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They are also getting sucked into those ponzi sites that promise 10% returns monthly. Sadly, the poor folks are going to get fucked again.Quote:
Originally Posted by snake_in_the_ass
Lot of poor people, especially the blacks, are big time into Bitcoin. They are treating it like a 401k or retirement fund.Quote:
Originally Posted by sonatine
if it helps my gf has a best friend named monzi and i look her in the eye and im like really
MONNNNNNNNNNNNNNNNZI REEEEEEEEEEEEEEEEEEEEEEAAALLLY THOUGH and she gets it
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Originally Posted by chinamaniacIt's being viewed more as a store of value now ( think digital gold) than a "currency"Quote:
Originally Posted by DirtyB
The money is coming from everyone on the planet and institutions. Bitcoin is the hottest thing right now
THis is supposed to be a helper in order to make transactions cheaper and faster
https://www.investopedia.com/news/bi...-game-changer/
That feels sketchy as fuck. It mentions a pre-determined time out which would nullify the transaction. Are they talking 10 seconds or 2 days? If they want to compete with Visa in the retail space, I would think that it needs to be like 10 seconds. A store owner isn't going to let you walk out with, or eat, something that you haven't finalized payment on. And I just don't grasp how they could offer 10 second transactions at a tiny fraction of the current price if the space available is still the same.Quote:
The Lightning Network’s innovation lies in postponing transaction validation, which typically occurs in real-time, by taking it offline. “If only two parties care about a transaction, it is not necessary for all other nodes in the bitcoin network to know about the transaction,” wrote the authors of a whitepaper introducing the Lightning Network concept.
dwayne two fingers to joey mac, semi finger to ryan and san francisco bridge circa 87
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Originally Posted by snake_in_the_assThey are also getting sucked into those ponzi sites that promise 10% returns monthly. Sadly, the poor folks are going to get fucked again.Quote:
Originally Posted by snake_in_the_ass
we are all going to get fucked, because once this goes nuclear and these people start writing their congressmen from homeless shelters, the regulatory response will be asymmetrical and highly aggressive.
literally disregard everything this fat nerd just said
No exit strategy yet. But tbh I don't think we have scratched the surface yet. I'm not getting out for a while I don't think unless I have to for some reason.Quote:
Originally Posted by snake_in_the_assDo you have an exit strategy? A price in mind?Quote:
Originally Posted by chinamaniac
If that means I get stuck and they go to 0 then so be it. But I am confident even if they "crash" they wont go to 0 and will still have value
However if I was holding a shitload of coins I would be cashing a small % of those out right now
Quote:
Originally Posted by chinamaniacNo exit strategy yet. But tbh I don't think we have scratched the surface yet. I'm not getting out for a while I don't think unless I have to for some reason.Quote:
Originally Posted by snake_in_the_ass
If that means I get stuck and they go to 0 then so be it. But I am confident even if they "crash" they wont go to 0 and will still have value
However if I was holding a shitload of coins I would be cashing a small % of those out right now
this is literally the only way to make money in this shit and i have nothing but respect for people who can hang ten on this wave.
That's super interesting. If someone does that whole process from fiat to altcoin, how many of these transaction fees are paid? 3? 4?Quote:
Originally Posted by snake_in_the_ass
What are the smallest transactions that people have paid $20 to process?
This does not answer your questions but here is a link to the entire crypto market right now https://coinmarketcap.com/Quote:
Originally Posted by DirtyBThat's super interesting. If someone does that whole process from fiat to altcoin, how many of these transaction fees are paid? 3? 4?Quote:
Originally Posted by snake_in_the_ass
What are the smallest transactions that people have paid $20 to process?
The $20 fees are meaningless if you are doing big money. The biggest fee I have ever seen is $30 and it was to send less than $100 worth of BTC. In the old days, I used to pay $135 to buy 100 shares of stock. So the $20 fees are not as crazy if you think about it that way.Quote:
Originally Posted by DirtyBThat's super interesting. If someone does that whole process from fiat to altcoin, how many of these transaction fees are paid? 3? 4?Quote:
Originally Posted by snake_in_the_ass
What are the smallest transactions that people have paid $20 to process?
Why is LTC skyrocketing?
