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Showing 20 of 659 results by BigBoom3599
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Board Beginners & Help
Re: Just a little something about secure passwords. (Wallets & Online services)
by
BigBoom3599
on 21/11/2019, 21:55:13 UTC
Just pick up a dictionary, choose out a couple (>4) random words, and you're good to go. Easy to remember and quite secure. Secure passwords don't have to be hard  Tongue
Once you have that, get a password manager, don't reuse passwords and use 2FA where possible.

Not hard and you've just increased your security by a massive amount.  Smiley
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Board Bitcoin Discussion
Re: ProtonMail is holding bitcoin since 2014
by
BigBoom3599
on 17/11/2019, 15:42:41 UTC
Protonmail is great, I've been using it for a while now and can not say anything bad about it. Can't wait for them to finally release their calendar service soon!

It is interesting that they aren't selling their BTC. They must have enough income from other payments to pay their expenses. Maybe they just don't get that much BTC payments? It is a rather risky business move though. Oh well, it seems to have paid off  Grin

I'm curious if they are planning on accepting other cryptos in the future..
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Topic
Board Bitcoin Discussion
Re: Scarcity is one of the leading factors of Bitcoins value
by
BigBoom3599
on 17/11/2019, 11:00:38 UTC
Scarcity in itself doesn't create value though. You can have as little supply as you want, but if there is no demand, there won't be any value.

I'd argue that the thing that gives Bitcoin value is its brand name, its first mover advantage. Everyone has heard of Bitcoin, but almost no one has heard of, say, Ethereum or any other altcoin.

Compare Bitcoin to the thousands of shitcoins that are also scarce and have limited supply, but are worth (almost) nothing because they have no brand name. It's not that they are technically worse than Bitcoin, some may even be better than Bitcoin with some cool features. Yet they aren't more valuable than it. Simply because Bitcoin was the first.
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Topic
Board Beginners & Help
Re: Protect your personal computer/smartphone - Save yours coins from hacking!
by
BigBoom3599
on 15/11/2019, 16:52:45 UTC
If you want to protect your coins, just use a hardware wallet. Way easier and waaay more secure than an antivirus :p An antivirus isn't going to protect you from proper malware anyway.
Yes, they aren't that cheap (not expensive either nowadays) but they are absolutely worth it considering you could lose your whole stack otherwise.

You're giving the impression here that people will be safe after installing some software, you'll have to do more than that if you want to be safe unfortunately  Tongue
As you mentioned, common sense is probably the most important. A hardware wallet won't help you either if you just send coins to a scammer.
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Topic
Board Beginners & Help
Re: How can i make 50.000$ fast ?
by
BigBoom3599
on 11/11/2019, 17:13:06 UTC
There is no way.

If there was, everyone would be doing it.

The easiest and probably best way is to do what everybody does. Get a job, learn a skill, and work hard every day.

Don't invest in a risky asset like crypto looking for profit, you won't find it easily. Only invest in crypto with money you don't care about and can afford to lose.
Don't try to trade, if you have no experience you will only lose your hard earned money.

Anyone/anything that promises you big profits, should be a red flag in your head. There is no such thing as easy profits.
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Topic
Board Bitcoin Discussion
Re: What if Bitcoin was Created by the CIA, FBI, US Military???
by
BigBoom3599
on 11/11/2019, 12:49:08 UTC
Edward Snowden the former CIA agent twitted recently the famous Asuka picture which is highly used in some crypto community spaces to shill Bitcoin. I think these intelligent agencies have something to do with Bitcoin creation.

Edward Snowden doesn't have anything to do with the CIA/NSA anymore. If anything they are enemies now, and they have been for years.
 
I personally don't see any reason for these agencies to have created Bitcoin, there's no motivation for them, they don't benefit of it in any way.
*puts on tinfoil hat* Or that's what we normies think anyway...
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Topic
Board Bitcoin Discussion
Re: Should Bitcoin lower its carbon footprint?
by
BigBoom3599
on 10/11/2019, 20:14:03 UTC
Not sure if I believe the statistics here to be honest, not really sure if bitcoin transactions take up that much electricity, seems quite a bit exaggerated to be honest.

I'll do the napkin math for you.

