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September 21, 2023, 06:19:06 PM *
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1  Bitcoin / Bitcoin Discussion / Re: What Do you think Satoshi Would Think About Today's Bitcoin? on: Today at 05:39:05 PM
I don't think he'll be too happy with etf's, or with people storing their BTC's in centralized exchanges, but on the other hand he made BTC free, permissionless and censorship resistant, so who can tell another what to do with their coins? What matters is that BTC is doing what it was created for, it is p2p electronic cash and anyone can use it for that anytime they want to. I don't think we should be too concerned about what Satoshi would think about BTC right now, but just use your coins however you wish to do so.
2  Bitcoin / Bitcoin Discussion / Re: Securing your digital assets on: Today at 11:00:41 AM
Your post was supposed to be on how to secure digital assets, but you did not cover that so well in your post, and you didn't make very good recommendations that'll help people secure their assets.

Your main funds should either be in an airgapped wallet or a hardware wallet, it should not be in a device that you use to access the internet, it does not matter the browser you use on the device, anything that is online is prone to hacking. You also recommended Mycelium and Ledger which are not really recommended wallets right now, there is also no Passport or BlueWallet in your list, which are some of the best BTC wallets one can use.
3  Bitcoin / Electrum / Re: Seed Phrase in Electum on: Today at 09:05:23 AM
Electrum wallet is available for both Android and iOS mobile devices.
Take note that Electrum wallet does not have an iOS mobile version. On mobile Electrum is only available on Android, however the Android version of Electrum lacks so many features like, signing a message, coin control, customizing fees, etc, Electrum is much better to use on desktop.
4  Bitcoin / Bitcoin Discussion / Re: Please review my inheritance strategy on: Today at 08:49:30 AM
It's okay if you trust your relatives forever. It is the right strategy. But if trust is a problem and you want to leave a legacy, the safest way is to hire a lawyer.
If trust is the problem, then why should op add a lawyer in the mix and increase the number of people to trust, if i am to find a way to pass on my BTC's to people, i would never involve a lawyer in it; i trust my loved ones far more than i'll trust a lawyer. You could use locktime as your inheritance strategy, but you have to know exactly what you are doing so you wouldn't lock yourself out of your coins.
If you store your assets on online exchanges other than cold wallets (for example, Binance), this is the simplest way to inherit. This is because large exchanges like Binance will transfer your assets to your immediate family for inheritance.
You should not store your assets on an exchange in the first place, Binance or any other centralized exchange will probably get hacked or lose your money in other ways long before you're even dead.
5  Bitcoin / Electrum / Re: Electrum, Android version! on: September 20, 2023, 06:41:26 PM
The wallet allows users to enter the seed words using its built-in keyboard. The keyboard is very small and sometimes user may enter the wrong alphabet without realizing it.
Electrum's in-built or virtual keyboard is for your own security, sometimes default or third party keyboards can be risky as they could probably be giving away information about you to their servers or they may be infected by malware which could mean your funds can be stolen if you enter your seed phrase using them. I have not had any problems using Electrum's virtual keyboard, just double check everything when typing and you'll be fine.
Because it only asked for password to encrypt the wallet after entering the seed, only bip39 seed prompts for address type.
I believe that is because by default Electrum wallet only generates SegWit addresses.
6  Bitcoin / Bitcoin Discussion / Re: Paxos recovers its $500,000 'fat finger' Bitcoin transaction fee on: September 20, 2023, 01:25:49 PM
F2pool have done right by refunding the fees to paxos, and also increased their reputation which is important in every business, they know 500K is not something that they harm their trust/reputation for, even a little.
Take note that F2Pool's reputation was never at risk in this situation, all they did was mine a block, and they ought to keep the block reward and the tx fees attached to the tx's in that mined block. Paxos overpaid and there is nothing wrong if the mining pool keeps the reward and distributes it to their miners, if they had done that they'll still be mining blocks and nothing changes for them in the network, Paxos and Paypal may go on a campaign against them, but there is no way for them to enforce a refund, and anybody who understands how BTC works wouldn't take them seriously.
