Topic: Ask Any Crypto Question - A Thread By a 6-Year Crypto Vet (Read 676 times)

Maybe no, he asked why every transaction he made only produced 1txid and i am sure the Raja only wanted to know why the transaction fee did not have txid. My assumption is that the Raja question is not about sending several transactions at one time but about transaction fees that dont exist txid.

As I know, the transaction fee is charged from the total balance to be sent and if we send it to several addresses in one transaction, the fee will be calculated and deducted from the existing balance and the transaction fee will go to the miners wallet.

First, Akiko is talking about pure speculation and is not backed by any evidence or proof that "good things to be expected after halving." Is this wishful thinking, yes. Is this something to look forward to, yes. Is Bitcoin directly impacted by COVID-19, no; it's only connected through investor sentiment and has always been the case.

As you all have witnessed, there was a large correction in cryptos and Bitcoin, mostly from a suspicion of hedges and big funds selling off their entire portfolios, which occasionally had Bitcoin or other cryptos within it. The best example of a large investors in a particular crypto, outside ETH and BTC, is Link. Link's market has all indicators that big money has been involved in it for over a year now. This ultimately all adds that Bitcoin and cryptocurrencies were increasing being looked into and being invested in by the big guys. There's of course all the little fish who sold Bitcoin, because once liquidation starts, panic also begins. All that capital that was sold is most likely being held in stablecoins, as noted by the grand-rise in BUSD and many others.

There are other sources and individuals who've spoke about about Onecoin's scammed BTC being dumped during this same period, which may have also attributed to a panic sell among traders.

Yes COVID-19 will persist through the Bitcoin-Halving and this is becoming more likely and iterated by experts in the media and through officials. These two events are not directly related, the bigger question you're asking is about Bitcoin miners, since this is the only area that is directly impacted.

Bitcoin halving real quickly is when reward payouts are "halved" meaning Bitcoin mined blocks get reduced in half, reducing the amount of new BTC entering the market and diminishing the impact of miners liquidating their BTCs.

So there are 2 forces: 1) Less Bitcoins entering the supply 2) Less impact of miner's liquidating Bitcoins.

Hash rate since the slight crypto crash has rebounded and will continue along its logarithmic trajectory. We saw a dip to DEC 2019 levels (3 months ago), which is significant, but nothing to really worry about it, since this dip was minimal and has since recovered as cooler heads have prevailed in mining and the markets. (as seen below)


Energy prices are also diminishing due to COVID-19, which will increase the amount of mining power being put towards Bitcoin, you cross a certain threshold of energy cost vs how much you can earn in 1 day mining Bitcoins.

Accordingly, some recent news of Bitcoin mining should ease any negative mind-set, Antminers just sold out almost immediately and are being prepped to ship right around the halving period. https://cointelegraph.com/news/bitmain-s19-antminers-sell-out-wont-ship-until-may-11


What does this all mean?

It essentially means, Bitcoin will be slightly impacted by COVID-19 through the markets and big investors (sentiment), but in terms of the network and what halving means, individuals remain bullish as ever. It's easy to get upset, scared, worried and etc about the next 2 months; this is common since most can't comprehend or look beyond tomorrow, thinking only in the moment and now.

My advice, relax and be vigilant. Bitcoin and crypto markets are in early infancy compared to every other financial market. Crypto and Bitcoin are still dominated by sentiment. To a much smaller degree, it's dominated by external monetary factors in the world markets; but the crypto markets have stabilized and have remained relatively stable since that sell-off occurred, despite worsening COVID situations in the west and through increasingly aggressive monetary policies. I have a suspicion, which is not backed by anything, that eyes will turn to cryptocurrency soon or later. There will be a moment in time where Bitcoin makes a big comeback in the news, for better or for worse.

I believe Raja was asking about sending multiple transactions with 1 TXID. For example, lets say he wanted to pay 100 employees; how would he do that through 1 click? This is how I'm interpreting his question and not so much about what a TX is.

Let me try to state this as friendly as possible (This is blockchain specific btw):

The reason there's only 1 TX per transaction (Peer-to-peer transaction), is because of the nature of blockchain and how tx hashes work. This is inherent and fundamental to blockchain for security, privacy and etc. When you send a transaction, you're revealing secured information to only that receiving party (much like how you access websites through SSL encryption), there's only 1 key known by you and that party, for a secure connection. If anyone else knew this secret key, then your transaction could potentially be hijacked/hacked.


Therefore, people use automated scripts/payment platforms and specific wallets designed for this, to make multiple payouts automatically and generally not by hand. There are numerous of solutions (third-party) that solve this issue you're talking about it.

