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2781  Bitcoin / Bitcoin Discussion / Re: Leaked statement about digital asset from Secretary Janet L. Yellen on: March 09, 2022, 08:33:59 AM
OP, that's completely different from what they wanted the general public to believe based on their other press releases. Plus why did they release that, then delete? Buy the DIP, but I believe we should wait for the official, confirmed press release.
2782  Economy / Economics / Re: Who will Replace Russian Gas Supplies to Europe? on: March 09, 2022, 08:17:21 AM

Greta loses the fight if they all open their coal power plant.


Do people really listen to her? She talks, but is she, and people like her, willing to take the economic sacrifices to truly save the environment?

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Biden had a deal with Iran I guess that will make up the Russian oil and gas. Saudi seems to be hostile to US these days after Biden criticized them. I doubt it will be as cheap as Russian gas but it will make the business run somehow. What is to be speculated recently was the EV cars to be valuable but still, it needs energy. And energy comes from gas still despite having batteries.


The U.S. sanctioned Iran, and will now talk to Iran? I believe Iran will be in control, and wait until gas prices in the U.S. is more than $15 per gallon. Cool
2783  Bitcoin / Development & Technical Discussion / Re: Bitcoin and MimbleWimble on: March 09, 2022, 06:00:37 AM
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In your own opinion, would offchain layers be the best path forward for Bitcoin?
Well, you have three options:

1) scale on-chain
2) scale off-chain
3) invent another way of scaling things

If #1 is not the way to go for BTC, then your only choice is #2, unless you have some idea for #3.

4) Use option 1 - 3 altogether

"1" is out, unless you can convince the community to go through another "war/debate" again. "3" is sidechains/Drivechains? That's out too, Paul Sztorc has been proposing Drivechain since 2018, but the Core developers find it laughable because it requires the users in a Drivechain to trust the miners not to be dishonest. Paul Sztorc debates they will be honest because it incentivizes them like onchain. I don't know, I am the stupid one, ELI5. "2" is the only option.
2784  Economy / Economics / Re: Russia can evade sanction through cryptocurrencies on: March 09, 2022, 05:45:06 AM
That's not how sanctions work.
Let's imagine the sanction on Russian gas/oil. If Europe is starving for gas and aren't allowed to buy it from Russia they will not buy it from Russia. Cryptocurrencies don't even come in! Similarly if the starving European countries decided they have no other choice to buy Russian gas they will buy it again there is no cryptocurrencies involved!
That's the same with anything else that was sanctioned.

And now Russia has finally stopped shipping gas to Europe, which makes European countries finally constrained by gas consumption for factory needs. It turns out that the impact of sanctions against Russia was actually retaliated by stopping gas exports, we know Russia is the largest gas producer in the world and even Francis is the country that buys gas the most from Russia, now he appeals to its citizens not to panic and will immediately take alternative actions using coal. Closing each other's economic gaps has an impact on the instability of other countries. And one thing, non-block countries like me are experiencing the impact of the invasion which is almost a few days where we live the internet is completely down.


Hahaha, reverse-sanction by Putin. Every person who says that Russia is "not relevant" base their analysis through GDP denominated in the U.S. Dollar. BUT the truth is, Russia is the source of 17% of the global supply of Natural Gas, 11% of oil, 11% Wheat, and I believe one of the largest sources of Palladium and fertilizer.
2785  Economy / Economics / Re: Russia can evade sanction through cryptocurrencies on: March 08, 2022, 10:18:33 AM
That's not how sanctions work.

Let's imagine the sanction on Russian gas/oil. If Europe is starving for gas and aren't allowed to buy it from Russia they will not buy it from Russia. Cryptocurrencies don't even come in! Similarly if the starving European countries decided they have no other choice to buy Russian gas they will buy it again there is no cryptocurrencies involved!
That's the same with anything else that was sanctioned.

What bitcoin can help with is when regular people are being sanctioned by the orchestrators of the financial terrorism, can easily use a currency that nobody can take from them or can dictate where they can use that money.


Unless Russia uses Iran's work-around strategy to bypass sanctions on their oil exports. They can use their oil to power Bitcoin mining farms, and sell those freshly minted "virgin Bitcoins" at a premium.