The time to get out is when you see panic buying like never before. Maybe BTC doubling in a week. Just my guess.Quote:
Originally Posted by chinamaniacNo exit strategy yet. But tbh I don't think we have scratched the surface yet. I'm not getting out for a while I don't think unless I have to for some reason.Quote:
Originally Posted by snake_in_the_ass
If that means I get stuck and they go to 0 then so be it. But I am confident even if they "crash" they wont go to 0 and will still have value
However if I was holding a shitload of coins I would be cashing a small % of those out right now
Few reasonsQuote:
Originally Posted by MrTickle
#1 Coinbase offers it. Any coin on coinbase is going to moon. They could put a Druffcoin on there tomorrow and if it is cheap people will buy it
#2. Some people still think you can't buy BTC fractions so they just buy what they can afford (ltc)
#3. Litecoin is a very undervalued underrated coin. I am pretty sure it does everything BTC can do only better, cheaper and faster ( their creator was on cnbc today stating this )
#4. With BTC network clogged right now with fees and slow transaction speeds I guess it makes sense that more people are using LTC
#5. Lot of people are dumping their BTC profits into LTc etc...
THE POLISH ASSASSIN JUST BREAKING IT DOWN FOR YALL
I get that part. I was thinking about the other end of the market. Bitcoin was pitched as this big democratizing thing that would lift up the little guy. But an $80 fee to walk in the door is a major barrier.Quote:
Originally Posted by snake_in_the_assThe $20 fees are meaningless if you are doing big money. The biggest fee I have ever seen is $30 and it was to send less than $100 worth of BTC. In the old days, I used to pay $135 to buy 100 shares of stock. So the $20 fees are not as crazy if you think about it that way.Quote:
Originally Posted by DirtyB
You decide the fee you want to attach. $80 is one extreme, you could send it for $3 - it will just take longer. The good thing is the fee isn't tied to the amount of coin so $80 isn't so terrible when shipping $50k.Quote:
Originally Posted by DirtyBI get that part. I was thinking about the other end of the market. Bitcoin was pitched as this big democratizing thing that would lift up the little guy. But an $80 fee to walk in the door is a major barrier.Quote:
Originally Posted by snake_in_the_ass
My understanding is it brings back trust into the trustless system. Basically things are settled up on sub-networks and people can be stiffed. All those transactions aren't actually put on a blockchain. I really wish I knew more than this, but I've had it personally explained to me by uhh very authoritative people.Quote:
Originally Posted by DirtyBQuote:
Originally Posted by chinamaniac
That feels sketchy as fuck. It mentions a pre-determined time out which would nullify the transaction. Are they talking 10 seconds or 2 days? If they want to compete with Visa in the retail space, I would think that it needs to be like 10 seconds. A store owner isn't going to let you walk out with, or eat, something that you haven't finalized payment on. And I just don't grasp how they could offer 10 second transactions at a tiny fraction of the current price if the space available is still the same.Quote:
The Lightning Network’s innovation lies in postponing transaction validation, which typically occurs in real-time, by taking it offline. “If only two parties care about a transaction, it is not necessary for all other nodes in the bitcoin network to know about the transaction,” wrote the authors of a whitepaper introducing the Lightning Network concept.
3 is bullshit. LTC has no reason to be adopted over BTC. It really just doesn't do enough better than BTC. People hold on to it, lots of vested interest. There is no reason for it to be adopted over BTC outside of speculation. ETH has better chance, as at least you can make all sorts of insane financial instruments on top of it in a trustless manner. (theoretically)Quote:
Originally Posted by chinamaniacFew reasonsQuote:
Originally Posted by MrTickle
#1 Coinbase offers it. Any coin on coinbase is going to moon. They could put a Druffcoin on there tomorrow and if it is cheap people will buy it
#2. Some people still think you can't buy BTC fractions so they just buy what they can afford (ltc)
#3. Litecoin is a very undervalued underrated coin. I am pretty sure it does everything BTC can do only better, cheaper and faster ( their creator was on cnbc today stating this )
#4. With BTC network clogged right now with fees and slow transaction speeds I guess it makes sense that more people are using LTC
#5. Lot of people are dumping their BTC profits into LTc etc...
It is only pitched as being a democratizing thing because the government has no power over your money. (well, IN THEORY)Quote:
Originally Posted by DirtyBI get that part. I was thinking about the other end of the market. Bitcoin was pitched as this big democratizing thing that would lift up the little guy. But an $80 fee to walk in the door is a major barrier.Quote:
Originally Posted by snake_in_the_ass
This power can be either through seizure/taxationn OR uncontrolled/undetermined inflation.
It was never pitched as a thing to keep fees down. THats why I went with IOTA, as that is what it is actually targeted for .. (and the author had my last job previous to me LOL :) )
edit - I had same misconception as you did at some point. Seems like great idea for small payments and stuff, but no, the creator of BTC did not have that in mind. It was to take down corruption in government, not help businesses monetize shit. Also, I am talking about Satoshi and those types. All sorts of people have pitched BTC at this point.. I'm sure they've covered a lot of ground, but originally it wasn't about small fees etc.
