every coin/token in red sign. cause of this fall is (maybe) Microsoft Bing browser bans crypto advertising/Ads.
No need to worry about this fall, this is temporarily EOS price will be recover soon.

Yeah this is temporarily because of overall market down. Well EOS is the only one which proves itself when crypto market was free falling since start of this year.

And if you compare the graph of EOS with other coins then you will get the clear picture. Highly profitable coin in TOP 10.

I think EOS is destined to become top3 with BTC and ETH. I can hardly believe the scam that is XRP stayed in top3 for this long.
6  Alternate cryptocurrencies / Service Announcements (Altcoins) / Re: [ETH] EtherDoubler.com - the first doubler with verified contract on: January 12, 2018, 05:12:11 AM
Is this contract still active? I see the website is gone, but contract should still work right?
7  Alternate cryptocurrencies / Altcoin Discussion / Re: Tether: not even a scam on: January 04, 2018, 06:17:00 AM
Hey if all the governments of the world can create fiat out of thin air, then why not BitFinex? As long as people believe 1 Tether = $1 USD, it can moderately inflate till infinity. I mean it still have a long way to go to match the amount of fiat the world government is pumping out every day.
8  Bitcoin / Bitcoin Discussion / Re: Theory: Satoshi Nakamoto is DPR (Ross Ulbricht silkroad founder) on: January 04, 2018, 06:00:35 AM
I have a hard time believing this. Why would Satoshi, who seems to have good intentions, create Bitcoin and immediately start a drug/illegal operation with it? I think some criminals just took advantage of its security, that is all.

The intentions/interests of Bitcoin and Silkroad are highly aligned, it's no accident Bitcoin has become the de facto currency of Darknet Markets. Silkroad is not illegal everywhere, and its intentions can be argued as good, I don't think the original Bitcoin community had any hate for silkroad at all, actually I'm pretty sure 90% of old timers liked silkroad, a lot. I mean BitInstant's Charlie Shrem even went to jail for helping silkroad launder money.

It almost as if Satoshi created Bitcoin specifically for Darknet Markets. I mean Darknet transactions are almost 100% done in crypto-currency nowadays.

Also, do you not find it strange that both Satoshi and DPR use TOR to hide their identity 100% of the time? This is not something done by anyone else in the Bitcoin development space. Not Hal Finney, not Gavin Andressen, none! No other developer in Bitcoin space are afraid to show their own identity, in fact most are proud to get their name out there. Only Satoshi hid his identity and use TOR 100% of the time. If he was DPR, then that perfectly explains why he had to do that.
9  Alternate cryptocurrencies / Altcoin Discussion / I don't understand the value thesis of XRP (Ripple) on: January 04, 2018, 05:53:54 AM
Ripple is:
* not decentralized (it really just a database in a private company somewhere)
* not a blockchain or even a cryptocurrency?
* 100% premined, with unfair distribution, the ripple company still retains more than 60% of currency
* no consensus, therefore there's not really any hardcap on the supply. Ripple company can just increase the supply cap at will, after all it's just a entry in their company database...

So I'm not sure what the value thesis for XRP is? It can do fiat IOUs? The current SWIFT system already does it reasonably well, I receive wires within the hour, across continents.

For online transfers, multitudes of crypto-currency can already do way better, heck even Bitcoin is better than using Ripple's IOU system.
10  Economy / Speculation / Re: 2018 Trillion $ Bitcoin marketcap on: December 07, 2017, 05:54:17 AM
Actually I believe Bitcoin no longer have any value at this point. Steam was one of the earliest merchants to adopt Bitcoin, Steam just announced that they will stop accepting Bitcoin due to extremely high fees. What we are seeing is reverse adoption trend going on. Merchants are increasingly refusing to accept Bitcoin, these merchants were once "Bitcoin friendly" and eager to adopt new payment tech. This is very bad for Bitcoin.

Some might argue Bitcoin have become a "store of wealth", but it can't be a store of wealth without having some kind of utility. Gold/Silver are store of wealth, but they also have huge industrial utility. What we are witnessing here is Bitcoin's utility has been basically destroyed.

