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2461  Bitcoin / Development & Technical Discussion / Re: NFTs in the Bitcoin blockchain - Ordinal Theory on: February 24, 2023, 05:28:25 AM
(and torrents don't even store a copy of your files so they don't count at all).
Torrent is actually a good example since "peers" actually store the data themselves and share it with others. It also stays alive as long as the file is relevant and there is demand for it. Which is a much better solution to storing something "forever".
2462  Economy / Economics / Re: Economic implications of a US-China-Taiwan conflict on: February 23, 2023, 04:19:02 PM
If war broke out. It will become a world war. South Korea, Japan, Australia, and probably India too knew that if the US lost the war, there won't be any buffers or protection for them against China.
US is not protecting anyone now either, they are only being used by US for resources and an inflation export destination. Besides it is impossible for India to get into such a conflict, they've already proven that they prefer to sit on the side watching others fight each other while India expands its strength. As for the rest, it is not possible to say for sure which side they will play for in an actual war, there will be lots of side switches.
2463  Economy / Speculation / Re: Bitcoin - is the bottom in? on: February 23, 2023, 03:51:02 PM
That said, the bottom should be in. Those guys who still wait for 10k to buy bitcoin are tools IMO. They're spreading FUD hoping that people will react to their bullshit.
To be fair most of the times when we see someone making an outrageous speculation about big drops or even big rises, they don't actually believe it themselves nor do they wait for it. They are merely stating their hopes and dreams. For example someone who panic sold their bitcoins below $20k resistance and have been setting up buy orders at $10k is not going to accept the fact that price is now above $20k and their buy orders are never going to be filled...
2464  Bitcoin / Development & Technical Discussion / Re: Questions about soft fork on: February 23, 2023, 03:44:25 PM
as illustrated by the UASF, that forced the miners into activating Segwit in the first place.
UASF might have acted as an extra push to encourage everyone into accepting SegWit but it definitely didn't "force" anybody to do anything considering that to "force" the network into accepting a proposal they had to be a lot more than 5-10% of the network! Tongue
2465  Economy / Speculation / Re: Bitcoin - is the bottom in? on: February 23, 2023, 07:09:40 AM
We can only speculate and only for short term that can be changed in the future.
Let's just say that there is no reason to see any more drops at this point and there are more reasons to see price continuing to rise up higher from this level.

We also have a better confidence in the market considering that things that previous affected bitcoin negatively are not having the same effects. For example over the past couple of weeks the US stock market has been dumping but bitcoin price has been going up. This means the panic seller newbies who tend to panic sell each time US stock market crashes are either out completely or they have finally learned that they should buy bitcoin when that market crashes not sell it.
2466  Bitcoin / Development & Technical Discussion / Re: Questions about soft fork on: February 23, 2023, 05:30:03 AM
Unfortunately vague statements trying to bend reality.
The one an only time that users have had an strong effect on changes against mining, was the falsely named segwit.
You are contradicting yourself by claiming my statement about "users having an affect" is bending reality while admitting that "users have a strong effect"! Shocked

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In the end the miners agreed to go ahead with it due to the fact that core was trying to push it anyway without consensus.
Wrong.
A small minority of nodes and miners that were less than 10% of the whole Bitcoin network were enforcing an attack known as BIP148. It would have never succeeded even if SegWit hadn't been activated when it did simply because they were the minority and would have created an altcoin.
2467  Bitcoin / Bitcoin Discussion / Re: On Ordinals: Where do you stand? on: February 23, 2023, 05:21:57 AM
~
You are correct about the limit of OP_RETURN as @ETFbitcoin pointed out but you are forgetting that the examples you used (documents related to ownership of a car or a house, etc.) has centralization attached to it so you don't need to store the whole document on bitcoin blockchain, but only some sort of link to it like a serial number or document hash, etc. and OP_RETURN's 80 byte limit is more than enough for that purpose.

Here is an example of real world application. Land registry by the government of Georgia using bitcoin blockchain:
https://www.forbes.com/sites/laurashin/2017/02/07/the-first-government-to-secure-land-titles-on-the-bitcoin-blockchain-expands-project/
2468  Bitcoin / Bitcoin Discussion / Re: Another story telling how billionaires hate bitcoin? - read over quick coffee. on: February 23, 2023, 05:04:21 AM
This is another case of what I've been warning about for the past couple of year. The case where people look at cryptocurrencies and then judge bitcoin whereas they are very different. Altcoins have no usage and what was said here is correct about them. Bitcoin on the other hand is unique and provides a real world utility hence the statements make no sense about it.
Lets see

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Basically what he suggest is: crypto currencies as an asset can be replaced by any other means of asset, for example a newer form of asset and thus there is no guarantee for it's long lasting existence.
100% correct.
We have seen this over the years. One altcoin is replaced by another. If you look at the coinmarketcap stapshots you can clearly see this. Although I'd argue that altcoins are not assets, they are gambling tools.

