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May 27, 2019, 11:32:21 AM *
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1  Bitcoin / Development & Technical Discussion / Re: There are 2^256 private keys out there: how big is that number? on: Today at 08:59:57 AM
Bitcoin could easily upgrade to 512 Bit security.

If someday we "upgrade" bitcoin i don't think it would be to a bigger size curve (which the bigger keys come from) but i suppose it would be a migration to another different asymmetric cryptography algorithm instead of elliptic curve and keep it small at possibly the same 256 bit key size.
2  Economy / Speculation / Re: Triangle breakout on: Today at 04:31:07 AM
although you'll never know with bitcoin but i don't think we can break $10k this soon, it could probably take a while with at least a couple of tries and fails to break it and go to $11k all of a sudden.

up to this point was the result of the "reverse bubble" burst in my opinion. as i said before, price was in an unstable and artificial low and now it is "bursting" in reverse to go back to the normal stage. with $8k we are just back to where we should have been in January-February if the manipulation hadn't happen.
3  Bitcoin / Bitcoin Discussion / Re: Is BItcoins supply infinite?? on: Today at 04:11:56 AM
Imagine one day ... 0,00000001 btc (1 satoshi) would not be the minimum standard and other decimals will be added Smiley likewise 0,000000000001 btc (1 millisatoshi)
Of course, you can split infinite of times a number, but the total supply will be even the same.

Actually, with the implementation of Lightning Network, sub satoshi payments (fractions of satoshi, that is) are already theoretically possible, since micropayments are suited for that. The bitcoin wiki already describes a 10th of a satoshi for payment purposes.

So yeah, while LN is practically still in beta stages, that already is a reality just not yet in practice.

So no. Bitcoin is not infinite in supply. But theoretically, it is divisible to limitless fractions. Least that's how it seems in my mind.

splitting something into smaller portions doesn't change its supply. imagine you have a bar of gold and you break it in half, you didn't increase the supply of gold you just broke it into smaller components. so when speaking of supply you really can't talk about divisibility.
also on-chain is the important part which will have 1 satoshi as its smallest unit.
4  Other / Beginners & Help / Re: How to know whether the wallet is deterministic wallet or not? on: Today at 03:54:49 AM
There are 4 simple indicator :
1. Whether you're asked to store 12/24 mnemonic words
2. There's option to restore your wallet only with 12/24 mnemonic words.
3. Depending on wallet application you uses, there should be icon which indicate you're using HD wallet/not.
4. There's option to export master public key/master private key on your wallet.

it is worth adding that these may not cover all cases and it may not be true in all cases either.
for example bitcoin core is a deterministic wallet but it does not use mnemonic so there is no 12/24/... words to back up, only a seed that the user won't see in GUI. (i think point 3 is the only thing that works in this case)
or some web wallets like Blockchain.info used to have a "recovery phrase" while they weren't deterministic at the time. it looked like a mnemonic but it was for something entirely different.
5  Bitcoin / Development & Technical Discussion / Re: Full node on a Smartphone on: Today at 03:43:43 AM
It's possible if there's full node client on mobile for PoS-based cryptocurrency. While it's stake rather than mine some coins, both of could give the owner money.

if they go the altcoin route (which may be it like what Samsung did) it is going to be a lot easier for them because the full nodes of altcoins have tiny blockchains compared to bitcoin and also they don't have that much "traffic" either, usually their blocks are either empty or little used.
6  Economy / Speculation / Re: Bitcoin jump to 8500USD, will it hit 10k this week on: Today at 03:31:25 AM
i still lean towards a slower price rise from $7500 to $10000 and this recent price rise is not changing that yet. remember that it was not a big rise either since it was only a 6% rise and a rise that occurred after breaking a resistance at a psychological round number where day traders place automatically triggered buy orders.
7  Bitcoin / Bitcoin Discussion / Re: EXPOSED: The real creator of Bitcoin is ... on: Today at 03:20:59 AM
~ after a decade of cryptographers and coders pouring over bitcoin's code. ~

it is not a "decade", it is 34 years for the elliptic curve cryptography (from 1985 for ECDSA) and 18 years for the hash function used in bitcoin (from 2001 for SHA256). bitcoin is just built on top of these and there is no "bitcoin code" there is only "Bitcoin protocol". Smiley
8  Bitcoin / Wallet software / Re: How do I manage my Bitcoins locally without downloading the entire blockchain? on: Today at 03:01:45 AM
Download atomic wallet from https://atomicwallet.io to your desktop computer depending on the operating system. Then click on restore ended your 12 words backup seed and get your Bitcoin wallet with Bitcoin on your computer. If you only have private key, then convert it to 12  words backup seed and then do the restore.

