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September 29, 2024, 10:45:34 PM *
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881  Bitcoin / Bitcoin Discussion / Re: What Will Happen If the Mt. Gox Stolen Funds Start to Move on: April 10, 2024, 05:26:19 AM
The mining pools, they way they work and have grown has always been a concern since it affects the decentralization of Bitcoin and its mining but we are far from being centralized just because some pools have a high percentage of the hashrate.
This is clear from the fact that when a malicious pool censors a transaction (like the case with malicious AFAC sanctioned ones) the rest of the network includes it in their blocks instead and they are still mined.

What will happen if these particular coins move?
Nothing really. If a malicious pool censors the transaction, other miners will include it in their block. There is a good chance that after this malicious act (which is an attack on Bitcoin) the hashrate of that pool significantly drops as miners connect to another non-malicious pool.
The market could be affected to as the weak hands panic sell and for a day or two we may get a golden opportunity to buy bitcoin at a discount.
882  Other / Beginners & Help / Re: How I almost become a millionaire on: April 10, 2024, 05:14:37 AM
There is no problem with making mistakes, after all as they say "to err is human". The problem is when people don't learn from their mistakes. In early years it was easy to believe the propaganda and FUD about Bitcoin because it was small and too early with little adoption to know any better. But from early years till today a lot of things have changed and so should have the opinion of those who fell for the FUD.

So the only thing that you  didn't mention here is whether you learned from your mistake or not...
883  Economy / Economics / Re: 2024 & Prediction of World War III - Effect on Cryptocurrencies on: April 10, 2024, 05:01:43 AM
ISIS-K is really the one who attacks the Crocus City Hall?  i'm not really sure to believe that. all of a sudden those guys are mortal enemies of the West suddenly just lose volts and then attack Russia which is far away from them.
Distance is not a factor in terrorist attacks; besides this particular branch of this terrorist organization operates mainly in Central Asia which is across the southern borders of Russia. So it is not far away. The nationality of the 4 terrorists arrested were Tajik too which shows from where they came from.

The fact that they flew in from Turkey is another indication of this terrorist organization being behind this attack (majority of terrorist attacks from Takfiri groups is from terrorists flying in from Turkey!).

Last but not least, ISIS-k claimed responsibility for the attack shortly after the attack.
884  Bitcoin / Development & Technical Discussion / Re: (Ordinals) BRC-20 needs to be removed on: April 10, 2024, 03:03:13 AM
so if casey wants ordinals to last hes going to have to convince the developers to put his ordinals code directly into bitcoin core. else, its doomed.
That would require a hard-fork and fundamental changes in Bitcoin and its principles so that it is changed from a currency and a payment system into a token creation platform! Something that will never happen.
It is like going to a bank and trying to convince them that they should also serve food and become a restaurant on the side! Smiley
885  Economy / Speculation / Re: Is the halving already priced in? on: April 09, 2024, 02:53:56 PM
The only thing that continues to worry me in this entire "cycle" is the worsening situation with the global economy. With the way they're printing money while increasing the interest rates they are going against all their own strategies since this causes both inflation and recession at the same time.

That means people will liquidate more of their assets (that includes selling bitcoin) to make ends meet as prices soar and also they'll have less money to invest. In other words inflation + recession means more sell pressure + less demand.

Last but not least the Dedollarisation hasn't been done enough to decouple other countries' economies from the dollar and the US economy that has been a Ponzi scheme for decades is heading for the iceberg like Titanic...
886  Economy / Economics / Re: 2024 & Prediction of World War III - Effect on Cryptocurrencies on: April 09, 2024, 02:43:21 PM
The streak of difficulties with arms supplies to Ukraine should end in a few months.
Could you explain why?
The biggest reason for this particular problem is that the weapons meant for Ukrainian defense is being sent to the Zionists to be used to commit genocide in Palestine. I don't see how that situation is changing considering the terrorist organization those weapons are being given to is not stopping as it sees itself at the end of the line.

Regarding Kazakhstan, you're right in a way. Kazakhstan, Moldova and Armenia are the latest CIA projects and these countries are actively severing their ties with Russia now. 
I can't comment on other situations but Armenia is all Russia's fault. The power vacuum Russia created in Caucasus, lack of cooperation with Iran and of course the increasing threat of the usurper Aliyev in Baku, and some other problems has left Armenia with little choices and of course the "journalist" in Yerevan is making the worst ones as the head of the Armenian government!