7  Bitcoin / Bitcoin Discussion / Re: A matter of family conflict regarding Bitcoin. on: September 20, 2023, 10:33:20 AM
They invested more than they can afford to lose, i believe if they had invested an amount they wouldn't mind losing, all of this would not have escalated this way, people have to learn that BTC was not created by Satoshi to make the wealthy, but as a p2p electronic cash. The husband shot his wife because he could not handle his stress and anxiety, many people lose all of their investments daily, but many of them don't turn dangerous and a threat, BTC was just the investment in this situation, it could have easily been another risky one too.
8  Bitcoin / Bitcoin Discussion / Re: Validation speed for bitcoin transactions. on: September 20, 2023, 09:36:01 AM
This is why it is important that you use a wallet that supports RBF and CPFP, like electrum wallet.
You will probably only need Rbf and cpfp if you paid a low fee initially and you now need to bump the fee because your tx is stuck, if you broadcast your tx with any wallet, using a suitable fee, you can be sure it will be confirmed. But wallets that don't support features like Rbf are usually not recommended.
But if the two transactions fees are very close then after the first one the other will be mine but the fees have very big margin then you have to want for some minutes for the first highest fees to be mine.
Tx's are confirmed in blocks that usually contains thousands of tx's, and they are not mined based on the time they were made. Your tx can be purged out of the mempool or stuck for weeks and later dropped out of the mempool of most nodes if you use a very low tx fee, so there is no assurance that your tx will be confirmed if the fee attached is very low and you don't use rbf.
9  Bitcoin / Bitcoin Discussion / Re: How do you feel when you look at your first Bitcoin wallet? on: September 20, 2023, 09:02:30 AM
Op this your story does not look nice with me, you join or use bitcoin because you wanted make cross boarder transaction or payment? To pay what and in which platform?
BTC was created as a currency to make payment, it makes cross border payments very easy because all the payer and the payee needs is just an address to send and receive BTC in a permissionless and fast way, they don't have to use any centralized means that will require permission, what is not nice about this part of op's story. Op doesn't have to tell why they made their payment.
Another question I will like to ask is, which work are you doing?
Are you serious now, you can also ask op where they live, how they like their coffee and how much they have  Cheesy.
10  Bitcoin / Bitcoin Discussion / Re: Validation speed for bitcoin transactions. on: September 19, 2023, 11:19:16 PM
I did some research on Bitcoin transaction but I wasn't too clear on some things.
Bitcoin transaction fees are the rewards miners get when they verify transactions therefore the bigger the transaction fees the more inclined miners would  be to verify the block.Does this mean that if two  Bitcoin transactions are carried out simultaneously, the transaction with larger block chargess would likely be validated before that of lower transaction fees?
Take note that validation is for nodes, while confirmation of tx's is for the miners. Miners can choose to include any tx in their block that they are trying to mine, but they are incentivized to first include tx's that pay the higher fees because it earns them more rewards should they find the block. That's why it is recommended to check before making your tx, so you choose a suitable fee. I don't know if i've answered your question, so i'll like to add this; tx's aren't mined individually, but in blocks that can contain over 2000 tx's, and once a block is found, all tx's in it becomes comfirmed, now take note that all the tx's wouldn't have exactly the same fees attached to them, but fees that the miner considers suitable irrespective of when the tx was made.
Also aside from network congestion which can be avoided by transacting when the network is less populated and transaction size , how does block space demand affect transaction fees?
The address that you use affects the tx fees as well, SegWit transactions for example are cheaper.
11  Bitcoin / Bitcoin Discussion / Re: How do you feel when you look at your first Bitcoin wallet? on: September 19, 2023, 10:58:29 PM
without knowing it could actually be a way of creating wealth in the future.
It is volatile, but it was not created to make you wealthy anyway, it was created as a p2p electronic cash, one that's permissionless and decentralized. There is nothing bad to take advantage of its volatility and make money if possible, but i just wanted to point this out, so people don't find it strange when spending their BTC's.
Just recently, I was tempted to check my first ever Bitcoin wallet to see what I have done in the past. I was so depressed seeing the volume of Bitcoin that have passed through my wallet without me saving a reasonable portion of it.
Why would you be depressed spending your "money", except you squandered all of that on unnecessary stuffs, i don't see why you should feel sad, you can't save all your BTC's, spend some when you get the chance to.
