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I love discussing things on this forum.
However, I was wondering if we have/had an IRC channel for quick IM communication. I can see several uses for having such a channel.
Would members on this forum be open to creating a dedicated IRC channel?
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-snip- Sure, it is trivial to identify an output as coming from ChipMixer since their chip funding transactions are so distinctive. Their privacy model does not depend on this, though. All an adversary can say is that the output came from ChipMixer - they cannot link the output to a specific deposit to ChipMixer. This is similar to the privacy provided by coinjoin transactions, where an adversary can identify a coinjoin transaction, but cannot link a specific output to a specific input. When I spend my bitcoin, I have no issues with the merchant seeing that I sent them coins directly from ChipMixer. All they know is that I used ChipMixer. They have no idea where my coins originally came from, who else I am paying, how much I am holding, my wallet addresses, and so on. This is a very good point. Identifying a chipmixer output is certainly possible. The problem is linking that output to a distinct deposit that was made using their service. Chipmixer also supplies various tools to change the outputs that would be released adding a layer of obfuscation. This does help with privacy but is in no way 100% anon. It seems that mixing services are more centered around keeping your balance and transactions anonymous. Yet some use it as a way to launder money. |
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They can freeze your coins and accounts, and I even hear that CZ binance is now calling for more strict global crypto regulations, and no wonder when we is hanging out with his ex boss Bloomberg.
Solution for this is to use Bitcoin directly with merchants for any purchases, or use decentralized exchanges like Bisq or P2P for trading.
Binance is calling for more strict regulation so that they can crush the little exchanges that will not be able to compete because of said regulation. They enjoyed rapid growth through the lack of regulation they had as a young exchange. |
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This article written in August this year from Cornell University theorize that over 70% of the volume in the top 29 cryptocurrency exchanges is fraudulent wash trading. The paper discusses issues relating to the large volume of wash trading done on top crypto exchanges for various reasons:
Abstract
We introduce systematic tests exploiting robust statistical and behavioral patterns in trading to detect
fake transactions on 29 cryptocurrency exchanges. Regulated exchanges feature patterns consistently
observed in financial markets and nature; abnormal first-significant-digit distributions, size rounding,
and transaction tail distributions on unregulated exchanges reveal rampant manipulations unlikely
driven by strategy or exchange heterogeneity. We quantify the wash trading on each unregulated
exchange, which averaged over 70% of the reported volume. We further document how these
fabricated volumes (trillions of dollars annually) improve exchange ranking, temporarily distort prices,
and relate to exchange characteristics (e.g., age and userbase), market conditions, and regulation.
Is this something that you guys have been aware of as an issue for some time? Is this even really an issue at all? In my view, this kind of wash trading is being done to increase/maintain an exchange's 'rank', not to manipulate price. Exchanges will do next to anything to keep their brand relevant and keep customers using their platform. Could pumping the volume like this really affect any coin's price? Could this kind of trading be dangerous to the market in any way? Paper Link: https://arxiv.org/pdf/2108.10984 |
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Interesting how they still opted to use Lightning, despite the fact that we're talking about athletes that I assume are being paid good amounts of money(not NBA-levels of money, but yea) that they could afford to pay $1 quick base-chain transactions.
I find this strange as well. Will the lightning network even be able to rout such large payments over payment channels? I'm sure the base layer would do just fine for what they are looking to do. |
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People need to stop being so dramatic.
We had literally had almost two months of uninterrupted growth. The greed some people show just baffles me.
To be "worried" about this recent correction is laughable.
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Even if we assume the rise has stopped there is simply no way for bitcoin to repeat any of its historical massive drops since we are not even close to being in a bubble. And if price reaches a bubble it would be at $500k which means the bubble burst that follows would still bring the price down to $100k+ which is 70% higher than the current price!
Why do we assume that if we saw a $500k bitcoin it would be considered a bubble? Couldn't that $500k price be healthy growth when achieved in a realistic timeframe? |
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Is it really timing the market though?
Timing meant buying at the lowest point and selling at the highest point which no one can predict.
But everyone knows what a bear market is and bear market lasts years typically. I am going to enter at ANY point in the bear market and DCA into it.
Likewise everyone knows what a bull market is and I am going to exit at ANY point within the bull market and a bull market lasts many months.
You say typically as if we have been through 40 bear markets already. Regardless of what anyone may claim, you can never be certain when we are at the bottom or top. We have not seen enough bear markets to understand them in their entirety. Back in July people were swearing the bottom was going to be 20k and then we would see a rise. That clearly was not the case. If you are asking how long a bear market will last, you are asking people to time the market. Which no one can do. Exiting will not be necessary if bitcoin succeeds the way many prophesize. |
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I think openly discussing your numbers online is unsafe in its own way.
Nonetheless, what you're talking about is timing the market. No one on here can predict the market and how high or low it's going to go in the next decade.
In many early bitcoiners experiences, time-in the market beats timing the market. If bitcoin is reaching 800k USD per coin, it won't matter if you bought in at 60k or 35k. If you believe in what bitcoin will achieve, you should have no problem buying and holding.
Obviously don't invest what you can't afford to lose.
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Some will say that this is a necessary sacrifice for global adoption.
Obviously, this bill was not written in our own interests. Regardless, this is just one of the steps we have to get by in order to reach the level of adoption we are seeking.
Price may be affected in the short term, like in many scenarios. However, having clear and concise rules for crypto tax reporting seems like a blessing in disguise; legitimizing bitcoin further.
