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2761  Bitcoin / Bitcoin Discussion / Re: 20% of British residents own #cryptocurrency on: March 17, 2018, 09:13:38 PM
crypto currency business surveys 2000 of its customers.. to say high percentage of its customer know of cryptocurrency

hmmm
thats like a chocolate company doing a survey of people that walk into a thorntons to ask them if they know what a chocolate truffle is.

whats next uber doing a survey of its uber customers to say high percentile of population use uber
whats next, go to an alcoholics anonymous to say high percentage of country is alcoholic
whats next go to westminster and sit in the commons benches and have a survey that says high percentage of population are in politics

oh i got it
stand outside a female toilets.. results say there is a 99% of females. and they all suffr from needing to pee within minutes of answering someones question
2762  Bitcoin / Bitcoin Discussion / Re: Mining on today's prices on: March 17, 2018, 06:44:32 AM
there is a simple formula
using the bitcoin price data (you can get the CSV data to put in an excel spreadsheet)
https://blockchain.info/charts/market-price?timespan=1year

and the mining hashrate data (you can get the CSV data to put in an excel spreadsheet)
https://blockchain.info/charts/hash-rate?timespan=1year


you then use this formula to get the cost per bitcoin of mining using this formula
=((hashrate/14)*8.22)/1800
i will explain
hashrate number from the hashrate column measurd in Thash
14 dividing the hashrate by 14 gives you how many S9 rigs equate to that hashpower (each rig is 14Thash)
8.22 cost of a S9 rig per day ($3000/365) NOTE:- this is just rig cost of $3000 at $0.00c electric
1800 btc mined per day

for instance,
put the date in the A column
put the btc price in the B column
put the hashrate in the D column
then put the formulae in the C column
[C:2]=((D2/14)*8.22)/1800
      [A]                {B}           [C]              [D]
[1]date             btc price    minecost    hashrate
[2]14 Mar 2018    $8,152    $7,683       23555075.18


you can then make a chart using the data over a period of time



note:- mining cost not include electric
if your electric is $0.05c per kwh 8.22 becomes 9.78 for rig and electric
if your electric is $0.10c per kwh 8.22 becomes 11.34 for rig and electric
if your electric is $0.15c per kwh 8.22 becomes 12.90 for rig and electric
if your electric is $0.20c per kwh 8.22 becomes 14.46 for rig and electric
based on a 1.3kwh S9

NOTE:- does not include electric of lighting/ventilation but does have the rigs electricity of 5 cents and 20 cents


which as of the 16th of march
BTC price: $8,530
mining rig only cost: $8,324
mining rig at 5cent electric: $9,903
mining rig at 20cent electric: $14,642

its worth having the formulae so you can update it and see when the bitcoin price spikes way above mining cost to be profitable (speculative bubble area(bull market/pump). or when a crash goes too far below cost of mining that it makes it a undervalued dump

many people use mining costs and then add in other formulae like the low of a monthly range to get a trend line of trade resistance to do analysis

2763  Bitcoin / Bitcoin Discussion / Re: Bitcoin is a part of "Digital money" on: March 17, 2018, 03:42:17 AM
though the OP is just advertising his website.. he does not understand the difference between money vs currency

bitcoin is a currency. infact anything can be a currency. its an umbrella term for anything people think has a tradable value.
money is a smaller sub category of currency. which is a medium of exchange with a set stable value that everyone can agree on.

bitcoin fails that test due to volatility and the fact that not everyone recognises it, intends to use it, wants to accept it
money is more about legal tender/fiat that is recognised, intented to be used anywhere and people want/do accept it

unless you can ask 100 random people how many loaves of bread can 0.00017btc buy you. .. without them scratching their head or having to do calculations or googling the answer, bitcoin is not money

bitcoin remains in the broader umbrella category of asset currency
2764  Bitcoin / Bitcoin Discussion / Re: If Communists came to power all over the planet, would they be bitcoin alone or on: March 17, 2018, 03:33:39 AM
There is no connection between communism and cryptocurrency but if you will ask my opinion they will not stick to cryptocurrency. Communists would like to have total and absolute control over the treasury and they dont want people to be looking at their transactions just like what blockchain technology has. So instead of cryptopcurrency they will use fiat currency wherein they have total control over production.

