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2221  Economy / Economics / Re: Ditch the Dollar on: March 31, 2023, 12:56:37 PM
Is it the beginning of some kind of cold war led by China? The primary purpose of these bilateral trades isn't only to cut costs in my opinion, and China probably is doing its best to lessen the dominance of the US dollar over the world economy by initiating these trades with different nations, they know that other countries will follow suit knowing they can do it to reduce costs and to become a bit more independent when it comes to using a currency for international trade.
It's mostly revenge in my opinion. After the Opium War waged on China they went back to an old ideology that basically says "be like grass, bend but don't break". They built their economy up from having 85% of their massive population in absolute poverty to having 0% absolute poverty and the strongest economy at present. They did that by "bending" but not "breaking".
Now they are taking revenge.

The only thing that should matter to the rest of us is to not allow China to replace US after the collapse of United States like Soviet Union did before it.
2222  Bitcoin / Development & Technical Discussion / Re: Risk of jail for developers. Should you be anonymous? on: March 31, 2023, 04:41:25 AM
Does anyone really think the governments will be interested in going after random crypto developers now that fresh juicy mixers are on the table?
That's about priorities and you are right. At this point their priority is more about services and either shutting them down (like shutting down mixers) or applying maximum surveillance on that service (like payment processor, custodial wallets and exchanges).
But that doesn't change that fact that developers are also on the governments' list...
2223  Bitcoin / Development & Technical Discussion / Re: NFTs in the Bitcoin blockchain - Ordinal Theory on: March 31, 2023, 04:33:13 AM
Also, it's worth to note that an uncompressed Segwit transaction was always non-standard, it didn't switch from standard to non-standard.
you do have a point there  Shocked but there is a distinction though. someone using an uncompressed segwit is not hogging up transactions making other peoples transactions have to pay a higher fee. lets just be honest. about the affects of each.
His point is that bitcoin core never relayed SegWit transactions using uncompressed keys and miners needed to manually modify the core code to make it happen whereas in Ordinals Attack core is already relaying such transactions so adding the standard rule now wouldn't be as effective.
2224  Economy / Economics / Re: Ditch the Dollar on: March 31, 2023, 03:25:16 AM
It is called dedollarisation and it has been going on for a very long time (at least the past decade) but it started speeding up in the past year and ever since US economy started falling apart and FED decided to export more of US inflation to other countries.
I cover more cases in this topic: https://bitcointalk.org/index.php?topic=5432581.0

Basically the whole world (even US allies) have always wanted to dump the dollar after Nixon administration, but for a lot of reasons (including lack of independence) they have been slow. This is also why we are currently only seeing countries with more independence from US dumping the dollar while others slowly joining in at a smaller scale.
Although Saudi regime as the 51st US state is an exception, they have no independence but are joining in because they were forced to; essentially after Aramco was hit and their oil production was cut by half.
2225  Economy / Economics / Re: Money as a store of value... on: March 31, 2023, 03:14:49 AM
I would not consider cash to be a store of value, seeing how inflation has been behaving these last three years, the United States (country that allegedly has the strongest currency on the planet) has not been able to go back to the 2% of inflation per year, as the FED had been accustomed to.
This is exactly why cash or fiat is NOT money it is actually currency. Very few people know this distinction though. Basically ever since they decided to print fiat unstoppably they turned fiat into currency that can only be used as medium of exchange while it lost its store of value status.

BTW this is why one of the characteristics of bitcoin is to be both a store of value and medium of exchange, or in other words bitcoin is the best candidate to be considered "money" not just a "currency".
2226  Bitcoin / Bitcoin Discussion / Re: What if Bitcoin Was the Only Cryptocurrency? on: March 30, 2023, 04:03:59 PM
Couldnt Monero be seen as something innovative and useful?
That's a good point, although Monero has a very niche utility (anonymity) which severely restricts its usefulness because of its target audience and it also is harder to use and has bad scaling problems.
2227  Bitcoin / Bitcoin Discussion / Re: What if Bitcoin Was the Only Cryptocurrency? on: March 30, 2023, 03:38:55 PM
In a way bitcoin already is the only cryptocurrency that exists. If you look at other projects we have different categories:
- We have useless copy coins like bcash, bgold, ... that can only be categorized as shitcoins which aren't used for anything other than scamming people.
- We have memecoins, flawed projects, broken chains, etc. like Doge and a lot of dead coins that are also useless and can't be categorized as "currency"
- Finally we have tokens and token platforms like ethereum and thousands of shittokens made on it that are not currencies and not to mention are useless.

P.S. A better question you should have asked was something like this: "What if we had another useful cryptocurrency like bitcoin that had an actual innovation and was actually solving a real problem?"
2228  Bitcoin / Development & Technical Discussion / Re: Why was Ordinal NFTs created? on: March 30, 2023, 03:29:30 PM
Then people will use another way to achieve the same thing. Note that even if Taproot transactions will be restricted on consensus level, then still, Segwit v2, v3, and later versions will be wide open for pools that will include non-standard transactions, because currently there are no rules to that kind of witness data.
True but remember that before Taproot it was also possible but never happened. You see, in these attacks the attackers want regular people to be able to easily participate in it otherwise if they have to go through some centralized service, it would become harder and could even become impossible if the community puts pressure on that service to stop accepting the malicious attack.

