submitted by /u/Egon_1 [link] [comments] |
source https://www.reddit.com/r/btc/comments/r8ba2r/know_your_tether_apologists/
This blog brings you the best Cryptocurrency & Blockchain, ICO & P2P and Exchange & Laws news. Also contains technology and research based post from all around the world every single day. Get informed! Think Future!
Just a hunch. I think in the next two weeks we will see one big BCH and BSV pump and then we will have our first -35% crash day over the entire market.
I understand why stocks are in RED
Poor job report, China delisting, Omicron etc...
Just fucking hold your Bitcoin, it’s not a get rich quick scheme. People I know are finally getting into it and there is so much misinformation being thrown around. I’ve been holding since 2015 and made many mistakes (such as selling early) and seriously regret it.
If you don’t have bills to pay, just hold your money and fucking stack. A 10 or 20% loss right now is nothing if you compare it to the potential price in 5-10 years. Bitcoin, in my humble opinion, should be used as a secondary savings account. All this Wallstreetbets “ape” shit has got to go man.
A very reputable news channel in India (NDTV) got hold of a cabinet note ahead of the proposed crypto regulation bill. This is a huge concern for Indian citizens.
The note also reportedly highlights that citizens will need to declare their crypto assets and keep them on Indian exchanges. They will no longer be allowed to keep crypto on foreign exchanges or in private wallets.
If BTC or any other crypto is held on Indian exchanges, how do we invest in NFT's or metaverse?
What if exchanges get hacked?
It's like creating a monopoly. Exchanges in India have very little liquidity, and they already function in an extremely poor manner. e.g. we cant deposit funds sometimes (especially during the dips). The system crashes.
Most of the Indians use exchanges based in foreign countries
What are your thoughts on this?
Am I the only one who hasn’t forgotten the reason we bought BTC? Non-inflationary digital gold that stands alone and is a safe haven..a digital hedge fund for the people—yet people still run like pansies whenever the SEC sneezes, China sneezes, or any uncertainty looms. Pull your pants up and grow a pair. Oh wait, you’re dumping to go play in the metaverse sandbox? Sorry, I’ll keep standing behind this impenetrable wall of digital energy.
Fat Protocol Thesis was disproven. Even its inventor abandoned it. And for those that don’t know, Fat Protocol Thesis is best explained in reverse:
Think of the internet. Now think of Google, Amazon, Facebook, etcetera. These are the internet’s applications, and make up its application layer. Value flows from the protocol layer (the internet) to the application layer. Over time, these applications have absorbed so much value, that they're now the largest companies in the world, some worth well over $1T. But the internet itself (the protocol layer) has absorbed no value.
With blockchains, this process is reversed, or so the theorem posits. Value flows from the application layer to the protocol layer, thus the term “fat protocol”.
The measure of this theory unsurprisingly was against Vitalik Bueterin’s blockchain. It made perfect sense right? It’s a smart contract platform with a ton of decentralized applications (Dapps). But in the end, we saw little evidence of the protocol layer absorbing the majority of the application layer’s value as time went on.
There’s something hiding in plain sight though, something nobody seemed to consider: tokens, tokens, tokens, with no consensus on what money is.
DeFi and what’s dubiously called Web 3.0 is a tokenized dystopia on Buterin's blockchain. It’s an orgy of swaps, wraps, burns, mints, and stakes. Dapps are DINO (decentralized in name only) and serve zero purpose other than optimizing interactions with ever more tokens to keep the orgy going. Too, there are so many different stablecoins mixed in with the cornucopia of tokens and NFT’s, that it’s impossible to tell what money tastes like. Money certainly isn’t TPS, TX cost, or throughput. Those are all features of a blockchain. The entire virtual machine is suffering from an acute case of what economists call Gresham’s Law. This is where bad money drives out good money.
So it’s impossible for Fat Protocol Thesis to have any directional velocity. It’s caught in a tokenized crossfire of swaps, wraps, mints, burns, and stakes.
