promise444c5 Merit source application

[promise444c5]

Finally took another bold step and this time , it's a step to become a merit source..

Here's my list of   'TEN posts written in the last couple of months by other people that have not received nearly enough merit for how good they are' :

#1

I'm not even sure how legit it is, but it did lead me to realize that there will never be more than 21 million individuals to own 1 bitcoin and the numbers will only get lower.

There is a better chart here:



https://www.bitinfocharts.com/top-100-richest-bitcoin-addresses.html

I know it's hard to be a member of the 1 BTC club as we all know that it's too expensive for average joe investor like the majority of us. In any case though, I will just go and accumulate as much as I can and not thinking about that 1 BTC club.

If everything works out, then good, if you can have it, but if not then not gonna be an issue for me.

As long as I can have some in my wallet that I did work very hard for it regardless of the amount, I will be ok with it.

#2

Mt Gox hacked for $8,750,000 https://en.wikipedia.org/wiki/Mt._Gox#Security_breach_and_invalid_addresses_(2011)
Bitcoin7 hacked https://siliconangle.com/2011/10/07/bitcoin7-hacked-funds-recovery-requires-sensitive-personal-information/
Bitcoinica hacked for $228,000 https://www.blockstuffs.com/blog/top-10-blockchain-hacks
Bitcoinica hacked again for $87,000 https://www.blockstuffs.com/blog/top-10-blockchain-hacks
Bitcoinica hacked AGAIN for $300,000 https://www.blockstuffs.com/blog/top-10-blockchain-hacks
Bitfloor hacked for $250,000 https://bitcoinmagazine.com/articles/bitfloor-hacked-250000-missing-1346821046
Vircurex hacked for $352,000 https://vircurex.com/Reports/2013-05.pdf
Inputs.io hacked for $1,200,000 https://www.coindesk.com/hackers-steal-bitcoins-inputs-io-wallet-service
Mt.Gox hacked for $661,348,000 https://blockonomi.com/mt-gox-hack/
Picostocks hacked for $4,434,000 https://www.wired.com/2017/05/one-scrappy-startup-survived-early-bitcoin-wars/
Flexcoin hacked for $600,000 https://www.coindesk.com/bitcoin-bank-flexcoin-close-600000-bitcoin-theft
Poloniex hacked for $67,500 https://www.coindesk.com/poloniex-claims-customers-repaid-following-march-bitcoin-hack
Crypto Rush hacked for $630,000 https://www.ccn.com/cryptorush-support-worker-leaks-inside-info/
MintPal hacked for $1,933,000 https://www.coindesk.com/bitcoin-protected-vericoin-stolen-mintpal-wallet-breach
~snip

#3

So unless you have full access to their internal records, you cannot really know exactly how all those coins are moving inside the exchange.

There are no coins moving inside an exchange; it's all just data being shown, and that is how centralized platforms and services work. There are databases that contains all the data and records, and the exchange only uses that data to show everything on the platform. When your exchange balance shows that you have 2 Bitcoins, it doesn't mean that there is a separate wallet for you that has 2 Bitcoins, and when you sell 1 Bitcoin, they transfer 1 Bitcoin from your wallet to the wallet of the buyer, that's not how it works. The balances and funds are all kept in their cold wallets, whatever users deposit are stored there, and balances only move when we make a withdrawal.

If I create an exchange platform, I control the code, the databases, and everything else, which means that even if I don't have a wallet containing 1,000 bitcoins, but I can still show on my exchange wallet that I hold 1,000 bitcoins, because I can literally feed anything into the database or the source code, and it will be shown there. So, whatever we see on centralized websites and platforms, it is all just code and data being shown, balances are just kept in wallets and moved when there are withdrawals which means funds are going out of the platform, and anything that is done internally is just done through data.

#4

So where should Bitcoin draw the line between immutability and adaptation?

The users decide on a case-by-case basis.

In the case of a major threat, like the 2010 overflow vulnerability, and quantum attack danger, it is very unlikely that the consensus of the users [1] will refuse a change that makes sense.

In the case of "new features", like Segwit, there will often be two opposing camps in the user base, but eventually one will reach a majority in most cases. I can't really a feature where really about 50% would be in favour and 50% against. Perhaps something privacy-related ... In this case it is best to wait until the dust clears, the proposal is very mature, critic points have been solved, and then it is possible that the "upgrade camp" achieves a majority. If not, then the proposal cannot be added reasonably (nobody would like a 52:48% chain split, everybody would lose!), it either has to be refined even further, or abandoned (although you could say that a proposal can come back the number of times it is necessary, there is never a "hard deadline" when the proposal will be "rejected forever".)