I believe some technically superior cryptocurrency that has resolved the high fee issues, might replace Bitcoin in the future of cryptocurrency.

LN v1.0 was just tested on the bitcoin mainnet for the first time today. Once LN gets implemented high fees will be a thing of the past. Bitcoin's utility is not being destroyed, blockchains just need to upgrade to reach mass adoption, and Bitcoin is on its way!

1. LN isn't proven to reduce fees, I don't really see how it can reduce fees except a few very specific use case. LN isn't some magical tech that can suddenly scale Bitcoin to Visa levels.
2. even if LN did reduce fees, it's a little too late, merchant adoption has reversed and Bitcoin's reputation has been tarnished in terms of being used as currency.


hahaha What you're saying in #1 shows you clearly don't have any idea what the LN is. So why are you trying to make claims about it??
#2...well thats just hilarious. You said that in your last post, why are you trying to peddle that lie. Bitcoin has far more merchant adoption then any other crypto obviously. And merchant adoption, also obviously, has barely even begun, to say its too late when we're still at the starting gate is just silly. I'm guessing you are perhaps a BCH shill who is desperately hoping merchants adopt it instead of Bitcoin before LN comes and utterly crushes it. Am I getting warm?? Grin

Then show me how LN will reduce fees for Steam? You understand that to open/close a LN channel, you have to makes minimum two transactions ON CHAIN? how will Steam utilize the LN channel for each purchase of games from each customer? Close the channel like once a year? Sure that'll be agreeable, lol, no business will allow their revenue to be delayed for a year.

Basically, you have to make at least 3 transactions while the channel is open, for LN to be worthwhile at all. The use case is extremely limited.


Did you not even think about how this would work before you wrote that? a year?? haha. why would they keep it open for a year??

I don't know what payment options Steam has. So i'll just quickly explain in general. Any serious merchant probably has lots and lots of people buying stuff every day. If they use credit cards the merchant loses 3%+ on every transaction. LN sure they do two on chain transactions to open and close a payment channel, those fees would be nothing compared to however much business they are doing. They could open and close their payment channel every 24 hours if they wanted, or however often they wanted, two onchain fees are nothing on a daily basis for a business. So if they keep the payment channel open for even just 24 hours, they might do hundreds of transactions that day and we don't know exactly what LN fees will be but the Poon guy who came up with LN said they should be in the 0.1% to 1% range. So even if it's 1%, that means on every single one of hundreds of transactions a day they are saving 2%+. For a business that would end up being a lot of money!!

So why exactly do you think saving money is of no interest to businesses?? I didn't realize saving money was an "extremely limited use case" haha

Obviously, you don't even know how LN works. The channel is opened between 2 parties, the merchant and the customer. So you need minimum two onchain transaction for EACH customer, because you need a channel for each distinct customer. Get it? If the merchant open and close a channel every 24 hours, for EACH customer, then that's probably MORE transactions than we currently have, because vast majority of customers will only do 1 transaction.
11  Economy / Speculation / Re: 2018 Trillion $ Bitcoin marketcap on: December 06, 2017, 11:07:04 PM
Actually I believe Bitcoin no longer have any value at this point. Steam was one of the earliest merchants to adopt Bitcoin, Steam just announced that they will stop accepting Bitcoin due to extremely high fees. What we are seeing is reverse adoption trend going on. Merchants are increasingly refusing to accept Bitcoin, these merchants were once "Bitcoin friendly" and eager to adopt new payment tech. This is very bad for Bitcoin.

Some might argue Bitcoin have become a "store of wealth", but it can't be a store of wealth without having some kind of utility. Gold/Silver are store of wealth, but they also have huge industrial utility. What we are witnessing here is Bitcoin's utility has been basically destroyed.

I believe some technically superior cryptocurrency that has resolved the high fee issues, might replace Bitcoin in the future of cryptocurrency.

LN v1.0 was just tested on the bitcoin mainnet for the first time today. Once LN gets implemented high fees will be a thing of the past. Bitcoin's utility is not being destroyed, blockchains just need to upgrade to reach mass adoption, and Bitcoin is on its way!

