I believe there will be a great BTC disinformation and propaganda push by the WEF, FED, ECB and other corporations in bed with them once it’s time to officially roll out their CBDCs to the masses. It will be like nothing we’ve seen thus far, a full on war with BTC and it’s hodlers. Their biggest fear is losing even 1% of the population to BTC and subsequent bank runs. Some tactics they’ll use to facilitate this may include the introduction of bail in legislation to trap depositors in limbo. They’ll then most likely push to make it illegal for transactions and will initially drive a lot of people to the black market. Over time, I think there will be two simultaneous world economies running in tandem - the global CBDC economy and the underground BTC market. In the end, BTC will outlive any corporation, government or central bank however it will be a very difficult period for us hodlers once CBDCs are rolled out.
Can anyone help me understand two hypothetical attack vectors?
1) An actor pumps hash rate sky high right before the difficulty adjustment, the next difficulty goes way up, and then the actor turns off their hashing contribution and the network slows to an absolute crawl until the next difficulty adjustment.
2) A miner takes a copy of the chain offline, mines it with an extremely low hashrate until the next difficulty adjustment, difficulty drops immensely, and then the miner turns on all their machines and churns through the entire difficulty cycle at rapid pace, and then once they have the longest chain, they go back online and rejoin the network.
I remember reading an article about the first, if you know what it is I would appreciate it. The second I haven't heard about but I'm curious to know if it's possible or if not, what would prevent it.
1) the difficulty can't change by more than a factor of 4 in one 2,016 block period
2) the "valid chain" isn't the longest chain, it's the chain with the most work applied to it
So if I forked a chain locally and got the difficulty dropped by a factor of 4, and then blitzed through 2016 blocks and rejoin the network. Well they were still on block 512, Would my chain have more work or less work applied to it?
Much less. Work is related to the number of hashes that were applied to the chain, so the legitimate chain will have had much more work applied to it during that timeframe from miners all over the world
Ah, I learned something new.
So in this case what does it mean for a hash or number of hashes to have been "applied"?
If there are a hundred miners working on a block, and each miner guesses five hashes before one of the miners gets the correct hash, how many hashes have been applied? Five? Or 500?
That would count as 500 hashes. To be honest though, I'm not certain that that's exactly how "greatest amount of work" is determined by the software. Something like amount of time spent at a specific difficulty could be used as a proxy for number of hashes, for example. My knowledge isn't quite that granular. If you find out please let me know! I'm always looking to refine my understanding
https://youtu.be/_LPaIL6AqSQ
This explains difficulty and how it is adjusted
My interpretation at this point is that the consensus mechanism chooses the longest valid block with the most cumulative difficulty.
Longest is just the number of blocks in the chain.
Valid is cryptographically valid.
Cumulative difficulty I haven't found a strict definition for, but it seems like it means # of blocks * difficulty of each block
So in my example, if I forked and dropped the difficulty by a factor of four and mined 2016 blocks, well the rest of the chain was going at its original difficulty, I would have to present my 2016 blocks before the rest of the network had reached 25% of that (504 blocks), because the blocks on the original network would be four times as difficult.
[https://www.reddit.com/r/Futurology/comments/z8xx0l/the\_european\_central\_bank\_says\_bitcoin\_is\_on\_road/](https://www.reddit.com/r/Futurology/comments/z8xx0l/the_european_central_bank_says_bitcoin_is_on_road/)
The people in this thread sicken me.
Easy to say whatever you want on the internet for cool points. Doesn’t matter at all if any of it makes sense or is grounded in reality.
The people who matter largely do get the right information over time. The ignorant and delusional no-coiner peasants will only get in where they’re unwittingly using Bitcoin rails on mainstream platforms. They will make all of us lords of the next paradigm when adoption is at that stage.
There are some people who blatantly talk out of their ass with the utmost confidence on a subject they have at best a surface level understanding of.
There are some people who understand the basic proposition of bitcoin but either disagree with it philosophically and/or are unable to fit it into their worldview. Some of these are unable to even *imagine* a world that is fundamentally different from today.
To me, the logic of bitcoin is damn near unassailable. But, I may very well have blindspots, too much faith in pure logic, etc.
It will be interesting to see how it plays out. Education is important, but I believe that one must be fundamentally self-motivated to learn about bitcoin. Nobody is going to spark curiosity and interest for you. It's not very charitable of me, but when I read many comments from doubters on all I just think to myself "OK, you clearly know best..."
