Thank you for your contribution. Sending 4274 POSTs and receiving 1950 merits is not a day's work. Only perseverance can do this, and I admire your perseverance and wisdom very much.

I just learned that you are Nigerian, which shocked me. Nigeria is not the darling of the crypto world. It is you who convinced me that the Bitcoin forum belongs to everyone in the forum. It is truly global and truly decentralized.

I am a Chinese and I am inspired by your achievements. I hope to be the representative of the Chinese in this forum, just like you encouraged Nigerians, to convince everyone that the forum does not segregating the Chinese. I will continue to learn and share to contribute to every forum member. And I also want to show you the other side of the Chinese, not just the scammers who post inferior projects.

Hope I can be you.

China's policy is the result of many considerations. Maintaining carbon neutrality, protecting the people, and preventing capital from flowing out of the infrastructure sector are all part of the reason. If the three problems are resolved separately, there may be a better choice, but this is not possible. If clean energy mining is used just to solve the problem of carbon neutrality, there will still be people who use cryptocurrency to obtain illegal income, and there is no guarantee that the funds will be used in infrastructure.

In fact, I admit that every country has uneducated people who invest in cryptocurrency. But you may not be able to imagine how big this ratio is in China. I study cryptocurrency in China every day. Many people buy shibcoin but don't know who Satoshi Nakamoto is. This is unimaginable in other countries. If 90% of the people in an industry do not understand this industry, and the industry is still difficult to be supervised by the government, what do you think is a reasonable approach?

As for gambling, I don’t know if my understanding is striving, because I have never bought a similar sports lottery. But buying sports lottery tickets in places operated by the state can guarantee that your profits will be honored, which may not be possible in some illegal places. Please correct me if I am wrong.

It is a pleasure to communicate with you.

If China directly say that we restrict Bitcoin mining in order to achieve the goal of carbon neutrality, it is tantamount to telling the public that there is no problem with cryptocurrency but only to achieve carbon neutrality. In this way, the second point cannot be achieved, restricting people's participation in the cryptocurrency market to prevent losing money.



Thank you for your trust. I am also very happy to share the real information about China with the members of the forum. It may be that my expression is not perfect, and you have misunderstood what I mean. Just like the shitcoins you mentioned, there may be tens of thousands of projects imitating shitcoins in China. These people issue cryptocurrency only to defraud the public of money. I must admit that most Chinese projects are rubbish, and new rubbish is generated every day. Only by banning BTC, the source of cryptocurrency, can people be afraid and stay away from cryptocurrency. In fact, China Central Television once did a program that explained in detail the process of issuing digital currency on UNI. The purpose is to distinguish these low-cost garbage without any innovation from BTC, but few people receive it.


Everything is my guess. For carbon neutrality, please refer to this paper: https://www.nature.com/articles/s41467-021-22256-3.

By the way, I am not a government worker, and Chinese government workers are not allowed to enter the Bitcoin forum.

