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921  Economy / Economics / Re: How long before banks become obsolete? on: July 08, 2018, 04:39:12 PM
People need to do a LOT more than send money instantly.  They need loans and other financing, they need investment products, and they need checking accounts for those bills that need to be paid to people who don't accept bitcoin.

So no, banking isn't going away anytime soon.  If someone comes up with a crypto solution for all of these things, then banks might be in trouble--but probably not, since most people are comfortable dealing with banks.

All of these could be scripted in ways which would dis-intermediate the necessity of banks in the process, there will always be some things that cannot be replaced by scripting tho I think. But the main problem is, how do you do borrowing and lending and all that with a deflationary currency? Is is it possible to do it with a limited supply? What if there is a shortage of funds and people demanding funds can't get them? they just don't get them? is this a positive thing or it would detriment the economy? Some people argue that it's positive, the greatest period of growth was under the gold standard, and they claim after 1980 the effects of detachment from gold standard started brewing to explode decades later.
922  Economy / Economics / Re: How long before banks become obsolete? on: July 07, 2018, 07:47:09 PM
Not anytime soon. In fact people like Hal Finney saw a future in which banks would be part of the Bitcoin ecosystem because he predicted Bitcoin couldn't scale everything on-chain, so he added some sort of banks in the equation:

Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.

Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.

George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.

I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.

Apparently LN is way better than what Hal Finney was talking about there, even if it still has problems.

923  Economy / Economics / Re: What if Zuckerberg paid us a share of FB advertising revenue? on: July 07, 2018, 06:53:02 PM
Unfortunately, the rich isn't going to spread their money around to their costumers. Zuckerberg is going to keep milking the Facebook trend until it is a trend for people to use. Same goes for Instagram, same goes for Twitter, and same goes for any other website which receives organic traffic with clicks translating in mad passive money. They have to do nothing at this point, just sit back and keep the money coming as people click on ads. Advertisement is really the ideal business to be, if you hit a jackpot, the passive income allows you to make money on auto-pilot with little time invested and not much of a cost to maintenance, other than paying a domain name, servers, or sometimes nothing if you manage to have some viral Youtube videos which have passive views and therefore passive ad revenue. The problem is, is extremely hard to hit said jackpot, and you may waste a lot of time for nothing, this is why most people stick to having a wage, otherwise everyone would be making online money and not working.

The old school version of passive ad revenue is having a billboard. I know some guy which inherited an huge billboard sign in a very trafficked road and he makes like $1,000,000 a year from that, pretty crazy huh.
924  Bitcoin / Bitcoin Discussion / Re: bitcoin fees will NEVER come down on: July 07, 2018, 03:08:28 PM
if the cost of bitcoin never goes down, why now the price is so far downhill?

He is talking about transaction FEES, not the bitcoin price itself.

Not so long time ago when the Bitcoin price was on the peak fees were a huge problem because they were extremly high.
At the moment fees are prety low and decent. Bitcoin transactions have certain price and the miners need their share so expecting for fees to be zero it's not realistic.
Nothing comes completely for free and so it's the situation with Bitcoin, using it has some price.

It was mostly bad management from exchanges due not adding transaction batching, also major spamming by Ver and co back then was cluttering up the block space, but I wonder how much of a % was legit transaction volume increasing due people FOMO'ing up into he price surge and how much blocks getting full were a cause of the price crash...
925  Bitcoin / Development & Technical Discussion / Re: How bad (or good) my privacy is if I run a SPV wallet? on: July 07, 2018, 02:54:56 PM

Check out Electrum Personal Server, it's like connecting your Electrum wallet to your own Bitcoin Core node, so you can use all the features of Electrum without the drawbacks of privacy.

Sadly, I myself haven't used it yet, so I can't help you with any questions regarding it, but from the description of this project it sounds like exactly what you might need.

I didn't know Electrum Personal Server existed. It would require running a full node, which is not yet something I'm willing to do, but I'm planing to in the near future. It would be a great combination, as I like Electrum's features and its user interface and running a full node will definitely make Electrum more private and secure. Thank you very much for the hint.

