Recently, I have been posting on this forum and my posting is increasing but my activity is not increasing it has remained stagnant for the past 3 days. Please help!!
I recommend reading more and posting less. |
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It is no longer feasible to mine bitcoins with a PC. However, you can mine other coins and get paid in bitcoins, using a site such as NiceHash. You should expect to make a couple dollars per day, at most.
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Hello!
I'm trying to understand Bitcoin scripts, but it seems like all sources that I find on the Internet assume that the reader has computer science background. For example, "Each transaction output doesn't just specify a public key. It actually specifies a script". Why? What's the problem with specifying just a public key? What breaks down in the design of Bitcoin if we don't use any scripts?
The output script specifies the requirements for spending the bitcoins in the output. It allows for many different kinds of transactions. If the output only includes the address (actually pubkeyhash), then there could only be one kind of transaction. |
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They're too late. The jokes on them. Bitcoin is no longer a payment system. You can't buy stuff with it anymore because now it's a "store of value".  You don't really need a 10-minute confirmation do you? Give it a half day and you can drop the fees 7 or 8-fold. If people can load their accounts with BTC, I don't see on-chain payments as a big problem right now. It can also be tempting to spend some of those bitcoin profits. Isn't that how the hodlers roll--never sell, hold until you can spend it? Not sure how much business eBay does, but if Amazon were to enter the foray, I think it would generate a lot of profit taking. By the time they implement it as a payment system, the Lightning Network might be in place and the scaling will be ready to handle that kind of load. Bitcoin in it's current state, will not be able to handle transaction volumes that eBay would bring to the network. Not even BCrash will be able to handle that kind of load. {..but Roger Ver will tell people that it will be possible}
Saying that the problem of transaction volume will soon be solved by the Lightning Network is like saying the traffic problem will soon be solved by flying cars. A specification for LN has now been released, and they've done mainnet transactions. How far off do you think we are? A year, two? Realistically, the next big step is building publicly available wallets. A year or two seems reasonable for proof-of-concept. Building LN wallets is a big step, but don't forget that most wallets still don't do segwit yet, and then building up the network of LN nodes is another hurdle, as well as getting people to use LN. |
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They're too late. The jokes on them. Bitcoin is no longer a payment system. You can't buy stuff with it anymore because now it's a "store of value". What if I told you that it was a store of value all the time? Bitcoin is not superior to credit cards or Paypal as a payment system, but it is superior to fiat currencies due to its unique monetary policy and censorship resistance. The talk of "micropayments for the 3rd world" and "easy online payments" was just marketing or people, who misunderstood the core purpose of Bitcoin. The world needs sound money more than yet another payment solution. I would say that you are confused and that you (like many others) seem desperate for something to justify your devotion to Bitcoin. If there is nothing to give bitcoins value, then there is no value to store. Sure, Bitcoin can be a store of value simply because people agree that it is a store of value, but they also need to agree on the value that it stores. That is where bitcoin is going to run into trouble. |
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That USB miner might generate $1 over the next year, but it costs $90 plus about $8 in electricity . Cloud mining is a money loser. Don't bother with it. |
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That address is the BTC wallet address from the exchange I sent from, how could it not have any transactions? If I sent BTC from that wallet, int the exchange (btcmarkets.net)
I sent BTC to an "investment" site called http btc2double DOT COM, not sure on hyperlink rules.
Yes I know im an idiot for this, still worth fully understanding.
Sorry, you have been scammed. Any site that promises to double or multiply your money is a scam. You are unlikely to be able to get your money back. The only way is to identify the operator of the website and go after them. Here is some helpful information. You don't have a "wallet" on an exchange site. You have an account. 1DRy...4Y1R is not your "wallet address". It is an address in the exchange's wallet used to identify your account. If BTC is sent to the exchange at that address, then the exchange will credit your account. |
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They're too late. The jokes on them. Bitcoin is no longer a payment system. You can't buy stuff with it anymore because now it's a "store of value". By the time they implement it as a payment system, the Lightning Network might be in place and the scaling will be ready to handle that kind of load. Bitcoin in it's current state, will not be able to handle transaction volumes that eBay would bring to the network. Not even BCrash will be able to handle that kind of load. {..but Roger Ver will tell people that it will be possible} Saying that the problem of transaction volume will soon be solved by the Lightning Network is like saying the traffic problem will soon be solved by flying cars. |
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...Anyhow, I wanted to get into mining Bitcoins, just something that can give me extra cash in the long run. ... Are there any alternate ways of mining bitcoins? I don't even care if I only make $30-$50 a month from mining bitcoins.
You can't realistically mine bitcoins, but you can mine other coins and get paid in BTC. Check out NiceHash. Expect to earn less than $1 per day. |
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They're too late. The jokes on them. Bitcoin is no longer a payment system. You can't buy stuff with it anymore because now it's a "store of value". |
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Keep in mind that a "crash" doesn't imply an impending value of 0. The stock market and housing prices went through bubbles in 2001 and 2006, but they didn't fall to 0. It means a return to a value that can be supported and sustained (or lower due to overreaction) based on utility. I believe that the utility value is far below the current price.
