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3401  Bitcoin / Bitcoin Discussion / Re: Why is deflation considered to be an admirable feature of Bitcoin? on: October 25, 2022, 06:19:56 AM
Given that we've seen other cryptocurrencies & blockchains that have inflationary models still "succeed" in the sense of having transactional value,
That is not what "success" means. Success is defined with having real adoption in the real world not just having a price on an exchange. For example there are currently altcoins that don't even have a blockchain anymore but they are still being traded on some exchanges like Yobit and have a price. By all definitions these altcoins are dead but they have a "value" still.

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How much did the deflationary model contribute to Bitcoin's shift to store-of-value?

Was the whole premise of starting Bitcoin under a deflationary model based on an economic fallacy in the hopes it would encourage valuation?
The main point was to have a currency that unlike fiat currencies is not printed until the end of time. In other words an alternative currency that is different.

while most NFTs with their closed supply models seem to immediately follow the product adoption curve and wither away.
Technically since you can always create more NFTs that are exact copy of each other, their supply is unlimited regardless of what one of them does.

What I see today is that Bitcoin has made a full transition to store-of-value and speculative investing
You should know that just because you see a lot of people talk about bitcoin as an investment, that doesn't mean bitcoin has made a "full transition". The fact is that people talk about price and profit more than they talk about bitcoin as a currency but the adoption as a medium of exchange grows side by side with the adoption as an investment.
For example if you check the number of "payments" using bitcoin in shops accepting bitcoin payments, the bitcoin payment processors, etc. you can see this growth clearly.
3402  Bitcoin / Bitcoin Discussion / Re: How Early Is It Now, For Those Who Missed Bitcoin In Its Early Days? on: October 25, 2022, 06:10:25 AM
One question that people forget to ask is how many of those who bought in early days have actually held on to their coins. We see this all the time, people buy bitcoin at a price like $5000 and when it drops to $3200 they panic and sell their coins. Then after a couple of months when price is at $70,000 they complain about missing out.
Things weren't that much different in early days either. There were a lot of people who bought at $1 but panic sold it at $0.8.

The problem is always the same too. They want to become rich overnight.
3403  Bitcoin / Bitcoin Discussion / Re: What do you think China will lose by banning Bitcoin? on: October 25, 2022, 05:52:17 AM
It is not about what they lose but about what they gain. China is the only country that has a CBDC that is actually being used on a large scale (with a high transaction volume) and they wanted to force more people into the direction of using their centralized altcoin by putting more and more restrictions on any decentralized cryptocurrency that people may want to use like bitcoin. Hence the ban on mining bitcoin and the exchanges.

P.S. Of course there are other reasons for said actions. For example one of the reasons to shut down the exchanges were the massive amount of money they were laundering (with their 0 fee fake trades). Or ban on mining was because of their energy crisis.
3404  Bitcoin / Bitcoin Technical Support / Re: How to find the first 35 digits of bitcoin private key on: October 25, 2022, 04:50:28 AM
Now my question is that how can i Calculate the exact first part of this address.
because i know if i get the first part then remining 17 will be find with brute force.
You can't because there is no relationship between "part of the private key" and the "address". You will need the full private key to be able to convert that to an integer, then compute the public key of that private key and finally compute its hash to get the address.
When you don't have part of the private key, you simply can't compute the public key and the rest either.
3405  Bitcoin / Development & Technical Discussion / Re: is P2SH the most prominent Bitcoin soft fork on: October 25, 2022, 04:37:12 AM
I was thinking since i can create my own custom redeem script that can be shared with people who will need to pay me using the script  hashed inside another hash that is to say " The script is first hashed using HASH160 then hashed  again with Equal Opcodes to conceal the initial script as you pointed. just confirming if i am not far from the point
Yeah, the benefit is that you give an address instead of a hard-to-transfer script. But there is only one HASH160 applied to the script (RIPEMD160 of SHA256 of the script).

