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501  Bitcoin / Bitcoin Discussion / Re: Bitcoin and Brexit on: March 07, 2019, 04:20:43 PM
Well it might have some fearful for a second but it should long term lead to a stronger pound but short term there should be a spike in hedgers.

im british..
stronger pound, weaker pound, we will survive

if £1 buys E1.17 today... but only gets E1 next month.
then it will cost us more to buy euro goods....... flip side we start manufacturing our own
which europeans will then buy because its cheaper for them

EG imagine a punnet of fruit. costs E1.17 (£1)
if we started growing our own for £1 we are not having to buy euro fruit at £1.17(e1.17)
europeans can then buy english fruit for E1 instead of buying euro fruit at E1.17

if the forex went the other way wher £1 moved to e1.30. we can buy euro fruit at e1.17(£0.83)

as for the fear of no trade.. thats just foolish media scare.
america, russia, india, asia are not euro. but they trade with euro fine.. so ofcourse the UK will trade with europe. we dont need to be euro to trade with them. we just do things how america/asia do it.
502  Bitcoin / Bitcoin Discussion / Re: Bitcoin and Brexit on: March 07, 2019, 03:59:37 PM
there was some speculative drama mid 2016. but not anything sustainable/impactful
so always expect speculative drama, but never expect to know how much, how long it will be.

seeing a price change historically (in hindsight) is meaningless.. its just a line on a chart.
so unless your online and ready to trade and made the right judgement call at the right time (gamble) you might make some
short quick profit. or you might make a mistake and end up on the bad side.

most of the time the speculative drama is over before people are even ready to benefit from it. so most dont even try no more.

so no guarantee either way.
most smart people prefer to take 1% steadily each day (365% a year) instead of hoard and hope for the one day they time a one time gamble perfectly that might gain them 2%-200% in on go
503  Bitcoin / Bitcoin Discussion / Re: Bitcoin is a scam based on language manipulation on: March 07, 2019, 03:08:57 PM
For. e.g. fiat money is created when a bank grants a loan i.e. SOMETHING, which is why paying someone with fiat money is actually the transfer of rights derived from bank loans. That is why fiat money fits the definition of payment — SOMETHING (rights recorded in the banking system) is transferred from one person to another.

you say FIAT is real because its something.. you say its something because a bank grants a loan to exist.
then by saying such, your also saying bitcoin is real because its something. the blockchain and people validating it say its something because they grant the block reward to exist

a orphaned block/rejected block is not something. the community reject such blocks. and so orphaned blocks are not something.
the same as rejected loan agreements is not something

you yourself then countered yourself by saying fiat is not something by initially saying
If we start from a simple and undeniable fact that SOMETHING cannot appear or despair by changing entries in a database,
then it is obvious that so called Block Reward, which is just an algorithmic change of entry in a database(blockchain) — from 0 to 50 initially, is actually the creation of NOTHING or nothingness.
bank loans are exactly the same. changing entries in a database. thas all a bank loan is....
granting a bank loan is based on meeting a rule threshold for acceptance

so if you think bank fiatloans are something. then bitcoin rewards are something too. as those that grant/accept a block, agree it is acceptable and meets the accepted threshold to allowed to be created

But people did something strange — they gave a fancy name to this nothingness — Bitcoin. So, a mere change of entry in a database is given a name, which is in itself a bizarre thing to do. But anyhow, here is where the language manipulation kicks in. Changing entries is obviously just a database management and it belongs to the field of informatics. But what people did is they took the definition of "payment" - which belongs to the field of economy, and they copy/pasted that definition next to the phrase — "change of entry in a database". This created the illusion that when you change entry in a database(blockchain) you are actually transferring SOMETHING to another person, i.e. that you are paying. But payment is transfer of SOMETHING (rights, services or goods) from one person to another.
the payment is not simply changing a entry. its having the entry which can only be changed by a certain entity giving permission for another entity to have it. this is about ownership, permission, and change of controller/ownership/permission

now you understand that FIAT and bitcoin in respect of data is the same. what you have to realise is the VALUE of that data is decided by those that have control/permission to change the data from one entity to another.

