The Bitcoin Thread

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balky said:
Before you spend any money, be aware that ETH may change from proof of work to proof of stake. Here is a link, but I suggest you do some more research. https://ethereum.stackexchange.com/questions/102/how-does-the-casper-proof-of-stake-algorithm-work
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So the protocol will change? I don't understand most of what is said there lol, how will it be mined in the future?

"An analogy can be made to proof of work where each miner is betting with their hash power on which block will be accepted. If they bet wrong then any block they produce will be orphaned causing them to lose money." :wtf:
 
The_Mowgs said:
What about just owning ETH and not mining? Will it have a negative impact on the value of ETH that you currently own?
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Not its definitely for the better, as a owner you will be impacted in a good way.
 
@lunomoney Whats an acceptable time span between funding account (funds cleared via ABSA for immediate release) and the funds showing in my Luno wallet?
Been 5 days so far and my funds not showing. What can cause these delays?
 
skeptic_SA said:
@lunomoney Whats an acceptable time span between funding account (funds cleared via ABSA for immediate release) and the funds showing in my Luno wallet?
Been 5 days so far and my funds not showing. What can cause these delays?
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Their payment system has never been great I wait around 4 - 8 days on average.
 
dj2381 said:
So the protocol will change? I don't understand most of what is said there lol, how will it be mined in the future?

"An analogy can be made to proof of work where each miner is betting with their hash power on which block will be accepted. If they bet wrong then any block they produce will be orphaned causing them to lose money." :wtf:
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Proof of work is basically a lottery, where the more hash power you have will improve your chances of solving the hash. The header of the block has to be hashed over and over again, each time varying one string (nonce) until the resultant hash is less than a certain target value (this is the difficulty level). This requires non stop processing.
With proof of stake you have to own a minimum number of coins and lock them. You then run a master node which requires very little processing power. The locked coins remain yours. If you decide to spend those coins, you give up your status as a miner. As a miner you receive a certain percentage of mined coins.
 
skeptic_SA said:
@lunomoney Whats an acceptable time span between funding account (funds cleared via ABSA for immediate release) and the funds showing in my Luno wallet?
Been 5 days so far and my funds not showing. What can cause these delays?
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Mine was close to instant
 
Any of you familiar with Ethereum? I bought some for the first time on the weekend, I can see the transaction on the block scanner but still nuttin' in my wallet. Using Mist. It says connected to node successfully after I open it so what gives? I should be seeing a balance now surely?
 
skeptic_SA said:
@lunomoney Whats an acceptable time span between funding account (funds cleared via ABSA for immediate release) and the funds showing in my Luno wallet?
Been 5 days so far and my funds not showing. What can cause these delays?
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Using Capitec it's 1-2 days max. Actually quite quick. If you've got proof it's been out of your account more than 48 business hours, contact their support. They helped me previously when I thought I had an issue.
 
RandomDesign said:
Any of you familiar with Ethereum? I bought some for the first time on the weekend, I can see the transaction on the block scanner but still nuttin' in my wallet. Using Mist. It says connected to node successfully after I open it so what gives? I should be seeing a balance now surely?
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I assume you used the normal wallet from ethereums github page?
 
Thor187 said:
Perhaps things changed, haven't used them in ages.
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Color me purple, I withdraw some funds today and it showed in my bank account a few hours later so things definitely changed. That's nice.
 
Just a heads up to those EFTing money to Luno, do we have any guarantee that our FICA info isn't linked to your transfer?

The whole premise of CRYPTocurrencies is that it is not linked to an individual. So @lunomoney doesn't that defeat the purpose?
 
YingYang said:
Just a heads up to those EFTing money to Luno, do we have any guarantee that our FICA info isn't linked to your transfer?

The whole premise of CRYPTocurrencies is that it is not linked to an individual. So @lunomoney doesn't that defeat the purpose?
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They report to Sars. Not a chance in hell you want to store the bulk of your stuff by them. Sars is monitoring it to gauge when to start regulating, right now the volumes are too small hence its not classified as legal tender in SA not regulated or taxable, but it will be in the near future.

I simply use them to exchange bitcoin to zar if I need it. Example to pay rent.

The rest is in a hardware wallet.
 
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