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Just a few thoughts regarding the USDT:
I] - I suppose everybody read this by now: https://www.coindesk.com/tether-claims-30-million-stable-token-stolen-attacker/
II] - Tether is worth 673 M USD at the current price it's 81219 BTC - https://coinmarketcap.com/currencies/tether/
III] - Tether is "audited" by somebody reputable who actually said it was not an audit but something like "an opinion" (last time I heard this was during the defense of rating agencies after the 2008 CDO/CDS fraud).
IV] - For those who don't remember - when the fraud is big enough even auditors are happy to get their hands dirty - lookup Arthur Andersen and Enron scandal (60+ billion was lost almost overnight in a fraud in year 2000 money ~ easily 600+ billion in today's money).
I don't like baseless panic and FUD but I think there is something smelly about USDT like the OP said - I'm not sure what or how but it doesn't add up.
Is there a way to independently check how many USDT is actually out there?
Is it possible that somehow there is fake fiat aka USDT (wow double fake) buying crypto and artificially pushing the price up? My biggest concern is that there might be 10x or 100x more USDT than they actually report.
I] - I suppose everybody read this by now: https://www.coindesk.com/tether-claims-30-million-stable-token-stolen-attacker/
II] - Tether is worth 673 M USD at the current price it's 81219 BTC - https://coinmarketcap.com/currencies/tether/
III] - Tether is "audited" by somebody reputable who actually said it was not an audit but something like "an opinion" (last time I heard this was during the defense of rating agencies after the 2008 CDO/CDS fraud).
IV] - For those who don't remember - when the fraud is big enough even auditors are happy to get their hands dirty - lookup Arthur Andersen and Enron scandal (60+ billion was lost almost overnight in a fraud in year 2000 money ~ easily 600+ billion in today's money).
I don't like baseless panic and FUD but I think there is something smelly about USDT like the OP said - I'm not sure what or how but it doesn't add up.
Is there a way to independently check how many USDT is actually out there?
Is it possible that somehow there is fake fiat aka USDT (wow double fake) buying crypto and artificially pushing the price up? My biggest concern is that there might be 10x or 100x more USDT than they actually report.
Even today (I mean right here, right now) with all the problems Bitcoin has (and there is plenty - such as it doesn't scale well) it's already superior to gold so I don't see a reason why it shouldn't be on par with gold.
No way. This post (from very early in this thread) is a bit dated because we are now in the next era but the point is still valid:
We cannot/do not want to get to $500,000 per BTC any time soon. Here is the math behind it:
https://bitcointalk.org/index.php?topic=694401.0
If BTC were to go to $500,000 in this era it would cause a catastrophic mining bubble:
$500,000 x 25 = $12,500,000 per block = $75,000,000 per hour
$75 million per hour would drive the mining to attempt to use 675 GW. This is about 30% of all the power generated on the planet.
So, in order to keep our power consumption under about 2% of world wide power production, we cannot/do not want the price to get to $500,000 before era 6, which is about 2033 or so.
https://bitcointalk.org/index.php?topic=694401.0
If BTC were to go to $500,000 in this era it would cause a catastrophic mining bubble:
$500,000 x 25 = $12,500,000 per block = $75,000,000 per hour
$75 million per hour would drive the mining to attempt to use 675 GW. This is about 30% of all the power generated on the planet.
So, in order to keep our power consumption under about 2% of world wide power production, we cannot/do not want the price to get to $500,000 before era 6, which is about 2033 or so.
This is very interesting - thanks for re-posting it. Can you please post current numbers in this formula? P = (6(50/2e) + f)(x)(1 - g)/c [kW]
In your opinion what is the current maximum non-bubbly price?
$7,333,755,829,104
Yep - That's trillions Based on current spot gold price of $1,222.84
http://onlygold.com/Info/All-The-Gold-In-The-World.asp
If there is one thing to make to barbaric relic to go away it will be Bitcoin.
Gold market cap / Bitcoin market cap (minus 1 million BTCs lost) => ~ 366 000 USD per 1 BTC
Yes $500k per 1 BTC doesn't seem unreasonable in next 15 years or so. Even today (I mean right here, right now) with all the problems Bitcoin has (and there is plenty - such as it doesn't scale well) it's already superior to gold so I don't see a reason why it shouldn't be on par with gold.
Yep - That's trillions Based on current spot gold price of $1,222.84
http://onlygold.com/Info/All-The-Gold-In-The-World.asp
If there is one thing to make to barbaric relic to go away it will be Bitcoin.
