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Thread: Bitcoin

  1. #1
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    Default Bitcoin

    I'm learning more and more about cryptocurrency and the more I learn, the more I like it. It's not about investing in it and making a million dollars (although the idea of that is swimming around in my head), it's more about what blockchain technology actually means for the global economy in the long term, along with having a de-centralised monetary system, i.e. no need for the use of banks or merchant services.

    It's definitely an interesting topic and everything I've seen & read on bitcoin, tells me that cryptocurrency will change the world! It also has the potential to benefit 3rd world countries, ultimately leading them out of poverty and somewhat level the playing field on a global scale!

    Can't wait to see how prevalent cryptocurrency becomes in the next 10 years! My research so far tells me it will be huge!!

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    I never was interested in bit coin and now it is kind of late . There are other folks doing the same thing I cannot remember who .
    I wish I had given this a shot ..but I did not .

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  3. #3
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    Quote Originally Posted by twinkle toez View Post
    I never was interested in bit coin and now it is kind of late . There are other folks doing the same thing I cannot remember who .
    I wish I had given this a shot ..but I did not .
    If you're referring to the investment side of Bitcoin, there is still ample opportunity to get on the train so to speak. Whether 1 bitcoin is worth 100,000USD or $1USD in the next 10 years remains to be seen, but right now it's just one big roller coaster and the more people buy in, the more it will increase in value! I'm looking at it as potential 10 year investment, not a get rich quick scheme, and my opinion is that the value will only increase further in the long term...

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    I' just talking what I know toretto which is nothing !
    I hear talk about it now and again .
    this last week I read that bitcoin is going down and some other thing or things will crop up ,all the money to be made in bitcoin was long ago ,now this is just conversation mayb e I will learn something

    Last edited by twinkle toez; 02-21-2018 at 10:06 PM.

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  5. #5

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    Bitcoin has a first-in-the-market advantage but blockchain/distributed ledger technology far supersedes Bitcoin. Speculative trading in alt coins is risky and there is lower liquidity among some of the more obscure options, but overall the prospects for the future of blockchain technology look positive. Smart contract platforms like Ethereum, Cardano and NEO open the door for widespread consumer implementation of self-executing electronic contracts with real-world use. Let's say for example you fall behind on your car payment. Instead of sending a big scary guy with a tow truck to repossess the vehicle, it could be remotely deactivated automatically by the self-executing smart contract. Obviously, there are some ethical concerns for an example of that sort (angry people beating the **** out of their cars, emergencies, etc.) but that is one example of how smart contracts can be implemented. And smart contract platforms are not the only things distributed ledger technology enables. Think about being able to request your medical records independently from a decentralized, highly encrypted cloud without ever having to call your doctor's office.

    As for the cryptocurrency side of distributed ledger technology, I would say that there is probably no turning back now. There will be/has already been pushback on the cryptocurrency movement because of its decentralized nature and serious potential to disrupt centralized institutional money, but it has failed to terminate the momentum of the market. Bitcoin and other coins surged to all-time highs this past December even though the Chinese have been combating mining operations very deliberately.

    Recently, the market corrected heavily after a prolonged period of serious and immense growth. When everyone is greedy, be afraid. When everyone is afraid, be greedy. Well, now the people who have not done their research see the charts (or hear about the charts from other people who actually see them) and get spooked. Or some poopy head bought IOTA at $5 during the giant rally and feels cheated because now, obviously, it is far lower. A smart person buys now.

    TL;DR, saying you have missed Bitcoin is like saying you missed Amazon in 2001
    Last edited by orange; 02-25-2018 at 05:55 PM.
    Quote Originally Posted by Vallis Alps View Post
    hmmm classic. She was actually 12 when she married. That was pretty normal for that era. Again U fail to understand. The laws today aren't applicable to history. They hold no logic or place.

    Abridged quote from owls supporting the Prophet having sex with a child

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    Quote Originally Posted by orange View Post
    Bitcoin has a first-in-the-market advantage but blockchain/distributed ledger technology far supersedes Bitcoin. Speculative trading in alt coins is risky and there is lower liquidity among some of the more obscure options, but overall the prospects for the future of blockchain technology look positive. Smart contract platforms like Ethereum, Cardano and NEO open the door for widespread consumer implementation of self-executing electronic contracts with real-world use. Let's say for example you fall behind on your car payment. Instead of sending a big scary guy with a tow truck to repossess the vehicle, it could be remotely deactivated automatically by the self-executing smart contract. Obviously, there are some ethical concerns for an example of that sort (angry people beating the **** out of their cars, emergencies, etc.) but that is one example of how smart contracts can be implemented. And smart contract platforms are not the only things distributed ledger technology enables. Think about being able to request your medical records independently from a decentralized, highly encrypted cloud without ever having to call your doctor's office.

