An Overview of Bitcoin

Discussion in 'Cryptocurrencies' started by Baron, Oct 24, 2013.

  1. Hoi


    Well, that was actually an old video of years ago. Andreas has made many many more and when watching all in chronological order you see his stance is developing as well by the booming developers world.
    I see lab work in alts, but most innovation is still done around Bitcoin itself (side-chains, second-layer things). But in case of Segwit, it were the alt-coins which implemented it first (while invented by a Bitcoin developer). So they functioned indeed as test-lab. Also the work in anonymity improvements and better Proof-of-work algorithms (POS for instance) is done first in alt-coins. It's just to risky to implement something unproven into a $250 billion blockchain without testing it thoroughly. The core-devs are very conservative (which is a good thing).
    #31     Dec 10, 2017
  2. Overnight


    Hoi, here's a funny analogy if you will bear with me.

    In this clip, Hudson is the entirety of BTC, and the Alien is "the rest of the markets".

    So what do you think? Is BTC still in that bitch-slap mode of infallibility, or do we now start looking for alternatives, yet in the same genre of investment?
    (I.E. Invest in crypto, but not BTC).
    #32     Dec 17, 2017
  3. Here4money


    I've been shopping with the new found capital but it's hard to offload Bitcoin since it's the only "sure bet" for long term profit, if one could even make such claim in crypto
    #33     Dec 17, 2017
  4. Hoi


    Actually, the cause of the rise of Alt-coins in 2017 was self inflicted. The Bitcoin community and its Devs, had different and conflicting solutions to the Scaling-problem. And as the whole concept of Bitcoin's protocol is Consensus, it caused a civil war among ideologies. So Forks were the result. But this all caused extreme risks for investors (even I, nearly decided to sell all my BTC or move it to Ethereum or Litecoin).
    Look closely at this chart, to understand what the self-inflicted wound did. But notice as well that Bitcoin is coming back hard.
    There will always be waves of Alt-coins growing faster than Bitcoin, especially after Bitcoin had a extreme run up: then investors see Bitcoin as too expensive and alt-coins too cheap. This happened just last week.

    #34     Dec 17, 2017
  5. Sprout


    Is it true to get dollars back out from alt coins, for US citizens, the alt coins have to be converted to BTC then sent to one of the exchanges where they implement ‘know your customer’ regulation? Unless I’m missing something this is quite the structural advantage.

    Is Japan the only country that accepts BTC for the payment of taxes?

    As a systemic risk, if in the context of a currency war, could gov’t nationalize miners? If not outright criminalize crypto and seize servers?

    If such hostilities occur, what are the countries that have the most favorable environments?

    With the FCC vote on ending net neutrality, how would that affect blockchain’s bandwidth. Would yet another toll be placed on BTC transaction volume?

    What’s with qbit and their registered trademark of Satoshi Nakamoto?
    #35     Dec 17, 2017
  6. Hoi


    That's more or less the case: to leave and enter the crypto system, as US-citizen you have to use a Regulated exchange, and those exchanges do not much in Alt-coins.
    I'm so happy I'm not an US-citizen, as your country isn't anymore the land of the free....
    {sadly: in a few years, especially if Bitcoin keeps passing ATHs, many countries will copy US regulations}.
    But.... you can try p2p exchanges, like Localbitcoins. To get dollars out and in.

    Japan is the first, and till now, only country which officially recognized Bitcoin as currency. But that will not mean you can pay taxes with it, just as you cannot pay Japanese taxes with Euro's or Pounds. You need to convert to JPY first.

    Pffff..... there will always be a few countries who will welcome miners with open arms to jack up their GDP with $billions. There are tax-havens for a reason.

    Small Islands with no other source of income.

    Has no effect on Transactions, as those are very small in size. Only thing large is downloading the whole blockchain to start a Node.

    #36     Dec 17, 2017
    Sprout likes this.
  7. Here4money


    Any clue to what SW/website was used for that chart? Google search seems to indicate a Chinese connection. I need to make simiilar charts myself.

    Thank you.
    #37     Dec 17, 2017
  8. Hoi


    no sorry.
    #38     Dec 17, 2017
  9. just21

    just21 do not want to know who you are but they charge 1% for wires out.
    #39     Dec 17, 2017
    Sprout and Hoi like this.
  10. schweiz