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February 20, 2020, 06:47:09 PM *
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21  Bitcoin / Bitcoin Discussion / Re: My funds have been stolen! on: January 22, 2020, 02:31:11 PM
I didn't save the key anywhere. The string of random characters that make up PrivateKey is created using the BrainWallet method, the salt of which is the password I use, consisting of 20 characters (including special characters and numbers), so there is no chance to guess. This was done manually and offline using a tool of my own authorship. I know the mechanisms of private keys very well

So you didn't actually create your private key with Electrum? I'm just thinking out loud here, but it's kind of pointless to generate your private key offline only to later import it into a hot wallet.

Anyway, are you suggesting that Electrum itself is compromised? If so, you might want to share more details so other people can verify where things could have possibly gone wrong. I personally don't believe Electrum has a problem, but that's only because there's no verifiable evidence presented thus far.

I rarely use electrum wallet as their are plenty of breaches to their security and with your current situation it is almost 0% that you can still recover your funds even if you are desperate to take it back.

I can only remember two "breaches", the first of which is inconsequential if the user set a wallet password (with no verified Bitcoin loss), and the other only really affecting alerts which were used for phishing. I'm not going to say those aren't bad, but people who know what they're doing were never really at risk.

Next time it will be best if you use a much more secured wallet like blockchain or your local exchange if you have some so you can easily reach the customer service in case there is a problem in your wallet like this one. 

I'd still recommend Electrum over those alternatives to be honest. I also hate to break it to you, but customer service won't help you with anything unless (and maybe not even) they're the one who messed up. So if you got phished or caught a virus which led to your funds being stolen (which could very easily be OP's problem), you're going to end up just as helpless. That means these options are even worse because you have to worry about two parties messing up (you and them) as opposed to worrying only about yourself.
22  Other / Beginners & Help / Re: Compiling the worst advice to help newbies make money (= do the opposite) on: January 21, 2020, 05:59:19 AM
Sure, but as well as missing some opportunities, you also miss some big pull backs. That's the point - to smooth your entry price over time and bring it as close to the "average" as possible. If you have no desire to try to time the markets or read the charts, then it's a perfectly acceptable way for newbies to get involved in crypto.

The articles you have linked talk about DCA in the scenario of stocks and the S&P 500. These assets aren't as volatile as bitcoin, and the S&P 500 index (for example) has been on a pretty steady upward trajectory for the last 10 years. In these cases, I agree that DCA is probably a worse choice. In bitcoin, however, when the price can drop by $1000 in under an hour completely unexpectedly, then DCA helps to reduce that risk.

There's a DCA site for bitcoin as well here ( where you can play around with the numbers. Even if you had started DCAing in during the height of the bullrun back in December 2017, you would still be in profit today. Such is the point of DCA.

Yeah I completely agree with that, as I said with the rest of my post. I was just trying to rationalize why OP put it in his list by pointing out that there is a school of thought out there which doesn't believe that DCA is a fundamentally sound strategy.

As far as profits go, none of the articles I have linked said that you won't profit from DCA, just that on average, DCA yielded poorer results among other methods tested. No such in-depth study (like this one) has been done on the crypto market, so I thought ones done on the stock market would be somewhat relevant to the discussion, given that there are a lot of people who apply the same principles and strategies to both.

Edit: nvm, I found one:

We created a simple trial comparing lump sum to the strategy of investing in the same amount monthly over a year, and found that lump sum still won ~67.9% of the time. Even the arbitrarily reduced dataset showed that Lump Sum beats DCA 60.8% of time.

I still wouldn't discourage people from doing DCA though, considering it's still a much safer way to invest your money (in BTC at least).
23  Bitcoin / Legal / Re: How is KYC enforced in Bitcoin ATMs worldwide? on: January 21, 2020, 04:14:53 AM
How should i prepare on this while travelling? They just placed KYC in Btc ATMs here in Finland, and i either need to have a previously registered Coinmotion account with kyc, or have online banking codes to withdraw any money.

So i am interested in how much i can rely on Btc ATMs with travelling on some other country and can i rely my Finnish online bank codes working as kyc or do i need to prepare somehow?

Is KYC itself your problem, or the fact that some ATMs require specific third-party accounts and/or online banking codes? If it's the latter, ATMs like that are highly unusual; they only really require some personal details, and I've never heard of any prior to your case requiring much else. Have you taken a look at other Bitcoin ATMs in your area? I suspect that the one you interacted with is an exception rather than the rule.

