Yeah. Bing's AI showed that they were trying to future proof its seed generation. Apparently, it'll always know how to read a seed. Maybe trying to fix a problem that doesn't exist or perhaps genius. Multibit used to use something similar with their own approach.  The great thing is that there is a market of ideas.

While my momentary need makes this annoying, I trust the software and controls. Just wish I could see the BIP39 seed. 

I appreciate the help. Maybe I'll dig more into seed generation.

Yeah. Guess, I can look more into the specs of a BIP39 seed. Curious why they don't support it. Perhaps they have propriety features like BitPay used to have back in the day.


Nah. I ain't gonna argue with the dev team. I'm sure they have a philosophy behind their approach and, as you're aware, everyone looks at Bitcoin differently. I'll just keep my mind open on whether or not to continue using them or find another wallet. Although, I've mostly liked their wallet.

Why? One would think you could look at the phrase used to create the wallet. Not exactly user friendly.


I look at the words maybe once every three years or so. I used the full node QT software, until Taproot. Now, my computer is too old to run it (which is odd because I thought BTC was "soft fork" backwards compatible). So, hopefully the wallet.dat file will still work when I get a new PC to run the node but that's a different topic.  

Hey, I appreciate all of the responses that have offered potential solutions and peaked my curiosity about some of the backend to Electrum and coding.

 
Interesting. That sounds like a rabbit hole, as I originally created the wallet from a BIP39 seed. Perhaps there is something different about BIP39 I don't understand. And, maybe, Electrum takes a different approach than other wallets like Exodus.


I suppose this is why my legacy Bitcoin UTXOs don't show up if I choose a Segwit wallet and visa versa.


I have alts on the same seed that I'd like to access.


Yes. I am traveling and don't have access to them, right now.


I'm trying to access some alts with the same seed.


Yeah  I sometimes wonder if the *inaudible* should be *inaudibled*. Sinful thought. 


That seems like it may take some time. I'm skeptical getting into advanced scripts I don't understand, especially after losing multple BTC back in the day but interested in better understanding useful tools that work.

I am running an older wallet with a BIP39 seed phrase on Electrum 4.5.2. I was able to load the wallet from a file and see most of my transactions. However, when I try to see the seed phrase the option is greyed out. Why is this and/or is there a way to see my seed?

I'd like to get my phrase and import it into another wallet and am traveling ... away from my hand-written backup. Appreciate any help 

If it's an old wallet and the address starts with "1", you'll need to ensure you do not enable Segwit. It seems Electrum won't recognize original Bitcoin addresses if you create a Segwit or native Segwit wallet. The original addresses will not show up among the UTXO set although the key still controls them. Try creating a non-Segwit wallet. 

Script mining can be fun, and the merge mining of LTC and DOGE could potentially be beneficial as it provides two revenue streams to miners. It's interesting to note that one used to mine LTC and receive DOGE, but now the reverse happens, demonstrating the volatility and uncertainty of the market. The rise of Bitcoin as the dominant cryptocurrency seems inevitable, with its first-mover advantage and recent recognition as legal tender in El Salvador. As history has shown, the actions of one nation often inspire imitation in others.



The lessons learned from the scaling debate and the enduring strength of Bitcoin as market money serve as a reminder of the power of staying true to one's principles.



The inherent design necessitates that the number of transactions within a block must either increase or the value of the fees for those transactions must increase in order to sustain mining. In this way, we are confronted with a paradox: as the value of Bitcoin increases, so too does the value of each satoshi used to pay the fee. It is a complex balance, one that demands careful contemplation and discernment.

I was lucky enough to be around Bitcoin mining when the rewards were sky-high and the competition wasn't as fierce. But as time has passed and the difficulty has skyrocketed. It's become almost impossible to turn a profit with mining. I still remember when I first got my S9 and it was bringing in a cool $25-$100 per day, but those days are long gone and the rewards just aren't what they used to be.

I've been thinking a lot about what will happen when the block reward subsidy drops below 2 BTC in a little over 5 years. According to the original white paper, the goal was for fees to eventually overtake the subsidy, but there was no specific timeline given. If the price of Bitcoin is high enough to make up for the lower subsidy with miner fees, it could cost an exorbitant amount to send Bitcoin. This could put pressure toward using centralized services like exchanges and WatchTowers on the Lightning Network for using Bitcoin. If the cost of sending Bitcoin remains low, mining will become more and more reliant on cheap electricity.