Just use Bitcoin Core as a wallet too, but in a separate airgapped safe computer. In an online computer, you run the full Bitcoin Core node, here you have watch-only addresses to see actually how much money you have and keep track of finances. In an airgapped computer, you run Bitcoin Core node offline, and store the keys there for offline raw transaction signing. This is the best possible scenario that I can think. Electrum's seed thing is unsafe due possible key derivation schemes and having your wallet.dat safe is a better alternative unless someone can prove me wrong.
926  Economy / Economics / Re: Bitcoin holders will have to pay their tax? on: July 07, 2018, 02:38:35 PM
For US citizens it seems it's additionally insane due how you must keep track of the price of every single altcoin trade as well. So if you do micro-trading and have THOUSANDS of transactions on-exchange between altcoins (for example, some people use big volume altcoins to do scalping in and out of BTC into said altcoin) then you will have to keep and report this insanely long record of micro transactions and they will all be separately taxes given the current price of the BTC and altcoin at the time of the transactions. Please explain me how in hell are you supposed to look at that data without having a mental breakdown.
927  Alternate cryptocurrencies / Altcoin Discussion / Re: Switch from Windows to Linux on: July 06, 2018, 06:51:53 PM
Do not use an VM. If you can't afford an entire new computer, buy another HDD which goes very nowadays, 200GB will do. Install an easy to use distro like Ubuntu, or Xubuntu if your machine is older. Lubuntu if your machine is extremely old.

Look in youtube how to install them properly, you need to some additional partitions with Linux compared to Windows.

Turning off all Microsoft's data collection in Windows is not easy these days (this affects Win 7 & 8 as well as 10 from what I've heard). Windows is pretty much a security/privacy problem by design these days. Figuring out who they're sharing your data with from the T's & C's is probably a lost cause.

OTOH, you've gotta be pretty determined if you want to start using Linux permanently. My suggestion would be to wait til you can afford a new computer, then run Linux on 1 machine and Windows on the other (there's always going to be a reason to stick with what you know while you figure out the transition).

But if you can do that, you're going to have way more control over your computer using Linux than is possible with Windows (and it's only set to get worse apparently). Just stay away RedHat/Fedora tech (which is a Microsoft sponsored Linux company that works pretty hard to screw up Linux)

Windows 7 is doable anything past 8 is insane, specially 10 is NSAcenter. But yeah, if possible always use Linux.
928  Economy / Speculation / Re: Where do you see Bitcoin and Cryptocurrencies in ten years? on: July 06, 2018, 04:14:01 PM
10 years IMO is a small time-frame to witness a big overhaul in the financial system. It took us centuries before we parted with our dear gold as a medium of exchange, and with the government who has an established control over finances and the people, it'll be hard for cryptocurrencies to take over. Probably it will co-exist with fiat, just like fiat with gold and other precious metals, but that's it; no overhauling of the system, just an 'innovation' from its state--transitioning to physical to digital but still mandated and controlled by the government.
We need a much longer transition time because currency changes from fiat to digitalization takes a lot of time and that requires a ready infrastructure as well. All components must be prepared and if it is true then it may take us more than 10 years to reach the revolution.

This is very related to the process of moving the financial system globally because if seen then not many countries that make regulation of cryptocurrencies. This requires a mindset as well as an uneasy thought. Believe me but this will go well because we all know that crypto is always growing every year.

Most of the economy is already digital, this is what most people don't get. Like 99% of money is digital and then there's this 1% of cash left which is your only chance at financial privacy, before the elites get rid of said 1% to get their closed source token so when you make a payment it gets registered even when you do go to Walmart to buy some basic things. Everything will be monitored and logged, and anything the can find will be used against you in the future for blackmail. The only reason cash is still with us us because it's what elites use to bypass monitoring, but they don't want us (the poor) to have access to this too. Time is up.
929  Alternate cryptocurrencies / Altcoin Discussion / Re: Is the Blockchain getting abused? on: July 06, 2018, 03:52:27 PM
Only blockchains which allow getting abused are getting abused. Namely, if Ethereum, with their ever-increasing blockchain size which many ETH holders don't seem to care, while it's a massive problem.

This is what happens when you don't put any control on who gets to use resources. Unfortunately for now technology doesn't allow for everyone on the planet to start making use of a blockchain without cluttering it and making it grow to stupid levels. This is why fee market is needed. All these projects that fall victim of avoiding this basic reality will collapse their blockchains (again, for example Ethereum). Compare ETH blockchain size growth vs BTC blockchain size growth and you will see how at this rate Ethereum will have huge problems.
930  Economy / Economics / Re: Can Blockchain help eliminate the basic problems in the world? on: July 06, 2018, 01:02:09 AM
Poverty, legal identity etc. are major concerns in the third-world countries. Data says one-third of children in the world still lack legal identity (sourced from Informationweek). Poverty and lack of food still kill thousands of people. Can Blockchain put an end to all this?

