It goes one step further in addition to that. The individuals inside and close to the government are profiting from the fiat shitshow personally. So it’s not just about control, but also about their current and future wealth. Fiat guarantees them steady power and wealth without the hassle of needing to earn it on a fair playing field. Bitcoin would end this party and no one inside these circles would like that. Their life's would become worse, there’s just disadvantages for them by adopting it. So change will likely come from the bottom up, the people and governments most disadvantaged by fiat will adopt it first as they’re the ones benefiting from having a fair playing field again.

Glad you found help this quickly and got your coins back.

I partly blame Trezors UX for the issue. Giving first users such an easy access to something they might not be fully educated about yet and without the correct terminology being used. Makes it too easy to shoot oneself in the foot and getting confused. In my opinion and from watching beginners use hardware wallets for the first time, a passphrase should only be easily accessible to people who know that they’re looking for it and it should be clearly labeled as such. Will send them some feedback.

Using other peoples coins, on other peoples infrastructure, on other peoples rules is not scaling. Because it doesn’t scale the actual solution.

Youre ignoring the cost of being able to decide over your rules tho. Everyone should be able to run their own node, and most people are heavily resource constrained. Each increased requirement will price x amount of people out, permanently or temporarily. So when they’re actually able to decide over their own rules, they’ll also be able to decide over things like blocksize etc. It doesn’t make sense to keep obsessing over fees only, when the cost of a running node is the prerequisite for people to decide when its time for a change or when it isn’t time for a change. I also don’t understand what we’re discussing about, because its the decision of node runners that they can take at any time they please. Our opinions doesn’t matter for this.

Just to confirm if you’ve actually used a passphrase or not. When you first set up your trezor, did you pick the "standard wallet" or "hidden wallet" option?

If you’ve picked the hidden wallet option, then it required you type in an additional line of text.

Karen, you’re the only person i ever came across that put the words "bitcoin unfit for use" into their mouth. So maybe stop hallucinating and look into a mirror. If Blocksize was too small it would become self-evident. It doesn’t make sense to keep discussing marginal changes for which there’s no current need, no community consensus, that are consensus breaking and that have negative consequences without much benefit if not actually needed. Bitcoin is working fine and fees are cheap too. If you disagree make a BIP and get consensus. Just stop spamming the same boring, predictable and repetitive talk/ uncreative insults and stop trying to gaslight anyone talking about or working on Bitcoin that doesn’t fit your narrow view (which is probably everyone in your mind).

Different architectures.

The list can be found here:

This should answer it:

This comparison is really off. First of all Netflix doesn’t need to store their complete catalogue across 15.000 || more nodes in the world. Centralized databases work more efficiently in this regard. Also the data is just streamed to the clients, it’s not permanently appended to a blockchain. If streaming meant permanently adding 166mb - 1166mb every 10 minutes to your drive, it would become impossible quickly for almost everyone out there. It doesn’t make much sense to compare the architecture of a centralized service to a globally distributed decentralized ledger. The requirements are completely different.

Also im still using 256gb hard drives mostly and just got a 1tb one for my node. 4tb ssds would already price many people out or atleast delay their decision to run one. 4tb is definitely not the average drive size even in 2022 for an ssd, even if it’s still relatively affordable. Going HDD while increasing storage requirements simultaneously would also make IBD painful.

Zoom ten years out and compare fiat devaluation with Bitcoin appreciation in the same timespan. The difference is huge. It’s easy to cherry pick short time frames and using them for misrepresentation to make it seem like fiat is protecting value better.

Now it’s closer to actual mining costs, which means it’s a good time to buy. Doesn’t really make sense to only buy at market highs and then complain that it takes too long, to become green again. Buying when most aren’t is what gets you in the green. Also considering the economic circumstances and moment we’re in before the next halving, a drop was expected. However you’re using this moment  for braindead trolling again. Will we see you here during the next bull market too?

Not if you bought before the printing orgy in 2020.

I actually like the old-school look. Only thing i would improve is mobile support.

I save more Bitcoin than i spend fiat, so more Bitcoin. Leave nothing in my bank and spend Bitcoin or cash when i can. I cant force everyone to accept Bitcoin or to pay me in Bitcoin when they don’t want to. It’s clear what im supporting, not just by the way i handle my money. Yet what im supporting and my individual actions will be meaningless, if not much more people opt out too. So it’s not just about me and even if i get more extreme about not touching fiat, it won’t make any difference currently. It’s a collective decision that determines which path we’re choosing in the end, i made my individual decision and am doing my part to make it possible. If this fails then atleast i have the peace of mind knowing that nothing could’ve worked to fix this mess or to change something, because it’s people itself that refuse to fix it and that the current system was just a better reflection of the true nature of humanity.

