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801  Bitcoin / Bitcoin Discussion / Re: DID I MAKE A MISTAKE INVESTING IN BITCOIN? on: October 01, 2019, 10:53:46 PM
You know this question is unavoidable...

DID I MAKE A MISTAKE INVESTING IN BITCOIN?

 A lot of people have heard of the benefits achievable with BTC investments and decided to invest.
 The recent market setbacks have brewed a very big question in the minds of new investors...

 What will be your response to this question?

Give it time - years. This isn't some get-rich-quick thing.  See where things are a year from now when we are nearly 5 months past the halving.

Anyone who expects a straight upward trajectory is delusional.
802  Economy / Speculation / Re: Bitcoin bull push to 600k ? on: September 30, 2019, 10:05:28 PM
Dude, you should stop spreading FUD.

It was the same type of person who was here in July 2010 (right after the slashdot article) saying it would never reach a dollar and be under $ 0.01.  And then it would drop back below $1 soon. And then it would never stay about 10, 30, 100 etc.
803  Bitcoin / Development & Technical Discussion / Re: Does a bitcoin transaction ever stop confirming? on: September 30, 2019, 07:37:22 PM
The number of confirmation does not make sense once they exceed safe limits but the definition of safe limits is different from one transaction to another:

 - If you trust the other party and the transaction value up to $100 worth, 0/unconfirmed may be sufficient once the transaction is broadcast.
 - For trades between people who are unknown or do not expect to meet again, 3 confirmations are considered safe.
 - 6 confirmations are sufficient for many transactions but even this number of confirmations are not considered 100% safe. Read more ---> A successful DOUBLE SPEND US$10000 against OKPAY this morning.

Generally, these safe limits varies from one cryptocurrency to another.

The double spend from March 2013 was a particularly odd case with an accidental hard fork due to the 0.7 and 0.8 upgrade.  If you want to read more, there is a lot out there, but barring something like this, 6 confirmations is usually sufficient, but if you are running a service like OKPAY, then monitoring the network status is important.  And perhaps keeping at least two different versions of Bitcoin Core running on different nodes to ensure they are in agreement.
804  Bitcoin / Press / Re: [2019-09-27] Hyperinflation Forces Venezuelan Central Bank to Explore Bitcoin on: September 30, 2019, 07:00:37 PM
The odds of any official government entity embracing Venezuela is essentially zero for their domestic use.  Maduro and his ilk (the Chavez disciples) have no desire to lose control of their money supply.  Regardless of what they have said about helping the little guy, they have only cared about their own power and the riches it brings.  It has been demonstrated repeatedly that while they want to equalize income, these policies only equalize suffering with the degree of suffering being proportional to the degree to which their policies are implemented.  Venezuela has gone full socialist and has reaped the consequences of doing so - going from the richest country in South America to the poorest in just a few decades.  It should be a lesson to socialists everywhere, but they see that those in power succeeded in enriching themselves for a decade or two and so are willing to give it a try by promising "free" stuff to people to get their votes, e.g. an advanced auction on stolen goods.

Venezuela could use it for trade in order to avoid international payments networks so as to avoid having to attempt to smuggle $5 million in gold into the US like was reported they did last week.  (https://www.miamiherald.com/news/local/article235417622.html).

Individuals would be smart to buy some insurance against authoritarians (socialists, fascists, totalitarians, communists) with a bitcoin or two in case it is ever needed.
805  Bitcoin / Press / Re: [2019-08-28] Bitcoin And Cryptocurrencies Are A Hedge For Bad Government on: September 30, 2019, 06:47:30 PM
Bitcoin is not just a hedge against bad governments, it is a hedge against bad economic decisions made by private financial institutions like Banks and investment firms. These institutions are directly linked to bad economic and political decisions that are made by government officials and it influences everyone when these people make these bad decisions.  Angry

You have to exit this system and use alternative investment tools and currencies to hedge against their impact when they fail. Bitcoin was meant to be that alternative for people who wanted to exit that system. Unfortunately 3rd party services pulled many of those people back into that regulated system.  Angry

I'd also add it is not just a hedge for bad government or bad economic decisions by private financial institutions, but it is even more so a hedge against bad governing philosophies that overarch all these things, specifically anti-liberty, authoritarian philosophies (socialism, fascism, communism, dictatorships etc).  These anti-freedom philosophies enable both bad government and public backstopping bad private decisions.

