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Showing 20 of 484 results by penig
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Topic
Board Bitcoin Discussion
Re: Big data and blockchain?
by
penig
on 23/08/2018, 12:01:44 UTC
How are Big Data and Blockchain related apart from Blockchain generates Big Data..
It can give a full control over your personal information. A blockchain can recognize you and give you proper level permission (or not). Similar to chmod. A person can see what and how his data are used and by who.
If you can think about Facebook for example, let's imagine if you could be allowed to see what FB collected about you and what your personal information is used for, or how deep FB is profiling its users.

None of this is what a blockchain can do, they are capabilities of the system placed around a blockchain.  The same as any other data storage system.  A blockchain can only provide a store and audit trail of itself.

A blockchain does not generate "big data", to say so is to misunderstand both technologies.  Blockchains store data, on a scale magnitudes smaller than used big data, and is fundamentally structured again unlike big data.  Big data is about analysis of large volumes of unstructured data for behavioral and predictive analytics.  Simply tracking transactions back and forth is not such data. 
Post
Topic
Board Bitcoin Discussion
Re: Decentralized Vs Centralized Exchanges
by
penig
on 13/07/2018, 12:48:47 UTC
Decentralised:   - cant handle high load, low liquidity, risk of poor implemented systems locking or losing tokens with no one taking responsibility. No fiat gateway likely. Bypass KYC/AML so regulators may see as threat.  + bypass KYC, no limits on withdraw amounts, lower risk of direct hack
Centralised: - higher risk of hack, also can have low liquidity and struggle with load, rubbish support not taking responsibility.  + can support high load and liquidity, regulatory compliance offers mainstream adoption.  offer some support.
 
Really it doesnt matter the model used, unless they are well designed amd implemented in terms of code, infrastructure and support, they will be poor.  centralised exchanges have the opportunity to be better as there is more interest (profit) in producing a stable, quality platform.  decentralised is nice for the purists and potential to be better *if* someone puts in the effort without reward to build it properly.
Post
Topic
Board Bitcoin Discussion
Re: Do whales really control the market, or is that a myth
by
penig
on 02/07/2018, 11:37:56 UTC
"Whales" are a boogeyman to explain irrational trading, and justify why you are sitting on huge loses (or substantial gains).  In regular markets, whales certainly exist, they control large fund that they can move market... a few % here or there, enough to make them and friends substantial profits through leveraged positions.  In currency market for example, you might have a trader controlling $1bn, he only needs to move the market 0.1% in his favour and make a $1m profit for the day, trebles all round.

In crypto im not convinced they are the same creature, the financial instruments aren't available.  A whale may buy up a crypto but trying to sell down the market to buy back is risky, they have to first accumulate a position then sell it to then buy back.  What if it stays low?  On the other hand the volumes and amounts needed to shit the market are relatively small.

Though really most the large movements are simply irrational, lacking real fundamentals to anchor value, the technical analysis and day trading dominate sentiment.
Post
Topic
Board Speculation (Altcoins)
Re: WIll ETH pass BTC in 2019 ?
by
penig
on 27/06/2018, 11:13:20 UTC
Yes it will. BTC has already conceded dominance to the "rest of market", at current market caps with ETH about half value of BTC its quite likely to catch and become the largest coin within 12-18 mth.  This is nothing to fear.
Post
Topic
Board Bitcoin Technical Support
Re: Mining capacity v Transaction speed
by
penig
on 27/06/2018, 09:19:16 UTC
2. confirmation speed as above posted mentioned is determined by the time between blocks. and that time is a somewhat fixed time. bitcoin is designed in a way to have 2016 blocks every 2 weeks which translates to 1 block every 10 minutes. this doesn't change with more or less miners. when the number of miners (or more accurately the hashing power) changes there is thing thing called "difficulty" that changes so that we get the same 2016 blocks every 2 weeks again.

Imagine the queues in the shops if Visa batched their transactions up and authorised your payments in 10 mins blocks.  That is probably the main reason Btc hasn't (and probably wont) taken off.  People just don't want to wait.  Even if they halved it and halved it again, that would still be 2.5 mins waiting for payment to clear.  The lightning Network is ok but if your main selling point is something that just bypasses the main protocol, then why bother with the main protocol. 

