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3121  Bitcoin / Bitcoin Discussion / Re: Craig Wright trying to scare people. on: July 24, 2019, 11:38:34 PM
Wish we could have some sort of automated "Price Dump Protection system" to stop whales from holding the rest of us to ransom. This is why I  kind of like the idea of premine and setting aside some amount cryptocurrency for future development of a crypto project.
Maybe about 20% (which hopefully grows to millions in the future) of the coin could be set aside for dump protection. Once a whale tries to crash the price, the system automatically buys up most of the whales coins and reduce the effect of the dump to the barest minimum. If some bullish whales later buy some million pf dollars worth of that coins, the automated system directly sell about 20% of its holding to the whales and this is repeated to keep the market healthy.

No, this is what some foolish governments do to their fiat, its called (dirty) floating bands, and it doesn't work. You shouldn't fear the market, this is Bitcoin not some little altcoin, it cannot be crashed anymore, no matter how much and how hard you dump, others will flock to buy it at those cheap prices even faster, because bitcoin is that valuable to people (that even countries are putting their reserves into).

An Austrian economist would tell you: The best thing to do (regarding intervening), is do nothing. Let them do whatever they please. Its their lose and our gain. Don't fear the free market embrace it.

Oh, and such thing as "whale alerts" do exist, i have seen it in Telegram and some other social media (Twitter?). There are bots constantly monitoring the blockchain to give out those alerts.

As far as Bitcoin is concerned, whatever people are willing to give or not for it, none of its concern. The code has nothing to do with what arbitrary price the  market assigns bitcoin. This is remarkable, and even more reason to make it valuable.

In fact, your suggestion would subtract value. Why would Bitcoin be tied to whatever non bitcoin thing there is? This is outside Bitcoin realm. Also think, just what is much, what is little? In the beginning 10k BTC bought two pizzas, that would be considered a whale movement today, you expect the code to distinguish between now and then, exactly how?
3122  Bitcoin / Bitcoin Discussion / Re: Bulgaria Big On Bitcoin As Reserves Could Exceed Its Gold Stash on: July 24, 2019, 11:07:35 PM
Bulgaria has become the first nation in the world to hold more Bitcoin than it has gold. According to reports the country holds more than 200,000 BTC, worth around $2.1 billion at today’s prices. In comparison it only has around 40 tons of gold which is currently valued at around $1.8 billion.

Well it was about time. This will set an example, perhaps more countries will follow.

I'm not sure how they will count those reserves (against fiat or commodity), but one thing is clear, if they are used as such (ie. never) just by holding they are going to multiply its equivalent value over the years.

At the same time it is far easier to keep them safe, if they do their homework, and make a multi sign wallet and keep the seed words very well protected.

No matter how many tons of gold, a little piece of paper can hold as much or even more value. It is easier to secure a protect that sheet in a bank vault than tons and tons of ingots (but those are heavy to move).

What other countries have reserves in bitcoin, and in what approximate amounts? I think this deserves a section in the Bitcoin wiki.
3123  Bitcoin / Bitcoin Discussion / Re: You can't prove if someone is Holding Bitcoins | Indian Crypto Ban on: July 24, 2019, 10:58:54 PM
The Indian government have not done enough research on bitcoin and how it works. Maybe they think it's like a Paypal. No one in my area knows I am into bitcoin except the ones I told, and my bank doesn't even know I deal on bitcoin. They get to see credit alert on my account without ever telling the source because there is no trace. The government will soon realize they are chasing shadows.

Actually no, politicians are incredibly stupid. Someone will be blatantly making mistakes and be arrested, and they will make an example of him and how wise of them was to adopt that policy...

But yes you have to be very low profile, preferably avoid fellow Indians regarding that matter entirely. When you sell your bitcoins and when they deposit into your bank account they can fake the comment field with things like, service fee, or debt payment, for repair bill, handy work, etc.

As for electricity, yes, its possible to hide a miner or two, IF you have something that consumes a similar amount, such as an air conditioner you never actually use. But nothing even remotely resembling a farm.
3124  Other / Off-topic / Re: Area 51 on: July 24, 2019, 10:15:25 PM
That's not even the name of the place, but why bother. In the cold war they had the SR-71 stationed there, of course its of limits, its a military base with classified stuff. You can learn about it online if you stick to the real stuff and ignore the myths.

