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Showing 20 of 52 results by Bamselk
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Topic
Board Economics
Re: Only 2% of addresses hold 1 Bitcoin or more — Is this true?
by
Bamselk
on 04/02/2021, 11:41:03 UTC
I'm curious about some publications mentioning that "only 2% of the addresses holds 1 Bitcoin or more".

I found this to be quite surprising, since I always supposed longtime hodlers to be the larger segment of the Bitcoin ecosystem and not just a small fraction.

How accurate this data could be?


Firstly, most people have a new address for each transaction which is sent to them.  Therefore, most Bitcoin addresses would not have over 1BTC sent to them since people would get it in parts.

Secondly, since most transactions sent are quite small and most people don't have as much as $37,000 worth of Bitcoin, it's difficult for addresses to have so much money on them.

Hodlers are relevant in the Bitcoin ecosystem but they would control a small percentage of overall Bitcoin addresses even if they make up a lot of the people who have a large amount of Bitcoin.
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Board Bitcoin Discussion
Re: Employees can get salary in Bitcoin in Miami
by
Bamselk
on 04/02/2021, 11:35:36 UTC
All thanks to Francis Suarez. Probably the coolest mayor I've ever heard of and the first mayor or politician of any country or state that I actually follow on social media.

Take a look at his Twitter account, it's filled with bitcoin and crypto stuff: https://twitter.com/FrancisSuarez

Very impressed that he's done interviews with Coindesk and everything.  Very cool, there's only so far that someone in his position can go promoting crypto but he seems to be taking it to his reasonable limits.
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Topic
Board Altcoin Discussion
Re: List of bad altcoins to invest
by
Bamselk
on 06/01/2018, 20:03:11 UTC
bad coins/scam likely altcoins.
It's important to distinguish here.  Are you trying to make a list of coins that are likely to be a poor investment, or coins that are shady or misleading (and may be scams)?  A lot of poor investments may be legitimate and a lot of shady coins may end up having a high price.

One example of a shady coin is IOTA - while it contains a lot of buzzwords about IoT, it is not actually usable on IoT devices and is also insecure as it could be targeted quite easily by 34% attacks.
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Topic
Board Altcoin Discussion
Re: [2017-12-19] Dash Breaks $1000 Thanks to an Avid Community of Enthusiasts
by
Bamselk
on 19/12/2017, 14:35:55 UTC
Looking at Dash’s price last month, we can see that the increase was stable.
A slightly slower increase in price doesn't necessarily mean that the increase was stable.

Also, an increase of several hundred percent in the stock market would take over a hundred years, whereas in DASH it took slightly over a month without DASH having very significant developments.

Its price is pretty much just following BTC's surge.
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Topic
Board Bitcoin Discussion
Re: Two blocks mined with only 2 seconds apart!
by
Bamselk
on 17/12/2017, 15:13:04 UTC
Blocks are mined closely together very frequently.

The purpose of difficulty is to make the blocks average ten minutes - having hashrate is like participating in a lottery to mine a block.  Basically, they're guessing until they find the nonce.

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Topic
Board Press
Re: [2017-12-14] How The Net Neutrality Vote May Block Bitcoin And Crypto Trading
by
Bamselk
on 17/12/2017, 11:37:28 UTC
It's unlikely that this will end up happening.  ISPs don't have any reasonable incentive to block crypto trading.

They didn't block crypto trading before these regulations were passed (2013-2014), and similarly, it's very unlikely that they will do so now.

There are many states with more restrictions over the Internet than the United States, and in most of those states, crypto exchanges have not been blocked.
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Topic
Board Bitcoin Discussion
Re: Bitcoin fees so high?
by
Bamselk
on 17/12/2017, 09:53:55 UTC
Any wallet which takes less fee?
The wallet that you're using doesn't matter provided that it's a wallet which allows you to customise your fees (which is most of them, including all of the good ones).
Im fine with delayed confirmation.
In that case, you should try using this site to find the lowest fee that you can send without  the delay on the right reaching "infinite" or being close to that.

Currently, you could try sending with a fee of 20-30 satoshi/byte, or for lower risk 70-80.
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Topic
Board Exchanges
Re: Best Exchange For New Traders
by
Bamselk
on 17/12/2017, 09:19:27 UTC
Well, they'd have to choose a totally different altcoin exchange to the fiat-related exchange that they chose.

For fiat, I suppose a newbie could try Coinbase or Bitstamp.  They do have KYC procedures but as time goes on that's going to be more and more necessary - it might make sense to start now.  If they really value their privacy though, they could go for something P2P like LocalBitcoins.

For an altcoin exchange, there's no one reliable exchange and all of them have a lot of complaints.  But the closest thing to a reliable exchange that I've used has been Bittrex.
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Topic
Board Economics
Re: Forking of Bitcoin into new coins, a step too far?
by
Bamselk
on 04/12/2017, 16:56:27 UTC
Significant forks are unlikely to continue happening.  There are many forks trying desperately to ride off the backs of the last two, but pretty much failing.