Gold market cap / Bitcoin market cap (minus 1 million BTCs lost) => ~ 366 000 USD per 1 BTC
Yes $500k per 1 BTC doesn't seem unreasonable in next 15 years or so. Even today (I mean right here, right now) with all the problems Bitcoin has (and there is plenty - such as it doesn't scale well) it's already superior to gold so I don't see a reason why it shouldn't be on par with gold.
I think it's not going to happen (as much as I would like that it did); unless of course that somebody lobbied heavily and will profit from it. The Bitmex 30 % sounds about right so my 'NO' was within this expectation.
Re: With sound money in place (BTC, Gold,...) all consumer credit is gone
Hi,
I was wondering, did anyone of you ever thought about that if there were only sound money in place such as (BTC, Gold,...) all consumer credit is gone
Why couldn't someone borrow bitcoins?I was wondering, did anyone of you ever thought about that if there were only sound money in place such as (BTC, Gold,...) all consumer credit is gone
Also, there is no reason why there couldn't be fractional reserve banking with Bitcoin. I think it is inevitable.
right but if there is fraction reserve banking with Bitcoin why not stay with the current system? There is no change, no progress.
Re: With sound money in place (BTC, Gold,...) all consumer credit is gone
Hi,
I was wondering, did anyone of you ever thought about that if there were only sound money in place such as (BTC, Gold,...) all consumer credit is gone
I was wondering, did anyone of you ever thought about that if there were only sound money in place such as (BTC, Gold,...) all consumer credit is gone
Why couldn't someone borrow bitcoins?
The easy credit is currently based on money borrowed that they don't have. If Bitcoin is in place and then the actual Bitcoins would have to change hands the interest rate won't be what is it today but at least double.
Re: With sound money in place (BTC, Gold,...) all consumer credit is gone
How would you consider bitcoin as a physical valuable item like gold? there are in main markets of every country some merchants that just by saying a few words people trust millions of dollars to them and that's how the things are done in grand scale.
And your questions are confusing you jump from speaking about consumer credit and then wtf is about drug dealers?
And your questions are confusing you jump from speaking about consumer credit and then wtf is about drug dealers?
The analogy is that since credit is currently extremely cheap for banks so they can hand out credit cards that are even unsolicited - the same way operate drug dealer - first shot is free - once you're hooked, well
With sound money in place (BTC, Gold,...) all consumer credit is gone
Hi,
I was wondering, did anyone of you ever thought about that if there were only sound money in place such as (BTC, Gold,...) all consumer credit is gone (credit cards) that are now handed out like samples by drug dealers.
How many that you know would survive such wake up call? Not being able to finance themselves by debt but only with money on the table. I think at least half the medium and up sized businesses would go bust in 1 month, about individuals - really no idea...
I was wondering, did anyone of you ever thought about that if there were only sound money in place such as (BTC, Gold,...) all consumer credit is gone (credit cards) that are now handed out like samples by drug dealers.
How many that you know would survive such wake up call? Not being able to finance themselves by debt but only with money on the table. I think at least half the medium and up sized businesses would go bust in 1 month, about individuals - really no idea...
Re: What do you think should be the right Bitcoin price as of Februray 2017?
Hi,
I'm really curious what in your personal opinion the price should be - where do you think we should be in means of adoption and infrastructure.
We currently have price of about $1000 per 1 BTC, do you consider it as about right, overvalued or undervalued in all and all?
Please vote and if possible please explain why you voted in this way below.
Thanks.
I'm really curious what in your personal opinion the price should be - where do you think we should be in means of adoption and infrastructure.
We currently have price of about $1000 per 1 BTC, do you consider it as about right, overvalued or undervalued in all and all?
Please vote and if possible please explain why you voted in this way below.
Thanks.
If "SHOULD" ok? Well then my guess is around $4,000 if there is no such thing as MT. GOX epic fail happen and no such thing as "NEGATAIVE" news rise while bitcoin is taking on it's journey in the financial world. Meaning just a continue increase even a slow one.
But that is not possible obviously in the first place. By going back in the reality, the price today is just appropriate and reasonable even bitcoin was already 8 years in existence.
I think with this answer I'm most happy because it actually answers what I'm talking about - market is market and from time to time it seems not get it. Considering that Bitcoin allows to move money from one part of the world to another at anytime for couple dollars worth - I think that deserves at least double the valuation that it currently has but people are just focusing on the number. I think I will make a new poll later with different question.