But here’s my question: What would happen if none of the Dapps had tokens? If their products and services were legitimate, and all priced in the same global and stateless money? I posit that the protocol layer would absolutely explode in value, because its monetary energy should naturally begin trying to peg itself to global GDP. Fat Protocol Thesis will be proven right, but only with Bitcoin.
Think about the Lightning⚡️Network. The thing is going parabolic right now. I remember just a few months ago my node with .25 BTC on it made about 2000 SATS every thirty days in routing fees. Now it’s over 15,000 SATS a month and I haven’t changed anything. We have Lightning apps like STRIKE exploding in popularity. We have thousands of new nodes coming online each week. We have the Panamanian government holding meetings and considering a Lightning rollout like El Salvador early next year. Lightning is turning a corner and there’s still only a paltry 2900 BTC amongst the 27,000 nodes. Imagine once that hits 1M nodes and 100,000 BTC. Why not? That’s less than one-third of how much is wrapped on Vitalik Buterin’s blockchain currently, and the LNRR (Lightning Node Reference Rate) will probably match the wrapped Bitcoin return average in terms of APY, with the crucial difference being one is custodial, expensive, and risky, while the other is the holy grail: non-custodial APY. What about 1M BTC amongst 10M nodes? Shit, I haven’t even gotten into the BTC-denominated DeFi that will get built over ⚡️.
This Lightning P2P scaling solution, at least to my ears, is sounding more and more like that one person that starts clapping, before suddenly the entire congregation takes the cue and joins in. I believe this vibrating critical mass globally detonates in the summer of 2023 and never looks back. Which company wouldn’t want to use it as a practical matter? Think about it, settlement is instantaneous and tx fees a penny or less. How much do Visa, Mastercard, and American Express charge? About 2-3.5%, and settlement can take weeks, which is to say nothing of fraud, which is a going concern. Amazon could add 1% to their bottom line. The velocity of money would be insane, generating economic gains in the most unlikely of places.
While all this is happening, BTC will become scarcer, whole coins tough to come by, which only miners will possess in sufficient quantity to auction off to governments and businesses, as CEX’s won’t have them consistently. CEX’s will mostly die a miserable death, drowning in a bloody pool of red ink, having dumped too many resources into the wrong business: PoS nodes and shitcoin peddling. They’ll try fighting down regulation with renewed claims of a coming technological revolution as Bitcoin’s political revolution of separating money from State accelerates. DINO Shitcoins which VC enablers helped boast of TPS, cheap transactions, and throughput, will be abolished, their advantages gone, their truths lain bare, skeletons undressed by Bitcoin like she was a patient vulture. The crypto-asset space will watch in horror as the global billionaire mob hellbent on Bitcoin’s success talk Satoshi Standard, a Standard they can no longer ignore, as it’s already spread voluntarily amongst users, non-custodial wallets, and nodes. NFT avatars will vanish entirely like bootcut jeans, such cringe only getting brought out for a cruel and unfriendly laugh. A brief period of extraordinary and final volatility will arrive as wealthy families, nation states, and businesses late to bitcoin scramble and fight for the last big chunks of UTXO land on its blockchain. The price (already well over $1M) will rocket $1M and crash $1M in the same day. And how soon feet will thrash in regret above floors, notes on nightstands nearby telling of a time they ignored SATS at .00056 USD. The NYT described that year succinctly in their January 1st paper:
“When the Winklevoss twin’s net worth surpassed Zuckerberg’s, the dollar peg broke, and somewhere Satoshi’s laugh frightened children."
Bitcoin doesn't care what the US or any country does to try to regulate or restrict it. 2020 lockdowns ironically normalized geographic mobility because of forced remote work. Smart money and talent has been leaving high-tax, high-regulation countries over the last year and a half.
We'll start to see more tech companies that are run by expats and HQ'd in regions like Eastern Europe, South America, and the Caribbean. A handful of them will become multi-billion dollar unicorns and a wave of investment capital will flow into those regions.
"Legacy brand" countries like the US will have to make a choice on how they treat Bitcoin. Countries that refuse to embrace Bitcoin and decentralized technologies will gradually decline just like companies that refused to embrace the internet 20 years ago.
