Kryptonite price today, KRYP marketcap, chart, and info ...
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Is Regulation Cryptocurrencies’ Kryptonite?
Cryptonite price today, XCN marketcap, chart, and info ...
Cryptocurrency NEO-review and analysis of prospects
https://preview.redd.it/92i8bo3tm1v31.png?width=800&format=png&auto=webp&s=392f964144975e5e2e11a6ea784f6f03923017b3 The NEO digital asset platform was previously called Antshares. But in recent times, a complete rebranding has been made. In addition to the name change, the startup updated blockchain nodes and technical documentation, as well as the stock Ticker. In addition, the official website and social media were redesigned. The transition to a new version of the smart contract system, called NEO-2.0, was carried out. The NEO cryptocurrency has been showing stable and non-stopping growth for a long time. Very quickly, the Chinese creation took seventh place in the top of Coinmarketcap. This, without a doubt, is a serious bid for prospects, given the high competition in the cryptocurrency market. And Ether confidently holds the second line after the famous Bitcoin. So the crypto currency NEO clearly has all the chances to rise much higher than the seventh line. At the moment, the price fluctuates around $45. The cost for three months has increased 20 times. The volumes of neo cryptocurrency reserves are clearly defined and limited to 100 million tokens. So far, only half of the available potential — 50 million tokens-is available on the market. So the crypto currency NEO clearly has all the chances to rise much higher than the seventh line. The project is actively developing. OnChain cooperates with other players in the field of cryptocurrency and blockchain technologies. At the moment, there are connections with blockchain startups Coindash, Bancor, Agrello and others. The Chinese project Red Pulse has announced the creation of a financial research platform based on the NEO-2.0 smart contract system. Also, in cooperation with NEO, there is an intensive development of The Elastos operating system based on blockchain technologies.
THE history of the emergence and development of neo cryptocurrency
https://preview.redd.it/2f7c6ryop1v31.png?width=1280&format=png&auto=webp&s=300b03be2a471d857d7d22d5659f2a4ef74c5e8b The date of origin of the project can be considered 2014. NEO Creator Da Hongfei is a Director of Shanghai-based OnChain. In 2014, onchain, according to Da Hongfei's idea, launches the AntShares blockchain project. On the basis of this platform, a cryptocurrency of the same name was also created. Yes Junpei put to the company is simple, but a global problem. His goal was to build a fundamentally new system of financial interaction. This system should unite the sectors of the real and virtual economy into a single whole with the help of high-tech contracts. And cryptocurrency from OnChain should become a unit of payment for these contracts. Soon OnChain enters into a contract for cooperation with the Wings blockchain project, as well as contracts with economic giants Microsoft and Alibaba. In August 2017 begins the story of NEO already in its current form with the current name. Da Hongfei carried out a complete rebranding and technical modernization of the project. The rebranding was a huge success, and the price of cryptocurrency from OnChain soared 40 times. But not without problems. On the fourth of September, the Chinese authorities adopt a package of sanctions laws against cryptocurrencies and ICO. It was a heavy blow, which at the time almost 2 times brought down the course of the brainchild of Hongfei. However, soon the NEO cryptocurrency moved away from the blow and began to confidently win back the lost positions. At the moment, OnChain is actively upgrading the product and simultaneously trying to find a compromise with the Chinese authorities for the legalization and quiet operation of its offspring.
