I was surprised how some articles are easily published and accepted on publishing sites, I have known medium for their good contents and I have preferred many times to search for articles on medium, but recently, one of the articles from the notification I got really displeased me and inaccurate. This is the title Why Bitcoin will be Worthless even if it does not go to Zero.I read many lies and the person that wrote it is a critic and annoying with his misleading information, even the title is a lie and stupid, value did not get to zero but worthless, how will that be possible? This will likely be an old man thinking like person that is not knowing what is going on presently in the world. Using long term comparison, see the misinforming graph he included, you can check it yourself because I will not include it here. If using long term, I will include the graph of bitcoin from 2009 to 2022 not only 2022 graph that we have just started.  https://www.statista.com/statistics/647523/worldwide-bitcoin-blockchain-size/Bitcoin and crypto may seem liquid until the governments declare it is illegal. Try buying something in China right now using Bitcoin (if you dare). Russia is also declaring Bitcoin illegal. Sure you can hold billions of it if you want but you are not allowed to use those billions to buy or sell anything. China wants centralized control, since they are banning bitcoin, see the chart above. Russia did not ban bitcoin, even the Russian president's word towards bitcoin mining favours miners in Russia. Putin Says Russia Has a “Competitive Advantage” in Crypto Mining(No fake news about how the USA banned gold years ago please). If USA banned gold in the past, I have heard many times about it, then this article writer is a clown misinformimg people in a way they should see bitcoin bad with lies. You don’t need the internet or crypto exchanges or secret pass keys or even electricity for physical gold — but you need ALL of these things for Bitcoin to work. Anti-crypto regulations, financial system collapse, power outages, lack of access to the internet will all make your Bitcoin and crypto holdings unspendable. If gold and bitcoin are banned, I will see which one will be more accessible. The internet will be shutdown because of bitcoin? The world depends on electricity too. Even if the internet is shutdown for many days, my bitcoin remain my bitcoin. I can not completely read the article, it is full of misinformation from begining to where I stopped. |
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However, if you are bitcoin no software is better than Electrum wallet.
Undoubtedly, Electrum is the best bitcoin light client wallet functionally and it is the best to be used for hardware wallets while using bitcoin, you are right, electrum can give privacy than other light client wallets that automatically choose the utxo to spend for someone, this can manually be selected on electrum. |
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This notification was 4 days ago, but I used the search engine to check if it has been posted on this forum, I got no notification, if anything as been posted about it, you can notify me for me to lock this thread. The old Trezor browser interface Trezor Wallet will be deprecated on Monday January 31. It will no longer be accessible via wallet.trezor.io and visitors will be redirected to Trezor Suite, a more powerful interface for desktop and web.
Start using Trezor Suite today and take your hardware wallet to the next level!
Get Trezor Suite
If you’re already using Trezor Suite, you don’t need to do anything. We’d still love to hear your feedback, so send us a note about your experience using the in-app feedback button!
Switch to Trezor Suite
Making the switch is quick and easy. Just connect your Trezor and open Trezor Suite in your desktop or browser, as you prefer. You will see the exact same accounts and balances in Trezor Suite as you did in Trezor Wallet. Trezor Suite ManuelI believe everyone should have been using Trezor Suite by now, but if not, it is best to start using Trezor Suite if you are still using the old one. |
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I used to read the advice that if you are using a hot wallet, do not leave too much bitcoin there, that it will attract the attention of hackers.
My question
Is there a specific means that hackers use to know the wallet that has much coins in it and begin to target it.
Exchanges are known to have huge amount of coins, everyone knows that. Only what hackers will like to do is to create malware than can hack the exchange's hot wallet. See this DeFi of a thing, see crosschain, hackers can easily know all these DeFi thing. Only what hackers will like to do is to look for means to hack and steal. Those are the two coomom ones but custodial wallets are not excluded. About your question, some people are just reckless about their online activities, even without the hackers knowing, there are means hackers can infect several devices of people like that and steal there coins, be it small or large amount. In addition to online safety, offline wallets are best. See another one, the websites that will demand for seed phrase and people will put in their seed phrase and the coins are stolen. Some are not even hack, it is your friend that stole it thinking it is hack. |
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I just came across a very interesting website that depicts the experience and vicissitudes of a couple of travellers, well versed in bitcoin, who took it upon themselves to travel El Salvador solely using bitcoin as a means of payment, on a trip that describes an approximately 45 day experience doing so.
The article summarized some of their experience as:
- There still seems to be a lot of misinformation on bitcoin amongst the population, to the point that many confuse it with the Chivo System as being essentially the same.