take for instance, bitcoin. people know the bottomline value of bitcoin (the lowest value they would dare swap the control/permission of the entry) is based on the creation/acquisition cost of that. so if it costs $43k of electric and ASIC hardware to create a block with a reward entry of 12.5. then those with permission to change who gets to has control/permission of the 12.5 entry wont swap such permission below cost.
the receiver wont accept the 12.5 entry for $43k if they did not think it was worth that much effort/cost

this is where the markets develop. where people start to display their thinking of what the value should be for the entries they want to send and receive.
and this is where bitcoin has more benefits than FIAT.
because there is an underlying cost for its creation/acquisition (asic mining)

yes there is speculation. which is where ABOVE the underlying value(bottomline cost) that people speculate that future or utility  premium to add on to the value. but the underlying cost/value still has relevance.
people get to a point where they would see that bitcoin wont just disappear instantly. thus there is no point selling right down to zero as they can see it will still function the next day. so people instead set a bottom limit to how low they will refuse to sell below. which is mainly their acquisition/creation cost(buying/mining cost)

FIAT has a more flimsier less set in stone underlying value. U.S government for instance try to form a underlying value of things such as $7.50 is the minimum value for an hour of sweat labour (minimum wage laws)
504  Bitcoin / Bitcoin Discussion / Re: How to Get Rich Quick - Bitcoin on: March 07, 2019, 12:36:14 PM
lol, that bank of dave guy
i remember watching tv shows with him in years ago and was like, his credit union was an ok business model but the guy.. well he wasnt going far enough into the opportunities around him.

i a few years back was thinking of getting involved and expanding his credit union into many towns. but just felt he wasnt quite hitting the mark. but glad to see he is evolving

good to see he is expanding, but feel he is more of an average joe that just happen to have grasped a good business model. rather than a well prepped decision making guy thats well researched to have a structure of a great business model
505  Bitcoin / Bitcoin Discussion / Re: three important elements on: March 07, 2019, 12:10:52 PM
the main thing that makes blockchain a working success is a good consensus protocol
it doesnt matter if the ledger is decentralised or distributed. its the security of the data from manipulation that counts, which is about the consensus integrity mechanism

having a good consensus protocol means the ledger can be distributed publicly or privately without need of trust.
the better the consensus model the more the ledger can be distributed without a controller deciding. thus distribution becomes decentralisation (2 things mean different things dependant on the consensus mechanism)

as for 'cash unit' well thats just a incentive to make those involved get financial gain for working collectively and in harmony like a symbiotic relationship of independence. that way they can then spend value as the gift for such.. but its not essential to have a cash unit as part of a blockchain.

many businesses think just having access to data is an incentive. so by not playing by the symbiotic relationship of consensus. they can be thrown out of having access.
506  Bitcoin / Bitcoin Discussion / Re: Accounting fro Crypto on: March 07, 2019, 11:51:39 AM
FIAT will not dissapear.
governments will change how their FIAT bank databases store their units of account(balance) but governments will still want a currency they will control. there will be laws such as tax, minimum wage, court fines, debt and treasure laws to keep their currency relevant.

accountants LOVE new currencies. as it means average joe has to do
maths of converting value between currencies for tax calculations, rightoffs etc
understanding which currency laws apply to which currency/jurisdiction
meaning most average joe employ an accountant to do that.

there has been an increasing need for accountants proficient in knowing about crypto.

what crypto will decrease is auditors and IT security personnel. as there wont be as much need to maintain a database as it is self maintaining and the auditors wont be needed. EG less need to care about if someone is 'creating' bank balance illegally, as crypto wont allow it by default. less need to audit the ledger to ensure a CEO isnt syphoning funds as it will be clear where funds are going

there has been less need of auditors proficient in knowing about crypto. simply because companys can just display their public keys to show their holdings
507  Bitcoin / Bitcoin Discussion / Re: Bitcoin lightning torch reaches Iran on: March 07, 2019, 10:11:03 AM
LIGHTNING is NOT bitcoin based

lightning is a separate network.
lightning did not change to become bitcoin compatible.
in fact bitcoin had to change to become lightning compatible

lightning is not even a system that is tethered/locked to only bitcoin. it offers nothing unique to only bitcoin. lightning allows other coins to use it.