Features and principle of operation NEO
https://preview.redd.it/tj1goppoq1v31.png?width=800&format=png&auto=webp&s=0c39d14754ba9dd99e2c6bfb692f0f7bdd6c1838 From a technical point of view, the Chinese cryptocurrency is very similar to Ethereum. The basis of the platform is the construction of smart contracts and their subsequent payment with tokens. Also an important part of the project is the ability to create new technologies based on the platform, as well as easy integration with other services. Despite the fact that NEO is often called "Chinese Ether" and the fact that the Ether still occupies a higher position in the ratings, the product from OnChain has advantages that the Ether lacks. NEO is much more practical and functional. This, no doubt, opens up the potential to move the Airwaves in the ratings in the near future. Let's see in detail how everything works. Transactions within the system are possible when paying a Commission. The Commission is paid in-system currency. That is, for the transaction you have to throw in the system additional "fuel". The developers of OnChain decided to create an additional in-system currency, called GAS, as a fuel (a means of paying commissions). NEO mining is impossible. There is a final coin value of 100 million. 50 million thrown on the market during the ICO. The second half of the developers keep at home. However, GAS mining is possible. However, it occurs when holding coins in a purse. That is, the more tokens you have, the more GAS coins you can get to pay commissions. Today, 2000 coins in the wallet accumulate 1 coin GAS every twenty-four hours. Such mining is associated with the work of the network on the Proof-Of-Stake algorithm. Coins generate themselves. Without the use of farms of video cards and megawatts of electricity. Like any cryptocurrency, NEO has advantages and disadvantages. The benefits of NEO:
the publicity of the company and experienced team;
contracts and cooperation with corporate giants;
a wide functionality, much superior to the functionality of Ether (it is difficult for a simple person to understand what the salt is, but for a specialist NEO opens the widest horizons for development and operations);
activity in meetings and seminars;
active struggle of OnChain for legalization (although there are some problems with this now in China, however, there is a high probability that soon all issues with the government will be settled, which will attract large investors and significantly increase the already considerable capitalization of NEO).
The shortcomings of NEO:
all gas storage nodes belong to OnChain, that is, NEO is a centralized structure, although it is served as decentralized, this means that blockchains are in the hands of a narrow circle;
OnChain has the technical ability to monitor the transactions of coin owners, transmit information to the authorities, as well as personally block funds in users ' accounts and regulate the rate.
However, there are great economic and technical prospects for the development and increase in the price of the coin.
Direct mining of NEO is not feasible, you can only mine GAS to pay commissions.
Bitcoin mining depends on the power of the technical base of the miner. The larger the pool of farms from video cards, the more active is the production. In the NEO system, gas mining occurs exclusively due to the presence of coins in the wallet.
To organize a large Bitcoin mining requires large purchases of iron and organization of production (supply of high-power power supply line, cooling system, etc.). A direct injection of investment is sufficient for the development of GAS. Each purchased 2000 coins of "Chinese ether" will steadily accumulate exactly 1 coin of GAS per day.
Bitcoin has the most decentralized system of blockchains, as opposed to pseudo-centralization of NEO.
The processing speed of one NEO block is only 15 seconds. For bitcoin-as much as ten minutes. In the future, it is predicted to accelerate the processing of blocks for NEO to 1 second.
Despite the risks associated with the organization of blockchains, NEO remains a very promising platform in the cryptocurrency market.
NEO storage wallets
On the official NEO website you can find links to the following wallets.
Wallet NEON-Wallet from the group of independent developers City of Zion. Quite good, but the factor of third-party development and the presence of bugs impose their risks.
NEO-CLI. This wallet is recommended only for programmers and people who are good at command line.
NEO-GUI. The best option for the average user. To use it, you need to download the application, synchronize the blockchains and make a backup of the wallet. All. Now you can safely carry out financial transactions using Chinese kryptonite.
There is also the option of storing directly on the exchanges, however it is risky. Also, holding coins on an exchange rather than in a personal NEO wallet will not generate GAS.
As the value and popularity of NEO increases, a massive increase in trading platforms where you can buy or sell "Chinese Ether" is predicted.
Ways to get NEO
Unfortunately, at the moment there is no way FOR direct NEO mining in the manner of Bitcoins and Ether. However, there is a way out. NEO cranes can be used. Cranes are resources where the user receives a cryptocurrency reward for performing certain tasks or participating in lotteries. There is a high probability that if successful in the legalization negotiations, OneChain will provide additional ways to get their tokens. As you can see, NEO is a very promising and rapidly developing cryptocurrency. And although the Chinese government has created some difficulties, on the example of Bitcoin, we see how high the rate of the crypto currency can rise if the factors interfering with the development disappear. So, the prospects of NEO are optimistic and you can risk investing in them.
