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Showing 16 of 16 results by ParaBoi
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Topic
Board Development & Technical Discussion
Topic OP
Why is blockchain important?
by
ParaBoi
on 18/10/2023, 05:17:41 UTC
For the sake of argument, I have some knowledge of bitcoin and blockchain but that I didn’t  use them due of my unstable financial situation. I'm about to begin investing and even trading. The name speaks for itself. What function does blockchain serve? Is it merely necessary for recording every transaction, making it essentially just a database? Please continue to be pertinent; I am aware of how blocks are produced.
Post
Topic
Board Bitcoin Discussion
Topic OP
Something you need know about lighting network
by
ParaBoi
on 12/10/2023, 18:17:08 UTC
There are wallets that are custodial which people can use for lightning network. Everything the person needs is to download the wallet do the backup and generate an invoice to receive payment.

I have read before that not your node not your coin. There are ways you can be able to run your own lightning node to use lightning payment. Connecting to other nodes and allow people to open channels with you. This will help you in having privacy.

On Electrum wallet, you do not need to have your own node but open a channel directly. It is not custodial lightning that you will just download a wallet, do backup and generate invoice. You have to open a channel. The channels that depend on lightning nodes just like light client wallets depend on full nodes.

Post
Topic
Board Bitcoin Discussion
Topic OP
Impact of mining technology on global bitcoin energy usages
by
ParaBoi
on 12/10/2023, 12:52:07 UTC
I often hear that improvements of mining technology (more hashes per kWh) would improve Bitcoin energy usage. Isn't that just a misunderstanding? Isn't the energy usage hardly dependent on the actual technology used by the miners, because improvements just lead to a difficulty raise?

Consider this thought experiment. Let's say there were miracle ASICs invented that have 1000 times the hash rate per kWh as current ASICs. What I think would happen is this. At first, miners changing to the miracle ASIC would be hugely more profitable than the others. So others would change to the miracle ASIC, too, and the global hash rate increases, and thus the difficulty. The miners using the old ASICs would get unprofitable and have to scramble to get the new ASICs, too. In the end all would change to the miracle ASICs, some would give up, some would come new, the difficulty would be 1000 times than before and the energy usage just about the same. (All in all the energy usage is determined by the mining reward, because there is an incentive for new miners to come in until most of the mining reward is spent on costs, and energy is the largest cost factor, so there is no coming down as long as POW is used.)

Am I missing something important there?

(BTW: I'm aware that there could be some shifts if e.g. the miracle ASIC is way more expensive than the old ones. My point in this thought experiment is that we wouldn't have to expect a change in the order of magnitude of energy usage, despite three orders of magnitude of change in mining efficiency.)
Post
Topic
Board Development & Technical Discussion
Topic OP
How does collaborative exit work in ARK
by
ParaBoi
on 11/10/2023, 20:49:24 UTC
It’s not clear for me how a collaborative exit works, in particular how atomicity is achieved.

I would assume the ASP will fund an on-chain transaction, paying to Alice, in return for a VTXO forfeit from Alice.

Will the payment to Alice be an additional output on the next pool transaction or a new transaction?
How atomicity is achieved if it is a new transaction? Does it also use a connector from the new pool transaction?
Post
Topic
Board Nigeria (Naija)
Re: What I experienced happening in this community
by
ParaBoi
on 04/09/2023, 07:23:01 UTC
I just say make I talk my mind no be say I com offen any body but if person vex I day sorry so I go rest my cast for here and any pasin way get something way day boda him/she for mind make him/she just talk am because u fit get helper for here.
I no come know why u dey vex ooo, you wey just dey come forum wey u suppose came down, u dey claim say u wan talk ur mind, and who tell you say high rank members wey dey dis local board no dey try? Dem they try there possible best to make sure say dem carry everyone along, and I don’t know maybe high rank people wey dey dis local board dey ur mind wey be say dem go sabi Wetin dey ur mind, no be say u don ask question wey be say anybody no answer u, e go dey difficult wey anybody go ask question and people no go contribute positively to am. U just dey enter d local board and d second post wey u go do for here, u come dey para say high rank no dey do there work.

