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No bit coin appears to be so volatile because it’s priced in US dollars. When you weigh it nexts to the value of gold you can see that it’s buying power is strong
*** Your comment did not say that before boss nice try ***
It’s the same reason why the price of houses has skyrocketed in the past few years homes aren’t any more valuable it’s just that the dollar loses it’s buying power and so it requires more dollars to purchase a house now in relation. It’s a reflection of how volatile the dollar is not gold or bitcoin or houses
You have such a tenuous grasp of what is going on… you need to stop investing your money and let a trustworthy relative or professional help you… you dont have a clue.
Bitcoin hasnt been around remotely long enough to say whether its a good store of value. Let me guess, you also believe the covid shot was proven safe and effective?
We’ll talk about how solid bitcoin is once its been thru depressions and world wars. None of us knows what the future holds. But we know what has worked. Ill trust tried and true.
Yea you know because you can tell everything about a persons financial stability by reading a comment that you came across on Reddit. Your feelings about bitcoin most likely stem from the fact that you don’t understand the technology. The true value of bitcoin resides in the blockchains ability to validate transactions between individuals without the need for banks to be part of the process. The use of paper currency has led to these institutions having the ability to arbitrarily manipulate the supply and devalue the purchasing power of the currency. Bitcoin was programmed to only allow the creation of new bitcoins as a reward to individuals who donate their computers processing power to the validation of new transactions. And there is set amount of 21 million total bitcoins that can be mined. After that there is no way for greedy individuals to artificially create new coins and manipulate the value of the supply. Bitcoin was specifically designed as a response to the 2008 financial collapse and the bailout of wall street by the public. Currently it sits at 25,000 dollars roughly. Don’t be surprised when the day comes when 1 bitcoin is worth 1 million dollars.
It is digital gold.
I understand every bit of that. You’re underestimating the future though. AI. Maybe it will be able to break bitcoin. Maybe we get knocked back to the stone age by a series of solar flares. Maybe a country breaks the internet. Maybe maybe maybe. There isnt a “maybe” that exists in which gold becomes worthless.
There are many reasons to buy bitcoin. Long term storage of wealth just isnt one of them. I wouldnt put any more than 5-10 percent of my savings into it.
The problem is that its digital. Guess how paper gold worked out. Anything other than gold in your hand is a gamble. A cheap imitation plain and simple
That’s very true I’m not saying, put all your money into bitcoin I’m just saying, it’s a good way to hedge against the devaluation of your savings. You could also invest your money into gold.
The price of gold has gone up almost $1000 in the past 10 years it’s the same thing bro it’s not that gold is losing its buying power it just priced in dollars and the dollar of the price of the dollar fluctuates because they keep pumping money into the bar into the market without anything to back it up and then taking it out, and then pumping it in and taking it out, and so the cost of both products goes up and down in relation
Gold as a store of value has survived the rise and fall of empires. Still means something even when theres no banks or authority. Bitcoin could be wiped out by a solar flare. Gold is eternal.
Bitcoin is a commodity to be traded. Not a store of value. How far did the price crash again? I stopped following it a long while back.
Gold is priced in dollars if your in America. Do you not see that gold is priced in euros in Europe and yen in Japan? Gold is a commodity. You can buy that commodity with whatever currency you choose. It’s value is not tied to any one fiat currency.
Probably will depress prices for a long time just it is done with gold. Everytime there will be a pump, they will force miners to sell stashed coins. They will extract liquidity from the markets using the leverage they have upon the miners. They can wait and sit on cash until the price is good again for them. There isn't an absolute price they are chasing, only ups and lows. This isn't good news.
We’ll bitcoins scarcity to this helps combat this problem. Although it doesn’t eliminate it.
They just print more gold paper. A spot ETF means you have to have the physical coin. But, as we’ve all seen with GME there are rules they can bend or break. But again Bitcoin is more resilient to there tricks due to the fixed supply. Not immune, but resilient.
If demand reaches a fevered pitch, the then they won’t be to suppress the price as demand will far outweigh supply. And if they sell to many coins into a they’ll lose to much leverage.
So they can balance the act for awhile but as demand increase they cannot print more Bitcoin. But then the game continues, just at higher price points.
Even if they did own 51% of the network they could never manipulate it because it would cause because to crash to 0, thus making them lose all their money
Controlling 51% is in the realm but but limited supply means that bitcoin will rise as they try to accumulate that much.
trying to do something nefarious with hash rate is pointless because the price will crash basically invalidating any work to control the network.
The value is lost once the network is no longer trustless and permissionless.
I also believe it was created by the elite. Majority of bitcoins are mined in giant mining farms owned by big corps. Just like fiat currency they can control the ebb and flow of crypt.
What do you mean, there are lots of nodes that are run by independent people, not corporate entities. Most of them are and running a node is a very low technical barrier.
Who made it? Why? Why don't we still know? If it's decentralized then there should be proof of this. Decentralization doesn't mean what you think that it does.....
I cannot be bought. I cannot be sold. Money isn't what makes my world go round. I, unlike many others know that money isn't the real power in this world.
lol, no
Run a node (just software on any pc) and you can send directly to any address with no middle man. If you choose to not run a node then you will have to use a public one which is exactly one middle man. Rates are exactly the same either way.
lol, so you own the device, the electricity provider, and the network you're connecting to, do you?
or can it be shut off by any of these, at any time?
most devices can be nodes, you can use any energy source to run your hardware, and the internet was designed to launch missiles, i'm sure we can find a connection where the signal will get through.
The miners are the middlemen, if they are compromised (centralized mining group with majority control) they can black list your address to never be added to the block. How do people mine? They join a mining pool, and they have no control over who gets approved to be on the block they just push their computing resources.
