submitted by /u/SoulMechanic
[link] [comments]
source https://www.reddit.com/r/btc/comments/pq8kxf/interesting_post_from_the_other_day_about_bch/
Saturday, 18 September 2021
I think that if crypto crashes again soon, BCH will go back to the top 10 or 5
People can then realize just how valuable cryptos with brand name and established legacy are, BCH survived 2018 and has constantly been top 5 these past 3 years and now the bull run has pushed it to near 20 despite the fact that it's adopted by PayPal and Venmo and used and trusted in crypto payment providers more than, lets say SOL or Doge.
92% of new blockchains died in 2018.
[link] [comments]
source https://www.reddit.com/r/btc/comments/pq96pg/i_think_that_if_crypto_crashes_again_soon_bch/
What is Noise.cash platform?
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I'm wondering if anybody here can help me? The BCH I received from noise cash used to be automatically transferred to my wallet. Now, there needs to be confirmation. The problem is, It's asking for Source Exchange. I don't quite understand what that means and would greatly appreciate your help. Thanks a lot! [link] [comments] |
source https://www.reddit.com/r/btc/comments/pq6ssx/what_is_noisecash_platform/
The Bitcoin Cash Podcast #28: Crypto vs Collectibles
Luke returns to the show with his Planar Chaos prerelease shirt to discuss the controversial announcement by Magic The Gathering podcast Limited Resources of their new sponsorship by cryptocurrency exchange FTX - genius or grifter? As usual, a bevy of other news and topics including the demise of MtGox, Coinbase vs the SEC, Marc Falzon in El Salvador and investing in physical silver.
Price 1.5mBCH (free in a week): https://prompt.cash/s/MCv85P
[link] [comments]
source https://www.reddit.com/r/btc/comments/pq6r9x/the_bitcoin_cash_podcast_28_crypto_vs_collectibles/
Between working for the next 50 years and end up broke, or pull everything you got and buy 1 Bitcoin to become financially free, why are people still making the wrong choice?
Why? Why? Why?
Stupidity is seeing the truth, understanding the truth, even believing the truth,
but not take any action for the truth.
[link] [comments]
Friday, 17 September 2021
Kraken 📣Bitcoin upgrade - Taproot Primer – An Upgrade for the Ages
One of Bitcoin’s biggest upgrades of all time is just around the corner, but few understand its potential impact.
In Kraken Intelligence’s latest report, “Taproot Primer: An Upgrade For The Ages,” our team breaks down each of the three Bitcoin Improvement Proposals (BIPs) included in the Taproot upgrade and explains the transaction efficiency and user privacy benefits the upgrade will bring to the Bitcoin protocol.
Check out the BLOG post for more details, if anyone has any questions feel free to post below.
Kraken Support Team 🐙
[link] [comments]
THIS MACHINE GREENS — Bitcoin Documentary (2021)
Hey fellow Bitcoin enthusiasts!
We’d like to share our newest documentary about the environmental benefits of Bitcoin with you:
BITCOIN MOVIE CLUB is passionate about decentralizing film and making the arts accessible to everyone through cryptocurrency. We are the world’s FIRST crypto-funded production company, and we’re inviting you to take part. If you enjoy our documentary and would like to shape the future of film, check out our site!
https://www.bitcoinmovieclub.com/
Feel free to ask any questions in the comments or message us!
— Sarah and the BMC Team
[link] [comments]
Is BTC the future?
Billionaire John Paulson should put a few books on bitcoin on his fall reading list because bitcoin is here to stay, says Cathy Wood, founder of ARK Investments.
Paulson made billions betting against subprime mortgage bonds during the 2008 financial crisis, earning him the nickname "Wall Street sky God."
He said in a recent interview that cryptocurrencies "will ultimately prove worthless" and would not advise anyone to invest in them.
"I would say paulson has been a gold bug for most of his career.
"A lot of gold focused investors don't understand the concept of numbers associated with gold."
Paulson, like other cryptocurrency critics, misses several points, Wood said.
"We don't think he recognises that bitcoin is more than just a store of value or digital gold.
Bitcoin, in particular, is a new global monetary system.
It is a rules-based monetary policy, fully decentralized and therefore not subject to the whims of policymakers.
In fact, it's a hedge against the whims of policymakers, especially in emerging markets."
Wood hopes Paulson will switch sides like other financial titans.
She added: "I don't know how deeply John Paulson and some of the other naysayers have studied bitcoin, but I think they should change their minds.
Ray Dalio and Stanley Druckenmiller both converted.
At one point, these savvy investors thought bitcoin was a Ponzi scheme."
