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Showing 20 of 66 results by Western_Boris
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Re: What can we do to speed up Bitcoin mass adoption?
by
Western_Boris
on 17/04/2022, 22:58:37 UTC
maybe bitcoin really needs a strategy or an advertisement to be able to introduce bitcoin to the wider community...

I think Central Banks are the best advertisement for Bitcoin that there can ever be. But it works only on educated people who understand how toxic their policy is. So education is the key. And care. About not only ourself but from the rest of the people on this planet too.
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Re: Bitcoin has no intrinsic value
by
Western_Boris
on 17/04/2022, 22:54:37 UTC
Bitcoin generates profit purely from speculative trading.

This is BS. Bitcoin generates profit from supply and demand. And "speculative trading" is not the main use of Bitcoin. Sure some people use it that way too but it is ALSO used as a currency and savings account. Look Africa. These examples prove your "purely speculative trading" claim very wrong.
https://youtu.be/qvwqoYSani0
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Re: Btc price moving too much
by
Western_Boris
on 17/04/2022, 13:59:59 UTC
I really want to know why bitcoin is losing it value? If bitcoin is decentralized currency then why is it that bitcoin can not be stabilized? I believed everyone is going to Bitcoin because the currency is higher than others in the crypto space. I don't believe that bitcoin will crashed but my fear is that if bitcoin is devalued it will reduce the users.

Therefore, I am urging the Directors, Managers, Moderators and others to make sure that the price of bitcoin should roar, and not decrease anymore.

You sir have not understood Bitcoin enough yet. Bitcoin is valuable because there are no any kind of central governance that can affect its price like you hope by stablizing it or making it roar. Bitcoin's price will continue to go up and down a lot because it is valued only by supply and demand. And the demand is not every minute or every day the same. This is completely fine because it is honest. Greed of central bankers would just ruin it just like they ruin the fiat currencies by printing more to the groups they seem appropriate and the rest of us are stuck with devaluating fiat.

Decentralization means that it is not ran by any central group, it is ran by everyone who wants to help run the system. Nodes, miners, owners.

Stop worrying about short term price. It is volatile because Bitcoin is still very young asset. Volatility will propably get smaller when it matures and grows more. In long term you can see how Bitcoin is gaining more and more users, which means more and more demand, so the long term price will keep going up. Zoom out the chart to see proof.

If you want money that some directors and managers can control, there is 100% certainty that they will some day start to use it to their benefit, not yours.

Education is the key so keep learning.
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Re: What can we do to speed up Bitcoin mass adoption?
by
Western_Boris
on 17/04/2022, 12:05:57 UTC
I am now conceptualize our small business into helping Bitcoin adoptions on how? that is offering Bitcoin as accepting payments from our costumers , I even plan to accept altcoins  Grin

and also i am no  actively luring my friends and family members to invest in crypto in their choices , this is our part to extend our engagement to others and let them learn the benefits of crypto .

Accepting altcoins and luring friends and family to invest in crypto (not bitcoin) is stupid road. There is huge difference between Bitcoin and other cryptos so I would not recommend that way of shitcoins. People will get mad at you someday for recommending anything else than the safe Bitcoin.
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Re: What can we do to speed up Bitcoin mass adoption?
by
Western_Boris
on 17/04/2022, 11:46:09 UTC
People needs to be educated on how our current monetary policy is bad. Education is the key. They don't like it that price of everything is constantly going up faster than they get pay rise. They just don't know the reason for that.

They need to learn that it has been never worked in history of human kind when we give exclusive rights to print more money to some bankers or gevernments. Money needs to be separated from the state. Bitcoin is the solution for this. Running on fair rules which everybody can verify and not giving any benefits for rich or well connected people.

Human greed will always be there. So as long as the money policy is 100% on the hands of few, the human greed will make them to use that power to enrich themselves and their cronies, and not to benefit the whole human kind.
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Re: Btc price moving too much
by
Western_Boris
on 17/04/2022, 11:39:20 UTC

or just fucking leave it behind as another failure. I am not ever going to adaptto a money system that crashes 7 out of 8 days



Then why is the price not zero already if it crashes "all the time" like you lie?
Dude, you keep crying about constant crashing while in long term Bitcoin has been growing in value and keeps growing in value, because of supply and demand. Go get a hobby. Talking about money is not clearly not your thing.
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Re: Bitcoin, a possible replacement for credit cards
by
Western_Boris
on 17/04/2022, 11:33:58 UTC
I personally consider bitcoin as investment option instead of a payment method but in some cases, this can be a good payment method for the people who prefer using and paying with bitcoin instead of credit cards.

