bitcoin is private
no one knows the name of the entity moving the coins thus far.
no one knows the country of the entity moving the coin thus far.
bitcoin is not revealing that..
the point at which privacy breaks. is the KYC of using an exchange
Bitcoin allows tracking of funds, and by tracking funds you can find those who interacted with the owner, which could lead to finding the owners identity. KYC is not the only way it can happen, just the most common and easy one. Imagine a thief selling coins for cash during in-person meeting, and the chainanalysis tracks down the buyer of the coins, since they do a lot of transactions and leave a large footprint. So the law enforcement questions this buyer and looks at the camera records near the place where the trade happened and get a pretty good profile of the criminal. If Bitcoin protocol or Bitcoin ecosystem could guarantee that a previous transaction can not be linked with the next transactions, identifying users would become less likely. |
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In Reality, Bitcoin is a digital gold and can actually do without exchnages.. they haven't represented Bitcoin from the very beginning, an example is that the first pizza bought with Bitcoin, had no exchange playing any role in that process.
Since the rise of Centralized Exchnages they have more harm and ruins... From MT. GOX, Quadriss and to thr latest FTX collapse, all they do is put investors in doubt about the continuation of investments in crypto projects, both life savings and retirement plans have been shattered.
And where would Bitcoin be right now without centralized exchanges? It's limited to 7 transactions per second, while exchanges can have hundreds of trades per second. Bitcoin market as we know it wouldn't exist without exchanges, and millions of people would never buy Bitcoin without the convenience of centralized exchanges. So the price today would likely be below $1,000 and we would have huge problems with transaction fees if all the trades happened on chain. You can criticize centralized exchanges, but they will not go away until Bitcoin protocol can handle enough transactions to sustain all Bitcoin trading. |
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I'm a bit late to the party, but want to share some thoughts.
First, it shows that not only "stupid" people or "noobs" get hacked. Anyone can make a mistake without realizing it. And anyone can become a target or catch some stray bitcoin-stealing malware. This should be a wake-up call to everyone to triple-check their storage setup and don't get arrogant thinking that you're a master of bitcoin security and can't be hacked. Instead look at yourself from a point of view of a hacker and think how can you get hacked.
Second, I see a bit of a privacy dillema here with Luke trying to find the thieves. If he succeeds, despite mixers and coinjoin, it would mean that Bitcoin privacy is not good enough to protect you from adversaries. What should Bitcoin (I'm talking about the whole ecosystem, not just the protocol) future look like - weak privacy that can be broken with certain effort, or complete privacy that protects everyone, even criminals?
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These AI "art" generators make the work of low quality crypto news sites really simple, now they don't have to hire artist to draw a physical bitcoin for 1000th time, they can have AI do it in seconds for free. Maybe some of these news sites would even use AI to write articles, I'm sure the quality won't suffer because it's all nonsense either way.
The quality of AI art is impressive, but still it's nothing more than copying of existing human art, it lacks originality, it lacks concepts. It's only good for creating boring and forgettable illustrations for cheap products.
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That's why 1 Bitcoin is not 1 Bitcoin, because price matters. This phrase is being thrown in bear market to cope with a price loss, but in reality everyone is looking at the price of Bitcoi against USD and base their decisions on that. No one is going to set price in BTC for their goods and services and ignore the change of Bitcoin's value. Even signature campaigns that for years maintained a flat rate had to eventually adjust it when the price became too high.
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Ser! You continued to respect Barry Silbert "a lot" after he tried to organize the top Bitcoin miners, exchange owners, and top Bitcoin merchants in New York to co-opt Bitcoin, and fork it without any agreement with the Core Developers or reach consensus from the community?
Came here to post exactly this. I don't know much about Barry Silbert, but I remember what he did during the SegWit2x times, and that's all I need to know - he is indeed a bad actor. A lot of high-profile people in Bitcoin are here only to make money, and that's okay, but unfortunately a lot of them also don't share Bitcoin's values and would do anything for a profit. We've seen it many times, we don't need any "Bitcoin Jesuses". |
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Iranian government is executing people for protesting against a mandatory headscarf for women. Do you really believe such oppressive government would be okay with people using a currency that can't be controlled by them? Iranian government would only allow the use of Bitcoin that is beneficial to the government and nothing more. In 2019, Iran’s central bank banned trading of cryptocurrencies inside the country but the government allowed the use of cryptocurrencies like bitcoin to pay for imports. |
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Report compares current crash with dot com fallout of 2000 which resulted in an evolution of the internet to more durable companies and business models.
