Although, isn't China still one of the largest HODLers of United State debt, and U.S. Dollars? Why would they start dumping an asset that they are largely exposed to, and crash the price of that asset? Do they truly want to crash the currency of U.S. economy, the largest importer of their exports?
Good questions and I'm afraid we will have a better answer for them in the future. For now it is worth knowing that China has been slowly pulling out of US economy for months now. A large number of businesses already left US, a lot of Chinese companies pulled out of US stock exchange and investors also pulled their money out. It is also worth knowing that if they go ahead with the plans to bring Taiwan back to China, most probably US is going to do the same they did to Russia which is to sanction them! In which case US will no longer be "largest importer of their exports" and the incentive to baghold USD is no longer there for the Chinese.
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i believe Biden is a very bad administrative i have started liking the Trump more than Biden. Biden has made so many mistakes already The wore of all the Removal of armed force form Afghanistan
You seem to have forgotten that one of the reasons why Trump was elected was that he promised to pull out of Afghanistan (and similar wars they were losing). Not to mention that Biden didn't remove armed forces from Afghanistan, they were kicked out. They had to even donate $100 billion worth of weapons and equipment to the cavemen known as Taliban to buy their safe passage while they were escaping.
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Would anyone here recommend selling the US dollar to buy the chinese yuan?
There is definitely an economic war going on which is getting more intense and China has been attacking US in any form they can, so targeting the dollar is always on the agenda. But unless you can find a more reliable source than Reuters (which is well known for spreading propaganda), I'd say no. This approach contrasts sharply with china's past strategy of devaluing the yuan to boost chinese exports.
Keep in mind that China only devalues Yuan as long as it keeps their prices competitive not indefinitely. These days that their competitors in other regions (specifically in EU) are struggling with the massively increasing production costs, that gives China a much better advantage where they don't need to devalue their currency as much to remain competitive. The winning of that competition is ensured as other currencies are heavily devalued.
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I don't know anything about the financial situation in Mexico, but I don't believe that Mexico isn't a worst financial condition than El Salvador or Venezuela. I also don't think that the Mexicans are so desperate that they would embrace Bitcoin/altcoins right away.
What people forget is that adopting bitcoin as legal tender doesn't mean people are going to embrace bitcoin or for their economy to improve right away. It's all about building the ground work and the infrastructure needed for an easier adoption over the long term. You can't expect a revolution overnight.
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Bitcoin is still seen and used as widely as a speculative asset most people are buying it because they think it's going to appreciate in the future
That's mostly true during bull runs, specially the long ones like what we had in 2017. But when the bull market stops or when we are in a bear market or in a sideways market, those speculators who want quick profit no longer have the incentive so they go away and "most" people are those who believe in bitcoin itself as a currency with long term potential. it can affect the price of bitcoin?
You mean speculation and day traders affecting the price? Of course! Not sure what you are trying to conclude here though.
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I am curious that maybe there are some miners who switch from Ethereum to Bitcoin because Ethereum now is on POS, so this could be a factor too.
In short that won't work because of the different PoW algorithms and much higher bitcoin difficulty. When you are mining a shitcoin like Ethereum that uses a different algorithm (Keccak256) you can't just switch to bitcoin mining that uses SHA256d mining algorithm. Not to mention that ethereum had a much lower difficulty so people mined it using GPUs whereas you can't mind bitcoin with a GPUs, you'll need ASICs which need to be bought and delivered. There is an ETH ASIC available too but again that ASIC is designed to mine Keccak not SHA256 so it can't be used to mine bitcoin (so ether miners using those ASICs can't just switch to bitcoin). Most likely all those ETH miners would simply switch to another shitcoin with similar algorithm (like ETC) or a shitcoin that can be mined using GPUs.
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My point was that seeds that offer higher security levels than the individual keys they generate are useful because they're protecting multiple keys.
But it doesn't matter how many keys you generate from a seed, they all have the same security. Meaning if you generate 1 key using a 12 word seed it has the same security as the 100th key you generate from the same seed. with a 256-bit seed being used to generate 64-bit private keys (with the top 192 bits set to 0, for example) the smaller 64-bit private keys don't reduce the security of the seed all the way down to their level.
