I was recently learning about bitcoin, I saw online that bitcoin was a ponzi, I later realized what the authors of the article was trying to say in summary, that ponzi is a business many investors lose while the people that set it up gained as many as possible money. I was later confused that is bitcoin actually a ponzi? I started to think of what I could not see online why bitcoin is never a ponzi and few reasons came to my mind. Before I can tell about the reasons, we have to consider what ponzi is. What is ponzi? I like a simple fact that says " ponzi is a scheme in which Peter money is used to pay Paul. I believe that example is a good definition on its own, in ponzi scheme, the people that started it gain the most, people that first invested are the second that gained in such a way that the people that invested late are the ones that lose. Check the diagram below:  https://www.google.com/search?q=Ponzi+scheme+diagram&tbm=isch&source=iu&ictx=1&fir=dxjUbGDCkvRQQM%252CsHiiS1Y747SmvM%252C_&vet=1&usg=AI4_-kT6_73-JQY5mKanO5LLbcIA1iPu9A&sa=X&ved=2ahUKEwjK_b-cxeDqAhWDxTgGHf2MC7YQ9QEwA3oECAkQIg&biw=1261&bih=2039#imgrc=dxjUbGDCkvRQQMAs seen in the diagram, it is a pyramidal scheme but ponzi scheme work this way too, let us consider the people that started it as 6 shown on the top of the pyramid, the 216 participants as the people that invested early, the 279936 as the people that invested but not too late, the rest up to billions of people invested late before no people are investing. If the billions of people invested, their investment is used to pay those at the top but how will they gain because nobody investing again. People that stated ponzi gain from all investors and have the lion share. People that invested early do not gain from investors but from people that invested late People that invested late just lose because nobody is investing again. The scheme failed. That is why many ponzi scheme has failed in the past, some people still run ponzi and fail because they are liars, they sell fake products and services, lying to their investors until investors to be payed outnumber those that are investing and until the whole scheme failed. I believe we all know what ponzi is now. So let us dive into why bitcoin is never a ponzi in summary. Why bitcoin never a ponzi1. Bitcoin is decentralized, all ponzi scheme are centralized 2. Bitcoin is not selling any fake product or service, it is completely transparent. 3. Bitcoin is over 10 years now but has never failed, the future even seem brighter than now, ponzi can not last up to 10 years. 4. Bitcoin was even portrayed on wikipedia to be for scammers, but this changed, and was portrayed good now. 5. Many goverments against bitcoin before but now they accept bitcoin, there are even over 7000 bitcoin ATMs in the world now, and bitcoin is used for trnasactions like fiats, even used as payment on some online stores worldwide now. 6. The early investors gained, they were the developers but not in a way the late investors will lose, also many early investors sold bitcoin and makes it more realistic unlike ponzi that has nothing to sell. If you get the market right, there is always still profit in bitcoin. 7. Bitcoin is a very good and easy payment method acceptable in many countries now, has any ponzi been like this? No 8. I think that we need to add another 8 items to this list, which is also important. A distinctive feature of the Ponzi scheme is that it sets a guaranteed profit for a certain period of time. There is no guaranteed profit in bitcoin: here everyone can get a profit if the price of BTC increases, but they can also get a loss if the price of bitcoin decreases.
There are many other reasons to talk about because these are only few, bitcoin is not a ponzi like bitcoin haters are depicting it, it is completely decentralized and transparent, people that want to invest now should not be discouraged, if they learn how the market fluctuates, they will gain but they should also be mindful of the risk. Bitcoin haters should stop misleading people about what bitcoin is because they know nothing about bitcoin. |
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2. Yes a higher fee gives a higher priority but so does the age of the transaction (afaik).
What effect could the age of the transaction has? Did you mean the longer it takes the likely the transaction will be done? |
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I really like this forum, it welcomes even beginners to also ask questions and many of my questions has been solved. I have been using bitcoin for weeks to months now but I still have some questions that I still do not able to answer for myself. I will really like you people to help me out:
1. The fastest bitcoin transaction I made was 9 minutes and some seconds with bitcoin core full client wallet. Can the transaction time be reduced to 1-5 minutes. I mean if I still increase my transaction fee, because I use the normal transaction fee, suppose if I increased it to high fee.
