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Showing 20 of 105 results by Good_Doctor
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Topic
Board Bitcoin Discussion
Re: Why is Bitcoin the Dumbest Thing Ever Invented
by
Good_Doctor
on 06/05/2024, 06:53:16 UTC
Given that units in the Bitcoin system are not created as debt, they are empty. They are containers that hold nothing. Often, people say that Bitcoin is simple and thus better than a complex banking system that manages fiat currencies. But of course Bitcoin is simple given that it manages empty units. Fiat currency units hold debt and managing debt is complex. It includes contracts, credit assessments, collaterals, foreclosures, etc. And this requires resources, both material and human. With Bitcoin, a guy just wrote a protocol that tells people: "You have 10 BTC units", "you have 0.5 BTC units", "you have 50 BTC units", etc. But units of what? Units of a company ownership? No. Units of something tangible like a precious metal? No. Units of something intangible like patents, copyrights or software licences? No. In the Bitcoin system people buy and hold units of literally nothing. Units that are empty. That is why it is so simple. Managing empty units is simple. But extremely dumb. Just like it would be managing empty envelopes and boxes in our hypothetical crypto-post. With Bitcoin, such managing even requires the consumption of enormous amounts of electricity.
That's because you might
just be the dumbest person to get into a forum that is meant to give knowledge to her members, and because you've chosen to start off with the wrong foot.
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That's why Bitcoin is the dumbest thing ever invented.
This again is a dumb claim of course with time you'll understand you've wrongly related this amiable invention known as Bitcoin.
Post
Topic
Board Bitcoin Discussion
Re: Bitcoin halving and inflation
by
Good_Doctor
on 26/09/2023, 00:59:21 UTC
Despite how halving increases the price of bitcoin to make it more profitable to investors, I'm wondering if it will not lead to devaluing of the currency in every four years? Will the effect of these not be inflation of bitcoin in every four years?
Go through these post and get answers you need. I'm sure you will.
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Post
Topic
Board Beginners & Help
Re: Seniors apply patience and kindness to newcomers
by
Good_Doctor
on 25/09/2023, 06:22:06 UTC
While constructive corrections are beneficial, it's crucial to avoid using harsh or abusive language.
It's true that some posts from newcomers may be of low quality or show a lack of willingness to learn initially. However, I believe that giving them a chance and treating them with kindness is a reasonable approach.
I can actually relate to this post and commend the OP for speaking up for someone like me who'd not have been able to say this. Thanks!
But one thing I am glad about is that although I've faced toughness here from many high rank users but I actually paid attention to their 'abuse' or scoldings and I ensured that in my next reply or post I avoided those faults that characterized my previous post that made them talk me down. So, I'd say to newbies facing such to actually change their mindset and take each of those stones thrown at them for wrong replies or post as a building block for attaining higher rank in due time rather than going into their shells to learn nothing or fighting back by replying abusively.
Summarily, high ranked users guilty of this should pipe down by reducing the abusive words and the victims of these should learn from it and build knowledge (like I've been doing so far).
Post
Topic
Board Gambling discussion
Re: Is gambling all about luck?
by
Good_Doctor
on 25/09/2023, 01:36:24 UTC
In my opinion making cash from gambling is not a good option and the statistical probability that you will win every game at every casino is very low. I think winning or losing every game is completely in your head, so your individual tricks are not there. However, we all have some kind of luck so we should strive for what is possible for us.
I see this post all encompassing and you've made an impression and given a lesson. It's left for those who are lucky or who have "luck-charms" to continue in their gambling as source of earning and those who don't have such lucks from overtime gambling experience to continue or stop respectively. So I'll say from your post , lesson gained!
Post
Topic
Board Development & Technical Discussion
Re: How did Bitcoin "start"?
by
Good_Doctor
on 25/09/2023, 01:31:16 UTC
How did the bitcoin or any crypto coin network start? I'm not talking about developing and compiling the actual software. How does the actual block chain get started?How is the first block of the block chain started?
The first block of a cryptocurrency's blockchain, known as the "genesis block," is typically created manually by the cryptocurrency's creator or developers. It serves as the basics(building blocks) for the entire blockchain. This block contains no previous transactions or references, making it unique. Subsequent blocks are added through a decentralized process called mining, where nodes solve difficult mathematical puzzles to validate and record transactions, further building the blockchain.
Check this thread for some more details on this topic
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Post
Topic
Board Off-topic
Re: Anonymity provides a level playing field.
by
Good_Doctor
on 18/09/2023, 20:37:46 UTC
First of all op, I think this post is supposed to be in the beginners and help section.
This is left for the moderator to decide. I'm sure you can see that now, already it's taken to off-topic.
Post
Topic
Board Bitcoin Discussion
Topic OP
Anonymity provides a level playing field.
by
Good_Doctor
on 18/09/2023, 04:43:09 UTC
First of it's good y'all know that here no one is in competition with another. Don't get my topic wrong.
I'll give an instance, when getting into this forum I met a coursemate and he told me quite a lot about this forum and really I've come to realize many great things he said and as well the dangers of not sticking to the rules he briefed me about. Afterwards he gave me the link and I registered. Congratulations to me I am a member of Bitcoin talk forum. I thought it would be so merry all times but I was wrong I seemed to have quickly forgot the things he told me about the forum and I though started with a right foot but missed it along the way but trust menwe have guys watching your every move here if you wanna be a pain in the ass they'll bash you to reasoning well again and I got corrected I'm sure so far I observe rules accordingly.

