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April 23, 2024, 01:00:56 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
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301  Bitcoin / Bitcoin Discussion / Re: Finally Bitcoin Devolpers planning to kill Ordinals and Inscription on: December 08, 2023, 06:02:41 AM
It's time to update the rules to remove the unproductive nuisance that is driving the fees up for all users.
I agree that ordinals are unproductive nuisance. However, I also think centralized exchanges are unproductive nuisance, and they spam the mempool with huge consolidation transactions all the time. Can we remove them?

Centralized exchanges and other entities are a natural part of the Bitcoin ecosystem, so it's not a spam.


And what about dust attacks? Why haven't we removed them yet? Surely everyone agrees they are spam?

Dust attacks are not profitable, so they don't clog the network as bad as ordinals do. In their case the fee market is doing a good job at preventing them from disrupting the core use case - sending money.

What about things like Counterparty, Stacks, or RSK? Surely they are all spam as well? And should we ban OP_RETURN outputs while we are at it?

Well if they were as popular and problematic as ordianls, they should have been treated as a bug too. Bitcoin is not Ethereum, it should be a network for money transferring, not for creating digital assets out of thin air.

"Unproductive nuisance" is subjective. I complete agree ordinals are unproductive nuisance, but we should not be dictating how other people are and are not allowed to use bitcoin.

Bitcoin's only function should be sending money, and we shouldn't dictate how people send money, but I see no reasons why we shouldn't disable the possibility of transactions that in their nature are not about transferring money but do something else, like creating and operating with tokens.
302  Bitcoin / Bitcoin Discussion / Re: Would it be enough to buy 100 dollars worth of Bitcoin every month? on: December 07, 2023, 11:59:58 PM
I think I can only invest $100 a month for the next year or two, would that be enough? I am worried about missing big bull market with halving and etf approval.

Enough for what? To get rich quick? Buy a house? Most likely not. The previous bull run had around x10 growth between the bear market and peak of the bull run, and around x6 growth if you take averages, And there's a strong decreasing trend of this relative growth with each bull run. So this next bull run might have only x5 or x3 growth, and your $100 will turn into $300. That's a great result if you compare it with bank deposits or some stocks, but this isn't the crazy profits that the early Bitcoin investors saw. But this doesn't mean that you should look for altcoins, because altcoins lack fundamentals and are just pump and dump schemes that crash to the ground without any chance of recovery.
303  Bitcoin / Bitcoin Discussion / Re: Finally Bitcoin Devolpers planning to kill Ordinals and Inscription on: December 07, 2023, 11:50:49 PM
Who decides what is unproductive?  And since when do transactions need to have "productive nuisance"?

We, the users. If a new Core release will "censor" the ordinals, I will use it and I'm sure a lot of current users would use it too. Those who strongly disagree with this decision can use the older version and hope that some miners will mine on the old chain.

 And since when do transactions need to have "productive nuisance"?

Bitcoin wasn't created to make some abstract "transactions", it was created to transfer monetary value, not some made-up tokens.
304  Other / Beginners & Help / Re: How to view cryptocurrency prices secretly on phone? on: December 06, 2023, 11:58:06 PM
If you are so paranoid about someone looking at your screen, you can somehow listen to the price updates through headphones/earphones. I seriously doubt that any apps have a feature for that though, but it's such a simple task that it can be easily programmed by even a beginner coder. They can make an app that reads a price update regularly or on demand with one click and detects if earphones are connected to not accidentally play in through the phone's speaker.
305  Bitcoin / Bitcoin Discussion / Re: Finally Bitcoin Devolpers planning to kill Ordinals and Inscription on: December 06, 2023, 11:41:30 PM

Allowing individuals to start arbitrarily passing rules to censor some transactions is absolutely not what bitcoin was designed to be. If you want your transactions to need approval from third parties, then go and use fiat.

This is not arbitrary. Satoshi created Bitcoin to be p2p electronic cash. De-facto it's used as a speculative investment or store of value. Most of users are not interested in Bitcoin also being a network for smart contracts, tokens and other unnecessary stuff.

Bitcoin is first of all a community of users who agree on the same rules. It's time to update the rules to remove the unproductive nuisance that is driving the fees up for all users.

I don't buy the slippery slope argument, because if someone thinks that the network rules should never change, they can just run the old version and form a network with like-minded users.
306  Bitcoin / Bitcoin Discussion / Re: Do you think voting for Bitcoin to become a legal tender was the plan? on: December 05, 2023, 11:47:40 PM
I don't think Satoshi would have want Bitcoin to even become a legal tender.

Bitcoin can't be in an unregulated state indefinitely. There's really only 2 options - either the government sets the rules how people use it or the government bans its use and Bitcoin becomes criminal darknet money. Did Satoshi want Bitcoin to be strongly associated with crime?

