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Whats up with the pixellation on the logo...do they build them like that on purpose? Lol.........
Bitcoin Cash (BCH) Day 1 -- started out around $300, dropped to $200, up to $600 as of now just 18 hours later.
What a day! Exchanges all over are wildly different, ranging from $400-500/BCH all the way to over $1000/BCH on YoBit. This is with nearly $300 million volume for the last 24 hours.
Tommy Chong, big legitimate name, with $POTN
Going higher, still longggg $POTN $POTN $POTN
Awesome news out $POTN$
What you need to know about bitcoin's 'hard fork'
Note: article gives a primer on BTC and the concept of a 'fork' as it relates to cryptos. Definitely an interesting time in crypto history! The BTC network has never been through anything like this before..
https://www.telegraph.co.uk/technology/2017/08/01/bitcoin-cash-time-bitcoins-hard-fork-does-mean/
On Tuesday afternooon, bitcoin will essentially split into two in an event known as a “hard fork” that has divided the virtual currency’s online community.
Two competing strands of bitcoin will emerge after some of its leading backers disagreed on the best way to take it forward.
The price of bitcoin has been relatively unaffected so far, but traders are unsure what will happen after the fork officially takes place. Here’s what you need to know.
What is happening and when?
Last week, key miners and developers of bitcoin agreed to adopt a new way of operating the cryptocurrency: since the technology is open source, changes are made to its underlying code if agreed by a consensus of users.
The new technology, called Segwit2x, has gradually been adopted by key players in recent days and appeared to avert a “civil war” over how to move forward.
However, a rival system has gained traction in recent days called Bitcoin Cash. Later on Tuesday, at 12:20pm UTC (1:20pm BST), it will be launched.
Why is the technology changing?
Bitcoin, now almost a decade old, is struggling to cope with a recent surge in popularity that has seen its price jump from about £750 at the start of the year to over £2,000 now.
This has led to a boom in the number of bitcoin transactions that the existing technology is struggling to cope with.
Bitcoin transactions are completed when a “block” is added to the blockchain database that underpins the currency, but at present blocks are limited to 1MB every 10 minutes - or seven transactions per second. This compares to 2,000 per second for Visa and means that at peak times bitcoin transactions can take hours to be fulfilled, inhibiting the currency.
The two rival proposals - Segwit2x and Bitcoin Cash - are both seeking to solve this problem in different ways.
What is the difference?
Segwit2x proposes moving some of bitcoin’s transaction data outside of the block and on to a parallel track to allow more transactions to take place. After that happens, blocks would double in size some time in November.
Bitcoin Cash does not propose moving transaction data outside of each block, but wants to increase the size of each to 8MB. Its backers are sceptical that the Segwit2x plan will follow through with doubling the block size later on.
Segwit2x has been adopted by enough of the bitcoin community to proceed, but in recent days more have signalled their support for Bitcoin Cash, saying the rival proposals do not go far enough.
What will happen to my bitcoins?
Most people store their bitcoins in online wallets or exchanges, rather than downloading them onto a physical hard drive. The majority of these sites have said they will proceed with the mainstream Segwit2x proposal.
Online wallet Coinbase said on its website that it “is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value”. Blockchain, another online wallet, said it has no plans to support Bitcoin Cash but that if it ends up becoming the more popular version it will.
Those who hold their coins by downloading the entire bitcoin code will end up with both bitcoins and bitcoin cash.
How much will each be worth?
The bitcoin price has remained stable in the run-up to the hard fork, but it remains to be seen what will happen after the split.
The offshoot, Bitcoin Cash is currently expected to be worth just a fraction of the £2,000 bitcoin price, at around £206, according to futures trading.
However, this is a very speculative value. Bitcoin Cash will only have value if traders continue to use it.
How do I get my hands on some Bitcoin Cash?
If you store your bitcoins online you might be a little too late - the bitcoin network is trading in massive volumes in the run-up to the hard fork and many exchanges are warning that transactions will be delayed.
Coinbase told customers that if they want to withdraw funds they should have done so by Monday evening, but some may still allow you to.
Users can download their bitcoins onto a physical drive, rather than have a website act as their custodian, meaning you should receive both versions. However, this carries risks in itself, especially in the run-up to the fork.
After the split, Bitcoin Cash will effectively run as an alternative cryptocurrency, like Ethereum, Ripple or Litecoin.
