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Message
re: Bitstamp Halts Withdrawls
Posted on 2/13/14 at 9:41 am to LSURussian
Posted on 2/13/14 at 9:41 am to LSURussian
quote:
Now you're saying it "requires specialized knowledge"??? WTF????
This isn't the first time I've seen things on here and gone "wait, I thought _____ was said the other day.". I've never cared enough to have gone back and found it but I'm glad I'm not the only one to experience this.
0
Posted on 2/13/14 at 9:42 am to OnTheBrink
quote:
Then why are more not doing it?
More are doing it everyday. The amount of merchants accepting bitcoin is still small, but more join the network every day.
quote:
Also, the other day on the OT, a guy used a poor example, IMO, of how he used bitcoin and did it with ease. Went to gyft.com(sp?), bought an amazon gift card, then went to amazon and made his purchase. What would make the everyday consumer attracted to that?
Because the value of his bitcoins went up, so he may have gotten $100 of value from Amazon by buying $50 worth of bitcoin a few months ago. He speculated a bit. Nothing wrong with that. The speculation is necessary to incentivize growth in the network.
Posted on 2/13/14 at 9:48 am to WikiTiger
quote:
WikiTiger
Listen, most of the time I just troll these threads, but I do try to read and get something out of it. I have never, ever heard bitcoin mentioned in real life. I feel like if I do join in on a conversation one day, I will be able to contribute a little. I was home with a sick kid yesterday and was watching Bloomberg a little and they mentioned it, the lady said just when she was starting to like it, the bitstamp thing happened.
But honestly, what would make a hick from TN, who doesn't travel overseas, who doesn't have anything to hide from the government, and all of the other things it is "good" for, want to change and use it? Seriously, its a pain in the arse as is, when you get a new card and have to go online to update everything. Why should I learn bitcoin protocol and block chains and ledgers and such when I have a debit/credit card to handle all of these things for me?
This is not a troll, just my honest opinion on it. Try to change it!
Posted on 2/13/14 at 9:50 am to WikiTiger
quote:
Because the value of his bitcoins went up, so he may have gotten $100 of value from Amazon by buying $50 worth of bitcoin a few months ago. He speculated a bit. Nothing wrong with that. The speculation is necessary to incentivize growth in the network.
But he also could have lost money on the transaction. And I am 99.9% sure he was using the example of how easy it was, saying he did all that "in 10 minutes tops" or something along those lines.
Posted on 2/13/14 at 9:52 am to WikiTiger
quote:
And I believe it will continue to be in the future.
why?
Posted on 2/13/14 at 9:52 am to WikiTiger
quote:
Because the value of his bitcoins went up, so he may have gotten $100 of value from Amazon by buying $50 worth of bitcoin a few months ago
Again, how is the everyday consumer attracted to that???
Posted on 2/13/14 at 9:53 am to OnTheBrink
Here is what was said:
And here is the reply:
I can also do the same and not have to worry about my "investment" losing money because an exchange has a problem in the time it takes to do it. And even I could probably do it in 10 minutes or less.
quote:
Cool an article about bit coins being able to buy items in June, or your ability to spend them on other worthless items (zynga games)
And here is the reply:
quote:
I can go to gyft.com, use my bitcoin to buy an Amazon gift card, and then purchase whatever I want at Amazon in 10 minutes tops.
I can also do the same and not have to worry about my "investment" losing money because an exchange has a problem in the time it takes to do it. And even I could probably do it in 10 minutes or less.
This post was edited on 2/13/14 at 9:54 am
Posted on 2/13/14 at 9:53 am to OnTheBrink
I think the biggest revelation I've had over the last year in understanding cryptocurrencies is realizing that they are not JUST currencies.
Amir Taaki summed it up best:
“The Blockchain is something deeper than Bitcoin itself, it is a new data structure we have in computer science. We still have not found all of the ways we can apply this data structure to create new applications.”
Amir Taaki summed it up best:
“The Blockchain is something deeper than Bitcoin itself, it is a new data structure we have in computer science. We still have not found all of the ways we can apply this data structure to create new applications.”
