Bitcoins - fad or trend?

Discussion of all things crypto and blockchain.
silverpv
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Re: Bitcoins - fad or trend?

Postby silverpv » Fri Feb 23, 2018

Brick's wrote:
silverpv wrote:Here's my latest pickup, changed from mining to lightning. I'm also creating LN nodes for pi 3's that use this node as the default node. Since LN nodes are required for users to use them and LN nodes are more technical, I created an image on an SD card that you can plug into a pi3 and be connected to lightning. People like things that work. My main node will be connected to all the main payment channels. Then client LN nodes will have availability to all my connections with the liquidity. Users can change or add to other payment channels, but like we see with BTC nodes, most people don't change the default.

Image


So does this mean you will be doing more validating and verifying transactions and less actual mining of the Bitcoin?

Check my change in your punctuation. I think you meant to say this instead.


The verification comes from the miner. The validation comes from these types of nodes. After the tx is processed by the miner, its sent to the network for validation/confirmations. I only mined bitcoin with a pool, bitcoin.com, and i switched it to BCH from BTC. After the pool got cut by China, my contract ended and i was given a refund and able to keep the coins mined.

Now, with this node, its specifically Lightning network which needs a btc node. If you intend to run lightning, you need to run a node, it is a requirement until there's a light client but that would 'defeat' the purpose. It means, I'll open a few payment channels on this node, and then sell some preconfigured LN nodes that are 'ready to run' and package management, so upgrades are easy for the end user. In return, I just route through my node to take care of the automated packages, so as LN upgrades, you get a notification, click a button and your LN node gets upgraded.

I'll take your word with punctuation. heh.. I'm terrible with that. lol

jcz1
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Re: Bitcoins - fad or trend?

Postby jcz1 » Fri Feb 23, 2018

We all know Bitcoin is used by criminals. What's new today is those (alleged) criminals are at the Naval Academy:

The Navy is investigating allegations of a drug ring at the U.S. Naval Academy in Annapolis, Md., involving roughly 10 midshipmen, according to a senior Naval Academy official with knowledge of the investigation.

Three midshipmen are accused of selling cocaine, ketamine (a powerful sedative) and LSD to their classmates purchased on the dark web using Bitcoin, according to three midshipmen currently enrolled at the school.

No formal charges have been brought against the midshipmen during the investigation, which began nearly three months ago after a midshipman reported the drug dealing to authorities.

Midshipmen sources estimated the number of students under investigation to be as high as roughly two-dozen, despite the lower official estimate.

http://www.foxnews.com/politics/2018/02 ... k-web.html

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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Fri Feb 23, 2018

jcz1 wrote:We all know Bitcoin is used by criminals. What's new today is those (alleged) criminals are at the Naval Academy

Cash is much more popular in drug transactions, in crime in general for that matter. I'm more shocked at the ring being based at Annapolis, than at the use of Bitcoin.

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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Tue Feb 27, 2018

This post is a little off topic, and meant for newbies in Bitcoin or Alt-Coins.

As you have recently seen, Bitcoin and Alt-Coins are extremely volatile. Something that can drop 75% in a matter of days can cause severe anxiety, plus serious investment losses.

If you're going to play in this space, you need nerves of steel. If you are checking the price every 15 minutes, this may not be the investment for you. Is it worth the anxiety?

Back in the early 1990's, I day-traded a lot of internet stocks. In 1 year, I made more than $3 Million worth of trades on a $50K account. My tax form for that year was 27 pages long. I made some money, but I didn't get rich.

If you believe in Bitcoin, Buy and Hold (HODL) is your best bet. This is a good link.....

https://www.zerohedge.com/news/2018-02-26/5-tips-get-out-your-own-head-and-free-your-mind
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texmex66
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Re: Bitcoins - fad or trend?

Postby texmex66 » Tue Feb 27, 2018


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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Tue Feb 27, 2018

Good post....the banks like the block-chain, as long as they can control it.
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed Feb 28, 2018

Gentlemen prefer Engelhard.

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Brick's
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Re: Bitcoins - fad or trend?

Postby Brick's » Wed Feb 28, 2018



The goldman sachs is in. I forget who they backed (while researching crypto) with a few hundred K U$D in the crypto industry but, they are in.
"You pompously call your selves Republicans and Democrats. There is no Republican Party. There is no Democratic Party. There are no Republicans or Democrats in this house. You are Lick-Spittlers and panderers, the creatures of the plutocracy".
- Jack London

"It is a government of corporations, by corporations, and for corporations."
- Rutherford B. Hayes, 19th President

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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Wed Feb 28, 2018

Brick's wrote:The goldman sachs is in. I forget who they backed (while researching crypto) with a few hundred K U$D in the crypto industry but, they are in.

Goldman backed Circle's $400 million purchase of Poloniex, but I'm not sure what their stake was.

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Brick's
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Re: Bitcoins - fad or trend?

