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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 507733 times)
CoinCidental
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December 17, 2014, 02:40:15 PM
 #2321

An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.

Even a 30 seconds block time coin is not suitable for local grocery purchase. You need a centralized payment processor to do the real time transaction. In that sense, there is no difference between BTC and altcoin.

If you have Bitcoin on your phone, it's very safe for the store to accept a Bitcoin payment from you.

But they have to trust you before the confirmation.
They have to trust, that you are not the secret owner of 51% of the bitcoin hash rate and are not using that power to steal the $1 back, that you just paid for a small item. That doesn't sound like that much trust to me.

Successful double spending is very unlikely from a grocery store customer.

Eventually it will be the same as credit card fraud to steal goods via btc fraud even if people were fast enough to double spend but I don't see it happening a lot

Expensive items will be a delayed purchase.... Until transactions go through but for a cup of coffee I think vendors would risk it 
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picolo
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December 17, 2014, 02:49:27 PM
 #2322

So there is no difference between a fast and a slower block time coin.

Just the pain of the waiting time for the TX to go through Sad
I recently tried out watchmybit.com: It was less than a second for the site to register my payment.

The transaction goes through in an instant, it is safe to accept the transaction from a trusted party without waiting for confirmations.


A NEW WAY TO GAMBLE               FASTBETS.IO              FUN GAMES & GREAT ODDS
Dafar
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December 17, 2014, 03:16:22 PM
 #2323

I have 30 bitcoinz..... will I ever be "wealthy"?


Cuz at current price it's worth shit
superresistant
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December 17, 2014, 03:27:28 PM
 #2324

I have 30 bitcoinz..... will I ever be "wealthy"?
Cuz at current price it's worth shit

The people that got millionaire last year where hodling for about 4 years. How long have you been hodling ?

Dafar
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December 17, 2014, 03:35:40 PM
 #2325

I have 30 bitcoinz..... will I ever be "wealthy"?
Cuz at current price it's worth shit

The people that go millionaire last year where hodling for about 4 years. How long have you been hodling ?



1 year.... as of current status, I joined at the worst time
Soros Shorts
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December 17, 2014, 03:43:37 PM
 #2326

Eventually it will be the same as credit card fraud to steal goods via btc fraud even if people were fast enough to double spend but I don't see it happening a lot

Double spending fraud will happen a LOT less than credit card fraud. I doubt anybody would bother to try it for a $5 Starbucks coffee or a $100 grocery bill.
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December 17, 2014, 04:07:59 PM
 #2327

I have 30 bitcoinz..... will I ever be "wealthy"?
Cuz at current price it's worth shit

The people that go millionaire last year where hodling for about 4 years. How long have you been hodling ?


Most BTC multi-millionaires bought (or mined) pre-April 2011 and had huge gains on the rally above $1. I saw BTC for ~5 cents each in 2010 and didn't feel an urgent need to buy any. If only I'd know about this forum then, things might have been much different.

No regrets though, life goes on...

15DYJpWJe9H1YofsNQbP9JEWWNn7XPZgbS
noob2001
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December 17, 2014, 05:10:22 PM
 #2328

Why can't the bitcoin network instantly lock the bitcoin after transactions to prevent double spending? After 6 confirmations bitcoin is transferred and unlocked... Is this possible?
Parazyd
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December 17, 2014, 05:15:13 PM
 #2329

Why can't the bitcoin network instantly lock the bitcoin after transactions to prevent double spending? After 6 confirmations bitcoin is transferred and unlocked... Is this possible?

Discuss this in the Development section. Open a new thread if necessary.
noob2001
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December 17, 2014, 07:36:09 PM
 #2330

Why can't the bitcoin network instantly lock the bitcoin after transactions to prevent double spending? After 6 confirmations bitcoin is transferred and unlocked... Is this possible?

Discuss this in the Development section. Open a new thread if necessary.

