I read that Satoshi wanted onchain scaling while Hal Finney wanted offchain. Is that accurate?
No. Hal convinced Satoshi to add a 1MB maxblocksize limit as an anti-spam measure. This in an era where most blocks were less than 1KB in size (1000x smaller than the limit), and most transactions carried no transaction fee. Ok thanks for the clarification. But let me ask you, in this era of the 1MB maxblocksize, how much of today's average transactions per block is spam? I am looking at the mempool transaction count graph right now and it is hard to believe that the spikes are all real transactions. https://blockchain.info/charts/mempool-countWell, that's a conundrum. There is no way of looking at a single transaction, and objectively classifying it as spam/notspam. My attitude is that 'Bitcoin is permissionless - if a txn is attractive enough to be included by a miner in a solved block, then it is a valid transaction'. There is no any evidence and we might could just speculate about spam transaction when the mempool was flooded, but it maybe true as we can see how much unconfirmed transaction on blockchain before and after ATH. Hal finney had proposed right thing to measure spam attack to the network, but we won't never know about it. For now, we should satisfy with 1Mb blocksize and hopefully SegWit could overcome this problem. |
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I have many bitcoins I'm wanting to cash out, but I'm debating whether I should do it for gold, or for USD. The possibility of the bitcoin price crashing scares me, whereas it seems impossible for gold to lose all value.
What do you hold the bulk of your wealth in?
It's been a while but I hope you make good profits and sold at ATH, the best option for everyone is official currency of your country obviously as you can easily convert and spend it. If you live in USA, US dollar it is, different story for someone who lives in UK or China. Second : depends on your purpose, for long term savings, gold and land are the best investment. But bitcoin still become good way to saving your wealth too, so divide into some options and you will be fine. So far, I still believe on bitcoin as my future savings, let's wait for another 5 years That cannot possibly be the best option in general Since the question seems to be mostly about holding funds and not spending them, converting bitcoins to a local currency can in fact be the worst idea, especially if this currency is set to quickly depreciate over time. And "this" currency actually refers to a majority of fiat currencies existing in the world. Apart from half a dozen top currencies (like the US dollar or Euro), the rest of the pack is given to severely devalue over time, so we are back to square one, i.e. choosing between gold and the US dollar. Personally, I would opt for dividing the proceeds between Swiss francs, US dollars and gold In my opinion yes it is, I will convert bitcoin into local currency and then purchase gold or buy a land, easier to do than using another currency. If I live in US, maybe will going through the same way. But, how about in UK, China, India, Malaysia > in general, the best option still cash out as their official currency. As OP live in USA, I suggest for US dollar.  |
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I have many bitcoins I'm wanting to cash out, but I'm debating whether I should do it for gold, or for USD. The possibility of the bitcoin price crashing scares me, whereas it seems impossible for gold to lose all value.
What do you hold the bulk of your wealth in?
It's been a while but I hope you make good profits and sold at ATH, the best option for everyone is official currency of your country obviously as you can easily convert and spend it. If you live in USA, US dollar it is, different story for someone who lives in UK or China. Second : depends on your purpose, for long term savings, gold and land are the best investment. But bitcoin still become good way to saving your wealth too, so divide into some options and you will be fine. So far, I still believe on bitcoin as my future savings, let's wait for another 5 years. |
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I wrote a post 2 weeks 'why i'm not selling my coins'.
At the time, it appeared that BU was gaining serious momentum, but
now we appear to be deadlocked again. I'm not going to get too political
about this, but to make a long story short, stalement = blockstream/core
getting its way = little to zero on chain scaling in the forseeable future.
And what appears to be happening is that Bitcoin is being subverted,
not just by Blockstream but by outside actors who are employing a
sophisticated divide and conquer scheme.
Notice how neither segwit or BU can win the mining war... and that
is exactly what 'they' want.
I hope Bitcoin prevails but I am no longer comfortable keeping all my
eggs in one basket.