They are probably still using it for testing experimental aircraft and weapons.
3125  Other / Off-topic / Re: JOHN McAfee wanted by the CIA? on: July 24, 2019, 10:06:55 PM
Who would murder someone and say that they did without been apprehended? I don't think he did it,I'd expect him to be on the run already if he did or surrender if he is guilty

Must be that neighbor business in Belize. That guy lives in infamy, his life is very strange. I don't even know if he likes it that way, its best to ignore him...
3126  Other / Off-topic / Re: What would you buy if you have 1 bitcoin? on: July 24, 2019, 10:01:45 PM
What would you buy if you have 1 bitcoin?
I am a window shopping girl. If have 1 bitcoin, I want to buy some clothes or cosmetics.  Cheesy

No i would hold it for as long as possible, only to be used for something that can produce even more money (investment), and even then, only a part of it.
I know for many here 10k doesn't sound like much, but in my country it takes a full time worker more than 2000 (5+ years) days to earn that much, if food and expenses were magically free (they are not).
3127  Bitcoin / Bitcoin Discussion / Re: Is future really bitcoin?> on: July 24, 2019, 09:52:22 PM
Bitcoin has a good chance to become world's currency, and overcome all its opposition. It comes with tremendous inertia, it simply cannot be stopped overnight after 10 years of energy being put to it.

For a true contender to challenge it, it would need first to overcome all the other altcoins. No altcoin has kept the first place among themselves for long.

Such contender has to be a better Bitcoin, not a worse Bitcoin. this is difficult as Bitcoin itself can, and has been improved (albeit slowly) over time. Also Bitcoin does have a big prestige, no altcoin or even Bitcoin wannabes have managed to snatch for themselves, no matter how much money they invest.

As any other Free open-source software project, it IS possible for a better alternative to emerge, but it still hasn't happened, or has failed to convince the market.

After 10 years it is clear to me that Bitcoin remains reigning supreme.
3128  Bitcoin / Bitcoin Discussion / Re: A logo for Satoshis, the smallest unit of a bitcoin. on: July 24, 2019, 09:20:11 PM
Like the symbols for US Dollar & cents, the symbols for Bitcoin and Satoshi should be similar. For Bitcoin, currently we have a "B", with two vertical ticks each on the top and the bottom. So for Satoshi also, we can have a "S", with two vertical ticks each on the top and the bottom. The B should be in upper case, while the S should be in lower case.

Something like this?

3129  Bitcoin / Bitcoin Discussion / Re: How to safely store big amounts of BTC? on: July 24, 2019, 09:14:51 PM
How much btc would you say is a big amount?  Even 1 btc now is a big amount to most people right?  I mean 0.5 btc is still over 5k usd.


I'm curious but are there many ppl that kept btc in wallets like electrum and jaxxx and those other wallets when btc got really high and say they had like 5 btc there or more?  I assume there had to been quite a lot of those ppl right?  Since when btc was around the 250 mark, i mean everyone kept btc in electrum or paper wallet or exchange right?

People still keep their BTC in Electrum and Paper Wallets.

There is nothing wrong with a paper wallet as long as you generate it correctly, basically offline. And destory the printer or USB afterwards which showed the private key.

Same with Electrum, you can use it safely as long as you use it as cold storage and keep your keys on an offline computer which is never connected to the internet.

That's rather silly. What destroying? You must never print, scan, take pic, or digital copy (ctrl c) the seed words, ever. As for "USB", if you used a live distro from a dvd, there is no writing anywhere, if you are ultra paranoid. But booting an iso from an usb stick usually won't write to it unless you made the persistence thing or some extra partition.

Keeping the seed words you wrote with your own hands in a piece of paper secure is the most critical part. People should not be handling private keys directly for various reasons, which is why the old concept of paper wallet should be avoided. Just store and protect those seed words, nothing else matters.

The process is identical for 1 satoshi or thousands of bitcoin. Practice with a satoshi and when you are confident do it with your fortune.
3130  Bitcoin / Bitcoin Discussion / Re: The peak, how it is determined? on: July 24, 2019, 06:30:36 PM
Than using it as a currency, most majorities of people take advantages of Bitcoins as a trading asset.  Under that point of view, simply, if the trader wants to earn profit, the price must go up.
 
Let’s suppose a pump… $10,000 -> $20,000 -> $25,000 -> $32,000 -> $44,000 -> $52,000

What’s the peak?