If this isn't some weird 5AMLD compliance (and it would be big news if it is because it essentially kills off Bitcoin ATMs in the EU), I don't think you will encounter any problems while traveling.
24  Other / Beginners & Help / Re: Compiling the worst advice to help newbies make money (= do the opposite) on: January 20, 2020, 02:33:41 PM
Not a bad strategy, but even a scheduled buy every week is a good idea so you don’t have to watch the charts all the time. This of course is dollar cost averaging.
I mean, the post itself is pretty poor quality, but that doesn't mean that the sentiment behind it is necessarily bad advice. Dollar cost averaging is a perfectly legitimate investment plan, and over a long enough time period with bitcoin would always have made you a profit so far.

While I agree (and this is what I personally do because I'm a shit trader), not everyone sees it the same way:

Dollar-Cost Averaging Doesn’t Pay
Why dollar-cost averaging doesn't make sense
Does Dollar Cost Averaging Work? (With Calculator)

It's great for eliminating biases, but it makes it incredibly easy to miss out on opportunities, especially on a market as volatile as Bitcoin's.

Even looking at its flaws though, I don't think it deserves a never do this warning for newbies. It serves as a perfectly good low-risk low-reward (compared to actual trading at least; BTC is quite inherently high-reward lol) solution for non-technical investors IMO.
25  Other / Beginners & Help / Re: Windows 7 stopped product supports. Please upgrade your Windows and wallets ASAP on: January 20, 2020, 01:58:19 PM

I'd rather recommend Xubuntu since Lubuntu uses LXQt which is quite premature compared with Xfce.

Things might have changed since, but Lubuntu has been known to be lighter than Xubuntu (out of the box at least):

That difference is pretty huge if we assume a potato PC is running it. Other than that, I've had very limited experience with Xfce, but any desktop environment should do if hardware isn't a limiting factor.
26  Bitcoin / Hardware wallets / Re: Is Ballet wallet safe to store bitcoin? on: January 17, 2020, 05:45:40 AM
It looks user friendly, but that's probably where the positives end. Here is a thread with good discussion about its safety features (Spoilers: it's quite negative). I get that they don't necessarily hold the private keys, but I'm sure most people would prefer generating their own.

I probably wouldn't mind keeping a small amount in one, but a cold wallet is essentially useless if you can't trust it to house a significant portion of your savings lol. To each his own though I suppose.
27  Other / Beginners & Help / Re: Windows 7 stopped product supports. Please upgrade your Windows and wallets ASAP on: January 17, 2020, 03:12:23 AM
Just to add, if you're still using a potato PC along with your Windows 7 (like 1GB or 2GB RAM which can't really run newer OSes properly anymore), and don't want to buy a completely new system to go with a secure OS, you can use Lubuntu, which is basically a much more lightweight flavor of Ubuntu:

It doesn't take up much space either, so it should also be viable for dual booting even for older machines. It's also perfect for converting old laptops and such into air-gapped cold storages.
28  Bitcoin / Bitcoin Discussion / Re: Bitcoin Solves This: Bill Gates Talks About the US Wealth Gap on: January 16, 2020, 08:06:07 AM
I'm not saying that it's his fault that he's rich but he is certainly adding to the existence of the gap.

That's great and all, but what is he supposed to do at this point? Redistribute his wealth? He's already doing that through his charities lol.

Sitting in a Tesla and complaining that the world is getting polluted because of all those other stinky cars is as dumb and self-centered as it gets.

How is this even remotely close to what he actually said? He was pushing for higher taxes for rich people lol. The ideas he was proposing were completely anti-rich. He wasn't complaining about the gap, he was thinking about solutions on how to reduce it, and it requires zero adjustments from people riding stinky cars. As for climate change, he does have his own stance, and it's mostly about spending money on R&D, precisely so poor people (and everyone else really) would have actual viable (i.e. not anti-poor like everyone should buy Teslas) options to reduce their carbon footprint.

The poor get poorer and the rich get richer in this world. That's the way it is and that's also how Gates made money from money so he can spare us his bullshit.

That's capitalism for you, which Bitcoin ironically enables. The reality is, we all play under the same rules, we just get away with more stuff the more money we get. This is precisely the same situation in Bitcoin where whales are able to throw their weight around -- such is the price for freedom. Don't hate the player, hate the game.
29  Economy / Economics / Re: CEO of $150B investment fund says:it's just about time for the dollar to weaken on: January 15, 2020, 01:46:31 PM
Weaken against what though? Against which currencies?