Can you send 1 Bitcoin to 10 people, at the same time, yes you can; but each transaction will be sent with a specific Hash in it's own transaction with its own fees.
 

It's difficult to predict where a certain crypto niche is headed. There are many factors and elements that can undue or create a situation where privacy coins are in high-demand.

The reality is, not many really care about privacy and data, it's an abstract thought for most. Will we see some sort of catalyst that drives privacy-coins? Probably. Could we even see a continued disinterest in privacy coins? Also could be a possibility. The truth is, no one really knows.


There are many new, sophisticated projects that offer various of privacy features. There are a lot of open-source or third-party websites that can complement non-cryptocurrencies and serve every niche for privacy. What the general trend is at this time, is incorporating various of privacy features into cryptos, that isn't necessarily the center-stage of their marketing. There are a lot of crypt-advancements that have been made, that are baked into a lot of new blockchains and utility tokens that are a forethought.

The reality is, the demand for privacy coins is very small, niche at best. So what teams do is follow essentials of crypto adding various and numerous of technical layers and improvements into their chain. It's a very different situation today, because in order to strive and be successful you need to compete at a much higher-level. Therefore, niche-based coins no longer can compete or have any worth in this current climate.

Alternatively, a lot of business and regulations are clamping down on things like mixers and etc. Exchanges are heavily under-pressure to appeal to financial institutions, banks and etc. KYC and AML are increasingly a big factor. So, in a sense, privacy coins are dead in some specific aspects, for an average user who's not conducting illegal activities with their privacy coins. So as the larger crypto industry and business that serve cryptos continue to become more centralized and exchanges start appearing as crypto banks, privacy coins get pushed out of the picture.


These coins will prevail to the end of time. The real question is if there will ever be demand at a high-level for such coins. Given the situation of the markets, you will always see pumps and dumps occurring, but it's probably unlikely that one day we'll see Monero overthrowing Ethereum or Dash climbing back into the top-10. The current climate for privacy-coins is only becoming more closed and shut-off, by centralization (of just about everything). Concurrently, the current blockchain and crypto industry is about technical advancements and striving forward. There are much bigger beasts. Some of the early, open-sourced, private and community-centered projects just have no real space to compete with bigger and significantly more organized (and funded) crypto teams.


Again, there could be a catalyst for the need of privacy coins in the future, but that future is always uncertain and if and when that day will come.

I overall and somewhat agree with what you stated here. Not entirely sure what your question is here though.

There are 2 paths for start-ups to take

1) The crypto through conventional fundraising means, sale, exchange, etc.
2) The business - generally funded through private means without a cryptocurrency associated

Most people conflate these 2 ideas together, any cryptocurrency that's looking to make a business from that are mostly unsuccessful, this is due to numerous reasons. But yes, projects that launched in late 2018-2019 are mostly the most active and hardworking teams, in contrast to coins to launch in 2016-2018. There are definitely outliers, but this is a general round-up of the scenario.

Projects don't survive for numerous of reasons, the primary reason is due to lack of experience or inability to execute. It was relatively easy to raise funds, but the hard work begins after the crypto is launched and you have infinite avenues to take and work on. Some focused on technical, which leads nowhere. Some focused on just marketing, which also leads nowhere. Some made cryptos without a full internal execution plan and etc.

More often than not, teams have failed because they don't have the talent or experience in their team. You have to have knowledge both about cryptocurrencies, blockchain and ability to weather any storm in crypto, while having well-rounded experience and a strategy for general marketing and development road-maps.



Overall, this answer can get quite big, there are 100s of examples that we can get into; but you seem to generally recognize the scenario. As we move forward, less and less cryptos are launching; more people are filtering only the highest quality projects and even more are creating good business models and projects (which in turn, raises the entry-barrier for start-up projects and drives this whole space forward.

My final assessment, is that the line that separates a "good" project from a "bad" one has been increasing at a significant rate, since mid-late 2018 and will only continue to grow. We're left in a situation where (if you follow cryptos closely) you can immediately recognize a good team with solid fundamentals.

Where there always be scams, get-rich and projects people are fooled by? Of course. But this will become less and less frequent and has become less frequent. There just aren't that many cryptocurrencies launching these days in contrast to a couple of years ago.



Feel free to follow up with a specific question, I ran on a tangent here and basically inflated what you stated.

If its will continue until the halving then the price will be affected even there are good things expecting to happen after halving .


This will be a war between negative market because of covin19 and positive thinking about the halving that it will give postive feedback to investors the only things we should wait is who will win in the market if thats happen.