It’s a pretty smart move symbolism wise, as just buying the dips alway brought out the critics portraying it like bukele is some crazy gambler. Buying everyday takes the fuss out and will make it harder to defame him.

What is the risk and future of an El Salvador staying reliant on the dollar forever? What is the risk of El Salvador not trying to fix their country? The risk of El Salvador not trying to win for once, far outweighs any losses they could make from the little Bitcoin they purchased so far.

For once your contribution was actually helpful, thanks. If a fiat mindset like youre describing is actually widespread out there, it would explain a lot of behaviour and makes a lot of sense. If someone is honest about it, i respect it more than someone acting like they want to have rational arguments when in reality they just want to pump their bags quickly and the how + truth doesn’t matter. To me fiat is a worthless piece of trash and a scam, that i cant wait to get rid of. And im willing to go till jail if i can help to make this ponzi fall, so our perspectives might differ. Couldn’t care less if im making profits, yet im making them. But i care about the world being run by incompetent weak soft feudalists that lost their soul trough greed, control fetishes, god complexes and pleasure addictions, which is more important than a desire for material things and comfort. Discipline is strength, greed is weakness.

Why are they so resistant to it? I really dont get it. Its scary and uncomfortable at first, but you can just store a few bucks at first and then get used to it fast. Its a superior experience in the end, to have all the benefits of a decentralized asset.

These cases didnt use seedphrases. And what makes it impossible for people to develop the discipline and knowledge to use a wallet software and to store 12 to 24 words safely? I seriously wanna know how this barrier is too high, if we know the consequences of not doing this.

Its probably a case of people underestimating their ability to keep 12-24 words safe and overestimating the security of their assets being in the hands of other people hiding behind opaque institutions. It doesnt appeal to everyone, but we should communicate clearly that it can be learned relatively easily by anyone, that none of the properties of Bitcoin apply to coins held on an exchange and what the consequences are of doing so. A newbie will thank you for holding them accountable if it saved them from being rekt. If i was a newbie i would be thankful if people annoyed me till i get the warning and then start to self-custody, instead of keeping a false sense of security and then getting rekt. Self-custody is the only way for Bitcoin to be different from the current system. A world with most Bitcoin held on exchanges wouldnt be so different from fiat. With encouragement, support and being annoying enough a lot is possible. I have never met a newbie yet that was unwilling or unable to self-custody with the right support around him or that lost anything while doing it.

A person shouldnt put their life savings into something they dont understand the basics of. Bank custody doesnt change that or makes this practice magically safe. Its the opposite, if theyre handing over their life savings to someone else and dont understand the thing its invested in, is even a worse idea. History proves this.

You don’t understand it fool. CEXs aren’t the entire market. They’re not necessary for an asset to find a price. They would make this process more efficient if used right, but in the current environment they just distort the prices by their own actions. Even if 100% of people self-custodied, trading would still go on. Trading goes on outside of exchanges too and there are exchanges that don’t hold any funds themselves and allow their users to do it themselves. Even if  Bitcoin is used directly there can still be a fiat value attached to it, by the fiat value of the good. Which one of your idols told you that your asset won’t have value if scammers don’t run websites where they take your assets and distort the prices and supply? Self-custody is the point of any decentralized asset (there’s just one currently), without self-custody all the properties of that asset are lost.

If you think a broken vehicle is safe/ gets you to your destination forever, because it’s insured - good luck.

You just won’t get it.

Good luck with diversifying into the same scam. Also i dont live in a banana republic where people starve based on how their investments perform or a place where they put themselves into that situation. Maybe that’s why your mentality will always stay a fiat sheep that worships big centralized entities, because you think you have no other choice to survive. Wake up.

These people should look into using tamper-evident bags. Makes it obvious asap if someone tried to touch them, and they will know exactly if their security has been breached or not.

Thats why ideally, you should have a backup in more than one location when possible. Also you can use materials that gives you a higher chance of surviving a fire.

There are hardware wallets that will reset to factory settings after a few failed pin code attempts. Also you can set them so, that the passphrase(if used) needs to be typed in manually after each unlock. Which makes theft pointless. By that time you will have enough time to move your coins to a new wallet that is safe.

