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Bitcoin / Bitcoin Discussion / Re: Which cryptocurrency will lead the currency market in near 5 years?
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on: March 23, 2023, 07:58:39 PM
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I think bitcoin will lead the currency market because it was created as a way for people to send money over the internet. There are many advantages of bitcoin like Direct Transfer, Greater Liquidity, Security and so on. Bitcoin's maximum supply is limited to 21 million coins. Cryptocurrency gains value when demand rises higher than supply. for that i think bitcoin will lead the currency market in near 5 years. Which currency you think will lead?
If coinbase is charged with listing securities by the US govt they will delist everything but Bitcoin overnight. If this happens, crypto will tank miserably but Bitcoin will be just fine. And a few alts with enough fanbois.
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Bitcoin / Hardware wallets / Re: Hardware wallet company and seed phrase question
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on: February 25, 2023, 09:18:12 PM
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Now the company that I bought the hardware wallet from gets nuked in a war and is gone forever.
If nuke falls on company...  This probably means they servers will go down and you won't be able to send transactions with their official app, but I don't think anyone will care about that in nuclear war scenario. In all other cases when company servers are not working, you can always use your generated seed words and import them in any other supported wallet, preferably hardware wallet. Thanks for confirming, and yeah the nuke scenario was a bit much lol.
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Bitcoin / Hardware wallets / Re: Hardware wallet company and seed phrase question
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on: February 25, 2023, 08:53:36 PM
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Strange question but but here goes. Its not a strange question, but yeah it looks weird when such questions come from a sr. member. Especially when the account was created in 2013. Will I still be able to access all my crypto? If so how?
Any hardware wallet company doesnt have access to your coins, in any case if you are not able to spend from that hardware wallet itself (for any reason), you can import your seed in any other compatible wallet and spend your crypto from there. For e.g. if you got dogecoin and 14 other cryptos, and you want to send doge, just import the seed it in any self custodial dogecoin wallet and you're done. Do the same for rest of the crypto coins, i.e., import the same seed in their respective compatible wallets.
Simple trick: Buy another hardware wallet and restore all your coins easily (with the seedphrase ofc)  Even if all hardware wallet in the world are destroyed for one reason or another, you can always enter a seed-phrase in electrum, for example. Fortunately, this wallet has no physical execution and can be installed on any computer. I'd be more worried that your fifteen random cryptos you store on hardware wallet didn't turn out to be shitcoins (this is much more common.) and become nothing than expecting HW company is gone forever. Shitcoins will be shitcoins, I agree. However trading shitcoins based off hype cycles and pumps can be very very lucrative if you ignore the fiat value (without using fiat or stablecoins to purchase the shitcoins) and just stay focused on increasing your Bitcoin holdings. But I wouldn't expect and account that was created November 09, 2017, 07:06:34 PM to understand that. Also, yes I also agree it is much more likely for a shitcoin to go DNS vs a HW company failing in some fashion. My question was aimed at the "not able to spend from that hardware wallet itself" as I heard about an instance where one alt was DNS for a few days from a known issue, with the software, for the hardware wallet which was fixed later by the company. So this is more of a case where none of the hardware wallets from that company would work due to a software issue. Oh, I see. Maybe I can even guess which altcoin you are talking about but it's not important for this discussion. In case hardware wallet #1 has an issue with a particular coin, how do you know that wallets #2 and #3 don't have the same problems? If the coin changed something on a protocol level, an update or a fix needs to be released by the wallets that support that coin to continue interacting with it in an uninterrupted manner. Some wallets could fix the code in a day, others might need a bit more time. Patience is a virtue in that case. Maybe there is a temporary workaround that you can use until your client fixes its main software. Like you said yourself, they fixed it in a few days. If you were impatient and hurried to buy a different HW, you would have just wasted money. Chances are that the fix would be released before you new device is even shipped to your home. If I had to guess it was probably Litecoin, which is an alt but in my humble opinion it's not a complete shitcoin. Yes impatience in crypto is probably the worst quality. In fact, procrastination can sometimes be your ally, other times it could be ones downfall. However, could this be an attack vector? AKA a government shuts down all the companies? Confiscates/corrupts all the software?