My $80 is from the presumably 4 $20 BTC transactions you would need to get from fiat into altcoins.Quote:
Originally Posted by Belly Buster
I learned about the giant transaction fees from a post here yesterday. They stated that there is a "sea" of $5 bid transactions that will literally never get picked up. Is that not true?
How long do $20, $15, and $10 transactions take?
The reason I'm shocked by all of this is that I got second hand BTC propaganda back in 2014, and the whole pitch to the retail sector is that they were suckers for paying Visa 30 cents a pop. If bitcoin is now no longer remotely competitive with established payment methods, then it can't possibly succeed in its fundamental goal. That seems like it should be a big deal.
There are webpages that graph out how long transactions take. There is also a weighting given how old your BTC is. (Older BTC gets to go first.. but it is completely up to whomever mines the block) I had to pay $30 about a month ago to move to the front of the line @ about $9k. So $80 makes sense. I forget when transactions are dropped from the mempool, but you can also give them an option to be able to increase the fee. So if it isn't working, you could up it and not have to wait for it to expire. (You can't cancel them though, as that would be exploitable)Quote:
Originally Posted by DirtyBI learned about the giant transaction fees from a post here yesterday. They stated that there is a "sea" of $5 bid transactions that will literally never get picked up. Is that not true?Quote:
Originally Posted by Belly Buster
How long do $20, $15, and $10 transactions take?
The reason I'm shocked by all of this is that I got second hand BTC propaganda back in 2014, and the whole pitch to the retail sector is that they were suckers for paying Visa 30 cents a pop. If bitcoin is now no longer remotely competitive with established payment methods, then it can't possibly succeed in its fundamental goal. That seems like it should be a big deal.
Occasionally you'll see a block with 0 transactions.
Yep, it sucks. Obviously BTC proper will not be the main crypto currency in usage for day to day <$200 transactions. So now it is a "store of value" but places like Sealswithclubs and so forth will have to find alternative currencies.
Part of the argument is by keeping the limit at 1 megabyte, you make the network actually far more robust because in theory it can be decrentralized. When you start making blocks that are many megabytes, some guy with a shitty outbound pipe will be screwed. So this is this weird technical tradeoff thing, where purists argue that they want to maintain the robustness/decentralizastion. Realistically though BTC is very centralized amongst a handful of mining pools.
This stuff has never been _that_ much about the technology. At least not anywhere near on the timeframes that we people would like to think it is.
Not saying it should be or will be adopted over Bitcoin.Quote:
Originally Posted by donkdowndonedied3 is bullshit. LTC has no reason to be adopted over BTC. It really just doesn't do enough better than BTC. People hold on to it, lots of vested interest. There is no reason for it to be adopted over BTC outside of speculation. ETH has better chance, as at least you can make all sorts of insane financial instruments on top of it in a trustless manner. (theoretically)Quote:
Originally Posted by chinamaniac
What can Bitcoin do that Litecoin can't tech wise right now?
Bitcoin was just first and is on a snowball of epic proportions.
So they designed a currency that was never intended to be used by the retail sector? That seems like an oversight. It can only decrease the power of governments if people trade in their fiat for BTC permanently. If you need to convert to fiat to buy anything, that's going to rack up a whole fuck of a lot of transaction fees.Quote:
Originally Posted by donkdowndonediedIt is only pitched as being a democratizing thing because the government has no power over your money. (well, IN THEORY)Quote:
Originally Posted by DirtyB
This power can be either through seizure/taxationn OR uncontrolled/undetermined inflation.
It was never pitched as a thing to keep fees down. THats why I went with IOTA, as that is what it is actually targeted for .. (and the author had my last job previous to me LOL :) )
edit - I had same misconception as you did at some point. Seems like great idea for small payments and stuff, but no, the creator of BTC did not have that in mind. It was to take down corruption in government, not help businesses monetize shit. Also, I am talking about Satoshi and those types. All sorts of people have pitched BTC at this point.. I'm sure they've covered a lot of ground, but originally it wasn't about small fees etc.
I agree with everything you said but just realize there are about a dozen currencies that do everything LTC and BTC does but better. I've called LTC -> BTC v1.2 for years now. My opinion hasn't changed.Quote:
Originally Posted by chinamaniacNot saying it should be or will be adopted over Bitcoin.Quote:
Originally Posted by donkdowndonedied
What can Bitcoin do that Litecoin can't tech wise right now?
