Crypto Currency Thread

Crypto Currency Thread

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Behemoth

2,105 posts

130 months

Sunday 6th August 2017
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It's difficult to predict where BTC & BCH will land but I have an inkling that BTC might become store of value (it's already the de facto crypto reserve currency) whilst BCH might just possibly become the crypto "coffee" currency, used for day to day transactions. It depends on how the on-chain / sidechain scaling techs pan out.

Segwit 2 is the next volatile BTC event (November) & much FUD will doubtless ensue in the coming weeks.

Maxf

8,402 posts

240 months

Sunday 6th August 2017
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Behemoth said:
It's difficult to predict where BTC & BCH will land but I have an inkling that BTC might become store of value (it's already the de facto crypto reserve currency) whilst BCH might just possibly become the crypto "coffee" currency, used for day to day transactions. It depends on how the on-chain / sidechain scaling techs pan out.

Segwit 2 is the next volatile BTC event (November) & much FUD will doubtless ensue in the coming weeks.
'Gold' for the tech generation.

What I don't understand is how either BTC or BCH could ever become a real day-to-day currency in their current form - who wants to decide if to spend 0.0034 on a coffee, or 0.0099 on a pizza? It's so counter intuitive compared to fiat currency... although perhaps more like the old Italian Lira or something in reverse. The factoring needs to change for it to be truly usable - do any of the future events address this?

x5x3

2,422 posts

252 months

Sunday 6th August 2017
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Maxf said:
'Gold' for the tech generation.

What I don't understand is how either BTC or BCH could ever become a real day-to-day currency in their current form - who wants to decide if to spend 0.0034 on a coffee, or 0.0099 on a pizza? It's so counter intuitive compared to fiat currency... although perhaps more like the old Italian Lira or something in reverse. The factoring needs to change for it to be truly usable - do any of the future events address this?
The lowest denomination of BTC is a satoshi which is worth 0.00000001 BTC.

There is a nice table here; https://en.bitcoin.it/wiki/Units

If you say consider the future point when a BTC is worth £1 Million (yes we all dream smile) then a satoshi is then worth the equivalent of 1p.

Suddenly paying 259 satoshi for a coffee seems a bit more reasonable?


Behemoth

2,105 posts

130 months

Sunday 6th August 2017
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Maxf said:
The factoring needs to change for it to be truly usable - do any of the future events address this?
BTC (and now BCH) has always been divisible to eight decimal places, so making it familiar to units £1 or €1 or $1 is pretty easy, depending at what factor the value stabilises. Could be deci, centi, milli, micro whatever. It's really not at all important. Even if the values went crazy, it wouldn't be difficult to add even more decimal places. It'd just require a suitable upgrade that the consensus agrees on.

anonymous-user

53 months

Sunday 6th August 2017
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there's loads of development, the lightning network with offline payments and low fees.

https://lightning.network/lightning-network-paper....

''The bitcoin protocol can encompass the global financial transaction
volume in all electronic payment systems today, without a single
custodial third party holding funds or requiring participants to have
anything more than a computer using a broadband connection''


ChrisDT

1,863 posts

189 months

Monday 7th August 2017
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I'm fascinated by all this Crypto Currency but have no idea about it - how do you get into buying it in the first place? Is there a Crypto Currency for dummies type website worth reading?

anonymous-user

53 months

Monday 7th August 2017
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ChrisDT said:
I'm fascinated by all this Crypto Currency but have no idea about it - how do you get into buying it in the first place? Is there a Crypto Currency for dummies type website worth reading?
easiest route is buy btc for a start. there are loads of legit places and less legit. coinbase, ebay, local bitcoins, etc. then a wallet address to hold, either blockchain wallet for btc address or client on your computer like electrum etc.

then open an account on an exchange like Bittrex.

then just buy coins you think are worthwhile or hold btc. simple, it becomes a bit more complicated how you store them like each coin requires it own hosting client. you can store on exchanges but that has it own risks. The biggest thing is always double check sending address and make sure your passwords are secure and different each time. i usually send a small amount to check address works.

ChrisDT

1,863 posts

189 months

Monday 7th August 2017
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Thanks Spruce, I will have a better look tonight when i'm not side-tracked by work!

Henrico

254 posts

182 months

Tuesday 8th August 2017
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PS Never trade, just hold, most traders lose money

x5x3

2,422 posts

252 months

Tuesday 8th August 2017
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Henrico said:
PS Never trade, just hold, most traders lose money
I believe in the crypto currency world the phrase is hodl smile

Maxf

8,402 posts

240 months

Tuesday 8th August 2017
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Where do people find out about the new ICOs? I wasn't around when ETH was offered at pennies, but don't want to miss out on the next one.