Quote
And note that even with Segwit v0, you can still create P2WSH address, that will push a lot of data to the stack.
Actually unlike Taproot, the consensus rules for P2WSH has a line to check the data size that is being pushed to the stack and also the witness items data sizes that are already the stack itself.
https://github.com/bitcoin/bitcoin/blob/84f4ac39fda7ffa5dc84e92d92dd1eeeb5e20f8c/src/script/interpreter.cpp#L1815
2229  Economy / Services / Re: [OPEN][AVATAR OPEN Reward $20/w] SINBAD MIXER Signature & Campaign. Up-to $130/W on: March 30, 2023, 11:31:59 AM
I'd like to thank you for the opportunity you gave me to be part of this campaign.
Sorry for the short stay and good luck.
2230  Economy / Services / Re: [CFNP] whirlwind.money | Redefining Mixing | Signature Campaign ~Up to $150/week on: March 30, 2023, 11:24:23 AM
Accepted! Welcome to the Campaign, please update your Signature and Avatar ASAP Smiley
Thanks! Both signature and avatar are updated.
2231  Economy / Services / Re: [OPEN] whirlwind.money | Redefining Mixing | Signature Campaign ~Up to $150/week on: March 30, 2023, 03:54:11 AM
We have 1x Hero/Legendary Position open, apply now!
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=379147
Current amount of posts: 20884
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2232  Economy / Economics / Re: The world continues dumping US dollar (Gold, New World Order, World War III) on: March 29, 2023, 05:57:52 PM
Another group of countries joined the "Dollar Dumping Party". These are about a dozen countries in South East Asia in an economic union called The Association of Southeast Asian Nations (ASEAN) that came to an agreement amongst themselves to dump dollar in all the trades that takes place in this union. That is 8.5% of the world population.
What makes this one interesting is the countries in this bloc such as Philippines and Vietnam and some others that are not known for doing anything "against US wishes"...

This is why Isreal is really going to be in big trouble, they should be making peace deals with the countries surrounding them or it will end in a disaster if war breaks in the region.
This terrorist organization is already falling apart from inside, there is nothing they can do to prevent that anymore. They never looked for peace either, just recently they had the audacity to claim Jordan is theirs and has to be taken.
2233  Economy / Economics / Re: The world continues dumping US dollar (Gold, New World Order, World War III) on: March 29, 2023, 03:54:16 PM
There is a news on Bloomberg that KSA is now open to discussion on settling the trade in currencies other then USD. If OPEC countries successful in migrating to other currencies for settling oil trades then it will be a big set back to USD.
That is already under way and funny thing is that US caused it Smiley
For example Iraq recently switched to using Yuan because US kept blocking their money after they sold their energy using dollar because they were demanding that US ends its illegal occupation of their country. Now they are using Yuan and their money is no longer blocked/stolen by US regime.

Quote
Meanwhile there are other countries like Srilanka and Pakistan which are in dire need of USD for survival. Sri Lanka is successful in getting bailout package from IMF while IMF is reluctant in providing bailout package to Pakistan which is at the edge of default.
One of the reasons why countries default is because of how US keeps exporting its inflation abroad and manipulates the interest rates to keep dollar strong. Suddenly we have countries that have had their national currency dumped against dollar (because of US exported inflation) that have to pay a lot more than what they'd borrowed.

Abandoning US dollar solves that too, when dollar crashes you'd pay 0.1 Rupee (or even less) for a dollar instead of 283 Wink
2234  Bitcoin / Development & Technical Discussion / Re: Bitcoin address collision on: March 29, 2023, 06:58:55 AM
I mean WTH, how do you validate signatures in txs? You'd pass the public key through the 256, 160 hash functions and say it's totally legit, lets confirm it. Not realizing that by doing so you are breaking the core of cryptography.
As they claim that Satoshi's coins are not safe because his public keys are exposed, on the contrary any coin attached to a public key is safe as it gets, on the other hand proving ownership by relying on back-doored hash functions is a deal breaker.

Please correct me if I'm wrong.
When spending bitcoins we aren't only verifying a hash. Each coin that is sent and spent is using a smart contract or in other words a locking and unlocking mechanism that is a series of "operations" that all need to pass for the coins to be spendable. Only a puzzle transaction made for fun would use a OP_HASH OP_EQUALVERIFY alone, all other "contracts" use a mandatory signature verification OP. If you can find a way to produce a signature for that public key, then you'd be able to spend those coins.