2. I think the transaction fee can altar bitcoin transaction time? Or why should we increase the transaction fee?
3. I notice when I transfer from my wallet to another person, the amount of bitcoin transferred will leave my wallet immediately, but it still take time to reach my friend wallet, where is the bitcoin at the time? Not in my wallet not in my friend's wallet.
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If you plan to import multiple private key, there are ways to make the whole process faster by only perform rescan when you import last private key. Example : importprivkey "your_private_key" "your_address_label" false
importprivkey "your_private_key" "your_address_label" false
importprivkey "your_private_key" "your_address_label" true
So, if I set all to false, all the private keys will be imported at ones till the last one is set as true. Thank you for this. Although, I imported only one private key, I later send my other bitcoin from coinbase, it has no private key, I did not know this before. But the whole transaction has been completed and successful. Thanks. |
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Greed, vanity, unwillingness to learn/research/question. They are the reasons why scam persists to this day.
I have noticed many people lack knowledge, if they know about what they are investing in, most seem too fake to be real but still they are scammed, ignorance at times could cause it. That is why I did not regret I joined this forum, it has really helped me to not be ignorant and avoid scam. |
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But, what makes people using it when it has no private keys ?
Ease of use and ability to sell coins instantly. Software wallets usually require some technical knowledge and reading comprehension which many people lack. Most people are not aware that they are not in full control of their coins, though. Blockchain Wallet is an alternative which gives users a backup seed, but there have been numerous complaints about missing or stolen funds. I wouldn't use it either. When I opened atomic wallet, I have my private keys, there are many wallets like that too, bitcoin core is even like that and I prefer bitcoin core for I have the whole blockchain downloaded. |
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Coinbase Wallet is a deterministic custodial wallet meaning that you won't be able to get private keys for your addresses. You have to send your coins to a new wallet or the one for which you already have the keys.
Oh! Thanks. That means coinbase wallet is not working the way proper wallets ought to work. I can not use this type of wallet again. But, what makes people using it when it has no private keys ? Yes. Keep in mind that you will have to rescan your wallet every time you add a new private key. You can import multiple private keys before doing a rescan. The rescan time depends on your hardware. It can take a few minutes. Don't forget to make a new backup of the wallet file.
I really understood what you said, I will try it now and check if it works. |
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I have set up my bitcoin core wallet already, I have downloaded the whole blockchain, and I think the wallet is now working fine but I need your advice.
I am using two other wallets, Coinbase and Atomic wallet, I have bitcoin on both wallets, I want to transfer the bitcoin from the two wallet to my bitcoin core. I read about seed phrase and private keys as a way to do this easily.
Please, do not see me as a fool and answer these questions:
1. I have tried to look for private keys on my coinbase wallet but I did not see any, please what happened? Or how can I get the private key?
2. Which one is better for the atomic wallet bitcoin export to bitcoin core wallet, should I use the private key or seed phrase? Please help me in a way I will see my bitcoin on bitcoin core wallet.
3. Can I import more than one private keys to bitcoin core wallet?
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AFAIK, all they did was add an option to show QR codes with your 2FA secret tokens. It's basically an "export" function so you can scan them with your other phone and get them without having to either save those codes somewhere (so you can use as backup to import in the new phone) or remove 2FA from all websites to enable it again in the new phone.
That was the part I want to clear, some people will not do the backup and will not have the ability to easy use the QR code or secret code to easily do the importing for ease. Thanks for making this clearer. EDIT: Just confirmed GA allows transfer between devices, but not support cloud backups.
That was long edited. You can check guigui371 comment above, the first reply. But, thank you too. |
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About this.... I laugh because I also get that experience. I even buy coins they were already listed to be delisted from exchange (lol , how I want take know na. Person dey know wetin dem no sabi ?).
Na ignorance be that, na like disease self. Though, the kind scam are old before I sabi crypto not long ago, but I no dey invest on weting I no sabi. I see doubler too, I see many scam type but that Nigerian blood dey my body, no scam work if I no go lie. But, I no greedy nor dey impatient, life na step by step, these helped me especially when I see doubler site. But weting dey pain me be sey people wet no know about these scams still fall victim. |
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I believe the reccomendable part needs more clarity. On what basis you judge this? As it looks inconsistent. Does it have be open source and no cloud backup available?
