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Wall Street strategist Tom Lee sees Bitcoin value at $55,000 based on its limited supply and market stabilization.
In the next five years
Lee, an expert in market commodities and stock valuations, has made his estimate based on Bitcoin’s limited supply and market stabilization. He’s not the first to make such bullish predictions either. Ronnie Moas, the famous stock picker and strategist has also suggested substantial upside, even in the near term.
What's driving the demand?
Lee believes that one of the main market drivers for Bitcoin is a cannibalizing of gold demand. As the economic situation continues to present concern for many investors, vehicles like Bitcoin can be a way to store value similar to gold and other precious metals.
The limitation on supply, as there can be no more than 21 million inherent units, and the decentralized nature of cryptocurrencies make Bitcoin a safe harbor in times of economic uncertainty, according to Lee.
"In other words, substantial upside exists in owning cryptocurrencies here”.
Lee did accept the reality that Bitcoin is wildly volatile, considering that the its annualized volatility is 75 percent, but also argued that gold had the same effect in the late 1970’s, saying, “gold's volatility approached 90% from 1971 to 1980 as the U.S. abandoned the gold standard — hence, we expect this to improve over time."
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Not long ago I gave a talk at Israel’s first Blockchain conference. It was somewhat of an intro to Blockchain technology as a whole and Bitcoin in particular. Today I wanted to share this talk with you. You can also view the slides for the talk below the video to follow along. If you enjoy […]Continue Reading
On July 7th the mining pool BTC.com mined a block that contained a transaction with an 80 BTC fee attached. BTC.com believes the fee was an accident as the transaction fee should have been around 2 BTC and the pool is looking to give the sender a refund.
Also Read: How Much Does it Cost to Run a Full Node?
BTC.Com Finds an 80 BTC Fee and Offers to Pay the User Back
The China-based mining pool BTC.com was surprised to find a transaction in a block they mined tethered to an 80 BTC fee ($200,000 USD). The accidental fee is a large one, but this type of incident has happened many times over the years. The mining pool says they are not interested in keeping the money and would like to pay the user back if they can verify it was their transaction.
“Recently, BTC.com mined a block containing a transaction that carried a staggering 80BTC fee,” explains the mining pool’s blog post. “Obviously, something’s up with that. All things said and done; the correct fee should have been approximately 2 BTC.”
If that was your transaction, we want to help. We’re not interested in making a quick buck, especially if it comes at the loss of another bitcoiner. That’s why we’re reaching out. Again, if you are the person in question, let us help you get your funds back.
The Curious Case of Accidental Fees
Accidental fees have happened many times throughout bitcoin’s existence. Back in April of 2016, the Bitclub Network mined block #409,008 which had a 291 BTC fee attached to a transaction. At the time the transaction was worth roughly $135,000, and no one ever came forward to claim ownership after Bitclub said they would give the fee back. Following this incident, the Bitclub mining pool donated half the funds to the Bitcoin Foundation.
This past March Bitcoin.com reported on a Bitmain customer who overpaid 2.5 BTC in a transaction mined by the company’s Antpool. The accidental fee sender took his story to cryptocurrency forums, and the pool gave the funds back to him.
“First of all, this mistake was caused by himself, and we don’t take responsibility for this,” explains Bitmain’s customer support. “But thank you for all of your support and unconditional trust for Antpool and Bitmain, our company has decided to pay his loss.”
Paying Accidental Fees Back Is Not Required, but Many Pools Have Offered a Refund
Back in 2013 the mining pool Asicminer found an overpaid 200 BTC fee. According to reports the pool’s operator “Friedcat” refunded the fee soon after finding the block. At the time bitcoin community members called Friedcat a hero for encouraging other pools to pay accidents like these back. In 2014 BTC Guild found an accidental 30 BTC transaction and gave the user back a fraction of the loss.
Miners don’t have to fix these mistakes or reimburse people for fee errors, but most of them have paid them back or have offered to when these issues arise.
What do you think about the 80 BTC fee BTC.com found? Do you think miners should give people a refund for their mistakes? Let us know what you think in the comments below.
Images via Shutterstock, Pixabay, Bitcoin.com, and BTC.com.
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