Unintentional Hodlr since 2011 when I decided I was going to be cool and buy some weed online, got frustrated figuring out how to use SilkRoad and gave up. Now I can afford a house deposit for my Girlfriend which is VERY satisfying rubbing it in her face after the shitstorm she gave me for wasting my money in 2011.
CEO shares an early adoption story about selling Bitcoin inside various Taco Bells
This post was originally published on this siteThis post was originally published on this site Following an earlier endeavor selling Bitcoin (BTC) at a premium on eBay in 2015, Chris Maurice, CEO of African crypto exchange Yellow Card, made a small business selling the asset at multiple Taco Bell locations. Maurice worked with his friend Justin Poiroux on the endeavor. Poiroux, who later co-founded the Yellow Card […]
Many people think that 51% attacks are always intentional, but what I'm finding is that it is easy for a pool to unintentionally execute a 51% attack. In my quest to make our pool as profitable as possible, I've discovered that the algorithm many pools use to compute profitability is often delayed in determining the most profitable coin. If you select to mine that coin and the other pools don't arrive until later, then you can be finding many blocks in a row and be executing a 51% attack without intending to do so. And it's not as if you can be "good for the network" and stop doing this. Switching coins frequently is the only way to maintain profitability when there are so many altcoins available to mine. Most of these coins have such low hashrates that even a few miners joining in can result in blocks being found repeatedly until the next difficulty adjustment. One of our challenges has been to figure out how to allocate hashpower such that we are profitable but don't destroy coins and lose the value in the blocks we have previously mined.
Bounties don't work
It seems that the latest trend in bitcoins is offering "bounties" to people to settle grudges: https://bitcointalk.org/index.php?topic=649176.0. To me, these seem pointless. If the guy at which this bounty is targeted had all of those bitcoins, he would have paid them already. Bounties are good at getting a lot of people to do a little, such that nobody actually completes the job. When you are not guaranteed any payment, then there is little incentive to see the job through once it gets a little difficult. After all, you could do 99% of the work, and then find that someone else did 100% of the work a day earlier, which means you earn nothing. Therefore, the Nash equilibrium of this "game" is that nobody should play. Someone offered sum of money (I believe it was $100k) to develop a software development project on /bitcoin recently, but one of his conditions was that the project had to be completed within 30 days. That was one of the worst examples of bounties I've ever seen. First, no resilient software can be developed within 30 days, no matter how many people or how much money you throw at it. Even if someone completes the task, the offerer will end up with garbage. Second, such a bounty doesn't make sense economically. Since it is reasonable to assume that the most competent software developers are employed, they recognize they can't put in enough hours in 4 weekends to stand a shot at winning the bounty. Of the unemployed developers, those who are working on successful projects see more money in their own projects, so they won't be working on the bounty. That leaves the least competent, unemployed developers to compete for the bounty.
You should have a sell point for if the cycle breaks, too
The stable price is starting to nudge towards breaking out of the bubble cycle - but this also happened during the time bitcoins were worth near $450 as well. moral_agent's bubble charts suggest that we would not expect significant rises to begin for another week, with prices nearing $1000 by July 1. Therefore, there is nothing out of the ordinary as of yet. Breaking the bubble cycle would have serious consequences on the outlook for bitcoins, because it means that the assumptions that most of us hold about adoption and fundamentals are wrong. Given that the pattern has held for several bubbles, such an event would be extremely concerning and I would be looking to sell unless I could figure out what assumption was wrong. Buying or holding stocks that you don't understand is always a way to lose money. While many people have correctly started to plan when to sell at the top of the next bubble, people should also have a signal for when to cut losses if the cycle breaks. One clear signal would be if the price crosses the lower boundary before the next bubble, but it could be too late by the time that happens. In fact, if the price remains steady, the lower boundary won't be crossed until early August, by which time the smart investors will have long recognized that things have changed. I need to think about this idea some more and see what other indicators could provide a better lead time in the case of the bubble cycle breaking.
Be wary of "adoption" stories
There seem to be a lot of bitcoin adoption stories in /bitcoin lately, but most of them are about companies that have decided to accept bitcoins on a trial basis for small parts of their business in small geographical areas. I would imagine that many of the merchants in BitPay's and Coinbase's counts are not accepting bitcoins for all products as we imagine they are. You also never read stories there about companies that discontinue accepting bitcoins. It's difficult to get a handle on how many companies do that.
Where are hardware wallets?
The most important hindrance to consumer adoption of bitcoins right now is the lack of hardware wallets. A wallet that looks like a credit card could sign transactions internally and broadcast them through a magnetic stripe. Such a device would be compatible with all existing POS hardware as long as those devices got a software upgrade. Bitcoin adoption will surge once these wallets are available, because they are much simpler than using a phone with QR codes. Yet, it seems puzzling that there are companies with millions being thrown at them for payment processing, and not one well-funded company is developing a hardware wallet. Hardware wallets have the potential to allow consumers to ignore public and private keys. They could simply display how much money a person has, and allow people to pay by swiping. Because they don't actually "hold" money, you can send people three copies of the wallet, and they keep the others off-site in safety deposit boxes for use if the first fails. A keypad or fingerprint scanner can enable two-factor authentication on these devices, which can permanently destroy themselves if too many invalid combinations are entered.
