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October 20, 2020, 01:15:10 AM *
News: Latest Bitcoin Core release: 0.20.0 [Torrent]
 
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1  Bitcoin / Bitcoin Discussion / Re: Potential shortage of bitcoins? on: October 16, 2020, 11:56:35 AM
"The COVID-19 pandemic and its consequences show that building traditional investment portfolios is a mistake and therefore institutions are increasingly paying attention to bitcoins."

It isn't just the Wuhan Coronavirus pandemic that is an issue.  It is the fact that people around the world should be putting some portion of their assets in crypto in order to protect themselves from the authoritarians (socialist, fascist, communist, whatever the flavor) who are constantly wanting to take over to gain power.  Crypto provides protection and portability for people who are victims of authoritarianism or collectivism or statism (e.g. Cyprus in 2013, Venezuela for the last 2 decades, Cuba in the 1950s-present, NK, Iran, Iraq, Germany in the 1930s-1940s, Zimbabwe, Hong Kong post 1997 and accelerating now).  Then you have Bernie Sanders/AOC/Harris in the US who want to push the US away from liberty toward collectivist.

Everyone worldwide should have some bitcoin to protect themselves.
2  Bitcoin / Press / Re: [2020-10-16] Grayscale Secures More Than $1 Billion in New Investments in Q3 on: October 16, 2020, 11:50:34 AM
This news is great for bitcoin and Grayscale and demonstrates the importance of bitcoin in asset allocations.

However, it should be noted that the US SEC is doing a disservice to the citizens of the US (and world) by preventing bitcoin ETFs.  Grayscale (GBTC) is fine for what it is, but has traded at a premium to the underlying fiat price of BTC whereas an ETF would help narrow the spread, or perhaps more likely, set the price of bitcoin since it would trade with significant volume.

I hope Grayscale keeps growing, but competition either with ETFs or similar vehicles to GBTC would be very beneficial.
3  Bitcoin / Press / 2020-10-16 CoinTelegraph.com - BTC and OKB plunge after OKEx suspends withdrawal on: October 16, 2020, 10:37:01 AM
Who designed their system to require ALL multi-signature keys to sign instead of a majority?  Talk about one of the stupidest decisions I've read about this year.  

Suppose one got hit by a car, are all of OKEx's funds lost?

Perhaps this is just another exit scam.  It always bears repeating, but if you aren't trading, don't leave bitcoins on an exchange, you don't own them, you are just a creditor.  And a creditor if you are lucky and it isn't a scam.


https://cointelegraph.com/news/btc-and-okb-plunge-after-okex-suspends-withdrawals
4  Economy / Exchanges / Re: OKex Suspends Withdrawls on: October 16, 2020, 10:34:07 AM
Who designed their system to require ALL multi-signature keys to sign instead of a majority?  Talk about one of the stupidest decisions I've read about this year.  

Suppose one got hit by a car, are all of OKEx's funds lost?

Or is this just an exit scam? 

Remember the rule:  if you aren't trading, don't leave bitcoins on an exchange, you don't own them, you are just a creditor.
5  Bitcoin / Press / Re: [2020-10-08] Admiral says Bitcoin and crypto threaten democracy in South America on: October 12, 2020, 05:22:52 PM
No one but a fool wants true Democracy:  Remember that Democracy is two wolves and a lamb voting on what they are going to have for dinner.  And constitutionally protected liberty is a well-armed lamb contesting the vote. 

A well armed lamb would be a lamb armed with bitcoin to protect their assets from the authoritarian wolves who waiting to vote themselves the right to take your assets.  Either outright or via inflation.  And a gun to protect one's life.

In a true democracy there is no protection for minority rights since the majority can vote at any time to take those rights away. 

Many different levels and layers to democracy, with many variations on a "true" implementation, but can't think of a worse analogy. Even if you had 1 wolf and 10 lambs, or 100 lambs, you don't need to vote on what to have for dinner. But yeah, of course, democracy isn't perfect, I don't think even the fool claims that without knowing deep down its flaws.

If we're lambs against wolves I pity the grass who are eaten and trampled on by both.

Damn analogies, they're fun =D

It is a well known analogy.  It may not be the analogy that is bad, but your understanding of it.  Without constitutional protections in a democracy, the 49% (10% or 1% or whatever) is at the mercy of the 51%.  When the protections of minorities are eroded, the country will fail.  This implies that if one really cares about minority rights, one must protect individual rights to be treated equally with other citizens, since the individual is the smallest minority.
6  Bitcoin / Press / Re: [2020-10-08] Bitcoin Can't be Correlated to Traditional Assets on: October 08, 2020, 09:21:48 PM
In theory he is right.  In practice right now, ETFs and other financial products that let more people purchase it are necessary to inject more stability into the market. An ETF (or 10) with a large market volume would take over price discovery from the exchanges.  More market depth on the exchanges, in part funded by ETF investments is important for price discovery and stability.

