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361  Bitcoin / Bitcoin Discussion / Re: Gary Gensler: "Bitcoin is not that decentralized" on: February 18, 2024, 05:53:21 PM
I've seen a lot this misconception about Bitcoin decentralization. Actually I've just answered in another topic about this.
Gary Gensler doesn't understand that the decentralization of bitcoin is about the full nodes and the miners involved, not about the number of wallets containing big funds (and frankly, those are still plenty too).
And allow me to be a bit mean: maybe he confused it with Ethereum.

The network may be "decentralized"...but what happens when big companies, governments, and institutions accumulate all of the BTC (or at least, most of it)? Without people "owning" BTC (self custody), the blockchain will become the sole playground of the aforementioned entities. I could be wrong, though.  Undecided
362  Bitcoin / Bitcoin Discussion / Gary Gensler: "Bitcoin is not that decentralized" on: February 18, 2024, 05:33:45 PM
In a recent interview with SEC chairman Gary Gensler, there was something that caught my attention. The chairman stated that "Bitcoin is not that decentralized". That's "partially due to the prominence of centralized crypto exchanges". You can read all about it here: https://www.cnbc.com/2024/02/14/cnbc-transcript-sec-chair-gary-gensler-speaks-with-cnbcs-squawk-box-today-.html

I'm afraid he's right, especially when CEXs hold most of BTC's circulating supply (eg: Binance). It's even worse now with the recent approval of spot Bitcoin ETFs by the SEC. Institutional investment companies like BlackRock, VanEck, and MicroStrategy are accumulating large amounts of the cryptocurrency.

We're essentially selling our BTC to companies driven by mainstream governments' own interests. With this, Bitcoin's true value proposition has failed (banks win). At least, the code is open source. If BTC becomes compromised, what's stopping us from moving to a more decentralized chain in the future (Litecoin, Monero)?

Your input would be greatly appreciated. Thank you. Smiley
363  Bitcoin / Bitcoin Discussion / Re: What does BTC mean to you? on: February 18, 2024, 05:27:59 PM
We cannot use Bitcoin with current features to adopt as a payment mean due to so many limitations. We love btc but it's doesn't mean that we ignore the drawbacks. Indeed Bitcoin is not created for this purpose. Suppose if only one country start total buying selling through btc them number of transaction per minutes will be exceed more than 20k and we know it will cause Btc gas to ATH and also low fee transaction will be stucked. further more for buying 1$ , you have to pay 10$ fee which is not acceptable.

However it is best payment solutions for overseas payment and best assets so far after gold and silver. We can keep our fund safe, secure with fast access of use anytime, anywhere.

BTC's transaction capacity is limited, because developers want to keep it that way. They can raise the block size instead of forcing people to move to the Lightning Network. Just increasing the block size a bit, could alleviate the "high fee issue" for a while. It must be done in a "balanced manner" to prevent Bitcoin from becoming centralized (as higher block sizes contribute to higher bandwidth/storage requirements for node operators). I guess this will never happen, especially when most investors consider Bitcoin to be "digital Gold".

At its current state, Bitcoin proves to be a good store of value. If you're looking for true "digital cash", I'd suggest you look elsewhere. Coins like Litecoin and Dash are great alternatives. No matter how BTC is used, we can all agree that its mere existence allows people to experience true financial freedom. The dream has always been to remove the need for a trusted third party, right? Cheesy
364  Alternate cryptocurrencies / Altcoin Discussion / Re: Is Algorand dead or can it recover? on: February 18, 2024, 05:19:29 PM
The SEC says a lot of things are securities. It doesn’t mean that you can’t make handsome profit though. I don’t think Algorand is going to change the world & become like Bitcoin for example but you could absolutely still do well in it. It’s a pure proof of stake smart contract blockchain & we have seen growth in its ecosystem. While it has some unique features like accessible staking and low transaction fees it faces challenges such as centralisation & tokenomics. It's too early to definitively say if it has a big future but patient investors can find opportunities in its long term growth. Some people say it’s promising due to its technology, I would consider it a good buy but maybe not a super long term HODL.

Of course. SEC chairman Gary Gensler believes most cryptocurrencies are securities. Either he doesn't truly understand how crypto/Blockchain tech works, or he is just pretending to minimize the growth of the industry as much as possible. Approving spot Bitcoin ETFs was a "miracle", considering how the regulatory agency kept denying applications for years.

