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1241  Economy / Speculation / Re: What happens next if Bitcoin drops to zero? on: June 06, 2023, 04:56:14 PM
Currency failure, have you ever thought of something like that?
Even though I believe the probability of bitcoin's failure as a currency is much lower than I imagined, it should be considered as one of the possible risks that could happen to bitcoin for one reason or another. I don't want bitcoin to fail, but no one can guarantee that bitcoin will survive tens to hundreds of years from now.

To be honest, I never thinks bitcoin would be zero even though bitcoin didn't have any value when Satoshi introduced it. But even then, we just don't need to be so optimistic about bitcoin that you ignore lot of what it is at risk of. Bitcoin is currency that basically still expects more support from the governments of various countries especially in real use cases. If the government agrees to no longer allow bitcoin to be traded, used as legal tender, then the worst risk is losing value.

There's so much money invested in Bitcoin, that's hard to believe it'll go to zero anytime soon. Not even a worldwide ban would make BTC worthless. Of course, value would fall. But not to a point where BTC it's worth nothing in Fiat terms. Haters want Bitcoin to die because it goes against what was established in the first place. I think it's too late for them given how successful Bitcoin has been over the years.

If BTC goes to zero, then Gold would have to go to zero too. And we all know that's impossible. There's a long road ahead before all BTC are mined, so lets just sit back and enjoy it while it lasts. Maybe it will get live alongside Fiat currencies in the future? Just my thoughts Grin
1242  Bitcoin / Bitcoin Discussion / Re: Bitcoin Ordinals on the edge of getting canceled on: June 06, 2023, 04:50:54 PM
I do understand where you're coming from, but Bitcoin is meant to be "anti-fragile". If we have to wonder if certain types of transactions are done in a good or bad faith, that's a sign something doesn't work as it should.

I never understood bitcoiners attacking users for spamming, stress-testing or now for using ordinals. If they expose Bitcoin's vulnerability - that's a good thing. Any issues need to get fixed and we can't rely on everyone's playing nice.

I know many blame Ordinals inscriptions (including myself), but the truth is this is more of a feature than a bug. Bitcoin's openess allows anyone to build anything on it as they wish. Restricting or blocking something you don't like, greatly goes against Bitcoin's true value proposition. This would be introducing censorship into the Blockchain. Isn't that what banks do? We should let the community decide the best path forward for the cryptocurrency. Not a small number of developers working on the project. If the majority votes to abolish Ordinals, democracy has spoken. Otherwise, it would be utter authoritarianism. We can't predict the future, so let's hope for the best. Just my opinion Smiley
1243  Economy / Economics / Re: US Debt Default: Good or bad for crypto? on: June 06, 2023, 04:45:50 PM
I am from Venezuela and I can assure you that the USD here is more recognized and stronger than ever... It has reached to a point where it has been replacing our local currencies these lastest years. Nowadays it is common for people to handle USD in cash and there have been banks which offer accounts in that currency. People have turned to Bitcoin, but mostly also stable coins pegged to the dollar.

I have not seen a single Yuan bill being used in a transaction in my life, and yet even though the USA is mostly hostile to us, we have embraced their money, so you can rule out Venezuela for now (and in the mid term) when talking about de-dollarization.

It's difficult to move away from the USD. The currency is still a "force to reckon with". Even though some countries expressed their intentions to move away from the USD, they haven't been able to achieve it yet. It's likely the USD will stay with us for a few decades from now. Nothing lasts forever, so we should expect another currency to replace the USD in the future. Once the US is no longer the leading force of the global economy, it'll be game over for good. I think that would mark the end of the US as a superpower.

As far as crypto is concerned, I think it will continue to increase in price for years on end. A US downfall would certainly boost crypto markets all the way to the moon. But I doubt BTC or any other crypto will become the world's reserve currency because of their decentralized nature. Governments simply won't allow this to happen. Who knows what the future holds for our society? Just my thoughts Grin
1244  Economy / Economics / Re: US Debt Default: Good or bad for crypto? on: June 05, 2023, 09:38:15 PM
The United States is quite wise to print extra cash so that it has little effect on increasing the rate of inflation in their country. They exchange the printed money supply for necessary goods in other countries and make sure that in the future large consignments of cash do not return back to their country. As long as the dollar is the universally recognized reserve currency of the world, it will not be afraid of default.

