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Showing 16 of 16 results by Harpaggie2001
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Re: What's Your Exchange to Wallet Ratio?
by
Harpaggie2001
on 10/01/2024, 16:36:11 UTC
Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

1%
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Topic OP
Manipulation / ETF's
by
Harpaggie2001
on 05/01/2024, 18:19:41 UTC
Is there a general consensus on how much volume it takes to move the BTC market price? 
Is the SEC not worried about market manipulation? 
Is there a legal framework in place to deter / reprimand BTC manipulation? - I realize this could only apply to US patrons.

My theory was that BTC was too susceptible to manipulation to issue an ETF yet.  Apparently I'm wrong, which is understandable, because I make beer for a living...

Any friendly opinions welcome! 


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Topic OP
ELI5 - Transaction Fees
by
Harpaggie2001
on 27/12/2023, 20:52:20 UTC
Can someone give me a BRIEF, SIMPLE explanation of how fees work?  How are they calculated? Why is there a discrepancy in opinion regarding how high the fees will be as we approach more halvings?  Lots of speculation about how expensive fees will need to be in the future.  Any insight, would be appreciated.  FWIW I'm not a computer dude, as much simplicity as possible would be most appreciated.  Thanks in advance! 
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Re: Is BTC really safe from being hijacked?
by
Harpaggie2001
on 09/06/2022, 00:36:17 UTC
Been a HODLer since 2013. Still buying every single day.  Haven't sold a singe sat.
This guy has a point:
If you've really been holding since 2013 you wouldn't be asking basic Bitcoin 101 questions like this
You're missing out on so much of "the Bitcoin experience" by not using it! Try it, send it, test some wallets, get the feel of how it really works. Fund a Lightning channel, make a few payments, see what works for you. If you ever want to use it (to buy a jet or something), it comes in handy if you know what to expect.

I've sent it around.  I guess the premise of my point wasn't "is my btc safe from _______". The point was - The US GOV has a very good reason to fear BTC.  IF money wasn't an object, COULD they kill it?  Luckily a few other people understood and answered it perfectly but thank you!  Lambo, Yacht and Jet on order.........
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Re: Is BTC really safe from being hijacked?
by
Harpaggie2001
on 06/06/2022, 23:54:59 UTC
If you are a really an old hodler then you already answered your own question. How can you safely got this far if btc isn't safe from being hijacked? Because, if it did then it was being hijacked long time ago. They have a better chance doing it since the network that time is much weaker and the prices are less expensive than compared to today yet they still didn't do it. That simply means that btc is truly strong and cant be hijacked.

What the governments are only doing is they create their own kind of bitcoin/crypto which is centralized that they can fully control but no one is going to buy that. There is only one literal hijack that can happen you, that is if when you are not careful on securing your bitcoins.

And you're of the opinion that the Federal Reserve doesn't feel any bit threatened by the potential of replacement?
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Re: Is BTC really safe from being hijacked?
by
Harpaggie2001
on 05/06/2022, 15:52:18 UTC
I never thought I'd be lectured. LOL Everyone who came to shame me for bragging...It went like this:

2013 - Hey close friends, I bought this stuff called bitcoin. Paid like $500 a piece for them.  We'll see how it goes!
2104 - 2017 - Them "ya still got your Dungeons and Dragons money?  How's that workin out for ya?"
Me - fine. It'll either go to the moon or zero.  I'm fine with either. You should buy some too!
Dec 2017 - Them: DUUUDE SELL IT NOWWWWW!!
Me - Nah, I'm good.
Dec 2018 - We told you to sell it dumb ass.  Now look.
Me - I'm still up (shrugs) Actually I'm buying more, I can show you how.
2021 - THEM - DUUUDE SELL IT NOWWWWW!!
Me - ALL YALL CAN SUCK IT!!!!  JUST WAIT!  WE'VE BEEN THROUGH THIS OVER AND OVER AGAIN BOYS!

