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May 24, 2024, 08:07:57 PM *
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21  Bitcoin / Bitcoin Discussion / Re: Why are banks against cryptocurrency? on: May 22, 2024, 04:24:39 AM
I wouldn't say banks are against cryptocurrencies because for starters when you say "cryptocurrency" you are talking about thousands of altcoins. Banks and nobody else really cares about altcoins, majority of which are absolutely useless. Not to mention that the bank have created centralized shitcoins known as CBDC or are in the process of creating some (they aren't against something they created themselves).

Bitcoin is different but I still wouldn't say they are "against bitcoin". Bitcoin as a payment system that doesn't need any third party middle men like the banks has effectively made banks obsolete but at the same time bitcoin is not here to "replace banks" so there is no reason for the banks to be against it.

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The main reason banks do not accepted Bitcoins as legal tender, is because they aren't backed by a central authority.
The main reason is because the legislation doesn't allow it. Otherwise in a country like El Salvador where it is counted as legal tender the banks accept it as legal tender as well and bitcoin is not backed by any central authority be it in El Salvador or elsewhere!
22  Bitcoin / Bitcoin Discussion / Re: Bitcoin is more than a currency or security, it's scarcity. on: May 22, 2024, 04:03:20 AM
but the circulating supply of Bitcoin will always be shrinking and this would not only be happening every four years because of Bitcoin halving but it is happening frequently because of the lost of Bitcoin that might never be tradable again.
That's not accurate.
The circulating supply is technically increasing even if there are coins being lost every day because there is new coins (about 450 bitcoins) are entering circulating every 24 hours. For it to shrink, more than 450 coins have to be lost every 24 hours.

But overall you are correct that with the capped supply and a decreasing reward we have scarcity in bitcoin and lost bitcoins contribute to that scarcity as well.

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How exactly does "costly production" improve scarcity?
I'm not sure if this photo was designed to talk about Bitcoin because in Bitcoin even if it costs $0 to mine blocks, the supply will still remain scarce.

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Money needs to be scarce to preserve its value and Bitcoin is scarce therefore the future of money has to be Bitcoin and this is one of the best chances we have to accumulate it before it becomes more scarce.
Technically the only currency in the world that has been able to come close to the definition of money is bitcoin.

FWIW and to put simply currency is a medium of exchange and money is a currency that is also a store of value.
23  Other / Politics & Society / Re: The death of Iran president and seven others on: May 22, 2024, 03:00:06 AM
Also, I am not so well informed on how politics are supposed to work in the Islamic republic of Iran, but is not the president rather a symbolic charge within the contry? does not the supreme leader of the republic hold all the power after all?
In the political hierarchy Supreme Leader is a position that could be seen above the 3 other main positions but realistically each of the 4 positions just serve a different purposes and have different responsibilities. None of the 4 positions in Iran's political structure are "symbolic" and none of them "holds all the power"!
BTW the other 3 are:
- Legislative branch which is the parliament
- Executive branch which is the government with the president
- Judicial branch which is the judicial system with courts and stuff...
24  Bitcoin / Development & Technical Discussion / Re: Best way to find batches of Base58 addresses on: May 22, 2024, 02:29:22 AM
Run a full node with modifications so that it can index the blockchain based on addresses like what the block explorers do so that there is an up to date list of addresses with all UTXOs.

Otherwise you can only use third party services like the existing block explorers with their limitations to get a historical snapshot of the blockchain, addresses or UTXOs. Like this one to get addresses (base58 and others) with balance alongside maybe this one.
25  Other / Politics & Society / Re: The death of Iran president and seven others on: May 21, 2024, 04:41:46 PM
I don't think you're right,Iran president is the Most hated ruler in the middle East,
I sometimes wonder where some people get their information from that is so far from reality that it is hard to believe their accounts are real!

The only groups in "Middle East" that hate Iran, Iranians and their elected officials are terrorist organizations.
For example for the past day or so the remainders of ISIS, Israel, Al-Nusra (rebranded Al-Qaida) and smaller terrorist groups have been celebrating the martyrdom of the Iranian president.