- Efforts to properly educate the population on using the Chivo System seem scarce and even lower when it comes to bitcoin itself.
This post was posted some days ago but I think it is still good to talk about this again, it is true that many El Salvadorians do not know much about bitcoin, bitcoin wallet and many things about bitcoin, but Paxful has opened a free bitcoin education center in El Salvador according to this tweet It's official! Our new educational center in El Salvador is officially open! 90% of El Salvadorians said last year when bitcoin became a legal tender in the country that their knowledge about bitcoin is poor or non-existent, this free education will help. I know Paxful will also benefit from this but it is a good way many El Salvadorians will know about how to use bitcoin. I got the information from this source https://www.bitcoininsider.org/article/146919/bitcoin-education-center-launches-el-salvador-boost-adoption |
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See the post I created about it https://bitcointalk.org/index.php?topic=5383380.msg59144983#msg59144983You can read how scam and hack have be prevailing, about DeFi which the thread begins with https://bitcointalk.org/index.php?topic=5383380.0The highest scam and hack of 2021 is DeFi, DeFi is decentralized if you are comparing it with CeFi but DeFi is not totally decentralized, it is been operated by a little group of people and it is centralized in a way hack is possible but decentralized in a way hack is possible and not totally decentralized. Crosschain bridge is faulty, the more these new things are created the more hack and scam are becoming more possible. |
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This may not be the finest evidence but there are some truths in this, this is not yet about fake NFT stores or selling of fake NFTs, it is about illicit activities that people have used NFTs for. You can see this on this Chainanalysis report: https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering/I have been trying to link some illicit activities with NFTs but only few I saw before like fake stores and selling of fake NFTs, but thanks to Chainanalysis this time but I do not like them so much because they run their own nodes and track addresses but this is helping this time and I appreciate this report. Crime and NFTs: Chainalysis Detects Significant Wash Trading and Some Money Laundering In this Emerging Asset ClassWash tradingWash trading, meaning executing a transaction in which the seller is on both sides of the trade in order to paint a misleading picture of an asset’s value and liquidity, is another area of concern for NFTs. NFT sellers will sell NFT to themselves for their NFT to gain awareness so that others buyers will buy the NFTs from them. Some did it and gained. Read the report to understand better and how Chainanalysis analysed how some addresses are linked as buyers and sellers to be one same person or same people operating together. The sellers will be the buyer to create hype to sell to victims. Victims will fall for the hype or high price and buy the NFT.  Money launderingMoney laundering activity small but visible in NFTs  Value sent to NFT marketplaces by illicit addresses jumped significantly in the third quarter of 2021, crossing $1 million worth of cryptocurrency. The figure grew again in the fourth quarter, topping out at just under $1.4 million. In both quarters, the vast majority of this activity came from scam-associated addresses sending funds to NFT marketplaces to make purchases. Both quarters also saw significant amounts of stolen funds sent to marketplaces as well. Perhaps most concerningly, in the fourth quarter, we saw roughly $284,000 worth of cryptocurrency sent to NFT marketplaces from addresses with sanctions risk. All of that was due to transfers from the P2P exchange Chatex, which was added to OFAC’s SDN list last year. NFTs are getting clearer that it will breed more scam like DeFi. People can create NFT and sell it to themselves first at high price to find a victims and sell the NFT to the victim. See money laundering too. |
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I appreciate the positive feedback and comments very much. (as well as the Merit boost which I was truly only commenting on)
Thank You JayJuanGee, LoyceV, and The Pharmacist
I gave you that merit because I noticed many good members gave you merits yesterday which showed that you have some good posts, it mow remains on your hand to post better because I believe some good members are focusing on your account which will help you, if you do not post good, you may lose their attention. If you are posting good, you can report some of the post [self-moderated] Report unmerited good posts to Merit Source: https://bitcointalk.org/index.php?topic=5093271.0If you about to get to certain rank, you can apply on this thread Merit] Help newbies and those who have a little left to the next rank: https://bitcointalk.org/index.php?topic=5275032.0Read the OP of the two threads to understand better. |
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Probably due to some issues faced by El Salvadorian Chivo wallet users, The El Salvador Nayib Bukele led government has relaunched Chivo wallet. They are also planning to deploy 1500 bitcoin ATMs. It has also partnered with AlphaPoint integration. The upgraded Chivo wallet will be able to carry out low bitcion transfer fee while fixing concerns related to stability and scalability which is also the reason they partner with white label infrastructure provider, AlphaPoint. El Salvador Deploys 1500 BTC ATMs, Relaunch Chivo Wallet; Success Could Usher A Crypto Revolution |
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But to a latest development, its giving the use of blockchain technology application a trial opportunity stating that the proposed blockchain differs from the bitcoin blockchain.
what's our intake on this?