What do you think should be the right Bitcoin price as of Februray 2017?
Hi,
I'm really curious what in your personal opinion the price should be - where do you think we should be in means of adoption and infrastructure.
We currently have price of about $1000 per 1 BTC, do you consider it as about right, overvalued or undervalued in all and all?
Please vote and if possible please explain why you voted in this way below.
Thanks.
I'm really curious what in your personal opinion the price should be - where do you think we should be in means of adoption and infrastructure.
We currently have price of about $1000 per 1 BTC, do you consider it as about right, overvalued or undervalued in all and all?
Please vote and if possible please explain why you voted in this way below.
Thanks.
If you just send money (probably 99 % of people) it looks as super legit company with good customer protection and it 'just works'. If you get a merchant account you will find out what true PayPal is all about and you will eventually Pay, pal.
My suggestion is stay the hell out of it - the rules are not transparent and are bent all the time and they can do whatever they feel like, with payment processors (processing VISA/Mastercard) you can at least choose from multiple but once you 'hook' your customers on PayPal it's over.
Just my 2 cents - everyone I know had at least once at some point their PayPal account frozen (ofc the merchant account).
My suggestion is stay the hell out of it - the rules are not transparent and are bent all the time and they can do whatever they feel like, with payment processors (processing VISA/Mastercard) you can at least choose from multiple but once you 'hook' your customers on PayPal it's over.
Just my 2 cents - everyone I know had at least once at some point their PayPal account frozen (ofc the merchant account).
Re: How much are you willing to pay in fees for a Bitcoin transaction?
using fiat is free, at least in my country with our banking system it is. if i want to tranfer money from one bank to another i can do it for free with no fee. if i want to do it from my card it will cost me a fixed fee of about $0.1
with that said, if i want to treat bitcoin as a currency i wouldn't want to pay anything more than 0.01-0.1 dollar for transactions.
with that said, if i want to treat bitcoin as a currency i wouldn't want to pay anything more than 0.01-0.1 dollar for transactions.
Yes that's what i thought - the "typical" rate should be between $0.01 - $0.1 while the $1 should be really as a very maximum.
Re: How much are you willing to pay in fees for a Bitcoin transaction?
I can do money transfers using my online banking account for free and in an instant for as long as they are within the same bank. But this will soon change as my bank has a new policy where they would start charging even bank to bank online fund transfers. With bitcoin, anything that doesnt cost over a dollar for transactions below $100 for me is fair, just as long as the transaction speed is almost instant or faster than they currently are. Fees should also be bracketed according to amounts to be transferred, but shouldnt be too high so as not to turn off potential users who would otherwise just use the money transfer services elsewhere.
Yes that's exactly what I thought - it should be under $1 once you get over it most people would probably reject it straightaway.
Re: How much are you willing to pay in fees for a Bitcoin transaction?
It depends on how much the transaction is for. I'm OK with giving $1.00 if what I'm sending is a few hundred dollars. If it's something like signature campaign earnings, I'd be willing to pay a few cents at most. Maybe a dime or so. I like wallets that let you adjust the fees. The blockchain.info wallet sucks ass for just that reason, though I forget what they're charging for a fee.
Well I edited the post and added words "on daily basis" so let's say you pay all your bills and you get all your income in BTC - how much do you think the fee should be?
I posted as absolute maximum $1 - I don't think there are many items out there that are $5 in value and need confirmation within 10 minutes, maybe I can wait for this to confirm for an hour...
How much are you willing to pay in fees for a Bitcoin transaction?
This poll came as an idea from a news post: Almost $1 Billion Worth of Bitcoins Stuck in Transaction Backlog - link here: https://bitcointalk.org/index.php?topic=1777803.0
How much are you willing to pay on daily basis in fees for a Bitcoin transaction that is cleared within 10 minutes? (1 block)
I hid the poll results until you voted so it's not biased - I'm really curious about this one - I ruled out "free" as I don't think it's possible anymore - no matter how big the block size is. Also I don't think anyone is willing to accept fees over $10 - it will be more expensive than the bank fees, so I made it 10+ USD.
Please vote and explain below why you voted the way you voted.
Thank you.