Every day 144 blocks are mined, every block rewards the miner 12.5 + 0.1555 BTC. So every day 1822,392 BTC (= $16,4 million) is given to miners (on average). If you assume for every BTC a miner mines he pays 0.5 BTC in electricity (not sure how accurate this is, just estimating) than that would mean $8,2 million spent on electricity daily. If we assume an electricity cost of $0.06/kWh that comes down to 273.3 136.6 million kWh daily. If we consider 300,000 txs per day we get roughly 910 455 kWh per tx. Which is what the average US household consumes per month 15 days . So that's even worse than what the original post said.


Again this is really rough napkin math, if you want more accurate estimations, go to the link I put in the OP, it is way more accurate :p

EDIT: Thanks Mike Mayor for correcting my math  Grin
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Topic
Board Bitcoin Discussion
Topic OP
Should Bitcoin lower its carbon footprint?
by
BigBoom3599
on 10/11/2019, 15:49:37 UTC
It is 2019, there are climate protests nearly every day all around the world. Meanwhile bitcoin is consuming more energy than a small country

In my opinion the bitcoin network needs to take responsibility and change so that it has a smaller footprint, it just isn't responsible to burn such a large amount of energy for such little utility. I honestly felt a little ashamed when I read that for a single transaction Bitcoin uses the amount of energy that could power an US home for 22 days! [1] This number will only be going up as the price rises.

Yes, I know this energy is securing the network, which is of course very important.
But shouldn't we try to find a way to minimize this energy consumption. Shouldn't we be looking for alternative methods? Maybe even something like Proof of Stake? There has to be a better way.

Or do you think that electricity consumption is not bad in itself, just the way it is made. eg. If all of bitcoin was powered by solar, it would be fine.


[1] https://digiconomist.net/bitcoin-energy-consumption
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Topic
Board Bitcoin Discussion
Re: 3 Concerns You Have For Bitcoin
by
BigBoom3599
on 10/11/2019, 11:49:11 UTC
bitcoin transactions in crypto are the transactions that are considered to be very good and easy to use. in terms of security it is very reliable and has very good accuracy.
until now I have not seen that bitcon will fall because altcoin I actually see altcoin still depends on the movement and development of bitcoin, not the other way around.
so there is no need to be afraid.
It's not because Bitcoin has always lead altcoins in the past that it can not be overtaken in the future. There is always a possibility that an altcoin with a unique feature (eg. smart contract, or anonymous txs) gains more adoption because of it's real life use than Bitcoin and overtakes it. Or this may even happen when a state-backed crypto is released and receives forced adoption because of the government.

Same goes for security, there is a (probably very small) chance that a bug is discovered in the bitcoin client which causes the whole network to fail. Or maybe the chinese government decides to buy tons of ASICs and 51% attack the network. These situations are not probable but they definitely are possible.
Nothing is invincible, not even Bitcoin
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Topic
Board Altcoin Discussion
Re: Saving for a House!
by
BigBoom3599
on 10/11/2019, 11:26:56 UTC
In my opinion, it would be a bad idea to invest money intended for an important purpose in crypto. Promising crypto might be, its market is not that stable and you might end up losing your money. I would suggest you invest only money that you can afford to lose. This way you will not be pressured to sell for a loss if the price sways or fluctuates.

Exactly. Rule #1 of crypto has always been: "don't invest more than you can afford to lose". Crypto is a massively risky investment, profit is just as guaranteed as losses are. Don't think that crypto will give you free profits, because you WILL be dissapointed.

Don't overinvest otherwise you will lose sleep, you will be looking at the charts every day, you will be stressed, and most importantly you will make bad decisions based on emotions/stress and lose money because of it.
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Topic
Board Bitcoin Discussion
Re: Bitcoin Price Manipulation Pushing the price Further Low
by
BigBoom3599
on 09/11/2019, 19:42:10 UTC
Yes if you allow everyone to manipulate the Bitcoin price then at the end we will find all the top cryptos value down due to huge amount of price manipulating.
If you want bitcoin to be raise up then we need to look for big investors turns toward the BTC and investment.

