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2621  Other / Beginners & Help / Re: BIP39 vs Electrum Mnemonic seed on: February 10, 2023, 03:52:07 AM
And if you don't have any old copy of Electrum, then literally the only difference between turning a BIP39 seed phrase in to a wallet and an Electrum seed phrase in to a wallet is the word that is concatenated with your passphrase prior to PBKDF2. BIP39 uses "mnemonic", while Electrum uses "electrum". You could take any open source wallet and change the code very easily to recover Electrum seed phrases.
This works for 99% of the cases where you are using a simple seed phrase with no passphrase and with default English word-list. Anything other than this and things get complicated. For example if you were using a passphrase or if you were using a different word-list like the default French list since the normalization method is different (in this case removes diacritics or accents) your BIP32 seed will be different and you'll end up with a different wallet.
(BIP39 only performs a very simple KD normalization.)
2622  Economy / Economics / Re: The world continues dumping US dollar (Gold, New World Order, World War III) on: February 09, 2023, 05:30:37 PM
Speaking of other things, sorry if I don't get into what is being discussed, but here I feel strange about the dollar, as we know that the dollar in terms of the exchange rate for goods decreases but the exchange rate against other countries currencies actually increases, as in my country, which used to have a dollar exchange rate of $ 1 = 14,000 is now 1 $ = 15,500 but economically my country is growing well until today.
Well, all our governments are printing money so all fiat currencies are tanking without exceptions but with different speeds depending on how much they are printing and a couple of other factors like the strength of the economy of the country.
United States is a special case because it is the only country that exports its inflation at a large scale so when they print money we feel the inflation in our countries too. That's of course as long as we continue using dollar as reserve/trade currency.
2623  Bitcoin / Bitcoin Discussion / Re: Do you think Bitcoin will lead the world currency market?? on: February 09, 2023, 05:17:10 PM
You made a bad comparison hidden inside your question. Comparing bitcoin with altcoins like you compare USD with other fiat currencies is wrong because unlike altcoins, other fiat currencies are still useful and their nature is pretty much the same as dollar (unlimited supply, not backed by anything and weak). But altcoins are useless and many of them have severe security flaws.

As for your question, I don't think the centralized system is going away any time soon. With it the [centralize] fiat will remain and dominate the world. When these fiats are replaced they are replaced by another fiat.
But bitcoin will continue growing and continue being used on the global scale as a means of payment and a hedge against inflation.
2624  Economy / Economics / Re: Russian Gas ban - A problem for Europe or suicide for Russia? on: February 09, 2023, 01:20:00 PM
I remember many were quite sure Russia blew up the pipes.  Eye-opening for them: https://www.thetimes.co.uk/article/us-bombed-nord-stream-gas-pipelines-claims-investigative-journalist-seymour-hersh-s730dnnfz

Just to remind you Sy Hersh is one of America's finest investigative journalists, Pulitzer Prize-winning reporter not just some yellow press.
It didn't require an investigative journalist or any kind of secret information, etc. to know who pulled this attack off. All one has to do is to find out who benefited from this explosion and that is United States.

At the end of the day Russia hopes to normalize its relationships with its "customers" and resume selling them energy to increase the revenue. Blowing up the pipeline would negate that. Not to mention that they could have shut off the valve like they did before on other pipelines!

But think which country has replaced Russia as a big gas supplier to Europe? And who would be screwed if Russia resumed supply gas to Europe like before helping them not-need extremely expensive US LNG anymore?
It is obviously US! It's that simple. Smiley
2625  Economy / Economics / Re: The world continues dumping US dollar (Gold, New World Order, World War III) on: February 09, 2023, 12:28:11 PM
Speaking of US dollar and whether it is reliable (liquid, savable, spendable, etc.) you should also consider that US economy is in a terrible situation itself and things are getting worse every day. It may not show up in form of hyper inflation like elsewhere but it is showing up.
The gigantic $31.5 trillion national debt apart, the US trade deficit is growing at an alarming rate. It is estimated to be almost $1 trillion and growing as US dependence on imports increases as the domestic economy slowly falls apart.