On the other hand people and countries across West Asia have been in mourning. In fact many of them have announced between 1 to 5 days of "National Day of Mourning". The list includes but not limited to: India, Pakistan, Syria, Iraq, Turkey, Tajikistan, Lebanon, ... that's about a quarter of the world population by the way!

he is a Tyrant and a cruel leader,the people of iran never loved him.
That's another weird thing which I'd love to know what it's source is that is calling a democratically elected president a "tyrant"! Maybe they don't know what that word means?! Or maybe as I said the outlets you are following belongs to one of those terrorist organizations above that is giving you such weird information; in which case you should seriously rethink what sources you follow...

I'm just going to leave these two two pictures here.
This was Tabriz


And this was Qom in mourning accompanying the bodies of the beloved fallen officials as they travel through Iran to the capital (Tehran, tomorrow) and then to their final resting place


Any Iranian news outlet would contain a lot more pictures and videos similar to these from across Iran and its 85 million population.
26  Economy / Economics / Re: Hyperinflation - Will it lead Countries to Adopt Bitcoin? on: May 21, 2024, 01:49:10 PM
so they are still going to be using their Peso and it will still be advantageous for someone from Central and South America who works in US soil. they all will be living great if they send their skilled worker to US and the country will run heavily by remittance. Darien Gap is the key!
That would hurt Argentina itself a lot more. After all you are talking about work force being "exported"! That would create a deficit domestically. Production lines would die and that would kill the economy even more.
In the long run the migration of the younger generation would have even further negative consequences on the society and the economy both.
27  Other / Politics & Society / Re: The death of Iran president and seven others on: May 21, 2024, 01:28:57 PM
Do we describe this occurance to be an homicide or fatal aviation accident?
The evidence indicate this was an accident.

Namely the last photo of the helicopter lifting off the ground shows rather clear skies [1]. And the weather is known to change abruptly these days. For example where today where I live, for about 20 minutes at about 3:00 PM skies went completely dark as if it were nighttime and it rained heavily.
The sudden fog later that day looked like this[2].

Anything else being said on the internet with conspiracy theories are just attention hungry idiots trying to get views.

The only reliable source that can change this narrative is the Iran intelligence service. So speculating about it is pointless.

[1] https://www.jamaran.news/fa/tiny/news-1632168
[2] https://isna.ir/xdR8Fz

The good side of the death of current president is Khamenie now have to chose another person.
The president of Iran is elected by people's vote not by the leader. The leader himself is also elected through voting! He doesn't "choose" someone to be the president.

The dates for candidate registration, advertisement and the election date have all been set already. It's in about 50 days.
28  Bitcoin / Bitcoin Discussion / Re: Donald Trump's stance on Bitcoin is changing, the Trump pump is beginning on: May 21, 2024, 02:58:02 AM
They actually don't care one way or another, except when consumers start getting ripped off from scams.
Governments usually don't give a damn about people being scammed. Look at all the regulations they put forth, none of them is to protect users. It is always either to KYC them or to take taxes. In other words governments care about their own pockets and care about their control.
29  Bitcoin / Development & Technical Discussion / Re: Running a Bitcoin Nodes; My curiosity on: May 21, 2024, 02:18:10 AM
it's nearly impossible to download almost 500 GB of the entire Blockchain with the speed of the Internet I'm currently using.

what would happen to Bitcoin if these 75k node operators decided to shut down.
You have to keep in mind that in a decentralized and global network if you can't do something then there are still a lot of others that can. For example if you have a problem downloading the whole blockchain because of your internet speed, there are 75k others who don't have that problem and have done it already.
It's the same with other aspects of Bitcoin like mining. You are not willing to make the investment into mining equipment to mine bitcoin but there are lots of others who are.

That's the beauty of being decentralized.
And to keep it that way, we have to ensure the characteristics of the network remain a certain way to keep it possible for enough individuals to continue doing what they were doing (running nodes, mining bitcoin, etc.).
For example if the block size were to increase to 1 GB, it would immediately centralize Bitcoin to a handful of nodes run by malicious companies.