Intro for everyone, with all levels of cryoto experience!
https://bitcoin.org/bitcoin.pdf
THE original blockchain whitepaper. Only 8 pages, and does an excellent job of explaining the technology and illustrating the processes used by blockchain.
Not exactly, this gets into the underlyi g ctyptography used by the tech, called a Merkle Tree. Honestly, I can't say I fully understand it lol. It makes sense, but I am not a cryptography expert. In any case, I would recommend this article (pdf format), the original whitepaper published by "Satoshi Nakamoto".
https://bitcoin.org/bitcoin.pdf
I will actually sticky that article as well, as it is THE original blockchain/bitcoin whitepaper which paved the way for where we are now!
The Chinese and Asian markets will most likely be one of the main drivers in the years to come.
They need to escape government regulations.
The Chinese are settng themselves up to be the most powerful country in the world while the US continues to lose itself to confusion, consistently demonstrating instability.
I actually saw a really good article about the insane costs immigrants must endure to send money home to their families. You could be making 6 figures, but losing half of your take home pay to bank fees because you want to feed your family oversees. An excellent example of how cryptos could better the world. I'll see if i can dig it up...
Lol, a great example of what a strange tome the crypto sector is at right now!
On a side note: if lifecoin drops past 36 I am adding more :)
Excellent! A great primer on cryptos. I stickied this one.
Grabbed more at .059!
As far as increasing supply or doing a split, wouldn't that still require majority support from the nodes on the network?
The beauty of the infrastructure is that it is peer to peer. So, while not impossible, it would be extremely difficult for an entity to build up enough modes to take control of the network (they would have to match ALL the current nodes+1, and to maintain cobtrol they'd need to continue building nodes as the people built more). This makes it overly difficult for any single entity to take over the infrastructure.
Additionally, if that did occur, I would think that the value of that crypto would most likely drop out the bottom--then some other crypto would gain majority market share/popularity, and all the effort taking over the old infrastructure would have been wasted and need to be redone.
A change in protocol to allow for more coins would require a fork with support from a majority of the bitcoin peer network. This is no easy feat, and could result in a split (look at Ethereum vs Ethereum Classic). A split can be very detrimental to the entire crypto, as it shows the instability of the network and users.
As far as the banks, they will lobby against cryptos with a huge amount of capital, the government can attempt to regulate it, but I don't know enough to feel comfortable speculating on that topic lol..
http://www.investopedia.com/news/what-happens-bitcoin-after-all-21-million-are-mined/
What Happens to Bitcoin After All 21 Million are Mined?
By Nathan Reiff | June 8, 2017 — 11:20 AM EDT
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Bitcoin is like gold in many ways. Like gold, Bitcoin cannot simply be created arbitrarily. Gold must be mined out of the ground, and Bitcoin must be mined via digital means. Linked with this process is the stipulation set forth by the founders of Bitcoin that, like gold, it have a limited and finite supply. In fact, there are only 21 million Bitcoins that can be mined in total. Once miners have unlocked this many Bitcoins, the planet's supply will essentially be tapped out, unless Bitcoin's protocol is changed to allow for a larger supply. Supporters of Bitcoin say that, like gold, the fixed supply of the currency means that banks are kept in check and not allowed to arbitrarily issue fiduciary media. But what will happen when the global supply of Bitcoin reaches its limit?
Effects on Bitcoin Miners
It may seem that the group of individuals most directly effected by the limit of the Bitcoin supply will be the Bitcoin miners themselves. On one hand, there are detractors of the Bitcoin limitation who that say 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. In this case, these miners may need to rely on transaction fees in order to maintain operations. Bitcoin.com points to an argument that miners will then find the process unaffordable, leading to a reduction in the number of miners, a centralization process of the Bitcoin network, and numerous negative effects on the Bitcoin system.
This argument assumes that transaction fees alone will be insufficient to keep Bitcoin miners financially solvent once the mining process has been completed. On the other hand, there are reasons to believe that transaction fees and mining costs will even out in the future. Looking ahead by several decades, it is not difficult to imagine that mining chips will become small and highly efficient. This would reduce the burden placed on miners and would allow mining to become an activity with a lower threshold of initial cost. Further, transaction fees may increase, and this could help to keep miners afloat as well.
Price of Bitcoin
Bitcoin has already seen massive hikes in price in just the past few months. While no one is entirely sure how Bitcoin will continue to spread to the larger financial world, it seems likely that a limited supply of the currency may cause prices to continue to increase. There are also stockpiles of inactive coins that are held around the world, the largest supply of which belongs to the person or group who founded Bitcoin, Satoshi Nakamoto. Perhaps this supply, consisting of roughly one million Bitcoins, is intentionally being saved for a time when the global supply is facing increased levels of demand.
