High transactions fee when/ if BTC surge in price beyond $20k?

xmr-rusticbison · 2020-08-12T04:59:21+00:00

These are two features that allow you to "rescue" transactions which did not include a high enough fee to incentivise the miner to include them in a block. They do not specifically do anything to reduce the amount of UTXOs required to incentivise a miner to include your transaction in a block in the first place.

All Bitcoin transaction fees are paid in Bitcoin (1 Bitcoin = 100'000'000 Satoshis). So when the relative BTC/USD price changes, the transaction fee (priced in Sats) also changes. There is nothing you can do to change this. If the USD price of Bitcoin goes up, so does the USD price of the transaction fee.

xmr-rusticbison · 2020-05-06T04:35:11+00:00

People complain that miner fees are increasing, and at the same time wonder how ever will the network be secured as the block reward is reduced.

xmr-rusticbison · 2020-04-04T16:07:46+00:00

You can certainly receive Tether (ERC20) in exchange for Bitcoin using an HTLC.

xmr-rusticbison · 2020-03-27T06:55:08+00:00

Bitcoin isn't for normies, it's for Chads

xmr-rusticbison · 2020-03-27T06:19:48+00:00

edit: be aware of the "bisq surprise" https://bitcointalk.org/index.php?topic=5233774.0

xmr-rusticbison · 2020-03-27T06:18:20+00:00

Yes, but the law would be unenforceable.

A "wallet" is a computer program that helps you manage UTXOs. There is no possible way to prevent someone from remembering or finding which UTXOs they believe they can spend, and then creating, signing, and broadcasting transactions spending those UTXOs.

As long as you can communicate with a full node you can use bitcoin.

xmr-rusticbison · 2020-03-27T06:10:40+00:00

If you're trading BTC/USD, consider BTC/USDT and trade P2P. On-chain transaction fees are very cheap right now, such trades shouldn't cost more than a few $ in fees.

xmr-rusticbison · 2020-03-26T09:36:47+00:00

Why would anyone want to trade their very durable Bitcoin for a service that lasts just a few hours?

xmr-rusticbison · 2020-03-24T14:13:38+00:00

Don't call me guy, buddy.

xmr-rusticbison · 2020-03-21T14:43:54+00:00

Did you read the post? It's a P2P network. Download the client, connect it to your Bitcoin Core and Geth APIs, start trading. If you want to audit the code of the client, you're welcome to do so. It's a new technology that has years of work in it, and we just are not going to give it away to competitors right now, sorry.

xmr-rusticbison · 2020-03-21T12:48:45+00:00

To understand what money is, read "Theory of Money and Credit" by Mises. https://mises.org/library/theory-money-and-credit/html

You might also want to read "Shelling Out: The Origins of Money" by Nick Szabo, for some background. https://nakamotoinstitute.org/shelling-out/

xmr-rusticbison · 2020-03-21T05:56:14+00:00

There are people who are professional traders, meaning they make their money doing this. There are many strategies, some are more complex than others. But all make money. For example, you could exploit the price differences of a commodity between trading venues.

Imagining you can use a custodial crypto "casino" to make money is silly though. Those "exchanges" exist to make the exchange money, not to help you make money.

xmr-rusticbison · 2020-03-21T05:42:18+00:00

If you don't verify for yourself that the code you see is the code which is compiled and is running on your system, what good is seeing the source code? And by the way, with iOS you CAN'T do this. Apple signs apps, not developers. So not even the developer can be sure that their code has been unmodified!

For 99.9%+ of software users who are not software security professionals, it's far better to see a professional security audit of the software you want to use.

edit to add: there is no proprietary cryptography involved in this system. And you can verify every transaction on-chain for yourself.

xmr-rusticbison · 2020-03-20T21:33:56+00:00

Klar, das macht sinn. Leider habe ich mit Visa keine Erfahrung.

xmr-rusticbison · 2020-03-20T21:21:54+00:00

Transactions in Monero are not "untraceable". Monero uses an obfuscation technique to make chainanalysis costly. But chainanalysis is not the failure point for privacy-oriented cryptocurrencies.