1. LN isn't proven to reduce fees, I don't really see how it can reduce fees except a few very specific use case. LN isn't some magical tech that can suddenly scale Bitcoin to Visa levels.
2. even if LN did reduce fees, it's a little too late, merchant adoption has reversed and Bitcoin's reputation has been tarnished in terms of being used as currency.


hahaha What you're saying in #1 shows you clearly don't have any idea what the LN is. So why are you trying to make claims about it??
#2...well thats just hilarious. You said that in your last post, why are you trying to peddle that lie. Bitcoin has far more merchant adoption then any other crypto obviously. And merchant adoption, also obviously, has barely even begun, to say its too late when we're still at the starting gate is just silly. I'm guessing you are perhaps a BCH shill who is desperately hoping merchants adopt it instead of Bitcoin before LN comes and utterly crushes it. Am I getting warm?? Grin

Then show me how LN will reduce fees for Steam? You understand that to open/close a LN channel, you have to makes minimum two transactions ON CHAIN? how will Steam utilize the LN channel for each purchase of games from each customer? Close the channel like once a year? Sure that'll be agreeable, lol, no business will allow their revenue to be delayed for a year.

Basically, you have to make at least 3 transactions while the channel is open, for LN to be worthwhile at all. The use case is extremely limited.
12  Economy / Speculation / Re: 2018 Trillion $ Bitcoin marketcap on: December 06, 2017, 10:36:31 PM
Actually I believe Bitcoin no longer have any value at this point. Steam was one of the earliest merchants to adopt Bitcoin, Steam just announced that they will stop accepting Bitcoin due to extremely high fees. What we are seeing is reverse adoption trend going on. Merchants are increasingly refusing to accept Bitcoin, these merchants were once "Bitcoin friendly" and eager to adopt new payment tech. This is very bad for Bitcoin.

Some might argue Bitcoin have become a "store of wealth", but it can't be a store of wealth without having some kind of utility. Gold/Silver are store of wealth, but they also have huge industrial utility. What we are witnessing here is Bitcoin's utility has been basically destroyed.

I believe some technically superior cryptocurrency that has resolved the high fee issues, might replace Bitcoin in the future of cryptocurrency.

LN v1.0 was just tested on the bitcoin mainnet for the first time today. Once LN gets implemented high fees will be a thing of the past. Bitcoin's utility is not being destroyed, blockchains just need to upgrade to reach mass adoption, and Bitcoin is on its way!

1. LN isn't proven to reduce fees, I don't really see how it can reduce fees except a few very specific use case. LN isn't some magical tech that can suddenly scale Bitcoin to Visa levels.
2. even if LN did reduce fees, it's a little too late, merchant adoption has reversed and Bitcoin's reputation has been tarnished in terms of being used as currency.
13  Bitcoin / Bitcoin Discussion / Re: As of today, Steam will no longer support Bitcoin as a payment method! on: December 06, 2017, 08:47:34 PM
I'm not really surprised. As it is now, Bitcoin is not a good option for payment services.. the tx fees are ridiculous and confirmations take too long. Even banks do "instant" transactions nowadays, so a solution needs to be found for this.

They are starting to compare Bitcoin to gold, which at the moment is a more accurate analogy investment-wise, if you ask me.

I call bullshit. Banks do it only between accounts within the same bank. You can't have an instant transaction between different banks and you can't have money sent during weekends and at nights. I have been doing it for many years and my last transaction sent on Monday needed over 24h to appear on the account of my friend in a different bank within the same country. My another transaction that was sent on Saturday arrived on Tuesday (!) because they don't work in the evenings, nights, on Sundays, and it takes up to 48 hours anyway.

Good thing you don't have to use your checking account to buy games from Steam, you can just use a debit card.

Bitcoin can not be gold if it loses its utility. Gold/Silver became store of wealth because they have huge amount of utility in jewelry and industrial.
14  Economy / Speculation / Re: 2018 Trillion $ Bitcoin marketcap on: December 06, 2017, 08:44:57 PM
Actually I believe Bitcoin no longer have any value at this point. Steam was one of the earliest merchants to adopt Bitcoin, Steam just announced that they will stop accepting Bitcoin due to extremely high fees. What we are seeing is reverse adoption trend going on. Merchants are increasingly refusing to accept Bitcoin, these merchants were once "Bitcoin friendly" and eager to adopt new payment tech. This is very bad for Bitcoin.

