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41  Bitcoin / Bitcoin Discussion / Re: Selling All Fiat In Bank For BTC? on: December 10, 2023, 12:35:53 PM
Also can someone explain to me why people say the dollar will collapse and what that means?

Your OP message is a huge wall of text, so I'll try.

First understand what is a bank, and what happens if you "deposit" money there.
You have loaned your money to an institution. That's right, the bank is not "keeping" your money "safe", and they can default on you.
Banks are required by the State to keep at least a minuscule portion of the money people loans deposit to them. This is basically a legalized ponzi scheme, should the clients start withdrawing at the same time, it doesn't have enough money to pay all their debt, thus they can default.

To mitigate this, the Central Bank was created. A bank that can loan to banks so they can (hopefully) survive some crisis.

It doesn't end there. If you "deposit" 1000, with the magic of fractional reserve (lets pretend its 10%, its actually even less in some countries) how much money is added in the system? 10000 (your 1000 is the 10%, 9000 90% from nothing).

Aaaand, the bank can loan from that 10000 to, lets say 10 more people, 1000 each and they as well "deposit" to the bank again.

How much money was added to the system? 100000, this goes on and on. When we say its a legal Ponzi, we mean it.


It all started back in the day, when banks were banks and not a single coin of gold could leave the coffers without permission, lets say 18th century or earlier. This "safe storage" service had a cost, naturally, you have to pay the bank to keep your money safe (not the other way around).

A banker one day saw all that money lying there and though, what he if borrowed a bit in secret, invest it, and then return it before the owner learns about it? Well that was a crime back then, but they still did it and got rich. And used their money to influence politicians so that the scheme would actually be legal, and that's modern banks.

Its not just the "State" that can "print" more banknotes, when banks receive money, they too can create "money" out of nothing. Sooner or later a crisis comes that brings at least one or more banks down, because like any pyramidal scheme, it can't survive if everyone stops injecting money to it.


Do you still trust fiat? There is no way you as an individual to verify how much "money" is in the system, but real bitcoins are only the ones in the blockchain (sidechains and "custodial" wallets is reinventing virtually what banks do, oh and nfts and other blockchain spam are the modern tulips) every "coin" is accounted for, and its finite. You don't have to trust someone giving you a paper that says "valid for N bitcoins cash at this Lightning Node / Exchange, whatever".


The way you do it without fiat in the bank is simple: Only keep a small amount you need in there for daily / monthly use. You don't need 50k in the bank for daily/monthly needs, do you? Just keep a small amount and if fiat collapses you still have your still valuable bitcoins which you can still sell in small amount to keep doing things in your country that still won't recognize Bitcoin as legal tender (or move to El Salvador and be done with it).


Can the USD collapse the same as the Zimbawean dollar, Venezuelan bolivar or Argentine peso did? Of course, the problem lies in all fiats, the only difference is better countries have better economies (and a bit less idiotic politicians) which gives them some extra leverage, but again, the problem is inherent in the system, it can fail. Both Trump and Biden had their administration print money to acomodate aids for the pandemic, which is called devaluation elsewhere. Politicians always think it is a "necessary evil", that they can take it "with moderation", and then do it again and again, because they can...

At the same time, banks and other financial institutions often go even more aggressive and crazy doing "investments" that would normally not be done, and/or under a false pretense product of State direct intervention of the economy (like manipulating interest rates) which is the direct cause of the economic cycle of bubbles and bursts (read about the "Austrian" school of economy at mises.org).


And these constant cycles often cause panic having people withdraw their money, and if you learned the above, you know more than 90% of the money in the system doesn't exist, so only the first ones will have their cash, politicians panic and set the volume of the money printing to 11. This is essentially the story of all Hyperinflation cases in history. They have the power to destroy your wealth as long as you hold their money. Inflation is the most tyrannic of taxes.


All that being said, don't get in debt with the system to get more bitcoin, no mortgaging or other nonsense. Quite the opposite, slowly get rid of all debts if you still have some and never again get in debt (this permanent debt is what the monetarists / "Chicago" school of economy desperately wants you to do, or their system collapses).