When did I hear this? Probably in 2018 when the bullish market peaked, the price collapsed and people started making rationalizations how this is a good thing, the market is cleansing itself, only good projects will remain. And what happened next? Just a new wave of scams in new formats - DeFi, NFT, stablecoins instead of ICO. There's a saying "the market can remain irrational for longer than you can remain solvent". It's clear that crypto market doesn't provide any real utility to society, and yet it still exists and attracts investors. Maybe the real utility of crypto market is it being a casino. |
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I read that one of the best ways to preserve a seed phrase is to write it on a piece of paper and keep it in a safe place... Somewhere safe could be in your home out of the reach of family members and friends, it could also be a safe deposit box. But not everyone are financially buoyant to afford the services of a deposit box.
I believe we must have seen or heard about fire outbreaks, where buildings are completely erased by fire. Imagine if the owner or occupant of such a building has some Bitcoin assets, and has his/her phone, tablet, laptop and the seed phrase piece of paper in the building and everything was lost to fire. Now, this brings me to the question... Can seed phrase be memorized? It's advisable to memorize seed phrase?
There's no universal best way, it all depends on what kind of threat you think is the most likely. If you worry about other people in your house stealing your coins - you should store your seed or wallet file in encrypted format. If you worry about a house fire and can't get a fire-proof safe - you should find additional place to story a backup of your seed. Memorizing your seed is a bad backup option, our memory wasn't created to store random data perfectly, even remembering 12 words in order is a challenge for us. How it will look on practice is that even if you have no problems with memorizing it, in the long run you will likely forget parts of your seed, potentially making it unrecoverable. |
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Really depends on the exact scenario of me finding keys. Sweeping through common books' text for BIP39-based keys.
I'm not planning to search for someone's keys intentionally If it happened unintentionally, like me going to a library and finding a note with a seed in a book, I'd try to find the owner of the keys. If I couldn't, I would keep the seed but not take the coins, in case the owner has a backup and is simply choosing not to touch the coins. Then after many-many years I would assume that the owner lost access, and since I couldn't find them, the coins are now mine. |
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Was our Bitcoin completely surrounded and overwhelmed only by those which are greedy and see inside it only a way to get rich? Is our Bitcoin only another way for CEX owners to fill their pockets? Doesn't anyone remember its libertarian principles...?
When Bitcoin's main use case is getting rich quick, and financial freedom is secondary at best, there's nothing surprising that ideology is very low in the list of priorities of Bitcoin community. And in this context it's somewhat ironic, because libertarianism is a pure form of capitalism, and this is what capitalism looks like on practice - people care about money first. People don't mind sacrificing privacy and control over their funds when they use centralized exchanges, because it allows them to make money more conveniently and cheaper. It seems like libertarianism is at odds with itself. |
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Aside from just claiming coins from faucet, you'd have to also not lose your keys for 12 years and resist the temptation to sell your coins at previous price levels. When it hit $100 it looked like a miracle and people who made thousands of percents in gains cashed out, because the risk of losing this profit seemed greater than the risk of losing even higher potential profits. Same goes for the next tops like $1,300 or $20,000.
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NFTs are just infrastructure. Why did NFTs failed with games? Because the games suck in the first place and there is less incentive for game companies to have openly tradable items/characters/tickets/etc. As evident with current trending games, the best(revenue-wise) model is to have in-game items untradable.
It's not about just NFT blockchain games, it's more about mainstream games that tried to feature NFT. Adding NFT to existing and popular game is much simpler than creating a game around NFT from scratch. The NFT hype died because almost all NFT projects are scams, not because the crypto markets are facing a crypto winter.