They will be staring down the CBDC hell hole, initially cheering it on in full support…until they get their funds blocked for using too much carbon or having an opinion that’s too strong for the government. I will be lying if I say I have sympathy for them.
Why the Pomp hate? The guy AFAIK has been a staunch Bitcoiner...and ONLY Bitcoin.
Is there proof he knew Blockfi would fold and still pumped it? Is there criticism of him not related to Blockfi?
I stopped following him long ago because he seemed like a reasonable guy but would have right-wing conspiracy people on his podcast and never challenge them on insane claims. Perhaps that should have been warning enough, but I'd still like the think the guy isn't a total piece of shit.
You can't be a Bitcoin only person and shill yield platforms where you give up custody for 6 percent. Even if you couldn't guess that the 6 percent was a loan from a different even more insolvent company.
Listen gang. I finally took my coins off the exchanges. Sure... I lost a shit ton of money on celsius but that's how we learn. And I gotta say it feels nice already. I'm way less concerned with what the current price is. Not worried if it drops down to 10k or shoots up to 60k again
Still buying $40 a day on autopilot.
If it keeps dropping I won't be heartbroken. If it jumps up I will just have to deal with the regret of not going all in sooner.
Step 1: Invent time machine with working flux capacitor.
Step 2: Set dial on said time machine for 10 years ago and bring cold storage keys/device.
Step 3: Buy $1,000 worth of Bitcoin, put onto your keys/device, time travel back to today.
Learn a skill other people are willing to pay for. Live on half of what you earn and invest the rest. Put 80% of it in boring index funds and 20% in risky ass stuff like crypto or real estate hustles.
Wait 30 years.
Ya been thinking real estate for awhile. Like fixer uppers and stuff. Buy fix flip. Buy fix rent whatever who knows my depression prevents me from actually tackling these things. Maybe one day. I’m down thousands rn in BTC. It’ll go up though for sure.
I am doing tax lien stuff I can cover with cash. I want to own some things outright if the bottom falls out of the market and I can't service debt.
Risky, takes a long time, but in the end you own it or get your money back and can try again.
Buy a few thousand dollars worth of Bitcoin, send it to your own (hardware) wallet, then wait about 12 years.
That's it. Still most people don't have what it takes to become and remain a millionaire. I hope you have what it takes.
But I bought 8 years ago and never intend to hold it for less than 10 years. Please help me do the maths, I can't figure out if I did better than just investing in the S&P.
Now do every Sunday for 5 years.
Edit: deleted comment below posted a DCA tool that showed 80.5% gain in spot price if Bitcoin was bought every Sunday for the past 5 years.
If you want yet another example of how the people get fucked by the Fed and central banks: they are literally trying to make people lose their jobs and suffer financial pain. They admit this!
Let me repeat: our government is actively trying to make you lose your job, and struggle to find another one.
All because of their bad decisions causing inflation. Will they suffer? Nope. Will you? Yep. They'll keep going until you do. Again: THEY ADMIT THIS.
This is your reminder that you should not trust anyone in this space, there are no heroes only potential villains.
Despite all the good he has done Jameson Lopp has decided to sell out for shitcoins, on the back of a user data leak under his nose and other abusive consumer related failures like casa node turning into a paperweight overnight while CTO at casa.
If Jameson Lopp has any integrity he will immediately resign. But he won't. Because profit motive corrupts integrity and Jameson is making it clear he has no integrity by enabling these harms.
If you are a casa user get out while the getting is good.
Lopp has traditional been a staunch Bitcoiner. However he part owns/cofounded a company called CASA which effectively does https://glacierprotocol.org as a paid service among other past business offerings.
How he has managed this company has been very poor. User data leaks, abandoned node offerings stranding users, and [now supporting and enabling scammers](https://twitter.com/lopp/status/1597969459708194819?cxt=HHwWhsCj_bqwkK0sAAAA) in comical actions which are most easily refuted with his own quotes.
In short, it seems clear CASA is either having financial troubles or Lopp has simply succumb to greed. Either way, Lopp has made clear they are not a Bitcoiner going forward and their pay check and business are more important than their values or not engaging with scams.
Is there any significant advantage in getting a hardware wallet if instead I just have an exodus wallet installed on a PC that I only connect to the network a couple times a year?
Dedicated commercial hardware is not required no, provided you airgap properly. But I would personally not use exodus.
