I’m inquisitive to know if there’s any possibility that a person can’t purchase bitcoin anywhere because all the people holding the total supply of bitcoin are not willing to sell but hold them, maybe for some reasons known to them or possible pump they’re expecting before selling it.
That is unlikely to ever happen. Also, note that bitcoins are worthless if they cannot be traded since that is their only function. |
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I didn’t know if this question is already asked here. Just refer me to the answer if there is. Where exactly did Grayscale purchased there Bitcoins and are they still accumulating up to this point? Does there Bitcoin address is available for there investors to monitor company holdings?
Lastly in case that Grayscale will decide to already sold there holdings. Will they do an announcement to the public right after the sell off commence? And will they use exchange?
These facts have been repeated many time but it seems that many people still are not aware that Grayscale does not own the BTC in GBTC, nor can they sell the bitcoins in GBTC. The Grayscale Bitcoin Trust is a trust. It is a separate entity that it managed by Grayscale, and it pays Grayscale a management fee of 2% per year. The bitcoins in the trust were deposited in exchange for shares in the trust. Grayscale does not own the bitcoins in the trust. The trust owns the bitcoins. Grayscale does not own the trust. The shareholders own the trust. Not accurate.
The bitcoins in the trust were deposited in exchange for shares in the trust. While Grayscale deposited the initial bitcoins, they certainly did not deposit all of the bitcoins. However, Grayscale did have convenience option in which they would purchase the bitcoins to be deposited for the customer. The structure of the trust currently does not allow the bitcoins to be sold, lent, or used as collateral. Grayscale cannot sell the bitcoins in the trust. |
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Services that provide "signals" are pump-and-dump scams. They buy a coin and then announce a signal so that all of their followers start buying. The unload their coins at a high price leaving their followers holding worthless coins.
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It sounds like you are new to Bitcoin and you are misunderstanding certain things. I think I can help. I have Wasabi wallet, wanting to withdraw some monies from a site. ( its a casino and lookinf for a few hundred euro in winnings. )
I simply create a 'retrieve address' a long series of numbers comes up... i copied and pasted.
Normally, for someone to send you bitcoins, you simply give them an address provided by your wallet, and apparently that is exactly what you have done. BUT...apparently i need the 'hash address'......so my long list of numbers starts with "bc1qs.....etc.." but in order for me to withdraw told i need the hashadress of wallet and numbers starting 01 ..02...
Now, there is no such thing as a "hash address", so it is not clear what they are saying that you need to provide. You are probably misunderstanding their instructions. Your "long list of numbers starts with "bc1qs...'" is probably exactly what they want .... HOWEVER, but in order for me to withdraw told i need the hashadress of wallet and numbers starting 01 ..02...
That statement leads me to believe that their now outdated wallet does not support bech32 addresses (addresses starting with "bc1"). What they seem to need is an address that starts with a "1", which is called a "legacy" address. My recommendation is that you install a wallet that generates "legacy" addresses. I don't know if a blockchain.com wallets does, but if they recommend it, then it should work. Either way, receive the bitcoins with a wallet that is compatible with that site and then perhaps send them to your wasabi wallet at some point. |
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PSA: My PGP key is compromised, and at least many of my bitcoins stolen. I have no idea how. Help please.
That is an odd statement for anyone who has been around as long as luke-jr to make. How is a PGP key related to bitcoins being stolen? And what kind of help is he expecting to get? |
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but I now prefer bitcoin for short term trading. because in bitcoin even though the ups and downs are not too high, the risk is not too high. and also the best thing about bitcoin is that the volume of ups and downs is very good. so for short term trading is very good...
but I am a beginner and have no experience in the crypto world, so I am ready to be corrected if my opinion is wrong.