[1] "The consensus of the users" is often misunderstood. Not miners and "nodes" (by number) are those that have power in the Bitcoin ecosystem, but those people and entities who 1) accept Bitcoin and 2) hold Bitcoin.

Those who accept BTC can refuse to do so if a controversial decision is taken, and they can choose the other side of the fork (or simply accept an altcoin instead, or no crypto at all). This reduces demand and has negative pressure of the price of the "controversial" fork.

Something similar can be said for those who hold Bitcoin: they can sell the BTC of the fork they don't like, also creating bearish pressure.

If we take the example of BCash: the way BTC ("Core") really won at the end is because BCH was refused to be accepted as "Bitcoin" by the majority of the users, and after the fork many BTC/BCH holders sold the "airdropped" BCH. While the majority of the miners followed BTC, this was only because they could predict (due to community sentiment) that BCH would be dumped and thus would lose the game. Something similar happens to BIP110 now ...

#5

Instead, a wallet is programmed to produce unique address.

HD wallets, commonly used by software and hardware wallets, use deterministic BIP32 key derivation. A fixed and standardized derivation path has normally then 2³¹ possible child keys and public addresses, normally unhardened keys, but there're also 2³¹ hardened keys possible (you can have that many keys on every branch level of the derivation path, but standard wallet behavior is not to go crazy here, because it's not needed).

Because the Child key derivation (CKD) funktions use the hash function HMAC-SHA512, it's simply so extremely unlikely that hash collisions will ever occur (I'd boldly say, not in the lifetime of the universe), that it's OK to say, we will never observe two different wallets to generate ever two same keys or addresses. Mathematically possible, because a collision can happen, probability is basically so close to zero that it practically matches zero (cough, cough, don't tell this a mathematician). For us mortals the probability of a collision with HMAC-SHA512 is basically zero as zero can be.

#6

If yes, how does the wallet decide this?

I understand that for privacy reasons, it’s better to send Bitcoin to a new address each time. But how does the wallet decide to create a new address each time?

It's change address and for privacy, it's recommended to use change addresses, and avoid reuse addresses.
It's a default setting for HD wallets.
https://learnmeabitcoin.com/technical/keys/hd-wallets/
https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch05_wallets.adoc#hierarchical-deterministic-hd-key-generation-bip32

How do HD wallets work?
https://learnmeabitcoin.com/technical/keys/hd-wallets/#how

Can I keep using the same receiving address?

Yes, you always can use one address many times.

My second question: is it possible for two different wallets to create the same receiving address by luck?

Depends.

If the HD wallet you use, actually generate wallet seed with enough bits of entropy. Lately Coldcard hardware wallets with some models got hacked because lack of enough bits of entropy.
Large-scale Coldcard compromise (1596 BTC stolen so far).

https://learnmeabitcoin.com/technical/keys/hd-wallets/#are-keys-secure

Are the keys in an HD wallet secure?

Yes, all of the private keys and public keys you get from an HD wallet are as secure as if you generated them independently using a random number generator.

#7

Cake Wallet v6.3.0 release has seen the light of day, and the gist of this release lies in modifying the home screen and refactoring the core. The former means you can now see your recent transaction history right on the home screen, and sending to aliases (OpenAlias, ENS, Unstoppable Domains) resolves faster and more reliably. The latter implies that the app rewrote how it calculates crypto amounts (fixing decimal edge-case bugs) and upgraded the Flutter engine, plus core code refactoring for more responsive app, ^{not to mention the usual round of bug fixes}.

One thing I do not like about Cake wallet is that it is not synchronizing fast when I receive bitcoin after I open the app.

Could be the connectivity problem from your side.

To check basic reachability run

Code:

ping -c 4 btc-electrum.cakewallet.com
ping -c 4 electrs.cakewallet.com
ping -c 4 fulcrum.sethforprivacy.com
ping -c 4 electrum.cakewallet.com

and after that

Code:

nc -zv -w3 btc-electrum.cakewallet.com 50002
nc -zv -w3 electrs.cakewallet.com 50001
nc -zv -w3 fulcrum.sethforprivacy.com 50002
nc -zv -w3 electrum.cakewallet.com 50002

for actual port check.

#.

A real bit coin key does not resemble this at all. WIF private keys begin with 5, K, or L. Hex private keys (as shown below are 64hex characters).

Addresses begin with a 1, 3, or bc1.