Thanks for giving us opportunity to ask questions, it's really appreciated, during the last bull run, I wasn't a part of crypto,little did I know about it,though I heard how bullish the crypto market was, like I was also told about the Chinese New year and it's effect on the crypto market but this year,it didn't turn out as it use to be because of the Corona virus,  that brings me to my question, if the Corona virus persist till May which is the halving period, will it have any effect on the halving or not?

Txid stands for Transaction ID. Txid can be used to track transactions and the status of a transaction (still waiting, unconfirmed, or confirmed and received by the destination address). For every transaction you make, you must pay a small fee so that the token or coin you send will go to your destination wallet. Transaction fees will be deducted from the balance of tokens or coins you send and the amount of fees will affect the speed of your transactions.

Every transaction that we do still requires another party called a miner. The fee you pay for each transaction is the fee you pay for the miner so that the token or coin you send goes to your wallet. Transaction fees (fees) will enter the miner's wallet and txid is proof that can be used to track your shipping transaction. Please CMIIW

I have a question about crypto transactions.
Maybe this is simple for others, and yet it's important to me.

Every time we make a transaction (send) say Ethereum. In one transaction the coins will go out in two different directions. First to the intended wallet. Second, to the wallet fee.

The question:
1. Why is TX only one?
2. Will the fee go to the wallet platform or return to the Contract Creator source?

Sorry if this question is a bit stupid.

My question is all on privacy coins now, its hard seeing people or investors talking about Monero this days except miners out there, what do you think the future of privacy coin will be? Prevail or not?

I see that most projects that survive are projects that are under 2017. While new projects in 2018 and above are more about capital returns. Because many of them have already spent capital on the 2017 project and the end of the project is a failure.
Nearly 80% of new projects fail. Some were successful but in the end, they ran away. This is something bad for crypto.

I saw several projects that survived, they have their own platforms. If indeed the project hitched a name on another platform, then most of them failed. The website that they make is just a place where they express ideas, but the ideas don't work.

I think now only Tether is on the lucky line. They created coins equivalent to the value of USD. While their supply is unlimited and will make the price of other coins drop.

These questions we can only touch-upon or are speculative questions in which I will not answer. You asked several broad-questions, if there's 1 particular specific question, I'll be happy to answer that. Therefore, this answer will be reserved in thought and details. Feel free to post more specifically in a follow-up.



1) You gave a very generic term for "Mass adoption." This term is thrown around lightly, without any contextual framework. What does one consider mass adoption? 100% of the worlds population, 50%, 20%? Majority adoption for third world countries? Integration of BTC into any payment vendor? Crypto's on the World market Indices? These questions go on and on. Because, this is a click-bait term used to elude to a question "When will crypto markets become a 1-2 trillion dollar market" which then implies, yeah crypto has then seen mass adoption because Bitcoin hit 50 or 100k. Even if the markets achieve speculative territories, it doesn't mean Bitcoin or any crypto has been "mass adopted." Again, very vague terminology that's interpreted 1001 ways.

The answer to this question is also and more-so, highly data driven. Give me a more specific question you want answered.


2) See above response https://bitcointalksearch.org/topic/m.53996796. But in short, there will never be a moment where anyone understands this question properly. Crypto is and always will be subjective to local, country and etc laws. Every location will have a specialized rule-set/laws and legal framework to abide by, that favors that particular country.

There will never be a specific date or year in which crypto will suddenly be declared unanimously by every government in the world. These are fantasy imaginations. You have to take a micro-macro approach and observe what's occurring in every country, every region/district to get a full-representation of how crypto is perceived and which laws are being applied/discussed.

Therefore answering this question is also null to me, because it has no significant meaning.



3) I will not comment on speculative questions. No one knows the answer to this question or has any clue if this ever will be a reality or when it will be. I will comment, this information stems from this data-analysis of logarithmic regression, a chart/graphic that has been circulating Bitcointalk for over 6 years now. This is where every idea of a 100k bitcoin stems from and has been taken as a holy bible for all the useless price speculations that popular crypto news sites and shills cover on a regular basis.  (IMAGE BELOW)



Never listen to anyone who comments on price, neither should you ever get your hopes and dreams for something someone predicted, they don't know anymore than you do. That's the real truth. No one on this planet, even with the best software tools available, can predict where the crypto markets are headed. Crypto markets are still an infant and there's still very little we actually know; especially since the markets are just little over 10 years old. There are only 3 events and the chart below in which almost every future analysis is derived from. Alternatively, it's easy to get excited because anyone can depict the graph below and interpret it as fact, because it predicted roughly specific milestones, years and prices. The human mind will piece any string of information together to fit its desires and make that truth as the new reality. What do you see?