the only purpose to continue promote lightning as a 'bitcoin' experiment is to give corporate guys some 'bitcoin buzzword fame' by linking the separate non blockchain network to a flimsy reason to use the word "bitcoin" as much as possible in the hopes of promoting it

bitcoin gets locked on the bitcoin network.
after that people are then playing with 12 decimal PEGGED tokens, which due to lack of confirmation when payment is made end up being IOU's until the hope that finally th pegged token is then aggregated and used to crate a bitcoin broadcasted transaction that actually gets into a block(if you write a cheque. is the IOU paid at the signing, or when the cheque clears and the account is settled)
508  Bitcoin / Bitcoin Discussion / Re: VISA vs Lightning Network on: March 07, 2019, 09:46:37 AM
    • 4) open a channel between the client and the store's node, fund it

    After these 4 steps, a store can generate a lightning invoice (QR) and let the customer scan and pay straight away... Works flawlessly, but still, i don't see my mother performing these steps...

    works flawlessly when already having a channel between client and store node is funded and both online.

    however many stores/merchants wont want to have a permanent open direct always online connections with millions of users
    (DDos risk, hacking, other funding issues on store/merchants side(EG paying all close channel fee's for millions of users))

    so then routing/hubs/hops becomes a concept. which is less than flawless.
    recently fold done a 'pizza for LN' and showed only a 10% success rate. (1500 transactions, only 150 successes)[/list]
    509  Bitcoin / Bitcoin Discussion / Re: Mining Giant Bitmain Posts $500 Million Loss in IPO Financial Filing on: March 07, 2019, 09:25:30 AM
    phillipma1957 has already illustrated that some miners, probably the most profitable and the most efficient react, and that Bitcoin mining is a business of who reacts quickly.

    you have your opinion but you need research

    funny part is if you are going to quote a source for your opinion, atleast do your checks and research

    'we had a hash spike then a price spike'

    also you say
    "bitcoin mining is a business of who reacts quickly"

    1. prices move by the minute. miners cannot PHYSICALLY in the real world get ASIC deliveries, change electric supply contracts, set new rigs up by the minute

    2. the 'reactors' or the ones that pool jump to the most profitable coins of the minute. as that chart shows (42exa-44exa) are not even 5% of the network. these are the HOBBY miners.. they pool hop. they cannot stay on bitcoin and provide sustainable support for bottomline value as they are not the cheapest/smartest set of miners. that is why they pool hop.

    3. even logic will tell you when someone makes something. they are reluctant to sell it at a loss. smart miners have the mindset of this
    a. is bitcoin going to die and become nothing tomorrow - no
    b. is there a point at which it become foolish and futile to sell at a loss, rather than hold - yes
    c. at point X we will not sell at a loss
    where point X then becomes the bottomline value where the market shows everyone has decided they wont sell below.. that is th bitcoin markets LOW

    so ignore the speculative temporary unpredictable waves/bubble price of the ups/ATH. concentrate on the periodic LOW and you will see when hashpower rises the low(underlying value) rises.

    and please stop trying to assume things. DYOR
    the mining: market dynamics has nothing to do with predicting the next ATH. or the next PRICE of the next minute/day
    the mining:market dynamic plays out to show the underlying VALUE which when there is more hashrate the underlying value (bottomline support) goes up. (3.c.)
    510  Bitcoin / Bitcoin Discussion / Re: Galaxy s10 Blockchain Mode Won't Include Bitcoin? on: March 07, 2019, 08:59:53 AM
    samsung wont include ANY blockchain
    samsung wont include ANY cryptocurrency node software

    samsung never claimed to offer the opposite of above

    samsung WILL include a special encrypted memory chip allowing a special place to store sensative data such as private keys, and this means any private keys. including bitcoin

    instead of just reading the title of forums, or media stories. people should try researching.
    hint: samsung knox
    511  Bitcoin / Bitcoin Discussion / Re: What is the feature you think most important in a Blockchain System? on: March 06, 2019, 06:04:27 AM
    OP, I believe it's censorship-resistance, and true sovereign ownership.