It can reduce the cost of intermediaries in certain cases, but you would still need someone to enforce what is said in the blockchain. For instance, if you put information regarding a property of yours in the blockchain, just because it says so in the blockchain, it doesn't magically put a barrier in your physical property that stops people from entering. So you still need a government to enforce violence upon thieves to protect your private property, or at least some sort of private security. You can think many examples like these.

People that think blockchain will dis-intermediate everything and render governments completely useless are not being realistic in my book.

Now what blockchain can do, at least a censorship resistance one like Bitcoin, is to protect your wealth from evil governments, to move value across the globe without permission etc, which is already an huge thing and insanely undervalued.
931  Bitcoin / Development & Technical Discussion / Re: Transactions on: July 05, 2018, 11:44:55 PM
What is the coinbase transaction and how does it influence in the transaction? How does it relate with the amount of transactions that fit inside a block? Thanks

Many people confuse this term. From stackexchange:


The term "coinbase" is used to mean many different things. But the two you're probably asking about are:

    -The "coinbase transaction" is the transaction inside a block that pays the miner his block reward.

    -Inside the coinbase transaction is a field that is called the "coinbase". It's the generation transaction's equivalent of a scriptsig. Since it doesn't claim any existing outputs, it needs no normal scriptsig. It's basically just a random value that the miner can use as an additional nonce. BIP 34 changes this a bit.

Read more here:

The explanation from the wiki is really poor. Looks like contains "the new updated wiki" in the glossary section:

Any technical term you want to learn about should be there updated.

932  Alternate cryptocurrencies / Altcoin Discussion / Re: What is the best currency to invest $ 1000 ?? on: July 05, 2018, 11:33:06 PM
As a beginner I want to invest in one of the new digital currencies .. But with the abundance of these currencies became a choice is almost impossible .. I want advice from you .. What is the best currency can be invested by $ 1000 ??

You mean that you want to gamble, not invest.  Because if you wanted to invest, then you would consider bitcoin, first.  Do you own any bitcoin?  Do you have any other financial investments?  How could anyone tell you how to "invest", if they do not know about your other investments?

On the other hand, if you are just gambling, then I suppose people can suggest to you various ways to gamble.  You might be using the wrong term(s) for what you are attempting to accomplish, no?

I agree, most altcoins are shitcoins as we all know (well anyone knows this if you've been here for a while), so Bitcoin exposure is a must for anyone serious about investing.

At the same time, noobs that don't have much money to invest, tend to try to take more aggressive stances, since doing a x100 on your initial investment will only happen very long term now with Bitcoin. This is why so many shitcoins get funding, it preys on the will of noobs to get fast gains, too bad chances are real low. This doesn't mean you should stop looking for some worthwhile projects in the altcoin world, but assume 99% is trash and it's a finding a hidden gem task, which may be that next x100'er. Meanwhile just stick to Bitcoin for slow and steady gains.
933  Bitcoin / Bitcoin Technical Support / Re: Can I delete my wallet.dat without problems ? on: July 05, 2018, 04:08:08 PM
I wouldn't risk it personally. It's better to always rename them, add in a number or something, for example the date of the last received transaction, to know if it's an up to date wallet or not. Satoshi always advised to never delete wallet files. It's better to have a mess of different wallet.dat files renamed than accidentally deleting a wallet file with some private keys in it. Just change the extension for example (wallet.1, wallet.2, wallet.3...) and keep it all.
934  Alternate cryptocurrencies / Altcoin Discussion / Re: What the hell is going on with the Etherium? on: July 05, 2018, 03:58:28 PM
What's funny is, not along time ago, Vitalik Buterin said that fees in Bitcoin were "too high" past five cents:

“Right now, bitcoin transactions cost five cents [in USD], which is fine right now because Paypal fees are even stupider but the internet of money should not cost more than five cents per transaction. It is kind of absurd.”

Now delusional Vitalik is having to deal by himself with massive block sizes while trying to keep everyone happy with fast and cheap transactions. Let's see what he can do about it. So far ETH blocksize growing past 1TB...
935  Alternate cryptocurrencies / Altcoin Discussion / When will Ethereum collapse? on: July 05, 2018, 03:41:35 PM
Is the question if "will Ethereum collapse" even a conditional anymore? should we just say "when will Ethereum collapse at this point"?