Instead save your own money in your own bitcoin wallet. If you have a fiat income, leave in the bank whats needed for your needs and exchange the rest. You can diversify with other things you could sell later, like property, art, etc. Just don't keep everything in fiat. Rich people don't buy luxury stuff just to show off, that stuff can be sold later for a decent value unlike a fiat that would be worthless.
42  Bitcoin / Bitcoin Technical Support / Re: Vulnerability that allowed Ordinals to exist now has its own CVE code on: December 10, 2023, 11:57:05 AM
CVE-2023-50428
Quote
In Bitcoin Core through 26.0 and Bitcoin Knots before 25.1.knots20231115, datacarrier size limits can be bypassed by obfuscating data as code (e.g., with OP_FALSE OP_IF), as exploited in the wild by Inscriptions in 2022 and 2023.
Via: https://nvd.nist.gov/vuln/detail/CVE-2023-50428


Good to see this issue finally receiving some attention. Hopefully abuse of this vulnerability in bitcoin's code will be addressed soon. What are your thoughts on the matter?


Wow it took a whole year for it to be properly filled after being publicly demonstrated by Ordinals and the others that followed. There is still hope...
43  Bitcoin / Pools / Re: DEMAND - 1st StratumV2 Mining Pool - SOLO on: December 09, 2023, 01:33:12 PM
Just so you know, I'm not the operator of Braiins Pool nor i can make any decisions about it, but you are in yours. I think people being able to propose their templates is democracy which is the very opposite of censorship. If anything, it is moving down to the miners the choice of what block templates they like. Ocean and Demand by adopting V2 and experimenting with the block template proposal are showing the way for decentralization and freedom in my own personal opinion.

Because you are the sole owner of it, yes, you have the power to provide the same level of democracy. Its only unfortunate that you require registering an account for solo mining, but lets leave your own pool stuff in your own thread. I applaud Demand here.
44  Bitcoin / Bitcoin Discussion / Re: What's happening with Bitcoin transaction fees? on: December 09, 2023, 01:23:10 PM
Ordinals was merely the first public demonstration of the exploit this year, there are other spammers and spam injecting methods that are abusing the relaxation of consensus rules Bitcoin core did. As foretold in February, when more and more spammers joined it got worse and worse. "Passing fad" they said, "do nothing" they said, everyone can now see the results...
45  Bitcoin / Pools / Re: Eligius pool is back under the new name Ocean on: December 09, 2023, 12:44:36 PM
You can't compare apples to oranges.
Marathon pool complying with OFAC sanctions has nothing to do with filtering out ordinal transactions.
The government of the U.S. has nothing against Ordinals and inscriptions.

But there are good arguments towards pointing that inscriptions are actually a valid exploit of bitcoin's protocol and should be patched or at least filtered to the maximum extent.

The u.s. gov would be very happy to let us destroy BTC on our own I am sure.

ANY American company can be served a gag order at any moment on "National Security" grounds, and they are not allowed to speak about it. They can easily obtain it point "address x is linked to terrorist group y" and that's the end of it. Of course the OFAC rules have to be followed as well or else they get basically unable to operate anymore, so its not even a choice they have.

I'm sure govs and bankers are super happy that this exploit exists and is rapidly deteriorating Bitcoin reputation as an alternative to fiat, and the spammers making a quick buck at it while promoting their altcoins; win/win.



Linux distro wars (i.e. Ubuntu vs Debian = which one is the "true" GNU/Linux?) are not all that different compared to block size wars.

Gentoo obviously, where you can get the knots patch for bitcoind or reject it by adding a little flag, because surprise surprise, who maintains the bitcoind package? Yup Smiley



Those who use the word "censorship" fail to realize it is our freedom to block whatever we want from our nodes, or propose the template blocks we want from our mining. Blocking the spam entirely from Bitcoin is basically impossible, but the devs CAN make it harder/more expensive for the spam vs normal transactions, that is, actual bitcoin the "Electronic Cash System" not the p2p database of spam of late. The valid argument is that it was made much easier lately for spammers vs regular transactions as demonstrated all this year starting with ordinals but a bunch of other spammers trolls and anti bitcoiners who want to see the project die joined.
46  Bitcoin / Pools / Re: DEMAND - 1st StratumV2 Mining Pool - SOLO on: December 09, 2023, 12:23:51 PM
Imagine miners not wanting to push spam to the blockchain, this coming from the guy that falsely accused another person of c p, and said c p is being pushed spearheaded by the exploit publicly demonstrated by ordinals but followed by others...