That is true. But many countries are beginning to move away from the USD. Venezuela, China, Russia, Iran, and many others already began the de-dollarization process. If the list of countries abandoning the USD keeps growing, then it will be game over for the US for good. I fail to see how the country will be able to survive after this happens.

If the FED keeps printing money, inflation will rise and crypto (especially BTC) will go all the way to the moon. This is inevitable, especially when the US finds itself unable to pay its debt. They can raise the ceiling all they want, but that doesn't mean the debt will vanish for good. Who knows if we're close to seeing crypto replace Fiat currencies as the standard unit of account? Just my opinion Smiley
1245  Alternate cryptocurrencies / Altcoin Discussion / Re: Tron could be next doge or ada? on: June 05, 2023, 09:30:32 PM
I disagree. Just because someone creates a token in the BSC blockchain does not mean they now have access to a token listing on Binance. These are 2 unrelated things. Imagine if that's how it worked. Binance would have long ago turned into a pancakeswap-level exchange with a flood of garbage from low-value projects. In my opinion, the choice of BSC for coin creators is due to the fact that the network is widespread and this chain is extremely popular in the cryptocommunity, and the commissions there are lower than in ETH.

Yeah. No prominent exchange wants to have a boatload of "shitcoins" on its platform. It would do more harm than good to its reputation. Binance will only select coins and/or tokens from BSC that are worth it. Usually those that will give the exchange lots of profit in the long run. For all of the "shitcoins", there's a DEX where you can trade them as you wish.

One thing for sure is that TRX is a lot faster and cheaper to use than BSC. It's probably because TRX is less popular than its competitor. We should take advantage of both platforms to grow our money in the long run. I don't think TRON will disappear just like that, especially when it's listed in a lot of exchanges. It's open source, so it could easily adapt to the latest trends in the crypto/Blockchain space. Maybe it will live alongside BSC and TRX for generations? Just my thoughts Grin
1246  Bitcoin / Bitcoin Discussion / Re: Bitcoin Ordinals on the edge of getting canceled on: June 05, 2023, 09:26:45 PM
I don't mind creative projects built on Blockchain, but there are plenty of chains to do it on. I don't understand why it has to be Bitcoin, the most trusted and perhaps most used as a currency crypto. Bitcoin isn't meant to be used for this purpose, and Ordinals are the likeliest cause of the recent fee spike. It's good that it's largely over, and it's not like a spike couldn't happen without them, but that's still undesirable. If ordinals get cancelled, I'll be happy. If this doesn't happen, I'll hope they die naturally due to the death of hype around them.

Ordinals may've been created in bad faith to destroy Bitcoin in the long run. Do you think if this was done in good faith, the creator would've already chosen a sidechain or the LN for Ordinals inscriptions? BTC was already struggling with high network load a few years ago, so why add more fuel to the fire?

I really hope TX fees decline to a point where using BTC as a currency becomes feasible again. Developers proposed to "cancel" Ordinals inscriptions, so let's see what the community thinks about it. I know miners won't be happy with such a decision, but we should be looking for the user's best interests. Bitcoin Cash (BCH) has plenty of block space available, so why not move everything there instead? Just my opinion Smiley
1247  Bitcoin / Bitcoin Discussion / Re: Best open source hardware wallets for BTC? on: June 05, 2023, 09:23:37 PM
The real deal-breaker isn't whether wallet is open-source or not (at least for me) but the clear vision of the company that builds that wallet. Ledger is a company with very cynical attitude towards their own customers and they are very money-oriented instead of being a privacy-oriented company.
At some point, the same applies to Trezor. While they are open-source, it doesn't mean their wallet is secure because their devices suffer from unfixable seed extraction vulnerabilities and at the same time, the problem lies within company too. This company is very pro-government, has partnered with Wasabi and Blockchain Analysis companies.