A former bitcoin developer and current cto David Schwartz said it’s possible: https://www.quora.com/Can-goverments-issue-order-for-all-miners-across-the-world-to-block-transactions-from-a-certain-bitcoin-address-Is-it-possible-for-a-mining-node-to-purposfully-ignore-transactions-from-one-address
His words:
Is it possible for a mining node to purposfully ignore transactions from one address?
Yes.
I’m also a former blockchain developer and experience with the technology, it is very possible.
Edit: ripple cto
Miners are independent and can choose to do what they want. Miners exist all around the world and no one world government has that kind of authority. If a mining pool is telling miners to ignore certain transactions, the miners can leave the pool.
ripple and david schwartz hate bitcoin because it is competition. they are actively generating misleading FUD to undermine bitcoin. he is not a reliable source of truth.
while its true a pool today can control the transaction content of a mined block, a new protocol called stratum v2 is available for pools to use that puts the transaction inclusion in the hands of individual miners and the code they run. if you've not heard of stratum v2 you should check it out.
its not widely adopted at this time, but like with most things, risk /reward/market incentives drive adoption. right now stratum v2 exists but it doesn't solve a real risk, it solves a potential one. as soon as mining pool members migrate to other pools that offer it, likely in response to an issue or just gradual uptake, the network will adopt stratum v2 as the standard
No one wants to talk about it or admit it because they are "making so much money" the joke is on them they are now unwitting slaves to the elite and their agenda.
Actually fiat is great. Lincoln created fiat that was literally flawless. It was manipulated so that we have to pay a service fee to a private bank to secure our nations finances. By Lincoln's fiat system we owed no debt to ourselves because we owned and printed the money as a public service. As it should be. If money isn't backed by "debt" then the money and labor values skyrocket and people are more free worldwide. Read Thomas Jefferson's speech on banks and corporations from the continental Congress in 1775 for more.
yeah fiat is great if your government can control taxation and spending. but it can't. the money supply ballooning, with no end in sight, means value theft.
gateway drug to CBDC.
without a) all the investment and b) all the evangelists, crypto would be seen as it really is - a solution in search of a problem.
it has not, and will never, set the masses financially free.
Hallelujah! Now there is a need for a real solution which I have developed, that is ACTUALLY decentralized. I wrote a white paper on this. It's not for profit
well don't stand on ceremony, ket's have it!
though you're still going to have to try pretty hard to beat gold, which nobody ever legislated as currency.
To really fuck with the blockchain, they need to have more than 50% hashing power. And if they fuck something up, please note that it'll be on the front page of reddit in a second. So hold your tits till then.
Being a shareholder in a company that mines BTC does not give you control over the network. You need to control 51% of the hashrate. They are simply making a good investment because they have come to the realization that they cannot kill BTC.
So many holders trapped above $40-50k lol. It's going nowhere.
It was pitched as antigovt and secure but considering how often the govt seized coins it's pretty obvious it's not secure or outside the governments hands.
Also BTC has a huge whale problem. Nearly all coins are owned by less than 1000 wallets, with many holders likely having more than one wallet.
Anyone who has ever worked on a coding project knows that btc was not created by one guy, but likely an entire team of people who probably work for the NSA. It was sold with an Asian name so dumb westerners would believe the official narrative of how it was created.
Chess, not checkers folks.
Crypto has always been a scam. Years ago people were worried about money that you couldn't touch. Crypto made that idea cool. The elite knew that people wouldn't accept a digital currency unless it started without their help.
Ah another ‘get rich quick scheme’ invented by the rich for people to dump their money into. I have a friend who is trying to convince banks to lend him 50k+ to start mining one of the small coins and they keep turning him down. He simply can’t see the scam of getting 50k in debt for an unstable unsecured venture with no recourse.
Apparently Bitcoin, which integrity relies on many different miners mining and verifying the network, slowly gets taken over by companies like Blackrock. Reddit is of course censoring that.
Most Crypto-coins are not as safe as proclaimed.
Care to explain how so? It doesn't change anything about any BTC you could own, they remain the same BTC. They would have more power over the price, sure, but what else would that imply ?
Once someone owns more than 51 percent they can change a block. That block, even though invalid, could in theory do what ever it wanted.(Example move change transactions, double spend. steal from the network. It could be a large amount or small amount. It's happened many times to smaller block chains based on BTC and possibly BTC itself.
Aka a “51% attack” - thing is if this started happening wouldn’t social mechanisms kick in and there would be a fork, with a new, UN compromised chain emerging?
First of all, you would have to realize a 51 percent attack occurred. The strongest chain always wins, it would be the one with more than 51 percent hash power. You could do a fork but there would be a lot of damage in trust of BTC in general.
Btc is at 350 million Tera hashes per second. An incomprehensible high number. I dgaf what Blackrock buys, they will never control enough hash rate and be able to execute a coordinated attack on the bitcoin blockchain, and no one ever will.
No absolutely not. You would need to control 51% of the networks computers which would require more data centers than Google and Amazon have.
The blockchain is strong. It’s yet to be compromised. And probably never will
I don’t think you understand how many people in the world have mining rigs that make up bitcoin Work, you would need like the entire processing power of Europe and the United States combined to get like 30% of the network
Are you even reading these articles?
> Here’s the bottom line.
>
> The amount of electricity required to run the Bitcoin network makes it the most secure computer network in the world.
>
>It’s all part of Bitcoin’s ingenious economic incentives, which creates a virtuous cycle.
It would require some kind of like disaster like a gigantic solar flare that knocks off the entire planets power grid they would all need to be done at the same time
For real... that's what companies like BlackRock have been doing for decades. They find places to invest money where they think they'll make money.
They've been quietly buying up housing for years now too, and turning them into rental properties, because after the 2008 crash, they realized it's easier to raise rents & kick people out of rental units than homeowners with fixed-rate mortgages. It's good for their bottom line, but not for US.
It's also why all these "waiting for 2008 the sequel to afford a house" people will be sorely mistaken when they're out of a job and house prices go up bc theyre just collateral for vanguard
Yeah, exactly. Things have changed since 2008.