This is not a flaw, this is how cryptography is designed. You can't find private key of a randomly generated public key just as you can't find a collision for either SHA256 or RIPEMD160 and we are very far from the day that it becomes feasible.
2235  Economy / Speculation / Re: 23 March 2023: SEC issues official warning to crypto investors on: March 29, 2023, 06:32:31 AM
What I said before is starting to come true, a large number of Americans have been pulling their money out of the banks. So far hundreds of billions of dollars have been pulled out. Very few of those who make a withdrawal would put it in their mattress! Majority of them would try to invest into something specially since dedollarisation is expanding to more countries and the threat of dollar collapsing is more serious now; obviously one of the very viable options is bitcoin.
Hence the SEC fear and their subsequent warning...
2236  Bitcoin / Bitcoin Discussion / Re: Minted my first NFT on BTC on: March 29, 2023, 05:23:27 AM
Normal people have different attitude towards the Ordinals Attack that range from negative to saying "whatever" but when you see someone is passionately defending something that is clearly a malicious attack and does that by spreading misinformation about it, you have to know something is wrong. When knowing their background and their involvement in running multiple similar scams both on token platforms and bitcoin blockchain, everything starts to make more sense... Cool
2237  Bitcoin / Development & Technical Discussion / Re: NFTs in the Bitcoin blockchain - Ordinal Theory on: March 29, 2023, 04:53:05 AM
Bitcoin's voyage away from central authorities and towards decentralization won't succeed if we arbitrarily judge transactions to be "attack" or "non-attack", respectively. The on-chain transaction protocol left plenty of open ends on purpose, so that future innovation is possible. This means that the blockchain will always also contain transactions that some users will find more useful than others.
You are just playing with words and bending the truths. The abuse of the system is not an arbitrary opinion. In fact the Ordinals abusive behavior is pretty clear since it is turning bitcoin (aka a payment system) and its blockchain (aka a ledger to store monetary transactions) into a cloud storage. As abuses go, it doesn't get any clearer than this!

As for the protocol, it is left "loose" in some places so that it can be extended but always within the same utility category that Bitcoin is supposed to offer, not to turn Bitcoin into something else like cloud storage!

do you think the miners will follow?
Their alternative would be setting up a website that would publicly accept transactions that majority of full nodes rejected. Apart from the fact that it would make them pariahs, the miners aren't known for doing such things, they are too scared of producing an invalid block and losing money. Look at how long it took to mine a simple non-standard transaction that was using uncompressed public key in its version 0 witness program, just because they were scared of losing revenue.
2238  Bitcoin / Development & Technical Discussion / Re: is mining is the process of finding nonce? on: March 29, 2023, 04:28:08 AM
is mining is the process of finding nonce?
That is an inaccurate or incomplete definition. Mining is about constructing a new block in the chain and setting the header in a way that this 80-byte construct has a specific hash lower than the target.
In each block header there are 5 fields: version, previous block header hash, merkle root hash, block time, target, nonce. From these fields the previous hash and target are fixed while the rest are variables with version and time having some limits. As I said the miner finds a combination of these that has the desired hash. For example by changing the transactions in the block or their orders the miner can change the merkle root hash hence change the header hash.

Each block contains data about new transactions, as well as a special code called "nonce"
You are getting some terminology wrong, blocks contain transactions not some data about them. Also nonce is a 32-bit integer not a code.
2239  Economy / Speculation / Re: What is your take on the price? on: March 28, 2023, 03:28:33 PM
Well price isn't "high" now. It is barely above the previous ATH, about 30% above whereas in every previous cycle price were at least 900% above that previous ATH (ie at $200k).

As for my take on the current price and the market, I still think the demand is increasing every day specially as the banking system fail and the inflation grows since people are losing their faith in the corrupt monetary system and want something that can act as a hedge against inflation.
But the problem is that at the same time we have recession in most countries that are mainly defined in the Western Bloc and in recession people liquidate their assets and are not capable of making more investments.

The combination of these two forces is creating this weird market where price shows all kinds of rising signals and yet it only goes up a little.
2240  Bitcoin / Development & Technical Discussion / Re: Does miners hash rate remain constant? on: March 28, 2023, 02:28:08 PM
The "sell pressure" of new bitcoins (aka inflation) is low. After, the halving, it will drop by 0.8%. A 0.8% drop can hardly be considered "significant". Even if you consider 75% of the coins to be off-the-market, the change in "sell pressure" is still tiny.

Again, it is a mistake to give so much weight to the production of only 900 BTC per day compared to the 19,330,000 already in existence and the 500,000 traded per day.
You are looking at trading volume, that's misleading.
The number that CMC and similar sites report (like 500k per day) is total trading volume and it is usually trading volume of all pairs involving bitcoin not bitcoin against fiat only. Bitcoin/Fiat pair has the most effect on price, Bitcoin/StableShitcoins has less effect and Bitcoin/Altcoins has no effect. As an example the volume on Coinbase in the past 24 hours and was about 18k bitcoins.

Trading volume also doesn't completely show demand so it is not the most accurate thing to look at when analyzing "new sell pressure". For example people buying and selling the same coins in a tight price space makes up a lot of volume but they can not and will not resist sell pressures.

900BTC sold per day may not be significant but it is in no way negligible. It indeed has an effect on the market. After all we are talking about $24 million per day, in other words on average people have to inject NEW $24 million into the market every day, and that's just to keep the price the same as before.
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