So, what he says is true, it isn't always reflected in the fiat price.
7  Bitcoin / Press / Re: [2020-10.01] Research Reveals Crypto Owners to Be the Riskiest Esports Bettors on: October 08, 2020, 03:37:41 PM
Little surprise there.

One of the enduring mysteries of this arena is the willingness of people to throw their Bitcoin away in a way I'm certain they'd think twice about with dollars. How you can favour retaining the currency that's only going to reduce your spending power and piss away the one that may ensure your future is beyond me.

Fuck 'em.

Agreed.  One might think that perhaps many of these people are truly crypto owners, but gamblers who are buying crypto in order to fund their gambling habit.  People who are using crypto to bypass whatever state controls there might be on gambling online, so only being owners for a very short period of time.  (Some perhaps using their crypto holdings to fund a habit).

Many of the crypto owners I have met since 2010 are (at least the ones I met long ago) have a good understanding of math and realize that lotteries, casinos etc are merely a tax on the innumerate.  

Likewise, without some type of true inside information (e.g. game X will be thrown) it is, as you say, throwing their bitcoin away to be on a sports game.  Yes, you may win, but the house always has an edge through the spread, superior knowledge or something else.  (Barring counting cards at casinos and the like where you could have an advantage over the house).

Gambling isn't a "risk" as it might be to use and risk one's time to start a business (crypto or otherwise) where you have a reasonable chance of reward, gambling is a sure loser when you consider everyone in aggregate.  Thus it isn't a "risk" but a sure way to lose if you persist for long periods of time.


8  Bitcoin / Press / Re: [2020-10-08] Admiral says Bitcoin and crypto threaten democracy in South America on: October 08, 2020, 03:00:04 PM
What definition of democracy was he talking about? The American democracy where every other nation follows their rules? This is similar to their peace process. If you are not with it and its interests, they will bomb you hehehehe.
...

No one but a fool wants true Democracy:  Remember that Democracy is two wolves and a lamb voting on what they are going to have for dinner.  And constitutionally protected liberty is a well-armed lamb contesting the vote. 

A well armed lamb would be a lamb armed with bitcoin to protect their assets from the authoritarian wolves who waiting to vote themselves the right to take your assets.  Either outright or via inflation.  And a gun to protect one's life.

In a true democracy there is no protection for minority rights since the majority can vote at any time to take those rights away. 
9  Bitcoin / Press / Re: [2020-09-28] Grayscale Investments now controls 2.4% of the current BTC supply on: October 02, 2020, 06:45:14 PM
It isn't all that surprising that it is one of the few (only(?) in the US) ways you can purchase bitcoin from your brokerage account.   An ETF or other vehicle with lower costs and less of a spread between the market price and the value of one bitcoin would be more than welcome.
10  Bitcoin / Press / Re: [2020-08-01] How the FBI tracked down the Twitter hackers on: September 25, 2020, 07:32:15 PM
@Kakmakr. I am skeptical about this official story as the real story. This was a sophisticated hack that appeared to be a warning disguised as a bitcoin donation scam.

I speculate that there might be a suppression of there larger issue. Am I watching too much movies hehhe?

I think you are right.  Particularly with the concept of parallel construction, aka legalized perjury.  The 2013 use of this during the Obama administration was just disgusting.  Even more so when it is based upon NSA spying.
11  Bitcoin / Press / Re: [2020-09-10] Community-Funded Bitcoin Awareness Campaign Unveiled in Hong Kong on: September 25, 2020, 07:28:48 PM
What has Hong Kong done to stop Beijing from implementing the security law?

What can Hong Kong do to stop Beijing in the first place?
And, as you might guess, the answer is almost nothing.

Although they don't like it, they think is not right, they claim otherwise, the real truth for the people of HK is that right now HK is China, and if China decides to forget everything, all the promises, the concept of "one country, two systems", the joint declaration that still guarantees somewhat of HK independence for the next 30 years, and does as Russia has done in Crimea, nobody will do anything. And both China and the people of Hong Kong know this!

The moment the UK decided to honor their treaty in 97 was the moment the fate of HK was sealed.


I agree.  The fate of HK has been a slow motion destruction of freedom and liberty.  The people of HK should be aware now that the time has come to be ready to move assets offshore if not done already. 