I am very sorry all this things happen as lack of proper investigation this goes not only to a person but all the high rank members in this community actually coming to a community as a new comer without appropriate investigations you can do the same thing I did so I am very sorry of my attitude I want to use this medium to beg for forgiveness please and I will also go and have more experience and investigations before I do anything again ones again sorry for my manners 🙏
Post
Topic
Board Bitcoin Technical Support
Topic OP
Can a node import mempool RPC if IBD was not completed?
by
ParaBoi
on 03/09/2023, 10:14:21 UTC
I read more about mempool during my recent investigation, however I ultimately opted to conduct an experiment using the mainnet mempool. Unfortunately, the node must complete IBD (initial block download) up to the most recent chaintip before it can fill your mempool. But my main concern right now is whether or not my experiment will succeed. If so, how can I obtain some answers? I know it will be very difficult based on my prior experience, but I'm wondering whether there's a method to use the importmempool RPC (remote procedure call), which acts as an interface with a blockchain.
Post
Topic
Board Nigeria (Naija)
Re: What I experienced happening in this community
by
ParaBoi
on 02/09/2023, 21:33:39 UTC
Have you try checking this thread by Charles Tim even once since you join the forum?

That is my point thanks for the link you can still search more
Post
Topic
Board Nigeria (Naija)
Re: What I experienced happening in this community
by
ParaBoi
on 02/09/2023, 21:20:28 UTC
You sure say, you don check all the thread wey they this local board and you didn’t see any thread that was created by any senior members in which it has help many newcomers?

No be say I no see am but at least e no plenty as e suppose be because if e plenty many new comers go don see and achieve mate what I want to ask you is dat you way day ask me say I no see thread way sr member create to help new comers pls make u just bring some link of them make we see and achieve nah my point be dat
Post
Topic
Board Nigeria (Naija)
Topic OP
What I experienced happening in this community
by
ParaBoi
on 02/09/2023, 20:51:11 UTC
Hello
I just day read different threat from this community what I experienced is that almost every body in this community just day emphasize on the daily news some even create a threat of news that has already circulate, nah him I say make I talk some thing about that issue ona ona way be them legendary members, hero members, sr members suppose day create new threat way ona go day teach us tins we way be new comers at least if ona day carry us alone we go know many things nah But ona just day look us no any change so no be say I day tell ona Watin ona go do but make ona they consider people way just join this forum nah one Nigeria we be oo no be say u go go day teach another pasin way no be your own if you day teach the new comers like me no be say we day hurt merit but make we know more in this forum from the community then we can succeed and also go where we no expert but ona way get experience come day side no any help e too much nah this local community can be a great channel to help us way just day enter the forum

I just say make I talk my mind no be say I com offen any body but if person vex I day sorry so I go rest my cast for here and any pasin way get something way day boda him/she for mind make him/she just talk am because u fit get helper for here.
Post
Topic
Board Bitcoin Discussion
Re: Hope is all I have left
by
ParaBoi
on 02/09/2023, 13:27:39 UTC
Can 1Sat ever be 1 Cent one day? 

Based on my view, I will say you are praying for the downfall of bitcoin, because if 1 satoshi can be at the rate of 1 cent, then definitely you are just trying to be selfish by owning bitcoin, which is very wrong. If you can go and check the present price of 1 bitcoin and pray for it to drop to the amount you are wishing bitcoin to be, then definitely you are trying to just own some high amount of bitcoin, and the present traders are going to lose a lot of money. Op investment in bitcoin is not something that has been forced on people because in bitcoin you only invest what you can afford to lose, so if you don’t have enough to invest, I will advise you to go and create savings or join hands with other successful companies in your location. After you have enough savings, you can remove what you have saved and what you know you can afford to lose and start treading, but don’t pray for the downfall of others so that you can prosper.
Post
Topic
Board Nigeria (Naija)
Re: WE RISE BY LIFTING OTHERS
by
ParaBoi
on 02/09/2023, 06:23:10 UTC
but the question be say how ona wey be legendary/oga dey carry newbies along. because I see say ona dey always ignore new menbers. Naso ona dey do? Ona go push person enter front come leave am behind bars.

