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221  Bitcoin / Hardware wallets / Re: Ledger Recovery - Send your (encrypted) recovery phrase to 3rd parties entities on: October 25, 2023, 04:33:55 PM
I am not afraid of Ledger stealing the keys.
Stealing will land them in prison, so that's not my biggest worry. But leaking the keys is a real risk.

It will only land them in prison if it can be traced back to them. Otherwise it's indiscernible whether the keys leaked or an inside job happened.

But yes, andy.arden is right that in the big picture government control is probably the largest risk.
222  Bitcoin / Bitcoin Discussion / Re: Is it better to invest or trade Bitcoin? on: October 23, 2023, 05:08:27 PM
Trading is a great way to waste a lot of time only to be outperformed by the market.

Sure, with a lot of time and patience one might eventually become a profitable trader, but in my opinion the opportunity cost is not really worth it (i.e. the time spent on learning how to trade could also be spent on building a career that in many cases might be both more fullfilling and profitable, the latter allowing for a larger deployment of capital and thus more gains in the long run).

Unless of course becoming a trader is the career you want to build, but even then striving for a career in the finance sector first and then diving into trading might be the more effective path.
223  Economy / Games and rounds / Re: SINBAD.IO Mixer October Bitcoin Price Prediction Challenge on: October 23, 2023, 07:53:09 AM
Prediction 2: $30,192.12
bech32 address: bc1qwvnm4g4jfjg5nr0pzu9mxdyu865f24nc0dckhv
224  Bitcoin / Development & Technical Discussion / Re: ASIC HOMEMADE on: October 21, 2023, 07:17:21 PM
I think about innovating, thinking ahead. No chip can be used to mine another currency, using the Chip which is sometimes even inefficient, but compared to machines with cards they earn from 0 to 100.

The difference between using a GPU and an ASIC to mine might be 0 to 100, but in the end if your profit due to the ASIC's energy consumption is 0... even x100 that's still 0.


I saw a Russian who put an S19 chip on a pendrive and the thing worked.

Maybe it worked, but it still doesn't mean that it was profitable.


Does an ASIC designed for ETC or KAS or SHA256 only do this? At the hardware level, can it not do anything less than less efficient?

An ASIC can literally only run the algorithm they have been designed to do. The only way you can make it run more efficiently is by making it run slower or maybe by having it run at a lower voltage; though the latter would result in a slowdown as well due to increased error rates.
225  Economy / Economics / Re: Is there a formula for Bitcoin starters? on: October 21, 2023, 07:02:02 PM
As experienced investors are there measures that can be imbibed by new investors with little capital to help boast their capital. Some will want to mention patience which I will agree to but in situations where the money is needed to meet an emergency need how to you tackle such situations. Your formula might be a saving approach.

You tackle those situations by not investing money you can't afford to lose in the first place.

Getting a stable income first (as pointed out by Mr.right85) and then using DCA, if you can afford it, is unfortunately the only way to get started in such a situation.
226  Bitcoin / Legal / Re: Basel proposes crypto disclosures by banks from January 2025 on: October 20, 2023, 09:01:05 AM
Good. This would both help further legitimize cryptocurrencies as well as make sure that the banking sector stays transparent while continuing to integrate cryptocurrency-related offerings. Let's see what comes of it though, given that it's only a proposal for now.
227  Bitcoin / Bitcoin Technical Support / Re: Why didn't satoshi implement reward system for bitcoin node runners? on: October 15, 2023, 01:05:04 PM
Btw is that possible to give one node 10,000 different IP addresses? Btw in this case, won't you have to pay for each IP?
Some people/organisations already have access to thousands of IP addresses.

And with IPv6 which allow far higher total IP address, even individual could buy IPv6 in bulk. My quick search show there's website which offer 64K IPv6 only for 49 EUR/month.

In a way that would still be better than the IPv4 situation though, where you have a handful of incumbents controlling large swaths of the address space. (ignoring that public IP address space is centrally allocated in the first place)
228  Economy / Games and rounds / Re: Sherbet.com 🍭Weekly Bitcoin Price Prediction | Round#2 | Prize Pool $250 in BTC on: October 12, 2023, 05:24:41 PM
Sherbet username: heretik
Prediction: $26,774.00
229  Local / Deutsch (German) / Re: [INFO/Diskussion] Crypto Stamp - Blockchain Basierte Briefmarke (AUT) on: October 11, 2023, 09:30:28 AM
Also sind wir laut Roadmap erst bei der Hälfte der Marken angekommen.
So dämlich kann man doch aber nicht sein und das wirklich bis zum bitteren Ende durchziehen.
Ich für mein Teil bin habe damit abgeschlossen.