Does anyone have any idea how one would go about creating an NFT QR Dispenser for BCH? Potentially for smartBCH?
Use-case: Guest book NFT: Guests at blockchain meetups can scan a QR-code to get an NFT by "proof of attendance"
I'm trying to gather as many opinions on this topic as possible for my work so any help would be greatly appreciated. Based on research I've narrowed down the most widely discussed potential futures for cryptocurrencies into the following categories.
As these aren't necessarily mutually exclusive events, please comment multiple options below if you feel two or three could coexist.
I joined this sub in July 2020. The same time I bought my first bitcoin, I came here for knowledge and sometimes guidance in strategies. Since then I have dedicated my free time to researching everything to do with bitcoin and I haven’t really been active here since probably January 2021. I made a few comments on a couple of posts over the past week and every interaction I had blew my mind. This sub is full of hopium and dogmatic views. Why isn’t anyone open to discussions anymore?
Example 1 - I read a comment where someone said that bitcoin will never see a bear market again. This to be is absolutely ludicrous, I believe there is a case for arguing that this could happen but I don’t believe it, so I replied arguing it would see a bear market. Then I had multiple downvotes and most people replying were not even open to accepting the possibility.
Example 2 - was actually from a guy who I looked to for guidance when I first joined , r/mark_bear . He made a comment stating that HODL is the best strategy and don’t even consider selling to take profits then buy lower in the bear market. This again sounds ridiculous, surely since mark has been through two cycles already I believe that he would’ve learnt that bitcoin sky rockets at the top of the market and comes down with a crash, if you want to stack sats then surely taking profits and reducing risks towards the top of the market enabling you to buy more in the bear market?
Anyway sorry for the rant but it just feels like the whole sentiment here has changed, I feel sorry for the people who see their bitcoin value drop 80% next year and wish they sold some
This is truly a great article I happened to run across. Highly suggest you all take a couple of minutes to read it. Then, let me know your thoughts!
https://www.cryptonewsz.com/why-merchants-prefer-bitcoin-cash-over-bitcoin/
[First let me say that this is throw away account and so Nigerian princes or others scammers be not bothered.]
I’m retired since December 2017 and living of my bitcoins. I moved from a European country to Philippines early 2018. I live in 4 bedrooms house with my lovely wife and 2 children aged 1 and 2. We have a house 20 minutes from a medium sized city. We also have a fulltime nanny/housekeeper living with us and helping with the children and the house.
Seven years ago, I was in my mid-30s. Working in a call center and hated it every day. I did not have any luck with the ladies and the salary was just minimum waged. My biggest fun was 4 weeks’ vacation in other countries at the summer and spending what I saved the other 48 weeks of the year. Doing that for many years and realizing that I was getting lightyears behind others in my age group, no family, no career, no savings, no real plans for the future. Everyday life felt depressing as at least...
Around 2015 I did read hours and hours about Bitcoin and did get my self drunk by hopium what Bitcoin could be. I decided to start buying it. From every salary I bought what I could. I skipped the 4 weeks’ vacation overseas for 2 summers and just kept buying. In 2017 the price for one Bitcoin reached over $1000 again and I stopped buying it because I feared it would crash. Instead it kept rising to new ATHs.
On the late 2017 I had enough of my shitty job and I resigned without having a new workplace. I decided to get several bitcoin debit cards and start selling as soon 10k would be reached and then I would have a long vacation. I managed to sell about 80% of my Bitcoins while the price was over 10.000 and got around 200K+.
200.000 USD does not sound like something you can retire but as we know there is halving happening every 4 years. My expenses are about $30.000/year here and that is with a very good living. I do not own my house, instead I’m renting it as the Bitcoin value goes up faster than the value of houses.
When the price did hit 50k early this year I sold half of my remaining coins and I have savings now for wait out 2 halving’s before I need to sell again. For me its enough if the price just triples after every fourth year to never run out of money. Everything above it is just a bonus.
