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441  Bitcoin / Development & Technical Discussion / Re: MIner Question on: December 30, 2019, 09:23:48 PM
A potential attacker would need to act economically irrationally to successfully launch a 51% attack, when only looking at the attack in terms of bitcoin.
That "economically irrational attacker" would be wasting resources. The network is made of people, capable of coming to consensus if there was a direct threat.

What the troll said was that the miners could collude. But would they? They would be opening a strong debate for a POW change.

As PrimeNumber7 pointed out, they would be economically irrational with regard to Bitcoin's incentive system.

That doesn't rule out incentives external to Bitcoin. Let's say the Chinese government simply wanted to crush Bitcoin with a sustained 51% attack. They could systematically co-opt mining farms, threaten pool admins with imprisonment if they don't cooperate, etc.

Not that I think it would be successful long term -- I'm just pointing out a situation where a majority of miners might be incentivized to collude against the network. Indeed a POW change could eventually thwart the attack, but it's interesting to ponder what kind of damage they could do in terms of market confidence and adoption.
442  Bitcoin / Press / Re: [2019-12-26] Binance Blockade of Wasabi Wallet Could Point to a Crypto Crack-Up on: December 30, 2019, 08:56:15 PM
I would've thought not too far off everything has something questionable somewhere once you look hard enough.

That's the long and short of it. Exchange wallets themselves are full of once tainted coins.

I think it has to do with this new model of KYCC -- "Know Your Customer's Customer" -- especially in this atmosphere where cryptocurrency exchanges are increasingly viewed as financial institutions. Exchanges (particularly fiat exchanges like Binance SG) are trying to appease their banking partners in addition to regulators.
443  Bitcoin / Bitcoin Discussion / Re: 51% attack on: December 30, 2019, 07:50:38 PM
You mean the Chinese government? The majority hashrate is already located in China:
https://www.coindesk.com/highest-in-2-years-65-of-bitcoin-hash-power-is-in-china-report-finds

We're still talking about private companies running these mining operations, not the government. The confiscation of private mining facilities to launch a 51% attack seems rather unlikely as China knows better than to kill their own cash cows.
Well depends what their intentions are, they might confiscate all the farms to launch the attack and destroy btc to be able to force on public their own "cryptocurrency".

Then they might cripple the ASIC manufacturing industry, which China overwhelmingly dominates. China is trying to boost its exports, not restrict them.

In this way, they would have the best of both worlds, the biggest competitor would be gone, and everyone in china would have no other choice but to use their centralized government shitcoin. It's actually scary what countries as powerful as china can do to bitcoin.

It wouldn't be gone. A 51% attack only allows attackers to perform double spend attacks and censorship. The costs are absurd and users can simply wait out the attack. Worst comes to worst, the network can hard fork to brick SHA-256 miners and introduce a new POW algorithm.

With the DCEP project, I don't think they are necessarily trying to dethrone Bitcoin. Rather, they are putting their fiat currency under tighter controls and surveillance.
444  Bitcoin / Bitcoin Discussion / Re: YouTube admits error over Bitcoin video purge on: December 29, 2019, 10:35:14 PM
Decentralized is good but you cant stop people not to use up the largest network when it comes to video sharing and monetizing yet we know on how big it is when it comes to network/users.
Decentralization sucks when it comes to social media platforms that need to process extremely large video files. It's people who keep talking about how important decentralized youtube alternatives are, but they work like crap and are extremely costly to scale to any useable scale. Not in a thousands years will they even remotely challenge youtube. It's nothing but a crypto coiner's wet dream.

Sad but true. Decentralized alternatives to Facebook and Twitter have met the same fate.

Interestingly, Jack Dorsey is pushing the idea of an open-source decentralized standard for social media, and he claims that Twitter will eventually adopt it. I'll believe it when I see it.
445  Bitcoin / Bitcoin Discussion / Re: Gifting satoshis to future generations on: December 29, 2019, 10:25:39 PM
After a few thoughts he came with this solution:



€74 a piece for the Cryptosteel Capsule seems like overkill to me. I suppose you're paying for the waterproof/fireproof aspects, but as someone who already has a weatherproof safe, that seems pricey for a glorified paper wallet.

