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PoW is already "proof of luck". More lottery tickets = more ASIC machines.
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What I mean by this is that, instead of needing to download the whole blockchain before you can enable the pruned node, that you download and delete blocks as you go. I understand the technological limitations of this and I don't see how this is possible, but I've seen things being implemented that at first seemed impossible. Would it be possible to establish an option that sets a safe amount of blocks and keep this threshold of blocks and download and delete as you go?
Of course being a purist myself I only consider doing real Bitcoin with a full downloaded blockchain, I don't even enable pruned mode, but I was wondering if this is something someone is actively researching at all.
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Well you have Wrapped Bitcoin (WBTC) which is basically a Bitcoin clone on the Ethereum blockchain which is now PoS. Of course, big quotation marks between "Bitcoin clone". No such thing.
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That's f*cking crazy isn't it. I was wondering how they managed to not only lose investors millions but end up doxing all of them too and found this article: https://fortune.com/crypto/2022/10/07/did-celsius-dox-its-customer-base/Amazing. This is why whenever I lost money on exchanges back then, I didn't even bother filling any data (I wasn't doxed on exchanges). It wasn't much to bother too anyway. I guess if I had 2000 BTC I would be desperate to get it back but man getting doxed after getting scammed is pretty brutal. It looks like you can even find stuff searching by tx id's:  |
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BTC has been hanging on the $20k area for 4 months now since early june. The longer the consolidation on a price range, the bigger the capitulation can be if it breaks to the downside.. macroeconomic view looks like trash. BTC still hasn't decoupled from the SP500, and the SP500 is still 700 points away from pre-covid printing measures which to me it means the price is still overvalued, which in turn means BTC will follow a sub $20k capitulation. The only 2 scenarios I see where we pump:
1) The Russia-Ukraine insanity is resolved. You wake up with the good news at any given day, prices go up
2) That BTC decouples from the SP500 during this situation and actually starts acting as a store of value and not just a good investment during low interest rates
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What would "cost" more, the cost of printing enough fiat currency to buy > 51% of "POS Bitcoin" coins, or the cost of printing enough currency to have > 51% hashing power in the Bitcoin network?
You don't need some hypothetical scenario that involves printing money, we have actual cases that happened in shitcoins that have PoS algorithm in the past like the case with Steem network where exchanges took over the chain simply because they held a large number of that shitcoin without spending a dime. https://bitcointalk.org/index.php?topic=5387588.msg59383033#msg59383033That's merely a "young, nacsent" altcoin. I was thinking about a more developed/mature coin, with high market value. As an example, Ethereum, which is going to make the switch to POS. It makes no difference; it's a general, inherent problem of PoS. It's just as possible on the 'latest and greatest generation X' PoS blockchain, as it is on a 'young / nascent' or a 'developed / mature' PoS blockchain. The very principle of PoS that the voting power is determined by the amount of coins you hold is the issue at hand.If the world's central banks printed enough fiat currency to buy 51% of the coins, that would imply they are buying at least 10 million coins. Are there that much for sale on the open markets? Attempting to buy it in a short period of time would drive demand over existing supply. We'd see $10m BTC sooner.