Using cloud storage to backup is not a good way to go, these type of 2FA apps are not safe as using QR code and authenticator codes to backbackup is the best. It should be open source too. What if the apps allows you to encrypt your key and then upload it to any cloud service that you choose?
Which one allows someone to encrypt his authentication code? And to avoid sync is better.
Previously on GA, you had to manually disable 2FA on every linked account because there was no option to mass-transfer at all. Just the barebones; codes, add 2FA and some simple settings. You could imagine what would happen should someone lose the phone or reformat it.
What if you backup your google 2FA? The backup will do that automatically. |
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OP, your review on the Google Authenticator as not to be trusted doesn't sit well with me. The simple reason being that I have been using the GA as my 2FA for three years now and I haven't had any issues with all the sites I have used it on. Periodically, I get texts of hackers trying to break into those accounts but without any success. So, I am asking "what is wrong with the GA?" If it has kept hackers off those accounts, it should be trusted. And I believe a lot of users with agree with me on this.
I will still change it, but I want people to comment more on google authenticator, also I will like to ask if microsoft authentication is good too? I just think good do bypass privacy by if more people recommend it, I will change it. |
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FreeOTP : available for iphone, only has 2 review, editor is RedHat, if it is the RedHat that is in charge of the Linux distro, fine, if it is not then shady, unfortunately, with only 2 reviews i'm unsure, I would not install it as I am not 100% sure that it is legit.
PS : you can update your table, google 2FA doesnt have cloud backup
Thank you so much, I will update the table now, and about FreeOTP with what you said, it is not recomedable. |
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This is because, as per the error message, "rescan" is disabled once you prune blocks... as the block data is effectively "missing" once the blocks get pruned and there cannot be rescanned. If you prune and then later need to import a private key, you'd need to redownload the entire blockchain.
You will of course, still be able to export you private keys from Bitcoin Core and import them into a Lite/SPV wallet etc.
That means I will only be able to export private keys only, I will not be able to import new private keys. |
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I am creating this topic to be an interactive one, I will like all your suggestions, to write more, delete or modify this topic in accordance to your opinions about two factor authentication. All members replies withs valid and undisputed replies will be add up to this topic. And I have to say this, nice being with you people. The main reason for the topic is to list all known 2FA apps, to know their pros and cons, I will list the ones I know but I will like you to do the remaining, I have researched online to choose the best using certain reasons: 1. Source codeWithout no doubt, everybody prefers open source applications, I for one I am a big fan of open source codes, but I noticed some 2FA applications are close source. 2 heads are better than 1, if a source code is accessible to the community it is better than to be close source that is available to certain few people. I expected you to have known what open and close source codes are and why open source are the best. In this topic, I will recommend open source 2FA. 2. Cloud backupIgnorance is a disease, that is why some people will do wrong and be confident until their wallets all gone by hackers, I will not blame peoples ignorance but if they lack knowledge and continue to do wrong, likely they will be scammed. Why would I backup 2FA on cloud storage, what if the cloud storage is hacked? Hackers are attracted to what belongs to multiple because if successfully hacked, they will have more cakes. Any 2FA with cloud backup is not recommended. 3. SafetyIf we consider the two reasons above, we will prefer authentication apps with open source codes, also the authenticators that supports no synchronization to any cloud storage. I will not recommended google and Microsoft because I am not sure if they make use of cloud storage because they work the same way, I am using two android phones, I use the same gmail for the two phones, I downloaded an app on the two phones separately, the app asked for login details, when I was about to login on the other phone, it automatically pop-up my login details without login in before. So, because of this, I still always doubt google and microsoft authenticator apps. You can choose your own authenticator app, but using the 3 reasons above, I will suggest you the safest ones. 2FA Authenticator source code Cloud backup Recomendable DeviceAegis Open souce No Yes Android andOTP Open source No Yes Android Authy Close source Yes No Android FreeOTP Open source Yes No iOS Google Authenticator Not sure No Not yet sure Android Microsoft Authenticator Not sure Not sure Not yet sure Windows/Android Tofu Open source No Yes iOS Authenticator Open source No Yes iOS Questions:What other criteria should I include? Which one I mentioned you against? Let us discuss about it. I will like other good and bad 2FA suggestions? I am not sure of certain things about some authenticator apps above, please give answers A mistake can make all our bitcoin gone at ones, hackers are not merciful, they steal all not part, we have to be careful and handles our devices smartly. Using 2FA does not mean your device is safe until all precautions are followed. Make your suggestions, please. Which one allows someone to encrypt his authentication code? And to avoid sync is better.