There is plenty of data that show that most newbies doing short-term trading lose money in the end. Whatever secret or magic trading strategy that you have developed is likely to fail. Also, keep in mind that people who promote or sell trading strategies don't make money from those strategies, they make money from you. |
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Generation of Cryptographic Keys from Personal Biometrics: An Illustration Based on FingerprintsPatent No.: US 10,454,677 B1 Oct. 22, 2019 Cryptographic key generation from biometric dataPersonally, I think there are problems. First, the purpose is not clear. It is easy enough to generate a private key from biometric data, as every person has a sufficient number of differentiating features that makes them unique. But, if the intention is to use these metrics directly instead of simply generating a private key, then I see problems. - A person's biometrics may change over time, resulting in a different key.
- The measurements themselves are not precise enough to generate the same key each time.
- Anything that takes the measurements gains access to the private key.
- The association of a person with their private key cannot be broken.
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I want to point out that there is a difference between distributed and decentralized.
TL;DR: Decentralized is related to control. Distributed is related to performance. They are independent properties.
Decentralized means that it is not controlled by any single entity. Ethereum is an example of a decentralized computer. Whether it is a supercomputer or not can be debated. Anyone can have Ethereum do any computation and the computation cannot be stopped or manipulated by anyone. That is what decentralized does. Decentralized refers to control, and to some degree robustness.
Distributed means that a process is split among many nodes that are all working in parallel to achieve a combined result. Bitcoin is not distributed. In Bitcoin, the same processes are performed by everyone. Distributed processing is to increase performance, and to some degree robustness.
So, when you ask about a decentralized supercomputer, I think you are really asking about a distributed supercomputer, which is not relevant to Bitcoin because Bitcoin is decentralized, but not distributed.
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What I'm wondering here is if there is a way for miners to hedge against shrinking margins? Do you think hedging strategies could help us stay solvent amid the bear market?
Bitcoin miners can use futures just like any other commodity producer. That protects them against short term fluctuations, but if they cannot mine profitably in the long run, they cannot stay solvent. |
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Simply stated, he believes that Bitcoin has no value because he is personally unable to see any utility, and everything else he said follows logically from that.
His statements prove his narrow-mindedness, his lack of imagination, his lack of vision, his ignorance, and most importantly his arrogance more than anything else.
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User HoBzY posted a question in this sub-forum, but it seems that the thread got locked (maybe on purpose, maybe on accident). Here's a link to the original question: https://bitcointalk.org/index.php?topic=5428781.0How do you get 422681968 nbits out of 86564599.52 complexity?
I suspect that HoBzY's confusion stems from the term nBits. The term comes from the name of the variable in the code and it does not stand for "number of bits" or "the bits associated with the value N". Satoshi used a (mostly deprecated) variable naming scheme invented at Microsoft called Hungarian Notation. In this scheme, the name of a variable is prefixed by a symbol that represents the variable's type. In the case of nBits, the prefix is n, which says that the variable is a signed integer. So, the name nBits indicates that it represents "bits" in the form of an integer. It is a poorly named variable in my opinion, since bits says nothing about what the variable represents and it isn't even an integer. |
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So, funny story, in the beginning of 2022, I came up with the exact same scheme discussed in this thread. ... I've spent the last year implementing it, so just 10 years after the OP, you can finally try it out! The binary, written in Rust, is called ord, and the code is on GitHub at https://github.com/casey/ord. Sounds like a fun project, but I don't think the idea has any practical use because there is no real association between the satoshis in the inputs and the satoshis in the outputs. I'm happy to admit that I was proven wrong, but I'm still waiting for a practical use. I'm not saying that there is no practical use, just that I am too closed-minded to come up with one.  |
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To determine if the wallet is safe, you must understand how it works and be able to ensure that it works as described, ideally by examining the code and building the wallet yourself. The anonymity of the creators is secondary.
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Perhaps your ignorance, as demonstrated by the numerous mistakes in your post, is what leads you to support BSV. Corrections: Block reward
The block reward consists of the subsidy plus the transaction fees in the block.