A
account level(multiaccountstructure)   账户等级（多账户结构）    accounts   账户           adding blocks to   增加区块至         addition operator   加法操作符
addr message   地址消息        Advanced Encryption Standard(AES)   高级加密标准(AES)      aggregating   聚合         aggregating into blocks   聚集至区块
alert messages   警告信息        altchains   竞争币区块链    altcoins   山寨币     AML   反洗钱    anonymity focused       匿名的      antshares   小蚁
appcoins   应用币           API   应用程序接口         App Coins   应用币      architecture   架构          assembling   集合        attacks   攻击
attack vectors   攻击向量        Autonomous Decentralized Peer-to-Peer Telemetry   去中心化的 p2p 自动遥测系统      auxiliary blockchain   辅链   
B   
backing up   备份     balanced trees   平衡树       balances   余额      bandwidth   带宽        Base58 Check encoding   Base58Check编码
Base58 encoding   Base58编码      Base-64 representation   Base-64表示       BFT（Byzantine Fault Tolerance）   拜占庭容错      binary hash tree   二叉哈希树
BIP0038 encryption   BIP0038加密标准    bitcoin addressesvs.   比特币地址       bitcoin core engine   比特币核心引擎或网络        bitcoin ledger   比特币账目
bitcoin network   比特币网络         Bitcoin Network Deficit   比特币网络赤字        Bitcoin Miners   比特币矿工         Bitcoin mixing services   混币服务
Bitcoin source code   比特币源码    BitLicense   数字货币许可     BIP152   比特币改进提议      Bitmain   比特大陆      Bitmessage   比特信     BITNET   币联网
Bitshares   比特股     BitTorrent   文件分享        Blake algorithm   Blake算法       block chain apps   区块链应用      block generation rate   出块速度 
block hash   区块散列值        block header hash   区块头散列值    block headers   区块头      block height   区块高度      blockmeta   区块
block templates   区块模板    blockchains   区块链        bloom filtersand   布鲁姆过滤器(bloom过滤器)      BOINC open grid computing   BOINC开放式网格计算
brain wallet   脑钱包        broad casting to network     全网广播           broad casting transactions to   广播交易到         bytes      字节    Byzantine fault-tolerant   拜占庭容错
C   
call   调用    CCVM（Cross Chain Virtual Machine）   跨链交易的虚拟机       centralized control   中心化控制       chaining transactions   交易链条
chainwork   区块链上工作量总值      Check Block function(Bitcoin Coreclient)   区块检查功能(BitcoinCore客户端)   CHECKMULTISIG implementation   CHECKMULTISIG实现
CheckSequenceVerify (CSV)   检查序列验证/CSV    checksum   校验和    child key derivation(CKD) function   子密钥导出(CKD)函数      child private keys   子私钥
Child Pays For Parent，CPFP   父子支付方案       coinbase reward calculating   coinbase奖励计算       coinbase rewards   coinbase奖励 
coinbase transaction   coinbase交易      cold-storage wallets   冷钱包      Compact block   致密区块    Compact block relay   致密区块中继        colored coins   彩色币
compressed keys   压缩钥       compressed private keys   压缩格式私钥      compressed public keys   压缩格式公钥      computing power    算力   connections   连接
consensus   共识     Consensus Ledger   共识账本     consensus attacks   一致性功能攻击      consensus innovation   一致性的创新      consensus plugin   共识算法
Confidential Transactions   保密交易    constant   常数    constructing   建造     constructing block headers with   通过…构造区块头部
converting compressed keys to   将压缩地址转换为      converting to bitcoin addresses   转换为比特币地址     conversion fee   兑换费用
consortium blockchains   共同体区块链      counterparty protocol   合约方协议       Counterparty   合约币      creating full blockchains on   建立全节点于
creating on nodes   在节点上新建     crypto community   加密社区      crypto 2.0 ecosystem   加密2.0生态系统     cryptocurrency   加密货币
Cunning hamprime chains   坎宁安素数链    currency creation   货币创造
D   
Darkcoin   暗黑币（译者注：现已更名为达世币Dash）    data structure   数据结构    DAO(Decentralized Autonomous Organization)   去中心化自治组织
Debt Token   债权代币   decentralized   去中心化          decentralized consensus   去中心化共识        decentralised applications   去中心化应用
decentralised platform   去中心化平台      decoding Base58Check to/from hex   Base58Check编码与16进制的相互转换       decoding to hex   解码为16进制
deep web   深网         Decode Raw Transaction   解码原始交易      deflationary money   通缩货币      delegated proof of stake   授权股权证明机制
demurrage currency   滞期费      denial of service attack   拒绝服务攻击      detached block   分离块      deterministic wallets   确定性钱包
DEX ：distributed exchange   去中心化交易所      difficulty bits   难度位      difficulty retargeting   难度调整      difficulty targets   难度目标 
digital notary services   数字公正服务     digital currency   数字货币     distributed hash table   分布式哈希表     Distributed Ledger Technology（DLT）   分布式账簿技术
Distributed Autonomous Corporations Runtime System（DACRS）   自治系统运行环境      domain name service(DNS)   域名服务(DNS)
double-spend attack   双重支付攻击    double spend   双花     Dogecoin   狗狗币      DoS(denial of service) attack   拒绝服务攻击
DPOS   权益代表证明机制/DPOS算法（POS基础上的改良）    dual-purpose   双重目标       dual-purpose mining   双重目的挖矿      dust rule   尘额规则（极其小的余额）
E   
eavesdroppers   窃听者     ecommerce servers keys for…   电子商务服务器…的密钥    ECDSA   椭圆曲线数字签名算法保障      Eigentrust++ for nodes   用于节点的Eigentrust++技术     electricity cost   电力成本     electricity cost and target difficulty   电力消耗与目标难度        Electrum wallet   Electrum 钱包
ellipticcurve multiplication   椭圆曲线乘法    Emercoin(EMC)   崛起币    encoding/decoding from Base58Check   依据Base58Check编码/解码    encrypted   加密
encrypted private keys   加密私钥     Equity Token   权益代币       Ethereum   以太坊     External owned account（EOA）   外有账户   ether   以太币
extended key   扩展密钥      extra nonce solutions   添加额外nonce的方式      extraBalance   附加余额
F   
Factom   公证通    fault tolerance   外加容错    Feathercoin   羽毛币   fees   手续费    FRN   快速中继网络    FBRP   快速区块中继协议      FEC   向前纠错
field programma blegatearray(FPGA)   现场可编程门阵列(FPGA)    Financial disintermediation   金融脱媒     fintech   金融技术     fork attack   分叉攻击
forks   分叉    fraud proofs   欺诈证明   full nodes   完整节点;全节点
G   
generating   生成    generation transaction   区块创始交易    generator point   生成点    genesis block   创始区块     GetBlock Template(GBT)mining protocol   GetBlockTemplate(GBT)挖矿协议     gettingon SPV nodes   获取SPV节点     GetWork(GWK) mining protocol   GetWork(GWK)挖矿协议
graphical processing units(GPUs)   图形处理单元(GPUs)      GUID   全域唯一识别元