It's hard to predict exactly what will happen, but I'm curious to hear what others think. What do you think will happen when the block reward subsidy is 1.5625 BTC in a little over 5 years?

Being in Bitcoin, many of us have heard people talk about the value of hard, sound, fungible money. Books like the Bitcoin Standard and other thought leaders in the space discuss Austrian Economics vs. Keynesian. I am studying to take the Securities Industry Essentials Exam and came across the following definitions:

Principal Economic Theories
Keynesian: Theorizes that an increase in government expenditures and a decrease in taxes can prevent or repair an economic recession.

• The government’s role is significant.

Monetarist: Theorizes that controlling the money supply and letting the market work itself out can curb inflation and is essential for a healthy economy.

• The government’s role is minimal.

Could an Austrian Economist, such as Saifedean Ammous, be called a Monetarist? Are the two terms interchangeable? 

I have been taking classes with the local Small Business Development Corporation (SBDC) to write a business plan. I have learned capital is key. According to my projections, and I am told this is semi-common, the first two years would be sunk costs and profit would start into the third year. Others have somebody else with an income and their business is not the only income. On whole, I believe people who work "in an office" (which now can be "work from anywhere" in many professions) generally have higher individual net balance at the end of the day - except those who are able to grow to $20M or higher in revenues.

If you have sufficient money, then a business can be a place to generate income ... generally, it takes a job to get that income or pawning your house. Few will do a private placement and raise funds through equity capital. Business that can be started with low barriers will soon be saturated, e.g., Bitcoin mining.

However, I will add that another option is changing industries. That can lead to different culture, income and satisfaction. I am considering that, right now, because the industry in which I work is too authoritarian.

I hold $USD and $MXN. But it is difficult to obtain, unless it's cash and there are conversion fees.

I, also, have some specie coins that are in other fiat but the value is separate from the fiat value.

thanks

Most everyone immediately downloaded the Chivo app. For the first week, I saw about 1/3 using the Chivo wallet. I have seen a handful since. Most people spent it right away. But I do think it is helping with remittances in amounts of $20 - $30 because it removes the 25% transaction fee. Everyone I send to sends me a screenshot and I see "convert to USD" checked.

I would like to be able to receive Bitcoin as change from SuperSelectos, Texaco and other large establishments.

I've searched around and everything seems to be 2020 or earlier. I have come across a few sources here and there, but does anybody have information on how to build a rig and calculate mining ROI for Monero?

Any help appreciated. I'd like to get some estimates on hashrate and power consumption as well and am not coming across it.

thanks

El Salvador's economy grew by 16.63% in 2021, which is an astonishing amount considering many countries see 4% as great.

Numbers are still out on this year, obviously.

Source:https://www.macrotrends.net/countries/SLV/el-salvador/gdp-gross-domestic-product

Exactly! And they may have a new fork, but they need exchanges to accept the new fork and there needs to be liquidity. I think exchanges will be hesitant, since miners already continued the original chain. I think exchanges may get tired of supporting forks, e.g., Litecoin Cash.

I would like to see more development on ETC.


Seems like it could be a good 2-3 year play ... curious about the upcoming months. Will there be a "buy the news, sell the event"?

I am mining $ETC and am bullish on it long-term. When you look at coins like DOGE overtaking LTC, the former merge mining upon the latter, it seems those that are right under our noses go up. When you look at the token economy, I think 2-layer solutions like MATIC may provide relief at the margins but it is complex. Ethereum Classic is the second best EVM (Ethereum Virtual Machine) in my opinion. And it may become the first best if the PoS fails . [Remembering the number of Ethereum I had on Coinbase when Tone Vays convinced me it was a scam. ]

In any case, there will be more miners moving over to $ETC in time as the DAG grows to 5 MB. That protects against the one negative I had on ETC, 51% attacked that occured. DOGE took care of their 51% by merge mining with Litecoin. Ethereum devs may have actually helped the original, immutable, chain survive with their upgrades. I may buy if it hits the $7-22 range. Will is 10x??  Ain't that always the question?

I agree that minable coins will be more favorable long-term because with things like Polygon (MATIC), you get warnings that your coins are unregistered. WTF?  People know Ethereum Classic. It's a solid performer ... like bass player from Nirvana: steady and reliable. It has long-term value. It's here to stay.