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According to him it would be better if all the crypto investors find another form of investment for secure future. 
100% correct.
Altcoin investors are fooling themselves and shouldn't "invest" in any of the altcoins. Only bitcoin is a viable investment for the reasons I said at the start.

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One of the weirdest point he was making is: Crypto do not replicate anything and thus they are "ineffective store of wealth"
100% correct.
Altcoins are the stupidest store of wealth since they get dumped and eventually disappear which is because they are useless and will eventually be replaced by another useless altcoin.

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He also pointed out that Bitcoin's total value is a fraction of Microsoft's stock. Hence, in Dalio's view, it is a preoccupation by people that is disproportionate to its true reality.
This is bullshit.
For starters Microsoft has been around since 1975 (48 years) whereas bitcoin has been around since 2009.
Besides Microsoft is not attacked by literary everyone spreading FUD about it, restricting access, shutting down bank accounts, banning its usage, etc.

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Dalio is convinced that in time, there will be better digital currencies, such as those that provide the equivalent of inflation and buying power.
That is not possible to do globally since the inflation is not a global matter, it is local. It is also not possible to achieve with decentralization since inflation is again centralized.

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He noted that most currencies are debt instruments that offer poor returns relative to inflation, but a good digital currency is yet to be created.
Good thing bitcoin is technically money not currency.

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The legendary investor acknowledged the technology behind cryptocurrencies, he believes that the hype surrounding them is disproportionate to their true value.
100% correct.
The hype surrounding altcoins is all fake and the price they have is not a representation of their value since majority of them are worthless.

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He commented that people will need to look for alternative stores of wealth, and he believes that understanding the five key forces of the economy, including money and credit, can help investors navigate difficult situations.
100% correct but I should add that in the current economical situation people should find a store of value that is not directly affected by the dumping economy, credit bubble, inflation, ... that makes bitcoin the only choice.
2469  Bitcoin / Bitcoin Technical Support / Re: [Feb 2023] Mempool empty! Use this opportunity to Consolidate your small inputs! on: February 23, 2023, 04:35:22 AM
Maybe with this new Ordinals thing we won't see low fees so frequently as before for a bit: people is embedding a wide variety of stuff into Bitcoin blockchain seemengly without a clear plan in mind.
Oh the plan is most certainly to dupe people with FOMO into thinking they need/want the next imaginary internet thing... and should pay stupid money for it. NFTs 2.0... Undecided
Yeah, this is the new form of scam although I don't know how successful it is going to be because until this point the main hype is just in social media and hasn't completely manifested itself into a market where money changes hand to turn into full blown NFT 2.0 scam.
2470  Bitcoin / Development & Technical Discussion / Re: Risk of jail for developers. Should you be anonymous? on: February 23, 2023, 04:25:35 AM
Well, it's a war and maybe those who don't have the stomach for it shouldn't participate.

Bitcoin's very existence where it gives the option to the average Joe to stop using the corrupt banking system is a threat to the corrupted entities. Everyone should know that they won't just stand around and watch. Sometimes it is just propaganda and FUD, sometimes it is legal battle, and sometimes it is outright banning. On top of that we also have the abusers, trolls, criminals, scammers, etc. who would stop at nothing to do damage.

That doesn't mean we should stay silent either or discourage others from joining in the battles. Sometimes people forget the Bitcoin ethos and need to be reminded of them. They need to be reminded that bitcoin isn't just something you buy to make profit...
2471  Bitcoin / Development & Technical Discussion / Re: Questions about soft fork on: February 23, 2023, 04:02:02 AM
That's how bitcoin consensus should work, right? Meaning non-mining nodes should be forced into accepting what the hash rate majority(miners) want or desire?

