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1121  Economy / Economics / Re: Steam drops support for 2 fiat currencies over their volatlity on: November 01, 2023, 04:24:27 AM
after all if those two markets represented a great deal of its profits I could envision Steam doing everything they could to find a way around it.
Exactly.
From a purely economical point of view, every decision you make in your business has costs and profits. For example when you decide to work with a foreign bank on the other side of the world you are effectively adding "overhead" to your business. Not to mention the extra burden on your company and employees dealing with complains from users who had trouble depositing funds because their banks didn't work well, which needs its own dedicated department. That is all on top of the extra work needed for all the AML nonsense they would have to enforce when dealing with fiat and foreign banks.

All this overhead is only acceptable IF it is bringing a decent amount of revenue. Which it doesn't seem to be. So by removing the overhead they would just deal with American banks or payment systems (when they pay using dollar instead of their own fiat) which is so much easer (with much less overhead) for an American company.
1122  Economy / Economics / Re: Isn't Fiat the Real Ponzi on: October 31, 2023, 12:36:06 PM
Fiat on itself is not a Ponzi scheme some economies of certain countries are Ponzi schemes though.
The best match is the United States economy that has been a Ponzi scheme for some years now. They keep printing money out of thin air and sell it to any idiot (including countries) who would buy that debt so that they can cover their ever increasing expenses and cover the massive budget deficits. Then because of interest rates they get themselves deeper into debt so they print more money to pay that debt too hence turning the whole thing into a Ponzi scheme.

This is exactly why the biggest fear that US regime has is dedollarisation!
1123  Bitcoin / Bitcoin Discussion / Re: How to value bitcoin and cryptocurrencies? on: October 31, 2023, 05:05:14 AM
You can't compare the value of shares, property, etc with value of Bitcoin which is a currency. They simply have nothing in common to be compared or use the same method to come up with the value of bitcoin.

But how do we measure value of bitcoin? I'd say it is very hard because it is decided based on supply and demand but demand is not something we can easily measure.

Some people keep suggesting to use "cost of mining" but what they forget is that bitcoin is not like something like gold that has a fixed cost of mining that is NOT affected by price of gold. Bitcoin cost of mining is affected by price of bitcoin. Which means if bitcoin is $1, the cost of mining it is just as low and if it is $1 million it will be just as high because the difficulty is adjusting based on hashrate which is increasing with the price.
1124  Bitcoin / Bitcoin Technical Support / Re: Mempool pool unmined transaction on: October 31, 2023, 04:50:02 AM
So you are saying  mempool have sizes and they are different from each other or this is determined  by the node you're broadcasting on.
Yes. Certain settings are a matter of preference that can be set by the node operator, such as the size of the mempool or even what transactions you accept in your mempool. For example the node I run is set to reject the spam attacks like the Ordinals Attack transactions.
1125  Bitcoin / Development & Technical Discussion / Re: A novel protocol that can store structured data on Bitcoin & Bitcoin Cash:AIDIOS on: October 31, 2023, 04:25:57 AM
Firstly, it's crucial to note that Bitcoin and especially Bitcoin Cash, with its 220-byte OP_RETURN and 32MB block size, have been historically leveraged for various use-cases beyond just a currency already. - Proof-of-existence (PoE), timestamping, and other projects like Memo.cash, to name a few.
Bcash is a joke not a currency. A copycat coin with nothing of value to offer. It can and should be used for storing arbitrary data, but that can not be extended to Bitcoin which is a currency.
There are a lot of other shitcoins that are designed to store arbitrary data and used for it too like bcashsv (the copy of the copy of bitcoin) which is a centralized shitcoin that is used to store very large files.

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I want to clarify unequivocally: the goal of AIDIOS is not to turn Bitcoin into a data warehouse/cloud storage on any level!. Instead, it's about harnessing the blockchain's innate attributes to store a slightly more enriched set of data. When I say "enriched," I'm referring to, perhaps, an extra 1KB.
That's the same thing using different words. Bitcoin blockchain is a ledger to store records of monetary transfers not arbitrary data. Whether it is 1 byte or 1 kB is not going to change that.

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The term "arbitrary" can be misleading. What might seem arbitrary to one may hold immense value to another.
It is arbitrary when it is stored in the Bitcoin blockchain. There are other cryptocurrencies that are designed to store data (Filecoin is an example of one) and should be used to do that. Then it won't be considered "arbitrary data".

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Right now, many do it to support the network or facilitate mining. But as we progress, we must explore other avenues of incentives.
Everything is working fine with bitcoin and the network is sufficiently decentralized with no concerns in the foreseeable future. We should not spam the chain today all based on a guess that there may be some problems in the future for users running nodes!
Not to mention that such spam is making bitcoin harder to use. Look at what Ordinals Attack did to bitcoin fees.