your thinking of capitalists..
2765  Bitcoin / Bitcoin Discussion / Re: If Communists came to power all over the planet, would they be bitcoin alone or on: March 17, 2018, 02:50:02 AM
now with that said..
lets look at how a crypto currency would develop in a communism situation

imagine each houses rent was based on number of bedrooms(nothing more nothing less) school costs were based on number of pupils
EG (pp/w=per person per week) note ill use this weeks average btc price
bedroom 0.01btc pp/w(~$80),
food 0.005btc pp/w(~$40)
school 0.002 pp/w(~$16)

note: things like bedrooms for a couple would be double because two "single" bedrooms would be bolted together to make physical room for a kingsize bed for the kinky couple to roll around in (i presume some knitpickers would argue couples dont deserve double rent)

here is how a crypto currency would work for (easy understanding) 7 families with a total of 27 people
1) single person gets 0.015btc
2) single person with 1 child gets 0.032btc
3) single person with 3 children gets 0.066btc
4) single person with 5 children gets 0.1btc
5) a married couple gets 0.03btc
6) married couple with 3 children gets 0.081btc
7) married couple with 5 children gets 0.115btc
(total 0.439btc)

and this would be where each household has a ASIC miner and they all are running it. and the block rewards are 0.439 a week that get pooled and then shared out in the amounts shown above
the algo is set that if a new family wanted to move to the communist neighbourhood, their PoN(Proof of Need) will be set and the block reward would increase to cover the neighbourhoods new higher requirement

8 ) married couple 1 child 0.047btc
new weekly block reward 0.486btc for neighbourhood

where there is no person owning the blockchain. no person getting more than a fair share and no thieving is occuring
2766  Bitcoin / Bitcoin Discussion / Re: If Communists came to power all over the planet, would they be bitcoin alone or on: March 17, 2018, 02:49:45 AM
if you put away your fox news perception of communism.. and instead if a nerd. the reality of communism boils down to.. well simply.. star trek

if not a nerd it boils down to.. having a family
in short, no matter what you do as a job, your efforts are shared out with those around you based on need

fox news tries to present it as if there are some rich thugs that steal everyones money/property and that people are left with nothing while some rich guy gets richer. this is not the case.

the reality is that housing becomes 0 value. and who gets a house is based on their need. for instance. a single person gets a one bedroom apartment and a person with 10 kids gets a multi bedroom house.

this means you will NOT find a billionaire single person with a 20 bedroom mansion, nor would you find a person homeless on the streets.. as everyone would be treated based on their need, not on what job title they have

i personally am not a capitalist/communist mindset. im more of a socialism/libertarian..
but i do love how many portray communism when infact what they are actually are describing is capitalism

wealth hoarding is capitalism.. so while capitalists wanted to go to russia, do business and get rich, they soon found out if they did go to russia all their hard work had to be shared. which the capitalists did not like to be part of.. thus started the propaganda of making communism sound like people were getting robbed and rich people were getting rich. when infact its captialism that takes things off people but doesnt fairly share it out

2767  Bitcoin / Bitcoin Discussion / Re: This is what happening to BTC on: March 16, 2018, 09:46:32 PM
what people need to do is stop looking at the peak price as if thats 'value' and then cry every time it drops.

instead take the LOWEST price of the last 6-12 months and set that as 'value' and then if the price doesnt go below that line, they know bitcoin has good resistance and good value

if the price goes well higher then the LOW then this is the speculative bubble. and when it comes down but is still above the LOW thats just a correction.. (bubble burst)

but if the price goes below the LOW then that is where its a undervalued dump(where true panic usually sets in)

in short dont base your emotions on the highs at any point.. look for the lows and set targets and 'value' based on the lows
2768  Bitcoin / Bitcoin Discussion / Re: Winklevoss Twins Takes on Cryptocurrency Self-Regulation on: March 16, 2018, 12:11:17 PM
regulations do not mean consumer protections. consumer protections do not mean regulations

once people wise up to that truth, they would stop advocating for government regulations. and instead advocate only consumer protections
2769  Bitcoin / Bitcoin Discussion / Re: Bitcoin hay taken over by sharks on: March 14, 2018, 04:51:40 AM
So we're calling whales, sharks now?  Grin

The cryptocurrency markets has always been volatile and will continue to stay that way probably until we get a decent rate of global adoption. Though I really don't know how it has been "increasingly difficult" for investors, as in my opinion it's actually a very good time to get in to the markets due to the prices being currently significantly lower than the prices a few months ago.