...

Most companies side with the government out of fear from getting their business shut down in an instant. They also do it because of the money. I'd trust a wallet that's made by a non-profit organization or a single person (but open source), than a closed source wallet made by a company with shady practices. I'm not saying that closed source is bad, but rather risky since you won't be able to know the inner workings of your wallet.

With open source code, anyone can fix issues/vulnerabilities and make the wallet stronger. Just like how it's the case with Bitcoin today. I'd steer clear from any Ledger products, and choose an open source alternative instead. Who knows if the company's days are numbered? Just my thoughts Grin
1248  Alternate cryptocurrencies / Altcoin Discussion / Re: Can NFTs last forever? on: June 05, 2023, 09:18:39 PM
Like i already said, you don't own the picture but you own the link.

Concept of owning nfts is debatable becayse it all comes to definition of digital "owning". You don't own the files in a classical sense, and that wouldn't even make sense. You however own the rights to trade it for example. And if we are talking about current usecases, there are now over 10 million reddit nft avatar holders.

There are non-nft avatars in reddit too that you can use to build your avatar. But if you are using NFTs to build your avatar, you can get some rare ones that are very much wanted.

If you are wearing nft avatar you can choose what parts you are wearing from it, and you can combine different nfts. NFT avatars shows up differently and you can't fake wearing them. Those are freely traded in opensea and i think it's one of the first actually cool adopted usecases for nfts. You "own" those NFTs as long reddit is alive and i am thinking it will definitely last for several generations.

And NFTs are just starting, now there is ERC-6551 coming and that's unlocking ton of new possibilities. But i'll wait for it to be tested before i'll get too ecxited

The concept is cool. But we're yet to see the government becoming part of this trend. So far, the vast majority of NFTs being traded on the market are nothing more than a scam. Nowadays, anyone can make an NFT using a picture/image found on the web. This bloats underlying blockchain networks with many unecessary junk. Things are only getting started, so I have high hopes the NFT industry will improve in the long run.

May I ask if the ERC-6551 is what Vitalik calls "Soulbound Tokens (SBT)"? These might become the next big thing in crypto land, as Universities/Colleges and other institutions use them for their own benefit. SBTs might prove to have better use cases than NFTs over time. Who knows when the SBT hype will begin? Smiley
1249  Bitcoin / Bitcoin Discussion / Re: Bitcoin Ordinals on the edge of getting canceled on: June 04, 2023, 08:25:08 AM
I vote that we should stop the ordinals. Id even vote to move their rotten, useless transactions onto a side chain if that was possible, but I don't see how that could be done.

We all want cheap fees and faster confirmation times on the BTC blockchain. But rejecting Ordinals would be no different than introducing censorship on the network. Isn't this what banks do? They freeze your transactions if they deem it suspicious or for other unknown reasons. Bitcoin is all about openess, decentralization, and equality, so we should let the community decide what's best for the cryptocurrency in the long run. Not a small number of developers working on the project.

If this turns out to be controversial, I'm afraid we'll be seeing a hard fork soon. Miners are earning lots of money with Ordinals inscriptions, so they will fork the chain if developers decide to block them. Let's see how everything will turn out to be in the following months. Just my opinion Smiley
1250  Alternate cryptocurrencies / Altcoin Discussion / Re: Do You trust Tether (USDT) Stablecoin? on: June 04, 2023, 08:20:08 AM
Tether will mine Bitcoin using renewable energy in the country of Uruguay. This is after last month saying it will invest portion of its profits in Bitcoin.

It is for reasons like that I trust this stablecoin. It has new ideas and giving back to Bitcoin.  https://finance.yahoo.com/news/tether-start-mining-bitcoin-uruguay-024131625.html

The stablecoin has contributed largely to this industry. But that doesn't mean it's guaranteed to last forever. Since Tether is tied to the USD, anything can happen. Would you imagine the USD losing its position as the reserve currency of the world? That would cause the USD's value to plummet, as well as, stablecoins pegged to it.

