Cryptocurrency |OT| A New ERA for Money | Read OP for Thread Rules

[TheDoldrums]

Bitcoin transaction speed/cost is something that Bitcoin Core needs to address faster than they have been. Segwit is taking longer than people would like to make a difference. They keep talking up layer 2 solutions (e.g. Lightning network) to solve the performance problems, but they need that to be implemented now, not in 1-2 years, and they better hope it works. 2MB blocks wouldn't have permanently solved this problem, but it would have provided for some more time until layer 2 on Bitcoin is ready.

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That's not Bitcoin Core's priority and for good reason. There are lots of coins trying to be a better PayPal.

Increasing the blocksize to temporarily relieve congestion on the network is a quick fix at the cost of security and decentralization. Investor confidence in the immutable store of value would be shaken by the developers attempting to make such a radical change without consensus.

 

[Drifters_]

The 2X of increasing the block size was forever and always just a temp fix as Bitcoin cannot be a 100,000 tps blockchain. Ripple at 1,500 tps is on the right track but I think everyone looking for a silver bullet in the Blockchain world won't find one.

 

[criesofthepast]

I am still in CTR (centra) coin for a while now. Waiting for this scam coin to be pumped by the creators or something. lol Bought in at around 50 cents. Selling at $3 is my goal.

Playing the long game with this one.

How is everyone doing? I don't even pay attention to bitcoin much as I have an alert set for $9,900. Guess we haven't hit that yet. :)

 

[Absinthe]

Difficulty varies from time to time though, right?

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Slightly. AFAIK it's always getting more difficult.

 

[Brandson]

That's not Bitcoin Core's priority and for good reason. There are lots of coins trying to be a better PayPal.

Increasing the blocksize to temporarily relieve congestion on the network is a quick fix at the cost of security and decentralization. Investor confidence in the immutable store of value would be shaken by the developers attempting to make such a radical change without consensus.

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You don't have to want to replace payment providers to want less expensive transactions. There can be lots of reasons why you might want to move your Bitcoins around, that you would be dissuaded from doing with expensive transaction costs. Having your transaction delayed by a day has an opportunity cost too. End users who want Bitcoin to be a store of value can also want lower transaction costs and faster performance than that too. There is lots of wiggle-room between thousands of transactions per second, and having to wait 2 days for your transaction to go through. I'm sure that a better balance could be worked out there.

The 2X of increasing the block size was forever and always just a temp fix as Bitcoin cannot be a 100,000 tps blockchain. Ripple at 1,500 tps is on the right track but I think everyone looking for a silver bullet in the Blockchain world won't find one.

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What's wrong with a temporary fix until you can implement a permanent one? I hear a lot how 2MB blocks would destroy Bitcoin's security model, but don't often see any evidence presented of why that would be the case. And no one has explained why running 2MB blocks for 6 months in order to come up with a better solution, before reverting to 1MB blocks again, for example, would be fatal to Bitcoin. Bitcoin is already at the mercy of miners in its current state, as shown by the attack over the weekend.

 

[PolishQ]

Any thoughts on ICON (ICX)?

Related question: is HitBTC reputable?

 

[Drifters_]

You don't have to want to replace payment providers to want less expensive transactions. There can be lots of reasons why you might want to move your Bitcoins around, that you would be dissuaded from doing with expensive transaction costs. Having your transaction delayed by a day has an opportunity cost too. End users who want Bitcoin to be a store of value can also want lower transaction costs and faster performance than that too. There is lots of wiggle-room between thousands of transactions per second, and having to wait 2 days for your transaction to go through. I'm sure that a better balance could be worked out there.



What's wrong with a temporary fix until you can implement a permanent one? I hear a lot how 2MB blocks would destroy Bitcoin's security model, but don't often see any evidence presented of why that would be the case. And no one has explained why running 2MB blocks for 6 months in order to come up with a better solution, before reverting to 1MB blocks again, for example, would be fatal to Bitcoin. Bitcoin is already at the mercy of miners in its current state, as shown by the attack over the weekend.