In western countries, we prefer Bitcoin more as an investment or savings account, because we usually have more or less stable currency and government. Even though the old currency loses its value "slowly" all the time.
But in less developed countries in Africa, South America etc. the use case is more about replacing the worse local currency. To escape the bad policy of authoritarian dictator and so on. When you can't trust the local government, then you simply want currency in chich you don't need to trust anyone.

This video talks about 3 cases in Africa: https://youtu.be/qvwqoYSani0

My point is, how we use Bitcoin differs because of what kind of society we live on. And beauty of Bitcoin is that it has benefits for everyone of us, not matter what our local society is.
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Merits 1 from 1 user
Re: Bitcoin has no intrinsic value
by
Western_Boris
on 17/04/2022, 11:08:54 UTC
⭐ Merited by Pmalek (1)

Your concerns are well grounded however. Bitcoin may indeed evaporate tomorrow without leaving a trace. It is written (or used to be, haven't checked the domain for a while) on the bitcoin.org website. It is experimental tech which nobody knows how it is going to end up.

Just because stocks went up higher during the last decade you don't invest 100% into stocks. You diversify.

1. Bitcoin is not experimental. It has been around 13 years, it runs on open source code which means that anyone can check the code and verify how it operates. Every single line of code. So there is zero question marks about how it operates and on what rules it operates. Also, it does not operate on any website. It operates on those thousands of machines that keep up the one and only Bitcoin blockchain.

2.1. Bitcoin could evaporate? No. Bitcoin runs on thousands of miners and nodes around the world. To be able to disappear, all these machines would need to be destroyed and people running them to be killed. Or else we can just run it on new machines. So this evaporating is kind of impposible to achieve.

2.2 If you mean by evaporating that it's price could go to zero tomorrow, again you need to think more about what would need to happen for that to become reality. Bitcoins price comes from supply and demand. And as long as there is demand (buyers) the price cannot go to zero. So price to go to zero there would need to be suddenly ZERO people in the whole planet who wants to buy Bitcoin. How would that happen? Only way would be if something better money gets invented and we have nothing better in the world at the moment. And even if we invent something better in lets say 200 years, it would be slow transition taking years from older monetary system to the new one. Just like it takes years now to move from fiat standard to Bitcoin standard.
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Re: Where to store your keys
by
Western_Boris
on 11/04/2022, 00:33:05 UTC

Good idea but you know what, the bank can just deny that you've been hacked if someone sneaks to your passphrases.

I could put passphrase inside of tamper evident bag in the safety deposit box to show if it has been opened or not. But of course I am interested in the banks procedure about is there any chance for their employee to get access to whats inside of box without the customer being there.
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Re: When and how did you discover Bitcoin?
by
Western_Boris
on 10/04/2022, 20:31:46 UTC
Don't remember the years but first heard about it online when it was only some cents or dollars. Next time heard about it when it was 300 USD and I remember thinking first time if I should buy it but was too afraid "because it had gone up so much recently". Checked it few times during the following  years and felt the same way. Then 2020 read about news that Paypal is thinking about adapting Bitcoin to its wallet and understood that if they do that, it will make Bitcoins price grow so I bought my first sats and started to learn about it. Following months BTC rose quickly so kept buying more, kept educating myself more about it and nowdays I am all in and working in a company which accepts Bitcoin as a payment.
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Re: Where to store your keys
by
Western_Boris
on 10/04/2022, 13:37:11 UTC

Certainly, safe deposit boxes are the number one target of robbers, along with your electronic devices, thus, in case of a robbery, you're practically losing access both to your computer and your backup phrase.

The safest bet is as I mentioned, a drawer or a compartment in a bedside stand, clothe closet, something that doesn't stand out, along with multiple copies.

I think that it is easier to steal stuff from my home than from banks vault. And the same thing goes with fire destroying the building.
Oh excuse me, I didn't notice we were talking about bank deposit boxes, I dun goofed. I thought we were discussing having a safe box at tome, in which case, my previous reply could possibly be a possibility. Bank deposit boxes are deemed safe, only specific people have access to their storage, while even the bank doesn't know its contents.

On the other hand, I'd still use a hardware wallet, since you're paying the bank a yearly fee anyway, why not spend some money on investing on a safe, hardware device.

The idea is to use hardware wallet to create 24 word pass code with additional 25th word password but then secure those codes inside of safety deposit box in bank. The hardware wallet itself does not have any value to anyone after the wallet has been created, right? Because it does not hold the passwords.
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Re: Where to store your keys?
by
Western_Boris
on 10/04/2022, 13:35:02 UTC

Seriously, I would not rely solely on a bank's safety deposit box. What if there is an earthquake or some other natural or man-made disaster and the contents of the safety deposit box are inaccessible? A safety deposit box is not as safe as people think, but having seed in a second location is always a good idea.