Op what I want you to understand in this forum is not that the legendary member are not helping the newbies but you will never help who is not ready to learn, they is a proverb in English that say I tree can’t make I forest but there is what I want you to understand about this proverb even though a tree can’t a forest but the tree that is waiting for support before germinating will always remain at it early stage while others will keep growing living him behind, that is just the fact and in life have experience before you jump into a conclusion, lastly i want you to go and read more, have more experience then if the legendary members didn't help you, you can say it loud that there are not helping beginners. 
Post
Topic
Board Development & Technical Discussion
Merits 2 from 2 users
Topic OP
Who is account of transaction fees?
by
ParaBoi
on 01/09/2023, 16:26:07 UTC
⭐ Merited by vjudeu (1) ,ETFbitcoin (1)
I recently came across something when reading about transactions that I want to learn more about. A request is made, and a fee is then added, when someone wants to send some BTC to someone else. The sender can choose their own price or accept a preset amount. The recipient of transaction fees is? They appear to be independent of the incentive for finding a block, but as this becomes more expensive, will transaction fees be the only source of funding for BTC? as so, who will profit from them?
Post
Topic
Board Bitcoin Discussion
Re: How To Buy Bitcoin With PayPal (My Top 3 Recommendations)
by
ParaBoi
on 01/09/2023, 15:11:20 UTC
Wow, I am very excited to see this. I am also a newbie, and this will even help more people than you have ever thought of because you created such a great experiment and research and brought it back to this forum so that many members can see and use it, especially those that have the wish to purchase bitcoin. They can also do that as simply as possible. But I have a question for you: can someone still use those methods to purchase other cryptocurrency or is it just applied to only bitcoin?
Post
Topic
Board Bitcoin Discussion
Merits 2 from 1 user
Topic OP
Where to purchase bitcoin to avoid being a victim of fraud
by
ParaBoi
on 31/08/2023, 09:11:18 UTC
⭐ Merited by OmegaStarScream (2)
Hello,
 I know that I have some money that I want to invest in bitcoin and other cryptocurrencies after a long period of saving. With the information I have so far gathered, I have learned that when someone wants to start mining or owning bitcoin or another cryptocurrency, they will start with an amount they can afford to lose. In order to prevent falling victim to fraud, I would also like to know where the best place is for me to buy bitcoin. I think this will be the finest place for getting the appropriate guidance and instructions on how to get my coins so that I may also achieve my dream of owning bitcoin and begin trading.
Post
Topic
Board Beginners & Help
Re: [2023 UPDATE] Beginners & Help Encyclopedia
by
ParaBoi
on 30/08/2023, 20:34:52 UTC
Kudos to my mentor Ratimov
wow actually I am I new member in this forum but I love bitcoin a lot even though I didn’t have enough to invest in bitcoin I want more knowledge on betcoin but coming to this forum I discovered that bitcoin and other cryptocurrency go a long way more than i even think, i just introduced my self I request for advice and help but to my great expectation I was just referred to this great revolution because that is what I call this great work and this will help me a lot to have more experience about the forum and more on bitcoin also I just don’t know how to express my happiness but you are really I mentor to me “Mentor Ratimov”
Post
Topic
Board Beginners & Help
Topic OP
Advice and more clarification about the forum
by
ParaBoi
on 30/08/2023, 03:20:27 UTC
Being a new member of this forum, I will like to have more clarification and advice, and I will also like to know if there are any PDFs or any sources that I can be directed to study more in order to not offend the law of the forum and avoid any penalties or having my account banned. I will be glad to have many pieces of advice for other members of the forum.