This goes from corporations like Countrywide making bad loans, to individuals making bad economic decisions (e.g. picking political science as a major vs accounting, engineering, medicine or law) and going into a lot of debt, then these corporations or people expect someone else to pay the bills for their own poor decisions.  Socialization of risk and bad decisions under any type of authoritarian system that forces one person to pay for another is evil and something that bitcoin can help to end via the bitcoin hedge.

This explains why many in government do not like it because it begins to remove people and their money from the control of the power-hungry politicians.

806  Economy / Speculation / Re: HODL'ers lose. That is no surprise on: September 29, 2019, 08:18:31 PM
Warning this OP is a high-level troll.

Even tagged red for being a silly troll. Don't you have anything better to do? Is this your only method of attention? For someone who believes bitcoin is for idiots you sure do spend a lot of time around these "idiots" so I guess it makes you an idiot by your own definition then.

If you don't like bitcoin fine. Sell your bitcoin and go live your life. Why are you still here?

It looks like the OP troll left last December and hasn't come back. Holding is a long term prospect, not for weeks or months and if you have done so you've been well rewarded.  The same type of troll thought bitcoin couldn't sustain dollar parity, or $10 or $30 or $100 or $1000 etc.  It hasn't ever been straight up, and has been a bumpy road.

Everyone who listened to the trolls and sold out at those points lost out on tremendous gains.  People who mined (or bought) and held have done great.

Anyone selling now is ignoring the upcoming halving which -in the past- has had big gains in the year after. Will it happen this time?  No one knows for sure, but a halving of new supply with constant or growing demand is simple economics.  If you sell now, it is a poor gamble.
807  Bitcoin / Development & Technical Discussion / Re: Encrypt a message using Bitcoin Public Key and decrypt with private key?Like PGP on: September 29, 2019, 10:07:12 AM
I was studying a little about PGP. I am a total newbie at it.

But there are so many similarities to PGP and Bitcoin. Is it possible to encrypt a message using my public key, and decrypt it using my private key? Like PGP does. It would be something very nice to do, as Bitcoin clients are much more common and widespread than PGP related software (also easier to use).

I would like to be able to encrypt my messages using bitcoin key pairs. It would be really useful.

Maybe in future Bitcoin signatures could even replace PGP signatures? Is there any discussion about this? Or is it technically impossible ? I searched but couldn't find any.


This will probably answer your question, in short it is possible, but not recommended as it encourages address reuse, could have privacy implications and could have interactions between protocols using the same key pairs.

https://bitcoin.stackexchange.com/questions/80638/how-would-one-encrypt-a-message-using-a-bitcoin-public-key-and-use-its-priva

You might want to check out bitmessage for something similar to what you are asking if you wish to see how it could be implemented:
https://github.com/Bitmessage/PyBitmessage
808  Alternate cryptocurrencies / Altcoin Discussion / Re: [2019-09-27]Bitcoin Chaos Continues As Facebook’s Mark Zuckerberg Reveals... on: September 28, 2019, 06:06:41 PM
Libra will never launch. Ever.

If a 15-20% fall is chaos then we have been in a permanent state of it for several years. If the fresh meat that arrives can't handle it then I'm sure there'll be others who'll be delighted to purchase their losses from them.

One certainly hopes it never does. A centralized crypto controlled by that group is worse than useless.

And you are right if this is chaos there has been chaos since 2010.

809  Economy / Speculation / Re: Falling of crypto prices on: September 27, 2019, 01:03:04 PM
I read of someone transferring a billion dollars worth of bitcoin and some people speculated that if it hits exchanges, it would cause bitcoin to drop.Do you guys think this is the cause or maybe it's just a bear trap?

Much also depends on your timeframe.  If you are talking about weeks or months vs years, your perspective will be different.  Anyone who is buying/selling with the week or month perspective will probably be disappointed at some point.
810  Bitcoin / Bitcoin Discussion / Re: If not a "store of value" or "medium of exchange" ... on: September 25, 2019, 09:29:53 PM
It was a great idea, but it has no future.


I heard similar on slashdot in July 2010 when it was around $0.10.   You are 9 years too late with the FUD.
811  Bitcoin / Press / Re: [2019-09-24] BITCOIN NETWORK HASHRATE IN SPOOKY 40% FLASH CRASH !!!!1 on: September 25, 2019, 05:17:35 PM
~snip~
Makes little sense with how such a move could easily backfire on them and cause more damage to their operations. Miners want a healthy market to extract the most dollars out of their efforts.