unless you can show me the source code of this wallet, i would advise everyone to stay away from this because it is closed source! their repository only contains a github.io code (github pages) and a bunch of stuff they forked! https://github.com/Atomicwallet?utf8=%E2%9C%93&q=&type=source&language=
there is no source code for the wallet itself and the only thing their website provides is the compiled binaries which you have no way of knowing what they do.
9  Bitcoin / Bitcoin Discussion / Re: How much bitcoin is "a fair share"? on: Today at 02:45:44 AM
calling it "a fair share" may create a wrong idea in people's head that bitcoin is supposed to be distributed evenly among people like a charity! but that is not what bitcoin was meant to be like.

but your point about scarcity of bitcoin is valid. in fact the main reason why price is going to continue to rise until mass adoption is exactly this. of course mass adoption is not going to be anywhere close to 100% of people in the world using bitcoin but only a large percentage.
10  Bitcoin / Bitcoin Discussion / Re: 2020's gonna be lit!! on: Today at 02:33:38 AM
* Halving is on its way 2020
* and I'm hoping Facebook's "GlobalCoin" comes after that- (this is going to introduce about a Billion people to Bitcoin and crypto)
* Craig Wright's sh*t has been gotten over haha
lastly, another possible China FUD Smiley lol

* halving effect will be small compared to bitcoin rise that is going to come. in fact i am starting to think that halving hype (meaning the hype in 3 months before and 1-2 months after the halving) is slowing down that big rise because we see a bubble that bursts and puts market in a short bear market. it has happened the last two times before the big launch too.
* facebook's centralized token has nothing to do with bitcoin and i don't think it introduces anyone to "bitcoin"
* haha, you wish. people like CW will continue to scam unless they are stopped
* China FUD is old news...
11  Bitcoin / Development & Technical Discussion / Re: There are 2^256 private keys out there: how big is that number? on: May 26, 2019, 04:12:05 PM
Wow this is a serious project.
Basically thousands of distributed servers generating and checking 26 Trillions (!!!) of private keys on a daily basis.
Over the first three years, they managed to find 7 private keys. That’s a lot! I imagined the odds were much lower., but probably there is some kind of bug in some wallet utilising a suboptimal random number generator to create keys. (Further research needed here!)
that is technically incorrect.
they are not exactly finding private keys with balance, they are solving a puzzle. a long time ago (2015) in order to show the hugeness of the private key space (or maybe just for fun) someone created a "puzzle" where he chose keys in a certain smaller space and sent increasing amounts to each of those keys like this:
20<key<21 send 0.001BTC=$0.2 at the time
21<key<22 send 0.002BTC=$0.4 at the time
22<key<23 send 0.003BTC=$0.6 at the time
and so on.
now, people to this day are still trying to solve that puzzle. so technically if you have a private key (which is impossible by the way) that is in one of those ranges they won't find that because they are only looking to solve that puzzle.

p.s. a bit nitpick-y but there are 0xFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFEBAAEDCE6AF48A03BBFD25E8CD0364140 private keys which is a little smaller than 2256 Tongue
12  Other / Beginners & Help / Re: Disclosure: Key generation vulnerability found on WalletGenerator.net—potentiall on: May 26, 2019, 03:12:42 AM
You can suggest them to create their own paper wallet using other means, manual or by other offline tools. It's not too "techie".

Creating an airgapped offline device itself could be very complicated for most people. You need to understand that not everyone knows how to work with basic computer stuff; and this is one of the reasons why a lot of people still like holding their funds on Coinbase and other similar platforms.

well security doesn't come cheap. it requires lots of effort. so the question is whether the user values his security (which can be based on how much bitcoin he owns) enough to spend time learning how to do it. i believe the reason why most people do crazy things like holding their coins on Coinbase is that they don't value their security that much.