Superman develops a sudden, irrational hatred for Bitcoins, and sets out to completely destroy the Bitcoin economy in whatever way he can. His goal is to utterly strip bitcoins of all value, or at least come as close to it as he can, and to totally discredit it as any form of currency or medium of exchange. Superman is mostly in-character, and will not kill under any circumstances. However, he is willing to break the law as long as it doesn't significantly hurt anyone (outside of any damage done by the loss of Bitcoin's value, which he is obviously utterly indifferent to) and provided he isn't caught. Additionally, he doesn't want anyone to find out he is responsible for this. Assume that no other superhero or super-powered being will investigate or care, but if ordinary people find out he's responsible, he loses. How much damage can Superman do to the Bitcoin economy? R1. Superman can use whatever tactics he pleases, within the above constraints. R2. Superman's hatred of Bitcoins means that he will not participate in the economy himself by any means - he won't purchase, mine for, or legitimately interact with the Bitcoin market in any way, shape, or form. However, in this round, he is willing to cause damage by breaking the law, as long as he doesn't kill anyone. R3. Superman is bloodlusted and willing to kill anyone who owns or has ever owned a Bitcoin in order to stop Bitcoins. He has 24 hours. He still loses if it's generally discovered that he's responsible, and he won't kill anyone who has never interacted with Bitcoins (so no just throwing the earth into the sun.) R4. As R1, but Batman has converted the entire Wayne family fortune into Bitcoins and is now determined to protect them. Both Batman and Superman are in-character otherwise, won't harm each other if they can help it (outside of Superman hurting Batman financially by crashing the value of his Bitcoins, of course), and won't kill each other under any circumstances. Batman will not out Superman as the source of the problem regardless of the situation. No Kryptonite or other things that nullify Superman's powers.
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How the Crypto Currency impacted Venezuela during 2017 - 2018
Traditionally, society has perceived the use of money as the physical representation of it, however, with technological advances; the use of cards was achieved through a database registered with a bank to handle balance movements. However, the global economy is adapting to new technological and social developments that have led to a new structure: blockchain technology. Turning economic transactions into decentralized, transparent and incorruptible exchanges. As seen in the documentary Banking on Bitcoin, original by Netflix and released in 2017, which tells through interviews with various experts how cryptocurrency produced a market and destabilized the monopolization of banks with respect to the world economy. Presenting this scenario, and looking to Venezuela, a country that is currently on a very high price rise, what Professor Philip Cagan of Columbia University called in his 1956 article as hyperinflation, because the rate of price increase is more than 50% per month, positions the South American country as one of the 56 documented cases in the world with this type of inflationary decontrol compared to that suffered by Germany in 1920 when the exchange rate reached 2 billion German marks for every US dollar. Venezuela, with an estimated inflation rate of 1000000000 per cent per annum by August 2018, has a hyperinflationary stability that includes not only the state of the economy, but also politics, social welfare and a general crisis in the control of prices of basic necessities. This scenario provoked protests in the country last year 2017 in which many people took the streets to express their discontent, demanding an acceptable quality of life, however, the result of these protests was approximately 127 dead, 3000 wounded and more than 2500 detained. At the end of that year, the re-elected president, Nicolas Maduro, proposed in December the launch of the Crypto currency Petro as part of the economic measures to solve the economic crisis that the country was going through, which would have the value of a barrel of oil according to the OPEP balance. However, the U.S. government enacted a sanction for those who would like to invest in this crypto, being Americans, because of the various diplomatic