Algorand could have a place in crypto land if it delivers as promised. But if there's no innovation, don't expect it to stand up against well-established players (ETH, SOL, BNB) with a huge number of supporters behind them. The market often behaves in many strange and bizarre ways, so anything's possible. Who knows how far will Algorand go? Cheesy
365  Bitcoin / Bitcoin Discussion / Re: Can bitcoin be stolen? on: February 18, 2024, 05:15:54 PM
Hardware wallet could be possibly be hacked and its proven out.

https://www.coindesk.com/tech/2023/05/24/crypto-security-firm-unciphered-claims-ability-to-physically-hack-trezor-t-wallet/
https://www.bloomberg.com/news/articles/2023-12-14/hacker-hits-one-of-crypto-industry-s-biggest-names-in-security

We've seen in the past about these issues. This is one of the reasons i dont really store up my funds into those devices.
I do simply just make use of traditional Electrum wallet for Bitcoin storage and MEW on erc20.
It works fine even up to this day from the start when i do know crypto.. As long you dont make those PK exposed into
other people then you should be just fine.

As with everything, hardware wallets aren't 100% safe. They can have vulnerabilities in their design (especially those that are closed source such like Ledger Nano). Open source hardware wallets are better because the community can easily identify bugs/vulnerabilities and patch them accordingly.

Why do you think open source software like Bitcoin and Linux are very secure and reliable? I'd suggest you buy an open source hardware wallet like Blockstream Jade or BitBox02 for complete peace of mind. If you follow the necessary security guidelines, no one will be able to steal your BTC. Wink
366  Alternate cryptocurrencies / Altcoin Discussion / Re: Why are altcoins important? on: February 18, 2024, 05:13:07 PM
Altcoins are vital for diversifying investment portfolios beyond Bitcoin, introducing innovative technologies, catering to specialized use cases, fostering healthy market competition, and increasing overall liquidity in the cryptocurrency ecosystem. They contribute to decentralization by offering alternatives to Bitcoin's dominance and provide a platform for experimentation and learning within the crypto community.

In other words, altcoins are a "testing ground" to help determine Blockchain tech's true capabilities. Some features are added into the Bitcoin blockchain after they pass the test on other chains. Developers can't afford to mess up a trillion dollar network, right? Altcoins wouldn't exist if Bitcoin wasn't open source. With plenty of coins to choose from, we can save money on fees and reduce wait times.

Having a single cryptocurrency for everything (eg: BTC) is not a good idea. It won't be able to scale to billions of people worldwide. The more altcoins there are, the less network load Bitcoin will have. Ultimately, the market will decide which altcoins will stay and which ones will fade away into oblivion. Remember to never invest more than what you can't afford to lose, and you'll have nothing to worry about. Just my opinion Smiley
367  Economy / Services / Re: [Crypto.Games] ★ Signature Campaign ★ Hero - Legendary[Full] ★ on: February 18, 2024, 11:33:45 AM
All paid

Thank you! Received. Have a great weekend! Cheesy
368  Bitcoin / Bitcoin Discussion / Re: The Relationship Between Cryptocurrency and Traditional Banking on: February 16, 2024, 11:44:38 PM
Cryptocurrencies and banks will interact with each other, co-exist and benefit each other.

I'm afraid so. We can blame developers for not prioritizing decentralization. Crypto would've been a threat to the existing banking system by now.  Sad


I like to have choices and honestly I still use bank transfers. Not all of my fund transfers is processed through cryptocurrencies.

Only newbies think that cryptocurrencies will completely replace and kill fiat currencies, banks some day in future.

The dream has always been to use crypto and avoid banks altogether. Why do you think Satoshi created Bitcoin? Because he wanted us to trust a decentralized cryptocurrency instead of banks which subject to corruption, manipulation, and fraud. These same entities are the ones responsible for the fractured global economy. Just because they have a "money printer", doesn't mean they can do whatever they want.

With Bitcoin, the power is given back to the people. One would hope it doesn't turn centralized in the long run. As long as individuals (not corporations) hold most of BTC's supply, there should be nothing to worry about. Wink
369  Bitcoin / Bitcoin Discussion / Re: When will Bitcoin catch up with Gold in capitalization? on: February 16, 2024, 11:38:28 PM
Why?

Bitcoin is not a corporation, despite the CEO of Bitcoin memes.

Nobody actually does anything to increase Bitcoin's valuation, except for buying and selling it.

We already have a way to deal with a highly deflated price of Bitcoin and that is the Lightning Network (and not everyone likes it, but it does the job well).

Teaching people how to use it properly will be a problem though. Especially the whole thing about adding channels before you can send or receive anything from them.

