When setting up a passphrase for your Ledger hardware wallet, you basically have two options: insert a passphrase every time you want to get access to "hidden" wallets or attach it to a PIN code, meaning that your passphrase will be recorded somewhere in a hardware wallet's memory and may be extracted and used after a PIN code was entered. In other words, Ledger adds a "Remember me" button for passphrases that essentially negates all the benefits of "25th word" and hidden wallets by making them publicly available for anyone knowing a short PIN code. Given that the Recovery feature doesn't make sense in cases where a user has set up a passphrase since a seed phrase alone is insufficient to get access to coins, it would make sense for Ledger developers to include a passphrase into this encrypted transfer scheme, especially considering the fact that it is equally important for a successful recovery and already sitting in a device's memory. Ledger developers could have issued malicious firmware stealing users' seed phrases and passphrases, but finally decided it would be more beneficial to create a service that people subscribe to and share private keys and identity information with absolutely voluntarily.

More information:

https://support.ledger.com/hc/en-us/articles/4983095135261-How-to-recover-your-passphrase-accounts-?support=true
https://support.ledger.com/hc/en-us/articles/115005214529-How-to-set-up-a-passphrase-?docs=true
https://m.youtube.com/watch?v=8jiqFYFi698

Yes, absolutely. The Ledger co-founder stated as much here:


Ledger also admit it here (under Data & Privacy at the bottom of the page):

What do you mean they don't respect it? That IS how they prioritize transactions they include in their candid block, by computing the fee rate through the transaction weight (ie. what SegWit introduced) and accept the transactions that pay a higher rate.

Should people who effectively clog the blockchain pay a financial penalty. If smaller transactions ( smaller in size, and not in value), were charged a low efficiency fee, and larger ones had to pay quadruple ( say ) fees, then there would be a disincentive to submit so much rubbish on the blockchain. How could this be implemented? Would it require two mempools, or just approval by the miners?

I don’t think he will go far enough to have crypto banned in USA. The other exchanges such as Coinbase, Gemini, Cryptodotcom and Kraken will fight back. Even coinbase said they wouldn’t delist tokens unlike Binance and Robinhood.

Since he wanted to be an advisor for Binance, I think the judge will drop the case due to a conflict in interest. Of course he is going to sue the one company that refused to hire him back in the day. Why he isn’t fired yet is surprising.

SEC Lawsuit Against Binance Is Likely To Hit Bitcoin Price

They'd have less chance than the 69%. Also, the 69% could invalidate them at any time, and at a very low cost, just by making sure they use CPFP. For instance, a 10kb transaction paying 100 sat/vb, requires only a small transaction spending the parent, and invaliding the 10kb one.

A successful bitcoin hodler is that person who can be flexible with the market price of bitcoin and come up with a different strategy which he will use to accumulate more bitcoin to his investment portfolio in the process of holding for a very long term,because he is prepared psychologically and financially, and has the understanding that some unforseen circumstances can be a barrier towards him accumulating even when he has reached the target quantity of bitcoin. He uses the three methods to accumulate more bitcoin to his investment portfolio,which is either buying at dip,DCA method or buys at lump because he understands what the size of his bitcoin portfolio will be like in the nearest future to come and stay strong on his focus,disregard of what he will pass through to achieve his goal.

actually i was not in group unlimited.. and it was doomad that was the one telling people to not be full nodes..
you cant even get your own story straight let alone the scripts your forum daddy tells you

no wonder doomads clan are so dumb.. their memory lasts about 2 weeks and they forget anything they learned and need forum daddy to hand them a script to recite

if you ever want to try learning. actually look at the block data and code.. dont rely on your forum daddy's scripts

There was a quote and the owner of Binance CZ who is very active on twitter who stated they are spending $1 billion usd in lawyers fees just to fight these lawsuits.

So you know they will have better lawyers than even the U.S government is willing to afford to fight their exchange.
Because they also have Coinbase to fight against at the same time.

