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7021  Bitcoin / Bitcoin Discussion / Re: Could the LN be the cause of the incentive's dead end? on: July 06, 2021, 04:44:20 AM
If Lightning and off-chain transactions are not that secure, what's the advantage of Lightning over just converting BTC to fiat for transactions?
LN transactions are secure and when you are using LN you are still using bitcoin which is decentralized, cheap and secure. It also doesn't have the limitations of fiat such as the need for a middle man (eg banks) to transfer your money and since cost is based on byte size not amount value the cost is going to be a lot less specially for larger amounts. You also have a much higher privacy compared to using centralized fiat.
7022  Bitcoin / Bitcoin Technical Support / Re: [Jun 2021] Mempool empty! Use this opportunity to Consolidate your small inputs! on: July 06, 2021, 04:37:42 AM
I think, generally speaking, the number of transactions and their fees can be easily predicted if you know the amount of time since the last block was mined. I think it is fairly unusual to see large spikes in the number of transactions.
Sometimes that is true, like these days that the bitcoin market is "calm". Other times it is not possible to predict, for example when the price is making sudden moves. Or even in some cases major altcoin pump and dumps require bitcoin moving to and from altcoin exchanges creating a lot of spikes that can not be predicted.

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This would result in fee estimators consistently underestimating the cost to get a transaction confirmed. If a block was found 2 seconds ago, the fee estimator will show a minimum required fee for a next block confirmation that, if used, may result in a user waiting a day for confirmation. On average, half of all transactions will be broadcast 5 minutes prior to the next block is found, and the mempool will generally change during this time.

Fee estimators could be improved if users could see, and adjust assumptions made by the estimator.
I couldn't agree more. That is why visual representation of mempool such as https://jochen-hoenicke.de/queue/ are always the best for fee estimation. You can see the mempool size, the fluctuations and in times of fee growth you can even estimate the rate at which fee is rising.
7023  Bitcoin / Bitcoin Technical Support / Re: [Jun 2021] Mempool empty! Use this opportunity to Consolidate your small inputs! on: July 06, 2021, 04:05:30 AM
It is difficult for fee estimators to accurately predict the minimum required fee because the time until the next block is always unknown. If a block was just found, the mempool will have fewer high-paying transactions, but it is reasonable to expect that high-paying transactions will appear in the mempool over time until the next block is found. This makes estimating the required fee difficult because you don't know when the next block will be found, and in cases when a lot of mining capacity is being taken on/offline, the fee estimator may not even know how long until the expected time of the next block.
That is the "human behavior" that we cannot predict not the time between blocks. Even if blocks were mined at fixed intervals (like every 60 seconds) we still wouldn't have been able to predict whether in the next seconds there will be a surge of new transactions paying higher fees or not.

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This has the potential to cause confusion to some of the fee estimators out there.
Fee estimators should work on size not count and shouldn't try to predict the future.
Basically they should tell you that with current mempool situation when the next block is mined it will clear ~4MB from mempool and will contain down to x sat/vbyte fee and anything lower will remain unconfirmed. That way it won't matter if someone was paying very high fees for 100 transactions.
7024  Bitcoin / Bitcoin Discussion / Re: Could the LN be the cause of the incentive's dead end? on: July 06, 2021, 03:51:47 AM
There is a reason Lightning Network is referred to as second layer instead of stand-alone network. It relies on "first layer" that is the on-chain transactions and not only LN will always rely on first layer but also it will create more on-chain transactions as it is used more since the coins in a LN channel come from on-chain transactions and those channels need to be settled on chain at some point.

I've opened a channel weeks now and I've saved thousands of sats in fees. I'm not planning to ever close it, unless my lightning node stops cooperating or if I'm out of sending capacity.
Are you running a LN node yourself? Which implementation? (out of curiosity).
7025  Bitcoin / Bitcoin Discussion / Re: What are some interesting ways you've introduced bitcoin to your friends? on: July 06, 2021, 03:40:32 AM
It seems like giving away paper wallets is a popular method, I too have done it in the past with small amounts to those very close to me.

However I always believe that the best way to introduce bitcoin to others is to help them understand what bitcoin is and help fix the misconceptions they have about bitcoin. This too is what I have been trying to do. Basically letting them know that bitcoin is a currency not a get rich quick scheme. For example I used to talk about bitcoin price but for a couple of years now I always avoid mentioning the price.
Having some small technical understanding of how bitcoin works helps a lot too. They are usually confused about mining or how they should store bitcoin, you'd be surprised to see how many think they should store it with some third party like they do with PayPal for example!
7026  Bitcoin / Project Development / Re: Calculating Satoshi's coins on: July 06, 2021, 02:57:03 AM
And this network will include Satoshi's mined coins. Hopefully we can calculate them and bring them back.
In a normal key pair the private key is 256 bits and is selected in the correct secp256k1 range randomly so it is impossible to find it from the public key due to the massive search size that would take millions of years to search even when you share the work among all computing power in the world.