    As for the cryptocurrency side of distributed ledger technology, I would say that there is probably no turning back now. There will be/has already been pushback on the cryptocurrency movement because of its decentralized nature and serious potential to disrupt centralized institutional money, but it has failed to terminate the momentum of the market. Bitcoin and other coins surged to all-time highs this past December even though the Chinese have been combating mining operations very deliberately.

    Recently, the market corrected heavily after a prolonged period of serious and immense growth. When everyone is greedy, be afraid. When everyone is afraid, be greedy. Well, now the people who have not done their research see the charts (or hear about the charts from other people who actually see them) and get spooked. Or some poopy head bought IOTA at $5 during the giant rally and feels cheated because now, obviously, it is far lower. A smart person buys now.

    TL;DR, saying you have missed Bitcoin is like saying you missed Amazon in 2001
    Interesting read! Thanks for sharing your insights!! Last week I came across Hashgraph technology which seems to be viable replacement for blockchain tech. Hashgraph have released their code, however, it is patented tech, not open source. It has the potential to replace bitcoin in the long term, though I still see value in the bitcoin market over the next 20 years until the last bitcoins are mined (2040). I need to do some homework on Ethereum. Will also investigate Cardano & Neo as I haven't heard of these.

    Hashgraph btw are launching something in just under 16 days from now. Not sure if this is a new cryptocurrency launch or an ICO (Initial Coin Offering). Either way I'm looking forward to seeing what unfolds...

    Out of curiosity, are you dabbling in Bitcoin? If so, do you have any recommendations on who to buy bitcoin from? I hear having multiple wallets is the safest way to go....for now anyway...
    Last edited by Toretto; 02-25-2018 at 06:14 PM.

  7. #7

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    I just did some limited research on Hashgraph (listened to part of a podcast from one of their founders and perused Google). From what I can see, hashgraph technology aims to propose a solution to Bitcoin's scalability issue in the distributed ledger tech space. The scalability issue that results in 7 transactions per second is part of the design of Bitcoin, which is that each block size is 1mb maximum, limiting the number of transactions that can be on the blockchain after each block is mined in accordance with how many can fit that file size. This was not originally part of bitcoin's design but was added to prevent spam transactions from clogging the BTC blockchain. Hashgraph, however, is not the only technology aiming to tackle the issue of blockchain scalability. Bitcoin Cash, a fork of Bitcoin, has currently avoided bottlenecking by increasing their block sizes to 8mb to increase the number of transactions that can be mined through each block. Bitcoin itself is looking to integrate lightning network technology (an off-chain layer that speeds up transactions by processing smaller transactions off the blockchain and submitting the final value for transmission to a block). MIOTA uses a distributed ledger ecosystem called Tangle that can process both large and minuscule transactions quickly and with no fees.

    As for Hashgraph in particular, a few things I have seen concern me so far. The first is that, as you said, Hashgraph is not open-sourced technology, which makes further improvement difficult and limits the number of people who can work to improve the project. I consider this to be important in a movement born from a philosophy of decentralization. The second is that I have not seen a good framework for how their token will be valued or if they will even have a token economy: I was not able to find any information about a Hashgraph ICO and their exposure on the internet is limited.

    Other crypto tokens, currencies or utilities typically find valuation either from proof-of-work systems, proof-of-stake systems or a combination of both. Proof of work is the use of power to mine a block, which is the system Bitcoin employs mainly. This system is prone to using exorbitant amounts of electricity (Bitcoin's blockchain sucks up more energy than small countries). The way proof-of-work algorithms work is by continually making the algorithm harder to process as more electricity is used. You could put the power of an entire country into mining bitcoin or, perhaps as the ecosystem grows, a whole continent, and each block will still take the same amount of time to mine. Though crypto tokens are typically thought not to have intrinsic value, an argument could be made that the value of proof-of-work tokens is pegged to the cost of the electricity used: the more electric power that manages the ecosystem, the higher the valuation of the token in order to ensure mining remains profitable. Additionally, the incredible power invested makes it nearly impossible for a single entity to have control over 51% of the network and force consensus. Proof-of-stake currencies involve staking a large amount of your holdings in order to be able to run a node or a masternode, all of which regulate consensus in the ecosystem. You put down collateral as insurance to prevent a node holder from trying to make a malicious change to a block (which, regardless, would be invalidated by other nodes). Miners and node holders, obviously, are compensated with tokens for their participation Perhaps I haven't looked deep enough into Hashgraph, but I have yet to see the incentive behind maintaining their network.