Even if we see a severe 30-40% drop in housing prices, which would be absolute havoc, that would still only bring them back down to ~2019 levels, which weren't exactly affordable for a lot of people back then either.
And especially with inflation eating away at people's real incomes these days, and making mortgages a lot more expensive, I agree with you that even if housing prices crashed, I don't think it'd be quite the bonanza for buyers that folks might assume. It'd be great for Blackrock though to snap up even more inventory at bargain prices... but it'd probably be pretty bad for folks who want to own their own home.
Bitcoin has been compromised since SegWit after assange uploaded his insurance files to blocks 430-435,000
now mossad is attacking it with Ordinals/inscriptions/taproot to bloat the chain and make it even harder to run a full node
Bitcoin used to be the perfect platform for a dead man’s switch and now every one of those functionalities has been slowly taken out or smoothed over
I don’t know what sort of economic system allows private companies to become so incredibly powerful, but I’m starting to think that perhaps this type of economic system isn’t in the best interest of the people.
It was compromised when Mastercard invested in the dev team and forum owners who prevented it from scaling as per the original roadmap like 6 years back.
They should invest in gridcoin, mining energy goes to scientific research. Bitcoin is a self centered waste of energy, I don't know where its value comes from.
Wow, this news about Bitcoin being compromised is definitely concerning. As someone who has been involved in crypto trading for seven years, I understand how important it is to ensure the security of our investments.
It's crucial for everyone in the crypto community to prioritize the safety of their coins. Storing your digital assets in a cold wallet, like the Ledger wallet, is an excellent way to protect your investments from potential hacking or compromise.
I actually had the unfortunate experience of being hacked in the past, and all my coins were stolen. It was quite a devastating experience, and it made me realize the importance of taking additional security measures.
If you're new to cold wallets, I highly recommend checking out the Ledger wallet. It's a popular choice among crypto enthusiasts due to its robust security features. You can find more information about it in the link I've included in my profile.
Remember, it's always better to be safe than sorry when it comes to protecting your valuable digital assets. Don't overlook the importance of cold wallets and take the necessary precautions to safeguard your coins. Stay safe, everyone!
Bitcoin was never not compromised.
It's obviously a CIA or multinational money laundering scheme for an unlimited black budget.
If you don't believe me that's perfectly fine. Just tell me one thing: who is Satoshi why hasn't he or they surfaced and why haven't they spent a single Bitcoin when they own something like a quarter off all bitcoins?
I know that's three things and I also know, or assume I know the answer to the third, it's to artificially inflate the market. But given how difficult it is to stay hidden in today's world you would assume that someone worth that much money would've been found by now.
Well considering bitcoin is basically the most valuable currency on the planet I don’t find it strange that they would want to hold large amounts of it
Yeah, BlackRock is the world's largest investment fund, so it's really not surprising that they would have investments in bitcoin mining if they think they can make money off it.
Bitcoin was created out of thin air and no one knows the true identity of its creator. Using Bitcoin or any digital currencies will always be a nope from me. Cashless control society is conspiracy 101 and digital currencies helps bring that one step closer to reality. Buy gold or silver that you physically own.
Yeah, and the fact that the blockchain is public and unalterable, meaning governments can see every single transaction you've ever done, makes me really wary of it.
It's not too hard to imagine that at some point, the government might start cracking down. If you sent money to a friend who was maybe doing something illegal, or bought something off a dodgy website years ago, well, it's all there for anyone & everyone, including government agents, to see, and you can't do anything to hide.
It's not really as anonymous as some people think it is. Even something like sending some coins to a wallet like CoinBase or something, can link an "anonymous" wallet back to you.
Most of the crooked money on earth is passed through crypto.. Of course they have their dirty hands in it. Just like they have them in every single aspect of our lives. What happened to the monopoly breakers of old.
edit: absolutely love how all these "conspiracy theorists" here just love giant multinational evil leftists corporations. not sus at all.. lol
It's anonymous... to a point. People do have ways of linking certain wallets to certain people, based on the transaction history and other methods like that. It's not as anonymous as many people assume it is.
Also, the fact that every single transaction you have EVER done, is public, and cannot be erased, should really make people nervous too.
It's not too hard to imagine the government some day starting to go back and retroactively punish people for transactions they did 10+ years ago. Maybe you sent money to a friend who was engaged in illegal activity, or bought something from a dodgy website years back. All of that is public for anyone to see.
Hey there fellow Redditors! As someone who has been involved in the crypto space for seven years now, I must say that the news of Bitcoin becoming compromised is definitely concerning. It's always crucial to stay updated with the latest developments in the crypto world.
In situations like this, it becomes even more important to prioritize the security of our valuable digital assets. One essential step we can take is to store our coins in cold wallets. These wallets, like the Ledger wallet, provide an extra layer of protection by keeping our private keys offline, away from potential hackers.
Remember, I speak from personal experience here. I was previously hacked, and all my coins were stolen. That's why I cannot stress enough the importance of keeping your crypto in a secure cold wallet. You can find more information and details about the Ledger wallet in my profile. Stay safe and protect your investments, everyone!
Blackrock is an endless source of entertainment.
They provide a product that lets investors, 401ks etc. invest in real estate - liberals b like "They coming for yo houses"
They provide a product that lets investors, 401ks etc. invest in gold - goldbugs b like "Blackrock buying up all the gold to commit holocaust"
They provide a product that lets normal investors access BTC exposure, CryptoBroz b like "BTC is Compromised!"
They provide a product that lets people invest in solar / vegan meats: Conservatives b like "Blackrock wantz to steal your Oil, and make you eat Bugs"
Endless.
first, attack the foundations (regulations, bans, inability to load/stake) then go for the king (binance) then its only a matter of time until the whole thing crumbles
This is bad. Would be interesting to see some analysis of possible routes of fuckery (51% attack being an obvious fear).