More details from Bitcoin Wiki and a book Mastering Bitcoin of Andreas Antonopoulos.

List of Bitcoin address prefixes.
Base58check version prefix and encoded result examples .

|

Type

|

Version prefix (hex)

|

Base58 result prefix

|

|

Address for pay to public key hash (P2PKH)

|

0x00

|

1

|

|

Address for pay to script hash (P2SH)

|

0x05

|

3

|

|

Testnet Address for P2PKH

|

0x6F

|

m or n

|

|

Testnet Address for P2SH

|

0xC4

|

2

|

|

Private Key WIF

|

0x80

|

5, K, or L

|

|

BIP32 Extended Public Key

|

0x0488B21E

|

xpub

|

#8

From what I have read, this would depend on how the cryptocurrency is being held/sold during ordinary business operations. This was discussed by IFRS ^[1][2] in 2019.

Basically, if you check the summary

• For most entities, Bitcoin is an intangible asset under IAS 38.
• But for brokers and dealers who buy and sell crypto in the ordinary course of business, IAS 2 applies ^[3][4], using the “commodity broker-trader” accounting rule.

So if you are a business that deals in trading, then adjust to the standard; if not, it goes to intangible assets.


[1] - https://www.ifrs.org/about-us/who-we-are/
[2] - https://www.ifrs.org/projects/completed-projects/2019/holdings-of-cryptocurrencies/
[3] - https://www.ifrs.org/news-and-events/updates/ifric/2019/ifric-update-june-2019/#8
[4] - https://www.ifrs.org/issued-standards/list-of-standards/ias-2-inventories/

#9

You can read the news on https://lcx.com/en/cryptonews/russian-parliament-passes-law-regulating-crypto-market

The bill still requires approval by the Federation Council and President Vladimir Putin’s signature before it becomes law which will possibly be what would happen.

Russia’s State Duma, the lower house of parliament, approved bill No. 1194918-8, titled “On Digital Currency and Digital Rights,” in its second and third readings on Tuesday, according to official parliamentary records.

If enacted, the bill would establish rules for crypto market participants, including exchanges, brokers, asset managers and custodians, while allowing crypto assets to be used in foreign trade operations.

There are more things to be read, like non-qualified investors annual limit and the implementation expectation periods and foreign trades.


It has been signed by the Russian president, Vladimir Putin

If you want to read more it:
Russian president signs crypto law, core rules take effect in 2026
https://cointelegraph.com/news/putin-signs-crypto-law-core-rules-take-effect-2026

The core provisions of the law take effect on Sept. 1, 2026, while some measures, including rules for non-resident digital depositories, will take effect on July 1, 2027. The law also maintains a ban on using crypto assets to pay for goods and services inside Russia.

We are seeing more adoption already.

#10

.....So my question is, who is doing the actual voting under bitcoin consensus?  The developers? The node operators? The bitcoin holders? Or someone else?
How do we know or see the results of the votes?...

The miners. They are the only ones that really matter. You can run whatever node you like with whatever rules you like. Since day one unless you are mining you didn't and don't get a vote. Now that mining mining pools exist if you want proposal "X" you would find a pool that is signaling that and mine there.

Very very basic: Go back to 2017 with the BTC - BCH block size fight. At the end of the day miners mined BTC not BCH.
There was a lot of other things going on at the time but more or less you could see who was signalling what.

Nothing has changed since then.

-Dave

Interesting. If you are correct (which you may very well be) that miners have all the power then it would seem bitcoin isn't decentralized at all.

Why would you say that, anyone can buy a miner and mine.
https://cryptorank.io/news/feed/fec8e-solo-miner-with-futurebit-earns-3-125-btc

Even in the past week 20 different pools have found blocks:
https://mempool.space/graphs/mining/pools#1w

Core 30 changed nothing in the amounts of what you consider spam could be mined.
Greg says it better then I could.

There is absolutely no perceivable increase in >80b op_return,

What does "perceivable" mean to you?  OP_returns aren't 'perceivable' at all generally because the bitcoin software intentionally doesn't show them.  There are op_returns over 80 bytes, as there were *before* Bitcoin Core 30 because, as I just reiterated in this thread and which you went on to lie about again:  Miners already removed the limit before a matching removal was proposed in Bitcoin Core.  You claimed that this would bring forth all kinds of negative effects, we can all see now that your hysterics were entirely misplaced ... and they continue to be misplaced.

If you don't like these simple facts start your own pool and get people to mine there. Or just buy some miners and mine for yourself.

