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1  Economy / Economics / Re: Why bitcoin cash (BCH) is a poor idea. on: April 25, 2018, 08:52:10 PM

I'm not entirely sure what you mean by "spinoffs"

spinoff is where you  get equal amounts of the new coin when it is created (thus all old bitcoin users have BCH and BCG).   BCH has saved bitcoin users money already since the transactions of bitcoin would be higher without it.
2  Economy / Economics / Why bitcoin cash (BCH) is a poor idea. on: April 25, 2018, 04:43:44 PM
The main idea behind BCH is that they are going to allow as many transactions as possible to allow micro-transactions to take place for a low fee.   They use ideas like Moores Law that says hard disk space can increase to cover all transactions forever (although there is no proof). The coin will become centralized over time possibly running on maybe 1000 servers or less. 

The reason why it is a poor idea is it will become too costly to do spinoffs.  Bitcoin has already had 2 code changing ideas, the lightning network and  segwit.  Imagine over time, leaders of BCH are going to come up with more ideas.  But, unlike spinoffs, you are going to be locked into the BCH system because it will be too costly and complicated to move. Governments will start to takeover these networks.   And if it is not government it will be pseudo government entities like large mining pools or icons like Roger Ver.  Small miners might be locked out altogether.

If BCH is going to become centralized, why not just use a fee-less centralized system with off-chain transactions.  https://www.fliptopay.com/ . I noticed this site.  Basically you transfer bitcoin to a centralized wallet.  From there you have virtual bitcoin and can convert to USD or Euros.  There you can use the currency at any android pay store.  Note this is not fee-less, but it easily could have been.  blockchain.info wallet is basically off-chain.  All transactions on these type of sites, between its users and stores, are off-chain, and take zero space or fees on the chain.  Yet they work instantaneously.

The true value of bitcoin can be considered the bitcoin complex.  If you own bitcoin in 2016, you now own several coins BCG, BCH, BCD, BTC, ...  All these coins together can be considered the bitcoin complex and it is this total value is what you should compare to the dollar.  I would actually like to see a coin that ends mining rewards and cuts the block size by 90%. To make the coin more like Island of Yap stone money where transactions are rare.  Where people are not digging gold out of one hole and putting it in another hole the bank vault.  Where the average person makes one transaction per year.

Just a rant and didn't know where to put it (other than my nose).
3  Economy / Economics / Re: Does this mean Cash will be extinct? on: April 25, 2018, 03:43:01 PM
Sweden has the largest collection of idiots the world has ever seen. I can say this because I am 1/2 Swedish.   You should read up on the copper as money idea, and basically how they invented fiat currency and how the people lost their life savings twice (I think it might have been in one generation too).   The story looks clear, the world switches to digital only.  However, remember the central banks will still be printing money to make up the deficits and loans to hardliners.  As result, the bitcoin complex will rise (note: I use the term bitcoin complex to refer to BTC, BCH BTG BTD and all real spinoffs as a combined unit) as they are fixed in supply.  All fiat currencies will eventually hyperinflate - Swedish Kroner, USD, Chinese Yuan, and the Euro.  The reason for this is simple, users will slowly switch to the bitcoin complex as it will be rising in value, while the fiats are dropping in price on a relative basis.  Workers want to keep their money.
4  Bitcoin / Bitcoin Discussion / Re: Bitcoin is a Fraud Says Jamie Dimon - JPMorgan CEO - WTF!? on: September 13, 2017, 07:55:14 AM
Hasn't this clown made statements like this before?

Jan 2016
https://youtu.be/hb3AWedkdwo
5  Bitcoin / Bitcoin Discussion / Re: Bitcoin is a Fraud Says Jamie Dimon - JPMorgan CEO - WTF!? on: September 13, 2017, 07:49:24 AM
Be careful of headlines.

