Hey, remember
ISD GolemVeteran
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Can’t make this up.
In short the following 2000000 posts in here can be summed up again;
Peddling your ‘investments’ to new players again? 
I disagree this is the same topic.
In the previous topic OP was being a BTC-chill and therefore refused to acknowledge the dangers of BTC, hidding behind “I am making money with it so it can’t be bad”.
It was important to close it as the previous post was used as a way to promote a scam (which is, the investment part of BTC).
Now he at the very least acknowledges that the perceived value of BTC is skewed by its investment uses :
IMO BTC is still a technological toy, with possible RL applications, and therefore can be discussed as such, as long as there is no dogmatic preacher who come tell you it can’t be a scam for reason X or Y.
Yes, and that was discussed over and over. You should reread the entire thread.
Please no. Their hypocrisy was unbearable. I remind it as a waste of time, energy, and intelligence.
That being said, people can change and I don’t want to hate him for his past mistakes - this would be bad for me, as I would allow stupidity to affect me in the long term and enforce my prejudices.
At the time I was mining Ethereum another crypto currency that was similar to Bitcoin. I was being paid for my processing power in Bitcoin. So effectively I was providing processing power for miners with my GPU’s.
Once I gained an understanding that the retail usage of Bitcoin was low, I wanted to understand further how the value was being propped up.
Large retail businesses and many countries own BTC themselves, I think this is the best way to invest in bitcoin as large retail and countries definiely have a huge need for many forms of value transfer.
The goal with BTC should really be to get the retail usage up so that billions of people are using it for retail transactions, the scarcity would be higher because of the retail demand (people buying BTC say £50 just for an ad-hoc retail transaction) this would better support investment by normal people.
So a few things should happen, the general public should leave BTC alone until they come into contact with a retail establishment that requests BTC as their payment method. Since BTC is a business tool there would be no harm in letting them lead the way.
https://bitcoinmagazine.com/business/bitcoin-1-billion-transactions
Today BTC does around 170k transactions per day, I’m not sure how many are purely retail ad-hoc uses.
Who Accepts Bitcoin Payments in 2024?.
Currently, over 15,000 businesses worldwide accept Bitcoin, including about 2,300 companies in the United States. Most crypto-friendly companies are small businesses, and shoppers may not think to ask if they take Bitcoin.
It certainly seems as though retail usage is growing.
That is not a lot, taking into consideration most of those transactions are actually processed by VISA or Mastercard. #TheMoreYouKnow.
That aside, Bitcoin is not useful for transactions as many competitors already have the field in some areas; And their transactions aren’t using extreme energy consumption.
A lot of companies that “accept” BTC actually just instantly converts it to real currency.
Also TESLA was smart as they could choose to refund in either USD or BTC, making selling defective teslas a profitable business. So, using a Robux like token that can vary a lot in price is quite the risk for the consumer.
But the idiosyncrasies of crypto make it difficult to take advantage of this option. For example, according to the company’s Bitcoin Payment Terms and Conditions, bitcoin transactions must be completed within a certain window of time or else the price in BTC expires and the buyer must ask for a new price.
“You have about 30 minutes to make a payment,” a Tesla representative for the Northeast region said Thursday.
While that condition is not surprising given bitcoin’s infamous volatility – depending which direction the price moves, either the car buyer or Tesla could get hosed by a wide swing – it underscores how even in a roaring bull market crypto still struggles to gain widespread acceptance as a payment method.
The fault lies with the native complexities of the Bitcoin system, the U.S. tax policy around cryptocurrencies and, in this case, a paucity of information available from Tesla’s customer support team.
So in short, if you whould have read a few pages on coindesk your first post would be answered already, but I guess we can go on for a few million nonsensical posts because honestly your posts are more like a parody than anything sincere.
Also,
For using BTC in a business apparently the best advice is… TO USE 3rd Party. LEL.
Can’t make this stuff up. I can understand the dire need for anonymity for BTC users… anyone would be ashamed to use it for real.
Of course it’s not, I was trying to work out what the retail usage of BTC is which proved difficult, all I could find is that overall BTC transactions have gone up.
Also I think we eastablished in other threads that some areas of the world have oppresive rules so while BTC may seem like a scam in one part of the world I guess it can also seem like a God-send in another part of the world. I do read international news and can definitely understand how the residents of some countries could use BTC in a positive way to get things done.
Which is exactly how it should be used. If BTC can get to a point where billions upon billions upon billions of people are doing exactly what you describe then we get to a point where the scarcity attribute is of a more organic nature.
Today we have too many financial advisors telling investors to hold their BTC and pretending there is a science to how the BTC value goes up when in reality the act of holding manipulates the scarcity and then the fiat value. This just isn’t organic it’s manupulation no matter which way you spin it.
The Bitcoin scalability problem refers to the limited capability of the Bitcoin network to handle large amounts of transaction data on its platform in a short span of time. It is related to the fact that records (known as blocks) in the Bitcoin blockchain are limited in size and frequency.
