Now, do you agree that crypto should be seen as a form of gambling? And if this eventually comes through, what should we expect as the constraints it might still bring to the crypto space?
No! This can only be applicable to altcoins because, in my opinion, all altcoin investors are gambling with the hope of making a large profit due to uncertainty because they do not know what will happen to the project at any given time. However, Bitcoin investment is distinct because we all understand how transparent the entire Bitcoin process is; therefore, we are not gambling with our money since we are confident that if we are patient, we will be rewarded. Spoken like a true gambler. |
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im using binance as an exchange.
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I have some magic beans. Would you be interested in buying them?
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What was the logic behind taking 10 mins to mine a block? Was it by design or accident? Anything that wants to be used as money needs at least sub minute, preferably sub second blocks. Unless it was intended for batch processing over night. Can't we just make it quicker and reduce the rewards appropriately?
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All good, but is there a possibility you being payed in crypto more than once? Because that's when things get interesting. And if that, by chance happens, is the BTC pay locked to a FIAT curency (20 dollars in BTC what ever the price of BTC is), or is it agreed upon only as BTC pay? Those are the things I would like to know (obviously, the firat one is the best option)
It is a lump sum up front for licensing and then ongoing maintenance and development. I said he can recalculate it whenever payment has to be made. It may go up, it may go down. I think it is still going down for a while.
Some would say better ever than never, but you have been a member of this forum since 2014 - which means it took you 8 years to receive your first BTC payment for your work - which somehow places the adaptation of the BTC at the speed of a snail's or turtle's step. I hope that you will not have to wait another 8 years for the next payment in BTC  I wan't really looking to get paid in btc. It was a crypto related project and for a laugh i suggested it. He said ok so i went with it. [moderator's note: consecutive posts merged] |
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Starting with a small amount is truly an amazing feeling. But the thing is, after you've accumulated even just a small fraction of bitcoin, you'll start wanting to accumulate more and appreciate every sats you are going to receive.
I am an undergrad student who doesn't care about finance before but when I was first introduced in BTC, it opened a lot of interesting things specifically in finance. And that's the best lesson I've come across in my entire life. So keep up!
P.S Your comics is quite entertaining to read!
Thanks. The fee was agreed in $ but paid in btc. The person paying asked if I wanted to reconsider as the price of btc as going down? I said no, This way I just get more bitcoin. |
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I write apps for a living. Someone wanted a crypto one done and they paid me in bitcoin. Living the dream.
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Easiest way, change your BTC for cash and give that to him. Certainly in the current climate no one is going to want to accept bitcoin for goods.
They're not accepting Bitcoin if they use a payment processor. They're receiving dollars sent using BTC as a payment rail. In quite a few places people would rather stay away from banks and let a payment processor handle the conversion. Less potential for the bank getting arsey. Yes, but if you convert it to USD then you are cutting out at leat one or two middle men. Someone is going to have to pay for the conversion. This means you are going to get a better exchange rate between your BTC and your bike. |
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There comes a point when it costs more to run your mining farm than it makes in transaction fees. Fees are only going down and farm size is only going up. Once we hit that point it is just a couple of companies sharing the blocks out between themselves. Hardly decentralised.
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My last eth transaction cost $250 though  . At least you can do something with Ethereum. Eth 2 will sort fees out. Hopefully. |
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It must be killing bitcoin that it can't do NFTs. Eth is so much more capable in some respects. |
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KYC is actually killing the nature of Crypto currency. After KYC we are in same situation like using Fiat.
I don't know what is the use of crypto currencies if everything will get track by Government agencies. Better we cashout and invest in stocks.
No, it is just going to split crypto into he the legal part and the illegal part. If joe bolggs wants to buy it with his CC then he KYCs with an exchange and gets it that way. There will always be ways to do it without KYC (dark web etc). The fun will come when companies/shops start accepting BTC but only from tracked wallets. If you aint on the list then you can't spend it. |
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If you spend $99 dollars and get $100 back then its worth mining.
So generally speaking, the amount of money wasted mining bitcoin is roughly equivalent to the amount of coins generated by mining.
This actually puts a cap on the value of bitcoin which is why its never going to get to a million like some people claim
Yeah, but it more like TEN people spend $99 mining and ONE person gets $100 back. That is $990 spent to make $1. Now times that by a few thousand to get the real figures. |
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If you are going to use a big exchange in the future then you will need KYC. The only other way to get BTC will be on the black market. Would that put you off?
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reported
Unsure why? I though education here was able to create this gem 1B1tco1nDustAddressDotComxxxntn2T and the redirect takes people to that address on blockchain to send their unwanted dust. Why? So you can collect it? |
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The people who make the miners won't let it go POS for a start. Just think how much money they would lose. All of it.
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The only thing mining is good for is the people who make the miners. In the arms race to have more mining capacity than everyone else, they are the only winners.
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Bitcoin would work perfectly well if there were just 10 computers in the world processing transactions. Any more than that is purely greed by the miners and a complete waste of energy. We are stuck in a useless loop of building faster asics and then buying more of them to try and outdo eachother. Remember whe btc dropped to $4K and mining stopped being profitable? Best thing ever for the environment.
Is this true or is there a data to back up that only 10 computers can be used to process the transactions globally? I am not a miner or has any knowledge about the inner workings of mining so I was curious with your claim that it only takes 10 computers to do all the work. I think it doesn't matter that mining stopped being profitable for the betterment of the environment because we are still destroying natural habitats and throwing billions of tons of green house gases in the atmosphere. In a perfect world, yes. If there were 10 computers, difficulty would be very low (it is only high as there are soooooo maaaaaany miners) and every 10 mins one of the computers would solve the equation and mine the block. Simple. It is only because everyone wants a piece of the action and if you have 100 miners, i need 110 to beat you. It just becomes a stupid arms race. POW was a valid argument at the time but I dont think they ever expected it to get this far. |
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Bitcoin would work perfectly well if there were just 10 computers in the world processing transactions. Any more than that is purely greed by the miners and a complete waste of energy. We are stuck in a useless loop of building faster asics and then buying more of them to try and outdo eachother. Remember whe btc dropped to $4K and mining stopped being profitable? Best thing ever for the environment.
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