One thing for sure is that Tether is issued by a private company without the backing of the US government. Why would investors' funds be safe from harms way into something like this? The same can be said about USDC, and other stablecoins on the market. Fortunately, USDT has held its peg even during the worse of times. Who knows if it survives in the long run? Just my thoughts Grin
1251  Bitcoin / Bitcoin Discussion / Re: Do you feel bad while paying with BTC? on: June 04, 2023, 08:15:16 AM
I think the emotion depends on how a person looks at Bitcoin.  For me, I feel nothing but being fulfilled when I spend Bitcoin.  I feel that I am helping the economics of Bitcoin and the merchant adoption since I am able to particpate in global economics of Bitcoin.  I always think that when people use Bitcoin to pay for their goods, it helps Bitcoin to establish its market and its usage as a mode of payment.

Bitcoin is not created to be hoarded but due to its increasing price people forget the true purpose of what Bitcoin is created.

Wall Street got into crypto/Blockchain tech and changed people's perception about Bitcoin. They now see it as an asset rather than a currency for daily payments. In the early days, it was all of the contrary. You can see how someone payed 10k BTC for two pizzas. Back then, there were no exchanges available to trade BTC so there was no speculation about the value of the coin.

Now everything is all about getting rich quick with Bitcoin, while forgetting about what matters most (eliminating the middleman, empowering people to be their own bank, etc). Because of this, I don't see volatility disappearing anytime soon. If you don't care about the market price of BTC, then you'd have no problem using it to pay for goods and/or services. But the majority wants to grow their wealth with BTC, so "hodling" would be the best path to take right now. Maybe everything will change in the future once Fiat dies for good? Just my opinion Smiley
1252  Economy / Speculation / Re: What happens next if Bitcoin drops to zero? on: June 04, 2023, 08:11:10 AM
Will you buy bitcoin when it drops to $1k? I don't believe many people would be brave enough to buy a large amount of bitcoin at that time. Many people always claim when bitcoin drops in price, they will buy more, and when bitcoin drops as low as $1k, for example, they will buy regardless. Those are all lies because then fear will cover all of us. No one was sane and confident enough to buy bitcoin at the time. If so, only those who have a lot of money and are willing to spend a moderate amount of money to accept risks and investors with little capital will run away.

Most people will be in fear once prices go all the way down the drain. I doubt they will buy more BTC when all hell breaks loose. Only those with spare money (usually whales and/or the wealthy) will get into the game no matter what. As I've said many times before, the odds of BTC going to $0 are very slim. This becomes even more distant when the USD is bound to collapse soon. On the contrary, BTC will continue to increase in price until it goes to "Mars".

The only way BTC will become worthless is if the whole Internet is shut down for good or if there's a full-scale nuclear war worldwide. It's very unlikely these unfortunate events will happen anytime soon, so let's all enjoy BTC while it lasts. Just my thoughts Grin
1253  Bitcoin / Bitcoin Discussion / Re: Best open source hardware wallets for BTC? on: June 04, 2023, 08:06:58 AM
I can advise you to seriously consider Blockstream's Jade hardware wallet as it has all the code clearly visible on Github and a very low cost of around $70 or so.  And that's not all, you can also compile this wallet on an esp32 card such as the lygo or stick c plus and reduce costs to just a few tens of dollars.  Furthermore, I had already talked about this choice in the thread opened a few weeks ago. 
https://bitcointalk.org/index.php?topic=5450647.msg62169741#msg62169741

While if you ask me which is the best software, my choice falls on Electrum.

Pretty cool. I like the fact that the Jade wallet is a lot cheaper than the Ledger Nano X. But your solution seems to be even better using an esp32card. I wonder if this will work on smartphones (Android) or only on PC? I'm usually mobile, so I'd prefer something I could use to pay with BTC wherever I go. With this, who needs Ledger anymore?


Some are using trezor and they say it is open source and cheaper than Ledger. In my opinion, I don't think anything is 100% secure, and Ledger is an example. We trusted them for years until they announced their damn service. The best way is that you divide your assets into parts and store them in different wallets, I think only then will our assets be more secure.