4 years ago. average joe could buy $10 of bitcoin without any KYC registration headaches.
now its lots more paperwork, and risks of funds being frozen at a moments notice under fake AML restrictions as soon as people try to move large amounts and cash out.
(the funny part is that money businesses are not suppose to freeze funds movements without a court order. and not even allowed to tell the customer they are under investigation)

as for the sharks vs whales.
whales gobble up huge orders in one go. those days are becoming rare. and also the liquidity of the markets and the volumes of the markets are shrinking too. so now its more so sharks running the exchange movements. by taking little bites very often via bots to move the markets.

we are no longer in the days of mtgox where seeing 2000 bitcoins move in seconds happens due to one whale . now most order lines are under 1btc each and have many bots all biting at the orders like a school of sharks

smart traders have learned, its no longer entertaining to hold 1btc for a year and hope the fiat value doubles.. instead they hope to make 1btc into 1.01 every 3 days so that at the end of the year they have 2btc+ and that 2btc also has the hope of being worth even more due to the fiat change they would have waited for anyway.. thus quadrupling their funds.

so we are no longer in the whale domain of waiting for 400%-1000% whale spikes. but instead we are in the weekly 1-10% shark bites domain
2770  Bitcoin / Bitcoin Discussion / Re: PRIVATE KEY - Nobody in the universe can break it. on: March 14, 2018, 02:01:14 AM
The verb TO OWN never was fully expressed since blockchain came to existence.
You own the private key, you own the funds, period. There is no force in the world yet (later maybe quantum computer) capable to break it.
That is one the reasons why bitcoin will kill banks. We will simply don't need them anymore.

i love bitcoin, but lets get rid of the fake hype and stick to reality.. you know.. stop over promising and under delivering and instead stick to facts and let people understand what bitcoin can offer in reality

with it becoming too costly to fund a private key, many third world countries are finding it costs atleast an hour of their minimum wage just to move funds and thats when mempools are near empty.. and when mempools are over crowded it can cost a hours labour for first world countries(weeks salary for third world)
 
unless you agree to accept funds through a multisignature channel on LN. yea thats right LN is the same as banking, where funds are no longer just yours but payments require someone elses agreement to move funds.

as for killing banks. banks have fiat laws such as minimum wage, taxes and court fines that only accept fiat as payment.
and goverment/public sector laws that only pay out salaries in fiat
this means that fiat will continue to circulate. meaning banks wont get killed. all that will change is that there will be less local bank branches and instead more apps/atms

some say that trying to get states to accept bitcoin for tax payment is some how making bitcoin kill banks. yet a government tax office having a partnership with something like bitpay or coinbase as their currency swap does not make bitcoin kill fiat. it just make bitcoin acceptance a gimmick. the treasury still holds fiat, and just uses a processor third party company to accept bitcoin and hand the treasury fiat.

its like in the 90's where some supermarkets swap recyclable tin cans for food vouchers. this did not mean tin cans would replace fiat.

bitcoin needs alot more then user adoption and gimmicks if it wants to try replacing fiat.

and bitcoin alot mor onchain coding practices to sort out the onchain issues which offchain solutions do not make bitcoin better, but turn bitcoin into the same crapy system as fiat, which then makes it less appealing to use bitcoin as it offers no advantages over fiat
2771  Bitcoin / Bitcoin Discussion / Re: Bitcoin is going to be number one payment gateway in near future. on: March 14, 2018, 12:11:54 AM
If you compare the average 30 minutes transfer time of bitcoin to cash, it's way too long to wait. If you compare it to 2-3 days international SWIFT transactions, it's really quick. You can decide what kind of tool you want to use for different needs. When the Lightning network will start and spread, the whole thing will change, because it will be the competitor of cash by then, but we need to wait for the LN because it's still under development. Until then, bitcoin will not be the competitor for the giants (VISA, MasterCard), nor to Paypal or AliPay. We can prepare for the LN implementation with starting to use segwit enabled addresses.
...but. when you look at LN with its cltv which can be a couple days, and the csv which can charge back... LN becomes no better than swift
2772  Bitcoin / Bitcoin Discussion / Re: Coinbase still having issus in implementing segwit? on: March 13, 2018, 04:28:43 PM
you will also find that many businesses that were segwit advocates in 2016-2018 are still afraid to use segwit.
take the mining pool BTCC are still afraid to use a segwit address for their own blockchain rewards
https://blockchain.info/block/00000000000000000001408ba538895e2ffa7c70ef8ee62f5b7ef7428bbafcc7

