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1701  Economy / Speculation / Re: Bitcoin - The road to a SIX DIGIT price valuation on: July 16, 2023, 05:10:47 PM
I still believe that ETF effects on bitcoin price has been greatly exaggerated, although it will definitely have a positive effect on the price.

In any case when it comes to the next big rise, as I've said before the global economy is the major factor affecting the market for now. The rising inflation was excellent for bitcoin but then recession started and ruined its effects. Now they are trying to reach an equilibrium which is why we don't see rise (or fall) start.
But the inflation is still rising very fast and its effects on bitcoin price is growing. After all this fast growing national debt[1] due to nonstop money printing is bound to push bitcoin price up. $32.5 trillion US debt, $14.5 trillion Chinese debt, $13.5 trillion Japanese debt, and so on. US alone printed over a trillion in the past couple of months ever since the debt ceiling was raised.
In other words 6 digit price is definitely possible in the next major bull run.

[1] https://www.usdebtclock.org/world-debt-clock.html
1702  Bitcoin / Bitcoin Discussion / Re: [Question] Bitcoin More decentralized than Ethereum? on: July 16, 2023, 01:50:40 PM
To be clear Ethereum was centralized even when it was using the PoW algorithm. In fact we could say it was centralized from its inception and we had a lot of simple and very obvious hints. From the 72 million premined ethers before it was even released to the biggest disgrace any cryptocurrency can have with the centralized authority controlling ethereum rolling back blocks just because they lost some money in a gamble called DAO.

The move to PoS was the last nail in Ethereum's coffin that proved it has always been a centralized shitcoin. The recent decision to centralized the validators even more by significantly increasing the amount needed to be locked is just kicking an already dead horse.
1703  Bitcoin / Bitcoin Discussion / Re: Can Bitcoin leave to be decentralized on: July 16, 2023, 01:41:26 PM
It's not just about being centralized or decentralized. The centralized currency already exists in many different forms from fiat that we use day to day to online payment systems like PayPal. Each are solving a problem and providing a useful utility hence they have a "value". Creating another centralized currency can only be useful if it actually provides a useful utility. In fact this is one of the criticism of the CBDCs that are the hot topic these days, they don't seem to offer anything new.
In comparison bitcoin as the only decentralized currency offered a new form of money that didn't exist before. Which is why it gained popularity and a growing value.
1704  Economy / Economics / Re: Iran and Russia want to issue new stablecoin backed by gold on: July 15, 2023, 03:32:17 PM
Russia is suffering a military defeat in Ukraine, and in order to somehow mitigate such a shame for itself, they began to say that it is at war with NATO. But she is at war with the Ukrainians, who use the military assistance provided by NATO countries to Ukraine. In my opinion, it's not the same thing. And the Russian flagship of the Black Sea Fleet, the Moskva cruiser, was sunk by the Armed Forces of Ukraine with two Ukrainian-made Neptune missiles. And what does the NATO countries have to do with it then?
Months ago when I said that there were very few who were saying it, today even the Americans are saying the same thing Cheesy Even the US senators are saying "this is the best money they've spent and they will fight Russia to the last Ukrainian". Whether you admit it or not this has always been a fight between Russia and NATO or more specifically US dictating NATO aggression.

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Iran is not involved in Russia's war against Ukraine? Almost every day on the territory of Ukraine, Russia launches Iranian-made drones and Iran is not involved in this? In Tehran, it is justified by the fact that long before the war they handed over to Russia a small batch of drones. But hundreds, if not thousands, of them have already been launched across Ukraine, and transport planes from Iran regularly fly to Moscow. Recently, these drones have been transported by sea.
Why aren't you ever talking about the Iranian weapons used by Armed Forces of Ukraine? Oh, I know it doesn't go with the ongoing propaganda. Here is one example showing Iranian made Fadak anti-armor rockets used by Ukraine's Mi-17 helicopters.




The fact is that Iran as one of the most advanced arms manufacturers have sold many defensive weapons to many countries including Europeans. Many of these weapons are resold to third parties like Ukraine and Russia.