I think Ledger sold itself to the government. They were pushed to comply with KYC through their own little service. But the community is not stupid. Most hardcore crypto users will now abandon Ledger products because of this. It's a pity because I've thought the company stood for crypto's original values. With open source hardware wallets, you don't need to trust the company other than to verify the code if everything is secure. Who knows if these alternatives ultimately beat Ledger in the long run?
1254  Economy / Services / Re: [Crypto.Games] ★ Signature Campaign ★ Hero - Legendary[Full] ★ on: June 04, 2023, 07:56:49 AM
Campaign paid

Received. Thanks! Cheesy
1255  Alternate cryptocurrencies / Altcoin Discussion / Re: New coin - PEPE on: June 02, 2023, 04:23:36 PM
First of all, PEPE isn't a coin, its a token. SHIB is a token, all of the copycat garbage is also tokens.

DOGE on the other hand is a coin, because it has its own blockchain. There's a big difference here. The media and pump n dump influencers like to play down the difference, but its actually quite substantial.

It easy enough to make a token within an existing blockchain network. But making a Blockchain from scratch is another story. Scammers prefer minting their own worthless tokens, instead of making a Blockchain of their own. Why would anyone take ERC-20 tokens such as SHIBA or PEPE seriously? Dogecoin is a much better option, especially when it has its own Blockchain network. Although creators made it as a joke, DOGE has done pretty well over the years.

I don't think PEPE will become a success, simply because it's a clone of zillions of other "meme" coins on the market. All of these coins are a failed attempt to copy Dogecoin's success. If we could blame someone, that would be Elon Musk. He's the one who "pumped" DOGE in 2021 with his tweets. After that, "meme" coins began to appear out of nowhere. Who knows if PEPE's rise to glory will be shortlived? Just my thoughts Grin
1256  Alternate cryptocurrencies / Altcoin Discussion / Re: Government's actions against crypto on: June 02, 2023, 04:16:03 PM
Each country will have a different approach to cryptocurrencies, and some have been more open to them than others. Although the US really does not like and is trying to oppose cryptocurrencies, over time many countries will realize the great potential that cryptocurrencies bring and try to join this game. The US will only outperform other economies. So let's see how they will view this issue as the cryptocurrency boom expands.

The US wants to protect the USD, so it's in its best interests to treat crypto with an "iron fist". I wouldn't be surprised if other countries do the same, albeit for a short period of time. Once they realize crypto can't be stopped, they will have no choice but to fully embrace it with open arms. This is only the beginning of a long journey for the crypto/Blockchain industry.

It's a good thing most cryptocurrencies are decentralized, or mainstream governments would've destroyed them already. I have a feeling every country in the world will adopt crypto as long as taxes are paid in return. We can't predict the future, so let's hope for the best. Just my opinion Smiley
1257  Alternate cryptocurrencies / Altcoin Discussion / Re: Are BRC-20 stablecoins the next big thing? on: June 02, 2023, 04:10:45 PM
This will become a concern for many Bitcoin investors in terms of massive traffic and increased transaction fees on the Bitcoin blockchain. After all, maintaining low transaction fees and fast confirmation times is one of the most attractive aspects of Bitcoin for many users. While some projects may find value in issuing BRC-20 tokens on the Bitcoin blockchain, we must weigh the potential benefits and downsides to make an informed decision on which direction to go with the ecosystem.

I don't get what's all the fuzz about BRC-20 tokens, when ETH and its variants have the same thing. Why not move everything to a separate chain or the LN instead? It would make the BTC blockchain less bloated, resulting in lower fees and faster TX confirmations. Imagine if stablecoins on the BTC blockchain become extremely popular. It would be a complete mess!