Them now: Hey man, is it too late to buy some of that bitcoin?
Me:  Dangles it in their face (the past, not my actual BTC balance)

Are we all clear now?  Can we stop acting like this is Twitter?  THANK YOU!

Good lord, could you be any more immature and juvenile? I call BS on your story. If you've really been holding since 2013 you wouldn't be asking basic Bitcoin 101 questions like this, and you would have taken some (serious) profits by now and your "friends" wouldn't be chastising you for it. And please, chill on the cringy Reddit lingo.

Good Lord.
In all seriousness my wallet is on Mt Gox safe and sound. I've actually put in an order for a lambo, yacht and about to hop on opensea and buy another Bored Ape. You just hate me cause you ain't me.  All good bruv, haters make me famous!
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Re: Is BTC really safe from being hijacked?
by
Harpaggie2001
on 05/06/2022, 15:41:06 UTC
How difficult (expensive, realistic, etc) would it be for the US gubmint to buy up enough mining power to hijack the network, change the rules, and send it all to zero?
All you have to calculate is for how 51% attack is possible, check the present bitcoin mining hashrates and see the total. So, an addition of 50% of the hashrate coming from the attackers will make 51% attack possible on bitcoin mining hashrate. Presently the bitcoin mining hashrates is at 213 EH/s. Miners from all over the world are contributing to the total bitcoin mining hashrates but that is not stable but either increase or decrease over time, but the hashrate is so high and strong to the extent no one can ever as of now think he wants to provide half of such total bitcoin mining hashrates. Even if such happens, it would be difficult to maintain, which makes it not to worth wasting money, time and effort to carry out 51% attack on bitcoin blockchain.

I guess my thesis would be that the USGOV would be motivated to end it.  Not out of profit potential but just to protect the USD world reserve status. I could see them deciding that its well worth the cost to end it.  $15 Billion is a drop in the bucket to them.  Losing the status of global reserve currency would be far more costly in the long run.  My question wasn't would someone do it, my questions was CAN someone do it (technically speaking).....if that makes sense.
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Merits 4 from 1 user
Re: Is BTC really safe from being hijacked?
by
Harpaggie2001
on 05/06/2022, 00:32:09 UTC
⭐ Merited by LoyceV (4)
I never thought I'd be lectured. LOL Everyone who came to shame me for bragging...It went like this:

2013 - Hey close friends, I bought this stuff called bitcoin. Paid like $500 a piece for them.  We'll see how it goes!
2104 - 2017 - Them "ya still got your Dungeons and Dragons money?  How's that workin out for ya?"
Me - fine. It'll either go to the moon or zero.  I'm fine with either. You should buy some too!
Dec 2017 - Them: DUUUDE SELL IT NOWWWWW!!
Me - Nah, I'm good.
Dec 2018 - We told you to sell it dumb ass.  Now look.
Me - I'm still up (shrugs) Actually I'm buying more, I can show you how.
2021 - THEM - DUUUDE SELL IT NOWWWWW!!
Me - ALL YALL CAN SUCK IT!!!!  JUST WAIT!  WE'VE BEEN THROUGH THIS OVER AND OVER AGAIN BOYS!

Them now: Hey man, is it too late to buy some of that bitcoin?
Me:  Dangles it in their face (the past, not my actual BTC balance)

Are we all clear now?  Can we stop acting like this is Twitter?  THANK YOU!
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Re: Is BTC really safe from being hijacked?
by
Harpaggie2001
on 04/06/2022, 23:58:00 UTC
Been a HODLer since 2013. Still buying every single day.  Haven't sold a singe sat.  Admittedly, next bull run I'm gonna leverage my BTC or scrape some profits. Nothing makes me happier than dangling it in my friends faces who have been screaming "SELL THAT SHIT WHILE YOU CAN" for 9 years. Now that it might actually threaten the USD, I'm gonna ask what I hope is a stupid question. 

How difficult (expensive, realistic, etc) would it be for the US gubmint to buy up enough mining power to hijack the network, change the rules, and send it all to zero?

