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Post Info TOPIC: BITCOIN
What are your thoughs on Bitcoin [2 vote(s)]

It's a scam/hustle just like all crypto
50.0%
It will become the new worlds currency and be worth 500,000 soon
0.0%
I don't even pay attention to it
50.0%
It has the potential to make or cost you money
0.0%
It should be illegal
0.0%


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BITCOIN


Been holding off on making a thread about Bitcoin, mostly because it's crazy value, at one time over $60,000 per coin, seemed WAY overpriced.

Snap back to current day and it's trading about $32,000-$37,000 per Bitcoin. That is quite a wild ride in less than a half year if you ask me!

I did at one time hold .00050000 of a Bitcoin, around $20 in value when the coin trades at $32,000... I have since sold it because it's such small money that the coin would have to tripple and or quadruple in value to see any serious return on $20. But that is exactly what some have been saying, some even still saying that Bitcoin will reach $100k-$500k per coin! It's as hard to believe as when Bitcoin was only a few dollars per coin, that it would one day crest $60k! But that's just what it did!

So lets talk about some interesting facts about Bitcoin, starting with it's super secretive and anonymous inventor who goes by the pseudonym of Satoshi Nakamoto who just happens to be the largest holder of Bitcoin, estimated at 1 million coins. That is a lot of coins when you take into consideration that there are only 18.5 million Bitcoin in ciculation at the time of this writing, with a hard cap on the amount to ever exist set at 21 million.

If there were not enough red flags thrown in that paragraph above, then more power to you! Over the past few years people like Elon Musk (Tesla and Space X CEO) , Mark Cuban (Owner of Dallas Mavricks) , and Jack Dorsey (CEO of Twitter and Square) have invested heavy and given endorcements of the coin until recently... Soon before China banned Bitcoin, Elon Musk came out against it due to the amount of energy it takes to keep going. This was based off a report given by none other than Bill Gates (Former CEO of Microsoft) who said that Bitcoin had a huge carbon footprint and used more energy to maintain than some small countries! It's also worthy of noting that all this come out from Gates right before his big divorce broke, along with all the NDA contract stories of womanizing with anything but nerd behavior. The timing of it all is highly curious...

But I have always contended (in the DOGECOIN thread) that these so called crypto currencies have been nothing more than a shell game for the rich. A pump and dump of the largest order that would see a few of them have larger market capitalization than many fortune 500 companies! DOGECOIN may be a joke coin, but if you look at it's market capitalization you won't be laughing! That is some serious dough! Although DOGE Coin is not like Bitcoin, becuase DOGE does not have a hard cap on the amount of coins that can be minted and is in fact adding millions a day in overhead. Bitcoin on the other hand has what they call a "Hard Cap" on the amount of coins that can be minted to the tune of 21 million. How true that is, or how much you can trust a guy using the pseudonym Satoshi Nakamoto who just happens to hold the largest horde is up for debate! For me it was enough to where I didn't even want to waste $20 on it, and infact lost $1.50 in fee's buying and selling it on PayPal.

Word on the street is that Bitcoin will sink to $10,000 per coin or less... Can't say I know if that is true or not, but something tells me that since China has banned Bitcoin ownership, and even any mining of the currency - that many other countries will probably follow suit as the currency seems to even brag about becoming the new world currency, and if that isn't a threat in of itself I don't know what is... why it hasn't been regulated here in the USA is beyond me as well, but I am sure any sort of regulation will only cause even more loss in the value of the coin as it has to play by the rules that regular banks and other such institutions abide by. 

For a long time it was thought that Bitcoin was just for criminals because of it's hard to trace transaction records, but that has since been disproven by the simple fact that Bitcoin operates an "open ledger" and there has been recovery of Bitcoin by authorities when it was linked to crime. They can even somewhat tell when someone opens a large wallet and how many big coin holders there are. So it's probably a lot like cash, harder to trace but not impossible. 

What are your thoughts? For a currency that is literally made up out of thin air, with an anonymous creator who holds the largest horde, I think it's a scam! But people like Twitter's Jack Dorsey swear by it, claim it has HUGE upside potential and virtually no downside. He claims it also has utility and the potential to decentralize the big banks and government! But for anyone without the money of Jack Dorsey, Elon Musk, Mark Cuban or the big banks and Government it would appear that Bitcoin is no more decentralized than anything else when just three men can control the value! Do they just think we are all stupid? They aren't looking for decentralization! They just want CONTROL! 

Take for example Jack Dorsey's company Square that does credit card processing and small business loans... instead of Square loaning money to it's customers who have long paid good money for their services - Square is now in the business of buying Bitcoin and sitting on it, instead of re-investing said money into it's loyal customers businesses! That is so wrong on every level, but it's exactly what they are doing!