Out of desperation he is hoping the colonizers can put a leash on Turks that plan on wiping out Armenia from maps.
But of course the colonizers don't help anyone, they just colonize and use you...

But overall I agree that they are the latest CIA projects, we're going to see some messed up situation in Caucasus and Central Asia in the near future.
In fact this is why we suddenly see this new US proxy called ISIS-K appearing and already having committed terrorist attacks inside multiple countries in the region (eg. Crocus City Hall, Russia).
887  Bitcoin / Bitcoin Discussion / Re: An AI-powered Twitter bot predicts Bitcoin’s price on: April 09, 2024, 04:29:04 AM
It is impossible to see the future! Writing some code to predict it, is definitely not going to work.
This is why your "bot" fails.

We aren't yet in the unpredictable territory either. I'd say at the time being because of the halving and the similar patterns in history we are in a more predictable phase where speculation about the price is easier in comparison to other times when certain events cause unpredictable volatility.
888  Bitcoin / Development & Technical Discussion / Re: (Ordinals) BRC-20 needs to be removed on: April 09, 2024, 04:04:53 AM
Any thoughts about Runes protocol in this topic?
Apart from the obvious (you can not create tokens in Bitcoin protocol since it doesn't support it) this is just history repeating itself over and over, each time with a different face. It's a story as old as Bitcoin and the alternative market where altcoins are pumped and dumped.
- It started by creating useless coins to be pumped
- To maximize profit it continued by creating premined coins
- As people stopped buying into that scam, in order to hide the premine the scam turned into shadow-mined shitcoins
- As that failed too the Initial Coin Offering scam started where they premined the shitcoin and sold it before the chain even started or the shitcoin even got listed on exchanges
- With introduction of token creation platforms all of these scams got cheaper and a lot easier. Instead of creating a stand-alone project with blockchain, mining and everything all you had to do was create a token on these platforms (like on ethereum) which was cheap and easy, so the token hype began
- As that failed they started changing the name to revive it (ICO, IDO, IBO, IEO, ITO, STO, DeFi, NFT)
...and the scam continues

It's the same with the Ordinals Scam. They need to keep pulling "rabbits out the hat" if they want to keep people's attention and get them to buy their garbage and continue the attack on Bitcoin.

Halving is arriving in ~2k blocks and fees can be way higher than any brc20 previous wave. Do we have the same angry people?
A lot of people are angry because Bitcoin protocol is being abused as they found an exploit and the chain is under a spam attack not just because of the fees.
889  Bitcoin / Development & Technical Discussion / Re: An unexpected backup system suggestion on: April 09, 2024, 03:45:22 AM
The default --cipher-algo for gpg --symmetric is AES256, isn't it?
Try adding --verbose, it should print the algorithms that are used.

But I believe it is using AES256 in the latest version, they've changed the default a couple of times in different versions. They've been basically using what they believe is "safe" which means for example in GnuPG 1.0 they used CAST5 and in GnuPG 2.0 used AES128 and changed it again in v. 2.2 or something to AES256.
890  Bitcoin / Development & Technical Discussion / Re: Looking for good fee estimation APIs on: April 08, 2024, 03:50:34 PM
This is old but I think it is worth mentioning Electrum the protocol.
Electrum nodes are a better source regarding reliability to get the fee rate in a more decentralized way too. The only problem is that when you are using it without the Electrum software, you have to get familiar with the protocol and write some code yourself. It doesn't look that complicated though, specially since there is a documentation:
Just the fee rate https://electrumx-spesmilo.readthedocs.io/en/latest/protocol-methods.html#blockchain-relayfee
The histogram of mempool: https://electrumx-spesmilo.readthedocs.io/en/latest/protocol-methods.html#mempool-get-fee-histogram
891  Other / Politics & Society / Re: Israel Gives Only Condition For Ceasefire on: April 08, 2024, 03:22:31 PM
It is quite a sick game how both parties are willing to use human lives as mere exchange chips, as if this was a casino or something.
Not really the same thing though.
The thousands of hostages held in Israeli torture houses having their organs harvested include women and children while the prisoners currently held by the Palestinian resistance aka Hamas are the IDF military personal that were arrested when the resistance raided their military bases across the wall that separates Gaza from the rest of the occupied Palestine.
892  Other / Politics & Society / Re: The thing that sets recent Israel's terrorist attack on US,EU,AUS citizens apart on: April 08, 2024, 03:03:19 PM
This is nothing Hollywood is owned by Jews, Their Pope is Jewish, and They believe Jesus was Jewish.
If I remember correctly, then Jesus was about love and all. Then how are they supporting this massacre?