P.S. Those living in glass houses shouldn't throw stones. Next time you wanted to accuse others of selling weapons to Russia first think about Ukraine's cooperation with bloodthirsty invaders such as US in Afghanistan, Syria and Iraq over the past two decades or the large amount of arms Ukraine sold others like Saudi dictatorship regime to help their genocide in Yemen. To this day the carcass of Ukrainian Practika made armored vehicles like Kozak-5 can be found in Yemen as a reminder of the Ukraine's help in the genocide.
1705  Economy / Economics / Re: The impact of Russian and Ukrain war on world economy on: July 15, 2023, 07:44:57 AM
The price of oil is going up, you can tell just by visiting your local gas station. Ruble is going down, that's a fact too. Mostly due to Prigozhin's mutiny. Prigozhin is a mercenary, so there's big chance he got paid to do it by some other "customer" if you know what I mean. Anyway, I think this effect is temporary and ruble will recover soon-ish. Prigozhin is already back in Putin's lap, planning some offensive from Belarus or whatever. 
Considering the outcome I don't think it was actually a "mutiny" to begin with Cheesy
Russia armed Belarus with nukes then sent these mercenaries there with the nukes. Before this so called mutiny, Wagner was nearly 400 km away from Kyiv, now they are 80 km away from Kyiv and a stones throw from Poland ready to do another possible "mutiny"; maybe shoot something in those directions while Russia claims they have no "control" over them referring to their shenanigans...

As for Ruble, I don't think it has to do with the recent shenanigans since the long term trend looks normal to me. Like majority of fiat currencies it is losing its value. Back in 2021 1 Ruble was 0.013 USD and then 2022 occurred where Europeans started purchasing Russian energy using Ruble instead of dollar so it was strengthened. Now in 2023 it is going back to normal and 1 Ruble is 0.011 USD with a 15% dump.
Most fiats are like this. Yen from 0.0095 to 0.0072 (-24%), Pound from 1.40 to 1.30 (-7%), Euro from 1.20 to 1.12 (-6.6%), Rupee from 0.014 to 0.012 (-14%), ...
Specially since US started mass exporting its inflation by printing trillions of dollars in the past year while increasing interest rate to keep the dollar exchange rate high, such dumps hastened. In fact this is one of the main incentives for dedollarisation.
1706  Alternate cryptocurrencies / Altcoin Discussion / Re: Brazil to launch CDBC, Github repo found on: July 15, 2023, 06:13:33 AM
They could have just hosted those documents on a website instead of on Github considering how Github is mainly a "code" sharing platform not documentation.
In any case a lot of countries have been working on their own centralized "digital" currency for a couple of years now and a handful of them even have working ones in testing phase. The Brazilian CBDC seems to also be one of the projects in the research phase being worked on for about 2-3 years which can also be found here: https://www.bcb.gov.br/en/financialstability/digital_brazilian_real
1707  Alternate cryptocurrencies / Altcoin Discussion / Re: Popular and Lucrative Ordinals Bitcoin NFTs- Where are my Ordinals Experts at? on: July 15, 2023, 05:04:02 AM
funny part is about larry and nutildahs delusions is that the junk is not part of the secure blockchain. the junk can be pruned off without destroying the txid that forms part of the merkle tree thats written into the blockheader.. meaning in the case of a chain re-org or an event where sybil nodes broadcast blocks with a different 'weight' element to a block. they can broadcast different junk attached to the same txid of historic blocks and not get rejected. without having to actually re-hash historic blocks..
You are forgetting the witness transaction IDs and the fact that a merkle root hash of wtxids (computed using everything in a tx including the junk) is also created and stored in an output of coinbase tx and is verified as part of the consensus rules to prevent transactions inside the blockchain from being modified when relaying blocks.

