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5821  Bitcoin / Hardware wallets / Re: Question about the seed words and their safety on: September 20, 2021, 07:55:54 PM
The 24 seedwords are split to two different safe boxes with 12 seedwords stored seperatelly...

No. It will just make it more confusing for you to restore in 10-20 years, and you already have no room for error: one of the halves is gone, everything is lost.
If you really want to save the seed split in multiple locations it could be better to use something closer to a standard, like Shamir Backup. But you'll need at least 3 location for that.
5822  Bitcoin / Hardware wallets / Re: Question about the seed words and their safety on: September 20, 2021, 07:44:51 PM
Yeah.. this topic is a duplicate.

And although this matter should have been discussed here, the discussion is in Beginners and Help.
5823  Bitcoin / Bitcoin Discussion / Re: protection mechanics for preventing faking bitcoin on: September 20, 2021, 02:49:00 PM
-snip-
1. Buy something something else, but that's advertised as Bitcoin. There are plenty of "Bitcoin whatever" altcoins, but they use different blockchains.


I wouldn't doubt people who have used bitcoin for years, but what if:
If bitcoin had been legalized worldwide but with policies like Elsalvador (under control), then not everyone could not identify real and fake bitcoins because they were not introduced to how to transact bitcoin onchain. In fact bitcoin addresses can accept some bitcoin forks. If one day a scammer builds a phishing tx explorer site and designs the interface as if it belonged to real bitcoin's blockchain, the victims are unaware because of their ignorance.

Perhaps the OP's question is irrefutable for some reason. And what makes me believe that bitcoin can be "counterfeited" is that there are cases of wrong deposits on CEX, which BCH they thought was BTC.

El Salvador situation is indeed different - they use LN there on a specific software. But that software will work with bitcoin nodes. I don't think it works with anything else. But yes, the user should get used with the tool.
And, as help, their govt has sent them some free money. Receiving them it's a good indicator for using the right tool in the right way.

But you do have a good point about multi-coin block explorers and wallets, but if the user has a good - proper - wallet, that will work on bitcoin blockchain and he will see that something is wrong with whatever the scammer shows.
And multi-blockchain wallet and explorers should tell the full name of the coin for which they show the transactions. One has to open his eyes, though...
Plus, if anything is fishy, if anything is different than expected, one can come here and ask with clear data at hand.
5824  Bitcoin / Bitcoin Discussion / Re: Bitcoin or Gold: Superiority on: September 20, 2021, 02:33:31 PM
Despite Bitcoin's success, do not let your enthusiasm for it turn into arrogance or (worse still) stupidity. In addition to bitcoins, the world values many other assets, including gold and oil.

If one has the funds for it, diversifying is clearly the key. Gold, bonds, stocks, real estate, and why not, entire companies. The thing is.. one has to have really big funds to actually get to diversify.
And, on the other hand, bitcoin had the biggest returns for the last 10 years...


How do you feel about this?

I feel like "meh, why this question again?". I mean, this topic was discussed so many times, I don't know what your point is. Are you trying to advertise gold to bitcoiners or what? Why aren't the other diversifying options in the topic?


Bitcoin or gold, gold has its own allure, especially for women, because almost all women use and invest in gold

Are you aware that investing into gold doesn't mean to buy jewelry? I mean, your comment looks a bit off...
5825  Economy / Services / Re: I need a lawyer who can act against freebitco.in on: September 20, 2021, 02:03:06 PM
Did you try to provide those official papers on your own?

User jeanvals is inactive since 2021-04-15, hence I wouldn't make too much of a hope to get answers from him.
Also if you have questions you better open your own thread instead of revive old ones (where you may also not be 100% on topic).
5826  Bitcoin / Bitcoin Discussion / Re: Bitcoin Biggest Wallet? on: September 20, 2021, 01:53:10 PM
Thank all for your replies.

