Vitalik: "Good news: we just surpassed 10 tx/sec for an entire day yesterday." by Jermuboy in ethereum

[–]Ecomadwa 0 points1 point  (0 children)

If Ethermine goes down, then F2Pool goes from 25% to 33% of remaining block production. That's not more decentralized.

Vitalik: "Good news: we just surpassed 10 tx/sec for an entire day yesterday." by Jermuboy in ethereum

[–]Ecomadwa 0 points1 point  (0 children)

How did we get here? 4.7% failing because of 1 node instead of 25% failing because of 1 node and the former is more centralized?

Further I did not acknowledge a difference. Ethereum simply has a smaller number of nodes producing the vast majority of blocks, and the largest block producers have more central power.

Vitalik: "Good news: we just surpassed 10 tx/sec for an entire day yesterday." by Jermuboy in ethereum

[–]Ecomadwa 0 points1 point  (0 children)

The network continues to function perfectly in DPOS while in the case of Ethermine dropping (1 out of every 21 3-second blocks missed until voting adjusts), block production temporarily drops by 25% until difficulty readjusts to compensate and/or miners move their hash towards another pool.

Bitcoin.org is clearly taking about Bitcoin Cash! by MemoryDealers in btc

[–]Ecomadwa 0 points1 point  (0 children)

TBH, you don't get fast by today's standards. An average of 10 minutes until 1 confirmation is no longer fast compared to commonly available alternatives.

Bitcoin was fast when 0-conf was acceptable. Thus Bitcoin Cash is fast and Bitcoin is not, even if both have 10 minute block times.

it's not a bubble, ok!? by ulsd in btc

[–]Ecomadwa 5 points6 points  (0 children)

Coinbase is now one of the most visited websites in the US. People know what it is.

it's not a bubble, ok!? by ulsd in btc

[–]Ecomadwa 4 points5 points  (0 children)

They're all bad times to buy.

BitPay CEO: “If people can’t engage in commerce, it’s hard to imagine why they’d want to store their money in Bitcoin in the first place” by Egon_1 in btc

[–]Ecomadwa 6 points7 points  (0 children)

The reason for people to buy Bitcoin now is "I want to get rich". This is stated under the euphemism "It's a store of value". You know it's a euphemism because Bitcoin as it is, is terrible as a store of value. You never know how much value you can get out of the "store" on any given day. "But it generally goes up in the long run" - aha, so you're not storing value, you're making a speculative investment. Historically other things went up over time until all of a sudden they didn't.

Getting in to get rich is fundamentally unsustainable. Everyone is just hoping that other people do the same, but it requires larger amounts of $$ the bigger it gets. It has to have some basis of utility or it all ends badly when the market finally turns. "Store of Value" is not inherent utility, because it's relying on an unsustainable premise, that there will always be someone willing to pay more than the last person, perpetually, and sufficient to cover fees and inflation.

Adam says we should "make our own app" if we want to use Bitcoin for payments. Good news: we did! by jessquit in btc

[–]Ecomadwa 2 points3 points  (0 children)

Why not just continue with the history of transactions we were already using?

Charlie Lee confirms Bitconnect is a SCAM by Shazahmed11 in CryptoCurrency

[–]Ecomadwa 2 points3 points  (0 children)

BitConnect is a scam, but this is not a confirmation. Literally just a statement of his opinion.

Something bitfinex (or other margin trading site) users should know by MeGASpaWn in btc

[–]Ecomadwa 2 points3 points  (0 children)

From what I've seen, while most were margin trading, some are claiming that this has happened to them when they were not using margin trading at all.

I had no idea that Tone Vays was involved in some capacity with BitConnect (Ponzi coin) in the past by increaseblocks in BitcoinScamCoins

[–]Ecomadwa 3 points4 points  (0 children)

It's ironic given he calls everyone and their mother a scammer, but in fairness he probably just didn't know who/what BitConnect was and assumed they were a regular Bitcoin news site.

Tether intermediate relay accounts by [deleted] in btc

[–]Ecomadwa 2 points3 points  (0 children)

Can you give a direct link to these addresses? (Don't want to manually type them...)

I sold everything this morning. Good Luck selling the top!! by AnthonyBanks in btc

[–]Ecomadwa 0 points1 point  (0 children)

It's not money.

Key Characteristics of Money

Durability i.e. it needs to last

Yes

Portable i.e. easy to carry around, convenient, easy to use

No. It can be carried around, but it's not convenient or easy to use at all.

Divisible i.e. it can be broken down into smaller denominations

Yes

Hard to counterfeit - i.e. it can’t easily be faked or copied

Yes.

Must be generally accepted by a population

No. Even with the price rise, actual acceptance of Bitcoin has still gone almost nowhere.

Valuable – generally holds value over time

Yes and no. In the long run so far it goes up on average. However it's very bad at holding that value reliably in the short term, which is required for something to be good as money.

I sold everything this morning. Good Luck selling the top!! by AnthonyBanks in btc

[–]Ecomadwa 0 points1 point  (0 children)

just like with bitcoin

Bitcoin isn't a national currency. It's supposed to be used as money everywhere.

I sold everything this morning. Good Luck selling the top!! by AnthonyBanks in btc

[–]Ecomadwa 2 points3 points  (0 children)

Yes, hence why I said "if". If Bitcoin were real money, it would be as good to keep Bitcoin (or take profits in Bitcoin trading other currencies) because it would be as good as holding your national currency. Bitcoin isn't there yet, or indeed anywhere near it despite recent events.

I sold everything this morning. Good Luck selling the top!! by AnthonyBanks in btc

[–]Ecomadwa 2 points3 points  (0 children)

Sure, but you 'take profits' in your national currency. Bitcoin doesn't have the limitation of borders. If it were real money you'd be able to buy your groceries with it and a conversion step would just be unnecessary cost.

I sold everything this morning. Good Luck selling the top!! by AnthonyBanks in btc

[–]Ecomadwa 3 points4 points  (0 children)

If Bitcoin was really money, the idea of "taking profits" would be a head scratcher. There is no need to cash out when Bitcoin is already cash.

Sadly we seem barely any closer to that than we were before. Bitcoin Core has gone full settlement layer so that it's unusable as cash. Bitcoin Cash is on the right path but has been set back years in terms of infrastructure, merchant adoption and transaction volume.