How do I know if I type my info into a program it is safe?
you find the source code of whatever open source application you use, in this case Brave browser and you go through it to see what it really does. then you can also clone the code and build it yourself instead of running the binaries they provide. https://github.com/brave/brave-browser
13  Bitcoin / Bitcoin Discussion / Re: "Is it true that Craig Wright is the real Satoshi as he claims?" on: May 26, 2019, 02:52:49 AM
haha, it is so funny how this person is using this "opportunity" to gain some popularity. basically he saw how CSW was scamming people and how the topic is a hot one for discussion so he jumped on board. he starts by stating the obvious and makes good arguments about how CSW is a scammer and lying to everyone, then he uses the same lies to make the same claims himself...
14  Bitcoin / Bitcoin Discussion / Re: Old Hacker news discussion about Bitcoin on: May 26, 2019, 02:42:50 AM
Well, hearing out the idea would make you skeptic and negative about it and that's a pretty normal reaction for someone who haven't looked at the potential.

not necessarily this case but generally speaking skepticism is not the same as negativity. you have to be skeptic about new things you see, specially when you see something like that which may have looked like money out of thin air on the internet at first look. but automatically being negative is to be extreme and that is only the case with naive people who jump to conclusion without research. and in some cases with those who want to spread FUD.
15  Bitcoin / Bitcoin Discussion / Re: What's your thoughts on the recent Localbitcoins.com ban of its Iran-based users on: May 25, 2019, 04:09:14 AM
that is why centralization could never work in bitcoin (decentralized) world. things look P2P on localbitcoins but they are centralized which is why "bans" like this can happen. unfortunately that has been a problem in bitcoin ecosystem for ages and although mitigation exists with decentralized exchanges, they are not that popular.

i didn't know Localbitcoins had such a high volume though! alternatives exist and there are cases which offer much better rates, i personally never find Localbitcoins rates any good which is why i have never used it before. i prefer true P2P trades when it comes to exchanging bitcoin with fiat.
16  Economy / Speculation / Re: Bitcoin is very likely going to break $9000 in the next few days. on: May 25, 2019, 03:52:23 AM
a very interesting analysis for sure, and the current momentum in the market has been very bullish making it possible and even easy to have breakouts that big but i think $9k+ is not going to happen that easily. it is true that the rise you described is going to trigger a lot of buy orders and logs but also going above $8500 will trigger a lot of short term sells from day traders cashing their profit out and $9k is another barrier that will act against the rise.
17  Other / Beginners & Help / Re: Disclosure: Key generation vulnerability found on WalletGenerator.net—potentiall on: May 25, 2019, 03:21:34 AM
yet another reason why you should never use a closed source wallet/tool (in this case the website) to generate a wallet, private key or seeds. instead you should always stick to open source tools (in this case the code on GitHub instead) and run it offline.
18  Bitcoin / Project Development / Re: Thoughts on a crypto orientated seed business? on: May 25, 2019, 03:17:00 AM
if you restrict your payment to cryptocurrency only then you restrict your customers because not that many people even know about cryptocurrencies and those who do know are using them as investment not currency specially altcoins!
what you said about giving discounts for crypto-payments is a better idea as long as you keep the fiat as the normal way of payment.
also be careful with altcoin payments, they are not as safe as they look. and many things such as double spending is easier using many of them.

Btw, why not use third-party payment processor? Should've solved a lot of issues such as conversion rates and so on.
there is no point in accepting cryptocurrency if you are going to use a third party processor and/or receive fiat from them.
19  Bitcoin / Bitcoin Discussion / Re: Teslas to incorporate Blockchain???? on: May 25, 2019, 03:04:47 AM
WOAH. What if Teslas were nodes and each car were to talk to each other and record everything on a public blockchain?

the question should not be "what if" because it is possible and even in most cases it will be easy to implement blockchain technology for almost anything but having the capability doesn't mean you should. so the real question should be "WHY" or in other words what would be the benefit of it and what would be improve?
in this case i don't see any reason to keep that kind of data on a public blockchain. not to mention immutable while i may not even use my car as long as my data persists on that blockchain!
20  Bitcoin / Bitcoin Discussion / Re: 61-year Old Chinese Grandma Convicted For Stealing Electricity To Mine Bitcoin on: May 25, 2019, 02:48:51 AM
ignore the age and the "grandma" part and you can see how this is a very normal news not worth reading. someone was doing something illegal and got caught doing it. now they are paying the price of their wrongdoing with a fine and jail time. this is happening every day with people with all ages and backgrounds doing all kinds of illegal stuff and getting caught doing them, so it is not really something newsworthy!
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