Honestly I feel the same way. A lot of others are also hedging against a potential bitcoin collapse altogether by protecting their wealth and buying into altcoins such as Ethereum, Dash, and Ripple. Even though am I a strong believer of bitcoin, just like OP, i cannot help but try to be the safest with my funds. I'll be diversifying probably 30% of all my bitcoins into altcoins. I hope bitcoin can sort itself out this time round, and end this debate altogether. I don't care which side wins, honestly. As long as we have a working payment processor without the debates. Not bad at all as long as you divide into some parts instead of keeping all of yours in altcoin. We know some alts has genuine idea and bigger potential to grow and rise than others as time goes on. However, bitcoin still doing so good all this time. Look at the charts of bitcoin (price or unconfirmed transaction), it's getting better even though the debate about development shows no sign that would be ending soon. |
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I would like to believe that they are simply pragmatic  Is the world really turning into a good one? Here's another block (although it doesn't answer the question as to why they are signalling so many things; maybe they just support all of those):  Anyway, good news, I think. As F2Pool is a very strong pool, they alone can bring Segwit signalling near 50% - and even some Unlimited supporters (Roger Ver) have stated that they would support it once it achieved support by the majority.
We shall see whether Ver is a man of his word or not. It is clear that the supermajority of users, experts, and companies (economy) are in favor of Segwit and/or against BU. As F2Pool has signaling for many things maybe to please everyone, just check and BU reach 40,1% but SegWit 30.5% on https://coin.dance/blocks. Wondering how long it take for one of those will be the chosen one? Could it be this year? Still waiting wherever it will lead to, but I'm still thinking they (miners, who signaling for BU) just spin out time to get more higher fees from plenteous unconfirmed transaction. |
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Shitcoin after shitcoin will come and go but a few will actually solve some issues people have with bitcoin, namely the anonymity. There are lots of other currencies that are anonymous so I don't see why you're focused on zcash, unless this is just a poor attempt to advertise it.
I have no connection to zcash so no advertisement. It's truly anonymous, Moreno isn't. It isn't centrally controlled, so no buy and dump junk like ethereum. It uses bitcoin's scarcity algorithm. It has the most potential because the dark net is anticipating it. I think it has what it takes, I may be wrong but if I'm right, it will grow exponentially in value like bitcoin, something that unlimited currencies can't do. Most people will look after the anonymous feature than. Altcoins and including zcash won't ever catch-up what bitcoin did, even though a half of it I guess, only time will tell. Altcoins created just for trading purpose, mostly. And another advantage of the coin could used for underground transaction but central authority will start to check it when the trading volume/transaction getting bigger in their country. So, the answer is no. I will check it later when this coin price could reach more than $150. |
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good stats, but please add some proper formatting to your post. using bullets may be a good idea, it makes the post easier to read and understand. and about localbitcoins i have to say you could have gained the statistics based on country in order to see which one has spiked, and yes in China the volume coming from LBC has gone up even since PBoC but i am expecting a drop since they are going back to their exchanges. Edit: ah what the heck let me do it for ya (added 1): - Bitcoin has been above four digits for the longest period ever.
- Localbitcoins trading volume have reached $32 millions per week. This may be due to chinese switching to localbitcoins due to strict regulations of PBOC.
- As per google statistics, bitcoin searches have increased in many countries this year,especially in africa and the baltic region.
- Bitcoin ATMs have reached around 1081 ATMs across 56 countries.
- US and Europe share largest share of bitcoin ATMs.
- Bitcoin community is growing upwards with increase in bitcoin wallets,transactions,price and trading volumes.
- Bitcoin progress continues on and on.
- Bitcoin node count has been at its peek around 7000 after a long time
It become easier to understand with some points. Every increase of bitcoin is a good thing, except for unconfirmed and transaction fee. But, I agree that Bitcoin ATMs isn't optimal as people prefer to purchase/transact online, moreover if bitcoin ATMs has higher exchange rate than average price/fee. The best achievement of bitcoin in 2017 must be pass through $1000 wall and reach $2000 or at least $1500 consider as good price. However, bitcoin problem regarding the block size limit and unconfirmed transaction should be resolved as soon as possible to attract more adopters and merchants. |
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When it comes to Bitcoin there are many reasons to believe that the cryptocurrency has the power to create wealth. Even small amounts of Bitcoin have made people incredibly wealthy. In December of 2015, The Guardian reported the case of Kristoffer Koch, a Norwegian who had purchased Bitcoin worth $26.60 in 2009. Koch acquired a total of 5000 Bitcoins for his investment, which at last year’s rate was worth $886,000. A nice article that you should read : https://cointelegraph.com/news/want-to-be-a-millionaire-two-main-rules-of-bitcoin-investingReally good article, thanks for share it. Make me believe in hold mine for long term without sell out in every peak hike which maybe very cheap in the future of bitcoin world. I like this quote : We can only say that the early believers had it easier and the cost of delaying your entry into Bitcoin will only make it harder for you to become a Bitcoin millionaire. Yes, many people said or will say that it is too late or if I know it in 2009 it should be, and so on. Don't regret what we don't know in the past, but make it today as 1 bitcoin may worth $10,000 or even $1 Million within 35 years. Not an easy task to be patient on those years, it suppose to. |
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+54% these last 6 months and +123% for 365 days now.
