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21  Bitcoin / Bitcoin Discussion / Re: Is Crypto another form of gambling? on: June 09, 2023, 09:09:00 PM
What's gambling? Making decisions with hope of things playing out well. Life itself is a gamble. Planning for the future is a gamble. We can't really tell the future of anything but speculate how it would play out. Despite how we try to convince ourselves everything is in our control, life proves to you that everything is based on chance. Relying on Central authority is a gamble, Bitcoin becoming very valuable in the future is a gamble. The world can just go kaboom or any other thing happening. The chances are low doesn't mean it isn't there. Nothing is ever certain. The highest we can ever get is 99.9%
22  Other / Beginners & Help / Re: Have you learned about open and close source wallet? on: June 05, 2023, 02:31:49 PM
This is nice bringing up the topic since most beginners might not have come across it.

If you see any wallet and you do not know how to verify if it is open source or close source, you can post a topic about the wallet so that people on this forum can tell you if it is open source or not because many wallets are claiming to be open source, like Atomic wallet but which is not open source.
Atomic wallet never claimed to be open sourced. You can see it here https://support.atomicwallet.io/article/184-why-is-atomic-wallet-not-open-source where they gave their reasons for not going full open sourced. Open source means the source code is publicly accessible. so a wallet can't really claim open source if the public can't even access its code just like trustwallet whose public code hasn't been updated since binance purchased it.

A good wallet should be both open sourced( this doesn't mean all open sourced wallet are safe) and non custodial in nature. There's a reason Electrum is seen positively by the forum.

23  Bitcoin / Development & Technical Discussion / Re: How to start wallet development? on: June 03, 2023, 04:51:00 PM
The thread is inactive/not ongoing. Op last came online may 6th 2022, I think they couldn't accept critism on their work. There's no reason for bumping a thread last active since February.
24  Bitcoin / Wallet software / Re: Qredo Unveils Its New Self-Custody Wallet  on: June 02, 2023, 01:24:04 PM
This is not a fact, this is a speculation and even if it were true
oh wrong use of words.Thanks.

@Fatfork and mocacinno, Thanks for insight. I was also feeling skeptical about their claims so had to post it here to hear from the experience of the board. About the question on why won't I want to control 100% of my private key. I lost my private key of a wallet in 2021 last year due to renovations on my parents home . This made me cautious and felt keeping the current one in my e-mail was safe from loss (prior to entering the forum I never knew that keeping ones private key in emails was not safe) have moved it to a safer place(s)but there's this element of doubt if it is really safe.

@She shining These services have found a market and are trying to exploit it. All of these services are fraud and at some point a hacker can access your money. If you are not willing to manage your private keys, it is better to use banking services. At least your money is guaranteed and here no one guarantees you. .
Noted I guess? But Money kept on banks are affected negatively by inflation.
25  Bitcoin / Development & Technical Discussion / Re: Proof of work comes to Tor on: June 02, 2023, 12:59:24 PM
 
Quote
https://darkdot.com/articles/tor-ddos-leads-to-proof-of-work/ it was actually invented as an anti-spam measure by Adam Back in 1997
I thought POW was created by Moni naor and Cynthia Dwork.

Tor have been on this project for a long time now,i know its difficult to implement but still think their adoption was kinda slow and passive. According to the link the project is implementing a form of proof of work similar to POS,but instead of stakes works are staked,which can really help tackling small,mid or maybe large botnet but  won't this make the system way slower? Can a computer with relatively poor computation power still effectively use it?

Saw online while trying to understand more on the attack a term called hactivist
Quote
.https://gridinsoft.com/blogs/ddos-for-hire-used-by-hacktivists/ The reason for the recent uprising of DDoS attack and, particularly, DDoS-for-hire services, is hacktivists activity. Hacktivism has evolved from loosely structured groups to a more mature ecosystem with diverse motivations and sources. It got a massive punch particularly after the beginning of the Russia-Ukrainian war. As a result, hacktivist groups have become more organized and conduct military-like operations with precise positioning and clear objectives
won't this organized attack pose a threat to the system in its early adoption? But in all I wish the project success because having a network that boast of good anonymity is uncommon
26  Bitcoin / Wallet software / Qredo Unveils Its New Self-Custody Wallet  on: June 01, 2023, 07:01:49 AM
I came across a tweet talking about self custody of ones private key that's different from the conventional of writing ones private key at a secure location. The Platform boast of enabling users control their assets like a non custodial wallet but circumventing its flaw of private key misplacement or exposure( sad fact: nearly 4million Bitcoin have been lost forever, guess we can never get more than 17 million BTC in circulation).