The biggest wallet holds 288,126.20 BTC
address:
34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo

No. That's an address, not a wallet. A wallet can contain multiple addresses, hence there's a pretty good chance that the fattest wallet is bigger than the biggest address.
You can see here that even this address is (probably) part of a wallet with more addresses.
5827  Economy / Economics / Re: Future economic fear of the rich and poor. on: September 20, 2021, 01:40:41 PM
The rich has a very good chance that even if he loses a big amount of his wealth, he won't lose it all. By far. The rich can afford advisors for diversifying, ensuring and so on.

The poor -- depends how much money he got. He may or may not have the education to spend well, to ensure, to do something meaningful. Or he may not have got enough for all his plans. Of course that he will be the more "fearful"
5828  Bitcoin / Bitcoin Discussion / Re: protection mechanics for preventing faking bitcoin on: September 20, 2021, 01:34:43 PM
I need a real example of this concept something more clearer and more understandable

All the transactions are saved in the blockchain. If a transaction is confirmed, it means that it was correct and nothing fishy/counterfeit in it. The software checks that.
Your wallet will find out from the blockchain that you received money. If the transaction is confirmed, then you are good.

It also helps understanding that your wallet never receives money, the wallet only handles the keys for spending certain (your) coins from the blockchain.


So the software takes care of everything, makes sure all the conditions are met, so when you have received money, from the moment they're confirmed, they are yours and you can be sure they're not counterfeit or anything. Since Bitcoin is not physical, I'm not sure what are your expectations about this topic; the concept is different.

As I said, on the blockchain, everything is clear and enforced.
However, you still can get scammed:
1. Buy something something else, but that's advertised as Bitcoin. There are plenty of "Bitcoin whatever" altcoins, but they use different blockchains.
2. Various services may get your money and don't send you the coins.
3. Double spend (of the same funds) is something you can easily avoid it by waiting for at least 1-2 confirmations.
4. Some may try to give you Testnet bitcoins; those are only for testing and they're on a different blockchain.
5. Make sure that you and only you have the seed/private keys for the funds. Even if you made sure your coins are not counterfeit, they are easy to be lost/stolen from you.
5829  Economy / Reputation / Re: archive.today / archive.fo / archive.??? being blocked by some ISPs (DNS ISSUE) on: September 20, 2021, 01:13:45 PM
In my case .today redirects to archive.ph (although I'm not from the Philippines)
Usually I just use archive.is and I'm fine; and it works now too.

Maybe arhive.today is some load balancer/redirector and one of the targets is down?
5830  Economy / Economics / Re: New regulation in South Korea has forced several exchanges to close on: September 20, 2021, 01:03:35 PM

Woah, I'm sure that if this is for real, it can be easily attacked by some smart lawyers.
I mean, if I have a successful business I have to partner with another private business only for the sake of it? This must be incorrect. Why would I help another private business? It's my business, I have to find the ways for enforcing KYC - maybe with the help from another company, or maybe not. It should be my decision...
5831  Economy / Gambling discussion / Re: F1 Formula Sports Racing - Sportsbet.io promotions & discussion thread on: September 20, 2021, 07:07:06 AM
Hamilton has likely only one more year in Mercedes and probably in F1.
Russel will be the new Mercedes's top driver in the next future.

I wish you're right. But I fear that this won't happen this soon. Hamilton likes to have some drama around him, this makes the newspapers write about him, show his picture, show his sponsors...

There are some 5 (maybe more) drivers now in F1, some are even my favorites, which should - sooner or later - make way to newer, younger ones. I expect Formula 2 and Formula E has quite a number of drivers that could fill those spots in the blink of an eye.

5832  Economy / Exchanges / Re: Is it stupid to NOT use BNB on Binance? on: September 20, 2021, 06:35:49 AM
OK, I just want to know if I can keep just enough for the trading and withdrawal fees. For example, if I'm trading BTC>USDC, the fee will be %1 of the traded currency, taken out from the USDC (the currency acquired from the trade). So if 1 BTC is 50,000 USDC, and I traded 0.005 BTC for 250 USDC, they'll take %1 from the 250 USDC, which will be 2.5 USDC. So I'll end up with 247.5 USDC.