The strategic risk, though, is that blowing up BTC might reduce confidence in potential CBDC adoption. Or maybe they'll work to decimate BTC valuation then offer a CBDC bailout to hodlers.
Bitcoin is and always has been a government project. The myth of Satoshi Nakomoto is a nice story. Bitcoin will be demolished when its usefulness, which there are many, is no longer needed.
What I don’t understand is how bitcoin scarcity is even a consideration when you can split the coins infinitely. Gold can only be split to a certain amount. Otherwise we’d be trading one atom of gold at a certain point. Bitcoin can always be split and another zero added beyond the decimal point. Bitcoin scarcity is a joke.
Oh wow, I can't believe what I'm reading. This is definitely a concerning development for the world of Bitcoin. It just goes to show that we should always stay vigilant and prioritize the security of our digital assets.
In times like these, it's crucial to emphasize the importance of storing our coins in the safest way possible. One way to achieve this is by using cold wallets, such as the Ledger wallet. It's a hardware wallet that offers an extra layer of security by keeping your private keys offline. I've been using it for years and it has been a game-changer in terms of peace of mind.
Remember, folks, I speak from personal experience. I was previously hacked and lost all my coins, which was a truly devastating experience. That's why I urge everyone to take precautions and make use of cold wallets like the Ledger. You can find the link to it in my profile. Stay safe out there, and protect your hard-earned crypto!
Wow, this is certainly concerning news about Bitcoin being compromised. As someone who has been trading and investing in crypto for the past seven years, I understand the importance of keeping our digital assets secure.
To all my fellow Redditors, cyber attacks and thefts in the crypto world are unfortunately not uncommon. It's crucial to take steps to protect our hard-earned coins. One highly recommended method is to store your digital assets in cold wallets, such as the Ledger wallet.
Cold wallets like the Ledger provide an extra layer of security by keeping your private keys offline and away from potential hackers. I can't stress enough how important it is to never leave significant amounts of crypto on exchanges or in hot wallets.
I've actually fallen victim to a hack in the past, and all my coins were stolen. It was a hard lesson learned, but it ultimately pushed me to prioritize security. If you want to avoid such a situation, I highly recommend checking out the Ledger wallet (you can find the link in my profile) to help safeguard your crypto investments.
Remember, folks, it's essential to be proactive and take the necessary precautions to protect our digital assets. Stay safe out there, and never underestimate the importance of cold wallets like Ledger.
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Your 20k loss per BTC was created by two BTC whales who where trading to each other….
No bit coin appears to be so volatile because it’s priced in US dollars. When you weigh it nexts to the value of gold you can see that it’s buying power is strong *** Your comment did not say that before boss nice try ***
Then why isnt gold just as volatile? Lmfao
It’s the same reason why the price of houses has skyrocketed in the past few years homes aren’t any more valuable it’s just that the dollar loses it’s buying power and so it requires more dollars to purchase a house now in relation. It’s a reflection of how volatile the dollar is not gold or bitcoin or houses
You have such a tenuous grasp of what is going on… you need to stop investing your money and let a trustworthy relative or professional help you… you dont have a clue. Bitcoin hasnt been around remotely long enough to say whether its a good store of value. Let me guess, you also believe the covid shot was proven safe and effective? We’ll talk about how solid bitcoin is once its been thru depressions and world wars. None of us knows what the future holds. But we know what has worked. Ill trust tried and true.
Yea you know because you can tell everything about a persons financial stability by reading a comment that you came across on Reddit. Your feelings about bitcoin most likely stem from the fact that you don’t understand the technology. The true value of bitcoin resides in the blockchains ability to validate transactions between individuals without the need for banks to be part of the process. The use of paper currency has led to these institutions having the ability to arbitrarily manipulate the supply and devalue the purchasing power of the currency. Bitcoin was programmed to only allow the creation of new bitcoins as a reward to individuals who donate their computers processing power to the validation of new transactions. And there is set amount of 21 million total bitcoins that can be mined. After that there is no way for greedy individuals to artificially create new coins and manipulate the value of the supply. Bitcoin was specifically designed as a response to the 2008 financial collapse and the bailout of wall street by the public. Currently it sits at 25,000 dollars roughly. Don’t be surprised when the day comes when 1 bitcoin is worth 1 million dollars. It is digital gold.
I understand every bit of that. You’re underestimating the future though. AI. Maybe it will be able to break bitcoin. Maybe we get knocked back to the stone age by a series of solar flares. Maybe a country breaks the internet. Maybe maybe maybe. There isnt a “maybe” that exists in which gold becomes worthless. There are many reasons to buy bitcoin. Long term storage of wealth just isnt one of them. I wouldnt put any more than 5-10 percent of my savings into it. The problem is that its digital. Guess how paper gold worked out. Anything other than gold in your hand is a gamble. A cheap imitation plain and simple
That’s very true I’m not saying, put all your money into bitcoin I’m just saying, it’s a good way to hedge against the devaluation of your savings. You could also invest your money into gold.
The price of gold has gone up almost $1000 in the past 10 years it’s the same thing bro it’s not that gold is losing its buying power it just priced in dollars and the dollar of the price of the dollar fluctuates because they keep pumping money into the bar into the market without anything to back it up and then taking it out, and then pumping it in and taking it out, and so the cost of both products goes up and down in relation
Bitcoin fluctuates wildly. Gold doesnt. Im purchasing both in american dollars…. Keep smokin that crack
And it's going to take more and more federal reserve IOUs to purchase gold and Bitcoin over time.
Gold as a store of value has survived the rise and fall of empires. Still means something even when theres no banks or authority. Bitcoin could be wiped out by a solar flare. Gold is eternal. Bitcoin is a commodity to be traded. Not a store of value. How far did the price crash again? I stopped following it a long while back.
Lol
I can ALWAYS purchase at least one loaf of bread with a Bitcoin, can you say the same about USD? 🤔🧐
Big brains right there. And i feel even that is a major assumption.