The Ethereum blockchain surpassed 1 TB already and I don't see Ethereum holders here talking about it at all. Aren't you worried about this? do you believe Vitalik is smart enough to solve this? Are you confident in sharding and so on? Clock is ticking, your blockchain is going to explode.
936  Bitcoin / Legal / Re: Is the attack "51%" legal? on: July 04, 2018, 06:19:49 PM
Quote from: squatter link=topic=4432008.msg41460040#msg41460040  definitely WORSE than Bitcoin at such insane level of growth rate.[/quote

As such, I'm not of the belief that a "successful" hard fork requires 100% of users to upgrade. There's nothing wrong with communities splitting, and that's exactly what should happen sometimes. The fact that some level of hash power and user base remained on the Classic chain casts doubt on your idea that Vitalik Buterin is the ultimate arbiter as well.

Maybe I went overboard saying that Vitalik Buterin is a single point of failure, but I claim that if Vitalik Buterin said that "code is law", would have avoided rolling back the blockchain to recover DAO funds and said that the legacy chain is the real ETH, the balance would have lean towards that and we would see the opposite of what we see today: ETH being the legacy chain with the ETH token, majority of hashrate and support and the DAO fork renamed into god knows what and supported by some minority. That is how much weight I give Vitalik in the project. He is capable of tilting the balance when there is indecision in whatever side he supports, and this is an huge liability for a so called decentralized project.

Then there's this:

Good luck with that.
937  Bitcoin / Legal / Re: How many $ worth of bitcoins can I sell? on: July 04, 2018, 05:55:12 PM
I would not classify as a business because I am not concerned with profit.  I add fees, but that is mostly for the risk of lost opportunity.  In fact, my "profit" from my selling activity is vastly negative.  In fact, this deal could potentially put a significant dent in my holdings if I can't get the USD back to an exchange quick enough.

I don't think the government cares about you "being concerted with profit" or not. Look for precedents, first of all. And I can tell you that some people has ended up in big trouble because on the other end there was the Fed waiting for you to try to sell your coins.

If you deal small amounts you may be able to get away with it, but constantly moving amounts higher than minimum wage (for example) may put you in trouble as it would be considered an activity that needs licensing of some sort, maybe a money transmitting license. I had no idea about any of this and learning along the way.
938  Other / Meta / Re: When will the account recovery problem be solved? on: July 04, 2018, 03:32:43 PM
Another case of insanity: 9 months of wait for an hero account and counting:

I would like to see if someone can make a list of all the most blatant cases of a person whose account obviously belongs to the user demanding it to be recovered but they have been waiting for a long time to no end. I wonder who currently holds the forum record of waiting. Looks like some people is definitely about to cross the 1 year mark... c'mon guys.

edit: actually that guy says he cannot sign a message, but anyway, there are many other cases, for instance:

That's x4 signature proof. Yet it's been a wait since November 2017. We a have big queue of cases like that, which would take 2 seconds to fix. The longer a solution is delayed the bigger the queue is becoming. At some point it will be nonviable even after hiring more staff for the task. We need to empty the queue soon.
939  Bitcoin / Development & Technical Discussion / Re: Book recommendations about cryptography? on: July 04, 2018, 02:48:19 PM
You said it doesn't necessarily need to be books, well in that case I find very interesting reading papers and forum posts of these credited by satoshi as inspirations. For instance Wei Dai's stuff:

Loots of interesting things there, specially the bmoney .txt

Some interesting posts on Szabo's blog too:
940  Bitcoin / Development & Technical Discussion / Re: What does a non-mining node do for the network? on: July 04, 2018, 02:11:23 PM
What about TRB nodes? they are non-mining nodes right? so the fact that they are being ran right now does not matter?

BitPico might be another publicity run by the big blockers to deceive everyone that Bitcoin Cash Alibaba nodes are resilient to attacks. Hahaha.

This is possible. I actually don't trust BitPico at all, they were supporting SegWit2x hardfork back then, and I have not seen them giving an explanation why they did so. Then they disappeared, and suddenly they are back again. This must be a setup to fail on the stress test so BCashers can then use it as proof of how their network can sustain spam attacks without collapsing. I bet Roger Ver is once again involved.
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