This is only part of the content, if I get good feedback, I will continue to organize the remaining letters.

Hope to help Chinese users who come to the forum. The vast majority of Chinese people in this forum are beginners and hope to help them.

If you are a government employee, how should you explain Bitcoin to your government? How to explain his volatility? How to explain his anonymity? The most important thing is, what role does he have for the country.

I have known Bitcoin for a while, and I think I understand the value and significance of Bitcoin. But from an economic point of view, I would like to know what role Bitcoin will play in the face of superpowers like China and the United States in the future.

El Salvador has adopted Bitcoin as its country's legal tender. Panama, Colombia and Uruguay also seem to be interested in Bitcoin. Indeed, for some countries that have been unable to control their own economic development through macro-control, Bitcoin gives them another choice. When the volatility of fiat currency in one's own country has far surpassed that of Bitcoin, the biggest shortcoming of Bitcoin as a fiat currency no longer exists. This is a success in the history of Bitcoin, but how about superpower?

Now, the United States regards Bitcoin as an investment asset. China allows Bitcoin to be held but prohibits mining and trading. The world's largest and second-largest economies have very different attitudes towards Bitcoin. But as we all know, Satoshi Nakamoto's definition of Bitcoin is "A Peer-to-Peer Electronic Cash System", and now people seem to be more inclined to define it as a reserve asset or a price anchor. But for the superpower, neither of these two definitions seems impossible. If Bitcoin is used as a currency for daily use, it will undoubtedly destroy the status of the RMB or the US dollar. If Bitcoin is used as a store of value similar to gold, due to the decentralization of Bitcoin, it is difficult to hoard a large amount of Bitcoin together. I am not a student of economics, and Bitcoin seems to be of little use to the current economic system.