So no. It’s not possible, and before someone comes and introduces “Scummy Jack and his lightning hack”, read the following; Bitcoin still has a scaling problem - Blockworks
All of them have, some countries even require you to have a degree in medicine before you can prescribe drugs to people. 
That is true, but I think the BTC-train went off the rails around 2010, so it’s been quite the trainwreck and I have no hope in “maybe if everyone is a good guy it will be fixed.”.
When I spoke of Billions of transactions per day what I meant was is that Bitcoin would need that to become a viable investment. If that is possible or not, I am unsure.
Currently it appears that bitcoin can support up to 850k transactions per day based on the current block size. I believe there was a debate among BTC miners recently regarding increasing the block size to support more transactions which seemed to be put aside due to security concerns. Perhaps if concerns regarding the increase of block size can be addressed then we may well see the amount of BTC transactions supported per second/day increase?
I don’t think that the 850k per day transaction limit we speak of is set in stone. Obviously there is a reason for the original designer putting a limit on the amount of transactions, perhaps because he thought the community that would use Bitcoin would only need this 850k per day limit?
From what I understand there have been propasoals to increase the block size.
My thinking is that as and when BTC reaches a point where it is actually attempting to perform more than 850k transactions per day consistantly then the block size debate would come back in an attempt to address the issue. If miners do reach a consensus and increase the block size then it would seem BTC is scaleable. All other works such as lightning could actually be a waste of time.
I could be wrong, where is @Karak_Terrel when you need him!!??
If we could keep this thread cool @Aedaxus that would be great, we are all here to learn and research and gain a better understanding. I for one have definitely learned more through my experience and speaking about BTC on here.
It’s not like you knew a lot when you were a BTC chill.
Ignorance speaks louder than wisdom.
/opportunityattack
This is a great time to invest in Solana.
It’s going to the moon!
I knew enough NOT to buy it for investment, I was paid in Bitcoin for renting processing power and I brought BTC only for the purpose of ad-hoc private transactions and nothing more.
See, my investment was strictly and purely in computer hardware (GPU’s, Motherboards, Power supplies) all of the GPU’s were sold on ebay after I stopped renting processing power. and I used the PSU’s and mother boards to build computers which were eventually sold. So luckily for me my mining project just about broke even.
You seem to be confusing me with someone who spent their life savings on buying BTC to hold and make profit. this has never been the case with me. It was my knowledge of the computer market that stopped me losing money.
Hi, it appears that Solana is accepted by around 700 retailers and I can’t see the value or the real world usage getting higher.
Aside from staking solana (I think the system rewards the highest stake with new Solana instead of mining) I can’t see much retail usage going on so it’s difficult for me to see where the value is exactly.
So, millions of people will “stake” their solana to get the reward of new solana, after that process is complete what will solana be used for?
What a great idea, my unemployed friend is a finance guru and spends all his time watching finance vids on YouTube and TikToks.
He told me I need to start earning passive income.
The use case scenario for Solana is very interesting, and I can see exponential growth on the near-term horizon. The Solana blockchain allows for a number of innovative uses, bypassing the state centural security apparatik, and allowing for discrete anonymous transactions without BIG BANK oversight.
I can’t really see it, only 700 retails accept it and almost all of the 700 retailers are in the Internet/computing industry.
All crypto coins are very much the same code as Bitcoin, so obviously the goal is to transfer value securely and privately. New Solana coins are allocated under POS (proof of stake) so whoever has the highest amount is rewarded the newly created Solana. I’m unsure how the coins can be used for retail when everyone will be hoarding their coins in order to get the reward of new coins
The whole point of a crypto coin is to transfer value, In my opinion this will be difficult if the consensus protocol is POS,
Ok can I clear some stuff up here? There’s some nonsense here.
First, to the “privacy” guy who keeps insisting it is a business tool! No mate. It is NOT private. Not even a little bit. Some privacy coins exist, zec, monero, others maybe…
Next the “tesla guy said 30 minutes is cos of the volatility” - No. The mining process is basically hashing on GPUs. The previous transaction hash is encrypted along with the transaction data of the current block. Each block takes X amount of time to “mine” (to hash all the data) and write it to the ledger. Each transaction hash contains the hash of the previous, this forms your block chain.
It takes 30 minutes because that’s a slow procedure - transactions are remitted when the block is complete, all in one go. The 30 or so minutes between each complete block is effectively dead time. People are sending transactions sure, but no one is receiving a bean til the toaster pops.
The future coin is not going to be bitcoin, it will be another, possibly one that already exists or a variant with some government ■■■■■■■■ inserted. Could be solana. Could be Fantom
… it won’t be fantom.
BTC has a difficulty factor that is used to make the hashing more or less complex and ensure the time to hash a block is approx 30 min (edit : 10min).
The difficulty factor is adjusted dynamically
see Difficulty - Bitcoin Wiki?
Indeed, and even if a transaction is hashed into a block, if another block (without it) has been hashed before any containing yours does, it’s likely your transaction will have to wait more.
