• Quick note - the problem with Youtube videos not embedding on the forum appears to have been fixed, thanks to ZiprHead. If you do still see problems let me know.

Merged Bitcoin - Part 3

gnome said:
That seems a practical standard. Does the time/resources it takes to get those 6 confirmations increase over time?
Click to expand...
No it takes an average of 10 minutes to get a block on the chain. Energy rather than time is what increases if more resources are thrown into mining.

This means that once your transaction receives its first confirmation, it will take less than 1 hour to get its sixth.

gnome said:
Also "virtually impossible" is nice--but a magnitude may be helpful. Are there some numbers assigned to those probabilities? I imagine there are, I'm just curious about them--mainly because the stakes escalate over time.
Click to expand...
It's been some time since I saw all the caluclations but as you will see "virtually impossible" overestimates the probability of a fraud.

In the first case, if a transaction gets added to the wrong fork then it will ultimately be reprocessed and added to the right fork if the wallet has the funds IE provided that another spend hasn't occurred since then.

For somebody to mess up a transaction in the block they need to recompute the hash code of the block (extremely difficult as mining shows). If it is not the latest block then they have to recompute the hash code of every subsequent block. That is energy raised to the power of N! That is why a transaction that has received 6 confirmations can't be messed up. There is not enough energy in the world for that to happen.

gnome said:
There will come a point where someone producing a bitcoin is a major event.
Click to expand...
That point will be in 2032. The current mining rate is 3.25 BTC/block and it halves every 4 years. By 2032 it will have halved to 0.78125 BTC per block so nobody will be able to produce a whole bitcoin from a block.
 
Last edited:
The picture looks bleak for crypto.
The market cap at 1.3t looks like an apple or amazon.
Is this fair or proper?

The next week will tell.
 
Criminals, greedies and environmental vandals will hate the next few months in cryptos
 
Tik-Tok bans crypto shills

The wildly popular social media app TikTok has updated its branded content policy to ban touting financial services which includes cryptocurrencies.

Social media giant TikTok has taken a drastic step toward not only banning cryptocurrency influencers on its platform but all creators promoting financial services, according to the Daily Mail. These include, but are not limited to, cryptocurrencies, buy now pay later companies, loans, credit cards, and Forex companies.

According to the report, the move is directly aimed at putting a stop to the worrying trend of high-risk investments being touted on social media. Many of these unsuitable high-risk investments are nothing more than various frauds, scams, or schemes. As a result of this shadowbanning, legitimate financial firms will also be affected and no longer be able to utilize influencers in the same way they do now.
Click to expand...

https://finance.yahoo.com/news/tiktok-bans-influencers-promoting-cryptocurrencies-194500204.html
 
arthwollipot said:
Looks to me like they're banning all sorts of financial services advertising. Not sure why crypto is being singled out for special attention here.
Click to expand...

The popularity of crypto scams probably has a lot to do with the heightened scrutiny that unchecked financial "advisors" on the platform are getting.
 
psionl0 said:
It's not cryptocurrencies that are being banned but "cryptocurrency influencers". These are the people who say "invest in our profit-making cryptocurrency company and get rich overnight".
Click to expand...
Yes, but they also state that they're banning buy now pay later companies, loans, credit cards, and Forex companies and others. All sorts of financial traders in fact. But for some reason it's crypto that's getting the attention.
 
arthwollipot said:
Yes, but they also state that they're banning buy now pay later companies, loans, credit cards, and Forex companies and others. All sorts of financial traders in fact. But for some reason it's crypto that's getting the attention.
Click to expand...

I bet crypto is 99% of current content. Crypto is the reason for the ban. Banning the actually means crypto is not singled out.
 
arthwollipot said:
Yes, but they also state that they're banning buy now pay later companies, loans, credit cards, and Forex companies and others. All sorts of financial traders in fact. But for some reason it's crypto that's getting the attention.
Click to expand...
Well this IS the bitcoin thread so it is not unreasonable to note Tik Tok's action here.
 
Samson said:
Everyone here will declare my post is a signal to BUY lol
Click to expand...
I'm not going to sell until I can sell at a profit.

But the value of my portfolio has been going up slowly but steadily for weeks now. Of course, 2/3 of the value is in Etherium, so it's insulated from some of Bitcoin's fluctuations, but it's been pretty steady.
 
arthwollipot said:
I'm not going to sell until I can sell at a profit.

But the value of my portfolio has been going up slowly but steadily for weeks now. Of course, 2/3 of the value is in Etherium, so it's insulated from some of Bitcoin's fluctuations, but it's been pretty steady.
Click to expand...


Up 2k since my sell.
 
psionl0 said:
The price was hovering at around 30K at that time.


As usual, your predictions are less reliable than a stopped clock.
Click to expand...
Sadly true.
I predict crypto billionaires will donate to Greece and Turkey to fight wild fires.
 
Last edited:
You must log in or register to reply here.

Back
Top Bottom