The whole SegWit soft fork would have been broken if what you described were correct, not just the Ordinals Junk.
In simple terms, like before if you change a single bit anywhere in a transaction you have to mine the whole block again, and essentially perform a 51% attack to change the chain.

it is part of the protocol. there is no exploit at this point. if there had been it would have been fixed by now.
Being part of the protocol needs actual script that is verified and enforced by the protocol not arbitrary data that is only being pushed to the chain to be verified and enforced elsewhere (ie. on a centralized website).

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i would prefer you to come up with a better word than "attack" to describe ordinals it's not an attack it is just a use case of bitcoin.
Ordinals is using an exploit in the protocol where certain limits were not introduced in SegWit scripts where it allows injecting large arbitrary amount of data into the chain to abuse Bitcoin as a cloud storage ergo it is an attack.
1708  Bitcoin / Development & Technical Discussion / Re: Proposal to Address Dormant Bitcoin:Recycling Lost Coins into the Mining Process on: July 15, 2023, 04:43:50 AM
How to address coins are "lost"?
Whenever you access your wallet, a 10 year timer will begin/reset. If the wallet is not accessed again in 10 years the coins will go back to the mine. Keep in mind, i never mentioned activity (sending or receiving), simply accessing, or logging on.
The only achievement of something like this is forcing people to spam the blockchain with pointless transactions.
For example I have coins that I acquired back in 2014 when I found out about bitcoin and have not moved them since because there was no reason to move them and I don't want to! Something like this is going to force me to move those coins for no good reason!
1709  Bitcoin / Development & Technical Discussion / Re: Is it possible to create a bitcoin wallet that can recover keys? on: July 15, 2023, 04:35:49 AM
maybe an encryption method or some other method can be used so that these third parties still can't figure out our key?
In that case we would be back where we started, meaning you'd have to now protect your encryption key and if you forget that key there won't be any way to recover your private keys or wallet anymore! You may think that remembering a password is easier but that's a mistake because if it is easy to remember, it can be weak and can be broken which means low security.

Besides, relying on third parties defeats the purpose of Bitcoin and not only it lacks privacy it is also less secure.
1710  Bitcoin / Development & Technical Discussion / Re: breaking the satoshi's on: July 14, 2023, 01:30:51 PM
I hope it won't happen. Various backward compatible upgrade (especially major ones such as SegWit) already make maintaining Bitcoin software/library difficult.
It will never happen because there is no reason for it, at least not in our lifetime and most importantly the bitcoin supply and how it works is one of the main principles of Bitcoin which means it is extremely difficult to get anybody to accept a major change in it.
1711  Alternate cryptocurrencies / Altcoin Discussion / Re: Popular and Lucrative Ordinals Bitcoin NFTs- Where are my Ordinals Experts at? on: July 14, 2023, 08:09:14 AM
Something doesn't have to have utility to have value. For example, these regularly trade between $80k and $250k:
That's true you can put dog poop in a bag and sell it for a million dollar.

so bitcoin is not a scam but something built on top of bitcoin is a scam 100% no matter what it is used for.
There is a difference between building something on top of bitcoin and finding an exploit to abuse the protocol.
Your statement also has nothing to do with the fact that the garbage being injected into the blockchain using the Ordinals Attack has zero utility.

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maybe you should make a clarification that this is just YOUR opinion.
LOL that was cute.
1712  Bitcoin / Development & Technical Discussion / Re: breaking the satoshi's on: July 14, 2023, 07:14:41 AM
If you refer to split Bitcoin on smaller fraction, it's possible on technical level. But IIRC it require hard fork and changes of various software which used to manage Bitcoin, which makes it's hard to achieve.
Let's just say such a change is much better implemented through a hard fork than a soft fork but it is not impossible. We should technically be able to come up with a very messy way to implement it and still remain backward compatible (ie. through a soft fork without needing others to upgrade). It requires adding a new field (and stripping it for old nodes like SegWit did) that holds the fractions but it should keep them there even when they overflow.