It's easy to say Israel owns the USA.

I hope that you are aware of the fact that, according to Israel's official stance, saying the above is considered antisemitism.
People who say that Jews own most of the banks and media in the US are being attacked by Jews and called antisemites.
The absurdity of that stance is the fact that the 2.5 million Palestinians that are being bombed by Israel are categorized as Semites too. I wonder what that makes Israel that has been murdering ~180 Semites per day for 6 months straight...
893  Bitcoin / Development & Technical Discussion / Re: An unexpected backup system suggestion on: April 07, 2024, 11:37:14 AM
Well this argument is strong, but in my opinion, knowing about GPG and having GPG on a Linux machine is really important for privacy and I reckon most bitcoiners should be familiar with it. Of course, it's not mandatory but it is more than just a "nice to have".
Of course, it could even be considered mandatory specially since you need to verify the signature of the downloaded binaries.
But lets not forget that OpenPGP is not an encryption algorithm although they have defined a way to encrypt stuff with it. This is while AES256 (what is used in BIP38) is an encryption algorithm.

That's also all assuming they're using the symmetric encryption option with gpg --symmetric command not the one using the GPG keys which are big themselves (512 and 1024 bits) and require another separate backup, which would be another flaw/complication in their method.
894  Economy / Speculation / Re: Do not let the over excitement after the bull-run pull you out to danger on: April 07, 2024, 11:25:32 AM
This has got me to ask, after the bull run and hopefully you hodles your Bitcoin til the ATH and then you have made enough money, are you going to go out there and let those who were in doubt about the profitable potentials of Bitcoin to let them know about your investment in the Bitcoin and how so well you are doing in the industry?
It's not good to gloat!
There is no point in it either. Not to mention that I personally don't like introducing Bitcoin to others as something that you can make a profit from. It is money and it should always be introduced as money not an investment, which is something I always try to do.
895  Economy / Speculation / Re: Is the halving already priced in? on: April 07, 2024, 06:28:19 AM
-snip-
2. The post-halving rally
This is the actual rise which is a lot bigger and it happens because the supply creation rate is actually cut by half (50% reduction) by then and its effects show up in the market and on the price. This starts slower and continues speeding up until we see that big bubble at the end (assuming the same cycle-type thing happens this time).

Considering that we are about 2 weeks away from halving and price doesn't seem to like to rise anymore we can say that the  first phase is priced in.
So we just go through the first wave of rally, and the second wave will be bigger and will certainly reach a new ATH that is crazier but with slower timing than before.

The rally after the halving has been the most awaited, but before that happens I think the price will tend to correct first to gather considerable volume and then continue until a new ATH is created again, maybe above $100k according to the target that many people expect.
That's the idea and so far we have seen this type of 2 phased rally on each halving which also is logical.
But keep in mind that there are still a lot of other things that are affecting the market like the situation in the global economy. For example I still have one eye on the interest rates and I believe if they go higher it will create a sell pressure on bitcoin, conversely if they go down they will create a massive buy pressure in bitcoin.

As for that correction, it already happened when price went down $13k (from $73k to $60k) and we are recovering from the correction heading back to $70k again.
896  Bitcoin / Bitcoin Discussion / Re: Bitcoin's Total Market Cap Has Soared Past $1.3 Trillion on: April 07, 2024, 05:54:55 AM
Market capacity is a reflection of the price and the limited supply, but it does not mean the true value.
In case of bitcoin it kinda does because its supply is real, so is its price. Every single satoshi in circulation was created fairly and through actual "work" aka mining. And the price is decided in the market through demand.
Market cap is mostly meaningless when it comes to altcoins that have fake supply (eg. premined coins) and fake price (eg. pumped and are before dump).

Yeah but keep in mind that the higher the market cap goes, the more work it is to get the price to increase. Remeber how easy it was going from $30 to $250 and then to $1000 during 2013? Or how we went from a low of $200 all the way to $20000 within a year and a half.

Now it’s getting more and more difficult. We broke ATH but are stalling and struggling to go higher. This is what happens when market cap is high. At a price of $200, you could get retail to buy maybe 10-50 BTC.  But at a price of $70K most retail can only buy a mere fraction of a coin and hence why it’s going to be a long way to $100K.
I don't think the reason is market cap being high, at least not the main/biggest reason.
When you are comparing 2013-17 with today you should also compare the economy of 2013-17 with today. We've already had 2 major recessions in the past 5 years and that takes toll on the economy and people's investment habits and capabilities.