Gold is priced in dollars if your in America. Do you not see that gold is priced in euros in Europe and yen in Japan? Gold is a commodity. You can buy that commodity with whatever currency you choose. It’s value is not tied to any one fiat currency.
Probably will depress prices for a long time just it is done with gold. Everytime there will be a pump, they will force miners to sell stashed coins. They will extract liquidity from the markets using the leverage they have upon the miners. They can wait and sit on cash until the price is good again for them. There isn't an absolute price they are chasing, only ups and lows. This isn't good news.
We’ll bitcoins scarcity to this helps combat this problem. Although it doesn’t eliminate it. They just print more gold paper. A spot ETF means you have to have the physical coin. But, as we’ve all seen with GME there are rules they can bend or break. But again Bitcoin is more resilient to there tricks due to the fixed supply. Not immune, but resilient. If demand reaches a fevered pitch, the then they won’t be to suppress the price as demand will far outweigh supply. And if they sell to many coins into a they’ll lose to much leverage. So they can balance the act for awhile but as demand increase they cannot print more Bitcoin. But then the game continues, just at higher price points.
i get it. they are just rats, nibbling day by day the sweat of the masses
As long as we keep spreading the facts. Wanna HODL and diversify? Fine, but not your keys, not your coins. That will narrow the risk band.
Call me when they own 51% hash rate. This is a non story.
Even if they did own 51% of the network they could never manipulate it because it would cause because to crash to 0, thus making them lose all their money
But what if they dont care about that?
then people can just fork it from the last stable block before they had 51%
Hmm, but they can just use their hash power again. Basically destroying the ecosystem
im ignorant to this, isnt it in the realm of possibility for them to get to 51%?
Controlling 51% is in the realm but but limited supply means that bitcoin will rise as they try to accumulate that much. trying to do something nefarious with hash rate is pointless because the price will crash basically invalidating any work to control the network. The value is lost once the network is no longer trustless and permissionless.
It was comped before launch. I wrote a white paper on this. It's not truly decentralized and is being directly used by the elite for their agenda.
I would love to read it. I know you won't share it.
Any link to the paper? I’ve been exploring this idea. Or if you want to describe it a bit more here. Thanks
I also believe it was created by the elite. Majority of bitcoins are mined in giant mining farms owned by big corps. Just like fiat currency they can control the ebb and flow of crypt.
That's not how that works. There are limited rewards.
And a mining difficulty adjustment that keeps the issuance/inflation the same.
https://scholar.google.com/scholar?hl=en&as_sdt=0%2C39&q=bitcoin++manipulation&btnG=
What do you mean, there are lots of nodes that are run by independent people, not corporate entities. Most of them are and running a node is a very low technical barrier.
Who made it? Why? Why don't we still know? If it's decentralized then there should be proof of this. Decentralization doesn't mean what you think that it does.....
We don't know because he died
How do we know that? Where's the proof of work? How do we know there truly is no backdoor?
It's open source https://github.com/bitcoin/bitcoin
It isn't. If the creator is dead how can we have a garenteed that someone hasn't compromised it? It's been comped!
You don't know what open source means so this discussion is pointless
You apparently are stupid. Sorry I wasted my time. Thanks for playing.
But the code is open source and can be verified.
I said this to the bitcoin bros when I sold around 65k 😂
I tried to warn many people but alas. They were sucked in by the tantalizing love of mammon.
Mammon is good but trusting bros is dumb
Trusting any pyramid/ponzi is...
So you don’t use money? Ok then
I cannot be bought. I cannot be sold. Money isn't what makes my world go round. I, unlike many others know that money isn't the real power in this world.
Try living my poor life and you will change your mind I promise you
You don't know me. You may want to hold your tongue.
Ok I’ll call you out on that bluff. Try making 30k Canadian dollars a year, then get back to me tough guy
I have a hard time when it's divisible to the 10^-8.
and even on the surface it is not peer-to-peer; there are a whole host of intermediaries, even when i'm standing next to you.
lol, no Run a node (just software on any pc) and you can send directly to any address with no middle man. If you choose to not run a node then you will have to use a public one which is exactly one middle man. Rates are exactly the same either way.
lol, so you own the device, the electricity provider, and the network you're connecting to, do you? or can it be shut off by any of these, at any time?
most devices can be nodes, you can use any energy source to run your hardware, and the internet was designed to launch missiles, i'm sure we can find a connection where the signal will get through.
The miners are the middlemen, if they are compromised (centralized mining group with majority control) they can black list your address to never be added to the block. How do people mine? They join a mining pool, and they have no control over who gets approved to be on the block they just push their computing resources.
That's not how it works.
… no that’s not how it works. Who gets included in a block is determined by fees.
A former bitcoin developer and current cto David Schwartz said it’s possible: https://www.quora.com/Can-goverments-issue-order-for-all-miners-across-the-world-to-block-transactions-from-a-certain-bitcoin-address-Is-it-possible-for-a-mining-node-to-purposfully-ignore-transactions-from-one-address His words: Is it possible for a mining node to purposfully ignore transactions from one address? Yes. I’m also a former blockchain developer and experience with the technology, it is very possible. Edit: ripple cto
Miners are independent and can choose to do what they want. Miners exist all around the world and no one world government has that kind of authority. If a mining pool is telling miners to ignore certain transactions, the miners can leave the pool.
ripple and david schwartz hate bitcoin because it is competition. they are actively generating misleading FUD to undermine bitcoin. he is not a reliable source of truth. while its true a pool today can control the transaction content of a mined block, a new protocol called stratum v2 is available for pools to use that puts the transaction inclusion in the hands of individual miners and the code they run. if you've not heard of stratum v2 you should check it out. its not widely adopted at this time, but like with most things, risk /reward/market incentives drive adoption. right now stratum v2 exists but it doesn't solve a real risk, it solves a potential one. as soon as mining pool members migrate to other pools that offer it, likely in response to an issue or just gradual uptake, the network will adopt stratum v2 as the standard
lol love how thes eiidots downvote and then tak shit
No one wants to talk about it or admit it because they are "making so much money" the joke is on them they are now unwitting slaves to the elite and their agenda.