Bitcoin was just first and is on a snowball of epic proportions.
I mean, I suppose it is possible, but at least iwth something like dash the money given to miners doesn't end up in the pockets of energy companies. They use that $$ for marketing initiatives etc. LTC is just as ugly as BTC. It was just CHarlie Lee (?) was around in the early early days, so he got off the first or second fork.
What is the incentive for a company to go from BTC classic -> LTC ? BCH seems more likely, as it is still Bitcoin, and derived from the same ledger. So it has that authority.
LTC seems good for speculation. It isn't going anywhere anytime soon, but it is just people trying to get wealthy catching the next BTC, but once those poeple dry up what happens next? Why would LTC keep going up?
Yes, it was meant to be censorship resistant/trustless. I mean, it could be used by the retail sector etc, but thats not what the whitepaper talks about... and all those libertarian types. TBH I am not real well versed on the whitepaper, but your thoughts mimmick mine when I first started getting into BTC and I'm explaining my understanding.Quote:
Originally Posted by DirtyBSo they designed a currency that was never intended to be used by the retail sector? That seems like an oversight. It can only decrease the power of governments if people trade in their fiat for BTC permanently. If you need to convert to fiat to buy anything, that's going to rack up a whole fuck of a lot of transaction fees.Quote:
Originally Posted by donkdowndonedied
I mean, Micon just sorta got lucky. I once told him BTC would never scale and he was just as clueless as ever. p2p networks just don't work that well, especially ones that use the most crude bruteforce way imagineable to come to conclusions.
Here is something cool about BTC style networks.. You could literally broadcast the blocks over a radio. You can still do that by keeping size limited. This stuff is really weird. It is a mixture of CS and social stuff. Used to be very very few people got this stuff, but thats changed..
THere are a weird million different tradeoffs to this shit. I always wanted to write a coin and took steps/got close. I never did it. I should have and made my own baby.. I'd probably have a lot more money. I met a guy who I litereally thought was slow.. and he wrote a coin (from scratch) that is worth 137 million last I checked. He must be a great developer, just sorta arrogant with his ignorance.. but wtf do I know. So many crazy stories about this crap. Far more interesting than poker ever was, just people aren't very interesting. No true degenerates.
I tried to be sensible and diversify my crypto portfolio but the gains and losses just end up cancelling out each other
The big caps move first (Bitcoin), then the mid caps (eth,LTC,dash) and at the end...all the shit coins will skyrocket. I sure hope so!Quote:
Originally Posted by MrTickle
What's the deal with Ripple/XRP?
Another priceless CNBC moment.
Jim Cramer CNBC teasing that tonight he will have John McAfee on to talk about Bitcoin. Oh, boy!
No words needed. Couldn’t anyway cause we are all too hoarse from laughing.
Sounds legit. I would definately invest in something that doesn't let me sell when I want to.
Boiler Room is real life folks.
https://www.coindesk.com/coinbase-ha...-prices-spike/
I’m confused. You can’t exchange for US fiat? Is LTC & ETH not the libertarian and utopian alternative everyone is rushing to?Quote:
Originally Posted by OSA
Speculation
I believe Coinbase continually shuts down due to volume.Quote:
Originally Posted by SanlmarI’m confused. You can’t exchange for US fiat? Is LTC & ETH not the libertarian and utopian alternative everyone is rushing to?Quote:
Originally Posted by OSA
Speculation
They want people to play poker not leave with their winnings.
Step, that is the equivalent of saying the same about the dollar because the biggest chain of stores closed down for an hour because their point of sale system crashed.Quote:
Originally Posted by OSA
Kinda dumb, no?
There are two kinds of people in in the worldQuote:
Originally Posted by simpdogI believe Coinbase continually shuts down due to volume.Quote:
Originally Posted by Sanlmar
They want people to play poker not leave with their winnings.
Crap table. Shooter is on a heater. The rail will be 3 deep and everyone is pressing their bets.
There will be one guy either craning his neck to watch the action or just collecting his min bet.
“Drop 3 for 10, sir”
You know which guy I am.
You can tell the crypto market has gone nuts because tether, the currency that is printed to match each dollar received in cash, is trading at $1.05 - and this despite allegations that the printers don't have the dollar amount to match the printed currency.
I want to buy Ripple. I have these four options:
Bitstamp
Kraken
Gatehub
BTCXIndia
Help me, niggats.
the nicehash theft hoard wallet is currently worth over 82m.
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Originally Posted by sonatine
i wonder how many bitcoins are 'lost'.. eg 'holy shit i forgot my wallet password' type lost.
im guessing its a not-insignificant percent.