So in reality if we look back at history, we have seen rises and falls in the number of full nodes but it's a trend and won't happen altogether. You can see the chart showing such changes here: https://luke.dashjr.org/programs/bitcoin/files/charts/historical.html
30  Bitcoin / Development & Technical Discussion / Re: (Ordinals) BRC-20 needs to be removed on: May 21, 2024, 02:05:12 AM
But for those Bitcoiners who continue talking about it because they hate it, I believe they should study the Streisand Effect. Those people actually did all the "marketing" that Ordinals needed to bootstrap the project. If they ignored it, then everyone would have ignored it/it wouldn't have a lot of attention.
The scam market where these junks are being pumped and dumped and the people's greed thinking they can make a lot of money buying garbage advertised it not what people say about it on the internet. In fact I can bet that majority of those newbies who have been buying these don't even read what we're saying about them. Wink
31  Economy / Economics / Re: Economic conflicts because nobody don't want to live with less USA vs brics on: May 20, 2024, 05:11:38 PM
It's all happens becouse of Biden i don't think trump would ever let brics happening
It is not up to United States' government whether BRICS happens or not. US simply has no say in it...

Don't forget that BRICS started a long time ago in 2009 (US economy fell apart catastrophically on 2008, coincidence?) and has been growing ever since. Even during Trump presidency BRICS had big expansions and made significant moves such as on the agreements signed on 2019 to increase cooperation and deepen relationships. Or the $15 billion dollar that the BRICS Development Bank gave out to the countries struggling with COVID19.
32  Bitcoin / Development & Technical Discussion / Re: Is it possible to create a blockchain with an escrow mechanism? on: May 20, 2024, 05:02:54 PM
Smart contract can be use for this, if certain conditions is meant then the transactions will go on.
What you call "condition" determines whether this is possible or not.

Certain "conditions" are impossible to implement using smart contracts because you can't programmatically check and enforce them.
For example when it is an escrow for purchase of a physical good. There is no way to verify if the merchant sent the physical goods in the code (aka digitally). There needs to be human intervention, and a third party.

Some other "conditions" in some special cases can be implemented.
For examples if it is a coin swap. Like if you wanted to exchange your litecoin for bitcoin. Atomic Swap protocol is categorized as HTLC that act as escrows.

Both of these examples are possible in Bitcoin protocol with its smart contract capabilities.
33  Economy / Economics / Re: Disregard false religious teachings and invest for the future. on: May 20, 2024, 02:49:01 AM
~I don't doubt that miracle happens but there are people who are too relaxed and put little effort~
~I've overheard some false spiritual prophets mislead their audience, saying that Cryptocurrency is demonic ~
As far as I know no religion has ever told people to sit on their asses and wait for a miracle to happen. Nor have I ever heard any refer to bitcoin as "demonic"!
For example in Islam, Bitcoin is viewed as any other currency.

Similar in Islam, people are get brainwashed to believe that the leader always right, do you think the leader will not misuse his power?
You are confusing Wahhabism with Islam.
In Muslim Arab countries with a dictator like the Saudi usurped Arabia, Wahhabis rule and in order to stay in power they have to tell people that they have to obey the Khalifa even when he is obviously corrupt!

These dictators are doing that in the name of Islam but there is no such thing in Islam. In fact the opposite is true and the leaders are under more scrutiny.
For example in Islamic Republic of Iran there is what's called "Assembly of Experts" that are democratically elected by people across the country to then elect the leader and most importantly monitor him and they can dismiss him according to article 111 of Iranian constitution.
34  Economy / Economics / Re: April CPI eased to 3.4 from 3.5 in March on: May 19, 2024, 03:48:18 PM
I agree with what you said, real inflation has not improved too much and is still high. But CPI in April was at 3.4% and lower than before. Looking at that, we cannot be said that inflation has not shown signs of decreasing, it has decreased but quite slowly.
That's true but I'd say "signs of decreasing" is what we saw in the second half of 2022 where inflation rate came down from 9.1% in June to 8.3% in July (0.8% decrease in 1 month) and continued going down consistently every month until it reached 3% a year later (6% decrease in a year). But it has been "sticky" ever since, going up and down from 3% to 3.7%.