[link] [comments]
source https://www.reddit.com/r/btc/comments/pppbfq/is_btc_the_future/
IRS is planning to extend "wash sale" rule to Bitcoin and all crypto. The "wash sale" rule disallows claiming losses on any asset sold and re-bought within 31 days. It will kill day trading through new and substantial tax liability for active traders of Bitcoin and other crypto.
Dogecoin founder slams cryptocurrency: The industry is dominated by rich people
Dogecoin co-founder Jackson Palmer publicly slammed the entire cryptocurrency industry on Twitter, arguing that cryptocurrencies represent "the worst part of the capitalist system today."
Jackson Palmer co-founded Dogecoin with Billy Markus in 2013, then sold his entire stake.
Dogecoin is now one of the world's top 10 cryptocurrencies by market capitalization and is considered the father of the popular Memecoin, but Jackson Palmer no longer wants to be associated with the crypto industry.
"After years of research, I believe that cryptocurrency is essentially a right-wing, hyper-capitalist technology whose primary purpose is to expand the wealth of its proponents through a combination of tax avoidance, reduced regulation, and artificially enforced scarcity,"
"Despite claims of 'decentralisation', the cryptocurrency industry is now controlled by a monopoly of wealthy individuals who were originally intended to replace the existing centralised financial institutions that the plutocrats have become over time," he tweeted.
Jackson Palmer argues: "Cryptocurrencies simply represent the worst parts of today's capitalist system (e.g., corruption, fraud, inequality) and use software to technically limit interventions (e.g., auditing, regulation, taxation) that are protections or safety nets for ordinary people.
Dogcoin was originally created as a satire on cryptocurrency mania, but the currency's price has been rising in the bull market, rising by a whopping 6,000% in the year to date and surpassing ethereum, the world's second-largest cryptocurrency, thanks to Twitter personalities like Elon Musk and billionaire Mark Cuban.
This was followed by an increasing number of hype bubbles and frauds.
Fraudulent domain name registrations in cryptocurrencies and exchanges have peaked in the past few months, according to data from a BrandShield report.
BrandShield's analysis found that the price of Dogecoin fluctuated wildly in response to Musk's tweets, and that the number of fraudulent domain name registrations related to dogecoin exploded accordingly.
Jackson Palmer is criticizing the cryptocurrency industry as a whole.
He argues that cryptocurrencies use "murky business ties" to suck money from people who are "economically desperate and naive".
He said he would no longer engage in public discussions about cryptocurrencies because he believes "moderate criticism" of the crypto world is impossible and that the super-rich, or retail investors who think they will become super-rich, are too enthusiastic about the industry and "kind of like a cult."
Castle Island Venture's Nic Carter called Palmer's actions "despicable." He tweeted back:
"What makes you influential is the technology itself, but you've created a worthless copycat bitcoin that serves no purpose other than to blackmail investors who don't understand, and it's hard to imagine anything more despicable than using that notoriety to attack and undermine bitcoin's technology."
[link] [comments]
source https://www.reddit.com/r/btc/comments/ppnsr8/dogecoin_founder_slams_cryptocurrency_the/
Which debit/credit cards can I buy crypto with?
Chase recently banned the purchase of crypto from websites such as simplex and other instant transfer sites. Most of the big banks have done the same. I was told to specifically ask if a company allows the purchase from sites with MCC codes. Does anyone know of any debit or credit card companies that still allow this kind of purchase? I'm having trouble finding any. I want to open a new checking account since chase won't let me spend my own money how I want anymore.
[link] [comments]
source https://www.reddit.com/r/btc/comments/ppna4t/which_debitcredit_cards_can_i_buy_crypto_with/
⚡ Lightning Thursday! September 16, 2021: Explore the Lightning Network!⚡
The lightning network is a second-layer solution on top of the Bitcoin blockchain that enables quick, cheap and scalable Bitcoin payments.
Here is the place to discuss and learn more about lightning!
Ask your questions about lightning
Provide reviews, feedback, comparisons of LN apps, services, websites etc
Learn about new LN features, development, apps
Link to good quality resources (articles, wikis etc)
Resources:
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Here is an awesome list of resources compiled by Jameson Lopp: https://www.lopp.net/lightning-information.html
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Want to test out your lightning fire power? tip the Bitcoin devs! https://bitcoindevlist.com/
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Previous threads: Search
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Lnbook getting closer towards being finished and can already be seen at: https://github.com/lnbook/lnbook
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Lightning Dedicated YouTube Channel: https://youtube.com/renepickhardt
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Also there is the playlist by chaincode labs: https://youtube.com/playlist?list=PLpLH33TRghT17_U3as2P3vHfAGL8pSOOY
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Lightning stores: https://www.lightningnetworkstores.com/
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Learn more and talk about lightning right here in r/Bitcoin, r/bitcoinbeginners, r/thelightningnetwork, and the r/Bitcoin chat
[link] [comments]
Simple explanation for why Proof of Work is superior
There are many who think that Proof of Stake can act as a real replacement for Proof of Work. While this is wrong, explaining why in a simple way can be tricky.