The first block reward subsidy was 50 bitcoins. Every 210,000 blocks (roughly 4 years), the block reward subsidy diminishes by 50% in an event commonly called “the halvening” so as to encourage miners to shift from working for subsidies and toward working for transaction fees. The reason for that is to incentivize miners to invest in businesses and do the necessary research and development to efficiently grow the circulation of bitcoin transactions. limit the total number to 21 million.
If the total value of transaction fees does not out-pace the diminishing value of the block reward, miners and transaction processors will go out of business, and bitcoin will become too insecure to store or transact large amounts of value. The value of the block reward determines the security against a 51% attack. Currently, the block reward on the Bitcoin network is 6.25 new Bitcoin plus the fee for each transaction in the block. By 2140, the amount subsidy is expected to hit zero, but by 2028, the block reward subsidy will only be about 1.5 bitcoins. By then, the value of a single bitcoin the block reward will have to at least match the cost of securing the transactions within every block, or the size of every block will have to be sufficiently large for transaction fees to pay for the security of the blockchain.
Block size cap
On BTC, the network is limited to less than 7 transactions per second, which comes out to 5000 transactions per block before the network is too congested to function. That averages out to about one transaction every year or two for every American before the network grinds to a halt. On Bitcoin (BSV), the only blockchain with no block size limit, blocks have been mined which show the network is capable of at least 350 times the capacity as BTC. Testing models show that the bitcoin protocol is capable of millions of transactions per second if the network is properly implemented.
Digital Currency
A digital currency is a form of digitized money that uses blockchain technology to verify and secure transactions. Digital currencies like Bitcoin can be used as a medium of exchange to pay for goods and services online, or they can act as a sort of network toll in order to launch an application, smart contract or to write important data to the blockchain. Note that all modern currencies are digital, so the name does not accurately describe the distinction.
Fork
A soft fork is a rule change which is packaged up into a software envelope which tells nodes to ignore the rule change in order to trick them into not splitting the network. The nodes trust the rules of the envelope, but do not typically have the ability to validate the transactions within. Therefore, soft forking only requires cooperation among software developers, and puts them into a governing role over the network rules which is convenient amid contentious upgrades where transaction processing nodes may disagree with proposals made by software developers. Some of the most contentious changes to bitcoin have been made by soft fork, so as to stop any ability for nodes to debate. does not affect the function of nodes that have not adopted the change. These changes include the addition of P2SH, RBF and Sewit changes to the protocol.
On the other hand, if nodes do create their own software which demands that all bitcoin transactions be governed by bitcoin rules enforced by honest nodes, the disagreeing nodes will create two separate chains with competing rulesets. This occurred when BCH split from BTC over the refusal to accept the Segwit soft fork, and it happened again when BSV split from BCH over the refusal to accept a new transaction ordering and scripting tool. Both splits were done in order to enforce an ideologically sound bitcoin protocol maintained by BSV in the face of threats from rogue software developers who believe that they can redefine bitcoin’s rules to suit their shifting goals.
Hash rate
The hash rate is the speed at which network computers can take any set of information and convert it into a block and generate a hash—a series of letters and numbers—to make data immutable or incapable of being manipulated. The Bitcoin network uses the Secure Hash Algorithm (SHA) 256 function, which generates a fixed 256-bit (32-byte) hash, to identify blocks and transactions on the blockchain uniquely.
Miner
A miner can be anyone or anything that provides computing power to secure that creates and adds blocks to the validated history of all transactions on the blockchain’s public ledger. They are also commonly called “transaction processors,” or “node operators.” Satoshi Nakamoto, the creator of bitcoin, simply called them “nodes” or “honest nodes” in the bitcoin white paper. Miners compete for the privilege to add new blocks of data to the chain. If they successfully add new blocks of data, they are rewarded with newly minted Bitcoins and the transaction fees of the blocks that they mined.