conflicts between the countries. This influenced the other countries not to invest in this project. Due to this initiative on the part of the Venezuelan government, the cryptocurrency were positioned in the public opinion and diverse people saw this as an opportunity of business, generating great amounts of dollars with the import of machines to mine bitcoins in the country, this phenomenon had a rise, product of the high profitability of the basic services like the electricity and the gasoline, that in comparison with the rest of Latin America and the world are positioned far below. Parallel to the emergence of this business Satoshis are sold for dollars through groups in Telegram and those dollars are exchanged for Sovereign Bolivars, currently 1$ = 100 sovereign Bolivars. Perhaps this is the first step for the adoption of cryptocurrency in the Venezuelan economy as a sustainable alternative to generate greater accessibility to the purchasing power of Venezuelans. Achieving the adoption of cryptomonedas in Venezuelan society offers the following benefits: 1 - Venezuela have a large number of people who decided to leave the country in search of a better quality of life. Usually, they send remittances to their relatives from abroad but the commission is very large for making the transaction, which is why crypts are an excellent way to send money, instantly, securely and without intermediaries. 2 - Due to hyperinflation, banks do not offer their customers the opportunity to withdraw enough money in banknotes. To understand this subject a little, here is an article. Usually people line up long lines to withdraw money. Thanks to crypto currency, this system can be erase it to achieve exchanges and reciprocal digital fluctuation between traders and customers... Directly to people with the QR code. 3 - It can act as a humanitarian channel to help people buy food or medicine through donations. In spite of the scarcity of food and medicine, this has proved to be an excellent channel that allows the solidarity of the communities that make up the kryptonite movement worldwide.
( BITCOIN )ALL CRYPTO CURRANCY WILL MAKE YOU RICH !!
Hello , I'm Alex I'm a crypto currancy Invester now for about a year and half and made a good Amount of Money in this space in a short period of time . I know how it's a little intimidating starting in a new revolutionary crypto space ! But it's actually pretty easy wants someone shows you and walks you through it with confidence in just 30 minutes . Specifically I'll show you how to open a Coinbase account and Other American exchanges located in the United States in just 30 minutes ! Right now is the best time to purchase crypto currency at these ridiculously low prices . I will hands on face to face show you and walk you through how to purchase these simple cryptos like BITCOIN ETHERUIM LIGHTCOIN ETHERUIM CLASSIC BITCOIN CASH etc........ AND ESPECIALLY THE BEST NOW AND THE NEAR FUTURE WINNER (XRP ripple) today trading at only .52cents Everyone out there please help yourselves and your family BY TAKING YOUR FIRST STEPS TOWARDS INVESTING IN THE #1 up an comming CRYPTO CURRANCY MARKET ! You don't need a lot of money to start Even as little as a $100 Invested today will give you huge returns very very soon ! I and everyone believes that investing into the right crptos today is like buying amazon , Facebook , Netflix , etc....... 20 years ago This is a once in a life time opportunity to be witnessing this HUGE up an coming disruptive digital market ! I live in marina del ray and can drive to meet you in person anytime ! Thx for reading my post ! My goal is to help as many people as possible even if your not computer savvy and only know how to operate your smart cell phone . just like my buddy helped Me and tought me this great opportunity almost 2 years ago . I wanna give back and do the same for you . Please call me if you have any questions Alex cell phone # (267) 818-0898 Tag, Bitcoin, crypto currency, old coins, digital asset, cryptos , Kryptonite grocery, investing, investment, investor, earn money, make money, money, Jobs, career, work, services, all service, gatherings, meetings, Banking, finance, stocks, stock exchange, training, trainin banking, finance, stocks, stock exchange, training, trading ,stocks ,
What the XRP? Demand is good for banks and people.
Ripple is a beautiful framework / digital unit of account, but what is plan to popularize it with the masses?