He said his daughter bought bitcoin.
It might go to $100,000 before it goes down.
The reason why it is a fraud, is governments like to form and control currencies.
They like to know who has it, where it is going.
China is closing down exchanges.
He says governments see it as a novelty. (What this means is like obamacare, they will vote it down 20 times, but when they get in power all of a sudden they can't kill it.  Too look cool to kids the USA government will say they support it, however if it ever becomes a threat it will be gone).
However, he asserts the USA government will close it down.
He says it is good to use in North Korea or Venezuela.

Fraud is something CNBC tried to make him say imho.  But it may have been on his twitter?  Or CNBCs twitter?

BTW, the USA used a foreign currency when it was young.  

BTW he said the said thing in January, 2016.

6  Bitcoin / Bitcoin Discussion / Re: Segwit on Bitcoin has Failed , BTC Core has Lost , The Miners have Won on: February 15, 2017, 08:54:42 AM
"The miners have Won".  Since anyone in the public can be a miner, the phase changes to "The public has won".

Gavin Andressen once compared bitcoin to stone money of Yap.   In New York City using construction union wages, what would be the cost of transporting one stone of yap currency to Japan?  $100 $5000?   Say it is $5000, then how much is a stone worth $500,000.  That is what is going to happen to bitcoin.

USD = medium of exchange
capital = and object made of matter used to make more wealth
wealth = objects of value

In a couple years when ssd's become supercheap block size will increase, however 100-1000 years of low cost storage must be assured before this happens.
7  Bitcoin / Bitcoin Discussion / Re: What are reasons hedge funds don't own bitcoin on: January 29, 2017, 10:02:05 AM
There is no paper trail.  What if they invested $100 million and it went missing? Yes, you can do things but that is both a good and bad thing about bitcoin.  Even overstock sold off most of their bitcoin holdings I think as what do you tell shareholders if they go missing or the price drops.   You are not producing goods with bitcoin,  it is not capital.  You are only making a bet on inflation and whether use will grow. 
8  Economy / Economics / Re: If bitcoin price is $10.000, will fiat be worthless? on: January 17, 2017, 12:37:08 AM
fiat can be used as a sidechain.  Except for places where the currency is complete garbage, Argentina, Venezula, or Zimbabwe.  Do you really want to put money in the bank so type As can spend it and then declare bankruptcy.
9  Bitcoin / Electrum / Re: Who pays to create a wallet and store wallet on blockchain? on: January 10, 2017, 09:25:57 AM
the seed created by Electrum has 128 bits of entropy which is as safe as private keys.

This also puts up a red flag, 128 bits of entropy.  Why not just say 128 random bits or 128 bits of info.  Why create another term.  

It also seems it might be possible to create a database of seeds.  If computing power increases and users increases.  You might get a match.  Always wary of when passwords are shortened.

128 bits/ 8 bits per byte is 16 bytes of information.
10  Bitcoin / Electrum / Re: Who pays to create a wallet and store wallet on blockchain? on: January 09, 2017, 03:32:30 AM
How many bytes is a typical private key?  If does not seem like enough.  The seed is rather small compared to a typical bitcoin private key.  The vowels can also be eliminated.  I think I will keep regular client.
11  Bitcoin / Electrum / Re: Who pays to create a wallet and store wallet on blockchain? on: January 09, 2017, 03:18:52 AM
Your entire wallet can be retrieved from the password seed and the keys to unlock it.

1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2  suppose this is a bitcoin receive address.  

here is a typical seed

constant forest adore false green weave stop guy fur freeze giggle clock

There is more info in the bitcoin address than the seed.

You send your 12 word seed to an electrum server and they send back to you at minimum an address of your wallet but then you also need the private key to the wallet.  I realize from wallet an algorithm is used to generate all your receive addresses.


to summarize, it seems from your 12 word seed you generate a private key on your computer.  Then you then send public keys to electrum servers and they send you back all the info for that wallet?  Sort of the way you can go to blockchain.info and enter an address and it can send back to all the info about that address.  

Just trying to figure out how it works as it is NOT in the faq.
12  Bitcoin / Electrum / Re: Who pays to create a wallet and store wallet on blockchain? on: January 08, 2017, 06:53:43 PM
They say the wallet is stored on the blockchain.  When you create a wallet, there are no fees.  Who pays for this?