12  Bitcoin / Bitcoin Discussion / Re: Paxos recovers its $500,000 'fat finger' Bitcoin transaction fee on: September 19, 2023, 09:00:19 AM
I didn't have doubts about F2Pool returning the money to the user, they are already established as it is, and they probably earn this much amount (and more!) just from the sheer amount of miners in their platform, this is but a dime to them so to speak.
This isn't really about how big or established F2Pool is, it is a problem with this big companies like Paxos who think they can always have it their way, they are used to reversing, freezing and confiscating funds in their centralized system, so it may probably have been better if F2Pool had kept the money and distributed it to their miners to set a precedent, because BTC tx's aren't reversible. Even after the poll on X on what should be done with the funds, 35.9% voted they keep it, while 28.9% voted for a refund.
f2pool will surely receive more people coming in and trusting them moving forward just from this success story alone
Trusting them with what? They are a mining pool and they will continue competing for blocks with other pools and solo miners.
13  Bitcoin / Bitcoin Discussion / Re: Ouch, today someone made a transaction with over $500k fee. on: September 19, 2023, 08:10:14 AM
The most interesting part is, what would happen if they didn't return fee? What would PayPal and Paxos do? Would this motivate them to immediately start demarketing of Bitcoin and decentralized Proof Of Work?
They can't demarket BTC if the miners had kept the fee, even if they wanted to do it. BTC's isn't centralized, and anyone with understanding of how it works knows there is no way to enforce a refund or reversal of payment in the BTC's network, unlike in centralized payment systems and centralized crypto. So even if they were going to publish negative info or articles about BTC, it won't change anything, institutions and the media have been doing that for a long time to deceive only the gullible.
Probably it was a right choice this time because these big corporations have enormous power, it would make F2Pool and others to look bad and PayPal would try to market itself even better and socially step up because as you know, people are naive and lack critical thinking. Otherwise, I totally agree with you, big corporations should pay! Always!
Yeah people are naive, but if they believe mining or POW is bad because miners kept the fee you attached to your tx, but paypal is 'good'  'better' when they freeze and confiscate people's funds and could probably seize your money if you make posts that "hurt their feelings" online, then there's nothing you can do to help these kind of people, and maybe BTC wasn't meant for them at all.
14  Economy / Reputation / Re: Bitcointalk user Joerii passed away... on: September 18, 2023, 10:57:36 AM
RIP Joerii, our hearts goes out to your wife and children in this hard and sad time and i pray that they be able to get over this and be happy again.
Btw has anybody created a threads/index list (hall of fame a such) about people who pass away and leave forum for good?
Yes, when i used the search button i see Tranthidung created a "hall of fame" thread[1], though it hasn't be updated in more than a year, and i don't know if they plan on making any future update.

15  Bitcoin / Bitcoin Discussion / Re: How Do I Verify the Integrity of Open-Source Code on: September 17, 2023, 01:45:00 PM
The general advice is the a Bitcoin tool such as a wallet is okay to use if it is open-source.
Open source code or software is recommended, but it doesn't mean they are safe by default, it means that the code can be reviewed, while bugs and attacks can be found easily and quicker. If it is a source code that has been reviewed by a lot of developers in the community, you can tick it as safe.
companies could post the open source code online but run a different code on your device.
If you have downloaded the original software and not a malicious one, and you've also verified your download; then you can be sure you are running the original software. If it is a well reviewed software, then if anything is slipped into its code in any of its new update, it will be easily identified and users will be warned not to make the update locally on their device.
there anyway that I can verify the integrity of open-source code and ensure that the code running on your device matches the published code?
The only way is by verifying it, if you don't have the skill to do it, then use software that is well reviewed and recommended by the community.
16  Bitcoin / Bitcoin Discussion / Re: Honestly, Bitcoin fits in this gap more than others. on: September 17, 2023, 10:15:00 AM
and you can hind your money in bitcoins without government knowing if you have divert money or not, that is why their afraid of Bitcoin
BTC isn't anonymous, it has a public ledger that is available for everybody to take a look, surely it isn't going to be the first choice option for someone who wants to hide or launder money, the first choice option will surely be cash.