And the ideal of p2p economy breaks down when you remember that middle-size and big businesses are large entities that are easy to prosecute when they do something like receiving an illegal payment method. National economy is not just street vendors who sell hotdogs and lemonade.
307  Bitcoin / Bitcoin Discussion / Re: Are you feeling FOMO like I am? on: December 05, 2023, 11:41:18 PM
And this clearly shows that, we are gradually entering the bull season, bitcoin has being on a bullish trend for several weeks now, and seeing the price touch $44,000 dollars today gave me two feelings,
 

In context of Bitcoin cycles, the bullish season can be confirmed once the price surpassed the ATH, which usually happens many months after the havelning. So the current rally is more likely to be a sign that the bull run is coming soon rather than being the bullrun itself. Remember, that the faster the price rises, the faster it fall when a correction will come.
308  Bitcoin / Bitcoin Discussion / Re: Parental Guild on Bitcoin on: December 04, 2023, 11:54:00 PM
Is buying Bitcoin or cryptocurrency good for Kids?


Remember that Bitcoin wants everyone to be their own bank. Should kids be their own bank? Even many adults don't have what it takes to be one.


How do you teach a kid to secure Bitcoin incase you are not there?


I would never trust a child with a Bitcoin wallet, there's so many things that can go wrong - they could send it to scammers or buy something illegal with it, they could download malware on their device and lose the coins to it and so on. It's hard to teach proper security even to an adult, it's much harder with children who have no life experience.


Should authorities or agencies place age restriction on owning Bitcoin?


It would be impossible to enforce, but they probably shouldn't allow regulated entities to sell Bitcoin to children up to a certain age, maybe 14 y.o.
309  Bitcoin / Bitcoin Discussion / Re: WHY VERIFICATION IS IMPORTANT TO CRYPTO USERS AND INVESTORS on: December 04, 2023, 11:37:59 PM
2. **Regulatory Compliance** Verification ensures adherence to essential regulatory standards like anti-money laundering (AML) and Know Your Customer (KYC) requirements. Complying with these regulations not only safeguards investors but also establishes a transparent and secure framework for Bitcoin transactions.


This is the only valid reason to pass KYC. If you want to have your Bitcoin gains turned into some $$ in your bank account, you'd better do it through a regulated exchange that is acceptable to deal with by banks and regulators. Because if you get a large enough sum through p2p trading or cash deposit - it's almost guaranteed that your bank will ask you about the source of your money and demand a proof, because in their eyes it's a high-risk behavior that is typical for illegal businesses or money laundering.
310  Economy / Speculation / Re: So I guess we sell at $48626 ? on: December 04, 2023, 11:18:09 PM
The recent candles are already so vertical that it seems unlikely that this growth will  continue for long and will touch the $48k level in the next days - the correction is long overdue and if I were a short-term speculator I would dump already. This recent rally reminds me of the previous rallies that happened before the halvening - they all stopped abruptly because they were premature, as the true bull run starts long after the halvening, typically 6-9 months.
311  Other / Beginners & Help / Re: What is the difference between a BTC Mixer and No KYC casino on: December 03, 2023, 11:58:43 PM
This reasoning applies not only to casinos but any services that allow depositing and withdrawing Bitcoin. And the answer is that mixers employ their proprietary techniques and algorithms for shuffling coins to make it hard or impossible to untangle them and find which outputs match with which inputs, while services don't do that. So at a glance it may seem like services act as mixers, but it's easier to link incoming and outgoing transactions with them than with actual mixers.
312  Other / Beginners & Help / Re: Are bitcoin investors violators? on: December 03, 2023, 11:52:51 PM
My government didn't ban Bitcoin and I obviously don't care what laws do other countries have since they don't apply to me. But if my country outlawed Bitcoin, I still wouldn't care. I'm guided by my moral principles and not the laws, if I don't agree with a law then it must be a stupid law.
313  Bitcoin / Bitcoin Discussion / Re: The Paradox of Privacy and Decentralization: Banning Mixers on Bitcointalk.org on: December 03, 2023, 11:38:43 PM
Community Response and Impact:
How has this decision been received by the broader cryptocurrency community? Does it affect the way we perceive and use Bitcoin and other cryptocurrencies?