Manufacturers of hardware wallets assume that the device generates private keys in a secure way that is not connected and will not connected to the Internet. They also use a standard to generate seeds. These standards are not tied to a specific vendor, so you can import the private key using any other wallet, or even ask a programmer to write a wallet compatible with that standard. If the hardware wallet uses their own standard or there is no way to know how to generate the private key, then there is no difference between them and closed source wallets, and therefore your money is at risk and it is better to avoid them. This applies to some altcoins that do not have an active developing. for those altcoins keeping in in HW or CEX is the same. My question was aimed at the "not able to spend from that hardware wallet itself" as I heard about an instance where one alt was DNS for a few days from a known issue, with the software, for the hardware wallet which was fixed later by the company. So this is more of a case where none of the hardware wallets from that company would work due to a software issue. Buying a new piece of hardware would not have fixed this issue after importing seeds. Then you can buy a hardware wallet from a different company which uses different software which is not bugged. Or if all hardware wallets are affected, you can use a new hardware wallet to transfer your 14 other coins to a brand new wallet, and then import your old seed phrase which now only contains that particular bugged altcoin in to the software of that particular altcoin in order to spend it. Or a better option is not to buy shitcoins which are so buggy you can't even spend them.  However, could this be an attack vector? AKA a government shuts down all the companies? Confiscates/corrupts all the software? Not really. Even if they shut down all existing hardware wallet manufacturers, then nothing changes about the devices already produced. You might not be able to use the proprietary software such as Ledger Live or Trezor Suite in order to interact with your device, but it has always been preferable to use open source alternatives, preferably pointed at your own node, so as not to compromise your privacy. Just link your hardware wallet to Electrum instead. The responses above address the more specific question I asked later after I realized my initial inquiry was too broad. My initial question seems to have confused some. I was not asking how to use a recovery phrase for a hardware wallet (on a new HW same make) or if the coins were gone. I was trying to ask how to use a seed phrase without a HW, generated from a HW in something like electrum. AKA -seed compatibility. And could this be exploited by governments to attack HW's had the answer to the previous question been not compatible. But this seems like a non issue. I can and have, many times walked someone through the simple process of seed creation, how it works. o_e_l_e_o - great idea to get a new HW and tx everything else to it and leave the bugged coin before importing it into anything that's hot. Again, thank you all for the info! It's very nice to see some people still frequent BCT taking the time to respond to the less knowledgeable regarding specifics.
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Bitcoin / Hardware wallets / Re: Hardware wallet company and seed phrase question
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on: February 25, 2023, 10:22:48 AM
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Thank you for the replies, perhaps I asked the wrong question. Let me elaborate: Strange question but but here goes. Its not a strange question, but yeah it looks weird when such questions come from a sr. member. Will I still be able to access all my crypto? If so how?
Any hardware wallet company doesnt have access to your coins, in any case if you are not able to spend from that hardware wallet itself (for any reason), you can import your seed in any other compatible wallet and spend your crypto from there. For e.g. if you got dogecoin and 14 other cryptos, and you want to send doge, just import the seed it in any self custodial dogecoin wallet and you're done. Do the same for rest of the crypto coins, i.e., import the same seed in their respective compatible wallets.
Simple trick: Buy another hardware wallet and restore all your coins easily (with the seedphrase ofc)  I understand how to use a recovery phrase with the same hardware wallet and how it works. My question was aimed at the "not able to spend from that hardware wallet itself" as I heard about an instance where one alt was DNS for a few days from a known issue, with the software, for the hardware wallet which was fixed later by the company. So this is more of a case where none of the hardware wallets from that company would work due to a software issue. Buying a new piece of hardware would not have fixed this issue after importing seeds. I'm not sure what would cause this or the mechanics behind it, which is why I am asking. It could be a non issue but I wanted to be sure. So when you say self custodial wallet do you mean the same hardware wallet? In this case that would not work. It was a software issue. If I had to guess I do not think the hardware wallet seed would work with a QT wallet, but I am unsure. Maybe something like electrum if it were Bitcoin? It is nothing like emergency, you have your hardware wallet like Trezor which you can even access with different wallet software like Electrum for bitcoin, Metamask for ERC20 etc, even if the official software of the wallet is outdated, you can use other reputable software wallets to spend your coins. Not that your wallet is stolen, just that the company that produces it is no more existing, which makes this not to be an emergency.
