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7201  Other / Beginners & Help / Re: Segwit to P2SH Nested Segwit on: June 10, 2021, 03:59:46 AM
Keep in mind that there is a reason why Electrum creates native SegWit address types (Bech32) by default instead of letting you choose other types such as Nested SegWit, the later is inefficient and at this point which is nearly 5 years after activation of SegWit there shouldn't be any service out there that doesn't recognize Bech32 addresses and if they do those services should be avoided because they definitely have security flaws that have been accumulating due to the incompetency of their owners who can't implement SegWit after 5 years.
7202  Economy / Speculation / Re: Bitcointalk Market Sentiment Poll 6/8/2021 on: June 10, 2021, 03:19:47 AM
OP, the current “sentiment” is clearly “bearish”,
I disagree. The sentiment is bullish or undecided not bearish. If it were bearish we would have seen mass sell offs and a huge increase in shorts which we clearly isn't seeing. Even over the past 30 hours we witnessed a lot of sell manipulation that could only take the price as low as $32k and it jumped back up to $37k again. If the sentiment were really "bearish" then it should have escalated into more sells and price should have been $25k by now which isn't clearly happening.

BTW the votes and comments, even though entertaining, they don't matter. What matters is what same people do in the market.
7203  Bitcoin / Development & Technical Discussion / Re: Broadcasting the raw transaction encrypted? on: June 10, 2021, 02:53:54 AM
I tried it and it works. But what kind of information sent to them (besides raw transaction), only time when you make POST request & information with prefix ">" shown on curl?
The point of doing something like this is to eliminate the browser, what you send here is exactly what you want opening a connection to the remote server and sending a single POST request whereas using a browser you keep the connection open and the remote server can communicate a lot more with you exploiting many things to de-anonymized, such as exploiting WebRTC, finger-printing, abusing the persistent data stored in the browser in previous visits, ...
7204  Bitcoin / Bitcoin Discussion / Re: As a rational real Person I dont see btc success on: June 09, 2021, 07:59:24 AM
The fact that you felt the need to start your topic with "As a rational real Person" says a lot about you and your topic Wink
7205  Bitcoin / Bitcoin Discussion / Re: To diversify or not to diversify... on: June 09, 2021, 07:47:00 AM
One of the reasons for diversification is to protect yourself from drops in the main asset you own so you look into buying things that can remain up or go higher when the drop occurs. Here is the problem with buying altcoins, whenever bitcoin has a bigger than normal rise or fall the altcoins get dumped.
So to answer your question, yes diversify but don't buy altcoins.
7206  Economy / Speculation / Re: The calm before the storm? on: June 09, 2021, 05:31:18 AM
when did we see the mempool empty and with not much "willingness" to fill up?
When price was stable (that is moving less than 10% in a day and lasting for over a week). Last time was last year and it is not rare to see this happening during accumulation phases.

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The volumes aren't great either
Same with above, the volume drops when price is stable. Keep in mind that "volume" is the amount of bitcoin changing hand between day traders who need price to move big time so that they can make profit. When it is not moving or making small moves the volume drops also.

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Is everybody waiting for... something?
Yes, they are waiting for price to either go up over a certain level (probably $39k to $40k) or drop below a certain level (probably $30k) to start panic buying or panic selling respectively! So yes you are right it is the calm before the storm.

If you look at any other similar situation with a horizontal line on daily charts and compare them with volume and fees you will see the same thing.
7207  Economy / Service Discussion / Re: Will there be more scams without centralized financial institutions? on: June 09, 2021, 05:21:18 AM
If we transact through banks, banks can help us choose through the advantages of information accumulated over a long period of time.
And how is that been working for us?
They are not there to prevent "fraud" they are the fraud themselves. Or have you forgotten how they drove the economy to the grand 12 years ago, coincidentally that is when bitcoin (the decentralized currency) was created.
7208  Other / Beginners & Help / Re: The views of developed countries with developing countries on bitcoin on: June 09, 2021, 03:37:57 AM
This is cause the Chinese government is a restrictive one, and opposes the freedom and transparency which Bitcoin offers.
That has been the definition of "government" all around the world. They just have different levels of dictatorship but they all seek full control and "oppose freedom". It is not specific to China and their government.