Lets say we have a UTXO worth 2 satoshis to break into two new UTXOs worth 1.8 and 0.2.
- UTXO_1 would have two amount fields, the old one holding the 1 satoshi and the new one holding the 0.8.
- UTXO_2 would have two amount fields, the old one holding the 0 satoshi and the new one holding the 0.2.
When spending UTXO 1 and 2 the new UTXO would have two amount fields, the old one holding the 1 satoshi and the new one holding the 1.0 satoshi.
This way the old nodes see the amount field is not overflowing (1+0<=1) while the new nodes seeing both fields can see the fractions and verify that it also is not overflowing ([1+0=1] + [0.8+0.2=1] <= [1+1]).
1713  Economy / Speculation / Re: When will you sell...next bull run? on: July 14, 2023, 06:44:18 AM
The thing about selling bitcoin is that until it reaches mass adoption, the price is going to continue to rise. Which means no price is a good price to sell unless you want to pull out temporarily on a peak to re-invest when the correction occurs.
For example selling close to $20k by the end of 2017 to re-buy bitcoin when it comes down below $10k.

It's the same in the future, you just have to try and guess the peak of the bubble which is a hard thing to do. For example in 2017 many thought $1.2k was the peak lol. Some others thought $3k-$4k was the peak and so on until we reached $20k.
It's all about the momentum and how much money is flooding into the market. Back when price was $1k, $3k etc. the momentum was getting stronger which meant it was not the peak.
That also means we can't predict the next peak right now that the momentum has not yet started. We can give random guesses and mine is $400k.
1714  Alternate cryptocurrencies / Altcoin Discussion / Re: Popular and Lucrative Ordinals Bitcoin NFTs- Where are my Ordinals Experts at? on: July 13, 2023, 09:05:10 AM
I don't remember anybody saying these junks aren't going to be traded. After all scams will always find their victims. They just change tactics and sometimes get more complicated with a prettier front making it harder to detect the scam underneath. I remember the early days one of the most popular scams were "bitcoin doublers", they started by convincing newbies that they had "found a way" to double their coins in 24 hours if they sent them their coins. Eventually it became a thing where they no longer claimed to have any kind of magical exploit in the protocol and just came out with it and said it is a Ponzi scheme and people still sent them their coins!

I mean I guess a lot of economies could really be considered fake, couldn't they? The Fed creates dollars out of thin air and although they are considered real they're really just fake money based on credit from the US Gov't haha.
The two are not comparable though. When fiat like dollar is printed, it makes it worth less not worthless (that is to dump in value!). Whereas the Ordinals junk is just junk and it is worthless because unlike things like fiat it has no utility.
1715  Other / Beginners & Help / Re: Find Out the Wallet Type of address by Number of Characters on: July 13, 2023, 08:06:21 AM
So, if you take a glance, do you know the type of wallet?
Technically by seeing an address you can only know the type of address not the type of wallet. Although in practice since majority of wallets are deterministic and produce the same type of address, it can also indicate their wallet type.

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So, is longer safer?
Yes and no. Multi-sig address doesn't become safe just because it uses more than one key, it can become safe if the keys are created and kept separately on safe airgap systems.
Additionally you should know that P2WPKH (a single sig address) is safe and multi-sig is adding another layer of security on top and it is used for a different purpose. In other words it is not about being safeer but about offering a different utility.

And finally apart from address length, there are other characteristics that define the type of the address. Two of which are the starting characters (bc1 vs 1 vs 3) and in case of SegWit addresses the first character right after the separator "1" which indicates the version of the witness program used in the address. In these cases it is "q" so it is version 0.
1716  Bitcoin / Development & Technical Discussion / Re: NFT Idea: Prove Funds to Mint on: July 13, 2023, 07:39:02 AM
If you use zero satoshis, then you can easily turn them into tokens,
That still doesn't make them "tokens". The non-standard nature of such outputs and their rejection and how many of them you can make are not the reason though. The reason is that a UTXO is not a UTXO because of its amount, it is an output containing a smart contract that creates a "lock" that can be "unlocked" when spending that output. That's all there is to a UTXO.