What if they will only buy it during bear cycles, and they're willing to take their time? It's one option; or they might buy it off-chain (buying keys / lending the coins / keys). You can't notice that on-chain and it won't cause price fluctuations. Bitcoin holders also determine the voting power. Whenever there is a hard fork, if a majority of Bitcoin holders (which receive equivalent of coins on the new chain) decide this is a hostile takeover, they would dump the coins into the market, reducing the incentive of miners to mine on the new chain. So holders also have a big say in what goes on in Bitcoin, but the dynamics between holders and miners make it safer than PoS which is just not safe. |
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Exhibition bouts are becoming increasingly successful in selling PPVs. Basically what it means is that there's your regular card setup with 4 fights (I mostly see this in boxing) and at least one has some big name that attracts a ton of public. For instance, Mayweather's last exhibiton fight has over 4 million views in japan:
If I do not misunderstand the exhibition match is one type of match called 'friendship' this is a bet not included in the competition or tournament, yes, usually often bet on sports betting, including boxing, can be said to be an unofficial type of bet. Bets like exhibitions are often made for boxers who have had a career like you mentioned, I mean those who have good odds when fighting, usually done by many bettors in exhibition bets as a charity and entertainment for fans, usually such bets to get the best points for the coach, so they can put the best boxer in the ring. In friendship soccer matches or any other type of sports i've seen there's official scoring. What im saying here is, there is no scoring, no real way to know who won in order to see who won the gamble, thus how is it even possible to place bets on such events? Also I've heard k-1 was involved in several fixed fights during the Prime era, so the shadow of doubt is there involving these exhibitions. These KO's look a bit weird if you ask me but you never know. If you get hit on a place were the stability is lost it can look kinda funny when you try to get back up. |
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Does anyone use a bank safe service to leave your trezor or whatever you use in there? I have been considering which would be the ways in which one could leave physical backups somewhere else than your own home. If you don't trust anyone to do a good job in keeping the device safe, the only way I see is that you either own 2 homes, which I don't, or that you hire a service in a bank where you can leave the stuff in there. Im assuming there's good security, and no one could realistically get in there, at least in any developed country. The only way would be that an employee is dumb enough to attempt a heist from inside but that's also unlikely.
Could you explain your experience doing this and what to considering when hiring such a service?
"If you don't hold it, you don't own it." "Not your keys, not your coins." If you are going to trust a third party with your money then it doesn't make sense to keep it in crypto. Banks not as secure as people think. They may look like they are secure but there is a big flaw which people fail to see. Banks will always do what they are told by the government. If the government comes up with a law to seize the money of everybody, the bank will have to comply. If you hold your own keys and your house goes on a fire/flood you no longer hold them, thus you need to have backups elsewhere, thus you have to trust someone, whether family, friends, or a bank, and a bank is probably safer when it comes to keeping things safe. Alternative is to buy a secondary house but that is not an option for me. Also a house that is not occupied can become occupied by third parties. Although extremely ironic, this is indeed a sound option if you doubt your capabilities to self-custody. I actually remember no less than the popular Bitcoin preacher, Andreas Antonopoulos, admitting that one of his backups is safely stored in a bank safe. To me, this is indeed an option. After all, robbing a bank is much harder to do than robbing a house without a single security staff.
But forget about owning a couple of houses just so that you could safely keep your backup in another house. Each house is as vulnerable. So that's ridiculous. Not to mention the cost of building that other house. That's more absurd than keeping your wealth in Bitcoin but storing the private keys in a bank's safe.
Well like I said above, it's not about not feeling confident with your abilities to self-custody, at the end of the day, you need several backups, or at least an additional backup that's physically separated from you otherwise if your backups are all under the same roof it's less safe than having an encrypted copy in a bank vault. |
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Does anyone use a bank safe service to leave your trezor or whatever you use in there? I have been considering which would be the ways in which one could leave physical backups somewhere else than your own home. If you don't trust anyone to do a good job in keeping the device safe, the only way I see is that you either own 2 homes, which I don't, or that you hire a service in a bank where you can leave the stuff in there. Im assuming there's good security, and no one could realistically get in there, at least in any developed country. The only way would be that an employee is dumb enough to attempt a heist from inside but that's also unlikely.
Could you explain your experience doing this and what to considering when hiring such a service?