I guess that in the coming decades, more and more African or Latin American countries will tend to use Bitcoin as their legal currency, which can help them resist the erosion of the US dollar. However, the Super Congress insisted on issuing its own legal currency and controlling its exchange rate with Bitcoin. I guess that for China, the final result may be to ask the public to hand over its bitcoin to the country and give it the equivalent value of CNY.

I don’t think so. If you think Bitcoin is a short-term means of making quick money, I suggest you relearn the knowledge of Bitcoin.

If you want to invest in Bitcoin, I recommend that you choose to buy Bitcoin on a regular basis. For example, choose pay day to buy bitcoins and use 20% or less of your salary. I think this is an effective way to get income from Bitcoin, not to study candlesticks. Window period is not important, what is important is long-term optimism.

Here is a website that can help you better analyze the price: https://www.blockchaincenter.net/bitcoin-rainbow-chart/

This is my favorite price analysis Twitter: https://twitter.com/100trillionUSD

Hope to help you

I am a Chinese who was exposed to Bitcoin earlier. I hope to analyze the reasons for China’s Bitcoin-related policies to eliminate FUD against China.

Recently, FUD about China is often discussed in forums. China has successively issued a number of policies to prohibit the use of Bitcoin in China, including banning mining and banning bank card transactions in Bitcoin. Many people think that the reason why China is doing this is the decentralization of Bitcoin that is difficult to regulate, but this is only a small reason.

The biggest reason for China's ban on Bitcoin is carbon neutrality. China’s carbon strategy roadmap is to achieve carbon peaks before 2030, achieve carbon neutrality before 2060, and even initially achieve carbon neutrality by 2030. According to the Bitcoin Mining Council report on July 1, 2021, 56% of the energy consumed by Bitcoin mining is renewable energy. But in the past in China, although the specific proportion was not announced, the proportion of renewable energy such as hydroelectric power generation must be far smaller than this figure. This is not conducive to China's goal of achieving carbon neutrality. In order to achieve this goal, all industries need to make way for it.

Another important reason is the unprecedented chaos in China's cryptocurrency industry. I believe that if the Chinese people just invest in Bitcoin or Ethereum, the Chinese government will never prohibit the transaction of Bitcoin. Unlike the United States or Australia, many Chinese who invest in cryptocurrency don’t know what decentralization is, just blindly follow the trend to buy some unknown coins. Chinese investors lack the most basic understanding of the cryptocurrency industry, most people end up in bankruptcy. Only by restricting mining and restricting bank card transactions can China prevent these ordinary people who have been deceived by become parvenu from joining cryptocurrencies. The reason for the Chinese government to create FUD is not to suppress the price of Bitcoin, but to prevent ignorant people from losing money in the cryptocurrency field.

Finally, China's current development focus is still in the manufacturing or infrastructure fields. In China, finance or economy is still a very abstract word for most people. China's overall strength in the financial field lags far behind the developed world. Therefore, the current strategy of the Chinese government is to stabilize the economic foundation first, and after improving the people's knowledge and living standards, it will begin to develop at the financial level. Before that, it is necessary to ensure that China's overall capital flows to the real economy rather than various financial field.

There are some misunderstandings about China on this forum. I do not comment on the policies of any sovereign country, but in ten years, we may see a China that actively embraces Bitcoin. Although China may still issue policies that have a negative impact on Bitcoin now.

You are wrong. The reason Bitcoin can become a new civilization in the world is not price. Let me give a simple example. If elon musk issues a cryptocurrency, he and his followers can easily increase its price hundreds or even thousands of times. But you can't say that elon coin is a new human civilization. The idea behind Bitcoin is the key to becoming a new civilization, decentralization, trust, coordination, and not under human control.

There is no doubt that the bull market is still there. If my judgment is correct, as countries start to issue additional currencies, there will be a steady stream of funds flowing into the Bitcoin or cryptocurrency market. A recent German news article can also support my argument
"German Law Allowing $415B Investment Into Crypto Takes Effect"
https://www.coindesk.com/german-law-allowing-415b-investment-into-crypto-takes-effect

My bad, you are right, it' s a wrong number, the currect answer is about 629 billion dollors. Thank you for your correct.


