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7281  Bitcoin / Wallet software / Re: Crypto wallets keep you safe on: May 30, 2021, 05:44:24 AM
That's true. I use both mobile wallets like Lumi and Ownr for everyday usage and a hardware wallet for storing huge amounts of crypto.
Is it another newbie alt-account advertising these two malicious closed source wallets?
The more these two are advertised by these throw away accounts the more confident I am that they are trying to scam people. Refer to my previous reply:

It's also important to store crypto on non-custodial wallets like Ownr or Lumi.
It is stupid to store anything in closed source wallets since you have no idea what is happening in the background. The best case scenario is that they aren't malicious and you lose your funds due to a bug and worst case scenario is that they are malicious and not only they are monitoring everything you do but also they have all your private keys.

Ownr is completely closed source
Lumi has some libraries on Github but not a proper source code and it is not popular at all
7282  Other / Beginners & Help / Re: Crypto is here to stay, do not panic on: May 30, 2021, 04:27:10 AM
Crypto is here to stay
Cryptography and cryptocurrency as technology will remain.
Bitcoin as the only decentralized currency will stay.
But altcoins aren't.
Almost all the altcoins we know today specially the "top" altcoins are going to die between 5 to 10 years from now.

Quote
china have banned crypto up to 5 times
BTC have died too many times before
Both statements are wrong. China has never banned bitcoin and bitcoin has never died. Millions of posts on the internet claiming otherwise doesn't make it right.
7283  Bitcoin / Bitcoin Discussion / Re: What effect does a growing number of altcoins have on Bitcoin on: May 30, 2021, 03:56:09 AM
More and more new altcoins have sprung up, making investors increasingly spread to several altcoins. However, some of the altcoin procles that have been developed are only made to enrich themselves. but there are some new projects that do have good potential and innovation and can be useful for cryptocurrency.
Some scammers also take advantage of this opportunity to create scam projects that will trap many investors, therefore they must be careful and always do research to follow new projects.

The safest altcoin investment is investing in altcoins that are in the top 20 of CMC.

Not all, I believe. Just like doge, which is already in top 10. Do you think you can consider doge as safe alt investment? Though it is an old alt, but the increase of its price is highly dependent on Elon Musk, which is not a very sustainable one. Other than bitcoin, better invest in alts that have solid use case in the market like ETH. This will give them reason to maintain their market as well as users that will actually use their network. Without users, basically, the platform will go dead.
And these alts, will only show the true value of bitcoin. Because once the alt is abandoned by their respective devs, they will just go back to bitcoin again.
You started good but you ruined it.
ETH is just as useless as DOGE. The only difference is that DOGE is transparent about its uselessness and is known as a joke/meme coin while ETH never admitted it and in fact it fooled people into thinking otherwise. In reality ETH depends only on pump and dumps that partly happen by the ethereum foundation and partly by the scam trends through smart contracts on ethereum platform called ICO, IEO, STO, DEFI,... If the scams stopped today, ETH price drops down to less than a dollar.
7284  Bitcoin / Bitcoin Discussion / Re: "Buy when there's blood in the streets, even if the blood is your own." on: May 30, 2021, 03:40:38 AM
That is wrong because it is out of context.

For example in altcoin market when there is blood on the streets you should run away and don't look back because majority of those altcoins that are bleeding are never going to recover and a lot of them are going to die.
Take 2017 and 2018 for example. Every single altcoin which is almost 10k got pumped during 2017, even the so called "top" altcoins got pumped a lot. Then in 2018 again every single altcoin got dumped ridiculously hard. There are coins that have lost all their value and have gone below 1 satoshi price! Obviously buying any of them is going to be foolish.
7285  Bitcoin / Bitcoin Discussion / Re: Mainstream Media now Admitting that +67% of BITCOIN Mined&Owned by China on: May 30, 2021, 03:24:46 AM
Sometimes FUD comes back to bite you in the ass.

For the past week we have been hearing the same FUDs over and over again, two contradicting ones.
1. China controls bitcoin and has more than 51% hashrate
2. China banned bitcoin and shut down all mining operations.
Meanwhile when we look at the hashrate charts we see not signs of any hashrate being "removed". If the FUD were correct we should have seen hashrate drop to 60 EHS but it is the same as before hovering around 140 EHS ±20 Grin
7286  Bitcoin / Development & Technical Discussion / Re: BTC Needs A Privacy Layer on: May 30, 2021, 03:18:07 AM
I feel like we got sidetracked into discussing exchanges. Although I admit trading bitcoin and making profit has become the only thing that newcomers care about but that is not what bitcoin is made for. Bitcoin was made to be a currency not an asset that you trade on some exchange whether centralized or otherwise. If you use it as a currency none of your arguments stand anymore.