It is always matter of perspective. Traders are tainted by the fact that recently we have short period of stability at high price. We already forgot times before halving, when price was very low - below $500. Normally at times like this we would blame volatility - but now everyone is blaming BU or scaling problems in general. Because bitcoin price affected by those factors, so it will fluctuate since people buy the news. When we were talking about bitcoin ETF, people believe it and buy bitcoin. Then, current matter is block size which related to BU and SegWit, people become so confuse and conscious whether bitcoin will divide into 2 coins or not even maybe the price will crash, cause massive sell out to get as much a money they could. |
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But we have the nuclear button that they didn't see coming, and this can be implemented without changing any fundamental protocol rules as opposed to the vapid idea of the "Emergent consensus". So Jihan, if you keep fucking around, all of your ASIC machines will be worth nothing soon. Your choice.
What do you mean? If you stop following chain with most proof of work as defined in first Satoshi client, you wont use Bitcoin anymore. The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime. Because of that, I wanted to design it to support every possible transaction type I could think of. I don't believe a second, compatible implementation of Bitcoin will ever be a good idea. So much of the design depends on all nodes getting exactly identical results in lockstep that a second implementation would be a menace to the network.
A second version would be a massive development and maintenance hassle for me. It's hard enough maintaining backward compatibility while upgrading the network without a second version locking things in. If the second version screwed up, the user experience would reflect badly on both, although it would at least reinforce to users the importance of staying with the official version.
I know, most developers don't like their software forked, but I have real technical reasons in this case.
"Emergent Consensus" is obviously a drastic change in the way the protocol works. Looks like satoshi wouldn't have liked this hardfork scenario we are seeing. Block size should be increased since last few years but this problem become not endless, too many speculation whether it maybe right or not. I don't know for sure which one of those options will be the best way for bitcoin in the future, I don't like if bitcoin should be divide into two chains, but if it may happen we will see how it works whether will be be great or bad. |
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Well for my own opinion doesn't matter how much bitcoin is,
As long as it can't be used to pay anything that we need Fiat will still be worth it.
No chance at all, fiat money will be always the first and the best option for daily transaction instead of using bitcoin, because : - People/citizens do not need to have any wallet - Complicated transaction for layman - No need to pay fee for every single transaction - bitcoin transaction takes time (even for hours) to be confirmed Long live for fiat money, especially for cash. I agree with you, as long as bitcoin can not be useful and simple like cash, fiat won't be worthless. |
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Bitcoin:
is decentralized, it has a lot of adoption, it has a lot of users, a lot of usage, a lot of real world applications and a lot of services that you can pay for with bitcoin. the distribution is the best, there has never been any premine or any bullshit to get the coins, you could get them from day 1 if you wanted and there is still no restriction, you can buy or if you are willing you can invest and mine it.
the market is the biggest and that means speculation on it is a lot easier than any smaller markets.
there is real adoption where new people come and buy bitcoin because they either want an excellent investment or they want to use this cryptocurrency online as it is intended to (a peer to peer decentralized digital cash).
and a lot more.
Dash:
it has a decent amount of supply and that can help its inflation and finally the price. it is a pump coin and that is a good thing for making a big and quick profit.
it has a big premine. and many even call it a scam. it doesn't have a positive public face. there really isn't any real world usage for it.
in the anonymity department it is not really anonymous. and compared to other coins it has nothing to say compared to coins like Monero.
there is no adoption, only traders switching their money over to Dash and out of it after they are done.
it is a pump coin and that is bad because it kills the coin in the long term when it is pump and dumped.
