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Have to say after trying the book out for a day, deposit/withdraw is amazing but there is one huge drawback for me.
I primarily wager on tennis, and this book's limits are awful for it. They claim to raise the limits near match time, but that is the absolute worst when you are locking in on moneyline prices throughout the day.
The book may be great for larger volume sports like football (haven't tried), but they aren't a book to use if you bet on the other sportsComment -
Bitcoin prices plunge 20% to test $300-level as sell off continues
as of tonightComment -
What do you think will it collapse?Comment -
Do you think that we should stay away from Bitcoin books because of this?Comment -
one reason btc is falling is that ppl are finding other places to put their money. The US dollar has been gaining for a while now. As the dollar goes higher the value of btc has gone down. If i can buy the dollar and make $ why would i want to buy btc. If this keeps going below $300 who knows how far it can go.Comment -
I am very confuse how bitcoin works but slowly getting the full picture. I read that bitcoin is decentralize, so every machine that mines bitcoin is part of huge network that processes transaction. What happen if all 21 millions bitcoin is mined & all mining machine shut off, who/what is processing the transaction?Comment -
lots of support for under $300. hope yall picked up some cheap. we might see $400 by the end of the week.Comment -
There are fees right now and you don't even notice because they are so small. Here is a random TX i just plucked out of the stream on www.blockchain.info.
See the fee of 0.0001BTC? It's like $0.03 in todays prices. Most miners will either not process a TX without fees or will take their sweet time in doing it.
Edit:
Right now miners are working for block rewards+fees. In the future, block rewards will drop by 50% every four years or so, and the hope is the network becomes busy enough that the transaction fees make up the difference.Comment -
Thanks for the explanation elgreco.
Do you know if there is potential to raise the fee if volume is not sufficient to support the processing equipment costs?
Do you know how much the volume would need to increase by to make it sustainable? And provide miners comparable earnings to now?.Comment -
No problem
. Still enjoy spreading the good word.
Answering that question is a little complicated. The current block reward for miners today is 25BTC. So at the fee of 0.0001, they would need 250,000 tx's per block in order to achieve the same rate. Currently, there is an average of 300-400 tx's per block, so we are a long ways away. Here is a chart.
The reason I say it's complicated is because there are a lot of variables in play. Most miners have expenses in USD, not BTC, so they only need that many TX's at todays prices. As the price increases, the BTC needed goes down. Block reward halving is also a very slow process (once every four years), the the network has plenty of time to expand before it becomes an issue.
Bitcoin is either going to survive, or it's going to die. If it survives, it will surely grow by leaps and bounds so more tx's are a certainty. If it dies... well, it dies.
One more point. The Bitcoin network is dynamic. "Difficulty" changes every 2 weeks to adapt to the amount of miners. If mining becomes unprofitable for some, they will drop out, leaving more of the pie to those remaining. Because of this elasticity, it's mostly a non issue. Mining will pretty much always be "just barely profitable" as it is now, because of these automatic network adjustments.
Can the fee be raised? Absolutely. Miners can choose which tx's to accept and which ones not to accept. There could be some miners that only choose to process tx's with higher fees. Of course, if that happens, I'm sure other miners will gladly pick up the scraps.
Feel free to ask any other questions on your mind and I'll try and answer them the best I can.Last edited by elgreco; 10-06-14, 12:57 PM. Reason: spelling. should prob read these before posting.Comment -
Who gets to set the transaction fee? Me on a per transaction basis when I send/receive?.Comment -
Yep. You got it.
Depending on which wallet software you use, you will find a TX fee setting. Most of them default to 0.0001 nowadays. But you can increase that if you have a very urgent tx that you need confirmed, or you could drop it to 0 if you don't care when it gets confirmed. Fair warning though, no tx fee at all could take days to confirm. There are a set amount of tx's that can be included in a block for now (that needs its own separate explanation) so some miners will only include your fee-less tx if they have room, or some may choose not to include it at all, and you have to wait for a benevolent miner to come along and include your tx in their block.Comment -
Thanks for all the info.
I first ran across bitcoin when it was 30 cents. And actually thought at the time, "what a great ponzi scheme that must have been for the creators". Next time I noticed it it was at about $15 after having reached a high of 30 something. If I recall correctly.
Thinking it might be smart not to miss the boat 3 times by ignoring it. Have to at least think about it this time eh!
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I'm still a little wary of bitcoin, but I'll watch and see how this plays out.
Bill makes some good points.
Good informative thread.Comment -
Go play some poker at SWC! You seem to be killing it in the SBR world with all those badges. Build your BTC empire there.Thanks for all the info.
I first ran across bitcoin when it was 30 cents. And actually thought at the time, "what a great ponzi scheme that must have been for the creators". Next time I noticed it it was at about $15 after having reached a high of 30 something. If I recall correctly.
Thinking it might be smart not to miss the boat 3 times by ignoring it. Have to at least think about it this time eh!Comment -
I joined nitrogen but never saw more than a dozen people playing and the daily FR tourney I could use to try it out is at a bad time for me.
I'll try and grab a seat in the 10 bitcoin freeroll if it ever happens
I'm not really that good at poker as the badges suggest. I think only playing poker at SBR helps me..Comment -
Many poker halls are not busy anymore online unless that the big boys in EuropeComment -
www.sealswithclubs.eu is nothing like the old days at UB or pokerstars for the Americans. But they usually have 400 people or so playing.Comment -
@elgreco. you have any opinions on which companies are going to capitalize on the blockchain technology better than others? Ethereum, NXT, etc.Comment -
When Bryan Micon is the face of your poker room, it's time to hit eject.Comment -
Anyone have above $1000 in there?Comment -
Dogecoin is the futureComment -
You guys have mentioned 30 third-party exchanges dealing with bit coinComment -
No, not really. I was pretty excited about Ethereum when they were going to piggyback on Bitcoin's blockchain; but after they nixed that and went off on their own, my enthusiasm fizzled. I'm weary of any alt-coin that isn't built on Bitcoin. That's not to say they don't have great ideas, but with all the hard work and $$ that has already been put into the Bitcoin infrastructure, I don't see how they are going to reach the critical mass to overtake it or even challenge it. Especially when you consider the fact that almost any ground-breaking innovation could be incorporated into Bitcoin later.
Can they make for great short term-trades? Absolutely.
Am I certain that Bitcoin is going to win the race? Nope.
But if you ever get the opportunity to bet on a race after it's started, I think it's wise to bet on the dog with the biggest lead.Comment -
@elgreco. ya, i was real close to pulling the trigger on some ether in the genesis block. time will tell i guess if i was right or wrong there. what do you think about the idea of sidechains being used by governments to issue in a fiat currency backed by BTC? and why do precious metal/bullion cryptocurrencies always seem to fail so far?Comment
