i do not think anybody memorizes their seed phrase as it was not formed by them and will be hard to remember.
Some people do memorize the randomly generated seeds, it's entirely possible. It's just not a good idea in general to rely on your memory, it can fail in the long run. You can keep your seed in memory for weeks or months, and then suddenly realize that you forgot a large part of it when you try to repeat it. The best way to protect your seed is create many backups, both physical and digital (USB sticks, CD, SD cards, etc.) and have multiple trusted places for storing them. |
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These decentralized exchanges still use banks and other payment systems for the fiat side. And these systems closely monitor any transactions that they may deem suspicious, and there can be lots of factors for deciding if a transaction is suspicious or not. Sending large transactions or having large transaction volume in short time is very likely to raise suspicions, but even smaller amounts can trigger this. So, if the government can identify certain individuals and order financial services to monitor and block their transactions, then even using decentralized exchanges will not be enough. Only direct transfers of Bitcoin or bitcoin for cash transactions will be truly secure (barring the risks of physical transactions, of course).
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But to understand Bitcoin you need a very basic understanding of modern cryptography. The properties and purpose of hash functions, public key cryptography, symmetric cryptography, measuring bits of security and so on. This can even save you from some newbie mistakes like creating your own unsecure brainwallets.
You're true! I know Bitcoin is secured with cryptography but I don't know anything about you mentioned above lol, I only know it's encrypt and decrypt with a key, well seems I need to understand it first before jump to the technical thing. Thanks anyway. I can recommend cryptography videos from the Computerphile Youtube channel: SHA: Secure Hashing AlgorithmWhat are Digital Signatures?Also a book Cryptography: An Introduction by Nigel Smart - free PDF And if you're familiar with any programming language, you can also download any cryptography library for it and have some practice with cryptographic functions. |
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IMO the previous pattern has already been broken. Not only did the magnitude of price movements changed, we also witnessed the first bull cycle with a double top and a 50% correction in between those tops. Anything can happen from now on, including resumed bull run in this or next year. But I agree that the next halvening will spark another bull run after it will happen.
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Sometimes sudden posting in local boards with no prior history of such posting is used to build an accusation of owning a sold account. But this fact alone can't be used as a proof, after all so many people here are not native speakers, it's quite reasonable that some of them could decide to post in their local sections even if they ignored it previously.
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If you are not clearly abusing the feature, like reporting the posts of someone you disagree with over and over, or just spamming it, then nothing will happen even if mods disagree with your reports. If you believe that the post is breaking the rules, go ahead and report it, this will help the forum. Don't worry about being wrong if your intentions are honest.
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The price movement of Bitcoin over the last year has been extremely intriguing. We haven't witnessed that significant drawdown yet, which has prompted some to believe that the cycles have shifted and that we are now in what is known as a super cycle (bull markets and mini bear markets).
The ATH is 69,000, so losing nearly half of that price can't be viewed as "mini bear market". I agree that the era of big bull runs have ended, no more x20 growth between the previous and the current peak. The next price peak would probably be at around $160,000, and I won't expect it anytime soon, like not in the next 2 years. IMO for supercycle to happen, there must be a very strong institutional interest, not from a dozen of companies, but from hundreds or thousands, including big governments. |
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With that kind of response, the Nunchuck team proved how immature they are [AFAICS, they're not even that popular and still have that kind of attitude (SMH)]... Regardless of the last paragraph, I think the government or the court in question, would try their best to make things difficult for such providers [I'm not implying they'll be successful, but still...].
Nunchuck is not a company or a registered organization, it's just an open source software project. There's nothing wrong with a slight trolling of a government organization that didn't bother to train their employees with basic cryptocurrency literacy. I seriously doubt that government is going to do anything about this incident, the developers did absolutely nothing illegal, making Bitcoin wallets has not been outlawed. |
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Mainstream media actually do report about large stock crashes, like the recent Meta (former Facebook) crash that wiped unprecedented amount of value from the company's capitalization. They also report the price movement of key commodities like oil, gas, gold. But they rarely make any predictions, because the general population is not too interested in it. Each time Bitcoin has crash, people make a Bitcoin death call. In total there are more than 400 calls like that in Bitcoin Obituaries. Almost all those obituaries come from economic news sites, which can't be considered "mainstream news", because very small percentage of the population reads them. And even actual mainstream news like The Guardian or Forbes have blogging sections where authors post all sorts of opinions that don't count as officials materials of the sites editorial team. |
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You can develop just enough understanding of how Bitcoin works for most purposes by reading a decent book and a few articles or discussions. You don't need to mine to understand how mining works, in fact I won't be surprised if many miners don't know all the details, because they just turn on their machines, do some configuring from a guide and then just maintain their operation. You also don't need to know all the details of the LN protocol to open a channel and start making LN transactions.
But to understand Bitcoin you need a very basic understanding of modern cryptography. The properties and purpose of hash functions, public key cryptography, symmetric cryptography, measuring bits of security and so on. This can even save you from some newbie mistakes like creating your own unsecure brainwallets.