Know that it is your coin, you control the keys, not the company that produces the hardware wallet, you have full control over it. Because the company is affected, that does not mean your coin is affected.
As time goes on, you may later decide to continue to use the hardware wallet or not, but it is nothing that require emergency of buying another hardware wallet immediately.
Not an emergency at all. Thanks for answering the electrum question before I posted. Also, I understand no coins are effected but I was unsure how to access them in the case I mentioned above. Basically, I was trying to decide if I should advise people to use a hardware wallet versus QT wallets in a faraday cage. But if we can import the seeds into a different brand of hardware wallet it's a non issue in this instance. It seems unlikely that all HW companies would get nuked at once, AND anybody would survive. However, could this be an attack vector? AKA a government shuts down all the companies? Confiscates/corrupts all the software? If so a QT in a faraday might be better?
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Bitcoin / Hardware wallets / Hardware wallet company and seed phrase question
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on: February 25, 2023, 04:20:34 AM
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Strange question but but here goes.
Lets say I had a ledger, trezor or any hardware wallet with a seed phrase secured. Let us assume I have fifteen random cryptos stored on it for this question.
Now the company that I bought the hardware wallet from gets nuked in a war and is gone forever.
Will I still be able to access all my crypto? If so how?
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12
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Economy / Exchanges / Re: Exchange Manipulation?
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on: June 19, 2022, 09:10:31 AM
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In theory: Centralized exchange owners can call their whale buddies to push the price in either direction thus liquidating millions of dollars, perhaps hundreds of millions worth of leverage trades, in less than an hour. Maybe in minutes. In some cases the exchanges may have the fiat or crypto reserves to achieve this without outside help from said whales. If the cost of the pump/dump is less than the amount of leverage about to be "stolen" it makes perfect sense.
It's free money. Furthermore, proving this would probably be very difficult unless you were on the inside. On chain analysis can not expose this IF it is happening. Only deposits and withdraws can be seen, not the trades themselves. Convenient isn't it?
I hope the recent freezes on BTC withdraws pushes the -not your keys, not your coin narrative into peoples faces. Perhaps the recent talk of all time low BTC custody on centralized exchanges is true, this will negatively impact business. Look at all the layoffs being touted by the press in some of the big exchanges. This could give rise to decentralized autonomous platforms. Either free of leverage trading, or the code might be able to be written to mask where the leverage exists at any point in time. Thus making the hypothesized calculation of pump/dump cost to wrecked leverage positions a stab in the dark, and risky for the manipulators.
After throwing this conspiracy theory out there, I do not think the recent drop from the BTC ATH is manipulation.
But I do not believe the Luna system just "broke", a weakness was found by some highly analytical individuals that decided to spend a lot of money to knock over the first domino to help rain in this bear market we see right now. Going to zero, look that "crypto" went to zero! I put that in quotes because anything that is called a crypto and is controlled by one human (Do Kwon) is no crypto in my book. Exploitation of the definition of crypto in conjunction with the utter absence of education in this sector definitely helped this unfold.
All of this stuff is possible, but not probable. If you can not tell, I do not like centralized exchanges. But I see them as a necessary evil, and I am thankful they exist to make BTC available to the masses. Contrast this to getting fiat into the old Fontas exchange and it's a Godsend. I think they had one guy on a donkey with a saddle to ship it there that made a trip every few months, slowly.
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Bitcoin / Bitcoin Discussion / Re: BTC is being too nice. Most people don't deserve the chance to buy it so cheap.