even achow, a known advocate of segwit who had tried to fight tooth and nail to make people think that segwit is the best thing since sliced bread isnt even using the new bc1 addresses

https://bitcointalk.org/index.php?action=profile;u=290195
2773  Bitcoin / Bitcoin Discussion / Re: How decentralization of bitcoin works? on: March 13, 2018, 09:08:20 AM
What people usually refer to when they say that Bitcoin is decentralized is that the system is built in a distributed way, where there are a lot of miners, nodes, and blockchain copies around the globe. What that means is that no entity can take the entire network down.

i agree that the nodes are distributed.. thus not able to take the network down.

but. this part below has become a failure compared the original ethos
There's no single point you can attack to cripple the network, so it cannot be controlled by governments or similar entities. Everyone in the network just follows the same set of rules to keep the system running.

this is because blockstream employee's working as cough "volunteers" for core have taken on the reigns of bitcoin and deemed any other full node that is not core, is a threat. because they dem that only the core monarchy can set the rules/roadmap
basically if your not running bitcoin core software to be a full node, you should not be on the network and instead should create an altcoin

hre is the blockstream founder and main cor dv saying just that to previous teams that were not core
What you are describing is what I and others call a bilateral hardfork-- where both sides reject the other.
I tried to convince the authors of BIP101 to make their proposal bilateral ... Sadly, the proposals authors were aggressively against this.

and here he is again saying anyone that opposes cores decision can be out rulled by lowering the consensus standard until cores bip gets the vote count it need
 If there is some reason when the users of Bitcoin would rather have it activate at 90% .. then even with the 95% rule the network could choose to activate it at 90% just by orphaning the blocks of the non-supporters until 95%+ of the remaining blocks signaled activation.

if you need further proof of core taking control of the network and not allow decentralised teams to offer their own bitcoin proposals away from core, just use the search box for the term REKT and you will see the hate mongering of core supporters wanting core to be the sole controller of bitcoin

also its core and its blockstream gatekeepers of new proposals
gmax: moderates the technical development topics on this forum
rustyrussel: admins the mailing list for proposals
Luke JR moderates the BIPS

making it very controlled by just a few linked entities that end up controlling the roadmap of bitcoins future direction. it might be worth you looking into blockstreams latest controlling trick involving the blockchain. specifically trying to suggest that some devs that were not part of the core team infringed copywrite/patent/licences by copying bitcoin code without naming core as the creator.

thats like a farmer arguing to mcdonalds that all burgers belong to the farmer because the wheat for the bun, the veg/cheese for the filling and the meat of the burger can been shown as sourced from a farmer.

i could go into more detail. but in short. bitcoin is distributed but no longer decentralised.. there is a definitive difference between the two terms
2774  Bitcoin / Bitcoin Discussion / Re: International Bitcoin's Day on: March 13, 2018, 01:53:44 AM
bitcoin genesis:
https://blockchain.info/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b
3rd january 2009

first non genesis block
https://blockchain.info/tx/0e3e2357e806b6cdb1f70b54c3a3a17b6714ee1f0e68bebb44a74b1efd512098
9th january 2009

first tx out:
https://blockchain.info/tx/f4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16
12th january 2009  (satoshi to hal)

first tx out of real value:
https://blockchain.info/tx/a1075db55d416d3ca199f55b6084e2115b9345e16c5cf302fc80e9d5fbf5d48d
22nd may 2010 (bitcoin pizza)
2775  Bitcoin / Bitcoin Discussion / Re: First fork of Bitcoin? Help! on: March 12, 2018, 06:27:10 PM
the term 'fork' has been over used and doesnt actually explain the difference between just a code copy/paste to create a new 0 history altcoin, or a divergent of the block history after a certain block number

anyway there have been many 'forks' of bitcoin. hundreds infact
XT was not a 'chain' fork because it was just a wallet software working on the network. but was a code fork because the code was similar

bitcoin cash was a 'chain' fork because it was forced to become an altcoin. due to the whole segwit bait and switch drama

before these there were many more, hundreds more.
the main first that retained the block history of bitcoin(prior to the fork) was called clams (a 'chain fork)

though there were also hundreds of others that just script-kiddy copied the code, but started again from block 1