The peak decides by the moment what? More people assume that “there won’t be a pump further”. At the moment, people stop buying Bitcoins, demand reduces and price gets down…

So, my question is,

Are there some "special" circumstances assisting people to think like that (there won’t be a pump further)?

Indeed no one knows the peak until after the fact, otherwise all traders would be rich, but in reality only about 10% manage to hit it right...

Obviously the peak is a point where it didn't go further and then started going down. Doesn't matter if there are other peaks later, of lesser or greater magnitude. Just like mountains, each have their own peak, regardless of other mountains being taller or smaller.

Since you stopped at 52 lets assume 50 comes next, then 40, etc. 52 was the peak in that period. Doesn't matter if later goes back up to 60, that's yet another peak if it doesn't go further up.

So its just a way for naming an event after the fact. There are also valleys...
3131  Bitcoin / Bitcoin Discussion / Re: Scammer Craig Wright trying to scare people. on: July 24, 2019, 06:23:25 PM
Don't worry, there is so many buyers waiting to by the dip, it will be bought up!

Exactly, and his little "threat" to the community will end, the sooner the better. Get lost Wright, burn it all in your altcoin, what could possibly go wrong? Ask your colleague Jihan Wu...
3132  Other / Politics & Society / Re: Is Erdogan dead? on: July 23, 2019, 11:54:43 PM
Is Turkish President, Recep Erdogan dead?  Turkish news agencies are denying it. 

Yesterday I noticed people on Twitter claiming news reports from other countries in the region are saying he died of a heart attack.  George Papadopoulos tweeted that Greek news papers are reporting his death.  I have two cousins in Jordan who studied in Turkey, they said Jordanian news agencies are reporting he died.

If he is dead, was it really a heart attack, or was he assassinated?  Why is Turkey denying it, and posting what appear to be old pictures of him on Twitter?  What's going on?

"heart attack" along with "stroke" are among the more popular "natural" causes of death preferred by intelligence agencies because they are common and the cause not always easy to determine. I wouldn't be surprised if he was assassinated, he has been pissing in the face of pretty much everyone for a while now and has been a source of global instability.

What would be the consequences in the region of Erdogan passing away? Who is next in line? And who would benefit most with him going away?
3133  Other / Politics & Society / Re: Breaking News - Arson attack at Japanese's studio "Kyoto Animation" Edit 2 on: July 23, 2019, 11:48:32 PM
KyoAni is a very good studio, I'm familiar with some of their work (Ie. K-On). Its a shame security was so lacking, because in Japan crime is so rare they don't think too much about it until it happens (and yet its still rare).

Also something could be said about the building poor design regarding fire prevention and escape.

This type of thing, arsonist and many deaths must have shocked Japan, regardless of place and motive.
3134  Bitcoin / Bitcoin Discussion / Re: $32m stolen from Tokyo cryptocurrency exchange in latest hack on: July 23, 2019, 11:00:19 PM
Not in your wallet, not in your control. Any type of online wallet, including that of exchanges, puts your money at risk. Its the same as a bank, you trust a third party for them to keep your money safe...

This is one reason why holding is so much easier, but you can potentially make more by trading it in the exchange. Its a matter of risk...

Japan has plenty of regulations for exchanges, but i guess that is still not good enough...
3135  Bitcoin / Bitcoin Discussion / Re: You can't prove if someone is Holding Bitcoins | Indian Crypto Ban on: July 23, 2019, 10:51:09 PM
Well, when the miners sold some fo their bitcoin they need to give the bank info, and the exchange could trace the addy where the bitcoins come and that could be the way that gov could know who are the miners.

If the miner never spends his bitcoins then he could stay anonymous, or maybe he could use a mixer service, but if India knows that you were using a mixer maybe they will send you more than 10 years to jail for money laundering.

Why would they find out the use of a mixer? You might as well just exchange it with monero or such and back using a decentralized exchange...