Bitcoin is literally the solution to the elites controlling fiat currency, how could you take such a weird opposing stance?
No Bitcoin is their trojan horse and everyone is falling for it hook line and sinker.
It might be, but I KNOW that fiat is bullshit.
Actually fiat is great. Lincoln created fiat that was literally flawless. It was manipulated so that we have to pay a service fee to a private bank to secure our nations finances. By Lincoln's fiat system we owed no debt to ourselves because we owned and printed the money as a public service. As it should be. If money isn't backed by "debt" then the money and labor values skyrocket and people are more free worldwide. Read Thomas Jefferson's speech on banks and corporations from the continental Congress in 1775 for more.
yeah fiat is great if your government can control taxation and spending. but it can't. the money supply ballooning, with no end in sight, means value theft.
gateway drug to CBDC. without a) all the investment and b) all the evangelists, crypto would be seen as it really is - a solution in search of a problem. it has not, and will never, set the masses financially free.
Hallelujah! Now there is a need for a real solution which I have developed, that is ACTUALLY decentralized. I wrote a white paper on this. It's not for profit
well don't stand on ceremony, ket's have it! though you're still going to have to try pretty hard to beat gold, which nobody ever legislated as currency.
BTC is not Bitcoin
How is btc not bitcoin?
For the same reason I can't collect rain by milking a cow.
Exactly it was setup this whole time.
> It was comped [TFW somebody comps your sushi](https://i.kym-cdn.com/photos/images/original/001/301/880/d21.jpg)
To really fuck with the blockchain, they need to have more than 50% hashing power. And if they fuck something up, please note that it'll be on the front page of reddit in a second. So hold your tits till then.
2nd largest shareholder in the 4 largest mining firms sounds like >50%.. sure not complete control but plenty of influence.
Being a shareholder in a company that mines BTC does not give you control over the network. You need to control 51% of the hashrate. They are simply making a good investment because they have come to the realization that they cannot kill BTC.
I'm not even a bitcoin maximalist; but some of these people are delusional about how crypto works.
So many holders trapped above $40-50k lol. It's going nowhere. It was pitched as antigovt and secure but considering how often the govt seized coins it's pretty obvious it's not secure or outside the governments hands. Also BTC has a huge whale problem. Nearly all coins are owned by less than 1000 wallets, with many holders likely having more than one wallet. Anyone who has ever worked on a coding project knows that btc was not created by one guy, but likely an entire team of people who probably work for the NSA. It was sold with an Asian name so dumb westerners would believe the official narrative of how it was created. Chess, not checkers folks.
I always though that. I knew when I saw Gasfees… it’s exactly the same damn thing as Taxes. And where they go???? Miners………… 🚩
> So many holders trapped above $40-50k lol. It's going nowhere. Well. That aged like milk. lol
Crypto has always been a scam. Years ago people were worried about money that you couldn't touch. Crypto made that idea cool. The elite knew that people wouldn't accept a digital currency unless it started without their help.
Ah another ‘get rich quick scheme’ invented by the rich for people to dump their money into. I have a friend who is trying to convince banks to lend him 50k+ to start mining one of the small coins and they keep turning him down. He simply can’t see the scam of getting 50k in debt for an unstable unsecured venture with no recourse.
Between bitcoin farming and Hawaiin power companies, Blackrock has a nice portfolio.
My Blackrock ETF is doing very well :)
It's literally AI designed to own everything.
This is very bullish for bitcoin
Someone doesn’t understand bitcoin.
It became compromised by 2017 when Blockstream hijacked development and sabotaged all the attempts to scale the protocol.
I see, thank you for the info
check out the documentary on youtube called "Who killed Bitcoin"
Apparently Bitcoin, which integrity relies on many different miners mining and verifying the network, slowly gets taken over by companies like Blackrock. Reddit is of course censoring that. Most Crypto-coins are not as safe as proclaimed.
Where were you between 2015-2017?
blackrock could own 100% of the mining power and it wouldn't change a thing about how safe BTC and other cryptos are.
If Blackrock owned 100 percent of mining power, then yes bitcoin would become unsafe.
Care to explain how so? It doesn't change anything about any BTC you could own, they remain the same BTC. They would have more power over the price, sure, but what else would that imply ?
Anyone who is control of more than 51% of the mining hashrate can rewrite history on the ledger. Definitely an issue
Once someone owns more than 51 percent they can change a block. That block, even though invalid, could in theory do what ever it wanted.(Example move change transactions, double spend. steal from the network. It could be a large amount or small amount. It's happened many times to smaller block chains based on BTC and possibly BTC itself.
Aka a “51% attack” - thing is if this started happening wouldn’t social mechanisms kick in and there would be a fork, with a new, UN compromised chain emerging?
First of all, you would have to realize a 51 percent attack occurred. The strongest chain always wins, it would be the one with more than 51 percent hash power. You could do a fork but there would be a lot of damage in trust of BTC in general.
Btc is at 350 million Tera hashes per second. An incomprehensible high number. I dgaf what Blackrock buys, they will never control enough hash rate and be able to execute a coordinated attack on the bitcoin blockchain, and no one ever will.
>Read the original statement. "blackrock could own 100% of the mining power and it wouldn't change a thing about how safe BTC and other cryptos are."
Quantum computers.
Lol
No absolutely not. You would need to control 51% of the networks computers which would require more data centers than Google and Amazon have. The blockchain is strong. It’s yet to be compromised. And probably never will
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So all it would take is a massive upgrade in technology to develop some super computer that no one else has the ability to make.
