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Showing 20 of 40 results by Brian Goldman
Cryptocurrencies are stored on the blockchain. Just like banks have account name & number, cryptocurrencies have addresses to their wallets on the blockchain. Each wallet has a public address and a private address. Public address is where you can receive token/altcoin at, while the private address is the key to access your wallet or to send token/altcoin.
The beauty of Bitcoin, and blockchains in general, is their decentralized nature. Thousands of full nodes across the world store the immutable Bitcoin blockchain on their own local disk space. The current size of Bitcoins blockchain is about 155 GB allowing it to easily fit on the harddrive of any computer made in the last 4 years.
In order to truly destroy Bitcoin an attacker would have to destroy every copy of the Bitcoin blockchain. With tens of thousands of copies of the Bitcoin blockchain stored across the globe many believe the only way to do this is global nuclear war. While the Electromagnetic Pulse (EMP) and subsequent fireball would wipe many hard drives clean there are undoubtedly a number of copies of the blockchain stored in Faraday Cages and safes that would be protected from the EMP.
Essentially, in this scenario Bitcoin would be killed because, well, humanity has been killed. Any humans left would not have the electricity or internet to run Bitcoin and honestly would have much bigger problems than needing digital money.
In order to truly destroy Bitcoin an attacker would have to destroy every copy of the Bitcoin blockchain. With tens of thousands of copies of the Bitcoin blockchain stored across the globe many believe the only way to do this is global nuclear war. While the Electromagnetic Pulse (EMP) and subsequent fireball would wipe many hard drives clean there are undoubtedly a number of copies of the blockchain stored in Faraday Cages and safes that would be protected from the EMP.
Essentially, in this scenario Bitcoin would be killed because, well, humanity has been killed. Any humans left would not have the electricity or internet to run Bitcoin and honestly would have much bigger problems than needing digital money.
Wow - I think I could write forever on this topic. Dont crush my thoughts - they are a little crazy at first glance
So let me start by saying I think the world debt is out of control and that the world is in a constant financial war. For the U.S. alone I have been watching the following site http://www.usdebtclock.org/2 (this is very scary if you really analyze these numbers, look at the money creation section). My current thoughts, and they change often, are the following (for U.S. only):
Debt is out of control especially when interest is applied and compared to wage growth
Dollars are not backed by gold, silver, etc but are backed by U.S. GDP (to some degree)
The next bail-out will be in the form of hyper-inflation across all segments - thereby reducing overall debt value for every U.S. dollar debt holder
This might trigger WWIII - due to all the U.S. debt held by other countries i.e. China
In the time of the next big war - I think people will flock to BTC as a safe haven, much like gold and silver, etc
The best part about this is that no Gov can track or steal your BTC if stored correctly (at least I hope)
Debt is out of control especially when interest is applied and compared to wage growth
Dollars are not backed by gold, silver, etc but are backed by U.S. GDP (to some degree)
The next bail-out will be in the form of hyper-inflation across all segments - thereby reducing overall debt value for every U.S. dollar debt holder
This might trigger WWIII - due to all the U.S. debt held by other countries i.e. China
In the time of the next big war - I think people will flock to BTC as a safe haven, much like gold and silver, etc
The best part about this is that no Gov can track or steal your BTC if stored correctly (at least I hope)
i think we'll arrive at lower volatility but it will take a long time, decades
right now we're trying to discover the price of a new kind of asset, never before seen in history, and barely considered. the value started from 0 and we don't know what it should be, all we know is it's somewhere between 0 and infinity, but probably not close to either of those
right now we're trying to discover the price of a new kind of asset, never before seen in history, and barely considered. the value started from 0 and we don't know what it should be, all we know is it's somewhere between 0 and infinity, but probably not close to either of those
Without a doubt, the safest way to store any cryptocurrency is using a paper wallet. By following a few pointers below, you can set one up entirely for free. This truly makes you the master of your investment, and if precautions are followed, theres no possibility of your private keys being known by anyone else. Of course, this means that keeping a record of them is even more important. Losing private keys means youll forfeit the entire contents of your paper wallet (but then again, thats true for every wallet out there.)
Bitcoin may have failed in its original mission, but its greatest victory may be to open the door for other, more-scalable cryptocurrencies. Harnessing the power of the blockchain, projects like Ethereum, which have fewer of the limits imposed by Nakamoto on their own creation, have the potential to spread much wider.
Only those with specialised, high-powered machinery are able to profitably extract bitcoins nowadays. While mining is still technically possible for anyone, those with underpowered setups will find more money is spent on electricity than is generated through mining.
Banks are still extremely oblivious to how powerful Bitcoin (and all other virtual currencies for that matter) is and how it will eventually start to prove their business model as obselete.
Banks fear bitcoin, becuase they see its potential. Many banks have looked into the blockchain technology and are trying to replicate it...purely because the technology is so powerful and out-does all banks by people preference by far. The only reason bitcoin has not taken over yet, is because of the peoples unawareness of it.
