/r/Bitcoin

Subscribe to /r/Bitcoin feed
A community dedicated to Bitcoin, *the currency of the Internet*. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.Bitcoin - The Currency of the Internet
Updated: 1 day 15 hours ago

Beware!Kraken Lost My 180k USD Wire Transfer

Sat, 01/13/2018 - 21:30

We transferred 180k USD on the 15th of December and funds are still not showing in our Kraken account. I encountered the same matter as AI2019 https://redd.it/7hjovw. This time their excuse is kyc. Ive been waiting for my deposit to be credited for more than 30 days now. my account is verified (tier4) and I already called my bank and they said the money left the bank and they (kraken) have it, so its not being held by my bank. I have sent multiple tickets and Their support team keeps saying the same thing over and over, asking for the same thing, over and over: “Hi, Thank you for providing that information. Unfortunately, The correspondent bank SMBC NY has requested more information on your transaction for their KYC processes before they allow your transaction through. In most cases, this takes between few days and a week for their compliance team to review, but can sometimes take longer. We have submitted everything on our end and must wait until they are satisfied with our answers.”

heir website is broken as hell and now they are stealing our money? Did anybody have a similar situation with them?

I will update the progress of the situation, and now the Kraken site has been unable to withdraw money(UTC:02:54). There is reason to suspect kraken serious financial problems.

submitted by /u/bjsheping
[link] [comments]

I did 448 financial transactions in December: let's be real about scalability requirements

Sat, 01/13/2018 - 20:31

I have become obsessed with Bitcoin scalability. I believe that this project has a grand mission: to create and guide the evolution of a secure, decentralized (and self-funded & governed) backbone for global finance. This backbone will be the "source-of-truth" ledger that records the stored wealth of humanity.

In simple terms, I envision it to be the mother of all savings accounts.

With that in mind, the question arises: how many on-chain transactions do we need the architecture to support?

Well, I've looked at a lot of material and there is a classic reference to Visa's network circa 2014. I chewed on that for a while and I now believe that this is an interesting case for comparison, but it doesn't state an actual requirement.

I looked at my own spending, as an example. I looked at all of my bank account transactions, credit card transactions, PayPal, Apple Pay, Android Pay and Bitcoin transactions for the month of December, 2017 and I discovered that I did 448 total. I may be doing more than the average person, but I can't find any reliable data to tell me one way or the other. What I was left with, however, is a profound confusion about how any sane person could suggest that it is remotely plausible that Bitcoin scalability could be addressed by having larger blocks. It's patently absurd.

If I were the average person, and all 7 billion people on earth used Bitcoin as their primary means of payment and storage of value:

  • 3.4+ trillion transactions per month on the blockchain
  • Given 2,000 transactions per MB and 4,464 blocks per month (31 days)
  • Results in 383 GB blocks

And I think this is a LOW estimate. It excludes all the transactions I couldn't make electronically and all the transactions I would have made if I had a convenient means of doing them. I believe that a realistic requirement is probably closer to 1000 transactions per month per human. And if we account for population increases over time, the requirement only gets bigger.

I have never seen anything from anyone that suggests that on-chain transaction processing at this scale is even remotely feasible (other than this: http://blog.vermorel.com/journal/2017/12/17/terabyte-blocks-for-bitcoin-cash.html). It seems to me that there is clearly, obviously, without question a need for L2.

I am dumbfounded that anyone still argues that an architecture that doesn't include off-chain transaction processing is viable. That seems like utter nonsense. Moreover, it seems to me that Bitcoin won't be ready for prime time until we have Lightning matured.

Please tell me why I'm crazy.

submitted by /u/Quartermark
[link] [comments]

Coinbase and the Mempool

Sat, 01/13/2018 - 19:11

IMPORTANT: Install an adblocker

Sat, 01/13/2018 - 18:19

I see a lot of people saying they got scammed because they clicked the first link in Google which was a shady domain, this can easily be prevented by installing an adblocker.

I recommend uBlock Origin:

Firefox: https://addons.mozilla.org/nl/firefox/addon/ublock-origin/

Opera: https://addons.opera.com/en-gb/extensions/details/ublock/

Google Chrome: https://chrome.google.com/webstore/detail/ublock-origin/cjpalhdlnbpafiamejdnhcphjbkeiagm?hl=en

This will remove those shady links and the chance of getting scammed because you clicked a shady link is less high.

submitted by /u/mothh9
[link] [comments]

We should start a Bitcoin religion to not pay Taxes...

Sat, 01/13/2018 - 17:46

Satoshi Nakamoto can be our Messiah..whitepaper is scripture..developers are disciples.. and son on XD

submitted by /u/Marchingpigs
[link] [comments]

Pages