Thank you for your reminder that a market that is purely composed of market games is less stable than a market that is regulated by the government. Maybe I should reassess whether Bitcoin's market value can withstand the impact of Soros.



I think the price of Bitcoin in my hand is far more than 100,000 U.S. dollars. The reason I say this is because I personally believe that the highest price of Bitcoin in this round of bull market is between 100,000 and 150,000 U.S. dollars. If I sell bitcoin, I will buy it again when the bitcoin bear market.

I believe that Satoshi Nakamoto originally meant that Bitcoin will either be widely recognized within 20 years or no one cares about it. It's not that Bitcoin's transaction volume will reach what order of magnitude. I think that Bitcoin in 2029 may exist more as a value calibration, just like the digital gold that people often say. By then, Bitcoin's transaction volume may not be very large, but its influence has penetrated into all aspects of people's lives.

Rank: Jr. Member
Amount of merit:  8
Profile Link: https://bitcointalk.org/index.php?action=profile;u=3155612;sa=summary

I don't know the exact answer, but it is difficult to do. The vast majority of people involved in Bitcoin mining are people who want to profit from Bitcoin mining, and some people even borrowed money to buy their mining machines. This is a very common thing in China, where 99.99% of miners need to sell Bitcoin to pay off debts and pay electricity bills. Of course I don’t deny that there are a small number of people who voluntarily become Bitcoin miners because of the great cause of decentralization. Even so, in many cases they still need to sell Bitcoin into legal currency to meet their own needs, such as facing emergencies, unemployment, or illness.

There may be people in this category who still have a very stable income in addition to Bitcoin mining. Mining is for the realization of their ideals of decentralization, and even for the progress of the entire civilization. I have been in Bitcoin for too short a time, and I have not met such a pioneer. But I believe they exist, and I hope they exist.

Yes, this is why I want to analyze his behavior. I don't think I have the ability to guess Soros' thoughts, it's just that I recently saw some FUD about him. I just want to try to help everyone eliminate this FUD. After all, his actions in 1997 can easily cause panic among others.

I am glad to communicate with you.

I think we need to think about this problem from two aspects.

From a long-term perspective, Soros is quite tiny in front of Bitcoin. He cannot change the work of the blockchain or manipulate the price of Bitcoin forever.

In the short term, it is interesting to analyze this emergency.

In 1997, Thailand's GDP was 150.2 billion U.S. dollars. Almost everyone knows that Soros destroyed the price of the Thai baht by various ways. In other words, in 1997, Soros's money could affect an economy of US$150.2 billion. In 2020, Thailand’s GDP is about 500 billion U.S. dollars, so can Soros probably affect an economy of about 500 billion U.S. dollars? No matter what the answer is，bitcoin's current market value is about 629billion U.S. dollars, which seems to be higher than the price Soros can influence.

On the other hand, does Soros own Bitcoin? After experiencing a rapid increase in the first half of the year, the price of Bitcoin once exceeded $60,000, but now it is only $30,000. For Soros, this is a good time to buy Bitcoin. At present, many celebrities are optimistic that Bitcoin will break new highs at the end of the year or early next year. Buying Bitcoin at this time is a good choice.

This sounds very logical, but we all know that Soros is an investment master. Maybe he bought Bitcoin a long time ago, and this time just want to use his influence to push the price of Bitcoin to sell again. After all, as I mentioned earlier, many people will think that Soros will choose to buy Bitcoin at this point in time.

I prefer the first of these two possibilities. With Elon Musk as a precedent, Soros should realize that just tweeting or releasing news can no longer affect the price of Bitcoin in a large range. And I also think that Soros, as an old-school financial player, needs to take a certain amount of time to accept Bitcoin. It is unlikely to buy Bitcoin at a very low price before then choose to sell it at this short-term low Bitcoin price. And I think based on Soros’s knowledge of the financial market, if he chooses to sell Bitcoin, he will definitely be close to the high point of the Bitcoin price instead of now.