It can help with SWIFT/financial sanctions if Russia itself wanted to transact using an open, permissionless ledger like Bitcoin. They can use that as leverage in weakening political strongholds. "You want Russian gas? Pay us in Bitcoin, or tell the U.S. to remove financial sanctions".
2786  Bitcoin / Development & Technical Discussion / Re: Bitcoin and MimbleWimble on: March 08, 2022, 08:21:49 AM
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If the change isn't mandatory, it won't reach a CryptoNote alt in terms of privacy.
To make any change mandatory, you would need to at least make old transactions non-standard (not invalid, because you need a way to move old coins, close old channels and clean up the whole mess with some help from miners). Then, if making a private transaction would be standard and everything else would be non-standard, you would reach your "privacy by default".

But if you don't want to force users, then sidechains/federations/LN-like-channels is the way to go, where only some users will have that privacy. You cannot force everyone, because for example you cannot force everyone to use CryptoNote today (so, the set of anonymity is still limited by the number of altcoin users, no matter how good that altcoin is).


In your own opinion, would offchain layers be the best path forward for Bitcoin? The Core developers won't increase blockchain size cap because it would lead to blockchain bloat, centralizing the network, and weaken its ability to survive against an adversarial environment. But it's a tradeoff at the cost of wider adoption, and growth.
2787  Economy / Economics / Re: Russia can evade sanction through cryptocurrencies on: March 08, 2022, 08:05:07 AM
Hahaha. The Russians being sanctioned couldn't make Bitcoin's fundamental thesis, and main value-proposition clearer for the public. Governments use financial bans, and sanctions to control you. In this kind of world, we should be HODLing decentralized, censorship-resistant money.
2788  Economy / Economics / Re: Justin Trudeau's Crackdown Will Make Bitcoin and Cash More Popular on: March 08, 2022, 06:52:22 AM
Cash is on an unstoppable trend of declining use by the population and I doubt very much that things like this will recover its use in a significant way. Besides, many people think: "I'm not doing anything wrong, why should I care if all my card transactions are recorded".

Regarding the part of the population that cares about their privacy, I see more of them using Bitcoin or other privacy coins than going on to pay for absolutely everything in cash. We have to think that many things that we pay by direct debit today and that were paid in cash 50 years ago, we are not going to pay them in cash anymore.

I think the same way as well, using cash will be a reversal of the trend that we are seeing of people preferring electronic means of payment over using something more physical like cash.

Besides even if cash can be used at will it is still printed by the government, so in a way you are still part of their ecosystem by using it, so if someone is interested in resisting the oppression of banks and governments then using something like bitcoin makes the most sense to me.


Now that we have currently bore witness on how bad the Emergencies Act is on Canada, think of a future that CBDC has been widely implemented and adopted by YOUR government. There would be no more asking the banks to comply, no "emergency acts" needed, it will merely be a kill-switch by the people behind the Central Bank.
2789  Economy / Economics / Re: Who will Replace Russian Gas Supplies to Europe? on: March 07, 2022, 12:31:05 PM
Didn't the U.S. sanction Iran oil from being exported from that country? There were some Bitcoiners who said that it forced Iran to escape sanctions by using their own oil to power hashing farms to mine Bitcoin, and sell them. Russia might start doing it. Haha.

Now is the crucial moment to show if your theories make any sense, because Russia is now in a situation where it will have more than enough resources to mine Bitcoin, and sanctions have no effect on them if we know they can import mining devices from China. But I still think that the earnings and all the other benefits of such an operation are quite insufficient for the situation in which that country finds itself.


I believe if they are smart, they have to. They actually have no choice but to use Bitcoin as one of the regulatory work-arounds to escape sanctions.

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Besides, do we want this to happen at all, given what is happening in Ukraine? I can already see the headlines screaming from all the front pages "Putin uses Bitcoin to avoid sanctions". Do I even have to say what would happen next?


