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  2. I have another question about the Ice Cream example :) - if I pay the ice cream man, and the ice cream is bad, what if he SPENDS that money (and has nothing left) before the smart contract has a chance to give me my refund??
  3. Last week
  4. OK, thanks. The actual transactions though, the entire list, is just...open to everyone, right? That's what the Blockchain IS? Do you have to give national ID of some sort (such as a passport) to open a crypocurrency account? Is this ID linked TO your transactions in any way? (well, due to privacy I'd suppose not, but CAN it be??)
  5. They can in different ways. I would suggest trying some wallets out, even just downloading and syncing to see how the basic part of this works.
  6. I think everything is basically storing transactions on the blockchain. Maybe some chains are storing info, but no clue if any are storing sales information yet.
  7. I have a question about the actual DATA: is WHAT I actually buy, say my ice cream (man, I'm getting sick of that example! :) ) open to whoever wants to know about it? I understand that *I*, ie. my NAME is anonymised, but the fact that I bought a "Cornetto, strawberry flavour" - is that data open to everyone? Even if they don't know who that guy actually IS? (every marketer's DREAM!)
  8. An altcoin would be considered a cryptocurrency with its own blockchain that isn't Bitcoin. Litecoin is an altcoin. Monero is an altcoin. Denarius is an altcoin. The terms of service on the paypal announcement says the user can buy bitcoin, but doesnt have access to the private keys. The user is not really getting Bitcoin, they would be getting hopes and promises Paypal has Bitcoin in their stash to back this. I could create a company called Cheese and offer bitcoin on my Cheese platform, never have Bitcoin, but pretend I do, and the newbies flocking to Cheese wouldn't know the difference.
  9. Spec mining is mining a new coin that's not on an exchange. Speculating one day it might be more valuable then the energy to mine with no price set.
  10. Amazon has been funded by investors since inception. Only a year or so ago did Amazon make money. Not funding out of their own pocket, funding out of investors pockets. A lot of terms are thrown around in cryptocurrency space. I would view decentralized as having a marketplace that is tough to shutdown and no single entity controls it. An example, DEX (Decentralized Exchange) is thrown around a lot. But to follow that, it cannot be shutdown or have a middleman. Playing on BlockDX right now and the user can open 2 wallets and trade with no middle man. To keep incentive for the backend stuff that needs to run for this to go smoothly, BlockDX charges a transaction fee of Block per transaction. This fee spreads through the nodes running the backend to keep the whole thing running. The user pays a little fee, and now can atomic swap with other people and this cannot be stopped.
  11. Sorry, could you explain what you just said? What's an "altcoin"? What' s a private wallet? Why would it be very good?
  12. Can you please quantify the statement "until everyone flocked right back to things that sell at a loss and are backed by huge money" - do you mean like, Amazon, sells stuff at BELOW cost price? Which they are funding out of their OWN pockets? How can that work?!! I thought the very DEFINITION of blockchain was "decentralised"....?
  13. The internet did get rid of middlemen until everyone flocked right back to things that sell at a loss and are backed by huge money. In a way blockchain is at that early stage where things can stay decentralized or go right back to centralization. Bitcoin and Paypal kind of remind me of this, in the way the product is being introduced. Never used openbazaar so not sure how that works. But a site should take a small percentage to help continue development of the platform. For anything to let developers need to get paid. Why would someone create that? Because a decentralized exchange for goods is the pinnacle of services. Maybe the devs wanted notoriety, or introduce something amazing to the world to change things, or had a later idea how to charge for the service once it became larger. Early paypal gave $10 for new signups. Now paypal blocks users who use the platform. 2 very different things over 20 years of being around.
  14. I have a question about MIDDLEMEN: the Net was supposed to get rid of middlemen, and with Blockchain that claim has been RE-ITERATED, from what I understand. A site like - www.openbazaar.org , if I buy something there, does my ENTIRE MONEY go to the MAKER of that product, instead of the site taking a percentage? So how does the site maker make money then? Why do they do it? (why'd they make OpenBazaar?)
  15. Very good for altcoins once paypal allows Bitcoin to move into a private wallet. This will become the conduit into alts where all the cryptocurrency transactions will most likely end up later on down the road. Even just the hint of this is a big deal. Paypal adding BTC and whatever else, also legitimizes crypto in general more than probably anything else can do.
  16. Good question. Been trying to find one in stock. Not sure if there is that much POW out there where GPU mining is worthwhile in general at this exact moment, unless spec mining.
  17. Are the new Nvidia cards, such as 3080 and 3090 VIABLE for mining? ie. if I use them then the money I make will be GREATER than my electricity costs?