For example US depends on $500 billion imports from China alone (with a deficit of $350 billion in 2021 and $383 billion in 2022) which they keep covering by printing dollar that is losing value rapidly even though the price doesn't show it.
So by all standards we should say CNY is more reliable than dollar at this point!!!

https://www.nytimes.com/2023/02/07/business/economy/us-trade-deficit.html
2626  Bitcoin / Bitcoin Discussion / Re: On Ordinals: Where do you stand? on: February 09, 2023, 12:00:58 PM
remember the promise "taproot witnesses will be lean and appear like 1 signature length"
You are confusing Taproot with Schnorr digital signature algorithm. Introducing ECSDSA added the ability to aggregate pubkeys and signatures. Taproot is the script that uses this new DSA and offers more capabilities.

Quote
it worked from 2009-2016 where it required nodes to upgrade to contain new rulesets that it would follow before allowing the new rules set formats be allowed to activate..
That has not changed.
2627  Other / Beginners & Help / Re: BIP39 vs Electrum Mnemonic seed on: February 09, 2023, 06:18:05 AM
Electrum developers think that BIP39 seed is not safe enough so they tried to improve it by making their own system and fixing shortcomings.
It has nothing to do with safety. Security of both algorithms are pretty much the same.
Read the link in first reply by @witcher_sense, in simple terms it is about the fact that BIP39 lacks certain features such as telling the software what type of address it should derive and at what derivation path (fixed by including a version number). That makes recovery using seed phrase a lot easier for users which is what Electrum aims for (ie user friendliness).
BTW Electrum seed algorithm existed before BIP39.
2628  Bitcoin / Bitcoin Discussion / Re: On Ordinals: Where do you stand? on: February 09, 2023, 06:03:56 AM
  • OP_RETURN size more than 80 bytes are rejected as non-standard --> bitcoin is permissionless
  • More than one OP_RETURN is rejected as non-standard --> bitcoin is permissionless
  • pubscript that isn't P2PKH,P2SH,P2WPKH,P2WSH,P2TR are rejected as non-standard --> bitcoin is permissionless
  • scriptsig containing extra items (ie garbage) pushed to the stack is rejected as non-standard -- > bitcoin is permissionless
  • for years if the OP_CHECKMULTISIG(VERIFY) dummy item were garbage data other than OP_0 the transaction would have been rejected as non-standard --> bitcoin is permissionless
  • OP_(NOT)IF conditional not being OP_0/OP_1 and if garbage data were injected instead the tx would have been rejected as non-standard --> bitcoin is permissionless
  • Tx with script containing OP_NOPs is rejected as non-standard --> bitcoin is permissionless
  • Tx containing OP_SUCCESS, different witness program, Taproot version, etc. rejected as non-standard --> bitcoin is permissionless
  • complicated redeem scripts with bigger sizes (eg. containing a bunch of conditionals) is rejected --> bitcoin is permissionless
  • ...

if we decide to reject Taproot witness containing garbage --> bitcoin's permissionlessness is at risk!!!!!!!!

What kind of logic is that? Smiley
2629  Economy / Trading Discussion / Re: When to sell bitcoin before the next bear market starts? on: February 09, 2023, 05:42:38 AM
Never! Because bitcoin is money and you don't sell money, you use it. That's what you should do with bitcoin too. When price goes up, instead of trying to "dump" it to get your fiat and and then use the fiat you can instead use bitcoin to pay for stuff you need. The adoption has been growing and will continue grow so you will have a lot of options for when you want to spend your bitcoins.
2630  Economy / Economics / Re: Iran and Russia want to issue new stablecoin backed by gold on: February 09, 2023, 05:16:52 AM
There were a few similar "accidents" in Russia too. There's even a wiki page for "mystery fires" that attacked Russian buildings in the last 12 months.
https://en.wikipedia.org/wiki/2022%E2%80%932023_Russian_mystery_fires

When Moskva blew up the innitial media reports were that "a fire broke out on the ship" Grin
That's different though. Russia is at war with NATO which means such "incidents" are expected. However, Iran is nowhere in this war but they (mainly US) is desperately trying to pull Iran into this war which is why we saw the failed terrorist attack in Isfahan, Iran which out of nowhere Ukraine showed support for!
It won't work though because Iran eliminates threats at the source (US) not the proxy (Ukraine).