The Lightning Network "works", but you still need to pay a high on-chain fee to open/close a channel (although this is a one-time payment). It seems that you can't avoid high fees on BTC. Either wait until fees go down, or switch to an altcoin with lower network congestion. Because of Bitcoin's current state, we cannot use it as "digital cash". It's only suitable as a store of value (or "digital Gold"). Investors are now considering BTC as the most likely successor of Gold in the future.

I would've wished the majority considered BTC as the successor of existing Fiat currencies subject to corruption and manipulation. With spot Bitcoin ETFs approved by the SEC, it should only be a matter of time before the BTC surpasses Gold in market cap. The question is: Are you buying and "hodling" the coin? Cheesy
370  Economy / Economics / Re: Will the world soon become tired of the US dollar? on: February 16, 2024, 11:34:23 PM
The world has already become tired of the US dollar.

It is a tool that the US uses to siphon money from other countries economies. And that is really one of the only things keeping the US afloat. They produce nothing, export nothing and use military might to enforce, unjustly, the hegemony they have over the worlds economy. Remember what happens when some country tries to break free of the dollar and replace it with a gold-back currency? The US military invades and makes sure that that does not happen.

The answer is not a BRICs currency nor cryptocurrencies (as in altcoins) but rather Bitcoin itself is the only thing that can save the world.

Bitcoin needs to be the only world currency. No one country can have control over or abuse it.

Bitcoin is the ideal replacement of Fiat. But so far, the world hasn't moved away from banks. As long as these corrupt financial institutions exist, don't expect BTC to go anywhere soon.

Like it or not, the USD will eventually lose its luster as the reserve currency of the world. Which Fiat currency will take its place in the future, is an excellent question. I wouldn't worry about this as long as the global economy goes back to normal. Maybe BTC will get to live alongside Fiat for generations? Grin
371  Alternate cryptocurrencies / Altcoin Discussion / Re: Why is Monero so unpopular? on: February 16, 2024, 11:31:05 PM
Heh. That is rather an ironic image made by the Monero community themselves to encourage people into buying Monero. Actually, Monero is one of the cryptocurrencies I have seen to have a dedicated community behind it which is willing to actively donate to the developer team and also donate for projects to further sow awareness about Monero in people interested (or not) into privacy. The silliest way I have seen them do that it has been by creating a common fund to hire artists and draw the Monero mascot/waifu "Monero-chan" in very suggestive and funny situations.

For some reason using a representation of the coin/brand in the form of an anime characters is something which is even being done by brands like Opera GX, to appeal the younger generations of internet users and fans of japanese animation.
You should look for Monero Chan, you may like the strategy Monero bros are using to make their coin well known, be advice though, some of the pictures/representations could be considered to be raunchy or even not safe for work.

Banks, governments, and big investors may not like Monero. But that doesn't mean "it's the end of the world". The privacy coin will survive thanks to the way it was designed. Who needs centralized exchanges and the endorsement of "Wall Street", anyways? It's not about the money, but rather how Blockchain tech can make our world a better place.

If you're a true believer of crypto, use Monero. Otherwise you can choose among the plenty of centralized "shitcoins" available on the market. Even Bitcoin is becoming centralized with the spot ETFs. Hopefully, Monero will live alongside Fiat currencies for generations. Just my thoughts Grin
372  Alternate cryptocurrencies / Altcoin Discussion / Re: Is tor wallet is the next metamask? on: February 16, 2024, 11:26:06 PM
I saw that the TOR wallet uses the .xyz domain and in my opinion a domain like this is a free domain that you can get at several events from domain provider services. Some of the wallets that I use use the .com, .org and .io domains which in my opinion look safer and more reliable.

Next, to be honest, this is the first time I have heard the name of this wallet. I opened the link https://torwallet.xyz/ on the internet and I saw it looked like it was a wallet that was about to be launched. Well, even though it looks nice but I wouldn't dare give away my private keys to the new wallet. I might try it but not for now to make it my metamask replacement wallet.

Looks more like a scam to me. It would be unwise to import your private keys and/or seeds on a shady wallet. You could end up losing all of your hard-earned ETH and tokens in an instant. Why didn't the developer bother to buy a domain? Also, the site's template doesn't convince me.

