466
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Bitcoin / Bitcoin Discussion / Re: I never spent any savings on Bitcoin and I'm not broke
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on: May 16, 2016, 01:28:41 PM
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I'll say it is more likely to be broke in the end, and also more likely to be much richer in the end, at least as compared to most people. If keeping fiat made you broke, that will make a lot of people broke. You'll be broke but not much more than most people. Also with fiat, you'll hardly get richer.
With BTC, if you got broke, many others will not. But if you get rich you'll be ahead many too.
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470
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Bitcoin / Bitcoin Discussion / Re: What will transaction fees be like once no more BTC can be mined?
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on: May 16, 2016, 12:53:26 AM
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BTC being totally transparent, you can just calculate:
If the miners want to make the same amount they do today, at a price of 500$/BTC it would work out like this:
1 block (25 bitcoins) created every 10 minutes -> for each minute, 2.5 bitcoins are created X $500/bitcoin = $1250/minute. So every minute $1250 in fees needs to come from transactions (instead of the block rewards today). Using 5 transactions/sec as maximum speed (with current block size), 300 transactions each minute. $1250/300 transactions = $4,16 per transaction.
Of course this changes as the metrics change: 2x higher BTC price -> 2x higher fees 2x more transactions per block -> 1/2 fees
Good math, and the results are not bad either. 4.16 per transaction does tno seem to high if we compare with bank transfers.
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473
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Economy / Speculation / Re: 450$ Breakout
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on: May 14, 2016, 09:24:09 PM
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It is over 450, in the same vein as some days ago. Small movements up and down but nothing too alarming.
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479
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Alternate cryptocurrencies / Altcoin Discussion / Re: ETH is good for BTC
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on: May 13, 2016, 11:55:26 PM
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Exactly whichever cryptocurrency avance we have it is better for crypto as a whole and also for BTC, as it creates awareness. Real competition will happen when almost everyone uses crypto and they have to compete for supremacy.
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480
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Bitcoin / Bitcoin Discussion / Re: Can Bitcoin change the world's financial system?
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on: May 13, 2016, 11:47:18 PM
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Yeah well, most of us get paid in fiat and buy things that are priced in fiat...so unless bitcoin has an actual problem that it's a solution to, it's not going to get widely adopted. It is useful as a store of value, like precious metals, but as a currency it absolutely sucks. That's my opinion. I would much rather spend dollars than bitcoin, and it's much, much easier to do so.
Agree with this completely. And that it is not a minor thing... the fact you can keep thousands of dollars in Bitcoin easily in your computer or computers, and that you can transfer them to other bitcoin users or even to banks (if you have an account linked to bank as coinbase or others) is very cool
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