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I heard MT GOX getting their coins back, this really gives me hope Cryptsy will be next  I can only assume you're being sarcastic here? These coins are long gone by looks of it. After initially mixed in 2014, the easily traceable "mixed coins" were broken down into smaller sizes this year and already circulating on most major exchanges. Blacklisting addresses does nothing when there are now increments as small as 0.25 BTC across thousands of different addresses, if not tens of thousands.  Here's a look at a few of the output trails that caught my attention, bottom right (red dots) is Binance laundering them, this isn't even the full picture either:  Law enforcement are going to struggle to get any coins back to users even if do they find the hacker, unless they find the private keys/seed backed up on a cloud account like with the Bitfinex hack. How much does the jackass that stole all of this have in possession in theory? From what i've read it's 11k BTC. That's $222,200,000 at current rates. Just having to launder all of that gives me an headache. He's going to spend more time trying to not screw up mixing utxo's and trying not to send a transaction that uses one that identifies him in some fiat gateway and then trying to justify where all this money came from than actually enjoying the money. If we were in the 90's I would say he would easily do it in some remote tax haven island but nowadays it's becoming increasingly difficult, so he's going to end up in one of the few areas that escape the up and coming supranational rulings on money laundering. By the time someone increases it's networth a lot it will be obvious, unless he just cashes out small amounts to not raise alarms but then again you are insanely rich but you cannot enjoy the money. Of course, recovering the money is another story. I have myself some funds lost in there and I have some emails and screenshots, but for peace of mind I have considered the funds lost years ago. |
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Exhibition bouts are becoming increasingly successful in selling PPVs. Basically what it means is that there's your regular card setup with 4 fights (I mostly see this in boxing) and at least one has some big name that attracts a ton of public. For instance, Mayweather's last exhibiton fight has over 4 million views in japan: https://www.youtube.com/watch?v=Fq0BSRFM9PwNone of these fights are sanctioned, there's no official scoring or winner. So my question is: How is it even possible to place bets on such fights if no official winner is announced? I would bet on Floyd winning every single one of these but then again, how does this even work if no scoring is done? Floyd is fighting again some huge UK Youtuber "Deji" in a couple of weeks, I would place bets but I don't want to end up scammed given the grey area of this whole exhibiton fights thing. |
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Upon the Twitter response it looks like he have made plans of more features getting added to Twitter. It looks like he have planned something that could provide access to anything around through a single application. Maybe he's planning to take the position of Google as people reach it for every needs  Yeah im guessing hes going for a decentralized internet browser, youtube alternative, gmail alternative, and social media. Of course, big quantitation marks would need to be put between decentralized since attempts at this have been pretty lame, see the steemit clusterfuck and other derivatives. If it needs it's own token, it will need to prove the game theory cannot be gamed as seen before. I don't see how Bitcoin fits in all of this beside implementing Lightning Network payments natively, that would be cool, however the Bitcoin blockchain is for Bitcoin transactions, not some Elon Musk experiment. |
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I wouldn't touch Saylor's stock at all. If you want BTC, learn how to do it yourself. That's the whole point.
If you still don't want to do that, then I would suggest looking into getting a Swiss account in the BBVA bank. I've read some people are able to buy Bitcoin from there. It has to be specifically Swiss and you may need to meet some requirements to access this feature which probably is reserved for people that has more than a few hundreds to invest.
Other than that, I would wait for a proper ETF. Eventually Fidelity or someone big will be able to have a BTC ETF, but right now in a bear market you want to be ready to buy as soon as possible, to be able to DCA in, but have in mind we could still go as low as 10k or even lower before a mega capitulation that wipes this entire crypto clownmarket.
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I was looking at the way pruning works and I wondered what would happen if less and less people found and incentive to run full nodes. Sure, you need to download the full blockchain at least once, but pruning disincentives that you dedicate all these GBs of data into storing blockchain files which many people would feel tempted to just delete and fill with Steam games, music libraries, movies... so at some point I wondered: how many full nodes (non pruned) is it considered to be the minimum threshold for the network to remain safe from disappearing?
I also wonder how many full copies of the blockchain exist online that get update every once in a while, kind of similar to wayback machine caching webpages every x time. Im hoping there's people out there doing this in case some sort of apocalypse scenario happens where all of a sudden a ton of copies are lost and it would be needed to resort to the most up to date backups possible. If all nodes went offline, and people offline backups of the blockchain at different times, how it would a consensus be reached to continue adding blocks be formed?
I also realized it wouldn't be a simple number of an amount of nodes, but how widespread they are and belonging to different parties.
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TL;DR, but I see OP has a "Bitcoin SV" nickname with a "dragon" logo. Is this guy a BSV shill? If so, does it mean that BSV is moving to PoS or any other system for him to say PoW is doomed? Or somehow BSV's PoW is safe from this according to him? I don't have time to waste with CSW loonies anymore but im curious to see what rhetoric are they used to FUD BTC while shilling BSV when BSV is just another BTC clone without the hashrate or at least that's how it went last time I checked this and most altcoins.
