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Everything posted by onebigindian

  1. 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??
  2. 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??)
  3. 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!)
  4. Sorry, could you explain what you just said? What's an "altcoin"? What' s a private wallet? Why would it be very good?
  5. 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"....?
  6. 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?)
  7. 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?
  8. 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??!!
  9. Also, how do exchanges work where I can change rupees into Bitcoin or Ethereum? When I buy some, what happens exactly? And how is the RATE decided - how much Bitcoin for how many rupees? Thanks.
  10. I've heard that you can put ART on the Blockchain - if I want to put a painting I've made (ie. a .jpg file), or a book I've written (ie. a .pdf file) out there, so that people round the world can download it, and they have to pay me 1 Bitcoin for it - what do I do? What are the solutions available NOW? How do I prevent the .jpg or the .pdf from being Pirated AFTER that?? Once again, like the ice cream example above, if they don't LIKE the book, can they somehow "return" the book to me (ie. DELETE the PDF file - verifiably and securely!) and Ethereum will refund them the money? The file MUST be deleted at their end, they mustn't be able to like, upload it to a torrent site or something, needless to say..... That, if it CAN be done, needless to say, changes the Rules of the Game ENTIRELY......!!
  11. If I use "Coinomi", is my cryptocash stored right ON the phone? ie. if I buy Bitcoin/Ethereum and store it on this wallet, and someone steals my phone,....am I screwed? If that's true, is there any way around this? (storing the cryptocash "on the cloud" etc.) Let me get this straight - I can swap SMART CONTRACTS THEMSELVES on Uniswap? You mean the code for them?? Does one pay Money for them or something? What is the point of this?? Is it possible for "AI" to take a look at the actual financial transactions that are happening on Bitcoin/Ethereum blockchains, and take certain "steps", depending on circumstances (ie. when there's been shady dealings)? If a government is trying to fund a new bomb, can the cryptocurrency system "take a look" and cancel the transaction? Who writes the rules for all this? Can that rule be changed later? The govt can't simply REWRITE THE RULES according to what bomb it wants built (ie. the smart contract), can it? (that would make it Useless!) What are the differences between ALL the cryptocurrencies? Why are there so MANY of them?? (Is there any point to that?)
  12. What's a "token"? To repeat, what's to prevent me from just saying the ice cream was crap in order to get the refund, when in fact there was nothing wrong with it? What MORE can a smart contract do? The money just....moves around by itself? I find that kind of...Mind Boggling! I didn't understand the last point - what's "hedging"? I'm not really that interested in "trading", ie. buying cryptocurrency, waiting for the price to go up IN RUPEES, and then selling it to make a profit - no, I'm (much) more interested in shifting to the new system altogether! Is it possible to hook up "Coinomi" with IoT-type of stuff, so for example, if I've paid for the Metro with Ethereum, I can place my phone on top of the smart gate for the train, and it opens if the payment authenticates? Thanks a lot for your help
  13. Hi, I'm totally new to this entire world, and I'm learning about it, and I had some questions about cryptocurrency. Here goes: 1) If am a PHYSICAL business in India, what are the steps I need to take in order to accept cryptocurrency at my establishment? (say a coffee shop or ice cream parlour). I'm assuming there'll be a smartphone app, just like we have PayTM, where you scan the other guy's QR code to make the payment, just, instead of rupees and paise, it'll be Bitcoin or Ethereum or something, am I correct? Which app do I use? I'm assuming that same app will work ALL OVER THE WORLD without any "modifications" or whatever, right? 2) What is the DIFFERENCE between Bitcoin and Ethereum? What exactly IS a "smart contract"? Is it like this, that if I say buy an ice cream with Ethereum, and I don't like the TASTE of the ice cream, then the money for that ice cream can come directly back to me, without the owner of the ice cream shop being able to DO anything about it?? Is THAT what it is? What's to prevent me from just saying the ice cream was crap in order to get the refund, when in fact there was nothing wrong with it??!! 3) If 1 kg of potatoes or tomatoes costs 1 Bitcoin or 1 Ethereum in America, will it also cost 1 Bitcoin in India? What's the ECONOMICS of it all? That's all for now, I'm sure I'll have more questions to dump on you guys as time goes on, let me chew on these for the time being! :)
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