So for me, I'd have to say I'm not much for Bitcoin, if anything it's a hustle just like all the other crypto out there because who wants to deal with fractions of a cent at the point of sale!? And it's even worse than fractions of a cent, were talking about .00000100 of a unit of value! And it's constantly changing - dynamic if you will! For example you could buy a slurpie at lunch and the value of the fractional coin you used to buy it could be worth ten slurpies before you even finish it! There is no way possible business could ever opperate with that sort of a swing in value! Thus there is no utility for any crypto currency to ever replace the USD, or any other major currency for that matter! 

Is any of this making any sense to anyone?



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FAR BEYOND DRIVEN

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Anything to do with the stock-market is chance-money.

And lots of the money floating around doesn't even exist, as it has no backing other than maybe gov't bonds, which are given as default for printed cash, with interest to be paid.

The whole monney system is a ****ing scam, & always has been !

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I ended up buying $60 worth of Bitcoin with the remaining balance in my Robinhood portfolio (money I made off DOGE sale)...

It's gone up from the $38,000 per coin it was trading at to $41,000 but that really amounts to a few bucks.

Waiting for the big market crash that may never come... or at least not as soon as my gut is telling me. 

I do enjoy watching the market, always have even before I found a way to get in on it.



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One has to wonder, how much lower will Bitcoin go?

I lost $16 and got the hell out... I guess you win some and you lose some! Losing $16 is a lot better than say, $40!

Honestly Bitcoin would have to reach $150k for me to even start to care about possible losses in equity, and even then it would have only netted me a profit of about $120...

Do you think Bitcoin will hit $150k? I have my doubts now that it's being banned all over the world. If Nigeria ever takes up Bitcoin as it's national currency you have to ask yourself, did that Prince who emailed you about the million dollars he left you ever come thru?

If the answer is no, then it's safe to say Nigeria making Bitcoin it's legal tender would not be a positive... I doubt it would happen since Twitter is currently banned in Nigeria!

El Salvador did try and make it's national currency BitCoin but as of six hours ago that was denied by the World Bank... So it's safe to say BitCoin may take a pounding today with China blocking it as well.

 



-- Edited by SELLC on Tuesday 22nd of June 2021 08:59:36 AM

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LET'S GO BRANDON!

 



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Although I have completely liquidated ALL my crypto assets I still can't help but to worry about what Bitcoin is doing to this country and why we are letting a few select people run what can only be discribed as a classic Bernie Madoff ponzi scheme. 

Why does the Government allow this to keep happening? WHY is China taking steps to protect it's citizens from such a scam before the USA?

It's easy... it's because almost ALL of our elected officials are on the take, and if they aren't it won't be long before the firm brings them around. A good example of this would be AOC or the most recent Trump appointed SCOTUS Justices. What all these people have in common is that they set in to bring about change, but the only change they are bringing is their own self enrichment. Once they get used to that money it's no longer enough for them, they want that power too! It's no longer about looking out for the people that put them in power, but rather about keeping the people that put them in power broke, distracted and paying their salary. I have no doubts that a vast majority of the people in our Government are holding Bitcoin, and thus they are really committing treason because the USD should be all they care about, not some digital token that can be manipulated by just three people.

Bitcoin is supposed to be a "store of value" but the reality is that there really is NO VALUE in something that has no use. It's more or less trying to imitate bank savings account without actually being a bank. 

Imagine if you will a bank savings account, you put money in to make a little interest with the intention of one day being able to pull it out and use it if needed. With Bitcoin it's like you are sharing one massive bank account with the entire world, except when you put money in you are given a digital coin, or rights to said coin that is worth however much is currently in the account at that time. The value of that coin will rise and fall as people withdraw or cash in their coins. The people who purchased these coins at a very low amount are rewarded far more than someone who pays the high end value. That is the grift, or the "ponzi" scheme.

Jack Dorsey and Elon Musk arent even using their own money to play this game, rather they are taking HUGE amounts of company cash and stuffing it into Bitcoin and other crypto becasue they know it's easy to manipulate the more money you have. When millions of regular people start investing $1000's or even $10,000 into Bitcoin that is NOTHING compared to the BILLION dollars that Elon Musk's company Tesla has put in, same with the likes of Jack Dorsey with Square. They are well aware they are fucking people left and right, Elon Musk gets on to social media and boasts about moving markets, DOGECOIN was just a way for him to test these waters and gauge how to most effectively pull off the crypto grift. Twitter works as a popular site to more or less fan these flames.



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A middle-aged loner on a crusade to champion the cause of the innocent, the helpless, the powerless - in a world of criminals who operate above the law.

LET'S GO BRANDON!

 



FAR BEYOND DRIVEN

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Yo,

SELLC said about the cabal /"firm" & corrupted gov't officials qt.