    Censorship-resistance. We can send and receive value to, and from anyone around the globe freely, with no one having the capability to censor us.

    True sovereign ownership. We control our own private keys, with no one in the globe having the capability to take value away from us.

    Bitcoin is it's own financial system.

    so with mindset today about BITCOIN. can you now see why LN is not the thing that you should be hoping for. over promoting. salivating over with your chums
    LN = CO-SIGNED control
    LN = payments only made if people involved are online
    LN = locking up value into a timelock someone else prefers
    LN = having to get others agreement

    essentially LN does not fit the same priorities, ethos of bitcoin.
    512  Bitcoin / Bitcoin Discussion / Re: Mining Giant Bitmain Posts $500 Million Loss in IPO Financial Filing on: March 06, 2019, 05:38:04 AM
    as for how if there is a hash power rise. windfury cant see that it can cause the markt to follow.. its easy.

    when hashpower rises. it costs more to mine bitcoin.
    so people decide its not as cheap to buy coin OTC from miners. and instead buy on the market.

    buying on the market=price rise

    eli-5 enough?

    Wouldn't that be adding to more risk? I don't believe adding more hash power automatically causes price to increase. Price would depend on demand on Bitcoins.

    Wouldn't it be better for miners to observe what the market does before doing anything?  

    Or are the miners anticipating what the markets would do? Because that would make "price follow hashing power" have more sense.

    your not reading are you.


    again imagine the sea.. sealevel(bottomline value).. waves(active price)

     /\       /\
    /  \/\/\/  \
    mining does not indicate the diagonal lines.
    mining does indicate what level the horizontal line of bottomline value lays
    the price is speculative . goes up and down, its temporary drama. .. so forget ever trying to use mining to guess the next spike. forget trying to predict the next ATH

    use the mining market dynamic to know when the next LOW is the ultimate LOW value. the line which gets built up OVER TIME where the community eventually come to a point where even the last person willing to sell decides enough is enough its not worth selling for less. that LOW is the BOTTOMLINE value

    the first 3 quarters of 2018 the BOTTOMLINE VALUE was $5800.. even when the PRICE was volatile
    no one in the first 3 quarters of 2018 sold below $5800..

    in august/september i was HOPING that the 4th quarter would see a rise in hashrate which would cause a snowball effect where peoples costs go up so people would decide never to sell below $6k, and thus put pressure on the PRICE to steadily rise as a consequence(stay above $6k and not hit $5800 again))

    but the hashrate went down in october. pools closed(BTCC) so the remaining pools got an extra large slice (more coin share) pools were also selling off old gear(more coin) so they became happier to then sell below the $5800 as a consequence of less hashpower less costs thus able to profit at a lower sell price.

    again hashpower WILL NEVER be a indicator for the next ATH spike. so please stop trying to find a link between the hashrate and the hourly/daily PRICE vs mining.
    look at the LOW over a period of time

    if you do mining costs calculations.. and by this i mean the CHEAPEST mining costs. you will find the COST point of acquisition meaning you then know logically the lowest price people are rationally happy to sell down to before saying its not profitable to sell right now. and you will have your LOW bottomline market value.
    if you chart it out. you will see (DYOR)
    513  Bitcoin / Bitcoin Discussion / Re: Bitcoin shortage - Is it Possible? on: March 06, 2019, 03:11:19 AM
    ok. lets view it another way.

    stats say people on average save up $24k fiat bank savings .. lets call it 21k for easy math
    bitcoin will have
    2100000000000000 sharable units

    now lets say a 'bit'(100sat) was $1
    thats $21 trillion
    or enough for:
    1,000,000,000 (1 billion people to put their whole life savings into bitcoin)
    or if they are smart investors that dont put al their eggs into one basket
    10,000,000,000(10 billion people putting in 10% of their life savings into bitcoin and obviously diversifying the other 90% into other assets)

    which. if this was done where $1 =100 sats(a bit). then 1btc=$1m

    514  Bitcoin / Bitcoin Discussion / Re: Bitcoin shortage - Is it Possible? on: March 06, 2019, 02:09:39 AM
    I personally don’t think it would ever come to that point, since the value of bitcoin adjusts to satisfy the demand. I’d like to hear other opinions?