In a puzzle on the other hand the private keys are small from 1 bit to tens of bits and are meant to be searched and found in a short time. Faster if you share it among more people.
7027  Bitcoin / Bitcoin Discussion / Re: Look at the Bitcoin bull run from the policies of China and the United States on: July 05, 2021, 07:40:32 AM
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But China will also foresee this information in advance, and the most reliable way is to implement quantitative easing policies. To achieve the same level of quantitative easing as the United States, so as not to suffer losses after the epidemic is over.

The People's bank of China can't compete with the Federal reserve,when it comes to quantitative easing.
The Federal Reserve can print unlimited money,while PBOC have to rely on it's currency reserves,in order to inject fresh money inside the Chinese economy and financial sector.
I don't really believe that Chinese economy will suffer after the pandemic is over.I actually think that it will be quite the opposite.The global economy will recover from the pandemic,which means that the global demand for Chinese goods will increase.
All economies were affected by the pandemic and I don't think there is any government that didn't print a lot of money during this time. The only difference is that some governments like in US went nuts and printed an absurd amount of money and that is affecting their economy in a big negative way not the pandemic.
I agree that Chinese economy will not suffer as much but I believe it is because interestingly China suffered a lot less from the pandemic compared to other countries, even though it mainly started there.
7028  Bitcoin / Bitcoin Discussion / Re: Bitcoin Black Paper on: July 05, 2021, 04:34:31 AM
As I said earlier, this guy is a genius, a writter, a millionaire and an academic , nobody paid him to write that.
I don't know about genius but he is definitely controversial. He is not even taken that seriously in academia because his works are all filled with a lot of controversy. He is being "paid" by selling those books by the way.
He is also very wrong on a regular basis. For example in 2010 he was predicting with absolute certainty that hyperinflation is coming and was calling everyone to short the market!

The fact is that you can't explain everything with math and coming up with a equation doesn't mean anything specially when the conclusion is made first then some technobabble is created to justify that conclusion.
7029  Bitcoin / Bitcoin Discussion / Re: Will Bitcoin Mining Cause Global Warming? on: July 05, 2021, 03:59:19 AM
If we draw a Venn diagram of all the people who are willing to buy Tesla cars (that cause more global warming than anything else to be charged), and all the people who own bitcoin and all the people who are willing to spend a large amount of bitcoin we can see that the intersection of the 3 circles is a handful of people who may not even bother buying such an expensive car.
This has to tell us a lot about one of the main reasons why Tesla stopped accepting bitcoin payments!

Also when you look at Musk's tweets and how he was desperately investing in Doge coin and were trying to pump and dump it you get the other main reason why Tesla stopped accepting bitcoin payments!
7030  Bitcoin / Bitcoin Discussion / Re: What Happens to the People Wanting to Run a Node in 20+ Years? on: July 05, 2021, 03:46:40 AM
and we can see it already takes people a considerable amount of time to download the entire Bitcoin blockchain with the purpose of running a full-node.
That's true but remember that they have to do it only once. You don't download the entire blockchain every time you run your full node!
Think of it as installing a new operating system. It takes a lot of time to format your disks, re-partition them, install the OS, update it, install all your software and maybe update those too. If it is not your first time and your internet speed, your hard disk, etc. are slow then it could easily take a full day to do all these. BUT you only do it once, every future time you start your computer the operating system starts from where you left off.

Initial Block Download is the same. You do it once then each time you restart your node it starts from where you left off and the amount of data your node has to process is much less.
7031  Economy / Speculation / Re: 22 july, BTC 20k$ or 70k$? on: July 05, 2021, 02:42:46 AM
As You all Know That Elon Musk Has a Great Role in Current Btc Manipulation,
No he doesn't. Just because once his FUD was in the same direction that bitcoin was going that doesn't mean he has a "great role"! He is just another A.hole on the internet spreading FUD about bitcoin.

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Tesla will again Accept Bitcoin?
Nobody cared about it when they started accepting bitcoin and since nobody ever paid with bitcoin for their cars they removed it and claimed it is because "energy consumption". If they start accepting bitcoin, again nobody would care and nothing will change about bitcoin apart from a couple of days of people talking about it on the internet before forgetting it again.

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As I am Perosnally Thinking that we can't Ignore this meeting,
That's because for some reason that I can't understand you think Musk is important for bitcoin!!!