But China latest development did not make cryptocurrencies legal, it is about blockchain, not about cryptocurrencies. Blockchain can be applied in many other fields. |
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That forum thread seems to be written in July 2021. While I'm not sure, there has been instances last year(or was that in 2020?) whereas bitcoin transaction fees(if you want them to be confirmed in an hour or so, and not wait more than 24 hrs) reached around more or less $20. So there's some truth to it, depending on how congested the mempool is.
The memory pool was congested and the fee increased but it lasted for two months last year when people bought bitcoin significantly and Chinese drama but ever since April, the fee was not high. But static and very high on exchanges. Bitcoin fee was not high in July last year but it is just a misconception. It is not bad to add that to reduce the fee and confirmation time. But if it is not bitcoin, nothing changed. That forum thread seems to be written in July 2021. While I'm not sure, there has been instances last year(or was that in 2020?) whereas bitcoin transaction fees(if you want them to be confirmed in an hour or so, and not wait more than 24 hrs) reached around more or less $20. So there's some truth to it, depending on how congested the mempool is.
Internet Computer project is set to be this year, you can check this YouTube video https://www.youtube.com/watch?v=lYtk0jnL0s0Bitcoin in the first quarter which is what I am talking about Ethereum in the fourth quarter That Internet Computer project you are mentioning is an altcoin. In the second paragraph of your quote, it says that it works by sending real Bitcoin to their accounts and in exchange you get a wrapped Bitcoin token. A wrapped bitcoin token is not bitcoin and is not transferrable over the Bitcoin blockchain. That makes it an altcoin.
I painted it red before but I removed it. I did that before because I guess it is too. |
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The world is full of misconceptions. Why? Because that is how the world is, people misinforming people. Taken for example how exchanges, article writers and many celebrities are misinforming people about bitcoin transactions, they are saying the fee required is too expensive. Exchanges are the worst, they are charging far more than the fee required for bitcoin transaction, they are making people to think the fee is high. Some exchanges are also include bitcoin-pegged altcoins with bitcoin along bitcoin deposit and withdrawal, misleading people to think they are bitcoin. These are misinformation. I will say this again, bitcoin addresses only starts from 1, 3 and bc1. Others are altcoins, any address that does not start from those three addresses are altcoins. let me fast-forward to the main discussion, chain key cryptographyInternet computer roadmapI am not an expert, that is why I brought it here for discussion. The Internet Computer will add smart contracts to Bitcoin through an application of Chain Key cryptography that will directly integrate the networks. Smart contracts on the Internet Computer will be able to hold, send and receive bitcoin, without the need for private keys.
(1) Bitcoin does not support generic smart contract functionality, but only a limited scripting language that supports a small subset of general smart contract semantics. The envisioned smart contract functionality for Bitcoin transactions allows a user to deploy a canister or make use of an existing canister that can receive and transfer Bitcoin and execute arbitrary smart contract logic expressed in a Turing-complete programming language. To this end, canisters must be able to hold Bitcoin balances, which requires a threshold ECDSA protocol. This protocol enables the replicas hosting a canister to share an ECDSA private key and create ECDSA signatures using cryptographic multi-party computation using a secret-shared private key, that is, without any node learning any information about the private key while jointly computing signatures to sign transactions. Smart contracts require access to the state of the Bitcoin blockchain, the so-called chainstate. Thus, we need to replicate the chainstate on the Internet Computer and provide services to canisters implementing smart contracts to query it and thereby receive UTXO-related information. This feature allows any canister to validate and create Bitcoin transactions and implement powerful smart contract logic.
(2) Transactions on the Bitcoin network are inherently slow and expensive. We want to enable fast and low-cost transactions by building ledger functionality on the Internet Computer that allows users to transfer Bitcoin into and out of accounts on this ledger, thereby creating wrapped Bitcoin on the Internet Computer. Users can transfer Bitcoin into their accounts on the ledger and buy and sell Bitcoin with ledger transactions on the Internet Computer with finality in seconds, while incurring only a tiny fraction of the transaction fees when compared to executing the same transaction on the Bitcoin blockchain. Holders of wrapped Bitcoin can settle their accounts any time by having their account balance transferred to their Bitcoin address. The grey part of (2) is very wrong, the reason for my introduction. The last transaction I made was less than $0.26. Is this not another altcoin? |
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Defi isn't only the decentralized ways of scamming, just say altcoins in general are or every new trends that get introduced into the market as they will always be leverage on by scammers for scamming as they get easy target due to people rushing to be among the first movers with hopes to dump on late comers.
