Cryptocurrencies

What cryptocurrencies do you use/own?

  • Bitcoin (XBT)

    Votes: 30 27.8%

  • Ether (ETH)

    Votes: 16 14.8%

  • Litecoin (LTC)

    Votes: 15 13.9%

  • Peercoin (PPC)

    Votes: 0 0.0%

  • Dash (DASH)

    Votes: 3 2.8%

  • Dogecoin (XDG)

    Votes: 4 3.7%

  • Blackcoin (BLK)

    Votes: 0 0.0%

  • Zcash (ZEC)

    Votes: 3 2.8%

  • Other

    Votes: 14 13.0%

  • None

    Votes: 69 63.9%
  • Total voters
    108
NJW said:
Interesting view on blockchain’s real-world applications in FLOSS Weekly #442 from earlier this year.

The guest project is Hyperleger, which has some big hitters associated with it.
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It's good to hear about developments that use blockchain technology as it was intended to be used, distributed and decentralised.

So many organisations (particularly in the finance/banking sector) talk of their centralised blockchain developments. Without the decentralised aspect, a blockchain is merely a database, one which retains all the vulnerabilities of traditional centralised databases. What's remarkable about blockchain technology is that it enables a decentralised ledger to be built with many, many copies of the data distributed across the network, providing incredible resiliency and eliminating any single point of attack. And yet, at the same time, it can be used by anyone and everyone without requiring a central authority to validate transaction data.
 
Bitcoin startup NiceHash has a new CEO just weeks after hackers stole $63 million from the company
Link: http://uk.businessinsider.com/bitco...-soon-after-63-million-hack-2017-12?r=US&IR=T

  • The cryptocurrency mining startup NiceHash has replaced its CEO just weeks after a hacker stole $63 million worth of bitcoin from the company.
  • Marko Kobal, the company's ousted CEO, will sell his stake in NiceHash to an outside investor.
  • Investor funds will also be used to reimburse NiceHash users for any bitcoin that they lost during the hack.
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Cryptocoinopoly Is the Game That Lets You Play the Cryptocurrency Markets with Friends
Link: https://news.bitcoin.com/cryptocoinopoly-game-lets-play-cryptocurrency-markets-friends/
Someone was bound to create a cryptocurrency version of Monopoly. Well now they have, enabling you to gather friends and family to trade fake fiat currency for fake crypto. Playing with ersatz money won’t make the competition any less intense as you clamor to snap up Mayfair – or Bitcoin Core as it’s now known.
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New tax laws for US now you pay taxes converting any crypto currency to bitcoin.

Some Banks are now trying to stamp out crypto currency users.
 
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Galdorf said:
Some Banks are now trying to stamp out crypto currency users.
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This has been happening in the UK and, I believe, a few other countries such as Australia too. In the UK, some banks (to name and shame one in particular that I have personal experience with -- Lloyds) have been known to block any payments that used words such as 'Bitcoin' in the payment reference/description.

It seems that while some banks have already moved on to 'grief stage #3' (bargaining), completely missing the point of decentralised blockchains by developing their own blockchain, many banks still seem to be still stuck at the 'anger' stage (#2), still determined to put up a fight, one which they can never win. I think such actions really exposes the banks for the corrupt, dictatorial institutions they are and will only drive more customers away. It's kinda fun to watch them digging their own graves.

(Jump to 2:43 for the start of The 5 Stage of Grief)

 
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A good article from Seeking Alpha I thought ...

Bitcoin's Path To $1 Million: Why This Bubble Is Not Bursting Anytime Soon
Link: https://seekingalpha.com/article/4134745-bitcoins-path-1-million-bubble-bursting-anytime-soon

So, after such astronomical gains, I can see how Bitcoin could be perceived by many as being in a bubble. However, it is important to realize that Bitcoin is a unique asset, a groundbreaking concept, a revolutionary phenomenon, which still holds nearly limitless potential to reshape the entire financial global order. Therefore, its full value potential is far from being fully realized right now, and the digital asset’s price is going to balloon a lot further before Bitcoin eventually reaches its full worth.
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So odd question; Would the price of bitcoin increasing rapidly, so long as transaction count does not increase, but would cost increase help push down transaction fee, or would it continue moving up as well?
 