You are correct. Bangladesh being a developing country, has the same negative look at bitcoin till now.
You are judging all developing countries based on one! Take the recent news about El Salvador, a developing country. They announced that they are working on making bitcoin a legal tender. There are lots of other developing countries that are so open to bitcoin too.
7209  Other / Beginners & Help / Re: BTC tx outputs. I am trying to understand on: June 09, 2021, 03:07:55 AM
Sometimes, depending on the amounts available, and the values of the outputs, it might be possible to make an educated guess as to what happened.
Considering almost all wallets are deterministic and most of them produce same address type, the address/script types involved in inputs and outputs also help with the guess.
If the input is coming from the same address type as the output that we guessed is the change while the other output(s) are of different type there chance of our guess being correct is higher.
P2WPKH ┌── P2PKH (different type, higher possibility of being someone else)
       └── P2WPKH (same type, higher possibility of being from same wallet)
7210  Economy / Trading Discussion / Re: Who is selling? on: June 09, 2021, 02:55:02 AM
Normie noobs who just got in the market and are spooked by comments?
I can't say who but it definitely is not this group because the newbie weak hands were already removed from the market recently when the price dumped hard and they are still too scared to come back and start buying to have any more bitcoins to sell.
This is most probably the same whales and day traders trying to see if they can push the price down a little more to buy some cheaper coins or maybe some of them had some shorts they wanted to fill which has failed so far and they've been losing money.

so the real question is how much more money they are going to lose before they stop dumping?
7211  Bitcoin / Electrum / Re: Feature suggestion. JavaScript offline recovery tool on: June 08, 2021, 12:32:20 PM
~
Keep in mind that this only works if you were using the default English words with no passphrase (extension words) and obviously it assumes your Electrum specific checksum is correct.

I also wouldn't trust anything written in JavaScript, they are too hard to verify for lack of bugs or maliciousness and their dependencies can easily be changed to a malicious or buggy one. If you use Electrum itself for anything you want to do it is the safest option since it uses a solid cryptography library (same as bitcoin core) that has the least chance of having any kind of bugs that could lead to your funds being lost.
7212  Bitcoin / Development & Technical Discussion / Re: Calculating SHA256 of a hex value? on: June 08, 2021, 12:25:16 PM
He could also just pass it through a hex-to-ascii converter first.
But that makes no sense. Why would you change the encoding of a string first before decoding it? You know internally from hex to ASCII it has to be converted to byte[] then to ASCII!
Also ASCII is a 7-bit encoding so you will lose bits and your final byte[] may not be what the initial hex represented.
7213  Bitcoin / Bitcoin Discussion / Re: Global adoption — A ridiculous term on: June 08, 2021, 06:03:26 AM
I don't claim, no one knows for sure, but I can make my own assumptions. Although, I have to tell you that if you believe in the depths of Bitcoin as a currency, you should wish that the speculators are more than the users. If these fluctuations happened and the investors were the minority, imagine how fluctuating it'd be oppositely.
I actually think that people in both groups (people who see bitcoin as a currency vs those seeing it as an investment) are growing at all times but the ratio differs based on when in the 4-year cycle we are in.
If we consider the cycle to start from the bubble burst, first year is the big drop and a long bear market, second year is accumulation and small rises, third year is bigger rises and build up of momentum, and forth year is the massive rises and the eventual bubble.
In year 1 and 4 we have more speculators due to the high volatility but in year 2 and 3 due to most stability (less profit to be made by traders) we have the least number of speculators and more "believers".
7214  Bitcoin / Electrum / Re: Question about bip32 seed on: June 08, 2021, 05:42:50 AM
You can take Ian Coleman's tool for example, tell it to ignore the BIP39 checksum check and swap the word "mnemonic" for the word "electrum", and it will recover standard English Electrum seed phrases just fine.
Yeah, you're right. I guess I'm just too strict about the code I write/use and "ignore" doesn't work for me. I have to have every little details about the algorithm implemented correctly and fully tested before I can use it.
7215  Bitcoin / Bitcoin Discussion / Re: Apple announcing crypto emojis would move the price more than El Salvador did on: June 08, 2021, 05:21:03 AM
El Salvador positive news isn't moving the price because we are still in an accumulation phase with a lot of ongoing FUD. It has always been like this, it is also similar to ineffectiveness of negative news or even FUD during an ongoing rise.
The news you linked however is just advertisement and not a serious matter.
7216  Bitcoin / Bitcoin Discussion / Re: Now is the best time to invest in Bitcoin on: June 08, 2021, 05:12:04 AM
It is always a good time to "invest" in bitcoin as long as you see the potential in bitcoin in the long run. The only thing that is not always good is trading bitcoin since the market is sometimes extremely volatile and very unpredictable otherwise if you want to invest which is to purchase and keep for over a year these short term fluctuations don't matter.
For example when I started back in 2014 there was similar drama to today and price fell from nearly $600 down to $220, you think anybody who bought at $600 back then cares today that price is 5700% higher?
7217  Economy / Speculation / Re: Bearish movement on the way? on: June 08, 2021, 03:59:11 AM
If it were bearish then price should have fallen down below $30k by now instead of testing the bottom over an over again while setting higher lows and keep going back towards $40k testing the resistance again.