Sure, I could be still working and saving to one day live in a mansion in Manhattan and have Lambos but why bother? I am in my early 40s and I have the opportunity to be free and spend time with my children while they crow up.
Short Version: It took about 18 months of investing and 1 year waiting to retire.
I know that there are more Bitcoin retires/expats here, would be interesting to hear others stories of your path or of persons you know who are retired thanks to Bitcoin.
Mempool:
https://jochen-hoenicke.de/queue/#BTC,2d,weight
Fees:
Big coins are on the move. If fees move over 200 satoshis per byte, watch out below!
I posted a while back about a promotion Mark Cuban did with Voyager exchange where they'd give $100 in BTC for new accounts with deposits of at least the same amount and one trade. Well aside from the KYC (they required a ssn) they make it real difficult to withdraw your funds. I waited about a month before I was able to withdraw my full balance. Even then they wouldn't let me withdraw the BCH I had purchased with my $100 deposit. I had to sell it and withdraw everything in fiat. Oh and forget about the customer service answering inquiries. It'll never happen. But they have plenty of time to send all kinds of marketing shit to you. Never again. It wasn't worth to the 100bucks. Oh, and to cancel my account, guess what, I need to wait for my customer service support ticket to be answered. I won't hold my breath.
So, I was giving my nephews some paper wallets of BCH. I loaded the wallets, but I saved the details of the pub/private keys in case they lost them and never transferred them to their own wallet (I included a small pamphlet with details on how to set up their own wallet), since they are kids.
Later, I wanted to check things out because I was going to make some more, so I had a list of addresses to use, & wanted to double check that I didn't reuse the ones I used already. Well, in my history the address almost matched the address in my list, except for the last 5-6 characters or so. Super weird. So I clicked the slide toggle to show the legacy address, and then toggled it back to CashAddress format and, behold, it was now showing the address I expected.
In fact, when I click to view the TX on a block explorer, I also see the address I expect. So, it seems like this may indeed be a bug in the code when viewing the history anyway where initially it doesn't draw the final characters correctly. I'd guess that it has something to do with the fact that the first few and last few chars are bold, except that it's more characters even than are bold that are incorrect.
Has anyone else experienced this? Is it intended behavior and I'm just missing something obvious? Is there more than one CashAddress format for a unique address that is equivalent?
I'm aware there are other wallets, and I do use them as well. I also know it is not open source, etc. etc. I'm just trying to determine and figure out what might be going on and making sure there isn't a gap in my knowledge.
Hey All,
Need to be pointed in the right direction please (and it may be something more suitable to the Coinbase sub). I'm trying to withdraw BCH from Coinbase, I click withdraw, paste my wallet address check it matches then go preview transaction. On the preview page, the wallet address differs from the address I put in and shows 13Rs...GqPr. Is there some kind of translation going on here with the wallet address I've put in and it's pointing to the same location or is something funny going on? I haven't continued with the transaction because it's not the same address. I've tried a couple of different browsers and a couple of different devices and it's always the same.
Thanks.
Hello!
Now as we have, as it seems, our first unicorn project - we need more of them to bring money into BCH ecosystem. The more we get the better.
Let us make BCH a platform token that are needed for new projects so we can increase the demand from DeFi and jump start the positive momentum.
iPhone 4 - 2857 BTC iPhone 5 - 16.6 BTC iPhone 6 - 2.17 BTC iPhone 7 - 1.28 BTC iPhone 8 - 0.24 BTC iPhone X - 0.16 BTC iPhone 11 - 0.14 BTC iPhone 12 - 0.06 BTC iPhone 13 - 0.02 BTC
I constantly see posts of "Bitcoiner's" stressing and obsessing over the price! Who really cares if it's $50k, $55k, or $200k?
If you really, and I mean REALLY believe in Bitcoin, and that it's the future, then why don't you just buy, put it in cold storage, and repeat?
So many posts from individuals over complicating things for no reason..
Here's a quote that stuck .. "The hardest thing for any human is to just do nothing" .. Implying that you already bought Bitcoin, but now feel it's not enough, and you have to do something risky to try and double it by putting it into some shitcoin, hoping it explodes!
