It is inevitable that most if not all mixers will be used for (or will be attempted to be used by criminals for) nefarious purposes
It is inevitable that most if not all banks have been used by criminals for nefarious activities. How many closures have we had as a result of that? Even when banks engage in scams, they just get a slap on the wrist. Sinbad,io probably does not have too much time before various law enforcement agencies get together to organise the shutdown of their website and try to arrest the owner/operator on money laundering charges. If criminal activity as taken place on an industrial scale and almost zero protocols were put in place to either reduce, minimise or eliminate the risk of illegal activity by the owner/operator they will end up facing serious criminal charges.
This is a grey area as minimizing or eliminating risk by mixers would mean censoring transactions just as centralized exchanges do and would lead to even more centralization of bitcoin channels. The government can play Russian Roulette with mixers but the end is definitely not to put a stop to illegal activities. - Jay - |
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Scammers using memecoins as rug pulls is not new, it has been an ongoing scam since memecoins came into existence. ... every beginners can start with bitcoin because it's reliable and decentralized.
No level of experience prepares one to handle altcoins. Beginners and old heads should stick to bitcoin cause it is reliable and decentralized, I cannot say the same for almost all other coins in the market. - Jay - |
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If you are not thinking too specific, many wallets and tracking websites show the amount at which the transaction was made, you can calculate this easily at any time to get the percentage gain or loss in reference to the current price.
I have not used any wallet that has this feature and supports all cryptocurrencies out there. A tracking or trading website is the most plausible, or an excel sheet.
- Jay -
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I have paper backups for an offline and online. Just pointing out that you should not keep online back ups, they expose you to security risks and a possible breach. Of course there are those who use their wallets on their everyday device and have not yet been hacked, but this does not mean that an email back up or any form of electronic storage should be used when there is an offline option. - Jay - |
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My main concern is with mining, specifically with how long it takes to mine a block and why we use mining.
The answer on how long it takes to mine a block has already been answered. It's an average time of ten minutes kept at that range by a regular difficulty adjustment. Mining has three distinct purposes: - it is used to confirm transactions, - to ensure steady supply of Bitcoin, - to keep the network secure through the hasrates required to mine, preventing any possibility of double spending. - What does the term "difficulty" in mining mean, and why is there difficulty in mining?
How difficult it is to solve the computational puzzle and find the next block. This is the most basic explanation for it. It exists to keep the time to confirm a block at an average of 10 minutes. -Jay - |
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Doesn't that mean that in the end Bitcoin might become centralized if Price don't meet up with cost? Then why is the government scared of its potential when its future might end up in their hands?
There is a risk for hashrate centralization as fewer mining pools get more and more of the general hashrate, they are however incentivized to do honest work on the network since they have a higher chance at getting coinbase bitcoins with their superior mining gear. If they choose to attack the network, they would lose a chunk of their miners which would drop their total hasrate massively. Nodes would also refuse to propagate their blocks. Hashrate centralization does not put bitcoin in the hands of governments. - Jay - |
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just opinion image if Bitcoin has the great system of Proof Of Work right now and combined with Proof of Stake as layer 2 speed and security will be top notch right
Bitcoin does not have layers, it just has on chain and off chain, anything on the bitcoin blockchain is subject to the proof of work algorithm, off chain platforms like Lightening network can operate differently, but does not affect the inherent qualities of bitcoin. Bitcoin has the superior algorithm which has proven to check out on the most important features of decentralization and security, absolutely no need to muddy that with an inferior system. How do you prevent the aggregation and centralization of stakers in Proof of Stake (PoS)?
You don't. - Jay - |
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Based on the board it is posted in it kind of violates rule no. 1, about zero value and pointless posts. In the press board it does not get the attention the user is looking for, so if those posts can be restricted to those boards, it would help to discourage the users to make them or force them to put in a bit of effort into the thread. Can we get a new Rule saying: "No link dumps"?
I have always been meaning to ask, what are the steps in making a rule official? - Jay - |
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Reports suggest that as of February 2023, there are over 40 million people who own Bitcoin. Besides the fact that it is almost impossible to predict with accuracy the number of bitcoin users or holders, the article you linked contradics itself: "• Over 44.15 million unique addresses have a non-zero balance of Bitcoin.
...
• About 46 million Americans (roughly 22% of the adult population) own a share of Bitcoin."If 46 million Americans alone own a share of bitcoin, how can there be less than that amount in global unique addresses? If more people adopt Bitcoin (e.g., 200 million people) and the government succeeds in regulating Bitcoin to some extent, would it reduce its volatility?
More adoption is the key to reduced volatility and not regulations. With more adoptions the price would not be shaken by the fewer weak hands who panic sell easily. - Jay - |
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Well in the end, i do not think depending on only your mentioned one platform for getting knowledge is advisable because diversifying the knowledge from different resources will make it better.
The op mentioned more than one platform to get information: books
GitHub
bitcointalk Technical Discussion boards
bitcoin.stackexchange.com
bitcointechtalk.com
"Books" are general and I do not know if they are referring to any of the books I have read, but I find the other options to be reliable sources of information barring the last one which I have never visited. - Jay - |
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As for the custodial wallets, they are the ones that have your private keys, such as the Electrium wallet or others.