Obviously something will pop before then, but what do you think would happen if polished lightning networks and much more segwit integration happens while the price is still eating the world? If (and I mean if) lightning is widely adopted, I can see the price possibly going up by another factor of 10 over the next 20 - 50 years. For it to go up even more, it would have to have wider adoption any other currency, and I don't think that is likely without some huge currency crisis. |
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“The problem with the real bubble in economics is that we just don’t know it’s a bubble until it’s crashed,” says De Martino. So, the article starts pretty neutral, but at the end it openly says that Bitcoin is a bubble. Huh? It's really funny to see how people define bubble as "when value rises high and fast" instead of "when value rises high and fast, but then crashes". Because in first case we can just say that performance of Facebook and Apple and whatever other super successful company is just a bubble. But even if BTC will crash, it wouldn't mean that it's just like a tulip bubble, becasu Bitcoin has utility, and this utility will always be a source for some value. Keep in mind that a "crash" doesn't imply an impending value of 0. The stock market and housing prices went through bubbles in 2001 and 2006, but they didn't fall to 0. It means a return to a value that can be supported and sustained (or lower due to overreaction) based on utility. I believe that utility value of a bitcoin is far below the current price. It is obvious to me that people are buying more bitcoins primarily with the intention of selling when the price is higher. That positive feedback is what is driving the price so high, and it can't last forever. |
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Finally, an article about Bitcoin that hasn't succumbed to the hysteria!
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I hear more and more by people that they consider bitcoin more of a store of value (eg, gold replacement) than as a currency, especially as the transaction fees go up. I have also heard many people say that even if bitcoin is only used as a store of value, and not as a currency, it has utility.
But this is not sustainable. Imagine bitcoin prices continue to increase and eventually all the coins are mined. There are not many transfers because people are mainly hoarding. Thus not much transaction fees, which is the only source of income for miners. Hash power reduces dramatically, and so network security deteriorates.
It seems to me that the only solution would be for bitcoins to be perpetually made available (no limit at 21 million).
Beanie babies were a "store of value" until they weren't. The ability to store value only has utility if there is value to store. |
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What you guys think abou etn? What will happend tomorrow?
Should we gold or sell?
This is a Bitcoin forum. You might get better result on an ETN forum such as http://electroneumtalk.proboards.com/. |
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What will be the state of Bitcoin after all coins are mined? Even before that what happens to miners as it gets close to the final mint? Is one 1 Satoshi, 00000001 the absolute smallest demonimation or can fractions thereof be created if needed?
That question has been answered at least 21 million times (Google says 641,000,000 results). You must have seen it answered already. Rather than answering it again, here is a link: http://lmgtfy.com/?q=What+Happens+After+21+Million+Coins+Mined |
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Only for newbies? I use a Trezor. It is very secure and it is the most convenient way to store keys at a high level of security. A paper wallet is cheaper but it is no more secure and it is much less convenient.
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Here is where everyone will get mad: PONZI SCHEME.
Go ahead...try to deny it. I don't care anymore. I just posted this to prove that most people posting on this forum and probably the majority of Bitcoin holders have no idea how it works or where/how profits are made. Good luck explaining your way out of this one noobs.
Sorry. You don't even know what a Ponzi scheme is. If you did, you would know that Bitcoin cannot be a Ponzi scheme because it is 100% transparent. I might agree with everything else you wrote though. |
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TV provides a tangible asset. So that doesn't at all fit the criteria laid out in the first post. TV provides entertainment, enjoyment etc.
The consumption of energy for the production of assets is perfectly okay.
Entertainment and enjoyment are certainly not tangible assets. The purpose of Bitcoin's energy usage is to secure it and ensure its integrity. That is not nothing. Do you feel that the money spent on a nation's defense is nothing? Anyway, the idea is that as wasteful as Bitcoin mining may seem, it is more efficient than the current banking system, and thus we would save energy by switching the financial system to Bitcoin. |
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So I've downloaded and run the Bitcoin Core client and synced it, set up a passphrase and backed up my empty wallet and written down my privatekey.
First, some terminology. You (probably) did not write down your "private key". If anything, you wrote down the wallet's "seed". The seed is the random list of words that is used by the wallet to generate private keys. The reason for writing it down is that if your wallet is lost or destroyed, it can be recovered using the seed. Note that the seed must be protected because anyone that has it can take all of your bitcoins. If you are not using the HD mode, then I don't know what you wrote down, but backing up the wallet is important. Do I need to anything more before buying bitcoins?
I've looked at Localbitcoins for buying bitcoins - but I know they have a fee. As soon as I make a user at their site I assume I get a new wallet and new privatekey through them? And if so, can I then transfer those bitcoins to the wallet I have in Bitcoin Core without having to pay a fee over again? after all those are both my own wallets.
Localbitcoins (like all other exchanges and custodial sites) has a wallet, but you do not. You have an account that keeps track of how many bitcoins they owe you. You do not get a private key because it is not your wallet. When you trade on Localbitcoins using their escrow system (this is strongly recommended), the bitcoins are just moved between accounts. The seller's account is debited and the buyer's account is credited. They never leave Localbitcoins until you withdraw them to your own wallet. The sender pays the mining fee, so when you send bitcoins to LocalBitcoins (or an address in any other wallet) you must pay a mining fee. It doesn't matter who owns the wallet or the addresses. Localbitcoins may also charge you a fee when you deposit bitcoins, but I don't know. And last - I don't have an offline computer - but want to keep my wallet stored and backed up safely. As I dont intend to use it all the time but store it I'm thinking if I can simply compress the wallet.dat with a strong password, and store it at two locations thus meaning I both have a backup of it and also keep it away from access to others - will this work? There is no need for the wallet or so to be connected to the grid? If I later 5 years from now uncompress the wallet.dat onto a brand new computer I will still be able to access the bitcoins in the wallet provided I have both my private-key and my passphrase ? Do I need a second thype of key or address?
If you add a passphrase, then your wallet is encrypted and there is no danger of anyone stealing your bitcoins by obtaining the file. The only risk is someone obtaining your password, or somehow controlling or fooling the client when you use it. |
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