I'd stick with either Rainbow Wallet or Metamask just to be safe. I wouldn't be surprised if the "Tor Wallet" project eventually becomes history (rugpull?). Lets move on, shall we? Cheesy
373  Alternate cryptocurrencies / Altcoin Discussion / Re: Starknet airdrop February 20 on: February 15, 2024, 04:31:35 PM
The Starknet Foundation will soon launch the first round of the Starknet Provisions Program, meaning allocation of Starknet Token (STRK) to the community.
During this round of the program, the Starknet Foundation will distribute more than 700 million STRK to nearly 1.3 million addresses. This is a portion of the 900 million STRK dedicated to the Provisions program (out of 1.8 billion STRK dedicated to the community in total).
STRK will become available for claiming on Starknet Mainnet starting at 12pm (UTC) on February 20th, 2024. Already today, anyone can check eligibility on the Provisions portal at https://provisions.starknet.io. Claiming will be possible for 4 months after the launch of the program. Tokens that are not claimed during this period will be reclaimed to the pool and distributed in future rounds and/or programs.
STRK will be used for paying transaction fees, staking, and shaping the long-term evolution of the Starknet protocol through participation in governance votes.
STRK will be distributed to individuals and groups that have helped to lay down the roots of Starknet. This includes Starknet users, developers, and community contributors; StarkEx users; Ethereum protocol contributors and stakers; and developers of select non-crypto open-source projects.
...

https://medium.com/@StarknetFoundation/introducing-the-starknet-provisions-program-05d03ce13970

It's good to see new crypto projects encouraging the use of the Blockchain via airdrops. I knew Starknet was going to come up with one, especially when other L2 projects launched their own tokens. I didn't qualify for the airdrop (unfortunately), but that won't stop me from investing in the token itself. What I'm worried is that too many airdrops from different crypto projects will shift away people's perception of crypto/Blockchain tech. They will only join the revolution just to make money. Not to make use of it as an alternative to traditional banking.

The tokens given away through an airdrop program, are usually "dumped" on the market. This creates a negative pressure on the crypto asset's price. Why do you think UNI hasn't gone all the way to the moon by now? The same can be said about ENS, JUP, and the others. Hopefully, Starknet delivers as promised to make ETH a better chain in the long run. As long as decentralization is prioritized, nothing else matters. Smiley
374  Alternate cryptocurrencies / Altcoin Discussion / Re: Is tor wallet is the next metamask? on: February 15, 2024, 04:20:44 PM
Metamask has gained financial success, to its Swaps feature allowing easy cryptocurrency exchanges with a reasonable 0.87% fee. Recently, I discovered Tor Wallet, a new player that sets itself apart with a focus on privacy. It generously shares 50% of the Swap fee directly with users and offers extra perks like a 0.15% earning on transfers within the Tor network for TOR token holders and a 0.1% bonus on cryptocurrency swaps.

The question arises: Could Tor Wallet potentially replace Metamask in certain situations? The user-friendly features and clear fee structure of Tor Wallet make it worth considering as an alternative to Metamask?

Website: https://torwallet.xyz
/

This is the first time I've heard of such a wallet. Considering that it's a new, and widely-untested project, I'd proceed with caution just to be safe. If it isn't "legit", you can end up losing all of your hard-earned ETH in an instant. Instead of using an existing seed, I'd recommend you create a new wallet from scratch. Only deposit what you can afford to lose.

Regarding MetaMask, I believe Rainbow Wallet is a better alternative. It has a sleek UI, and it's much more responsive on mobile devices than MetaMask. The latter often freezes on my low-end Android smartphone. Besides, Rainbow Wallet has something called "Rainbow Points". You wouldn't to miss a potential airdrop (free money), would you? Cheesy
375  Alternate cryptocurrencies / Altcoin Discussion / Re: Why we need to buy meme coin? on: February 15, 2024, 04:15:37 PM
Despite knowing that memecoin has risks, we buy it because of the huge profits that can be made. There are many new investors who have the potential to get rich suddenly and spend a lot of money to buy memecoin without understanding anything. We are willing to take risks in crypto investing but it is important to be aware. If you invest in altcoins where the risk will be low and if you start trading without experience the risk will be high. So there is risk in everything and the crypto market cannot be single handedly profitable.

Only short-term profits. Long-term speaking, you will end up losing it all as people move on to the next big thing in crypto. It's totally not worth it. "Meme" coins are nothing more than pure cash grabs by developers themselves. Early whales/investors are the ones who benefit the most, while the rest will get "rekt" in the long run.

Instead of buying "meme" coins, why don't people buy coins with real use cases? I'm talking about coins with active development and innovation. BTC, ETH, ADA, MATIC, and even XMR are better options than "meme" coins. It's a "free market", anyways. So you get what you pay for. One would hope the crypto industry moves away from being a speculative one to a more serious one (driven by utility) in the future. Anything's possible in crypto land, right?  Roll Eyes
376  Bitcoin / Bitcoin Discussion / Re: The US Government wants your Bitcoin Miners!? on: February 15, 2024, 01:12:20 PM
Bitcoin mining is already taxed in the United States according to whatever law exists in the jurisdiction the mining operation is located. Mining companies pay taxes like any other business ventures, they aren't exempt from it. Plus, the companies are registered as being mining operations, so there is already a paper trail of what they are doing.