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or where the world turns to a decentralised, immutable ledger for verifiable facts.
As Satoshi once said and I'm paraphrasing: "Not all utilities need to be offered by Bitcoin".
For example once people were arguing that Bitcoin should be used as a DNS lookup. But why should it all be in Bitcoin? Why not create a different project? That is when Namecoin was created...
1126  Economy / Economics / Re: Energy Crisis 2.0 in the New World Order era on: October 31, 2023, 04:09:48 AM
The fact is that, for example, Western developed countries are categorically against the use [of WMDs]
Yeah it was an Eastern underdeveloped country that dropped two nukes on Japan or used nuclear munitions in Iraq, dropped the MOAB in Afghanistan or is currently using chemical weapons in Palestine Cheesy
The Western "developed" and "democratic" and "human right loving" countries have never done such things.
/end of sarcasm

Speaking of China, some are predicting that they will start annexing Taiwan during the US election process...
1127  Economy / Economics / Re: Steam drops support for 2 fiat currencies over their volatlity on: October 30, 2023, 01:03:45 PM
From what I read here it sounds like it has nothing to do with volatility. It is about the fact that Valve couldn't (or maybe didn't want to) provide a service for its developers to automatically convert the price of their products into other currencies and they had to "hard code" it Cheesy

It is possible that as an American based company didn't want to go through the process of exchange the other fiat currencies they receive to their local currency, dollar. They are jut cleaning up by removing "extra" options. Just like they did with Bitcoin!

P.S. After some google search I'm willing to bet that the fact that Turkey and Argentina combined didn't even crack the top ten countries in the list of top sources of revenues of Steam, played the key role in excluding their currencies. Percentage-wise these two countries combined won't even reach 0.1% of the total revenue Wink
So yeah, it definitely had nothing to do with volatility...
1128  Bitcoin / Electrum / Re: getaddressbalance is not accurate ? on: October 30, 2023, 12:54:06 PM
Electrum is not excluding that balance, the block explorers you check are falsely displaying the P2PK balance as the P2PKH balance.
While technically correct, I think it's a good choice to display the information. The block explorer knows for a fact that the same private key can access the funds, so why risk someone overlooking his funds?
Nah, it's just a weird decision they made for only P2PK outputs. For example if you had funds in P2WPKH address and checked the P2PKH address derived from the same key, the explorer still won't show you the balance in the P2WPKH address.

What they do is basically to take P2PK outputs and convert them to P2PKH. That's it!

There are a bunch of these types of little bugs in block explorers. For example majority of them count the 50BTC reward of Genesis block as the balance of its "address". For those who don't know this reward is not spendable so it should not be included as the balance.
1129  Bitcoin / Development & Technical Discussion / Re: A novel protocol that can store structured data on Bitcoin & Bitcoin Cash:AIDIOS on: October 30, 2023, 12:39:50 PM
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store structured data on Bitcoin
Your concept is a failure in the title. Bitcoin is not a cloud storage to store arbitrary data and you should spend your time trying to improve it any other way that benefits its actual utility (ie. a payment system) rather than trying to create better ways to abuse the protocol and spam the chain!
1130  Economy / Speculation / Re: 2023 end game sentiment check on: October 29, 2023, 01:02:32 PM
if it becomes 331,000 by dec 31 it would be nice  but I consider that next to impossible.
I can see that happening and very easily too as if it were a piece of cake. But only under one condition: if they decrease the interest rates. The amount of money that floods the markets like bitcoin would shoot the price up, with the potential bitcoin already has $300k would only be the start.
1131  Economy / Economics / Re: Almost All Countries Affected by Inflation, Opportunity for Bitcoin! on: October 29, 2023, 12:44:50 PM
Oh, I just found out and haven't continued my research in detail regarding El Salvador's currency. It's no wonder that El Salvador experiences low inflation because they use US dollars.
I admit that the US is very adept at controlling inflation, this is probably because of the USD's dominance over the entire country and even the world.
El Salvador has had high inflation rates in the past even though they were using USD at that time too. The decreasing inflation rate (improving economy, decreasing crime rate, improving infrastructure, improving quality of life, decreasing unemployment, and a lot more) has a lot of other reasons that have nothing to do with using USD! It's all the works of their president who has good ideas and makes them happen.