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That means the bug was doesn't need to the removed just for compatibility sake of nodes that aren't upgraded yet.
Yes, otherwise the old nodes would reject any transaction that doesn't have that dummy item. But we could add an additional limitation to require the dummy item to always be OP_0 (one byte) instead of arbitrary. This change was still backward compatible.
3406  Bitcoin / Bitcoin Discussion / Re: Do You Think Bitcoin Mining Will Be Banned Due to Fears of Climate Change? on: October 24, 2022, 12:54:41 PM
bitcoin is mining.  without the miners there is no functional bitcoin.   and china has been stomping on the miners for awhile.   hasn't stopped them.  only stopped large scale mining.   bitcoin functions just fine with small scale mining.
That's not entirely correct. It depends on what kind of hashrate is "small scale mining" in total. If it is significantly less than the current level (eg. 20% of it) then bitcoin is in a big trouble because 51% attacks start becoming easy.
Besides the governments don't have to crack down on everyone, they only have to make it illegal for regular people to stop on their own out of fear.
3407  Economy / Speculation / Re: Bitcoin Rally Imminent, According To Analyst Who Predicted 2022 Crypto Crash on: October 24, 2022, 12:50:14 PM
Bitcoin has been through a lot of hardships since its inception and investors and traders are feeling the agony of the crypto market meltdown this year.
Agony?!! Are you serous right now!
If someone has been felling that way just because price hasn't been "shooting to the moon every day" then that is their own fault and you can't call such people "investors" because they have no idea what they are doing.

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Coingecko reports a 0.3% decrease in value for the token.
Token is referred to what is built on top of another platform known as token platform and relies on that. Like whatever you build in Ethereum platform.
Bitcoin is not a token.

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This month, crypto expert @woonomic
You mean some idiot on the internet who claims to be an "expert" just because he makes some posts about the price.

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However, Twitter’s anonymous crypto expert Capo has suggested that Bitcoin may have a recovery in the near future.
The reality is that nobody knows since it is not predictable.
3408  Economy / Economics / Re: Germans are looking to firewood for energy as natural gas prices soar on: October 24, 2022, 05:49:05 AM
Any attempts at terrorist attacks (read - Russian) will lead to the inclusion, full-fledged, of the Turkish army.
Turkey can not afford to enter any war considering how it is surrounded on all sides by conflicts ready to explode. From Greece that is being armed to the teeth to fight Turkey to the Resistance on the entire southern Turkish border ready to burn Turkey for its war crimes in their countries. They can't afford to get involved in another conflict in the North with Russia.
Not to mention that the ~90% inflation that Turkey has been experiencing has crippled the economy and has increased public unrest. If they are stupid enough to enter a war, it would push the country over the edge for a civil war inside Turkey where Turkish people would attempt another coup to remove Erdogan but this time Iran won't save him like last time.

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Probably you will not deny that after Russia, having once again pushed the short-sighted Armenia to the conflict,
That is nonsense. It is Azerbaijan that started attacking Armenia and is trying to wipe it out from the maps not the other way around.

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with its inadequate regime,
Was that supposed to be an insult? LOL

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which is now conducting exercises near the borders with Azerbaijan, to start a conflict there.
The forces already crossed the border and the recent announcement by the foreign minister (Armenia's security is going to be ensured by Iran) put an end to any possibility of Azerbaijan's terrorist attack on Armenia.