Bei der Österreichischen Post würde es mich nicht wundern wenn die mittlerweile eine kleine Abteilung haben deren einziger Lebenssinn die Crypto Stamps sind und welche das durchziehen wird bis die Letzten aus der Abteilung in Pension sind Wink
230  Economy / Games and rounds / Re: SINBAD.IO Mixer October Bitcoin Price Prediction Challenge on: October 11, 2023, 08:52:27 AM
Prediction 1: $26,478.05
bech32 address: bc1qwvnm4g4jfjg5nr0pzu9mxdyu865f24nc0dckhv
231  Bitcoin / Bitcoin Discussion / Re: 100% of Bitcoin Pre-mimed In the first block- 21m in circulation. on: October 10, 2023, 07:13:25 AM
I came across another interesting argument regarding Bitcoin being completely pre-mined while reading an interesting article about how Ethereum being 75% pre-mined. According to what I've read, all 21m Bitcoins were issued when the first block was mined in January 2009 and were released into circulation through block subsidies to miners to help pay for ongoing operations.

Is all of Bitcoin pre-mimed? Or simply another falsehood.

If every single coin was already mined, in my opinion, there wouldn't be anything like the Bitcoin halving.

Bitcoin is not pre-mined. I can only guess that this was someone making a weird intellectual exercise, trying to relativize some of Ethereum's early issues with centralization. It's like saying you're a millionaire because the salary you are going to earn over the next few decades is eventually going to add up to a million.
232  Local / Trading und Spekulation / Re: Der Aktuelle Kursverlauf on: October 07, 2023, 11:49:57 AM
Es betrifft meines Wissens nach nur Binance US (was im Artikel nicht erwähnt wird, wenn ich mich täusche bitte um Berichtigung), aber solche Artikel sind bestimmt nicht förderlich und schon gar nicht wenn Binance US zusammenbricht, Binance im allgemeinen wäre eine Katastrophe, da würden wir die $20k vermutlich unterschreiten.

Die nächste Pleite nach FTX? Kryptobörse Binance schwer angeschlagen

In Europa hat Binance dafür momentan Probleme mit Paysafe:
https://www.binance.com/en/support/announcement/important-updates-for-paysafe-users-7dc31be6889b4fc8ab21292856f38e0f

Das zeigt sich allerdings nicht nur bei den im Announcement erwähnten Deposits und Spot Tradings -- so können momentan z.B. teilweise keine EUR auf die Binance Card übertragen werden. Ist natürlich nicht das erste Mal das Binance Probleme mit Fiat-Partnern hat, aber man sollte den Exchange wohl vorerst mit Vorsicht genießen (wenn man das nicht eh bereits tut).


Der Kurs käme bei einem Zusammenbruch aber definitiv ins Straucheln und -20% wären da durchaus wieder drinnen. Von der Gesamtmarktauswirkung würde ich einen Zusammenbruch deutlich schlimmer sehen als bei FTX.

Sehe ich auch so. Anfang 2022 hatte Binance das 5-fache Trading Volumen von FTX:

Binance is the largest crypto exchange by trading volume. The exchange posts trading volumes of over $15B daily. FTX is another significant crypto exchange by trading volume. It posts daily trading volumes of around $3B and is ranked third globally according to coinranking.

Auch wenn das Trading Volumen bekannterweise nur geringe Aussagekraft hat, vor allem auf Grund der fragwürdigen Quellenlage, zeigt es schon ein bisschen die unterschiedlichen Größenordnungen auf.

233  Bitcoin / Legal / Re: Local bitcoin exchange KYC tax is dead/exempt now? on: September 28, 2023, 08:53:33 AM
The entire point of this post is asking what happens to KYC when the business goes bust and there is no employees and if they delete accounts do they delete KYC information. Alot of exchanges going bust and I'm curious

Businesses are often required to keep documents a certain amount of years even after going out of operation, though to what extend will vary from country to country.

Regardless of that, even if a defunct company deletes your KYC data, it doesn't necessarily mean that it is gone. It could still be stored in a government database somewhere or other third parties -- sometimes KYC gets outsourced to other companies so these might still have copies. And of course there's always the possibility of a data breach.
234  Bitcoin / Development & Technical Discussion / Re: What is the difference between public key and public key hash. on: September 27, 2023, 11:33:21 AM
It may take 10 to 20 years (may be more or less no one is certain) for quantum computers to arrive but its good that we start preparing for it.
Using pubkey hashes provides little realistic security when it comes to quantum computers. Public keys are meant to be public. That's the whole point. No wallet, software, or service treats and handles public keys securely as it does with private keys. There are dozens of reasons your public keys will already be exposed, from transactions, signing messages, light wallets syncing with third parties, address reuse, multi-sig, taproot, use in BIP32, use in descriptors, and so on. And even if you personally keep your public keys completely secure on an airgapped machine and only use addresses in a watch only wallet, probably the majority of bitcoin out there is in addresses with public keys which have been revealed one way or another.