That is true, they are not, I noticed the more another altcoin invention, the more the scam. DeFi is decentralized in a way scam can be possible and also centralized in a way hack and exploit can be possible. Faulty makeup. In near future as the token scam is also obsolete, they will come up with a new way to scam people.
I will say so too, let us hope it will not be faulty like DeFi, I read almost biweekly about new DeFi scam and exploits. |
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After the creation of bitcoin, altcoins were created, led to the creation of exchanges, or bitcoin was created, then exchanges, then altcoins. Whichever it wss, those were created is the fact. As they are getting created, the worse they become. Bitcoin is most perfect of them all, most decentralized and remain the best among all but though some people go beyond, risk more by investing in altcoins. Yes, some altcoins performed very great and bring return but some fell, failed and remain the source of money loss and bankruptcy. It is reality about how altcoin brought more risks to crypto. Then were centralized exchanges, faulty in makeup and highly vulnerable to hack. since the creation of this type exchanges has been the dawn of subsequent exchange hack to stealing people's coins and making their data not private in anyway. All from altcoins to centralized exchanges were faulty. Then the creation of DeFiDeFi the greatest scam of 2021Overall losses caused by DeFi exploits have totaled $12 billion so far in 2021, according to a report from Elliptic. Fraud and theft accounted for $10.5 billion of that sum — a sevenfold increase from last year. DeFi, or decentralized finance, products aim to replicate traditional financial services using blockchain. According to ChainanalysisDeFi takes on bigger role in money laundering but small group of centralized services still dominate https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-cryptocurrency-money-laundering/ DeFi hack and scam is the real issue today, I all the time read about DeFi hacks and exploits. this is the one that happened recently: Qubit Finance suffers $80 million loss following hackHigh-profile hacks have become more prevalent throughout the cryptocurrency market, and Qubit Finance is one of the latest decentralized finance (DeFi) protocols to be exploited by hackers.
Hackers were able to access and steal over $80 million from Qubit Finance which is based on Binance Smart Chain the protocol confirmed via a tweet Friday. The addresses linked to the assault stole 206,809 Binance Coin (BNB) from Qubit's QBridge protocol. The assets are valued at more than $80 million at the time of writing. DeFi is flawed in makeup, made up of altcoins, less decentralized, centralized, vulnerable to hack and used by hackers for illicit activities. Scammers prefer DeFi because they can easily use it for scam, move the fund to the altcoin decentralized exchange to swap it for another token. |
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There are many countries that has serious motive in adopting bitcoin but this is not that easy because they must lure their people first to support this like what happened in EL Salvador that their people is divided from the favor and the disagreeing party. It depends in the way it is done, governments do not need to lure their citizens to accept bitcoin, some will do and some will not, that is life while dealing with multitudes. Countries do no need to have to make bitcoin a legal tender before they are adopting it, they can also still accept it as a form of payment. Also there is nothing like luring citizens to what you think we be good for the country, that is why he is the president, to lead the citizens righty. But we should know that if accepted as a way of payment or as legal tender, if bitcoin skyrocket again, it will have a great positive effect in El Salvador. I just came across a very interesting website that depicts the experience and vicissitudes of a couple of travellers, well versed in bitcoin, who took it upon themselves to travel El Salvador solely using bitcoin as a means of payment, on a trip that describes an approximately 45 day experience doing so. The article summarized some of their experience as: - There still seems to be a lot of misinformation on bitcoin amongst the population, to the point that many confuse it with the Chivo System as being essentially the same. - Efforts to properly educate the population on using the Chivo System seem scarce and even lower when it comes to bitcoin itself. - There are still many places that still do not accept bitcoin, and this is even more so once you move out of the centric touristic areas. - If you want to travel the country on bitcoin, be prepared to route your itinerary based on where they actually accept bitcoin, and not necessarily on where you intended to go. - Museums and other Heritage related places still seem to currently only accept fiat. I’ve read about a dozen or so of the entries in the diary, and each one was worth the time to get more insights on the day-to-day over there. The entry for day 28 was particularly shocking, since they claim that it seems feasible to withdraw USD (by selling BTC) on their ATMs, and perform a RBF. Not sure if this is really true, but it would be one hell of an oversight if so. see: (diary – Italian left/ English right) https://bitcoinitaliapodcast.it/missione-el-salvador(article) https://cointelegraph.com/news/around-el-salvador-in-45-days-a-bitcoin-only-travel-storyThis is one thing about people. Taken this for example, what funny me most