    Anyway, I don't currently hold any Bitcoin although I hold a few other tokens I am intrigued by. Buy bitcoin from an exchange available in your country (Coinbase, Binance, Bitfinex, hitBTC) but move it to a wallet as soon as possible, preferably an offline wallet or a hardware wallet. Exchanges are routinely compromised.
    Quote Originally Posted by Vallis Alps View Post
    hmmm classic. She was actually 12 when she married. That was pretty normal for that era. Again U fail to understand. The laws today aren't applicable to history. They hold no logic or place.

    Abridged quote from owls supporting the Prophet having sex with a child

  8. #8
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    Quote Originally Posted by orange View Post
    I just did some limited research on Hashgraph (listened to part of a podcast from one of their founders and perused Google). From what I can see, hashgraph technology aims to propose a solution to Bitcoin's scalability issue in the distributed ledger tech space. The scalability issue that results in 7 transactions per second is part of the design of Bitcoin, which is that each block size is 1mb maximum, limiting the number of transactions that can be on the blockchain after each block is mined in accordance with how many can fit that file size. This was not originally part of bitcoin's design but was added to prevent spam transactions from clogging the BTC blockchain. Hashgraph, however, is not the only technology aiming to tackle the issue of blockchain scalability. Bitcoin Cash, a fork of Bitcoin, has currently avoided bottlenecking by increasing their block sizes to 8mb to increase the number of transactions that can be mined through each block. Bitcoin itself is looking to integrate lightning network technology (an off-chain layer that speeds up transactions by processing smaller transactions off the blockchain and submitting the final value for transmission to a block). MIOTA uses a distributed ledger ecosystem called Tangle that can process both large and minuscule transactions quickly and with no fees.

    As for Hashgraph in particular, a few things I have seen concern me so far. The first is that, as you said, Hashgraph is not open-sourced technology, which makes further improvement difficult and limits the number of people who can work to improve the project. I consider this to be important in a movement born from a philosophy of decentralization. The second is that I have not seen a good framework for how their token will be valued or if they will even have a token economy: I was not able to find any information about a Hashgraph ICO and their exposure on the internet is limited.

    Other crypto tokens, currencies or utilities typically find valuation either from proof-of-work systems, proof-of-stake systems or a combination of both. Proof of work is the use of power to mine a block, which is the system Bitcoin employs mainly. This system is prone to using exorbitant amounts of electricity (Bitcoin's blockchain sucks up more energy than small countries). The way proof-of-work algorithms work is by continually making the algorithm harder to process as more electricity is used. You could put the power of an entire country into mining bitcoin or, perhaps as the ecosystem grows, a whole continent, and each block will still take the same amount of time to mine. Though crypto tokens are typically thought not to have intrinsic value, an argument could be made that the value of proof-of-work tokens is pegged to the cost of the electricity used: the more electric power that manages the ecosystem, the higher the valuation of the token in order to ensure mining remains profitable. Additionally, the incredible power invested makes it nearly impossible for a single entity to have control over 51% of the network and force consensus. Proof-of-stake currencies involve staking a large amount of your holdings in order to be able to run a node or a masternode, all of which regulate consensus in the ecosystem. You put down collateral as insurance to prevent a node holder from trying to make a malicious change to a block (which, regardless, would be invalidated by other nodes). Miners and node holders, obviously, are compensated with tokens for their participation Perhaps I haven't looked deep enough into Hashgraph, but I have yet to see the incentive behind maintaining their network.

    Anyway, I don't currently hold any Bitcoin although I hold a few other tokens I am intrigued by. Buy bitcoin from an exchange available in your country (Coinbase, Binance, Bitfinex, hitBTC) but move it to a wallet as soon as possible, preferably an offline wallet or a hardware wallet. Exchanges are routinely compromised.
    Hashgraph's claim to fame, so to speak, is the ability to reach consensus without the mining process, thus taking seconds, compared to 10 mins for blockchain. Hashgraph have some big announcement coming on March 13th at an event in NYC. Nobody can say for sure if this is an ICO or what!

    Great advice with the wallet system. I'll definitely be deploying an offline wallet. I am looking to invest a small sum into the crypto market, but I want to feel as confident as I can before I do so. Bitcoin, Bitcoin cash and Ethereum are the front runners at this stage. I do want to see what Hashgraph have to say on the 13th of March before I do anything though! Fun times and I'm looking forward to throwing my hat in the ring. If it all goes bust, it's not like I've thrown my entire net worth into crypto! Just merely having a play at this stage,..

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    On Tuesday night in NYC, Hedera Hashgraph was launched. Taken from their website:

    The Hedera hashgraph platform provides a new form of distributed consensus; a way for people who don't know or trust each other to securely collaborate and transact online without the need for a trusted intermediary. The platform is lightning fast, secure, and fair, and, unlike some blockchain-based platforms, doesn’t require compute-heavy proof-of-work. Hedera enables and empowers developers to build an entirely new class of distributed applications never before possible.