This is also one of the reasons why the Western mainstream media keeps lying about Iranian missiles, etc. being used by Russia.
2631  Bitcoin / Development & Technical Discussion / Re: Bitcoin Time lock question on: February 09, 2023, 04:36:45 AM
You can't create a OP_HODL transaction using Electrum, it doesn't offer that option (OP_CHECKLOCKTIMEVERIFY).
https://coinb.in/#newTimeLocked doesn't do anything special either, it is pretty straight forward and you can do it by hand or verify it by hand. Lets say your public key is the following
Code:
032AD9210935A1ED0918C162C0CD6CA5E9337951E4954988D3BB50A1CD20E4B1BF
and the time you want to set is 2023-02-25 10:25 AM. First thing to note is that this is local time not GMT and coinb.in converts that to GMP after fetching your local time. I am at GMT+03:30 so converting that to GMT and then to epoch timestamp gives us 1677308100 that can be converted to hex using a tool like this.
Now all it takes is to construct the redeem script:
Code:
Time (1677308100) to hex in little-endian: 0xc4b0f963
Push to stack with its size: 0x04c4b0f963
Add OP_CHECKLOCKTIMEVERIFY: 0xb1
Add OP_DROP: 0x75
Push public key to the stack with its size: 0x21032ad9210935a1ed0918c162c0cd6ca5e9337951e4954988d3bb50a1cd20e4b1bf
Add OP_CHECKSIG: 0xac
Result
Code:
04c4b0f963b17521032ad9210935a1ed0918c162c0cd6ca5e9337951e4954988d3bb50a1cd20e4b1bfac
Now compute hash160 of this script, add the P2SH version byte and convert it to base58 with a checksum:
Code:
3HHEkX7dBBbs692nKJz5P6egkCazKRZxBt
2632  Economy / Speculation / Re: BTC Sentiment Poll for February on: February 08, 2023, 04:46:56 PM
Although the possibility that all of this is a bull trap is always there.
But a bull trap shouldn't last this long otherwise it will lose its trap-ness! After all the trend reversal started a month ago and price has had a nice solid rise from $16k to above $20k and stayed there ever since.
2633  Economy / Economics / Re: Iran and Russia want to issue new stablecoin backed by gold on: February 08, 2023, 01:12:05 PM
the internationally supported retaliation ... the company building the Quadcopter [drone] is the next legitimate target alongside the terrorist organizations involved in the attack and those who showed support
By complete accident the Edge Autonomy factory in Latvia which is a US owned drone manufacturer that also exports to Ukraine blew up and is still burning. Wink
2634  Economy / Economics / Re: The world continues dumping US dollar (Gold, New World Order, World War III) on: February 08, 2023, 12:44:08 PM
I'm with you that a New World Order is possible. Possible, or maybe probable.
To be clear I believe that the New World Order is already established, it is not something that may or may not happen in the future. And we are now in the transitional phase that could last a couple of years, years that will be filled with conflicts and chaos.

Quote
BUT it also doesn't change anything about the debate that the U.S. Dollar's fall could also be too overblown.
Dollar may not disappear but it will definitely lose its dominance and value over the coming years. I agree that sometimes the degree of its fall is exaggerated.

Quote
Because, right now, there's no currency that's actually ready to replace the Dollar that's better in spendability, saveability, and liquidity. The demand for the U.S. dollar remains because every other State want it.

What would the financial incentive be to accept the Yuan over the U.S. Dollar? I believe ZERO.
All the characteristics you mentioned (spendability, saveability, and liquidity) depend on whether US likes you to have those characteristics or not. You see, the dollar your country has is not in your country's control! It is in full control of US one way or another and this gives US a tremendous amount of power over your country which they always abuse and they abuse it on all countries, friend of foe alike.

Take Turkey for example. It is considered a US ally and is a member of NATO. They have been playing both sides but after the earthquake which will continue to devastate Turkey between 6 to 12 months and exhaust all their resources, now through dollar US is putting pressure on Turkey to change its policies in favor of US!