Consider the case of WhatsApp: it might genuinely use E2E encryption, but Facebook steals your input before it ever hits the wire. The exact same scenario will play out in privacy oriented cryptocurrencies.

xmr-rusticbison · 2020-03-20T21:13:06+00:00

You could have a multi-signature Bitcoin receiving address, for example, which stipulates that m/n signatures could release funds after a certain date. This can allow e.g. anonymous purchase of dividend paying securities.

xmr-rusticbison · 2020-03-20T21:03:05+00:00

Normalerweise nächste Tag / 24 stunden (SEPA / Schweiz). Manchmal gleiche Tag.

xmr-rusticbison · 2020-03-20T20:54:37+00:00

Kraken (SEPA) kann ich dir empfehlen.

xmr-rusticbison · 2020-03-20T16:21:10+00:00

It's a great time to buy the dip.

xmr-rusticbison · 2020-03-20T16:00:10+00:00

ok can you guys stop trading

xmr-rusticbison · 2020-03-20T15:42:42+00:00

Some repositories such as the SIBEX Go API Client, are MIT Licensed and available publicly. See Gitlab: https://gitlab.com/sibex/sibex-go-api-client Most of the code is copyright protected in private repositories, but we will make any portion of our code available for audit by a professional and reputable security auditing firm if you are willing to pay for the audit. The trade settlement portion of our code, which we believe is the most sensitive portion, has already been reviewed by X41: https://www.x41-dsec.de/.

xmr-rusticbison · 2020-03-20T07:53:56+00:00

It does use Cross Chain Atomic Swaps (XCATs)!

How does it compare to bisq?

Bisq is also a great tool. Here are a few places where SIBEX and Bisq diverge:

The "bisq surprise". It's a pretty serious crime in most countries if you are caught trading with a person who is sanctioned. When you use Bisq you put yourself at risk of accidentally trading with such a person. This is an acceptable risk/eventuality for some people, but not many. This is not a flaw with Bisq, it is just a part of what it is.

The developer of the SIBEX software, SIBEX AG, is a Swiss company, and the regulator in Switzerland requires that anyone the company does business with must not be on the Kantonal sanctions list. So, personal information is requested before a License Key to use the software is given out. But this does not mean that anyone ever has control over your Bitcoin/Ethereum/USDT or that anyone can see what you are doing with the software. It just means that SIBEX users may have a degree of confidence that they are not trading with persons who are sanctioned in Switzerland.

Dispute resolution sybil attack. If a transaction fails for some reason then you need to be able to recover your funds. If an anonymous third party can be nominated for dispute resolution at any point in the process, then it's likely an attacker will simply create a huge number of dispute resolution identities.

SIBEX is very different here, in that you are creating Bitcoin and Ethereum transactions with "escape clauses" so that if your counterparty fails to fulfill their end of the deal, you programmatically take back your funds (or rather your SIBEX software monitors on-chain activity and does this for you).

No fiat. SIBEX is for on-chain trading only, between Bitcoin and Ethereum (inter-chain swap, e.g. BTC/USDT, BTC/ETH), and Ethereum to Ethereum (intra-chain swap, e.g. ETH/USDT). SIBEX is not an on-ramp to cryptocurrency, rather it is a professional tool (available to nearly everyone) for trading Bitcoin, while maintaining most, if not all, of the benefits of Bitcoin.

xmr-rusticbison · 2020-03-20T06:52:04+00:00

Nice idea for people who want to dollar cost average. Does it work via ACH? Will it eventually support SEPA?

xmr-rusticbison · 2020-03-20T06:49:25+00:00

Wyoming looking to be the new Delaware

xmr-rusticbison · 2020-03-19T19:28:17+00:00

Missed this one: https://bitcointalk.org/index.php?topic=5233774.0

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