Postby Brick's » Wed Feb 28, 2018

TY SIR! That's the one!!!err, my bad a few hundred million U$D.!!!!
"You pompously call your selves Republicans and Democrats. There is no Republican Party. There is no Democratic Party. There are no Republicans or Democrats in this house. You are Lick-Spittlers and panderers, the creatures of the plutocracy".
- Jack London

"It is a government of corporations, by corporations, and for corporations."
- Rutherford B. Hayes, 19th President

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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed Feb 28, 2018

ZH: JPMorgan & BofA Admit "Disruptive Threat" Of Cryptocurrency To Their Business

https://www.zerohedge.com/news/2018-02-28/jpmorgan-bofa-admit-disruptive-threat-cryptocurrency-their-business
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed Feb 28, 2018

Gentlemen prefer Engelhard.

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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed Feb 28, 2018

Fortune: JPMorgan Chase Admits Cryptocurrency Is a 'Risk' to its Business for the First Time/

http://fortune.com/2018/02/27/cryptocurrency-jp-morgan-risk/
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texmex66
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Re: Bitcoins - fad or trend?

Postby texmex66 » Thu Mar 01, 2018

BTC getting close. Above down trend line from the peak. Lets see if it can hold. Yesterdays high was 11044, need to get above there and then 11300-11400. Baby steps. :pop:

Nice spike in Gold too. :clap:

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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Fri Mar 02, 2018

Bitcoin is regaining some of its lost market dominance. It hit a low of about 32% in January; it's over 41% at this hour. The ebb and flow between BTC and the alts is with BTC at the moment; only Monero of the top 20 currencies is doing well against BTC (though LTC is about even).

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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sun Mar 04, 2018

jcz1 wrote:
JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. said they’re halting purchases of Bitcoin and other cryptocurrencies on their credit cards. JPMorgan, enacting the ban Saturday, doesn’t want the credit risk associated with the transactions, company spokeswoman Mary Jane Rogers said.

Bank of America started declining credit card transactions with known crypto exchanges on Friday. The policy applies to all personal and business credit cards, according to a memo. It doesn’t affect debit cards, said company spokeswoman Betty Riess.

And late Friday, Citigroup said it too will halt purchases of cryptocurrencies on its credit cards. “We will continue to review our policy as this market evolves,” company spokeswoman Jennifer Bombardier said.

https://www.bloomberg.com/news/articles ... edit-cards

I'm guessing this is not a big deal, since the advice in these threads is to NOT use CCs to buy crytpos.


Credit card companies don't want the "risk" of users buying crypto and then defaulting on credit cards. Ok, it makes some sense, but you could argue that for any purchase not just crypto. Slightly suspicious. But now, according to Chris Coney, American Express has blocked any customer from being able to buy his online courses that merely educate people about bitcoin and crypto currencies. What is the justification for that?

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Brick's
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Re: Bitcoins - fad or trend?

Postby Brick's » Sun Mar 04, 2018

Yes, banks and others are trying to dissuade people from all things crypto. But, a look at the holdings of blockchain ETFs reveal companies researching and developing their own blockchain for business use. Look closely and you find the same companies (J.P. Morgan Chase/Bank of America/Citigroup/Visa/MasterCard/American Express) that are threatening, punishing and account closing their customers.

An aware member recently said:
Bucketeer wrote: . . . the banks like the block-chain, as long as they can control it.


How do they justify their actions? By controlling money they hold the carrot and stick "Crypto bad (smack,) us good (have carrot, we like Zeeba*)". They are sharks, snakes, and in this case alligators.

*Pearls Before Swine
"You pompously call your selves Republicans and Democrats. There is no Republican Party. There is no Democratic Party. There are no Republicans or Democrats in this house. You are Lick-Spittlers and panderers, the creatures of the plutocracy".
- Jack London

"It is a government of corporations, by corporations, and for corporations."
- Rutherford B. Hayes, 19th President

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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Sun Mar 04, 2018

SilverDoge wrote:Credit card companies don't want the "risk" of users buying crypto and then defaulting on credit cards. Ok, it makes some sense, but you could argue that for any purchase not just crypto. Slightly suspicious. But now, according to Chris Coney, American Express has blocked any customer from being able to buy his online courses that merely educate people about bitcoin and crypto currencies. What is the justification for that?

Looking at it from the CC industry's point of view: They may not be able to stop the forward march of cryptocurrency, which they perceive as a threat to their utility (though a small one at this point). But they don't have to help it grow.

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Re: Bitcoins - fad or trend?

Postby fredzoyt » Mon Mar 05, 2018

FYI...

PayPal Files Patent For "Virtual Currency Transaction System"


https://www.zerohedge.com/news/2018-03-05/paypal-files-patent-virtual-currency-transaction-system

silverpv
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Re: Bitcoins - fad or trend?

Postby silverpv » Mon Mar 05, 2018

Long John wrote:
SilverDoge wrote:Credit card companies don't want the "risk" of users buying crypto and then defaulting on credit cards. Ok, it makes some sense, but you could argue that for any purchase not just crypto. Slightly suspicious. But now, according to Chris Coney, American Express has blocked any customer from being able to buy his online courses that merely educate people about bitcoin and crypto currencies. What is the justification for that?

Looking at it from the CC industry's point of view: They may not be able to stop the forward march of cryptocurrency, which they perceive as a threat to their utility (though a small one at this point). But they don't have to help it grow.


That or people took the course and asked for a refund after the course. There's so many ways people can scam. I would want to see a statement from AMEX as to why they block his program. There's probably something he's omitting. I think udemy has many of these courses, from that loud dude suppoman which i consider crap knowledge.


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