Everything, pretty much. What this primarily means though, is that the US Dollar Index falls.

Either way, wasn't Trump talking about wanting to weaken the USD a while back? I'm not sure how weak Gundlach is talking, but the constant printing really might be intended to weaken it.
30  Bitcoin / Bitcoin Discussion / Re: Bitcoin Solves This: Bill Gates Talks About the US Wealth Gap on: January 15, 2020, 10:29:45 AM
Bitcoin CAN solve this problem if it is NOT prevented by the banking system.

How so? Anyone can do what they want with Bitcoin, regardless of what their bank is saying. Even then, that doesn't change the fact that the ultra rich can buy more coins than us poor folk, so if anything, Bitcoin helps their wealth even more than ours.

Look who's talking. One of the richest people in the world complains about inequality. He's like a fat pig bathing in champagne that looks out the window, sees a hungry dog chained to a post and screams -poor guy, find some food or you'll die! World is so unfair!

Uh, what would you rather have him do? Would it be better if he ignored the issue completely? I'm not saying that Bill Gates is the paragon of all goodness, but the rich people hate has gotten out of hand. The wealth gap isn't entirely their fault.
31  Other / Beginners & Help / Re: Don't be a victim of second scam. on: January 14, 2020, 01:17:19 PM
Just to clarify, most of these services won't promise to reverse transactions; most offer their services to track down the scammer and go after them with legal remedies. It must also be noted that there actually are legitimate entities that offer this kind of service like Ciphertrace, so it's not like people should be avoiding it like the plague.

Either way, asset recovery services shouldn't be able to offer any guarantees, so be especially wary of those. Just make sure you do your due diligence in finding a legitimate service, but then again if you were already doing that in the first place, you probably won't get scammed.
32  Bitcoin / Legal / Re: European Crypto Firms Brace for Higher Costs as AMLD5 Takes Effect on: January 14, 2020, 12:00:59 PM
Where are all the persons praising Europe as the crypto heaven when Binance moved to Malta, followed by Bittrex. Roll Eyes

Malta was branded as such precisely because of its regulatory framework, not the lack thereof:

The Authority acknowledged the regulatory challenges that the crypto sector is facing, saying that “the innovations in blockchain and crypto technology present challenges in the prevention of money laundering and terrorism financing.” That’s why the MFSA will employ so-called “SupTech” intelligence tools, which will put regulators in a better position to identify fraud, prevent money laundering, and funding terrorism. In other words, Maltese regulatory bodies will start to take progressive approaches and actively monitor licensed crypto service providers using a more advanced tool.

I imagine the AMLD5 won't change much for larger firms, but I suppose that would depend largely on the added costs. If Malta is already actively implementing these AML regulations though, it's possible that exchanges might not have to adjust much.

I'm a big believer in free markets and principles like caveat emptor. Common sense always told me to stay away from anonymous, fly-by-night companies. To me, you're just rationalizing nanny state regulation. There is nothing "positive" about it.

Well, beyond protecting the public, the article did mention that financial institutions could play nicer with crypto once it all goes down. Whether or not that's a positive thing probably depends on the individual though lol.
33  Economy / Service Discussion / Re: Generating Bitcoin on the side? on: January 09, 2020, 03:47:50 PM
I have looked into may different websites that claim to use your pc to gather bitcoin,  in return for a small %. I am not sure but this doesnt seem very legit to me. Would it be more worth for me to invest in my own set up?

This isn't possible for Bitcoin at all, but is probably possible for some alts. In this case though, there's really no advantage to having a middleman. Whether or not it will be worth it depends on your hardware, electricity rate, etc. though. You can then easily exchange the alts you mine for Bitcoin.

If you're in this to gamble, I would recommend that you stick to buying Bitcoin. If your anonymity is a concern, you can use services like mixers or CoinJoin.
34  Bitcoin / Bitcoin Discussion / Re: Why the price in iran of bitcoin is manipulated on: January 06, 2020, 07:16:17 AM

that "edit" is also wrong. nowadays they are turning Iran into China as far news goes (eg. China banned bitcoin!). they release some nonsense not at all researched article and people eat it up.
the fact is that the "official rate" of USD in Iran is around 12k which is also the street value of it and with that rate you can see that bitcoin is being traded around the same price that it is everywhere else. and nothing has changed over the past couple of days that this news keeps coming out.

as for 42000 it is not "official rate". USD has one rate but this low value is the rate that government sets for importing certain basic needs such as medicines so that it can prevent super inflation of these items.