The seed will have its 256-bit security (assuming 256 bit were generated and used) but the key will still have only 64 bits of security, not more. In some sense, the seed "contains" the private keys that it generates, and viewed through that lens, the following example amounts to a very similar thing, even if it looks unrelated at first glance:
Imagine you have a file, listing the locations of secret military bases encoded as 64-bit coordinates (32-bit longitude, 32-bit latitude). Even though this file contains only a sequence of (sensitive) 64-bit values, that shouldn't decide what security level is chosen to protect its contents. It wouldn't make sense to argue that encrypting it with anything more than a 64-bit key is technically unnecessary.
That's a bad example because encryption is different and irrelevant in this context. When encrypting something, the message is not the deciding factor in choosing the algorithm, security level and key size. But when deriving a key, the key size (or better say security level) itself is a deciding factor in choosing the entropy size.
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But since you asked about Trust Wallet I will share with you some tricks and precautions that's might reduce the risk of your trust wallet getting hack.
Considering that Trust wallet is closed source, even if you use it completely offline you may still not be safe. instead of storing the phrases in their correct arrangements why don't you do some rearrangement before you store them? you could take the last 6 words and place them at the first position and place them in the first position while the first six will be at the last postion, you could also arrange them to your taste.
You should never try to invent your own "encryption" mechanism because most of the times they don't provide you with any meaningful security and you would be running the risk of not being able to recover your keys ever again. For example if you forget your "scrambling method", you'd be forced to brute force it by checking 479 million permutations.
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BIP38 is designed in a way that brute forcing it be extremely difficult due to the computationally expensive algorithm that is used when encrypting the key. You have to limit your search space as much as you can since even a 5 character long passphrase would take a long time to check. Not knowing the length and type of characters used in the passphrase would make it impossible to brute force.
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As the situation stands, I don't think it will happen, but provided we don't all die in a nuclear holocaust, I think Europe will lose a lot, as you say.
A while ago an analyst described Europe as that majestic white mare that has a broken leg and while it is on the ground it is surrounded by bears, eagles, lions, even jackals. They are all showing their teeth and claws... With every passing day, this description looks more real. ![Cry](https://bitcointalk.org/Smileys/default/cry.gif)
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In a way what SEC did is admirable (if we ignore the motivation), to punish those who advertise or participate in any form in shitcoin pump and dumps, specifically tokens like the one Kardashian promoted and helped it to scam idiots who follow her. This is illegal in almost all the countries around the world.
On the other hand, I said it many years ago that the "authorities" who feel threatened by bitcoin will eventually start treating the whole "cryptocurrency" scene that includes bitcoin the same because altcoins are being pumped and dumped and a lot of them are scams.
Unfortunately we can't do much about their FUD about bitcoin except trying to clarify the obvious difference between bitcoin and cryptocurrencies (aka altcoins) for the audience.
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The saddest part is that all these crisis have a simple solution, for EU countries to start regaining their independence and to normalize their relations with the Eastern Bloc while NATO stops expanding eastward and promises to stop escalating. For now US orders them to jump and Europeans ask how high.
Obviously they don't seem to want to do that so things are going to continue getting worse. Energy crisis, Economic crisis, Food crisis, Drug wars and looming threat of nuclear annihilation is going to be the "new normal".
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Two countries partnering up right now to bring the war in Us soil just near Alaska. Its China and Russia where their ships are already very close to US, doing military exercises. Why do you think they are challenging US right now?
China already declared war on US as a retaliation for Opium Wars that ruined their country many years ago in form of a new Opium War where US is the target this time. The amount of fentanyl China is shipping towards United States to be used by drug cartels has increased significantly while the drug-abuse crisis in US is getting worse.
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@pooya87. Stable in value against what, however? Where would we get the basis for bitcoin's value?
It is hard because value itself is mostly measured in terms of fiat and if we measure it in terms of anything else (gold, a barrel of oil, bag of potato, ...) that too can be volatile. But I suppose the best way is to measure it in terms of a combination of goods and services instead of fiat. For example we can say bitcoin value is stable if your cost of living is 1 BTC and remains that way regardless of what happens to the price ($1k to $10k to $100k to $1000k).
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We want bitcoin to become stable in value not in price because if its price becomes stable that means its value is dumping over time since fiat currencies are always dumping and a stable price means losing value alongside fiat.
We want stable value because it helps bitcoin adoption as a currency but the problem is that increasing adoption means rising value since bitcoin has fixed supply (unlike fiat). Which is why I think we should first have mass adoption then the stable "value" would happen naturally.
The only people who don't want it are those who thought bitcoin should make them rich overnight.
