They are also getting sucked into those ponzi sites that promise 10% returns monthly. Sadly, the poor folks are going to get fucked again.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.
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
It's being viewed more as a store of value now ( think digital gold) than a "currency"
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.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
They are also getting sucked into those ponzi sites that promise 10% returns monthly. Sadly, the poor folks are going to get fucked again.
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.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
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.Do you have an exit strategy? A price in mind?
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
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.
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.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
That's super interesting. If someone does that whole process from fiat to altcoin, how many of these transaction fees are paid? 3? 4?
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/That's super interesting. If someone does that whole process from fiat to altcoin, how many of these transaction fees are paid? 3? 4?
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.That's super interesting. If someone does that whole process from fiat to altcoin, how many of these transaction fees are paid? 3? 4?
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.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.
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 reasons
#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...
Last edited by chinamaniac; 12-12-2017 at 01:38 AM.
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.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.
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.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.
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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.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.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)Few reasons
#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)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.
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.
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