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2. Have the spirit of holding
3. Never give up
4. Never be discouraged
Only Bitcoin is worth hodling. Any other coin is very unlikely to recover if it enters a major bear market that is not tied to a Bitcoin bear market. Altcoins come and go, Bitcoin is here to stay. Which means that if you put your bet on an alt and it only goes down, better sell at a loss than hope for a miracle pump. Altcoins almost never make a comeback. |
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It was created to be an internet currency. Satoshi made it that way. But after a decade it found a different, much stronger use case. History knows lots of inventions that was ment to do something but after a while someone found better/different usecase for it. Bitcoin is one of them. Stable coins on fast chains like TRX or BSC serves much better as internet money than bitcoin. I pay/recive payment almost every day. Most deals are made via BEP-20 BUSD. But am I holding it as BEP-20 BUSD? No, because I dont trust it. Its fast and easy to deal with but not safe to store wealth for more than its needed. So I transfer value to bitcoin to store it there. Especially if price goes down and we are far from ATH.
So bitcoin is more like an internet gold rather than internet currency.
I don't think that investors buy bitcoin in 2021-2022 because they bealive its going to be used as internet money in future. They did that in 2009-2017.
Stablecoins can't be compared against Bitcoin, because they are centralized. They rely on a company to manage the fiat funds, the banking system, and they usually feature mechanisms for freezing accounts and transactions. Bitcoin may not be a popular currency or a practical enough currency, but it's still currency. |
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You are contradicting yourself when you are saying that the devs only want money, and then present some other reasons why coins fail. Coins fail because they were never meant to succeed, the whole point of those projects is to collect money from investors, then quietly disappear.
There is a tiny minority of coins that are actually being developed honestly, and they do fail for other reasons, like the limitations of cryptocurrency technology, unrealistic goals, general lack of mass adoption of crypto, bad design and so on.
99% of coins are dishonest cashgrabs, but even if a coin is honest, it doesn't mean it's worth investing into, from a fundamental point of view. If your goal is to make money with trading, you should detach yourself from the crypto philosophy and just view coins as pump and dump schemes.
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Since I do not live in Ukraine I can not give many details about the current situation of this country but from what I can see on the new and due to the recent tensions between this country and Russia they may start adopting bitcoin and start legalizing it because even if the Russia attack really happens and this country will have some problems will international transactions bitcoin can help them because of the being borderless, in the other hand Russia is doing the same thing because they expect to face some economic sanctions but bitcoin can help them.
This is absolutely incorrect, this law has been developed years ago, it got successfully voted by the parliament in the last year, but the president vetoed it and proposed a few changes, and only now it has been adopted with those changes. Ukraine has a fairly large cryptocurrency market, because its people don't have a lot of options for investing and because the country has a lot of IT specialists, who are more likely to get interested in crypto. So the government decided to recognize cryptocurrencies instead of leaving them in the grey zone. |
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Using banks is way too convenient for people to abandon them. It's like boycotting cars or the Internet or smartphones at this point. And there's really no alternative to them now, not even our beloved crypto, because of fees, transaction times, price volatility, lack of merchant support, weakness to malware and so on. So I can totally see how people who boycott the banks today will return to them in a few weeks once this all blows over.
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The leader of the crypto market - agree, I believe it will have >90% dominance in the coming years, as the market will tire from altcoins and tokens being nothing more than pump and dump schemes and unrealistic promises
a niche currency - yes, people are mostly satisfied with fiat and fiat payment systems, very few see the benefits of using Bitcoin, especially considering the downsides
and an alternative investment asset (like now) - you compare it to gold, but Bitcoin's current marketcap is already a single-digit percentage of gold's marketcap, and after a bit of a price rise it will again be a double-digitl percentage. So it could already be called a major asset.
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It stops being new when something newer comes along in my books and so far nothing newer has been seen, everything is a poor copy of bitcoin. On top of that if we consider the adoption, bitcoin's is still less than 1%. One way for bitcoin to stop being "new technology" is actually being adopted and used.
Another view is that Bitcoin is changing and improving, in other words not only the technology is new but also new things keep coming out: Script hash, locktime contracts, SegWit, Taproot, Lightning Network, ...
That's one meaning of the word "new", but other meanings are "fresh" and "recent", and Bitcoin can hardly be called such. And as for adoption, no one has any idea just how well adopted Bitcoin going to be, and there's no good method for predicting it. Sure, Bitcoin keeps improving, just like everything else, but fundamentals are staying the same. |
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No government can stop a Bitcoin transaction. They can only tell exchanges to not accept deposits from certain addresses, so the solution is to use mixing and use decentralized exchanges and p2p trading. It's bad that on practice you will want to exchange Bitcoin back to fiat, because it's hard to spend it directly, but Bitcoin is the only chance to avoid government control, everything else operates on KYC principle so accounts and funds can be instantly frozen.
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I don't think anyone here on this forum will agree with Paul Krugman or support his claims. But perhaps it makes for interesting reading.
Of course no one, aside from some stray nocoiner trolls, would agree to all of the statements, but a lot of people are quite skeptical towards altcoins, tokens, NFTs, DeFi in this community. And he's right when he says that the poor will suffer the most, because the middle class and the rich can afford to experiment with new investments and just accept some losses, but poor people usually invest their last available money, so when it crashes to the ground, it's catastrophic for them. |
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You shouldn't look at past experiences to predict the future. Because that's how we ended up with altcoin market in the first place - people read stories about pumps and lambos and start chasing x1000 alts only to end up losing all their money.
Look at the fundamentals - Bitcoin is getting institutional adoption, not altcoins. Bitcoin operates for 13 years without critical bugs, network breach incidents and other problems that became normalized for altcoins. Bitcoin has proven itself, while alts are being created every day, only to disappear in a few years. Some of the alts that were top 10 some years ago are not forgotten. The same will happen with many of the current top 10.
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