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However, all wallet software is centralized (whether open source or proprietary).
Is bitcoin core centralized? If we are talking about software, then I think yes. It's currently running on my local PC which is pretty centralized. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Of course, it is not fully functional in offline mode, but it still works, even if only partially. That's not what centralized means. When you run a full node on your PC you become a "peer", in other words you don't have authority over anybody or anything, you are just an equal to everyone else running a full node. Being centralized means there is a single central authority making decisions like in case of services such as exchanges where the owner makes all the decisions.
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- count of new wallets created within a particular time range - count of wallets within a particular time range with balances > X and many more metrics like this for the purpose of gauging global interest/activity in Bitcoin at any given time.
This is not something that anybody can measure because "wallets" don't exist in the protocol. In other words a wallet is something private that contains multiple keys that may not have any connection to each other. The only thing you can measure is number of addresses being used and their balance (which is not something you could do using RPC calls or a regular node for that matter). The problem with this is that one person/wallet can have multiple addresses so the accuracy of the results regarding adoption decrease. The only way to do this is to run your own modified node so that it indexes your database based on addresses so that you can search and analyze it. Alternatively, do guys know of any online services that already provide this information? What do you guys use?
Block explorers like https://blockchair.com usually have this kind of data which is usually found among their charts. Like this: https://www.blockchain.com/charts/n-unique-addresses
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To my understanding, in a PoS chain, both forks of a chain retain the staking balances on both sides, and it would only make sense for the stakers to validate the same blocks on both chains. Sure, but can't the same apply on Proof-of-Work too? Say that the chain splits to old-Bitcoin and new-Bitcoin that supports merged-mining. Miners that mine the old chain can use redundant hashes to mine for the new chain, with the exact same hash rate. All that's needed for new-Bitcoin is to prove you've worked for it. It'll be essentially a sidechain, but with no dependence on the mainchain. The difference is that there is still "work" being done on both chains, even the merged mined coin is being mined and it could actually have increased difficulty for it to no longer work as a merged mined coin. In the PoS case, there is no actual "work" being done, and it is trivial for the staker to benefit from both chains at virtually no cost.
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So in this new world order, there are two sides. The West has to buy energy at high prices while the East already has a lot of energy and will sell it among themselves at lower prices (eg. China and India buying oil/gas at a big discount).
The United States is still the biggest beneficiary, as Europe has gradually begun to depend on the United States for energy (for the first time in a while, it was impossible to compete with Russian gas and oil from the Middle East at $50 to $70 prices). So the current price and any price above $90 is profitable for America and costly for Europe, and the biggest loser is the citizens in both countries, as they will be forced to pay more, which would have been easily avoided with a little political consensus. US is one of the beneficiaries but not the biggest, and not just because of the energy sales but everything else that they are selling these days like the arms which they sell at a higher price (eg. the useless Patriot system went for 3-4 million, now it is sold for up to $12 million). In the long run, it could be bad though. On top of the existing inflation and recession in US, if more countries distance themselves from US, like for example if Germany or the Balkans go to the Eastern bloc and significantly decrease their relations with the West, those benefits start looking like nothing. Not to mention all the capital that exits US for the destination of other countries with cheap energy and labor like India for example. That could significantly increase unemployment and turn more cities/states into Detroit.
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I do not think that the current problem is with oil, because during long periods in the world there have been many wars and economic changes that made countries prohibit the sale and purchase of oil from other countries.
The problem is that at this point sanctions are against all of them not just some. For example 2-3 decades ago it was just Iran under sanctions, so they could fill that gap in the market with others. But as time went on they kept sanctioning more countries; eventually the number of sanctioned countries became more than the countries that enforced those sanctions! In a way, today it is US/EU that are under sanctions not the other way around. The funniest part is that Iran alone could solve all the oil and gas problems that the West is facing. If Iranians decided to remove their sanctions on Europe, 100 million barrels of oil in the storages could be dumped on the European market right away crashing the price below $40 and the production could increase to about 4 million barrels per day ensuring price stays low. It's not going to happen though since today sanctions against Iran is at an all time high (I believe more than 6000 at this point) while the foreign trade and government revenue is also at an ATH (in at least past 10 years). So in this new world order, there are two sides. The West has to buy energy at high prices while the East already has a lot of energy and will sell it among themselves at lower prices (eg. China and India buying oil/gas at a big discount).
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