Quote
private keys are distributed in shards across Qredo Network, which is why they say that at Qredo, the Network is the Vault.
I am inexperienced in all this so can't really understand if this can be possible having best of both world (custodial and non custodial).

Qredo overview: https:/[Suspicious link removed]/aJkmm1TStF
Twitter: https://twitter.com/QredoNetwork?s=20

what are our takes on this?
27  Other / Beginners & Help / Bitcoin as a retirement plan for my parents on: May 29, 2023, 10:21:31 PM
I couldn't make up my mind on where I should post this whether Bitcoin discussion or beginners and help, settled for this because I think this is something a beginner would ask.

I came across Bitcoin around 2020, yes before the halving and was talked into by a friend to try it out. I was interested but been a student I wasn't with any tangible fund so had to seek my parents help. They were skeptical in investing because they believed online transaction are just scams or always end in losses. My friend made good return after the halving around 2021 (He is a believer of HODL) and i made some too( am not someone known for their patience) but was still filled with regret due to selling earlier.

My country is known for some group of guys called yahoo boys who deal sometimes in crypto scam(a reason crypto is banned in my country) now if you tell most people in my country that you deal in crypto you are branded like one of the boys. My parents are not different they frown against it thinking crypto is a means of scamming others thus biased to stocks.

The FTX bankruptcy that lead to a massive dip in Bitcoin didn't help either. The loss affected my confidence in Bitcoin (cut me some slack knew nothing of this forum) and my parents who I almost convinced took it as been unprofitable and filled with losses.

They are close to retirement and still believe in saving in banks and buying stocks. I don't really know how I could go about convincing them to invest some idle funds in Bitcoin since my father is kinda headstrong.

I am also planning on buying some Bitcoin when I have some free funds rather than using them for something with no real benefit. Where can I buy Bitcoin at the minimum amount possible like the minimest(I know not an English word) amount possible so I can accumulate easily. Thanks in advance
28  Other / Meta / Bitcointalk Forum statistics out of date? on: May 21, 2023, 11:10:49 AM
I was trying out the user stat option I was shown the message disabled, thought I was the only one so searched for Bitcoin stat via the web and came across the Bitcoin forum statistics which shows various updates including new member's joining the forum, it even has the number of post since 2009 which I find pretty impressive.

But I realised that the last statistics on the various number of post per month stopped on November 2017, any reason why?

Also the most users online are brand new member's with no post is that normal?


29  Local / Nigeria (Naija) / Wetin go happen to our stored Bitcoin, if Nigeria release her ban on: May 09, 2023, 05:04:46 PM
I have always looked forward to the day that Nigeria will call off their Bank ban on crypto, but I fear that the value of our stored Bitcoin will reduce. What I mean is that, the price of dollar or usdt in binance or other exchange P2P is roughly #743 but the official price of dollar/Tether if we buying via bank is lower but the ban on crypto in Nigeria has ruled out using our local banks.

Now when(if) Nigeria releases her ban on crypto, it would be possible to not only buy via P2P but also bank. This I believe would reduce the price of USDT and thus reduce the value of our stored crypto (Bitcoin) since Bitcoin is still being measured or expressed internationally in dollar.

Lets say for example, A person buys 1BTC for $27500( #20 432 500 ) with a dollar = #743

Assuming after the ban, buying from Banks is #500= $1
Therefore, the true value of a stored Bitcoin (Keeping Bitcoin price Constant) will be #13 750 000.

This is my personal thoughts on the subject.
You can assist me in locating the flaws in my thought's.

The #500 I used is just hypothetical, stated price is #460.44 currently at the point of writing.
30  Bitcoin / Development & Technical Discussion / Re: Please help me understand how the covert asicboost worked on: May 06, 2023, 09:00:34 AM
I don't really know anything about Bitcoin mining, so is my first time coming across the Asicboost. I tried to read it up but my understanding of it is kinda shallow but believe I need to quote this if it would answer your question
Quote

Introduction
AsicBoost speeds up Bitcoin mining in general (for ASICs and CPUs alike) by reducing the frequency of computing one part of the SHA-256 calculation.

A Bitcoin block header is 80 bytes long. It fits in 2 blocks for SHA-256 hashing. It gets hashed into a 32-byte value, then hashed again (1 block) to get the final value that is compared to the threshold.

