Message from Tanner - SC in MacGuyver - Skills & Academics #cryptocurrency
Someone suggested i buy Ripple at 1.10 but my finances are fixed to buying Ramen for the forseeable future
Weev seemed very optimistic about Monero. He said he no longer holds much bitcoin and invested it there instead. Thoughts?
Weev already made his money on BTC. On to the next one
I tried setting up Monero app. The built in mining ability doesn't work and the wallet app feels buggy :/
And Monero has a 25 word wallet seed AND a password. The password kinda defeats the purpose of the 25 word seed in terms of security
@Deleted User I like the goals of Monero, but I did a deeper dive into how it works and I wasn't impressed. A pro is that receiving Monero seems successfully to be completely anonymous, because essentially a new receiving address is made for every Monero transaction. However for sending Monero it obscures your transactions by mixing your transactions with 3-10 others at a time. That gives you plausibile deniability to being the source of a single transaction but if you send a transaction twice to the same person then you are likely to be the only person mixed into both transactions. That doesn't seem very secure and also the mechanism smacks of Bitcoin mixers which have a lot of research showing they aren't as secure as advertised.
Ultimately the decision to invest right now is based on whether you think you'll make money. If you look at Monero priced in dollars then it *looks* like Monero has gone up 10x this year. But that's because ALL cryptocurrencies including Bitcoin. So I would only invest in Monero over Bitcoin (Monero also being a bit of a PITA to obtain in my experience) if you think it's vastly going to outperform Bitcoin. Monero priced in Bitcoin (XMR/BTC) is exactly that and you can find multiple charts for it online, it's actually stayed relatively stable for a cryptocurrencies, meaning there's not much difference from a dollar standpoint whether you put you money in Bitcoin or Monero. Given the ease of entry, use, and ubiquity of Bitcoin I think it makes sense to stick with Bitcoin. I would only go into Monero if you really think there's a hidden factor that's going to make it pull ahead of Bitcoin more than where it already has in terms of popularity.
Monero does not have to be held to utilize its unique value. Hold BCH, trade into Monero when you need a private tx, then trade out of Monero back into BCH.
“If you send a tx twice to the same person”
That’s easy to resolve, just use a new address for every single transaction.
What's the best alt coin?
I'm gonna buy $300 in bitcoin and then diversify with alt coin
>best alt coin
there really isnt one. if you want something to invest in the privacy coins are making a huge imprint and will continue to grow. these include Monero, Electroneum, and Zcash.
if you want to get into the first social coin (huge investment possibility) that would be Sether.
really tho. putting your money into any coin is good right now. bitcoin is still the giant and will continue to be so for some time.
Crypto is like the internet in 1995. There will be many more coins and tech that will make money. So, if you did not invst in bitcoin in 2012 you still have a chace to make a lot of money now and in the future. You do need to educate youself. I hate Ripple and what it stands for but if it gets on coinbase it will be big.
This is BTC running into a major scaling limitation:
Transaction rate is stuck because it can't scale:
Copying a great YouTube comment from a video discussing the SegWit 2x fork coming up:
SegWit never had consensus, it would never be activated if it wasn't put into a compromise of SegWit2x which was to add SegWit and then also 2MB blocks. The 2x never happened, and this new SegWit2x fork is NOT the same thing.
New SegWit2X on 28t Dec is completely different thing. it is 4MB blocks, different algorithm, 2.5min block times, replay protection and pre-mine of Satoshi's coins (which is equivalent to theft of Satoshi's coins). This fork is one big fat scam written all over it.
Now about Lightning, it is only P2P IF 2 persons create channel directly between one another, but in reality this will not be the case. LN will have users create channels to highly concentrated HUBs which will be acting as middle man in transactions. Miners are not middle men as miners do not send/recieve an funds while LN HUBs do. Also LN is a centralised system. Bitcoin is not. In order to create LN channel you must first open a channel which is written to Bitcoin blockchain, paying a fee as for any other transaction, then again pay fee for closing this channel. It is more expensive to create direct channel in LN then just use Bitcoin layer.
LN is not a solution to Bitcoin scaling, LN is not a Bitcoin system at all. Bitcoin is chain of digital signatures... SegWit broke that rule by taking out the signatures, SegWit is therefore an Alcoin fork of Bitcoin and not a Bitcoin system either.
Bitcoin Cash is the only working as intended, Bitcoin system. if you read the Bitcoin white paper you will see Bitcoin is meant to be used as digital money, not as store of value (also store of value alone does not exist, I have video on this topic also).
Link to the comment: https://www.youtube.com/watch?v=F4ZmOPCSHaE&lc=Ugwbm2uap3wyFyJkUcF4AaABAg
Segwit2 seems to be taking the best ideas from BCH though
@this_that5553 that's what I figured would happen with BCH. BTC *can* be updated if enough big guys agree (I think I read it's really only 6 guys that have to agree)
@ThisIsChris BCH already has a ton of the biggest names with bitcoin.
Segwit 2 has some a negro woman and maybe an exchange backing them?
@this_that5553 Yeah Segwit2x seems like randos, I was just agreeing with you that BTC could incorporate the code changes of any of the various forks. But you said BCH has major backers? I haven't seen anything but admit I haven't looked either
Satoshi Dice uses BCH exclusively for one. overstock uses BCH and BTC both.
BCH website shows all the backers
No kidding, that's neat and news to me. For the record I fondly remember Satoshi dice as the place I lost all my doge coin in 2013
Check out this chart that shows median transaction fee for the major cryptos. BTC doesn't fare too well:
ITS NOT THERE
My major stakes atm are ripple and bch.
I thought I'd write my thoughts on crypto trading for consideration and critique.
I call my trade approach Parity Plus Advantage
The basic idea of the Parity part is that all things being equal in long run all major cryptos should be roughly equal in market cap value. You can use this to evaluate a parity price of different currencies. For example ripple has 100 billion units. Bitcoin has 21 million. If bitcoin is worth 15k then ripple parity is 3.15.
The Advantage part is the idea that in long run cryptos with technical advantage in speed security and utility should steal market cap from other cryptos.
For example ethereum is faster and has more utility than bitcoin so we should expect ethereum to exceed bitcoin in parity price in long run. How much is a soft estimate.
Using these methods I've decided to hold bitcoin cash and ripple. But if these are priced past parity I may sell out.