What do you think, do you think Bitcoin will become the biggest bubble economy in history?
The market cap of the South Sea Company far exceeded the GDP of Britain at the time of its bubble. Its crash caused a major economic crisis. In order for a Bitcoin failure to have the same impact, it must be get much bigger first. Bitcoin has been in existence for 10 years and within those 10 years and until now a segment of our populations still think that Bitcoin is a big bubble. Waiting for 10 long years is convincing enough that there is something more to Bitcoin than what some perceive it to be. No bubble will last for more than 10 years and still alive, well and kicking.
The South Sea Company was established in 1711. The price crashed nine years later, in 1720. |
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Bitcoin in its current state is not capable of supporting world-wide adoption of Lightning. Other solutions will need to be developed.
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The transaction propagation delay in bitcoin is 2 seconds which could significantly impact the financial situation over server hops.
Let's say that every node relays your transaction to 7 other nodes with a 2 second delay. Initially, you send the transaction to 8 nodes. After 2 seconds, 56 nodes have the transaction. After 4 seconds, 392 nodes have the transaction. After 6 seconds, 2744 nodes have the transaction. After 8 seconds, 19208 nodes have the transaction. There are about 10000 active nodes according to Bitnodes, so your transaction has been propagated to every node in 8 seconds. Also, what "financial situation" is being impacted by the 8 second delay? |
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First, I am not on the DT list, so the title of your post is ridiculous.
You are on DT and I am surprised to see that you aren't aware of it. Even if you aren't you should be careful when leaving feedbacks, the responsibility increases with DT. Second, I am entitled to my opinion. If you don't agree with it, then please ignore it. Put me on your ignore list.
But if your opinion is wrong and you are part of the DT, you will at times be questioned. I don't see a problem correcting a mistake either. I agree with you to some extent, though there is no way for me to know that I am DT, except by doing some investigation. However, I do know that I have Legendary status and I agree that I should be careful, and I try to be careful. The issue is that Mr.Spider703 was claiming that he is accelerating transactions, and his goal was to gain tips and merits. Only the biggest miners can accelerate a transaction. Mr.Spider703 cannot. At best, he can submit a transaction to ViaBTC's service. If that is what he is doing, then he hides that fact and he takes credit for the confirmed transaction. I don't trust people that hide important information in order to gain money or merits.
Agree with that part but eventually, someone who isn't aware of technical aspects, gets his transaction confirmed without spending anything. If even he is hiding the fact he uses some external sources, I don't think he is scamming anyone because the service is free and tips aren't forced but left by users as thanks. He also has received money at his tip address, but that does not show that he is not faking it. It shows me that he is successfully fooling people.
Consider this example. If you buy potatoes for cheap and sell them for a higher cost, without mentioning the source of purchase to the buyer, does that tag you as a scammer? There are countless service providers who do minimal work and earn, it is because the buyer isn't aware of the source. What makes it more baffling is that Mr.Spider703 isn't charging anything, so I don't know how you see him as a scammer. I never said he is scamming. I stated the issue accurately and precisely, and you just wrote that you agree with it. I feel that he deserves negative trust for being deceptive and you don't. He wasn't charging anything but he was asking for tips. In fact, if you look at some of the transactions that he claims to have accelerated, you can see that they were confirmed because transaction fees dropped and not because of anything that he may have done.
Obviously a lot of times that might happen. You call the police but the fight ends early doesn't mean the police are at fault. It is an issue if the police say that they broke up the fight, just as when Mr.Spider703 takes credit for accelerating a transaction when he didn't. |
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I guess I should respond. This thread has certainly helped a lot of users: https://bitcointalk.org/index.php?topic=5034315.0But odolvlobo has left negative feedback as I can see for Mr.Spider703 getting tips from users. How idiotic and bizzare is that?  If someone is helping others accelerate their transactions and getting tips from happy users in return, how is that a scam? I would like an explanation from odolvlobo. The issue is that Mr.Spider703 was claiming that he is accelerating transactions, and his goal was to gain tips and merits. Only the biggest miners can accelerate a transaction. Mr.Spider703 cannot. At best, he can submit a transaction to ViaBTC's service. If that is what he is doing, then he hides that fact and he takes credit for the confirmed transaction. I don't trust people that hide important information in order to gain money or merits. Interesting to note that other users have left positive feedback for him helping them. This leads me to believe he is not faking acceleration service.
He also has received money at his tip address, but that does not show that he is not faking it. It shows me that he is successfully fooling people. In fact, if you look at some of the transactions that he claims to have accelerated, you can see that they were confirmed because transaction fees dropped and not because of anything that he may have done. NOTE: I was not contacted by anyone to speak for Mr.Spider703, but as a user of the forum if I see someone tagging others for no reason, I will speak up.
