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An Overview of Bitcoin

  1. Here's a pretty decent overview of Bitcoin for those interested in learning more about it:

     
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  3. This is a must watch:

     
  4. The map of coins, showing the origins and short info about 200+ altcoins:

    http://mapofcoins.com/#

    2 years ago there were only 12, now it is above 200, just showing how easy it is to enter the digital currency market. If the number of altcoins is growing faster than interest in digital currency, that means the avaialble cash has to be spread out more evenly among them...
     
  5. The complete annotated price chart of Bitcoin, with all the ups & downz:

    [​IMG]
     
  6. I believed the hype and now I'm losing my ass holding this at a 60% loss.

    Thanks.
     
  7. Be aware that the (current) price of the Bitcoin-currency is no good representation of the booming ecosystem (which is still in the pre 1995 Internet period). This year the more than $500 million investment money didn't flow into the currency itself (as in previous years) but in start-up companies and ecosystem! These are the steps needed, before mass-adoption can happen in the next 3 to 6 years. In other words: Bitcoin as currency isn't a trading-instrument but a long time investment for connoisseurs.
    Each week new well-known companies join, just recently Microsoft and TIME inc. As well as PayPal themselves. Just a testimony of Bitcoin's promises.

    All I can say, is that the current price of $300 (which is less than 5 billion market-cap) is a bargain for such an disrupting and innovative proposition. {I myself will hold my coins at least until 2017}.
     
  8. Looks like the Russian people didn't think bitcoin is better than their falling rubel. Not even that event drove the price up. If in a year where it was mostly positive news and adoption in several fronts the price dropped 60% YTD, that is not good news for the future.

    Oh yes, my prediction from the beginning of the year (this will be the first year where price ends lower by year's end) came to be very true. Would you like to hear my next year's prediction? :)
     
  9. I have Russian friends (and Ukraine family), and I can tell you they are interested, but for them it's (currently) much easier to get and hold Dollars (which they do for years already). Things will change when strong capital-controls are issued (but they don't expect that Poetin is that dumb).
     
  10. Haha, Reddit has just announced that they will release Reddit notes (950K), randomly distributed among active members. I predicted something similar, that in a few years major retailers will release their own coins. They already exists as Xbox points, or Amazon rewards or whatever is that called.

    The advantage over bitcoin are/were:

    --random and more even distribution over a very wide userbase. This causes a kickstart, cutting down on 3 years of bitcoin history.
    --bigger usability if the retailer doesn't let bitcoin to be used just the own coins.

    Again, everything is the same as with bitcoin, except a large premined set of coins are distributed among millions of users and the retailer will favor its own coins over bitcoin, but they will let it be used for other retailers too. This gives more value to the coin.

    It is basicly a secondary stock offering of some kind....
     
  11. You should do some more study here. They don't want to issue an altcoin, but instead go for a Bitcoin-backed: Side-chain or colored-coin. This means that it's still pure Bitcoin-backed and not an altcoin at all.
     
  12. I don't think they have completely decided yet, kind of just testing the waters...

    Well, it is not even 1 week into the new year and BTC is down 10+%. I guess time for the new coin...

    Here is a guy, DanV, who had some good predictions and predicted this downleg. His following prediction is that price bounces from $250:

    https://www.tradingview.com/v/A1mFwkEG/
     
  13. 50% drop in 2 weeks, Bitstamp clocked $152 overnight. Here is a fundamental problem: The cheaper the price, miners are more inclined to cash out to pay for ongoing cost like electricity, further depressing the price...

    Could be good price (around 190 now) for a bounce...

    The dangers of trading on margin, a poster on Reddit:

    "
    I want to say a really big THANK YOU to everyone's kind words and well-wishes when i got margin called yesterday. Your emotional support means a lot and has been getting me through this very dark time. Reading those comments have kept the bad thoughts out of my head.
    I'm doing a bit better now. This morning i was barfing a lot and i think i puked up a lung. Then i just started crying non-stop. I'm still crying but at least i'm not barfing anymore. Thank you so much for all your support.
    Originally i was afraid of being trashed on and judged for my stupid decision to margin trade (gamble) bitcoin but i was surprised by how understanding everyone was. I assure you all that if/when i get through this I'm not going to do anything this stupid again.

    Thank you so much for being here."
     