Admittedly I don't know much about the technical side.  I buy it because I saw / see the value from a financial perspective.  I understand the basics, but when you'll start talmbout hash rates, I get lost like a goose in tall weeds.

Once someone can explain to me why it should cost the same amount of money to wire funds between 2 banks next door to each other, as it does to mail a fckn brick from Miami to Maine, I might weaken my bullish outlook on BTC. Not to mention they don't process transactions on weekends?  Why? Because the ladies poking the keyboards are "off"?  Okay Flintstones...... Until then, I'm still a buyer baby.

And please, ELI5

You seem to be trapped in a bubble, especially looking at America only. The banks in America are charging ridiculous fees to their customers and many of these don't exist in places like Europe. Bitcoin will always be competing with the fees charged to businesses by payment networks like Visa and Mastercard, that's what you should be focusing on and they are in the range of 1-3.5%. In hindsight it seems rather foolish to supposedly having held your Bitcoin all this time - if you had sold a chunk near the peak, or even as it slowly dropped down, you'd be able to buy in more as it continued to drop. but admittedly that gets into trading territory that some people avoid.
I guess I need to start writing with TONS more details. GEEEZ. I'm not "focused" on anything.  I realize the world is a big place.  I see the value in the ease of currency movement with BTC. I study economics for fun.  I have a degree in finance and a minor in economics.  I read The Wealth of Nations once a year for fun.  The only reason I mentioned the American government is because BTC threatens the USD, which is the de-facto global currency.  The USA would be the most motivated and most capable of deploying capital to end it IF IT WERE PLAUSIBLE. In hindsight we all make mistakes dude.  If you actually read my post you'd see that my future plans may include a different plan than the past.  Its a shame that some come here to exchange ideas and others treat it like the Twitter cesspool. Thanks to the people who actually engage in a meaningful way!
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Re: Is BTC really safe from being hijacked?
by
Harpaggie2001
on 04/06/2022, 23:39:11 UTC
Nothing makes me happier than dangling it in my friends faces who have been screaming "SELL THAT SHIT WHILE YOU CAN" for 9 years.

Do you feel safe when your friends and probably others know how much bitcoin you have? Do you feel safe to understand that they know you have been hodling for 9 years. Yes, you feel safe and that is why you dangle it in the faces of your friends.
Well, I don't know the part of the world you live, but generally it is not cool to make people understand you hold much about of bit for security purposes.

Bitcoin did not start threatening USD today, if they could not do it 10yrs ago when there aren't much people in the network, I don't think they can do it now that millions are into the network.

i don't think it is a smart move showing off to your friends about your BTC stash. because these days, you don't know who to trust anymore. better keep it to yourself. you will have more peace of mind if very few to none know about your BTC holdings. also, don't ever post it in your social media channels that you are holding it very long. you are just subjecting yourself to scamming, hacking and other fraudulent activities. but if you are so proud about this, then go on, but don't blame anyone if your computer starts acting strangely.
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Re: Is BTC really safe from being hijacked?
by
Harpaggie2001
on 04/06/2022, 23:30:17 UTC
How difficult (expensive, realistic, etc) would it be for the US gubmint to buy up enough mining power to hijack the network, change the rules, and send it all to zero?

An S19 Pro costs about $8k and has a hash rate of 110 TH/s. For a 51% attack, at least 200 million TH/s is needed, so about 1.8 million S19s, with a cost of about $15 billion. There is also the cost of the supporting infrastructure, labor and electricity.

As far as your concern about changing the rules -- it is not possible. Changing the rules would simply cause a fork, like BCH, BSV, and BTG, that can be ignored.