I have never been contacted by Mr.Spider703, so I assume he doesn't care what I think about his activity. |
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I'm not an expert here, but I believe there is no difference between an incoming and outgoing connection other than who originates the connection. You can change the number of incoming connections using "-maxconnections=N" in the configuration file, but Peter Wiulle recommends against it: https://bitcoin.stackexchange.com/a/8140It must also be noted that the following statement in that article is false, as Bitcoin transactions have nothing to do with trading or price. Bitcoin’s official software delays your transactions unless you can get other nodes to configure your internet address as privileged. This allows insiders to collude and front run price movements.
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... I will shut down the computer for an hour a day and let the computer rest. Is this okay?
Or rest once a week? Or a longer break every time, 2 hours?
Can you give me some guidance if you know?
Rest? Computers are not living things. They don't need rest. They need to be kept cool and free of dust. |
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It's about time to bump this post.
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Your glossary contains a few errors. Address
In digital currency, an address is basically a destination where a user sends and receives digital currency. In a way, it is similar to a bank account. These addressses usually include a long series of letters and numbers.
You generally don't send from an address, and because an address is intended to be used once, it is not like a bank account. An address is more like an invoice number, and the wallet is the bank account. Hard Fork
A hard fork is a type of fork that creates a permanent change to a digital currency's protocol, or rules.[7] When one of these forks takes place, it results in a whole new blockchain, which will not accept any blocks mined using the old rules.
In a hard fork, the rules are changed in a way that nodes following the old rules reject blocks that follow the new rules. On the other hand, the nodes following the new rules continue to accept blocks that follow the old rules. (They must accept them in order to accept the blocks before the fork.) The result is two distinct chains that share the blocks before the fork. HODL
Cryptocurrency investors developed the term "HODL," which stands for "hold on for dear life." The acronym originally came from a misspelling of the world "hold."[9] Digital currencies can be highly volatile, so when they start experiencing significant price fluctuations, some market participants state that they should simply "HODL."
HODL does not stand for "hold on for deal life". HODL is a mistyping of "hold". "hold on for dear life" was invented after HODL became popular. In fact, "hold on for dear life" is HOFDL, not HODL. Public Key
A public key is an address where an investor can receive digital currencies. This public key, like the private key, is a combination of numbers and letters.
A public key and an address are two different things. In public-key cryptography, a pair of keys, so-called "public" and "private", are used to encode and decode messages. An address is a hash of the public key. For more information about the terms "wallet", "address", "public key", etc. read this: https://bitcointalk.org/index.php?topic=5163864 |
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What does it mean for bitcoin to be legal tender in El Salvador?
Does it mean all shops are forced to accept bitcoin or shops can accept bitcoin only if they want to? Logically, it doesn't make sense for it to be the first option because not all shops will have the infrastructure to (e.g. a small convenience store or grocery shop). If it is the second option, then I doubt many shops will opt for it.
Or does it mean products in El Salador are priced in satoshis?
Here is the text of the law (translated to English): BITCOIN LAW
CHAPTER I
GENERAL DISPOSITIONS
Art. 1. The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out.
What is mentioned in the previous paragraph does not hinder the application of the Monetary Integration law.
Art. 2. The exchange rate between bitcoin and the United States dollar, subsequently USD, will be freely established by the market.
Art. 3. Prices may be expressed in bitcoin.
Art. 4. Tax contributions can be paid in bitcoin.
Art. 5. Exchanges in bitcoin will not be subject to capital gains tax, just like any legal tender.
Art. 6. For accounting purposes, the USD will be used as the reference currency.
Art. 7. Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service.
Art. 8. Without prejudice to the actions of the private sector, the State shall provide alternatives that allow the user to carry out transactions in bitcoin and have automatic and instant convertibility from bitcoin to USD if they wish. Furthermore, the State will promote the necessary training and mechanisms so that the population can access bitcoin transactions.
Art. 9. The limitations and operations of the alternatives of automatic and instantaneous conversion from bitcoin to USD provided by the State will be specified in the Regulations issued for this purpose.
Art. 10. The Executive Branch will create the necessary institutional structure to apply this law.
FINAL AND TRANSITIONAL PROVISIONS
Art. 11. The Central Reserve Bank and the Superintendency of the Financial System shall issue the corresponding regulations within the period mentioned in Article 16 of this law.
Art. 12. Those who, by evident and notorious fact, do not have access to the technologies that allow them to carry out transactions in bitcoin are excluded from the obligation expressed in Art. 7 of this law. The State will promote the necessary training and mechanisms so that the population can access bitcoin transactions.
Art. 13. All obligations in money expressed in USD, existing before the effective date of this law, may be paid in bitcoin.
Art. 14. Before the entry into force of this law, the State will guarantee, through the creation of a trust at the Banco de Desarrollo de El Salvador (BANDESAL), the automatic and instantaneous convertibility of bitcoin to USD necessary for the alternatives provided by the State mentioned in Art. 8.
Art. 15. This law will have a special character in its application concerning other laws that regulate the matter, repealing any provision that contradicts it.
Art. 16. This decree will take affect ninety days after its publication in the Official Gazette.