It looks pretty snazzy, though. I'll give it that.
446  Bitcoin / Bitcoin Discussion / Re: YouTube admits error over Bitcoin video purge on: December 29, 2019, 12:23:09 AM
My guess is that they unleashed some algorithm that was meant to take down the crypto investment advice videos, but for some reason it has nuked the whole channels - maybe there's some sort of autoban which removes all videos from a channel if it already removed a lot of videos from it.

I think it was the result of autobans that were triggered by mass flagging. Some group claimed responsibility for at least one of the channel removals. I've always wondered how platforms like YouTube deal with coordinated flagging attacks. I guess we found out.
447  Bitcoin / Press / Re: [2019-12-18] Two more bitcoin firms shutdown over impending EU money-laundering on: December 27, 2019, 10:07:36 PM
I'm talking about huge exchanges like BitMEX and Poloniex, not casinos and darknet markets. I don't believe we've ever seen exchanges -- who generally have some AML policy in place -- restricted in that way.

Binance has frozen some coins sent from Wex, other than that I wouldn't be surprised if some exchanges, say, Bitstamp viewed a user who would send coins from Binance with more suspicion, they just wouldn't necessarily tell anyone about it.

That Binance/Wex situation was different. Customers were alleging that coins deposited to Binance (from Wex's cold wallets) were stolen from them, so Binance temporarily froze the associated accounts and asked for those customers to file police reports. They have a whole policy for dealing with these types of allegations.

The situation I'm concerned about is more like Binance freezing/investigating all accounts receiving any deposits from Wex -- or BitMEX, Poloniex, etc.
448  Bitcoin / Legal / Re: Is Bitcoin finally legal in US? on: December 27, 2019, 09:54:49 PM
It's never been illegal.

There were many events keep on happening in US justice department about bitcoin.

That's probably not going to end. They will keep going after Bitcoin exchanges and services who they believe are violating US laws.

In some places I have seen news US Fed wants to introduce new bill for legalization of bitcoin transactions.

That's not necessary since Bitcoin transactions are legal. The Fed also doesn't really participate in the legislative process.

They are looking into issuing their own digital currency, though.
449  Bitcoin / Bitcoin Discussion / Re: Crypto and bitcoin is Not good investment new era Next phase on: December 27, 2019, 09:44:26 PM
Looks like OP mixed blockchain and crypto. You don't really need to have cryptocurrencies, just use blockchain to store those equity digital shares.

I'm not against it but will companies even consider it?

Overstock launched a subsidiary and platform called TZERO, which is an alternative trading system (ATS) for trading stocks. Volumes have been meager so far and nobody besides Overstock has issued securities on the platform yet:

Quote
TZERO, launched for trading in January, is designed as an alternative trading system (ATS), a limited version of a securities exchange to trading tokenized private equity. It started with its native equity token, tZERO Preferred (TZEROP), with ambitions to be an issuance platform for other companies that want to tokenize their securities.

So far, the second token that was made available on the platform is Overstock’s own digital stock, the Digital Voting Series A-1 Preferred Stock, previously known as Blockchain Voting Series A Preferred Stock, or OSTKP — an early blockchain experiment by Overstock issued back in 2016.

The platform has so far seen meager trading volumes, as only the accredited investors could register and only one token has been available to trade. However, this month, the lock-up period for TZEROP tokens (issued under Regulation D) expires, at which point retail investors will be allowed access to the asset.
450  Bitcoin / Press / Re: [2019-12-18] Two more bitcoin firms shutdown over impending EU money-laundering on: December 27, 2019, 09:36:24 PM
My primary concern with platforms registering in the Seychelles and similar jurisdictions so they can continue avoiding AML/KYC is that the industry is creating a two-tiered system. Is it possible that the whitelisted exchanges -- the Coinbases, Geminis, and Bitstamps -- will begin restricting deposits from non-compliant platforms? That creates huge fungibility issues.

Already has been the case for quite a while now, coins from mixers, coinjoin, wasabi, gambling sites or a dnm can trigger an account freeze.