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The issue is it wouldn't be temporary as people would come to rely on said fix. The issue from what I've read is that while increasing the block size by 1MB to 2MB would increase transaction capacity, you are still going to encounter an issue with the ledger system for confirming said transactions within a 10 minute consensus time. This is why most people on the Bitcoin Cash train say their fork fixed that and in effect, renders Bitcoin ineffective.

 

[TheDoldrums]

End users who want Bitcoin to be a store of value can also want lower transaction costs and faster performance than that too.

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Of course. And I think it will eventually get there. I just don't think any of the current solutions are worth the cost. I don't think waiting a year for Lightning implementation is a problem in the grand scheme of things, not when many feel quicker fixes compromise Bitcoins integrity.

There was a Forbes contributor article recently that I liked. Basically explaining how Bitcoin and Bitcoin Cash both want the same things, but are prioritizing them differently.

https://www.forbes.com/sites/spence...rioritization-a-healthy-competition-in-money/

The suggestion of a temporary move to 2MB before reverting to 1MB feels incredibly short-sighted when so many value Bitcoin because of it's immutable nature.

As for the security concerns, bigger blocksizes means less devices are capable of validating transactions. Once you believe increasing blocksizes to increase speed and lower fees is the way forward, the only logical path is to keep increasing them. As time passes with more usage and transactions on the blockchain, you will need to increase the blocksize to keep up the same speed/fees you were enjoying earlier. As blocksizes get bigger, less and less hardware is capable of validating the network and security suffers. More centralization occurs. It's just a path that most people in Bitcoin do not want to go down.

 

[Brandson]

As for the security concerns, bigger blocksizes means less devices are capable of validating transactions.

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If that is the case, then that could be an issue. Can you point me to a technical analysis that proves the average computer can't verify 2MB Bitcoin blocks in 10 minutes? Everything I have read says that any modern computer, including a Raspberry Pi, can handle 2MB blocks just fine.

 

[TheDoldrums]

If that is the case, then that could be an issue. Can you point me to a technical analysis that proves the average computer can't verify 2MB Bitcoin blocks in 10 minutes? Everything I have read says that any modern computer, including a Raspberry Pi, can handle 2MB blocks just fine.

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I'm pretty sure they can handle it. It's the rest of that paragraph that would be the issue. 2MB would be a temporary fix but opens the door to ever increasing blocksizes.

 

[Prologue]

Slightly. AFAIK it's always getting more difficult.

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So, pretty much don't bother? I'm just looking to make back the investment and have $300-$500 a month for at least 2-3 years.

 

[commish]

ICOs always get dumped once out. If you believe in any of them, grab them after the ICO dump to grab it before it reverses (if at all).

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100% this.

 

[Drifters_]

I swear, if you people didn't get in on ARK......

 

[Crazed]

I swear, if you people didn't get in on ARK......

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I saw it's steadily rising today, didn't see any big news. Just a slow rise or a possible pump?

 

[The Living Tribunal]

I swear, if you people didn't get in on ARK......

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I invested on it per your advice.

 

[SaintBowWow]

I swear, if you people didn't get in on ARK......

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I've been waiting on a bank transfer to Coinbase to complete so that I can buy more. What about today's movements signals substantial movement? It's been in this price range fairly recently.

 

[Cipherr]

Any thoughts on ICON (ICX)?

Related question: is HitBTC reputable?

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Been watching ICX for months, before ico, but Im not touching HitBTC. Ill wait.

 

[Absinthe]

So, pretty much don't bother? I'm just looking to make back the investment and have $300-$500 a month for at least 2-3 years.

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I honestly can't say.

The way I approached it was different because it was early summer and I could always sell the equipment. At most I only had to make $1k to cover the difference and the rest was profit. Also during that time I could make ~$1k /mo easy so it was a no brainer.

Now it's more like $300/mo 6 months later. As time progresses GPU mining may fail to cover the $60/mo I pay in electricity increase and I'll just sell what I have on Ebay.