Pseudocode
The conventional way to do Bitcoin mining looks like this:

while True:
    blockHeader = ...  # based on Merkle root and other fields
    sha256Block0 = sha256Expand(blockHeader[0 : 64])
    midState = sh256Compress(sha256InitVector, sha256Block0)

    for i in range(2**32):  # Try nonces
        blockHeader.nonce = i
        sha256Block1 = padAndExpand(blockHeader[64 : 80])
        singleSha = sh256Compress(midState, sha256Block1)

        sha256Block2 = padAndExpand(singleSha)
        doubleSha = sh256Compress(sha256InitVector, sha256Block2)
        if doubleSha < target:
            miningSuccessful(blockHeader)  # Jackpot!

Notice above that the inner loop has 2 calculations of block expansion and 2 calculations of block compression.

Now what AsicBoost proposes is that we somehow find a bunch of blockHeader values where sha256Block0 is different but sha256Block1 is the same. Because the Merkle root field straddles both hashing blocks, it means we need to group candidates by the last 4 bytes of the Merkle hash. Now the mining algorithm looks like this:

while True:
    blockHeader = ...  # based on various fields
    candidates = dict()  # 4 bytes -> sets of blocks
    for i in range(...):  # Generate the more the merrier
        tempBh = blockHeader.randomizeMerkle()
        sha256Block0 = sha256Expand(tempBh[0 : 64])
        tempBh.midState = sh256Compress(sha256InitVector, sha256Block0)
        candidates[tempBh.merkleRoot[28 : 32]].add(tempBh)

    for i in range(2**32):  # Try nonces
        for key in candidates:
            tempBh = candidates[key][0]
            tempBh.nonce = i
            sha256Block1 = padAndExpand(tempBh[64 : 80])

            for tempBh in candidates[key]:
                singleSha = sh256Compress(tempBh.midState, sha256Block1)
                sha256Block2 = padAndExpand(singleSha)
                doubleSha = sh256Compress(sha256InitVector, sha256Block2)
                if doubleSha < target:
                    miningSuccessful(blockHeader)  # Jackpot!

Now notice that the inner loop performs 1 calculation of block expansion per candidate group, and then 1 calculation of block expansion plus 2 calculations of block compression per candidate block header.

Thus the technique wins over conventional mining when most candidate groups have more than one candidate, and that the overhead of generating and sorting candidates exceeds the gains from saving at most one calculation of block expansion per candidate.
I have come to realise that is hard asking a question in Bitcointalk that haven't been answered before so i now just search for any thread relating to my question.
I think this thread might help Why would make the extra merkle commitment asicboost uneconomical?

I don't know if quoting this long is wrong though, since I had an experience of not been able to post a link outside Bitcointalk. I optioned to quoting.


31  Local / Nigeria (Naija) / Re: Nigeria’s SEC Plans to Allow Asset-Backed Tokens But Not Crypto on: May 01, 2023, 03:14:12 PM
The SEC wants to regulate exchanges that lists tokenized coin offerings backed by assets including equity, debt and property.

The SEC is focused in security's so regulating companies that deals with tokenized coin backed by an asset falls under security, their jurisdiction, but the ongoing case of SEC and XRP has proven that it has yet to be stated if ethereum and others are securities or commodities (which Bitcoin has been categorized as).
The SEC is not ready to regulate cryptocurrencies like bitcoin and others because they are waiting for the CBN. Is this not funny? Although, I am surprised that without regulation, there is no world standard known exchange in Nigeria. Most exchanges started in the past with no regulation until regulators are looking into them for possible regulations.
Maybe its because CBN can be considered their 'parent', besides no country has created a body to regulate crypto currency in a country except El Salvador who left it in the hands of their court of account. In all I think a law needs to be made first to regulate cryptocurrency before SEC or CBN can temporary supercede, Afterwards an independent body would be created to regulate it.
32  Bitcoin / Bitcoin Discussion / Question on my little adventure on bitcoin blockchains, keys, and wallets on: April 24, 2023, 02:39:16 PM
I have been learning more about Bitcoin from Github as one of the recommendations of  Pokapoka1 since using the development and technical discussion search engine is hard when I don't even know where to start from so had to learn first from github to cover up my basics. so I learnt about keys and Bitcoin wallet address, what they are and how they are created like public keys from private key through elliptic curve and Bitcoin address from public keys through hash algorithm and many more(well it was surprisingly easy and interesting). The impact this keys had on Bitcoin security made me take a glance on bitcoin blockchains, which I Learnt has never been hacked (except crypto exchanges and wallets especially hot wallets) because it would require about 51% control of the blocks to make changes on the ledger.

  • I would be happy to understand why blockchain system is not implemented by corporations in their security(I  have no idea about cyber security)?

  • I read that bitcoin wallet doesn't contain coins but keys, that the coins are stored in the blockchains does that mean bitcoin are not transferred(move) during transactions, but just a change in ownership?