Price manipulation happens in both directions, bitcoin has been manipulated to pump many times in history too.
It's rather naive to think of manipulation as the bad guy that is the only reason crypto isn't mooning 24/7. Manipulation is both pumps and dumps that will cause other traders to have to take losses due to unnatural price movement.
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Board Bitcoin Discussion
Re: No Capacity to Kill Bitcoin!
by
BigBoom3599
on 04/11/2019, 15:18:18 UTC
There actually no other coin can kill bitcoin no other crypto. Why could I say that? Let me say to you that bitcoin is the most used cryptocurrency than any other cryptocurrency since it was started. It is used for different purposes, for example, if you want to invest on some ICOs and they are only accepting bitcoin as an investment, there are also different use of bitcoin like if you want to go some trading. You need bitcoin first before you can buy any other crypto token to hold. And also in gambling, if you want to play some gambling online you need to have bitcoin first before you can play because you will use it as your bet on a particular game.

That it is not true, almost all exchanges that do fiat <-> BTC also allow fiat <-> other crypto, without having to first exchange to BTC. Same argument holds for ICOs, many ICOs used Ethereum as a platform and currency, so you don't have to exchange to BTC at all. And also for gambling there are platforms that allow you to gamble with other coins than BTC (eg: Etheroll).
Bitcoin was the first cryptocurrency but that does not make it 'the one'. Nobody knows which cryptocurrency will be succesfull, if any.. If somebody did know, he'd be quite a rich man  Tongue
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Topic
Board Economics
Re: Fiat Money is a Bubble
by
BigBoom3599
on 04/11/2019, 13:22:21 UTC
If crypto currencies have been able to overcome the challenges of past then they can beat any sort of hurdle placed in their way. With bitcoin as their leader, crypto currencies really do not need to worry about anything. Blockchain is still too young but the idea is amazing and VISA cannot give us the same security. All the governments will turn towards crypto currencies once China will launch its digital coin.

That's not how it works though. You can not predict the future based on passed data. Inductive reasoning doesn't always work. Technologies have inherent limitations, saying crypto will overcome challenges because it was able to do so in the past is simply false. That's like saying the sun will keep burning forever because it has always done so in the past, but that is not true, one day the sun will stop burning.

There's a good chance that crypto will overcome its problems and I believe that it will, but there is no way to know that and anyone claiming otherwise without showing proof is lying.
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Board Trading Discussion
Re: Long Term VS Daily Trading
by
BigBoom3599
on 04/11/2019, 08:44:19 UTC
Learning by experience is a very effective way to learn but it is also incredibly painful, it is better to try to learn all what you can before you try to become a trader, if people did this I am sure we will not see as many traders making the same mistakes all the time, another factor against trading at this moment is that many choose to invest in altcoins because they want to multiply their bitcoin in a fast way but with altcoins in such a bad shape it is better to wait until things change.

Thats the thing about trading though, you can't really learn it from reading books (except for some TA basics), you have to learn from experience. One way to get experience without suffering losses is just trading without any money, write down every trade you would make but don't actually do them, then after a while you can see and evaluate what your result would have been. Or you can also just start with a small amount, that'll feel more realistic and you won't have to worry about losses.