The UK made a great offer to the citizens of HK with the offer of citizenship.  The US should do something similar.  There are a lot of talented, educated people there who understand the value of liberty and would make great additions to any society.
12  Bitcoin / Press / Re: [2020-08-01] How the FBI tracked down the Twitter hackers on: September 14, 2020, 05:40:57 PM
While the FBI did "track down" the Twitter hackers, given how stupid they were, it didn't seem to require much work to do the tracking.  Which is good - unless you are the hackers.
13  Bitcoin / Press / Re: [2020-09-10] Community-Funded Bitcoin Awareness Campaign Unveiled in Hong Kong on: September 12, 2020, 04:27:43 PM
The people of Hong Kong need it to protect themselves from the authoritarian collectivists in China.  The time to protect assets is before things get really bad and the last two decades have been a series of progressively larger intrusions and restrictions on the people of HK. They need to preserve assets in Bitcoin so they can move it over the border if (when) needed.  Assets will allow people to start over in a more free country when needed.
14  Bitcoin / Press / Re: [2020-06-04] Bloomberg: “Bitcoin Toward $20,000 in 2020" on: September 06, 2020, 04:13:21 PM
So far, there has been some stagnation, the price has hardly changed recently.

Patience is key. Over the course of months, who knows.  Over the course the the last decade, well, everyone knows what happened.
15  Bitcoin / Press / Re: [2020-09-03] Bitcoin is now the 6th largest world currency on: September 06, 2020, 04:11:30 PM
...

In any case, mining pools are reported to be dumping. It might be falling to 7th and then 8th soon hehehe.

Good catch on the 2017 article.

The positive is that the mining pools only have a limited supply to "dump", (and half as much new supply as a year ago) so at some point, that selling pressure will end.  With demand steady or increasing, there is one logical direction.
16  Bitcoin / Press / Re: [2020-08-24] Over 97% of All Bitcoin UTXOs Are in Profit on: September 06, 2020, 04:07:32 PM
It would be interesting to see the % of bitcoins that represents - a UTXO with 0.1 BTC shouldn't be weighted the same as one with 50 BTC.

It is also somewhat meaningless if I bought 1 BTC a week ago at $12000 and then moved it to cold storage today, it might show it slightly positive vs reality.
17  Bitcoin / Bitcoin Discussion / Re: The Bitcoin Experiment: A documentary about how real world is on a death spiral on: September 02, 2020, 02:38:52 PM
I realize they like to have lots of views and lots effects, but this could've been a few paragraphs of writing or condensed down into a few minutes.  I'm sure they mean well, but for heaven's sake, get to the point.

They need a TLDW at the start.
18  Bitcoin / Press / Re: [2020-08-23]"Not your keys; not your coins".....? on: August 27, 2020, 07:25:05 PM
Its just hard to believe on that Coinbase didnt make any announcement or notification about that.If they do then theres no point to argue and forcing to claim those BTG.
Actually they did on twitter, 3 days before the fork , also mentioned to this article and probably to their user's email as well or even in-app notification too.

1. No one should keep coins on an exchange unless one is intending to sell them soon.
2. IIRC I got an email and notice from Coinbase about it prior to that even though I have nothing in the account there.  

People who don't read or pay attention then cry because they didn't take responsibility to read or pay attention.  

Anyone paying attention over the last decade+ should know that if you don't have the keys, all you have is an IOU.
19  Bitcoin / Press / Re: [2020-08-20] Restaurant Converts Entire Cash Reserve to BTC following Cov19 on: August 27, 2020, 07:22:54 PM
1. How much?  Was it $1000 or $100 or $100,000?  Kind of relevant whether it was something they could earn in a day or a week or a year.
2. "Bitcoin as it offers a much better alternative to saving cash. " - over the long term yes, most likely, but how long until they need it?
3. Who needs a stable coin unless one is trading?  It is like those centralized cryptos that central banks (and others) are creating.  What the !@#$ is the point?  Who needs centralized crypto, just use a database.
20  Bitcoin / Press / Re: [2020-08-11] MicroStrategy Adopts Bitcoin as Primary Treasury Reserve Asset on: August 14, 2020, 02:49:14 PM
The problem with online gambling pre Tor etc, was the centralized domain name system where domain names could be seized and the owners arrested if used improperly. That is the reason that casino.com and gamble.com were sold in 1997 and to whom they were sold.

this

the story of the internet was always a story of the freedom of expression and the freedom to innovate mutually reinforcing one another (and I may venture to make a similarly bold prediction as this Saylor character), and always will be


Agreed.  Freedom in all walks of life is critical.  The internet was built on it, although it was also built on trust which ended up being problematic for some things - e.g. email spoofing, no initial S on http etc.  In the 1990s (even the late ones) the regulation that smothered projects was oppressive.  It still is.  And the monopolistic power to enforce groupthink from private companies is equally as bad.

(As an aside, unfortunately I think that with the so-called web 3.0 things like Solid, the lack of design level encryption is going to stifle the growth because people will be reluctant to store things on pods in an unencrypted form (not to mention the need for protocol level ability to migrate to a new pod).  )
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