In the end, you are against freedom, of people wanting to propose their own template blocks. You have for years been saying bad things about V2 and not even bother to see the code, which is even in your favorite game/meme social media known as Discord.

It happened exactly like i told you a couple years ago, keep looking the other way and saying falsehoods and lies. V2 is here to stay and is being adopted. That you are too lazy to do it in your pool, no one cares.
47  Local / Español (Spanish) / Re: BBVA y Bitcoin: ¿Cuál es el plan? on: December 01, 2023, 01:07:31 AM
Lugano básicamente, pero sí...
48  Local / Español (Spanish) / Re: Formas de gastar y disfrutar de mis Bitcoin en España on: November 30, 2023, 02:02:02 AM
Pues ella pudo quedarse Colombiana, si se quiso hacer Española a pagar se ha dicho... Claro que una artista famosa ganando fortunas y no declara es bastante mas obvio que alguien de bajo perfil...
49  Local / Español (Spanish) / Re: Minería Bitcoin y la Energía Renovable crea debate entre expertos on: November 30, 2023, 01:54:09 AM
Cada vez salen con las cosas mas disparatadas. Incluso los que usan agua, digamos porque la toman de un río para enfriar sus mineros, la devuelven luego porque no se "gasta" simplemente se lleva el calor. Y tampoco es que se ensucie o contamine por eso.

Pero la mayoría no usan nada de agua o la usan en un ciclo cerrado donde casi no se pierde nada.

Está claro que la idea es ensuciar la imagen de bitcoin, por algo dicen "mas que una tarjeta de crédito" pues de allí vienen esas campañas que por ejemplo la gente de Ripple (la altcoin para banqueros) lleva años llevando a cabo (y son los que literalmente financiaron a Greenpeace y otros en el pasado para hablar mal de la única moneda privada que ha enfrentado realmente la tiranía de esas instituciones).

Y si es por la generación eléctrica, pues igual. El agua que mueve las turbinas de la hidroeléctrica viene de la lluvia y lo que se aprovecha es la fuerza de gravedad si a ver vamos, que forzosamente lleva esa agua hacia el océano. Que se pongan a girar turbinas o no, no hace que se "gaste" esa agua, igual está destinada a bajar al océano.

Y los procesos de generación que involucran calor, evaporación y condensación también la re-usan en ciclo cerrado o de muy poca pérdida. Por ejemplo en las geotérmicas la lava hace hervir el agua que está en el manto arriba de ella, y al perforar se le da una vía de escape a ese vapor que hace girar la turbina. Luego al enfriarse esa agua se devuelve al subsuelo de donde vino donde vuelve a hervir, etc.
50  Local / Español (Spanish) / Re: Javier Milei y Criptos, lo que se viene. on: November 30, 2023, 01:40:49 AM
Bueno, si Milei no cumple lo prometido porque sus acuerdos políticos sencillamente no se lo permiten, pues será otro mas del montón que no logra mucho y la gente termina votando por algo peor.

La "dolarización" es algo mucho mas formal, en donde un país adopta esa como la moneda de circulación y generalmente incluye acuerdos bi-nacionales para que la FED provea billetes nuevos y reciba los viejos. No es lo mismo que permitir que la gente lo use y ya.

En países como Venezuela eso no existe y por eso se ven muchos billetes de dólar viejos pero ninguna moneda, en cambio se ven frecuentes en El Salvador (el Venezolano promedio aun no sabe que el billete de 1 dolar fue reemplazado por una moneda) la moneda de 1 dólar, medio, un cuarto etc.

Cerrar el Banco Central es echarse encima a los banqueros, así que la presión política para "no avanzar" debe ser enorme.