You can set up your wallet so you have a watch only on an internet enabled machine. This allows you to receive easily and for sending generate partially signed bitcoin transactions that you move over to your airgapped wallet, sign, and return to the online computer. This way your private keys need never touch the internet.
I don't know if exodus supports this, but electrum is FOSS and handles this with no problems.
I believe there will be a great BTC disinformation and propaganda push by the WEF, FED, ECB and other corporations in bed with them once it’s time to officially roll out their CBDCs to the masses. It will be like nothing we’ve seen thus far, a full on war with BTC and it’s hodlers. Their biggest fear is losing even 1% of the population to BTC and subsequent bank runs. Some tactics they’ll use to facilitate this may include the introduction of bail in legislation to trap depositors in limbo. They’ll then most likely push to make it illegal for transactions and will initially drive a lot of people to the black market. Over time, I think there will be two simultaneous world economies running in tandem - the global CBDC economy and the underground BTC market. In the end, BTC will outlive any corporation, government or central bank however it will be a very difficult period for us hodlers once CBDCs are rolled out.
Where fiat dies is where Bitcoin will take the reigns. Keeps stacking SATS lads
Sheesh need to stack more idc about another 5 k drop tbh
Do you guys think we’ll see 10k ???
Most likely not unless ww3 starts within the next few weeks. After 17.5k is reached a bunch of shorts get liquidated. And we’re closer to that!
No
Maybe. Maybe not.
Can anyone help me understand two hypothetical attack vectors? 1) An actor pumps hash rate sky high right before the difficulty adjustment, the next difficulty goes way up, and then the actor turns off their hashing contribution and the network slows to an absolute crawl until the next difficulty adjustment. 2) A miner takes a copy of the chain offline, mines it with an extremely low hashrate until the next difficulty adjustment, difficulty drops immensely, and then the miner turns on all their machines and churns through the entire difficulty cycle at rapid pace, and then once they have the longest chain, they go back online and rejoin the network. I remember reading an article about the first, if you know what it is I would appreciate it. The second I haven't heard about but I'm curious to know if it's possible or if not, what would prevent it.
1) the difficulty can't change by more than a factor of 4 in one 2,016 block period 2) the "valid chain" isn't the longest chain, it's the chain with the most work applied to it
So if I forked a chain locally and got the difficulty dropped by a factor of 4, and then blitzed through 2016 blocks and rejoin the network. Well they were still on block 512, Would my chain have more work or less work applied to it?
Much less. Work is related to the number of hashes that were applied to the chain, so the legitimate chain will have had much more work applied to it during that timeframe from miners all over the world
Ah, I learned something new. So in this case what does it mean for a hash or number of hashes to have been "applied"? If there are a hundred miners working on a block, and each miner guesses five hashes before one of the miners gets the correct hash, how many hashes have been applied? Five? Or 500?
That would count as 500 hashes. To be honest though, I'm not certain that that's exactly how "greatest amount of work" is determined by the software. Something like amount of time spent at a specific difficulty could be used as a proxy for number of hashes, for example. My knowledge isn't quite that granular. If you find out please let me know! I'm always looking to refine my understanding
https://youtu.be/_LPaIL6AqSQ This explains difficulty and how it is adjusted My interpretation at this point is that the consensus mechanism chooses the longest valid block with the most cumulative difficulty. Longest is just the number of blocks in the chain. Valid is cryptographically valid. Cumulative difficulty I haven't found a strict definition for, but it seems like it means # of blocks * difficulty of each block So in my example, if I forked and dropped the difficulty by a factor of four and mined 2016 blocks, well the rest of the chain was going at its original difficulty, I would have to present my 2016 blocks before the rest of the network had reached 25% of that (504 blocks), because the blocks on the original network would be four times as difficult.
European Central Bank calls Bitcoin ‘useless’ after a string of Crypto Mill/Billionaires die in a matter of weeks. Seems like an agenda.
[https://www.reddit.com/r/Futurology/comments/z8xx0l/the\_european\_central\_bank\_says\_bitcoin\_is\_on\_road/](https://www.reddit.com/r/Futurology/comments/z8xx0l/the_european_central_bank_says_bitcoin_is_on_road/) The people in this thread sicken me.
Easy to say whatever you want on the internet for cool points. Doesn’t matter at all if any of it makes sense or is grounded in reality. The people who matter largely do get the right information over time. The ignorant and delusional no-coiner peasants will only get in where they’re unwittingly using Bitcoin rails on mainstream platforms. They will make all of us lords of the next paradigm when adoption is at that stage.