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Btc will got o 20k$ or 70k$?
There is no more room left for drops. There has already been a MASSIVE 50% drop and the only direction left to go is up. The moment $40k is broken price will shoot up to $70k.
7032  Bitcoin / Development & Technical Discussion / Re: Bitcoin address SHA-2(string+n) on: July 05, 2021, 01:46:54 AM
I think you are talking nonsense how do you explain key generation? Do you think the random key is generated out of nowhere? Random key generation also needs input without input there is no output also to say that random key generation is the only secure way to generate is a real security risk since all random numbers cant be trusted havent you heard of the weak random seed generated by android clients?
Just because some poorly written applications in the past by incompetent developers used a weak RNG doesn't mean random number generators are weak in general! You just have to know how to use them correctly. Giving them up altogether and relying on a weak method sounds like replacing one mistake with another.
7033  Bitcoin / Wallet software / Re: Wallets that don't require identity verification on: July 05, 2021, 01:32:24 AM
If I were to suggest an amount of Bitcoin you're holding starting from which purchasing a Trezor is worth it, it would probably be $500.
Hardware wallets are mostly good for those people who are looking for convenience and want to have a good security because they either can't or don't have the time to learn how to do things on their own. Otherwise I don't think there is any threshold for how much bitcoin you own before you buy one of these hardware wallets.
7034  Bitcoin / Development & Technical Discussion / Re: Bitcoin address SHA-2(string+n) on: July 05, 2021, 01:22:47 AM
I think the problem is that what you want (a vanity bitcoin address) and the method you want to use (SHA256(string+n)) don't make sense together and that is what people are trying to tell you. Mainly it doesn't make any sense to start from a starting seed to generate the vanity address, if you want such an address then simply start from a random key.

You said something about forgetting and being able to recover it from that seed which again doesn't make sense if you are generating a vanity address because depending on how many fixed starting characters the address has the process can take a very long time and recovering it this way is not practical. Not to mention that using a starting string that you can remember suggests weakness in the randomness.

Here is a suggestion, why not generate a random entropy then start your vanity address search from there until you find the key that corresponds to your desired address. Then take the private key to that address (256-bit) and encode that using an algorithm like BIP39 to a set of words that you can easily store or remember (although it is not recommended to only rely on your memory for backup).
7035  Economy / Speculation / Re: Buy the DIP, and HODL! on: July 04, 2021, 06:38:20 AM
Does Bitcoin’s price follow the hashing power, or does the hashing power follow Bitcoin’s price? This has been debated many times in the forum.
There is a difference between "following" and "being affected by".
For example does bitcoin price "follow" Elon Musk tweets or is it "affected by them"? Then there the matter of to what extent.

Bitcoin price never followed its hashrate and there is no reason to do it either. The hashrate on the other hand follows price which is the only logical direction.

However when we have a lot of FUD talking about some doomsday scenario just because a small portion of the hashrate went offline in China and another small portion of hashrate shut down elsewhere because of the 50% drop in price then there is the "being affected by" part I mentioned above.
In this case the FUD already ran rampant for 2 months and caused all the drops it could, I don't think there is any more room left for more panic selling. In fact I believe in a couple of days we will start seeing the end of FUD campaign and the start of rising back up.
7036  Bitcoin / Bitcoin Discussion / Re: BTC reward per block - supply is not actually limited? on: July 04, 2021, 06:17:23 AM
However since bitcoin protocol does not actually divide by 2, the new subsidy is exactly 4882812.
Mathematically that is dividing by 2 and rounded down to get rid of the decimals.

Nitpicking Tongue
Since CAmount type is int64_t (signed) the >> operation is not a simple shift right (SHR) it is instead a right shift then a most significant bit flip (SAR). But since the initial amount (and all subsequent ones) is smaller than 0x7FFFFFFFFFFFFFFF (MSB is always 0) the result of SHR (logical shift right) and SAR (arithmetic shift right) are the same but your code is still taking both steps.
Code:
 1 >> 1 =  0
-1 >> 1 = -1
7037  Bitcoin / Bitcoin Discussion / Re: Is Bitcoin decentralized? on: July 04, 2021, 05:44:13 AM
Ethereum founder Vitalik Buterin wrote an medium trying to explain the concept of "decentralization".
Correction: Vitalik wrote something to play with words and justify the centralization of his own shitcoin called Ethereum which is very much centralized.

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a large amount of new computing power is pouring into Bitcoin mining, and the mining competition has become increasingly fierce.
Or better said, bitcoin's network security has grown tremendously.