Most arguments start by going into various broken incentives and specific attack vectors but this can get complicated for most people. I think there is a much simpler way to put it:
- Proof of Work is superior because its data is provably connected to a cost; and because of that, it's also provably connected to human choices. A proof of "human choice" is the best defense against forgery because subverting the truth always involves lying about choices, being it your own or of others.
Once we have a system that both requires and proves "human choices" we can have deterministic rules and incentive games based on those proofs for determining which pieces of data are valid and which are not. What we get, is a system that is transparent, accountable and that can be relied on even without knowing all the internal information (SPV proofs). Security in a proven history of choices; that is Proof of Work.
In contrast, with systems like Proof of Stake, the data has no connection to cost or human choices. Since everything is controlled by the tokens, it is actually the private keys that control everything; so the only "proof" that the data has in the end, is the signature of a private key, that's it! This is true for every Proof of Stake system that exists today, regardless of how sophisticated it claims to be.
The problem with such a "proof", is that it essentially proves nothing:
No Choice -
Validators can sign multiple versions of a block on multiple forks. Due to there being no cost and no limited resources, the validator doesn't have to make a choice; he can sign everything at the same time.
No Time -
PoS has no concept of the passage of time. Work = Progress over time; PoS has non of that since it's just signatures that appear the same regardless of when they are signed. Entire chain histories can be recomputed costlessly.
No Scope of Access or Identification -
This is the most important. PoS has no proof that the private keys are actually distributed amongst many people or what the distribution even is. All the keys could in fact be controlled by a single person! You never truly know who controls the system.
PoW has and proves a "scope of access" by being accessible only through the choice to work and consume energy. This ensures a 'distribution' through economic and competitive forces and 'identification' by means of the economic footprint the validators leave behind.
With the data in PoS not being bound by Choice, Time, or Scope. There is nothing fundamentally preventing the data from being forged. In other words, every PoS system can have its data fabricated by manipulating the three unproven variables in its system which we can define as CTS (Choice, Time, and Scope).
CTS, essentially gives us the three W's of a system (What When Who) and With CTS not proven in PoS, it amounts to nothing more than a subjective "story" that is replicated amongst every validator. The question then becomes, who's in the best position to manipulate the CTS "story" in this Proof of Nothing system?
As the master storytellers and originators, the main developers of a PoS project are in a powerful position to manipulate CTS because they are its only provable point. The creation of a PoS system is the only point where Choice, Time, and Scope is actually proven. The 'Choice' is the project's creation, the 'Time' is its launch date, and the 'Scope' is the developers themselves. Put differently you could say the only 'proof of work' in Proof of Stake is its creation. From the perspective of PoW, Proof of Stake is a single miner producing a single block with the miner being the PoS developer. Thus, they will always hold the most sway when it comes to convincing others about CTS since they will forever be at its center by having created the first and only proof of work in the entire system.
In addition, the developers distribute all the tokens at the start and therefore choose which private keys control the chain! With "Scope" having no proof beyond the fact that it was formulated by the developers, there is no way to prove this has been done fairly. All the tokens could be controlled by the developers themselves! You can't know for sure their "story" of a fair initial coin distribution isn't fabricated.
The truly insidious thing about PoS, is since "Time" is not proven ether, any control over the system in its early stage will forever remain so for the lifetime of the system. This is because you can easily recompute entire chain histories in PoS. Even if the developers give away their tokens at a later stage, they can recompute a history where they didn't! This means that if even at one point in the history of a PoS system someone controlled a majority of tokens, they will potentially forever control the system from that point on; and there is no way to prove it never happened!
And lastly, since "Choice" is not proven in the system, the developers or an attacker can lie to everyone about the fabricated chain and claim it is the "real one" that they and everyone else chose to validate from the very beginning. There is no way to prove that they are lying. Signatures say nothing about choices, history, or identity. Showing that the developers or some validator signed blocks in two separate chains doesn't completely prove fraud either. The excuse could be made that keys were stolen or that validation software malfunctioned or was wrongly sourced. What's more, you can't identify who is behind a validator/attacker. The developers could claim the attack is someone else when in fact it's themselves.