Most password managers (all of them?) with 2FA do that. They don't just ask you to end your passwords in plain text to their servers. While I don't recommend anyone to do that, it's a viable solution if you trust them with your encrypted data. |
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I welcome you wella wella with correct cool water for ya body. E good as you enter this house. We go dey roll the thing dey go together. But Bros, we nor sabi book here o na im make we dey use pidgin dey yarn here. Your English dey knack my head too much
I don go through some of una posts e make sense, to correct say you be all learned and understand English even pass me self, na me be your pikin and need correction and thank you. I never write or speak pigin like that before but I go dey try small. You welcome me good and e make sense. Welcome @Oshosondy
I respect sey you get rank, I go(went) check your profile, you don work here. Thank you for the welcome. How far the saga for twitter any body don see am, all high reputed cryptocurrency related twitter profile and some top celebrities account na hushpuppy brothers in work run dem street and I hear say dey don scam like $115,000 already. You think this event go affect price? Positively or negatively.
This na just social media scams, bitcoin price dey well, nothing fit affect ham. If unto say na exchange get fault now, wahala go dey, people can fear convert their bitcoin to fiat and withdraw but the scam na phishing. No exchange dey at fault, this type of scam common for banks self and banks never run down. |
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- Scammers and hackers will always benefit us with promises and silly offers, so don't refer at it all, act suspiciously to new/random people and always verify.
These is the most common scam, strangers are supposed to be treated like strangers, I couldn't believe some people can trust a stranger they only just meet few days to few weeks ago. This is a very good suggestion, like me, I do not deal with strangers because strangers can be scammers. |
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3. Or, what did you think would be the possible solution if the blockchain size is too high to download? Pruning. It works but the main issue is with the bandwidth requirements. You could save 300 GB of bandwidth by downloading someone else's pruned directory, but you'll have to trust them (and they computer system) completely. I even made a topic for this last year: Bitcoin Core pruned blockchain: download it here! (DON'T DO THIS!), but stopped updating (because the VPS was unreliable). This is just the solution, which means at that time, pruning will be the solution to use bitcoin core. But you also said that trustworthy providers will be used. At the time, there will be trust worthy providers. And instead of using bitcoin core as a light weight, pruning is the good option. There are certain limitations with "pruned" wallets, so you do sacrifice some functionality by going down this path... (ie. importing private keys etc)
Do you mean I will not be able to import my private keys on another wallet than the SPV light client wallet used at first? |
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It will. Scaling solutions are in the pipeline which could hopefully alleviate the problem. Having increasing blockchain size doesn't affect the transaction speed, only the synchronization time.
Thank you for the correction, I have changed it to synchronization. Please, is there any latest update about scaling solution? I only know brief details about it and I only know it can only help in transaction speed, like the bech 32 (segwit address) in which 11 blocks is introduced for faster transaction and at slightly lower fee compared to normal bitcoin transaction of 10 blocks. But how is it related to the decreasing bitcoin core wallet blockchain downloading size? Pruning. It works but the main issue is with the bandwidth requirements.
Can you suggest me an article about pruning? I have not heard about tho before. if you don't want to download the full client then a lightweight/spv wallet is your option. or you can run a full node on one computer and then use another spv connected to your node as your daily wallet.
I do not mean only me but to all whole bitcoin community, the blockchain size is still 270Gb now but I am afraid of when it might get to a terabyte as it is increasing all the time, most people may not want to use bitcoin core again if getting to more than a terabyte. There should be solution to make the size of the blockchain easy to download by then like now. |
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