Something about my coursemate intrigued me and I wanted to know his username on here. But he refused to tell me, for long I've wondered why ? "Does it really matter?" And by and by I see why it's better he didn't tell me. I am growing knowing that he's grown overtime I don't have any form of unnecessary competition with him...it makes me seek his advice and help when I'm in need...I don't have to be jealous whatsoever...and I in a way feel I'm alone and that makes me want to grow and someday if I have the opportunity to bring in anyone I'd love to monitor the person's growth from a distance but not to meddle in the person's business as to bring him or her down in any form if I happen to even know his or her username on here.

Just as seeds are planted in the same land but different locations if a seed is looking for an encouragement inside the soil before it grows that means it will never sprout they all are hidden deep in the soil without any knowledge of another around yet they sprout and just before you know it they'll see each other at the top when they've become trees. So grow up by learning here don't wait to monitor another person's growth by asking for username of the member or whatever before you can grow. If you know anyone here you should look away from the person and build yourself in knowledge. This is very paramount.
Summarily,  being anonymous:
-is good and helps everyone grow well by taking down any form of unnecessary competition

-it reduces external fight or confrontation (if you're known the people close to you would want to confront you if you maybe replied negatively to their post )

-it also ensures safety of every member in the forum in the outside world.

-it creates equal opportunity for growth in the forum(this is the major benefit as slated in the topic)

 This is my humble thought after many weeks of observation. You can contribute and let me know what's your take on this. I'd be reading your replies to learn more too. If you have negative response please kindly put it in a nice way if possible that I can learn please. Thanks y'all.
 
Post
Topic
Board Bitcoin Discussion
Re: HALVING IS GOING TO CAUSE A GENERAL EFFECT ON ALL IN THE ECOSYSTEM.
by
Good_Doctor
on 17/09/2023, 13:52:18 UTC
Right after the 2020 halving, there was a dip in Bitcoin mining difficulty. The network lost some trillion hashes in just a month's time. It was probably due to the halved block reward. Some miners might have been compelled to pause operations due to the decreased reward. But then it quickly recovered thanks primarily to the fast increase of Bitcoin's price. It only took around 6 months from the halving day for the price to double. So it balanced the halved reward. Miners must already be in profit. From then on, the difficulty climbed more or less continuously except when China announced a ban on Bitcoin mining.

So, there could also be a temporary dip in difficulty after the next halving takes place. But recovery will quickly follow.

As to the possible backlash in general, I don't think there will be any. This has been the design ever since. But regardless of a possible event where some miners stop operating because of losses, the difficulty would just adjust and the network continues to operate as always. And a significantly lower difficulty will eventually be enticing for those who want to mine. The price of Bitcoin will also play a vital role.
I must specially thank you for this comprehensive reply.
Post
Topic
Board Bitcoin Discussion
Re: HALVING IS GOING TO CAUSE A GENERAL EFFECT ON ALL IN THE ECOSYSTEM.
by
Good_Doctor
on 17/09/2023, 13:21:08 UTC
Right after the 2020 halving, there was a dip in Bitcoin mining difficulty. The network lost some trillion hashes in just a month's time. It was probably due to the halved block reward. Some miners might have been compelled to pause operations due to the decreased reward. But then it quickly recovered thanks primarily to the fast increase of Bitcoin's price. It only took around 6 months from the halving day for the price to double. So it balanced the halved reward. Miners must already be in profit. From then on, the difficulty climbed more or less continuously except when China announced a ban on Bitcoin mining.

