placeybordeaux

Authoritarianism in practice. There's no reason why socialism would need to have such insane monetary policies.

They only lose the caching effect.

There is nothing to say that all coins need a fixed supply. It wouldn't be hard to establish voting to release a given amount of funds/authorize the selling of bonds. All blockchains have a transient central authority, the miner.

I don't think a stablecoin has been made, or at least if it has it hasn't found wide adoption. That is part of the problem, if people couldn't make profit off of speculating on bitcoin it's quite likely that it wouldn't be as widely accepted/talked about.

It wouldn't be too hard to make a inflationary coin, just mint coins proportional to the estimated GH of the network. That would give the coin a price ceiling.

That site is saying 0.3 USD. I wouldn't call that pennies.

In the worst case (1 tx per channel) LN would actually double the # of tx.

I am really looking forward to LN being really tested, but the thing that worries me is that the security model relies on txing before a certain block. If we see a large amount of the traffic move from on chain to LN then we could get ourselves into a situation where there is a run on the chain to close channels. If there is a large market maker that attempts to steal from a channel that is being used to route many others we could see a mass closing of channels which could push the fees high enough to make it cost prohibitive.

LN isn't a panacea it actually changes the security model.

I was just pulling up avg tx fees. I realize that tx cost on ETH varies highly, do you have a preferred site to tell what contracts are economically viable for what amounts?

For instance I would be happy to buy a cryptokitty or two at the ~1 USD price range, but if the tx fees are ~1 USD then it's obviously a no go.

I sent my friends 50 bucks worth of BTC for christmas time. At that point the fees for regular tx were ~5 bucks so I just bundled them and payed less than a dollar per send, making sure to send the change into a segwit address. I missed someone so I went ahead and sent a one off from a segwit address. That was only 1 buck tx fee. Totally doable for a $50 tx.

But if the valuations are anywhere close to proper we need to have significantly higher throughput.

If I can't send someone 10 bucks on bitcoin it loses a lot of value for me. I've previously used it to pay for lunch/poker w/e when I don't have my wallet and someone that I am with is interested in it. Even litecoin is hitting 1 USD avg tx fee.

Bitcoin is likely going to remain the most conservative of all the cryptocurrencies. Even the most liberial of them is having trouble scaling to the current demand. The current demand is really quite low.

Last time I checked they would only pull the price once a day. Not sure how much that would actually help

Yeah bitcoin is distributed, it functions as if it has a ~10m global semaphore. The actual details are much more complicated, but with the current design you are not getting around that, current efforts are to build systems that only settle to the chain when trust is broken.

What places take BTC in caphill?

By bitcoin fraud do you mean frauds that are 'settled' in bitcoin or counterfeiting?

The protocol stops counterfeiting, the miners stop individuals from failing to fulfill a payment (i.e. stops double spends) and theft is governed by whatever jurisdiction the crime happens in.

The US government does not prosecute thefts of USD in other countries.