Most people in today's world are now dependent on various cryptocurrencies including Bitcoin.
Take note that you should only 'depend' on BTC if you are looking for a censorship resistant and permissionless currency to use, but if you are looking for profit from investing in BTC, or a means of livelihood from trading, it is not a guarantee and you can lose all your money or suffer losses.
17  Bitcoin / Bitcoin Discussion / Re: Knowledge vs hodlings on: September 17, 2023, 08:29:43 AM
Generally it takes someone with good knowledge of Bitcoin to scam or hack someone with hodlings
That is not exactly true all the time, let's say you expose your seed phrase or private key, anybody with even the smallest knowledge of BTC would be able to import your wallet into their local device and spend your funds. But in a more difficult attack, take note that all the hacker needs is your keys or seed phrase, so they don't have to be BTC geniuses, they simply have to be skilled in hacking and social engineering to be able to compromise your device and steal that keys. Were BTC knowledge will come in for the attacker is in how and where they move the funds and if they are able to never connect the stolen funds to their identity.
18  Bitcoin / Wallet software / Re: Using Instant Exchange on: September 16, 2023, 08:15:36 PM
Yep, ChipMixer is one among many "mixing sites" that scammed an enormous amount of Bitcoin and ended up turning over their customer's data to the government anyway.  Only coinjoins give you the guarantee of privacy without trusting third parties.
ChipMixer did not scam their customers, neither did they "hand over" customer's data to the government. ChipMixer were provably taken down by authorities and their servers as well as 7TB of data we don't know what's in it was seized. There is a different between a platform being taken down by authorities and one that scams or rug-pulls customers.
19  Bitcoin / Bitcoin Discussion / Re: What are reasonable fees when buying small sums of bitcoin in the UK? on: September 16, 2023, 05:54:24 PM
Also note that my first purchase of bitcoin has been on the etoro trading platform.
I have never heard of this trading platform before, how did you find out about them. You may have bought your first BTC's there, but there are better places you can buy and sell BTC and you should probably use one of them when buying subsequently.
I would also be interested to know if some platforms/exchanges would adjust their transaction fee as a percentage depending on the size of the position that is being taken. For example, if someone were to buy $100 of BTC, should they expect to pay higher transaction fees as a percentage when compared to someone who purchases say $100,000 ?
No, let's say the exchange charges 2% fixed trading fees, for $100 it would be $2, but for $100,000 it would be $2000, it doesn't mean they are charging different fees in these two situations, it is just 2% of whatever amount you are trading. As for withdrawal fees for BTC, it will depend on the price of BTC when making the withdrawal, because exchanges usually have fixed BTC withdrawal fee, for example on Binance, withdrawal fee for Segwit is 0.0005BTC, and with the current BTC price that is around $13.2. Take note that all of this is off-chain transactions, when making on-chain tx's, the amount you are sending doesn't affect the fees, but the size of you tx, network congestion and the BTC address you use.
20  Bitcoin / Bitcoin Discussion / Re: Ouch, today someone made a transaction with over $500k fee. on: September 16, 2023, 08:37:37 AM
Did you just say it's their right! Such right, Is it ideal? What's the ethical or moral philosophy behind that right in keeping what doesn't count as yours.
Yes i said so, it is their right to return an overpayment or not, it is their reward in fees and surely it is their right to do what they want with it. Take note that whatever fee attached to a mined tx now belongs to the miner, it counts as theirs and no longer belongs to whomever made the tx. It is just like saying you overpaid when sending BTC's to someone, and now you want some of the output back, it is the goodwill of the recipient to either keep the money or send them back to you, it isn't in the rights of the sender to enforce that refund.
We understand that clarity about tx fees for miners but when you receive what's above your pay cheque especially to that range of amount of tx fees it will be reputable to return it to the owner as it could be an act of error, and no one is above error.
How can miners verify it was a mistake, anybody can come out and claim a mistake. Take note that there is no exact "paycheque" for miners, just take a look at some ordinals tx's and the fees attached to them, whatever tx fee attached to a tx will be taken by the miner as what you wish to pay. True that no one is above mistake, but it is better to let people know the truth so they can double or triple check next time they are about to hit that broadcast button.
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