It looks more like that there was a team effort of news outlets to create a market scare by spreading this nonsensical news, which might be financed by deep pocket investors/traders heavily shorting the market.

At the end of the day, the drop in hashrate was negligible. I have seen worse drops in hashrate, and these drops weren't covered as aggressively as the minor drop we see news outlets cover right now.

Doubt that news outlets can create a FUD so fast that it can make miners bail out by this fast. I'm talking about here is that miners being traders in the crypto industry after all miners are not only mining Bitcoin for a living they also trade their Bitcoin in the market and they can make loads of cash by shorting it. They won't create FUD in the market through news but through the lost in hash rate they made in the market which is very effective seeing on the price we have now. I'm just looking all the possibilities here and miners cashing out big by creating FUD is one of them.


The statement wasn't that it would create a scare to make the miners bail out, but a market scare

I don't believe anyone with any understanding of how bitcoin works believes for a second that hash rate dropped by 40%.  As has been discussed up-thread and elsewhere this is likely due to poor logic and calculations on these web sites by not using a long enough rolling window to show the current hash rate.  In ~10 days at the next difficulty adjustment, the truth will be obvious.

812  Bitcoin / Bitcoin Discussion / Re: Why do we need anonymity? on: September 25, 2019, 02:51:28 PM
Anonymity isn't anything good, especially not in the cryptocurrency world. To be honest, I feel definitely safer when I use a cryptocurrency exchange with mandatory registration and verification. It's all about users' safety. Now I use CoinDeal and I'm glad that every user need to be fully verified to trade. It makes me calm. So, if we were anonymous everywhere on the internet, it would be a huge risk of scams etc.

If you feel the need safety that you can't provide for yourself, just stick with fiat and credit cards.  Please don't import the training wheels from there into the Tour de France, it only slows those athletes down.

813  Bitcoin / Bitcoin Discussion / Re: Why do we need anonymity? on: September 25, 2019, 11:03:00 AM
I agree that we don't need anonymity. But, we shouldn't be controlled. So, I like the decentralization part a lot. And not interested about anonymity. I have nothing to hide and no one to fear.
However, I don't like to let any one to have a controlling device.

WE?  Speak for yourself.  The nature of freedom is that there are inalienable rights not subject to the whim of the majority. Freedom of expression is one of them.

If you value freedom, anonymity is critical. If you value control and authoritarianism (fascism, socialism, communism etc) you don't want anonymity because it will interfere with your control over everyone else.  Control is a siren song, but the odds are you won't be the one in control, you'll be the one controlled.
814  Bitcoin / Press / Re: [2019-09-24] BITCOIN NETWORK HASHRATE IN SPOOKY 40% FLASH CRASH !!!!1 on: September 25, 2019, 10:07:26 AM
In reality, the hashrate dropped MAX 5% if you calculate based on a longer span of blocks, which is very normal. If we go back to the silly metrics a lot of news outlets use, the hashrate PUMPED 30% after that FLASH CRASH. Why don't they report about that? Clear example of how news outlets want to scare off their clueless readers.

Estimated difficulty increase in ~2 days is +7% lol.... What a flash crash that was....  Cheesy The only REAL crash was the price today that went down by $1500.

I agree. Well, we should understand that the media are all after getting the attention of the readers or traffic so emphasizing on the good news is not on their resume plus they know that people are mostly interested with bad news anyway. Now, having said that, I am a little bit moved that Bitcoin is now back at the $8600+ level though I know that a dip is a good opportunity but we know that the market can be reacting to some worrisome concerns. Is the price crash connected to the hashrate decline?

Exactly. If one starts measuring just after one block and ends just before the next, the apparent hash rate would be zero - no blocks were found. If I start measuring just after block A and then end just before block C with B in between the hash rate would be much less than if I start measuring just before block A and just after block C.  If this persisted over 24-72 hours, it might be meaningful, otherwise it is quite likely to be noise in the data.  When you have one block in around 90 minutes and a small enough measurement period, it might appear to have a lower hash rate when in fact it is pure variance in finding a block.

The click bait, FUD type articles are rampant.

815  Bitcoin / Bitcoin Discussion / Re: Why do we need anonymity? on: September 24, 2019, 05:59:45 PM
You don't want anonymity, publicize everything about yourself, but don't use force to impose your whims and beliefs in the rest of us. 

