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Showing 20 of 64 results by cupronickel
Re: Bitcoin cannot survive on transaction fees alone so why do we even bother?
I think BTC will thrive even
when the block reward hits zero. Transaction fees will be extremely high by then and BTC will be used mainly
for big transactions. Expressed in $ fees will likely be a multiple of the fees today, but as a percentage of the
BTC price they will still be pretty cheap.
when the block reward hits zero. Transaction fees will be extremely high by then and BTC will be used mainly
for big transactions. Expressed in $ fees will likely be a multiple of the fees today, but as a percentage of the
BTC price they will still be pretty cheap.
Exactly this.
It won't matter to most casual users how many $ a main chain transaction is when things are scaled up. By that time, Lightning Network will be running even micro streaming most daily small value transactions for very small Satoshi and even sub-Satoshi fees. Transactions need to be layered and settled to the main chain. It doesn't matter how many MB or GB your block is, the need for payment channel layering is inevitable once you scale up, and once you have that layer, the fee for settling on the main chain will reflect its value. It needs to, because that's the way the value is secured from attack.
hello I want to know your thoughts on Lightning network vs Bitcoin cash 
Lightning network off chain is not as secure as bitcoin cash, or are they the same?
not sure because i go on reddit /r/BTC and they say very bad things about lightning!
Lightning network off chain is not as secure as bitcoin cash, or are they the same?
not sure because i go on reddit /r/BTC and they say very bad things about lightning!
I would not be concerned about security on LN. Really.
Buy the dip, of course. It's easier said than done, because you're moving against market sentiment. But if you believe in Bitcoin and you dismiss the fud, it's really pretty easy to buy the dip. There were some amazing opportunities the past 24 hours. Once all those Coinbase noobs cash out their BCash for BTC, we'll see new all time highs for Bitcoin.
I use Bitcoin as a store of value and I take notice of dollars only if it affects trading (eg reaching large numbers like 1,000, 10,000 etc). Otherwise, my point of reference is BTC alone and I trade in order to gain BTC, not US$. When BTC becomes transactionally useful, I will be pricing material things in BTC, too. But that's still a few years away.
The recent rise is because there is some sort of collaboration with Microsoft ,that is what i heard about the recent price rise.
The Microsoft partnership is non existent. A partnership happens when both sides announce it. Not a word was heard from Microsoft, so this press release from IOTA was inaccurate at best, shameless pumping of their own coin (which the devs hold a lot of) at worst. I don't like people who behave like this and prefer to invest in teams and products I can trust.
Developers are arrogant, talk up and showboat their activity, ICO was heavily premined, wallet is broken (people have lost money). That said, tangle is interesting technology and might progress to something great. I think Byteball does tangle a lot better with minimum hubris & is a great product. It is virtually unheard of since they don't shout arrogantly to the marketplace.
Re: Help please, bitcoin not confirming due to low miner fee.
I sent about £125 worth of BTC but was abit shocked at the silly miner fees that my wallet was coming back with
Which wallet did you use? It's a very important piece of info that'll help resolve this for you
Re: Switch to anonymous cryptocurrency due to govenment trying to gain control
it is because as long as a cryptocurrency is decentralized they can not do anything about it. unless they regulate places that you go to in order to use those currencies. like regulating the exchanges, regulating merchants that are making sales and accepting an anon coin. you will still be subjected to the regulations.
Regulations only succeed if they can be enforced. Try enforcing regulations on atomic swaps
Re: What is the expected impact of Atomic Swaps on the crypto ecosystem?
Thanks, but that really doesn't go into what I expressed in my o/p
Re: Switch to anonymous cryptocurrency due to govenment trying to gain control
To me my investment should fit 2 main criteria:
1: Good potential for future gains
2: A real secure coin for real anonymous daily use. (i'm not a techie and several coins claim to be anonymous, but i'm unable to judge)
1: Good potential for future gains
2: A real secure coin for real anonymous daily use. (i'm not a techie and several coins claim to be anonymous, but i'm unable to judge)
1. depends on your time frame
2. Monero is the choice today. Zcash has governance issues (centralisation, premining)
In the future, Bitcoin will almost certainly adopt Confidential Transactions. There's a debate right now about whether to make them mandatory (if they are not mandatory, then it becomes somewhat traceable imo). There's a decent critique of zcash here: http://weuse.cash/2016/06/09/btc-xmr-zcash/
What is the expected impact of Atomic Swaps on the crypto ecosystem?
I've been a Bitcoin maximalist for a while now, but Atomic Swaps may change my mind. I previously thought there was really only room for one network protocol in the space, and that would be the bitcoin protocol for a variety of reasons.
The current AS use case often quoted seems to be all about disintermediating crypto exchanges, but I think it may well go much further than that. If technology like Atomic Swaps allows frictionless interaction between chains, does that mean the future for other crypto is now a lot brighter and I should stop being a BTC maximalist?