You mine to a pool, the pool doesn't know your real IP address if you use something like tor as router for your miners. It pays to your address which is controlled using an spv wallet also connected via tor. Once you decide to sell, move the exact amount to another address and send from this address once, and only ONCE, always via tor; preferably from pc running Tails (which bundles tor by default) or similar live linux image.
3136  Other / Meta / Re: Instructions on how to use BBCode on: July 23, 2019, 10:24:54 PM
[List]

Code:
[nobbc][List][/nobbc]

Helpful for when you want to refer to just one piece of bbcode, or for some usernames such as [BTC]onFIRE u=543354

Code:
[nobbc][BTC]onFIRE[/nobbc]

instead of it being displayed as BTConFIRE

This is very useful, and it shows my lack of knowledge of the SMF bbcode dialect. Online i found a solution involving a zero width space which i tried once on this forum, it works but some moderator didn't like it. [nobbc] is cleaner, thanks.

I found by myself about nesting lists, but its good to know how to make them display numbers with the type=decimal attribute.
3137  Bitcoin / Bitcoin Discussion / Re: Iran legalizes mining on: July 23, 2019, 09:48:56 PM
Imagine if all of the US citizens and US Companies all sold all Bitcoin in 2 weeks and did not buy back in,
Bitcoin will be back at $50 and the miners will end up shutting down as they can't maintain the network now because of their excessive energy waste.

Hardly, you are giving too much weight to American holders. It is known that in this world the most holders live in China. If all Americans sold their Bitcoin, it would temporarily go down as you say, but never nowhere near $50. I doubt an American dump is able to manipulate the price beyond a few thousand.

If Trump does the same to Bitcoin, the net would route around it, exactly as designed. We are here in this very forum telling people in India how things would work in that case, USA is no different, same thing would apply: Use Tor, and be proud its an US Navy project, God Bless America.
3138  Bitcoin / Bitcoin Discussion / Re: BITCOIN HACKS, FUTURE HACKS (hopefully this helps you be a safer user) on: July 23, 2019, 09:27:23 PM
Always carry a dvd or thumb drive to boot Tails from in any computer you use, and you will be much safer this way. Especially important when handling money, or cold (paper) wallet creation/handling.

Tails
Privacy for anyone anywhere

Tails is a live operating system that you can start on almost any computer from a USB stick or a DVD.

It aims at preserving your privacy and anonymity, and helps you to:
   
  • use the Internet anonymously and circumvent censorship; all connections to the Internet are forced to go through the Tor network;
  • leave no trace on the computer you are using unless you ask it explicitly;
  • use state-of-the-art cryptographic tools to encrypt your files, emails and instant messaging.

Learn more about Tails.
3139  Bitcoin / Bitcoin Discussion / Re: Not really a newb guys. So gullible. Im an OG, lost millions in MT. GOX OG on: July 23, 2019, 07:27:29 PM
Your profile's age is barely anything. It's just a cool statistic and it just shows that you've been here since the earlier days, and that's pretty much it.

Anyway, I hope your loss from MtGox didn't stop your enthusiasm(assuming you are) with bitcoin. That's one hell of a painful lesson though.



EDIT: By the way, I checked your history and saw this Tongue:

Topic: If bitcoin had the market value of Facebook...

Each coin currently would be worth around $10,075.00 give or take, that is if my numbers are right. Some food for thought...

Proof that Bitcoin is already worth more than Facebook. Zuckerberg would do well to give up on that useless Libra thing already...

At least OP made an account, i only lurked, but didn't pay enough attention...

I think there is a small chance MtGox people get paid after all these years, would explain the recent offerings...
3140  Bitcoin / Bitcoin Discussion / Re: In 10 years from now a quantum computer on: July 23, 2019, 07:13:36 PM
Well the fear is quantum computers can crack classic crypto, but there is a catch: There will be quantum crypto, so things go back to the same again. There is a transitional moment where a select few would have the massive early quantum computers (remember the old computers) but as with everything, technology gets mass produced and cheaper and will find its way to everyone's hand, and at that point quantum crypto will be common.

In the meantime there ARE quantum resistant crypto algorithms, and one of those is proposed for soft-forking Bitcoin way before this ever becomes an issue.

More than "replacing" i think quantum will become an add on, i think at some point there will be quantum co-processors available. There are things general computing can do better than quantum, and vice-versa. I imagine a century later the same cpu will have both things integrated.

Right now a 7qubit computer is several stories tall so, no, not quite there yet Smiley

But there are reported experiments with around 50qubits, a general quantum computer is yet to be built (publicly). I can imagine the NSA will build and operate one secretly so they can spy everyone's encrypted communications for a while until the technology reaches the masses. So its back to a 60ies style era where the State (and others) can and will spy on you until computers got good and small enough for common people to use cryptography.
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