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They're forced to accept it if the customer says so, that's what a legal tender means. ...
That's not what legal tender means. There is no law in the U.S. that requires someone to accept legal tender for payments. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise.
In the U.S., "legal tender" generally means that it must be accepted for payment of taxes and repayment of debts. It comes from this: 31 U.S. Code § 5103 - Legal tender
United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.
However, the law in El Salvador specifically states that bitcoins must be accepted for any payment (except by people who are unable to do so). Art. 7. Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service.
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Bitcoin is not "nothing but 'data', bits and bytes arranged in a specific manner". Bitcoin is a protocol and you can do something with it. In order to use Bitcoin, you must have bitcoins. And if Bitcoin is useful to you, you will be willing to pay for those bitcoins.
If I were being nitpicky, I would say "bitcoin" in this context, I am referring to the actual amounts stored and signed in the ledger. This is technically what I 'own', that which I have signed (I think anyway? still a newbie). I understand bitcoin can also refer to the protocol which transfers those bits across a decentralized network, but I do not 'own' the protocol just the portion of data in the ledger that belongs to me. ..but again that's just being nitpicky. In short, bitcoins have value because Bitcoin is useful. Bitcoin facilitates ownership of an intangible thing in a way that conforms to social norms dictating ownership of tangible things. That is one of the breakthroughs of Bitcoin, and also why it is a difficult concept to grasp. Furthermore, Bitcoin is difficult to grasp because it is based not on the laws of physics or mathematics (though they are an integral part), but on an innate notion of value shared by everyone. It works in a way that does not require artificial constructs -- just basic economic incentives. |
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I have always thought of Cryptocurrency to be a middle class and rich class' investment. You can take risks investing $10,000 or $100,000. Hell, even $1,000 can be an investment now and the rich man and the middle class can have that amount to spend. My question is, how about the poor guy? Does he have the opportunity to be able to turn his life around and become rich in crypto? I put this in the serious discussion so at least we can discuss this without promoting any specific coin. I have some struggling friends who I like to help but they have this life where their salary is only enough to feed themselves for the day and they can barely save $100 for other things. Let's be real, will he be able to get the life he wants with crypto? I appreciate your thoughts on this.
Why $10,000 or $100,000, $1,000 or even $100? You can buy $1 worth of bitcoins and gt the same return as someone that buys $100,000 worth. The opportunity is the same regardless of the amount. The premise of your question is flawed because you are judging the success of a poor person can invest $1 by the standards of a wealthy person who can invest $1000. A person with only $1 to invest making $100 will be no less better off than a person who invests $1000 making $100,000. |
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But you don't "own" anything. That's my point. If you buy a piece of art with a banana taped to a wall, at least you have something tangible. You can invite your friends over and say Look everyone at this picture I purchased for a ridiculously amount of money to hang on my wall. You can touch it, smell it, eat it maybe?
Bitcoin is nothing but 'data', bits and bytes arranged in a specific manner, you can't do anything with it.
None of that matters. Tangible or not, Bitcoin ultimately has value because it is useful. For example, knowledge of economics is not tangible, yet you would pay someone for that knowledge. Bitcoin is not "nothing but 'data', bits and bytes arranged in a specific manner". Bitcoin is a protocol and you can do something with it. In order to use Bitcoin, you must have bitcoins. And if Bitcoin is useful to you, you will be willing to pay for those bitcoins. |
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if you were an alien and you came to earth and saw people 's dealing with gold coins ...
That story was told by Warren Buffet many years ago: [Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
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Thanks @Darkdays @BrewMaster @BlackHatCoiner @odolvlobo and @Charles-Tim. I am grateful. I am beginning to understand the concept. @Charles-Tim the table you share is cool and easy to understand. But from serial number 26 at the year 2108 downward, there is zero BTC left to mine, yet there is still BTC supply till 2136, what really happened? The "Left To Mine" and the second "Mined BTC" columns are omitting fractions of a bitcoin. The "Reward" column is in satoshis. |
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That gain is impossible. You are definitely being scammed.
You might try to fool them into sending you some or all some of your money back. Maybe you can tell them you will send them $10000, but first they must prove that you can withdraw by returning your original amount. It might work, but they will probably invent some reason why they can't.
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What mathematical analysis proves that BTC created by 2009 with a fixed supply of 21million. From 2009 to 2021 is about 12years, then about 18million has already been mined.
Now, the remaining which is about 2million+ will take about 120years to be mined?
This explains it: https://en.bitcoin.it/wiki/Controlled_supplyTL;DR: Every 210000 blocks, the amount of bitcoins created in a block (the "subsidy") is halved untill it eventually reaches 0. At that point, there will be slightly less than 21 million bitcoins and no more will be created. |
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...However, if this is the case, then bitcoin immediately becomes exempt from a whole host of taxes, most notably capital gains taxes.
Forex traders pay taxes on their capital gains in the U.S. |
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