I'm talking about huge exchanges like BitMEX and Poloniex, not casinos and darknet markets. I don't believe we've ever seen exchanges -- who generally have some AML policy in place -- restricted in that way.
451  Bitcoin / Legal / Re: So Richard Heart is a Bitcoin ponzi scammer too? on: December 26, 2019, 09:30:16 PM
I used to have a LOT of respect for the guy he did help a lot of people understand bitcoin and blockchain shame he's fallen down this route.

That was probably the plan all along. I'll bet he's kicking himself for not going full penis in 2017. Maybe that's why he started crying when the market took a monster shit. He could've made billions rather than a few mil.

I imagine that's why he waited until now to launch it, as opposed to last year's downturn. The 2020 halving is around the corner, and the market is still coming off an impressive upturn in early 2019. He's obviously hoping to ride the next 2017. And he might just become a billionaire if the SEC (or similar agency) doesn't step in and force him to disgorge his profits.

This few million could just be the start.
452  Bitcoin / Press / Re: [2019-12-26] Binance Blockade of Wasabi Wallet Could Point to a Crypto Crack-Up on: December 26, 2019, 09:18:09 PM
Do you think they'll be heading towards an unworkable dead end with this or it's the start of something others will try to emulate?
the former

it's possible to do perfectly effective coinjoins that are indistinguishable from regular transactions, I've become bored of having to tell people this spectacularly obvious fact

It's interesting in the sense that Wasabi Wallet coinjoins may be providing "cover" for more discreet mixing efforts. They're an easy mark for the risk-based AML policies that exchanges employ. Less obvious methods will slip by unflagged.
453  Economy / Service Discussion / Re: Best way to mix bitcoins on: December 26, 2019, 09:06:19 PM
I don't know anything with casinos but I suppose the wallets created there works the same as the web wallets. It won't help you to mix bitcoins properly.
It's one of the crappiest ways to do this.

A couple years ago, I tried to "mix" some bitcoins using 777Coin. They literally sent the output I deposited right back to me, minus a withdrawal fee. Fail!

In all honesty, some of the more primitive mixers aren't that much better. Anyone looking to mix their bitcoins effectively should research how any given mixer works and see how easy it is to analyze outputs received from them. Not all mixers are created equally!
454  Economy / Exchanges / Re: Best way to use Binance anonymously? on: December 26, 2019, 08:53:59 PM
Quote
I use Private Internet Access. Under privacy settings, always keep the "VPN Killswitch" on.
So using any of these VPNs will be safe (Windscribe or Private Internet Access)?
No need to purchase a Dedicated VPN?

I assume you mean a VPN that offers dedicated IP addresses?

Generally, that's not necessary if you are using services that allow VPN usage. If you are using an exchange that prohibits VPN usage, then a dedicated IP may solve the problem. A dedicated IP will be harder to identify as a VPN IP address since it isn't shared with any other users.
455  Bitcoin / Bitcoin Discussion / Re: Many big powers agains crypto on: December 24, 2019, 11:34:33 PM
There has been immense pressure on YouTube to restrict and censor content. The issue is much bigger than just cryptocurrency. Multiple lawsuits have already been filed against YouTube for their moderation policies:

Quote
Strange times make for strange bedfellows. So it is in 2019 when conservative nonprofit Prager University finds itself allied with a group of left-leaning LGBTQ+ YouTubers. The common denominator? Both groups are suing YouTube for discriminating against their videos.

However, it's not actually clear that YouTube is cracking down on crypto-related broadcasters. This may be a coordinated mass-flagging attack:

Quote
While many are pointing to centrally organized, mass Youtube censorship of crypto, some are wondering if a more personal conflict might be involved. Screenshots from an alleged Telegram conversation posted by Chico Crypto show a user identified as @IamSamSmith stating “This is only the beginning of your demise Chico. You started a war which you will not win. I Sam Smith vow to bring upon you the same pain which you did to me. We will keep flagging.”

The user’s self-description reads: “Fighting back against rasist scammars in crypto.” When news.Bitcoin.com reached out to the user via Telegram, he claimed “I got chicocrypto banned absolutely.” When asked about the other channels he claimed he was involved in the removal of their content as well, saying: “Many of them are anti Indians and they spew hate speech.”