Here is one challenge: try to deposit at least 0.005 Bitcoins coming directly from Coin Join outputs on three different centralized exchanges without getting your funds seized or questioned on any of the three exchanges.  Anyone who is using Wasabi or Samourai knows this challenge can not be won.
I have mixed more than 0.005 and have paid lots of merchants both online and offline (face to face), even big regulated companies located in US and to this day I have never had any problems with fungibility.
Meanwhile people who have never used any mixing services or received any mixed coins have had their exchange accounts shut down!

I repeat my first post here; I'm not against more privacy in bitcoin but the problem is not with bitcoin protocol, the real problem is with centralization. Even if bitcoin were fully anonymous or if it were like this but 99% of bitcoin users were mixing their coins the centralized exchanges (and others) would still enforce anti-privacy rules. For example the exchange could force everyone to submit how they got their coins and provide a detailed transaction history to the exchange or their account would be shut down and their coins seized.
7287  Bitcoin / Development & Technical Discussion / Re: Block explorers oligopoly. on: May 30, 2021, 02:52:15 AM
Sure, all the transactions are available on the public blockchain... but can you tell which ones are mine? Huh
The ones that appear on the public ChipMixer spreadsheet are yours Wink. Anyone could follow the movement of those coins (or get a chain analysis company to do it) until you mix them, do a CoinJoin, or send them to an exchange where you could exchange them for a different coin and withdraw them. I know that's not what you meant, just saying.
The point is that by looking at the "public blockchain" you can not know which transaction belongs to who. And you didn't do that here either, you looked at a centralized database (ie. google spreadsheets) that HCP (and others) have willingly linked their (virtual) identity to those transactions.
7288  Economy / Speculation / Re: FUD-slingers saying 20K this weekend... on: May 29, 2021, 05:24:21 AM
It's like Déjà vu. When bitcoin dropped from $6k to $3k the same media outlets  were filled with nonsense saying how price is going to fall down to $2k, $1k, etc. And now that price has fallen from $60k to $30k the same thing is being repeated but they are just adding a zero in front of their FUD.
I suppose we are going to see the same FOMO buying like that time too in a couple of weeks when price shoots past $100k.
7289  Other / Beginners & Help / Re: To be honest about Investing on: May 29, 2021, 04:53:54 AM
If you have a chance to profit a lot then you have to prepare for a lot of loss. Cause someone's profit makes other loss. Its natural.
There is no reason for a 1:1 ratio between those who make profit and those who lose money. It all depends on how people are using their heads when it comes to trading. For example I could buy a shitcoin at 1 satoshi and sell it to you at 2 satoshi doubling my money then you dump it at 4 satoshi doubling your money. In this scenario we both made profit. Those who lose money are those who end up bag holding that shitcoin thinking it will continue going up when they should have sold.
7290  Economy / Speculation / Re: Reverse Bubble 2021 on: May 29, 2021, 04:48:50 AM
if there was to be a recovery back to the trend up, it has to happen right away.
That is recovery from a very small drop such as anything around 10%, but after such a gigantic drop of nearly 50% the recovery will take a very long time partially because the investors would be very scared to jump back in and partially because the accumulation of cheap coins takes a long time.

If you check any similar huge dumps you can see they all take time to recover.

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If not, then we’re going towards bear territory and recovery would take years before a trend back up.
If we enter a bear market (which I find highly unlikely) it won't be "years" it will be months. Because we never reached bubbles like 2017 and we haven't touched $500k yet to start the year long bear market.
7291  Bitcoin / Development & Technical Discussion / Re: Taproot proposal on: May 29, 2021, 04:12:22 AM
Pre-taproot nodes (and miners) will not relay or mine taproot spends.

I forget the detail of backward compatibility, so i'll just ask it. Why pre-taproot won't relay taproot-transaction? Is it because the transaction missing witness and the (empty ?) script automatically treated as valid script?
Pre-Taproot nodes that support SegWit see the new witness version (version 1) and because by default they have a flag acalled SCRIPT_VERIFY_DISCOURAGE_UPGRADABLE_WITNESS_PROGRAM that acts as a standard rule and makes the node reject any transaction containing version 1+ that comes to their mempool. This flag doesn't exist when verifying blocks so they don't reject the transactions but they also don't verify everything about the said transaction.
After Taproot (core v0.21.1+) they will do the same with witness version 2+.
7292  Bitcoin / Bitcoin Discussion / Re: There are not even 21M BTCs, I'd say max.17M BTCs available at a given time on: May 28, 2021, 07:32:10 AM
probably
This is the only word that mattered in your post.
In other words you are making a random guess based on your gut feeling and what you hope for to be true. Otherwise you have no other logic for the number you have come up with.
Conclusion: 17 million is an arbitrary number.
7293  Bitcoin / Bitcoin Discussion / Re: What effect does a growing number of altcoins have on Bitcoin on: May 28, 2021, 07:22:07 AM
Having lots of shitcoins could potentially decrease the validity of cryptocurrencies as a whole specially when we have shitcoins that succeed at reaching top ranks such as the centralized ones like ETH, XRP, BCH, USDT,... This is even worse when the shitcoins are somewhat scammy too!
But I don't think such effects are going to be long term because as bitcoin grows it increases the distance between itself and other shitcoins. For example the biggest shitcoin right now is worth 0.069BTC and that is down from nearly 0.15BTC.