Multiple locations.

Youre not storing anything on that exchange. Youre giving ownership over the coins to that exchange and they owe you the same amount back. This doesnt mean your coins are just sitting there and being kept safe for you. Theyre not your coins anymore. They can now do what they want with it. Theyre not letting them sit still. They give out more fake paper coins than they actually have in their reserves. Manipulating the prices and the supply on that exchange. Theres no way to verify the balance sheet of a company for any of us and not even proof of reserves will change that. And when they go bankrupt trough this scam, youll have to fight to get anything back. Leaving you with nothing.

Coins on an exchange are not yours, your transactions can be censored, your wealth can be confiscated, you wont have any privacy and everything is archived, the supply gets inflated, the price manipulated and the reserves looted and forged. This is the complete opposite of what Bitcoin was invented for. Its was made to prevent these things.

And the only way to prevent this is trough self-custody. There is no way around it. Theres not a single situation where exchange custody benefits you more and is safer than self-custody, when you take the other aspects into account. It is not hard or complicated to keep backups of 12-24 words safe. Write down potential threats and find a security model that works. Theres no reason or justification to voluntarily give custodians this kind of power. It is literally against your own interest. Self-custody is the only way to protect your own interest/ rights and helps your investment succeed.

You dont try to drive a car trough the ocean and then wonder why you get rekt and it doesnt work anymore. And in the same way it makes zero sense to try to use Bitcoin in an custodial way. Learn how to self-custody safely(easy) and you will be fine and Bitcoin will be fine.

Bitcoin can be used as a unit of account without a problem. Also markets always exist, no matter if scam exchanges go bankrupt or not. P2P and adoption are more important, but then again youre a shitcoiner that doesnt understand money. Its pointless discussing with you.

Spoiler alert, money in a bank isnt safe regardless of current regulation. Diversifying into different kinds of the same trash is also not really safe.

Really not that much. It’s pretty easy and cheap to run a node nowadays. You either build one yourself (easy with the right tutorials) or you get one ready to go(more expensive and less learning, but fast). But i would advise option a, as it’s actually fun and feels rewarding to do it yourself.

A raspberry pi or old laptop, an sd card and 1tb ssd should suffice. Raspberry pis are hard to get at the moment, but sometimes it’s possible to reserve one by just contacting an official retailer found on the official website. This should come around 150-200€, but it’s also possible to do for cheaper. It might seem complicated to setup at first but with the right instructions like raspibolt and a community for when you need help it’s definitely doable. So not much knowledge is needed beforehand, you’ll acquire it while building and when asking questions to understand how it works.

Better privacy, you enforce the consensus rules and decide which rules run on your node and no need to trust third parties anymore. You get a whole copy of the chain, you can resist changes you don’t agree with and verify everything yourself. Helping the integrity of the network and allowing yourself to become sovereign.

They’re not reliable anymore, that’s the point. You can only cross-check many different sources to make a good guess, with uncertainty remaining.

I did.

Not in this context. The exchange was already exposed for scamming, getting bankrupt and then being drained either trough hackers/ or the people in charge. Then also illegitimately accessing users' bank accounts. This isn’t proper working of an exchange, there’s no point in trying to use it again. This isn’t the same situation as a bridge being hacked for example, it’s a completely different case that affects the whole exchange.

What the OP was referring to was originally from an FTX admin in their official telegram group, not some social media heresy. OP did everything right to spread this news fast, even if we can’t exactly know what’s really the case yet. But time matters in this context.

How about verifying information yourself, instead of relying on yet another middleman that wont serve you truth when it’s uncomfortable.

They also dont make much sense economically in the first place. In theory given enough time in a free market, the currency with the best monetary properties should come out as winner - theres no logical place for hypertokenization, as theres no need for people to keep value in worse currencies (except to speculate). In practice the market is never completely free because of regulation, so governments can force shitty currencies into circulation (still no place for other shitcoins). When things go bad, its incentivising people to gamble away their money on whatever promises big return as purchasing power deteriorates. Sadly many newbies dont understand markets well and fall for these fallacies again and again, not realising theyre just temporary + promoted ponzies.

Dont trust. Self-custody correctly and youre safe. Saves time, money and nerves in the long run. Using a middlemen involves trust, which always has the possibility to be abused. Theres no way around it.