Whoever said that has a misunderstanding of what a wallet is. Wallets are not stored on the blockchain, they are stored on your local machine or with the service you are using. In the case of electrum (you posted in the electrum sub after all) the wallet file is stored on your local machine.

You can recover your wallet from the 12 word seed.   If you have nothing, you can retrieve your wallet from the 12 word seed.  When you receive this wallet there is no password on it.  It is all instantaneous, thus how can it be on the blockchain if there is no fee?

If you create a electrum wallet, send 5 bitcoins to it.  Send 2 btc to someone, then delete the wallet.   You can then retreive your wallet immediately on another computer.

To try to make the question more clear say you have a fresh install of windows.  You download electrum and retrieve your wallet with 12 words.   Suppose you have 100s of transactions.  Where did you wallet retrieve from?  It can't be bitcoin blockchain since no fees were paid and it is all instantaneous.   You might have retrieved 1000 bytes of info from 60 bytes of words.
13  Bitcoin / Electrum / Who pays to create a wallet and store wallet on blockchain? on: January 08, 2017, 06:39:58 PM
They say the wallet is stored on the blockchain.  When you create a wallet, there are no fees.  Who pays for this?  Also this wallet is created instanteously.  Thus, your wallet must be on a centralized server of electrum?
14  Bitcoin / Bitcoin Discussion / Re: Andresen and Ver wrong about bitcoin. on: December 27, 2016, 05:35:47 AM
To add bitcoin is a fixed supply.  It can be hoarded like land.  When King of Lydia first used gold.  He ended up owning almost all the gold in society.  If a cryptocurrency becomes law of the land, watch out, all the money will go to the top.  All the cryptocurrency will transfer to government and land owners via rent and small taxes in daily transactions.

"Over time the value of Bitcoin isn't guaranteed to go up, but the value of all government issued fiat currencies is guaranteed to go down." Roger Ver twitter.  Yes, and if the currency goes down bitcoin goes up with no transactions as long as users increase.

"It's great that Bitcoin is on such a bull run, but scalability and privacy issues still must be addressed." Roger Ver twitter.  It went up.  It will continue to go up.  It will hit $2000 then $5000.  Bitcoin for small transactions is dead.

"Miners (as a whole) will not harm the Bitcoin network, as to do so is to destroy their own profits" - @John_Blocke from Roger Ver twitter.  More miner costs (more hard disks and hardware) less miners.  Less miners, less security.

"The best time to buy bitcoin was eight years ago.  The second best time is now." Roger Ver twitter, then why change anything.

"When the cost of using something goes up, people use less of it. This means high bitcoin tx fees are causing fewer people to use bitcoin."  Roger Ver twitter. The value of the transaction can increase.  If the average transaction is 1 btc, then it is like 500 euro note at the grocery store.   Bigger notes small transactions, the 500 note does not hurt Euro economy.   The US economy is not hurt with the $100 bill.

Bitcoin has gotten where it is not really being used in commerce.  The value of bitcoin is unit of account, like tally sticks.
BTW, I have the greatest respect for Andresen and Ver.
15  Bitcoin / Bitcoin Discussion / Andresen and Ver wrong about bitcoin. on: December 27, 2016, 05:24:30 AM
Both these guys want to see the block size increase, yet they do not have to pay for it. Despite their negativity bitcoin has risen from $200 to $900, why?  Because bitcoin does not have to be used in daily small transactions.  First governments will not allow it.  The medium of exchange of the world is the USD.  It will remain the medium of exchange as long as inflation is less than 10% a year.  At that point people will move to the lastest new currency, probably the Euro.   Let them pay for all the new fancy paper with pictures of old men and women on them.  The transactions per second will never be enough.  You are delaying the inevitable.  

You go to ebay, amazon, or alibaba they accept the dollar.  They need to accept the dollar for taxes anyways.  Send 1 bitcoin to paypal and you have $900 in store credit.  You prevent the government from benefiting from the inflation.  Over a year your $900 will lose about $50 in purchasing power.  To save $500 more people will use bitcoin, those that don't will see their bank accounts confiscated by debtors and deficit spending.  You have to use bitcoin you have no choice.  Using bitcoin in daily transactions should be discouraged as many city governments need sales taxes to build the roads, build parks, and protect the streets.  Bitcoin should not be used in daily transactions.