It's good and it's bad. It's good because it proves Bitcoin's thesis in practice, but out of that good, it's bad because it gives them the power to work around sanctions. But should Bitcoin be centralized, and have a kill-switch?
2790  Bitcoin / Bitcoin Discussion / Re: Is Bitcoin really censorship-resistent if they can't reach Canadian truckers on: March 07, 2022, 12:15:50 PM
Anti-Bitcoin trolls will spread disinformation, and make you believe that Bitcoin is not a solution by using "phrases, and terms" to replace censorship-resistant, which is what Bitcoin truly is as a protocol, as a medium of exchange, and as a store of value.



No centralized, and all poweful entity should be given full control of our ability to transact.
2791  Economy / Speculation / Re: Buy the DIP, and HODL! on: March 07, 2022, 10:36:01 AM
Buy every dip and sell it when it goes high? Well, it is something manageable but somehow we look also the market trend and not just of the price itself.


Simply to HODL.

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It gonna be a big loss in our part if we keep buying during the dip and never have any returns after then. We should be smart in making decisions and to understand what was the market did.


It is never a thing that's easy to do ser, but buying the DIP during market discounts to get more Bitcoin and HODLing them is easier for plebs than active trading, especially if the market is in "hard mode". I believe 2022 and 2023 will be in hard mode.
2792  Economy / Trading Discussion / Re: An advice for newbies and plebs on: March 07, 2022, 10:22:20 AM
Simply stop day-trading, or any more active form of trading. Preserve your capital and wait for the market to be in the same situation like 2020 again, when investors were excited to throw their money in crypto. The market narrative has changed, people are not as excited. The market has always followed a bull - bear cycle. Save your money, and wait for the next opportunity.

2022 - It might be a bear market.
2023 - It might be the next opportunity to buy the Bitcoin DIP.
2024 - It might be the new BULL MARKET.
[n]Do you have any calculations or graphic analyzes that prove what you are trying to say here[/b]? I don't know, but many are still optimistic about 100K USD before the end of this year, and given the current situation, we still have promises of good volatility.

Personally, I see the best opportunity to buy when no one wants to invest, fear prevails, and everyone starts to worry about the price, then it will be a perfect opportunity to buy and sell.

So far we have not seen a correction of 80% and therefore it is difficult to rely on historical data.


No I don't have any "expert" calculations, and "expert" graphic analysis to prove anything. I merely have a pleb's guess based on Bitcoin's market cycles from 2012, which I believe are the same as the "expert" calculations made by the "expert analysts"in the forum.
2793  Economy / Trading Discussion / An advice for newbies and plebs on: March 05, 2022, 11:32:10 AM
Simply stop day-trading, or any more active form of trading. Preserve your capital and wait for the market to be in the same situation like 2020 again, when investors were excited to throw their money in crypto. The market narrative has changed, people are not as excited. The market has always followed a bull - bear cycle. Save your money, and wait for the next opportunity.

2022 - It might be a bear market.
2023 - It might be the next opportunity to buy the Bitcoin DIP.
2024 - It might be the new BULL MARKET.
2794  Economy / Speculation / Re: Buy the DIP, and HODL! on: March 05, 2022, 11:15:41 AM
Rat Poison Squared, Venereal Disease, this is an illustration that even the smartest investors in the legacy financial system can also be the stupidest people in the planet. They simply never made any effort to be educated to "get it".



It's early, DIPs are still for buying.
2795  Bitcoin / Development & Technical Discussion / Re: Bitcoin and MimbleWimble on: March 05, 2022, 09:29:02 AM
Even with MimbleWimble, Bitcoin can't beat Monero in terms of privacy. Bitcoin would need to implement additional technology such as Ring Confidential Transaction (RingCT)

Monero's RingCT (and ZCash' zkSNARKs) scale poorly since you never know when outputs are spent, so you have to treat all outputs as your UTXO set.


Ser, is it possible to implement one of MimbleWimble, RingCT, or zKSNARKS in an offchain layer to build a version of the Lightning Network that protects privacy? I believe Bitcoiners' freedom to transact will someday be threatened. We might need to be equipped more through software.

Lightning Network basically update HTLC state on each transaction, so i don't see how it's possible to implement MimbleWimble, RingCT, or zKSNARKS. But it's possible if you implement in on side-chain or on-chain.