Quantum resistance will come from forking to a quantum resistant algorithm and depreciating ECDLP altogether, not from using public key hashes.

Yes and no. Yes, pubkey hashes are no long term solution, but they can still serve as stopgap as long as you avoid reusing addresses. That is to say, there will probably be a couple of years between the first quantum computer deriving a private key and the first quantum computer being fast enough to do the same while a transaction is still in transit.
235  Bitcoin / Development & Technical Discussion / Re: What is the difference between public key and public key hash. on: September 26, 2023, 08:05:24 PM
Private keys sign transactions. Public keys verify transactions. Hashing a public key allows for keeping the public key secret until an outgoing transaction is made, which provides an additional layer of security, especially keeping the future possibility of quantum computing attacks in mind.
236  Economy / Games and rounds / Re: SINBAD.IO Mixer September Bitcoin Price Prediction Challenge on: September 23, 2023, 09:03:17 AM
Prediction 2: $25,880.50
bech32 address: bc1qwvnm4g4jfjg5nr0pzu9mxdyu865f24nc0dckhv
237  Bitcoin / Development & Technical Discussion / Re: The Quantum Threat to Bitcoin: Implications for Miners, Nodes, and Wallets on: September 21, 2023, 03:34:32 PM
Suppose that that there is a successful quantum attack on SHA-256. That it happened so quickly that Bitcoin has to move infrastructure with the nodes is transitioned to a quantum resistant software. What do you think would happen to the miners, the computation of the nonce, including all the mining hardware?  And by extension how would this affect Bitcoin wallets. Do you think we would need to get new wallets and migrate our funds from our old addresses?

Bitcoin's PoW scheme is the least likely component to be affected by quantum computing. Assuming quantum computers ever become more efficient at computing SHA-256 hashes than ASICs the worst thing that could happen is that quantum computers would get used for mining.

What could become problematic at one point is quantum computing enabling the derivation of the private key of an address from its public key. That scenario affects old addresses that have their public key exposed due to outgoing legacy P2PK transactions; assuming they still contain a balance due to address reuse. While that may involve potentially a tidy sum, the impact of such an attack would still be rather limited except for bringing old coins back into circulation (i.e. it seems to be likely that any coins potentially exposed in such a manner have been lost by their owner a long time ago). Correcting myself because I misremembered: That scenario affects old P2PK address that provide the public key directly and modern addresses after the public key has been exposed by an outgoing transaction. While critical, this would follow a slow timeline as described by d5000, especially since the step between cracking P2PK addresses and modern addresses -- on-the-fly, outside of address reusage -- is huge.
238  Bitcoin / Development & Technical Discussion / Re: [INFO - DISCUSSION] Wormhole attack in Lightning Network on: September 17, 2023, 10:20:45 AM
Attack is always a reason for concern and I'm not a coder but wormhole attack seems to be very, very unlikely?

It depends.

Unlikely in the sense that it's hard to implement?
No, it seems like a rather straightforward attack.

Unlikely in the sense that one probably wouldn't run into it in the wild?
Yes, because it doesn't look especially profitable and worth the time beyond curiousity. (at least at a first glance, I might be missing something)
239  Local / Anfänger und Hilfe / Re: binance.com BTC Verkaufen, EUR erhalten on: September 15, 2023, 08:49:46 PM
Hallo zusammen,

mir ist es nun das zweite mal passiert das die Option "Sell" hinter meinem BTC Guthaben nicht angezeit wird.

Diese Optionen werden angezeigt.

Buy - Deposit - Withdraw - Trade - Earn - Convert

Weiß jemand näheres dazu?

Wenn du auf "Buy" gehst solltest du zu einem Screen kommen auf dem du zwischen "Buy" und "Sell" entscheiden kannst. "Trade" bringt dich auf einen klassischen Trading-Screen bei dem du ebenfalls entweder kaufen oder verkaufen kannst (mit einigen zusätzlichen Optionen wie Limit-Orders), und "Convert" scheint einfach nur die abgespeckte Variante des klassischen Trading-Screens zu sein (wobei du auch hier kaufen und vekaufen können solltest).
240  Local / Deutsch (German) / Re: Gewinnspiel: Neues Bitcoin (Jahres-)Tief in 2023 ? on: September 12, 2023, 12:14:51 PM
Zwei Wochen später liegst du unverändert vorne...

Allerdings hab ich schon nen bissl das Gefühl, das es nach dem zuletzt gescheiterten Ausbruchversuch nochmal ein wenig bergab gehen könnte.... Wink

Holey moley, gestern war knapp! Hab den Kurs schon lange nicht mehr mit soviel Spannung verfolgt wie seit dem Gewinnspiel Wink

Mit der raschen Recovery hatte ich allerdings auch nicht gerechnet, wobei der Kampf um die 25k glaub ich noch lange nicht vorbei ist.
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