  18. You are either trusting the smart contracts you are using there is nothing malicious or glitchy, or you are creating the smart contract and cross fingers no glitches. If you are curious about this I would suggest looking up Solidity and Remix IDE tutorials. Search for simple ERC20 tokens to get started.
  19. It'll take me a bit of time, and plenty of rereadings to understand all of that, so bear with me :) In the meantime, a question - what if 2 smart contracts are in CONFLICT? In my Ice Cream example above, what if the ice cream seller simply writes a smart contract which simply returns the money BACK to him, after it comes to me?? Does the Ethereum system prevent this situation in some way, ie. there is some "artbitration" or "mitigation" done AUTO, by the software??!!
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  21. A centralized exchange has multiple wallets running. The larger exchanges that accept Fiat also run sort of like a bank, but they generally aren't banks. I put some Denarius on an exchange to sell. A user goes onto an exchange and they buy. So I open my Denarius wallet and send into SouthXchange and put a sell order for a given price in Bitcoin as that's the main trading pair. Then you find an exchange that will take rupees and buy Bitcoin with that. You send Bitcoin to SouthXchange and marketbuy my Denarius. Then you withdraw your newly bought Denarius to your own wallet for safe keeping. In that process SouthXchange is running Bitcoin and Denarius wallet daemons, command line only, and those are tied into their database that sends and receives. Lets say I deposit Denarius into SouthXchange for this example. When I make an account there my username has a created Denarius address inside their Denarius wallet daemon. This address is then linked to my username in their database. When I do the deposit, their wallet sees my address got funds and updates their database with that amount (balance). When we trade BTC and Denarius on the centralized exchange, the database is being updated, think of it like an access database or excel spreadsheet. When you finally want to take your Bitcoin or Denarius back out, then the database gets changed as now the wallet daemon will withdraw to you. So all the trading in between is happening on the exchanges database, and the wallet daemons (blockchain) only gets touched on a deposit or withdraw.
  22. Rarible I think is the most popular platform right now for art tokens, better known as NFT's. Like everything else digital there is no way to stop someone from saving the image/pdf to somewhere else, but the NFT is basically an authentication of the owner. People can easily pirate games and music, but not everyone pirates games and music. Refunds I have no idea, these platforms are still very new, and would take more people working on solutions to how typical physical trade works. Maybe it could be an activation code to view the item and if that activation code goes away on the blockchain, then the user can't view the item anymore. Sort of like Activating Windows. Developer of Denarius is working on the ARI token, https://ari.finance/, and has a lot of blockchain experience and has been creating new stuff in the blockchain world. Maybe he reads this to get a sense of what people want to see and use. First I would say all of this is so new that just following cryptos right now is like watching a complete world get built digitally. Second there aren't that many people in the scheme of things who understand any of this. Third bring in you have to know coding to build a lot of this out, which again all new means its going to take time. When people say someone is early in cryptocurrencies, they aren't joking. It moves faster than anything I have seen over the last 30+ years I have been sitting at a computer.
  23. Coinomi stores your funds using a seed. This seed ties your funds to Coinomi, all the coins you can add. When starting Coinomi you want to write that seed down somewhere safe. Notebook with a pen type of thing. Also you will create a password on your phone, which that password will be asked for when you try to send funds to somewhere. An address, lets say Bitcoin address, is a private key. Every wallet running Bitcoin generally holds the blockchain. You can then use this private key on any Bitcoin node and move your funds. This is why its important to guard your private keys. On Coinomi the seed is generating addresses using an algorithm. So say you have 100 BTC addresses on Coinomi because this is now your favorite wallet to use. There are 100 private keys behind all of that. Its possible to convert your Coinomi seed and pull all of the private keys and put those on a full Bitcoin QT. The seed generation also will work with all the other coins listed on Coinomi. In a way its already in the "cloud", but its basically impossible at the moment for someone to find an address with a balance, and crack your private key. Yes there is chain analysis by many different govts and private entities that try to tie everything together, but a transaction I don't think can be flat out stopped. The mining pools on Bitcoin might have a mechanism to blacklist addresses, not sure. Bitcoin is slow to transact with, but its also the most famous cryptocurrency. Denarius transacts much faster and cheaper, but is little known. Different cryptocurrencies are doing different things. For instance Blocknet is currently working on a DEX with atomic swaps where a user can exchange their coins without dealing with a centralized exchange and no ID requirements. So Block is solving a problem with exchanging lots of different cryptos between people. Monero is another one focused on privacy. Personally, 1000 different cryptos doing different things in different ways can be supported through the world. Ethereum and Tokens are a whole other thing and world in conjunction with this.
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