Ask me anything

Questions only. NO DISCUSSION.

I'm a bitcoin expert - ask me anything.

Sorry my time is very valuable and I have a lot of work to do before Christmas, so I don't have time to get into long discussion or talk about opinions. I've come here to help you guys who are honestly interested in bitcoin. I've been a big player since 2012. Bitcoin has been a sort of obsession of mine. I was one of the first people to buy a ButterflyLabs ASIC miner, I've traded millions of dollars worth of bitcoin, and I understand the protocol in serious depth. I can answer almost any question you have.

I'll upload signed proof in the next post, of one of my large bitcoin addresses to prove that I'm not a poser.

Other urls found in this thread:

bitcoin.org/bitcoin.pdf
chimera.labs.oreilly.com/books/1234000001802/index.html
en.bitcoin.it/wiki/Main_Page
lightning.network/
github.com/bitcoin/bips
bitcointalk.org/index.php?action=profile;u=3;sa=showPosts
bitcoinblockhalf.com/
coindesk.com/ripple-pledges-lock-14-billion-xrp-cryptocurrency/
twitter.com/SFWRedditVideos

Message:
Hi 8ch. I am 05deb7 OP number

Address:
3DJrYoBYwt8mL5gdXaCHDgNuZzp8bZtF4j

Signature:
JBb3MsTXvP+5uxbCe//ghuZmj4fPHep5GCWiedkvYd0QW7UgoL9v13xH+ZLXctVPbRVZvbQPMVYwepDZkz1V2SE=

About to sell off some of my shitcoins. Any recommendations on what to move the funds too?

Also, recommended resources to follow?

kek
fuck off kike

Move them to dollars. I advise bitcoin, or nothing.

Follow github development, coindesk, and (with extreme discretion) the bitcoin subreddit.


Mine was delivered after 13 months and I turned a profit. I was one of the very, very first people who ordered one.

what do you think of etherium? Also what do you know of the bitcoin founders and how could such a complex protocol have been devised almost in obscurity?

It's pretty amusing. I actually think you're right - it's bitcoin or nothing. I've been selling off my 100% ALT portfolio and acquiring BTC. I should've just stayed in BTC initially. Thanks for the help.

Where do you go to study to become a "bitcoin expert"?

1. With a 51% attack easily financed by any financial institution, let alone a central bank, and such an attack putting every bitcoin transaction and bitcoin established exchanges/payment terminals at the hands of the government, why are you shilling so hard?

2. With a secure key's only security being that of probability, the fact that there are too many possibilities and thus not worth the time for brute force attacks, and quantum computing already operational on a level of thousands of qubits, how will you cope when in the near future all accounts can easily be opened by google quantum computers?

Inquiring minds wish to know, expert.

Ethereum is a bad idea for many reasons, but I will only focus on the cardinal one:

It claims to have distributed autonomous organizations, so-called "smart contracts" etc. But what does that mean in real life? Organizations are a group of humans, under a government. Ethereum tries to "peer" what is online with what is in real life.

This is impossible, because governments can always use force to control people or assets IRL. A government can disband a business, no matter what a smart contract says. A court can rule for, or against, a smart contract. This means that the blockchain is not a court, it's only a cute idea. I have not seen any revolutionary ideas come from ethereum. It's like IPFS in that regard. A really great dream, but lacking the innovation to forge it in reality.

Bitcoin contrasts ethereum by existing completely on the internet.

I know what everyone else knows. Satoshi was either a genius or an organization of some sort. If it was an organization, then why must the identity be kept secret? I think that implies a government was behind it.

After bitcoin was invented, the metzdwood list came under the NSA's spotlight. So perhaps it was just a lone genius. I can't tell either way, at this point it's not relevant.


my pleasure


Thousands of hours of my life dedicated to this.


False. Back in 2013, the bitcoin hashing power exceeded all of the world's supercomputers. As of now, it would take more than the combined electricity of 157 nations to reach 50% of bitcoin's hashing power. This means it's impossible to subvert without something like another manhatten project.

This has been discussed widely. While quantum computers are still in their infancy, they don't pose a threat. As their development starts to sunrise, we'll have plenty of time to migrate bitcoin's protocol to quantum-proof hashing algorithms.

Or how about this…

3. Why do shills for bitcoin make it out as if there is privacy in bitcoin when every transaction ever make and every transaction that will ever be made is visible to everyone?