    do you know there are only 185,000 units of gold in the world.
    i know crazy right.
    185,000tonnes. thats it. end of

    but gold can be split up into kg, grams
    but gold can be split up into ounces

    bitcoin can be split up into 'bits' and 'satoshi's'

    its like pizza. you may order only 1 large pizza. but it is sliced up so that more than one person have have a piece of it
    515  Bitcoin / Bitcoin Discussion / Re: Couple Uses Bitcoin Wealth to Build World’s First Seastead on: March 06, 2019, 01:47:54 AM
    as always. concentrate on describing how your project deals with utilities/sustainability
    anyone can build a pod.
    but a pod thats self sustaining and has utilities is different

    its like land property. anyone can make a garden shed. but build one with its own electric supply, its own internet access and its own functional toilet. shower/clean water supply is totally different

    a sea stead.. like a land based homestead is not about  the 'sea' part. its about the stead part.. the livability and sustainability.
    clean water
    sewerage handling
    electric for more than just a laptop, fridge and nightlight(remember techy's love to use electric,) so dont sacrifice by saying mini fridge and raspbi are essential for restricted electric. think of a living situation where people can be actually comfy with music playing, online gaming on a 42"tv, cooking pizza and having lights on all at the same time

    1. does the railing/metal frame on the roof have adequate square footage to mount enough solar to cover REAL COMFORT living
    2. internally, with space for a living room, kitchen, and bedroom. is there also room for storage of clothing, gadgets. and then more importantly. the mechanics of electric circuits, water treatment, sewerage handling,

    living like a thai monk in a minimalist pod might be ok for a month experience but average joe want thier home comforts
    516  Bitcoin / Bitcoin Discussion / Re: Cross Blockchain Interoperability using Lightning Network on: March 05, 2019, 04:26:47 PM
    Just thinking about the Lightning Network made me think over its possibilities. I have 2 more questions to ask and I don't want to create another thread for it.

    1. If the LN supports cross Blockchain interoperability through Atomic Swap or any other medium, is it possible to use the LN to send altcoins like ETH from one address to another ?
    Example: Sending ether from one address to another using Lightning Network

    2. Although I have read that LN requires to open a channel between two nodes to make transactions but is it possible to use one channel to make transactions from multiple nodes.
    Example: Starbucks opening a channel while the customers use it to make transactions instead of every customer requiring to open a channel with Starbucks.

    If any of you guys think that these questions are silly then kindly drop a link below to a thread/article that has a detailed and easy understanding of the LN.

    to explain point 2 in simple form its more about having pre connections of users who have connections to other users. if enough users are pre connected. you dont need to make a new connection to starbucks. but you just have to hope that those on the route of the connections already made, have funding and willingness to play the hotpotato game to pay the desired destination on your behalf

    so imagine. even before thinking about starbuck
    you are one of the green circles

    u connected to the red..
    red conncts to yellow and so on
    imagine starbuck store in your area is one of th blue circles.

    so although starbucks only has one connection direct(its nearest red) it is indirectly connected to 39 people.

    you dont need to shift around and make a new deposit and new channel with a blue circle directly.
    you can just hope your nearest red is online so your able to pay the red node,
    hope the red node can pay the yellow node(hoping its online and accepting of the deal),
    hope the yellow node can pay the purple node(hoping its online and accepting of the deal).
    hope the purple node can pay the other yellow node(hoping its online and accepting of the deal),
    hope that yellow node can pay the red node(hoping its online and accepting of the deal)
    hope that red node can pay the blue node(hoping its online and accepting of the deal)

    thus all fair and equal. if everyone happy to do so. the balances adjust as such, things get signed. and then starbucks treats it as if the funds it got from its nearest red, were from you(technically they werent) but its all about naming who credited the payment at the start

    another way to imagine it.
    imagine a channel is you and partner where you have 0.010 btc and your partner has 0.010btc
    and if you wanted to pay say 0.005 it would for this demo look like
    where your partner now has 0.015 and you only have 0.005
    ok so at the beginning a route from green to blue would look like

    and you want to pay 0.002
    so each payment goes through each node like this

    where by your funds are technically still locked in with your nearest red and the other participants used their own funds in their own channels. and blue(starbucks) just gets told payment originated from you.