"It's easy... it's because almost ALL of our elected officials are on the take, and if they aren't it won't be long before the" firm "brings them around. A good example of this would be AOC or the most recent Trump appointed SCOTUS Justices. What all these people have in common is that they set in to bring about change, but the only change they are bringing is their own self enrichment. Once they get used to that money it's no longer enough for them, they want that power too! It's no longer about looking out for the people that put them in power, but rather about keeping the people that put them in power broke, distracted and paying their salary".


And it's been like this for decades...Just go to any sausage-festival at Bohemian Grove for proof !

www.youtube.com/watch



-- Edited by Rastus on Monday 28th of June 2021 10:30:57 PM

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I'd have thought the Bohemian Grove would have burnt down by now with all the fires in Northern California. I watched about 15 minutes of that video, right up to the point they landed in California and the two cameramen were filming each other. 

Getting back on to the Bitcoin discussion... the reality is that it's never going to be stable enough to use as a payment method. One day your bit coin would be worth $10k more, the other $10k less! 

Don't take a genius to figure this out, but again we are talking about a few retards running the Bitcoin show.



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A middle-aged loner on a crusade to champion the cause of the innocent, the helpless, the powerless - in a world of criminals who operate above the law.

LET'S GO BRANDON!

 



FAR BEYOND DRIVEN

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LOL !

The video is long & drawn-out, but none-the-less covers all the bases lol ! There was a UK film crew there capturing the bollox too, but the main gist of it was that Alex Jones actually sneaked-in a little camera, & filmed a "Black Mass" / Pagan ritual being performed...And this is celebrated by the US-of-A's elite, from Corporate heads, War mongers, to POTUS's past & present & to come, & even Henry Kissinger has a decades long participation, just like the Bilderberg meetings...

No wonder the US-of-A & the world is so messed-up lol !

I just wanted to post the proof up, that's all...

We are looking for solutions to our problems, but we have to eliminate the problems before incorporating successful solutions.

Exposing these weirdo's & their "black mass" antics is a good place to start.



-- Edited by Rastus on Tuesday 29th of June 2021 08:57:06 PM

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I was just getting tired... I plan on picking back up where the two cameramen start recoding each other. I like a good backstory, I was just worn out when I started it.



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Maybe someone needs to send this article to Jack Dorsey! He swears by BitCoin but experts are saying the first quantum computer that drops will be powerfull enough to crack crypto currency!

Read on for some pretty facinating tech information that puts into perspective just how crude Crypto really is!

 

The notion that a quantum computer might someday break bitcoin is quickly gaining ground. Thats because quantum computers are becoming powerful enough to factor large prime numbers, a critical component of bitcoins public key cryptography.

Quantum computers rely on what is known as Shors algorithm to achieve this feat. Shors algorithm dramatically shortens the time required to solve factorization problems. It's also tailor-made for quantum computing, as it exploits the "superposition" of states used in quantum computing.

Unwinding Public Key Cryptography

The security behind wallet creation and transaction signing is predicated on public-key cryptography. What is public-key cryptography?

 

Lets start by noting that Bitcoins protocol relies on an Elliptic Curve Digital Signature Algorithm (ECDSA) to create a private key and its corresponding public key. Bitcoin users should know about both.

Public keys employ a hash function to create your bitcoins public address (what you send and receive funds with). This public key itself was meant to be shared with other users. The fact that crypto users feel compelled to hide their public key suggests that the key system is inherently flawed.

Private keys are used to sign and validate transactions, and thus are kept secret.

While a users public key can be mathematically derived from his/her private key, private keys cannot be derived from public keys. This one-way function is dependent on the inability of any classical computer to easily factor large prime numbers.

The Magic of Shors Algorithm

In 1994, mathematician Peter Shor revealed a quantum algorithm that can actually derive a private key from a public key. Shors algorithm achieves this by reducing the number of steps required to find the prime factors of large numbers.

While a classical computer can reduce any factor problem to a matter of order-finding, it cannot solve the order-finding problem itself. Quantum computers are exceptionally effective at solving this order-finding problem, however. Thats because their speed-up over classical algorithms scales exponentially.

With Shors algorithm, anyone with a powerful enough quantum computer - roughly 2300 qubits (source) - can reconstitute a private key from its corresponding public key.

Once a private key is known, an attacker can create a digital signature that is verifiable by its corresponding public key. As you might suspect, this allows an attacker to access a users account funds. Depending on the account, the attacker might be able to access additional details about the user as well. Here, identity theft becomes a very real possibility.

Discerning Who Is Vulnerable.

In Bitcoins early days, a users public key served as their receiving address As a result, anyone conducting a bitcoin transaction could readily view the recipients public key.