The current AS use case often quoted seems to be all about disintermediating crypto exchanges, but I think it may well go much further than that. If technology like Atomic Swaps allows frictionless interaction between chains, does that mean the future for other crypto is now a lot brighter and I should stop being a BTC maximalist?
it would probably make sense to have a payment channel ready before entering the coffee shop.
Worth pointing out you don't need to open a new direct payment channel. If there's enough critical mass in the network and as long as both parties have pre-existing channels (other retailers, friends whatever), then a route between can be found.
Re: Switch to anonymous cryptocurrency due to govenment trying to gain control
That will lead to a banning of these specific Crypto currencies and even a blanket ban of ALL Crypto currencies. The
governments are tolerating pseudo anonymous coins, because it offers the same anonymity as cash, but 100% anonymity is
a whole other story. We should guard against too much confidence that the governments will just sit back and do nothing
about Crypto currencies.
governments are tolerating pseudo anonymous coins, because it offers the same anonymity as cash, but 100% anonymity is
a whole other story. We should guard against too much confidence that the governments will just sit back and do nothing
about Crypto currencies.
As they disrupt the financial system, they will be banned anyway. Just like alcohol during the prohibition. It won't stop crypto, just like alcohol wasn't stopped.
A couple of good higher level videos I came across while researching this may help those who are puzzled by the basic concepts:
https://www.youtube.com/watch?v=rrr_zPmEiME short animation with Bob pays Carol etc
https://www.youtube.com/watch?v=3PcR4HWJnkY talk by Elizabeth Stark, CEO/co-founder LN
https://www.youtube.com/watch?v=rrr_zPmEiME short animation with Bob pays Carol etc
https://www.youtube.com/watch?v=3PcR4HWJnkY talk by Elizabeth Stark, CEO/co-founder LN
The white paper sketches out the concept but it isn't clear how the routing happens in practise on a wider scale. How is the actual route formed? Are there going to be routing tables? How will they be created and how are the multiple payment channels associated?
Re: What are the biggest changes in your life caused by Bitcoin?
I love the fact that people here are reporting a changed mindset to saving. If any of you is a millenial, that's a major shift. It's a societal shift from easy credit to saving that'll benefit your children, grandchildren and society as a whole.
Re: What is the purpose of a hardware wallet? You need a paper backup anyway?
Everybody talks about hardware wallets, but I can't understand what it solves. In my case (and probably for most people), you would want one wallet for "daily" use, and a wallet for long term storage (savings account).
Hardware wallets can actually function as both. Before the advent of hardware wallets, it made sense to keep a "hot wallet" and a "cold wallet" as you suggest for security purposes. Online PCs/servers can fall prey to malware and attacks in general, and your keys can be stolen. Cold storage and hardware wallets address this.
I haven't gotten one yet personally, so I still use a hot/cold system. I have a small spending wallet on my online PC for convenience and a cold wallet on an air-gapped PC that doesn't connect to the internet. When I need to move coins from cold storage, I create a transaction from a watch-only wallet and sign it from the air-gapped PC.
But what about the "savings account"? It doesn't make much sense for me to buy a hardware wallet? What problem does it solve? As far as I understand I would still need to save the passphrases on a paper anyway (in case of hardware failure), so why can't I just print the private key instead?
Hardware wallets are great for UX. They're easy for newbies. Sweeping paper wallets requires setting up cold storage again; hardware wallets can simply be used like a normal wallet.
I also prefer HD seeds to printed private keys because seeds are less obvious to third parties (thieves). You can store a seed in ways that obscure the order of the words (and the existence of the seed itself). They can also theoretically function as a brain wallet.
Best answer on here, a very good quick guide. I'd still champion paper wallets for long term cold storage because they are simple, cheap and foolproof. You never have to worry about upgrading them, you never have to check if either software or hardware still works / hasn't been compromised. When it comes to spending from them, you'd research the latest secure method. This is changing all the time.
I agree that HD seeds are easier to use & secure than private keys. But you can certainly store also store a private key in a way that it obscures its existence. You'd just have to be a bit more clever about it. Here's the Bitcoin Wiki's example private key (https://en.bitcoin.it/wiki/Private_key#An_example_private_key): E9873D79C6D87DC0FB6A5778633389 . I can think of many ways you'd deal with that securely without compromising.
You should check out Greg Maxwell's talk on Youtube about confidential transactions.
I'd second that. Here's the link https://www.youtube.com/watch?v=LHPYNZ8i1cU
right right
So the same guys making the bets would never buy bitcoin during the days prior to these Futures releases to dump them after right?
Did you think that the people who would make bets in the billions would not use a couple of millions to manipulate the btc market?
The market cap is still too low and very easily manipulated...
So the same guys making the bets would never buy bitcoin during the days prior to these Futures releases to dump them after right?
Did you think that the people who would make bets in the billions would not use a couple of millions to manipulate the btc market?
The market cap is still too low and very easily manipulated...
Dead right. But whilst I expect a shake out & weak hands will be bought out. Wall Street hunts profit like a pack of hyenas. The o/p's answer is correct. Just hodl through it all. We may be facing a bearish winter. The coming weeks will be interesting, just hold your nerve.