Iraq is another example that US recently started increasing the pressure by blocking all their "dollars" that showed itself up immediately in Iraq economy.
2635  Economy / Economics / Re: Saving is Wasting? on: February 08, 2023, 12:11:52 PM
Aimlessness is wasting whether it is aimless saving or anything else. In other words saving itself is a good thing as long as you have a good plan. For example you can't and shouldn't save up to buy a house because it is too expensive and it takes too long and during that time inflation would render your money less-valuable. But if you are saving to invest in something smaller like bitcoin or a gold coin then that makes sense. Your investment should also be wise and well planned.
Then you can slowly grow your investment (from 0.001BTC to 0.1BTC then 1 ...) and then use that investment for a bigger investment like the house you wanted to buy at the start.
2636  Economy / Speculation / Re: Buy the DIP, and HODL! on: February 08, 2023, 12:03:42 PM
The principle of all trading whether short trading or long trading is same, you have to buy in dumping market and sell the invested coins in pumping market.  But if the market is dumping again after buying then you need to hold until the market starts pumping again. However, there are some cryptocurrencies that need to be held after investing in the market for a long time.
That is not true at all.
For starters trading is very different from investing long term. What you do also depends a lot on the market. For example a shitcoin that is dumping should be avoided like the plague. There is no reason for them to get pumped again.

You are also working in reverse in "pump participation strategy". When you see the shitcoin pumping you should buy in and sell it before it starts dumping. If you buy after the dump begins hoping for another pump, you are heading for disaster.
2637  Bitcoin / Development & Technical Discussion / Re: NFTs in the Bitcoin blockchain - Ordinal Theory on: February 08, 2023, 11:50:46 AM
That's merely signalling for Ordinals/Inscribing/NFTs in the Bitcoin Blockchain because "they" probably think that long term, the success of Ordinals might bring higher demand to use Bitcoin, then therefore higher profit for mining, which will definitely increase the total hashing power, and then also increase the network's security.
Cryptokitties and similar garbage didn't bring any kind of real demand for the platforms they were on. I don't see how Ordinals is going to be any different! Not to mention that we already had better ways of creating tokens in sidechains and so far a handful of people even talked about them and the only reason why Ordinals is being discussed is because it is spamming the chain and is a threat to the real demand bitcoin has.
2638  Bitcoin / Bitcoin Discussion / Re: Gavin Andresen calls it a "mistake" to trust CSW on: February 08, 2023, 06:11:53 AM
Andresen was clearly playing games, or a total idiot, and thus disqualifies himself from the list of "people to listen to"
That's a fact that you and I know but if we look through the eyes of newcomers Andresen is someone who could be made to look like an "expert" who knows what he is talking about. Lest we forget that we live in a society that average people tend to easily believe random stuff they read on the internet.
Why is Gavin Andresen a idiot? I have been around more long enough not to be known as a newcomer but I do not know why the btc community is so hostile towards him? From what I have read he has always been level headed and done what he thought was best for the btc community and it was a big loss when he stopped developing for btc.
A couple of years ago someone called Craig Wright starts claiming to be the real creator of bitcoin, Satoshi Nakamoto. Then this person starts contacting different bitcoin experts to convince them to support his claims. One of them is Gavin Adresen. Only Gavin is convinced after the meeting with the scammer and without seeing any reliable proof. Gavin then starts supporting his claim (read the article in OP).

Someone who does this is either an idiot or malicious. I tend to think the later.
2639  Bitcoin / Bitcoin Discussion / Re: Unwarranted ECB claims about BTCs "last stand" on: February 08, 2023, 06:04:55 AM
It is always funny to see heads of the banking cartels around the world criticize bitcoin while they are knee deep in corruption and all kinds of illegal activities. Their statements and so called "predictions" are also always their hopes. For example here, they are hoping that bitcoin falls down and they will do everything in their power to make that happen. Hence this article.

In any case the article shared here is the prime example of a propaganda. They use some facts to convince you of the bullshit conclusion they want to make. For example they point out the fall from $69k but never tell you that price went from $3k to the current $20k if you zoom out!

Of course in case of ECB they have no answer for how Euro is dumping and how it will dump a lot more in the future when all the money they've been printing starts showing up in inflation rates. So they have to bash bitcoin hoping nobody chooses BTC trying to escape EUR dump.
2640  Economy / Economics / Re: Russian Gas ban - A problem for Europe or suicide for Russia? on: February 07, 2023, 04:43:13 PM
but none of the politicians in Pakistan has the balls to stand up against instructions from the US.
It's not about that. Their politicians are faced with all bad options, some are worse than others so they try to choose the option with the least negative consequences. Unfortunately that option is to not-complete this pipeline (which leads to energy shortage, high prices, inflation and economical hardship).
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