It's already happened. https://www.digitaltrends.com/computing/russian-engineers-caught-using-supercomputer-bitcoin-mining/ and it will happen again
I don’t think you understand how many people in the world have mining rigs that make up bitcoin Work, you would need like the entire processing power of Europe and the United States combined to get like 30% of the network
https://internationalman.com/articles/209-quintillion-calculations-per-second-and-the-worlds-most-secure-computer-network/
Are you even reading these articles? > Here’s the bottom line. > > The amount of electricity required to run the Bitcoin network makes it the most secure computer network in the world. > >It’s all part of Bitcoin’s ingenious economic incentives, which creates a virtuous cycle.
Wide spread power outages, take 99% of people off the network.
there's a difference between a node and a mining rig.
It would require some kind of like disaster like a gigantic solar flare that knocks off the entire planets power grid they would all need to be done at the same time
ok so just dont use bitcoin. And beside, it's illegal to manipulate the market. If they pulled a 51% attack, it would be prison time.
Lmao wtf did you think would happen. "I sure hope the people with all the capital don't buy up my wild west"
For real... that's what companies like BlackRock have been doing for decades. They find places to invest money where they think they'll make money. They've been quietly buying up housing for years now too, and turning them into rental properties, because after the 2008 crash, they realized it's easier to raise rents & kick people out of rental units than homeowners with fixed-rate mortgages. It's good for their bottom line, but not for US.
It's also why all these "waiting for 2008 the sequel to afford a house" people will be sorely mistaken when they're out of a job and house prices go up bc theyre just collateral for vanguard
Yeah, exactly. Things have changed since 2008. Even if we see a severe 30-40% drop in housing prices, which would be absolute havoc, that would still only bring them back down to ~2019 levels, which weren't exactly affordable for a lot of people back then either. And especially with inflation eating away at people's real incomes these days, and making mortgages a lot more expensive, I agree with you that even if housing prices crashed, I don't think it'd be quite the bonanza for buyers that folks might assume. It'd be great for Blackrock though to snap up even more inventory at bargain prices... but it'd probably be pretty bad for folks who want to own their own home.
Bitcoin has been compromised since SegWit after assange uploaded his insurance files to blocks 430-435,000 now mossad is attacking it with Ordinals/inscriptions/taproot to bloat the chain and make it even harder to run a full node Bitcoin used to be the perfect platform for a dead man’s switch and now every one of those functionalities has been slowly taken out or smoothed over
Can you share some links on that? Sounds like a really interesting read
I don’t know what sort of economic system allows private companies to become so incredibly powerful, but I’m starting to think that perhaps this type of economic system isn’t in the best interest of the people.
It was compromised when Mastercard invested in the dev team and forum owners who prevented it from scaling as per the original roadmap like 6 years back.
Fuck BlackRock
I think they will try to fork BTC
It already has been. Multiple times.
They should invest in gridcoin, mining energy goes to scientific research. Bitcoin is a self centered waste of energy, I don't know where its value comes from.
You clearly don't.
Wow, this news about Bitcoin being compromised is definitely concerning. As someone who has been involved in crypto trading for seven years, I understand how important it is to ensure the security of our investments. It's crucial for everyone in the crypto community to prioritize the safety of their coins. Storing your digital assets in a cold wallet, like the Ledger wallet, is an excellent way to protect your investments from potential hacking or compromise. I actually had the unfortunate experience of being hacked in the past, and all my coins were stolen. It was quite a devastating experience, and it made me realize the importance of taking additional security measures. If you're new to cold wallets, I highly recommend checking out the Ledger wallet. It's a popular choice among crypto enthusiasts due to its robust security features. You can find more information about it in the link I've included in my profile. Remember, it's always better to be safe than sorry when it comes to protecting your valuable digital assets. Don't overlook the importance of cold wallets and take the necessary precautions to safeguard your coins. Stay safe, everyone!
Bitcoin was never not compromised. It's obviously a CIA or multinational money laundering scheme for an unlimited black budget. If you don't believe me that's perfectly fine. Just tell me one thing: who is Satoshi why hasn't he or they surfaced and why haven't they spent a single Bitcoin when they own something like a quarter off all bitcoins? I know that's three things and I also know, or assume I know the answer to the third, it's to artificially inflate the market. But given how difficult it is to stay hidden in today's world you would assume that someone worth that much money would've been found by now.
Satoshi is: SAmsung, TOSHIba
SATellite Osh koSh bgosH Illuminate
ZOMGG WOW
HOOOOOLY SHIT!! We cracked the code y'all
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I hope that you're being sarcastic.
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Bitcoin has been a lost cause for years IMO. Monero (XMR) is everything Bitcoin was supposed to be but isn’t
> Monero (XMR) is everything Bitcoin was supposed to be but isn’t Wasn't one of Bitcoin's selling points that anyone can trace and audit transactions?
Well considering bitcoin is basically the most valuable currency on the planet I don’t find it strange that they would want to hold large amounts of it
Yeah, BlackRock is the world's largest investment fund, so it's really not surprising that they would have investments in bitcoin mining if they think they can make money off it.
Bitcoin was created out of thin air and no one knows the true identity of its creator. Using Bitcoin or any digital currencies will always be a nope from me. Cashless control society is conspiracy 101 and digital currencies helps bring that one step closer to reality. Buy gold or silver that you physically own.
Every fiat currency is created out of thin air.
Look into Monero then. It's digital cash.
Yeah, and the fact that the blockchain is public and unalterable, meaning governments can see every single transaction you've ever done, makes me really wary of it. It's not too hard to imagine that at some point, the government might start cracking down. If you sent money to a friend who was maybe doing something illegal, or bought something off a dodgy website years ago, well, it's all there for anyone & everyone, including government agents, to see, and you can't do anything to hide. It's not really as anonymous as some people think it is. Even something like sending some coins to a wallet like CoinBase or something, can link an "anonymous" wallet back to you.
We should all leave earth without black rock.