ETH:
it had a good idea at first but it is implemented pretty badly.
the code is bad and has many bugs, many of which has already been found. some of them even exploited and one of them led to a hard fork and splitting of ETH/ETC and there will always be a possibility of the same exploits and other unknown bugs that can be devastating to anybody who has his money in this coin.
it has a big premine (in form of ICO).
there is no real world usage for it and the smart contract that they are so proud of is not really something special on this platform.
the supply is HUGE. it has one of the biggest number of coins available and with a simple supply and demand rule the price will always be under constant sell pressure.
there has not been a clear cap on the maximum number of coins available.
the last and the worst but not the least is the centralization. this coin is one of the coins that is completely centralized and everything from the price to the code and the future is being decided by those who control it and can easily be manipulated to their advantage.
it is a pump coin so that is a good point of this coin and that makes it a good investment as long as there is a big pump going on and we can get in early on.
No one could tell without any knowledge about it, I can't state about dash or ethereum as I just stick to bitcoin so far. What I observe is the price of these coins, how fast dash and ethereum growing while we know bitcoin stuck somewhere and can't move any further since the problem still unsolved. Another thing I notice : ethereum has been around for years and proven as good coin, it is reliable coin which offers good idea of course. Dash coin still unclear for me due to so many people said it is a scam project, but the price seems pretty high right now, so tempting. |
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It is so clearly the time to buy again. However, of course, there are those speculators who will call us crazy for buying at this price.
As you see, there's all the conspiracy theories about a false fork that will supposedly take place which is causing the price to drop. This, however, is false.
We are living in golden times for Bitcoin. Too bad people are missing it. I'll be buying now! (and am prepared to see a much higher price come Monday and Tuesday)
i don't think we can see "much higher price" yet because the FUD has not stopped and we are in a depression stage  where everyone is sad and many given up and they dump while those whales are buying slyly if you watched the market yesterday (14 hours ago) when price dropped to below $1000 you could see the 100 BTC 220 BTC initial dumps above $1000 and then you could easily see the big buy walls as big as 650-720 BTC be placed in one order on bitfinex at about $940-$960 to buy back. actually i really suggest watching the market, it is both fun to watch how whales are toying with others while newbies panic and also you learn a thing or two. Good observation from big whales transaction, I've never seen such huge amount of trade, a screenshot of sighting would be great. I thought that $1200 was quite expensive to buy as it is the ATH which will dropped back if there is no any progress from blockchain or community to develop further. People happily to sell at higher price and buy back at three digits obviously, so that bitcoin price won't hold at high price. |
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Bitcoin never belonged to just one country. In order to use bitcoin, you do not need to be a citizen of any particular country. This all suggests that bitcoin is already an international currency
That's very true, we don't need to set a date or sit to sign documents before Bitcoin can become an international currency but it is already because of its widespread usage. Every nook and cranny of this world with Internet access can easily transact online business with Bitcoins. If your definition about international currency mean can be used everywhere over the world, yes bitcoin can. But, rather than that definition won't be so matter if bitcoin isn't used and known as a currency to buy something such as dollar or euro. Lately bitcoin known as an asset, commodity, store of value and not being used as currency in most countries around the world due to higher fees, volatile price and just a few merchants still adopted bitcoin payment or people decide not to use bitcoin instead of fiat money. |
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-snip-
as i am writing this there are 920 unconfirmed transactions in the memory pool and the last 4 blocks are practically empty
There is no "the" mempool. Which website did you use as your source for this information? There are some more shown here: https://www.blocktrail.com/BTC/pools?resolution=24h
My node is also hovering a bit above 1k unconfirmed transactions, at the time of writing. Hopefully you now see *who* might have been doing this to support *certain " urgent" solutions*. thanks for the addition, i understand that. i mostly meant as a comparison of numbers. 920ish (seen on https://blockchain.info/unconfirmed-transactions which is currently at 2507 also the similar number seen on http://statoshi.info/dashboard/db/memory-pool) versus 10,000 seen on the same sources back when the spam attack was ongoing. I always thought that so many unconfirmed transaction due to all time high price when people in rush to buy, send or sell bitcoin which overwhelm the network. I'm wondering if that's true, that some people did spam attack. However, those numbers of unconfirmed transaction are great and proven we do not need unlimited block size for now, SegWit is more than enough, great solution from devs team. |
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This is the natural progression that BTC will have to go through to grow. Its the way it was designed.