All we can do is elect quality political candidates and hope they change many of these stipulations in the future.
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Stories of the Silk Road from back in 2013 was what got me into bitcoin. I found the stories and the backgrounds to be so captivating.
After learning that they used bitcoin, I began a deep dive into what bitcoin actually was. I was in love with what I found.
My love for code and software engineering only fueled my desire to understand bitcoin down to its very core. I practically lived on the GitHub page the first few months that I found out about bitcoin. I read through all the BIPS and the past couple of months worth of pulls.
Bitcoin changed my economical views, my moral views, and even my political views to some degree. I'm sure there are others that can say the same.
Bitcoin will continue to be an obsession of mine until the day bitcoin is not bitcoin anymore. Which if we are all lucky, will never happen.
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I came across this wonderful resource for those new to the space. If you have not taken the time to read the whitepaper or have but you are finding it difficult to understand, this animated edition of the whitepaper will help you visualize the concepts rather than just read about them. https://textframe.app/examples/bitcoinRemember, every time you reread the whitepaper, you understand it a little more with each read.
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I don't understand taproot detail, which I know is a kind of development like a smart contract. Although it seems to give a better transaction effect, but I so imagine like ETH. The incredible density of the network makes transaction costs very expensive. Will BTC be like that?
Hardfork's Blocksize size development has not been a good solution for BTC. But hopefully the consensus on the implementation of Taproot can be a solution to this problem.
No, bitcoin won't be like that. While network congestion is an issue on many networks, ethereum still has nowhere near the volume bitcoin has. Their high transaction fees are different from our high fees. If ethereum had the daily volume bitcoin has, their fee crisis would be FAR worse. Taproot will not bring down transaction fees by very much as it was not designed to. It was mainly aimed at privacy and security, with some smaller scalability improvements. |
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The protocol will constantly improve. People will always attempt to create their own iteration of what cryptocurrency is. Especially when they can make a whole lot of money doing so. Many of these projects, if not all of them, will not make it past the next decade. Regardless of how "cutting-edge" the technology is.
Bitcoin will always be improving, this is why many of these alternate currencies will become obsolete.
This is not something that happens overnight, however. We just had the Taproot upgrade which was very significant, but we have a long way to go.
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As of this moment, 0.01 USD is about 15 satoshis.
So I beg this question, once we are beyond the 1 Sat = 1 Cent how will bitcoin be further denominated?
Will current wallet software automatically be able to adjust for this or will this need to be programmed in? Or is there nothing that needs to be done?
Could we end up with even smaller denominations of bitcoin?
I would imagine that this does not involve the protocol in any way so nothing would need to be changed software-wise, correct?
edit: I am beginning to realize there is no need for further denominations. Considering price has literally nothing to do with bitcoin denominations.
We will only ever need 1 sat.
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Educate yourself thoroughly. The most important aspect of wallet security is properly managing your seed phrase. Any screw-up in this regard can prove to be catastrophic. - Never share your seed phrase with ANYONE no matter what. Even if you are about to get a "sweet" deal for doing so.
- Back up your seed phrase using pen and paper ONLY. This should be stored in a very secure location that only you know of.
- Never store your seed on an unencrypted drive. I would recommend not using digital copies altogether.
- Take advantage of using an extra word at the end of your seed phrase for a little extra security.
These are just some basic precautions. Follow these and you should fair just fine. And please for the love of god make sure you are using reputable open-source software if not using a hardware wallet! |
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Could you give us an example of such industry and an example of the functionality the additional smart contracts could solve in real world that is not gambling or fundraising?
Smart contracts help in transforming traditional financial services in multiple ways. Smart contracts provide a secure environment making the voting system less susceptible to manipulation. Votes using smart contracts would be ledger-protected, which is extremely difficult to decode. Smart contracts can be used for inventory management and the automation of payments and tasks. In the case of insurance claims, they perform error checking, routing, and transfer payments to the user if everything is found appropriate. |
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People get in trouble with cold storage when they are not educated properly on how to use it.
I would say improperly backing up the seed causes the most issues for people new to using ANY wallet, not just cold storage wallets.
To answer your other questions, if the device breaks or you forget your PIN, you are certainly able to reset the device and reaccess your wallets assuming you backed up your seed correctly.
If you lose your seed phrase, but still have access to the wallet, you can absolutely just transfer the assets to another wallet from a new seed phrase.
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Something to consider is that taproot/tapscript/schnorr is coming in about 2-3 days and it does improve the smart contract capabilities of bitcoin. Not to mention the privacy and efficiency improvements. Sidechains aren't a bad thing, but they aren't the be-all-and-end-all for scaling. One problem is the notion of federated sidechains implies that there may be a finite group of signatories which implies trust. This is one nice thing about bitcoin, people can implement and activate things without asking for permission.
The presence of "federations" is honestly what gives me a bad gut feeling. To me, this completely invalidates their "trustless" system. |
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The question asked by OP is wrong though. Sidechains DONT scale bitcoin. All they do is provide the smart-contract functionality while utilizing the security of BTC chain. Obviously, there is a custodial/ delegated swap that happens and that makes it not much different from the Alt-chains that exist purely for smart-contract based products.
Doesn't using a smart contract platform that has faster confirmation times inherently increase scalability? So wouldn't bitcoins sidechains like Liquid help scale bitcoin while also bringing additional functionalities? |
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