Bitcoin, Cryptocurrency, and the Future of Global Finance

#251
#251
Thunder Good-Oil said:
I understand that it’s flirting with a market cap of $100 billion which is easily 5x too rich. Coinbase isn’t a flower either and tulip bulbs aren’t a currency. The comparison, if you understand, is the mania that is pumping up a valuation.
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They were.

So it's tulip bulbs anytime you think there is a bubble? You see a house and think "tulip bulbs"?

You know you and LG are saying the same exact **** ITT, LOL?
 
#252
#252
n_huffhines said:
They were.

So it's tulip bulbs anytime you think there is a bubble? You see a house and think "tulip bulbs"?

You know you and LG are saying the same exact **** ITT, LOL?
Click to expand...

Not anytime. Real estate bubbles don’t expand by multiples as the leverage is a much bigger variable... bad analogy by you. I could have made a comparison to dot coms or Enron or the Hunt brothers silver mania as well, but tulip bulbs holding a beer makes for a good visual.
 
#253
#253
question about blockchain - I know that Bitcoin mining uses a tremendous amount of energy and as I understand it, basically the mining is solving the equations that the blockchain runs on. So if we move more and more transactions to blockchain do we not also need all that computing power to operate the mechanism? Or is there something different about Bitcoin mining that would not be required for processing other transactions using blockchain.
 
#254
#254
volinbham said:
question about blockchain - I know that Bitcoin mining uses a tremendous amount of energy and as I understand it, basically the mining is solving the equations that the blockchain runs on. So if we move more and more transactions to blockchain do we not also need all that computing power to operate the mechanism? Or is there something different about Bitcoin mining that would not be required for processing other transactions using blockchain.
Click to expand...

Bitcoin Mining, aka Proof of Work which involves servers verifying transactions, is where the time and energies are spent.

New Coins like ADA, XRP etc do not rely on mining. ADA uses staking to replace mining where owners of ADA reap rewards in 5 day epoch increments. XRP is currently on a private ledger being tested as a bridge currency used in Cross Border payments between central bank.
 
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#255
#255
volinbham said:
question about blockchain - I know that Bitcoin mining uses a tremendous amount of energy and as I understand it, basically the mining is solving the equations that the blockchain runs on. So if we move more and more transactions to blockchain do we not also need all that computing power to operate the mechanism? Or is there something different about Bitcoin mining that would not be required for processing other transactions using blockchain.
Click to expand...

I heard they are trying to reduce the energy costs. It's unclear to me whether or not validating the new transactions has the same energy costs as mining, but this might help.

Impacts of Finite Bitcoin Supply on Bitcoin Miners
It may seem that the group of individuals most directly affected by the limit of the bitcoin supply will be the Bitcoin miners themselves. Some detractors of the protocol claim that miners will be forced away from the block rewards they receive for their work once the bitcoin supply has reached 21 million in circulation.

But even when the last bitcoin has been produced, miners will likely continue to actively and competitively participate and validate new transactions. The reason is that every Bitcoin transaction has a transaction fee attached to it.

These fees, while today representing a few hundred dollars per block, could potentially rise to many thousands of dollars per block, especially as the number of transactions on the blockchain grows and as the price of a bitcoin rises. Ultimately, it will function like a closed economy, where transaction fees are assessed much like taxes

What Happens to Bitcoin After All 21 Million Are Mined?
 
#258
#258
reecetn said:
Bitcoin Mining, aka Proof of Work which involves servers verifying transactions, is where the time and energies are spent.

New Coins like ADA, XRP etc do not rely on mining. ADA uses staking to replace mining where owners of ADA reap rewards in 5 day epoch increments. XRP is currently on a private ledger being tested as a bridge currency used in Cross Border payments between central bank.
Click to expand...
I just started staking ADA on Yoroi. Still learning how this works
 
#260
#260
reecetn said:
Bitcoin Mining, aka Proof of Work which involves servers verifying transactions, is where the time and energies are spent.

New Coins like ADA, XRP etc do not rely on mining. ADA uses staking to replace mining where owners of ADA reap rewards in 5 day epoch increments. XRP is currently on a private ledger being tested as a bridge currency used in Cross Border payments between central bank.
Click to expand...

so blockchain in general doesn't require the distributed equation solving - it's unique to Bitcoin?

my limited understanding of blockchain was the security came from equation solving but I could be completely wrong. I thought the chance to earn coins was the incentive to have the community perform the equation solving. Seems if equation solving isn't distributed then you increase the odds of individual players gaming the blockchain.

I'll reiterate my caveat that I have very little confidence in my understanding of blockchain.
 
#262
#262
I remain skeptical. And now we have today a huge derivative company in coinbase flirting with a trillion dollar valuation.

Thing is, within an hour of the first whiff of a major defect in the process .... watch out beloooooooowwwwwww
 
#263
#263
lawgator1 said:
I remain skeptical. And now we have today a huge derivative company in coinbase flirting with a trillion dollar valuation.

Thing is, within an hour of the first whiff of a major defect in the process .... watch out beloooooooowwwwwww
Click to expand...

trillion valuation? I'm seeing 1/10th that.
 
#267
#267
volinbham said:
so blockchain in general doesn't require the distributed equation solving - it's unique to Bitcoin?

my limited understanding of blockchain was the security came from equation solving but I could be completely wrong. I thought the chance to earn coins was the incentive to have the community perform the equation solving. Seems if equation solving isn't distributed then you increase the odds of individual players gaming the blockchain.

I'll reiterate my caveat that I have very little confidence in my understanding of blockchain.
Click to expand...

You are correct, I left out a lot of details and hit the high spots, and I apologize for that. Here is a more detailed description that fills in a lot of gaps I left out.
 
#268
#268
n_huffhines said:
How did you buy ADA? I bought a little on Binance and it's just been sitting there. Can I stake that **** there or is there an involved process of setting up a wallet?
Click to expand...
I use binance.us to purchase and send it to my ledger wallet in Yoroi.
 
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#271
#271
n_huffhines said:
How did you buy ADA? I bought a little on Binance and it's just been sitting there. Can I stake that **** there or is there an involved process of setting up a wallet?
Click to expand...
You can buy on Coinbase and Uphold which are 2 that I use, although Uphold wont let you send ADA yet. You have to convert it. I setup this wallet recently and started staking.

Yoroi - Light Wallet for Cardano

There's also another ADA wallet called daedelus or something like that.
 
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#272
#272
n_huffhines said:
I'm 33% in BTC, 33% in ETH, 20% combined in AAVE, LTC, BAT and LINK, and 15% combined in like 12 others. It's all going crazy, except AAVE. I'm up nearly 300% right now.
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someone paid me for something in ethereum a month ago and I wish I'd left the money there but I needed to pay some stuff off. LOL. I probably would've doubled my money by now
 
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