At this point I am thinking Gary Gensler is just relying on fear right now because there are other exchanges that want to fight the what his organization is doing aswell with news of Kucoin starting to delist several of the coins listed on their securities tab.

that's ok. i prefer to raw unfiltered franky. not that i necessarily agree with him on everything though, especially how he created this new thread: https://bitcointalk.org/index.php?topic=5443664.msg61864068#msg61864068

that's really a new low for someone, especially how he disabled people from defending themself and just resorting to impeaching them right off the bat without any fair trial. i guess that's what franky has had to resort to since he can't post here anymore i guess. i'm sure he'll put me on his list of bad people in that thread too. which is kind of unfair how he can just put people in his "frankys list of an idiot group trying to ruin bitcoin to promote a alt network" in the off topic forum where someone that has no context might think he's actually got some factual basis  

you lose franky if that's what you had to resort to...your behavior franky is unacceptable!!


funny thing is if you look at his list:


these are some of the most solid forum members ever. people that have a good head on their shoulders and always good for some solid input. unlike franky who is just a broken record...at least these people have an open mind. more than i can say for franky.

I think that adding any fee structure to the protocol is a bad idea.

One problem is that it could backfire. For example, your fee structure would encourage splitting up one large transaction into several smaller transactions that would take up more space overall.

I also don't believe in the theory of the demographic bomb mentioned by others here. There are lots of countries who managed a transition from a society with a low median age to a high median age without major problems.

It can be an element lowering economic growth for some years but I believe it won't be dramatic. China (and Asian countries in general, also Japan, Korea etc.) are also known for being quite aggressive using productivity-boosting technologies, for example high tech construction methods with few human workers, or also technology used in care of the elderly, and AI will even improve this situation.

Pressured by FATF. The government complies as the country needs aide.
Pakistan is their own country, no one else can decide for it but their officials and if they say crypto is banned, then it is. Eventually they come to realized they can't actually do it due to BTC's nature.

Its not about population, 240 is small compare to Billions on earth. BTC will survive without Pakistan.

Well there are a few reasons why. The ordinals is one but another reason is that the hardware is more efficient. Since it’s more efficient a mining farm can have a higher hash rate with the same amount of electricity it used. So this is why the hash rate will always keep increasing since we have better chips.

The ordinals is important because the fees are higher than average and it’s attractive to mine because not only do you get block reward but also the miners fee. And a couple of weeks ago the miner fee was also as high as the block reward.
 

It's already happening even now:
https://www.wionews.com/world/russia-does-not-know-what-to-do-with-147bn-in-rupees-it-has-amassed-599540

it's nice trying on dealing in shitcoins you can print endlessly, too bad that nobody wants your shitcoins! 

As for China's demographic bomb, it's in the making but it will take time, it needs a full generation to actually show effects, and it will begin when the ones that are right now in their 30+ will reach retirement, according to their own 2010 census, they had 127mil in the 20-24 (now these are 33-37) area only 74, 70, 75 millions in the 0-4,5-9,10-14 groups.

That's a 40 million workers gap nobody will be able to manage!

Yes, that's unlikely to happen for an average user but definitely possible and that's another reason why someone should avoid Ledger Recover service.
By the way, ToS is a joke. If you read ToS of companies you frequently use or if you read the list of side effects of every meds, you are not going to use them ever in your life but the problem is that you need to use that particular service or product and because of that 99% of people just agree and move on.

There was a discussion about Ledger Recover and subpoena in podcast with the CEO of Ledger.
Have a look at these moments:
https://youtu.be/M3VjQUcyZSY?t=929
https://youtu.be/M3VjQUcyZSY?t=2610

Had to chop the title so it really sucks but I can't do better right now!  

With everyone focused on the debt of the US, the freezing Europeans, yeah lol, there is some really bad news on the horizon and for all sides in this game. If a slowdown in the Western world could be explained by jumping energy prices last year, prices that have since gone down to 2013 levels when it comes to pipe gas, in China manufacturing is dropping right after the reopening, at a continuous pace and despite the downturn in both raw materials and energy prices, copper, coal, iron, steel, wheat, everything is sliding with the PMI alongside.

