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5501  Other / Beginners & Help / Re: DeFi the decentralized ways of scam on: January 30, 2022, 04:51:18 AM
the whole mess has turned into a gambling game where you bet on 5-10 numbers in the roulette, and if one hist the jackpot you're happy if not, you try again.
I feel like this is exactly the reason why the history has been like this and why things aren't going to change. Everyone who gets into these things sees them as a bet, they have chance of winning a prize which is not zero so they keep making the bet even though the house (those who created the garbage) always wins while they lose majority of their bets and they are in a total loss.
5502  Bitcoin / Development & Technical Discussion / Re: What does a non-mining node do for the network? on: January 29, 2022, 11:26:19 AM
I don't think any "ASIC resistant" algorithm would be desirable to implement. All it would do would be to make it more difficult to develop ASICs, and there is always the risk that the person advocating for a particular algorithm has already done some research on how to create ASICs for that algorithm.
So far based on what I've seen ASIC resistant meant you can't use bitcoin SHA256d ASICs to mine that algorithm but creation of an application-specific integrated circuit (ie. ASIC) is very well possible. Even those that tried using more memory with memory expensive algorithms ended up having ASICs.
The only working solution so far seems to have been changing the algorithm every now and then!

P.S. Do we even want an ASIC resistant algorithm? After all ASICs with their huge hashrate are providing the security.
5503  Other / Meta / Re: [Voting 2021] Bitcointalk Community Awards on: January 29, 2022, 08:49:31 AM
 1. Absolute Hero of Good: satoshi, theymos
 2. Golden Feather: JayJuanGee, gmaxwell
 3. Bitcointalk Ninja: LoyceV, DdmrDdmr
 4. Bitcoin Geek: o_e_l_e_o, ETFbitcoin, Charles-Tim
 5. Event of the Year: El Salvador adopting bitcoin as legal tender
 6. Fail of the Year: boy where do I start Cheesy lets say price (specifically bubble) predictions from the common $100k to my $440k
 7. Discovery of the Year: BlackHatCoiner, EZ0010
 8. Best SpamBuster: actmyname, Ratimov
 9. Best ScamBuster:
10. Craft Master: DarkStar_
11. Antihero: (they usually don't last long on the forum so I'm gonna choose:) Craig Scammer Wright
12. Miss Bitcointalk: (I don't really know gender of any of the users on bitcointalk)
13. Best Moderator: mprep, Cyrus

P.S. That was very hard and I know I have forgotten a lot of good users but I did my best.  Kiss
5504  Bitcoin / Bitcoin Discussion / Re: Kazakhstan cripping the bitcoin network on: January 29, 2022, 07:32:09 AM
Is it? When the internet was down, all that lot of hash power... was not missing...
Dependent on the pools they were mining too.
The miner still has to connect to the pool over the internet and if there is no internet they can't connect to any mining pool regardless of which one they chose. Although there are workarounds, such as using satelite themselves but I don't think any of them had planned ahead, since this was not expected. Keep in mind that the hashrate did drop but only a little which means the whole "crippling bitcoin network" thing is not true.
5505  Bitcoin / Bitcoin Discussion / Re: True Value of BTC on: January 29, 2022, 05:22:40 AM
focus on the amount it costs to produce 1 BTC in terms of mining costs, what is that value and how do we calculate that?
Bitcoin is not a product that means that bitcoin price is not decided by its production cost.

What you are asking only works for products, like a car for example. They have a production cost and that decides what the finial value of it is. But in case of bitcoin the only deciding factor is the utilities that bitcoin provides and the supply & demand (or adoption) of it.

Even more interesting is that for bitcoin the "production cost" (ie. the mining cost) is decided based on bitcoin's price not the other way around.
5506  Bitcoin / Bitcoin Discussion / Re: IMF urges El Salvador to remove Bitcoin as legal tender on: January 29, 2022, 05:07:58 AM
So El Salvador starts thinking about dumping US dollar in favor of bitcoin and an American institution in Washington D.C. starts pressuring them not to do it and you think it is has anything to do with them not being ready to adopt bitcoin?!! Quite the opposite, it is all about US not wanting to accept that their currency is losing the position it once had in the world.
5507  Other / Beginners & Help / Re: When Will Amazon (AMZN) Accept Bitcoin? on: January 29, 2022, 04:46:19 AM
Hmm, I'm not quite sure. I imagine it would be beneficial for them to add another payment processor, especially when they were having problems with VISA on the platform, which I do believe has been sorted now. I actually thought that the removal of VISA payments on their platform might actually accelerate the implementation of Bitcoin payments, but it wasn't to be.

Although, aside from development costs, and potentially training support staff to help with any issues or questions, there shouldn't be too many costs, especially if they were to develop their own payment processor.
It is all about customers and how many of them are going to pay with bitcoin. Imagine a restaurant with regular menu, they don't cook some rare food that nobody would ever order like some weird foreign recipe. If they do (for example buy the ingredients, teach the cooks, etc) they would just add an unnecessary cost that can't be justified in a business.