P.S. I really wish the idiots in Baku are stupid enough to attempt something. The trigger fingers are itching to take back our occupied cities like Aran and cleanse it from terrorists including but not limited to ISIS and Zionists.
3409  Economy / Economics / Re: 23 Countries Now Abandoning US Dollar on: October 24, 2022, 05:33:58 AM
But the weakening of dollar will have a damaging affect on the other business - there are positive things and there are negative stuff too
Creating the new world order is always painful and it always happens over decades. It is more painful for those who didn't accept the new world order to plan ahead which is why we see much higher inflation in some countries compared to others. This is true on a smaller scale (businesses) too, they had to plan ahead knowing USD will eventually be abandoned by a large portion of the world.
3410  Bitcoin / Bitcoin Discussion / Re: Do You Think Bitcoin Mining Will Be Banned Due to Fears of Climate Change? on: October 24, 2022, 05:08:03 AM
Lemme know when they successfully ban The Pirate Bay.  you know the one,   that just keeps coming back.
When that happens.   then I might start paying more attention to people trying to ban bitcoin
You are confusing "banning bitcoin" with "banning bitcoin mining". Nobody can ban bitcoin because it is decentralized and based on peer to peer network that can never be banned. But a mining farm that is extremely hard to move or hide which has a fixed location and relies on a bigger than regular household electrical source is easy to find and shut down.

They want to do the later. And they can easily do that in their own jurisdiction (not globally). For example a couple of years ago one of these Asian countries (I forgot which one) banned mining and then seized hundreds of ASICs. Then they used heavy machines (trucks, etc.) to destroy them in the middle of the street. That action didn't do anything to bitcoin mining as a whole, just in that country.
3411  Bitcoin / Bitcoin Discussion / Re: Could 17.5k BTC actually be 13-14k pre-inflation? on: October 24, 2022, 05:01:45 AM
When we are in an inflationary situation that causes the economy to be tough and the average price of goods is rising, investing in Bitcoin is the thing to do to maintain the hedge for years.
There is two problems with this which is why price isn't yet rising.
Many people still don't know about bitcoin or still believe the FUD they've been fed over the years so they stay away from the only reliable hedge against inflation.

The other problem is that people invest their money if they face small inflation but in most countries like in Europe we have much bigger than normal inflation and even hyperinflation. Not to mention that in many cases inflation is mixed with recession like in US which means people don't have enough money for their regular expenses let alone have anything left for investment.
3412  Bitcoin / Electrum / Re: funds immediately leaving electron wallet after receiving from TestNet faucet on: October 24, 2022, 04:32:50 AM
It shows that I'm a newbie :-)
Thanks
If you know this then maybe it is not such a good idea to create your own wallet, even if you are using an existing library because you will end up with serious security flaws that you may not even notice.
Hope you are just experimenting.
3413  Bitcoin / Bitcoin Technical Support / Re: How to find the first 35 digits of bitcoin private key on: October 24, 2022, 04:10:29 AM
No - I want to know the calculation of first 35 characters in wif (compress or uncompressed) format remaining 17 will be find with brute force.
Calculate it from what exactly?
You either have the WIF already but have lost part of it (like a damaged paper wallet) or you have the private key in a different format like Hexadecimal and that is damaged in which case there is no reason to convert the part you already have to another format like WIF to recover that, you should use what you already have.

Even if it is something crazy like what @PrimeNumber7 with what you think is a flawed RNG and you think you have part of the key, there still is no reason to convert it to a base58 WIF since recovering this format is actually harder than recovering normal bits you may already have.
3414  Economy / Trading Discussion / Re: Bitcoin 2018 Vs. 2022 on: October 23, 2022, 03:08:50 PM
The fact that you use 2018 and 2022 as comparison points shows you are making a mistake. It is naive to think they are the same since 2018 bear market was because of the bubble in 2017 and it was part of the same old 4-year cycle whereas what happened this time in 2022 had nothing to do with any bubbles (since we had none) and the 4-year cycle is already broken.
Consequently what trend bitcoin will follow in the future can not be predicted based on past performances anymore.
3415  Bitcoin / Bitcoin Discussion / Re: How accurate is the BTC RAINBOW chart? on: October 23, 2022, 03:01:38 PM
These things are very accurate until they are not correct at all.

