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Here's how to actually choose a crypto asset: choose Bitcoin. Ignore altcoins, "good projects", NFT, tokens, DeFi and all the other "get rich quick" stuff. Bitcoin very reliably shows fantastic performance because it has a very solid track record of being secure and doing what it was designed to do. Meanwhile all the altcoins are just empty promises that their project will some day change the world, but in reality some day the devs will abandon it once they pocketed enough money.
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Maybe a dumb question, but why should I display irreversibility as an advantage?
It's an advantage from the point of view of receiver. Sellers can lose money to chargebacks if the funds came from stolen credit card or if the buyer is a scammer. People say that merchants will love Bitcoin because of this and will hurry to adopt it and will offer lower prices, because they won't have to pay fees to payment processor if they accept Bitcoin on chain. So, overall both reversibility and irreversibility have upsides and downsides. But you are right that reversibility is better from the point of buyers, and there's way more buyers than sellers in the economy. |
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Hah! Yeah, every time someone talks about defi and finance detaching itself from traditional finance I just wonder which world they live in. Do people on defi forget newcomers still need a way to buy crypto to use defi, or that they also still need a link to traditional finance to realise their gains?
Never mind that the products and services of defi aren't even able to substitute traditional finance, let alone displace it... Defi people largely ignore the fact that those most in need of finance are less able to access defi services than traditional ones. Be it due to a lack of tools or even the technological infrastructure. Makes my eyes roll up every time someone says defi is for the people and the masses and the unbanked when clearly the only ones able to use defi are crypto able and those most benefiting are the wealthy.
People who put their money into some yield farming smart contracts need to convince themselves and others that they made a smart choice, so they keep telling everyone that DeFi the future. It's the same story as with ICO, people were telling that IPO and other funding methods are now obsolete and everyone will be launching an ICO. Fast forward, ICO is synonymous with "scam" today. I'm sure a similar fate awaits DeFi, with all the hacks and rugpulls that happen all the time. |
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41% is a huge number if you take the whole population.
I find the title of the thread a bit misleading, hehe. It could be "41% of 11 000 people globally say they trust Bitcoin over local currencies"...
The problem is not 11,000 people, but the fact that all those people are users of a single app, so it's not representative of the general population. Anyone who wants to claim something about the whole population can only do so if they make a randomized survey, otherwise it's just bad statistics or maybe even attempt at manipulation. |
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With the rise of Defi's crypto is pretty much detaching itself from the Govt. and it looks like it cannot be stopped. If the govt knew about crypto and its implications years ago they could have stamped it out. Now, it is too late for them.
DeFi is just a market for trading altcoins to altcoins in a more or less decentralized way, despite its loud claims, it's not going to ever replace traditional finance, DeFi can't even do a fraction of what traditional finance does. The government always knew about crypto and it wasn't a threat to them back then, and it's not really a threat now, cause otherwise they would stopped it. And inb4 you say crypto can't be stopped, I will say yes it can, as long as you control or block large centralized services, adoption will be stifled. |
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Even truly decentralized exchanges like Bisq don't guarantee you against all the third party risks, because you're still dealing with centralized system that are banks. If you try to buy or sell a large amount of coins on DEX, bank will likely block such transaction and start asking questions. Some banks will close your account, because they view everything crypto-related as too risky.
DEX's are good for trading small amounts, but Bitcoin market just can't exist without centralized exchanges, DEXs can't support such large volumes.
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To establish a global regulation, some influential country needs to convince other countries to follow the suit. I believe the US is the only such country that can do this. As an example, the criminalization of drugs has started in the US, and they managed to make the entire world adopt similar laws. We have already seen how the US demanded stricter crypto regulation from other countries as a part of their broad policy about controlling the flow of finance.
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So in conclusion the only way we find out if Craig Wright is the real Satoshi Nakamoto is if he loses the court case and the judge orders him to give Kleiman's family over 500,000 bitcoins and we can see the 1.1 Million bitcoins in Satoshi Wallet has decreased a lot in amount of bitcoins in there after the case is finished? If so BTC will crash in value & BSV Bitcoin Satoshi Vision coin will take over?
The judge will most likely rule in Craig Wright's favor, that is declare him guilty and order him to pay half a mil of coins, which is exactly what he wants to happen. I believe this will happen, because if the judge was competent, he would have already dismissed the case, because this case is a waste of time without the proof that CWS is Satoshi and owns or at some point owned the coins And come on, you don't seriously believe that CWS has access to Satoshi's coins? If he did, he would have been boasting about it since day 1. |
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Coinbase is not a wallet, it's an exchange service. It was not created to store your crypto, so it's a big misconception to think that it is an option equal to software or hardware wallets. To answer your question, I think it depends on which law enforcement agency asks them. If it's FBI, they will be much more likely to answer than if it was, let's say Belarusian police. Before someone comments it, hardware wallet's such as Trezor's etc are not an option.
Thanks.
Your account being frozen at demand from law enforcement is just one of the risks of centralized exchanges. They can get hacked, your online machine can get hacked, you can become a victim of phishing and so on. |
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What makes you think that Bitcoin is poor people's currency? Bitcoin is generally viewed as an investment, and poor people don't invest, they don't have any spare money to do so.