All this subjectivity on which is the "real chain" is made worse from the perspective of normal users who cannot and do not hold the historical blockchain data. Having no idea which chain was there first, it comes down to choosing one "story" over another. Users can even be manipulated into supporting a fork that had its rules changed without their knowledge. This can even go further by creating the appearance of widespread consensus and support by many validators for a specific chain when in fact they are all controlled by a single entity. This can all happen in any system where CTS is malleable.
A counterclaim could be made that any attempt by developers to manipulate the chain in their system would be noticed by at least some validators who would then spread FUD and warn others of what is happening.
To this, it should first be pointed out that just having the ability to create such a huge disruption and confusion in the system, completely rules out PoS as a viable alternative to PoW if the goal is to have a global ledger that has significant economic activity. The world's financial data could never be trusted to such a fragile, subjective and unverifiable system that boils down to letting a small group of developers act as the final source of truth regarding the economy's financial history. That said, the "FUD" claim against a developer attack can also in itself be an attack vector on PoS.
A minority of validators could formulate a "social FUD attack" on a PoS project by spreading false rumors and hysteria that a massive attack has occurred and that the developers have maliciously recomputed the entire history. They can then spam the network with hundreds of fake chains, provide fake API information or hack existing sources and create a bot army on Reddit of fake users who complain about their coins being inaccessible. This is simply not possible to perform on PoW which is objective; but with the inherent subjectivity of PoS, the data's validity boils down to a few trusted sources, and when those sources' integrity comes into question, massive confusion can ensue.
To put it another way, in a subjective PoS system, the more you lie, the more it becomes the truth. In PoW, the more you lie the more you are seen as a proven fraud, and the more others want nothing to do with you.
In conclusion, when it comes to PoW vs PoS, it's really 'Proof of Human Choices' vs 'Proof of Story'. The lack of any proof connected to the data in PoS means such projects will forever remain centralized around their developer's word as the final source of truth. Proof of Stake is a completely centralized subjective system, period.
"proof-of-stake systems are ultimately permanent nobilities where the members of the genesis block allocation always have the ultimate say. No matter what happens ten million blocks down the road, the genesis block members can always come together and launch an alternate fork with an alternate transaction history and have that fork take over" - Vitalik Buterin
Put simply, Proof of Work is superior because the data is connected to proven a history of human choices; and you cannot cheat in a system that proves your every move.
[link] [comments]
source https://www.reddit.com/r/btc/comments/ppl5th/simple_explanation_for_why_proof_of_work_is/
Why is BCH volume so high but market cap is relatively low compared to other crypto?
The volume indicates that BCH is being traded and used a lot but its market cap is quite low compared to other crypto with the similar market cap. Why is this?
BCH has a volume of 5.3 billion dollars which is almost a half of its market cap 12 billion dollars. Any other crypto with 10 billion dollar market cap has very low volume compared to BCH. Some crypto don’t even have one billion dollar volume.
Are all the other crypto being hyped but BCH is undervalued?
[link] [comments]
source https://www.reddit.com/r/btc/comments/pplebe/why_is_bch_volume_so_high_but_market_cap_is/
I now own 0.4 BTC
Logging into my anonymous account (behind TOR) again for a quick update.
I now own 0.4 BTC, up from 0.33 BTC from my last post. I'm also buying my first hardware wallet. Ever since 2015, I've only used electrum on an airgapped PC.
I'm sure everyone can relate with looking to the past and saying "I should have bought more" or "I should have kept my BTCs". I owned 1.5 BTC in 2012 but I just played with it. I know there's no point ruminating about the past, but sometimes the thoughts are still there. I hope eventually, I'll reach the 1.5 BTC point again.
I'm also starting a new job soon, that's something to be excited about. I hope everyone is on a good place as I am. Cheers from the Philippines.
[link] [comments]
Thursday, 16 September 2021
“ Man I sure hope Tether didn’t buy Chinese Commercial Paper from banks that bought Evergrande bonds. Tether could put the issue to bed by simply showing their assets like every other MMF.”
I'm not ready to get rich
I know this might sound like a very good "problem" to have, but I think most people here are pretty smart and will get it. Some of you will even be in a similar situation soon if not already.
Long story short, I feel like I'm not ready to get rich.
My crypto portfolio is now around $400K and it seems sort of inevitable that it will reach millions, if not tens of millions, in the coming years.
On one hand I'm happy about it, of course. The chance to never have to work for money again, focus 100% on creative pursuits, etc.
On the other hand I'm scared it will be sort of like a lottery win and I will do something stupid.
I think my life might become too good for some friends and we'll grow apart / not have much in common anymore. You know, the average struggle of time, money that 90% of the world has.