Despite not being a very technical user, I can still easily answer pretty much all of those questions.  With clear enough resources, it would theoretically be possible for everyone to know this information in pretty decent time.
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Topic
Board Economics
Re: HUGE News: President of Venezuela drops petrodollar, unveils official crypto.
by
Bamselk
on 04/12/2017, 16:54:15 UTC
The Venezuelan government is generally not regarded as trustworthy.  This shouldn't change just because they're creating something related to cryptocurrency.

Considering that it's very hard to make a decentralised cryptocurrency backed centrally by an asset, I imagine that this will be centralised and not necessarily in BTC users' interests.
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Topic
Board Economics
Re: Venezuela moves to issues "petro" crypto
by
Bamselk
on 04/12/2017, 16:50:40 UTC
Considering the very high volatility of crypto, I'm not sure that this is a good decision.
This coin is supposedly going to be backed by gold, diamond and oil reserves.  It's not going to be volatile in the same way that an ordinary, decentralised cryptocurrency is volatile.

Regardless, crypto is far more stable than Venezuelan currency.
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Topic
Board Economics
Re: Why the market looking all red today? is correction near or what?
by
Bamselk
on 04/12/2017, 16:48:02 UTC
It's possible that a correction is near, and there's a small head-and-shoulders pattern forming recently as well.

Notably though, there's not a significant trend yet and we aren't in a bear market.  This swing is quite minor compared to swings which have occurred over the last few months, so it's almost worth ignoring.
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Topic
Board Altcoin Discussion
Re: SEC Cyber Unit begins freezing ICO assets
by
Bamselk
on 04/12/2017, 16:43:05 UTC
Great.  Since ICOs require a centralised platform in order to create their token, it's significantly easier for a government to crack down on than it is for them to crack down on an ordinary decentralised cryptocurrency.

It seems almost inevitable that ICOs will be increasingly regulated and secured from scams over the coming months.
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Topic
Board Altcoin Discussion
Re: why so many altcoins?
by
Bamselk
on 04/12/2017, 16:41:24 UTC
do they really each have something unique about them?
No, some of them are copycats or otherwise dodgy coins.

However, all of the top ones are unique in at least some way - for example, Litecoin has faster block times; Monero has ring signatures for anonymity; IOTA has a DAG-based system; Ethereum has smart contracts, and more.

Whether or not they're different enough to warrant their price is another matter though.
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Topic
Board Altcoin Discussion
Re: IOTA - right time to invest or wait?
by
Bamselk
on 04/12/2017, 16:39:34 UTC
IOTA's reliance on centralised checkpointing prevents it from living up to the hype that it has built up around itself.

At some point it might become more useful, but for now I would say that Byteball would be a better investment since it has less wild promises, a functioning crypto and a significantly lower market cap.
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Topic
Board Trading Discussion
Re: Does Bitcoin have a future?
by
Bamselk
on 23/07/2017, 20:54:23 UTC
You can claim I'm ridiculous, but anyone who purchased £1,000 of Bitcoin in 2009 would be a multi millionaire now.
You couldn't buy Bitcoin as soon as it started.  You would mine it or claim it from Gavin's faucet.  A bit later when Bitcoin was first traded, it would have taken far less than £1000.

Now that Bitcoin is established with a significant market cap (rather than being almost worthless like it was in 2009) those sort of astronomical rises are extremely unlikely.  Your faucet claims will still be dust.
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Board Trading Discussion
Re: When do YOU sell?
by
Bamselk
on 23/07/2017, 20:50:52 UTC
The best time to spend (not sell) is when you're deep into a bull market, like now.

I spend regardless of what the price is, because I buy in regularly with my spare fiat.
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Topic
Board Announcements (Altcoins)
Re: [ANN] Bitcoin Cash - Fork 1:1 of Bitcoin - Pro on-chain scaling
by
Bamselk
on 23/07/2017, 19:56:15 UTC
You need to respect such announcements. I will follow this thread. 20% of BTC value is huge, I'm really curious if it will have a good effect on BTC (added value as mentioned in this thread already)...
It's hard to say what the value will be after August 1st.  Some people may see it as "free BTC" and dump it when they figure out how to send it.
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Topic
Board Speculation (Altcoins)
Re: Experience during the last crash(dip)
by
Bamselk
on 23/07/2017, 18:51:58 UTC
I think that the recent dip wouldn't be much in comparison to what could happen if BIP91 failed and then the issue of SegWit and scaling is left onto the more aggressive (and potentially distractive thanks to its divisive nature) BIP 148.
BIP 148 won't matter too much.

A lot of supporters of larger blocks might start moving to Bitcoin Cash though.  I wonder what the value of that will be a month or two on from August 1st.
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Topic
Board Speculation (Altcoins)
Re: DGB is back, be ready for that ride
by
Bamselk
on 23/07/2017, 18:49:58 UTC
DGB has nothing much that a lot of alts.
It is a bit too hyped. One alts like DGB but much less hyped & overpriced is without a doubt Okcash.
Like DGB, it has lightning transactions, low fees and no scalability problems.

I think DGB has good development and the trading volume is also high.
It does, but it's one in a million.

There are plenty of altcoins with good development and a high trading volume.  Digibyte isn't special enough to be worth a lot, and people are starting to realise that their faith in barely useful alts is pointless.