“LN is a solution that will take time and community effort to make work. If you look at alternatives and they look slick and are throwing lavish parties with @SnoopDogg, hired booth babes, posting photos of rented lambos, they are spending that money now to charge you rent later.”

"LN is a solution that will take time and community effort to make work. If you look at alternatives and they look slick and are throwing lavish parties with @SnoopDogg, hired booth babes, posting photos of rented lambos, they are spending that money now to charge you rent later." submitted by /u/healingpainterr
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Bitcoin – The Currency of the Internet

Understanding a Bitcoin Double Spending Transaction by Performing one on yourself

Everyone talks about preventing a double spend transaction, but how does one do one to yourself in order to better understand the steps involved by the attacker?

  • What is required to do a double spend? Two phones running the same btc wallet?
  • Do you send at the same exact time?
  • Is it random a double spend happens when sending to multiple addresses?
  • How do certain online services that don’t wait for the 1st confirmation stay in business? Wouldn’t every attacker want to scam that no-confirmation service?
  • What are some preventive measures a business can use to prevent a double spend aside from waiting for 1-confirmation.

Recent Questions – Bitcoin Stack Exchange

Mainstream media CNBC releases “Bitcoin predicted to rise 165% to $2,000 in 2017 driven by Trump’s ‘spending binge’ and dollar rally” article

Mainstream media releases bullish article with bitcoin price prediction of 2017, which i have to agree with.

source: http://www.cnbc.com/2016/12/07/bitcoin-price-could-rise-to-2000-in-2017-driven-by-trump-policies-us-dollar-inflation-rocketing.html

submitted by /u/Moneytrigz
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Bitcoin

Bitcoin usage over time: investment vs spending

I am considering investing in Bitcoin. Here is my analysis:

1) Some people buy bitcoins as a method to invest/save money, other also spend them directly for purchasing stuff “here and now”. First question is how ever can we estimate the ratio:

bitcoins_spent_to_buy_stuff / bitcoins_purchased_for_investment

(For simplicity we may assume that if the guy didn’t spend a bitcoin during 3 months, that counts as investment)

2) Why do I care about that ratio? I have a hypothesis that if that ratio increases over time, that means that Bitcoin is becoming a medium of exchange. Otherwise (the ratio is constant or decreasing) Bitcoin is a bubble that is fed by people’s hope that one day it’s going to become a medium of exchange. I don’t have anything against hope alone, but if that hope doesn’t have at least some supporting evidence, then I can reasonably call Bitcoin a bubble.

2a) There could be a case when “investing userbase” is rising quicker than “spending userbase”, then we would care not only about the ratio, but also about absolute value (number of bitcoins used over some period of time for purchasing stuff). So the second question is is there something wrong with my line of reasoning?

Recent Questions – Bitcoin Stack Exchange