Author Topic: Bitcoin and other crypto-currencies discussion thread  (Read 16544 times)

MVal

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Re: Bitcoin and other crypto-currencies discussion thread
« Reply #150 on: October 26, 2017, 01:50:52 PM »
How do you all feel about Bitconnect for generating dividends for reinvestment? I'm also interested to hear what anyone knows about the upcoming hard fork to Segwit2x.
Proverbs 13:4
The soul of the sluggard craves and gets nothing, but the soul of the diligent is made fat.

Proverbs 13:11
Wealth obtained by fraud dwindles, but the one who gathers by labor increases it.

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MystryBox

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Re: Bitcoin and other crypto-currencies discussion thread
« Reply #151 on: October 26, 2017, 05:40:07 PM »
I'm also interested to hear what anyone knows about the upcoming hard fork to Segwit2x.

The upcoming fork for Segwit2x is on the surface about upgrading bitcoin to handle more transactions and for lower fees.  However it's also a struggle for who controls the bitcoin codebase.  Bitcoin is an open source project but it is currently controlled by a particular group, bitcoin core.  Core does not want bitcoin to scale on the bitcoin blockchain but rather sees a future in a new (but unproven) technologies like lightning and side chains (which a certain company intends to monetize as their business model, a company which conveniently employs many core developers).  Meanwhile most bitcoin miners and many key bitcoin businesses are unhappy with the high fees and delays associated with bitcoin not scaling and want on-chain scaling.  These on-chain scaling proponents got together to agree on a 2x blocksize increase for bitcoin, but it is heavily opposed by core.  Because core won't agree to code the 2x fork, another group is coding the fork and if Segwit2x is successful it will mean control of bitcoin shifts to a different group of devs. 

The 2x fork being successful or not is a very difficult issue.  For the most part miners decide, but exchanges and other businesses and even users also play a role.  For myself I don't know what is going to happen but I can't imagine the drama will be good for bitcoin price so I sold off the majority of bitcoin that I've been holding for years.  I sold before the Bitcoin Cash fork thinking that would hurt price also, but it didn't...  so I've been wrong so far.  But honestly Bitcoin development has been stagnant for a long time now and the drama is off the charts.  There are altcoins in much better shape.  It's unclear to me how bitcoin has managed to hold up in value through all this (beyond the fact most bitcoin investors don't really know what is going on).  Regardless I'm not recommending bitcoin to anyone until this mess is sorted out.

L.A.S.

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Re: Bitcoin and other crypto-currencies discussion thread
« Reply #152 on: October 31, 2017, 02:54:43 PM »
I'm also interested to hear what anyone knows about the upcoming hard fork to Segwit2x.

The upcoming fork for Segwit2x is on the surface about upgrading bitcoin to handle more transactions and for lower fees.  However it's also a struggle for who controls the bitcoin codebase.  Bitcoin is an open source project but it is currently controlled by a particular group, bitcoin core.  Core does not want bitcoin to scale on the bitcoin blockchain but rather sees a future in a new (but unproven) technologies like lightning and side chains (which a certain company intends to monetize as their business model, a company which conveniently employs many core developers).  Meanwhile most bitcoin miners and many key bitcoin businesses are unhappy with the high fees and delays associated with bitcoin not scaling and want on-chain scaling.  These on-chain scaling proponents got together to agree on a 2x blocksize increase for bitcoin, but it is heavily opposed by core.  Because core won't agree to code the 2x fork, another group is coding the fork and if Segwit2x is successful it will mean control of bitcoin shifts to a different group of devs. 

The 2x fork being successful or not is a very difficult issue.  For the most part miners decide, but exchanges and other businesses and even users also play a role.  For myself I don't know what is going to happen but I can't imagine the drama will be good for bitcoin price so I sold off the majority of bitcoin that I've been holding for years.  I sold before the Bitcoin Cash fork thinking that would hurt price also, but it didn't...  so I've been wrong so far.  But honestly Bitcoin development has been stagnant for a long time now and the drama is off the charts.  There are altcoins in much better shape.  It's unclear to me how bitcoin has managed to hold up in value through all this (beyond the fact most bitcoin investors don't really know what is going on).  Regardless I'm not recommending bitcoin to anyone until this mess is sorted out.

If increasing the block size is a good idea, why was a 2x block size chosen?  Why not 8x or 16x?


Luxerus

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Re: Bitcoin and other crypto-currencies discussion thread
« Reply #153 on: December 04, 2017, 01:24:13 PM »
How do you all feel about Bitconnect for generating dividends for reinvestment?

Please don't even mention that name, it's a well-known Ponzi scheme that's allowed to continue existing because it is in Thailand.

There was something similar in Quebec, Plexcoin, and the guy just got fined for a ridiculously small amount (but at least they got caught and shut down).

DumpTruck

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Re: Bitcoin and other crypto-currencies discussion thread
« Reply #154 on: December 04, 2017, 02:33:45 PM »

[/quote]

Please don't even mention that name, it's a well-known Ponzi scheme that's allowed to continue existing because it is in Thailand.

There was something similar in Quebec, Plexcoin, and the guy just got fined for a ridiculously small amount (but at least they got caught and shut down).
[/quote]

Are you talking about bitcoin or the US dollar is the ponzi scheme? lol