Bitcoin Thread

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Snyper564 said:
Small amount sub 100k pay prem.

Larger than 100k buy on foreign exchange
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wait, so u mean if u want to convert 100k upwards in ZAR , rather use an external exchange like Bittrex Kraken Gate Changelly and then exchange BTC to USDC/USDT , there instead?
 
ichocolate said:
wait, so u mean if u want to convert 100k upwards in ZAR , rather use an external exchange like Bittrex Kraken Gate Changelly and then exchange BTC to USDC/USDT , there instead?
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Spot on

Less than 100k suck up thw prem unfortunately
 
ichocolate said:
bank xfer to capitec then send crypto to binance
anyways, i dont like binance i thikn it is just way to busy and noisey, many of their buttons or silly items could have been consolidated to make a much more smoother experience
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How are you planning to send it?
 
Sensorei said:
You're catching yourself out here. If a node could have 51% of hashing power it can execute a double spend attack. The high electricity cost of BTC mining is what makes this attack too energy demanding and expensive to perform.
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I'm not. You don't need to have all the hashing power on a single node. So it's quite doable. The security argument is simply one to try and justify the high energy cost.

Sensorei said:
With ethereum, more miners with gfx cards to confirm transactions does not make it more secure. The hashing power of the entire pool is what's important to confirm blocks before other pools. More hashing power required to confirm transactions means more electricity used, and more security.
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On its own not. But the network adjusts to the hashing power available. It's the fact that the hashing power is more spread out that makes it more secure and not the energy usage. You'd need to get yourself a hell of a lot of gfx cards to have significant influence over the general community.

Sensorei said:
Due to BTC limited supply and the 4 year halving of mining rewards, resulting increase in energy demand and cost of mining increases BTC value exponentially. This is proven by the bull runs after every halving. If miners are willing to spend $20,000 to mine 1 BTC it gives it value. Speculative or not does not matter. Energy use is an important feature
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That is a non argument. Cost to produce has no relation to what the market thinks it's worth. If anything we see miners adjusting to the market value. That is true for every crypto out there.
 
ichocolate said:
Luno offer USDC but the rate is 14.80 yet the exchange rate for USD/ZAR is 14.20 give or take.... i dont get it why there is such a huge difference ?


What can u suggest to get in to USDT or USCD ?
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That's about 4% which is the standard premium for crypto on SA exchanges. In the long run it doesn't matter as you get that same premium when selling again. Plus the Rand is stronger atm and is unlikely to get stronger.
 
Swa said:
I'm not. You don't need to have all the hashing power on a single node. So it's quite doable. The security argument is simply one to try and justify the high energy cost.
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Wrong. BTC is not hackable mainly because the cost of hash power to attack BTC and compromise other nodes to perform a sustained attack is too high. You say nodes mean nothing, but high hash power is not even needed by full nodes that do not mine and exist purely to verify that transactions are legit. Most of these are not even in China 'the big threat' where most hash rate is. Of course it would be better if BTC used less power if it could maintain the same level of security. It can't. The high energy "security argument" is part of Bitcoin by design. It's not an unfortunate side effect overlooked by the devs. It is irrefutable that a higher hash rate optimises network security.

One must understand the basics of why the cost and hash rate needs to be so high to mine a block in 10 minutes and why a shorter block time would use more energy. Obviously the faster the network grows, the faster a block will be mined unless you increase hash rate. The hash rate increasing makes the cost of an attack on BTC impractical as the network grows.

Swa said:
On its own not. But the network adjusts to the hashing power available. It's the fact that the hashing power is more spread out that makes it more secure and not the energy usage. You'd need to get yourself a hell of a lot of gfx cards to have significant influence over the general community.
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Ethereum Classic was hacked because the network hash rate was low enough and cheap enough for someone to control the majority of mining power. Yes more decentralisation is always good but it was easier to hack because energy cost was cheaper.

Swa said:
That is a non argument. Cost to produce has no relation to what the market thinks it's worth. If anything we see miners adjusting to the market value. That is true for every crypto out there.
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No, you missed the part about scarcity. That is along with cost of mining is key. Perceived value of any new asset always starts with speculation and it's only worth what people think it is worth. It's not only BTC's cost of production, but along with it's limited supply that gives inflation resistant value, on top of what it offers as financial asset network. The halving every 4 years and the increase in value thereafter is no coincidence.
 
ichocolate said:
With regards to LUNO savings wallet and the USCD savings wallet. They have a terms and agreement where they say your money is not guaranteed.... how do u feel about this?
Would u use this? or a more abroad playform like BlockFI or NExo or Crypto etc...
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I believe it’s the case for everyone offering a crypto savings product so nothing unusual.

I have everything stashed in every savings wallet Luno offers with no concerns.
 
Snyper564 said:
If you maker on valr you get paid 0.1 even better.
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Until another Ice3X happens sure.

That place has forever and a day seemed extremely dodgy to me for some reason.

At the end of the day it’s one of those you get what you pay for vibes for me.

Being a long term HODLR the trickle savings are inconsequential to me.
 
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