For example in 2017 when price soared to $20k in a couple of months people across the globe weren't struggling to make ends meet like today and they weren't struggling to pay back their loans at a much higher interest rate that went up overnight.

Now I believe not only such massive rises (eg. going from $70k to $1 mil in 6 months) is possible but it can be very easy IF the recession ends and they reduce interest rates. Because first of all after interest rates coming down, the extra money people paying back their loans are going to be left with is going to be invested in things like bitcoin. And the money that had gone into the scammy bonds government print is going to exit and flood into other markets including bitcoin. The tsunami of money coming into bitcoin can shoot up the price very easily.
897  Other / Beginners & Help / Re: Understanding bull and halving. on: April 07, 2024, 05:46:16 AM
In order to make an efficient mining process, miners make use of powerful computers to apply hashes repeatedly to the block header including the previous block header. The previous block header carries data  like hash, transaction data and nonce.
In the block header the miner is hashing, they include the previous block header's hash not the header itself and it is the representative of the entire previous block as a way to create the "chain".

In any case, something interesting I realized from the image you shared is how the effects of halving is diminishing fast. We are already at >90% mined supply and it is going lower. So even though it is still effective (450 less fresh bitcoins to be sold every 24 hours), after a halving or two it should not be as effective.
898  Economy / Economics / Re: considering the advantage of Fiats over Cryptocurrencies on: April 07, 2024, 05:26:10 AM
Most of us as at times thought about how Crypto could dominate over financial exchange for payments without considering this certain advantage of the Fiats and also considering that most persons still lives a primitive live to cope with the digitalities of advancements.
Of course there is advantage in the current existing financial system and its tool called fiat which is an unlimited supply currency. And of course there is advantages in new invention in the financial world in form of a decentralized money with a capped supply.
But that doesn't mean this decentralized money is going to replace, dominate, etc. the old one. Bitcoin is just an additional tool that exists as an "alternative option" to address the flaws in the existing system.

For example imagine you want to transfer a large amount of money to someone in another country. You'll have to go through the baking system, the exchange rate, answer a lot of questions about why you are doing that with YOUR OWN MONEY!, and also pay a ton of fee.
Now you can do that with bitcoin without having to answer anybody and with only paying a teeny tiny fee of less than a buck.
At the same time this doesn't mean from now on every single transfer is going to go through bitcoin.
899  Bitcoin / Development & Technical Discussion / Re: An unexpected backup system suggestion on: April 07, 2024, 05:11:26 AM
person who I really think is very knowledgeable in Bitcoin.

He provided me with some important arguments against BIP39, but most importantly, he described a backup system that he finds superior.

He said that he prefers to GPG encrypt private keys in WIF format and store them digitally.
I see some contradictions here.

1. BIP39 is offering a way to write down your hard to write WIFs in form of a human readable set of words. In other words it is difficult to write down 5KdD6mE.... but it is easy to write down Foo Bar Baz...

2. In BIP39 what you need to back up is one thing but you are actually backing up countless number of your keys derived from it. The alternative here has to "store" multiple things which makes it that much harder.

3. This has a flaw with the form of storage. Digital storage as pointed out earlier is a flawed and less-secure method of storing compared to physical storage (eg. on a physical medium including paper).

4. Someone who is "knowledgeable in Bitcoin" and familiar with BIP39 should be also familiar with BIP39-1 (BIP38) that describes a solid method of encrypting WIFs using AES encryption that is far better than using GPG specially since it is supported by most bitcoin wallets already whereas GPG is not and requires additional software.
900  Bitcoin / Bitcoin Discussion / Re: Article from Coindesk. Are Bitcoin Developers Losing Faith in Lightning? on: April 06, 2024, 11:04:51 AM
"when fee's came down in 2024"
you too admit and confirm the PEAK(your word severity) was december 16th 2023.. thus "when the fees came down in 2024"
aka come down from peak(severity)
Fees coming down, in my book, is when fee enters 1 digit rate. So they haven't actually come down, it is just not as terrible as it once were. Otherwise the average fee since February is 20-ish sat/vb.
And the decline in the number of channels intensified as we set the ATH in fee rate then continued as they remained high.

Ordinals drove the point home that Lightning Network is not going to solve anything and will create new problems for users.  Not to mention the whole thing basically requires you to use a 3rd party which made it dead on arrival as an idea. 
You can run a LN node just like you can run a Bitcoin node and connect to the network to send/receive transactions. There is no need for a third party.
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