Some might argue Bitcoin have become a "store of wealth", but it can't be a store of wealth without having some kind of utility. Gold/Silver are store of wealth, but they also have huge industrial utility. What we are witnessing here is Bitcoin's utility has been basically destroyed.

I believe some technically superior cryptocurrency that has resolved the high fee issues, might replace Bitcoin in the future of cryptocurrency.
15  Bitcoin / Bitcoin Discussion / Re: As of today, Steam will no longer support Bitcoin as a payment method! on: December 06, 2017, 07:50:51 PM
From the blog post:

Quote
Historically, the value of Bitcoin has been volatile, but the degree of volatility has become extreme in the last few months, losing as much as 25% in value over a period of days.

Bitcoin had a plenty of 20-30% drops and spikes this year and the year before, it's simply not true that volaility has increased, unless they measure volatility in flat amounts, which is dumb.

I've personally used Bitcoin 2 times with Steam, and to those who don't know how it works, they actually have Bitpay as intermediary, and Bitpay requires transactions to be sent and confirmed within 15 minutes - so the chances of BTC dropping 20% in 15 minutes are actually extremely small, and all the volatility is handled by Bitpay. The real problem here is that customers have to use high fees to get their tx included in the next block, otherwise Bitpay will have to send their transaction back.



Yeah, to realistically have a transaction confirm in a hour, I had to pay equivalent of $5 in fees. Who the hell going to pay that to buy a $60 game? They can just use their credit card for free and get 2% cashback.
16  Local / 山寨币 / Re: 大家投个票吧,匿名币哪个最具有投资价值? on: November 30, 2017, 04:14:18 AM
都没有价值,比特币core正在开发匿名tx功能,等比特币的匿名功能发布出来,所有的匿名币都要归零。
17  Local / 中文 (Chinese) / Re: bch只顾着涨,很多人连上车机会都没有,以后怕没有群众基础 on: November 12, 2017, 06:41:45 AM
庄是自己在玩吧,我都还没准备好么

什么庄能一天拉30亿美元啊,Bitcoin Cash才是真的比特币,老玩家早都跳到Bitcoin Cash这边了,这是一轮新的洗牌。就像2011一样,不买cash的早晚要后悔。
18  Economy / Speculation / Re: Bittrex overvaluing BCH on: November 12, 2017, 05:37:58 AM
Good luck arbitraging such volatile market.
19  Local / 中文 (Chinese) / Re: 拉BCH的庄家是傻X,这样下去社区还能有信仰吗? on: November 12, 2017, 05:32:17 AM
比特币早就被CORE绑架,路走歪了。BCH是拨乱反正,王者归来。玩比特币最老的那帮玩家,也是最看重去中心化的人,都支持BCH。Ver, Jihan都是手上几十万币的老玩家,老玩家有不支持BCH的吗?我想了一下,好像没有不支持BCH的。

如果今天中本聪回来,他也会支持BCH,因为BCH才是符合他白皮书的精神。CORE比特币早就走歪路了。
一个被矿工操纵的妖股,更加的中心化!

中心化是暂时的,因为不是制度性的,比特币刚开始也就中本聪和Hal Finney两个人孤独的挖矿,一开始中心化,能否定比特币之后的去中心化?

CORE开发的比特币,中心化将是制度性的,不可更改的,这才是最恶心的。
20  Local / 中文 (Chinese) / Re: 拉BCH的庄家是傻X,这样下去社区还能有信仰吗? on: November 12, 2017, 03:38:02 AM
比特币早就被CORE绑架,路走歪了。BCH是拨乱反正,王者归来。玩比特币最老的那帮玩家,也是最看重去中心化的人,都支持BCH。Ver, Jihan都是手上几十万币的老玩家,老玩家有不支持BCH的吗?我想了一下,好像没有不支持BCH的。

如果今天中本聪回来,他也会支持BCH,因为BCH才是符合他白皮书的精神。CORE比特币早就走歪路了。
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