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When the computing power of the entire network is increased to a single node or a small number of nodes cannot obtain block rewards in the Bitcoin network,
Nodes could never "obtain block rewards" the "work" that the hardware performed did. And the way Proof of Work is designed is increasing the required work with the number of users (adoption) hence it requires more specialized hardware.

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When there is a bug in the Bitcoin program or new features need to be added, the Bitcoin core development group , will propose a solution.
Misleading.
Core developers are a handful of people, contributors are a lot more. Any contributor can propose a change to bitcoin protocol not just the core devs.

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1Bitcoin program fixing bugs or modifying the protocol is determined by the Core development team
2Whether the Bitcoin program update takes effect is determined by the mining pool.
3You don’t have the right to vote if you own Bitcoin.
4Core development team and miners can jointly modify the program.
This is misleading too.
What happens is that any change from anyone first has to be proposed publicly and will be discussed among those with technical understanding of how Bitcoin works. Then if the proposal is deemed worthy it would be implemented as code and then the testing starts to find any possible problems with the code or improve it. Again this happen publicly and anyone can contribute.
Finally after enough time has passed and the proposal is well tested and accepted by "experts" it will be merged into reference implementation for the public to approve which includes miners voting and node owners upgrading their software to show their support.

Suffice it to say that any proposal can fail in any of the above steps if it is not accepted.

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But the user who suffers is the user who has no right to participate, only the right to use it.
The "user" who has only bought some bitcoins hoping to make some profit and doesn't even understand how the protocol works doesn't get to participate in any of the steps including development or signalling.

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Of course, ordinary users themselves can also compete for computing power with major mines.
but...you know ) A large number of transactions are blocked, transactions have not been confirmed for a long time, and transaction fees have increased.
In my opinion, Bitcoin is not completely decentralized. But it is still the most important step in the decentralization process.
There is no relationship between these 3 statements that you posted one after the other.
- A major miner is just an ordinary miner who were willing to take a much bigger risk and make a much bigger investment. It is only fair for those taking bigger risk to have more hashrate.
- We can not have blocks with infinite capacity, there will have to be a cap and as long as there is a cap there will be a fee market and competition over that space.
- Decentralization of bitcoin has nothing to do with any of that.
7038  Bitcoin / Bitcoin Discussion / Re: Are Bitcoin and Crypto Really Like the Early Internet? on: July 04, 2021, 05:18:21 AM
There is a big difference between "cryptocurrency" in general and "bitcoin.
Bitcoin is innovative and has a bright future simply because it is useful and is delivering what it is supposed to (a decentralized censorship resistant currency) but majority of cryptocurrencies aka altcoins are completely useless and are created to be pumped and dumped.
So you can't just say that just because bitcoin is successful that means "crypto" is going to be successful also. It doesn't work like that.
7039  Bitcoin / Development & Technical Discussion / Re: Who is paying very very large fees when not needed and why? on: July 04, 2021, 03:08:37 AM
As far as I remember, Schnelli confirmed blacklisting only for Bitmain pools,
Is there any proof of this I can study. For example what were the transactions they rejected why and who picked them up?

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This is of course possible in a "dystopian" scenario where blacklisting pools form a cartel and only accept blocks of their peers. I think however miners and pool operators would like to avoid that unless their governments explicitly required it, and even moving to other countries before taking that extreme measure, because this would eliminate the "uncensorable" attribute Bitcoin benefits from, and thus, probably would have severe consequences for the Bitcoin price (and thus their own business model).
It won't just be the "price consequences" for their business, if majority of hashrate try to maliciously attack bitcoin (which censoring transactions is an example) either bitcoin dies or the community takes drastic measures such as a hard fork to brick their ASICs overnight.
7040  Bitcoin / Bitcoin Discussion / Re: Bitcoin is the only thing that humans cannot control on: July 03, 2021, 08:17:02 AM
In my opinion, Bitcoin is the only thing that beyond human control.
Actually bitcoin is the ONLY thing that humans can control. The only difference is that the "control" is not on one person or one organization but the power to control is spread among all bitcoin users. Whenever you run a full node to enforce the consensus rules or own hashrate to vote for changing them, you have part of that control.

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Bitcoin's quadratic elliptic curve encryption,
There is no such thing as "quadratic elliptic curve encryption" or encryption in general in Bitcoin protocol.

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Bitcoin's protocol definition is very simple.
The protocol is actually complicated.

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It uses the principle of irreversible entropy increase to keep humans out of the door to control it. No individual human being can crack the private key of Bitcoin and obtain Bitcoin, not even the entire human race.
You seem to believe that "control" equals "hacking" and not being able to crack bitcoin means people have no control. But that is not the definition of "control" which you keep repeating.
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