So, to not be biased and using only the English version of the mouthpiece of the Chinese government:

China’s factory activity growth falters in March due to weaker demand, slowing production
China’s factory activity dipped in April on weak demand as bumpy post-Covid economic recovery continue
China’s official manufacturing purchasing managers’ index (PMI) fell to 48.8 in May from 49.2 in April

And things get worse, remember this is Chinese information, so take it with a grain of salt since it might be far worse:


So no manufacturing so now jobs for the not qualified, no jobs for the young ones that have finished college, which is a different area, and this can lead only to one direction.

If the economic slowdown is present everywhere, China and the Western World, manufacturing is affected on all continents there is only one culprit in sight, and that is demand destruction, and with this, there is a chance we might end in a deflation period if things don't change.

There is simply no demand, and with no demand, there are two choices, prices going down, which means obvious deflation, or bankruptcies which I doubt anyone is that stupid to do before trying the first solution, but the first choice is pretty hard to do when you just had an influx of free money and the rate rises have not yet started to be serious enough.

There is an interesting piece on this from Forbes:
https://www.forbes.com/sites/greatspeculations/2023/05/13/more-proof-deflation-is-the-future/
of course, it's just an opinion and I will from the start warn you it's a bit speculative even with the data presented but it ends with the same warning as many others on the incoming deflation, although their take on what to do and what next is really not my cup of tea.

Now, slowly turning from this to Bitcoin.

Bitcoin was mainly designed as a p2p way of exchanging and transmitting value, due to its limited supply it turned into a way of safekeeping your wealth and further down the line evolved into an investment!

Now, assuming all the required stars align and we really head into a deflationary period for fiat currencies, how will the price of Bitcoin react, since this is the only thing that can be affected by the economy, the rest, the p2p payments, the cold storage, the be your own bank will for sure not be affected, but lately those are of less interest and the focus is on the price most of the time.

For sure, Bitcoin has the required advantage to erase all fears, that is adoption, unlike other commodities it can still attract users, and since I don't really believe those hundreds of millions of users quoted by most sources right now I can safely bet in my mind an x10 adoption rate would be doable at any time from the current moment. But, the question is, will it happen in this short span with enough traction?

So, to make this long story short, two simple opinions:
- do you believe we're heading to deflation?
- how do you think the price of BTC will be influenced if we do so?

Seems to me that I listened to a lot of podcasts in which Rodamor was at least one of the participants, and I would not claim to listen to or understand any of substantive meaning, yet I still know that there is a lot of podcast content that I mentioned to you and even provided a link to one of them in which Rodamor shared in hosting it, so that if you, yourself, had wanted to listen to Rodamor, then you could do that.  

To the extent to which that you were "asking questions" rather than making accusations in regards to Rodamor, to me, sometimes it seems that a certain amount of work, research looking into the matter and exploration is better to be made when throwing out certain seemingly FUD spreading theories about negative motives that anyone might have (especially if it seems possible to me that you likely had been getting some of your nonsense thoughts from questionable sources (or maybe you just come up with them on your own).. even if one of them might not have had been Greg.. hahahahaha - because the actual source (Rodamor's tweet) provided you ammunition to extrapolate nonsense, seemingly dumb and ill-explored thoughts from that relatively small piece of information)....

You're getting tricked by misinformation-- what I suspect is some intentional consensus cracking (especially since we know most if not all of the BRC-20 stuff is being funded by Ayre & related entities) though it might just be confusion.

This stuff doesn't have anything to do with taproot-- to prove this to yourself go start up node software from 2019 before the taproot bip was even proposed and observe that accepts this stuff just fine.

You could potentially attribute the attack to segwit in the sense that it increased the block size which made more room for junk but to the extent that your complaint is that fees have been driven up, the same attack would have worked prior to segwit.  It's also easy to see that people were embedding irrelevant data in Bitcoin long before segwit (fine example being the Bitcoin Whitepaper).