If XRP is only used transactionally bank to bank and not held and easily able to purchase by the masses, it will go to zero ($0). A currencies value is purely a function of demand #XRP The cart before the horse now is: Recent institutional pivot by Ripple is explicitly just bank to bank and users are wondering what exactly the plan is? If plan is to use just bank to bank then XRP has no primary purpose (the important part is primary) as a unit of account, as whatever is being sent, would arrive in denomination of currency sent, or exchanged, and XRP becomes entirely superfluous, and so it's value will head down not up. Discarded, like a datapacket that delivers data to your computer, once envelope of data has arrived, you don't need the envelope, nor do you keep it. In a bank to bank transfer, you wouldn't need XRP post transaction. UNLESS it is held in XRP post transaction, on an exchange. However to HOLD something, unless it is easily purchased, popularized (liquid) and highly accessible is a scary thing. In this instance, bank to bank transfers aren't initially going to popularize XRP holdings so who is? edit:Maybe it is Gatehub, still the world waits in wonder to how all will unfold. GateHub is, a place, where users can hold wealth, in a storage of unit. However, at present it is not a place my mom or dad could make a purchase of XRP on, or most people I know for that matter (as its complex). People need to be able to buy XRP with a VISA in hand. Not have people (the users it cares about) buying BITCOIN on one website, then utilizing another website like BitStamp to transfer withdrawal to GateHub and convert it to Ripple. (3 websites is overly complex barrier for the masses).
In fairness, improvements to GateHub are being made everyday.
GateHub needs to provide functionality to buy XRP with dollars (Mastercard, Visa), not have to do it three websites downstream. As a unit of account, if XRP is to be HELD, then it must be easy to purchase, and demanded by all. Any digital unit of account held must be easily traded by everyone not just banks. Otherwise liquidity will be an issue. Which is why Ripple Trade was good for everyone, including the banks, long term. Ripple made a pivot and nuked Ripple Trade to focus more on institutional bank to bank business. This is unfortunate as Ripple (the Torch Bearers) needed to be the leaders here and not the banks lead Ripple. The institutions/big business couldn't see the big picture so Ripple pivoted.
Imagine a big business loving the idea of selling their product with the Amazon.com Payments api/framework but it bothering them that on the same framework that people could also list/trade their own products. (Which is what creates the Marketplace). It would be nonsense, as they are synergistic with eachother. Eclipsed due to understanding/lexicon, would be the real benefits of the future of the Amazon.com global marketplace (massive new customer potential) for that big business in the future.
A progressive bank would see the allure and value of having access to an unstoppable, growing, global digital currency marketplace (to sell their services into) and not just bank to bank transactions. This is like Blockbusters 60+ executive board not forseeing/contemplating Netflix (resisting the world of video streaming kicking and screaming. A digital currency unit should just be perceived as new cryptographic exchange Commodity; and with that commodity comes a global marketplace and new customers for the bank. Holding in XRP would allow for hedging ALL currency exchange risk at the touch of a button. I believe the hard problem which navigated them into leaving the Ripple trade platform was how to compete as a digital currency on the global stage. One of the banking groups, probably shared with them/steered them into a direction, in private, with the selfish advice of, "we love the idea as a framework, but we feel (our feelings tell us) the trading component competes with us". And since, the fees to be made on tolling bank transfers, in larger and larger volumes, was a simple and logical win straight forward/path, the decision was made to move away from Ripple Trade, as banks irrationally treat ALL variations of digital currencies like Kryptonite. Ironically, however, the primary unit of account, the currencies they presently use, are unquestionably already bankrupt.
We now have $11.7 Trillion worth of bonds globally with negative-yielding debt; just two decades ago this number would have indicated absolute Armageddon. This $11.7 will be a tsunami of capital that funnels into precious metals, other hard assets, and digital currencies (not being diluted) in the next 24-48 months. A fire hose through a straw. Big changes are coming. A major currency event is inevitable.