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Imagine some attack vector, where some altcoin does not have its own chain, but uses Bitcoin as a storage. You can put all coins into the UTXO database, or even flood it with non-monetary use cases, like domain names, and for example trace ownership by tracing a particular UTXO.
Since that won't be part of the Bitcoin protocol, it can not be considered a "token". Similar to the Ordinals attack, it would be arbitrary data injected into the immutable distributed ledger called blockchain.

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So, I still wonder, why people use Bitcoin as their notarization platform, when they could use testnet3, that is cheaper, allows non-standard transactions, allows zero satoshi outputs ....
Because it is for testing and there is no guarantee that we don't decide to move to testnet4 some day, discarding the whole testnet3 chain. As you already know, testnet coins are worthless so there won't be any incentive to keep them, which means migration to version 4 won't be met with that much resistance.

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Then, why they push anything on-chain? There is no reason to do so. All that is needed, is just signing a message, and putting that signature on such centralized website, then it could be easily assigned to the first person who did that. And then, if all rules are not enforced by the Bitcoin network at all, they could be fully executed on that centralized website, without any need to touch any on-chain coins, or push any large OP_NOPs on-chain.
Who would buy such at thing? The answer is nobody. Tokens are useless as it is, which is why they have to build their nonsense inside bitcoin so that they can abuse the name and popularity to catch some victims!
1717  Bitcoin / Development & Technical Discussion / Re: NFT Idea: Prove Funds to Mint on: July 11, 2023, 04:52:34 PM
Each UTXO is a separate token,
In the cryptocurrency world a token is defined as something that created on a token creation platform as a separate asset and can have its own independent supply.
In bitcoin the UTXOs represent units of bitcoin itself, they are not called or considered "tokens".

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created out of thin air,
You can't create a UTXO "out of thin air". It is always an output of a transaction (whether the block reward resulting from doing work or the result of "consuming" other UTXOs).

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Even more: there are altcoins that copy-pasted a lot of Bitcoin rules. There are chains with opcodes like OP_CHECKDATASIG, that could validate any ECDSA signature. So, not only you can create a token just by making some UTXO, you can also connect it with some altcoin, and then make some outputs that will move on both chains, using identical signature.
That's more of an attack surface you are describing involving copycat-coins which is prevented by adding "replay protection".

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They are not enforced by any consensus rules.
They are actually enforced by a centralized set of rules created and decided by the creators of these silly things.

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If there would exist some altcoin, with some miners, that would check those rules, then yes, it could at least be enforced on such altcoin.
There already exists token platform creation altcoins that people should use to create such things. Smiley
1718  Economy / Speculation / Re: BTC Sentiment Poll for July on: July 11, 2023, 12:44:22 PM
There's a guy online who says he got some data that goes back to October 2009 and it shows that BTC's best performing month on average is July.
There is always one guy who has some data saying month X is the best or worst performing month for bitcoin Cheesy
The reality however is that months don't affect the market, the participants do. This is why we are still in sideways market and will continue to remain in this "limbo" for some more time which is what I voted for too.
1719  Other / Meta / Re: Cloudflare - Not a robot (maybe...) on Show All on: July 11, 2023, 04:59:15 AM
Damn, after I complained about the Show All It's throwing cloudflare errors now randomly.

I feel like I pissed off the CF demons, and that's what I get in return. Lol
My guess is that it's either a new change in cloudflare and/or has to be about the settings that bitcointalk is using because for the past day or two it shows up randomly for me too and I don't even use Tor or any kind of IP changing. It hasn't shown up on any other site I visit that has cloudflare, yet.
1720  Bitcoin / Wallet software / Re: SPV wallets which lets me verify blocks myself (e.g. BIP-157/Neutrino)? on: July 11, 2023, 04:40:03 AM
2. Electrum currently lack of developer/contributor, which makes Taproot support still on works.
Electrum wallet software supports Taproot but not fully support it.
Yeah, Electrum is mainly "supporting" Taproot through hardware wallets that have the option. More specifically Ledger and Trezor. Other than that it can only send to Bech32m addresses (witness version 1 address encoding used by Taproot) otherwise it can't create nor sign such transactions spending from such addresses.
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