The conclusion is that I think Soros has discovered the potential of the cryptocurrency market and is ready to study how to buy it.

Please do not sell your bitcoin before its price reach 100000$

As you mentioned, I think the biggest problem with this agreement is to exacerbate the imbalance between developed and developing countries.

As you mentioned, the iPhone is manufactured in China or India, and the cost is only $25, and the tax to be paid is 0.3 cents. The Irish company bought the iPhone and paid $1 in taxes. In the end, the iPhone was sold in Germany at a tax rate of approximately $20.

Obviously, the developed countries get more profits, while the manufacturing-based developing countries can only get a small return. I think it will also accentuate the inequalities between rich and poor countries. And 60% of the minimum tax revenue will be reaped by G7 countries. Developing countries, which represent more than a third of the world's population, are expected to receive only 3% of the revenue. (Quote from Parrinello）

The value behind Bitcoin is great, and I want to answer this question from several aspects.

1. Bitcoin is an advantageous tool to fight inflation. For most people, this is the easiest to understand. For example, many countries facing severe inflation in their domestic fiat currencies, such as El Salvador. For the people of these countries, the assets in their hands will always face depreciation, and holding Bitcoin at this time will be a better choice.

2. Bitcoin provides convenience for long-distance transactions. The current cross-border transfer process is very cumbersome and requires high handling fees. Using Bitcoin as a means of transaction is faster and more secure.

3. There are valuable ideas hidden behind Bitcoin. I have seen people in this forum more than once compare Bitcoin to a new human civilization. Compared with the role of the economic field, Bitcoin solves the problem of collaboration between people through technology. Two people who have never met can build trust through the Bitcoin network, which is unprecedented in human history.

Finally, please allow me to recommend a few links to you to help you better understand Bitcoin.

For Bitcoin FUD, please see here: https://endthefud.org/

My personal favorite Bitcoin interpreter: https://unchained-capital.com/blog/author/plewis/

About the price of Bitcoin: https://www.blockchaincenter.net/bitcoin-rainbow-chart/

Interpretation of the Bitcoin white paper: https://fermatslibrary.com/s/bitcoin

As we all know, China and the U.S. are the two countries that have the greatest impact on Bitcoin.

At present, the Fed has not yet initiated a deflationary policy, the US dollar continues to be issued, and the interest rate hike proposal has not yet passed. But at the same time, China has not overprinted money. The reasons are worth pondering.

The strategic significance of Trump's tariff war with China is to promote capital to move out of China and create a distributed multi-production country competition pattern, so that the United States is no longer restricted by a single supplier and reduces its own strategic risks.

Just as China was facing the trouble of capital relocation, COVID-19 broke out. Unexpectedly, due to the good control of the epidemic in China, countries that originally wanted to lure and force manufacturing capital to flee were all captured by the virus. China has achieved a great monopoly advantage for a while. The lifestyle products that were originally not strong in core competitiveness also suddenly gained a competitive advantage. This inflation was reversed back to the United States. The prices of living materials have risen one after another, causing prices to continue to inflate.

However, the Fed is waiting for the epidemic to end, the vaccination rate will increase, and the spread of the virus will slow until it is completely wiped out, waiting for capital to flow from China to foreign countries. Then China will lose the pricing power it has acquired due to COVID-19. Then China will be forced to cut prices, or adjust the exchange rate, relative depreciation and thus reduce prices in disguise. The price inflation in the United States will be completely resolved. The Fed understands it well, so they confidently say that this is all temporary inflation.

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.

Central banks around the world are in a sense the shadow branches of the Federal Reserve. China's is no exception. Some people say that if the epidemic is brought under control, the Fed will raise interest rates and assets will plummet. NO. Prior to this, other countries must take turns to implement unlimited quantitative easing until the level of quantitative easing reaches the level of the United States, otherwise it will cause a blow to their own economies. After the beginning of the round of easing policies in the second half of the year, the price of Bitcoin and other assets came to a big bull market.

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