    There's a whole paper published on the site, which I will go through when I have the time. Still waiting on an ICO to be launched...

  10. #10

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    Now would be an awful time for an ICO given sentiment in the cryptocurrency space right now.

    Quote Originally Posted by BIG CHIEF FRED View Post
    I can see this becoming illegal as corrupt people will see it as a silver lining for money laundering. But personally I'm not against it I see advantages stated by teretto.
    It has already been made illegal in varying degrees but with little success preventing the technology from reaching adoption. There are also many examples of how cryptocurrency has been and will continue to be a haven for illegal transactions and money laundering, particularly in the privacy coin space. These problems, however, have become less of a use priority for cryptocurrency as it reaches more widespread adoption and distributed ledger technology finds more use cases than being able to quickly or privately transact without an intermediary. The posturing of the cryptocurrency space towards regulatory agencies has become far more favorable recently, which I believe is a step towards the introduction of institutional money in the space and a step away from outlawing its use.
    Quote Originally Posted by Vallis Alps View Post
    hmmm classic. She was actually 12 when she married. That was pretty normal for that era. Again U fail to understand. The laws today aren't applicable to history. They hold no logic or place.

    Abridged quote from owls supporting the Prophet having sex with a child

  11. #11
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    Investing in a mining unit would send my electricty use (and bill) through the roof. So not worth it. Fred bitcoin won't become illegal IMO. Heavily regulated Yes, illegal No!

    But I no longer see value in investing in it, at least until there's another major crash which I see as inevitable.Then and only then, will I maybe get on. I do however, remain excited by Hashgraph tech and continue to monitor their progress closely!
    Last edited by Toretto; 04-24-2018 at 11:07 PM. Reason: Can't type for shìt today

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    Quote Originally Posted by BIG CHIEF FRED View Post
    Teretto check out there's this guy has crypto mining setup in Iceland with 20 thousand typical machines hooked up together in a warehouse using Icelands cheap electricity grid with no need for cooling as it's there for free u get that, the guys making millions per day from his crypto mining and his electricity bill is a $1 million a month. Smart guy. I can see why hackers use maleware to turn normal ppls pc'a into use for them in turn to do their crypto mining. free electricity. With 100% of other ppls pc's output doing the crypto mining for that 'said' hacker.
    Frightening isn't it. If I had the resources, I would definitely like to be doing some mining on that scale!

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    It seems to me that cryptocurrency may allow us to become freer in the future, today we use banknotes to buy something we need but in the future thanks to bitcoins much more kinds of money may appear and they will be used to get what you need in a much easier way! Make sure of it yourself here
    Last edited by purplerose; 05-14-2018 at 08:38 AM. Reason: links

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    Quote Originally Posted by Deep Ocean View Post
    I don't know anything about bitcoin. The only thing I know is that it was on the news some hackers targeting big businesses and hospital asking for ransom in bitcoins.
    Yep that's standard ransom ware. Don't click on links or attachments in emails you don't trust.

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    Does anyone know anything about HANHIT GROUP LP? I`ve visited the site but didn`t quite what services they provide, has anybody used them? I`ll be grateful if your write me back, we might have a little chat about exchanging user experience, well you know, what`s better to use and so on!
    Last edited by purplerose; 05-23-2018 at 06:58 AM. Reason: links

  17. #17

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    When you are in business, you just can`t do without helpers who would do some job for you or for example count something for you. And a cryptocurrency portfolio tracker - https://icopulse.com/blog/cryptocurr...folio-tracker/ can be such a helper for you! It`ll save your time for more important things! Just follow the changes and make right investing solutions.

  18. #18

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    Guys, what do you think about the cryptocurrency Ripple?

  19. #19

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    Quote Originally Posted by Neysh View Post
    Guys, what do you think about the cryptocurrency Ripple?
    First of all, investing in cryptocurrency is a great way to make money but you should be careful, it's too risky especially if you are a newbie in this area. As for Ripple, it's already a big organization which works with reputable banks and it's the main advantage. Besides, Ripple is third largest now, it deserves proper attention. Have a look at predictions https://www.crosslytics.com/c/ripple/predictions/
    Last edited by Rilan; 06-14-2018 at 03:02 AM.

  20. #20

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    Found this site https://bestmixer.io/ and have got some questions about how the thing works, I understand that it's used to hide the information about bitcoins and BTC transactions but can it happen so that mixing will destroy any vital information? Would like to lose my business information, I don't think anybody at all would like it!

 

 

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