So, there could also be a temporary dip in difficulty after the next halving takes place. But recovery will quickly follow.

As to the possible backlash in general, I don't think there will be any. This has been the design ever since. But regardless of a possible event where some miners stop operating because of losses, the difficulty would just adjust and the network continues to operate as always. And a significantly lower difficulty will eventually be enticing for those who want to mine. The price of Bitcoin will also play a vital role.
Wow this is pretty comprehensive. Thanks so much
Post
Topic
Board Bitcoin Discussion
Re: HALVING IS GOING TO CAUSE A GENERAL EFFECT ON ALL IN THE ECOSYSTEM.
by
Good_Doctor
on 15/09/2023, 09:29:40 UTC
I think the right time to invest in bitcoin is a few months before the halving. Bitcoin halving will occur in 2024....
Why is it called halving?
What do you think you're doing please? You not only didn't read the post you were too quick to reply to a post that you have short understand on. You should go to the beginners forum and learn about rules of operation here. You won't grow here if you continue like this. Your first objective should be learning.
Post
Topic
Board Beginners & Help
Re: What motivated you to join the forum?
by
Good_Doctor
on 15/09/2023, 09:21:12 UTC
For me I have a coursemate who's lifestyle intrigued me and on asking for his source of change and newness in terms of living he attributed it to Bitcointalk forum.
Yes! He told me that he got into Bitcoin less than 2 years or so but his knowledge was now so much that myself who's been into Bitcoin as an investor and not as a learner didn't have as much as his, not even up to. I thought I could bypass my way ans still be investor minded and grow so fast here financially but the modus operandi of this forum changed my mind because I was scolded many times for rushing as a result of my drive which wasn't a good one for the system here. So initially I was money conscious but just before I began to go for knowledge here and so far although it's not really encouraging but like my friend told me "in Bitcointalk you have to be patient and gain knowledge and contribute positively and correctly if you must post anything, in that way you will grow to higher ranks and you not only be full of knowledge you'll also tend to grow big financially too."

You can check my post so far I'm sure you'll find something to learn. Thanks for giving an opportunity to say this.
Post
Topic
Board Bitcoin Discussion
Topic OP
HALVING IS GOING TO CAUSE A GENERAL EFFECT ON ALL IN THE ECOSYSTEM.
by
Good_Doctor
on 06/09/2023, 02:43:44 UTC
How will the BTC mining difficulty level affect validators (btc miners) due to 1/2 reduction in reward after the next halving and possible backlash on general ecosystem?

Please as simple as you can I'd love to get your explanation on this.
Post
Topic
Board Bitcoin Discussion
Re: Firepot Finance
by
Good_Doctor
on 25/08/2023, 07:39:04 UTC
Firepot is a revolutionary DeFi project that aims to simplify DeFi and its usage among the world. Unlike traditional crypto projects with a core focus on only already existing web3 users, Firepot Finance seeks far and wide to reach and convert regular people familiar with CeFi systems. The vision of Firepot Finance to create an atmosphere for everyone, even moms with little technical knowledge to access DeFi is confidently backed by several mechanisms such as the AI copilot and Robo Advisory and Omni Chain dWallet. Doing things differently to attain results like never seen before is our motivation to keep the fire burning.

DeFi Made Easy With Firepot

The Firepot App creates incredible ease of usage for literally anyone, including absolutely newcomers to the Crypto space. This is achieved through several key implementations:



State-of-the art UI design and Interface similar to CEX systems.

Unrivaled support through AI.

Automation of DeFi Processes.

Omnichain functionality that creates a one-touch crypto experience.
My first question is how this forum works? What are the don'ts and does here in forum...

Unofficial list of (official) Bitcointalk.org rules, guidelines, FAQ
https://bitcointalk.org/index.php?topic=703657.0

everything you need to know about forum rank, activities and merits.
https://bitcointalk.org/index.php?topic=2766177.0

posting etiquettes
https://bitcointalk.org/index.php?topic=5184741.0#post_altgiveaway

Beginners and Help Encyclopedia
https://bitcointalk.org/index.php?topic=5364418.0

also I want to became an Investor what should I do...
You can learn to start being a long term investor or a short term investor, you can also be very active onbthe bitcoin trading discussion boards on bitcointalk, here are other helpful threads to learn about bitcoin investment

new to trading?
https://bitcointalk.org/index.php?topic=5446799.msg61999785#msg61999785

trading news and tracking
https://coinmarketcap.com/gainers-losers/
https://www.tradingview.com/crypto-screener/

I want to learn more about bitcoin like how to get it.