Also comparing this with 2018 is naive. 2018 was the product of a gigantic bubble that had to burst and lead to a very long bear market as the last step of the 4 year cycle. While this low price is just the product a large scale FUD campaign attacking bitcoin to push its price down despite the bull market.
7218  Bitcoin / Electrum / Re: Question about bip32 seed on: June 08, 2021, 02:55:29 AM
-snip-
The thing about Electrum seed phrases is that their major difference is in how the seed phrase itself is generated, and not in how the seed phrase is used to generate private keys. Just like BIP39 phrases, they still get paired with a salt using any additional passphrase (if one is set), they still go through 2048 rounds of HMAC-SHA512, they still generate a 512 bit seed number, and they still derive private and public keys in the same hierarchical manner. Literally the only difference is they use the word "electrum" instead of the word "mnemonic" in the salt, and they use a different derivation path. Therefore, any open source BIP39 wallet or code (such as Ian Coleman's site) can be changed pretty trivially to accept Electrum phrases and generate the same addresses as Electrum itself would.
Not that trivially because even though it may not like it but there are two major differences between the two algorithms. BIP39 simply uses a single SHA256 as its checksum which it will append to the end of the 128-bit entropy (assuming 12 word only) while Electrum uses an actual 132-bit entropy and increments it until it finds one that has a HMACSHA512 that starts with a certain bits.
That's not even the biggest difference, the biggest is in string normalization. BIP39 uses a simple KD normalization while Electrum significantly modifies the strings if they aren't plain English words (that includes the passphrase).
7219  Economy / Trading Discussion / Re: Sell My Portfolio for 75% of a Bitcoin? on: June 07, 2021, 06:37:15 AM
My portfolio
You can't call it a "portfolio" if you have bitcoin and altcoins. It is only a portfolio and is worth having if you have bitcoin and things that aren't dumping each time bitcoin price goes either up or down. That means assets that have no corrections with bitcoin like precious metals, stocks, etc.

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I am in about 10 different cryptocurrencies, all that aim to provide a lot of real world value.
Then you have already failed at that aim since altcoins have no real world value.

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I was looking at my portfolio this morning and realized I have enough to convert all of my coins and have 0.75 of a full Bitcoin. It has always been a dream of mine to own a full Bitcoin. Right as of now I only have about 20% (0.20) of a Bitcoin.
And if you continue bag holding altcoins in long run that 0.55 bitcoin that is held in altcoins will be worth a lot less. You can verify this by looking at the long term history of altcoins.

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I think it would not be wise to miss out on the other innovations the cryptocurrency space has to offer.
You aren't not-missing out on innovations by bag holding altcoins!
7220  Bitcoin / Bitcoin Discussion / Re: Bitcoin --- new ship of Theseus on: June 07, 2021, 06:17:47 AM
Now, the vast majority of people regard Bitcoin as an investment asset rather than a means of day-to-day transactions.
You don't know that. You are simply making a random guess probably after looking at the internet like reddit and seeing the price memes you suddenly concluded that they represent the "vast majority".

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But as we know, the total amount of Bitcoin is limited and will be all mined sooner or later.
Sooner or later meaning after a hundred years.

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~to hold their own Bitcoins, which will lead to a further decrease in the number of circulations.
Not being in circulation doesn't include the coins owned by some people even if they decide to not-spend them for the time being.

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People gradually define it as an investment product or an anchor like gold, rather than electronic cash for trading. Is the Bitcoin at this time still the original Bitcoin?
If you use a knife you pick food from your teeth that doesn't change the main utility of the knife and turn it into a toothpick.
Currencies can be considered an investment too. For example over the past year we have had countries with super inflation where the vast majority of people of that country have been "investing" in another currency like USD. That doesn't make USD an investment, it is still a currency.
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