I'm yet to see whenever Stably (the new BRC-20 stablecoin) will become a success or a failure, especially when the company is not as well established as USDC's Circle or USDT's Bitfinex. All of the attention is on BRC-20 NFTs, so don't expect adoption for Stably to grow anytime soon. If things go wrong, then we'll have no choice but to move towards an alternative chain such as Litecoin or Bitcoin Cash. No matter how you see it, you can't deny miners are the ones that are ultimately winning with the high TX fees. Just my thoughts Grin
1258  Bitcoin / Bitcoin Discussion / Re: Best open source hardware wallets for BTC? on: June 02, 2023, 04:06:37 PM

Who need a closed source hardware wallet?

I can use an open source non custodial wallet like Electrum wallet, and set up a multisig wallet with Electrum or a cold wallet with Electrum. It is safer than using a closed source hardware wallet.

Electrum is nice. But it's not as convenient as a hardware wallet per se. Since it's a software wallet, you can risk losing your BTC if the hacker gets access to your device. With a hardware wallet, they'd need to get physical access to the wallet and enter a PIN to steal all of your coins. Electrum allows you to create a cold storage wallet, but I'd certainly won't be using that to make day-to-day payments with BTC. That's why I prefer hardware wallets, even though some are expensive.

The list of open source hardware wallets seems to be growing each day, so only time will tell us if Ledger will become history. Bitcoin is all about self-custody, so who needs to trust a company for securing your keys? Smiley
1259  Economy / Collectibles / Re: Which do you prefer? Physical or digital collectibles? on: June 02, 2023, 04:03:05 PM
I used to hate the idea of digital collectibles but I like them now so long as they serve a purpose. That purpose could be like a ticket stub, showing you were present for an event, or an active ticket to be able to access online games or services…

The problem with physical collectibles is that you have to store them somewhere. If they are expensive you’ll probably even store them somewhere you never get to see them.

So I think digital collectibles have the potential to be more fun and useful.

Maybe. If the content of a digital collectible is preserved forever, nothing can go wrong. You can pass on those collectibles to future generations by making a backup of the keys or seeds linked to your wallet. One of the main benefits of digital collectibles is portability. You can carry hundreds, or even thousands of digital collectibles without taking too much physical space. They can be stored on a tiny piece of paper or even a microSD card. All you need is the key or seed linked to the wallet holding the collectibles.

I still prefer physical collectibles because of their tangibility. You can touch or see them anytime, even when there's no electricity or Internet access at all. Both types of collectibles have their own advantages/disadvantages, so ultimately you decide which ones to keep for your own convenience. I'd be surprised if NFTs are still a thing decades from now. Grin


  I agree....lots of NFT's on chains that the images are not on and they can easily be changed or removed.

  But that's why I like Ordinals...as the images for those NFTs are embedded into the Bitcoin Blockchain forever!

  That to me is the way a real NFT should be...once uploaded it will stay there forever and can never be manipulated in any way Wink

That's awesome. But storing data on the main BTC blockchain itself would bring congestion issues in the long run. Some say Bitcoin Stamps are even worse than Ordinals inscriptions as they take a lot more space on the Blockchain. I really hope they don't become popular, or BTC will become super expensive for daily payments. I'm afraid the NFT craze is only starting, so hold on tight as this is going to be a wild ride. Wink
1260  Alternate cryptocurrencies / Altcoin Discussion / Re: Can NFTs last forever? on: June 01, 2023, 04:50:58 PM
Probably because many people associate NFTs with images. I've rarely seen NFTs containing chunks of text or audio files. Probably because many people prefer to see what they buy rather than read or listen to it. I remember there was even a little hype around NFT with famous tweets, but that hype quickly subsided and didn't get the proper exposure. Even the NFT, containing the very first tweet in history, has fallen in price many times over, as few people are interested.

Making NFTs out of tweets is ridiculous. After all, those same tweets are stored on centralized servers managed by Twitter. If the company goes down, so will the data stored on those servers. The Blockchain will only prove you had ownership of the NFT, but without the data/content, what's the use?

NFT creators aren't even thinking of storing the content on decentralized cloud storage networks such as Arweave or IPFS. They're only thinking about making money in the fastest way possible. If this keeps up, don't expect NFTs to be taken seriously anytime soon. Who knows what the future holds for the industry? Just my opinion Smiley
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