71–80 of 122 posts
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This will end very soon since 80% of coins have been mined already. So the energy consumption will only be miners processing transactions.
In my book, 2140 isn't "very soon" (based on the current Bitcoin mining algos).
Market is so driven by news which has 0 credible sources it's amazing. I consider this a sales period as it's just shaking out the weak hands, the ones that are here for the quick buck. This was dubbed as "Alt coin season sales" but make no mistake, the tokens which hold no technical value will dissapear.
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> The lightning network will only work for exchanges who will keep channels open between them. Getting a graph of every wallet connected to every other wallet is a mathematical impossibility. Transactions can be routed through multiple channels, you don't need to open a channel to every single wallet you want to transact with. That would not be a Lightning network, it would just be payment channels. > The lightning n…
As I understand it, bitcoin is a ledger scheme. There no "coins" per se. Which means it's very much like how banking works in practice: everyone keeps their own books and leaves the credits and debits on them. Real funds don't change hands all that often, it's easier just to keep the running tally if you trust your counterparty. Of course, trusting your counterparty requires you to know who they are, have stable addr…
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The price of energy required to mine 1 BTC. What else? That's its inherent value.
This is just the discredited labor theory of value, applied to machines instead of humans.
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> The lightning network will only work for exchanges who will keep channels open between them. Getting a graph of every wallet connected to every other wallet is a mathematical impossibility. Transactions can be routed through multiple channels, you don't need to open a channel to every single wallet you want to transact with. That would not be a Lightning network, it would just be payment channels. > The lightning n…
As I understand it, bitcoin is a ledger scheme. There no "coins" per se. Which means it's very much like how banking works in practice: everyone keeps their own books and leaves the credits and debits on them. Real funds don't change hands all that often, it's easier just to keep the running tally if you trust your counterparty. Of course, trusting your counterparty requires you to know who they are, have stable addr…
The simplest case is a unidirectional channel. To pay you a series of micropayments, I send a series of transactions with each one slightly larger, so each is the sum of all my payments. You can only submit one such transaction to the blockchain. I lock my funds so you don't have to worry they won't be available.
Bidirectional channels and networking are elaborations on this idea. In bidirectional channels the main risk is that your counterparty will submit an obsolete state; there has to be a delay and you have to monitor the chain so you can submit a more recent state if that happens. You don't have to know who the counterparty is.
(Your analogy to a ledger with account balances is precisely correct for Ethereum, but Bitcoin actually has a somewhat different model.)
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Or it could be, gasp, perhaps bitcoin was overvalued? No, anything but that.
I thought most people, even the hard-core believers, were waiting for a correction. The previous times Bitcoin grew so exponentially it was always followed with a hard crash, though this time it's taking a bit longer.
It’s amazing how many people are against crypto currencies for some odd reason. A correction is being called a collapse, this is just pathetic.
Perhaps that's because we've seen this pattern (and it's knock-on effects on the wider economy) three times in the last 20 years?
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Or it could be, gasp, perhaps bitcoin was overvalued? No, anything but that.
IMO BTC's value could sensibly fluctuate around $10k. The hype/trend and the media frenzy caused the spike of $20k. Let it rest for a while and I believe it will have more races up-and-down the 10k-22k range so people can enjoy their gambling ;)
It’s amazing how many people are against crypto currencies for some odd reason. A correction is being called a collapse, this is just pathetic.
Many folks have an allergic reaction to hype.