  14. what a prediction, and yet 2 months later you claim you will hold until 2020, despite another 50% drop since your post

    some people never learn
     
  15. It reads "at least". As a minimum time frame. and 2020 as a maximum.

    This 2017 is an important date in Bitcoins-lifeline, as by then the algorithmic inflation will abruptly go from 25 to 12.5 coins per 10 minutes (this will have quite some effect on the scarcity).

    Just a honest and well-meant trading tip for fellow ET-ers. No need to attack me personally.
     
  16. Lets hope it should not do what it repeated in 2014 and crashed down to as low as 100$ again..
     
  17. Seems its already went up to 4000usd setting all times higher (ATH), lets see where it goes as it is already on the rocket i guess.. LOL
     
  18. Hoi, you totally owned that prediction from 3 years ago. Nice call. Will you still hold onto all of it, or take a bit of profit now and let the rest ride the wave?
     
  19. At the beginning of 2017, I had still all the coins from 2013. And wanted to keep them till 2020 at least (with a target of $5000 or so). But hell.... this year went crazy.... $5000 was reached in September... So yes I took some profit at 5000, 7000, 10000 and 12500... and bought a nice house and secured my retirement. I still have enough coins left and eager to see 2020 (modified target: $25k). If price falls irrationally I will buy more.

    The IRS is happy with me as well :sneaky:
     
  20. Which coin/s are you most bullish about?
     
  21. In price and security: BTC
    In technology: Ethereum
    In anonymity: Dash, Monero, Zcash

    But I only hodl BTC
     
  22. As an investment i'm after, which coins do you see having the most price appreciation?

    Ethereum doesnt have a fixed supply so I'm assuming it's not designed to be an extraordinarily high priced currency...
     
  23. I have no crystal ball.
     
  24. Great video! Thanks! Now off to read the Satoshi paper. Hoi, What’s your perspective with Andreas’s opinion about alt coins being the lab for BTC and that innovation with these can be applied to BTC directly?
     
  25. 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).
     
  26. 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).
     
  27. 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
     
  28. 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.

    upload_2017-12-17_10-25-35.png
     
  29. 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?
     
  30. 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.

    BS.
     
  31. 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.
    \
     
  32. no sorry.
     
  33. www.besdaq.com do not want to know who you are but they charge 1% for wires out.
     
  34. Pfff... just BS from a Bcash Troll. You may remind me Dec-2018.
     
  35. "Emil Oldenburg, the CTO and co-founder of bitcoin.com has spent the past three years in Tokyo. Oldenburg is also the co-founder of Safello, a Swedish bitcoin exchange."

    I wonder who is the BS troll. Not Emil, that's for sure. He probably is 1000 times richer from selling his bitcoins then you. Only when your bitcoins are sold and the money is in the bank you are sure to have made money. Till that day you are not sure about anything.

    I know people who got rich in stocks and poor again as they sold them in the crash in 1987.
     
  36. Hoi has been on here taking about bitcoin for years. He's come out and said when he sold (he scaled some out at some round numbers) and still holds some because he believes in future growth.
     
  37. If you read my posts well (which you obviously don't) you would already know I sold quite a few, bought some very nice stones, and can retire. But still support the real Bitcoin, with skin in the game, as I know it will grow multiple times in users, features, and of course: price.

    About Emil. I know him as a very close friend to Roger Ver. They OWN that website Bitcoin.com which they bought a few years back with Rogers money. They are NOT the founders! That whole website is ignored by the bitcoin community as it's used for pumping Bcash and other fake news.
     
  38. @ Hoi and other crypto enthusiasts
    Have you come across any stats on the amount of BTC trading occurring on mobile phones vs desktop?
     
  39. No sorry.
     
  40. Less then 0.64% of all bitcoin holders have a wallet of above $527,828.

    Let me guess: you are in this 0.64% and are better then 99.36% of all bitcoin holders. On ET there are only people making millions, so you are probably one of them.

    72% of all bitcoin holders even have not a $100 wallet. They have exactly $66,69 average each.
    And even 500K is still small money.
     
  41. Bill Gate is going to build several Quantum Computers that mines the rest of the possible 21 million bitcoins.
     
  42. Can anyone compare and contrast the difference between blockchain, hyperledger and hashgraph?

    Are there any (current vs planned) implementations of the latter two?
     
  43. You are going to make my head hurt. I challenge any crypto fan to explain these 3 to the average person.

    Anyway,

    https://hashgraph.com/faq/

    What is hashgraph?