 Cheesy I love new people because they see the system raw and say it like it is.  This is right, but no one will accept this point of view.  End of day, Bitcoin is a proof of concept that has been accepted then sneaked into production, now no one wants to take the responsibility to re-engineer, so we put workarounds and hacks in place. 
Post
Topic
Board Speculation
Re: What do you think the cryptocurrency market will disappear in five years?
by
penig
on 27/06/2018, 08:04:09 UTC
Anyone claiming cryptos will disappear is talking nonsense and hasn't understood some fundamental property of crypto.  This isnt hard bullish sentiment just simple observation: crypto's dont die.  Thats why there are 1600 of them listed, all sorts of scams, whitepaper projects, hobbies and jokes are in there.  Bitconnect is still exists and still trades!  Verge coin is valued at $300m despite being hacked and having no meaningful development team.

Once released a crypto will survive as long as the code exists and running somewhere. The question is whether there is any value in the market.  Most of the top 100 wont offer real value in the future, as people and tools coalesce around a small group.  This has to happen for the the mas market adoption, people aren't going to use it every day with so many competing coins and technologies.  Cross-chain solutions wont solve that because people will want a simple concept of $crypto is worth $currency not have to track multiple exchange rates. Dapps and tools will flourish in high numbers, however they aren't going to be used as currency, they can exist on or adpot other established blockchains.  

We like to compare to the early Web, the dot com era of the late 90's, however technology wise we are in the early internet era pre-web, where lots of competing technologies via for attention most of which are rubbish some of which are fantastic but will be overlooked and a few of which are the future foundations.
Post
Topic
Board Tokens (Altcoins)
Re: [ANN][ICO] «Envion» Most Profitable Self-Expanding Crypto Infrastructure
by
penig
on 21/05/2018, 07:33:24 UTC
Well this turned in to a big turd.  I havent followed the situation, only noting my small holding sinking like a heavy GPU laden container to the bottom of my portfolio.  I recall now why I only invested a small amount, because the timelines and ambition where unrealistic, but FOMO got the better of me.  Lesson learnt. I'll keep this coin around as a novelty and a reminder.
Post
Topic
Board Speculation (Altcoins)
Re: Consensus 2018
by
penig
on 14/05/2018, 07:58:55 UTC
to be honest,.... i think consensus is this year "in priced".
there are so much more people watching this year.
with the mood = buy in earyl, sell short before.
just my opinion

Think you've described whats just happened this month, a substantial increase in prices in anticipation and a sell off just before the event.
Post
Topic
Board Exchanges
Re: HITBTC is SCAM
by
penig
on 09/05/2018, 10:36:13 UTC
Dear users.
it's my first experience on HITBTC and my opinion is this "HITBTC is SCAME".
i just inform you please don't deposit any coin or token because its going to trash.
i have deposit coin but not received and i searched and i found many users have same issue on hitbtc forum please check below link.
https://forum.hitbtc.com/index.php?p=%2Fsearch&Search=deposit

FINALLY I FOUND THIS SITE IS SCAM!!

Really? its like one of the biggest exchanges in volume out there

Yeah, but someone makes error in deposit and its a scam.
Post
Topic
Board Bitcoin Discussion
Re: Bitcoin fees
by
penig
on 09/05/2018, 10:26:56 UTC
You can compare with these sites.

BTC - https://bitcoinfees.earn.com/

Eth - https://bitinfocharts.com/comparison/ethereum-transactionfees.html
      - https://ethgasstation.info/

The most feature that every coin is developing are about the fee and faster confirmation.
If it's about the fees most will be in favor of ETH.

Stop using that website!!!. It is always wrong, asking you to pay more than is needed.

Is bitcoinfees.earn.com systematically overestimating fees?

Use https://coinb.in/#fees.

Right now bitcoinfees is showing 50 satoshi per byte fee when a 10 satoshi per byte fee is enough for confirmation.


The site you point to states they recommend a fee of get it into the next few blocks.  Bitcoinfees gives a recommendation for the next block.  It also shows  graph to let you decide other options, though i wish they'd show the total fee calculation for each band, not just the lowest 0 block wait.
Post
Topic
Board Altcoin Discussion
Re: Telegram ICO (TON)
by
penig
on 04/05/2018, 10:13:50 UTC
interesting news...this is gonna be a very particular project. Somehow they will have to release the coin to the public, I'm not sure what could happen if it directly hits the public exchanges

More obvious is to airdrop to users, over a period of time, with fiat exchange setup for on ramp and listings across the most the large exchanges.  They have the people already and prominence to do all these.