If you want to complain instead that the attack is bloating the blockchain on disk of archival nodes or that its increasing the data that must be transferred during IBD-- then it's fine to criticize segwit but otoh where the hell were you when there was extremely widespread demand for additional capacity? -- it's not like bloating up the chain is a surprising result: it's the reasonable and expected downside of increasing the capacity.

It's important when contemplating an attack to realize that the attackers have every reason to mislead about the nature of the attack and the enabling factors.

Another piece of measing narrative craft-- one I've seen rodarmor fall for, in fact describing his action as a kick in the teeth to bitcoin developers-- is the false claim that these ordinals translations are in any way charged lower fees by the network.  This isn't true.  The network doesn't set fees at all, they're established by the users competitively bidding for access to capacity.  Miners accept transactions in order of most fees per unit capacity down until the block is full.  Every transaction competes equally(*) and needs to pay based on the capacity it uses.

The deceptive discount claim dupes people for two reasons:  The first is because Bitcoin's block limit isn't measured in bytes, it's measured in weight.  But because the limit works on weight so do fee calculations.  If the limits was a limit on bytes (or the complaint was how much space archived nodes are using) but the fees miners demanded were irrationally calculated based on something else then it would be correct to say there was a discount, but there isn't.  The second is because segwit did in fact lower fees-- but it did so purely because it increased capacity resulting in a lower equilibrium fee rate. (Again, that's what people demanded.  Good job, you got what you wanted...)

If someone wants to say "because segwit, witness data like signature or witness-embeded garbage uses less capacity" -- then THAT would be true. Witness data using less capacity remains well justified: it should because it's prunable and doesn't have to be stored long term just to run a node at all.  Making this data use *more* capacity wouldn't diminish its effect on driving up transaction fees, it would *increase it*, because it would be using more capacity which could otherwise be used for other transactions.

To the extent that some misguided idiots want to store data in the blockchain the fact that it uses less capacity than it would without segwit only helps mitigate the harm.

To the extent that high fees are from an attack intending to drive up fees it's irrelevant in any case: no matter how it works the attacker has to pay in the fees of the next best transaction they displace in each block they displace it.

(*) ignoring things like CPFP which make some transactions more profitable then their fees imply due to having high-fee children.

Of course, it is not easy to judge character of any of the people in the bitcoin space, and sometimes they might seem genuine, but really have evil motives... so sometimes any of us might go by our own hunches, and even though Rodamor is not completely famous, there is quite a bit of content out there of him participating in interviews, discussions, talking about himself and talking about his views of bitcoin and various bitcoin related matters, including arts and some of his distastes that has evolved regarding scams in the shitcoin space (especially ethereum).   I just happened to have had listened to most (if not all) of the Hell Podcast episodes after I had heard Rodamor in an interview in some other podcast  (probably around the end of 2022), and Rodamor is pretty well liked (and even trusted to be a genuine and good actor) by a lot of folks in the bitcoin maximalist circles, even though some of the bitcoin maximalists did not really like some of what he had done in regards to cardinals/inscriptions, but I think that Rodamor has been able to defend himself quite well in terms of working within the code and largely having decently good intentions in terms of trying to expand bitcoin's use cases.. and I am not even suggesting that I necessarily agree with him and/or all of the points that he makes.. and surely I have not been hearing (or seeing him) much in the past couple of months, including that I doubt that he had much involvement in the BRC20 developments...

I don't have any problem with your wanting to be skeptical of motives of some persons in the bitcoin space, including persons that you don't know very well in terms of having had not seen their content,

but I doubt that Rodamor is as evasive and lacking as content as you seem to be making him out to be, and likely when you are making superficial assertions about his potential vindictiveness or evil intents, you may well be getting that kind of information from bad and/or ill-informed sources... even if Greg was one of your sources.. hahahahahaha for the "kick in the teeth" reference.

I think it's usually useless to debate motivations: either it's unambiguous, in which case there is no debate... or it's not and there will be no resolution.