It is the same with bitcoin payments. Adding the option is good on paper but if only a very small number of people are going to use it (like 0.1% of their total customers) then it is not worth the hassle.
So far the bitcoin adoption is very small and out of that tiny adoption an even smaller percentage are willing to spend their bitcoins. This is why bitcoin payments are still only popular in some niche businesses like where decentralization and privacy are important like among VPN service providers.
5508  Other / Beginners & Help / Re: DeFi the decentralized ways of scam on: January 29, 2022, 04:35:48 AM
History was something like this:
- Bitcoin was created and this invention brought a new technology that was very useful.
- Some developers decided to expand the technology and by changing variables create new cryptocurrencies.
- Bitcoin price kept going up and it attracted a lot of wanna-get-rich-overnight type of people.
- Some of them could code and realized bitcoin is open source so they started copying (forking) bitcoin and creating copycatcoins. These coins took a lot of effort to create and the profit they could make were small since they too had to mine the shitcoin and pump it first then sell it on the market.
- To maximize profit they came up with the idea of premining and that maximized their profit for a short time since people still bought into these shitcoins while ignoring the fact that the dev has a huge supply printed out of thin air in a blinking of an eye and plans on dumping it to  make a ton of money.
- As premine shitcoins started failing they tried hiding the premine, which is where shadow-mine and other methods come in.
- Somewhere in history someone introduced the concept of creating tokens on bitcoin network and a bunch of them were created (referred to as Omni layer). You have heard of at least one called Tether (USDT).
- A developer came alone and took this idea and created a new shitcoin to allow easy creation of tokens, premined the shit out of that shitcoin, started an ICO and make millions overnight.
- Then the idea of creating easy scam coins was expanding and ICOs became very easy for tokens
- As the ICO scam started failing (like all previous scam methods) they started looking for ways to hide the scam so they changed the name to other things including IEO, STO and eventually DeFi and NFT.
-...
- In near future as the token scam is also obsolete, they will come up with a new way to scam people.
5509  Bitcoin / Electrum / Re: Requesting help with lost unconfirmed transaction on: January 29, 2022, 03:51:12 AM
Thanks so much for the info about restoring my wallet. But is it true that if it's synced there will still be no record of my lost transaction if i do so? Is there any other way to find old Electrum files on a Mac? Or to access an earlier version of my wallet, if all else fails? Sorry, but i really cannot believe i did such an incredibly stupid thing and i would like to remedy it in any way possible!
You can't "delete" a receiving transaction, not to mention that they are only seen in your history tab and they don't have a delete option anyways. The only thing you can delete is a transaction you are sending (haven't broadcast yet, or it is local) from your history tab or a payment request in the request tab. You can remake both of them again though, since you haven't lost anything.
5510  Economy / Trading Discussion / Re: Arbitrage in crypto on: January 28, 2022, 10:22:58 AM
Be very careful when you do altcoin arbitrage trading, I have had some pretty bad experiences in this field. Usually when there is a big price gap between exchanges in different altcoins it is a bad sign, most of the times one exchange or both are having some serious problems with that coin and you can't transfer it between exchange to complete your trade and get your profit.
Sometimes the order books can be too thin or even fake and you could fail to finish your trade that way and end up bag holding something you don't want to.
5511  Economy / Speculation / Re: Block Rewards when Bitcoin hits $1M on: January 28, 2022, 10:10:55 AM
My actual point is that this is the limiting factor in the speed of the rise of bitcoins price.
Why would it be? Bitcoin is not a product that is only sold by the manufacturer (ie. the miners) so that they can set the price and a limit for it. So it doesn't matter what the cost of mining is, the price can go to any levels, whether higher or lower.
What you have to remember is that price affects the cost of mining, but the cost of mining doesn't affect the price.

Quote
Another question is will the spike in global hashrate actually shorten the current block time of 10 minutes?
Not exactly, because hashrate is not going to spike a lot (like >50%) in a short period and any smaller increase means the change in the average time between blocks is negligible and the difficulty adjustment (every 2016 blocks) takes care of that difference.
5512  Economy / Speculation / Re: bitcoin circle with simple words ? on: January 28, 2022, 09:58:09 AM
i dont want to lose money from profits not from my capital.
you think it will go more down the price from it is now ?
You should sell your bitcoins and get out because of a couple of reasons.
First is that you apparently invested more than you could afford to lose, which is the worst thing you can do when it comes to investment specially in something as volatile and new as bitcoin.
Second is that you invested in bitcoin without doing proper research and trying to come up with some sort of understanding on your own so that you don't have to ask such basic question as wanting others predict the unpredictable. In other words you don't invest in bitcoin because you think tomorrow price isn't going to drop, you buy bitcoin because you see the long term potential of it or see the usefulness of the utilities it provides.
5513  Bitcoin / Bitcoin Discussion / Re: Trezor implements Address Ownership Proof Protocol, more regulation less privacy on: January 28, 2022, 09:27:02 AM
We keep coming back to the fact that centralization and decentralization do not mix well with each other. When you try to use centralized exchanges with decentralized bitcoin, that is what you get! A lot of invasive and restrictive measures. That goes with any other centralization, like using a centralized payment processor to send/receive bitcoin.