Not to mention that there are many other countries that either use US dollar or peg their currency to the dollar. Many of them have high inflation rates like Zimbabwe (has been using USD ever since 2015) that had above 90% inflation from 2018 to 2022.
1132  Bitcoin / Bitcoin Discussion / Re: Looking back at the past, one of those statements gained respect over time. on: October 29, 2023, 06:28:37 AM
The things he said at that time made me just think that maybe bitcoin is a ponzi project and hires some people to spread it.
This is the biggest problem that the Bitcoin community suffers from and you just repeat the same mistakes in this topic too. The problem is people who introduce Bitcoin to others as something you should "invest in" so that you can "make profit" when it goes up! Of course anybody hearing such a description thinks bitcoin is a Ponzi scheme. What else are they supposed to think? Your topic here is also only talking about "opportunities" missed and "profit" that could have been made by you that is made by others.

That is NOT Bitcoin.

Bitcoin is the only existing decentralized currency that is working as it should; without being censored and without being broken. Of course being in the adoption phase means its value keeps going up, but "making profit" should not be the main reason why people adopt bitcoin.
1133  Economy / Economics / Re: Almost All Countries Affected by Inflation, Opportunity for Bitcoin! on: October 29, 2023, 05:39:25 AM
Is there a way to deal with this if the financial system remains like this? Is it too late to change? Or has this already caught up?
Comparing economies with only one factor (inflation) is not the most accurate. But as for the change, we should start by trying to prevent governments from wildly printing money. That alone would significantly slow down inflation.
Although a lot of other "structures" have to change depending on the country since it is vastly different depending on the countries we are looking at.

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If we look here, El Salvador has a relatively small inflation rate, namely 3.02 percent. We know that the country is starting to stockpile Bitcoin and mine Bitcoin at the same time.
Unlike majority of countries, El Salvador does not have a fiat currency of its own! They use US dollar. That means the government can not print money like others do hence the lower inflation rate!
The economy of El Salvador is small and weak though, hence why I say analyzing economies by looking at one factor is misleading.

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Whether Bitcoin is able to help countries overcome inflation, at least it provides options for growing a country's investment value.
I don't think so. There are a lot of reasons why inflation grows, one of which is uncapped fiat, not to mention that bitcoin itself is too small and too volatile to help battle inflation.

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On average, countries that experience low inflation rates have large gold reserves.
Again you need to expand your view when trying to analyze a complex thing such as economy.
For example take the biggest inflation rate in that list. Venezuela has printed far less amount of fiat compared to a lot of other countries including US in that list. However, they have much higher inflation rate. One of the reasons is because unlike a country like US, the Venezuelan government can not export its inflation to the rest of the world or they can't produce and sell garbage bonds to other countries to cover the government budget deficit, etc. ergo all the inflation of every printed bolivar is felt domestically.
That also means even if Venezuela had all the gold and bitcoin in the world, they still would have had the same inflation rate!

Of course, this is only one reason. As I said this is a very complex topic and I'm not an economy expert to get into all the details.

Another reason for inflation is where the money they print goes. For example when Turkey prints money, it goes into the massive budget deficit and the negative foreign reserves they have hence the 100%+ inflation rate. Or when Iran prints money it goes into covering the budget deficit the government has because of how huge it has gotten over the years hence the 40%+ inflation rate.
However if these printed moneyz went directly into the economy building it up (eg. building new industries or expanding existing ones), not only it wouldn't have increased the inflation, it could significantly decrease it even into negative inflation rate.
This is what I mean by "structures" that need to change.
1134  Bitcoin / Bitcoin Technical Support / Re: Mempool pool unmined transaction on: October 29, 2023, 05:06:34 AM
I'll share my experience her so you understand how wallets and nodes work.
Few weeks ago (more than two weeks)  I've made a transaction and broadcast it with 1 sat/vb for testing purposes. It has been broadcast but few minutes later it has been rejected and my Electrum wallet showed it as local, so I've deleted it.
Yesterday, I opened my wallet and was surprised to see the transaction is still there and waiting for confirmation. The first time I saw it, I thought my wallet was compromised and some one was trying to steal my money till I remembered it was me who've created this transaction.
I thought it has been rejected by all nodes and I'll never see it again, well, I was wrong 😅
This oddity is probably because your client changed server behind the scene (automatic server selection must be on) which means in first attempt you sent the transaction to a node with a bigger mempool size which accepted it and kept it in its mempool. Then your client changed server and tried syncing with the other one that had a smaller mempool size which meant it rejected the low paying tx turning it into local.
The next time you opened Electrum you again connected to a node with bigger mempool that had your old tx hence showing it as pending!
1135  Bitcoin / Electrum / Re: getaddressbalance is not accurate ? on: October 29, 2023, 04:58:17 AM
But I can still spend 30.99 btc, right? If yes, I don't understand Electrum decision to exclude P2PK balances from the address balance!
Electrum is not excluding that balance, the block explorers you check are falsely displaying the P2PK balance as the P2PKH balance. Imagine if you had two checking account in bank A and bank B, you won't see your balance B when you check your A account and vice versa, even though both of them are your bank accounts and you spend from both using the same signature.