Ahora que recuerdo Hong Kong siempre operó sin Banco Central, cuatro bancos privados son los emisores del dinero allí, sin estar "dolarizados" (aunque la moneda se llama "dólar" de Hong Kong).
51  Local / Español (Spanish) / Re: Atascado! no, ¿atascado? si, no confirmado. on: November 30, 2023, 01:14:03 AM
Mi preocupación es cuando se crucen olas, por ejemplo eso de los ordinals junto al brc-20 y el otro, si solo uno de los spam causa tanto malestar solo imaginar que 2 de ellos se den un repunte por alguna circunstancia y luego podrían ser mas, aunque no siempre pero igual veremos momentos así que den pánico.
52  Bitcoin / Bitcoin Discussion / Re: OFAC-Sanctioned Transactions Being Censored on: November 25, 2023, 04:37:19 PM
In summary, the report concludes that these transactions were likely intentionally filtered by F2Pool, This raises the question of why F2Pool, a pool with origins in Asia, is the first pool to filter transactions based on US OFAC sanctions, especially considering that other transactions with similar or lower fee rates were included

And in typical American fashion, American companies may be given a no-gag order, obey quietly or else...
So you can just choose what State will enforce their rules, depending on where the pool is.

Unless some pool starts operating in the "dark web" (tor hidden/i2p, etc) or such, with anonymous use like ckpool does for solo. But what if those operators do a rug pull? It happened in the past in the clear net...

Maybe a REAL pool operated in El Salvador or some country favorable to Bitcoin? (not a whitelabel from yet another American company).
53  Bitcoin / Bitcoin Discussion / Re: Will Argentina Be The Next El Salvador To Accept Bitcoin As Legal Tender? on: November 25, 2023, 04:28:22 PM
Apparently this guy is not clueless and knows about the Austrian School of Economy. Hayek made a proposal a few decades go, to let the market decide what coin to use, not have a State monopoly of it. And that is precisely what this guy said would do: Close the Central Bank of Argentina which also serves to remove the wedge banks use for their legalized ponzi scheme known as fractional reserve. Central Banks were created for that first and issuing coins second. It is great that people there learn that putting money in banks is risky, and much better now without State protection.

The market can decide what to use, and that includes private made coins such as Bitcoin, at the same time, lose their trust of banks; win/win.
54  Local / Español (Spanish) / Re: Formas de gastar y disfrutar de mis Bitcoin en España on: November 25, 2023, 02:00:01 PM
6: Abandonar España vivir en El Salvador, Bitcoin city y olvidarse de impuestos. Ser un feliz turista en España de vez en cuando disfrutando el clima tropical centro americano el resto del año...

Hmm creo que hay que renunciar a la ciudadanía española o algo así luego de obtener la Salvadoreña, porque si mal no recuerdo España es uno de esos países que demanda a los que no viven allí pagar impuestos de todos modos. Vamos, que las colonias sigan alimentando a la corona...

7: Votarle a los que propongan adoptar medidas como las de El Salvador y militar políticamente para convencer al resto de votarles. Esto podría tomar mas tiempo que mudarse de país...
55  Local / Español (Spanish) / Re: Javier Milei y Criptos, lo que se viene. on: November 25, 2023, 01:25:50 PM
Al fin alguien que sabe algo de la escuela austríaca de economía. Argentina como muchos países latinoamericanos tiene muy fuerte el socialismo incrustado, en Argentina concretamente me han dicho que Buenos Aires con sus programas sociales y su densidad (mas votos que la provincia) tiende a dejarse llevar por este error histórico (En la Antigua Roma, se le garantizó a cada ciudadano una ración de trigo, por lo tanto muchos campesinos abandonaron el campo para irse a vivir a Roma).

En un comunicado de prensa de "La Oficina del Presidente Electo" declara entre otras cosas:

"El cierre del Banco Central de la República Argentina (BRCA) no es negociable".

La gente que aprenda a desconfiar de los bancos, sin el banco central son mucho mas vulnerables, como debe ser, porque es el Estado quien les está avalando el esquema Ponzi de la reserva fraccionaria.

De Hayek vino esa idea de que el libre mercado que escoja la moneda que mas le sirva, incluyendo monedas de creación privada como Bitcoin... Básicamente eliminar el monopolio del Estado sobre la moneda de circulación.
56  Local / Español (Spanish) / Re: VACA MUERTA MINERIA TRADICIONAL Y MINERIA CRYPTO on: November 21, 2023, 08:11:35 PM

Sabes que en todo el universo crypto e internacionalmente tienen una imagen de Milei super pro BTC, cuando realmente no es tan asi, si lo es por su concepcion de las ideas y su filosofia logicamente, pero me refiero a que es mucho mas el hype afuera que hay con eso que lo que realmente el a dicho.