 

[Drifters_]

I saw it's steadily rising today, didn't see any big news. Just a slow rise or a possible pump?

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I invested on it per your advice.

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I've been waiting on a bank transfer to Coinbase to complete so that I can buy more. What about today's movements signals substantial movement? It's been in this price range fairly recently.

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As mentioned on discord, several projects and milestones are about to drop as well as some killer announcements. Either way, I'm happy with how fast the team has progressed over the past few weeks.

 

[Crazed]

As mentioned on discord, several projects and milestones are about to drop as well as some killer announcements. Either way, I'm happy with how fast the team has progressed over the past few weeks.

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Maybe pick up a little bit more on Friday, get me over that 100 marker.
Edit: Hopefully Friday isn't too late.

 

[Drifters_]

Maybe pick up a little bit more on Friday, get me over that 100 marker.
Edit: Hopefully Friday isn't too late.

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Gonna be tight!

 

[Megauap]

So it's a good idea to change my Bitcoins to ARK now so I gain some profit when this announcements drop and then buy more Bitcoins back with those?
Already have some ARK but I obtained it converting my mining profits into it.

 

[JackDT]

ARK seems like a decent coin to gamble on, but it's certainly still a gamble.

 

[Spoopy]

A few questions about wallets and maybe you guys can help.

I finally got a Nano. I wanted to transfer the coins into it.

First a bit of a backstory.

I originally held the coins on my desktop wallet app from the Ethereum developers. That wallet was fine, but I hated having the block chain on my computer and I also upgraded to a new MacBook so I transferred the coin into my wife's wallet (same app and using the traditional send coin to another wallet way) on her MacBook, while I did the upgrade just to be safe. She's been holding on to it since as we were waiting for the Nano wallet to arrive.

So, she was having issues completing the block chain for whatever reasons. Apparently Ethereum Wallet can run into some snags sometimes and issues can occur, which is just another reason to keep a physical wallet for us. We are also long term holders with it, so keeping it safe and offline is a nice thing.

Because her wallet was taking too long and acting up, I wanted to try to see how the keystore folder worked. It always confused me what it exactly was and I had a vague understanding that it was possible to redownload the wallet app, use the keystore folder and place a copy of it in the appropriate space (e.g. FILE-> BACKUP-> ACCOUNTS) So, because we were looking at a situation where we wanted to transfer the coins to the Nano, I did just that on my computer. It seems to have worked and now we both show the coins in our wallets and I believe they are the same wallet, just on two different MacBooks. So first question, is this possible? Same wallet in two separate places? When I put the keystore in my wallet file structure, I was never prompted to enter a password for that keystore.

Also, when it comes to the Nano, one I set its up, those coins will be physically removed from my app based wallet and then put onto the physical one correct? Can I then get rid of the Wallet App on my computer and the blockchain as well?

Sorry for the long winded story, but this part of it is the most confusing to me.

Thanks!

 

[Rossonero]

Bitcoin's rebound is pretty impressive. I have my eye on ARK, OMG and XRP and all of them are tanking now.

 

[AlsoZ]

Goddamn how did Bitcoin jump that much overnight?

 

[Drifters_]

Ma

Goddamn how did Bitcoin jump that much overnight?

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magic bitbeans!

 

[Cipherr]

Goddamn how did Bitcoin jump that much overnight?

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It loves to make large moves like that over that period where its night in the West for some reason. Either up or down.

 

[Creamie]

The whole bitcoin/bitcoin cash controversy is insane. So many manipulators and social media influence on these coins. BTC definitely has its problems but bitcoin cash... not sure what to think about it.

 

[Rossonero]

I'm still new at this so it's really amazing to see what a big influence Bitcoin has on alt coins. I know you should buy some more coins during dips, but it's really hard to know which ones you believe the most in and which would give you a good ROI.

 

[DeadJoshWalking]

Some (trash) newspapers in the UK suggesting the rise in Bitcoin today is due to a new run on the banks in Zimbabwe since Mugabe was removed from power. Probably not as far fetched as it sounds as there's a few very rich people in Zimbabwe who would be worried if Mugabe went down.