Posted on 2/13/14 at 9:56 am to OnTheBrink
quote:
But honestly, what would make a hick from TN, who doesn't travel overseas, who doesn't have anything to hide from the government, and all of the other things it is "good" for, want to change and use it? Seriously, its a pain in the arse as is, when you get a new card and have to go online to update everything. Why should I learn bitcoin protocol and block chains and ledgers and such when I have a debit/credit card to handle all of these things for me?
This is not a troll, just my honest opinion on it. Try to change it!
There is likely no compelling reason for you to use bitcoin right now.
That doesn't mean it doesn't have value in general and that doesn't mean you will never use it.
The same types of arguments you made in the quoted text above have applied to nearly every technological breakthrough in history. Early automobiles were extremely unreliable and there were no paved roads so they'd constantly get stuck in the mud. They were expensive and required specialize mechanical knowledge to maintain. But they got better. The infrastructure developed. Roads got better and more prevalent. Gas stations started popping up. Etc. Now little old ladies can drive cars across the country all by themselves and be comfortable and reasonably safe.
The same arguments were made for the internet when it was developing. $4000 of equipment just to send an email? And most people didn't even know anyone that had an email address unless you hung out in geek circles. But the infrastructure developed. It got easier. Now grandma is on Facebook.
So don't go out and jump into bitcoin right now unless it really tickles your fancy. But don't dismiss it either.
This post was edited on 2/13/14 at 9:57 am
Posted on 2/13/14 at 9:58 am to WikiTiger
quote:
I do remember him saying that.
No you don't.
I have routinely talked about bitcoin being like the internet in 1993, which required specialized knowledge and expensive hardware to get on and there wasn't much there anyway.
Oh, really? Then were you lying when you posted the following statements on this board?
quote:LINK
So it's not as elaborate as it seems to set up?
God no. The technical side of it is easy.
quote:LINK
Transacting with bitcoin is quick, easy, safe, and painless.
quote:LINK
If you want to do cold storage, the easiest way to do it is to just generate a private and public key pair on a computer that has never been connected to the internet, then print the private key and put it in a safe (and perhaps store a copy in a safe deposit box at a bank or a trusted family members house -- but at least have 2 copies so you don't lose it to fire) then, when you finally get your bitcoins, simply have them sent to the public key of the address you have in cold storage. the bitcoins will be secure.
i could literally do all that in 5 minutes
quote:LINK
First of all, severing taint between transactions is quite easy to do.
For instance, a mixing service might have POOL_A and POOL_B. You send your money from ADDRESS_1 to POOL_A and they send you money from POOL_B to ADDRESS_2 (which you also own). So now, the "tainted" coins are sitting in POOL_A, while you control some non-tainted ones that were sent to you from POOL_B in a completely different bitcoin address. Someone else will eventually gets your original coins that were sent to POOL_A. That is a very simple example of how this works. They actually get more complex than that.
Posted on 2/13/14 at 10:02 am to WikiTiger
quote:
WikiTiger
Well done!
And it isn't that I have dismissed it, its just some of the things I read on here, all I can do is laugh. The amazon thing being a prime example.
As far as speculative purposes, I have no reason to risk anything on that side of it. If I did, I honestly do not think I could buy one, even if I wanted to.
I will stay tuned to these threads, and developments on it, and try to keep my head out of the sand!
One more question, for you and everyone, do you ever hear bitcoin talked about in real life? Outside of TD, the interwebs, and media, do your friends, coworkers, random conversations you hear, ever involve bitcoin? Seriously, I have never heard one. Trying to decide if that's a me issue.
Posted on 2/13/14 at 10:05 am to JayDeerTay84
quote:
why?
Because the processing of transactions (aka mining) is distributed and is an equilibrium finding market.
If it gets too expensive to mine, then miners drop out of the network and the difficulty goes down. If the difficulty goes down, then mining because more profitable. If mining becomes more profitible then more miners will join and difficulty will rise. Wash, rinse, repeat.
Now, the other side of that fence is that if miners start expecting too high of transaction fees then less transactions will be sent and thus less fees will be collected and mining becomes less profitable and it will feed into the loop described above.
The point being is that the market will determine what fair transaction fees are. Right now transactions can be sent for free, and that's even with the 7tps limit in place. When that's removed, it's likely that even more free transactions will be possible. But no one can say for certain what the market will determine.
