Author Topic: Bitcoin currency (merged topics)  (Read 188859 times)

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5383
  • Karma: 744
Re: Bitcoin currency (merged topics)
« Reply #600 on: June 25, 2018, 08:34:57 AM »
There are all kinds of dangers, known and unknown, but mining difficulty adjusts as needed to average ten minutes between each new block on the chain, thus predictably producing 6 blocks of transactions every hour.  This process lowers the amount of electricity consumed by the hashing rigs used by the remaining miners as others stop competing for the rewards of finding new blocks. So if $5000 is unprofitable this week, it doesn’t mean it won’t be profitable to mine at $3000 next month as the difficulty decreases.

Offline CharlesH

  • Survivalist Mentor
  • *****
  • Posts: 858
  • Karma: 20
  • Hope is a method...
Re: Bitcoin currency (merged topics)
« Reply #601 on: June 25, 2018, 10:31:29 AM »
Very cool information.  Thanks!

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5383
  • Karma: 744
Re: Bitcoin currency (merged topics)
« Reply #602 on: June 28, 2018, 07:17:33 PM »
3 Tips to relieve anxiety during the BTC bear market:  https://youtu.be/EPmgwfLiroE


In my opinion, Jimmy Song is a close second, after Andreas Antonopoulos, as a trusted voice in this space.  Both have the technical skills to understand the underlying code and explain to a layperson, but most importantly, they're honest about the risks involved.

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5383
  • Karma: 744
Re: Bitcoin currency (merged topics)
« Reply #603 on: July 05, 2018, 02:21:56 AM »
6 Million Bitcoin is Lost or Stolen, Should the Real Value of BTC Higher?

So, instead of 17 million bitcoin, there's only 11 million available for trade now, and the maximum limit of 21 million bitcoin by the year 2140 will really be only 15 million. 

Such is the harsh reality of a truly decentralized ledger of account, there's no central authority who can refund coins.  It's not like ethereum, where Vitalik could hardfork it to get investors' stolen money back.

Offline fratermus

  • Survivalist Mentor
  • *****
  • Posts: 561
  • Karma: 21
  • off-grid BOV
    • boondock plan
Re: Bitcoin currency (merged topics)
« Reply #604 on: July 06, 2018, 06:17:23 AM »
So, instead of 17 million bitcoin, there's only 11 million available for trade now, and the maximum limit of 21 million bitcoin by the year 2140 will really be only 15 million. 

They are theoretically recoverable, so IMO the total will still be 21M.


Quote
Such is the harsh reality of a truly decentralized ledger of account, there's no central authority who can refund coins.

That's a bug, not a feature.  ::)

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5383
  • Karma: 744
Re: Bitcoin currency (merged topics)
« Reply #605 on: July 12, 2018, 04:18:54 PM »
Andreas Antonopoulos on the security of private keys cryptology and the overblown threat posed by quantum computing:  https://youtu.be/xxfUpIV9wRI


Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5383
  • Karma: 744
Re: Bitcoin currency (merged topics)
« Reply #606 on: July 13, 2018, 06:06:13 PM »
Russians Indicted for US Election Hacks Used Bitcoin to Fund Operations

Quote
"In an effort to pay for their efforts around the world ... the defendants paid for it with cryptocurrency," deputy U.S. Attorney General Rod Rosenstein said during a press briefing.

While the defendants allegedly used other currencies, including the U.S. dollar, "they principally used bitcoin when purchasing servers, registering domains, and otherwise making payments in furtherance of hacking activity."

Payments are said to have been made to companies in the U.S., with some of those funds being traced to a bitcoin mining operation.

The indictment explains:

"In addition to mining bitcoin, the Conspirators acquired bitcoin through a variety of means designed to obscure the origin of the funds. This included purchasing bitcoin through exchanges, moving funds through other digital currencies, and using pre-paid cards. They also enlisted the assistance of one or more third-party exchanges who facilitated layered transactions through digital currency exchange platforms providing heightened anonymity."


If these Russian cyberwarriors can't hide bitcoin transactions from a motivated adversary, nobody can.

Better pay your capital gains taxes!