You can mine Bitcoin on your own or by joining mining pools, which gives you a certain percentage of the Bitcoin earned by the pool – relative to your total contribution of power used to mine the block. Note that there is some ambiguity in the term. Members of a pool might call themselves miners, but the actual miner is the pool. Members of a pool participate in the hash generation.
Network confirmation
For a new transaction to be included in a block, each computer in the network has to issue a confirmation the miner adding the block must confirm that the transaction follows valid bitcoin rules, and they signal that confirmation to the network by building a block which contains that transaction and by signalling with their hash rate that they will defend that transaction from being overwritten. Each block added by honest nodes adds an additional layer of security to previous transactions by raising the cost which would be required to rewrite an invalid transaction.
Node
A node is any computer or participant within the Bitcoin network responsible for relaying and validating transactions. Listening nodes without any hash rate act as simple data servers which can be queried for the state of the network, but they cannot build blocks. These are commonly called “block explorers.”
Pruned nodes keep hashes of all of the blockchain data, but do not contain the totality of the blockchain’s data. These are common among certain types of specialized transaction processing companies that have lots of hash rate but not particularly high quality internet connectivity for sending lots of data across the network. nodes with limited storage capabilities.
Full nodes are those which keep a complete copy of the blockchain for archival and data-serving purposes and have lots of hash rate at their disposal, and are therefore a complete (or full) node service provider. These are commonly held by large miners or commercial entities which act as relays for important business data services.
Private key
The cryptographically generated string of letters and numbers data that allows sending bitcoins at its associated address. If a private key is lost, it cannot be regenerated unless a significant portion of the hashrate agrees to mine the key, which is highly improbable, and therefore practically impossible on a high value network such as bitcoin.
Satoshi Nakamoto
Satoshi Nakamoto is the pseudonym used by the inventor of Bitcoin. Satoshi wrote the 2008 whitepaper titled “Bitcoin: A Peer to Peer Electronic Cash System” before releasing the first open-source Bitcoin software in 2009.[/s] Dr. Craig S. Wright has been shown by many to be a liar and a fraud.
The word/name Satoshi also represents the smallest divisible unit of one Bitcoin, with one satoshi equal to 0.00000001 Bitcoin.
Ticker symbol
Each digital currency has its own ticker, a shorthand symbol that is used to identify and distinguish it from other digital currencies on currency exchanges. The ticker symbol for Bitcoin SV is BSV, BTC is the ticker symbol for Bitcoin, ETH is the ticker symbol for Ethereum.
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... I initially joined a few Telegram and Discord communities and started following YouTubers that were influential in cryptocurrencies and bitcoin at the beginning of the year. ... I noticed this and came to the conclusion that nobody knew anything.
Congratulations. I just wish others would come to the same conclusion. There are too many people here powered by greed and crippled by ignorance. |
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Recently, I saw a chap post online about bitcoin denominated cards that have the private key embedded in them. (My concern is, how can you know the private key without opening the card, and even then, how can you know someone else does not also have a copy?
You don't need to know the private key until you want to send the bitcoins. There is no way to know if someone else has a copy of a private key unless they use it or reveal it. Could you reveal part of the private key (so that you have some authenticity) then have some kind of gadget that sends a message on chain to keep a record that the card has been opened, or something like that?
The card could have a chip that will sign a message to prove that it has the private key. It could also destroy the private key after revealing it to prevent anyone from using the card after the private key has been revealed. |
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And BTC has a real issue not very far away. By 2056 block reward is only 0.0122xxxx
What is the issue and how bad is it? |
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Eventually, the subsidy will be 0. It cannot be avoided. I don't think that delaying the inevitable accomplishes anything. By slowing the cycle down the rewards continues at a reasonable pace for miners
Slowing down the pace does not help the miners, and increasing the 21 million limit only subsidizes inefficient miners. and the incentive to use LN network to avoid fees on the chain is increase.
Creating artificial incentives to use LN will only hurt Bitcoin and LN as the value derived from those incentives must be taken from someone. |
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