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on: June 19, 2022, 04:25:45 AM
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If I think about the type of person that seeks to get rich quick I agree. Granted that could be most people. To be more specific as to what that type of person that is- it is one that can not even give a respectable definition of what a true crypto is. They probably have no clue about any of the basic components of BTC. The dynamics between the blockchain, the software, the miners and the coin itself and how they effect each other.
BUT, to maintain the vision I have understood regarding BTC I have to disagree.
The global economy is on a downturn. If we are on the verge of a global economic meltdown, we will see many different types of markets crash. If this happens, it will hurt many but it will be weathered. However if (big if) we see this happen -and then- this spirals into fiat currencies this could be a disaster. How much fiat has been printed to combat the economic downturns caused by covid? Fiat may be ripe for the picking. In my opinion, when I step back and look at the big picture, covid could be hidden economic warfare. Designed to level the global economic playing field. This just happens to be at the same time governments and financial entities see the writing on the wall. Due to the decentralized nature of crypto, their hold is slipping and entire sectors can go the way of Kodak film, we just don't need them anymore. Even if we did like them.
So for the people in a country that could utilize BTC to escape bank withdraw halts/restrictions or fiat crashes (like Cyprus or Argentina) I would rather they got in at 15k vs 70k and fulfill the lifeboat "outside the system" vision that influenced the birth of BTC.
So in that sense, I'm happy to ride another dip vs economically decimating people who are in dire need by being forced to flee fiat at BTC all time highs. I understand what effect this would have on the price of BTC, unforeseen all time highs. But those who have to flee first (and probably the hardest hit) will benefit most because they got in at lower prices, thus providing much needed aid to that population.
Lighten up
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Alternate cryptocurrencies / Altcoin Discussion / Re: Notice that while BTC & ETH fall, Doge is Stable
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on: June 19, 2022, 03:04:15 AM
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Yes I did notice, but only if I look at the past 4 to 7 days
In my opinion this is why:
Do a simple chart analysis of Doge/USDT volume on Binance for 2021/01/27 and 2021/01/28, I'll give it to you-it was close to 100 billion coins per day. Also consider this is on one exchange, one market ONLY.
In circulation are 132,670,764,300 DOGE
So in two days the trade volume exceeded the total number of coins in circulation, almost by two.
So how many is Elon (or his child or whoever it was) still holding? Regardless of whatever I think that number is, it is clear to me that an extremely significant % of Dogecoin has been taken off the market and has not been dumped or we would be sub 1 cent by now, easily.
In other words there may be a whale that has taken hodling all the way to hoarding.
An epic dump may be incoming if these are liquidated (and if I am correct), but I believe there is a good chance the number of holders has been drastically reduced. And the whale(s) that still hold have yet to dump.
Good or bad? We shall see.
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Bitcoin / Bitcoin Discussion / Re: Bitcoin is dead!
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on: June 17, 2022, 10:23:15 PM
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I'm having fun with it -when people ask if I am ok I say yes, I just got a job at the local petrol station.
We are at an all time low on crypto sentiment. After the Luna crash people new to crypto have been shaken, rightfully so. But for people who are seasoned, the BTC drop is par for the course. And the press is desperate for clicks these days.
The press is dead, they all turned activist and forgot to tell anybody.
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Economy / Speculation / Re: Charts Today 6/13
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on: June 14, 2022, 09:02:08 AM
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here are the links, all the charts look the almost the same just different pricing, still going on now....
I guess the same trading bots w the same algo are running on these coins perhaps
Not only that, it would have to be a *really* large trust (e.g. Microstrategy or Greyscale, not implying its them though), with a lot of these coins running those algorithms, since all these synchronizations are happening against USDT (strong signal that it is the work of trading bots and is not occuring naturally). I thought the same, a trust or whale that deployed bots on these three coins. At this point I think it could be a possibility. It probably wouldn't be too difficult to come up with a list of who could deploy something like this. After almost a decade of chart creeping, this is very strange to me. Three coins coupled for this long, I have not tried to correlate this to any other crypto yet. I'm also guessing it could be a bot specifically designed to be deployed in bear market conditions. Pure speculations but it probably should not be ignored.