You meant as for the "non-custodial" wallets such as Electrum. They do not hold your private key on any of their servers, it is protected by an encryption and only you can access (decrypt) it to sign a transaction using your password. - Jay - |
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was satoshi reason for halving to increase the public knowledge on Bitcoin before it is fully mined?
I think it was less about public knowledge and more about easing coins into circulation. Over a hundred years seems like a long time to wait for the public to come around. If there wasn't any halving Bitcoin would had been fully mined around 2019-2020 with 50Btc per block, would it have been another digital currency implementation failure or would it still be surviving?
It would have been a flaw for the bitcoin supply to be pumped into circulation and then suddenly go to zero after 8 years. The way it is currently designed gives enough time for any issue related to how transaction fees alone would support mining or how bitcoin would shape up after the last sat is mined to be settled. Having a sudden drop from 50 BTC per block to 0 BTC would negatively affect bitcoin. - Jay - |
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But from my job, I cannot fulfil my expenses that why start learning about Bitcoin the last 3 months
Bitcoin does not provide an alternative source of income. If your job cannot meet your expenses, try to find another job which can be a side hustle that helps you sustain your financial needs. my friend told me about the Bitcointalk forum in start working on bounties but not earned any money yet
You would not earn anything cause you came in with the wrong mindset. This is a bitcoin forum to discuss about bitcoin and not to earn about bounties. Focus on the discussions and you would learn a lot more than you can on bounties. - Jay - |
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Manchester United just need one point from two games to secure champions league qualification, that is 1 point out of a possible six. Chelsea on the other hand are not competing for anything in the league currently so they do not have anything to fight for. The balance of the game is tipped towards a victory for Manchester United, but the game of football is as unpredictable as the price of bitcoin.
It would count as a decent season for the red devils if they can secure champions league football after winning the Carabao cup and still have a shot at winning the FA cup when they go against their city rivals.
- Jay -
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Changing of terms and conditions without notifying the users or gamblers is normal with online gambling websites?
No it is not. While businesses reserve the right to change their terms of service at anytime but have to notify their users of the change and they accept the new ToS. If it is changed without any notice it means the user only accepted the initial terms which were in place when they registered on the platform. I would suggest you avoid any gambling website that changes their terms without any notice to their customers. - Jay - |
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I'm too lazy to search the forum for answers, so what was the problem? It wasn't just a bitcointalk and reddit issue, was it?
No, it was not solely a bitcointalk or reddit issue, but affected both forums significantly. Imgur made changes to their domain name, from imgur.com to imgur.io, and along with this made changes to their terms of service which invalidates any old image not linked to a registered account on imgur. This lead to so many images posted on the forum through them being broken at the time. I think this was the first thread [1] on the issue. [1] https://bitcointalk.org/index.php?topic=5452415.20- Jay - |
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Spamming YouTube links here is not going to help to increase your number of views or overall reach. Why not just give everyone the same stake as 1 so we can play the fair game of monopoly and delete all these asic farms?
Cause Bitcoin is Proof of Work not of stake. You need to put in computational work to get the reward. If you cannot compete with other miners, try buying bitcoin directly from an exchange. - Jay - |
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Almost even a little disgraceful that we aren't logging into this website by signing a message with our wallets or something.
This is a forum to discuss bitcoin and not an exclusive club for bitcoiners where the secret pass is your signed address. It is okay to not have a bitcoin address at the time one registered on the forum. It is also okay even not to know how to sign a message using your private key at the time one registered. This forum is meant to be educative and not restrictive. I still can't believe that Bitcoin hasn't gotten a web browser wallet that can log you into websites using your Bitcoin address the way that metamask (and now others) has been adopted by the web3 community.
Is there any significant use of this to bitcoin today or we should just adopt it cause it is the trend? I feel it is okay to not have updates just for the sake of it, but only when there is a real technical need for it. - Jay - |
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I think, to discourage clogging the blockchain, you could implement a fee structure that charges lower fees for smaller transactions and higher fees for larger transactions. The fee validation process would involve classifying transactions based on size or complexity, and validators or miners would verify the provided fee. Insufficient fees may result in rejection or lower priority for inclusion in the blockchain
This is precisely how the bitcoin fee structure works already. Fees are calculated in sat/vbytes, that is you pay based on the size of your transaction, one with a weight of 1000 vbytes would pay more than one with a size of 100 vbytes. Size is the important factor in fee estimation. Nodes can also adjust their mempools to reject incoming transactions which submit a low feerate relative to the network congestion at the time. - Jay - |
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As a lender you are dependent on the borrower to return the amount loaned and you bear the majority of the risk involved. The only point you can potentially scam as a lender is if you refuse to send the collateral back after the you are credited with the loan given. This can be solved by using a reputable escrow who would hold the collateral funds and return them to the debtor once they return the loan.
After months of no issues with an escrow-ed service you can gain the trust of forum members and not need the escrow anymore.
- Jay -
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