4. Do experts understand that the above is the value in bitcoin? The transactions, the ledger.

Sorry I mis-read your question. Here is how:

Read the whitepaper first
bitcoin.org/bitcoin.pdf

Then read this book to understand the protocol
chimera.labs.oreilly.com/books/1234000001802/index.html

And with any questions about the protocol, use this wiki
en.bitcoin.it/wiki/Main_Page

Lightning network is the next phase of bitcoin, very important to understand.
lightning.network/

And once you've mastered all of that, head to the github and follow development
github.com/bitcoin/bips

Then lastly, read every post by satoshi nakamoto
bitcointalk.org/index.php?action=profile;u=3;sa=showPosts

Bitcointalk has gone down the drain since it's good days, but that is where the discussions were first held. Just read everything satoshi said, then get out.

After doing all these things, you'll have a mastery of bitcoin. From here you'll, quite literally, have no more questions about the protocol and your knowledge will be on the bleeding edge of development. You'll be able to contribute to conversations on a more provoking and abstract level, and clearly and confidently see through all the bullshit splattered all over the internet and imageboards about bitcoin. I wish you all the best!

Okay, a more serious question:

Given that bitcoins transactions are all on the record, could law enforcement, hypothetically, do up a list of political dissidents then trace back everyone who has given them a bitcoin donation over the last, say, 12 months? Could they look at other transactions made by the same accounts over a longer period to build up a profile of the account owners and ID these people?

ty

Is that why large pools have to limit membership?

Why so anti the alts? Do you think there's a future for the NXT/ARDR/IGNIS family of chains, considering it's already got a decentralized exchange onboard?

thoughts on ripple?
Was gonna invest when it was at 20 cents but now it's up to 37? not so sure.

How did you become a flaming faggot?

That's a very specific question. I'll answer it more vaguely:

Yes. It's possible. But it's not because of any weaknesses in bitcoin's security. It's simply that the ledger is currently public.

Here's an example. Let's put on our FBI hat for a moment:


So you see, it's possible. But you can also obscure your bitcoin before you spend it. One very simple way is to send it to yourself a few times. This raises a lot of plausible deniability even if it does some back to you. It's impossible to say who sent money just by looking at the transaction. You'll need something more, like a customer database to compare it to.


my pleasure


They don't have to.

Also there's more to your question - you are implying that pools hold all the power. They don't, the men who are "pooled" together do. If a mining pool operator goes rogue, then the men using that pool will leave and go somewhere else.


Each alt is bad for their own reason. Most often it's because they implement the protocol in a defeating way. Not one single altcoin brought innovation to the table. Even the best ones are just re-inventing the wheel.

The only altcoin that I like is litecoin. Her protocol is solid and she will live a long time. If bitcoin is like gold, then litecoin is like silver.

Ethereum is a strange exception. Because she brings a real good dream, but lacks the innovation to make it happen. Avoid.

Lastly, the market results of all other altcoins have been the same. Hundreds of times over, now, we've seen them all fall into depression and never wake up. Most altcoins are "pump and dumped" as they say, to fuel this rabid frenzy of gamblers who want to get rich quick.

So until one actually brings innovation, avoid alts at all costs. Your money is safe in bitcoin for the long run.


Ripple is centralized and was a weird idea, from a long time ago, to bring settlement to banking transfers. ripple does not share the vision of bitcoin. I don't think a blockchain is needed for what ripple was trying to accomplish. I think they used buzzwords and clever appeal, back when knowledge of blockchains was scarce, to fill a niche market in the banking industry. It seems to be working for them, so great! But I'd avoid.

Also the men who founded ripple own practically all the coins. They said they don't want the price of ripples to rise and they'll dump in order to maintain the threshold they like.

Is it too late to start?

It's not too late. Bitcoin still has plenty of room to grow. Buy in now and hold it all until the next block-halving. You'll, at the very least, double your money.

Countdown to next halving:
bitcoinblockhalf.com/

Remember that bitcoin is a very risky investment. There is also a possibility that it will "pop" and the price will crash. Things like this have happened in the past, where bitcoin lost 50% in value over a single day.

Just know what you're getting into. Perhaps do research on the market's history, and research news articles surrounding historical bumps and dips in the price.

Is jumping in the cloud mining worth anything?

I'm skeptical about the whole cloud mining business. If mining is so profitable for their customers, then why not mine bitcoin themselves?

If you're interested in mining, do it, just do your research first. Understand how mining works, why we need it, how retargets work, and use a calculator to predict your earnings before you buy anything.

Well over $30 million is mined everyday in bitcoin. It's a big pie and I think there's still plenty to go around.

Can you provide me some running .onion IRC chat room sites list?

I got $100 for crypto where do I put it.
If I shouldn't even bother with only $100 then tell me.

Buy bitcoin with it.

If I only had $100 that's what I would do.


I don't use IRC

Is mining still worth the buy-in?

see

I quit mining in 2014 because miners were mining on speculation. It was only profitable if bitcoin ascended in price. At that point I stopped mining and spent my money buying and holding bitcoin instead.