0.1% decreased in one month is not like that in my opinion, specially as long as it stays above 3%. However if we see another reduction next month, and see inflation at something like 2.9% it could be a positive sign and we can hope for a possible interest rate cuts.
35  Economy / Speculation / Re: Bitcoin price predictions gone silence since the DIP. on: May 19, 2024, 03:24:35 PM
Or maybe some are enjoying the profit they made when bitcoin broke it's ATH. Or maybe the market is boring to an extent that people just want to relax and enjoy what they planted long time ago
Market is definitely getting boring but even during a boring period where price only goes sideways we continue seeing speculation because this period is usually the launching step for the next bull run. And remember we are in the post-halving time where the fresh supply being sold has been reduced by 50% and that has to have a significant effect on the supply and demand balance leading to a rise.
36  Bitcoin / Bitcoin Discussion / Re: Shops now accept BTC on: May 19, 2024, 07:23:57 AM
It just get to know that some shops now accept BTC
This is nothing new. From very early days there have been shops that accepted bitcoin as payment. I dare say the first case was the Pizza thing and it has grown ever since. It's just that the bitcoin adoption is still very small (maybe less than 5% of the world) and out of that small adoption, many are seeing bitcoin as an investment to get rich quick! So the number of people who see bitcoin as a currency, have a shop and decide to accept bitcoin as payment is understandably small.
The only thing that matters is that this adoption is growing.
37  Economy / Economics / Re: Hyperinflation - Will it lead Countries to Adopt Bitcoin? on: May 19, 2024, 04:17:28 AM
a few months ago Melei was trying to adopt USD. i guess he also realized that all currencies are devalued.
He may still be on the path to doing that. In fact the recent crashes of Peso could be the initial steps to replacing Peso with Dollar. Think about it, the Argentinian government  doesn't have enough dollar for the whole country. They also can't print dollar (US can) to cover the deficit.
But when they want to swap Peso for Dollar for each citizen, it is easier to swap every 1000 or 10000 Peso for 1 Dollar than it is to swap 40 Peso for 1 dollar. So they crash Peso...
38  Economy / Trading Discussion / Re: "Slow success builds character, fast success builds Ego." Ratan Tata on: May 19, 2024, 04:06:42 AM
Although this statement is correct but it is simplifying it because in reality things are a lot more complicated than that.

I'd say the personality of the person and how they go about things is the important factors. For example this statement is not correct about someone who is gambling and calls that "trading" but takes a long time and a lot of effort to "get lucky" and make a profit (reach success). Because in this case, despite the "slow success", it can not be categorized as a success because it is just dumb luck.

Like if you keep buying random shitcoins and lose 10% on each of them but suddenly after a year of losing, you buy a shitcoin randomly and it pumps 1000%, you can't call that a "success". That's just winning the lottery!
39  Bitcoin / Wallet software / Re: generating seed phrases offline and which wallets support custom passprhases? on: May 19, 2024, 03:14:34 AM
If you need a bunch of SEEDs for other networks wallets I would advocate the use of BIP85 child seeds generated from the single master SEED.
The problem with BIP85 is that it is not popular enough for users to find it in popular wallets. There are just implementations on Github that lack enough reviews hence they are not as safe as you'd want them to be.

The better option is to stick to a multi-coin wallet, or even hardware wallets, that supports this and you only need to rely on that one time seed phrase generation.
40  Economy / Speculation / Re: Bitcoin price predictions gone silence since the DIP. on: May 18, 2024, 04:26:56 PM
Bitcoin market is generally unpredictable. Nowadays that the global economy is in ruins with high inflation and recession at the same time, things become even less predictable in bitcoin market. Then we have the sudden big drop where price went below a strong support at $60k, so it is understandable to see people get confused about the market situation and stop posting "predictions" or rather speculation...

I'm still looking at interest rates and inflation to soo if they either lower the rates of if they keep it up BUT inflation blows up and goes to the moon as high rates fail to contain it! Either way bitcoin should go up if any of these two happen.
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