The thing is, history repeats itself but there are also two dozen other factors affecting the market. For example nobody could foresee the effects of the pandemic in 2020 on global economy and the effect of economy crashing on bitcoin price. Same as today.

In my opinion we are indeed in an accumulation phase but next move depends on the global economy:
If the economy continues crashing slowly like this there is a good chance that bitcoin starts reviving again.
If economy stops crashing then the chance is higher.
But if the economy sees a sudden big crash then bitcoin could be panic sold and crash too.
3416  Economy / Economics / Re: College Enrollment Declines for the Third Straight Year Since Pandemic in the US on: October 23, 2022, 02:40:27 PM
Thank god we have basically free universities in our country otherwise I don't know what kind of money I should have paid and owned to get my masters degree.

Has Colleges and Universities stopped bring values to students? Has the ROI of Colleges and Universities dropped?
They may be counting on migrations. A lot of graduate students migrate to US. It's no wonder that almost half of NASA scientists are Iranian Smiley
3417  Bitcoin / Bitcoin Discussion / Re: Could 17.5k BTC actually be 13-14k pre-inflation? on: October 23, 2022, 12:35:24 PM
For what you said to make sense you first have to prove why you think bottom should have been $13k-$14k and then you should prove why bitcoin price has to change with inflation?
Not to mention that we are talking on a global scale not local so which country are you talking about and why do you think that has to be the only factor affecting bitcoin price? Right now we have inflation that goes from 1% all the way to above 100% (Turkey for example is almost at 90% inflation).
3418  Bitcoin / Bitcoin Discussion / Re: Has Bitcoin transaction double charged you. on: October 23, 2022, 12:26:21 PM
To be honest I've never experienced or heard anybody be double charged when using debit cards here.

This is possible because a digital token consists of a digital file that can be duplicated or falsified.
First of all there is "file" involved in any of the cryptocurrencies or tokens. There are only transactions.
Secondly you can neither duplicate nor falsify a transaction output (aka coins). It is simply impossible.
Double spending is not about duplicating the same transaction, but spending same coins more than once.

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Apart from the Double-spending problem of Bitcoin which is not very much difficult because a transaction verification mechanism (Blockchain) has been developed to combat this problem.
This is the most incomprehensible thing I've read here!
3419  Bitcoin / Bitcoin Discussion / Re: Do You Think Bitcoin Mining Will Be Banned Due to Fears of Climate Change? on: October 23, 2022, 12:19:09 PM
It’s like a self-regulating system that doesn’t take energy from where it’s too scarce, so bans won’t solve anything again like in china. It’s just another example of the incompetence of central authorities to handle crisis. They rather just use it for blame games against unwanted technologies and use arguments that sound logical on a surface level to fool 90% of people. Taking the most incompetent decisions just to maintain an image of competence to the public. Wasting time on irrelevant to the problem issues, so the public can feel like something is being done, while being distracted from actual solutions to the problem. Almost like they understand psychology really well.
It has always been easier for the politicians to find an scapegoat or a "bad guy" to blame everything on. In fact one of the reasons for the mass protests in Europe these days is that they have been blaming all the inflation and economical hardship on someone else (in this case Russia) to fool people into forgetting that they've been printing a shitton of money for the past 3 years and we've been warning about this day all this time. Now people see that lie so they revolt.
3420  Bitcoin / Bitcoin Discussion / Re: Do You Think Bitcoin Mining Will Be Banned Due to Fears of Climate Change? on: October 23, 2022, 04:52:30 AM
Bottom line is some countries may ban bitcoin mining but it will definitely not be because of "fears of climate change" even if they insist on this being the reason. They will only ban bitcoin mining when they face an energy crisis which Europe and to some extent US are facing it these days which is why we are seeing an increased number of discussions about this matter!

It is worth mentioning that China banned bitcoin mining because they were also facing an energy crisis and it didn't solve a thing considering the fact that China's electricity usage continued growing like before, it didn't even have a small drop!
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