It's a worthless article for sure, but how is their clarification wrong? From what I can tell by your explanation, you basically just said the "official rate" isn't the government rate, but rather the street value. If we take semantics a bit more loosely, you're both saying the same thing: that Iran's government has its own dictated forex value (which the article refers to as the "official rate", whereas you simply describe it as government-set value) separate from its actual value (which you refer to as the "official rate", or street value which you and the article agree with), and that no one really uses it.

...or did I misunderstand you somehow?
35  Bitcoin / Bitcoin Discussion / Re: Why the price in iran of bitcoin is manipulated on: January 06, 2020, 02:03:27 AM
The article has been updated since you posted it:

In reality, it is not uncommon for countries with weak national currencies — such as Venezuela — to have dual exchange rates: one “official” rate set by the country’s central bank and the other, the actual market rate, or the real amount of dollars a regular person would get for their rials.
In other words, while the “official rate” is around 42,000 IRR per 1 USD — which would result in the $24,000 price per Bitcoin — the actual rate in the street would give one something closer to BTC’s actual global market price, currently around $7,300 USD.

So no, there's no manipulation going on, and there's probably no premium for Bitcoin either.
36  Economy / Economics / Re: Halving is approacing: HOLD YOUR BITCOINS AND NEVER SELL THEM on: January 01, 2020, 08:37:00 AM
Even if historically speaking Bitcoin goes up every time halving happens

The thing is, halvings haven't had any immediate effects on prices. We associate halvings with growth because of charts like OP's, but that doesn't necessarily have to be the case -- growth could have come without the halvings, and we wouldn't really know.

I agree that HODLing is the best course of action if you want to gain in this scenario, but only because it's the best course of action is most scenarios. People looking forward to the halving are very likely to be disappointed, and disappointed market actors often lead to a falling market.
37  Bitcoin / Legal / Re: Kraken sued by ex-employee on: December 20, 2019, 03:08:56 AM
Regardless of whether he's telling the truth or not, is it possible for Kraken to try to settle out of court? This is just a discrimination suit after all. If so, what will happen to the shady business practices allegations? I imagine regulators are going to be watching this very closely, but I don't know if they could actually use a dropped lawsuit as a basis for an investigation.
38  Bitcoin / Bitcoin Discussion / Re: Craig Wright: "BTC is not Bitcoin" on: December 18, 2019, 09:10:25 AM
Did you guys read the video's description?

Also known as Faketoshi, since no one believes that he is really Nakamoto, especially because he has never been able to prove it, Wright talked with us about what people mistakenly believe is Bitcoin.

LOL the disrespect straight from the video uploader. This kind of proves that outlets only really interview him for added exposure to their platform, not because they want to hear his thoughts.
39  Bitcoin / Bitcoin Discussion / Re: Do you believe in BTC "Energy Value Oscillator" theory? on: December 18, 2019, 05:45:59 AM
I personally don't. The amount spent on mining Bitcoin doesn't have anything to do with its market value because the market doesn't care about that. Unlike traditional physical goods, manufacturers (miners in this case) don't get to dictate the selling price of their product (Bitcoin), so their production cost doesn't really matter in pricing.

There's bound to be some correlation because miners have to adjust to actually profit. Let's take Litecoin as an example: its price should have skyrocketed after its halving because it costed significantly more to mine, but miners turned off their machines instead because they have to follow the market, not the other way around.
40  Other / Off-topic / Re: smartphone privacy oriented on: December 16, 2019, 09:32:35 AM
I will probably get another Motorola or Samsung

You may want to avoid Motorola if you're going for privacy. It's owned by Lenovo, a Chinese company, which may be compelled by the CCP to hand over user data by law.

It's true that we don't have a lot of options with the Android/iOS duopoly, but Apple is probably the lesser of two evils privacy-wise. I would also argue that they have longer lifespans, considering they update their devices for up to five years unlike Android OEMs, most of which only update for two. They have competitive battery life now too, contrary to their past reputation. I don't even think they're necessarily overpriced anymore, with the iPhone 11 being even cheaper than the Samsung Galaxy S10. You should probably give them a second look, and that's coming from someone who has primarily used Samsung phones for the past 6 years or so.
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