On his Telegram channel, Sam Smith Truth, the user states:
Quote
Youtube is finally taking a stand against the ‘white population’ of crypto by removing videos, and giving strikes. Diversity is a beautiful thing and crypto should welcome all backgrounds.
456  Bitcoin / Bitcoin Discussion / Re: Poll: Who is the 2019 Bitcoin Drama Queen on: December 24, 2019, 11:13:36 PM
I've seen some videos of Roger Ver and the man sounds so insane it just hurts to think about how wealthy he probably is and why a sane person such as myself isn't.

That might be because he's so wealthy: Too Much Money Makes You a Raging Asshole, Science Suggests

Wealthy people tend to be more narcissistic and selfish, worse at reading peoples' emotions, less empathetic and generous, even unethical. All in all, they are very disconnected from common social norms and niceties. They aren't typically "normal" or well-adjusted people when compared to the poor and middle class.

I think this characterization suits Roger Ver pretty well.
457  Bitcoin / Bitcoin Discussion / Re: Bitcoin Scalability on: December 24, 2019, 09:19:10 PM
Last night I received a payment from one of my client in the form of bitcoin and it took quite a while to confirm the transaction. I was thinking if bitcoin remain like this, only people like me who are a fan of bitcoin will use it. No one will prefer to use bitcoin if settlement time for bitcoin remains like this.

1 satoshi/byte transactions are being confirmed every few hours. What more could you ask for? Fees are the cheapest they've been in years. Not to mention, the consistently increasing hash rate pushes average block times below 10 minutes.

People (and wallet software) need to get smarter about fee rates. If a payment is urgent, send a higher fee. If there is congestion due to a period of long block times, use RBF to bump the fee up.
458  Bitcoin / Bitcoin Discussion / Re: Poll: Who is the 2019 Bitcoin Drama Queen on: December 24, 2019, 09:08:18 PM
Bitcointalk has a poll function too, you know. Wink

It's hard to lump Nouriel Roubini in with the rest. He's more on the level of Warren Buffett, just an outsider occasionally talking trash. My vote is for Craig Wright. His demonstrated hostility towards Bitcoin goes much deeper than the others, not to mention his courtroom dramas.
459  Bitcoin / Bitcoin Discussion / Re: Would a Crypto Based Economy Make Things Safer? on: December 24, 2019, 08:55:47 PM
As the state of economy does at times really influence levels of crime and social aspects in any community.

Right now under the fiat system there is a major and growing sides of rich and poor.
With many times people who are "without" getting into trouble. Such as committing crimes. Getting into substance abuse etc.

If society or at least communities are able to become more independent and based their markets all on crypto. In which they follow the principles of crypto? as in prevent inflation and create an equal or at least more fair financial market. If that was the case/

Would this create a more safer community? would this cause people not to resort to crime? substance abuse? etc?

Your thoughts why or why not?

Crime is linked to poverty. Outside of mental illness, it's a socioeconomic issue, not a matter of technology or the type of money being used. In other words, cryptocurrency doesn't address the sources of poverty -- namely maldistribution of property and capital.

Inflation makes us poorer, but it makes everyone equally poorer, so eliminating inflation still doesn't address the fundamental issue.
460  Bitcoin / Bitcoin Discussion / Re: Deloitte warns Bitcoin over Google's Quantum computing risk on: December 24, 2019, 07:17:48 AM
Let's compare this scenario with a real life example. A lot of countries now own nuclear/hydrogen bombs. We all are aware about the destruction power of such bombs and we all know that it can destroy the entire human civilization within minutes! Now how many countries have used it so far? Post the Hiroshima and Nagasaki incidents that happened in 1945, no country dared to use such weapons till date!

Same with quantum computer! If someone owns a weapon, that doesn't mean he will have to fire it to kill! If Google have achieved quantum supremacy, it's highly highly unlikely that it will be used to bring down bitcoin network! Chill!

This situation is different because of the financial incentives.

Someone with a QC capable of breaking Bitcoin private keys probably wouldn't steal them en masse. That would quickly destroy the value of all bitcoins because the market would view the network as insecure. It would make more sense to slowly and quietly steal private keys, so nobody realizes that ECDSA has been broken at all.
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