MudRock said:
So odd question; Would the price of bitcoin increasing rapidly, so long as transaction count does not increase, but would cost increase help push down transaction fee, or would it continue moving up as well?
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As I understand it, there is no direct link between the price of Bitcoin and the transaction fees. The rising transaction fees are a result of congestion, which causes a backlog of unconfirmed transactions in the Mempool. In theory, the transaction fees are always very low and only a small fee is necessary to incentivise miners to process transactions. Unfortunately, since miners automatically prioritise transactions with higher fees, during times of congestion, the users push the fees up by causing a bidding war. So there should be no reason (that I can think of) that fees would rise as a direct consequence of a rising price. However, as Bitcoin gains more and more users and transactions, the fees may continue to rise along with the price (until a scaling solution is agreed upon and deployed) but as a result of increased congestion rather than the price .... if that makes sense.


On the subject of transaction fees, there was an update from NiceHash today:
https://www.nicehash.com/news/229
Latest payment schedule and fees
2018-01-02
Dear NiceHash users!

Payments for external wallet balances, greater than 0.01 BTC are going to be processed today! As you might be aware, Bitcoin transaction fees have been extremely high for the past few weeks. NiceHash is covering the transactions fees to miners, and to mitigate the cost we are going to change the fee for those payments to 5% for future payments - today's payments will be still processed at 4% fee! Fee for external wallet unpaid balances, greater than 0.1 BTC stays the same at 3%.

Payments schedule for sellers stays the same for internal wallets (paid daily for balances greater than 0.001 BTC) and external wallets (paid daily for balances greater than 0.1 BTC). Payment schedule for sellers with external wallet balances greater than 0.01 BTC will be adjusted accordingly to blockchain conditions.

We strongly recommend every miner to start using NiceHash internal wallet. Altcoin payments for NiceHash internal wallets are already in the works and will significantly reduce the cost of transactions and also help smaller miners to be paid more regularly!

NiceHash has already implemented the direct transfer of BTC funds to Coinbase. Users are able to withdraw their balance funds from NiceHash wallet to their Coinbase account without any fees and instantly! Minimum amount to withdraw is set at 0.001 BTC. If you are already mining to external wallet address that is a Coinbase address or any other external wallet, you are always going to be dependant on very unpredictable blockchain transaction fees and conditions so we recommend you switch to NiceHash internal wallet as soon as possible.

Alternative payment features will only be available for registered users as altcoin payments won’t be possible for external wallet users.

Your NiceHash team.
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Moltuae said:
We strongly recommend every miner to start using NiceHash internal wallet.
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There's the bit. They have shown 0 reason we should trust them after the infiltration.

I'm excited for altcoin from them, but I think too little too late. I'm already mining elsewhere and have no interest in going back. And with their fees up to 5% now, there is so little reason to stick with them. If I trusted their internal wallet, I'd do it. If we could have it auto-pushed to Coinbase (or even GDAX) so it doesn't sit in NiceHash's wallet, I might. But at this point, I'm sticking with alternative mining.

(And I seem to get about 20% better hash rate elsewhere too.)
 
MudRock said:
There's the bit. They have shown 0 reason we should trust them after the infiltration.

I'm excited for altcoin from them, but I think too little too late. I'm already mining elsewhere and have no interest in going back. And with their fees up to 5% now, there is so little reason to stick with them. If I trusted their internal wallet, I'd do it. If we could have it auto-pushed to Coinbase (or even GDAX) so it doesn't sit in NiceHash's wallet, I might. But at this point, I'm sticking with alternative mining.

(And I seem to get about 20% better hash rate elsewhere too.)
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Same here. It does seem a bit much to expect people to trust their internal wallets after what happened. I've got a couple of smaller GPU rigs still pointed at NH but only really because I've been too busy/lazy to point them elsewhere. Most of my Antminers are being rented out on MiningRigRentals or are mining other pools now.
 
Galdorf said:
I noticed that cryptojacking is now common on porn websites and other sites there are browser extensions to stop them now MinerBlock
No Coin
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uBlock Origin, Adauard, Adblock and many others have been blocking crypto miners in the browser for months now.
I'm also running Miner Block in one of my browsers but with uBlock Origin installed as well its probably pointless.
Just keeping it there for a bit as a "second opinion."
 
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