But if i use BNB, they say that the fees will be reduced (to %0.5 I think it was). So in the above example trade, they'll take out 1.25 instead of 2.5, but they will not take it from the USDC, but rather the BNB in my wallet.

Is the above correct? Did I understand how it works correctly? If yes, then...

1) Is it %0.5 of the BNB's exchange rate from the 250 USDC? So for example, if 1 BNB is 500 USDC, does it mean they will take out 0.0025 BNB? (1 USDC = 0.0020 BNB so 1.2 USDC would be 0.0025 BNB).

2) Can I buy enough BNB to keep in my wallet for just the transaction fee I want? Taking the above example, if I wanted to make that trade in an hour, and I currently have zero BNB in my wallet, can I go ahead and buy 0.0025 BNB just for the purpose of saving on fees for that transaction? Does it work that way?

Indeed, they will be taking BNB from your Binance wallet as fee, not BTC or USDC. If you have BNB and this feature is enabled (afaik it is by default)

1. The fees are (10x) smaller than you wrote and BNB also doesn't help that much. (25% instead of 50%)
The fees are 0.1% (not 1%) and with BNB it's 0.075% (not 0.5%).
And I don't know 100% what conversion rate they use for BNB, sorry, I don't trade large amounts so it doesn't matter that much for me. It's probably the spot price.
Maybe you find more in their help pages.

2. I don't see why not. That's basically what I do, although I don't really "buy BNB" for this, instead I convert into BNB the small amounts now and then.
5833  Bitcoin / Press / Re: [2021-09-11] India's upcoming cryptocurrency law seeks to balance stability and on: September 20, 2021, 06:13:29 AM
Being an Indian resident, I need to say that it is not that simple. First of all, Bitcoin is not 100% legal in India. So if I mention that I received profit from Bitcoin trading in my IT return, then there is a good chance that they will start legal action at some point in the future. And secondly, in order to receive income from abroad (for freelancing), you need special license. This is done in order to limit the IT-related jobs to the bigger companies. Freelancers usually don't have such licenses, and they sometimes face issues due to this.

Woah, it's indeed complicated.  Angry  Shocked
Yeah, the legislation is stupid and instead of fixing it, they make it worse. In my country, especially in IT, the legislation is pretty lax because they've figured out that it's better to have people stay and pay *some* tax than leaving the country completely.
Limiting and over-limiting, special licenses, ... only make people stay just long enough to buy a plane ticket, one way only.
Oh well, sorry to hear...

And indeed, if it stays like this, it's not only about tax avoidance, it's also about avoiding other laws too...



The government also takes away a large chunk in the form of currency conversion charges and other fees. If freelancers receive the salary in the form of BTC, then the government loses all this money.

Well, they can still over-charge and over-tax Bitcoin to fiat exchanging, but yeah, it's more than this...  Sad
5834  Economy / Exchanges / Re: Is it stupid to NOT use BNB on Binance? on: September 18, 2021, 03:52:37 PM
I just noticed that withdrawing from Binance using BTC is ridiculously expensive compared to BNB, which is almost nothing. So I was wondering, why am I not using it? Why don't YOU use it? I feel like there is a catch, just don't know what it is.

1) I use USDC to trade. Should I switch over to BNB? Why? Why not?

2) What are the advantages? Is it only to save on fees? If so, would there be any disadvantages that would negate that benefit?

3) Do I have to pair the crypto I'm trading with BNB in order to use BNB to avail the low fees? Or can I just exchange currency for some BNB to hold in my wallet and Binance will use that BNB to pay fees?


BNB is an altcoin. As long as Binance will have success, BNB should be pretty much OK. As soon as Binance will get into difficulties (and you may not be aware) BNB may no longer be OK.
Since Binance is getting at the verge of being banned here and there, they now try to start getting compliant with the law(s). This may be too late, this may be a problem for the customers, or may be just fine. I don't know.
Altcoins are risky. You should know that. All in all, I would not keep too many funds in BNB. But that's my opinion; some do consider it a wonderful investment.