One thing is for sure, though, if the market determines that transaction fees are going to be higher than traditional payment networks, then bitcoin will be severely disadvantaged.
This post was edited on 2/13/14 at 10:07 am
Posted on 2/13/14 at 10:09 am to WikiTiger
quote:
The point being is that the market will determine what fair transaction fees are. Right now transactions can be sent for free, and that's even with the 7tps limit in place. When that's removed, it's likely that even more free transactions will be possible. But no one can say for certain what the market will determine.
Right and sound logic tells me that the more transaction you have, the higher the price.
I just can't see a third party taking up the amount of transactions Mastercard handles FOR FREE...
Posted on 2/13/14 at 10:09 am to OnTheBrink
Quick question: Do y'all see through the lame bullshite that LSURussian posted? (the quotes of me talking about different aspects that are easy) Or do I have to address those as well?
Posted on 2/13/14 at 10:13 am to JayDeerTay84
quote:
I just can't see a third party taking up the amount of transactions Mastercard handles FOR FREE...
But it's not for free. For one thing, there's a block reward for processing transactions. Currently that reward is 25 bitcoins, and it halves every 4 years. A block is solved on average every 10 minutes. So that's about 3600 bitcoins released to the network per day to the miners.
Miner also collect the transaction fees attached to any of the transactions they include in their block.
Furthermore, mining is not done by a "third party" in the traditional sense. Mining is a distributed network of independent operators, businesses, and pools of individuals that come together to process transactions. There is no one entity or person that does this and the motivations for the different individuals, businesses and pools to mine are all different.
Posted on 2/13/14 at 10:16 am to WikiTiger
quote:
Do y'all see through the lame bullshite that LSURussian posted?
To be honest, I have no idea what any of that he posted means. I get that he is calling you out for saying it is easy, but that stuff goes way over my head. So, maybe it is not that easy?
And FWIW, I tend to side with the professionals on the board, just because of their knowledge on currency and the financial sector.
I tend to lose focus when it turns into a pile on one side or the other, calling each other out, etc. And hell, when I trolled, I would even jump on with no real understanding of what I was saying or even WTF a bitcoin is.
I will try to be better in these threads, and represent the common man from now on.
This post was edited on 2/13/14 at 10:17 am
Posted on 2/13/14 at 10:17 am to WikiTiger
quote:
But it's not for free. For one thing, there's a block reward for processing transactions. Currently that reward is 25 bitcoins, and it halves every 4 years. A block is solved on average every 10 minutes. So that's about 3600 bitcoins released to the network per day to the miners.
Miner also collect the transaction fees attached to any of the transactions they include in their block.
Furthermore, mining is not done by a "third party" in the traditional sense. Mining is a distributed network of independent operators, businesses, and pools of individuals that come together to process transactions. There is no one entity or person that does this and the motivations for the different individuals, businesses and pools to mine are all different.
I am talking about coinbase.....
Posted on 2/13/14 at 10:18 am to WikiTiger
quote:So now you are saying Bitcoin is really just an innovative accounting system. Except for one problem, what about all of the off-the-books transactions? Off-the-books transactions allow for all sorts of manipulation. Remember Enron with its off balance sheet entities?
But really bitcoin is a transaction ledger with its own network. The "bitcoins" are just chits on the network that are used to track the movement of value. At its core, bitcoin is a revolutionary value transmission network.
Posted on 2/13/14 at 10:20 am to OnTheBrink
quote:
One more question, for you and everyone, do you ever hear bitcoin talked about in real life? Outside of TD, the interwebs, and media, do your friends, coworkers, random conversations you hear, ever involve bitcoin? Seriously, I have never heard one. Trying to decide if that's a me issue.
For the most part, no.
I have never overheard strangers discussing it. My friends don't really discuss it. I've had a few friends ask me about it because they knew I was into it but even then the conversations never got into any of the details and none of them ever followed up asking for more info.
I do work with some highly technical people, though, and we talk about it all the time.
Posted on 2/13/14 at 10:21 am to WikiTiger
quote:
I do work with some highly technical people, though, and we talk about it all the time.
This is just my opinion, but if this is the case, don't expect a global acceptance ever..
You sound very smug even saying that.
This post was edited on 2/13/14 at 10:22 am
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