I think it's both. The crypto winter made people realize how useless NFT is. Such realizations don't happen in the bull market when the price doubles almost every day, because a bad thing can't go up, right? |
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Another utopian crypto scam. I've seen hundreds of them. "Digital identity biometric blockchain for web 3.0 UBI" - just a sequence of tech buzzwords tailored to trigger hype in investors. “How can I verify that of those 750,000 [Worldcoin] identities, 700,000 are not fake, or controlled by Andreessen Horowitz?” he says. “No one will be able to verify that, not even the Worldcoin people.” As usual with these crypto scams, it's all "trust me bro". It's easy to predict what's coming next - after the initial marketing campaign, you will notice progressively less and less activity on the project, until one day it all goes silent and the "team" has moved on to their next scam months ago. |
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Good job, internet: You bullied NFTs out of mainstream gamesBeneath the common complaints that they're environmentally costly and more or less stupid, I think NFTs inspire so much repulsion on social media because they seem to corrupt something that people actually do want. Sameness is everywhere in this era of mass production, and what started on assembly lines was near-perfected by computers, which can duplicate data near-instantly. From that perspective, the scarcity and uniqueness of NFTs might be seen as subversive: They're pushing against the current of history. It feels like something could be cool about that, somehow. But not thishow. While individual NFTs are unique, the obvious goal of corporations is to do what they always do and mass produce that uniqueness. The majority of NFTs are just another kind of mass-made plastic tchotchke, or commemorative gold coin like the ones sold on TV at 2 am. They contain nothing that's good about handmade, one-of-a-kind items; all they do is irradiate the concept with high-grade art collector snobbery and Beanie Baby-style financial speculation. What is a "Web3 fan" but a fan of buying and owning things? Isn't this about art?
I think the internet's NFT bullying has had an effect on mainstream game publishers: If we'd all just shrugged, they'd have tried way more NFT gun skins by now. Even if it hasn't, though, maybe making fun of stuff online is something we do for each other, to remind us all of what's real and validate the overwhelming feeling that it's all very stupid. And I think that's beautiful. The comments on reddit are also interesting: It has more to do with NFT and crypto currency markets tanking than with internet shaming. The internet ridiculed microtransactions (see: Horse Armor) and that didn't do jack shit to stop them because they still made money.
NFTs could have been the most openly mocked "feature" to ever be brought to the industry and we'd be neck deep in them if they were at all profitable. I think success of NFT is tied to success of crypto, without adoption of Ethereum or other platforms that host NFTs, they couldn't become widely popular. And crypto is not getting actually used in real world, almost all crypto activity is just speculation and a game of a bigger fool. So, it was inevitable that NFT adoption in mainstream gaming has failed. But it's good that the gamers took a stance and pushed back against them.
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but to absolutely abolish bitcoin. well.. look how well the international "war on drugs" or the 1920s "alcohol prohibition" went
people got drunk then and get high now.. and authorities cant be in all places at all times to stop it
And the quality of the products decreased, while the price increased, and people face added risks. A similar thing would happen with Bitcoin if it was banned globally. You would have to go to p2p exchanges and risk getting scammed. Banks would monitor your bank payments and freeze your account if they suspect Bitcoin-related transactions. You could get robbed if you do a large in-person trade. Bitcoin adoption and price would not be growing because of the high entry barrier. Bitcoin would probably not be a good hedge against inflation. |
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- Stick to your goals/plans, manage your investment properly, with research
Just because you made research, doesn't mean you will succeed. A lot of time people don't know how to do reseach properly. Googling about some new shitcoin is not "research". - Read news about crypto, if you read news there are things that you will learn from it
Crypto news are mostly garbage. Lots of paid shilling by shitcoin promoters. Lots of attention to scams and useless projects. - Never stops or be discourage with your past failure, everyone experience this even the best
Failures are lessons to be learned. Those who fail to learn are going to repeat their mistakes. People could lose more and more money by chasing a shitcoin that would make them rich. |
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And Michael Sayolor or anyone really could have made more profit by buying Dogecoin before Musk started shilling for it. But Dogecoin is shitcoin and so is Ethereum. Buying coins because they might pump, and not because they have potential for real world use is precisely what's wrong with this market, and why claims that crypto in general is a scam are not without merit.
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If you are using some sort of hash to reduce biometric data to a short string, there's a risk that such algorithm could be reverse-engineered to brute force large numbers of potential keys. The whole point of private keys is that they are uniformly random, and human biometric data is not random and not uniformly distributed.
If you build such system for yourself and keep it a secret, chances that you will get hacked are low, unless someone will know about it and target you specifically. But if it becomes a popular solution, maybe some company offers it as a service, then hackers will have a lot of incentive to break it.
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Is it really common to use bitcoin in the everyday payment?
Bitcoin has 300k transactions per day. Africa has 1.2 billion people. If we imagine that all Bitcoin transactions are done by Africans, that would mean that every day 1 in 4000 Africans is making one Bitcoin transaction. That's 0.025% adoption. And the real adoption is a tiny fraction of this number. |
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