Or a Drivechain? https://www.drivechain.info/

Paul Sztorc, the developer, continues his campaign for it. https://twitter.com/Truthcoin

He has a theory that if Drivechain was implemented in Bitcoin, there would be no need for development in altcoins because different Drivechains will have different features, like all the different features in altcoins. I believe he started Drivechain during 2018.
2796  Economy / Economics / Re: Who will Replace Russian Gas Supplies to Europe? on: March 05, 2022, 09:06:15 AM
The U.S. are looking at Iran for oil, but it's not clear to me how natural gas will be replaced. There's a lot of infrastructure considerations involved. I think most countries are just going to have to deal with the high costs and hope the energy supply from Russia isn't curtailed any further. They might even use it as an initiative for green energy but that strategy won't impact anything short term.


Didn't the U.S. sanction Iran oil from being exported from that country? There were some Bitcoiners who said that it forced Iran to escape sanctions by using their own oil to power hashing farms to mine Bitcoin, and sell them. Russia might start doing it. Haha.
2797  Economy / Economics / Re: Who will Replace Russian Gas Supplies to Europe? on: March 04, 2022, 10:11:07 AM
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Who will Replace Russian Gas Supplies to Europe?


It will be a problem without a simple solution. For those countries that turned off their Nuclear Power Plants, should they turn them back on? For those countries that stopped using coal, should they reverse their policies on renewable energy, and the "Green Agenda"?
2798  Bitcoin / Development & Technical Discussion / Re: Bitcoin and MimbleWimble on: March 04, 2022, 09:56:45 AM
Even with MimbleWimble, Bitcoin can't beat Monero in terms of privacy. Bitcoin would need to implement additional technology such as Ring Confidential Transaction (RingCT)

Monero's RingCT (and ZCash' zkSNARKs) scale poorly since you never know when outputs are spent, so you have to treat all outputs as your UTXO set.


Ser, is it possible to implement one of MimbleWimble, RingCT, or zKSNARKS in an offchain layer to build a version of the Lightning Network that protects privacy? I believe Bitcoiners' freedom to transact will someday be threatened. We might need to be equipped more through software.
2799  Bitcoin / Development & Technical Discussion / Re: Bitcoin and MimbleWimble on: March 04, 2022, 06:41:21 AM
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But how would soft fork main backward compatibility when RingCT which use multiple input as decoy?
One Taproot address and a new opcode (that can be one of existing OP_SUCCESS opcodes) can solve that. For example: you can choose some H as some public key, where nobody knows the private key. Then, you can create "r*G+v*H" as your Taproot address. You can accumulate inputs by aggregating Taproot public keys. Later, you can spend by script and reveal your "v*H", then your script would be your "r*G". So, your v-value can be your amount in satoshis, and your r-value can be your public key (or even another Taproot address, if it would be possible to make it recursive somehow, we have MAST, so it may be possible).

So, you would send your coins to "r*G+v*H" Taproot address, you would reveal your "v*H", and "r*G" would be inside your TapScript.


Can anyone confirm if that's possible, or is it above our qualification/Bitcoin knowledge. Hahaha.

But let's pretend my stupid brain thought it understood all that, and thought it can confirm that all the information is correct, why isn't the network doing it? Because probably a Core developer would disagree?
2800  Bitcoin / Bitcoin Discussion / Re: Swiss City of Lugano to Make Bitcoin Legal Tender on: March 04, 2022, 06:19:45 AM
Switzerland is a high ranked economy by GDP, and one of its city's being linked to bitcoin is a huge step in the direction of adoption.

This sort of news reinforces bitcoins utility as a currency and store of value and even though it may not have significant impact on the market value, it very well could impact how institutions and government see it, triggering more adoption.


Bitcoin's "utility" as a currency remains very limited, we should be honest. Although there's the Lightning Network, there's very low support from exchanges and Bitcoin merchants/services.

I believe Bitcoin is on its path to another phase, a more important phase. It will be a discovery of its real nature of weakening socio-political, and financial strongholds established by the legacy banking system and big goverment.
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