You can mine it, exchange it, or receive it as gift or a currency being paid with your reward for offering a service instead of being paid in fiat, wgich is by earning bitcoin.

You can use an exchange to get bitcoin using fiat and then create a personal wallet to store your bitcoin and keep the keys safe

bitcoin history
https://bitcointalk.org/index.php?topic=5438353.0
*Copied*
You seem to be very knowledgeable from your registration time I guess you have been away . You're welcome back to Bitcointalk
Post
Topic
Board Bitcoin Discussion
Re: Shared idea on Bitcoin scarcity and it's relation to halving
by
Good_Doctor
on 25/08/2023, 07:28:38 UTC
Are we saying the Bitcoin community can't be compromised to achieve this alterations in halving? Wow if yes then I am good to say Bitcoin is void of corrupt practices. It's no respecter of social status you have to play by the rules of the game!

Satoshi must have thought less of how this digital currency will have become. I can't imagine him knowing that Bitcoin will develop such a resistance to centralization. Now I hear of CBDC I'm sure it won't affect Bitcoin to the extent the government think it will.
Nice one !
Post
Topic
Board Bitcoin Discussion
Topic OP
Why verification is important to crypto users and investors
by
Good_Doctor
on 24/08/2023, 22:39:29 UTC
Just as we have many misconceptions about so much verification process that we feel may compromise our financial privacy I think it's cool we see some of the benefits of having to verify so we can balance our understanding and know how and why it's important we do these verification while we're careful too when doing it.
Verification of investors and users in an ecosystem is crucial for several reasons-
1. **Protection from Fraud** Verification shields both investors/users and the Bitcoin ecosystem from fraudulent schemes. By confirming identities and conducting thorough checks, the ecosystem can promptly identify and prevent fake investors or malicious entities from engaging in scams, illegal transactions, or deceptive activities.

2. **Regulatory Compliance** Verification ensures adherence to essential regulatory standards like anti-money laundering (AML) and Know Your Customer (KYC) requirements. Complying with these regulations not only safeguards investors but also establishes a transparent and secure framework for Bitcoin transactions.

3. **Fostering Trust** Stringent verification processes foster trust among participants. When users perceive that the Bitcoin platform undertakes measures to authenticate participants, they gain confidence in their investment decisions and view the ecosystem as legitimate and reliable.

4. **Risk Management** Verification strategies contribute to risk management within the Bitcoin ecosystem. By confirming the authenticity of investors and enforcing certain eligibility prerequisites, the potential for scams, money laundering, and illicit activities is significantly reduced. This in turn promotes a safer environment for all stakeholders.

5. **Enhanced User Interaction** Verification facilitates improved user interaction. Accurate user data collection enables platforms to communicate more effectively, provide relevant updates, and tailor investment options to the specific preferences of verified Bitcoin investors.

6. **Seamless Onboarding and Access** Verification is integral to the onboarding of investors into the Bitcoin ecosystem. It ensures that only eligible and credible individuals or entities can partake in Bitcoin transactions and access investment opportunities. This preserves the integrity of the ecosystem and prevents unauthorized or fraudulent entities from infiltrating.

In conclusion, the verification of participants within the Bitcoin ecosystem is indispensable for ensuring security, regulatory compliance, user confidence, and the overall vitality and credibility of the cryptocurrency space. This practice cultivates an atmosphere of trustworthiness and transparency that ultimately benefits all stakeholders involved. Gaining knowledge about these verification practices equips us to detect potential risks and respond effectively when needed.