Ok, i am ready to ask you a couple crypto related questions, so please answer me in detail;
1) when do you think crypto mass adoption will become a reality?
2) when do you think crypto will be declared a legal and legit thing all across the globe?
3) when do you think btc is going to hit 100k mark?

I hope you will shed some light on these things in a thorough manner. Thank you.

This is an impossible reality at this current time. If you were to ask this community 3-10 years ago, that fear was very real. In this day and age, crypto is not in any position to usurp any economy anytime soon, so therefore it posses little-to-no threat to current monetary systems; frankly, we won't see such a scenario unless all faith in any currency is lost. There will be national digital currencies that will replace any fiat gap before Bitcoin or any crypto will be seen as a primary currency.

On the contrary to what you stated, it's observed that countries are becoming more favorable towards cryptocurrencies and governments are finally waking up to potential future possibilities. A big wake-up call occurred last year, when Chinese president Xi Jinping, announced his internal strategy publicly, to dominate blockchain industry. Quickly followed by that, we saw a much mildier-tone from the United States and many public figures have come out to show support for regulating, tax friendly and etc around crypto. So the environment in the U.S. many European countries, Japan, China and most recently the ban-lift in India denotes a positive picture where crypto is becoming accepted and legitimized.


Cryptocurrency is one application for Blockchain technology. No government will restrict a forthcoming industry that will shape the world. Crypto is a means for entrepreneurs to adopt, create and innovate. You stifle that, you stifle an entire emerging tech industry, leading to the loss of talents and potentially trillions of dollars in future industries and revenue.


There has been some movement to crackdown on crypto's though, specifically through security laws and registration. We are not in an era anymore, from a social crypto perspective or government perspective, where you launch a crypto without having some sort of oversight and regulation authority overseeing your business/start-up. So make no mistake, governments are highly in-charge of this industry and this will only significant increase as time progresses. Concurrently, users like you and I will never accept some shady practice/crypto that's operating as an ICO or claims to give ROIs on profits, these practices will always be shunned on from here on out.

People will always be duped and let their imaginations run wild, but these are usually people who lose their life-savings in such schemes, therefore, high-profile scams will become less frequent. What we are witnessing is both growing pains, legitimization and maturing process of an entire industry.

We are far from seeing an attitude shift towards cryptos, we're actually seeing the inverse sentiment around cryptos and favorability. If the U.S. saw crypto as a threat, they would have banned it already, they would have banned it 2-3 years ago when crypto was just getting out of its infancy. On the opposite spectrum, in an authoritarian government, China, if they saw it as a threat they would of outright banned it. China is most interested in becoming a dominate factor in the world, actively competing with U.S., so China could very-well ban "foreign" cryptos, but they have been most nurturing of any crypto/blockchain business in China, up to this point (disregard IEOs and ICOs/public sales).

Aren't you afraid that crypto will be completely banned by every country? Using crypto will be illegal and every person that will not accept it will go to the prison. Whats your opinion? Because governments control money for a loong time in oue history.

Well, mostly luck.

There are various of ways to draw profits, usually through diversification and not only through purely investments. My best advice to you, find a niche that you want to exploit and move forward with that.

If you want to be a day-trader, then all you should be doing is day trading. If you want to be a long-term investor, then become the best at spotting projects worthwhile. If you want to be a bounty hunter, then be the best hunter and similar to investing, know every type of project and scam to launch. If you want to be a MN/Staker, then be prepared to liquidate and move onto the next big thing.

The objective is to fully understand what you're getting yourself into, before commiting to something. Be the best at what you want to do. Know your niche and exactly how you want to go about doing something.

Not everything will be profitable and there are larger forces at play always. But preparing and being ready before any catastrophic or rocket-ship action occurs, will always lead you out ahead. Never linger for longer than necessary and be ready to cut your losses if that situation occurs. Too many continue to support failing investments or time dedicated to a particular project. Again, cost-sunk-fallacy.

Trust in the markets is definitely dwindling, but this hasn't been the first time. I directly recall activity and all efforts around the period of 2015 was near an all-time-low, where many crypto projects, businesses (including my first crypto business Coins Source) had no faith or saw any type of return in the markets. There was little money being spent, little money going around and it appeared crypto was dead. Unfortunately, if we had the knowledge we do now, then the world would be a different place.

I read somewhere that the biggest factor that comes into play in cryptocurrency, is tribalism; it couldn't be closer to the truth. The reality is, people invest time and money (basically their lives) into a particular project. Even them full knowing that their investment was a bad decision and that the project is going nowhere, they have no option to keep supporting the project due to their invested wealth and energy. Cost Sunk fallacy.