Having altcoins that are real projects, are secure and decentralized is a good thing but we have not seen any yet even though the altcoin market is about 10 years old. It could improve the technology and bring new innovations to the scene.
This won't happen as long as everyone (including altcoin devs) are focused 100% on making maximum profit.
7294  Bitcoin / Bitcoin Discussion / Re: Bitcoin Legends and Veterans. Seeking wisdom... on: May 28, 2021, 04:46:27 AM
It's very simple, forget about price and profit making and start thinking of bitcoin as the only decentralized currency that exists. Now you can see that there is no difference between someone who started with bitcoin years ago and someone who would start today. In fact one might argue that bitcoin is a a lot more decentralized today than it was in early days.
7295  Economy / Speculation / Re: Reverse Bubble 2021 on: May 28, 2021, 04:06:51 AM
Although you did not mention the reason for these bitcoin price bubbles, but I think the news is the first reason, unfortunately the cryptocurrency market is now being managed on social media and this is really painful.
I wouldn't say "manged by" specially for bitcoin but news, FUD and manipulation have always been part and parcel of the cryptocurrency market, more so for altcoins. The recent crash was due to a widespread FUD campaign about bitcoin with old topics such as "energy consumption" and "China bans bitcoin".

Interesting post. What is not 100% clear to me is how to calculate the "intrinsic value". I guess taking the S2F as a model for example. In the stock market there is a rough consensus on how to calculate intrinsic value based on evolution of cash flows, debt, equity, etc. but I think regarding Bitcoin there is no such consensus.
You are right and computing the "intrinsic value" of anything has always been very difficult. People have come up with all kinds of stuff to come up with an estimation. For bitcoin some even used the "production (ie. mining) cost" which is completely wrong if you ask me because how much it costs to mine bitcoin depends on the price not the price depending on cost.
7296  Alternate cryptocurrencies / Altcoin Discussion / Re: What are the factors that make ICO's gain or loose value after ICO's? on: May 28, 2021, 03:46:30 AM
It is very simple, all ICO tokens are completely useless. So obviously when people buy these useless things they are making a bet on whether their "ticket" would win the lottery or lose. That means they have to dump it as soon as possible to get their profit out, which is why they usually get dumped right away.
This is true about all ICO tokens, there are many that are scams and the difference in scam ones is the speed at which they get dumped and sometimes the size of the initial pump they can get but the trends are identical for all of them if you ignore the size.
7297  Bitcoin / Electrum / Re: Will old Electrum versions work after taproot ? on: May 28, 2021, 03:30:58 AM
The only reason why you are sometimes forced to upgrade is because of Electrum itself not the soft forks that bitcoin has such as SegWit or Taproot. For example one reason to upgrade to versions above 3.3.3 was to prevent a vulnerability in Electrum letting the node you connected to to send you any arbitrary message, HTML formatted. Or upgrading to anything above 3.3.0 because of the bug in Network class.

You can see all the changes here. As you can see apart from the additional features there has been lots of bug fixes and improvements.
7298  Bitcoin / Development & Technical Discussion / Re: Block explorers oligopoly. on: May 28, 2021, 03:20:10 AM
The majority of users , especially those that use exchange as their main wallet, don't run nodes. So they will be using block explorers
That is a weird conclusion you are making here! Just because some users are not running their own full node it doesn't mean they have to use block explorers. They all have some sort of wallet which they can use to check their transactions.
By the way it is not "majority" of users, most users are one time buyers who stay away from day trading and exchanges. If it were any other way and majority were indeed keeping their bitcoins on exchanges then we would have had a much more packed order books instead this thin one!
7299  Economy / Speculation / Re: Reverse Bubble 2021 on: May 27, 2021, 06:54:29 AM
After Elon tweeted about Tesla's diamond hands, Billionaires such as Ray Dalio and Darl Icahn have come out in the open and made positive statements about bitcoin.
For many years I've been always saying that rich people have been buying bitcoin and accumulating it for a very long time. That includes those that are most negative about bitcoin such as Warren Buffet. We will continue seeing most of them reveal their real position and we may even get a feel of how much of their net-worth they have "parked in" bitcoin.
7300  Bitcoin / Bitcoin Discussion / Re: Inner Mongolia strictly reinforces Beijing’s Bitcoin mining ban on: May 27, 2021, 05:04:48 AM
I don't know what kind of "crackdown on mining" this is that hasn't shown itself at all on the hashrate charts. I mean there is normal fluctuations in hashrate as there has always been and there is a big price drop compared to last month that also normally affects the hashrate slightly but apart from that we are seeing nothing else! and yet the media is running with the FUD as much as they can.
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