Does taxation only apply to crypto mining companies? Or home mining as well? I fail to see how the US will be able to tax someone mining at their basement. Especially when it's solo mining. I won't be surprised if mining pools start asking for personal ID documents (KYC) due to US government regulations. Only then, it will be easy enough to enforce taxation on personal miners.

Maybe we'll see decentralized mining pools such as P2Pool.in or Smartpool.io take off in the future? The government won't stop hunting down Bitcoin and its variants (altcoins), so we should expect the worst.  Undecided
377  Alternate cryptocurrencies / Altcoin Discussion / Re: TRON is bad coin, here is why on: February 15, 2024, 01:09:21 PM
It's not just that some project has a ceo. Because even monero or zec has one. Their influence on the project is very big. But there is also a community, which can also decide something. If the community has the right to vote, it is probably decentralisation. In eth or trx there is no such thing.

ZEC has a CEO because there's a company in-charge of development. But not Monero (AFAIK). This last one is entirely driven by the community (although there is a founder who gathers the attention of the general public). Crypto projects should copy Bitcoin's model by having an anonymous founder behind it. Lots of "headaches" would be avoided this way, especially with increased government scrutiny. Having a publicly-known identity would make it easier for governments to hunt down the founders and/or developers of the project.

Staying on topic, I think TRON will eventually fade away into oblivion due to decreased interest/demand from investors and developers alike. The only use cases I see for it are stablecoin transactions and gambling. But with other projects offering cheaper fees and faster speeds, I doubt TRX will survive the competition. The future holds many surprises, so lets hope for the best. Grin
378  Bitcoin / Bitcoin Discussion / Re: When will Bitcoin catch up with Gold in capitalization? on: February 14, 2024, 05:08:54 PM
I want to know your opinion:
  • Do you think Bitcoin has any chance of catching up and then surpassing Gold in capitalization?
  • If so, when in the future might that event take place?
  • If this happens, will it be a good thing for Bitcoin?

With institutional investors in the game, it should only be a matter of time before BTC surpasses Gold in market cap. It's not a question of "IF", but rather "WHEN". I believe it will take a couple of years before this happens. You can increase your odds of striking it rich if you buy and hold BTC today.

The "yellow metal" (Gold) has often been trusted for centuries, so it's hard to imagine it will lose traction in the future. It will co-exist with Bitcoin for generations. Even Gold is being "tokenized" on the Blockchain with the introduction of RWAs such as Paxos Gold and Tether Gold. Exciting times ahead for both assets (BTC and AU). Just my thoughts Grin
379  Alternate cryptocurrencies / Speculation (Altcoins) / Re: XRP - yes or no? on: February 14, 2024, 04:51:45 PM
You can only buy xrp if Brad garlinghouse resigns

Until then its forever under 1$

I don't think we should blame the CEO of Ripple, Inc. But rather, the US government itself with its unclear crypto regulations. The on-going battle between the SEC and Ripple, tells us that the US government still doesn't understand the difference between a commodity and security in the crypto/Blockchain space. Until XRP gets out of the "gray regulatory landscape", don't expect it to go to the moon anytime soon.

The only reason the SEC approved Bitcoin spot ETFs was because of constant pressure from big institutional investment companies (eg: BlackRock, VanEck, Fidelity, etc). XRP doesn't have the same interest/demand as BTC, so the odds for a spot ETF approval are slim. There could be "light at the end of the tunnel" if the dust settles between the SEC and Ripple, Inc. Who knows what the future holds for XRP? Smiley
380  Alternate cryptocurrencies / Altcoin Discussion / Re: TRON is bad coin, here is why on: February 14, 2024, 04:45:06 PM
I believe it's important to base judgments on facts and research rather than emotions or biased opinions. The blockchain itself is very fast, and transactions are inexpensive. Moreover, TRON ranks in the top 15 on CMC. Regardless of our opinions about CEO Justin Sun, the blockchain operates reliably and looks promising.

CEO? Since when decentralized blockchain networks have a "CEO"? It's all about the collective efforts of people worldwide (the community). Not a single person. By putting all of the attention on one individual, crypto becomes centralized. That's the issue plaguing Ethereum today. The majority follows founder Vitalik Buterin as if he has anything to do with the Blockchain itself.

I guess that's what "ruined" TRON. Especially after Justin Sun's departure from the project. Without someone to follow, TRON will slowly die until it fades away into oblivion. At least, the project is open source. What's stopping anyone from resurrecting TRON in the future? Cheesy
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