Agreed, but I feel the bank is more secure location than my own home. With earthquake, fire and flood. I have to learn more anyways about banks policy about is there any chance for their employee to gain access to the box without me.
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Re: Where to store your keys
by
Western_Boris
on 10/04/2022, 11:05:52 UTC

Certainly, safe deposit boxes are the number one target of robbers, along with your electronic devices, thus, in case of a robbery, you're practically losing access both to your computer and your backup phrase.

The safest bet is as I mentioned, a drawer or a compartment in a bedside stand, clothe closet, something that doesn't stand out, along with multiple copies.

I think that it is easier to steal stuff from my home than from banks vault. And the same thing goes with fire destroying the building.
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Re: Where to store your keys
by
Western_Boris
on 09/04/2022, 22:29:48 UTC
How do you guys feel about putting the seed phrase on banks safety deposti box inside of their vault? Bank would have one key and I would have second and both would be needed to open the box. In case of death the box would be automatically transferred for my kid so it would be useful in a way that seed does not get lost when I die.
It's better to have your own vault than to put it on the banks. It's just going to be the same thing that you'll do with the banks and you just have to keep it in a place into your house where no one can easily see it. You just have to place all of the necessary details and tell it to your kids while they're children or at least leave some instructions to your will. It is just in case that you left this world unexpectedly.

Yeah, but in that case it is more easy to steal the passphrase from my home than from the banks vault.

What about safety deposit boxes in two different banks? That would make the risk more smaller that the bank gets destroyed. But it would increase the risk that crooked bank employee might gain access to the box.

This is not really problem for me right now as my sats are not that valuable but I think this problem is coming in near future as I am all in in Bitcoin, stacking stats with all I got and while price of Bitcoin will go to moon within 10-20 years.
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Re: Where to store your keys
by
Western_Boris
on 09/04/2022, 20:47:51 UTC
I don't have the luxury of hardware wallets or paper wallets, anything more complicated than an offline wallet. I'm a simple man, using the Electrum wallet. Your safest bet would be to type your seed phrase on a small piece of paper and tape on the bottom side of a drawer. Create one or two copies and recreate the same hiding pattern, and you'll be good to go.

What do you say storing the seed phrase on bank safety deposit box?
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Re: Let's play: "Pretend to be Satoshi!"
by
Western_Boris
on 09/04/2022, 17:30:36 UTC

Q: Why did you disappear in 2011? What have you done for the past decade?

SN: I was not needed anymore. Code was created and there was enough support from many other coders to improve the original code as well as big enough understanding that the key aspects of Bitcoin should not be changed as they are fine as they are.
I am now in better place. Not feeling the pain anymore.
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Re: Where to store your keys
by
Western_Boris
on 09/04/2022, 14:30:25 UTC
How do you guys feel about putting the seed phrase on banks safety deposti box inside of their vault? Bank would have one key and I would have second and both would be needed to open the box. In case of death the box would be automatically transferred for my kid so it would be useful in a way that seed does not get lost when I die.
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Re: Jack Mallers’ Strike Announces Shopify Integration for Bitcoin Lightning Payment
by
Western_Boris
on 09/04/2022, 12:11:03 UTC
But what Strike gets from this then if the merchant receives the totality of the transaction? Do they sell a license for using the software?

Someone has to put liquidity to be able to do those conversions, and I guess that's not for free...


Propably Strike takes monthly fee from a store that wants to integrate their system. Store pays 49-99 USD per month and saves the 3% fee from old system fees. Profit.
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Re: Bitcoin 2022 Conference
by
Western_Boris
on 09/04/2022, 12:09:05 UTC
I guess the most significant thing to come out of this was the Shopify integration thing? Because that would make use of the bitcoin lightning network to allow fees ~0% rather than the ~3% in case of Visa. And people don't even have to deal with BTC if they don't want to, retailers can chose to settle payments in any currency they want, it just gets converted to BTC and then fiat.

So no need to worry about volatility too. I didn't find the rest of the stuff that interesting. Only the above might cause an increase in exposure of BTC in the short-mid term imo.

Yes. But not only the Shopify integration but integration to brick and mortar stores via Poin of Sale payment terminals too.
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Re: Proposals for global shutdown of crypto
by
Western_Boris
on 08/04/2022, 16:09:43 UTC
this is what you get buying from ath, but don't despair because good times are coming.  Grin

More like, this is what you get buying meth  Grin