My biggest recommendation and advice, is if you truly feel you're on the proper course, never give up. Because you and I have no idea what's going to occur tomorrow.


Most projects are getting funded through 2 primary mechanisms, through VC's and through becoming affiliated with an exchange (via IEO). There's only about 5 good exchanges that are still running IEO's and this mechanism for funding has dwindled as of recent. The market is saturated. Only the best of the best projects will be able to shine through and get funded accordingly through public endeavors. You can discount the other 10-20 or so shit exchanges that run IEOs, it's mostly all fake, manipulated and corrupted.




Bounty campaigns will eventually go away entirely. There's virtually no need for bounties anymore, especially if you're backed by a large exchange. The entire bounty market is saturated and both littered with scam and useless projects (about 90% of all bounties). There are also factors such as protecting a market, but never trust a project that exclaims "oh we're giving away 100k usd in our tokens, or 5% of the supply going towards bounty efforts. These are the worst types of campaigns. Even 1% is ridiculous these days for bounties. There are too many people, too many fake accounts, too many individuals who want to profit off this stuff. What ends up happening is major group think, where activity behind a bounty spurs more activity.

The best advice overall, never commit to something that's too good to be true, always diligently research the project. If something is not to your liking, then do not join. Chances are, your gut instincts are right and that what you're about to get yourself into is mostly bullshit.

Hello tk808, glad to see nice thread like this!

We all know that almost 2 years, crypto is on bearish market. Most of crypto price tends down even almost 99%
My question, how do we take profit from bearish market?

Nothing is impossible, neither is it unlikely. If anyone had a crystal ball to foresee a parabolic uptrend in the crypto markets, then that catalyst for parabolic would occur now or any minute from now, but no one can foretell this or has any bloody idea about really anything; so the markets continue on the basis on how the majority of whales, fish and regular joe's feel about crypto markets and if they can turn a profit from day-trading.

Crypto is based on 1 major force, sentiment, how people feel. Most investors will never return a profit in crypto, because the average investor is uneducated and lacks critical skills to understand his or her emotions. This essentially means, buy high and sell low. Investing based on pure instinct and feelings. This is what drove the crypto boom, along with various of other factors.

Money does not come out of anywhere, there are big whales and governments playing the game of crypto; it's a new financial battle ground that's beginning to take shape and form. Who knows what role Bitcoin and altcoins will be playing in 10 years from now? But what we do know is that blockchain and crypto will never cease to exist, it will never go away truly. So this opens up endless possibilities for what can happen in the future.


2020 is the year many have been waiting for, this was initially due to Bitcoin's halving. But what's also occurring in 2020, is the fruition of what's been brewing for these past 2-3 years now, maturing processes. Maturing of integration, matured businesses, more educated individuals, real world implementation and lastly, legality. These factors are all brewing and 2020 is the year that will be seen to be pivotal in crypto. If you've been following trends, crypto news and movements in this space this year, you will understand exactly what's meant by this paragraph. It's a topic in itself really.


To get into more speculative territories, there was (and somewhat still is) big tension in the world markets, where expectations of the relentless all-time-highs in the S&P and DOW will all play a factor, when the market corrects itself and thus leading into a global recession. Global recession will come in the next decade and it will fall in a time in place where there is high uncertainty in the world, especially third world and developing nations. What this means for crypto, well it means that anyone who's in crypto and understands larger forces at play and what crypto inherently represents, has a reason to be bullish.

I'm bullish on crypto, what was seen in 2017-2018 was similar to 2011-2012 and 2013-2014, that wasn't the first bubble and it won't be the last. Similarly, there's a lot of predictions "almost all predictions are useless by the way, no one truly knows" for ridiculous climbs in the market. Well these predictions are perceived on gold valuation (like 2-3 Trillion mcap currently?) Many see crypto achieving some sort of parity or overthrowing gold as the next store of value, particularly, Bitcoin. Bitcoin is the be all and end all and will drive the next catalyst, that's if we don't see the flippening occur, which some alt-enthusisats see occurring in the next decade.

so maybe now is the time for the market to improve itself, after the high rise in 2017 and the large number of projects that came out that year until now, and now is a position of improvement where people are starting to stop investing in new projects for a while, but what if this continues, what about projects that are really good and can't be funded because people think it's a scam, is this the reality of the current crypto market where it will be very difficult to get funding for new projects.
and also some of the bounty projects that I have participated in have completed and paid their tokens and well the price was very disappointing, dropping 90% I am not surprised because it has happened for 1 year.