Do we even have a case where nodes force miners into accepting their desired changes?
No, this is not how things work. Bitcoin as a system consists of all groups and each have a say in this decentralized currency's future. Nodes, miners, businesses, investors, etc. One group can't really force other groups into something they don't want.
The best example in 2017 where the hard fork step in SegWit2x proposal had a huge support from miners but only had minimal support from everyone else. Consequently it failed.
2472  Bitcoin / Bitcoin Discussion / Re: Will Bitcoin [eventually] collapse? (scholar’s opinion) on: February 22, 2023, 10:09:31 AM
firstly OP calls himself a scholar.
this does not mean he is wise, old and well experienced. it means he is young and still learning
but is/recently was in some higher end educational system, where his life experience is mostly just that educational system
This shows the flaws in the educational system and the "wrong knowledge" that people sometimes learn exiting that system. For example OP is so wrong that he is referring to the most centralized shitcoin with a massive premine, serious flaws in the protocol and worse of all a mutable blockchain a "creditable blockchain".

If someone with a "PhD in blockchain" has so little knowledge and is this misled, what can we expect from regular people with no background in the field who hand over their money to the very shitcoins that OP thinks are "credible" just because they were pumped by these newbies.
2473  Bitcoin / Bitcoin Discussion / Re: What does 'int' mint in Bitcoin on: February 22, 2023, 05:23:36 AM
"int" is short for integer which is a whole number (without fraction) that can be positive, negative, or zero. https://en.wikipedia.org/wiki/Integer
2474  Bitcoin / Bitcoin Discussion / Re: What do you think will happen once Hong Kong legalizes bitcoin? on: February 22, 2023, 04:57:40 AM
As far as I know bitcoin has never been "illegal" in Hong Kong or even in China for that matter. They just banned certain things in China like mining and even less things in Hong Kong where people are still mining bitcoin.
So it depends on what "legalize" means in this context. The regulations they put in place will determine their effects. For example it could be positive regulations for exchanges and mining farms which means it would attract a lot of investors from China and possibly elsewhere to build the industry there.
2475  Bitcoin / Bitcoin Discussion / Re: Will Bitcoin [eventually] collapse? (scholar’s opinion) on: February 22, 2023, 04:40:27 AM
I projected bitcoin’s market dominance - and it indicates it is going to lose at least half of its market value within the next 3-5 years. And probably sooner or later  will give ground to Ethereum.
There are so many things wrong with this statement Cheesy
First of all what you are looking at is not "market dominance" at all. It is "market capitalization ratio" where you divide bitcoin's market cap with sum of thousands of shitcoins' market cap.

Secondly market cap and its ratio has nothing to do with value at all. It is a product of price * supply and since shitcoins have huge supplies and there are thousands of them, the ratio is small and shrinking as new shitcoins are created or old shitcoins like ethereum with unlimited supply create more supply.

Finally a useless shitcoin that relies on being pumped such as ethereum is never going to be able to gain a value higher than bitcoin specially with unlimited supply and lack of real world applications. Just look at the charts from 2017 to 2023, this shitcoin has been dumping consistently ever since the ICO mania in 2017 where it reached about 0.15BTC and it is currently worth half of that since it's been dumping!

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It had to become a [global] peer-to-peer electronic cash.
Wrong.
Bitcoin didn't "have to" do anything. Bitcoin is A Peer-to-Peer Electronic Cash System just like it was on day one. It is always an "option" for people seeking financial sovereignty and is not supposed to replace anything or dominate the world as a money.

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But who even uses it as cash?
Lots and lots of people. Just look at the number of merchants accepting bitcoin as payment, look at the payment processors that help many merchants receive payments, etc.

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I am looking at the number of transactions and I see pure speculation.
LOL bitcoin transactions don't have a "purpose" field attach to them for you to see their intention.

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When was the last time someone bought anything for bitcoin?
Every second of every day.
You want real world examples? Get out in the world and look around. For example there is a computer hardware shop near me that accepts bitcoin payments and last I asked them they said they receive a decent number of payments in bitcoin.

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If you take a look at Top 10 on coinmarketcap you will see only Bitcoin and Dogecoin - two pure cryptocurrencies that are left in this list. Others are application platforms.
If you look at that website's history you see that the market capitalization sorted list is always updated with the new hype trend. For example in early days the hype was innovation and new ideas so we saw coins like Namecoin, Litecoin, etc. on top. Then it was copycat coins that could pump a lot so we saw a wave of them be on top. The most recent hype is token scam so the token platforms are hot and on top until a new hype comes along.

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This should be leveraged in its transformation into a web3/dapp platform.
Nonsense. Bitcoin is a currency not a platform.