So while on the surface the XRP to an institution may appear like it is conflict (the bank may even believe it cause they don't understand it), upon closer inspection, it simply isn't - its function could provide much protection. If a holding bank was holding XRP instead of the sterling pound post brexit, not only would they have weathered the storm, they would have made a few bucks. A tsunami of further exchage risk (like Brexit) is on its way and the guessing game of knowing which one, could be effectively managed with a cryptographic holding commodity like XRP. -- For all the same reasons, every CB is presently onboarding massive quantities of Gold. The absolute real risk is in the paper dollars they are presently holding, hence, why the gold hoarding of recent (gold being a complete hedge against the dollar). The reality is, integrating with this framework, not only provides them the long needed infrastructure (what on the surface appeals to them), but also, like gold, by having any/partial holdings in a digital currency, that isn't being diluted, would ultimately be a blessing in disguise when the next crash happens. The XRP both as a digital currency, and as a banking framework as a Tsunami of $11.7 Trillion in negative bonds, seeks out storages of wealth, like gold, crypto/digital currencies/holdings, on said global exchange like GateHub (in Ripple) will sky rocket (much like BITCOIN going from $0.08 to $800 in a mere matter of years) --done in BITCOINS case, without bank/institutional support, no less. If any entity, is going to hold partial funds in XRP, wouldn't they prefer there was demand for it? So then Ripple trade didnt compete. Demand is a good thing. If your storage of wealth is in walnuts but nobody wants them vs. the world can't get enough of them, is it not a high class problem to have everyone wanting walnuts. XRP exchange getting busy is a great thing for any bank using the framework - even if their plan today isn't to hold it after transaction. Period. And Ripple Trade wouldn't have competed with them one bit. It just would ensure they had greater liquidity of funds held in XRP in future. Should they subscribe at all to the idea of even holding funds in XRP (Maybe they just use for purely transactional purposes with no holding in XRP. Personally, I'd rather hold in XRP than US dollars right now. Markets are shit. Banks are hoarding gold. Also, the same reason the IMF just announced the O-SDR M-SDR; while also announcing they would be doing "analysis" (lol) to see whether the SDR could play a larger role as a unit of account in the global economy (not just between governments but all entities). What they are saying here is: given they are the only CB (Central Bank) WITHOUT a mountain of FIAT debt, they know the need is already there, this is just a more dovish way to socialize it with the G20 than saying, "the sky is falling". The reality is the XRP conflicts with global banking as much as the SDR, truth being, it doesn't at all. And real soon here there will be a market pull rather than market push for storages of wealth that aren't being exponentially diluted; as the real secret trying to be kept under-wraps is, ALL of these FIAT currencies are already all bankrupt; hence the 11.7 Trillion with negative returns. The SDR will be used to bail out all central banks over the next few years - this was just the calm way of the IMF socializing it with the world before the storm. China given the green light will make the recently announced M-SDR legitimate over night. Hence their inclusion in SDR recently. Also notice the gold backing of Yuan and launching of Shanghai gold exchange for arbitrage purposes (real genius, almost as genius as Petrodollar). Regardless, Ripple pivoted; great, but the reality is, the infrastructure they built could be much more than dumping half the framework just because they had a bank bully them early on to drop, key elements, which aren't even, remotely, competing with bank interests. Any bank that can onboard a system like this, reducing fees, expediting communication, while as a side effect having funds in a currency that is in demand so there is liquidity should be thanking and praising the guys that wrote it. The same banks claiming any aspect of it competes with them will be dreaming and wishing they were holding more XRP when next crash arrives at our door step. (A crash that is, NOW, were it not for ESF acting as market kickstand.) They know it's coming too, as they have already all implemented Bail In provisions, new banking legislation, that allows them to keep your money in your account upon next crash. Your money; it's theirs. Google: Bail In provision. The bank went from being the custodian of your money, to you being an unsecured lender to a private corporation. They will justify keeping 30-50% of your wealth, during the next crash. Yet they want to push back on cutting edge trading platform that saves them dollars on fees because there is a trading component to the exchange it sits upon - which if viewed properly could act as a shield for exchange risk - absolutely ridiculous. It's more than a just bank to bank it's a technology power tool for unforseen exchange volatility (and there is much of this to come; a storm actually). Hence, why Im still a proponent of a global partner for Ripple like the IMF. I use to think they were evil but with inclusion of China into SDR makes me realize they can be fair and logical - maybe the only rational group left on the planet. And, as the only CB without debt, well knowing what's coming down the pipe, you would think they would see the amazing power tool potential of a cryptographic exchange commodity like this, to reduce losses for the very banks they will soon be bailing out. Not to mention, the framework for bank to bank transactions with no fees. It's a win win.