For example this news does not affect me at all since I'm not using any centralized exchanges and my wallet doesn't come from a centralized company!
5514  Other / Beginners & Help / Re: [warning] Vulnerability in all major Linux distros gives full root privileges. on: January 28, 2022, 07:44:42 AM
This is not such a big problem when we know small percentage of people running Linux operating systems compared to wiNd0ws and mac.
It is kind of off-topic but I guess people don't want to change, even if the change is significantly better. It is the same problem we have in bitcoin adoption. I did some search and was very surprised as how low the "open source" adoption is, 2% Linux usage as OS on PC, 2-3% usage of Firefox browser, maybe less than 1% usage of bitcoin, etc. This is while all these alternative open source options are way more superior to their closed source counter parts, not to mention that at this point they are very mature.
I'm very surprised and kind of disappointed to be honest..
5515  Bitcoin / Bitcoin Discussion / Re: Kazakhstan cripping the bitcoin network on: January 28, 2022, 07:02:13 AM
This is not a good sign to have the total hashpower centralized like this.
If it were really centralized then yeah it would have been a bad sign but bitcoin hashrate hasn't been centralized ever. This is just the same 9 year old FUD but the word "China" is being replaced by the word "Kazakhstan". Funny thing is that mining is still ongoing in China despite what the media says and Chinese miners who migrated went to many different locations not just Kazakhstan or even US despite what the media keeps telling us.
5516  Bitcoin / Electrum / Re: Watch only wallet with Private key on: January 28, 2022, 06:25:06 AM
Is there really no one out there that might think of anything that can cause that result. It is just the way it happened.
@nc50lc is right, the things you explain with certainty like importing the same exact key into different software and getting different addresses is not something that can happen under normal circumstances. One of the reasons why I initially asked you whether you had verified the Electrum file was this, you can't just get a different address from the same key if the software is legit.

Quote
Is there some other forum where I can ask the same question?
You could try reddit or SE.
5517  Bitcoin / Electrum / Re: Watch only wallet with Private key on: January 28, 2022, 05:48:00 AM
We did check the signature. But how is it that my Electrum synchronization picks up all 8 my private keys' addresses 100% correctly. If it didn't belong to those private keys where did the information come from then. Is it not strange to you then? I mean they didn't come from my computer while syncing.
It is not that unlikely to make a simple mistake while importing those keys one by one. You may have even made the mistake of pasting an address that you had copied for some other reason into your import window which is why you ended up with a watch only wallet in first place. It definitely doesn't happen while you are syncing.
5518  Bitcoin / Bitcoin Discussion / Re: Bitcoin is a fraction of Global Assets value (Ark-Invest report) on: January 28, 2022, 05:34:30 AM
shift the price by $3.14
You do realize that $3.14 price change is a tiny 0.008% change right?

They also pointed out how bitcoin is taking some share as a global settlement network. The global volume transferred is higher than Visa in 2021:

That's assuming that all Bitcoin transactions happen between different parties, and not the same party moving coins between their wallets, including their exchange accounts. Which I think happens a lot, because with large amounts of coins it can be lucrative to make profit off arbitrage trades. If you look at the chart, the total transferred value mimics the price chart, meaning that in terms of BTC it doesn't change much throughout the years.
Does it matter though? The point here is that bitcoin, a as a payment system, is handling this much transfer of value. Whether it is from one pocket to another or it is from one person to another doesn't change that bitcoin is handling all those transactions.
The point you are making is important when we are talking about adoption.
5519  Economy / Speculation / Re: Two Realistic Moves in Play on: January 27, 2022, 12:51:34 PM
Yea, If that would actually happen then that'd be GREAT(adoption wise, and for my pockets as well, obviously), but that's wishful thinking in my opinion. Highly unlikely for people to suddenly see Bitcoin as something that's not a scam just because the stock market crashes.
Well, if we are talking about idiots then all it takes is a couple of days of stock market crashing and bitcoin price rising even a little for the sheeple who believed the "scam" story to start believing the "moon" story and jump on board.
In this scenario we are talking about a major crash not a small 5% drop. Maybe a big recession like 2008 that led to bitcoin creation. After all bitcoin went up 2000% during the pandemic when economy was shit.
5520  Economy / Speculation / Re: Two Realistic Moves in Play on: January 27, 2022, 08:33:38 AM
If US markets start selling down hard and mark the end of the bull market then yeah, it will drag everything down with it including crypto.
I disagree, not just because there has never been any relationship between the markets in the past 13 years but also because when US markets tank people will start pulling their money out of US markets but they won't put that money under their mattress, instead they will look for an alternative place to put it and bitcoin is an excellent option.
In other words it is a strong possibility that we see a big bitcoin bull run when the US markets tank.
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