And then when you feel you're experienced enough you can start trading real money  Wink
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Board Altcoin Discussion
Re: Exchanges Tokens
by
BigBoom3599
on 03/11/2019, 16:56:05 UTC
Almost all exchange tokens are just a way for exchanges to make more profit. They try to promote a token by giving it's users discounts for holding it while they actually hold the majority of tokens in their own wallets. After the token has gotten some traction they can start pumping it more and slowly selling their own bags while the users are buying them all because they get a small discount on fees. Inherently the tokens have no use so IMO there is no reason for them to exist except to make money for the exchange owners.
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Board Trading Discussion
Re: Long Term VS Daily Trading
by
BigBoom3599
on 03/11/2019, 16:11:54 UTC
Is it true that we must monitor markets at all times? I don't think it's necessary all the time. we can also use many features that are already available. Cute Lose Alarm. for me it is enough when I want daily trading. and indeed for a time we never knew how long I would be able to Take Profit but as a side job in fact I could trade and also my main job.time management here is also important
I think if you really want to make money trading crypto you have to always keep on eye on the charts. Simple because these are such volatile (and often manipulated) markets. There can be 2 days of low volume trading with barely any price movement. And then all of a sudden some big player comes in and makes the whole market pump or dump 10% within 5 minutes. If you were not looking at the charts (or even asleep) during such a moment the losses could be catastrophic. This is also why stop-losses are so important in crypto.
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Topic
Board Economics
Re: Fiat Money is a Bubble
by
BigBoom3599
on 03/11/2019, 15:32:07 UTC
Since many people try to convince us that Bitcoin is a bubble and how we will lose our money eventually, I wonder if money is not a bubble actually. There exist economies in which money has a positive value in spite its market fundamental is zero. That means fiat money has zero value. Fiat money is a social contrivance. We take money from other people because we know other people will take it from us. In theory and practice the fiat money is a bubble.
Of course fiat money is a bubble and it is bound to burst as well. We cannot just fullfil recent experienced to future. We cannot as well assure that the government have the potential to maintain the economic resources while producing loads of money and besides it will run dry in the end as the payments, funds and transactions has to be made digitally.
After the invention of bitcoin and altcoins, fiat is destined to die in the future. We are living in a world where technology is making progress by leaps and bounds. Upcoming generations are more interested in performing all sorts of tasks with digital tools. Digital currencies are the future of money and bitcoin will remain the king of them all. Governments will introduce their own crypto coins.

This is absolutely not a given. Crypto currencies still have many many challenges to overcome before they can challenge fiat currencies. Crypto is still in its infancy and is still very much an experiment.

The biggest problem that has yet to be solved IMO is scaling. At this moment there is no blockchain that can handle even 1/10th the transactions that VISA is doing. The technology just isn't there yet. And there is no certainty that it will ever get there. Maybe cryptocurrencies are at its core just flawed and outright can not be scaled up due to some limitation. If that is the case than it will never replace fiat currencies.

Then there is also the government. Governments will do everything in their power to stop their own currency from losing dominance, if they lose their money they lose their power, which is the last thing they want.
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Board Bitcoin Discussion
Re: Are People Losing Interest with Bitcoin?
by
BigBoom3599
on 03/11/2019, 11:35:59 UTC
I guess this is the result of the current bear market we are in. People that are only interested in BTC for the profit are losing interest because we haven't 10Xed in the past month, they came here for profit, lost their patience and are now leaving. In the background however things have never been more positive, there is great news coming from every place in cryptocurrency and adoption is increasing, but that isn't something people notice, which is why they lose interest. If/when we return to a bullish market it will look like people are interested again and the space is alive again, but in reality it has never been dead.
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Topic
Board Bitcoin Discussion
Re: Bakkt will partner with Starbucks for Bitcoin
by
BigBoom3599
on 03/11/2019, 11:28:40 UTC
This itself probably won't have a big impact as others have said. I definitely won't waste my BTC on coffee  Grin

However it is a very important signal that Bitcoin and crypto are being legitimised and accepted in the real world. A couple years ago, Bitcoin was a small corner of the internet that no government wanted to talk about and that they didn't want to acknowledge. This news is part of the bigger picture that crypto as actually being accepted and acknowledged as a real thing, which is very exciting IMO. Bitcoin's future is getting brighter with every piece of news
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Topic
Board Economics
Re: Bitcoin demand in economically volatile countries surges
by
BigBoom3599
on 03/11/2019, 11:16:34 UTC
I don't know whether to be happy with this sudden adoption of bitcoin in other countries or not because they're experiencing a crisis... But one thing for sure is that bitcoin is helping them to survive their everyday living which their local currency cannot support. The only concern here is the volatility of bitcoin as well. Their currency is already not stable yet they're investing on something volatile as well. The con is when the price is low, it'll be hard for them as well

At least Bitcoin is volatile in 2 ways, up and down  Tongue Most of these countries have a very high inflation national currency so holding that doesn't make any sense. They flee to bitcoin because it is easy to buy, transact and use even though it is still volatile. A currency that can go up or down is more preferable than a currency that can only go down, so it makes sense that people are buying bitcoin there. I'm glad cryptocurrency can finally be used for some real life purpose and can actually help people be safe from their governments.