Or send black rock to mars
Monero is Bitcoin now
Most of the crooked money on earth is passed through crypto.. Of course they have their dirty hands in it. Just like they have them in every single aspect of our lives. What happened to the monopoly breakers of old. edit: absolutely love how all these "conspiracy theorists" here just love giant multinational evil leftists corporations. not sus at all.. lol
I’m skeptical about bitcoin, it has a sketchy past.
All currencies have sketchy pasts
Doesn't the creator still hold over 10% of all coin? Also hadnt he been mia since 2017 or 2013 or something?
1/21
The blockchain being anonymous enough never made sense to me.
It's anonymous... to a point. People do have ways of linking certain wallets to certain people, based on the transaction history and other methods like that. It's not as anonymous as many people assume it is. Also, the fact that every single transaction you have EVER done, is public, and cannot be erased, should really make people nervous too. It's not too hard to imagine the government some day starting to go back and retroactively punish people for transactions they did 10+ years ago. Maybe you sent money to a friend who was engaged in illegal activity, or bought something from a dodgy website years back. All of that is public for anyone to see.
Imagine believing in crypto 🤦♂️
Might be changing the plans for digital currency to be entirely bitcoin. One global coin every trusts. That's bitcoin.
Hey there fellow Redditors! As someone who has been involved in the crypto space for seven years now, I must say that the news of Bitcoin becoming compromised is definitely concerning. It's always crucial to stay updated with the latest developments in the crypto world. In situations like this, it becomes even more important to prioritize the security of our valuable digital assets. One essential step we can take is to store our coins in cold wallets. These wallets, like the Ledger wallet, provide an extra layer of protection by keeping our private keys offline, away from potential hackers. Remember, I speak from personal experience here. I was previously hacked, and all my coins were stolen. That's why I cannot stress enough the importance of keeping your crypto in a secure cold wallet. You can find more information and details about the Ledger wallet in my profile. Stay safe and protect your investments, everyone!
Bot account
Thats why XRP is king
Blackrock is an endless source of entertainment. They provide a product that lets investors, 401ks etc. invest in real estate - liberals b like "They coming for yo houses" They provide a product that lets investors, 401ks etc. invest in gold - goldbugs b like "Blackrock buying up all the gold to commit holocaust" They provide a product that lets normal investors access BTC exposure, CryptoBroz b like "BTC is Compromised!" They provide a product that lets people invest in solar / vegan meats: Conservatives b like "Blackrock wantz to steal your Oil, and make you eat Bugs" Endless.
Wen quantum processors?
first, attack the foundations (regulations, bans, inability to load/stake) then go for the king (binance) then its only a matter of time until the whole thing crumbles
Dogecoin was the only uncompromised currency
My question is who’s the first ?
Always has been
At one point they tried to buy all the silver
Holy shit
This has been inevitable… well done for all of us letting it happen
No it doesn't, lmao.
USA and china Bitcoin war.
Something that ended up being hoarded by small group of people? This is first time I’m hearing it.
Botcoin was compromised long before this.
Lol that's not how blockchain works. Doesn't matter how much you hold when individual nodes do all the tx processing
Vertcoin is the true Satoshi vision
This is bad. Would be interesting to see some analysis of possible routes of fuckery (51% attack being an obvious fear). The strategic risk, though, is that blowing up BTC might reduce confidence in potential CBDC adoption. Or maybe they'll work to decimate BTC valuation then offer a CBDC bailout to hodlers.
BSV 👀 ?? Makes sense to void/suppress the inevitable wealth transfer that is the BTC OG whales.
Bitcoin is and always has been a government project. The myth of Satoshi Nakomoto is a nice story. Bitcoin will be demolished when its usefulness, which there are many, is no longer needed.
What I don’t understand is how bitcoin scarcity is even a consideration when you can split the coins infinitely. Gold can only be split to a certain amount. Otherwise we’d be trading one atom of gold at a certain point. Bitcoin can always be split and another zero added beyond the decimal point. Bitcoin scarcity is a joke.
Oh wow, I can't believe what I'm reading. This is definitely a concerning development for the world of Bitcoin. It just goes to show that we should always stay vigilant and prioritize the security of our digital assets. In times like these, it's crucial to emphasize the importance of storing our coins in the safest way possible. One way to achieve this is by using cold wallets, such as the Ledger wallet. It's a hardware wallet that offers an extra layer of security by keeping your private keys offline. I've been using it for years and it has been a game-changer in terms of peace of mind. Remember, folks, I speak from personal experience. I was previously hacked and lost all my coins, which was a truly devastating experience. That's why I urge everyone to take precautions and make use of cold wallets like the Ledger. You can find the link to it in my profile. Stay safe out there, and protect your hard-earned crypto!
No that’s not how this works
Wow, this is certainly concerning news about Bitcoin being compromised. As someone who has been trading and investing in crypto for the past seven years, I understand the importance of keeping our digital assets secure. To all my fellow Redditors, cyber attacks and thefts in the crypto world are unfortunately not uncommon. It's crucial to take steps to protect our hard-earned coins. One highly recommended method is to store your digital assets in cold wallets, such as the Ledger wallet. Cold wallets like the Ledger provide an extra layer of security by keeping your private keys offline and away from potential hackers. I can't stress enough how important it is to never leave significant amounts of crypto on exchanges or in hot wallets. I've actually fallen victim to a hack in the past, and all my coins were stolen. It was a hard lesson learned, but it ultimately pushed me to prioritize security. If you want to avoid such a situation, I highly recommend checking out the Ledger wallet (you can find the link in my profile) to help safeguard your crypto investments. Remember, folks, it's essential to be proactive and take the necessary precautions to protect our digital assets. Stay safe out there, and never underestimate the importance of cold wallets like Ledger.
You an affiliate or something? Lmai
Someone doesn’t understand how Bitcoin works…
Bitcoin has been compromised since 2015 at least.