An animal lives in a state of perpetual transparency, a human does not if the human wants to be free. Just because you don't care about your liberty, don't sell the rest of us down the river to assuage your conscience.
816  Bitcoin / Press / Re: [2019-09-23] CEO of largest alternative investment firm vows not to buy bitcoin on: September 24, 2019, 02:11:08 PM
Exactly. And I'd also add that a block chain in its own isn't worth a lot if the block chain isn't secured enough by something of value that helps to preclude it being rewritten in a reorganization.  The value of bitcoin helps secure the bitcoin block chain due to POW costs.

there could be some value in distributing consensus among a federation of validators rather than depending on a single trusted authority like traditional systems. this can obviously be done at exponentially lower cost than POW, with the obvious caveat that it's much less secure because trust is involved. so maybe there is some middle ground. i'm not sure.

the mining incentive in bitcoin reflects the value of the underlying money supply. perhaps there are use cases where businesses/consortiums don't need the type of security that a $180 billion market cap entails.

I agree it is much less secure.  And one doesn't need crypto for that. There are plenty of solutions that don't need crypto to reach trustful consensus.
817  Bitcoin / Press / Re: [2019-09-23] CEO of largest alternative investment firm vows not to buy bitcoin on: September 24, 2019, 02:08:08 PM
Exactly. And I'd also add that a block chain in its own isn't worth a lot if the block chain isn't secured enough by something of value that helps to preclude it being rewritten in a reorganization.  The value of bitcoin helps secure the bitcoin block chain due to POW costs.

there could be some value in distributing consensus among a federation of validators rather than depending on a single trusted authority like traditional systems. this can obviously be done at exponentially lower cost than POW, with the obvious caveat that it's much less secure because trust is involved. so maybe there is some middle ground. i'm not sure.

the mining incentive in bitcoin reflects the value of the underlying money supply. perhaps there are use cases where businesses/consortiums don't need the type of security that a $180 billion market cap entails.

However, it might be similar to Ripple. Who decides if someone can be a validator or not? In Ripple, it is the people in the company behind Ripple that decides who is included in their federation of validators.

In which case it is a centralized coin that can be pressured to behave a particular way. Might as well have a centralized database.
818  Bitcoin / Press / Re: [2019-09-23] CEO of largest alternative investment firm vows not to buy bitcoin on: September 23, 2019, 09:46:00 PM
I just don't get how people could seriously believe in that.

Investing in 'blockchain' is no different to any other VC crap other than the fact that you are 100% guaranteed to set your money on fire rather than 99.8%. Investing in a real live crypto is awful scary doncha know.

It's a get out clause. You look vaguely hip without having to actually nail your colours to the mast.



Exactly. And I'd also add that a block chain in its own isn't worth a lot if the block chain isn't secured enough by something of value that helps to preclude it being rewritten in a reorganization.  The value of bitcoin helps secure the bitcoin block chain due to POW costs.

Block chain alone, without value is not worth a lot.
819  Bitcoin / Press / Re: [2019-09-23] CEO of largest alternative investment firm vows not to buy bitcoin on: September 23, 2019, 10:15:14 AM
...

Schwarzman says he doesn’t get why anyone would want or need a currency that’s not controlled by governments and banks, and he’s concerned about Bitcoin’s use among criminals.
...

Just ask the people of Venezuela, Cyprus, China, Hong Kong, Zimbabwe, Sudan, Turkey, Iran and Argentina recently and Cuba, North Korea, Germany, etc in the past if you want to understand why one might want to have a currency not controlled by governments and banks.  Plus transportable across borders.

820  Bitcoin / Press / Re: [2019-08-05] Bitcoin Morphs Into Unlikely Sanctuary As Market Turmoil Rises on: September 22, 2019, 01:29:57 PM
Hm... Not so sure about this, I doubt bitcoin can be seen as a very safe investment at all, it's definitely not stable and I doubt a lot of people invested in it because it was the safer option.

if you're sufficiently adept, your BTC is safer than your bank account money

Yes, only one moment is the “if.” You don’t worry about your money in the bank. And the bank is responsible for your money. I’m sure that there will be national crypto banks,

Just like the people of Cyprus who didn't worry about the money in their banks in early 2013.  Then how much did the government seize?  Just like the people of Venezuela, Argentina, Cuba etc haven't worried about the money in their banks.  How much of the value was inflated away?  99.999999999999% in Venezuela. Only 95% in Argentina depending on when you start counting.

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