Rebuttal to Roger Ver's points made on Mad Bitcoins interview (And partial transcript)
Here are some of the items Roger said that I found interesting and/or worthy of debate and also some quick responses. All in all I think this was a much better presentation of his argument (though still flawed IMO). I took the time to transcribe some of his statements (There may be errors, memorydealers I would be happy to correct anything I quoted that is wrong) I left my responses purposefully brief. I am hoping others can add details or extend them to further prove or disprove any statement (including stuff I wrote that's wrong or that you disagree with). I am hoping that someone from core goes on with Mad Bitcoins tomorrow night. https://www.youtube.com/watch?v=XpOnolf1tS8
@3:00 "So anybody that thinks that high fees, and slow confirmations and full blocks are a good thing for bitcoin, they are plain and simple wrong and they don't understand the things that make bitcoin useful as money."
Just because people don't agree with you doesn't make them wrong. Its simply different priorities.
IMO the thing that makes bitcoin useful is not only that it is money, it is that it is decentralized money. Anything that puts decentralization at risk will cause the value to decline at least as much things that make it less useful as money.
@3:14 "And people talk about, well bitcoin is a store of value. Well the only reason people want to save money is so they can spend it later and if bitcoin becomes not usable as a means of exchange so people won't want to save their wealth in it either...If bitcoin can't be used a medium of exchange, it won't be used as a store of value"
Bad argument since it can be used as a medium of exchange
Bad argument because people use gold as a store of value and it is not a very good medium of exchange
@6:30 "Either they can mine an empty block during that time period while the block is being propagated and validated or they don't mine at all so as a miner its very very clear it would be better to mine an empty block and get the 12.5 coins from that than to not mine at all during that period and have no chance of getting a block..."
bigger blocks would create more empty blocks
[continued] "...Its actually a nice way of slowing the network down from getting ahead of itself, if the blocks are too big and they are propagating around and its taking too long for people to get a whole copy of them the fact that a pool is mining an empty block, it lets rest of the network catch back up because the empty block propagates very quickly and it can be validated very quickly so it lets the whole bitcoin network catch back up to where things are supposed to be. So its actually kind of a nice safety valve for slowing the down the speed of the transaction rate on the bitcoin network if needed."
Interesting to hear the argument for small blocks inserted here
"@8:30 So right now the block size is set by a couple dozen core dev who decided who have decided the maximum size is 1MB"
Blocksize was set by satoshi
Code is open source and it is trivial to change the blocksize
@9:30 "Also, all the mining pool operators are running nodes as well and those are the ones that actually secure the network and validate the blocks and do that"
miners are not the ones who validate blocks except in the capacity that they don't want them to be rejected by the true validators: the users
@9:47 "That's probably why this whole debate hasn't been settled already because there is not any one specific place you can point too and say this is who is in charge of solving this issue."