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I would like a notification system when someone quotes you and being able to quote someone highlighting the profile. Like @PowerGlove would make a clickable link for your profile. Other than that I would be happy with how things are, I like the oldschool feel of this forum. Perhaps a dark mode for browsing at night and that's about it.
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replying to @o_e_l_e_o
If they tell you to decrypt, you'll have to decrypt, or face consequences of not decrypting. This is the problem with full volume encryption. If you use a simple encrypted volume file to put the files in there, they would be able to find it eventually once they check around your stuff since they do dumps of your entire drives. I thought this wasn't happening until i've read people getting stopped randomly on airports and border controls and so on. You can check it out on reddit.
About a safe box. I live in an apartment. There's no space for a proper safe box setup, or at least something strong enough that would resist and couldn't be moved. I've been considering hiring a storage safe thing spot, so im physically diversified too. Of course you would need to trust that no one breaks in there, that the place is well secured, that no employees are able to get in and steal stuff.. I will look at the market for this type of service. Hiring a storage room thing (like the ones seen in the American TV program "Storage Wars") to store an USB pendrive is overkill, so it would need to be a safe. Does anyone here hire such a service?
About hidden volumes, I have read about them quite a bit back then and discarded it because it was not clear to me that it would save your ass in a situation where you would be forced to decrypt. It may trick the computer illiterate thief but vs an informed attacker they may find out you are hiding something. Now knowing that you are hiding something would make it worse. Or perhaps it was a hidden OS inside a hidden volume that has flaws and it's fine for a simple volume. I remember reading about limitations of hidden volumes on Truecrypt mailing list or some site years ago and some claimed it's best to not do it and just claim you forgot the password, but against a 5$ wrench attack by some goons the hidden volume would save you for sure. It's one of those things.
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-snip-
If you are trusting encryption to keep your cloud back up safe from attack, then why would you not trust encryption to keep a back up stored with a friend or family member safe from attack? Offline back ups have the advantage that they can't be potentially attacked by anyone in the world at any time without your knowledge. And as you say, with everything under your name being a target for a government, that includes any online storage or online accounts. Just never decrypt the file in a computer that isn't your offline airgap one.
That's one of the main reasons why online storage is not safe - the vast majority of people don't do this. I've lost count of the number of people I've seen who add a text file with their seed phrase to a .zip container with a password, all from their main computer which is not clean and with constant internet access, and then upload that to their email account. You would trust that you don't get snitched on by someone you handle your coins to? and what if they lose the backup? and what happens if you travel a lot and you have no one you would trust to handle the keys to? I don't see it as viable. Now an encrypted volume with a randomly generated 128 character password with Keepass, generated in a clean computer with a live Tails CD session offline... if they crack this... then nothing is safe isn't it. Being able to have a backup hidden somewhere online, could save your ass in several situations. There's no easy way to get around this necessity of having a backup in the cloud in case all of your physical stuff gets compromised for any reason. And when crossing a border, you probably have higher risk of getting stopped in an airport and being forced to decrypt than someone finding there's a file somewhere hidden worth spending years bruteforcing on. And it would require that the service you use has a database leak and someone logs in into your account and downloads the attached file, cracks the encrypted volume and cracks the password to make a transaction which would be different. |
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The thing is, im just talking about some extreme scenario, in which they get ahold of your wallet.dat somehow. The protection from this is not to store you wallet.dat somewhere (such as the cloud) that leaves it open to attack or compromise. Then you wouldn't be protected against improbable but possible scenarios such as flood, fire, thieves, taxman and so on, any physical attack basically. "Make backups and give them to someone you trust" I don't trust anyone to keep it safe long term. "Make backups and store them in other places you own" Everything under your name is a single point of failure for a government to exploit. After having thought about every possible scenario, I concluded that putting the file with a strong randomly generated 128char password in an encrypted volume somewhere online is the best way alternative for a last-resort scenario, or if you needed to cross a border you would always have a backup ready. If someone managed to bruteforce a SHA-256 64+ character password then wouldn't basically render BTC unsafe as a whole. As far as the public addresses, if they cannot be hidden because of some technical limitation, then I guess one has to deal with that. Just never decrypt the file in a computer that isn't your offline airgap one. |
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