Bitcoin and Cryptocurrency Technologies

Discussion in 'Serious Discussion' started by Satoshi Nakamoto, Mar 1, 2016.

  1. Quo Vadis

    Quo Vadis MDL Junior Member

    Sep 1, 2019
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  2. MS_User

    MS_User MDL Guru

    Nov 30, 2014
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  3. Quo Vadis

    Quo Vadis MDL Junior Member

    Sep 1, 2019
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    satoshin identity was and is irrelevant. ;)
    In that sense, I would assume that satoshin did what he had to do: :p
    It would have been nice to get this attention in any other context. WikiLeaks has kicked the hornet’s nest, and the swarm is headed towards us.
     
  4. PS Lukas

    PS Lukas MDL Novice

    Jun 4, 2020
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    Hello,

    Are there any PI fans (https://minepi.com/). I am in no way associated with the system and I must admit I sometimes doubt the longevity of the model (but then again I never got Bitcoin :)). They seem to want to make money of showing ads and having large groups of people in circles. They also seem to want application developers to join the cause as well.

    If there are any fans let's create a mining circle - According to the PI operators larger groups earn more: my code is https://minepi.com/chribonn.
     
  5. PS Lukas

    PS Lukas MDL Novice

    Jun 4, 2020
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    By the third hop theft from any financial institution is technically no longer trackable. Bitcoin are anonymous in nature so this makes it easier to lose the funds.
     
  6. Yen

    Yen Admin
    Staff Member

    May 6, 2007
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    #106 Yen, Jul 26, 2020
    Last edited: Jul 26, 2020
    This probably was an issue in the early times, but not today. I have reasoned why in this thread already.
    If you trust a bank you can have BTCs there as safe as an 'ordinary online' bank account.

    If you want to have most of privacy, though you have to use private wallets and a reliable BTC client.
    The summary of reasons is that actually a loss of BTCs (own wallets) mostly happens due to own mistakes.

    -lost PW
    -lost BTCs due to lack of wallet backups / recovery methods (i.e. HDD crash)
    -typo at BTC addresses and hence wrong receiver
    -lack of technical knowledge
    -wallet malware (there had been once a spoofed Electrum client on a phishing site which exactly looked like the original Electrum site).

    For online account wallets anything what can go wrong also applies to any other online bank account.

    I played a lot with BTCs. I transferred to friends / received from friends. Transferred from one wallet to another one of my own etc etc.

    The annoying part had been that you originally had to download the entire blockchain in order to make transactions. The idea of the original BTC client was everybody of the BTC community holds an own local copy of it. (is a 'node'). It is now job of the 'external' nodes. (Some of them hold only the block-headers AKA lightweight nodes).
    This avoids any manipulations and makes sure it is completely decentralized.

    BTC network is a decentralized peer-to-peer network. For a valid transaction you need several confirmations from independent nodes.

    And there are secondary networks (i.e. lightning-network). They are safe anyway. Manipulation is actually impossible.
     
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