Interesting reference to centralization
@10:40 "as were seeing from this current scaling debate there is this huge huge huge motivation for everybody to stay on the same chain and be part of the same bitcoin network, so even once the users are able to configure this themselves, I think 99% are still gonna stay on the same chain"
So basically emergent consensus wont actually do anything because they know >1MB is still contentious and they want to stay with the 99%
non-contentious forking is really just an exercise in mass coordination, this has been a hot dev topic for many years
@12:55 "The developers at bu come up with an amazing technology called extreme thin blocks"
The one that had a bug in it for over a year that could be exploited to crash a node remotely
@15:20 "I think bitcoin mining is more decentralized than ever"
It is almost impossible to gauge this
I would argue that the opposite is true, but I would need to do more research
@18:02 "The things segwit solves/the issues it addresses aren't things that need to be fixed urgently"
BU doesn't raise blocksize limit right away unless users want a contentious split, which they probably don't (Roger mentioned earlier that users have a huge motivation to stay on the same chain)
@20:02 "If you're hard forking for a good reason, it's not contentious"
This is an example of centralization: "Only my ideas could be considered a good reason"
@20:58 "Lets say it somehow splits at 50/50 .... blocks will take 20 minutes to confirm. The transaction capacity will be half."
He is describing how the 1MB chain will die after a split.
Seems to me those who value bitcoin centralization will be just fine waiting for 20 minutes or longer, especially since segwit activation will jump to 60%+
@23:14 "And if you have an opinion like i do on this as to which version of bitcoin is the better one. I will sell my coins on the slow expensive core chain...bitcoin unlimited coins will be so much more useful because you actually be able to send and receive them with people unlike the bitcoin core coins on this congested network that cost a fortune and take for ever to move the bitcoins"
A threat to dump bitcoins. I will buy some.
@30:52 "And the miners, the majority if their income is from the block reward and not from the fees on the network and the will continue to be the case for like the next 100 years."
In 2040 (assuming 4 year reward halvings) the reward will drop to 0.19531250 BTC
@31:02 "And its worth pointing out that the bitcoin unlimited guys they are not opposed to layer 2 technologies at all, we're excited about layer 2 tech...but our point is don't strangle bitcoins layer that brought us from nothing to where are today"
I just thought it was interesting the use of the word "we're" here
@32:12 "Whereas a lot of the core developers today are actively saying that they want to damage the bitcoin that brought to where we are today"
This is a very repeated point and in someways, seems like the only point. Probably a good place to focus for anyone engaging in debate
Nobody is saying this, this is putting words in people's moths just because they disagree with methodology and priorities.
@33:16 "People that are part of bitcoin core are part of bitcoin core are openly and intentionally advocating for high fees and full blocks, thats kryptonite for bitcoin"
OK Im drunk now because I took a shot every time roger made this point.
Again, putting words and intentions in people's month, disagreeing with someone's method of improvement of a thing is not an argument that someone is trying to harm that thing.
@38:12 "So for me I think its time to switch to BU, A dev team that understands why bitcoin is useful as money"
Personally I don't want to trust anyone one team
@40:23 "the bitcoin core camp seem to think that bitcoin will only be used as a store of value, so they are undermining its usefulness in commerce"
@44:40 [Regarding BU Bug Fix removed from /bitcoin] "I think everyone involved with bitcoin should condemn that sort of activity"
I agree with Roger here, alternative Bitcoin implementations should never be considered an altcoin, alternative consensus proposals should always be heard
@49:06 Right now you can run bitcoin on a raspi for $25
Cost of computing is not the main concern, storage is an issue, but the main concern is network costs
@49:12 "My understanding of their side is...I guess they have 2 [concerns]...One concern they have is that they think that bitcoin network is going to become centralized."
This point can not be overstated, though it seems glossed over when considering what is best for bitcoin
never got to 2nd item because he got too busy going back to his repetitive defense
(paraphrased) Bigger blocks = more people = more decentralization
More rich people
IMO raw growth is not always the best answer, especially scaling can be gained through optimizations
"As soon as the user experiences started to decline (slow confirmation, high fees), adoption has started to decline"
This doesn't seem true, would be worth investigating
@51:50 "bu will have bitcoin.com"
when asked if BU should just take on a new name
another example of new centralization, I don't have a problem with bitcoin.com per se, it's just that some of the arguments against core revolve around centralization concerns
earlier he says "bitcoin core, good marketing" (referring to choosing the name)
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