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Unfortunately, this Turing-complete smart contract narrative completely misled people, and apps on Bitcoin-like systems and apps on them are perceived as flawed systems, which is not true.

Throughout years of my academic research I came across a number of techniques of application development on bitcoin-like ledgers. I can say with 100% certainty there is no lack of technologies and techniques of developing well-designed and functional applications on Bitcoin, including token-applications. It is a matter of the community and its leaders - where they want to direct Bitcoin.

Before anything dramatic happens, before irreversible processes begin, I’d put my efforts with other thinkers into Bitcoin’s greater future.
What you think you are doing is not new. Many years ago someone else tried corrupting bitcoin and making it irrelevant like other shitcoins by changing the protocol and introducing flaws into the system. He failed so he went on to creating his own shitcoin called ethereum that is known to be the ultimate scam, a platform for creating useless tokens that have only managed to attract scammers and gamblers and has been dying as the fever wears off.
2476  Bitcoin / Development & Technical Discussion / Re: one ip one vote on: February 22, 2023, 04:24:49 AM
Is it possible to create a cryptocurrency in which IP addresses are "staked"?.

I think it's certainly possible, and would probably even be very beneficial for certain services. If you have a service where you want many nodes, like creating a decentralized internet or something like Tor, you might want to reward your users based on the IP addresses they're contributing to the system. People would "game" it by renting IPs and all that, but that would only benefit your system. This assumes however that the system would mandate IPs stay online in order to get their "stakes."
Reachable IP addresses don't help the network (like Tor), running a "node" does. And to verify someone is running actually running a node is more complicated than just reaching their IP. In other words it is very difficult, whether it is a Tor node or a cryptocurrency full node.
2477  Economy / Economics / Re: The impact of Russian and Ukrain war on world economy on: February 22, 2023, 04:02:49 AM
All this is very similar to the return of the Cold War rhetoric between the USSR and the USA. 
However, this does not mean that they are planning to turn the cold war into a hot nuclear war.
Correct me if I'm wrong but that cold war didn't contain any armed conflict between two sides. It was all "chest pounding" so to speak and flexing muscles. This time it is an armed conflict between Russia and NATO inside a third country as the proxy.
Although I agree that suspending START isn't an indication of a nuclear war but there are many other reasons why the risk of one is high.
2478  Economy / Economics / Re: No petrol/diesel car sales by 2035/ Reality or dream? on: February 22, 2023, 03:56:45 AM
BTW people to land mass works out really well for Russia.
If you want to use land then you should use people to "livable land" ratio because in some countries a considerable percentage of the geography is not livable like Russia, Japan, Canada, etc.
2479  Economy / Economics / Re: Economic implications of a US-China-Taiwan conflict on: February 21, 2023, 04:05:06 PM
China is going to need help from other countries, especially now when its economy is sinking.
I'm not sure if it is a typo or there is a mistake here. When majority of countries are setting negative economy growth and are battling inflation and recession, China is experiencing economic growth!
For example US expects at best case scenario a 0.3% GDP growth, Germany and UK had -0.6%, etc. while China is already having 5%+. It is not just GDP, the export amounts are enormous and all their destinations (like US) are having increasing amount of trade deficit each year.
If anything the only economy in the whole world that is not-sinking is China's!

True, but probably with the situation right now? government around neighboring South East Asia might have to choose between the lesser of two evil and  that could mean they are in the side of United States.
The world is moving in a direction that being neutral costs more than choosing a side which is why sooner or later all countries will have to choose one of the handful of big players or superpowers to play by their side. I dare say US and China are both evil with different approaches though.
2480  Bitcoin / Bitcoin Discussion / Re: On Ordinals: Where do you stand? on: February 21, 2023, 03:45:14 PM
On a more serious note: any notarization effort with the Ordinal protocol can only certify the existence of certain documents in a given moment and certify the possession of that document. It cannot assess the validity of such a document or the existence of any other version of it. (I am thinking of using the possession of a certain sat as a digital representation of the possession of something in the real world, such as a car or a house).
There is no reason to use Ordinals attack to do something like that. In Ordinals you will have to first create a new Taproot address created from the script containing the "document" then send some coins to that address (1st tx). Then you'll have to spend those coins so that you reveal the script and the document inside it on the blockchain in another transaction (2nd tx).

You could already do that using OP_RETURN as it has been done before. All it takes is one transaction with an OP_RETURN output containing the information related to the documents proving possession of the thing in real world.
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