is that the religions in the world do not believe in evolution but believe in creation, how would creation could have occur without evolution, instead to say they do not believe in a particular evolutionary theory and they can have theirs. People speak against what they do not about even if it is correct or not. What is most important is that the citizens of El Salvador should know that if they do not want to use bitcoin, they can decide to only accept dollar and pay also only with dollar. Read the entry for day 28 to properly understand the ATM thingy: According to the travellers, they used their wallet to retrieve 20$. The cash was dispensed immediately, without waiting for the TX to be confirmed. They could still see their TX pending in the mempool, thus they highlighted that they could have performed a RBF and got away with 20$ for free. It this is true, it’s something to highlight clearly. If the ATM can accept payment also from wallets like electrum and the ATM dispense money before confirmation, that means this have to be chnaged, the advantage should only be given to people that are using Chivo wallet for a transaction not to be revered because it will be possible on noncustodial wallet. Or if the ATM can detect RBF transactions and delay payment until 1 confirmation, it will be good. |
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The central bank of Russia has been making moves to make sure cryptocurrencies is banned in Russia, not only about crypto transactions will this affect but it will also affect crypto mining. https://www.fxempire.com/news/article/russia-plans-to-ban-crypto-mining-871969But the president of Russia had shown people how bitcoin mining and other crypto mining will help. If I get it right, he is thinking bitcoin mining will do more good than what critics are saying. I know that Russia president did not just come into conclusion, he would have been taken proper looked into it with experienced analysts. Putin says Russia has a “competitive advantage” in crypto mining https://finance.yahoo.com/news/putin-says-russia-competitive-advantage-062306145.html?_guc_consent_skip=1643290150http://kremlin.ru/events/president/news/67641Russian President Vladimir Putin has a point to rethink the recent crypto ban proposed by the country’s central bank.
Speaking at a video conference with government ministers on Wednesday, he said that there are “competitive advantages” in crypto mining.
Given the surplus amount of electricity in Russia, coupled with “well-trained” mining professionals, he directed the Central Bank of Russia (CBR) not to neglect the advantages of Bitcoin mining. This is a good news to read. Russia is not like China and not like other countries that did not do enough research but copying countries like China when they did not do research very well to know if crypto will help or not. |
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It is hard to know if El Salvador will continue to adopt Bitcoin as legal tender after the bearish price and some pressure from the IMF but I believe the pressure of the IMF can't influence the stance of El Salvador about Bitcoin legalization. However, the only thing I believe that would change the El Salvador stance is the bearish market but it also depends on their understanding of the Bitcoin market trend.
Some people are saying if bitcoin go bearish that Michael Saylor and El Salvadorian president can change their mind, but what people do not know is that both of them would have known about bitcoinn very well before starting anything about bitcoin at all. What they are looking into is the long term, they believe bitcoinn price will increase in the long term. About IMF, I do not think El Salvador is concerned, they support bitcoin as a legal tender but is not imposed on their citizens, El Salvadorians can accept payment in US dollar. |
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Two weeks ago, a solo bitcoin miner mined block 718124 with 126TH of mining power. Recently few hours ago, another solo miner mined block 720175 with approximately 86TH. Solo block on http://solo.ckpool.orgBlock hash: 00000000000000000007ed90d289f313c4f19a44438f3c4c55eca1637c4c8702 Height: 720175 Block Reward: 6.25000000 BTC Fee Reward: 0.30800548 BTC Tx Count: 2,815 https://www.blockchain.com/btc/block/720175{
"hashrate1m": "10.2T",
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"lastshare": 1643152189,
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"hashrate1d": "16.1G",
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{
"workername": "3EoqjNmeaaVvVDCPbVXxQQRH6UFpDUqpPg.TheOmen",
"hashrate1m": "4.15T",
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{
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https://mtmcrypto.com/2022/01/25/imf-urges-el-salvador-to-remove-bitcoins-status-as-legal-tender/IMF urges El Salvador to remove bitcoin's status as legal tender, stating it can cause risks of financial stability... According to the IMF's executive board, the use of Bitcoin as legal tender carried “large risks” related to financial stability, financial integrity and consumer protection. El Salvador make bitcoin a legal tender but citizens can choose accepted payment to be in US dollar, it is not that bitcoin is forced on El Salvadorians. Making bitcoin a legal tender in country like El Salvador is not the same with making bitcoin legal but both have some similarities. The similarity is that anyone can choose payment accepted to be US dollar which is the currency the country is spending.
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