It's easy to answer this question by using a mining calculator. Do your research, get the stats of the hardware you want to buy, and plug it in a calculator to see if it's profitable for you. It's a lot of fun and I enjoyed it while I did it.

Do you have a source for this.

Uh yeah, that was their whole business model. Like literally their founding principles. A centralized coin, wherein they hold half, control the mining, and use it to provide settlement services for large banks. You should do your research before you invest, user.

The fear of dumping got so bad that they had to "lock it up".
coindesk.com/ripple-pledges-lock-14-billion-xrp-cryptocurrency/

Oh I just realized you were talking about them maintain a price threshold. Sorry. No I don't have a source for that. I remember reading something back in May after the price surged, that ripple was taking steps to control the price.

I wish I didn't have such terrible luck with crypto.

Now that bitcoin has split into regular bitcoin and bitcoin cash, how do I know whether someone is paying me with one or the other? Can I use the same address for both? Can I mine both on the same machine? How do I know which I'm mining?

How do i steal peoples bitcoins?

Bump for interesting thread.

What do you think of the anonymous cryptocoins like Monero/zcash/pivx?

Will the privacy angle sink them, due to bad rep/governments?

How about something like nimiq? which is designed around ease of use and instant access to your money.

Even though you've stated you don't believe in alt coins, do you research them heavily? Like the ones currently shilled on halfchan like REQ and XLM? Are they really just memes?

I was thinking about you a few days ago. Ripple had an unexpected run-up. While I stand by my advice, that it is a terrible investment idea and you should avoid it, it does prove that cryptos are unpredictable.


I can sympathize with this sentiment. I have made mistakes that have cost me hundred of thousands of dollars. My advice is to try and learn from every mistake.

Also, back in 2015 when I started day trading bitcoins, I had no idea what I was doing. I was like a day-trading virgin. What helped me tremendously was keeping a log, a journal, of absolutely every trade, thought, and decision I ever made. At the top of each entry, I wrote the date and time. It helps so much to have something like this to go back on, to see clearly what your mistakes were, and help you understand your reasoning at the time.

My last big mistake cost me $217k. It hasn't bothered me so much because I remember how I felt when I made the order. I remember how careful, serious, and focused I was. I believed that I was making the correct choice. So even though I was wrong, I can feel OK knowing I really did my best. There's only so much you can do. And day trading is just a game after all ;)


Bitcoin cash uses something called "replay protection" where the addresses are produced differently to protect you from this sort of mistake.

Bitcoin wallets will not send to bcash, and vice versa. It's impossible.
No. They're incompatible. They use different conventions.
No. Their block headers don't allow merge mining. You've got to pick one or the other.
They both mine with the same algorithm. So it's up to your pool operator. Check with them and ask what they are mining.


You can't. The protocol is too secure.

What you CAN do is compromise their computer. Install keyloggers, malware, etc. Or use social engineering to get their private keys.

One idea you can do is: get their HD seed by telling them lies. Like make a "friend" and "help" them set up their bitcoin wallet. Let them fill it, spend some transactions, etc. Then a few months later, sweep their wallet. You'll have unlimited access to all their money at any point in time.

The heart is the private key. There's a thousand ways you can get it. But it all comes down to how well they've secured their key.

For example, coinbase stores their keys in safe deposit boxes. If you want huge amounts of bitcoin, try and rob their bank IRL. Get their keys and sweep them.


Thank you! Unfortunately the mods already bumplocked it.


I don't know much about them, other than the headlines. But….
Yes and no. I think they will be gold standard for black-market dealing, thus freeing bitcoin from a tarnished reputation. And yes, they will always be around, because there will always be men who want to deal secretly.

Keep in mind, too, that the lightning network will introduce a whole new level of privacy to bitcoin. When that catches on, then altcoins like these might crash a bit.

no that is not important to people at all. The lightning network is the future of bitcoin and will make POS transactions possible. Also you can already spend unconfirmed outputs in bitcoin; meaning: you already have "instant access" to your money. I haven't heard of nimiq, I'm only commenting on the sentence I quoted.


No I don't, and yes they are. Until one offers innovation, they are all a waste of time. honestly, every hour you waste learning about some hot new… "whatever"… you could have spent that hour learning more about bitcoin – which has a real and serious future.

The underlying problem with all these altcoins is the gambling spirit. Young, poor, failures of men get hooked on these altcoins because they want to get rich quick. They're constantly on the prowl for the next "moon". This is not the mindset of success, as you probably know, because gamblers always lose.

My advice, if you happen to be one of these mouth-foamers, is to accept that you missed the ball. Bitcoin will never "moon" again, probably. BUT it WILL continue to grow at a rapid pace, compared to basically any other investment option on the market. Understand how amazing that is, and you are still very early to the game. Wall Street still isn't (exactly) here yet. Imagine when they are!

what % of your total capital is in crypto?