    as you can see though if you look closely. the pitfall of LN is that the channel you have with red, shows that red can only make another 0.002 payment to its yellow. meaning if you wanted another starbucks. or one of the other greens did or even if the red themselves did, they only have enough value left that only one more payment of the same amount can be handled before red runs out

    so even though you still have 0.008 spare to make 4 more payments of same amounts. red cannot honour or be part of routing it for you. meaning at somepoint either red has to drop out, refill its channel or you have to make a new connection with someone that can route to starbucks
    517  Bitcoin / Bitcoin Discussion / Re: Bitcoin lightning payment successfully sent over radio waves on: March 05, 2019, 10:11:28 AM
    took 18 messages to achieve it.

    meanwhile real bitcoin can be broadcast to a pool in a single message
    518  Bitcoin / Bitcoin Discussion / Re: MINERS DAILY GO HOME WITH 1,800BTC on: March 05, 2019, 09:53:39 AM
    Are you sure that is how BTC mining works? I thought the BTC supply is already identified which is around 21M and that miners will going to mine BTC if there are transaction being made which it called as transaction fee. This fee is in terms of BTC for the miners and some for the the exchange and this will be deducted in every BTC transaction. Am I right?

    its more like in 2009 bitcoin started off with CREATING 50 new coins for every block solved. which every 210,000 blocks(~4 years) the reward halved.
    this in human terms means roughly ever 4 years the reward goes as follows
    50coins each block for 210,000 blocks
    25coins each block  for 210,000 blocks
    12.5coins each block  for 210,000 blocks
    6.25coins each block  for 210,000 blocks
    and so on. until the decimal(satoshi) level is so small it cant be halved, which will happen in the year ~2140
    adding it all up means that roughly but not exactly 21mill coins would have been created by ~2140.

    as for the tx fee. this was a later after thought as a way to deter spamming blocks with thousands of transactions of useless utility. by making it cost something to add a transaction to a block. the fee's are not creating new coins, but spending existing coins. thus at the moment pools can create 12.5 coins for solving a block and as a bonus get X existing coins for adding transactions to the block

    and to clarify the topics mis understanding about the block timing/difficulty adjusting
    the technicals is more so that there is a rule in which every 2016 blocks, if made under or over 2 weeks. the difficulty is adjusted up OR down to try to keep 2016 blocks being mined per fortnight.. which then using maths(to visualise it more simply) works out as ~144 blocks a day or 1 block ~ every 10 minutes.

    its not a rule based on 10 minutes that then gets calculated out to a fortnight. its more a 2016 block rule that gets adjusted to stay inline with a fortnight which then (purely for human visual)calculates down to ~10 minutes average.
    519  Bitcoin / Bitcoin Discussion / Re: What is the feature you think most important in a Blockchain System? on: March 05, 2019, 08:08:55 AM
    decentralised consensus
    (not to be confused with distributed compatibility)

    decentralised consensus is about diverse independence of opposing views finding something they can agree on without needing a single point/leader deciding for them (research byzantine generals theory)

    520  Bitcoin / Bitcoin Discussion / Re: Bitcoin Terrifies Banks: Hypocritical JP Morgan is Blacklisting Crypto Firms on: March 05, 2019, 07:57:20 AM
    They can block whatever they want but it won't stop the inevitable from happening. Crypto is going to flip banks as they will see when the virus spreads

    JPM is a national bank. meaning it has to adhere to strict legal tender laws of only promoting dollars. JPM wont be seen selling baked beans at it bank teller counter. nor would it be selling dildo's. its business model has to stick to fiat.
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