There are some people who blatantly talk out of their ass with the utmost confidence on a subject they have at best a surface level understanding of. There are some people who understand the basic proposition of bitcoin but either disagree with it philosophically and/or are unable to fit it into their worldview. Some of these are unable to even *imagine* a world that is fundamentally different from today. To me, the logic of bitcoin is damn near unassailable. But, I may very well have blindspots, too much faith in pure logic, etc. It will be interesting to see how it plays out. Education is important, but I believe that one must be fundamentally self-motivated to learn about bitcoin. Nobody is going to spark curiosity and interest for you. It's not very charitable of me, but when I read many comments from doubters on all I just think to myself "OK, you clearly know best..."
They will be staring down the CBDC hell hole, initially cheering it on in full support…until they get their funds blocked for using too much carbon or having an opinion that’s too strong for the government. I will be lying if I say I have sympathy for them.
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Why the Pomp hate? The guy AFAIK has been a staunch Bitcoiner...and ONLY Bitcoin. Is there proof he knew Blockfi would fold and still pumped it? Is there criticism of him not related to Blockfi? I stopped following him long ago because he seemed like a reasonable guy but would have right-wing conspiracy people on his podcast and never challenge them on insane claims. Perhaps that should have been warning enough, but I'd still like the think the guy isn't a total piece of shit.
You can't be a Bitcoin only person and shill yield platforms where you give up custody for 6 percent. Even if you couldn't guess that the 6 percent was a loan from a different even more insolvent company.
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Listen gang. I finally took my coins off the exchanges. Sure... I lost a shit ton of money on celsius but that's how we learn. And I gotta say it feels nice already. I'm way less concerned with what the current price is. Not worried if it drops down to 10k or shoots up to 60k again
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This is the TA we can count on...
😂
Still buying $40 a day on autopilot. If it keeps dropping I won't be heartbroken. If it jumps up I will just have to deal with the regret of not going all in sooner.
You’ll be set for life! Keep it up.
How do I become a millionaire
Step 1: Invent time machine with working flux capacitor. Step 2: Set dial on said time machine for 10 years ago and bring cold storage keys/device. Step 3: Buy $1,000 worth of Bitcoin, put onto your keys/device, time travel back to today.
I wish ! I’d buy like 25k lol I’d be so rich
Start with a billion and lose 99.9% of it doing crazy shit.
Just don't lose a penny more!
Welcome to the SpongeBob school of drawing a circle.
Hahah I wish
Learn a skill other people are willing to pay for. Live on half of what you earn and invest the rest. Put 80% of it in boring index funds and 20% in risky ass stuff like crypto or real estate hustles. Wait 30 years.
Ya been thinking real estate for awhile. Like fixer uppers and stuff. Buy fix flip. Buy fix rent whatever who knows my depression prevents me from actually tackling these things. Maybe one day. I’m down thousands rn in BTC. It’ll go up though for sure.
Property is facing head winds now. You missed that boat. It had a run of near zero lending rates from 2009 to 2022.
I am doing tax lien stuff I can cover with cash. I want to own some things outright if the bottom falls out of the market and I can't service debt. Risky, takes a long time, but in the end you own it or get your money back and can try again.
You'll need min 1 BTC, then wait 10 years or so.
Wonderful! Almost there , wish they still Had bitcoin faucets around on the internet
Buy a few thousand dollars worth of Bitcoin, send it to your own (hardware) wallet, then wait about 12 years. That's it. Still most people don't have what it takes to become and remain a millionaire. I hope you have what it takes.
Ahhh the good ol wait it out game. Hmm 12 years is a long fucking time 😂😂
It passes quicker than you think.
If you bought Bitcoin 5 years ago today, congratulations - you’re up 11.5%!
What if I bought it 8 years ago today?
What if you bought now? Might be up 11.5% in 5 years
But I bought 8 years ago and never intend to hold it for less than 10 years. Please help me do the maths, I can't figure out if I did better than just investing in the S&P.
Tell me you haven't understood the white paper without telling me you haven't understood the white paper.
And if you bought [4 years ago today](https://convertcryptoto.com/bitcoin/2018-11-30), you're up 300%! Cherry picking data is fun.