Banks fear bitcoin, becuase they see its potential. Many banks have looked into the blockchain technology and are trying to replicate it...purely because the technology is so powerful and out-does all banks by people preference by far. The only reason bitcoin has not taken over yet, is because of the peoples unawareness of it.
Numerous countries have already tried and failed to ban Bitcoin. The internet is a very difficult thing to censor, especially when fighting against intelligent and motivated geeks. With the use of a VPN people have been able to get around government bans in different countries.
Yes.
Gambling because:
Your correct point about the price being speculative. Its not a stock where you can do analysis on the strength of the company and decide what you are comfortable paying for it.
A lot of the trading essentially requires you to have trust in an exchange that is built by others (some are reputable and trustworthy), but its not the same as investing in the stock market or any other financial instrument that is legal. This is high risk, it does feel a little like throwing your money in a basement dog fight or something where you have no idea who the bookies are and its your first time there and everyone around you looks sketchy.
Adoption is still uncertain from a perspective of daily usage in economies. There are very limited places you can buy milk or gas with Bitcoin.
It feels like playing roulette or black jack or any other betting game where its you vs. the house, where skill does *not* come into play.
Gambling because:
Your correct point about the price being speculative. Its not a stock where you can do analysis on the strength of the company and decide what you are comfortable paying for it.
A lot of the trading essentially requires you to have trust in an exchange that is built by others (some are reputable and trustworthy), but its not the same as investing in the stock market or any other financial instrument that is legal. This is high risk, it does feel a little like throwing your money in a basement dog fight or something where you have no idea who the bookies are and its your first time there and everyone around you looks sketchy.
Adoption is still uncertain from a perspective of daily usage in economies. There are very limited places you can buy milk or gas with Bitcoin.
It feels like playing roulette or black jack or any other betting game where its you vs. the house, where skill does *not* come into play.
Bitcoin price can be considered to still be at it's infancy, so any amount of bitcoins you stack will hold massive value in future.
Also there are altcoins which are profitable to mine besides bitcoin, Ethereum (ETH), Zcash (ZEC), Monero (XMR) etc
Also there are altcoins which are profitable to mine besides bitcoin, Ethereum (ETH), Zcash (ZEC), Monero (XMR) etc
Most certainly, tokens from the blockchain deemed as currency of value by organizations will certainly replace fiat currency.
I believe Bitcoin shall remain the currency that people use for long term investments like stock and Ethereum would be traded on a regular basis much similar to paypal or venmo.
Banks may soon issue cryptocurrency that is based off on their own private blockchain and hold currency values like how banks from different countries hold each others, similar to how US banks hold Naira in Nigeria to maintain the exchange rate.
Well, this is just an idea. There could be a lot more and the possibilities are endless.
I very well do think that the age for trading value through fiat currencies is over. The next generation must and will employ blockchains.
I believe Bitcoin shall remain the currency that people use for long term investments like stock and Ethereum would be traded on a regular basis much similar to paypal or venmo.
Banks may soon issue cryptocurrency that is based off on their own private blockchain and hold currency values like how banks from different countries hold each others, similar to how US banks hold Naira in Nigeria to maintain the exchange rate.
Well, this is just an idea. There could be a lot more and the possibilities are endless.
I very well do think that the age for trading value through fiat currencies is over. The next generation must and will employ blockchains.
Yes, it is the right time to buy Ethereum! I would buy Ethereum at the present time for the following three reasons:
(1) In the near term, the downside risk for ETH appears to be quantifiable and limited.
(2) In the near term, ETH appears to be moving upwards.
(3) In the long term, the future for ETH appears to be very bright.
(1) In the near term, the downside risk for ETH appears to be quantifiable and limited.
(2) In the near term, ETH appears to be moving upwards.
(3) In the long term, the future for ETH appears to be very bright.
I dont want to pay my taxi with bitcoin. I want to pay my taxi with a less expensive, less secure layer 2 solution. That could be lightning (lets first see how it functions in real life), that could be bitcoin cash (its less expensive and less secure than bitcoin) or that could be another altcoin or solution.
The point is, security costs money, I want high security for my main stash, I want low security (because cheaper) for my payment layer.
I think we are already there, where exchanges and altcoins function together as a cheap layer 2. If I want to buy something on steam, I use litecoin. If I want to hide some money, I use Monero. If I want to buy something in a store, I use Monaco or Tenx. The future is already here, its beautiful. Bitcoin and the whole ecosystem including bitcoin cash make it possible.
The point is, security costs money, I want high security for my main stash, I want low security (because cheaper) for my payment layer.
I think we are already there, where exchanges and altcoins function together as a cheap layer 2. If I want to buy something on steam, I use litecoin. If I want to hide some money, I use Monero. If I want to buy something in a store, I use Monaco or Tenx. The future is already here, its beautiful. Bitcoin and the whole ecosystem including bitcoin cash make it possible.
Only if you are prepared to lose all of your savings. Bitcoin is an extremely risky investment, though with a large potential upside if you believe it could become a mainstream payment protocol and currency. It's about as high-risk high-reward as it gets.