In Bitcoin you can create a lot of different addresses using the same key pair. 2x P2PK, 2x P2PKH, multiple P2SH with various scripts (eg. 1of1 multisig, locktime, conditionals, wrapped witness), 2x P2WPKH, multiple P2WSH with various scripts, multiple P2TR.

But when you create a wallet with that key, the wallet has to know which type of output script (or address) it needs to watch. So when you import your key and select the P2PKH address or import P2PKH address in a watch only wallet it will only watch the P2PKH outputs and report that balance. Which means everything else including P2PK outputs will be ignored.
1136  Bitcoin / Bitcoin Discussion / Re: Whether Bitcoin ETFs are approved or not, we expect bullish trend on: October 28, 2023, 04:14:30 PM
This is not the first time we are in a similar situation! There have been a couple of cases in the pat, specially in 2017. First it is bitcoin being stuck below a resistance that it can not break, then the rumors about ETF being about to be approved start and it breaks that resistance or it breaks the resistance then the rumors start, it won't make a difference.
Then the ETF is rejected and the market manipulators try to fill their pockets.

Guess what happens after that? LOL. Every time there is some ups and downs during a rally and manipulators try to make profit from the small swings on the way up. In the end the rally continues regardless of them.
1137  Economy / Economics / Re: why super rich pay no tax but suggest giving all their wealth away (eventually) on: October 28, 2023, 03:48:39 PM
There are a couple of things you are missing, first is that they are not "super fiat rich" they have a high networth. As you said it, they don't bag hold fiat, they invest it.

But the more important thing you are missing is the fact that these super rich minority are playing the system and have already changed the laws to have these types of backdoors to help them evade being taxed. It wasn't always like this, they basically infiltrated the governments specially in places like US (mostly from Reagan time) and made all the changes to benefit themselves.
It can not happen in bitcoin world because bitcoiners don't have nearly the same "infiltration powers" and governments who want to tax them will find a way to shut any way you think you could use to evade their taxation...
1138  Economy / Speculation / Re: 2023 end game sentiment check on: October 28, 2023, 02:01:55 PM
I believe that there is a great potential for bitcoin to rise before the end of the year, maybe not to set a new ATH as your poll option suggests but surely more rises. Specially since two things are currently happening: first is the the interest rates can no longer be increased any more than this (they won't affect inflation any more) so the bond market won't suck the money out of other markets as much as before. And second is that in recent times we have seen an interest from investors to buy into markets like gold specially with energy prices being on the rise again. Of course the investors will always have one eye on bitcoin market also...
1139  Economy / Trading Discussion / Re: Are you any of pump groups or Channel ? on: October 28, 2023, 01:52:19 PM
Im on with notourious powerpump team yesterday they pumped yfi i made nice profit with them.
Assuming you are telling the truth, that still doesn't mean you should join a "herd" hoping to make profit. YOU won't...

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Tell me your experince about pump ?
You don't need experience with scam groups, it is obvious what they do.
They need some sheep who would buy the shitcoins they tell them to buy so that THEY can dump on the sheep and make profit.

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I remember when ETC pumped i Made from 10$ to 500$ in few hours i don't Understood why people don't like pumps it's really great i have made real money from pumps.
Nobody hates pumps, if you can catch them on your own by watching the market yourself (as opposed to some scammer telling you about it), you can make a high risk trade and make some profit.

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Today poweroump team will pump LTC let's see how high they send it
Scam groups usually stick to small shitcoins they can pump with their small "herd" not bigger shitcoins like LTC. They may sometimes take credit for a pump that had nothing to do with them though!
LTC got a little pump last week though and it is not making any moves today, and its volume is going down so it is unlikely to see any major pumps anytime soon.

I guess in 24 hours we see what this scam group is made of Cheesy
1140  Bitcoin / Bitcoin Technical Support / Re: Mempool pool unmined transaction on: October 28, 2023, 01:37:23 PM
For the transaction to be cancelled it has to be dropped from the mempool of majority of nodes for the transaction making it unavailable for miners to add to their blocks.
Technically the said transaction has to be dropped from the mempool of all nodes not just a portion of them because even if it is only one node out there that stores this transaction, it can continue broadcasting it until it is either confirmed or becomes invalid (eg. double spent).
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