-Dave

Thank you...

[Don Pedro Dinero]

Finally took another bold step and this time , it's a step to become a merit source.. 

I take it you want to be a global merit source instead of one for your local board? I think your chances are much lower this way. At least the last time theymos appointed merit sources, the focus was on positions for local boards.

[libert19]

Well... that was quick read without counting 10 posts.

Edit: ^ You have actually added 11 posts, haven't counted one (between #7 and #8) — it's nothingburger, but mentioning it anyway.

#7

...

...

...

#.

...

...

#8

...

Edit 2: Wording!

[Riginac111]

I understand that to be a merit source is hard to be approved, because they are many merit source applications that have not be approved since the submission, nobody know the reason why most of them are pending till today, but yours will be different, looking at the posts you quotes many of them deserve to award a merit, I will be glad if Theymos approve your application. I notice your source application does not have board specification, that means you will make a good merit source

[LoyceV]

I like seeing a Merit source application where I don't have half the recommended posts on Ignore already. There was only one, and I decided to remove that user from my list.
I took the opportunity to send some Merit to some of the posts, but don't have time to read all the topics.

[Majestic-milf]

 It's really a bold step you took considering how many other applications are pending and also how there's so much scrutiny on posts and reputation these days but still, the journey of a thousand miles begins with a step. I also noticed you didn't indicate which MS you wanted to be, notwithstanding, I wish you the best of luck, bruv.

[Sexylizzy2813]

I understand that to be a merit source is hard to be approved, because they are many merit source applications that have not be approved since the submission, nobody know the reason why most of them are pending till today, but yours will be different, looking at the posts you quotes many of them deserve to award a merit, I will be glad if Theymos approve your application. I notice your source application does not have board specification, that means you will make a good merit source

I don't see it that way this time around, the approval is a little bit faster than before, at least from how I saw the sets that was given the opportunity to serve the Forum as merit source, it was faster than expected which means the head of the table is attending to these applications, a good one though.  The pending ones should be the ones @Theymos never found interesting 🤔, I think. But yet again what will be will always be, the application has already reached the final stop and theymos has the final say.
@promise444c5, I'd say this, try as much as you can to do your best and never to forget the main purpose of this position (if given to you), not to let anything that would make you neglect what you suppose to do, ones you're a Merit source all eyes will be on you if you're on track or they made a mistake to appoint you as a MS, goodluck and congratulations in advance.

[Riginac111]

I understand that to be a merit source is hard to be approved, because they are many merit source applications that have not be approved since the submission, nobody know the reason why most of them are pending till today, but yours will be different, looking at the posts you quotes many of them deserve to award a merit, I will be glad if Theymos approve your application. I notice your source application does not have board specification, that means you will make a good merit source

I don't see it that way this time around, the approval is a little bit faster than before, at least from how I saw the sets that was given the opportunity to serve the Forum as merit source, it was faster than expected which means the head of the table is attending to these applications, a good one though.  The pending ones should be the ones @Theymos never found interesting 🤔,

They are other applications I saw that was submitted early this year, and I was expecting you to say, time have not reach for Theymos to approve the applications. Since this year no merit source approved applications from the submitted one's, maybe he will take his time and look at the them one after the other before it will select the best among others

[BitBakerr1]

Looking at all the posts you mentioned they are all technical posts and 95 percent of it are on the bitcoin discussion board, if you are made a merit source your attention will be on technical posts judging from the list of posts you brought out.
It is true that as a merit source you will have the areas or boards you prefer to give merit more and the kind of posts you will be meriting more.

I love the fact that you took this step to apply. I know not everyone will support you, the admin has the final say on this, if he wants you as a merit source you will get it.

[MarryWithBTC]

I like this, straight to the point application.

And your ten unmerited post are also not some wall of texts. Although I like it when such posts do not come from high ranking profiles. It appears that lower ranks do not easily make quality posts.

[promise444c5]

I take it you want to be a global merit source instead of one for your local board? I think your chances are much lower this way. At least the last time theymos appointed merit sources, the focus was on positions for local boards.

I have to try and stay positive anyway.. and that's why i didn't go for LB but that doesn't mean i won't merit users from my LB when i come across a good post.

Edit: ^ You have actually added 11 posts, haven't counted one (between #7 and #8) — it's nothingburger, but mentioning it anyway.

Yeah that was SquirrelJulietGarden post rep as [#.]..