Tranquilamente puede llegar a hacerla de curso legal de alguna manera o para transferencias de inmuebles etc, pero la realidad es que van a ser meses muy movidos aca en argentina (esto ganase quien ganase).

Milei es super pro USD y lo queire poner como moneda , lo cual va no tan a tono con el BTC.... me explico....

Otra cuestion es que tambien post primera vuelta se tuvo que juntar con muchos muchachos muy muy clasicos, hay que ver que tan encorsetado esta y que versión de el se vendrá finalmente. Todavia no se definio por cual sera su ministro de economia.

Yo diría que está tomando una idea de Hayek (seguidor de Mises y otros en la escuela austríaca) que es básicamente eliminar el monopolio del Estado sobre la moneda y dejarlo al libre mercado, que la gente use lo que le sirva mas, y claro eso incluye a Bitcoin que no la hizo ningún otro Estado.

Y hasta se ahorran algo cerrando esas instituciones inútiles que solo sirven para distorsionar un negocio que no debería ser tal sin la intervención del Estado (los bancos). Muy perverso que sin el Estado los bancos son peligrosos, pues me parece muy bien que la gente se deslinde de los bancos ya no hacen falta y si quieren seguir pues será en condiciones iguales sin ventajismo o proteccionismo Estatal. Miren que en Venezuela es tan grave que sin el Estado y sus controles y reglas absurdas muchos quiebran (como debería ser).

Los bancos no van a desaparecer, pero no van a ser tantos, porque dejan de ser necesarios. Siempre hay quien quiera uno, pero no es vital para una sociedad. Así que lógicamente se van a encoger y eso es lo correcto, y que la gente aprenda lo que pasa al confiarles el dinero a esos bancos, el peligro que eso representa para sus ahorros de toda la vida (si las numerosos crisis que a vivido ese país no han sido suficiente para dejarlo bien claro ya).
57  Local / Español (Spanish) / Re: VACA MUERTA MINERIA TRADICIONAL Y MINERIA CRYPTO on: November 20, 2023, 05:22:36 PM
Se salvó Argentina... Le salió competencia a El Salvador, este señor plantea eliminar el banco central, como muchos seguidores de la escuela austríaca de economía proponen, y es muy favorable a Bitcoin.

Esto dijo Javier Milei ya Presidente electo en un programa televisado:

"lo primero que hay que comprender, es que el banco central es una estafa"
"¿si? Es un mecanismo por el cual los políticos estafan a las personas de bien con el impuesto inflacionario"
"el bitcoin lo que está representando es la vuelta del dinero a su creador originario que es el sector privado"
"entonces el bitcoin es la reacción natural frente a la estafa que son los bancos centrales y que el dinero vuelva a ser privado y la contra-cara es que los políticos ladrones no te van a permitir ir contra el curso forzoso"
"¿qué es lo que pasa? cuando vos tenés economías con alta inflación y el problema de la estafa es más claro entonces hasta podés discutir como digamos planteo yo directamente eliminar el banco central"

Eso que dijo es absolutamente cierto. La estafa del esquema ponzi legalizado llamada reserva fraccionaria, que es es la razón de existir del banco central, el banco de los bancos que juegan casino con el dinero de todos.

Naturalmente sin banco central no hay quien los proteja, la gente debe aprender correctamente lo peligroso que es prestar dinero al banco (la palabra correcta, escondida en una falsedad denominada por ellos "depósito" que no es tal, es un préstamo que tu le haces al banco y que puede no devolverte nunca).
58  Bitcoin / Mining speculation / Re: 2023 Diff thread now opened. on: November 19, 2023, 07:09:12 PM
Network is above 600 EH/s, next year, who knows...
59  Bitcoin / Mining speculation / Re: Bitcoin: A Peer-to-Peer Electronic JPEGS System on: November 19, 2023, 07:00:47 PM
I'd say: "A Peer to Peer cloud database system" thanks to recent changes and relaxing of the protocol consensus rules...
60  Bitcoin / Mining software (miners) / Re: S17 produce only discarded shares on Braiins with stock firmware on: November 19, 2023, 06:54:33 PM
You mean his problem, because the pool still accepts any bitcoin miner perfectly fine, including S17 Pro running stock.

Maybe he should open a ticket because here is no pool support...
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