593.68 BTC withdrawal stuck on processing for 1.5 days, support unresponsive
UPDATE: Bitfinex has approved these withdrawals after communication with the support team. We appreciate Bitfinex's speedy response and resolution. We have not received the funds yet (check this address for 593.68 BTC), but we've been assured that they have been queued and will be sent as soon as their wallet infrastructure allows. Summary of events:
Bitfinex asked us for additional information, due to the size and certain account characteristics. We completely understand their position; it is important for exchanges to make sure they are not used for any suspicious or illegal activity.
However, we did not receive these emails (most likely at our end), so this made us think 'unresponsive support', but we believe Bitfinex promptly attempted to reach out to us.
After making this reddit thread, we were able to communicate with Bitfinex through another email, and answered their questions. In one hour, Bitfinex staff approved these withdrawals.
Bitfinex has explained to us that their wallet is dealing with heavy volumes, particularly around the consolidation of small deposits (UXTOs), however assured us the bitcoins will be sent ASAP.
We appreciate Bitfinex for their speedy resolution, and it is unfortunate that we didn't receive their emails, but we have had a positive, speedy, and pleasant experience with Bitfinex. If you are curious about what we are doing, we'll share more details this week, about a $60 million cryptocurrency project that will make history :) Pine from Pineapple Fund ORIGINAL POST: We have withdrew 593.68 BTC from Bitfinex more than 36 hours ago, and they have been stuck on processing. We have sent support ticket #140146 with no response. https://i.imgur.com/Gic4CgO.png What's going on? EDIT: We are in active communication with Bitfinex, and have replied to their requests for information. We look forward to their response, and the processing of the withdrawal. We understand the need for verification of large amounts of transactions, and have given a detailed response. (Pretty boring, just an early bitcoin adopter story, as blockchain evidence proves). We will update this thread as soon as possible. You may watch the withdrawal yourself in this address: https://blockchain.info/address/379AhUtKwrrzZ1kRN4W6eJV9UeQLiCwwXm ; we have 4463 BTC so far, we are waiting for 593.68 additional BTC, that came from the selling of BCH of those funds.
Bitcoin (BTC) is booming in Africa as small business owners and migrant workers turn to the flagship cryptocurrency for speed and convenience in sending payments and remittances. Data from blockchain research firm Chainalysis reveals that the monthly BTC transfers to and from Africa worth less than $10,000 amounted to $316 million in June, marking an increase of more than 55% in just one year. Bitcoin Cash Adoption and Announcements. The last few weeks have seen a variety of new adoption stories, software development, and new platforms that utilize BCH.Proponents of the decentralized cryptocurrency have been relentlessly pushing for mass adoption while showing a strong dedication toward scaling. Bitcoin Cash Roundup: Adoption Stories and New Developments October 19, 2019 Bitcoin.com 0 Comments. Bitcoin Cash adoption, development, and participation continue to spread as there’s been a myriad of BCH-related announcements in the last few weeks. Moreover, there’s now over 18 million bitcoin cash in circulation and only three million coins left to mine. Also read: Ethereum Name Service ... From BTC Price to Growing Adoption: Top Bitcoin Stories From the Past Week. Emilio Janus Mar 31, 2019 10:00 . Bitcoin From BTC Price to Growing Adoption: Top Bitcoin Stories From the Past Week . Emilio Janus Mar 31, 2019 10:00 . Share. Tweet. Send. Share “Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.” – Or you could just catch up ... Bitcoin Cash Roundup: Adoption Stories and New Developments – Bitcoin News. Bitcoin Cash adoption, development, and participation continue to spread as there’s been a myriad of BCH-related announcements in the last few weeks. Moreover, there’s now over 18 million bitcoin cash in circulation and only three million coins left to mine.
CEO shares an early adoption story about selling Bitcoin ...
What do you believe the real value of Bitcoin is? Crypto exchanges massively faking volume, Bitcoin futures, and massive adoption news from around the globe. Sorry guys, I accidently deleted all ... I interviewed Sergej Kotlian, Co-founder at Bitrefill. We chatted about bitcoin adoption, the importance of being able to spend your bitcoin with gift cards ... Ray from Paxful shares the true inside story of Bitcoin adoption in Africa and around the world. Check out https://paxful.com/ Disclosure: This is an unpaid ... Sunday Morning Bitcoin Talk - Big Book Day, Bitcoin Price, Golfing - $9087 World Crypto Network 28 watching Live now Jeffrey Epstein: The Game of the Global Elite [Full Investigative Documentary ... Following an earlier endeavor selling Bitcoin ( BTC ) at a premium on eBay in 2015, Chris Maurice, CEO of African crypto exchange Yellow Card, made a small b...