2776  Bitcoin / Bitcoin Discussion / Re: Are you an idealist? on: March 12, 2018, 06:10:37 PM
the government can not intervene in bitcoin trading,

yes they can.
if your trading bitcoin for fiat. then the country that owns/licences/tenders the fiat can intervene on anything involving their fiat.
even if 50% of the transaction is bitcoin related. if fiat is involved, the bitcoin part of the trade wont absolve you of any fiat responsibility.

however.. as an idealist, here is my opinion
if bitcoin was traded for goods/services then its no longer treated as currency exchange/money business, but acting as a retailer.
so if we take away the bitcoin<->$ valuation and instead replace it for a btc<->'COL'(cost of living index).. or to put it simply 1btc=10,000 loaves of bread.. then bitcoin can be free from the fiat regs and government wrist slapping
2777  Bitcoin / Bitcoin Discussion / Re: Why are nodes so slow to confirm transactions? on: March 12, 2018, 05:27:34 PM
I understand why it takes time for miners to pick up a transaction, they have 1mb limit per block they win and they prioritize higher fees. But why is it that you get stuck on 1-2 confirmations for so long? It's already been mined, it should spread through the BTC nodes fast, shouldn't it?

confirms are not created based on how fast they relay through the network.

so, let me explain

it takes time for a pool to choose which transaction to add to a block. usually they pick the highest fee first and then let in cheaper ones if room. once accepted and that pools block wins the race of getting a solved block via hasing(mining) before other pools, the transactions in that block then are deemed to have 1 confirm.

the next block has other transactions and when the block is solved that block has one confirm, meaning the previous block(containing your tx) is deemed as having 2 confirmations.

with each new block created gives the previous blocks +1 confirms.. so if there were 3 block created after the one containing your tx. that means your tx has 4 confirms.

the whole 'confirm in 10minutes' is NOT A RULE.. its a suggested guideline for ELI-5 speak(plain speak/laymans terms). the bitcoin code is actually to aim for 2016 blocks over 2 weeks, and thats the policy.. nothing more...
which ony for the purpose of plain speak/laymens terms/ELI-5 translates to 144 blocks a day or 1 block every 10 minutes.. but as i said thats not a rule thats just laymens speak translating the 2 week policy into more understandable term/timeframe for average joe to grasp

some blocks can be found in just a couple minutes or a couple hours. which is why some 'confirms' can happen quickly or take along time
2778  Bitcoin / Bitcoin Discussion / Re: Changelly name BTC as "Bitcoin Core". on: March 12, 2018, 12:24:23 PM
core have been fighting heavily for their "right" to control bitcoin. they call any team that is not core an opposition.. so it seems normal for a rebrand to make it clear that core control btc..

anyone that thinks otherwise either wants to be deceitful to hide the control or has not yet seen the history or even tried to start their own team and make their own client program that has its own bip proposals and chance to upgrade the network... but history has shown otherwise. if its not the core roadmap its an opposition
2779  Bitcoin / Bitcoin Discussion / Re: Is this real? on: March 12, 2018, 09:31:13 AM
bitcoin doesnt need laws to scare off illicit 'cryptomining'.... ASICS done that for us.
also criminals ignore laws

but anyway lets explain asics solving the issue:
its not rational or profitable to CPU/GPU mine any more, so hackers simply do not bother making apps to illicitly cryptomine bitcoin.
all that needs to be done is for the altcoins to not resist ASICS but to develop mining tools that dont require PC software to mine, then its not a problem

in short if mining is not a PC operation but a separate device operation. then hackers wont target pc's

the other part is that many people download scammy programs promising a bitcoin hack that  can make them $$$$ for free. the idiots that believe such fake programs kinda deserve the slap in the face by becoming a victim of their own greed

2780  Bitcoin / Bitcoin Discussion / Re: Russia to Criminalize Bitcoin Use.. on: March 11, 2018, 08:00:21 PM
OP and many others have not even read the DUMA drafts from russia...

all it says is that registered businesses of exchange will be regulated and any individual that is exchanging under the pretence of running a business doing exchanges (exchanging amounts deemed more than personal use) would have to register as a money business or get fined (very simplified version)

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