Now, I'm not convinced how many exchanges accept BNB; I expect that they're are much less than USDT. Also you should know that if you withdraw BNB, you'll keep it in BNB wallet, not Bitcoin. You know the difference between Bitcoin and altcoins, right?

And at the end, I do keep some money in BNB. But it's under 1$. I keep it for cheaper exchange fees at Binance. For me, that's the only good use for BNB.


I hope it helps. But please do as you think fit. It's up to you whether you invest or not.
5835  Economy / Trading Discussion / Re: is crypto trading different from forex trading. on: September 17, 2021, 04:07:37 PM
While Forex price variations are smaller and clearer, dictated by politics and news about central banks, the price of crypto can change greatly in very short time for no reason (or no apparent reason).
While the charts, indicator and basics are the same, it's much harder to foresee the crypto price movements. That's also why many see crypto trading closer to gambling.
5836  Bitcoin / Wallet software / Re: Sparrow Bitcoin Wallet on: September 17, 2021, 12:14:54 PM
Ohoo, I've checked 1.1.0 at some point and I was pretty much disappointed back then, now it's 1.5.0...

I see it does work with my HW now (although the first server I've tried said it has no transactions at all; the second worked). The old version didn't have neither the USB button, nor Ledger on the list of wallets to import.
I see it has things better done than Electrum (View->Hide Empy Used Addresses).
But - at least for me - it still doesn't have the usability of Electrum.
However, it's on the right track, so we'll get there too, and possibly pretty soon.

Thanks @dkbit98 for the update!
5837  Alternate cryptocurrencies / Altcoin Discussion / Re: Am I the only one that feels this way? on: September 17, 2021, 11:37:24 AM
Every time I see coins and tokens trading at 0.000005$ I always run away

The trading price was never a real problem, even Dogecoin started really small (not that small, but still, I remember the days with 0.00015$).
But you're right, in many case the devs added far too many zeros at the end of supply value (making the price this low).
However, no matter the price was high or low, sooner or later all altcoins disappointed me (as price/investment).
5838  Bitcoin / Bitcoin Discussion / Re: Satoshi Statue in Hungary on: September 17, 2021, 06:28:40 AM
I've watched (a bit late, I know, thanks for the link) the unveiling, and I also glanced at the comments too.
The comments were varying from "wonderful" to "it looks like me" or "it looks like Terminator". And I somewhat agree with them, since I also had higher expectations.

The statue is not bad at all, the fact there's a statue of Satoshi there is great (I'll surely visit it one day), but I expected... something else.
I see it like a monk with BTCitcoin badge, instead of "we are all Satoshi". Does it indeed act like some sort of mirror as it was said at some point (at least until the first rain)? I kinda doubt it too.
5839  Local / Altcoins (Monede Alternative) / Re: Cumpără acum! on: September 17, 2021, 06:05:07 AM
Pentru moment nu merge în direcția dorita

Ei esti tanar/a (Jr), o sa inveti tu ca altcoins au tendinta generala sa se miste in directie nedorita (in jos).


Si vorbind de altcoins, ai putea sa muti topicul in zona de monede alternative, ca sa nu deranjez un mod pt asta?
5840  Other / Beginners & Help / Re: Communicate with the BTC Network without a Full Node?? on: September 16, 2021, 07:47:34 PM
Wondering if it is possible to communicate with the btc network i.e send transactions, create addresses e.t.c without running a full node

Creating addresses can be done without a full node.

But sending/broadcasting transactions will need a full node, even if that node is not necessarily yours:
* SPV (simple payment wallet) like Electrum connect to Electrum servers that get data from Bitcoin node
* Web wallets have their own node
...

So you can do basically everything without having your own node (and I do recommend you use a SPV like Electrum, maybe with a hardware wallet too if you keep significant money there), but under the hood you will rely on somebody's node.
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