  • The relationship between the private key, the public key and the address is a one way function I.e private key can't be gotten from public key, K= k*G where k= private key and K=public key and G=generator point, but saw something about brute forcing a two way connection wanted to know if brute forcing is impossible or just inefficient?

Created the thread to ask the questions since I didn't know if it would be rude to ask a question in another thread.
33  Local / Nigeria (Naija) / Bitcoin after dem approve ahn and info about a scam on: April 21, 2023, 10:06:06 AM
Today this thoughts flashed my mind .How would the people react when Bitcoin is accepted by the country. I realised that even approval of Bitcoin shouldn't be our only concern but also the aftermath. Like
1. How many of the masses will accept bitcoin? since some people today are skeptical about banks not to mention a digital currency.
2. Would politician's not have an easier way in embezzling  funds without been caught?
3. What will happen to naira as well as the prices of goods?
4. Would Bitcoin be under the CBN(central bank of Nigeria) or the NSE( Nigeria stock exchange) or would a new regulatory body be created?

So am curious on your thoughts on Bitcoin in Nigeria, if or when approved.


P.S  not related, but felt like I should let the house know.There are certain group of people acting like agents of Techno selling phones for #40000 with promise that you would be provided power banks, Solar umbrella ( which I never knew existed), bags , tables and chairs. Their focus are mainly on business men and women stating that their reasons for the promo is because they are trying to advertise their product called wikoo(Yes wikoo not wiko which I couldn't find online and the product is mehhh). To cut the story short they are scams,my uncle and some others in my area fell victims.
But I think their bank account was shared. One of their name is ojo using Stanbic Ibtc bank. Can they be tracked with this? because I know someone that even bought 3 (#120000). It happened in Edo state, so don't know if they have been to other States or are going to other States, so thought I should share it.
34  Other / Beginners & Help / Technical aspects of Bitcoin that hard or just for the talented. on: April 20, 2023, 07:18:43 PM
A newbie(guess my profile speaks for itself) I came across a thread that talked about the importance of technical analysis and I was hooked and tried to read some articles on it here. But despite how hard I try its just different terms been used and when I read about the said term I come across more words am unaware of. Sometimes there are some that involves code and seeing them make me feel like am seeing magic. So wanted to know if technical analysis requires talent or if not then can anybody assist me with something like "Technical analysis for dummy" because I can't really seem to understand it.
Thank you.

P.S I am sorry for the poor way I coined my question.
I meant Bitcoin technicalities like Block chains, hash rate, nodes and the likes.
I can already apply technical analysis just want to research more on the technical aspect of Bitcoin because coming across certain terms i don't understand while reading a thread is painful.
35  Local / Nigeria (Naija) / Re: How we go take make our local board better? on: April 19, 2023, 03:09:37 PM
I thought of this before but didn't want to come out as being rude and ungrateful. Wen I fes fall in here I b nor Even know whether na only crypto we dey run or na anything wey relate to our country. The sub thread dope and e go still make sense if dem fit hang that newbie discussion group for top so dat we newbie for nor dey scroll try many thread to see wetin our forum dey about.
I know say nor b only us don think ahn dem Oga wey don tay here go fes don reason ahn but sth fit make dem nva introduce ahn. Ehn how dem dey call ahnagain pioneers, I thank una for letting us get our own forum sha, most countries own dey and others
36  Local / Nigeria (Naija) / Crypto currency status in Africa and a look into Arbitraging on: April 16, 2023, 01:19:18 PM
Hello is she shining, a male, Handsome (self proclaimed) and also from Edo state was helped to this forum by Satoprincess. Look forward to working with you all to make our forum the Giant of Africa it truly is.

Ever since the ban on crypto in Nigeria, Research has shown that Nigerian's are the biggest participants in binance P2P in Africa( more than 40% of Africa P2P exchange) and one of the highest in the world.

Before February 2021, Buying Directly from our local bank was possible which showed binance stated naira price on usdt was relatively similar to the Nigeria black market.
Before I move further I would like to highlight some Africa countries and their stand on crypto currency.

1. Nigeria: legal but banned from our local banks but supports our own digital currency enaira.

2. Egypt: Digital currency are considered a crime according to their religious decree and considered an Harma( prohibited by the law).

3. South Africa: legal but considered an intangible asset.

4: Ghana: Legal.

5: Morocco: Illegal.

6: Algeria: Illegal.

7: Namibia: Legal but like Nigeria banned from their banks.