Also, I'd love to spread knowledge about Bitcoin with my friends and family, but I don't know if it's wise to let them know I'm hugely invested.
Am I getting paranoid? Has anyone else experienced something similar?
[link] [comments]
Africa becomes third fastest growing Bitcoin economy.
Africa has registered a remarkable growth il the past year with relation to Bitcoin adotption, thanks to the retail users. According to a report from Chinanalysis, taking up of Bitcoin in Africa has skyrocketed to 1,200% in the past one year making the continent third largest growing Bitcoin economy globally. https://knowafrika.com/africa-becomes-third-fastest-growing-bitcoin-economy/
[link] [comments]
Last Bitmex Exec Agrees to USA Extradition Deal
https://decrypt.co/80978/final-bitmex-exec-accepts-us-extradition-face-charges-report
Gregory Dwyer is an Australian citizen working in the Carribean, yet he is being extradited to the USA to face Banking Secrecy Act charges.
[link] [comments]
source https://www.reddit.com/r/btc/comments/poxva5/last_bitmex_exec_agrees_to_usa_extradition_deal/
If @GaryGensler & @jimcramer are worried about what #Tether are holding, you should be worried. When is your next interview @BitcoinLawyer & @Paoloardoino ? In an American police station? HURRY UP REGUALTORS, DONT WAIT FOR THIS TO GET BIGGER! TAKE ACTION @SECGov ! #Crypto #Bitcoin
This is Pro-Bitcoin Candidate Aarika Rhodes. She is Running Against Exposed Congressman Rep Brad Sherman Who is Trying to ‘Shut Down’ Crypto and Gets His Biggest Donations From Big Banks. He's Up for Re-election Next Year in 2022, and Rhodes is running against him in the Primary. Let's vote him out?
A crash course to DeFi on Smart Bitcoin Cash.
https://read.cash/@francis105d1/a-crash-course-to-defi-on-smart-bitcoin-cash-93244661
It is pretty much a warning article about the risks of DeFi, LP rug pulls.
[link] [comments]
source https://www.reddit.com/r/btc/comments/povl98/a_crash_course_to_defi_on_smart_bitcoin_cash/
What attacks can a bad entity do if they rent 51% of the network nodes?
Hello. I've seen Bitcoin Maximalists arguing that Bitcoin's decentralization is dependant on the amount of node operators. This makes no sense to me, after all Bitcoin is Proof of Work and nodes can't do more than reject a bad block. At least as far as I know.
Can someone explain to me what these maxis have in mind when they say more nodes = more decentralization, in Bitcoin's proof of work mechanism? Is there any attack you can make against Bitcoin by renting 51% of the network nodes? They usually ignore my question or straight up block me when I ask that.
[link] [comments]
source https://www.reddit.com/r/btc/comments/pouiid/what_attacks_can_a_bad_entity_do_if_they_rent_51/
“Tether has provided little information on where this commercial paper is based. When asked by The Block if it held any Chinese commercial paper, the company said that it holds international commercial paper but would not disclose any futher details”
What Is Coin Burning - Guide
The following guide explains the key aspects of coin burning - a process of removing a certain amount of coins from its circulating supply: What is Coin Burning? - The Two Types Of Coin Burning
There are two main types of coin burning that are implemented in the crypto industry explained in the guide above: protocol level mechanism and economic policy, as well as the reasons why coin burning has been utilized by several top blockchain networks.
[link] [comments]
source https://www.reddit.com/r/btc/comments/povsr1/what_is_coin_burning_guide/
Wednesday, 15 September 2021
Bitcoin Vs iPhone 13 Pro Max
iPhone 13 Pro Max will be released officially on the 24th of this month being September and I will like to ask this question.
Which would you rather spend $1,599 on? Investing in Bitcoin or buying the iPhone 13 Pro Max?
[link] [comments]
source https://www.reddit.com/r/btc/comments/pocguw/bitcoin_vs_iphone_13_pro_max/
Just bought my first 25 smackarounies of btc
Bought at 46,700ish and I plan to add every month, I wish I started sooner
[link] [comments]
Smart Bitcoin Cash just got real with FlexUSD.
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CoinFlex has made the awesome move of providing SmartBCH with a recognized and trusted stablecoin FlexUSD. That means that Smart Bitcoin Cash just got real and now you will be not playing you will be doing things for real. To me, this is the start of the real DeFi with Bitcoin Cash sidechain, full stop. https://read.cash/@francis105d1/smart-bitcoin-cash-just-got-real-with-flexusd-e5b41de7 [link] [comments] |
source https://www.reddit.com/r/btc/comments/poawk8/smart_bitcoin_cash_just_got_real_with_flexusd/
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