Isn't the important thing that bitcoin goes up?
16  Bitcoin / Bitcoin Discussion / Re: How will we stop the evil free market Chinese? on: December 17, 2016, 03:02:45 AM
Quote

Sadly there are nothing we can do to stop the Chinese from taking over the world.

End minimum wage and make America rich again.
17  Bitcoin / Bitcoin Discussion / Re: Do you agree with idea "Bitcoin bank" ? on: December 15, 2016, 08:05:37 AM
What do you want a bank for when your wallet already is a bank?

You want to loan money out so deadbeats that can't work can make millions off your money.  When a bank loans money and the deadbeat that borrows it does not pay it back?  1. The government bails them out.  2. The deadbeat and their posse blames the bank and sues them and the bank pays a fine.   3. Some deadbeat borrows millions of your money makes twice your money then gives you back 2% for your time.   4. The bank owners give themselves loans and buy companies with your money.  5. All of the above

If you don't know the answer is 5 read the books.
18  Other / Off-topic / Re: Is Bitcoin designed to last forever? on: November 10, 2016, 07:06:07 PM
If you can convince the miners of the few that hold the blockchain nodes in 20 years if it gets too big to move to clean chain this can easily be done in a exchange 1 btc for 1 new btc.  Then after 2 year period all btc on the old chain will be invalid and the chain is shutdown.  Thus you have a new clean chain.

You could also tell everyone to spend their coins in 1 year.   Then the entire chain older than 1 year could be truncated (there would have to be some software work).  Thus, you would not only have a young chain you would know exactly how many coins are left in circulation.  I would say 1 million are already lost.

As for all the new and alt coins, they generally all suck.  There is only one alt-coin that might be better than bitcoin and that is say you buy into the coin and generate $1 billion cash. If that cash could be used for investments and the profits used to delete coin, then you have a coin with a decreasing money supply.  A decreasing money supply will make users richer and increase adoption.

Thus if the money supply drops from 21 million, 5% a year you have 2 million or so after 50 years, thus your money is worth 10x and that is with no new users.  With new users that might be 100x or 500x.  That is adjusted for inflation so you invest $5000 when you are 20, you would have $2,500,000 when you 70. 

2020   21000000
2021   19950000
2022   18952500
2023   18004875
2024   17104631
2025   16249400
2026   15436930
2027   14665083
2028   13931829
2029   13235238
2030   12573476
2031   11944802
2032   11347562
2033   10780184
2034   10241175
2035   9729116
2036   9242660
2037   8780527
2038   8341501
2039   7924426
2040   7528204
2041   7151794
2042   6794204
2043   6454494
2044   6131770
2045   5825181
2046   5533922
2047   5257226
2048   4994365
2049   4744646
2050   4507414
2051   4282043
2052   4067941
2053   3864544
2054   3671317
2055   3487751
2056   3313364
2057   3147695
2058   2990311
2059   2840795
2060   2698755
2061   2563818
2062   2435627
2063   2313845
2064   2198153
2065   2088245
2066   1983833
2067   1884641
2068   1790409
2069   1700889
2070   1615844
 
19  Other / Politics & Society / Re: FBI Says It Will Investigate New Hillary Clinton Emails on: November 06, 2016, 09:12:46 AM
Even if they write that Hillary killed JFK it already it will not stop. She wins. The Republicans need to think who they chose as a candidate.

The Republican party did not choose Trump. They hate him. The people chose Trump.

The reality is McCain, Romney, Buffet, and Cuban are really dishonest morons. Trump more aligns with voters of the republican party.
20  Other / Politics & Society / Re: Trump on his last leg? on: October 17, 2016, 06:25:00 AM
I am offended by Alex Baldwins portrayal of women on SNL.  I will not vote for a democrat again.
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