How much are you willing to pay on daily basis in fees for a Bitcoin transaction that is cleared within 10 minutes? (1 block)
I hid the poll results until you voted so it's not biased - I'm really curious about this one - I ruled out "free" as I don't think it's possible anymore - no matter how big the block size is. Also I don't think anyone is willing to accept fees over $10 - it will be more expensive than the bank fees, so I made it 10+ USD.
Please vote and explain below why you voted the way you voted.
Thank you.
Re: [2014-02-04] Almost $1 Billion Worth of Bitcoins Stuck in Transaction Backlog
I have already addressed this in my topic here: What the price would be if there is no Bitcoin scaling in next 5 years?
https://bitcointalk.org/index.php?topic=1771426.0;all
Just to summarize: First of all I'm huge BTC fan, had account here since 2013 and always been bullish - I don't want to draw any doom scenarios.
But if BTC ends up with higher fees higher than in a range of what an SMS costs in retail I don't think it's going to thrive to say the least - in my opinion the fee shouldn't be higher at anytime than 0.1 USD - whatever it takes..
https://bitcointalk.org/index.php?topic=1771426.0;all
Just to summarize: First of all I'm huge BTC fan, had account here since 2013 and always been bullish - I don't want to draw any doom scenarios.
But if BTC ends up with higher fees higher than in a range of what an SMS costs in retail I don't think it's going to thrive to say the least - in my opinion the fee shouldn't be higher at anytime than 0.1 USD - whatever it takes..
⭐ Merited by ETFbitcoin (1)
Thanks achow101 - clearly written and understood.
As a followup to my topic here: https://bitcointalk.org/index.php?topic=1771426.0;all
Let's say that 10 developers (out of 50, 70 ?) think the block should be increased from 1 MB to 2 MB (hard fork) and the reasoning behind would be that without the change or any change the network will become clogged and less reliable (transactions not going through) - I think the amount of unconfirmed volume proves it at least to some degree.
So what happens then? This is clearly an issue that needs to be addressed somehow and somebody from the 10 developers do the change in the code from 1 MB to 2 MB, commits it and then on technical level what happens? It's going to be rejected/reversed because there was no voting among miners? If I remember correctly there was a time where block size was in free float and no limit existed - but back then I believe Satoshi himself did the change.
Since which BIP miners had to vote on any change to the code? What if there was a flaw found in the code?
As a followup to my topic here: https://bitcointalk.org/index.php?topic=1771426.0;all
Let's say that 10 developers (out of 50, 70 ?) think the block should be increased from 1 MB to 2 MB (hard fork) and the reasoning behind would be that without the change or any change the network will become clogged and less reliable (transactions not going through) - I think the amount of unconfirmed volume proves it at least to some degree.
So what happens then? This is clearly an issue that needs to be addressed somehow and somebody from the 10 developers do the change in the code from 1 MB to 2 MB, commits it and then on technical level what happens? It's going to be rejected/reversed because there was no voting among miners? If I remember correctly there was a time where block size was in free float and no limit existed - but back then I believe Satoshi himself did the change.
Since which BIP miners had to vote on any change to the code? What if there was a flaw found in the code?
Re: What the price would be if there is no Bitcoin scaling in next 5 years?
I have returned to be a bit more optimistic because of this article by Rick Falkvinge about the last Satoshi Roundtable. And my view of the most promising outcome would be a multi-blockchain world with BTC in a leading role. But for this to happen, there _must_ be a block size increase, at least a continous 10-20% increase per year, as well as off-chain methods like LN for microtransactions. If this doesn't happen, forget about BTC's leading position in some years.
That's positive - thx for sharing. Eventually the 2MB are probably going to happen - less hassle than the SegWit.
Hi,
please pardon my ignorance as I'm not a developer but my question is fairly simple - my understanding is that there is a repository with Bitcoin core code and a lot of people has access to it (dozens). If somebody commits some change (ie. improvement or fix) who confirms that the improvement or fix is propagated to all the end users? Is it one person? Is it by consensus? Does it have to be unanimous?
I'd like to receive comment from somebody who ever did a contribution to the Bitcoin code or really knows how it works.
Thanks!
please pardon my ignorance as I'm not a developer but my question is fairly simple - my understanding is that there is a repository with Bitcoin core code and a lot of people has access to it (dozens). If somebody commits some change (ie. improvement or fix) who confirms that the improvement or fix is propagated to all the end users? Is it one person? Is it by consensus? Does it have to be unanimous?
I'd like to receive comment from somebody who ever did a contribution to the Bitcoin code or really knows how it works.
Thanks!