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Economy / Speculation / Charts Today 6/13
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on: June 13, 2022, 11:37:02 PM
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I have been monitoring charts all day. Btc/Eth/Doge are trading in lockstep on the 3m bitcoinwisdom charts. Buys, sells- increased/decreased volumes happen almost simultaneously.
How is this possible?
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Bitcoin / Bitcoin Discussion / Re: Am I the only one who loves BTC but hates the Metaverse idea and the NFTs?
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on: February 10, 2022, 06:43:54 AM
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my worthless input;
The ORIGINAL metaverse was Star Wars Galaxies. Period. Anybody who knows what I speak of understands. I am both a collector and a gamer. I collect original movie posters up to the 70's, comics, toys, autos, movie props and art.
My initial impression of NFT's was -bullshit- 110%
So I decided to dump some eth on NFT's for the experience, to learn. To test the waters sometimes costs, I don't mind paying to learn if I have to. But my ass still hurts because of the eth gas fees.
Paying 50k for some shitty artwork of some dumbass monkey seemed ridiculous and moronic to me. And I still feel the same. This is because the artist was horrible at best.
I am also a musician, not professional because it meant so much to me that I made the decision very early on in life that I would rather gain confidence from my skills rather than monetize it. Spread good energy at every gig I played. And the fact is the best guitarist is probably 80 years old on the streets of Spain somewhere that never made a dime and nobody has ever heard of, and never will. So I didn't want to corrupt something that gave me self worth through intense discipline and devotion for a paycheck. What music does for me in my life gives me something that has no price tag, and can not be paid for.
So I jumped in as an experiment, not to invest bought some bullshit NFT's my son found.
After buying a few I sent one to consolidate them all on one account to myself, and I was like damn I feel like I just moved some crypto to a different wallet. And my outlook started to change for NFT's. Fast forward a few months I bought Ghost Recon and got a few NFT drops on the Tezos chain while grinding my toon. Worthless, no market, no volume, and press coverage saying it was an epic flop and they proclaimed gamers don't get it at all.
Made me think if SWG had nft's I'd be a billionaire, easily. Back then ebay allowed the sale of digital items, and a Krayt enhanced T21 rifle with a 50% damage slice (as long as the tissues were 190+) sold for 600 bucks, 200 million credits sold for 300 bucks. It paved the way for the pay to win crap we see today. And everyone that played SWG knew all the dumbass gamers that had no skill or drive to overcome or die, well, they played WOW.
I want to know who planted a toon named Satoshi Nakamoto outside Coronet on the Bloodfin server in the shopping area that never moved, never played and never spoke. That's another topic. The server shut down in 2011 but this occurred years before that by my estimates. I was crypto illiterate back then, but I remember it because it was not far from my vendor and it was always there. All day, every day.
So with all this being said, there is no fucking way I'm paying anything for some god damn gorilla picture.
However
NFT's do put the art back in the hands of the artist and cuts out the record labels, art galleries, publishers, Hollywood etc in the same way Btc renders the banksters irrelevant. Like Kodak film, nobody hates it, we simply no longer need it. And the fact that if I sell an NFT (be it art music or video) that I created, well I can make it so I get 4% of all future sales. So if I sell it for 100 bucks and someone else sells it for 4 million, I get a cut, every time it sells. This is extremely disruptive, which I love. Blockchain redefines reality in this way. It's a tool to stomp out the entities that have been mooching off others that actually have talent. I admire the dumbass grilla NFT's ability to sell for millions and pave the way for real artists, but at the same time I want no part of it.
All this being said I agree with the previous posts that say the best cases for the NFT are the deed to a house or the title to a car. The problem for artists is they can create beautiful things, make them into an nft- but they might have a difficult time advertising it because that costs money. However I am looking into some sort of solution for this, via the correct social environment.
So, I believe that NFT's have a future and I don't think we have even seen it's true potential yet. But you can keep the ape.
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