Reason: It took me a while to gather these posts[had to read through the good bad ugly of interesting topics], SquirrelJulietGarden post was one of the first three but by the time i was done with 5 more the topic seem to have been moved to off-topic .  I doen't know if off-topic posts qualifies but it's also  pinned on the board that "Low quality topics and posts are not allowed here New".. which means, posts can still be moved to trashcan even on off-topic board. So, i decide to just add it without a number as extra .. forgot to Qmerit it  yesterday.

I decided to remove that user from my list.

i did more than just "nearly enough merit" then

Although I like it when such posts do not come from high ranking profiles. It appears that lower ranks do not easily make quality posts.

tried as such much as possible to do that but the bad-ugly made me lose interest early in some topic. Although my main target was initially <1000 merits posts.

Thank you all for your comments and support .

[Coyster]

It is true that as a merit source you will have the areas or boards you prefer to give merit more and the kind of posts you will be meriting more.

Yes, and that would be in the boards you normally visit, even if you weren't a Merit Source.
To the OP, goodluck, you'd really need it. I believe you'd make a good merit source, and i hope Theymos feels the same way too. The last merit source update was focused on local board sources, so it would be to your favor if the next one is focused on the general sections of the forum. I also took time to send merits to a few posts you have shared in your OP.

[Mia Chloe]

Finally took another bold step and this time , it's a step to become a merit source..

Well I've interacted with you on this forum for quite a couple of times and I'm convinced you are a very fine poster plus I don't see any bias in your merit sending I believe these two are good enough reasons for you to actually earn my support. It takes a quality poster to actually identify quality posts.

I support your application... I hope Theymos does consider regardless I have visited all the posts they were good picks as well wish ya good luck..

[Sexylizzy2813]

I understand that to be a merit source is hard to be approved, because they are many merit source applications that have not be approved since the submission, nobody know the reason why most of them are pending till today, but yours will be different, looking at the posts you quotes many of them deserve to award a merit, I will be glad if Theymos approve your application. I notice your source application does not have board specification, that means you will make a good merit source

I don't see it that way this time around, the approval is a little bit faster than before, at least from how I saw the sets that was given the opportunity to serve the Forum as merit source, it was faster than expected which means the head of the table is attending to these applications, a good one though.  The pending ones should be the ones @Theymos never found interesting 🤔,

They are other applications I saw that was submitted early this year, and I was expecting you to say, time have not reach for Theymos to approve the applications. Since this year no merit source approved applications from the submitted one's, maybe he will take his time and look at the them one after the other before it will select the best among others

Ok that is true, it is not yet the time for the head of the table to approve of them but it still doesn't change how he feels some of the MS are using their position to operate on the Forum, he could like how they operate and decide not to add more or he could be thinking if he has made a mistake in approving some of their applications or appointing them as merit source, nobody can tell, he has his mind and thinking of his own. But imagine how many merit source we have on the Forum but it doesn't look like we have much of them, well, I'll advise many users who have the intention of applying to keep applying who knows one day we'd have more of them being acknowledged for their efforts than being criticize.

[IjawMan]

I have come across comments from you and they have always been good as I admired and it is just okay to see here that you are applying for a merit source.  It good to have quality posters drop application for merit source than leaving it in the hands of the worse to be applying, just as I have seen in recent applications.

I take it you want to be a global merit source instead of one for your local board? I think your chances are much lower this way. At least the last time theymos appointed merit sources, the focus was on positions for local boards.

I have to try and stay positive anyway.. and that's why i didn't go for LB but that doesn't mean i won't merit users from my LB when i come across a good post.

Not a wrong shot though specially after the last approved merit sources were majorly for local boards. Who knows, next approvals might be to the general boards and you do have a big chance among all applicants I have seen.

Good luck you.

[Charles-Tim]

If Theymos want to approve some merit sources, I hope you will be one of the users that will be among them that would be given the merit source. You really deserve it, but that is left for Theymos to determine if you are worth it. Since I have known you on this forum, you are a very good poster that is far above average. You will be a very good merit source.

[Obim34]

Giving my support, I believe you fit the role of a merit source.

Regardless of theymos as the only one who can appoint new merit sources, community support actually places heavy emphasis on a user who is deserving of that position. This user is good to go as a new merit source, I hope theymos considers this application valid next he's adding more sources.

[Supreme Donvic]

You are a very good poster however being a very good poster does not mean you will be a very good merit source, but from the post that you listed out for your application it shows you are going to actually make a very good and wonderful merit source because you have eyes for good posts.
If the admin is actually going to consider some people as merit source this year or next year I believe he's going to include you.
Goodluck bro.