The most likely attack would be a denial of service. The government would prevent other miners from adding blocks to the chain and publish empty blocks for as long as needed in order to kill the network. In the end it would be expensive, but it is probably doable if there is sufficient political will behind it.
Considering that $15B then i could say that it is really that doable if they are really that serious on taking Bitcoin down but it seems no one or they arent getting that support on doing so in speaking on giving out

a network attack and minding off on how the hell they would really be spending out on something which it cant even assure if it would totally kill down the network or just giving out some temporal effects

but not totally a reason on making it dead? For sure there wont even how filthy rich are those people who do tend to support such agenda but well we dont know on whats coming though.

I think IF they did it, it would be a massive secret / cover up.  I mean, the plan was in place for the US military to shoot down a plane full of Americans over Cuba and blame it Russia.  The CDC administered syphilis to African Americans and told them it was a vaccine.  Lots of people can't be convinced we landed on the moon.  I guess one of my "unknowns" was - IF the network could be rendered worthless, COULD the culprit be anonymous?

BTC was invented partly to escape the control of the US government, which is presumably why lots of people who love power, hate BTC.  
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Re: Is BTC really safe from being hijacked?
by
Harpaggie2001
on 04/06/2022, 23:22:46 UTC
Thanks for the insight!  In regards to your second comment.  Could you elaborate a bit more about what you mean by "would take HOURS at most for us to put everything back in place after which all their resources and effort become worthless and useless."? Are you saying that enough people would see the fuckery taking place and produce an alternate means of securing the network?  Could you elaborate a little more?  And also for the record, explain it like I can barely use an iPhone. 
I am not the best ELI-5 candidate but I can give this a try.

If the 'US gubmint' decides to take Bitcoin over, they would need a LOT of mining equipment.  All of this equipment they need obviously requires resources to be produced and there is of course an approximate or specific amount of such equipment that can be produced per day or year.

The government needs to own 51% of the hash rate in order to 'overtake' the network.  Since more and more and more powerful mining equipment is added every day, they need to have all this massive amount of equipment built, shipped and ready to be powered on in a reasonable time.  Otherwise, if all of this is done over years, the mining hash rate may increase enough so the government needs even more power to compensate and reach 51% again.

Now say they have everything planned so well they actually do get to own 51% of the network.  Now they 'control' Bitcoin.  What happens next?

Bitcoin developers, miners et cetera move on to another mining algorithm.  If the algorithm is changed and Bitcoin 'splits up' similarly to how Bitcoin split up into BTC and BCH years ago, the government's massive effort are redeemed worthless and useless immediately.  Because their massive amount of equipment now can not mine the real Bitcoin.  It can only continue to mine the old Bitcoin that they attacked.  But as soon as you and I find out there has been an attack, we will discard the attacked network in favor of the new one.

Let us say we get to change the algorithm so that this special mining equipment can not mine Bitcoin any more.  Let us say we get to change it so that computer graphic cards can be used for mining instead.  Now the government needs to purchase enough graphic cards to own 51% of the new, intact network.  If they can do this, we just move on to another algorithm.  And so on.

At the end of the day, it is just wasted time and efforts for them.  If someone has something to correct about my 'theory', please chime in and do.

-
Regards,
PrivacyG


Thank you for taking the time to explain that.  I get it now!
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Re: Is BTC really safe from being hijacked?
by
Harpaggie2001
on 04/06/2022, 19:09:56 UTC

[/quote]

Like whats said above, the 51% attack won't help. Even that 15Bn because it will just fork another chain and what they'd get is an altcoin. All the BTC holders will receive free money thanks to them.

There is no hijacking in BTC. This is why they'd rather be regulating BTC miners to hijack it and we have seen it coming already by the narrative that BTC waste so much energy.

[/quote]

Thanks for the info!  What's mind boggling to me is how they can push and subsidize the battery powered car narrative, which get charged via the exact same electric grid as BTC.  In your opinion, is there any exostnential threat to BTC?  As long as we have someone welcoming the miners I can't see regulating the mining as a realistic way to end it.  It sounds like plenty of third world countries would be in line to sell miners electricity if it got to that point.  Kenya is nice in December from what I hear.....
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Re: Is BTC really safe from being hijacked?
by
Harpaggie2001
on 04/06/2022, 18:46:49 UTC
How difficult (expensive, realistic, etc) would it be for the US gubmint to buy up enough mining power to hijack the network, change the rules, and send it all to zero?