I have a small amount of EOS and XRP, but as a 'punt' rather than any kind of sensible choice.


anonymous-user

53 months

Tuesday 8th August 2017
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https://www.icocountdown.com/ seems the most legit.

Maxf

8,402 posts

240 months

Tuesday 8th August 2017
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The Spruce goose said:
https://www.icocountdown.com/ seems the most legit.
Thanks!

Behemoth

2,105 posts

130 months

Tuesday 8th August 2017
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If you don't see the utility of transacting day to day purchases with cryptocurrency, then I'm not going to convince you anytime soon. It's a bit like foreseeing the utility and ubiquity of today's websites in 1997.

You have to imagine a world where use of cryptocurrency is also ubiquitous. Today, we are 20 years from 1997. Do you have an inkling what banking and currency will be like in 2037? Have you noticed the revolutions in banking web apps, smart cards, tap and pay, forex disintermediators in just the past 10 years?... I could go on.

BCH has a head start because everyone who has BTC already owns BCH (unless they've already sold it). However, sidechaining BTC will work fine if the various parties involved in consensus can agree to how it is done before someone else beats them to it. Nobody wants to see a blockchain cluttered with a zillion receipts for coffee, so it seems pretty obvious to me that these small value ledgers have to be off the main chain however large the ledger blocks are. If that happens, then there isn't any need for BCH.

Behemoth

2,105 posts

130 months

Wednesday 9th August 2017
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Yes, you are right about it being a background technology in very many applications.

But there is no escaping the fact it has a very good chance indeed of becoming a vehicle for direct daily transactions. Its advantages are enormous. Once sidechains are implemented: frictionless, cheap, disintermediating & immediate. It will be Uber + AirBnB x 100. As soon as governments understand how to tax it and employers understand how to pay workers whilst being in regulatory compliance, the flood gates will open. This won't happen soon, but as Neil Armstrong said "We predict too much for the next year and yet far too little for the next 10." I used to use that on my internet slides circa '95 smile

Henrico

254 posts

182 months

Thursday 10th August 2017
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x5x3 said:
I believe in the crypto currency world the phrase is hodl smile
HODL like you've never HODL'd before!

rufusgti

2,528 posts

191 months

Friday 11th August 2017
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Hi
Good few weeks it's been!
Can anyone offer me some guidance. I had 1 btc in my blockchain wallet before the fork. They're not supporting bitcoin cash (bch) so my Bach is not there. Meanwhile my coins in my coinfloor wallet were matched with bch, very nice.

What's the easiest way to claim my bch from blockchain and get it into my coinfloor account to sell. I'm really not very savvy with all this still and find it a really quite hard. But it's worth doing so just looking for the easiest way.
Many thanks

Behemoth

2,105 posts

130 months

Saturday 12th August 2017
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It's a bit of a headache if you're not technically adept. Depends how desperate you are for ~£250.

Essentially you need to prove you had them at the time of the fork. You can do this by signing verification at the wallet. https://support.blockchain.com/hc/en-us/articles/2...

Then use that sig in a new Electron cash wallet http://www.electroncash.org to collect your BCH which you can then move to your exchange.

Do each step carefully.

It may not be worth your hourly rate but you'll learn stuff along the way smile

rufusgti

2,528 posts

191 months

Saturday 12th August 2017
quotequote all
Behemoth said:
It's a bit of a headache if you're not technically adept. Depends how desperate you are for ~£250.

Essentially you need to prove you had them at the time of the fork. You can do this by signing verification at the wallet. https://support.blockchain.com/hc/en-us/articles/2...

Then use that sig in a new Electron cash wallet http://www.electroncash.org to collect your BCH which you can then move to your exchange.

Do each step carefully.

It may not be worth your hourly rate but you'll learn stuff along the way smile
Thanks.
It's definitely worth it to me as the more I explore with this the more I learn and the more comfortable I am with the whole thing. Thanks for your advice, I will give it a go over the weekend. Even if I don't sell it will be good to have it in a wallet. I presume the fact they're worth 250 suggests some people envisage the value creeping up. 250 for a brand new altcoin is high. I'll probably hang on to the bch as one thing I've learnt with bitcoin, even if you don't understand it, you're better in than out!

Behemoth

2,105 posts

130 months

Saturday 12th August 2017
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It's very difficult to know whether BCH will retain or accrue any value. Innovative work on BTC like segmented witness and lightning network may well overtake the need to have the larger blocks that were the reason BCH supporters pushed the fork in the first place.
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