Though ... now, there may not be an ETH merge, again.

1BTC = 1BTC; they have the same amount of Bitcoin. But, yes, people still believe in soft fiat money.

.
I have not seen that. I have only seen a few protests in the capital ... it's mostly farmers who want seeds and fertilizer. Oh, and the media. They are negative on Bitcoin. But they are mostly negative on anything the government does.
 
They have two national legal tenders: $USD and $BTC. Puts the $USD cartel, established by A. Lincoln in the 1863 and 1864 Banking Acts, in a difficult position. It's funny. But the fun part is that SV (El Salvador) is building securities law around Bitcoin. So, it is trending toward the direction of all securities "permitted" in El Salvador need to be on Bitcoin. You cannot, for example, live on dividends from investments on a US exchange ... hence, the need for Bitcoin. People shit on El Salvador. I've even had hundreds stolen from me (likely from the FinCEN) in transmission.

What are you talking about? The protests were in 2021. The biggest danger is that Bukele changes the Constitution, so he can remain in power beyond 5 years. He has like an 80% approval rating, so many are likely to support it. He showed up in the Legislature, during session, with the military and surrounded the place. After that, there were talks of changing the Constitution but it has all been in secret. If changes were made to the Constitution, nobody yet knows.

Jack Maller was involved in getting BTC adopted as legal tender. But NOBODY uses strike nor do they hold their own keys.  


Yes. It is difficult to setup. To custody your own watchtower you need to (a) fund it and (b) have other people fund it. It tends toward money transmitters like Bitfinex who have the most liquid channels. I had to give my keys to two other organizations to try to pay my Internet bill over $LBTC. Neither worked and I paid $10 in fees to add and remove from their watchtower.



No. There is not one Lightning channel in El Salvador; it appears the closest are in Mexico and Panama: https://explorer.acinq.co/

Everyone uses the "Chivo" wallet, which is sort of like Tik-Tok biometrics meets WeChatPay in China. There is an option to pay with Lightning but there is no verification. I am convinced what they call Lightning is simply a database on the Bitso exchange. Chivo is the only regulated way to buy Bitcoin in El Salvador. There were a few BTM providers at popular spots, but the government took over the BTM business by placing them all over the country and adding a 2% spread. You need to have a +503 (Salvadoran) phone number, DUI (their state ID) or passport registered with the government to buy Bitcoin from Chivo vending machines (BTMs). Signs at stores says, "Chivo accepted here" not "Bitcoin accepted here," except Pizza Hut which prices in satoshis.

Very few understand keys, blockchain or fees. Most receive Bitcoin and immediately convert it to $USD. I hope it changes, poco a poco.


Yes, there are MANY more AirBnbs offered.

I'll keep trying to educate my friends on the difference between a government database and Bitcoin. It's a slow go. People will eventually catch on (when they have a Chivo wallet frozen). While SV (El Salvador) has its issues in implementation, it is f***ing sweet to have as legal tender. It makes life so much easier on many fronts.

It has not failed, though it appears adoption is slow everybody has access to the Chivo wallet and can spend at Super Selectos, Simon and other large chains. Individuals also accept it, but you do not see ... such as services rendered from the US (gardening, medical, cleaning). There was more than $50M in remittances in the past year.

A major problem is that most do not understand "not your keys? not your coins." In fact, it appears as though many of the $LBTC transactions may actually be Chivo-to-Chivo because I have tried paying two separate parties with Lightning and it did not work. I even tried both implementations and paid the $4 watchtower fee. It's a little concerning that the government holds all of the keys on an exchange in Mexico called Bitso.

But the cool thing is they can accept from any BTC wallet and send to any BTC wallet. Plus, it is ONLY BITCOIN - which is huge. That drops everything else out of the equation and they are building legal securities infrastructure (with the help of Simon Dixon and Blockstream) on top of Bitcoin.

Have a good day. And, please, visit the eastern part of El Salvador ... a place called Tropico Inn at El Cuco is a local favorite for those living in San Miguel (the largest city near to where Bitcoin City is slated to be.) Come visit the east not just San Salvador and drive via Usulutan not San Vicente, it's faster. I have an Airbnb if anyone is interested.