Cryptography experts soon realized, however, that these pay to public key (p2pk) addresses might someday be exploited. In 2010, bitcoin users began replacing their p2pk addresses with pay to pubkey hash (p2pkh) addresses (still used today).

Not incidentally, reused p2pkh addresses should not be considered safe either. Once someone transfers funds from a p2pkh address, their public key becomes public. Consequently, many wallets currently prevent users from reusing an address.

Altogether, roughly a quarter of all bitcoins remain in these two types of addresses (p2pk and reused p2pkh). These coins will eventually become highly vulnerable to theft, as anyone with a powerful quantum computer will be able to calculate the private key from such an address.

While most bitcoin investors no longer use p2pk addresses, they remain vulnerable to them anyway. Once a quantum computer publicly derives a private key from a public key, bitcoins price will most likely crash.

Transaction Hijacking

An attacker who can perform a (live) transaction hijacking will need to achieve several tasks in short order. After running Shors algorithm to derive the private key, the attacker must then create, sign, and broadcast the conflicting transaction.

All of these steps can be achieved in short order if a powerful quantum computer is present. The outcome will be similar to a double-spending attack, with the exception that the attacker is the sole beneficiary.

An enterprising miner can combine this transaction hijacking attack with a selfish mining attack. Given enough quantum computing power, a miner could create their own secret chain and selectively publish blocks to the public chain.

By doing so, the quantum attacker will cause a reorganization of the public chain (a rolling back of the chain). In this scenario, the attacker acquires all funds and block rewards contained in any transactions spent -- in the now overwritten transactions.

Taproot and Public Key Visibility

Bitcoin users seeking to keep their transactions private might be stymied by companies like Glassnode and Chain Analysis. These companies access and compile the logs from a nodes mempool, viewing the public keys for each transaction in the process.

Public keys may soon be made public again anyway. A bitcoin upgrade named Taprootaims to make all public keys visible on the blockchain. The basis for this upgrade is to make bitcoin transactions more flexible (such as enabling the use of new signature types).

By making public keys visible, of course, Taproot will increase bitcoins quantum vulnerability. Critics question the justification for such an upgrade since bitcoin primarily functions as a store of value.

No Easy Solutions

Given these challenges, it seems justifiable to mandate that all bitcoins move to a new p2pkh address. Aside from the legal complications this might entail, it's unlikely to serve as a long-term solution.

Quantum computers will eventually become fast enough to overcome p2pkh protections as well. Instead, instituting quantum-resistant cryptography appears to be the most viable option for meeting this challenge.

Quantum Resistant Ledger (QRL) is playing an instrumental role in this process. The cryptocurrency incorporates a quantum-resistant hash-based signature scheme named XMSS (eXtended Merkle Signature Scheme). If necessary, QRL can also update this signature scheme without compromising its security.

QRL did not simply create a standalone post-quantum blockchain, however. It also created enQlave, an ethereum wallet that secures any ether or erc20 token balance from quantum theft. This innovation incorporates XMSS signature verification on ethereum.

Peter Waterland founded QRL after concluding that quantum computers pose a mortal threat to cryptocurrencies.

Concluding Note

Attempting to fix these problems before quantum computers arrive is a bit heady. It's analogous to rebuilding a car engine while the engine is running and moving downhill. At the bottom of the hill, the car will drive over a cliff if you dont finish in time. Implementing Taproot is akin to having the throttle stuck open at the same time.

Bitcoin investors who believe that quantum computing remains a distant threat risk being blindsided by the technology.

Quantum computing has already advanced rapidly, far faster than what many scientists had predicted. And since tech companies continue to pour millions of dollars into research and development, nothing can be taken for granted.

For cryptocurrency investors intent on taking a proactive approach toward blockchain security, solutions that feature post-quantum cryptography appear to be their best long-term bet.

At present, Quantum Resistant Ledger is the only blockchain company credibly moving in this direction. 

https://www.yahoo.com/finance/news/quantum-computing-cause-next-crypto-170601212.html



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LET'S GO BRANDON!

 



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When the markets crash, AND THEY WILL, and everyone pours their money back into BitCoin, I hope the US Government comes along and locks all that money up! 

You know why? Because anybody who is putting money into Bitcoin rather than re-investing it with the people and small businesses of America don't deserve that money anyway! 

It's literally nothing more than a tax dodge at this point! 

The rest of the Crypto currencies are nothing more than lotteries, or a hand of poker! Nothing more and nothing less!

I have played, won and I am done... Market is WAY overpriced, Bitcoin is also WAY overpriced.

We have Jack Dorsey and Elon Musk meeting in Miami to "talk" about Bitcoin? What the FUCK is the SEC doing now days? Watching online porn!?



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A middle-aged loner on a crusade to champion the cause of the innocent, the helpless, the powerless - in a world of criminals who operate above the law.

LET'S GO BRANDON!

 

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