Bitcointalk is not Bitcoin. It's not like the Bitcoin software banned mixers. It is a sign though that Bitcoin ecosystem is changing and becoming more in-line with government demands. But Bitcoin ecosystem will always have many faces, and mixers or darknet markets will always be a part of it. They can't be separated because no one can stop Bitcoin transactions from happening.
314  Other / Beginners & Help / Re: Bank stops all my payments to exchanges. Now what? on: December 02, 2023, 11:50:29 PM
Did they deny your payments or freeze them and your account? If you can still move your money, you can send them to other bank that is more crypto-friendly. Ask some people from your country who have experience which banks they use and if they moved larger amounts. You can even try to open account in a bank of another country, but it would come with higher fees. Or use PayPal which also has larger fees. There's also p2p trading where you will make a bank transfer to another person, but that can be quite risky because banks treat such transactions as suspicious when large transactions happen.
315  Bitcoin / Bitcoin Discussion / Re: Will you sell your bitcoin to blackrock? on: December 02, 2023, 11:47:00 PM
Imagine a situation where you own a house and a piece of land it's built on. You estimated the value of the whole thing to be $500k. One day someone knocks on your door and offers you $2m all of a sudden. Will you sell or suspect they know more than you? Maybe there's an oil deposit underneath your house? Maybe there's geothermal energy source? Maybe an international company has plans to build a facility nearby and will need your land for whatever price?

Your analogy has a huge flaw. Bitcoin is fungible, houses are not. Like you pointed out, there can be reasons why a house could be worth many times more than the house next door. But bitcoins are worth the same as any other bitcoin, if you ignore that ordinals nonsense.

There is no way anyone will offer to buy coins for higher than the market prices. They will just go on the market and buy as much as they want there.

And I will say some portion of my coins if the price will rise high enough. I will always hold some Bitcoin in my portfolio, but I don't plan for it to be the largest share of my portfolio - that's an unnecessary risk that in my book is not worth the potential outcomes.
316  Economy / Economics / Re: Flash Mob Theft -> closure of brick and mortar stores -it's economic impact? on: December 01, 2023, 11:57:16 PM
mainly teenagers/young adults who gather in large groups, wear unidentifiable clothing, often masks, and run in to stores overwhelming workers, stealing items and running out. 

Committing crime in a group is usually an aggravating circumstance, and it also makes easier to prosecute the criminals, because if you catch one, you can make them give up their partners. The businesses that suffer from these crimes could lobby the politicians to make police go harder on these crimes.
317  Other / Beginners & Help / Re: How does signature Campaign Sponsors make their money on: December 01, 2023, 11:51:41 PM
Also, take note that ad campaigns don't necessarily directly make these companies/businesses money. Sometimes, it's for things like brand recognition.

I personally never clicked on any ads on this forum, but brand recognition is working, because if I were to look for some crypto service, I'd likely look first at a service that got advertised here, just because it feels familiar even if I never visited it.

Some of the services that advertise on this forum make huge amounts of money and it's not a problem for them to generously compensate their signature campaign members even if the advertisement campaign is a net loss.
318  Economy / Speculation / Re: What happens if bitcoin price hits 6 figures and up? on: December 01, 2023, 11:41:00 PM
The other thing I thought of was this.  If btc hits 6 figures and goes to say 250k or even 500k usd, well that would mean there would be quite a lot of new millionaires out there compared to now since you still need a sizeable amount of btc to be a millionaire. 

There would only be millionaires if they sell, and they can only sell if there are buyers. For that reason the huge price peaks don't last very long - lots of holders want to sell and not a lot of people want to buy so the price collapses. Plus a lot of holders just keep holding because no one knows for how long the bull run will last and when the bear market hits it's already too late to sell.

Bitcoin isn't really affecting economies or societies because only a small percentage of the population buys or sells it.
319  Bitcoin / Bitcoin Discussion / Re: Ransomware Cyber Pirates strike again and rakes in more crypto! on: November 30, 2023, 11:52:59 PM
What people really don't want to talk about is that cryptocurrency enabled ransomwere, because it's a global and private payment method which is perfect for hackers to receive payments from victims. Bank transfers or PayPal are not global, they have security checks for large transactions, they can freeze accounts or transactions and accounts need to be registered with government id. Like it or not, ransomwere wouldn't be as prevalent as it is now if cryptocurrency didn't exist.
Ransomware was a thing before Cryptocurrency.  Hackers only think nowadays it is easy to pull this scam and not get caught.


Cryptocurrency is not an essential part of ransomware attacks, other payment methods could be used too, but crypto made this process so much easier and safer for the criminals that it resulted in growth of ransomware attacks. If crypto didn't exist, there would less attacks because hackers wouldn't spend their time on developing them and focus on other attacks instead, and they would be getting caught more often because fiat payments leave more trails.
320  Bitcoin / Bitcoin Discussion / Re: Bitcoin is not a quick rich and get poorer investment. on: November 30, 2023, 11:49:47 PM
Bitcoin cannot not make you poor when you know what you are doing and is more valuable and can make you rich when you wisely trade in futures.

Bitcoin can make its holders poor, because there's no mechanism that prevents it from crashing. Its price is dictated by supply and demand, and those are not predictable, because no one knows how people will behave. It's entirely possible that someone will put all their savings or wealth into Bitcoin and then it will crash and ruin their life.

So far Bitcoin was on average going only up, but there's really no good explanation why, and without understanding it we can't know for how much longer it will keep growing and what will happen after it stops.
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