    Hashgraph is a data structure and consensus algorithm that is fast, secure, and fair.

    Is there a cryptocurrency?

    There is no hashgraph public ledger or cryptocurrency. Hashgraph is currently being implemented on permissioned networks.

    ---------------------------------

    https://www.hyperledger.org/about

    Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration, hosted by The Linux Foundation, including leaders in finance, banking, Internet of Things, supply chains, manufacturing and Technology.

    Think of it as an operating system for marketplaces, data-sharing networks, micro-currencies, and decentralized digital communities. It has the potential to vastly reduce the cost and complexity of getting things done in the real world.

    That is what Hyperledger is about – communities of software developers building blockchain frameworks and platforms.

    -------------------------------------

    Hashgraph vs. Blockchain

    http://www.thewindowsclub.com/what-is-hashgraph

    Other advantages it offers over Blockchain

    A new consensus algorithm based on superior distributed ledger technology. This eliminates the requirement for massive computation and unsustainable energy consumption like those of Bitcoin and Ethereum.

    As mentioned earlier, Bitcoin is limited to 7 transactions per second. On the other hand, Hashgraph is 50,000 Times Faster: limited only by bandwidth — 250,000+ Transactions Per Second (Pre-Sharding)

    -----------------------

    Hyperledger vs. Blockchain

    http://etherworld.co/2017/10/01/hyperledger-blockchain-vs-ethereum-blockchain/

    "Hyperledger is different from ethereum or ripple or bitcoin as it doesn’t own a currency. It is software that is used for processing. The Usage depends on how each company chooses to utilize the software. For example, banks may use the Hyperledger software to process internal data on their server without having to deal with external entities."
     
  44. Let me answer this in a separate post. There can be lots of plans about the future (LN anyone?), but there are 2 problems with any plans concerning bitcoin:

    1. Who is going to do it, investing money and time in the development?
    2. Can we reach consensus and actually implement the new development?

    So let's say you are a cryptofan, and you have the dough too. You hire a bunch of programers and work on it, eventually coming up with a newer and shinier bitcoin version. This brings you to the #2 question, what is your chance that you can convince miners and others that they should implement your idea, specially if it is against their financial interest?

    Because of this problem, it is much easier to start a new coin or at least a new fork and divide the bitcoin fanbase instead of trying to reach consensus. You can talk as much about technology as you want, when my financial interest is against your logic, I will shit on logic. See BCH, what is clearly an improvement on bitcoin, but who wants to switch over when their little crypto rocket is still going up in value, no matter how bad technologically it is?

    Another problem with #1 is, that other teams could be working on similar solutions and they might develop a working product faster, making your effort worthless eventually. Again, the problem of decentralization... Better to work on a new coin...

    So this problem of decentralization is going to be the death of any overly successful crypto, reaching consensus among users will be impossible and this will give way to new coins and forks.
     
  45. My current strategy is now to off load inflated old coins to shop for bargain new coins with merit. I'll hold some of those older coins as they continue to go up, but realize the 100x gains on them may be over.
     
  46. SRN should be an up and comer.
    https://sirinlabs.com/#block-products



    The SRN is the FINNEY™ network’s default currency. Here are a few examples –

    CONNECTIVITY
    Stay connected while traveling abroad, using P2P data connection sharing over FINNEY™ devices network

    CPU
    Monetize FINNEY™ devices’ computer power while idle, sharing over the secure FINNEY™ network

    POWER
    Running low on battery is solved, by trading battery power with another FINNEY™ user

    DAY TO DAY
    Securely send and receive payments for services and products, using FINNEY™ fee-less transactions system

    SIRIN LABS will partner with consumer electronics OEMs to promote the adoption of FINNEY™ architecture, the software platform, and the SRN currency. Both hardware and software platforms will be released as open source
     
  47. This is pretty mesmerizing stuff,...

    Witnessing the birth of a new financial universe:

    https://bitnodes.earn.com/nodes/network-map/

    If you click on the viz, it will show rankings of map quadrants spatially containing network nodes.

    Pretty Tripping stuff.



    Live Dataviz of blockchain transactions in real time:

    http://bitcoin.interaqt.nl/


    Considering the size of the BTC network universe, this appears to me like the volume would be a bit low. Is there another way to look at this?

    It is interesting to see the frequency of $100k transactions.