Sorry grandad.
Arriemoller
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December 18, 2014, 01:10:56 AM
 #2331

Why can't the bitcoin network instantly lock the bitcoin after transactions to prevent double spending? After 6 confirmations bitcoin is transferred and unlocked... Is this possible?

Discuss this in the Development section. Open a new thread if necessary.

Sorry grandad.

Hehe.

Demokrati: Två vargar och ett lamm röstar om lunchmenyn.      Democracy: Two wolfes and a lamb votes about the lunch menu.
Frihet: Ett väl beväpnat lamm opponerar sig mot omröstningen.  Freedom: A well armed lamb opposes the outcome.
BlindMayorBitcorn
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December 18, 2014, 01:13:04 AM
 #2332

I have 30 bitcoinz..... will I ever be "wealthy"?


Cuz at current price it's worth shit

Did you buy them all today?

Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
notbatman
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December 18, 2014, 02:53:34 AM
 #2333

CoinCidental
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December 18, 2014, 05:21:06 AM
 #2334

I have 30 bitcoinz..... will I ever be "wealthy"?


Cuz at current price it's worth shit

Did you buy them all today?

That's irrelevant, whether he bought them for a penny or a dollar doesn't make much difference imo

They will be worth a shitload more if he can hang onto them

More and more people will lose private keys, coins and wallets will be lost forever, the block Reward will continue to decrease..... Mbits will be the new btc's...

Just takes time baby, just takes time
picolo
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December 18, 2014, 07:52:36 AM
 #2335

I have 30 bitcoinz..... will I ever be "wealthy"?


Cuz at current price it's worth shit

Did you buy them all today?

That's irrelevant, whether he bought them for a penny or a dollar doesn't make much difference imo

They will be worth a shitload more if he can hang onto them

More and more people will lose private keys, coins and wallets will be lost forever, the block Reward will continue to decrease..... Mbits will be the new btc's...

Just takes time baby, just takes time

Bitcoin is likely to raise in price but I don't think the lost of private keys is a big factor.

30BTC will get you a nice profit when it will trade for 40,000$ in 5 years


A NEW WAY TO GAMBLE               FASTBETS.IO              FUN GAMES & GREAT ODDS
perperooo
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December 18, 2014, 08:44:55 AM
 #2336

yes man lol Shocked
youngmike
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December 18, 2014, 09:00:37 AM
 #2337

What if there's no reversal coming and we are slowly going back to few dollars  Smiley Believer's believe, market decides  Smiley
hdbuck
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December 18, 2014, 09:04:58 AM
 #2338

What if there's no reversal coming and we are slowly going back to few dollars  Smiley Believer's believe, market decides  Smiley

Parazyd
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December 18, 2014, 02:35:59 PM
 #2339

I have 30 bitcoinz..... will I ever be "wealthy"?


Cuz at current price it's worth shit

Did you buy them all today?

That's irrelevant, whether he bought them for a penny or a dollar doesn't make much difference imo

They will be worth a shitload more if he can hang onto them

More and more people will lose private keys, coins and wallets will be lost forever, the block Reward will continue to decrease..... Mbits will be the new btc's...

Just takes time baby, just takes time

Bitcoin is likely to raise in price but I don't think the lost of private keys is a big factor.

30BTC will get you a nice profit when it will trade for 40,000$ in 5 years

Patience is key, but not everyone is that patient...
Note to self: find a job.
Dafar
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December 18, 2014, 03:03:41 PM
 #2340

I have 30 bitcoinz..... will I ever be "wealthy"?


Cuz at current price it's worth shit

Did you buy them all today?

That's irrelevant, whether he bought them for a penny or a dollar doesn't make much difference imo

They will be worth a shitload more if he can hang onto them

More and more people will lose private keys, coins and wallets will be lost forever, the block Reward will continue to decrease..... Mbits will be the new btc's...

Just takes time baby, just takes time

Bitcoin is likely to raise in price but I don't think the lost of private keys is a big factor.

30BTC will get you a nice profit when it will trade for 40,000$ in 5 years


I will give you $10,000 if that happens....
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