And ETH and DASH and all the other crap would be so lucky if they had to deal with this one day. This being an issue for Bitcoin is a sign of success.
HODL! Who ever thought this shit would be easy?
too many people here treat it like a computer program when they're theorising but in reality the money thing comes first by a country mile. the most important thing with money is faith, even more so with something that's backed only by mutual agreement. disagreement is there but it's on the fringes while the actual subject hums along just fine. if that disagreement actually screws with the day to day operation of all this then i don't think there's any coming back from it. Yep, either way you and I agree that bitcoins are money (a few other people here agree it seems) so there will always be value. The only risk is that the value is higher or lower. A fork wouldn't be the end of the world so I'm not sure why people think it's such a big deal that they need to sell bitcoins. I like the way you see it, not a big deal? Well, I will agree with you if bitcoin could make it better as I believe it can. We have devs team, miners and users who support bitcoin, as long as this community stand still, bitcoin will keep developing. Yes, it is a way that bitcoin should encounter but only time will tell how it going through. |
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Yup. Better to just promote a normal coin and stay under the radar.
Monero's price doesn't seem to have moved on this news though.
That's why every coins that offers absolute anonymous transaction which attracts central authority to investigate it if they sniff something from it such as monero right now, monero leverages identity-obscuring ring signatures to make it unclear which funds have been sent by whom and to whom.Some coins like this may interesting for people who want to out of radar, remove any trace of their transaction which refers to black market or illegal activities from FBI point of view, so those coins cannot develop/adopted so far such as bitcoin, it will stuck somewhere and drop back if authority begin to trace or ban it. |
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There is a possibility but I can say it is very slim. People will always use the currency issued by their government. No matter how good Bitcoin is, people will still believe in the currency that is supported and endorsed by the authority. Even if Bitcoin had been approved and acknowledge as currency, I still doubt that it will replace fiat.
But isn't bitcoins already endorsed and supported by the authority once it has been approved and acknowledged as a valid/legal currency? Because that's actually the point why did the government approved it in the first place. With all the international or long distance transactions going on every single day, I believe that bitcoins will take over most especially when the government has approved bitcoin as currency. Even without the government's approval, bitcoin still has a chance to take over because of the same reason (people are sending money overseas/long distance more and more). Fiat money is a big power backed by government, bitcoin simply cannot replace it instead of become an alternative currency which used for send/receive money overseas, useful only if you send it pass through your country to another which use bank service or remittance require higher fees and some documents to fill. If I want to send money domestically inside my country, using bank service is a better idea and it's free or cheaper than bitcoin. |
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Great to work under your supervision,
Hopefully I can participate
Btctalk name : Rahar02
Rank : Full Member
Current post count : 362
BTC Address : 1EPZJYCYD8Z96sLADqzEMVM5UBtnY8Mwcm
Best regards,
Thanks.
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being one in a million is one of those interesting topics in bitcoin if you ask me. we all know that there will only be 21 million maximum bitcoins available (ignoring the number of coins lost). so if you have 21 bitcoins you can be one in a million. now we all know there are 7.5 billion people in the whole world and there is a very limited supply of bitcoin available. The following is the cost of being 1 in a million throughout the past years. * bubbles are ignored and price is average | Year | | | 21BTC cost | | 2008-2010 | | | Practically free! | | 2010 | | | $3.7 | | 2011 | | | $84 | | 2012 | | | $188 | | 2013 | | | $2,200 | | 2014 | | | $9,030 | | 2015 | | | $5,670 | | 2016 | | | $12,117 | | 2017 | | | $21,210 Today's price |
when you look at things like that, they seem pretty ridiculous that once you could be 1 in a million with only 3 bucks but today you have to pay 21 grand to be 1 in a millionHigher price of bitcoin seems like double edge sword for bitcoin, early adopters which most advantaged because they have many bitcoin but right now, who does not have big funds cannot purchase BTC21, be 1 in a million. Furthermore, higher fees for send bitcoin become another problem which people will consider to using fiat money instead of buy bitcoin. In the other words, for me, bitcoin become a commodity/object of investment, not a currency. |
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