I actually replied briefly to a post that expressed fear of users or investors personal privacy being intruded.So, this is a complete version why we should also verify.
In all these it's good we go for knowledge so that we can decipher fictitious acts in the case of any and know how to respond at such times

I hope this helps.
Post
Topic
Board Beginners & Help
Re: Do you think privacy is important for a beginner?
by
Good_Doctor
on 22/08/2023, 19:14:50 UTC
Yes privacy is important for beginners because it's a matter of time the beginner today will become a teacher or learned person and if private details is leaked due to many government procedures like AML-anti-money laundering and kyc procedures of crypto exchanges procedures being asked of users when wrongly stored , may affect the user in question so privacy is very important for all.
This is really an issue because these procedures do not in anyway protect our privacy as someone somewhere get these information and may use it against us and I'd mention few precautions we can take although some are already being fought by government to stop them like already done to Lavabit , the CEO rather shut down the website than give government details of her users but not many will do this now... examples of measures we can take to protect our privacy is
*Every beginner or user should be vast about government laws regarding privacy so that when we're being asked what we're not supposed to give out we'd know and not give out such details

* Use of VPNs is also another means of ensuring privacy although not many countries are in favour of this

*Use of 2-FA mode to ensure our details are not used on our behalf

There are many more and I'm sure we'd learn a lot from this thread. I hope this helps
Post
Topic
Board Beginners & Help
Re: well thats aren't far from the truth
by
Good_Doctor
on 17/08/2023, 14:13:14 UTC
But one thing I observe it's like legends give legends merit and it's not really fair you help the lower ranks to grow and not 'enriching in merit already
Let's be honest with ourselves as newbies, I don't see it that way, if you deserve to get merit on any post or contribution it will be given by the community. So don't say Legends gives to Legend, do your best on reading more and making good contributions to the forum. It's more of educating ourselves than getting merit

Okay I won't say that. Congratulations by the way
Post
Topic
Board Bitcoin Discussion
Re: How possible can this be and if possible how can it be effectively detected?
by
Good_Doctor
on 15/08/2023, 05:00:43 UTC
Of course, I am not saying you should accept an unconfirmed transaction, if it has not been flagged as RBF. There is no guarantee that an unconfirmed transaction will be finally confirmed.
Can you please tell me more about this opt-in RBF if you have links please share how does it work. Is there a post as regards this if available share link

I want to reply the user above this my reply not the person I'm tagging now please understand...I don't know why you text with a negative mindset but mind you I've not been online for days and I don't want to give details of the platform that I am in that mentioned this and it prompted me to asking more about it so that I too will not be a victim so please I'm not having intentions to scam anyone I'm not a fool who's obsessed about money and wouldn't care how the money comes I won't defraud any man my life is above such ways take it or leave it my intention is to bring this to the notice of all and if the solution is available we should all learn!

Please back to you please thank you for this I need to know more about the RBF the working principle I'll search about it though in my free hours

Thanks to all who've shared links one way or the other your responses are appreciated sincerely
Post
Topic
Board Bitcoin Discussion
Topic OP
How possible can this be and if possible how can it be effectively detected?
by
Good_Doctor
on 14/08/2023, 08:29:19 UTC
I was going through some recent history and transactions in a platform and then it crossed my mind that some complaints were being made about unreflected payment and transaction id were being sent to show proof and then these person's later got credited.
But I ask, is it possible to fake a transaction ID and still be undetected?
Can a fake txn ID  be detected in any way effectively?
What do you have to say about this because it's really bothering me I believe not all who made complaints were true and this could be rampant but if a detector is available would be nice we know about it and it will reduce scam payment by detecting real payments through txn ID
Post
Topic
Board Beginners & Help
Re: well thats aren't far from the truth
by
Good_Doctor
on 11/08/2023, 06:42:46 UTC
* i made this topic since I'm looking for a beginning in this forum i had only 24 posts but yet they are useful for others (I'm not the one to judge) but didn't get any yet .
I totally understand your point. On going through your post history especially ones you started I see that you've done well to ask some questions as regards Bitcoin, Ethereum hash speed and some comparison questions as well as kinda you sell some old timspot stuff via telegram.
In a way those questions must have left replies that helped not just you but also others but obviously it wasn't worthy of merit to higher ranked members
I'd say you do well to keep up your good post and monitor those who's been rewarded merit and see how they construct theirs ans how you can do same in different aspects

But one thing I observe it's like legends give legends merit and it's not really fair you help the lower ranks to grow and not 'enriching in merit already rich'...we may not have as deep knowledge as the higher ranked members when we post but it should be encouraged that we go to some extent learn new stuff and try to share... sometimes we the only thing that is earned is bully by some eyeservice members and nothing is learnt . I began to feel whether some members are afraid to give merits to others but since I learnt that smerit expires I was like why not give to encourage a post that hase brought so many people together bringing opinions than just hoarding it ... it's of no use if you're doing so. ...(message to higher ranked members)

OP keep posting relevant stuff I'm sure you'll get merit so much as to take you to the highest rank soon.