We dont really know what the coin will be or expected to do, other than raise money which they have already apparently done.  I've always been of the view this would be for early round investors to exit instead of a conventional IPO, so the public will just be paying off someones investment.  Whats the use case for a token within Telegrams existing app?

Post
Topic
Board Beginners & Help
Re: Why some ICO required KYC?
by
penig
on 04/05/2018, 10:03:57 UTC
It is because the parent companies need to show where they obtained their funds from and verify its not come from illegal activities.  Once listed that burden technically shifts to the exchanges, or individuals to be responsible.
Post
Topic
Board Bitcoin Discussion
Re: IS BITCOIN AFFECTED BY VENEZUELLA LICENCE TO EXCHANGES?
by
penig
on 30/04/2018, 08:24:51 UTC
Venezuella's state run Petro will have no impact on Bitcoin as its just a way for the government to issue fiat, backed by oil reserves instead of its defunct local currency. It'll be used for them to trade oil in exchange for other goods, bypassing sanctions, if oil consumers want to accept it. Nothing really to do with crypto world except they used a crypto currency to build it on, really its just oil futures.
Post
Topic
Board Altcoin Discussion
Re: Anyone still believe in ETN? (Electroneum)
by
penig
on 27/04/2018, 15:19:28 UTC
Disappointing performance, about to drop out the top 100.  I carry a bag that i keep going to sell... then dont, i think the project will be huge if/when they deliver.  I always remember non-crypto friends talking about this last year, having the app on their phone, and still see it there.
Post
Topic
Board Speculation
Re: 2018 Cryptocurrency Crash (Elliott Wave)
by
penig
on 27/04/2018, 11:42:08 UTC
Trading technicals when the market is driven by fundamentals is a fast way to get fucked.

Loool. What fundamentals? Hahaha

Like the continuing global adoption of blockchain and the present wild innovation, you clueless, knuckledragging fucknut

Do you have any serious metrics on adoption, cashflows, etc? 
Post
Topic
Board Tokens (Altcoins)
Re: [ANN][ICO] 🚀🚀🚀YGGDRASH - Trust based Multi-Dimensional Blockchain🚀🚀🚀
by
penig
on 24/04/2018, 11:50:28 UTC
So many weeks to complete KYC.  I've signed up to and completed two KYC last week, each took about 2-3 days.  This is not a good reflection on the project and they seriously need to improve their communication on what is happening.
Post
Topic
Board Bitcoin Discussion
Re: Seller pays fee option?
by
penig
on 17/04/2018, 11:41:35 UTC
Yes it would probably help adoption, no Bitcoin doesnt offer it.  This is the reason credit cards can get away with 3.5% fees, because the consumer doesn't see it.
Post
Topic
Board Bitcoin Discussion
Re: SAMSUNG will use blockchain technology to manage global shipping network
by
penig
on 17/04/2018, 11:37:39 UTC
And this is one major reason not to get too invested in inventory/asset tracking crypto's, because large manufacturers can implement their own blockchain system in house without the "currency" piece that comes with costs.  This will apply to industries too if groups of companies can agree on one common system. 
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Topic
Board Speculation
Re: Bitcoin will hit 25k by the end of this Year?
by
penig
on 13/04/2018, 09:00:24 UTC
That wasn't a pump actually. It was the response to the opening of a new market in the Middle East. BTC was declared "halal" by Sharia law and a market of about 1.8 billion people opened up and started to buy.

You can read more about it here: https://www.ccn.com/bitcoin-declared-compliant-with-sharia-law-price-surges/

The reason might be a trigger, but rise was still a speculative pump.  Very few of those 1.8m in the new market would be in a position to buy yesterday, need to get accounts open, verified etc.  So this was existing traders hoping for that market coming in some time in the future.
Post
Topic
Board Speculation
Re: Bitcoin will hit 25k by the end of this Year?
by
penig
on 13/04/2018, 08:58:15 UTC
Did renowned analyst give reason for this?  Or is it just pluck a number a bit higher than last year to make people feel good, without looking like you're pumping.   If there's no reasons for this number, its no better than any guess from you or I.