 

[Drifters_]

As always... buy the rumor, sell the news. I would imagine a drop here shortly after that news dropped.

 

[Creamie]

I really wonder if the big bang theory episode will have any effect on the price of BTC. Most people would probably just get BTC because that is the only one they really heard about. I am not sure what the episode will be about or not, but it could be something that could get people to actually put a little bit of money in. Who knows, will have to wait and see.

 

[notadino]

Today was a bad day on almost all fronts; is there any major news that I missed?

I really wonder if the big bang theory episode will have any effect on the price of BTC

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Oh, yeah, when is it airing? I want to make sure to buy some BTC before that.

 

[Spoopy]

A few questions about wallets and maybe you guys can help.

I finally got a Nano. I wanted to transfer the coins into it.

First a bit of a backstory.

I originally held the coins on my desktop wallet app from the Ethereum developers. That wallet was fine, but I hated having the block chain on my computer and I also upgraded to a new MacBook so I transferred the coin into my wife's wallet (same app and using the traditional send coin to another wallet way) on her MacBook, while I did the upgrade just to be safe. She's been holding on to it since as we were waiting for the Nano wallet to arrive.

So, she was having issues completing the block chain for whatever reasons. Apparently Ethereum Wallet can run into some snags sometimes and issues can occur, which is just another reason to keep a physical wallet for us. We are also long term holders with it, so keeping it safe and offline is a nice thing.

Because her wallet was taking too long and acting up, I wanted to try to see how the keystore folder worked. It always confused me what it exactly was and I had a vague understanding that it was possible to redownload the wallet app, use the keystore folder and place a copy of it in the appropriate space (e.g. FILE-> BACKUP-> ACCOUNTS) So, because we were looking at a situation where we wanted to transfer the coins to the Nano, I did just that on my computer. It seems to have worked and now we both show the coins in our wallets and I believe they are the same wallet, just on two different MacBooks. So first question, is this possible? Same wallet in two separate places? When I put the keystore in my wallet file structure, I was never prompted to enter a password for that keystore.

Also, when it comes to the Nano, one I set its up, those coins will be physically removed from my app based wallet and then put onto the physical one correct? Can I then get rid of the Wallet App on my computer and the blockchain as well?

Sorry for the long winded story, but this part of it is the most confusing to me.

Thanks!

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anyone wanna help tackle this?

 

[Drifters_]

anyone wanna help tackle this?

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To be fair, I think someone with a Nano S would be able to speak to this as anyone else (including myself) would just be speculating. I haven't had enough currency (yet) to move to cold storage but will be doing so soon. From what I know for ARK, if you get a Nano S for cold storage, you are required to create a new address of which you have to send your Cryptocurrency from the existing address to the Nano S address. Specifically, moving the files of a desktop wallet, as long as you explore the blockchain and confirm the address still has the coins you should be good. The only odd part to me is not having to confirm your passphrase when moving and re-opening. I use the Exodus wallet for desktop storage of various ERC20 coins and then ARK wallet for ARK. Hope that helps.

 

[Spoopy]

To be fair, I think someone with a Nano S would be able to speak to this as anyone else (including myself) would just be speculating. I haven't had enough currency (yet) to move to cold storage but will be doing so soon. From what I know for ARK, if you get a Nano S for cold storage, you are required to create a new address of which you have to send your Cryptocurrency from the existing address to the Nano S address. Specifically, moving the files of a desktop wallet, as long as you explore the blockchain and confirm the address still has the coins you should be good. The only odd part to me is not having to confirm your passphrase when moving and re-opening. I use the Exodus wallet for desktop storage of various ERC20 coins and then ARK wallet for ARK. Hope that helps.

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Thanks for the help. Hopefully someone has one and can speak to it.

 

[Pangya]

Thanks for the help. Hopefully someone has one and can speak to it.