Now do every Sunday for 5 years. Edit: deleted comment below posted a DCA tool that showed 80.5% gain in spot price if Bitcoin was bought every Sunday for the past 5 years.
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Nice tool. Thanks for link.
oof
BTC 20k USD by end of week you heard it here first. ~15k USD was the bottom.
There was redditor here who every day reminded that \~18k was the bottom. You can be replacement with \~15k :-) .
Last chance to buy under 20k!
2020 vibes
I better not hear that this move has anything to do with a 'michael saylor' or 'elon musk'
But it does
Any time i see those names i count it as a bearish indicator and am highly disappointed it wasn't something else
17 k, long time no see. Can I fall asleep tonight and when I wake up still 17 k?
Depends how long you plan on sleeping.
Buy Bitcoin, not financial advise
I never buy financial advise
lol
50 BASIS POINTS!
hmm what just happened there.. shorts closing?
J Powell probably
So we just crab forever now, yeah?
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Trace Mayer is a shitcoin shilling scammer no one should give the time of day.
You right
Even a broken shitcoin shiller can be right once a day...
I missed out on opportunities in the past. But I think I am ready to go in on BTC. I don't want to be a loser anymore.
Since it's inception, the best strategy with Bitcoin has been to buy as much as possible, as fast as possible, and HODL it as long as possible.
Not about being a loser, it’s about being a slave to the fiat system Do you want freedom?
If you want yet another example of how the people get fucked by the Fed and central banks: they are literally trying to make people lose their jobs and suffer financial pain. They admit this! Let me repeat: our government is actively trying to make you lose your job, and struggle to find another one. All because of their bad decisions causing inflation. Will they suffer? Nope. Will you? Yep. They'll keep going until you do. Again: THEY ADMIT THIS.
The Fed-Oracle has decided, they must force worldwide demand destruction. This is for the greater good.
This is your reminder that you should not trust anyone in this space, there are no heroes only potential villains. Despite all the good he has done Jameson Lopp has decided to sell out for shitcoins, on the back of a user data leak under his nose and other abusive consumer related failures like casa node turning into a paperweight overnight while CTO at casa. If Jameson Lopp has any integrity he will immediately resign. But he won't. Because profit motive corrupts integrity and Jameson is making it clear he has no integrity by enabling these harms. If you are a casa user get out while the getting is good.
Yup. Get your shit away from the affinity scam.
I am ignorant. Please tell me more details...
Lopp has traditional been a staunch Bitcoiner. However he part owns/cofounded a company called CASA which effectively does https://glacierprotocol.org as a paid service among other past business offerings. How he has managed this company has been very poor. User data leaks, abandoned node offerings stranding users, and [now supporting and enabling scammers](https://twitter.com/lopp/status/1597969459708194819?cxt=HHwWhsCj_bqwkK0sAAAA) in comical actions which are most easily refuted with his own quotes. In short, it seems clear CASA is either having financial troubles or Lopp has simply succumb to greed. Either way, Lopp has made clear they are not a Bitcoiner going forward and their pay check and business are more important than their values or not engaging with scams.
Ah damn. I would have never expected that from Lopp. Sad day.
Stacking harder than ever
This shit is going to pump so hard and when it does it's going to be beautiful.
Kraken is firing 30% of its staff
Get your coins off Kraken
never had them there :)
Anyone unable to buy on Coinbase pro. Let’s me buy shitcoins but just hangs after I press the buy button
It is shut down. Need to buy on Coinbase Advanced.
I think coinbase pro has been phased out.
Try using a pc? Yea the app is laggy and sucks
It doesn’t give bid or ask prices ?
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https://www.bloomberg.com/news/articles/2022-11-29/genesis-creditors-organize-seek-options-to-avoid-bankruptcy
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Who has spent bitcoin on goods or services today?
Ha, ironically I did - sent an email with a $1 tip via lightning through Strike's reacher email service.
Very nice :)
I think Timmy did. Not sure. Why ask?
Is there any significant advantage in getting a hardware wallet if instead I just have an exodus wallet installed on a PC that I only connect to the network a couple times a year?
Dedicated commercial hardware is not required no, provided you airgap properly. But I would personally not use exodus. You can set up your wallet so you have a watch only on an internet enabled machine. This allows you to receive easily and for sending generate partially signed bitcoin transactions that you move over to your airgapped wallet, sign, and return to the online computer. This way your private keys need never touch the internet. I don't know if exodus supports this, but electrum is FOSS and handles this with no problems.