An S19 Pro costs about $8k and has a hash rate of 110 TH/s. For a 51% attack, at least 200 million TH/s is needed, so about 1.8 million S19s, with a cost of about $15 billion. There is also the cost of the supporting infrastructure, labor and electricity.

As far as your concern about changing the rules -- it is not possible. Changing the rules would simply cause a fork, like BCH, BSV, and BTG, that can be ignored.

The most likely attack would be a denial of service. The government would prevent other miners from adding blocks to the chain and publish empty blocks for as long as needed in order to kill the network. In the end it would be expensive, but it is probably doable if there is sufficient political will behind it.


Would those 1.8 Million S19s be acting as one "node"?  (I'm using quotes because I don't even know if that's the right term).  In other words, would the other miners be able to see some giant stepping into the network trying to pull something squirrely and be able to defend it?  In reality $15 Bn is chump change to the government.  I could see them doing something like this and covering it up.  I mean....lots of people say we never landed on the moon. I'm just a little nervous because 1% of my net worth (in 2013) has now turned into 99% of it.hahaha.  I see the value, and don't trust the grimy politicians.
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Re: Is BTC really safe from being hijacked?
by
Harpaggie2001
on 04/06/2022, 18:37:11 UTC
I think it is time for you to switch focus.  From how easy it is for a government to 'hijack' Bitcoin to how difficult it would be for the same government to re-hijack Bitcoin once everybody forks to another algorithm.  I do not know how easy it is to switch to GPU mining, but I assume it would be one of the choices if possible and easy to apply.

Here is the hardest part of the hijacking thing.  Sure, let us say the government has enough resources and time to create the perfect mega mining rig to 'overtake' Bitcoin.  It would take HOURS at most for us to put everything back in place after which all their resources and effort become worthless and useless.

-
Regards,
PrivacyG


Thanks for the insight!  In regards to your second comment.  Could you elaborate a bit more about what you mean by "would take HOURS at most for us to put everything back in place after which all their resources and effort become worthless and useless."? Are you saying that enough people would see the fuckery taking place and produce an alternate means of securing the network?  Could you elaborate a little more?  And also for the record, explain it like I can barely use an iPhone. 

I know you guys are probably tired of these types of questions, so thanks for bearing with me.  Is there anything that could realistically thwart the protocol?  I don't think "banning it" is plausible at this point.  It kinda seems like that would infringe on our first amendment.  But I guess if we're being brutally honest that too isn't out of the realm.
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Merits 2 from 1 user
Topic OP
Is BTC really safe from being hijacked?
by
Harpaggie2001
on 04/06/2022, 17:19:22 UTC
⭐ Merited by vapourminer (2)
Been a HODLer since 2013. Still buying every single day.  Haven't sold a singe sat.  Admittedly, next bull run I'm gonna leverage my BTC or scrape some profits. Nothing makes me happier than dangling it in my friends faces who have been screaming "SELL THAT SHIT WHILE YOU CAN" for 9 years. Now that it might actually threaten the USD, I'm gonna ask what I hope is a stupid question. 

How difficult (expensive, realistic, etc) would it be for the US gubmint to buy up enough mining power to hijack the network, change the rules, and send it all to zero?

Admittedly I don't know much about the technical side.  I buy it because I saw / see the value from a financial perspective.  I understand the basics, but when you'll start talmbout hash rates, I get lost like a goose in tall weeds.

Once someone can explain to me why it should cost the same amount of money to wire funds between 2 banks next door to each other, as it does to mail a fckn brick from Miami to Maine, I might weaken my bullish outlook on BTC. Not to mention they don't process transactions on weekends?  Why? Because the ladies poking the keyboards are "off"?  Okay Flintstones...... Until then, I'm still a buyer baby.

And please, ELI5