Good tip. I think that is a wise way to go about it for sure! Definitely would not advise anyone to go 'all-in' to cryptos (or amy asset, really).
What a lot of people don't realize is that many crypto currencies aren't just currnecy for currencies sake. They can DO things and be used to solve problems, not just make purchases. I thought the section about ICOs was interesting. I do think they will gain traction, but right now I think it's not yet worth putting much in to.
Regardless, what originally got me in cryptos is, being young-er...all video games or sci fi stories don't have dollars or euros or yen, they have 'credits' and they send them to people at the touch of a button on their holo-wrist display. Cryptos could be those 'credits'. No bank could do that successfully and be accepted everywhere, it has to be P2P.
Whether it will be BTC or LTC or ETH or DOGE or whatever, it is the future of money, I think.
Thank you! Next time I will copy the story as well
Good article speculating on the future of crypto currencies. Not in regards to price, but overall trends and future life.
https://fortune.com/2017/07/25/bitcoin-ethereum-cryptocurrency-predictions/
$ONCI still looking great!
$POTN love seeing that news. Only going to get bigger...so anxious for fins to come out!
Done! Thanks for the how to :)
Yeah I'd be up for that! It's definitely gaining in popularity. I've already got it as one of my favorite boards anyway lol -- sign me up!
Yes and no. It's similar to Ripple (XRP) in that it isthe "fuel" for running the network, but it doesn't necessarily mean Ether will be worth a bunch of money. It still isn't used to buy things, it is used as payment to machines for executing operations.
At its core, it is a development platform.
As far as a Bicoin fund, I would just buy BTC outright and place them in a hardware or paper wallet -- then again, I am comfortable with buying and selling cryptos. For people who aren't, it will be good.
I do not think it's needed though. Think about a Gold fund. You buy $100k worth of gold...where do you store it? How do you get it delivered? The Fund solves these problems. Cryptos have none of these problems because they are virtual. All you need is a $90 hardware wallet or a printer and some software and you are good to go.
Ethereum is a platform, Ether (which is what you buy) is a currency.
The Enterprise Ethereum Alliance is interested in ethereum as a platform and a service and technology. They aren't investing in it because of the currency, they like it because of what th e platform DOES, and what it is capable of doing.
I do think ether has potential and will grow in value long term, however there are forks of the platform (such as Augur), which have a more ambitious roadmap with a lot to promise (although if you ask bitcoin, being the first eans something). I do not think it is going to 10x by any means.
Litecoin, I believe, could easily produce very signifant gains in both the medium and long term.
That said, I own both.
They are an exchange, but only support USD trading pairs for the three big cryptos (ETH, BTC, and LTC).
Again, I'd just buy LTC and let them sit in a wallet (I'd recommend Trezor for a hardware wallet, or Exodus for a software wallet). With the BTC fork coming up there's just no telling what will happen. Litecoin is arguably the most stable crypto with better tech and performance than Bitcoin.
Trading cryptos is not like trading stocks. Start to accumulate Litcoin to buy and hold Litecoin. Buy a bunch next time it dips below $40, you'll be glad you did.
Also, don't keep your coins in an exchange. Get a real wallet (preferably hardware or paper) for security.
Rob, you have to buy in BTC, then teansfer to a wallet on an exchange such as Poloniex. Within the exchange you have trading pairs where you can buy and sell BTC for other cryptos.
In all honesty though if I were you i would just buy 50-100 Litecoins and hold them, and maybe a Bitcoin or two.
Niiiiiiiiiice!
They didnt get current for nothing $IHSI going up some more yet
Gimme some PR $IHSI
Lookin good $IHSI 10 bagger?
Litecoin is still the way to go! Seriously just look at the chart its beautiful. It also has a lot more going for it as far as acceptance and usability giys.
Own a nice chunk. Anyone have info as to when financials or actual non-twitter PR will be released??
LTC chart is beautiful. Any other crypto is a gamble at this point.
$POTN more good newsss!
$POTN let the gummy sales resume!!
$IFLM 100%
So much potential! Screw CDEL for paying with this stock so much. They are just scalping at the .068 to .0709 range all day
Sticky?
Closed on the .01 -- big moves!! $ARYC