And rich people only recently started looking at Bitcoin, and still it's not something very common among them, and there is still opposition, for example Warren Buffet or Jamie Dimon.
I'm sure that middle class was always the most represented in Bitcoin community, look at how many people here can afford to hodl tens and hundreds of thousands of dollars worth of coins without worrying about losses.
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Speed is meaningless without decentralization, there's no difference between centralized blockchain and centralized database, and centralized databases are faster than and more efficient than any of the "fast" blockchains.
You can find a lot of coins that seem to have faster confirmations than Bitcoin, but none of them is even close to being as decentralized as Bitcoin.
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2022 is already very soon, and we see that Bitcoin growth rate is not fast enough to reach $160k or $200k. Of course we could always imagine a situation when it suddenly goes vertical and reaches those prices in a week or two, but I wouldn't hope for that.
So, the Winklevoss prediction about $500k within the decade is the most realistic, because it's a long time.
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I want to get back into crypto, for the purpose of making Big $ via NFTs,
NFTs are a scam, they don't have any value, they're just poorly-drawn pictures that are being sold and bought by manipulators just to lure unsuspecting investors into buying an overpriced token that they will never be able to sell, because the real demand for that crap is zero. Buy Bitcoin, put it into your hardware wallet, hold it for 3-5 years and you will make more money and with almost guaranteed safety. |
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For now Bitcoin relies on the good old cable Internet. If this space debris problem will be big enough to prevent satellite Internet and Bitcoin satellites operated by companies like Blockstream, then you could say that this is a negative event, because it cancels the argument that if you shut down the Internet, Bitcoin will still work.
But I would say that if we'll live in a society where Internet can be shut down or totally controlled, we'll have much bigger problems than Bitcoin not working.
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As the title above: How can strike work affect short-term inflation?
Inflation is caused by two things - government printing money or banks giving unbacked loans. That's it, everything else doesn't matter much, certainly not the strikes. Inflation means that the money becomes less valuable as the result of increased supply, so even if the whole country went on strike, it wouldn't shift the value of money much. |
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I wouldn't spend a penny on those crypto and blockchain startups, they aren't going to make any profit, either because they will fail naturally or because they were created just to defraud investors. Crypto sphere is not productive, it's not creating anything valuable for the people, it's all just one big speculation and selling practically useless assets to bigger fools.
Crowding projects are mostly scams and they take our money and forget about the development of the project. Some may be honest and good ones but it is difficult to find them. Rather then spending on the crowd funding, i keep an eye on new projects listing on exchanges and then invest in the good ones. That's an equivalent of investing in public company, and it still doesn't reduce the change of getting scammed. Scammers are very good at pretending of running a "good project", they will fake activity, make wonderful promises, bribe the press to write about their project in positive light and so on. |
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Thank you all.  hatshepsut93: true. but I'm worried about my OS eventually quitting on me if I fail to update it. It did happen to me when I started with Linux, and I don't want it to happen again, especially not when there's money involved. About the paper wallets, initially I wanted to use them offline as a means to transport the funds between my wallet and my main OS (Fedora), but since I posted I read about coinomi's "issues", and other wallets' false claims and whatnot, and that got me seriously thinking about using the paper wallets also as my main wallets inside Porteus. I don't know how an OS can quit on you, I have been using the same installation of Tails on a USB stick for years without any problems. Using paper wallets to transfer funds is not optimal, you can just make a transactions on offline machine, transfer it via another USB stick to the offline machine, sign it there, transfer it back to online machine and broadcast, or even scan the QR code with your phone and broadcast it from a wallet on your phone like Electrum. This way you won't have to expose your private keys to any online machines. Fact is, open or closed source, you can't really trust that "somebody" in the developing team may not have a different agenda than your security, and a number of problems I've been having with Fedora 34 and 35 (not related to security) are proof of that.
This doesn't mean that they are equal. Hundreds of other people have reviewed the code of an open source wallet and didn't find any backdoors. Doesn't mean that they aren't there, but the probability is much lower than with closed-source wallets. |
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Some of them could be a scheme like the recent Squid Game token when you can only buy the token from the smart contract and there's no way to sell it, so the price would rise fast but no one can profit from it, so coinmarketcap would issue a warning about it.
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A ban on mining alone would be bad, but not as bad as total ban on everything Bitcoin-related, like they did in China. Sure, it would make the network less decentralized, as the US and a few other top countries will end up with larger shares of hashrate, but at least millions of people from the most wealthy countries in the world would still be able to freely trade Bitcoin. This could even eventually lead to lifting of the ban once the adoption is high enough and there's a push for it.
But this ban is still very much hypothetical, and EU is slower to act than China, so it could take many years until such ban is implemented, if it will ever happen.
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I wouldn't spend a penny on those crypto and blockchain startups, they aren't going to make any profit, either because they will fail naturally or because they were created just to defraud investors. Crypto sphere is not productive, it's not creating anything valuable for the people, it's all just one big speculation and selling practically useless assets to bigger fools.
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