* Legal status in the above list doesn't mean that they are supported  by the countries government, but that there exist No punishment sanctioned against dealing with crypto currency. El Salvador and central African nation are the closest country in accepting Bitcoin as a legal tender.

I have been having the thoughts about using arbitrage in our crypto market. Arbitrage is the buying of a security (here lets just call it crypto) and selling higher in another market. Let's say for example ETH/Usdt = $1800 and ETH/BUSD= $1813. a trader can choose to sell their ETH in the Busd market to gain little profit if the charges doesn't outweigh the profit.

Theoretically It should possible For a Nigerian having access to a Kenya bank to use Kenya shillings in buying usdt and selling the said Usdt to a Nigerian user through P2P.

Mathematically,

 1Usdt=132.45 Kenya shillings

1Usdt= 463 Naira

132.45 Kenya shillings=463 Naira

1Kenya shillings= 40 Naira

463 Naira= 741 naira(P2P)

(741-463)Naira
=278 Naira.

This means that undergoing Arbitrage can lead to approximately 278 naira per unit of usdt sold.

You can choose to neglect the calculations above and should be aware that prices stated are subject to change.

P.S Not an advice, just my personal opinion and subject to scrutiny
Planned on making a table to further talk on their local exchange rate in relation to binance, but I don't know how to input tables


37  Alternate cryptocurrencies / Speculation (Altcoins) / Alt coins in the next century on: April 16, 2023, 06:43:03 AM
Hello everyone, I made my first post here and the words of advice were really touching(maybe it's because I am weak-hearted) and encouraging. Thank you all for making me feel at home.

Now back to my question. My thoughts were that alternative(Alt) coins were created by organizations or developers to serve as a digital currency for their product or service, or improve on the shortcomings of their parent coin. I believed an alt coin with a real purpose was here to stay like Bitcoin.

But reading certain threads made me realize that my thoughts might be flawed and that maybe alt coins are good for making short gains and not long since some analysts believe they are subject to pump and dump. So would like to know

1. What will happen to alt coins when Bitcoin becomes a legal tender? Will they have a massive growth,or would people sell and jump into  Bitcoin?

2. What would happen to alt coins when Bitcoin becomes relatively stable( when it is fully mined and will solve its problem of price volatility)? Will alt coins survive the test of time? Will new alt coins be created later? What would become of the various countries'currencies, especially the Dollar (the global reserve currency) after Bitcoin's general acceptance?

3. If alt  coins survive in the next century what is the reason it would.

4. Should alt coins be traded rather than HODL?



I hope my questions aren't too many.

Thank you for your time once again.
38  Other / Beginners & Help / My experience navigating through this platform on: April 14, 2023, 10:22:56 PM
Hello everyone am a new member here. Haven't posted anything here since i registered because i was kinda  ghost Reading (if it's even a word). I experienced the issue of "your IP address having evil points" which i believe some other newbies experienced most especially from my country Nigeria while creating an account. Read on how to bypass this setback from various thread and found out that it can be solved through whitelisting, paying the charge and through a VPN. I found whitelisting stressful while paying the charge a loss since the exchange I use has a higher minimum transfer than my penalty, so had to pick VPN which worked but after downloading various vpns. the only one that worked for me was the Turbo VPN. I found out that those that recommended VPN ( that I read) didn't specify a VPN so if it's wrong of me to state their names please let me know.
 Have always took myself as someone that has done his homework on bitcoin before I came here, oh boy was i wrong certain post I came across like:

Maestro75      : Do you struggle learning Bitcoin?

BlackHatCoiner   : Thoughts on Bitcoin's sustainability on the long term

1miau      :Bitcoin Halving only 1 year away (This reminded me that entering Bitcoin now is not too late)

fillippone        : Debunking the "Bitcoin is an environmental disaster" argument

And some others i couldnt mention gave me nice insight and more reason to observe, learn before posting a thing on any forum. Posting now doesn't mean am done learning, my fingers were just excited to post something. there are other's that I found exciting but it wasn't easy to navigate through other posts so would be happy if I could be recommended some of this hidden gems to broaden my horizon. it can be based on the author personal opinion on bitcoin and a certain alt coin (opinions which I always find interesting), on economics and also on technical analysis( something simple and informative)
P.S I met some roadblock on certain post so do recommend English or pidgin  please, and also non English one's that can be Google translated

The way I linked the Post's I used looks cool right? I found it cool because it's the highest have come to programming. Learnt it here martin.k Add Image and Hyperlink to my post

thanks for your time
I hope I can learn better and  contribute quality Post here.
please if reposting an authors thread in my post is wrong do tell me to re edit it. Thanks again.
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