I'm asking because i'm genuinely curious to know..
Choose a book that’s written in native English and fairly modern (so wording doesn’t change between publications or translations). Ideally something less know, yet accessible. Distinctive cover would help to distinguish specific publication, for better accuracy.
Simply find all your seed phrase words chronologicaly in that book and make a note of them such as: 1024, 86, 11234, 501, 99, 23005, 788, 102567, 7654, 766, 12266, 9011
Now you can keep those numbers quite in the open and in different places because all you ever have to memorise now it what book is the key to unlock the phrase.
I strongly believe this very simple method is most ideal as you only have to memorise one thing. Even if someone gets a hold of your numbers, they first would have to realise what it is and then know what book unlocks it.
For you, you can have unlocking numbers in few places (never losing them) and only would have to get hold of unlocking book when you need it.
Finding the words might take hours yes, but it’s still better than losing them forever and this method is for hodlers, who want to keep it long time and will not access it too often.
For extra security you could say that the 1st word to start counting is actually a 10th word or something. That would make it even more impossible to decode and you’d still have just two things to memorise.
Hell yeah Bitcoin will crush gold!
https://crypto-academy.org/btc-is-crushing-gold-says-billionaire-investor/
Can someone explain how BCH is up 100% in 1yr on Coinbase but the Grayscale Bitcoin Cash Trust on Schwab is down 87% for the same time period?
I am trying to put together something to keep track of my BTC transactions and balance and I getting confused by the xPub address a bit. I keep hearing "never expose your xPub to a third party" and I am wondering if the act of using an API call or something like a blockchain.com search using the xPub is technically sending out that xPub to a third party. Are there any issues using this for this purpose? I feel like apps and other services have to be using this, but I can't seem to figure that out.
I'd like to know your opinion
How is this community so cool? Seriously.
I run a small business. In my industry, the pay isn't always great. Some projects you get a hit and other times it's a hard miss. You'd think with all the work we do, the amount of hours, days and weeks committed to servicing a project, the pay would be better. Our industry is a race to the bottom, so it doesn't improve with time, it only gets worse, especially now with inflation starting to pick up. We're not some multimillion dollar business, but we work incredibly hard to bring quality work to our clients and we just wanted to earn something that would equally represent a fair value trade for our services. The product we produce is going to last a very long time and earning in a dying currency which doesn't even keep its value for a year doesn't seem like an even trade off on the time and effort we put towards the work. So something had to change.
Earlier in the year I experimented on two fronts (1) putting Bitcoin on the balance sheet and (2) accepting Bitcoin as payment for projects. It's been a game changer for us.
Everyone, from my accountants, employees and clients were skeptical at first. I had to coax our clientele by offering serious discounts if they paid in Bitcoin, but it paid off. It paid off because we've seen a bit more capital growth/appreciation which has allowed us to expand the team and acquire new equipment during rallies.
In the middle of the year, I took on the experiment of learning how to live on Bitcoin. Part of the reason was to see if it was feasible as a means of payment, how to use it in the day-to-day with all its plusses and minuses, and to be able to help onboarding anyone who decided to accept Bitcoin as their means of payment. It's been a real education, but what I've learned has been incredibly valuable that my admin and accountant team have a much better appreciation for what Bitcoin is doing to our economy as a whole. We're still early, but I was in one of the MicroStrategy workshops and as they put it, "we're still early. How we use Bitcoin today will create the policies of tomorrow."
We haven't worked out all the kinks yet, but we're in a good position to start issuing payments in Bitcoin, whether they want a portion of their pay or all of it, come Dec 1.
Been working with the local small business chamber and government bodies too to help other small businesses learn to accept Bitcoin (both on-chain and on Lightning).
Not really sure where else to share the excitement considering that in my field, what we're doing is kind of a first and I still get the occasional eye-roll from my peers.
Heard you Sat Stackers were a good place to share this kind of news with.
Cheers!
What existing BCH software/framework could I use, for generating addresses, qr codes on telegram and executing on successful payment?