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I have a Nano S and use it for ARK and ETH. For ETH, I use it with the MyEtherWallet website (make sure you don't get spoofed by other websites). There is an option that allows you to interact with your Nano S ETH wallets. You are given quite a bit of addresses to work with for the Nano S, so you can choose just one as your main address or split among your addresses if you really care. Once you move your ETH off your desktop wallet, you will not need the it or the blockchain anymore. I initially used MyEtherWallet to create a paper ETH wallet before I got my Nano S. Just be careful that you backup your Nano S master seed properly.

 

[Spoopy]

I have a Nano S and use it for ARK and ETH. For ETH, I use it with the MyEtherWallet website (make sure you don't get spoofed by other websites). There is an option that allows you to interact with your Nano S ETH wallets. You are given quite a bit of addresses to work with for the Nano S, so you can choose just one as your main address or split among your addresses if you really care. Once you move your ETH off your desktop wallet, you will not need the it or the blockchain anymore. I initially used MyEtherWallet to create a paper ETH wallet before I got my Nano S. Just be careful that you backup your Nano S master seed properly.

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Thanks. By master seed, you mean the words that it generates for you to write down on the insert?

 

[Pangya]

Thanks. By master seed, you mean the words that it generates for you to write down on the insert?

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Yes. If you ever lose those words and your device gets lost/reset, you have no chance of recovering your funds.

 

[Spoopy]

Yes. If you ever lose those words and your device gets lost/reset, you have no chance of recovering your funds.

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Cool. Any idea about having access to the same wallet through different computers but using the same Keystore? I want to pull it from my wallet and not my wife's but just want to make sure it'll work.

 

[Pangya]

Cool. Any idea about having access to the same wallet through different computers but using the same Keystore? I want to pull it from my wallet and not my wife's but just want to make sure it'll work.

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The Nano S is basically your Keystore. It never exposes the private keys of your address on any computer. If you want to view your wallet using any computer, all you need is your Nano S and interact with MyEtherWallet. If you want to see your wallet's contents without having to use the Nano, you can do something like just check the address containing the funds on etherscan.io, or download the MyEtherWallet Chrome extension and add a Watch-only Account.

 

[Spoopy]

The Nano S is basically your Keystore. It never exposes the private keys of your address on any computer. If you want to view your wallet using any computer, all you need is your Nano S and interact with MyEtherWallet. If you want to see your wallet's contents without having to use the Nano, you can do something like just check the address containing the funds on etherscan.io, or download the MyEtherWallet Chrome extension and add a Watch-only Account.

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awesome! thanks

 

[Ryu]

Ahh made the jump to this forum too, but didn't post until now. Finally, LISK is on the rise!
Went nearly all in some days ago (4/5 of portfolio). Will add some ARK too later and maybe Vertcoin. I'm in NAV too (1/5). Those 4 coins are my best bet.

 

[mol10x]

I am trying to withdraw crypto from kraken for around 3 days now - not possible. Is this normal? Does someone have any experiences?

I just want to move my funds and be done with this exchange.

 

[The Living Tribunal]

I am trying to withdraw crypto from kraken for around 3 days now - not possible. Is this normal? Does someone have any experiences?

I just want to move my funds and be done with this exchange.

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That doesn't sound right. What is your verification tier?

 

[JackDT]

Kraken worked for me today, but it hasn't been working 24 hours earlier. Their servers just keep crashing. Usually if you keep trying over and over again it eventually works but damn...

What's are the reliable/safe exchanges for US buyers?

To be fair bittrex was ALSO not responding during the fast recent trading, although it never got as bad as Kraken.

 

[commish]

I've heard enough about Kraken that I wouldn't keep anything on there. Purchases only.

 

[the doombass]

What's are the reliable/safe exchanges for US buyers?

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Binance has been working well for me. Used to use Gemini a lot a few months ago and it worked well too.

 

[commish]

My goal in the next dip is to buy more IOTA. I feel like this is one of those coins that, a year or three down the road, I will kick myself for not buying more of when it was under a dollar.